Energy
Brent crude was 0.51% lower to US$56.81 per barrel at 2.35pm.
Forex
Ringgit down 0.11% to 4.4773 per US dollar at 2.46pm.
Top foreign stories
Australia sees iron ore price heading sharply lower: Australia has forecast a steep decline in the price of iron ore, its most valuable export commodity, calling an end to an unexpected rally fuelled by strong demand from China. The forecast average price in 2017 of around US$52 a tonne - down from about US$80 a tonne at present - comes as big miners are set to report bumper profits in coming months, while smaller rivals are still getting back on their feet. — Reuters
Central bank adviser: Fall in China’s foreign reserves ‘good news’, yuan been overvalued: The decline in China’s foreign reserves is good news in the long run, central bank adviser Fan Gang told Bloomberg News on Monday, describing the yuan as being at a “turning point” after possibly being overvalued in recent years. — Reuters
Morgan Stanley, UBS to raise stakes in China securities JVs to 49%: Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49%, sources said, betting on strong deals momentum in the world’s second-largest economy. — Reuters
Mercedes-Benz to overtake BMW as largest premium carmaker: Mercedes-Benz is expected to reach its goal of becoming the largest premium carmaker four years early - a feat achieved, ironically, only after it stopped chasing market share and focused on making stylish high-tech cars loved by consumers. — Reuters
McDonald’s sells China operations for US$2b: US fast-food giant McDonald’s will sell a controlling stake in its China and Hong Kong business for up to US$2.08 billion to a consortium including state-owned Citic and the Carlyle Group, it was announced on Monday. — AFP
Top local stories
SapuraKencana wins RM1.34bil contracts: SapuraKencana Petroleum Bhd has bagged five contracts totalling US$300mil or RM1.34bil for the provision of underwater services, offshore installation work and rigs. — StarBiz
D&B: Malaysian businesses to remain moderately upbeat in first quarter: The Dun and Bradstreet (D&B) Malaysia’s Business Optimism Index (BOI), overall, remained in the expansionary region, but slipping for the third consecutive quarter from 3.83 percentage points in the fourth quarter 2016 to 1.65 percentage points in first quarter 2017. — Bernama
QSR Brands Malaysia appoints new CEO: QSR Brands (M) Holdings Sdn Bhd has appointed Merrill Pereyra its new chief executive officer, effective Jan 1, 2017. Pereyra, appointed chief operating officer in June 2016, replaces Rohan St. George. — Bernama
Malaysia-China Kuantan Industrial Park opens office in KL: Malaysia-China Kuantan Industrial Park Sdn Bhd opened its new office in Kuala Lumpur on Monday where its sales and marketing gallery will showcase developments in the East Coast Economic Region. — StarBiz
Public Mutual launches Public Navigator Growth Fund: Public Mutual has launched a new fund, Public Navigator Growth Fund, which targets to achieve 8% annualised returns over the long term. The fund will invest in stocks with structural growth themes and reasonable valuations as well as stocks which are underpinned by strong fundamentals. — StarBiz
Local contractors to foot RM2b under levy proposal: Master Builders Association Malaysia is urging the Government to rescind the decision to make employers fully accountable for their foreign workers’ levy. President Foo Chek Lee said the new policy will result in a financial burden to the tune of RM2bil to local contractors. — StarBiz
PM sees more stability for ringgit: Prime Minister Datuk Seri Najib Tun Razak has expressed confidence the measures taken by Bank Negara will help make the ringgit more stable this year. Three uncontrollable factors influenced the ringgit’s value: excessive speculation in the offshore market, the fall in oil prices and the rise in US interest rates last December, he said. — Bernama
GFM Services makes firm debut on ACE Market at 46 sen: GFM Services Bhd
made a firm debut on the Ace Market of Bursa Malaysia on Monday, opening at 46 sen, or eight sen above its offer price of 38 sen, — StarBiz
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