ONLINE ONLY: PepsiCo Inc for the first time is introducing a product exclusively through Amazon.com Inc as the snack and soft drink maker aims to expand its footprint in e-commerce. — Reuters
MarketWrap: US stocks extended their post-US election rally on Tuesday with moderate gains that pushed the Dow above 19,000 for the first time and the three major indexes to record closing levels for a second straight day. - Reuters
The DJIA ended up 67.18 points, or 0.35%, to 19,023.87, the S&P 500 gained 4.76 points, or 0.22%, to 2,202.94 and the Nasdaq added 17.49 points, or 0.33%, to 5,386.35.
Forex summary
*The ringgit lost 0.26% to 4.4327per US$
*It was 0.03%% lower at 4.710 per euro
*Up 0.31% to 5.5057 per pound sterling
*Down 0.03% to 3.1118 per Singapore dollar
*0.49% lower to 3.2908 per Aussie
*Down 0.31% to 3.9901 per 100 yen
Energy
Oil prices moved little early on Wednesday with traders reluctant to dive in as uncertainty loomed over a planned Opec-led oil production cut, and volumes low ahead of the US Thanksgiving holiday on Thursday. Brent crude oil futures were at US$49.22 a barrel, up 10 cents.
Top foreign stories
KKR to buy Nissan-backed supplier Calsonic for up toUS $4.5b: U.S. buyout firm KKR & Co is buying Nissan Motor-backed auto parts maker Calsonic Kansei Corp for up to 498.3 billion yen (US$4.5 billion) in its biggest deal in Japan, seizing on a rare chance there to do a multi-billion dollar purchase. - Reuters
Dr Pepper Snapple, Pepsi buy drinks makers in bid to diversify: Dr Pepper Snapple Group Inc and PepsiCo on Tuesday both announced plans to buy alternative drinks makers, the latest examples of beverage companies branching into products perceived as healthier as soda sales decline. - Reuters
Almost half the world will be online by end of 2016, report shows: By the end of 2016, almost half of the world's population will be using the internet as mobile networks grow and prices fall, but their numbers will remain concentrated in the developed world, a United Nations agency said on Tuesday.
HP Inc forecasts adjusted profit largely below estimate: HP Inc, the legacy printer and PC business of the former Hewlett-Packard Co, forecast a current-quarter adjusted profit largely below analysts' estimates amid waning demand for its printers. HP Inc said it expects an adjusted profit 35-38 cents per share for the first quarter. Analysts on average were expecting 38 cents per share, according to Thomson Reuters I/B/E/S. - Reuters
Top local stories
FGV discovers fraud in Turkish unit: Felda Global Ventures Holdings Bhd (FGV) has discovered fraud in its 50%-owned unit in Turkey, which has incurred a stock loss of RM57mil. This contributed to FGV’s net loss for its third quarter ended Sept 30 widening to RM94.86mil from RM33.9mil a year ago. - StarBiz
AirAsia X
posts RM11m profit: AirAsia X Bhd turned the corner, posting a net profit of RM11mil for its third quarter from a loss of RM288mil a year ago. Its revenue rose to RM982.40mil from RM793.01mil previously. - StarBiz
MBO Cinemas signs up as EcoHill Walk Mall tenant: MCAT Box Office Sdn Bhd, or better known as MBO Cinemas, has inked an agreement to be the first tenant of Setia EcoHill Sdn Bhd’s newly launched EcoHill Walk Mall. MBO Cinemas will invest RM22mil to take up 58,000 sq ft in the neighbourhood mall located in Semenyih, which is targeted to open in the first quarter of 2021. - StarBiz
Ong: Consolidation will create stronger steel players: The Government supports the consolidation of local steel players to create stronger and more competitive entities to compete in the global market, says International Trade and Industry Minister II Datuk Seri Ong Ka Chuan. - StarBiz
HLB first-quarter net profit up to RM543m: Hong Leong Bank Bhd (HLB)’s net profit for its first quarter rose 8% to RM542.63mil mainly due to higher net income of RM73mil, higher share of profit from an associated company and joint venture totalling RM10mil. Revenue came in at RM1.10bil from RM1.02bil a year earlier. - StarBiz
Malaysia Airlines Group to set up new airline for pilgrim charters: Malaysia Airlines Group is seeking internal candidates to run a new airline dedicated to fly Muslim pilgrims to Mecca using its surplus fleet of A380 super jumbos. “We will apply for a new airline operating certificate in the first quarter of next year,” Malaysia Airlines Bhd chief executive officer Peter Bellow said in an internal memo to his staff. - StarBiz
Dimsum a good entry point to broadcasting for Star Media Group: Analysts see Star Media Group Bhd’s video-on-demand service as a good entry point to broadcasting due to its asset-light model and potential to scale up. It will help the company deversify its revenue base, they said. - StarBiz
Supermax expects profit margin to rise 9% to 11%: Supermax Corp Bhd expects its profit margin for financial year ending June 30, 2017 to rise by between 9% and 11%, given the growing demand for rubber gloves, consumption of contact lenses and through distribution of products. - StarBiz
Brahim’s trims Q3 losses: Brahim’s Holdings Bhd has trimmed its pre-tax losses for the third quarter to RM471,000 due to menu enhancement by main customer, Malaysia Airlines Bhd. The airline caterer said revenue rose by 10.88% to RM71.95mil. - StarBiz
Creador’s Brahmal emerges as Prestariang’s substantial shareholder: Brahmal Vasudevan, the founder and chief executive o cer of private equity firm Creador Sdn Bhd, has emerged as a sub- stantial shareholder of information and communications technology training and certification provider Prestariang Bhd. - Edge FD
Maybank challenges CIMB reign as top ringgit sukuk arranger: Malayan Banking Bhd (Maybank) is challenging CIMB Group Holdings Bhd’s nine-year reign as the top arranger in the world’s largest Islamic bond market. Malaysia’s biggest lender has managed RM15.3 billion of sukuk offerings in in 2016, data compiled by Bloomberg show. It has a 27% market share versus 22% for CIMB. - Bloomberg
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