Energy
Brent crude was 0.04% higher to US$52.44 per barrel at 3.36pm.
Forex
The ringgit was flat at 4.4198 versus the US dollar at 3.43pm.
Top foreign stories
Singapore Exchange said to mull tie-ups as deals grow harder: Singapore Exchange Ltd (SGX), which runs South-East Asia’s largest stock and derivatives market, has in recent months held exploratory talks about possible tie-ups with overseas exchange operators, sources said. Discussions with parties including Nasdaq Inc and CME Group Inc have ranged from potential collaborations to the sale of a stake in the company or even a full merger, they said. — Bloomberg
Toyota recalls 2.9m vehicles globally over airbags: Toyota Motor Corp on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbag inflators. — Reuters
Toshiba shareholders agree to split off chip unit, paving way for sale: Toshiba Corp’s shareholders on Thursday approved a proposal to split off the Japanese company’s prized NAND flash memory unit, paving the way for a sale of a majority stake or even all of the business. — Reuters
Australians sitting on mountains of cash as wealth outpaces debt: Australian households saw their wealth balloon to a record A$11.7 trillion (US$8.97 trillion) last quarter as cash holdings topped a trillion dollars for the first time ever, boding well for spending in the face of tepid wages growth. — Reuters
POSCO sees Q1 operating profit up 82% on China demand, higher steel prices: Disclosing preliminary earnings guidance for the first time, South Korean steelmaker POSCO said operating profit for January-March was about 1.2 trillion won (US$1.07 billion), climbing 82% from 659.8 billion won a year ago, underpinned by solid steel demand in China amid rising prices. It beat a consensus forecast for 816 billion won from 16 analysts’ views. — Reuters
Bezos rises to become world’s second richest with Amazon surge: Jeff Bezos has leapt past Amancio Ortega and Warren Buffett to become the world’s second-richest person. Bezos added US$1.5 billion to his fortune as Amazon.com Inc rose US$18.32 on Wednesday, the day after the e-commerce giant said it plans to buy Dubai-based online retailer Souq.com. Bezos has a net worth of US$75.6 billion on the Bloomberg Billionaires Index. — Bloomberg
Top local stories
Bank Negara’s joint anti-money laundering raids nab 12 suspects, RM18m seized: Twelve suspects including eight foreign nationals were arrested and more than RM18mil in cash and assets were seized in joint anti-money laundering raids by the authorities. Bank Negara said 14 premises, including three premises operated by licensed money services business operators, in Kuala Lumpur and Selangor were raided recently. — Reuters
Interest scheme could be alternative funding source for SMEs: Interest scheme could serve as an alternative source of business funding for the small and medium enterprises (SMEs) under the new Interest Scheme Act 2016, says the Companies Commission of Malaysia. — Bernama
CIMB Group stresses zero tolerance for breaches of law: CIMB Group Holdings Bhd on Thursday issued a strongly-worded statement that it would take appropriate action against staff found guilty of breaking the law in any market in which it operates. “CIMB has zero tolerance for breaches of the law by its staff,” it said. The banking group issued the statement after the Securities Commission charged three individuals for insider trading offences related to the PacificMas Bhd shares. — StarBiz
WCT placement shares fixed at RM1.77 each: WCT Holdings Bhd’s first tranche of placement shares totaling RM100.45 million units, has been fixed at RM1.77 per unit after a book-building exercise. The price was 4% below the five-day volume weighted average of the shares. — StarBiz
McDonald’s Malaysia investing RM363m on new outlets, makeover: McDonald’s Malaysia is investing RM363 million to add 33 new restaurants and refurbish 86 others in the country, as part of its three-year growth plan. — Bernama
Sumatec withdraws extension of time plan for Borneo Energy: Sumatec Resources Bhd has withdrawn its application to seek an extension of time up to May 21, 2017 to complete its corporate exercise involving the purchase of Borneo Energy Oil and Gas Ltd. — StarBiz
FGV signs MoU with Felda and Suhakam: Felda Global Ventures Holdings Bhd (FGV) has signed a memorandum of understanding (MoU) with the Federal Land Development Authority (Felda) and the Human Rights Commission of Malaysia (Suhakam), kick-starting a cooperation to better promote respect and compliance for human rights in business operations and to intensify collaboration in related areas in support of human rights. — StarBiz
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