Top foreign and local stories at 4pm


Logo of the Nissan Motor Co. is screened before visitors at the 44th Tokyo Motor Show in Tokyo, Japan, November 2, 2015. REUTERS/Issei Kato/Files

Energy

Brent crude was 0.03% lower to US$64.25 per barrel at 2.35.

Forex

Ringgit up 0.04% to 4.2298 versus the US dollar at 2.45pm.

Top foreign stories

US investors target ‘buyback stocks’ in bet on Trump tax plan: Rather than waiting to see how the Republican tax bill will fare in Congress, some investors are already picking out gingerly technology, healthcare and consumer companies they expect to use potential tax savings to buy back more of their own stock. Fund managers say that while it is far too soon to tell whether the tax bill will pass, the prospect of increased buybacks is worth taking a bet on companies that would benefit the most from the plan. — Reuters

China’s Meituan-Dianping mulls US IPO of at least US$3b in 2018: China’s Meituan-Dianping, an online platform for ordering food and booking movies and restaurants, is considering an initial public offering of at least US$3 billion in the United States as soon as next year, five people with knowledge of the matter said. — Reuters

Australia’s central bank upbeat on growth, cautious on low inflation: Australia’s central bank held rates at record lows for a 14th straight policy meeting on Tuesday and signs were they would stay sidelined for months to come in the face of stubbornly low inflation and caution among debt-laden consumers. The Reserve Bank of Australia (RBA) stuck with a prediction that economic growth would pick up to around 3% over the next few years, nudging unemployment down from the current 5.5%. — Reuters

Nissan resumes some production amid scandal, fresh wrongdoing found: Nissan Motor Co Ltd resumed on Tuesday most of the domestic car production that had been suspended in the wake of a scandal over uncertified technicians signing off on final inspections for decades. — Reuters

Top local stories

Naim Indah, Lagenda call off RM450m Gateway Klang project: Naim Indah Corporation Bhd and Lagenda Erajuta Sdn Bhd have mutually ended the proposed RM450mil Gateway Klang mixed development project. Naim Indah said on Tuesday both parties agreed to terminate the letter of award due to the delay in obtaining approval for the land transfer and changing land usage from the local authorities by Lagenda. — StarBiz

Graaab JaGaApp developer Red Ideas to list on Wednesday: Home grown technology-based Red Ideas Holdings Bhd will list on the LEAP Market of Bursa Malaysia Securities Bhd on Wednesday. The company is the developer of the private community platform Graaab JaGaApp. Under its listing exercise, the company raised RM7mil by placing out 20 million shares at 35 sen apiece to selected investors. — StarBiz

Maybank offers moratorium for Penang flood victims: Maybank has announced a six-month moratorium on monthly instalment payments for loans and waiver of certain charges on a case-to-case basis for customers in Penang affected by the floods. The suspension for payments are extended to business banking, SME banking and consumer banking customers. — StarBiz

Bank Negara reserves rise to US$101.5b: Bank Negara’s international reserves increased US$300mil to US$101.5bil or RM428.9bil as at Oct 31, 2017, from US$101.2bil as at Sept 29, 2017. — StarBiz

Public Investment retains earnings forecast for Genting: Public Investment Bank has retained the earnings forecasts for Genting for the third quarter of its 2017 financial year. The research house also has maintained its Outperform call with an unchanged target price of RM10.80 on the company. — StarBiz

HSBC job boosts IJM’s order-book: Kenanga Research maintained its Market Perform rating on IJM Corp Bhd with a target price of RM3.48 after the company secured a RM392mil construction job from HSBC. IJM’s current outstanding order book stands at about RM9.1bil, while its property unbilled sales stands at RM1.7bil with a visibility for the next three to four years. — StarBiz

Banks’ total provision under MFRS 9 could rise at least 30%: CIMB Equities Research sees the total provisions for Malaysian banks could increase by between 30% and 70% with the adoption of the Malaysian Financial Reporting Standards (MFRS) 9. The research house said it was not overly concerned about this as banks have strong buffers, with high CET1 capital ratios and strong regulatory reserves. — StarBiz
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