MarketWatch: Wall Street declined on Thursday after lawmakers delayed a vote on a healthcare bill seen as President Donald Trump's first policy test. The DJIA ended down 0.02% at 20,656.58 points, the S&P 500 lost 0.11% to 2,345.96, and tNasdaq slipped 0.07% to 5,817.69. - Reuters

Energy

Oil prices dipped on Thursday, stuck near four-month lows because of investor concerns that Opec-led supply cuts were not yet reducing record US crude inventories. Brent crude oil settled at US$50.56 a barrel, down 8 cents on the day. - Reuters

Top foreign stories

Akzo Nobel finds unwanted suitor PPG on its doorstep: The chief executive of US paint maker PPG won the backing of Akzo Nobel's largest shareholder on Thursday after flying to Amsterdam to press the Dutch company to open talks on a 22.7 billion euro (US$24.5 billion) takeover. - Reuters

Sears' plan to sell brands no salve for financial woes: Sears' plan to avoid bankruptcy in part by selling off or licensing brands including Kenmore and DieHard may prove difficult because of changing consumer tastes and possible legal roadblocks. Sears Holdings Corp, once the largest US retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales. - Reuters

Amazon.com wins US$1.5b tax dispute over IRS: Amazon.com Inc on Thursday won a more than US$1.5 billion tax dispute with the Internal Revenue Service over transactions involving a Luxembourg unit more than a decade ago. - Reuters

Micron's upbeat forecast rides on rising chip prices: Micron Technology Inc forecast current-quarter revenue and profit far ahead of analysts' estimates as prices for memory chips climb amid tight supplies and demand surges for storage chips used in smartphones. - Reuters

Top local stories

Economy seen growing 4,3%-4.8% this year: Malaysia’s economy is expected to see some recovery, with growth set to pick up this year. According to Bank Negara estimates, the economy this year should grow at a range of between 4.3% and 4.8%. Last year, the economy grew 4.2%. - StarBiz

RM8.85bil in foreign currency proceeds repatriated to Malaysia: Companies have repatriated US$2bil (RM8.85bil) in foreign currency export proceeds in three months since December last year, Bank Negara said. Prior to this, a substantial portion of the export proceeds were kept overseas. - StarBiz

Trade zone launch still pushing up some stocks: A handful of logistics and e-commerce-related stocks continued to rise following the launch of the Digital Free Trade Zone (DFTZ). An estimated RM781.5mil in market capitalisation has been created among five main stocks, which have risen on speculation of their involvement in Alibaba’s foray into Malaysia. - StarBiz

Ma: DFTZ will be a business run by Malaysians: Alibaba Group founder/ executive chairman Jack Ma wants the newly-launched digital free-trade zone (DFTZ) to be a Malaysian business run by Malaysians, instead of the group. Ma said the e-hub should focus on looking for partners and empowering them. - StarBiz

Gamuda posts higher profit: Gamuda Bhd saw its net profit for the second quarter rising 3.8% to RM166.3mil, mainly due to cost savings from the near-completion of underground works for the Klang Valley Mass Rapid Transit Line 1. The group also recorded a 61.9% jump in revenue to RM853.9mil compared to a year ago. - StarBiz

MAS CEO mulls deals for 42 jets in wide-body expansion: Malaysia Airlines Bhd (MAS) plans to seal deals for as many as 42 wide-body jets over the next few months as the unprofitable carrier seeks to rebuild its long-haul network following a surge in demand. Terms should be agreed in the next six to eight weeks for the lease of up to a dozen used Airbus Group SE A330 or Boeing Co 777 aircraft, chief executive officer Peter Bellew said. - Bloomberg

Boustead formalises RM1.17b contract: Boustead Heavy Industries Corp Bhd, a subsidiary of Boustead Holdings Bhd, has formalised the RM1.17bil contract to build four littoral mission ships for the Royal Malaysian Navy in collaboration with a Chinese shipyard. - StarBiz

TM, Axiata deny merger talks: Telekom Malaysia Bhd (TM) and Axiata Group Bhd have both denied that there are any merger talks between them as purported by an article that appeared in StarBiz on March 18. - StarBiz

Tanco extends closing date for takeover offer: Tanco Holdings Bhd is extending the closing date and time for acceptances of the conditional mandatory takeover offer by the company’s major shareholders to 5pm on April 7, 2017 from 5pm on March 24. - StarBiz

Current account surplus still under pressure: Bank Negara expects the current account surplus to narrow in the years ahead and register a surplus of between 1% and 2% of gross national income this year. It said the the current account would continue to be influenced by global and domestic developments in the near term. - StarBiz

Undersupply of affordable houses seen to worsen: The undersupply of affordable homes in the local property market is expected to worsen, going forward, due to demographic factors and current income trends. Prevailing median house prices are beyond the reach of most Malaysians. This is primarily attributable to a gross mismatch between housing supply and demand amid diverging expectations between households and developers, Bank Negara said . - StarBiz

External debt up to RM908.7b: Malaysia’s total external debt rose 9% to RM908.7bil in 2016, Bank Negara said, equal to 73.9% of the country’s gross domestic product (GDP). Slightly less than two-thirds of the country’s external debt are denominated in foreign currencies. About a third of this debt is made up of interbank borrowings and foreign currency deposits in local banks. - StarBiz

Tighter lending policies mitigating risks to household debts: Tighter lending policies have played a key role in mitigating risks to household debts. To continue reducing risks, the central bank said continued vigilance in lending practices must be maintained as well as support for households to effectively manage debt through sustained education and debt assistance programmes. - StarBiz

EIS to be implemented next year, says Najib: The Government is going ahead with the implementation of the Employment Insurance System (EIS) despite stiff opposition from industry groups. Prime Minister Datuk Seri Najib Razak said he expects EIS to be enforced on Jan 1 next year, with interest payments made from Jan 1, 2019. - Edge FD

Selangor will not chip in for SPLASH deal, says Azmin: The Selangor government will not be chipping in to take over the water assets held under Syarikat Pengeluar Air Selangor Holdings Bhd (SPLASH), said Selangor Menteri Besar Datuk Seri Mohamed Azmin Ali. - Edge FD

Iris sued over commission in Guinea passport project: Iris Corp Bhd said it is being sued by Roxwell Group Sdn Bhd over an alleged commis- sion payment related to the build, own and transfer passport contract in the west African nation of Guinea. The High Court has fixed April 11 for case management of the suit, Iris said on Thursday. - Edge FD

Aeon Credit plans1-for-2 bonus and rights issues: Aeon Credit Service (M) Bhd plans to make a one- for-two bonus issue of 72 million new shares at an issue price of 50 sen each. It is also proposing to raise RM432 million via a rights issue of three-year minimum 3.5% irredeemable convertible unsecured loan stocks, on the basis of two ICULS for every one Aeon Credit share held. - Edge FD

Mexter raising up to RM14.31m to fund healthcare expansion: Mexter Technology Bhd is raising up to RM14.31 million through a private placement of up to 20% of its share capital to fund its expansion into healthcare services. - Edge FD

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