THE MONEYMAN'S LATEST VENTURE: Uber rival Lyft gets a cash injection from investor Carl Icahn.
MarketWrap: US stocks closed down on Thursday as the Bank of Japan's shocking call to cap monetary stimulus continued to rattle investors while a late day decline in Apple shares on remarks by billionaire investor Carl Icahn added to selling pressure. - Reuters
The DJIA fell 208.81 points, or 1.16%, to 17,832.74, the S&P 500 lost 19.26 points, or 0.92%, to 2,075.89 and the Nasdaq dropped 57.85 points, or 1.19%, to 4,805.29.
Forex summary
*The ringgit rose 0.39% to 3.8818 per US$
*It rose 0.37% to 4.4093 per euro
*Increased 0.25% to 5.6759 to the pound sterling
*0.36% higher to 2.8907 per Singapore dollar
*0.43% higher to 2.9633 per Aussie
*Up 0.10% to 3.6019 per 100 yen
Energy
Oil markets jumped 2% on Thursday, hitting 2016 highs for a third straight day as a weaker dollar had investors shrugging off record high US crude inventories and relentless pumping by major producers. Brent settled up 96 cents at US$48.14 a barrel, after hitting a 2016 high of US$48.19. - Reuters
Top foreign stories
Carl Icahn says he sold entire Apple stake on China woes: Billionaire activist investor Carl Icahn said on Thursday he had sold his entire stake in Apple Inc, citing the risk of China's influence on the stock. Icahn, in an interview with cable television network CNBC, also said he was "still very cautious" on the US stock market and there would be a "day of reckoning" unless there was some sort of fiscal stimulus. - Reuters
Comcast to buy DreamWorks Animation for US$3.8b: Comcast Corp, the owner of NBCUniversal, said on Thursday it would buy Hollywood studio DreamWorks Animation SKG Inc for US$3.8 billion to boost its family-friendly offerings and help it take on media conglomerate Walt Disney. - Reuters
US economy stalls in first quarter as activity weakens broadly: US economic growth braked sharply in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labor market. Gross domestic product increased at a 0.5% annual rate, the weakest since the first quarter of 2014, the Labor Department said on Thursday in its advance estimate. - Reuters
Top local stories
Local funds mop up SapKen: Local institutional funds took up most of the shares in the sale of an 8.2% block of SapuraKencana Petroleum Bhd (SapKen) shares by Norway-based Seadrill Ltd. The Employees Provident Fund, Lembaga Tabung Haji and Great Eastern Holdings Ltd were the main local institutions that participated in the SapKen stake sale, sources said. - StarBiz
Petaling Tin receives MGO from president: Property developer Petaling Tin Bhd said it has received a mandatory general offer (MGO) from its president Tan Sri Dr Chen Lip Keong to buy out minority shareholders of the company for 24 sen a share. The offer values Petaling Tin at RM83mil. - StarBiz
Sime in talks to sell Singapore properties: Sime Darby Bhd
is in talks with US-based private equity fund Blackstone Group to sell a majority interest in three Singapore properties for S$300mil (RM870mil), a Singapore Business Times report said. - StarBiz
TM to unveil capex for mobility unit soon: The capital expenditure (capex) allocation for Telekom Malaysia Bhd’s (TM) mobility unit “webe” will be disclosed when the sevice is commercially launched, according to TM chief executive officer Tan Sri Zamzamzairani Mohd Isa. - StarBiz
DPS plans JV to develop housing project: Furniture-maker DPS Resources Bhd, which plans to diversify into the construction and property sectors, is proposing to undertake a mixed housing development in Malacca via a joint venture. The group expects the venture to make up at least a quarter of its annual future net profit. - StarBiz
1MDB to comply with Bank Negara: Bank Negara has issued a letter of administrative compound to 1Malaysia Development Bhd (1MDB) for failure to comply with directions issued under the Financial Services Act 2013. 1MDB, in an immediate response, said it would pay the compound. - StarBiz
Eco World plans share placement: Eco World Development Group Bhd has proposed to place out 591.06 million new shares or 25% of its paid-up to raise up to RM768.3mil. The property developer said the shares would be placed out at RM1.30 apiece. - StarBiz
Misif: Unreasonable to blame local mills for steel shortage: It is unreasonable to blame local steel mills for the current shortage of the commodity, as it is due to factors beyond their control, said the Malaysian Iron and Steel Industry Federation (Misif). It said the shortage was mainly due to Chinese steel exporters cancelling their contracts with Malaysian importers, as domestic demand in China had shot up. - StarBiz
Nestle sets aside RM130m for capex this year: Nestle (M) Bhd has allocated RM130mil in capital expenditure this year for product innovation and extension of capacities and automation in its plants. - StarBiz
Westports earnings jump to RM171mil: Westports Holdings Bhd’s net profit for the first quarter soared 42.3% to RM171.1mil from a year ago, as ongoing expansion and modernisation of port operations in Klang boosted its cargo handling capacity. Revenue for the port operator jumped to RM464.7mil from RM398.7mil previously. - StarBiz
Salutica to raise RM62mil from IPO: Salutica Bhd, en route a listing on the Ace market of Bursa Malaysia on May 18, is poised to raise gross proceeds of RM62.4mil of which RM25mil has been earmarked to expand the company’s capacity in the production and creation of high end bluetooth related product range. - StarBiz
Another record profit year for Gadang: Gadang Holdings Bhd’s net profit soared 55.29% to RM25.11 million, or 11.23 sen a share, in the third quarter on improved profit margins from construction activities and higher contributions from its utility division. Its revenue grew 3.67% to RM175.92 million. - Edge FD
Muhibbah proposes to raise RM111.93m via private placement: Muhibbah Engineering (M) Bhd is proposing to undertake a private placement of up to 10% of its issued share capi- tal to third-party investors to raise gross proceeds of up to RM111.93 million. - Edge FD
Pasdec group MD takes leave amid probe: Pasdec Holdings Bhd, said its group managing director DatukMohd Khairuddin Abdul Manan has been granted temporary leave of absence with immediate effect. This is to facilitate completion of the ongoing forensic review by Deloitte Corporate Solutions Sdn Bhd. - Edge FD
Legal tussle between CLIQ and SC to start soon: The legal tussle between CLIQ Energy Bhd and the Securities Commission Malaysia (SC) is set to start soon. The Kuala Lumpur High Court on Thursday fixed May 6 for the hearing of the leave application by Best Oracle Sdn Bhd, which controls a 20% stake in CLIQ, to prevent the liquidation of the special purpose acquisition company. - Edge FD
Astro ventures into the Philippines via Globe Telecom partnership: Astro Malaysia Holdings Bhd is venturing into the Philippines through a strategic partnership with telecommunications company Globe Telecom Inc to further expand its presence in the Asean region. - Edge FD
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