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NEWS
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Outside Malaysia:
U.S: Service industries’ expansion helps economic rebound.
A faster-than-forecast June pace of expansion at America’s service
industries, which make up the bulk of the economy, signals solid
second-quarter growth, a survey from the Institute for Supply Management
showed. Non-manufacturing index rose to 57.4 from 56.9 in May; readings
above 50 indicate growth. Measure of orders jumped to 60.5 from six-month
low of 57.7. Employment gauge settled back to 55.8 from an almost
two-year high of 57.8. (Source: Bloomberg)
U.S: Trade gap narrows as exports rise to highest in two
years. The U.S. trade deficit narrowed in May as American companies
exported the most since April 2015, underscoring an improving global
economy, Commerce Department data showed. Gap decreased 2.3% to USD 46.5b
from USD 47.6b in April. Exports rose 0.4% to USD 192b on increased
shipments of cars and consumer goods. Imports fell 0.1% to USD 238.5b as
cooler demand for autos and consumer merchandise offset record shipments
of capital goods. (Source: Bloomberg)
Germany: Factory orders increased in May; albeit less than
forecast, as Europe’s largest economy is seen expanding at a robust pace.
Orders, adjusted for seasonal swings and inflation, rose 1% after falling
a revised 2.2% in April, data from the Economy Ministry showed. Orders
were up 3.7% YoY, when adjusted for working days. Germany has driven
economic growth in the 19-nation euro region and the Bundesbank predicts
that “lively” manufacturing demand from within the country and abroad
will contribute to strong growth. (Source: Bloomberg)
Indonesia: Sees 2017 budget deficit approaching 3% to GDP
limit. Indonesia widened its estimate for the budget deficit this year to
near the legal limit, as spending rises while tax revenue falters. The
new projection is 2.7% of GDP, compared with 2.4% forecast last year,
Aziz Syamsuddin, head of the parliament’s budget committee, said.
Revisions are still possible, he said. The government is restricted by
law to keep the deficit under 3% of GDP, a legacy from the Asian crisis.
(Source: Bloomberg)
Crude Oil: Slips as U.S. output jump offsets stockpile
drop. Oil slipped as investors weighed expanding U.S. production against
declining crude and gasoline stockpiles. U.S. oil output last week
increased by the most since January. Crude inventories fell 6.3 million
barrels, more than triple the median forecast in a Bloomberg survey
before data from the Energy Information Administration. Gasoline
stockpiles decreased for a third week. Brent for September settlement was
USD 48.11/bbl. (Source: Bloomberg)
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Other News:
DneX: Bags project to supply container systems worth up to
MYR75m. The group has secured a project worth between MYR50m and MYR75m
to supply up to 100 portable container systems for petroleum products.
According to DNeX, a PCS station with single storage is priced at
MYR500,000 per site/unit (psu), while the contract price for a PCS
station with double storage is priced at MYR750,000 psu. (Source: The
Edge Financial Daily)
Yinson: Bidding for 6 new projects. Yinson is eyeing
several floating production storage and offloading projects in its
current fiscal year ending Jan 31, 2018. The company is currently
evaluating three to six projects within its existing operations in Africa
and Asia. Updating on Yinson's latest venture in Vietnam, he said the
company was expected to finalise the value and details of the contract
within six weeks.(Source: The Star)
CCM Duopharma Biotech: Gets MYR10m credit facilities from
OCBC. The group has received an additional MYR10m credit facilities from
OCBC Bank (Malaysia).It has been maintaining a MYR9.55m credit facilities
from OCBC since 2009 and the limit has been fully utilised as at March
31, 2017. With the additional MYR10m credit facilities, the new total
limit from OCBC will be MYR19.55m. (Source: The Sun Daily)
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