File picture shows Press Metal aluminium smelting plant in Mukah
MarketWrap: US stocks slipped on Thursday led by falls in financial shares and following weak Chinese economic data but a late-day rebound in oil prices limited the day's decline. - Reuters
The DJIA was down 45.26 points, or 0.25%, to 18,098.94, the S&P 500 lost 6.63 points, or 0.31%, to 2,132.55 and the Nasdaq dropped 25.69 points, or 0.49%, to 5,213.33.
Forex summary
*The ringgit gained 0.20% to 4.2040 per US$
*It was 0.20% lower at 4.6485 per euro
*Down 0.35% to 5.1533 per pound sterling
*Up 0.18% to 3.0384 per Singapore dollar
*0.59% lower to 3.1910 per Aussie
*Up 0.26% to 4.0515 per 100 yen
Energy
Oil prices settled higher on Thursday after a US government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks. Brent crude settled up 22 cents, or 0.4%, at US$52.03 per barrel. - Reuters
Top foreign stories
HP Inc to cut 3,000 to 4,000 jobs over next three years: HP Inc, the hardware business of former Hewlett-Packard Co, said it expects to cut about 3,000 to 4,000 jobs over the next three years, sending its shares down 1.3% in extended trading. - Reuters
Samsung expects another US$3b hit to profit from Note 7 failure: Samsung Electronics Co Ltd on Friday said it expects to take a hit to its operating profit of about US$3 billion over the next two quarters due to the discontinuation of its fire-prone Galaxy Note 7 smartphone. The South Korean tech giant said it expected the blow to profit to be in the mid-2 trillion won range in the October-December period and about 1 trillion won (US$900 million) for the first quarter of 2017. - Reuters
PepsiCo nears deal to acquire probiotic drinks company KeVita: PepsiCo Inc is nearing a deal to acquire sparkling probiotic US drinks company KeVita Inc, sources said on Thursday, in the latest push by the carbonated beverage giant to diversify its soft drinks business. - Reuters
Saudi Arabia says plans US$100b tech fund with Japan's Softbank: Saudi Arabia, seeking to develop its economy beyond oil exports, plans to create a global technology investment fund with Japan's SoftBank group that could grow as large as US$100 billion, Saudi state media reported on Friday. - Reuters
Top local stories
Intense negotiations in Reach to woo resisting shareholders: Intense negotiations are ongoing behind the scenes for special-purpose acquisition company Reach Energy Bhd
, as the race to get its 75% shareholder approval ahead of its EGM on Nov 4 looms. The key issue now is whether Reach’s management is able to convince a section of investors – estimated at about 20% of shareholders – to vote “yes” for its qualifying acquisition, and forgo the cash value of the SPAC. - StarBiz
Foreign capital holdings flow out on uncertainty over rates: Foreign ownership of Malaysian Government bonds, which shrank in September for the first time in 12 months, could see capital outflows continuing in anticipation of a cut in the overnight policy rate and a hike in US interest rates after a record high in foreign holdings in August. - StarBiz
Experts: CPO rally likely short-lived: The rally in crude palm oil (CPO) prices is likely to be temporary due to an expected strong pick-up in production next year, capping the upside of CPO prices, experts say.
BBCC developers ink deal with Mitsui Fudosan for RM1.6bil mall: The developers of the Bukit Bintang City Centre (BBCC) project have teamed up with a Japanese real estate giant, Mitsui Fudosan Asia, to open a new retail mall at the former Pudu jail site. The project has an estimated gross development value of RM1.6bil. - StarBiz
CEOs concerned about high labour costs, stagnant yields: The palm oil industry faces major hurdles in light of a tougher operating environment, as well as the uncertain outlook on crude palm oil prices in the immediate term, a seminar was told. Among them is the increasingly high labour costs and lack of improvement in operational yields. - StarBiz
Time for steel industry to consolidate: The Malaysian steel industry is likely to go through a consolidation phase in the next five years, even as the industry slowly picks up the pieces from years of intense competition that has forced prices down. It is estimated there currently are more than 400 steel companies - from large upstream plants to downstream steel centres. - StarBiz
Atlan Q2 profit doubles on weaker ringgit: Atlan Holdings Bhd, a duty free operator, doubled its net profit to RM14mil in the second quarter, boosted by the weaker ringgit. Revenue improved 3.9% to RM199.6mil. - StarBiz
Perodua suggests special incentives for first-time buyers: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) hopes the government will consider including special incentives for first time national vehicle buyers in the upcoming Budget 2017. President/chief executive officer Datuk Dr Aminar Rashid Salleh said the move will will further spur consumer spending. - Bernama
Eonmetall to raise up to RM11.3m via private placement: Eonmetall Group Bhd plans to raise up to RM11.3 million via a private placement of up to 10% of its share capital, which will be used to expand its business operations and for working capital. - Edge FD
Texchem proposes to dispose of Fumakilla stakes for RM80.5m: Texchem Resources Bhd is proposing to dispose of its 30% interest in Fumakilla Asia Sdn Bhd and 26.36% interest in PT Fumakilla Nomos to Japan’s Fumakilla Ltd for a total of RM80.5 million. The proposed disposals will enable Texchem to recognise a net gain of about RM16.7 million at the group level. - Edge FD
Press Metal expects contribution from value-added products to double: Aluminium product maker Press Metal Bhd expects to double the revenue from its value-added products such as alloy wheels and wire rods over the next one to two years, with increased exports to Europe, India and Indonesia. It sees the segment adding some 60% to group revenue from 30% to 40% currently. - Edge FD
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