Looking for buyers: Intel was open to selling part of its venture capital portfolio as a whole or divided by geography or sectors. — Reuters
MarketWrap: The Nasdaq composite rose to a record high close on Tuesday while other major indexes hovered near their own recent all-time highs in a session with thin trading volume.- Reuters
The DJIA rose 3.76 points, or 0.02%, to 18,533.05, the S&P 500 gained 0.85 point, or 0.04%, to 2,181.74 and the Nasdaq added 12.34 points, or 0.24%, to 5,225.48.
Forex summary
*The ringgit gained 0.30% to 4.0155 per US$
*It was 0.15% lower at 4.4724 per euro
*Down 0.08% to 5.2426 to the pound sterling
*Down 0.09% to 2.9908 per Singapore dollar
*0.08% lower to 3.0871 per Aussie
*Down 0.04% to 3.9549 per 100 yen
Energy
Oil prices fell 1% on Tuesday, extending losses in post-settlement trade after preliminary data showed a surprise US crude stockpile build last week, heightening worries about a global petroleum glut. Brent crude LCOc1 settled the session down 41 cents, or almost 1%, at US$44.98 a barrel. - Reuters
Top foreign stories
Disney beats estimates, buys video streaming stake to lure web viewers: Walt Disney Co's quarterly profit and revenue on Tuesday beat analysts' estimates fuelled by movie studio hits, and the media company said it was taking a stake in a streaming video technology company to sell more content directly to consumers. - Reuters
China’s merger watchdog gets tough on clearance dodgers: A week after China's two largest taxi-hailing firms announced plans for a US$35 billion merger, lawyers say China's merger control watchdog is cracking down on companies that don't seek approval for deals, and it wants greater powers to punish them. - Reuters
Intel to buy artificial intelligence firm Nervana Systems: Intel Corp said on Tuesday it would acquire startup Nervana Systems as the world's largest chipmaker bolsters its artificial intelligence capabilities. Nervana will help develop Intel's artificial intelligence portfolio and enhance the deep learning performance of Intel Xeon and Intel Xeon Phi processors, the company said in a blog post. - Reuters
Top local stories
Foreign capital returns: Data published on Bank Negara’s website on Tuesday showed foreign ownership of Malaysian government and corporate bonds in July had risen to a 22-month high of RM240.9bil. This represented an increase of 2.4% from RM235.2bil in the preceding month and about 5% from RM229.5bil in May. - StarBiz
BHIC second-quarter net profit almost triples: Boustead Heavy Industries Corp
Bhd’s (BHIC) second-quarter net profit increased by almost three times to RM25.3mil from RM9.16mil a year ago. Its revenue was lower at RM69.75mil from RM72.92mil a year ago due mainly to conditional approved variation orders for the oil and gas Belum Topside project. - StarBiz
Miti unveils incentives for shipbuilders: Existing and upcoming shipbuilding and ship repair companies in the country are expected to enjoy huge incentives in the form of a new tax exemption introduced by the International Trade and Industry Ministry (Miti). - StarBiz
Sona nominates PwC as joint-liquidator: Sona Petroleum Bhd, which has presented a petition to the High Court to wind up the company, has nominated PricewaterhouseCoopers Advisory Services Sdn Bhd as its joint-liquidator. - StarBiz
The new normal for oil: The new normal for oil is US$50 per barrel, says Bain & Co. It feels that this scenario of prolonged low oil prices will remain for the next five years and predicts the industry will continue to grapple with deleveraging and cash flow issues. - StarBiz
PetChem earnings down on asset write-off: Petronas Chemicals Group Bhd (PetChem)’s earnings fell 17% in its second quarter mainly due to an asset write-off amounting to RM241mil from the cancellation of an elastomers project. Revenue declined 3.1% to RM3.2bil. It declared an interim dividend of seven sen a share. - StarBiz
Pos M’sia on third phase of transformation: Pos Malaysia Bhd, which is now reaching the third phase of its transformation plan, has approved 13 new initiatives to further grow its revenue, said group chief executive officer Datuk Mohd Shukrie Mohd Salleh. - Bernama
Taliworks net profit surges on one-off gain: Taliworks Corp Bhd’s net profit for its second quarter surged more than 700% to RM76.19mil boosted by a one-off gain of RM65.8mil arising from the disposal of its China waste management division. Its revenue rose to RM76.83mil from RM73.30mil a year earlier. - StarBiz
Analysts mixed on MBSB outlook: Analysts are mixed on non-bank lender Malaysia Building Society Bhd’s prospects following its poor results, with some feeling the worst has been priced in, while others feel the company’s prospects will continue to be dampened on the back of continued poor results and the absence of new catalysts. - StarBiz
Knight Frank: Widening gap in property supply and demand a concern: The widening gap between supply and demand remains a concern in the high-end condominium and office markets in Kuala Lumpur and Selangor going into the second half of the year, said property consult- ant Knight Frank. - StarBiz
Taxes on digital business platforms?: While the Government is studying the possibility of imposing a tax on digital business platforms, there is no intention to disrupt small businesses that operate online, says Second Finance Minister Datuk Johari Abdul Ghani. Digital business platforms generate billions of ringgit in revenue, but do not pay taxes as there is no specified tax structure for them. - StarBiz
PetGas names 2 directors: Petronas Gas Bhd (PetGas) has appointed two new directors – Wan Shamilah Wan Muhammad Saidi and Emeliana Dallan Rice Oxley – effective Sept 1. At the same time, two PetGas directors are stepping down. Datuk Rosli Boni, 60, will retire on Sept 1 while Pramod Kumar Karunakaran, 56, has resigned, having been transferred to Project Rapid within the group. - StarBiz
Hibiscus to place out more shares: Fresh from completing its seventh round of share placement that enlarged its share base by 25% last month, Hibiscus Petroleum Bhd has proposed another fundraising exercise that consists of 82.31 million placement shares or 6.05% of its issued share capital. - Edge FD
Sarawak remains a key investment state, says Petronas: Petroliam Nasional Bhd (Petronas) says Sarawak remains its key investment state, and that it had engaged with the state government at various levels before the latter announced a moratorium on applications for work permits for Petronas personnel from outside the state. - Edge FD
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