Top foreign and local stories at 4pm


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  • Tuesday, 22 Aug 2017

Energy

Brent crude was 0.72% higher to US$52.03 per barrel at 3.36pm.

Forex

Ringgit up 0.10% to 4.2828 versus the US dollar 3.42pm.

Top foreign stories

BHP to quit US shale business as annual profit surges: Global mining giant BHP Billiton committed to quitting its underperforming US shale oil and gas business on Tuesday, as it posted a surge in annual underlying profit to US$6.7 billion. — Reuters

China Construction Bank raising US$15b in funding for Belt and Road deals: China Construction Bank Corp (CCB) is raising at least 100 billion yuan (US$15 billion) for a fund to finance investments related to Beijing’s Belt and Road initiative, sources said. China’s second-biggest bank by assets was raising cash onshore and offshore, and has already been running roadshows with prospective investors, they said. — Reuters

Chinese developer Country Garden H1 core profit rises 35%: Country Garden Holdings Company Ltd said on Tuesday core profit rose almost 35% to to 7.2 billion yuan (US$1.08 billion) over the first six months of the year, helped by a property boom. China’s top property developer by sales posted 288.9 billion yuan sales, more than double year-ago levels. — Reuters

China’s Dalian Wanda drops plans to buy Nine Elms Square in London: Dalian Wanda Group said on Tuesday it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment. — Reuters

Cathay Pacifc to buy 32 Airbus A321neo aircraft: Cathay Pacific Group has signed a memorandum of understanding with Airbus for 32 A321neo single-aisle aircraft, worth over US$4bil. The aircraft will be operated by Cathay Dragon, the regional carrier of the group, on services linking its Hong Kong home base with destinations across Asia, the group said. — StarBiz

Japan Tobacco to buy Philippine cigarette maker Mighty for US$936m: Japan Tobacco Inc said on Tuesday it would buy the tobacco business of the Philippines’ Mighty Corp for about US$936 million as it aims to gain a foothold in the market. The transaction is expected to be completed in the third quarter following regulatory clearance, the company said. — Reuters

Top local stories

Scomi Group shareholders to benefit from merger: Shareholders of SCOMI GROUP BHD will benefit the share consolidation following the merger of its two subsidiaries and the issuance of free warrants. Back-of-the-envelope calculations show Scomi investors are in the money from the exercise, assuming investors bought into Scomi shares at its last traded price of 11.5 sen. Given that every two shares will be consolidated into one share, every 10 consolidated shares would be worth about RM2.30. The seven free warrants priced at a theoritical 11.3 sen each works out to a total of 79.1 sen per 10 consolidated shares. — StarBiz

Scomi Group to raise RM155m from warrants under merger plan: Scomi Group Bhd hopes to raise about RM155mil from the exercise of free warrants which will be issued under the proposed merger of its subsidiaries Scomi Energy Services Bhd and Scomi Engineering Bhd and resultant privatisation. — StarBiz

Hock Seng Lee Q2 earnings dip 21% to RM9.52m: Hock Seng Lee Bhd’s earnings for the second quarter fell 21% to RM9.52mil on revenue that came in marginally lower at RM106.39mil from RM107.05mil a year earlier. Earnings per share stood at 1.73 sen. — StarBiz

Kerjaya Prospek Q2 earnings rise 33.8% to RM32.9m: Kerjaya Prospek Group Bhd’s second-quarter earnings rose 33.8% to RM32.9mil from RM24.58mil a year earlier. Revenue was higher at RM240.2mil versus RM193.48mil in the year-ago period, while earnings per share stood at 6.42 sen. The company attributed the increase in revenue and profit before tax to the group’s construction segment. — StarBiz

Bank Negara foreign reserves at two-year high of US$100b: Bank Negara’s international reserves climbed past the crucial US$100bil level, rising to US$100.40bil as at Aug 15. The reserves are at the highest since mid-July 2015. — StarBiz

IKEA to set up RM900m regional hub in Malaysia: IKEA, the Netherlands-based furniture retailer, will be setting up a regional distribution and supply chain centre for Asean in Malaysia, with an investment of RM908 million. — Bernama

Hartalega to allocate up to RM300m capex for NGC plants: Hartalega Holdings Bhd has earmarked around RM200mil to RM300mil as capital expenditure per plant for the next three years. The world’s largest nitrile glove producer said the allocated capex would be used to complete the construction of its Next Generation Integrated Glove Manufacturing Complex (NGC). — StarBiz

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