Top foreign and local stories at 4pm


Brent crude was 0.44% lower to US$49.54 per barrel at 3.25pm.


Ringgit down 0.33% to 4.1300 versus the US dollar at 2.34pm.

Top foreign stories

China’s HNA to buy Virgin stake as Air New Zealand looks to exit: Virgin Australia on Tuesday said China’s HNA Aviation will buy a major stake, giving a vital cash injection and greater access to the surging Chinese tourism market just as top shareholder Air New Zealand plans to sell out. The proposed deal will see HNA Aviation, the largest private operator of airlines in China, invest A$159 million (US$114 million) through an equity placement, giving it a 13% stake with plans to go up to 19.99%. — Reuters

Strong Australian exports suggest central bank likely on hold next week: A strong rebound in Australian exports last quarter has helped fill a hole left by slumping business investment in the economy, adding to the case for the central bank to keep its powder dry at its policy meeting next week. Figures from the Bureau of Statistics on Tuesday showed export volumes jumped 4.4% while imports slipped 0.8%. — Reuters

Mondelez to create more apps, online videos in advertising shift:
Oreo cookie maker Mondelez International Inc’s Twist, Lick, Dunk mobile application has been such a success that the snack company plans to roll out similar games in a move away from traditional advertising to create its own content. - Reuters

Vivendi on track to poach French mobile game company Gameloft: Vivendi is on track to win its hostile bid to take over the French mobile game company Gameloft, the sister-banner of Assassin’s Creed maker Ubisoft. Vivendi has indeed garnered the support of the majority of Gameloft’s shareholders, namely Amber Capital and CIC, after making a bid at 8 euros (RM36.70) per share on May 27. — Reuters

Top local stories

Treasury sec-gen Irwan Serigar heads 1MDB board:
The secretary-general of Treasury Tan Sri Dr Mohd Irwan Serigar Abdullah has been appointed to head the three-member board of directors for 1Malaysia Development Bhd (1MDB). The other two members are the senior private secretary to the Chief Secretary of the Government Datuk Norazman Ayob and Prokhas Sdn Bhd chief operating officer Datuk Kamal Mohd Ali. The Minister of Finance Inc said Arul Kanda will continue as president of 1MDB. - StarBiz

SapuraKencana JV finds gas at 2 wells offshore Malaysia: SapuraKencana Petroleum Bhd’s joint venture has found gas at two of the three wells within the Block SK408 production sharing contract area, offshore Malaysia. — StarBiz

Kerjaya Prospek secures RM172.4m contract:
Kerjaya Prospek Group Bhd has secured a RM172.43mil contract from Eco Sanctuary Sdn Bhd, a wholly-owned subsidiary of EcoWorld Development, for the main building works on a gated and guarded apartment project. — StarBiz

MRCB expects property division to hit RM1b sales target: Malaysian Resources Corp Bhd (MRCB) is targeting property sales of RM1bil this year from RM850mil last year. The group is also looking at RM2.2bil worth of property launches in 2016.

AirAsia X confident of turnaround sustainability: Airasia X group chief executive officer Datuk Kamarudin Meranun said the carrier should be able to sustain its turnaround, moving forward. “We will face what is historically been usually a difficult second quarter, but we have already budgeted for it properly,” he said, — StarBiz

Asia File fourth-quarter net profit jumps 31%: Stationery maker Asia File Corp Bhd’s net profit rose 31% to RM16.92mil in the fourth quarter, while total sales was down slightly at RM97.3mil from RM100.8mil a year earlier. Earnings per share rose to 8.87 sen against 6.83 sen previously. — StarBiz

Statistics dept sees business slowdown in Q2:
Business is expected to slow down in the second quarter of 2016, as shown by the confidence indicator of minus 3.7% compared with minus 0.7% in the preceding quarter, the statistics department said. — Bernama

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