Top foreign and local stories at 4pm


  • Business
  • Tuesday, 14 Feb 2017

Recovery plan: Toshiba Corp, which is selling off non-core chip operations, plans to invest heavily in its flash memory production capacity in Japan to better compete with South Korea's Samsung Electronics Co Ltd. — Reuters

Energy

Brent Crude was 0.02% higher at US$55.60 per barrel at 3.01pm.

Forex


Ringgit was down 0.03% to 4.4495 versus the US dollar at 3.11pm.

Top foreign stories


Bruised Toshiba ‘not ready’ to unveil earnings, probes nuclear unit:
Japan’s Toshiba Corp shocked investors on Tuesday with a last-minute delay to a long-awaited financial update, saying it needed more time to probe its Westinghouse nuclear business. Toshiba had been expected to release third-quarter earnings on Tuesday, including the exact size of a writedown for its US nuclear business that is expected to top US$6 billion due to hefty cost overruns at two projects, as well as planned remedies. — Reuters

OCBC flags oil sector woes as Q4 profit hits 3-year low: Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, flagged worries about a weak oil and gas sector after reporting an 18% drop in quarterly profit to a three-year low, mainly due to a jump in impairment charges. OCBC’s net profit came in at S$789 million in the three months ending December, versus S$960 million a year earlier. ­- Reuters

Top local stories

Red Sena eyes qualifying acquisition before Feb 2018:
Red Sena Bhd, a special purpose acquisition company specialising in food and beverage, will unveil its first qualifying acquisition before February 2018. Business development director Ian Yoong Kah Yin said the company has screeed more than 50 potential deals across the region. - — StarBiz

MISC awarded US$254m for work done for Sabah Shell: MISC Bhd unit Gumusut-Kakap (L) Ltd has been awarded US$254.44mil for variation works done on behalf of Sabah Shell Petroleum Ltd. MISC said the amount would be paid as increased day rates under the Nov 9, 2012 lease agreement between GKL and Sabah Shell for building and leasing the Gumusut-Kakap semi-floating production system. — StarBiz

Malaysia sells RM4b of 2024 sukuk:
Malaysia sold RM4bil of 2024 Islamic bonds on Tuesday with a yield of 4.045%. According to Bloomberg, the demand for the government sukuk exceeded the amount offered by 3.12 times. - StarBiz

Sunway Property eyes RM1.1b sales this year:
Sunway Property aims to achieve RM1.1 billion sales this year on the back of new launches. Sunway Bhd managing director of property development division for Malaysia and Singapore Sarena Cheah said the group planned to launch between 10 and 12 projects in Malaysia and another in China, with a gross development value of RM2 billion, this year. - Bernama
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