Flawed cars: The model 60 and 70 series cars owners were told to take their vehicles to dealers to correct software faults.
MarketWrap: US stocks ended up slightly on Thursday as Brent oil's rise above US$50 a barrel boosted energy shares and an upbeat outlook lifted Wal-Mart to a 14-month high. - Reuters
The DJIA gained 23.76 points, or 0.13%, to 18,597.7, the S&P 500 added 4.8 points, or 0.22%, to 2,187.02 and the Nasdaq rose 11.49 points, or 0.22%, to 5,240.15.
Forex summary
*The ringgit gained 0.09% to 3.9930 per US$
*It was 0.06% lower at 4.5281 per euro
*Up 0.19% to 5.2501 to the pound sterling
*Up 0.09% to 2.9784 per Singapore dollar
*0.51% higher to 3.0605 per Aussie
*Up 0.60% to 3.9772 per 100 yen
Energy
Oil prices rose on Thursday for a sixth straight day, with Brent crude rising above US$50 for the first time in six weeks as the world's biggest producers prepared to discuss a possible freeze in production levels. Brent ended the session up 2.09% at US$50.89. The session high of US$51.05 was its highest since June 23. - Reuters
Top foreign stories
Fed's Williams says rate hike makes sense: San Francisco Federal Reserve Bank President John Williams on Thursday joined a growing chorus of his colleagues signalling support for a US interest rate hike in coming months, saying that waiting too long could be costly for the economy. - Reuters
Uber buys self-driving truck startup Otto; teams with Volvo: Ride service Uber Technologies Inc said on Thursday it acquired self-driving trucks startup Otto and formed a US$300 million alliance with Volvo Car Group to develop self-driving cars. - Reuters
Short-sellers smell blood as Japan Inc wounded by accounting scandals: Short-sellers who made their names and fortunes wiping billions off Chinese and South-East Asian companies are setting their sights on Japan after a series of accounting scandals amplified concerns about weak corporate governance there. - Reuters
Top local stories
Towerpack’s Yeoh buying 59% stake in Alcom
: Prominent corporate figure Yeoh Jin Hoe, through his investment vehicle Towerpack Sdn Bhd, is buying a 59.16% stake in aluminium rolled products maker Aluminium Company of Malaysia Bhd (Alcom) for RM47.72mil or 61 sen a share in an all-cash deal. - StarBiz
Ekuinas divests stake in Alliance Cosmetics: Ekuiti Nasional Bhd (Ekuinas) has divested its entire 20% equity stake in Alliance Cosmetics Group to Navis Capital Partners for RM61.8mil. - StarBiz
Benalec, Salcon abort talks on Tg Piai water infrastructure: Benalec Holdings Bhd and Salcon Bhd have called off talks on the proposed water supply and sewerage treatment infrastructure in the Tanjung Piai Integrated Petroleum and Maritime Industrial Park in Johor. - StarBiz
Damansra Realty wins RM124m job from Petronas: Damansara Realty Bhd has secured a contract worth RM124mil from Petroliam Nasional Bhd (Petronas) for the operation and maintenance of the Rapid Temporary Executive Village and Rapid Temporary Management Office in Pengerang, Johor. - StarBiz
Magnum net profit dips to RM22mil in second quarter: Magnum Bhd reported a lower net profit of RM21.84mil for the second quarter on lower contribution from the gaming division arising from exceptionally high payouts. It posted RM647.13mil in revenue. - StarBiz
Kinsteel served with winding-up petition: Steel manufacturer Kinsteel Bhd has been served with a winding-up petition by Messrs Chan & Associates acting for Jambangan Untung Sdn Bhd that will be heard in the Kuantan High Court on Nov 3. The company said Jambangan has made a claim of RM483,004.10. - StarBiz
CLIQ Energy faces shareholder revolt: A substantial shareholder of CLIQ Energy Bhd, a special-purpose acquisition company, is rallying other shareholders to vote against all resolutions in the upcoming shareholders’ meeting. The shareholder meeting is scheduled for Sept 1. - StarBiz
Pos Malaysia shareholders approve DRB-Hicom waiver: Pos Malaysia Bhd shareholders have approved DRB-Hicom Bhd’s waiver from having to make a general offer for the rest of Pos Malaysia shares. - StarBiz
Two blocks of Yen Global shares crossed at RM1: Two blocks of Yen Global Bhd shares, equivalent to a 5.9% stake, iwere crossed at RM1 on Thursday, indicating there could be a new major shareholder could be emerging in the company. It isn’t clear which party acquired this block although the deal comes shortly after the entry of two new parties in the company. - StarBiz
BLand in talks with Vietnam on university township project: Berjaya Land Bhd (BLand) said it is in negotiations with the Vietnamese Northwest Management Area Authority to revise the master plan on part of 925ha comprising 250ha in Ho Chi Minh City that has been allocated for the university township. - StarBiz
Gabungan AQRS wins RM508mil subcontract work: Gabungan AQRS Bhd has secured a RM508.22mil subcontract work to complete bridge structure works for the Sungai Besi-Ulu Kelang Elevated Expressway from Syarikat Muhibah Perniagaan Dan Pembinaan Sdn Bhd. - StarBiz
Fitch affirms Malaysia’s ratings with stable outlook: Fitch Rating has affirmed Malaysia’s long-term foreign- and local-currency issuer default ratings at A- with a stable outlook. It also affirmed A- and F1 for Malaysia’s senior unsecured foreign and local-currency bonds. - StarBiz
Wira Dani declared bankrupt: Datuk Md Wira Dani Abdul Daim, who just recently got appointed as Reliance Pacific Bhd executive director, has been declared a bankrupt by the high court of Singapore. Reports say the son of former finance minister Tun Daim Zainuddin failed to settle some S$1.65mil (RM4.9mil) in debts that he owed Maybank Kim Eng Securities. - StarBiz
Financing for mid-corporate and SMEs to drive AMMB profit this year: Financing for mid-corporate and small and medium enterprises (SMEs) will be a key contributor to AMMB Holdings Bhd’s profits this year. The bank’s corporate segment continues to be a major contributor, accounting for about 60% of profit. - StarBiz
Matrix Concepts sees double-digit growth: Property developer Matrix Concepts Holdings Bhd, which registered a sterling performance in its last financial year, expects to chalk double-digit growth for the current year despite weak sentiment in the sector. It expects robust sales from the Bandar Seri Sendayan in Seremban and the Bandar Seri Impian project in Kluang. - StarBiz
Dialog Q4 net profit jumps 22.5% to RM78mil: Oil and gas services firm Dialog Group Bhd’s net profit jumped 22.5% to RM77.93mil in the fourth quarter on a 24.4% jump in revenue to RM717.09mil. The company proposed a dividend of 1.20 sen for the quarter. - StarBiz
FY17 loan growth will be below industry average, says AmBank: AMMB Holdings Bhd (AmBank Group), the sixth-largest local banking group by assets, expects loan growth rate for the current financial year ending March 31, 2017 to come in slightly below the industry’s average of 6% to 8%. - Edge FD
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