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Sunday, December 15th, 2019

Breakfast briefing: Friday, August 12

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by August 12, 2016 General

MarketWrap: All three major US stock indexes closed at record highs on Thursday for the first time since 1999 as surging oil prices and strong earnings from department stores Macy’s and Kohl’s buoyed investor sentiment. – Reuters

The DJIA climbed 0.64% to end at 18,613.52, the S&P 500 gained 0.47% to 2,185.79 and the Nasdaq added 0.46% to 5,228.40.

Forex summary

*The ringgit lost 0.05% to 4.0065 per US$

*It was 0.10% higher at 4.4597 per euro

*Down 0.09% to 5.1939 to the pound sterling

*Up 0.14% to 2.9769 per Singapore dollar

*0.43% higher to 3.0736 per Aussie

*Up 0.24% to 3.9184 per 100 yen

Energy

Oil prices edged up in early trading on Friday, extending gains from the previous session on expectations that exporters could at an upcoming meeting talk about ways to prop up a market that continues to be dogged by a supply overhang. International Brent crude oil futures were trading at US$46.20 per barrel at 8.47pm ET, up 16 cents, or 0.35%.

Top foreign stories

Wilmer swings to quarterly loss on soybean bets: Wilmar International Ltd, the world’s largest palm oil trader, reported a net loss of US$220.1mil (RM881.5mil) in the second quarter, below the US$230mil preliminary loss revealed last month. Revenue rose 0.9% to US$9.37bil (RM37.5bil) from a restated US$9.28bil, Wilmar said after reporting the first loss in at least 10 years. – Bloomberg

Wall St banks ask Fed for five more years to comply with Volcker rule: Big Wall Street banks are asking the US Federal Reserve to grant them an additional five-year grace period to comply with a financial reform regulation known as the Volcker rule, people familiar with the matter said. If the Fed agrees, the extension would give banks more time to exit fund investments that are difficult to sell, but no longer allowed by the law. – Reuters

Foxconn clears China’s anti-monopoly review for US$3.8b deal with Sharp: Taiwan’s Foxconn said on Thursday China’s anti-monopoly authorities approved its acquisition of Japan’s Sharp Corp, paving the way for the world’s largest contract electronics manufacturer to seal a US$3.8 billion deal. – Reuters

EU regulators to investigate Dow, DuPont US$130b merger: EU antitrust regulators have opened a full investigation into Dow Chemical and DuPont’s proposed US$130 billion merger, saying the deal may reduce competition in crop protection, seeds and some petrochemicals. – Reuters

Top local stories

TNB said to prefer Kapar to be new site for power plant: While the Government has awarded Tadmax Resources Bhd the mandate to build a new power plant on Pulau Indah, it is learnt that Tenaga Nasional Bhd (TNB) is not happy with the proposed location. Industry sources say TNB prefers to have the power plant in Kapar, mainly due to cost concerns. – StarBiz

KPS plans to take over Century Bond: Kumpulan Perangsang Selangor Bhd (KPS) has proposed to acquire a 71.44% stake in industrial packaging specialist Century Bond Bhd.  The deal valued at RM150mil or RM1.75 per share will result in KPS extending a mandatory general offer to mop up the remaining shares in the company if the transaction materialises. – StarBiz

Scomi incurs RM12.2mil loss in Q1: Scomi Group Bhd made a loss of RM12.2mil in its first quarter, as reduced drilling activities by oil majors curbed demand for its services. Revenue plunged by more than a third to RM237.6mil. – StarBiz

Tadmax unit gets RM170mil banking facility: Tadmax Resources Bhd subsidiary Wawasan Metro Bina Sdn Bhd has received a banking facility worth RM170mil fromUnited Overseas Bank (M) Bhd. Tadmax said the facility would be used to finance the proposed condominium projectin Taman Metropolitan Kepong. – Bernama

Two firms to undertake construction of HSR: Singapore will handle its portion of the high-speed rail (HSR) infra- structure project on its own. The Land Public Transport Commission (SPAD) said two companies will be appointed – one each by Malaysia and Singapore – to undertake the construction work in their respective countries. – StarBiz

RM30bil investments to be approved: Some RM30bil worth of investments into Malaysia’s manufacturing sector will be approved by the end of this year, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. – StarBiz

Gas Malaysia Q2 pre-tax profit rises to RM50mil: Gas Malaysia Bhd’s pre-tax profit for the second quarter improved to RM49.77mil from RM43.56 mil a year earlier. Revenue increased 22.5% to RM973.56mil. – Bernama

Commecial properties the hype Down Under: Malaysian investors in Australia will most likely focus on commercial properties with the implementation of new tax rates targeting foreign buyers of residential real estate, according to Knight Frank Australia. – StarBiz

Sunway REIT pre-tax profit lower at RM123mil: Sunway Real Estate Investment Trust (Sunway REIT) posted a lower pre-tax profit of RM122.9mil in the fourth quarter against RM363.8mil a year earlier. Revenue rose to RM123.59mil from RM114.94mil previously. – StarBiz

Iris inks RM170mil e-passport supply deal: Iris Corp Bhd will supply 2.5 million 32-page Nigerian electronic passports under a US$42.49mil (RM170mil) supply agreement with Abuja, Nigeria-based Iris Smart Technologies Ltd. Iris said the agreement was for a period of three years. – StarBiz

Malaysia Q2 growth seen slowing: Malaysia’s pace of economic growth is expected to have declined for a fifth straight quarter in April-June, following still-weak global commodities demand and tepid private investment. The median forecast in a Reuters poll of 14 economists was for annual growth of 4.0% in the second quarter, down from 4.2% in the first three months this year. – Reuters

Wintoni hopes to issue annual report for FY15 by Sept 8: Wintoni Group Bhd, classified as a Guidance Note 3 company, hopes to issue its annual report for the financial year ended Dec 31, 2015 within two weeks from Aug 25, that is by Sept 8. – Edge FD

Moody’s maintains IOI Corp’s debt rating, reverts outlook to ‘negative’: International rating agency Moody’s Investors Service Inc has maintained IOI Corp Bhd’s issuer rating at Baa2, and reverted its outlook to “negative” following the lifting of suspension by the Roundtable on Sustainable Palm Oil on certifying IOI’s palm oil on Monday. – Edge FD

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