Not a threat: Elliott Management Corp clinched the Dell Inc software deal through Evergreen Coast Capital, a new tech-focused private equity wing housed inside the hedge fund. — Reuters
MarketWrap: US stocks dipped on Thursday, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but gains in energy shares limited the decline. - Reuters
The DJIA fell 46.23 points, or 0.25%, to 18,479.91, the S&P 500 lost 4.86 points, or 0.22%, to 2,181.3 and the Nasdaq dropped 24.44 points, or 0.46%, to 5,259.48.
Forex summary
*The ringgit lost 0.69% to 4.0685 per US$
*It was 0.70% lower at 4.5653 per euro
*Down 0.34% to 5.4165 to the pound sterling
*Down 0.33% to 3.0111 per Singapore dollar
*0.29% higher to 3.1120 per Aussie
*Down 1.02% to 3.9828 per 100 yen
Energy
Oil prices surged over 4% on Thursday, with Brent briefly touching US$50 a barrel for the first time in two weeks, after a surprisingly huge drawdown in US crude stocks as Gulf Coast imports slumped to a record low. Brent rose US$2.01, or 4.2%, to settle at US$49.99 a barrel, its highest close in almost three weeks. - Reuters
Top foreign stories
Wells Fargo will pay US$190m to settle customer fraud case: Wells Fargo, The largest will pay US$185 million in penalties and US$5 million to customers that regulators say were pushed into fee-generating accounts they never requested. - Reuters
Google to buy cloud software company Apigee for US$625m: Alphabet Inc's Google said on Thursday it is acquiring cloud software company Apigee Corp in a deal valued at about US$625 million, the tech giant’s latest effort to claim a greater share of the lucrative cloud business. - Reuters
Dell to cut 2,000-3,000 jobs as EMC deal closes: Dell Technologies, which completed the acquisition of data storage company EMC Corp on Wednesday, will cut 2,000-3,000 jobs, Bloomberg reported. Most of the job cuts, mainly in supply chain, marketing and general and administrative divisions, will be in the United States, the report said, citing sources. - Reuters
Mirae Asset Life says made final bid for Prudential's South Korea unit: South Korea's Mirae Asset Life Insurance Co Ltd said on Friday it had submitted a final bid for PCA Life Insurance Co Ltd, an unlisted South Korean unit of British insurer Prudential Plc. Mirae Asset did not disclose details such as the financial terms of its bid. - Reuters
Top local stories
EC: Competitive pricing still the rule: The Energy Commission (EC), which has come under criticism following the award of several power plant projects without tender, said there may be instances where projects are awarded on a direct negotiation basis if it is the Government’s decision. In such cases, the energy sector regulator stressed, it would set stringent requirements on the appointed companies to ensure that the ultimate objective of the competitive pricing for electricity supply in the country is not compromised. - StarBiz
MAS shows steady progress in turnaround plan: Malaysia Airlines Bhd (MAS) is showing steady progress in its turnaround plan and working towards generating more revenue while maintaining stringent cost discipline, says chief executive officer Peter Bellew. - Bernama
LBS and unit ML Glogal ask for trading halt: Property group LBS Bina Group Bhd
and its 51.2%-owned construction unit, ML Global Bhd, have requested a three business-day trading suspension of their shares, from Friday till Wednesday, pending a “material announcement”. - StarBiz
CJ is largest shareholder of Century: Century Logistics Holdings Bhd will see South Korea-based CJ Korea Express Asia Pte Ltd emerging as its single largest shareholder after it bought a 31.44% stake. Founder Datuk Phua Sin Mo and shareholders Datin Lee Lay Hun, Pamela Phua Jo Lyn and Chai Mee Young are disposing of 120.5 million shares to CJ for RM1.45 apiece. - StarBiz
Mixed views on getting property developer loans: The introduction of an initiative that enables property developers to give out loans to buyers at an interest rate of between 12% and 18% has received lukewarm response from the property sector. Analysts, in general, do not view this as a major catalyst to invigorate the slowdown in the sector. - StarBiz
Toyo Ink in final stages of talks on Vietnam power plant: Toyo Ink Group Bhd is in the final stages of discussion with the Vietnamese authorities on a power plant, says managing director Song Kok Cheong. If a deal is reached the printing ink and materials maker expects its Vietnam venture to generate up to US$900mil in annual revenue. - StarBiz
Berjaya Auto unit seeks listing in Philippines: Berjaya Auto Bhd said its 60.4% owned Bermaz Auto Philippines Inc is planning to launch an initial public offering for a listing on the Philippine Stock Exchange. - StarBiz
See Hup to focus on air and sea freight for growth: See Hup Consolidated Bhd will focus on its air and sea freight business to drive growth for the financial year 2017 ending next March. Group managing director Lee Chor Min said the group would provide more integrated logistic solutions for customers in Kuala Lumpur, Penang, and Johor, where it had offices. - StarBiz
Khazanah trimming stake in TNB: Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional Bhd (TNB), two sources familiar with the matter said on Thursday.
Khazanah is looking to sell 82 million shares in TNB, or about 1.5% of the total shares outstand- ing, which could raise up to US$294 million (RM1.18 billion), according to a term sheet seen by the International Financing Review. - Reuters
MARC lowers DRB-Hicom debt rating: Malaysian Rating Corp Bhd (MARC) has downgraded DRB-Hicom Bhd’s senior debt rating due to the conglomerate’s weakened credit metrics that are more in line with the lower rating band. MARC said it downgraded its rating on DRB-Hicom’s Islamic Me- dium-Term Notes programme of up to RM1.8 billion to A+IS from AA-IS. - Edge FD
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