Energy
Brent crude was 0.87% lower to US$51.39 per barrel at 3.41pm.
Forex
Ringgit was flat at 4.2825 versus the US dollar at 3.53pm.
Top foreign stories
China May factory activity holds up on boost from steel, construction: China’s manufacturing and services sectors expanded at a solid pace in May thanks to robust construction and infrastructure investment, welcome news for authorities trying to strike a balance between maintaining stable economic growth and defusing debt risks. The official manufacturing Purchasing Managers’ Index (PMI) was at 51.2 in May, unchanged from April, a monthly survey by the National Bureau of Statistics showed on Wednesday. — Reuters
Saudi Aramco signs joint venture deal to build shipyard: Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom’s east coast, part of the government’s drive to diversify the economy beyond oil. A shareholder agreement was signed with National Shipping Co of Saudi Arabia, a state-controlled firm which ships oil for Aramco, as well as London-listed Lamprell Plc, a United Arab Emirates-based engineering firm, and South Korea’s Hyundai Heavy Industries Co. — Reuters
Toshiba unable to present audited results at end-June shareholders meeting: Toshiba Corp said on Wednesday it would not be able to present its audited annual business results for the fiscal year ended March at its general shareholders meeting on June 28.Toshiba has been unable to submit its results to regulators as it has been at odds with auditor PricewaterhouseCoopers Aarata (PwC) since a surprise writedown at its now bankrupt Westinghouse nuclear unit. — Reuters
Red-hot Hong Kong property market extends record price run: Hong Kong’s private home prices hit a record high for the sixth month in a row in April, reflecting a market fervour that the authorities are eager to tame, according to government data released on Wednesday. The dearth of supply, low interest rates, and the flow of capital from mainland China pushed prices up over 137% since the financial crisis in 2008. — Reuters
Japan’s factory output races in April to hit its highest level since 2008: Japan’s factory output rebounded in April from March and grew at the fastest pace in almost six years, taking production to its highest level since 2008. Japan’s industrial output rose 4.0% in April from the previous month, the strongest growth since posting a 4.2% gain in June 2011, although slightly shy of the median estimate in a Reuters poll for a 4.3% rise. — Reuters
Moody’s revises Singapore’s banks to stable from negative: Moody’s Investors Service has changed its outlook for Singapore’s banking system to stable from negative due to improving growth conditions and stabilising commodity prices that will limit a further weakening in asset quality and profitability. — StarBiz
Top local stories
Sime Darby posts Q3 earnings of RM700m: Sime Darby posted 5.4% higher earnings of RM699mil in the third quarter, which was capped by higher tax and perpetual sukuk expenses. Revenue rose 21.6% to RM12.44bil from RM10.23bil, while earnings per share were 10.3 sen versus 10.5 sen a year earlier. Sime Darby president and group chief executive Tan Sri Mohd Bakke Salleh said the group’s year-to-date results for FY2017 have largely been supported by higher crude palm oil prices. — StarBiz
FGV posts RM2.5m earnings in first quarter: Felda Global Ventures Holdings Bhd (FGV) turned around in the first quarter, registering earnings of RM2.5mil versus with a net loss of RM81mil a year ago. Revenue rose 15% to RM4.32bil from RM3.75bil a year ago on higher income from the plantations, logistics and sugar segments.
AMMB posts 20% rise in Q4 earnings to RM335.8m: AMMB Holdings Bhd reported a 20% increase in earnings to RM335.81mil in the fourth quarter, boosted by higher net interest income. AmBank Group CEO Datuk Sulaiman Mohd Tahir said:“We recorded a net interest income (NII) of RM599.3mil in Q4 of FY2017, the highest level we have seen since Q2 of FY2016.” The banking group said revenue was slightly higher at RM2.14bil compared with RM2.10bil a year ago. It announced a dividend of 12.6 sen a share. — StarBiz
Mah Sing Q1 earnings at RM90.4m: Mah Sing Group Bhd posted a net profit of RM90.42mil on the back of RM723.5mil in revenue in the first quarter. The property developer’s pre-tax profit rose 6.9% to RM120.6mil mainly due to higher profit recognition from completed projects in the current quarter. It said revenue from property development was about RM633mil and operating profit was about RM113.7mil. — StarBiz
Bank Islam Brunei said to choose Malaysia for US$500m IPO: Bank Islam Brunei Darussalam Bhd has picked Malaysia as the destination for a planned initial public offering that could raise as much as US$500mil, sources said. Brunei’s biggest lender has asked banks to pitch for roles on the first-time share sale and is expected to choose advisers as soon as next month, they said. Bank Islam, which also considered Singapore and London for the offering, could list on Bursa Malaysia this year, the sources said. — Bloomberg
Bank Negara: International reserves remain usable: The detailed breakdown of international reserves under the International Monetary Fund’s Special Data Dissemination Standard (IMF SDDS) format indicates that as of end-April, the country’s reserves remain usable, said Bank Negara. — Bernama
I-Bhd to showcase projects at StarProperty Fair: Star Media Group Bhd, together with property developer I-Bhd, have launched the StarProperty.my Fair (i-City Edition), an event showcasing some of the developments within i-City. The property fair, to be held from June 10 to 12, will showcase developments such as Hill10 Residence, 8Kia Peng, Parisien Tower, Hyde, Liberty Tower and i-Suite. — StarBiz
MSM posts RM34.6m Q1 net loss: MSM Malaysia Holdings Bhd
reported a net loss of RM34.62mil in the first quarter, compared with a net profit of RM59.34mil a year ago, due to higher raw material costs and weakening ringgit. Revenue increased 17.32% to RM648.97mil on improved selling price and higher volume of refined sugar sold in the domestic market. — StarBiz
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
