- EPA
MarketWrap: Wall Street rallied 1% on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and ho-hum economic data that further dimmed expectations for an interest rate hike next week. - Reuters
The DJIA jumped 0.99% to end the day at 18,212.48 points, the S&P 500 rallied 1.01% to 2,147.26 and the Nasdaq climbed 1.47% to 5,249.69.
Forex summary
*The ringgit gained 0.13% to 4.1322 per US$
*It was 0.28% higher at 4.6451 per euro
*Up 0.16% to 5.4689 to the pound sterling
*Down 0.02% to 3.0328 per Singapore dollar
*0.11% lower to 3.1015 per Aussie
*Up 0.01% to 4.0521 per 100 yen
Energy
Oil prices rose about 1% or more on Thursday after tracking a rally in gasoline futures sparked by a delayed restart of the main gasoline line at Colonial Pipeline, the No. 1 carrier for the motor fuel in the United States. Brent crude futures LCOc1 settled up 74 cents, or 1.6%, at US$46.59 a barrel, after a session high at US$47. - Reuters
Top foreign stories
Wells Fargo shareholders seek changes after accounts scandal: Activist shareholders of Well Fargo & Co said on Thursday they had filed resolutions raising the prospect of deep changes at the bank in the wake of a fake accounts scandal that has knocked billions of dollars off the institution's market capitalisation. - Reuters
Deutsche Bank says US DoJ asks it to pay US$14b to settle mortgages case: The US Department of Justice is asking Deutsche Bank to pay US$14 billion to settle an investigation into its selling of mortgage-backed securities, Germany's flagship lender said on Friday. - Reuters
Obama to meet business, government leaders on TPP trade deal: President Barack Obama will meet with a group of business and government leaders on Friday morning to discuss the economic and security benefits of the proposed Trans-Pacific Partnership trade pact, the White House said. - Reuters
US retail sales, factory output slump; third-quarter growth forecast cut: US retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, while other data on Thursday showed a drop in manufacturing output last month. In the wake of the dour reports, the Atlanta Fed lowered its third-quarter GDP estimate by three-tenths of a percentage point to a 3% annual rate. - Reuters
Top local stories
Axiata says not under regulatory pressure to divest assets: Axiata Group Bhd
has no immediate plans to sell stakes in its prized assets in the region and will do so “only when the time and price is right”, a company official said. Axiata was not under any regulatory pressure to sell down its stakes in any of the regional assets it owns. - StarBiz
Malaysian palm export tax to dampen demand, but output under pressure: A hike in Malaysia's crude palm oil export tax for October is expected to dampen already weakening demand for the tropical oil, but likely below-average output in coming months could support prices. - Reuters
Malaysian palm export tax to dampen demand, but output under pressure: A hike in Malaysia's crude palm oil export tax for October is expected to dampen already weakening demand for the tropical oil, but likely below-average output in coming months could support prices. - Reuters
CLIM to vote against re-election of ICAP director: City of London Investment Management (CLIM) has informed the board of icapital.biz Bhd (ICAP) that intends to vote against the re-election of Leong So She at ICAP’s AGM on Sept 24. - StarBiz
MyEG to buy seven stories in office tower for RM44.3mil: My E G Services Bhd (MyEG), an e-Government services provider, has proposed to acquire seven stories in officer tower Empire City@Damansara for RM44.29mil. - StarBiz
Telenor considers options for stake in Digi: Telenor ASA is reviewing options for its stake in Digi.com Bhd, which is grappling with intense domestic competition, sources said. The Norwegian phone carrier may explore a joint venture with Asian carriers or a sale of its stake if it doesn’t find the right partner, the people said. - Starbiz
Apex Healthcare building RM68mil plant in Malacca: Pharmaceutical group Apex Healthcare Bhd is building an RM68mil new manufacturing plant at its existing production site in Malacca. The new factory, when completed in early 2018, will double the size of its production floor space. - StarBiz
MAHB in talks with Govt, airline operators on KLIA expansion: Malaysia Airports Holdings Bhd (MAHB) is in talks with the Government and airline operators on the proposed expansion of the KL International Airport (KLIA). Managing director Datuk Badlisham Ghazali said although the plan was not a ‘big bang’ approach there was still a requirement to add more aircraft stands at the airport, which handled 49 million passengers last year. - Bernama
Bursa plans Indonesia syariah stock trading link: Bursa Malaysia is discuss- ing a tie-up with Indonesia’s bourse and plans further alliances to mobilise funds targeting the world’s almost US$12 trillion in syariah-compliant equities. - Bloomberg
Taisei Lamick launches takeover offer for Maypak: Japan’s Taisei Lamick Co Ltd, which owns 54.95% of Malaysia Packaging Industry Bhd (Maypak), has launched an unconditional mandatory takeover offer for the remaining stake at 65 sen a share. - StarBiz
Get used to challenging environment, says CEO: Businesses can succeed even within the most challenging environment as long as they are able to manage and overcome uncertainty, said Eco World Development Group Bhd chief executive officer and president Datuk Chang Khim Wah. - StarBiz
Billionaire Ambani merges Reliance with Aircel: Billionaire Anil Ambani’s Reliance Communications Ltd will merge with smaller wireless carrier Aircel Ltd in the latest consolidation in India’s telecom- munications industry. Both Reliance and Maxis Communications Bhd, which controls Aircel’s parent, will have equal stake and representation in the entity. - Bloomberg
Property developer lending can add risk, says Fitch: The decision to grant lending licences to property developers can add to the risks associated with rising household debt, says Fitch Ratings. The scheme is likely to encourage unregu-ated lending to households with weak financial profiles and undermine the strength of the financial system if not implemented prudently, it said. - Bernama
Limited time offer:
Just RM5 per month.
