Maybank Research Headlines - 13 Feb 2015

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Publish date: Fri, 13 Feb 2015, 12:13 PM

Local News

Utilities: 'Ananda Krishnan preparing to settle loan for 1MDB'. Malaysian billionaire Ananda Krishnan is preparing to settle a USD550m (MYR1.9b) loan owed by state fund 1MDB, four sources familiar with the matter said. Ananda Krishnan will first pay the fund which will then settle with the banks that are keen to avoid having to write down their loans in first quarter earnings, sources said. (Source: Business Times)

S P Setia: Cautious about new projects in north M'sia. The country's largest property developer is cautious about launching new developments in Malaysia's northern region this year due to the country's economic uncertainties. S P Setia general manager (property, north) Ng Han Seong told reporters yesterday that the group has only one project with a gross development value of MYR600 million in Solok Slim off Jalan Hamilton, which it would launch year-end. (Source: The Edge Financial Daily)

DIGI.Com: Appoints Albern Murty as new CEO. DIGI.Com yesterday announced that it had appointed its current chief operating officer Albern Murty as the company's new chief executive officer, effective April 1, 2015. (Source: The Edge Financial Daily)

RHB Cap: Confirms Kam's resignation. RHB Capital, the country's fourth largest lender by assets, said its group managing director Kellee Kam Chee Khiong has tendered his resignation. It added that Kam will remain in his current post until the end of the transition period, the date of which will be announced later. (Source: The Edge Financial Daily)

Outside Malaysia

U.S: Retail sales declined more than forecast in January, pointing to a weak start for consumer spending this year after the strongest quarter since 2006. The 0.8% drop followed a 0.9% decrease in the prior month, Commerce Department figures showed. Sales excluding gasoline were little changed. The report shows Americans aren't rushing to spend the windfall they're getting from lower fuel prices. (Source: Bloomberg)

Greece: Seeks new contract with Euro Area as bailout talks resume. Greece is seeking a "new contract" with the euro area on how to continue its bailout, as talks resume and both sides signal willingness to compromise, according to government officials taking part in the talks. Greek Prime Minister Alexis Tsipras met his European Union peers at a summit for the first time Thursday and said afterwards he sees political will to agree on what happens after the current aid program expires this month. Greece’s goal remains a six-month bridge agreement that would lead to a new deal with euro-area authorities, he told reporters. (Source: Bloomberg)

India: Inflation holds below 6%, boosting rate-cut pressure. Consumer prices rose 5.11% YoY in January. It changed the index's base price and weights, which revised the December gain to 4.28% YoY from 5% YoY. (Source: Bloomberg)

Philippines: Kept its benchmark interest rate unchanged for a third straight meeting, refraining from joining a wave of global monetary policy easing even as inflation slowed. Bangko Sentral ng Pilipinas kept the rate it pays lenders for overnight deposits at 4%, it said in Manila. Policy makers also held the rate on so-called special deposit accounts at 2.5%, as forecast by all 10 analysts. (Source: Bloomberg)

Australia: Unemployment climbed to a 12 1/2- year high, sending the currency lower and underscoring last week's decision to cut interest rates to a fresh record low. The jobless rate rose to 6.4% from 6.1%, the statistics bureau said. The number of people employed fell by 12,200, led by declines in eastern states. (Source: Bloomberg)

Source: Maybank Research - 13 Feb 2015