Proton also needs to develop a solid business plan.
MarketWrap: Cooling US rate hike expectations helped world shares notch up solid gains on Monday, though they came off highs as investors concluded an oil market pact between Saudi Arabia and Russia lacked substance. - Reuters
Forex summary
*The ringgit lost 0.06% to 4.0763 per US$
*It was 0.04% higher at 4.5443 per euro
*Up 0.23% to 5.4286 to the pound sterling
*Down 0.14% to 3.0034 per Singapore dollar
*0.32% lower to 3.1028 per Aussie
*Up 0.13% to 3.9335 per 100 yen
Energy
Crude oil futures pared gains on Monday after top producers Russia and Saudi Arabia confirmed they had agreed to cooperate on stabilising the oil market, including limiting output. Brent crude futures for November delivery were up 44 cents per barrel at US$47.27 a barrel at 9.13am ET. They earlier hit a session high of US$49.40 in anticipation of the Russia-Saudi deal. - Reuters
Top foreign stories
Bayer sweetens Monsanto bid as talks enter final stretch: German pharmaceutical and crops manufacturer Bayer AG said on Monday that its negotiations with Monsanto Co had advanced, and it was now willing to offer more than US$65 billion to acquire the world's largest seed company. - Reuters
Germany's Vonovia agrees to buy Conwert in US$3.2b deal: Germany's biggest residential property firm Vonovia has agreed to buy smaller Austrian rival Conwert for around 2.9 billion euros (US$3.2 billion) including debt, adding to a flurry of European real estate deals as companies look to build scale. - Reuters
Volkswagen to supply engines in exchange for Navistar stake: Volkswagen's trucks division is close to announcing a partnership with US-based rival Navistar International Corp, three sources told Reuters, in the latest example of a deal driven by emissions regulations. Volkswagen has agreed to supply engines to Navistar in exchange for a 19.9% stake in the truckmaker, one of the sources said. - Reuters
Top local stories
Eversendai to focus on RM1.53bil jobs: Having suffered losses from oil and gas (O&G) invest- ments, Eversendai Corp Bhd
is seeking to put the past behind it by focusing on new projects worth RM1.53bil secured in the last eight months. - StarBiz
Govt to disburse second portion of aid to Proton: The Government is expected to disburse the second portion of its RM1.5bil financial aid to Proton Holdings Bhd, amounting to RM250mil, by Jan 31 next year. DRB-Hicom Bhd, which owns Proton, said the latest proposed redeemable convertible cumulative preference shares to be subscribed by Minister of Finance Inc unit Govco Holdings Bhd would mature at the end of the 15th year of the date of issuance of the earlier RM1.25bil tranche. - StarBiz
Kerjaya Prospek wins RM147mil Eco World job: Construction firm Kerjaya Prospek Group Bhd has clinched a RM146.7mil contract from Eco World Development Group Bhd. The contract involved the main building works of a 34-storey condominium project comprising 333 units in Paya Terubong, Penang called Eco Terraces. - StarBiz
Initiative for Islamic banks: Islamic banks offering capital market services and products will now become members of the Securities Industry Dispute Resolution Centre in a move to enhance the financial dispute resolution arrangements for consumers in Malaysia. - StarBiz
Irda on track to achieve RM25b investments: Iskandar Regional Development Authority (Irda) is on track to achieving an investment target of RM25bil for southern economic corridor Iskandar Malaysia this year. Iskandar Malaysia saw accumulated new investments amounting to RM17.7bil for the first half of this year. - StarBiz
Ranhill yet to receive letter of award for IPP project: Ranhill Holdings Bhd said it has not received a letter of award in regards to a new independent power producer (IPP) project for a combined-cycle power plant in Sabah. - StarBiz
Bursa launches Islamic securities platform: Bursa Malaysia has launched the world’s first end-to-end, integrated Islamic securities exchange platform, called the Bursa Malaysia-i. It offers investors the option of investing and trading syariah-compliant products via a completely syariah-compliant platform. - StarBiz
CPO surges as inventory heads to 4-year low: Crude palm oil prices (CPO) are closing in on multi-year highs after preliminary findings indicate a supply crunch which could see the lowest monthly palm oil inventory in more than four years. According to CIMB Research, a survey of 24 planters show that Malaysian palm oil inventories may have fallen to 1.45 million tonnes as at end August. - StarBiz
Foreigners sell RM193.1mil of stocks. After eight successive weeks of foreign net inflows into the local equity market, last week marked the first outflow of funds as investors weigh the possibility of a US rate hike when the US Federal Reserve meets on Sept 20 to Sept 21.Foreigners sold RM193.1mil worth of stocks, said MIDF Research in a weekly report. - StarBiz
Axiata eyes bigger M1 stake: Axiata Group Bhd chief executive officer Tan Sri Jamaludin Ibrahim has signalled Malaysia’s biggest mobile-phone operator would be interested in raising its stake in Singapore’s M1 Ltd as part of plans to turn the company into a bigger regional carrier. - Bloomberg
Listed GLCs need to beef up leadership quality: State-owned and government-linked listed companies should look into improving the quality of their leadership, accountability and transparency. They should also include a larger number of professional directors on their boards, Institutional Investor Council Malaysia said in a report. - StarBiz
Rozman now AirAsia’s group deputy CEO: AirAsia Group has promoted AirAsia Bhd’s chief nancial officer Rozman Omar as group deputy chief executive officer, reporting to founder and group CEO Tan Sri Tony Fernandes. - Edge FD
AAX seeks to grow ancillary income to RM150 per pax by 2017: AirAsia X Bhd (AAX) is targeting to grow its ancillary revenue by 12% to RM150 per passenger by 2017, from RM134 for the second quarter of this year. - Edge FD
RAM revises Media Prima’s long-term ratings outlook to negative: RAM Rating Services Bhd has revised the outlook for Media Prima Bhd’s long-term ratings to negative from stable, while reaffirming its long-term rating of AA1 and short-term rating of P1 for the group’s RM500 million CP/MTN Programme (2012/2019). - Edge FD
Citi, Grab announce partnership in Asia-Pacific: Citi and Grab have announced a partnership across ve markets in Asia-Pacific, namely Singapore, Philippines, Indonesia, Malaysia and Thailand, which would allow Citi credit card holders to pay for their rides with Citibank credit card points. - Edge FD
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