Coming soon" The feature, called OnStar Go, is set to debut early next year in more than two million GM vehicles with 4G service.
MarketWrap: The S&P 500 ended barely higher on Tuesday while the Nasdaq managed to scratch out a new record as gains in big tech names countered energy declines. The Dow Jones Industrial Average also hit an intraday all-time high just after the market opened, and the benchmark S&P 500 came close to yet another record high. - Reuters
The DJIA rose 37.87 points, or 0.19%, to end at 20,090.29, the S&P 500 gained 0.52 point, or 0.02%, to 2,293.08 and the Nasdaq added 10.67 points, or 0.19%, to 5,674.22.
Energy
Oil prices that tumbled more than 1% on Tuesday fell further after settlement, pressured by growing crude stockpiles in the United States as evidence of a burgeoning revival in US shale production could complicate efforts by Opec and other producers to reduce a supply glut. Brent crude LCOc1 settled down 67 cents, or 1.2%, at US$55.05 a barrel. - Reuters
Forex summary
*The ringgit lost 0.11% to 4.4402 per US$
*It lost 0.23% to 4.7448 versus euro
*Down 1.21%% to 5.5525 per pound sterling
*Down 0.13% to 3.1341 per Singapore dollar
*0.21% lower to 3.3908 per Aussie
*0.35% lower at 3.9601 per 100 yen
Top foreign stories
GM fourth-quarter profit falls on currency losses: General Motors Co said on Tuesday that fourth-quarter net income fell partly on the strength of the dollar against the British pound and forecast flat 2017 profit per share. GM's net income fell to US$1.8 billion, or US$1.19 per share, from US$6.3 billion, or US$3.92 a share, a year earlier. - Reuters
US trade deficit falls as exports hit more than 1-1/2 year high: The US trade deficit fell in December as exports hit their highest level in more than 1-1/2 years amid record shipments of technology products, but strengthening domestic demand points to further rises in imports, which could constrain economic growth. The Commerce Department said on Tuesday the trade gap dropped 3.2% to US$44.3 billion, ending two straight months of increases. - Reuters
Oreo maker Mondelez's sales, profit miss estimates: Mondelez International Inc, the maker of Oreo cookies and Cadbury chocolates, reported lower-than-expected holiday-quarter sales and profit due to a strong dollar that eroded the value of sales outside the United States. Net income attributable to Mondelez was US$93 million from a loss of $729 million a year earlier. Its net revenue fell 8.1% to US$6.77 billion. - Reuters
Top local stories
Bank Negara eases forex rules: Bank Negara has eased some of the restrictions in the foreign exchange (forex) market to allow for some trading of US dollar/ringgit transactions between local banks. Effective Tuesday, local banks are allowed to transact any foreign currencies up to US$1mil. - StarBiz
F&N expects margins to remain under pressure: Fraser & Neave Holdings Bhd (F&N), which posted lower first-quarter profit despite an increase in revenue, expects margins to remain under pressure in the coming quarters due to the higher cost of agriculture commodities. - StarBiz
Koperasi Permodalan Felda sells more FGV shares: Koperasi Permodalan Felda Malaysia Bhd has sold a further 1.5 million shares in Felda Global Ventures Holdings Bhd (FGV) days after selling some five million shares in the plantation group. FGV said the co-op has reduced its stake to 5.63%, or 205.26 million shares, following the disposals. - StarBiz
MIA to draft new competency framework for accountants: The Malaysian Institute of Accountants (MIA) and several professional accounting bodies will work together to draft a new competency framework that meets the global standards for accountants. The framework is expected to be presented to stakeholders in the next three months. - StarBiz
Rex MD makes takeover bid: Rex Industry Bhd
’s substantial shareholder and managing director Darmendran Kunaretnam is making an offer to buy out the remaining shares he does not own in the company at RM1.65 apiece. The conditional mandatory takeover offer was triggered on Tuesday after Darmendran and his investment vehicle, Daiman Taipan Sdn Bhd, acquired an additional 4.54 million shares in the company on the open market for RM7.36mil. - StarBiz
Limited time offer:
Just RM5 per month.
