Springing back: Strong sales of the PlayStation 4 games helped Sony's turnaround.
Energy
Brent crude was 0.25% lower to US$56.66 per barrel at 2.28pm.
Forex
Ringgit was down 0.14% to 4.4345 versus the US dollar at 2.38pm.
Top foreign stories
S-E Asian ride-hailing firm Grab to invest US$700m in Indonesia: South-East Asian ride-hailing firm Grab said it will invest US$700mil (RM3.10bil) to expand in Indonesia over the next four years, marking its biggest-ever investment in any country. — Reuters
Toyota a Japanese brand, but also a US manufacturer, says company president: Toyota Motor Corp president Akio Toyoda said on Thursday his company had increased its US production in the past three decades, and that the Japanese brand should also be considered as a US manufacturer. Toyoda’s comment comes as global automakers face pressure from US President Donald Trump, who has demanded that more cars sold in the United States be made locally to increase jobs and shrink the US trade deficit. — Reuters
Samsung Electronics may build a US manufacturing base for appliances: Samsung Electronics Co Ltd may build a US plant for its home appliances business, a source said, the latest global firm to consider a response to criticism about imports from new US President Donald Trump. Specifics such as the amount the electronics giant might invest and where the new base might be located have yet to be decided, said the person, — Reuters
Thai January consumer index at 11-month high: Thailand’s consumer confidence rose in January for a second straight month to its highest level in 11 months, helped by government stimulus measures, improved exports and higher commodity prices, a university survey showed on Thursday. The University of the Thai Chamber of Commerce’s index rose to 74.5 last month from 73.7 in December. — Reuters
IMF deputy MD warns on uncertain US policy, rising protectionism: Questions remain over the United States’ growth outlook due to uncertainty over the new administration’s policies, while rising protectionism in advanced economies could affect Asia’s prosperity, a senior International Monetary Fund official said. — Reuters
Australia celebrates record trade surplus as exports boom: Australia boasted its biggest trade surplus on record in December as surging commodity prices showered the resource-rich nation in cash, a windfall that could lessen the risk of a downgrade to its triple A credit ratings. Data from the Australian Bureau of Statistics showed a trade surplus of A$3.51 billion (US$2.67 billion) in December, handily outpacing forecasts of A$2.2 billion. — Reuters
Deutsche Bank reports loss of US$1.5b in 2016: Troubled German banking giant Deutsche Bank on Thursday reported a net loss of 1.4 billion euros (US$1.5 billion) for 2016 as it struggles with the impact of mammoth fines, lower revenues and restructuring costs. — AFP
Sony nine-month net profit falls 81%, downgrades forecast: Sony said on Thursday its nine-month net profit to December fell 80.7% largely on a strong yen and a nearly US$1 billion writedown in its movie business. The Japanese electronics giant said it had 45.6 billion yen (US$405 million) net profit for the April-December period, compared with 236.1 billion yen a year earlier. — AFP
Top local stories
Public Bank reports higher FY16 earnings: Public Bank Bhd reported higher earnings of RM5.20bil for the financial year ended Dec 31, 2016, underpinned by continued growth in net interest income and fee and commission income. The banking group’s FY16 earnings were up 2.8% from the RM5.06bil in FY15 while revenue rose to RM20.10bil from RM19.18bil. It declared a dividend of 32 sen a share, similar to a year ago. — StarBiz
Singaporean-owned Oregon Tech launches takeover bid for Denko: Denko Industrial Corporation Bhd has received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd at 55 sen cash a share, or 20.88% above Denko’s closing price 45.5 sen on Jan 31. Denko said the ultimate offeror is Foo Chee Juan who owns 100% of Oregon Tech. As at the date of notice, the offeror and parties acting in concert do not own any shares in the Denko. — StarBiz
Vizione raises RM59m from rights issue: Vizione Holdings Bhd raised gross proceeds of RM58.92mil from its renounceable rights issue with free warrants. The construction company, formerly known as Astral Supreme Bhd, said it had recorded a final subscription level of 99.84%. Given the funding, Vizione is set to secure more construction projects to boost its future earnings. — StarBiz
Malaysia manufacturing PMI highest in 20 months: The Nikkei Malaysia Manufacturing Purchasing Managers’ Index, or PMI, came in at 48.6 in January, the highest in 20 months, the Nikkei Asian Review said. In its survey report issued on Thursday, it said this an improvement from December’s reading of 47.1. - StarBiz
Maybank IB sees slower loan growth for Malaysian banks this year: Maybank IB Research Bhd expects further moderation in loan growth for Malaysian banks this year, with a lower forecast of 4.7%. This compares unfavourably to last year when the industry recorded a 5.6% y-o-y growth. — StarBiz
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