Top foreign and local stories at 4pm


  • Business
  • Friday, 13 Jan 2017

Opec officials hope that US oil companies would be badly hit by an over 50% slide in crude prices since last June once their hedges run out, but many companies are racing to revamp their policies and cashing in well-placed hedges to increase the number of future barrels hedged - AFP Photo.

Energy

Brent crude was 0.18% lower to US$55.91 per barrel at 2.56pm.

Forex

Ringgit down 0.10% to 4.4633 versus the US dollar at 3.02pm.

Top foreign stories

Despite Saudi signals, Opec unlikely to deliver all promised oil cuts: Opec is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, Opec delegates say, but compliance of 80% would be good and as low as 50% acceptable. — Reuters

China posts worst export fall since 2009 as fears of US trade war loom: China’s massive export engine sputtered for the second year in a row in 2016, with shipments falling in the face of persistently weak global demand and officials voicing fears of a trade war with the United States that is clouding the outlook for 2017. — Reuters

S. Korea keeps rates at record low, slashes 2017 GDP forecast: South Korea’s central bank kept interest rates unchanged at a record low 1.25% on Friday, for a seventh month, and slashed its growth forecast for 2017 as it braces for US policy developments under the presidency of Donald Trump. — Reuters

Top local stories

Gadang JV to build large solar PV plant in Sabah: Gadang Holdings Bhd and its joint-venture partner BT Solar Sdn Bhd have received the go-ahead from the authorities to build a large scale solar photovoltaics plant of 5.9 MW in Kota Marudu, Sabah. — StarBiz

Malaysia to scrap mandatory ratings in bid to deepen bond market: Malaysia will remove restrictions on unrated securities from Monday as it seeks to deepen the ringgit debt market even after investors in neighbouring Singapore got burned. The country is proceeding with the move because it recognises that sophisticated investors such as pension funds and insurance companies are able to protect their own interests, the Securities Commission said. — StarBiz

Maybank IB upgrades Sunway REIT to ‘Buy’ on industrial asset purchase: Maybank IB Research has upgraded Sunway Real Estate Investment Trust (Sunway REIT) to a ‘buy’ following the group’s proposed acquisition of an industrial asset for RM91.5mil. The research house said the deal will be yield-accretive based on its projected FY18 net property yield of 6.1%. — StarBiz

No significant impact from Maybank Indonesia’s sale of WOM Finance: Kenanga Investment Bank Research does not see a significant impact from Maybank Indonesia’s sale of its 68.55% stake in PT Wahana Ottomitra Multiartha Tbk for 673.8bil rupiah (RM229.08mil). — StarBiz
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