Hot seat: Alibaba has been accused by brands like Gucci and Yves Saint Laurent, of being a conduit for counterfeiters.
MarketWatch: Wall Street, seeking direction as the S&P 500 has been stuck in a narrow trading range for 12 days, will this week shift its attention from second-quarter corporate earnings reports to economic data. Investors will be looking for signs of economic strength to reinforce the positive direction hit last Friday, when the S&P 500 hit an intraday record high. - Reuters
Energy
Oil prices have steadied after touching three-month lows during a week-long selloff fuelled by a persistent global supply glut, bringing the monthly decline to nearly 15%, the biggest monthly loss in a year for US crude. The September Brent contract, which expired as the front-month, settled at US$42.46 a barrel, down 0.6% on the day and 14.5% lower on the month. That was the biggest monthly drop for Brent since December. - Reuters
Top foreign stories
Uber to invest US$500m in global mapping project: Ride-hailing service Uber has decided to invest US$500 million into an ambitious global mapping project to wean itself off dependence on Google Maps and pave the way for driverless cars, the Financial Times reported on Sunday. The company is ramping up spending on new technologies such as mapping and driverless cars following new investments into the company earlier this year. - Reuters
Chinese consortium agrees to US$4.4b deal for Caesars online games: A Chinese consortium that includes game developer Shanghai Giant Network Technology Co Ltd and e-commerce company Alibaba Group Holding Ltd founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc's online games unit for US$4.4 billion in cash, the companies said. - Reuters
UK firms expect growth to stagnate over next three months: British businesses expect economic growth to grind almost to a halt over the next three months due to weaker investment and consumer confidence after June's vote to leave the European Union, the Confederation of British Industry said on Sunday. The CBI said the outlook was the weakest since December 2012 as the proportion of firms expecting lower output was now 3 percentage points higher than the share expecting growth. - Reuters
Top local stories
Alam Maritim
on Swiber impact: Alam Maritim Resources Bhd will not feel the heat from financial troubles of its partner, Singapore-listed Swiber Holdings Ltd. In fact, Alam Maritim is considering taking over the stake of the troubled-oil and gas firm in a project that the companies are working on. - StarBiz
Wahid outlines his tasks at PNB: Permodalan Nasional Bhd (PNB) chairman Tan Sri Abdul Wahid Omar has been tasked to improve the corporate performance of the fund and its group of companies. Wahid said his mandate also included enhancing bumiputra participation in the business and corporate sector as well as supporting the Government in providing more affordable homes for Malaysians. - StarBiz
RGB eyes new markets in Europe, S. America: Electronic gaming machine and equipment maker RGB International Bhd is eyeing new businesses in Europe and South America, as the company seeks to expand its market reach. - StarBiz
VS Industry wins RM100m job to make water filters: Electronic products maker, VS Industry Bhd, has secured a RM100mil contract to manufacture water filters for NEP Holdings (M) Bhd, a company in which it is buying a 20% stake for RM60mil cash. - StarBiz
Daim’s son appointed Reliance Pacific executive director: Reliance Pacific has appointed Tun Daim Zainuddin’s son Datuk Md Wira Dani Abdul Daim its executive director while Mazmur Capital Sdn Bhd’s See Ah Sing was re-designated as managing director and Tan Sri Dr Samsudin Hitam remained as the group chairman. - StarBiz
Digistar eyes more govt projects: Digistar Corp Bhd is eyeing bigger government information technology (IT) and security contracts, as the company seeks to build up its recurring income base.
Chief executive officer Datuk Lee Wah Chong said the company has already submitted tenders totalling RM1.8bil. - StarBiz
Giant aims to achieve double-digit growth in 2016: GCH Retail (Malaysia) Sdn Bhd, the owner of Giant, hopes to achieve double-digit revenue growth this year following the hypermarket and retailer chains renewed and improved customer shopping experience. - StarBiz
Internet spurs demand for big warehouses: The rapid growth of online businesses is spurring demand for larger warehouses, a segment of the market which most property players have yet to exploit fully. - StarBiz
CIMB-Principal unveils close-ended bond fund: CIMB-Principal Asset Management Bhd has launched the CIMB- Principal Total Return Bond Fund 3, a three- year close-ended bond fund that enables investors to benefit from growth potential in the Asia-Pacific, covering countries such as South Korea, Hong Kong, Indonesia and Australia. - StarBiz
No cause for concern, says Penang: Penang has seen a slew of negative news flow recently, like the twin exits of Seagate Technology Plc and Western Digital Corp, and lower foreign direct investments, but its status as the “Silicon Valley of the East” still stands strong, at least according to some local manufacturers and the state government. - Edge FD
Long-term view by SP Setia amid challenging times in Johor: The high-rise property market in Johor is going through challenging times at present, but SP Setia Bhd is taking the long-term view and is optimistic about the Johor Baru property market. - Edge FD
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