Top foreign and local stories at 4pm


  • Business
  • Monday, 04 Dec 2017

Energy

Brent crude was 0.44% lower to US$63.45 per barrel at 2.52pm.

Forex

Ringgit up 0.37% to 4.0760 versus the US dollar at 2.59pm.

Top foreign stories

BoJ resolved to keep ultra-easy policy, says Kuroda: The Bank of Japan (BoJ) does not plan to change its massive stimulus programme and will ”immediately act” if risks to the economy undermines the momentum toward achieving its inflation target, central bank governor Haruhiko Kuroda said. While offering a sanguine view of the global economy, Kuroda warned of factors that could threaten the recovery including geopolitical risks and the rising tide of protectionism. — Reuters

Shareholders sue Australia’s Crown Resorts over China marketing: Australian casino operator Crown Resorts Ltd was slapped with a class action lawsuit on Monday for allegedly failing to inform shareholders of a marketing campaign in China that resulted in staff arrests and a slump in the share price. The company said it would defend itself against the allegations contained in the suit. — Reuters

Broadcom set to unveil challenge to Qualcomm’s board: Chipmaker Broadcom Ltd will take its first formal step on Monday toward a hostile bid to take over Qualcomm Inc, unveiling nominees whom Qualcomm shareholders can vote on to replace the US semiconductor company’s board of directors, according to people familiar with the matter. Broadcom’s move comes after Qualcomm rejected its US$103 billion cash-and-stock bid last month. — Reuters

Top local stories

Petronas projects oil prices to remain at US$50 to US$60 levels: Petroliam Nasional Bhd (Petronas) projects oil prices to remain within the range of US$50s to US$60s per barrel level as Opec and non-Opec members cut production of 1.8 million barrels per day. In the Petronas Activity Outlook report for 2018-2020, the oil major said its jack-up rigs requirement will be reduced by half in 2018-2020 versus 2013-2014 period. — StarBiz

Malaysia agrees to extend oil output adjustments till Dec 31, 2018: Malaysia has agreed to extend oil production adjustments until Dec 31, 2018, said Minister in the Prime Minister’s Department, Economic Planning Unit (EPU), Datuk Seri Abdul Rahman Dahlan. He said the agreement was made in line with the decision to further extend the “Declaration of Cooperation” for another nine months during the 3rd Organisation of the Petroleum Exporting Countries and non-Opec ministerial meeting held in Vienna, Austria, on Nov 30. — Bernama

Handal teams up with China's Harbin Jingwei: Handal Resources Bhd has teamped up with Harbin Jingwei Advanced Composite Material and Engineering Corp to jointly develop and promote innovations and advanced material applications for the oil and gas industry in the region. According to the terms of the agreement, Harbin Jingwei’s parent company, Shanghai EB Pipeline Engineering Ltd, will provide technical knowhow on advanced material engineering. — StarBiz

KKB secures contracts worth RM16.8m: KKB Engineering Bhd has secured three contracts worth a combined RM16.8mil that are expected to contribute positively to earnings and net assets for its 2018 financial year. — StarBiz

MAHB’s Turkey airport wooing Malaysian carriers: The Istanbul Sabiha Gokchen International Airport (ISG), operated and owned by MALAYSIA AIRPORTS HOLDINGS BHD (MAHB), executive director Datuk Azmi Murad said the airport is in constant talks with Malaysia Airlines and AIRASIA to consider the ISG for their Istanbul route. — Bernama

Malaysia’s manufacturing PMI rises to 43-month high: The Nikkei Malaysia Manufacturing Purchasing Managers’ Index (PMI) rose to a 43-month high to 52.0 in November from 48.6 in October, supported by improvements in domestic and overseas demand conditions, says IHS Markit. — Bernama

Glove makers to raise prices, expect record revenue of RM16.2b: Malaysian glove manufacturers will raise the prices follow a hike in energy costs and raw materials while it also sees a record revenue of RM16.2bil for 2017 on strong demand. Malaysian Rubber Glove Manufacturers Association president Denis Low Jau Foo said prices could rise by about US$1 to US$1.50 per 1,000 pieces of gloves due to the steep rise in natural gas price and cost of packaging materials, as well as the ringgit’s weakening against the US dollar, among others

Al-Salam REIT to acquire properties from QSR for RM115m: AmanahRaya Trustees Bhd, as trustee for Al-Salam REIT, is acquiring 22 properties from several QSR Brands (M) Holdings Bhd units in an all-cash deal of RM115mil. AmanahRaya said the proposed acquisitions are conditional upon a leaseback agreement with QSR Stores Sdn Bhd and Pizza Hut Restaurants Sdn Bhd. The properties will be leased for three years with an option to extend up to a period of 15 years, and a further option for renewal. — StarBiz

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