Lifeline for Mitsubishi: Nissan Motor Co has agreed to take a 34% stake in Mitsubishi Motors Corp. — Reuters
MarketWatch: A US stock market that rose again to record highs on Friday on the back of a robust employment report will take its cues this week from a facet of the economy that also has shown signs of strength: the consumer.
Energy
Oil prices rose in early trading on Monday, lifted by reports of renewed talks by some members of the Organisation of the Petroleum Exporting Countries to restrain output. Brent crude futures LCOc1 were trading at US$44.40 per barrel at 0022 GMT, up 13 cents, or 0.29%.
Top foreign stories
China's July forex reserves fall to US$3.20 trillion: China's foreign exchange reserves fell to US$3.20 trillion in July, central bank data showed on Sunday, in line with analyst expectations. - Reuters
Nissan in talks with Panasonic, others to sell battery operations: Nissan Motor Co is in talks with Panasonic Corp and overseas companies including Chinese firms over the possible sale of its controlling stake in a car battery manufacturing venture, sources said. - Reuters
Strong US employment report brightens economic outlook: US employment rose more than expected for the second month in a row in July and wages picked up, bolstering expectations of faster economic growth, and raising the probability of a Federal Reserve interest rate increase this year. - Reuters
Top local stories
Tabung Haji on falling rental yields: Lembaga Tabung Haji decided to let out its Grade A office building at below market price as the pligrim fund would rather see it occupied than being left empty. Chief operating officer Datuk Adi Azuan Abdul Ghani said dropping rentals for Grade A office space was part and parcel of a free market. - StarBiz
Kronologi reboots to capture big data growth: Acting CEO Philip Teo Chong Meng says new changes at the board and management level are helping Kronologi Asia Bhd
to get back its footing to achieve what it originally set out to do when it listed in 2014: to tap on the burgeoning data storage and management business in Asia. - StarBiz
Muted budget seen for property sector: House price growth is expected to remain stagnant over the next four to five years on assumption that there will be no major policy changes during the period. In the immediate term, Kenanga Investment Bank Bhd equity research head Sarah Lim said she expected a relatively muted Budget 2017 for the local property sector. - StarBiz
Better results seen for test equipment makers: Local test equipment makers for the smart phone sector are on track to close the 2016 fiscal year with improved performance over 2015. The smart phone and automotive industries are among the key markets driving the demand for test equipment. - StarBiz
What profit impact will Pan Borneo Highway contracts have on Sarawak firms? Sarawak-based construction companies have clinched about RM9 billion worth of contracts in the RM16 billion Pan Borneo Highway project. The question now is how much profits the companies can make, says an industry observer. - StarBiz
IATA backs uniform passenger service charges for KLIA and Klia2: Removing the differential in passenger service charges at KLIA and Klia2 will go a long way in reducing the cost of air travel, the International Air Travel Association (IATA) says. - Bernama
Mida to approve 100 IBS-based projects by 2020: The Malaysian Investment Development Authority (Mida) aims to approve 100 projects that adopt the Industrialised Building System (IBS), with a total of RM2bil additional investment by 2020. - Bernama
AirAsia celebrates Asean Day with low fares from RM10: AirAsia is offering promotional fares, beginning from RM10, to Asean destinations in conjunction with Asean Day on Monday. The promotional fares can be booked from Aug 8 to 14 for travel between Aug 9 and April 6, 2017. - Bernama
Hive off insurance units and focus on bancassurance?: Banking groups, which are halfway through the grace period for the implementation of the Basel III framework by 2019, may opt to divest their insurance business and adopt the bancassurance model. - Edge FD
Rising food prices eat into consumer spending: Higher food prices are eating into consumers’ spending power, particularly the low and middle-income groups. - Edge FD
Car sales weaken but not Pecca’s prospects: The dwindling car sales should have minimal impact on Pecca Group Bhd, says group’s executive director Michael Tan, who noted that there is less correlation between the company’s performance and the total industry volume. - Edge FD
Nazir: Brexit demonstrates ‘Asean way’ works: Datuk Seri Nazir Razak, the chairman of CIMB Group Holdings Bhd says the UK’s decision to quit the European Union demonstrates that the slow pace of regional integration of Asean is correct and that top-down integration is not sustainable. - Edge FD
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