In recent months, Tarullo sharply questioned moves by Republican lawmakers to roll back post-crisis regulations
MarketWrap: US stocks rose sharply on Wednesday after the Federal Reserve raised interest rates for the second time in three months, as expected.- Reuters
The DJIA rose 112.73 points, or 0.54%, to 20,950.1, the S&P 500 gained 19.81 points, or 0.84%, to 2,385.26 and the Nasdaq added 43.23 points, or 0.74%, to 5,900.05.
Energy
Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in US crude inventories and data from the International Energy Agency suggesting Opec cuts could create a crude deficit in the first half of 2017. Brent LCOc1 futures gained 89 cents, or 1.8% to settle at US$51.81 a barrel, their first increase in seven days. - Reuters
Forex summary
*The ringgit gained 0.29% to 4.4358 per US$
*It lost 0.65% to 4.7603 versus euro
*Down 0.07% to 5.4430 per pound sterling
*Down 0.38% to 3.1603 per Singapore dollar
*1.09% lower to no spaces 3.4107 per Aussie
*0.25% higher at 3.9140 per 100 yen
Top foreign stories
Fed raises rates as job gains, firming inflation stoke confidence: The US Federal Reserve raised interest rates by 25 basis points to a range of 0.75% to 1% on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target. - Reuters
Oracle's cloud transition helps third-quarter profit beat: Oracle Corp reported better-than-expected US$2.24 billion net income for the third quarter, while its adjusted revenue rose nearly 3% to US$9.27 billion as the business software maker benefits from its transition to cloud-based products.
US SEC accuses Heinz guard of insider trading before Berkshire-3G deal: A former H.J. Heinz Co director's security guard was charged on Wednesday with insider trading in the ketchup maker's stock and options before Heinz was bought in 2013 by Brazil's 3G Capital and Warren Buffett's Berkshire Hathaway Inc. The U.S. Securities and Exchange Commission said Todd David Alpert made US$43,873 of illegal profit after learning of the proposed Heinz takeover. - Reuters
Top local stories
Maybank maintains return-on-equity targets: Malayan Banking Bhd (Maybank) has maintained its return-on-equity (ROE) targets for this year, signalling the bank is well prepared for any external headwinds and tightening of accounting standards that is to come into effect January next year. It expects ROE of between 10% and 11% for the current year ending Dec 31. - StarBiz
Ekovest set to secure Blue River Project: Kuala Lumpur City Hall seeks to appoint Ekovest Bhd unit EkoRiver Construction Sdn Bhd the design and build contractor for the proposed “Blue River Project” near the River of Life Precinct 7, in the Masjid Jamek Kuala Lumpur zone. - StarBiz
UEM Edgenta plans RM1b sukuk: UEM Edgenta Bhd will issue Islamic commercial papers and medium-term notes of up to RM1bil in nominal value combined and a sub-limit of RM300mil. - Bernama
Malakoff unit issues RM800m sukuk: Malakoff Corp Bhd unit Tanjung Bin Energy Sdn Bhd has issued a RM800mil sukuk wakalah, the proceeds of which it will use for redemption of outstanding junior term loan of RM1.29bil. - Bernama
Puncak Niaga unit ordered to pay RM5.9m: Puncak Niaga Holdings Bhd subsidiary Puncak Niaga Construction Sdn Bhd has been ordered to pay RM5.9mil of the principal claim of RM15.7mil to its former subcontractor Genbina Sdn Bhd, - StarBiz
MyEG in Philippines JV: My EG Services Bhd (MyEG) has inked a joint-venture (JV) agreement with I-Pay Commerce Ventures Inc to develop and implement electronic government services in the Philippines. - StarBiz
Federal Court makes landmark decision in Transmile case: In a landmark decision, the Federal Court ordered the case brought by the Securities Commission against Transmile Group Bhd’s former chief executive officer Gan Boon Aun be remitted to the Sessions Court for continuation of the trial. It ruled that principal officers and directors are liable if the companies they represent furnish misleading information. - StarBiz
Berjaya Food profit down on Kenny Rogers Roasters losses: Berjaya Food Bhd saw its net profit fall 36.8% to RM4.7mil in the third quarter, dragged down by losses incurred by its Kenny Rogers Roasters restaurant chain. Revenue increased 11% to RM163.5mil. - StarBiz
TSR Capital wins RM119.7m road contract: TSR Capital Bhd unit TSR Bina Sdn Bhd has secured a RM119.7mil contract for roadworks in Kuantan from the East Coast Economic Region Development Council. - StarBiz
Petronas spending unaffected by by weaker oil prices: The recent oil prices pull-back will not affect Petroliam Nasional Bhd (Petronas)’s spending, given the local oil major has pegged its capital expenditure budget at an average US$45 per barrel, says Kenanga Research. - StarBiz
Scomi and Synergy Generated in renewable energy JV: Scomi Group Bhd and Synergy Generated Sdn Bhd are setting up a joint venture (JV) company to bid for engineering, procurement and construction contracts in the renewable energy sector, particularly for solar photovoltaic farms. - StarBiz
F&N to meet growing Sabah, Sarawak demand: Fraser & Neave Holdings Bhd
(F&N)’s new RM31.5mil ultra-high temperature processing line is projected to meet the growing demand for its products in Sabah and Sarawak as well as reducing its logistics cost by RM2.8mil annually over the next decade. - StarBiz
Selangor may chip in to take over Splash: A high-level meeting between the officials from the Federal government and Selangor state has been set for Friday, which both hope could bring an end to the long-standing impasse in the water sector, say industry sources. Some issues which have to be ironed out include Selangor’s contribution for the takeover of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash), and secondly the quantum of a tariff hike slated for the state. - Edge FD
Pos Malaysia upbeat on e-commerce ops: Pos Malaysia Bhd aims to increase its e-commerce earnings contribution to 50% in its next financial year. The e-commerce segment currently contributes 44% to the group’s revenue. - Edge FD
L&G gets shareholders’ nod for proposals: Land & General Bhd (L&G)’s shareholders gave the green light at an EGM on Wednesday to the company’s proposed rights issue and acquisition of four companies and an option to acquire another firm from its major shareholder, Malaysia Land Properties Sdn Bhd. - Edge FD
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