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Corporate News

Global coronavirus cases surpass one million

Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths as the pandemic further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally of official data.

Energy

Thail company could delay projects in Malaysia and elsewhere due to oil price collapse

BANGKOK: Thai energy company PTT Exploration and Production Pcl could miss its sales target due to the oil price collapse and coronavirus outbreak, and is considering delaying some projects, it said on Thursday

Energy

Oil posts biggest ever one-day gains after Trump touts Saudi-Russia oil deal

NEW YORK: Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

Markets

Stocks climb on oil price surge despite grim US jobs data

NEW YORK: U.S. stocks rallied on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut in oil output drove gains, taking some sting out of a shocking jump in Americans filing jobless claims due to coronavirus-led lockdowns.

Energy

Oil posts biggest one-day gains after Trump touts Saudi-Russia oil deal

New York: Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

Economy

As millions lose jobs, Fed policymakers say recession is here

(Reuters) - The US recession is here. How long it will last will depend on the course of a viral pandemic that could still kill hundreds of thousands of Americans, and has most of the country under lockdowns aimed at slowing the infection's spread.

Corporate News

Kossan Rubber to sell Hulu Langat land for higher price in new deal

KUALA LUMPUR: Kossan Rubber Industries Bhd has agreed to sell its land in Kuala Langat, Selangor to a new buyer at a higher price, less than three weeks after it terminated a deal with a paper and pulp producer.

Energy

Alam Maritim wins Petronas Carigali charter contract

KUALA LUMPUR: Alam Maritim Resources Bhd has secured a RM28.4mil charter contract from Petronas Carigali Sdn Bhd for the provision of support service vessel.

Markets

Crude oil price surge pushes FBM KLCI higher

KUALA LUMPUR: Higher crude oil prices lifted sentiment in the stock market on Thursday, helping to the main index to close in positive territory.KUALA LUMPUR: Higher crude oil prices lifted sentiment in the stock market on Thursday, helping to the main index on Bursa Malaysia to close in positive territory.

Plantations

Malaysia palm giants warn shutting estates will worsen pandemic

KUALA LUMPUR (Bloomberg) -- Oil palm planters in Malaysia, the world’s second-largest grower, warned that closing estates in its top-producing state may exacerbate the spread of the coronavirus by creating a flood of economic migrants, while tightening food supplies.

Corporate News

WeWork troubles deepen as SoftBank pulls US$3bil tender offer

TOKYO: SoftBank Group Corp said it has terminated a US$3bil tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis.

Energy

Oil rallies as Trump talks up truce hopes for Saudi-Russia price war

SINGAPORE: Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.

Corporate News

Kwasa Land names Mohamad Hafiz Kassim as managing director designate

KUALA LUMPUR: Kwasa Land, a wholly owned subsidiary of the Employees Provident Fund (EPF), has named Mohamad Hafiz Kassim as its managing director, effective April 1, 2020.

Corporate News

Kinsteel unit to negotiate JV with Chinese steel producer

KUALA LUMPUR: Kinsteel Bhd's wholly owned subsidiary Kin Kee Steel Service Centre Sdn Bhd is entering negotiations with Tianjiin Qiangbang Industrial Co Ltd to form a joint venture company.

Banking

Moody’s downgrades Malaysia banking system outlook to negative

KUALA LUMPUR: Moody's Investors Service has downgraded Malaysia’s banking system to negative from stable to reflect growing risks from coronavirus outbreak.

Business

Oil claws back losses despite looming Saudi crude supply flood

OIL clawed back losses in early Asian trading despite a looming supply flood from Saudi Arabia and signs of deepening demand destruction.

Aviation

Boeing to offer voluntary layoffs to employees to tide over coronavirus fallout

SEATTLE: Boeing Co is set to offer buyout and early retirement packages to employees, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic.

Markets

Bursa lifted amid surge in oil prices

KUALA LUMPUR: The FBM KLCI turned higher over the course of the morning to enter midday in positive territory, even as oil prices jumped on hopes of an end to the price war.

Banking

Top US banks may shun small-business rescue plan on liability worries

WASHINGTON: Top U.S. banks have threatened to give the federal government's small-business rescue program a miss on concerns about taking on too much financial and legal risk, five people with direct knowledge of industry discussions told Reuters

Plantations

Malaysian palm oil ticks up on crude oil strength, weaker ringgit

KUALA LUMPUR: Malaysian palm oil futures edged up on Thursday, as crude oil futures rallied and the ringgit weakened, but concerns over a drop in global demand limited gains