Foxconn chairman Terry Gou has said the company was considering investing in the United States In late April.
MarketWrap: Apple shares added to last week's drop on Monday to lead a market downturn as tech, still the best performing S&P 500 sector this year, succumbed under its own weight. The DJIA fell 36.3 points, or 0.17%, to 21,235.67, the S&P 500 lost 2.38 points, or 0.10%, to 2,429.39 and the Nasdaq dropped 32.45 points, or 0.52%, to 6,175.47. - Reuters
Energy
Oil edged up on Monday on signs of inventory declines in the United States and news that Saudi Arabia will limit volumes of crude to some Asian buyers in July and deepen cuts to the United States. Brent crude futures LCOc1 ended the session up 14 cents, or 0.3% at US$48.29 a barrel, having risen as much as 2% to a session high of US$49.15. - Reuters
Forex summary
*The ringgit gained 0.08% to 4.2645 versus the US$
*It gained 0.37% to 4.7720 versus euro
*Up 0.73% to 5.3938 per pound sterling
*Up 0.11% to 3.0807 per Singapore dollar
*Down 0.20% to 3.2228 per Aussie
*Up 0.16% to 3.8755 per 100 yen
Top foreign stories
British political uncertainty risks slowing M&A, dealmakers say: The political shock of Prime Minister Theresa May's failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers say. "So long as uncertainty is there I don't see that as particularly positive for M&A in the short term," said Karen Cook, chair of investment banking at Goldman Sachs. - Reuters
Altice IPO pricing values US business at up to US$22b: Altice USA, the cable operator that Netherlands-based Altice NV put together by acquiring Cablevision and Suddenlink Communications, will be valued at up to US$22 billion after its initial public offering (IPO) on the New York Stock Exchange. - Reuters
Foxconn says Apple, Dell join its bid for Toshiba chip business: Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp's highly prized chip unit, the CEO of the world's largest contract electronics manufacturer said on Monday. - Reuters
GE's new CEO Flannery to review portfolio with 'no constraint’: General Electric Co's incoming chief executive John Flannery said he will conduct a swift review of the conglomerate's business portfolio with "no constraint," but signalled no major changes as the company sticks with its strategy of selling software-related services across its many divisions. - Reuters
GE wins US antitrust approval for Baker Hughes deal: General Electric Co won US antitrust approval to merge its oil and gas business with Baker Hughes Inc to form a new publicly traded company, the Justice Department said on Monday. Under the agreement, GE will combine Baker Hughes with its oil and gas business, creating a company with US$23 billion in annual revenue, the companies said. - Reuters
Top local stories
Analysts divided on direction of crude prices in second half 2017: Analysts are split on whether crude will improve in the second half of the year as oil prices continue to be under pressure from the persistent oversupply situation, made worse by a surprise increase in US petroleum stocks last week. On the positive side, research houses have forecast crude oil prices could shoot up to US$70 a barrel by the end of 2017 as supply and demand levels continued to rebalance. - StarBiz
HSL to buy more tunnel boring machines for projects: Hock Seng Lee Bhd (HSL) will acquire additional tunnel boring machines, plant and machinery to facilitate the implementation of two major sewerage projects worth over RM1bil, says managing director Datuk Paul Yu Chee Hoe. - StarBiz
GUH to expand PCB ops to meet rising demand: GUH Holdings Bhd plans to expand its printed circuit board (PCB) operations over the next two years to meet rising demand from the major domestic appliances and automotive sectors. Group MD Datuk Kenneth H’ng said the group would add new production lines at the plant in Bayan Lepas. The initial spending would be more than RM10mil, he said. - StarBiz
Labuan FSA reaffirms strict regulatory regime: The Labuan Financial Services Authority (FSA) says it will not hesitate to take action against individuals or entities if they breach the laws and regulations of the Labuan International Business and Financial Centre. - Bernama
Oriental plans higher capex: Oriental Holdings Bhd expects to spend RM157mil on its plantation business this year compared with RM139.9mil in 2016, covering the cost of new planting and construction of an office, staff quarters and a palm oil mill. - StarBiz
Logistics stocks to remain strong: RHB Research expects the strong performance of logistics stocks this year to continue, driven by a firmer sectoral two-year net profit compounded annual growth rate of 25% compared with 15% over the past five years. It noted that the stocks under its coverage have outperformed the market by an average of 35% year-to-date. - StarBiz
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