MarketWatch: The S&P 500 cut earlier losses on Monday to end slightly lower, while the Dow declined for an eighth straight session, as investors assessed how the defeat of President Donald Trump's first major legislative action would impact the rest of his agenda. The DJIA fell 45.74 points, or 0.22%, to 20,550.98, the S&P 500 lost 2.39 points, or 0.10%, to 2,341.59 and the Nasdaq added 11.64 points, or 0.2%, to 5,840.37. - Reuters

Energy

Oil resumed its slide on Monday as investors remained uncertain whether producing nations would extend an Opec-led output cut beyond the end of June in an effort to reduce a global glut of crude. Brent crude fell 17 cents to US$50.63. - Reuters

Top foreign stories

Asset sales plan secures EU backing for US$130b Dow, DuPont merger: Dow Chemical and DuPont won the blessing of the European Union for their US$130 billion merger on Monday by agreeing to sell substantial assets including key research and development activities. - Reuters

Samsung Electronics says to sell refurbished Galaxy Note 7s: Tech giant Samsung Electronics Co Ltd said on Monday it plans to sell refurbished versions of the Galaxy Note 7 smartphones that were pulled from markets due to fire-prone batteries. - Reuters

Saudi Arabia sweetens huge Aramco IPO with tax cut: Saudi Arabia's government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company's initial public offer of shares next year, which is expected to be the world's largest equity sale. A royal decree on Monday, retroactive to Jan 1, set a tax rate of 50% for the firm. Previously, Aramco had paid 85% tax, plus a 20% royalty levied at a different stage; the decree did not mention the royalty. - Reuters

On the eve of Brexit, Qatar pledges over US$6b in investment in Britain: Qatar pledged 5 billion pounds (US$6.3 billion) of investment in Britain on Monday in a show of support for the world's fifth-largest economy just two days before Prime Minister Theresa May triggers formal Brexit talks. The wealthy Gulf state has 40 billion pounds of investments in the United Kingdom. - Reuters

Top local stories

More restructuring for PNB companies: Permodalan Nasional Bhd (PNB) will continue to unlock value in its companies, encouraged by the RM20bil rise in market value of its six main listed entities. Group chairman Tan Sri Abdul Wahid Omar said he wants to see PNB investee companies go back to their core activities. He alluded to more restructuring taking place to create more “pure play” companies within the PNB stable. - StarBiz

* PNB says it is not going to acquire more highways as it begins prepping its infrastructure unit Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) to get listed as early as next year. It is in the midst of acquiring Silk highway for RM380mil. - StarBiz

CIMB aims to formalise tie-up with China Galaxy in second quarter: CIMB Group Holdings Bhd is targeting for its agreements on its strategic partnership in the stockbroking business with China Galaxy International Financial Holdings Ltd to be executed by the second quarter of 2017. - StarBiz

Sunsuria to invest RM100mil in landscape works: Sunsuria Bhd will invest RM100mil in landscape works for its landmark township Sunsuria City, cov- ering individual plot landscape work and township streetscape. - StarBiz

Top Glove unit forms joint venture: Top Glove Corp Bhd unit Top Glove Sdn Bhd will form a 70:30 joint venture with Japan’s Fimatec Ltd to produce rubber reinforcing agent for use in the manufacture gloves. The JV company is expected to start business by the first quarter of 2018. - StarBiz

O&C Resources plans private placement: O&C Resources Bhd (OCR) has proposed a private placement of up to 10% of its enlarged capital of 976.5 million shares at an indicative price of 60 sen each. The gross proceeds of up to RM58.59mil would be used to finance the operating expenditure of existing projects of the company and and its subsidiaries. - StarBiz

China investors prefer Malaysia over more expensive Australia and HK: Mainland Chinese investors are now favouring Malaysia for real estate over more expensive Australia and Hong Kong, the Financial Times reported. Chinese developers have increasingly made their presence felt especially in Johor, where since the early 2010s a number of them have bought land in Iskandar Malaysia. - StarBiz

Two construction firms get go-ahead for listing on Bursa: Earthworks and civil engineering services specialist Advancecon Holdings Bhd and building contractor Inta Bina Group Bhd have received approval to list on Bursa Malaysia in the second quarter of this year. Advancecon is slated to list on the Main Market and Inta Bina on the Ace market. - StarBiz 

HSBC study: Only one-third of millennials can afford houses: Only one-third of millennials are able to afford to own homes due to escalating house prices and slower salary growth, HSBC’s first Beyond the Bricks study shows. HSBC Malaysia retail banking and wealth management head Lim Eng Seong said many millennials did not have proper financial planning for a home purchase, with only 16% having set a budget. - StarBiz

Public Bank eyes increase in non-interest income: Amidst a dip in net interest margins in the banking sector, Public Bank Bhd says it will focus on beefing up its non-interest income. He also said the industry’s “margin squeeze” will continue with the intense competition experienced today. - StarBiz

Bison’s first-quarter net profit rises to RM6.36m: Bison Consolidated Bhd’s net profit rose 10.24% to RM6.36mil in the first quarter, while revenue stood at RM76.23mil, up 23.5%, on revenue from new stores, improved merchandise mix and promotional activities. Earnings per share was lower at 2.05 sen against 2.52 sen a year earlier. - StarBiz

Perdana Petroleum unit wins three-year contract: Perdana Petroleum Bhd unit Perdana Nautika Sdn Bhd has bagged a three-year contract from Petronas Carigali Sdn Bhd for the provision of spot charter marine vessels services. - Bernama

Penang Port yet to complete disposal of ferry operations: Penang Port Sdn Bhd has yet to complete the disposal of its loss-making ferry business to Prasarana Malaysia Bhd as certain conditions precedent to the completion of the deal between the two parties have yet to be met. - Edge FD

MARC: Capital outflow anxiety to persist in near term: Concerns over capital outflow are likely to continue hogging the limelight although it would not have a material impact on the country’s fundamentals, says the Malaysian Rating Corp Bhd (MARC). - Edge FD

Rising likelihood of OPR hike: The stronger-than-expected inflationary pressure - based on the consumer price index that has climbed at the fastest pace in eight years at 4.5% - raises the likelihood of a hike in overnight policy rate by Bank Negara, says TA Securities. - Edge FD

Putrajaya expects KTMB to turn profitable by 2018: Loss-making Keretapi Tanah Melayu Bhd (KTMB) may finally achieve profitability in the financial year ending Dec 31, 2018, Deputy Transport Minister Datuk Abdul Aziz Kaprawi said, adding implementation of the Railway Network Access Agree- ment would help drive KTMB’s profitability. - Edge FD

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