Breakfast briefing: Friday, October 13 (Update) - Business News | The Star Online


Breakfast briefing: Friday, October 13 (Update)

MarketWatch: US stocks retreated from recent record highs on Thursday as AT&T shares sank after it said it lost subscribers in the last quarter and banks slipped following results from JPMorgan and Citigroup. The DJIA fell 31.88 points, or 0.14%, to end at 22,841.01, the S&P 500 lost 4.31 points, or 0.17%, to 2,550.93 and the Nasdaq dropped 12.04 points, or 0.18%, to 6,591.51. - Reuters




Oil prices rebounded from earlier losses, but ended lower on the day, after the Energy Department reported a larger-than-expected decline in US inventories and a falloff in weekly production on Thursday. Brent crude oil LCOc1 settled down 69 cents, or 1.2%, to US$56.25 a barrel. - Reuters

Forex summary


*The ringgit gained 0.17% to 4.2165 versus the US$


*Up 0.16% to 4.9960 versus euro


*Down 0.29% to 5.5988 per pound sterling


*Up 0.05% to 3.1146 per Singapore dollar


*Down 0.07% to 3.3053 per Aussie


*Down 0.04% to 3.7631 per 100 yen

Top foreign stories


Lufthansa spreads wings by snapping up parts of failed Air Berlin: Lufthansa reinforced its position as Germany’s largest airline on Thursday by signing a 210 million euro (US$249 million) deal to buy large parts of insolvent Air Berlin. Lufthansa has agreed to acquire Air Berlin’s Austrian leisure travel airline Niki, its LG Walter regional airline and 20 additional aircraft, Air Berlin said. - Reuters


Goldman Sachs to buy mortgage lender Genesis Capital: Goldman Sachs Group Inc has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish. Terms of the deal were not disclosed. - Reuters


Richard Branson takes another bet on the future with Hyperloop One: British billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems. - Reuters


Disney to cut about 200 jobs at its TV networks: Walt Disney Co plans to cut about 200 jobs at unit ABC and other cable networks, according to a source familiar with the matter. The largest number of layoffs will be in operational areas, but there would be no job cuts at ESPN, the source said. Reuters


Samsung Elec on track for record Q3 as chips soar: Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely nearly tripled 14.5 trillion won (US$12.81 billion) from a year earlier to a new record, beating analyst estimates, as strong memory chip prices fattened margins. Revenue likely rose 29.7% from a year earlier to 62 trillion won. - Reuters


Top local stories


Sharp rise in rubber glove exports: The rubber gloves industry is projected to see a sharp increase in export sales following supply cuts from rivals in China. The Malaysian Rubber Glove Manufacturers Association expects exports to reach close to 150 billion pieces this year, with a sales value of RM16.2bil, up RM3bil from 2016, amid strong demand from overseas. - StarBiz


Malaysia Airlines awaits approval for new haj carrier: Malaysia Airlines CEO Peter Bellew expects to get approval from Khazanah Nasional Bhd to launch the new airline catering to haj pilgrims by year-end. The carrier said it has received overwhelming response from haj pilgrims and that does not have enough seats to accommodate pilgrims from Indonesia, Malaysia, Thailand and China for the rest of the year. he said. - StarBiz


Petronas looks to exit Iraq’s Majnoon field: Petroliam Nasional Bhd (Petronas) plans to sell its stake in Iraq’s giant Majnoon oil field as it considers the returns from its 30% participating interest in the project to be too low , sources said. - StarBiz


Tan raises offer for Johan shares to 26 sen: The controlling shareholder of Johan Holdings Bhd , Tan Sri Tan Kay Hock, has raised the offer price for the rest of the shares in the company to 26 sen apiece after acquiring a further 15 million shares on Thursday. Tan now owns 50.58% of Johan, making the offer unconditional. - StarBiz


Industrial output grows at fastest pace in two years: Industrial output in August expanded at its fastest pace in more than two years, boosted by a sharp increase in natural gas production and steady growth in the manufacturing sector. The industrial production index grew 6.8% in August, the statistics department said, up from 6.1% in July. - StarBiz


Felda to sell London property: The Federal Land Development Authority’s (Felda) is putting the Grand Plaza Serviced Apartments in London for sale as part of its initiatives to reorganise and restructure its assets to strengthen its financial position. - StarBiz


SunCon gets RM75m Ahmad Zaki contract: Sunway Construction Group Bhd (SunCon) has secured a RM74.77mil contract from Ahmad Zaki Resources Bhd for earthwork and piling works at a proposed mixed development off Jalan Pudu, Kuala Lumpur. - StarBiz


Jetson wins RM76m contract: Kumpulan Jetson Bhd via unit Jetson ARDC Sdn Bhd has clinched a RM76.35mil contract from China State Construction Engineering (M) Sdn Bhd for structural works on two towers. - StarBiz


Mobile telecoms sector gets ‘neutral’ rating: Analysts are “neutral” on the mobile telecoms sector and some reckoned it would be better for investors to put their money into fixed telecoms providers instead. This follows the calling of tenders by the Malaysian Communications And Multimedia Commission’s for the 700Mhz spectrum. - StarBiz


Airbus fully owns Sepang Aircraft Engineering: Sepang Aircraft Engineering Sdn Bhd is now a wholly-owned unit of Airbus SE after the aircraft maker bought the balance 60% stake in the aircraft maintenance company. - StarBiz


Petronas Dagangan in joint venture to install EV charging stations: Petronas Dagangan Bhd plans to install 100 electric vehicle (EV) charging stations and set up of solar photovoltaic (PV) panels at 100 selected stations. - StarBiz

Breakfast Briefing