MarketWatch: Slowing growth in emerging markets and currency fluctuations in anticipation of a US interest rate hike may push third-quarter revenue and earnings estimates lower this month. Wall Street expects a 3.4% decline in earnings for the S&P 500 for the quarter. Estimates have already fallen for 9 out of 10 of the benchmark index's sectors so far this year, according to Thomson Reuters data. - Reuters
Top foreign stories
US consumer sentiment rebounds: US consumer sentiment rebounded strongly in early October, suggesting that the economic recovery remained on track despite headwinds from a strong dollar and weak global demand that have weighed on the industrial sector, particularly manufacturing. - Reuters
China seen posting weakest growth since 2009 in Q3: China is expected to post its weakest quarterly economic growth since the global financial crisis on Monday, raising pressure on policymakers to roll out more interest rate cuts and other support measures to avert a sharper slowdown. - Reuters
Apple ordered to pay US$234m to university for infringing patent: US jury ordered Apple Inc to pay the University of Wisconsin-Madison's patent licensing arm more than US$234 million in damages for incorporating its microchip technology into some of the company's iPhones and iPads without permission. Apple said it would appeal the verdict, but declined to comment further. - Reuters
Top local stories
Construction firms are not affected by weaker ringgit: Construction companies are seeing their order books building up again although at a slower pace. The companies had early this year faced dwindling order books and uncertainty over raw material prices – factors that affected their margins. - StarBiz
Move to ease banks’ lending constraints: With the banking system’s loan to deposit ratio on the rise and squeeze on net interest margin, analysts and industry observers say Bank Negara may reduce the statutory reserve requirement from the current 4% soon to ease lending constraints. - StarBiz
CIMB Bank launches online travel currency service: CIMB Bank Bhd has launched CIMB TravelCurrency, making it Malaysia’s first financial institution to offer an online travel currency service. The bank said CIMB TravelCurrency provides customers, including non-CIMB Bank customers, a convenient way to purchase various foreign currency notes online for international travel via CIMB Bank and CIMB Clicks internet banking page at competitive rates. - StarBiz
MPA set to seal contract for phosphate complex: Malaysian Phosphate Addictives (Sarawak) Sdn Bhd (MPA) is expected to seal the engineering, procurement and construction contract for its billion-ringgit integrated phosphate complex project in Samalaju Industrial Park, Bintulu, before end of this year. - StarBiz
Balancing act for directors under proposed law: The upcoming new Companies Bill may see company directors playing a balancing act between doing what is best for the entity and acting upon the demands of shareholders, said Skrine and Co partner Lee Shih. - Edge FD
Perak’s D Mall and D Hotel attract bids up to RM130m: A two-year-old mall-cum-hotel in Bandar Seri Iskandar, Perak has captured the attention of investors, including a listed real estate investment trust, sources said. Setia Awan Properties Sdn Bhd —the owner of D Mall and D Hotel — is believed to have received offers of between RM110 million and RM130 million for both assets, which are located in Perak Tengah. - Edge FD
GUH targets higher public utility, property revenues: GUH Holdings Bhd
plans to reduce its reliance on the revenue contribution of its core business of printed circuit board (PCB) - which is used in a range of electronic devices like refrigerators to audiovisual equipment - by 30% in the next five years, by shifting its focus to property development and public utility for more stable income streams. - Edge FD
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