Broadening its business: Canon's acquisition of Toshiba's medical equipment unit will help it expand into the high-margin medical devices market.
MarketWatch: Asian stocks were little changed on Tuesday, in thin trade and with little to guide them as most major markets were closed on Monday for Christmas holidays, while the dollar reclaimed some of its losses from Monday. - Reuters
Forex summary
*The ringgit almost flat at 4.4775 per US$
*It was 0.04% lower at 4.6784 per euro
*Down 0.07% to 5.4986 per pound sterling
*Up 0.02% to 3.0912 per Singapore dollar
*0.39% higher to 3.2136 per Aussie
*0.17% higher at 3.8147 per 100 yen
Energy
US oil prices extended gains on Tuesday in post-Christmas trading, as Opec and non-Opec members are set to start curbing output in less than a week to support oil prices. - Reuters
Top foreign stories
Toshiba considers booking big loss on US nuclear power acquisition: Toshiba Corp said on Tuesday it was considering booking a goodwill impairment loss of several hundreds of billion yen on a US nuclear power acquisition made by its Westinghouse division. The loss would deal a yet another heavy blow to a sprawling conglomerate hoping to recover from a US$1.3 billion accounting scandal last year. - Reuters
China's growth 'reassuring' for 'weak and vulnerable' global economy: China will meet its growth target of 6.5% to 7% growth this year, a reassuring sign for a "weak and vulnerable" global economy, state news agency Xinhua said in a commentary. - Reuters
ECB tells Monte dei Paschi it needs to raise US$9.2b: The European Central Bank has told Italy’s Monte dei Paschi it needs to plug a capital shortfall of 8.8 billion euros (US$9.2 billion), higher than a previous 5-billion-euro gap estimated by the bank, the lender said. - Reuters
Japan consumer prices slump in November: Japan's core consumer prices marked the ninth straight month of annual declines in November, data showed on Tuesday, suggesting that the economy still lacks enough momentum to jump-start inflation toward the central bank's ambitious 2% target.
Top local stories
Bankers optimistic about 2017 prospects: Bankers are optimistic the industry will see improved profitability next year after experiencing flat growth in 2016. The improvement in performance will largely driven by stronger domestic economic growth coupled with continued cost-saving initiatives launched by financial institutions last year. - StarBiz
Zafrul cautious about potential fintech disruption: CIMB Group
Holdings Bhd group chief executive Tengku Datuk Seri Zafrul Aziz said the group was “cautious” about the potential disruption brought on by financial technology (fintech) startups. The startups are “nimble, free of legacy technology and unregulated (or at least not as regulated as banks are)”, he says.
Perisai reaches settlement with Singapore partner: Perisai Petroleum Teknologi Bhd has reached a “final” settlement with its Singaporean partner over a US$43mil (RM192mil) put option in a joint venture. Perisai said it would use most of the initial proceeds of US$20mil (RM89.5mil) from the settlement to pare down its borrowings. - StarBiz
Chin Well expects better demand next year: Chin Well Holdings Bhd, a Penang-based maker of industrial grade fasteners, sees a strong pick-up in demand next year as clients in Europe stock up in anticipation of a further increase in prices. - StarBiz
Aeon Credit outlook expected to be robust: Tougher lending rules for big banks are a boon for smaller financial outfits like Aeon Credit Service (M) Bhd, which is doing brisk business providing personal loan financing and hire purchase. Analysts expect strong demand from the retail market to sustain the company’s robust loan growth outlook. - StarBiz
Felda defends buying Eagle High stake: The Federal Land Development Authority (Felda) has defended its acquisition of a 37% stake in Indonesia’s PT Eagle High Plantations Tbk for US$505.4 million (RM2.26 billion) amid concerns that it is overpaying for a non-controlling stake. It said detailed information on the transaction will be announced after approvals from relevant authorities have been obtained. - Edge FD
Fernandes bullish on year ahead: AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes is bullish about the carrier’s outlook for 2017. He says low-cost carriers are benefiting from the slow growth environment and that the weaker ringgit against the US dollar is helping draw more tourists to the country. - Edge FD
Iris Corp co-founder cuts stake amid restructuring plan: Iris Corp Bhd co-founder, group managing director and chief executive officer Datuk Tan Say Jim has sold a substantial stake in the group, triggering talks of changes at the top. - Edge FD
EG Industries plans corporate exercise: A rights issue or private share placement is on the cards at EG Industries Bhd. “We need to conduct a corporate exercise soon to strengthen our financials because we are (relatively) small in terms of market capitalisation or paid-up capital,” said executive chairman Terence Teo Yeok Kian. - Edge FD
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