Elliott Investment Management has taken a US$1 billion (RM4.6 billion) stake in Phillips 66 and is urging the US oil refiner and pipeline operator to revamp its board to boost lagging performance.

Elliott takes US$1b stake in US oil refiner Phillips 66, urges board revamp 

Oil prices rose on Wednesday as investors turned their attention to an Opec+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea and lower US inventories drove buying.

Oil gains ahead of Opec+ meeting as Black Sea shutdowns support

MOSCOW (Nov 28): The Kremlin said on Tuesday that there were no plans for contacts between Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman prior to this week's meeting of the Opec+ group of leading oil producers.

Kremlin: No plan for Putin call with Saudi crown prince before Opec+ meeting

Oil prices rose slightly on Tuesday due to a weak US dollar, and expectations that the Opec+ producer group would deepen and extend output cuts due to fears demand would remain subdued.

Oil prices rise on weak US dollar, expectations for Opec+ output cuts

(Nov 27): Europe banned most oil shipments from Russia almost a year ago, but it’s binging on diesel that may well have been made from Russian crude.

The region’s imports of diesel from India, one of the biggest buyers of Russian crude, are on course to soar to 305,000 barrels a day, the most since at least January 2017, data from market-intelligence firm Kpler show.

Europe is guzzling diesel from India, a key buyer of Russian oil

KUALA LUMPUR (Nov 27): Integrated environmental solutions provider Progressive Impact Corp Bhd has secured a contract from Indonesian state-owned energy company Pertamina Hulu Rokan to provide environmental sampling and laboratory analysis services for 52.53 billion Indonesian rupiah (RM15.73 million).

Progressive Impact secures contract worth RM15.7 mil from Indonesian state-owned energy company

Opec secretary general Haitham Al Ghais on Monday accused the International Energy Agency (IEA) of vilifying the oil and gas industry, in the latest clash between the groups over climate policy.

Opec head accuses IEA of vilifying fossil fuel industry

Oil prices slipped on Monday, with Brent falling towards US$80 a barrel, as investors awaited the Opec+ meeting later this week for an agreement to curb supplies into 2024.

Brent crude futures fell 39 cents, or 0.5%, to US$80.19 a barrel by 0728 GMT, while US West Texas Intermediate crude futures were at US$75.10 a barrel, down 44 cents, or 0.6%.

Brent slips toward US$80 a barrel ahead of Opec+ meeting

Jordan is exploring alternatives to natural gas supplies from Israel amid concerns of a possible interruption, state-run Al Mamlaka TV cited Prime Minister Bisher Khasawneh saying on Sunday.

Jordan explores alternatives to Israeli gas amid supply concerns

The Malaysia Petroleum Resources Corporation (MPRC) will introduce the national oil and gas services and equipment (OGSE) sustainability framework by the end of 2024, which will provide a detailed guide for how OGSE companies can implement and report on their sustainability practices.

MPRC to introduce national OGSE sustainability framework by end-2024

Opec+ has moved closer to a compromise with African oil producers on 2024 output levels, three Opec+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.

Opec+ moving closer to compromise with African producers, sources say

Brent crude futures edged down on Friday, extending losses from the previous session, as traders speculated on whether Opec+ would come to an agreement on further production cuts.

Brent retreats ahead of Opec+ oil production decision

Russia has succeeded in selling almost all of its oil well above a Western-imposed price cap of US$60 per barrel, a Russian government official said on Thursday.

The European Union, G7 countries and Australia introduced the price cap on Russian oil last December, aiming to curb Russia's ability to finance the conflict in Ukraine.

Russia has sold nearly all its oil well above the West's price cap — government official

(Nov 23): The Opec+ meeting that was pushed back by several days to Nov 30 will now be held online, the group said on its website.

The decision comes as Saudi Arabia and its oil allies are once again struggling with a dispute over output quotas for African members. The disagreement forced the group to delay its scheduled conference, sending crude plunging by as much as 4.9% to below US$80 (RM373.80) a barrel in London on Wednesday.

Opec+ says delayed meeting will be held online

NEW DELHI (Nov 30): Indian economy is likely to continue its strong growth in the quarter to end of September, helped by a solid urban consumption and government spending, outpacing a slowing global economy squeezed by elevated interest rates and higher energy prices.

Asia's third-large...

Indian economy expected to sustain strong growth amid global gloom

Analysts lowered their target prices (TPs) for Axiata Group Bhd, after the telecommunications company’s net loss widened to RM797.41 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM52.4 million a year ago, mainly due to asset impairment and lower share of results from subsidiary CelcomDigi Bhd.

Analysts lower target prices for Axiata on wider 3Q net loss, frontier market risks

RHB Research says Farm Fresh is out of the woods

MORNING CALL: 30/11/23

(Nov 30): As a rush of Wall Street strategists call for all-time highs in US stocks in the year ahead, JPMorgan Chase & Co. stands apart, releasing the gloomiest forecast so far among its peers.

The S&P 500 Index is set to drop to 4,200 by the end of 2024 — roughly 8% from its c...

JPMorgan’s S&P 500 outlook for 2024 is grimmest on Wall Street

(Nov 30): Warren Buffett’s Berkshire Hathaway Inc. said the billionaire former owner of Pilot Travel Centers sought to influence Pilot executives’ business decisions in order to juice the company’s quarterly earnings and pump up the value of his remaining stake in the truck stop chain.

...

Berkshire says billionaire Haslam promised illicit payments to juice Pilot’s profit

(Nov 30): Alphabet Inc.’s Google struck a deal with Canadian Prime Minister Justin Trudeau’s government over a contentious law requiring digital platforms to pay for news.

Google agreed to contribute C$100 million (US$74 million) in financial support annually, indexed to inflation, for ...

Google strikes deal with Canada to pay for online news

(Nov 30): Federal prosecutors accused an Indian government agent of directing a thwarted plot to assassinate a Sikh separatist with US citizenship in New York, allegations that mirror a killing in Canada and risk inflaming already delicate US-India ties.

The accusations were spelled out...

US accuses Indian agent in plot to kill US citizen in NY

MUNICH, Germany (Nov 30): FC Copenhagen earned a goalless draw at already-qualified Bayern Munich in their Champions League Group A match on Wednesday to snap their opponents' 17-game winning run in group-stage matches and stay in contention for a second-place finish.

The Bavarians have...

Copenhagen snap Bayern's winning run in Champions League with goalless draw

NEW YORK/LONDON (Nov 30): MSCI's global equities index crept higher on Wednesday while Treasury yields fell as third-quarter data provided encouraging signs for the economy even as U.S. Federal Reserve officials provided mixed messages on monetary policy.

Commerce Department data showed...

Equities gain while Treasury yields fall on data, talk of Fed rate cuts

ISTANBUL (Nov 30): Manchester United goalkeeper Andre Onana made two bad errors as hosts Galatasaray twice fought back from two goals down to earn a thrilling 3-3 draw on Wednesday and leave the English side's hopes of reaching the Champions League last 16 in serious doubt.

Alejandro Ga...

Onana woe as Galatasaray fight back to deny Man United

Here is a brief recap of some corporate announcements that made news on Wednesday: Axiata Group Bhd, Cahya Mata Sarawak Bhd, Berjaya Corp Bhd, Mega First Corp Bhd, QL Resources Bhd, Sarawak Oil Palms Bhd, PPB Group Bhd, PJBumi Bhd, Apex Healthcare Bhd, Boustead Heavy Industries Corporation Bhd, FGV Holdings Bhd, Supermax Bhd, Genetec Technology Bhd, Icon Offshore Bhd, Titijaya Land Bhd, Public Bank Bhd, KSL Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pharmaniaga Bhd.

Axiata, CMSB, Berjaya Corp, Mega First, QL Resources, Sarawak Oil Palms, PPB, PJBumi, Apex Healthcare, Boustead Heavy, FGV, Supermax, Genetec, Icon Offshore, Titijaya, Public Bank, KSL, MHB, Pharmaniaga

Supermax Corp Bhd logged a net loss of RM2.05 million in the first quarter ended Sept 30, 2023 (1QFY2024), marking the group's fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices.&nbsp;

Supermax remains in the red, but narrows net loss in 1QFY2024 

Keretapi Tanah Melayu's (KTM) Komuter service and Electric Train Service (ETS) are experiencing disruptions of between 15 and 30 minutes from the original schedule on Wednesday due to a train derailment incident at the Klang Valley Double Tracking project engineering 1 (KVDT1) at KM387.755 between the Kuala Lumpur Station and KL Sentral Station at 4.05am.

KTM Kommuter, ETS services disrupted by derailed train

Pharmaniaga Bhd, which has been granted seven concessions to provide medical supplies to public hospitals, is making a cash call via a renounceable rights issue of new shares plus private placement, to raise up to RM654.61 million to pare down debts.&nbsp;

Pharmaniaga proposes rights issue and private placement to raise up to RM654.6 mil fresh capital 

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EVENING 5: Five things you need to know today

Pharmaniaga Bhd, which is making a cash call plus private placement to raise RM654.6 million in fresh equity, announced a net loss of RM49.34 million or 3.67 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023), more than double the RM13.99 million net loss, or 1.07 sen per share, it logged a year earlier.

After vaccines impairment, Pharmaniaga makes RM65.2m provision for ‘stock obsolescence’

E-government service provider MyEG Services Bhd (MyEG) said it has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates.

MyEG gets JPJ nod to start driving test system on actual candidates

Property developer KSL Holdings Bhd has posted a 43.1% jump in its net profit for the third quarter ended Sept 30, 2023 (3QFY2023) to RM84.58 million from RM59.12 million a year ago, mainly contributed by the group’s flagship property projects in Johor Bahru, Kluang and Klang.

KSL posts 43% jump in 3Q net profit on contributions from flagship projects 

UEM Sunrise Bhd said its former Canadian unit has been sued for defects in one of its buildings in the mixed residential and commercial use complex located in the province of British Columbia, known as Quintet Tower D.

UEM Sunrise's Canadian unit sued for defects in building

Titijaya Land Bhd reported an accident occurred on Tuesday night (Nov 28) at its purpose-built logistics facility construction site in Barat Daya, Penang, resulting in the death of a worker.

Titijaya Land confirms fatal accident at construction site in Penang

KUALA LUMPUR (Nov 29): Rapid KL has denied a viral post that there was an explosion or fire involving a Mass Rail Transit (MRT) train along the Kajang route this afternoon.

Rapid KL in a statement on Wednesday informed that the incident only involved the sound of a spark from train numb...

Rapid KL denies explosion involving MRT train

Cahya Mata Sarawak Bhd (CMS)’s net profit fell 93.5% to RM9.98 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM154.36 million a year earlier, due to a lower share of profit from its associates as well as absence of one-off gains recognised during the previous year's corresponding quarter.

Cahya Mata Sarawak's 3Q net profit down on lower contribution from associates, absence of one-off gains

Oil and gas (O&amp;G) services provider Velesto Energy Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 91.9% to RM1.22 million from RM14.97 million in the corresponding quarter a year ago, despite higher revenue, as it incurred higher operating and finance costs.

Velesto Energy's 3Q profit drops 91%, dragged by higher costs

Malaysia Building Society Bhd’s (MBSB) net profit dropped 44.3% to RM32.84 million or 0.46 sen for the third quarter ended Sept 30, 2023 (3QFY2023), from RM58.96 million or 0.82 sen a year earlier.

MBSB's 3Q net profit down 44% on higher opex, impairment

The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending.

US economy grew 5.2% in 3Q, more than first estimated 

Oriental Holdings Bhd's net profit jumped 190.59% to RM297.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM102.35 million a year earlier, thanks to a gain from a bargain purchase on step acquisition of RM102.4 million as well as a gain on disposal of its associate of RM116.4 million.

Oriental Holdings 3Q net profit jumps on gain on disposal of associate

NEW YORK/LONDON (Nov 30): MSCI's global equities index crept higher on Wednesday while Treasury yields fell as third-quarter data provided encouraging signs for the economy even as U.S. Federal Reserve officials provided mixed messages on monetary policy.

Commerce Department data showed...

Expressing disappointment over the removal of the generational endgame (GEG) component in the revised tobacco bill, former health minister Datuk Seri Dr Dzulkefly Ahmad has nevertheless called on both government and opposition lawmakers to support the bill.

Ex-health minister Dzulkefly urges MPs to back revised tobacco bill despite dismay over GEG removal

Genetec Technology Bhd, which completed its transition to Main Market of Bursa Malaysia last month, saw its net profit fall 26.35% to RM18.45 million for the second quarter ended Sept 30, 2023 (2QFY2024) from RM25.06 million in the corresponding quarter a year ago, due to loss on foreign exchange and lower margin in product mix, despite higher revenue.

Genetec 2Q profit falls 26% amid forex loss, lower margin

Wall Street's three main indexes rose on Wednesday as US Treasury yields slipped to multi-month lows on growing rate cut optimism, while latest data on economic growth fueled hopes of a soft landing.

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