It was reported that this was the sixth medical technology-related deal for Accuron Medtech Group, a division within Accuron Technologies, in the last 2
MarketWrap: Wall Street dropped on Thursday, weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank. - Reuters
The DJIA slid 1.07% to 18,143.45 points at the close - its sharpest decline since Sept 13 -, the S&P 500 lost 0.93% to end at 2,151.13 and the Nasdaq dropped 0.93% to 5,269.15.
Forex summary
*The ringgit lost 0.59% to 4.1475 per US$
*It was 0.65% lower at 4.6496 per euro
*Down 0.45% to 5.3765 per pound sterling
*Down 0.48% to 3.0365 per Singapore dollar
*0.11% lower to 3.1629 per Aussie
*Down 0.50% to 4.1011 per 100 yen
Energy
Oil jumped more than 1% on Thursday, with Brent nearing US$50 a barrel on optimism over Opec's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global crude glut. Brent crude settled up 55 cents, or 1.1%, at US$49.24 a barrel. It hit a three-week high at US$49.81. - Reuters
Top foreign stories
US economy less sluggish in second quarter: US economic growth was less sluggish than previously thought in the second quarter as exports grew more than imports and businesses raised their investments, hopeful signs for the economic outlook. Gross domestic product expanded at a 1.4% annual rate, the Commerce Department said on Thursday in its third estimate of GDP. - Reuters
Shareholders approve Temasek buyout of Singapore rail operator: Minority shareholders of Singapore's main rail operator SMRT Corp Ltd voted overwhelmingly on Thursday in favour of Temasek Holdings' S$1.18 billion (US$866 million) bid to take full control of the company. Of the shareholders present at the meeting, 84.8% voted in support of the buyout, SMRT said. - Reuters
UN: Asia powers 4% rise in world tourism in first half: International tourism grew 4.0% in the first half of this year, with Asia posting the strongest growth, the World Tourism Organisation said Thursday. At around 561 million, the number of international tourists surged 21 million between January and June compared to the same period a year earlier, it said. - AFP
Fosun invests in US$6.9bil China high-speed rail project: Fosun Group said it will become the first private Chinese company to own a bigger stake than the government in a high-speed railway project, after agreeing to invest in a 46.2 billion yuan (US$6.9bil) venture. - Reuters
Top local stories
Short-term gains for O&G-related stocks: Analysts expect only a short-term gain for oil and gas (O&G)-related stocks in the wake of Organisation of the Petroleum Exporting Countries’ (Opec) agreement to cut production for the first time in eight years, saying oil price recovery will take time. - StarBiz
Bursa rejects Lion Corp’s regularisation plan: Bursa Malaysia has rejected the regularisation plan of steel miller Lion Corp Bhd, putting the stock at risk of being delisted on Oct 12 if the company does not appeal against it on or before the Oct 7 deadline. - StarBiz
CIMB unit in Vietnam formally gets banking licence: CIMB Bank (Vietnam) Ltd, a unit of CIMB Bank Bhd, has officially received its banking licence from the Vietnamese central bank. The licence allows CIMB Vietnam to offer a full range of commercial and retail banking products in the country. - StarBiz
Sime Darby sells entire stake in SDP Alexandra: Sime Darby Bhd
has disposed of its entire equity interest in Sime Darby Property (Alexandra) Pvt Ltd (SDP Alexandra) to Aster Investment Holding Pte Ltd for S$82.5mil (RM249.2mil) cash. - StarBiz
EPF defends Duke Highway buy: The Employees Provident Fund (EPF) has defended its purchase of the concessionaire for the Duta-Ulu Klang Expressway (Duke), saying “the valuation for the 40% stake was derived from the extension of Duke 1’s toll concession from 34 years to 54 years with a 10-year extension option.” It said it also took into account the valuation of the new Duke Phase 2 that is due to be completed in mid-2017. - StarBiz
Pension fund plans to invest more in private equity, property: The Employees Provident Fund is looking to diversify its investment portfolios in a bid to boost returns, says chief executive officer Datuk Shahril Ridza Ridzuan. It plans to invest more in private equity, property and infrastructure, he said. - StarBiz
Bursa freezes Teck Guan’s upper limit share price: Bursa Malaysia has frozen the upper limit share price of cocoa planter Teck Guan Perdana Bhd, whose shares hit limit up two days in a row after having risen 67% since the beginning of the week. Bursa said the upper limit was set at RM1.78. - StarBiz
PRG proposes to list manufacturing business in HK: Property firm PRG Holdings Bhd is proposing to list its manufacturing business on the growth enterprise market of the Stock Exchange of Hong Kong. - StarBiz
SC charges ex-Patimas directors with causing wrongful loss: The Securities Commission (SC) on Thursday charged four former directors of Patimas Computers Bhd with 10 counts of causing wrongful loss to the company. Managing director Law Siew Ngoh, deputy executive chairman Yap Wee Hin, and executive directors Robert Daniel Tan Kim Leng, and Ng Back Heang, all pleaded not guilty in the Sessions Court. - Edge FD
Mercedes-Benz unveils two new models: Mercedes-Benz Malaysia unveiled two new models yesterday. Both cars — the C-Class Cabriolet and SLC Roadster will be added to the company’s Dream Cars Collection. The collection now has six other range-topping models, all of which are fully imported. - Edge FD
Hiap Teck logs profit for second straight quarter: Hiap Teck Venture Bhd posted a net profit of RM7.88 million in the fourth quarter versus a net loss of RM68.66 million a yer earlier. Revenue fell 17% to RM260.54 million mainly due to a lower sales volume from both the trading and manufacturing divisions. It proposed a final dividend of 0.3 sen per share for the financial year ended July 31, 2016. - Edge FD
Cheah resigns as Sunway REIT chairman: The manager of Sunway Real Estate Investment Trust (Sunway REIT), Sunway REIT Management Sdn Bhd, has announced that its non-independent and non-executive chairman, Tan Sri Jeffrey Cheah Fook Ling, will resign effective Friday. He will be succeeded by Tan Sri Ahmad Mohd Don, the company’s senior independent non-executive director. - StarBiz
YFG directors ousted at EGM: YFG Bhd’s largest shareholder, General Technology Sdn Bhd, has succeeded in removing six of the company’s directors, including managing director Lim Chong Ling and chairman Dr Roslan A. Ghaffar, at an EGM on Thursday that it and another shareholder had called for. - StarBiz
Limited time offer:
Just RM5 per month.
