Energy

Brent crude was 0.28% lower to US$63.68 per barrel at 2.52pm.

Forex

Ringgit up 0.03% to 4.1150 versus the US dollar at 3.04pm.

Top foreign stories

Meredith agrees to buy Time Inc: Meredith Corp agreed to acquire Time Inc for US$2.8bil including debt, swallowing the once-mighty home of Fortune and Sports Illustrated after the internet age wreaked havoc on even the most prestigious magazine titles. The US$18.50-a-share offer is an all-cash one, Meredith said. — Reuters

China’s industrial profits surge in October: China’s industrial firms weathered a broad government crackdown on financial risks as profits continued to surge last month in a stabilising force for the world’s second-biggest economy. Industrial profits rose 25.1% year-on-year to 745.4 billion yuan (US$112.94 billion), compared with a 27.7% jump in September, the National Bureau of Statistics said. — Reuters

Barclays sees extension of Opec-led deal at Nov 30 meeting: Barclays on Monday said that while it expects a six- or nine-month extension of an Opec-led deal to curb oil output during a meeting on Nov 30, the level of production cuts would be more significant than the duration. The bank forecast Brent to remain above US$60 per barrel in the fourth quarter of 2017, and fall to US$55 in 2018. It stood at around US$63.80 on Monday. — Reuters

Bubble or breakthrough? Bitcoin keeps central bankers on edge: Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble. But it keeps them awake at night because these private currencies threaten their control of the banking system and money supply, which could undermine the monetary policies they use to manage inflation. With bitcoin smashing through the US$8,000 level for the first time this week after a 50% climb in eight days, they are also worried they will be blamed if the market crashes. — Reuters

AstraZeneca steps up China push with new drug joint venture: Drugmaker AstraZeneca plans to turbo-charge its already substantial Chinese business through a new drug development joint venture with a state-backed private equity fund. The stand-alone business, Dizal Pharmaceutical, will be owned equally with the Chinese Future Industry Investment Fund, which is part-owned by the China State Development & Investment Corporation, the companies said. — Reuters

Top local stories

RHB Bank 9-month earnings up 4.9% to RM1.49b: RHB Bank Bhd’s earnings rose 4.9% to RM1.49bil in the nine months to Sept 30, 2017, mainly due to lower impairment losses on other assets and higher net funding income. Revenue slipped 1.78% to RM7.86bil. For the third quarter, earnings fell 3.2% to RM488.83mil, while revenue came in at RM2.62bil compared with RM2.65bil a year earlier. — StarBiz
 
Moody’s expects decline in property prices due to supply overhang: Moody’s Investors Service says the increasing oversupply and the prospects of a material property price correction will continue to build as new supply enters the market and poses a risk to Malaysian banks’ asset quality. — StarBiz

Bintulu Port Q3 earnings dip to RM35m: Bintulu Port Holdings Bhd ‘s earnings fell 5.1% to RM34.74mil in the third quarter as revenue from construction services for concession infrastructure fell to RM19.79mil from RM146.48mil a year ago. The group’s operating revenue rose 28.7% to RM178.19mil, boosted by liquefied natural gas, container, bulk fertiliser and base support services. It declared an interim dividend of four sen a share. — StarBiz

Eversendai Q3 earnings jump 286%: Eversendai Corp Bhd posted a 286% jump in third quarter earnings to RM20.83mil on the back of revenue that grew 21% to RM449.3mil. Year to date, the group recorded a net profit of RM56.7mil compared to a net loss of RM64.43mil a year earlier, as revenue grew 6% to RM1.31bil. — StarBiz

Leon Fuat posts higher Q3 net profit, revenue: Steelworks company Leon Fuat Bhd posted a net profit of RM13.76mil in the third quarter, up 148.7%, mainly due to a revenue that increased 54.5% to RM177.98mil. The higher revenue was mainly due to contribution from its trading and processing of steel products. — StarBiz

Malaysia Airlines, AirAsia cancel cancel Bali flights: Malaysia Airlines Bhd and AirAsia have cancelled all Bali flights after an eruption at Mount Agung in Bali. The Ngurah Rai International Airport in Bali was temporarily closed on Monday. Both the airlines outlined various options available to the affected passengers. — Bernama