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NEWS
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Outside Malaysia:
U.S: Fed officials leave door open to June hike if
justified by data. Four regional Federal Reserve presidents said they
were open to considering an interest-rate increase in June, speaking on
the eve of a monthly U.S. jobs report that could indicate whether the
economy can handle a hike. St. Louis Fed chief James Bullard, San
Francisco’s John Williams, Robert Kaplan of Dallas and Atlanta’s Dennis
Lockhart all stressed in separate remarks that policy would be data
dependent and the June 14-15 meeting of the Federal Open Market Committee
was on the table. (Source: Bloomberg)
U.S: Jobless claims increase to highest level in five
weeks. Applications for U.S. unemployment benefits increased to a
five-week high, a sign that progress in the strongest part of the economy
may be moderating. Jobless claims rose by 17,000 to 274,000 in the week
ended April 30, a Labor Department report showed. The jump was the
largest since January 2015. Further increases in new applications would
probably be needed to mark a shift in sentiment among hiring managers
about the economy’s prospects after the weakest quarter for growth in two
years. Focus turns to payrolls data due Friday from the Labor Department,
and forecasts call for another steady employment gain in April. (Source:
Bloomberg)
U.K: Brexit uncertainty drags economy to near stagnation.
U.K. companies are feeling the strain from the upcoming European Union
referendum, with a gauge of services falling to its lowest level in more
than three years in April. Markit Economics said its services Purchasing
Managers Index dropped to 52.3 from 53.7. While that’s above the 50 level
that divides expansion from contraction, it’s the weakest since February
2013. The slump follows bigger-than-expected declines in Markit’s
manufacturing and construction surveys earlier this week. The reports
indicate growth of just 0.1% in April, down from 0.4% in the first
quarter. (Source: Bloomberg)
Philippines: Bangko Sentral ng Pilipinas to adopt
interest-rate corridor on June 3, a move it said will improve
transmission of monetary policy and boost impact on economy. The central
bank will open term deposit auction facility, overnight deposit and
lending facilities on June. Philippines joins India in seeking better
policy rate transmission link (Source: Bloomberg)
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Other News:
Genting: Clears hurdle for USD4B Resorts World Las Vegas.
Genting has cleared a key hurdle in its efforts to break into the Las
Vegas market in the United States, after receiving the green light from
Nevada’s state’s Gaming Control Board to pursue its USD4b resort project
there. The Resorts World Las Vegas will be developed on the former site
of the Stardust Resort and Casino, which closed 10 years ago. Subtle
refinements were made to the Chinese-themed resort, which the company
said would include a 150,000 sq ft casino. The resort is now scheduled to
open in 2019. (Source: The Edge Financial Daily)
DRB-Hicom: Aborts SGD317m sale of Corwin to Evolutyon.
DRB-Hicom has aborted the sale of the Singapore-based property investment
firm Corwin Holdings Pte Ltd to Evolutyn Real Estate Investment Holding
Pte Ltd. The divestment would have fetched SGD317m (MYR965m) cash.
DRB-Hicom terminated the share sale agreement due to Evolutyon’s
inability to fulfil contractual obligations on the agreed completion
date. (Source: The Edge Financial Daily)
Fajarbaru Builder Group: Secures MYR259.7m contract.
Fajarbaru Builder Group’s unit Fajarbaru Builder Sdn Bhd, has secured a
MYR259.7m contract from the Transport Ministry for the rehabilitation of
railway track formation. The contract also involved ballast replacement
and associated works between Jerantut, Pahang, and Gua Musang Railway
Station, Kelantan. (Source: The Star)
Globetronics: Expects production to pick up. Globetronics
Technology’s main challenge this year is having excess capacity due to
slower orders. The company is hoping that things will look up in the
second half of the financial year, moving into the areas of imaging,
gesture and health sensors that are targeted for smartphone and tablet
devices, as well as the Internet-of-Things arena. Mass production for new
components will continue but the company acknowledged that the volume
will not be as big as initially projected. (Source: The Edge Financial
Daily)
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