Breakfast briefing: Monday, January 9


  • Business
  • Monday, 09 Jan 2017

- Reuters

MarketWatch: Investors puzzled over whether US interest rates are rising due to a stronger economy or because of fears about inflation might look at the recent gains in REITs for some useful guidance. - Reuters

Energy

Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as US drillers increased activity for a 10th week. Brent crude futures LCOc1 were trading at US$56.97 per barrel at 0019 GMT, down 13 cents from their last close. - Reuters

Top foreign stories

Fiat Chrysler ups the ante as automakers respond to Trump: Fiat Chrysler Automobiles on Sunday said it will invest US$1 billion to modernise two plants in the US Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles. - Reuters

HMD Global launches first Nokia smartphone: HMD Global, the Finnish company that owns the rights to use Nokia's brand on mobile phones, announced on Sunday its first smartphone, targeted for Chinese users with a price of 1,699 yuan (US$246). The new device, Nokia 6, runs on Google's Android platform and is manufactured by Foxconn. It will be sold exclusively in China through online retailer JD.com, HMD said. - Reuters

US drugmaker Merrimack nears deal with France's Ipsen: US cancer drug developer Merrimack Pharmaceuticals Inc is close to selling its most developed products to French peer Ipsen SA in a deal that could be worth more than US$1 billion, sources said. - Reuters

Top local stories

AirAsia hedged bulk of its operating cost: AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes says the low-cost carrier has AirAsia has hedged 76% of jet fuel requirements for this year, its interest rates were fixed and 66% of its airplane purchases were hedged. The airline, he said, will thrive on competition that is expected to see players being forced to operate under higher operating cost and lower revenue due to tickets being sold at discounts. - StarBiz

Shahrir: Restructuring to bring back old Felda: Newly-appointed Felda chairman Tan Sri Shahrir Abdul Samad says he is open to all options and ideas in the restructuring of the Federal Land Development Authority. Shahrir said he would be meeting the Felda director-general and senior management on Jan 8 to discuss aspects of the revamp. - StarBiz

Prospects of banking sector likely to improve: Analysts expect headwinds like a slower gross domestic product growth, weaker capital market activities, slower credit growth and net interest margin compression in the banking sector to recede in the second half of this year, which will bolster the banks’ prospects. - StarBiz

KIP REIT plans to offer investors higher yield: Prospective investors of KIP Real Estate Investment Trust (KIP REIT) can expect a distribution yield of 6.54% in 2017, above the average market yield of 5.8%. It expects the yield to further increase to 6.59% in 2018. - StarBiz

Dancomech ventures into valve manufacturing: Dancomech Holdings Bhd is venturing into pump manufacturing, paying RM4.25mil to have its own pumps business along with a factory that produces them. - StarBiz

RCE Capital continues to attract investors: RCE Capital Bhd, controlled by Ambank Group chairman Tan Sri Azman Hashim, has just completed a restructuring which puts it back on a growth path. And that may explain investors’ renewed interest in the stock. - StarBiz

IWCity plans mixed development in Iskandar: Iskandar Waterfront City Bhd has planned a mixed development project on two parcels of land that the company is buying in Iskandar Malaysia. - StarBiz

Pentamaster bullish on first half 2017 sales: Pentamaster Corp Bhd is confident the group can achieve more than RM70mil in sales in the first half of 2017, higher than what it raked in in 2016. - StarBiz

New law has accountants going in circles: New law has accountants going in circles: The accounting fraternity is still trying to understand the technical details of the domestic trade, co-operatives and consumerism ministry’s new regulation on price control and anti-profiteering. - Edge FD

‘Removal of directors to put EKA Noodles back on growth path’: Fong Yit Meng, a minority shareholder of Eka Noodles Bhd, said he is seeking to requisition an EGM, slated for Feb 6, as part of a plan to put the loss-making company back on a sustainable growth path. - Edge FD

Counting on E&E sales for stronger exports: Malaysia’s exports could pick up in 2017, provided global semiconductor sales remain strong, as electrical & electronics continue to form a major part of the country’s total exports, say analysts. - Edge FD

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