UNDER SIEGE: Sharp, behind-the-scenes criticism by alumni, known in Japan as "old boys" who can retain influence long after retirement, represents a new test for Hirai.
Energy
Brent crude was 0.71% lower to US$53.49 per barrel at 3.39pm.
Forex
Ringgit up 0.23% to 4.2945 versus the US dollar at 3.42pm.
Top foreign stories
Thai central bank seen holding key rate again to aid recovery: Thailand’s central bank on Wednesday will likely keep its already-low benchmark rate where it has been for more than two years as the economy is slowly recovering and inflation is tame. All 19 economists polled by Reuters forecast the Bank of Thailand’s one-day repurchase rate will be kept at 1.50% when its monetary policy committee meets. — Reuters
Noble shares tumble after S&P ratings downgrade: Embattled commodity trader Noble Group Ltd suspended trading of its shares on Tuesday following a 32% plunge, as S&P downgraded its long-term corporate credit ratings, citing continuing weak cash flows and profitability. — Reuters
Sony chief says major turnaround complete: Sony chief executive Kazuo Hirai on Tuesday hailed a years-long company restructuring as a success, but said struggles in its movie business remain a “pressing issue”. After years of layoffs and asset sales, Sony is on track to report a 500 billion yen operating profit this fiscal year - its highest in two decades. — AFP
Exports, consumers and construction drive German growth surge: The German economy picked up steam in the first quarter helped by strong exports, booming construction and higher household and state spending. Europe’s biggest economy grew 0.6% quarter-on-quarter, up from 0.4% in the final three months of last year, the Federal Statistics Office said on Tuesday, confirming a preliminary reading. — Reuters
China’s troubled LeEco said to plan cutting most of US workers: Chinese technology conglomerate LeEco plans to lay off more than 300 employees in the US, reducing the headcount to about 50 people, a source said. The employees left at the whittled-down US business will service customers who have already purchased LeEco devices, the person said. — Bloomberg
Top local stories
Telekom Malaysia posts RM230m Q1 net profit: Telekom Malaysia Bhd (TM) recorded a 28.5% year-on-year (yoy) lower net profit of RM230.43mil for the first quarter, on a reduced operating profit before finance cost and lower foreign exchange gain on its borrowings. Its revenue was up 3.8% to RM2.96bil from RM2.86bil a year ago. The company did not declared any dividend for the quarter.
RHB Bank expects better performance this year: RHB Bank Bhd’s net profit fell 11.4% year-on-year to RM500.28mil for the first quarter on lower total income and higher impairment losses for loans. Its revenue dropped 3.4% to RM2.62bil. The bank said it expects to deliver a better performance this year and is on track to achieve its long-term objectives. — StarBiz
Ranhill to raise power generation capacity to 1,000 MW: Ranhill Holdings Bhd, which is involved in water supply services and power sector, aims to increase its power generation capacity to 1,000 megawatts (MW) by 2020 from 380 MW currently. CEO Tan Sri Hamdan Mohamad said the company was focusing on supplying renewable energy such as solar, wind and geothermal, while also looking at potential acquisition of existing power plants. — Bernama
Kerjaya Prospek secures RM77m contract: Kerjaya Prospek Group Bhd unit Kerjaya Prospek (M) Sdn Bhd has secured a RM77mil contract from TSM Towers Sdn Bhd for the building and external works of a 24-storey office building in Mutiara Damansara, Selangor. — StarBiz
KLCCP Stapled Group achieves stable Q1 performance: KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (REIT), collectively known as KLCCP Stapled Group, delivered a stable performance for the first quarter, posting lower pre-tax profits of RM229.38 million and RM229.38 million, respectively. Their revenues increased to RM336.65 million and RM336.65 million, respectively. — Bernama
Wing Tai Malaysia gets takeover offer of RM1.80 per share: Wing Tai Malaysia Bhd (WTM) has received a voluntary takeover offer from Wing Tai Holdings Ltd and Wing Tai Investment & Development Pte Ltd for a cash offer of RM1.80 per share. Based on the last traded price of Wing Tai Malaysia’s shares on May 22, the offer price of RM1.80 represented a 52.54% premium. — StarBiz
CIMB is Best JomPAY Bank for two consecutive years: CIMB Bank Bhd clinched five awards at the Malaysian e-Payments Excellence Awards 2017 for its contribution to the growth of e-payments in the country. The five awards it bagged were: Best JomPAY Bank, Best Customer Experience for JomPAY, JomPAY Innovative Award, Best Interbank GIRO Bank, and Financial Process Exchange Innovative Award. — StarBiz
AmBank bags three awards at the MEEA: AmBank Group won three awards at the Malaysian e-Payments Excellence Awards (MEEA) 2017. AmBank was honoured with the awards for Outstanding Contribution to JomPAY, Top MyDebit Acquirer (First Place) and Outstanding Contribution to MyDebit. — StarBiz
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