Breakfast briefing: Tuesday, November 17

  • Business
  • Tuesday, 17 Nov 2015

Market wrap: Wall Street had its strongest session in three weeks on Monday, with sizeable gains in energy shares as investors bet Friday's deadly attacks in Paris would have little long-term impact on the US economy and corporate earnings. - Reuters

The DJIA ended 1.38% higher at 17,482.61 points, the S&P 500 gained 1.49% to 2,053.17 and The Nasdaq jumped 1.15% to 4,984.62. - Reuters

Forex summary

*The ringgit gained 0.22% to 4.3735 per US$

*It rose 0.73% to 4.6726 per euro

*Up 0.26% to 6.6460 to the pound sterling

*0.16% higher to 3.0763 per Singapore dollar

*0.49% higher to 3.1070 per Aussie

*Up 0.39% to 3.5443 per 100 yen


Oil prices rose on Monday after strong losses last week, as Friday's deadly attacks in Paris raised geopolitical tensions that some said could threaten global oil supply. Oil price gains were limited, however, in a day that saw prices switch from positive to negative and back again, as traders sought to make sense of what the attacks and their aftermath might mean for oil supply and demand. Front-month Brent crude rose 9 cents to settle at US$44.56 a barrel, after earlier falling to as low as US$43.15. - Reuters

Top foreign stories

Marriott to buy Starwood to create world's biggest hotel chain: Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc for US$12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection. The combined company will have over 5,500 hotels with 1.1 million rooms worldwide, giving Marriott a greater presence in markets such as Europe, Latin America and Asia and allowing it to better compete with apartment-sharing startups such as Airbnb. - Reuters

How Pfizer has shifted US profits overseas for years: Drugmaker Pfizer's plans to take over Allergan have faced a political backlash in the United States over fears a deal would lead to the company shifting its headquarters and taxable profits to Ireland. However a Reuters examination of corporate filings in Europe, patent databases and other information shows the company has for over a decade been shifting profits generated by American scientists and patients overseas - to a subsidiary based in the rolling hills of County Cork. - Reuters

Greece reaches initial deal with lenders over foreclosures: Greece reached a preliminary deal with its international lenders on home foreclosures reform late on Monday, removing a major obstacle holding up fresh bailout loans for the cash-starved country. Athens needs a positive progress report to qualify for a sub-tranche of 2 billion euros (US$2.14 billion) in new financial aid to pay off state arrears, and 10 billion euros in funds to help recapitalise its banks. - Reuters

Icahn exits eBay stake, opts for PayPal after spinoff: Billionaire activist investor Carl Icahn swapped his entire equity stake in eBay Inc for the same number of shares in PayPal Holdings Inc in the third quarter, regulatory filings showed on Monday. The filings with the Securities and Exchange Commission showed that Icahn sold his stake of 46.3 million shares in eBay and reported the same number of shares in PayPal, which completed its spinoff from eBay in mid-July. - Reuters

Top local stories

MRCB to raise funds: Fresh from landing the redevelopment of Bukit Jalil National Sports Complex and part of the light rail transit three projects, MALAYSIAN RESOURCES CORP Bhd (MRCB) is proposing to place up to 20% of its share capital to raise up to RM612mil to expand its landbanks. The company said it would raise between RM612.07mil or RM443.07mil depending on a maximum or minimum scenario based on an indicative price of RM1.24. - StarBiz

Weaker ringgit and CPO price affect IOI Corp: The weaker ringgit and the lower price of crude palm oil (CPO) have taken a toll on IOI Corp Bhd, as the planter posted one of its worst quarterly losses. IOI Corp made a loss of RM719mil in its first quarter from a net profit of RM176.7mil in the corresponding period last year. IOI Corp saw its revenue grow 3.1% to RM3.09bil from RM2.99bil a year earlier. - StarBiz

SapRes in talks to sell APIIT: SAPURA RESOURCES BHD (SapRes) is in talks for a possible sale of its education business, APIIT Education Group, which it co-owns with Ekuiti Nasional Bhd (Ekuinas). The terms of the proposed exercise have yet to be finalised, the company told Bursa Malaysia. - StarBiz

BHIC wins RM1.23bil job from the Government: BOUSTEAD HEAVY INDUSTRIES CORP Bhd (BHIC) has secured a contract worth a total of RM1.23bil from the Government to provide refit services for two submarines. - StarBiz

S P Setia buys more land in Melbourne: Property player S P Setia Bhd has bought its third piece of land 2,074 sq m in Melbourne, Australia, for A$6.68mil (RM20.80mil). The land will have an estimated gross development value of A$34mil (RM105.87mil), the company said. StarBiz

Star Media Group reports higher revenue: STAR MEDIA GROUP BHD has recorded a marginal increase of 0.7% in revenue for the first nine months in the current year of operations to maintain its growth trend.
The media group registered a revenue of RM738.25mil for the period ended Sept 30, 2015, compared with RM732.85mil in the corresponding period last year. - StarBiz

Parkson rebrands ops: Parkson Holdings Bhd has invested about RM100mil into a rebranding exercise that will see the brand enter new areas including food and beverage, beauty and gourmet supermarkets. In Malaysia, the move is aimed at boosting sales, which have slowed following the implementation of goods and services tax as well as the weaker ringgit. - StarBiz

Ta Ann earnings up on palm oil, forex: TA ANN HOLDINGS BHD posted better third-quarter and year-to-date earnings, thanks to a much higher palm oil contribution and favourable exchange rates boosting prices of exported logs and plywood. The company said it earned RM67.42mil in the quarter ended Sept 30, a 54.6% jump from a year earlier, on 5% higher revenue of RM298.91mil. - StarBiz

MSM to optimise Prai operations: MSM Malaysia Holdings Bhd will spend more to optimise its Prai manufacturing process as it is already utilising over 90% of its production capacity. MSM Prai acting chief executive officer Zahari Ishak said the group had this year spent RM100mil to upgrade the production and packing divisions in Prai and to expand the floor area of its warehouse in Sungai Buloh. - StarBiz

Danajamin and Purple Boulevard in Ampang Point financing deal: Danajamin Nasional Bhd has guaranteed RM125mil under a 10-year RM450mil asset-backed sukuk ijarah programme issued by Purple Boulevard Bhd for the acquisition of the Ampang Point Shopping Complex in Kuala Lumpur. - StarBiz

Sime Darby favours increasing yields over new plantations: Sime Darby Bhd plans to focus on improving the yields of its current oil palm plantations rather than relying on planting new areas to grow, the world’s top oil palm planter by land size said. - Reuters

XingHe ends partnership with Asfar: China-based ACE Market-listed Xinghe Holdings Bhd is terminating its partnership with Arab Supplier Fabrication and Retail Sdn Bhd (Asfar), following winding-up proceedings that were filed against Asfar. - Edge FD



Time: 10am

Venue: Corus Hotel Kuala Lumpur, Jalan Ampang


Time: 11am

Venue: 1165 , Lorong Perindustrian Bukit Minyak 16, Simpang Ampat, Penang

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Across The Star Online