To help speed development of self-driving cars, Chief Executive Mark Fields said Ford is hiking investments in Silicon Valley technology firms, tripling its investment in semi-autonomous systems, and more than doubling the size of its Palo Alto research team while expanding its campus in Silicon Valley.
Energy
Brent Crude was 0.63% higher to US$55.58 per barrel at 5.45pm.
Forex
Ringgit down 0.09% to 4.4360 versus the US dollar at 4.55pm.
Top foreign stories
Thai Dec exports rise 6.2%, ending three years of contraction: Thailand’s customs-cleared exports rose in December, which ended a three-year streak in which shipments declined, an encouraging sign for the trade-reliant economy which has struggled to grow in the face of tepid demand abroad and at home. Exports rose 6.2% in December from a year earlier, a second straight month of annual gains after a 10.2% jump in November, commerce ministry data showed on Tuesday. — Reuters
Ford launches brand to sell auto parts to fix competitors’ vehicles: Ford Motor Co, in a bid for a piece of the rapidly growing global auto parts market, is launching a new brand called Omnicraft to sell parts to Ford dealers and independent repair shops to fix competitors’ vehicles. Omnicraft joins Ford’s established Motorcraft which makes parts for Ford vehicles. — Reuters
Dubai airport 2016 traffic up 7.2%, still world’s busiest int’l: Dubai International Airport remained the world’s busiest for international passengers in 2016, as existing markets grew and new routes were launched, the airport’s operator said. Annual traffic rose 7.2% to 83.6 million passengers in 2016 from a year ago, the operator said. — Reuters
Thai bank SCB to invest up to US$1.1b in tech infrastructure: Siam Commercial Bank Pcl (SCB) will invest 30 billion baht to 40 billion baht (US$852 million-US$1.1 billion) in technology infrastructure over the next three years, the CEO of Thailand’s third-largest lender said on Tuesday. — Reuters
India demonetisation drive to favour big gold jewellery store chains: India’s drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world’s second-biggest gold market to 40% by 2020, the World Gold Council said. — Reuters
Rents fall in Singapore, now 7th most expensive city in Asia: Singapore is the seventh most expensive location in Asia for high-end rental accommodation this year, falling from last year’s fourth position in regional rankings, a study shows. Hong Kong and Tokyo maintained the first and second place while Seoul was up two notches at third place from fifth in 2016. — Bernama
Top local stories
AirAsia X gets FAA clearance to fly to the US: AirAsia X has received clearance from the Federal Aviation Authority (FAA) to fly to any destination in the the US, making its foray into an entirely new market as it looks beyond the Asia Pacific. “The airline is the first Asian low-cost carrier to secure approval to operate scheduled passenger flights to the US,” it said on Tuesday. — StarBiz
Mustapa: TPPA is a balanced agreement beneficial to its members: The Trans-Pacific Partnership Agreement (TPPA) is a balanced agreement beneficial to all of its members, according to International Trade and Industry Minister Datuk Seri Mustapa Mohamed. — StarBiz
Tasco buying Pulau Indah land, expands warehouse biz for RM143m: Tasco Bhd is expanding its operations with the proposed purchase of land in Pulau Indah, Selangor and a stake in MILS Cold Chain Logistics Sdn Bhd (MCCL) for nearly RM143mil. It said it was buying six parcels of land measuring 39.52 acres in Pulau Indah and also the buildings from Swift Integrated Logistics Sdn Bhd (SIL). — StarBiz
MIDF positive on Eco World JV with EPF: MIDF Research is “positive on the news” that Eco World Development Bhd and the Employees Provident Fund (EPF) and maintains its “buy” call on Eco World with a target price of RM1.68. - StarBiz
CIMB Research keeps Digi as preferred Malaysian telco pick: CIMB Equities Research has Digi as its preferred Malaysian telecommunications company as it is a key beneficiary as the market heads closer to network parity. It said on Tuesday it has lowered the discounted cashflow (DCF) target price by 1.9% to RM5.20. This was after factoring in spectrum payments for 2600/2100MHz in FY17F/18F and lower capex. - StarBiz
Juice Works to open 3 more outlets: Juice Works Sdn Bhd plans to open three more outlets offering a variety of fresh fruit juices and smoothies by the second half of 2017, bringing the total to 30 to cater to the growing demand. It is eyeing over 10% to 20% sales growth this year despite the challenging market, while planning to expand its footprint to Singapore, Indonesia and Thailand by year-end. — Bernama
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