Faux pas: Microsoft bought the troubled phone business in 2014 from Nokia.
MarketWrap: US stocks ended a choppy session on Thursday with a slight decline as investors digested the latest round of earnings, with a sharp drop in telecoms offset by gains in healthcare. - Reuters
The DJIA fell 40.27 points, or 0.22%, to 18,162.35, the S&P 500 lost 2.95 points, or 0.14%, to 2,141.34 and the Nasdaq dropped 4.58 points, or 0.09 %, to 5,241.83.
Forex summary
*The ringgit lost 0.05% to 4.1835 per US$
*It was 0.62% higher at 4.5691 per euro
*Up 0.37% to 5.1225 per pound sterling
*Up 0.34% to 3.0056 per Singapore dollar
*0.64% higher to 3.1921 per Aussie
*Up 0.05% to 4.0203 per 100 yen
Energy
Oil prices settled down more than 2% on Thursday, as a resurgent dollar encouraged players to take profit on the previous day's rally that sent US crude to 15-month highs. Benchmark Brent crude for December delivery settled down US$1.29, or 2.5%, at US$51.38 per barrel. - Reuters
Top foreign stories
Microsoft shares hit high as cloud business flies above estimates: Microsoft Corp said sales of its flagship cloud product doubled in its first quarter, propelling earnings above analysts' estimates and sending its shares to an all-time high, breaking past a level hit in 1999 at the peak of the tech stock bubble. Revenue for its broader "Intelligent Cloud" business rose 8.3% to US$6.38 billion. - Reuters
Tesla says it will roll out Uber-style ride services programme: Tesla Motors Inc is planning to roll out a ride services programme and will announce details next year, the luxury electric vehicle maker said on its website, a service first outlined by chief executive Elon Musk in his master plan in July. - Reuters
Samsung in talks with LG Chem for new smartphone batteries: Samsung Electronics Co Ltd is in talks with LG Chem Ltd to supply batteries for its new smartphones, the Nikkei newspaper reported, citing sources. The companies are discussing ways to supply batteries to Samsung's new smartphones starting next year, the report said. - StarBiz
Top local stories
Reach crosses another hurdle: Special-purpose acquisition company Reach Energy Bhd
could be a step closer to securing shareholder approval for its maiden acquisition of an oil and gas field in Kazakhstan after one shareholder bought out another “yield-seeking” one. On Thursday, close to 118 million shares, or a 9.42% block, crossed hands at 76 sen apiece. Sources said the seller of the block was Hong Kong-based PAG Holdings Ltd and that the buyer is believed to be MTD Capital Bhd. - StarBiz
Halex aborts plan to raise stake in Kensington: Agro-chemical producer Halex Holdings Bhd’s proposal to increase its stake in property developer Kensington Development Sdn Bhd has fallen through after conditions precedent to be satisfied within the stipulated timeframe lapsed. - StarBiz
Public Bank Q3 profit higher at RM1.24b: Public Bank Bhd’s net profit rose by a marginal 3.1% to RM1.24bil in the third quarter mainly due to higher net interest income and income from Islamic banking. Revenue rose to RM5.03bil from RM4.91bil previously, while basic earnings per share increased to 32.06 sen compared with 31.11 sen a year ago. - StarBiz
Johor Biotech eyes RM700mil investments: Johor Biotechnology and Biodiversity Corp is targeting RM700mil of bio-based, bio-technology and bio-industrial investments this year, up from RM670mil in 2015. - StarBiz
MARC issues rating update on Sime Darby debts: In a rating update on Some Darby Bhd, Malaysian Rating Corp Bhd (MARC) said the conglomerate has made steady progress in utilising proceeds from its asset disposal and share placement to pare down its borrowings, which had risen sharply following its acquisition of New Britain Palm Oil Ltd for RM6bil in March 2015. - StarBiz
Ancom cautious about financial performance: Agro and industrial chemicals producer Ancom Bhd remains cautious about its financial year 2017 performance, citing the sluggish global economic outlook and weak oil prices. - StarBiz
Soft consumer sentiment affects Heineken results: Heineken Malaysia Bhd’s pre-tax profit fell 10.9% to RM74.89mil on weaker macroeconomic conditions and soft consumer sentiment. Its revenue contracted 5% to RM384.8mil. - StarBiz
MAS in talks to rent out A380s for pilgrim flights: Malaysia Airlines is in talks to rent out its A380 superjumbos to religious travel groups for Haj and Umrah pilgrimages, its chief executive Peter Bellew said, in a move likely to trim financial losses and dispel some recent gloom over demand for the huge jets. - Reuters
CapitaLand Malaysia Q3 profit falls 21%: Mall operator CapitaLand Malaysia Mall Trust posted a 21% drop in net profit to RM41.54mil for its third quarter, while revenue increased to RM93.51mil from RM90.94mil a year earlier. - StarBiz
Datasonic receives conditional contract worth RM54m: Datasonic Group Bhd which is taking over Percetakan Keselamatan Nasional Sdn Bhd’s role as the main contractor by printing and supplying Malaysian international passports from Dec 1, has been given a conditional contract to supply a minimum of two million polycarbonate data pages with chips for RM54.06mil. - StarBiz
EPF seeks RM1.28b loan: The Employees Provident Fund (EPF) says its subsidiary Kwasa Global is negotiating for a loan of RM1.28 billion with two banks to refinance its assets in the UK to help protect against volatilities in foreign currencies and exchange rates. - Edge FD
F&B prices set to rise in 2017: Prices of food and beverage (F&B) items are likely to rise as a result of subsidies for cooking oil being removed in stages starting next month, said analysts. Kenanga Research analyst Soong Wei Siang said F&B companies are expected to raise prices, if any, in January next year rather than next month. - Edge FD
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