Top foreign and local stories at 4pm

FILE PHOTO: Malaysian ringgit notes are seen among other currency notes in this photo illustration taken in Singapore March 14, 2013. REUTERS/Edgar Su/File Photo


Brent crude was 0.25% higher to US55.08 per barrel at 2.45pm.


Ringgit up 0.04% to 4.4750 per US dollar at 2.50pm.

Top foreign stories

Alibaba leads US$2.6b bid for Chinese retailer Intime: China’s Alibaba Group Holding Ltd is leading a US$2.6 billion bid to privatise Intime Retail Group Co Ltd in a move to digitise brick-and-mortar department stores while growth in online sales begins to slow. Alibaba Investment Ltd and Intime founder Shen Guojun have offered HK$10 (US$1.29) per Intime share - 42.25% over the HK$7.03 price when trading stopped on Dec 28 pending an announcement. — Reuters

Gold hits highest in over a month on weaker dollar, Brexit concerns: Gold rose to its highest in over one a month on Tuesday, buoyed by a weaker US dollar and as fears that Britain will not have a clean break with the European Union stoked safe-haven buying. Spot gold was up half a per cent at US$1,187.01 an ounce by 0620 GMT, after reaching its highest since Dec 5 at US$1,187.61 earlier in the session. — Reuters

Japan’s Takeda ready for fresh acquisitions after US$5.2b Ariad deal: Japan’s Takeda Pharmaceutical Co flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals in a US$5.20 billion deal. — Reuters

China vows to contain corporate debt levels as inflation heats up: China vowed on Tuesday to contain high company debt levels and further cut excess coal and steel capacity, as Beijing attempts to maintain solid and more balanced economic growth while avoiding destabilising asset bubbles. — Reuters

Top local stories

Mara Inc sells Melbourne office building: Mara Incorporated Sdn Bhd (Mara Inc), a subsidiary of Majlis Amanah Rakyat, has completed the sale of its commercial office building on 51 Queen Street in Melbourne, Australia, for RM76.75 million (A$23.4 million). — Bernama

RAM: Malaysian firm positive about H1 business outlook: RAM Holdings Bhd’s first business confidence index has revealed that Malaysian companies and small and medium enterprises (SME) are positive over the business outlook for the first half of this year. — Bernama

Top banker sees ringgit rebounding from 19-year low: The ringgit is set to rebound from a 19-year low as official measures to boost demand for the currency kick in, says Lee Kok Kwan, president of the Financial Markets Association of Malaysia and a director at lender CIMB Group Holdings Bhd. An appreciation of the ringgit can happen very quickly, he adds. — Bloomberg

StanChart sees Malaysian economy growing 3.8% in 2017: Standard Chartered PLC Research, which sees the Malaysian economy growing at 3.8% on-year in 2017, expects ringgit volatility to continue into the first-half of the year. Its Asean and South Asia forex strategist Divya Devesh expects the ringgit to weaken to 4.60 to the US dollar by end-June before strengthening to 4.30 early next year. — StarBiz

HLT Global makes strong debut on Ace Market: Glove-dipping lines manufacturer HLT Global Bhd made a strong debut on Bursa Malaysia’s Ace Market on Tuesday. It opened trade at 55 sen or 10 sen above its offer price of 45 sen. — StarBiz

Tasco buying Gold Cold Transport for RM186m: Logistics company Tasco Bhd has signed an agreement with Chang Kok Fai and Chan Sun Cheong to buy two million shares in Gold Cold Transport Sdn Bhd – one of the largest cold chain logistics players in Malaysia in terms of storage capacity size – for RM186.08mil as it makes its foray into a new segment of the industry. — StarBiz
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