LONDON (Feb 28): British oil major BP lifted the outlook for its core oil and gas divisions on Tuesday, saying it would be able to balance its books with crude prices as low as US$35 to US$40 a barrel by 2021 thanks to its tough spending cuts.
BP said its upstream business, which includes its main oil and gas production fields, is expected to generate free cash flow of US$13 billion to US$14 billion by 2021, nearly double an outlook presented last year of US$7 billion to US$8 billion by 2020.
KUALA LUMPUR (Feb 28): Malaysia Competition Commission (MyCC) today confirmed that it has issued a proposed decision against the General Insurance Association of Malaysian (PIAM) and its 22 members for allegedly being parties to an anti-competitive agreement.
The commission took the action with regards to the agreement reached between PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia on trade discount rates for parts of certain vehicle makes and labour hourly rates for workshops under the PIAM Approved Repairers Scheme (PARS).
ROME (Feb 28): Bright lava lit up the night sky on the Italian island of Sicily on Monday as Mount Etna erupted for the first time this year.
The volcano, one of the most active in the world, has been largely dormant for the last two years, but it sprung to life with bright orange lava spewing out high over the Mediterranean Island, eventually easing off by Tuesday morning.
Catania airport, situated within 50 km (31 miles) of the volcano, remained open, but authorities were tracking the movements of the ash cloud.
CIMB Group, FGV, Mah Sing, Press Metal, Malaysia Airports, Nestle, Boustead, Shell, Bumi Armada, Dutch Lady, Litrak and Muhibbah
KUALA LUMPUR (Feb 28): Based on corporate announcements and newsflow today, stocks in focus tomorrow (Wednesday, Mar 1) may include: CIMB Group, FGV, Mah Sing, Press Metal, Malaysia Airports, Nestle, Boustead, Shell, Bumi Armada, Dutch Lady, Litrak and Muhibbah.
CIMB Group Holdings Bhd‘s net profit for the fourth quarter ended Dec 31, 2016 (4QFY16) increased 3.5% to RM854.39 million, from RM825.74 million a year ago, on improved net interest income.
Revenue grew 6.7% to RM4.31 billion from RM4.04 billion in 4QFY15.
(Feb 28): US cable and media company Comcast Corp said on Tuesday it would buy the 49% it does not already own in Universal Studios Japan (USJ) in a deal valued at ¥254.8 billion (US$2.27 billion).
The deal values the Japanese theme park operator at ¥840 billion, including the assumption of debt.
Comcast is buying USJ from Goldman Sachs, private equity firm MBK and other owners.
GENEVA (Feb 28): North Korea scorned South Korea’s suggestion on Tuesday that Pyongyang could lose its UN seat because of the use of chemical weapons to assassinate the half-brother of North Korea’s leader in Malaysia.
“North Korea totally rejects the despicable, irresponsible, impertinent and illogical remarks made by South Korea,” North Korean diplomat Ju Yong Choi told the Conference on Disarmament at the UN in Geneva.
NEW YORK (Feb 28): US stocks dipped Tuesday morning, pulled lower by financial and consumer discretionary names, and as investors focused on President Donald Trump’s first speech to a joint session of Congress.
Trump’s promises of tax reform, infrastructure spending and simpler regulations have sparked a post-election rally that has propelled the main US market indexes to record highs.
The address at 9pm ET (0200 GMT) could touch on tax reforms, defence spending and his plans to overhaul the US healthcare system.
LONDON, Feb 28 —Two former Barclays traders were driven by the desire for money and showed scant regard to honesty and integrity when they conspired to rig global Libor interest rates, a lawyer for the UK Serious Fraud Office told a London jury…
NEW YORK (Feb 28): The US dollar weakened slightly on Tuesday as investors awaited US President Donald Trump’s speech to Congress for fresh indications of his economic plans and as portfolios were rebalanced for month-end.
Investors were wary that Trump may disappoint those who expect greater detail on how he will reform the tax code as he focuses on domestic issues.
Price moves were muted as investors rebalanced portfolios for the end of the month and were hesitant to take new positions before Trump’s speech.