|
NEWS
|
|
|
Outside Malaysia:
U.S: Fed keeps rates on hold as slowdown in growth seen
temporary. Federal Reserve officials remained on track to gradually
tighten monetary policy after leaving interest rates unchanged and
signaling they were not alarmed by recent U.S. economic weakness. “The
committee views the slowing in growth during the first quarter as likely
to be transitory,” the Federal Open Market Committee said in a statement
following a two-day meeting in Washington. “Near-term risks to the
economic outlook appear roughly balanced.” U.S. central bankers were
unusually explicit in their statement, indicating that a disappointing
first quarter, in which the economy grew at an annualized rate of 0.7%,
would not knock the committee off its plan to raise rates two more times
this year after a hike in March. (Source: Bloomberg)
U.S: Service industries grow at faster pace than forecast.
America’s service industries expanded more than projected in April as a
measure of orders reached the highest level since 2005, a survey from the
Institute for Supply Management showed. Non-manufacturing index rose to
57.5, the second-highest since October 2015 (forecast was 55.8) from 55.2
in March; readings above 50 indicate growth. Gauge of orders climbed to
63.2, the highest since August 2005, from 58.9. Measure of business
activity increased to 62.4 from 58.9. (Source: Bloomberg)
E.U: Euro-Area maintained its growth momentum at the start
of 2017, strengthening the case of those pressuring the European Central
Bank to sketch out an end to extraordinary stimulus measures. GDP rose
0.5% in the first three months of the year, according to an initial
estimate published by the European Union’s statistics office. (Source:
Bloomberg)
Germany: Unemployment extended its four-year decline last
month, suggesting companies are confident that momentum in Europe’s
largest economy remains strong. The number of people out of work slid by
a seasonally adjusted 15,000 to 2.543 million in April, data from the
Federal Labor Agency in Nuremberg showed. The jobless rate was unchanged
at 5.8%. Demand is being supported by both domestic spending and
gradually strengthening global trade, brightening the outlook for
companies. Business confidence rose to the strongest level in almost six
years in April, and a report due next week is set to show that economic
growth accelerated in the first quarter. (Source: Bloomberg)
Crude Oil: Resumes decline as U.S. crude production
expands 11th week, the longest run of gains in more than four years.
Crude output rose to 9.29 million barrels a day, the highest level since
August 2015, according to the Energy Information Administration. OPEC is
likely to extend production cuts for six months past June, according to
Nigerian Oil Minister Emmanuel Ibe Kachikwu. Brent for July settlement
was USD 50.79/bbl on the London-based ICE Futures Europe exchange.
(Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
Daibochi: Gets Myanmar nod to commence JV packaging
operations. It has received regulatory approval from Myanmar for its
joint venture proposal to set up flexible packaging operations in that
country and export the product to other countries. The company targets to
officially commence operations in a month’s time. It plans to invest some
USD.5m (MYR23.8m) via internally-generated funds over a three-year period
to enhance its production capacity, quality, and efficiency there.
(Source: The Edge Financial Daily)
SHL Consolidated: Partners Japan's Marubeni to develop
MYR327m condo project. The group is partnering Japanese general trading
firm Marubeni Corp to develop a condominium project with an estimated
gross development value of MYR327m in Bandar Sungai Long, Selangor. The
two parties will incorporate a JV company, in which SHL’s unit will take
up a 67% stake while Marubeni’s subsidiary will hold 33%, to undertake
the project on a plot of land that would be acquired from another SHL
unit for MYR50m. (Source: The Edge Financial Daily)
Iris: To collaborate with TruTag Technologies of US. Iris
Corp will be partnering US authentication and digital security company
TruTag Technologies Inc to look into the potential for smartcard and
secure label applications globally. Both parties has signed a letter of
intent to jointly develop smartcard and secure label applications to help
enhance traceability and security document identification, eliminate
counterfeit products and improve supply chain visibility. (Source: The
Sun Daily)
F&N: 2Q net profit grows 18.2%, proposes 27 sen
interim dividend. Net profit grew 18.23% to MYR107.08m for the second
quarter ended March 31, 2017 from MYR90.57m a year earlier, on lower
operating expenses, higher share of results of an associate and lower tax
expense. It proposed an interim single tier dividend of 27 sen for the
year ending Sept 30, 2017 (FY17), payable on June 15. (Source: The Edge
Financial Daily)
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.