News Bits | 23 July 2013

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

l  Sector Update: Automotive

l  On Our Radar: PESTECH

l  On Our Technical Watch: DELEUM, KPJ

 

NEWS HIGHLIGHTS

l  Shake-up in Kinsteel and Perwaja, Abu Sahid “retires” as chairman

l  TMC Life 4Q profit jumps 4 folds on robust revenue

l  LBS Bina set to save RM941,000 on early sukuk redemption

l  I-Bhd finalises corporate structure for regional retail mall

l  Deleum unit secures oil and gas services jobs

l  PKNS Holdings withdraws suit against MRCB

l  Five assets on CLIQ's radar

FOREIGN NEWS HIGHLIGHTS       

l  Third Point to sell most of Yahoo stake, Loeb to quit board

l  PacWest to buy CapitalSource for USD2.3b in cash, stock

 

ECONOMIC NEWS HIGHLIGHTS (MACRO BITS)

Malaysia

l  Zeti: Ringgit In For Period Of Greater Volatility

l  Malaysia's Vehicle Sales Up 4.1% To 313,488 Units In Jan-June

l  Unemployment On The Rise In Malaysia

l  Bank Negara Global Reserves At RM438.7b

Asia

l  No Capital Flight From China

Americas

l  Sales Of Existing U.S. Homes Unexpectedly Decrease

l  Brazil Cuts $4.5 Billion In Spending To Meet Fiscal Goal

Europe

l  Bundesbank Says German Growth Slows After Strong Second Quarter

l  Portugal Bond Yields Fall As Government Vows To Stick To Bailout

Currencies

l  Russia Makes Currency Interventions

l  Dollar Falls Broadly As Investors Wait For Labor Data

Commodities

l  U.S Crude Ends Lower On Profit-Taking, Brent Up Slightly

l  Gold Surges Above $1,300-An-Ounce Level, Bears Seek Cover