THE OTHER SIDE OF THE STORY: Ericsson said Apple's licence to use technology developed by the Swedish company and used in many smartphones and tablet computers had expired and that two years of negotiations had not led to a new deal.
MarketWrap: US stocks climbed on Thursday, with big tech names leading broad gains, building on strength from a day earlier that was fuelled by the Federal Reserve's decision to stand pat on interest rates. - Reuters
The DJIA rose 98.76 points, or 0.54%, to 18,392.46, the S&P 500 gained 14.06 points, or 0.65%, to 2,177.18 and the Nasdaq added 44.34 points, or 0.84%, to 5,339.52.
Forex summary
*The ringgit lost 0.22% to 4.1185 per US$
*It was 0.08% higher at 4.6148 per euro
*Down 0.07% to 5.3800 per pound sterling
*Up 0.03% to 3.0333 per Singapore dollar
*0.05% higher to 3.1472 per Aussie
*Up 0.13% to 4.0730 per 100 yen
Energy
Oil prices rallied again on Thursday, boosted for a second day by US government data that showed a surprising crude inventory drop, but crude futures pared gains as traders worried that Opec was not nearing an agreement to reduce a global glut. Brent crude futures rose 82 cents, or 1.8%, to settle at US$47.65. The session peak for Brent was US$47.83. - Reuters
Top foreign stories
Maersk Oil eyes Shell's North Sea assets ahead of spin-off: A.P. Moller-Maersk is in talks to buy a portfolio of North Sea assets from Royal Dutch Shell as the Danish group considers adding scale to its oil and gas business ahead of a planned spin off, banking sources said. - Reuters
Wells Fargo CEO resigns from San Francisco Fed's advisory council: Wells Fargo & Co chief executive John Stumpf, under fire over problematic sales tactics, resigned from the Federal Reserve Bank of San Francisco's advisory council on Thursday. - Reuters
Ericsson plans job cuts amid cost drive: Ericsson AB says cost cutting plans that the company had announced previously will lead to job cuts worldwide, as the Swedish company responds to local media reports that it may shut down what’s left of its domestic production and dismiss thousands of employees. - Reuters
Top local stories
FGV sells insurance stake for RM70mil: Felda Global Ventures Holdings Bhd (FGV) has agreed to dispose of its 16% stake in AXA Affin General Insurance Bhd to Affin Holdings Bhd
for more than RM70mil, sources said. The transaction is set to unlock substantial cash for the planter’s coffers, as FGV is currently embarking on a major monetisation push. - StarBiz
Fry: Global palm oil output to recover in H1 2017: Global palm oil production will recover in 2017, increasing by four million tonnes in the first half of next year from the same time in 2016, said leading industry analyst James Fry, after the crop-damaging El Nino weather event reduced output this year. - Reuters
Uber Tech confirms KWAP’s investment: Uber Technologies Inc has confirmed it received an investment from Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Malaysia’s public sector pension fund. - Bernama
DRB-Hicom secures buyer for Singapore mall: DRB-Hicom Bhd’s indirect unit, Hicom Megah Sdn Bhd, has managed to secure a buyer for The Verge commercial development in Singapore. The sale consideration of the leasehold property is S$189.75mil (RM574.85mil), significantly lower than the S$317mil (RM960.35mil) initially sought from the previous potential buyer, Evolutyon Real Estate Investment Holding Pte Ltd. - StarBiz
Good demand for SP Setia upcoming residential tower: Property developer SP Setia Bhd has received strong demand and inquiries about its upcoming luxury residential tower, ViiA Residences, which will be officially launched by the end of this month. - StarBiz
Mida: RM88.4b investments approved in H1: The approved direct investments in the services, manufacturing and primary sectors in the first half of 2016 totalled RM88.4bil, slightly lower than RM125.9bil in the same period last year, said the Malaysian Investment Development Authority (Mida). - Bernama
BLand to buy land from BCity for RM155mil: Berjaya Land Bhd (BLand) is proposing to acquire 871.01 acres in Ulu Selangor from BerjayaCity Sdn Bhd (BCity) in a related-party transaction worth RM155mil. - StarBiz
Malaysia’s transport binge to spur sukuk sales: Top underwriters see Malaysian corporate sukuk sales rebounding from a four-year low as the Prime Minister ramps up spending to boost an economy forecast to grow at the slowest pace since 2009. RHB Investment Bank Bhd, the second-biggest arranger of ringgit Islamic debt, sees issuance rising 7% to RM60.2bil in 2016. - Bloomberg
Tropicana Corp expects The Residences to be sold out by end-2017: Property developer Tropicana Corp Bhd is expecting The Residences development in Kuala Lumpur’s golden triangle to be sold out by the end of 2017. With the appreciation of capital in the location, it has received a steady traffic of expatriates and foreign investors into Malaysia. - StarBiz
Bank Negara reserves at US$99.7b: Bank Negara’s international reserves rose RM570mil or US$200mil to RM392.49bil or US$97.7bil at Sept 15 from two weeks ago. - StarBiz
RM2b investments for Johor: Johor will receive investments to the tune of RM2bil from South Korean investors this year making it the biggest investment from that country. Currently, South Korean investments in the state amounted to RM240mil, mostly from players in the petrochemical and metal-based products. - StarBiz
Daya Materials bags RM224m contract from Aspen Group: Daya Materials Bhd’s engineering and construction unit has bagged a RM224 million contract to build retail facilities for Aspen Vision City Sdn Bhd in Batu Kawan, Penang. - Edge FD
Ramsay Sime in talks with China healthcare groups: Ramsay Sime Darby Healthcare Sdn Bhd (Ramsay Sime), a 50:50 joint venture between Sime Darby Bhd and Australia’s largest healthcare group Ramsay Health Care Ltd, is in talks with two healthcare groups in China for an estimated investment of up to US$500 million (RM2.05 billion) in the country. - Edge FD
Limited time offer:
Just RM5 per month.
