US Federal Reserve chairwoman Janet Yellen
Energy
Brent crude was 0.50% higher to US$48.53 per barrel at 3.36pm.
Forex
Ringgit up 0.18% to 4.2605 versus the US dollar at 3.40pm.
Top foreign stories
Fed set to raise interest rates, give more detail on balance sheet winddown: The US Federal Reserve is widely expected to raise its benchmark interest rate this week due to a tightening labour market and may also provide more detail on its plans to shrink the mammoth bond portfolio it amassed to nurse the economic recovery. — Reuters
US shale firms more exposed to falling oil prices as hedges expire: Cash-strapped US shale firms scaled back their hedging programmes in the first quarter, leaving them more vulnerable to tumbling spot market prices just after Opec reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after Opec extended those cuts in May, analysts said. — Reuters
Indonesia has reached tax deal with Google for 2016: Indonesia has reached a tax settlement with Alphabet Inc’s Google for 2016, the country’s finance minister said, following a months-long dispute over allegations that the search giant had not made enough annual payments to the government. — Reuters
Hyundai Motor bets on new small SUV as China sales skid: Hyundai Motor unveiled its first subcompact sport-utility vehicle Kona for advanced markets, including the United States, Europe and South Korea, as it tries to offset sliding sales in China and catch up with rivals in the segment. The South Korean automaker said it would also launch an electric version of the Kona small sport-utility vehicle (SUV) next year and a smaller SUV and a large SUV by 2020. — Reuters
Top local stories
PRG signs RM5b MoU with SPNB: PRG Holdings Bhd has entered into a memorandum of understanding (MoU) with SPNB Aspirasi Sdn Bhd - a company owned by Syarikat Perumahan Negara Bhd (SPNB) - and Mimbar Nusantara Holdings Sdn Bhd to explore potential collaboration and joint venture in housing development projects by SPNB Aspirasi. PRG said based on the initial assessment, the projects are worth about RM5bil. — StarBiz
Brunei’s largest bank aims to raise up US$500m in Malaysia listing: Brunei’s largest lender, Bank Islam Brunei Darussalam, aims to raise as much as US$500 million in an IPO - the first by a firm from the South-East Asian nation although the bank will be listed on the Malaysian bourse, IFR reported. JPMorgan and Malayan Banking Bhd (Maybank) are set to be joint global coordinators for an initial public offering of US$200 million to US$500 million this year, it said, — Reuters
Najib: Malaysia needs to identify areas of specialisation: Prime Minister Datuk Seri Najib Tun Razak said Malaysia needs to identify areas of specialisation to remain competitive globally, specifically by 2050. He said the challenge still faced by Malaysia in the effort to transform the economy is to drive growth based on productivity, move industry to value-added activities and seize opportunities based on the Industrial Revolution 4.0. — Bernama
Mustapa: Malaysia committed to increasing investments in Indonesia: Malaysia is committed to increasing investments in Indonesia, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Both countries will come up with proposals to boost trade, including potential ventures in new areas of collaboration such as the digital economy and micro, small and medium enterprises, he said. — Bernama
Maybank Islamic wins award from The Banker: Maybank Islamic Bhd has been named “The Islamic Bank of the Year 2017 for Asia-Pacific and Malaysia” by London-based financial publication, The Banker. The publication acknowledged Maybank Islamic’s leadership in Malaysia’s Islamic finance market, claiming top position among syariah-compliant financiers nationwide. — Bernama
Foreign funds total net buying on Bursa at nearly RM10.4b: Foreign funds remained net buyers on Bursa Malaysia, stretching to 18 straight weeks this year and totalling RM10.39bil, according to MIDF Research. — StarBiz
Red Wing Shoes opens first store in Malaysia: Leading safety footwear maker, Red Wing Shoes Company Inc, has expanded its footprint in South-East Asia with the grand opening of an outlet in Avenue K Shopping Mall, the first in Malaysia. — Bernama
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