Tan Sri Tony Fernandes
Energy
Brent crude was 0.62% higher to US$51.78 per barrel at 3.36pm.
Forex
Ringgit was 0.25% higher to 4.2685 versus the US dollar at 3.41pm.
Top foreign stories
Moody’s: China’s reforms not enough to arrest mounting debt: China’s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody’s said. — Reuters
Sharp expects first profit in four years on Foxconn’s cost cuts: Japan’s Sharp Corp said it expects to report its first net profit in four years in the year through March 2018 due in part to cost-cutting under the aegis of Taiwan’s Hon Hai Precision Industry Co Ltd (Foxconn). The liquid crystal display manufacturer forecast profit of 59 billion yen (US$530 million), reversing a loss of 24.9 billion yen a year earlier. — Reuters
Japan’s factory output seen jumping in April, led by global demand: Japan’s factory output was expected to rebound in April at the fastest rate in about six years, boosted by rising exports as global demand recovers. A poll of 20 economists found industrial production was expected to rise 4.3% in April from March, which would be its strongest growth since posting a gain of 6.8% in May 2011. — Reuters
Central banks launch new forex code, aim at universal adoption: Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at forcing its universal adoption by the world’s major financial institutions. Industry players said the code was its last chance to head off full formal regulation of the US$5 trillion a day market after a scandal over market manipulation and misuse of client information that saw seven major banks fined around US$10 billion at the end of a huge global inquiry in 2015. — Reuters
HKEX to consult on New Board for dual-class shares next month: The Hong Kong stock exchange will begin a public discussion next month over whether to establish a trading board for young companies and firms with non-standard share structures. Hong Kong Exchanges and Clearing Ltd (HKEX) CEO Charles Li said the “New Board” would complement the main board and Growth Enterprise Market, and allow the bourse to attract prospective new economy listings. — Reuters
Japan consumer prices rise in April: Japan’s core consumer prices rose 0.3% in April from a year earlier to mark a fourth straight month of increases, offering policymakers some hope a steady economic recovery will convince consumers to start spending again. — Reuters
Top local stories
Ex-CIMB banker admits insider trades in Singapore takeovers: Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd banker, admitted to insider trading on two stocks - Qualitas Medical Group Ltd and Leeden Ltd - in 2011 before the companies received takeover offers. Tay pleaded guilty to trading on price-sensitive information in a Singapore State Court on Friday and was fined S$180,000 (RM555,600). CIMB was the financial adviser in both deals, prosecutor Joel Chen said in court. — Bloomberg
Fernandes says it’ll be `foolish’ not to consider China-made C919: AirAsia Bhd, the low-cost carrier that flies only Airbus SE planes, would consider using newly developed aircraft such as the Chinese-made C919 as the airline expands its fleet and destinations. “I think as an airline you have to look at everything,” AirAsia Group chief executive officer Tan Sri Tony Fernandes said in a Bloomberg Television interview, “We will be foolish not to look at new planes.” — Bloomberg
IJM Corp fourth-quarter earnings jump to RM236m: IJM Corp Bhd’s net profit surged to RM236mil in the fourth quarter from RM44.23mil a year ago. Its pre-tax profit jumped 178.3% to RM375.21mil, mainly due to improved earnings from the group’s construction, property development, manufacturing and quarrying and plantation divisions. Revenue rose to RM1.66bil against RM1.16bil previously while earnings per share increased to 6.54 sen from 1.24 sen a year ago. For the full financial year, IJM Corp’s net profit declined 17.6% to RM653.77mil. — StarBiz
Malaysia Airlines sees strong bookings after tough Q1: Malaysia Airlines continued to see strong bookings after a tough first quarter FY17 with a 45% improvement in forward bookings from June to November 2017 compared with a year ago. The national carrier said on Friday it was maintaining its cautious outlook for the year due to a more aggressive price war on the domestic market, a weak ringgit and as increased fuel prices create a challenging cost. — StarBiz
FGV says no deforestation at West Kalimantan plantation: Felda Global Ventures Holdings Bhd says there has been no deforestation of natural forest at its PT Temila Agro Abadi plantation in West Kalimantan as alleged in recent reports. It said on Friday this was the finding of a verification assessment undertaken by a third party independent assessor based in Indonesia. — StarBiz
China Automobile Parts auditor withdraws opinion on audited accounts: PKF Malaysia Sdn Bhd, the auditor of China Automobile Parts Holdings Ltd (CAP), has in an unusual move withdrawn its opinion on the company’s audited accounts for the financial year ended Dec 31, 2015. CAP said PKF Malaysia had expressed its non-reliance of the auditor’s report for financial statement FY15 as several ligitation cases involving a subsidiary had not been disclosed. — StarBiz
Mah Sing plans residential suites in Sentul: Mah Sing Group Bhd has acquired for RM54.96mil a 78% interest in Cosmowealth Housing Development Sdn Bhd, which is buying 8.5 acres of prime freehold land in Sentul for about RM95mil. Mah Sing said the land would be developed into M Centura with an estimated gross development value (GDV) of RM1.3bil. - StarBiz
KPJ first-quarter pre-tax profit rises to RM54m: KPJ Healthcare Bhd
’s pre-tax profit rose to RM54.23 million for the first quarter ended March 31, 2017, from RM51.02 million a year ago. Revenue increased to RM793.91 million, up 7% from RM743.95 million previously. — Bernama
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