Top foreign and local stories at 4pm


Energy

Brent crude was 0.25% higher to US$60.59 per barrel at 3.34pm.

Forex

Ringgit up 0.04% to 4.2405 versus the US dollar at 3.45pm.

Top foreign stories

Asia pivot helps HSBC post jump in Q3 pre-tax profit: HSBC Holdings Plc on Monday signalled its pivot to Asia was paying rich dividends as quarterly profits leapt almost five-fold, creating a foundation for its new leadership to plan for growth after a tough period of post-crisis restructuring. Pre-tax profit was US$4.6 billion in the September quarter, up from US$843 million a year ago and roughly in line with analyst estimates of US$4.7 billion. — Reuters

S. Korea’s Lotte Corp soars in debut on investor hopes for better returns: Shares in Lotte Corp, the new holding company for South Korea’s No. 5 conglomerate, soared some 45% on their debut above their issue price, bolstered by hopes for better corporate governance and shareholder returns. — Reuters

China October factory growth seen easing slightly as smog war begins: Activity in China’s manufacturing sector likely grew at a slightly slower pace in October as the government began a major crackdown on air pollution, ordering many steel mills, smelters and factories to curtail or halt production over the winter, a Reuters poll showed. — Reuters

Novartis to buy France’s Advanced Accelerator for US$3.9b: Swiss drugmaker Novartis on Monday offered to buy France’s Advanced Accelerator Applications (AAA) in a US$3.9 billion cash deal to strengthen the oncology portfolio at the world’s biggest maker of prescription medicine. — Reuters

Japan’s Nomura reports weak Q2 profit as bond trading declines: Nomura Holdings Inc posted a wider-than-expected drop in quarterly profit as weakness in its wholesale division, that was hit by a drop in fixed income trading, offset growth in the company’s resurgent retail business. Japan’s biggest brokerage and investment banking group said its July-September net profit came in at 51.9 billion yen (US$457 million), versus 61.2 billion yen a year ago, falling for the first time in five quarters. — Reuters

Top local stories

Lim Kang Hoo plans to rationalise IW City, Ekovest: For the second time this year, Tan Sri Lim Kang Hoo will be making an attempt to restructure his flagship property development company, Iskandar Waterfront City Bhd (IW City). This time, the restructuring will involve Ekovest Bhd, the property development, construction and highway infrastructure arm of companies under Lim. Sources said the primary aim of the restructuring was likely to rationalise the property assets of the group. — StarBiz

Kelington unit bags RM65.4m China job: Kelington Group Bhd unit Kelington Engineering (Shanghai) Pte Ltd has secured a RM65.4mil contract from from Chengdu Construction Engineering Corporation to supply and install bulk gas system and distribution piping for Gexi (Chengdu) Integrated Circuit Manufacturing. — StarBiz

IOI Corp sees CPO trade above RM3,300 if La Nina sets in: Crude palm oil (CPO) prices are expected to trade above RM3,300 per tonne, from RM2,750 to RM2,800 now, should La Niña set in, said IOI Corp Bhd executive chairman Tan Sri Lee Shin Cheng. Separately, Lee said the group plans to expand into emerging countries such as West Africa and the Middle East. — StarBiz

Maybank Indonesia nine-month earnings rise 12%: PT Bank Maybank Indonesia Tbk posted a net profit after tax and minority interest (Patami) of 1.4 trillion rupiah (RM436.76mil) for the first nine months of of fiscal year 2017, a 12% increase from 1.3 trillion rupiah a year earlier. The bank attributed the better performance to loan growth, effective cost management control and syariah banking. — StarBiz

Coal power plant, solar project to drive Tenaga earnings, says Moody’s: The commissioning of the 3-GW coal generation capacity and a 50-MW solar project will drive Tenaga Nasional Bhd‘s earnings growth, says Moody’s Investors Service. Moody’s vice-president and senior analyst Abhishek Tyagi said the two projects will underpin the power giant’s earnings growth over the next two to three years. — StarBiz

Press Metal among the top 50 family-owned companies globally: Malaysia ranks seventh globally in terms of the number of family-owned businesses and 11th in Asia Pacific-ex Japan in terms of average market capitalisation at US$3.8bil, according to Credit Suisse Research Institute. Press Metal Bhd is among the top 50 family-owned companies globally, taking the 32nd spot for revenue growth and 44th in terms of share price returns. — StarBiz

UEM Sunrise sells Johor land to Country View for RM310m: UEM Sunrise Bhd has inked a deal with Country View Bhd for the sale of 163.9 acres in Johor for RM310mil. Following the deal, UEM Sunrise will have 10,000 acres of land bank remaining in the southern region. — StarBiz

Public Mutual launches Asean, China funds: Public Mutual has launched two new funds - Public Asean Growth Fund and Public Greater China Fund - which will provide investors exposure to the growing Asean and China markets. The Public Asean Growth Fund’s target is capital growth over the medium to long term by investing in a diversified portfolio of blue chip, index and growth stocks in Asean markets, while the Greater China Fund will ride on the vibrant Greater China markets. — StarBiz

Mustapa urges SMEs to step up their game: International Trade and Industry Minister Datuk Seri Mustapa Mohamed has urged local industry players, particularly, small and medium enterprises (SMEs) to step up their game to sustain their businesses and remain competitive. — Bernama
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