Malindo will have 10 new aeroplanes added to the fleet every year as part of plans to own 100 aircraft in 10 years.
Energy
Brent crude was 0.24% higher to US$49.83 per barrel at 3.37pm.
Forex
Ringgit up 0.73% to 3.9995 per US dollar at 3.45pm.
Top foreign stories
US shale oil’s Achilles heel shows signs of mending: Since the beginning of the US fracking revolution, oil producers have struggled with a vexing problem: After an initial burst, crude output from new shale wells falls much faster than from conventional wells. However, those well decline rates have been slowing across the United States over the past few years, according to data analysis. — Reuters
Asian factories struggle, Brexit throws up new threats: China’s vast factory sector flatlined in June as exports shrank and jobs were cut, a worrying trend evident across Asia that argues for yet more policy stimulus as doubts gather over the potency of measures taken so far. — Reuters
Japan GPIF’s portfolio lost US$50b last fiscal year: Japan’s public pension fund, the world’s largest, logged some US$50 billion in investment losses last fiscal year as the yen surged and Tokyo stocks fell amid global market turmoil, a person with direct knowledge of the matter said. — Reuters
Japan outbound M&A slows sharply in 2016; Brexit risk may add to caution: Japan Inc’s overseas shopping spree slowed sharply in the first half of the year as financial sector deals dried up, dragging overall Japan mergers and acquisitions activity back to 2014 levels - and the situation could be worsened by Britain’s vote to leave the European Union. — Reuters
China factory activity stalls in June, more stimulus expected: Growth in China’s manufacturing sector stalled in June, an official survey showed on Friday, adding to expectations that Beijing will have to roll out more stimulus soon to boost the sluggish economy. The official Purchasing Managers’ Index eased to 50.0 in June, compared with 50.1 in May. — Reuters
China bank PSBC files for 2016’s biggest IPO: report: One of China’s biggest banks hopes to raise US$8 billion by listing in Hong Kong, in what would be the world’s biggest flotation this year, a report said on Friday. Postal Savings Bank of China (PSBC), the country’s sixth-biggest lender with 40,000 branches aims to list in the city as soon as September, Bloomberg News said. — AFP
Abe’s expected election win means more bullet trains, fewer deep reforms: An election victory for Japan’s ruling coalition this month could give Prime Minister Shinzo Abe a mandate to pursue bolder economic policies, but he’s likely to choose big-ticket infrastructure items over more pressing structural reforms. — Reuters
Top local stories
East Asia and Pacific central banks reinvest Asian bond funds: A group of East Asia and Pacific central banks is closing its US-dollar denominated bond fund and transferring the investment to a local-currency bond fund to enhance local-currency bond market development in the region. — Bernama
Malindo to reinstate direct KL-Sibu flights: Malindo Air will reinstate the Kuala Lumpur-Sibu direct flights this year as part of its strategy to relook the Sarawak market. The flights were discontinued for commercial reasons. — Bernama
PwC survey: Online shopping new norm for Malaysian: Online shopping is gradually becoming the new normal for Malaysians, with almost half of Malaysian consumers making online purchases at least monthly, according to PricewaterhouseCooper (PwC)’s Total Retail 2016 Survey (Southeast Asia report). — Bernama
Kenanga Research expects Bank Negara to hold on rates this year: Bank Negara will maintain its overnight policy rate (OPR) at 3.25% till year-end, said Kenanga Research. It said that while the central bank has room to cut interest rates to support the economy it would worsen the already volatile financial market and further weaken the ringgit. — Bernama
Yong Tai signs MoU on RM510mil property development: Yong Tai Bhd
has entered into a memorandum of understanding (MoU) with PGCG Assets Holdings Sdn Bhd to jointly develop and construct mixed development properties in Puncak Alam, Ijok. The project has a gross development value of about RM510mil. — StarBiz
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