If confirmed, the deal would be one of the largest in European technology to date, and SoftBank's largest ever, bigger than the 16.61 billion pound acquisition of a controlling stake in wireless operator Sprint in 2013, a deal that left the group with hefty debts. (The logo of SoftBank Group Corp is seen at the company's headquarters in Tokyo, June 30, 2016. - REUTERS)
Energy
Brent crude was 0.86% higher to US$56.46 per barrel at 2.29pm.
Forex
Ringgit down 0.01% to 4.4410 versus the US dollar at 2.37pm.
Top foreign stories
HKEX 2016 profit slides on weak trading volumes: Hong Kong’s stock exchange operator said its 2016 net profit fell 27% due to a decline in fees generated by stocks and metals trading on the bourse as it struggled to match stellar volumes seen during 2015’s record rally. Hong Kong Exchanges and Clearing Ltd (HKEX) reported a net profit of HK$5.8 billion (US$747.36 million) for 2016, slightly below analysts’ average estimate of HK$6 billion, according to Thomson Reuters data. — Reuters
China’s factories seen posting 7th month of modest growth in Feb: Activity in China’s manufacturing sector likely grew modestly for the seventh month in a row in February as resources prices extended a rapid rally and on signs of improving global demand for Chinese exports, a Reuters poll showed. The official manufacturing Purchasing Managers’ Index (PMI) probably edged down to 51.1 in February from January’s 51.3, but remained well within positive territory. — Reuters
China FX regulator says strengthening supervision of forex market: China’s FX regulator said on Monday that it will strengthen supervision of the foreign exchange market in 2017, while improving policy transparency and promoting the further opening of financial markets. — Reuters
SoftBank nears deal to invest US$3b in US startup WeWork: Japan’s SoftBank Group Corp is close to making an investment in US office-sharing startup WeWork expected to be worth over US$3 billion, CNBC reported on Monday, as it expands its reach beyond tech and telecoms. — Reuters
Top local stories
Sime Darby Q2 earnings surge to RM644m, boost from plantations: Sime Darby Bhd’s earnings surged 126% to RM644mil in the second quarter, boosted by the plantations division. Revenue increased to RM12.34 billion from RM11.83 billion, while earnings per share rose 4.3% to RM12.34bil from RM11.83bil. It declared an interim dividend of six sen a share. — StarBiz
Sime Darby provides more details of restrucuturing: Sime Darby Bhd, which is undertaking an internal corporate exercise to create three listed entities – plantation, property, and trading & logistics sectors – will restructure the borrowings, transfer of certain assests and capitalise inter-company loans. The conglomerate said after the internal revamp, it will undertake to distribute the group’s entire shareholding in Sime Darby Plantation Sdn Bhd and its entire shareholding in Sime Darby Property Bhd to the entitled shareholders. — StarBiz
BIMB posts RM139.5m Q4 net profit: BIMB Holdings Bhd’s net profit fell 13.8% to RM139.46mil in the fourth quarter from RM161.86mil a year ago. Revenue stood at RM856.8mil against RM884.25mil previously while earnings per share (EPS) stood at 8.78 sen compared with 10.50 sen before. For the full year, BIMB posted a higher net profit of RM559.04mil compared with RM547.27 a year earlier. — StarBiz
Cradle Fund to invest in 13 start-ups this year: Cradle Fund Sdn Bhd plans to invest in 13 start-ups this year through its newly-launched investment product, Direct Equity 800 (DEQ800). Vice-president for investment, Azman Hood, said with a total fund size of close to RM11 million, it would invest in 10 start-ups via direct equity and finalise three co-investment deals. — Bernama
Titijaya inks deal to buy owner of land in Sabah: Titijaya inks deal with Tan Chuan Cheong and Tee Tiong Lee to buy Sri Komakmur Development Sdn Bhd for a purchase consideration of RM70.92m. The proposed acquisition enables Titijaya, through SKDSB, to gain access to 75.444 acres of prime land within the high-growth and fast maturing central development spine of Sabah. — StarBiz
Sedania to buy fintech firm for RM12m: Technology empowerment company, Sedania Innovator Bhd
, has proposed to acquire a syariah-based financial technology (fintech) company, Sedania As Salam Capital (SASC), for RM12 million. — Bernama
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