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Dec 4, 2018 Overnight Indexes & News
#1
Overnight Dow Jones: +287
U.S. stocks rose on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day cease-fire in the trade war that has weighed heavily on global stock markets for most of 2018.
 
Both global oil benchmarks are rose after U.S. and China announce 90-day trade war truce. OPEC expected to agree cuts aimed at reining in oversupply
 
Brent crude was up $1.66, or 2.8 percent at $61.12
 
Local news
Cycle & Carriage Bintang Bhd will cease to be a substantial shareholder of Mercedes-Benz Malaysia Sdn Bhd after disposing of 66 million or 49% Mercedes-Benz Malaysia shares to Daimler AG for RM66 million.  
 
Telekom Malaysia Bhd has appointed Rosli Man as a non-independent and non-executive chairman of the telecommunications giant effective immediately. Rosli, 65, replaces Tan Sri Dr Sulaiman Mahbob, 70, who resigned on Nov 30 following the cessation of office.
 
Reach Energy Bhd announced today that initial testing of the exploration well at North Kariman-3 (NK-3) in its Emir Oil concession block onshore Kazakhstan has yielded positive results.
 
Hap Seng Consolidated Bhd is disposing of two contiguous parcels of land in Tawau, Sabah to Goldcoin Ventures Sdn Bhd for RM24.23 million.
 
With a thinner order book of RM116 million as at September, Signature International Bhd is poised to deliver weaker results for its current financial year ending June 30, 2019 (FY19). Group managing director Tan Kee Choong said the kitchen furniture maker has been negatively impacted by lower orders amid a subdued property market, and it does not see sentiment improving anytime soon.
 
Hovid Bhd managing director David Ho Sue San and private equity firm TAEL Two Partners Ltd — via its special purpose vehicle Fajar Astoria Sdn Bhd — to take over the pharmaceutical company has turned unconditional after Bursa Malaysia approved the application for its listing withdrawal.
 
D’nonce Technology Bhd's substantial shareholder Blackstream Investments Pte Ltd is calling for an extraordinary general meeting (EGM) to remove the group's directors, as it disagrees with the board's move to lead the group towards a future that only focuses on and raises funds for property development. In their place, Blackstream proposed to appoint Lim Siang Kai, Lam Kwong Fai, Tan Han Beng and Yoong Nim Chor. Siang Kai is a director in Blackstream.
 
Bumi Armada Bhd, whose shares hit fresh lows late last week, could due to an internal memo about its efforts to reduce cash flow and limit efforts to pursue new work. Bumi Armada said its chief executive officer (CEO) had issued an internal memo  to the employees, among other things, that “despite the company’s concerted efforts to fundamentally improve the company’s financial situation, the company has not made substantial progress with the financial parties involved resulting in the company being forced to drastically reduce the company’s cash outflow and limit the company’s efforts to pursue new work”.
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