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Top foreign and local stories at 4pm

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by November 24, 2016 General

Energy

Brent crude was 0.16% higher to US$49.03 per barrel 2.43pm.

Forex

Ringgit down 0.28% to 4.4570 per US dollar at 2.51pm.

Top foreign stories

Singapore Q3 GDP contraction, weak exports reinforce recession risk: Singapore’s government slashed its economic growth and exports forecasts for 2016 after the economy contracted in the third quarter, reinforcing the risk of a recession amid fresh uncertainty around global trade under US President-elect Donald Trump. — Reuters

China says it will promote trade deals regardless of TPP, RCEP direction: China said it will actively participate in bilateral and multilateral trade deals, with the goal of deepening reform and opening up its economy, regardless of the direction the Trans Pacific Partnership (TPP) or the China-backed Regional Comprehensive Economic Partnership (RCEP) might take. — Reuters

IEA expects oil investment to fall for third year in 2017: Investment in new oil production is likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday. — Reuters

India central bank intervenes as rupee nears record low: India’s central bank intervened to steady the rupee as it neared a record low on Thursday due to broad strength in the US dollar, capital outflows from emerging markets, and worries about India’s demonetisation drive. The rupee has fallen around 3% so far this month, its biggest fall against the dollar since August 2015. — Reuters

Top local stories

Maybank posts improved Q3 earnings of RM1.8b: Malayan Banking Bhd (Maybank)’s third-quarter earnings rose 54.8% to RM1.79bil from RM1.16bil in the second quarter, but 5.4% lower versus a year earlier, mainly due to a lower tax charge a year ago. Its revenue came in at RM11.28bil while earnings per share (EPS) were 17.97 sen compared with RM11.38bil and 19.93 sen, respectively, a year earlier. — StarBiz

Axiata profit improves to RM256m: Axiata Group Bhd posted earnings of RM256.56mil in the third quarter, which was an improvement on a quarterly basis as its South Asia operating companies turned out a stronger performance. Its revenue grew 2.8% to RM5.5bil from the preceding quarter, which was also its highest absolute quarterly revenue to date, driven mainly from its newest acquisition, Ncell in Nepal. It declared an interim dividend of five sen a share. — StarBiz

Independent adviser: Huat Lai takeover offer ‘not fair’: Mercury Securities, the independent adviser to poultry company Huat Lai Resources Bhd’s minority shareholders, has described the RM5 a share takeover offer as “not fair” as it was lower than the fair value. It however recommended shareholders accept the offer. — StarBiz

RAM Ratings forecasts 4.5% GDP growth for Malaysia in 2017: Driven by resilient domestic demand and improving prospects for external demand, RAM Rating Services Bhd expects Malaysia’s economic growth momentum to stabilise in 2017 with a 4.5% gross domestic product (GDP) growth. — StarBiz

PNB expects RM15.18bil in net income this year: Permodalan Nasional Bhd (PNB) expects a gross income of RM18.637bil and a net income of RM15.18bil this year, reflecting its strong track record of delivering consistent returns. — StarBiz

Palette Multimedia to buy 51% stake in Genopharma:
Palette Multimedia Bhd has signed a term sheet to acquire 51% equity stake in biomedicine and herbal medicine company Genopharma Sdn Bhd. Upon completion of the acquisition, Palette would issue new shares valued at RM1.53mil. — StarBiz

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