Joining the pack: Toyota has been developing ultra-compact electric vehicles for years but wants to make longer-range models.
MarketWrap: The Nasdaq squeaked out a record high close on Thursday thanks to Amazon.com, while deep drops in Macy's, Kohl's and other department stores weighed on the broader stock market. - Reuters
The DJIA lost 0.21% to end at 19,899.29, the S&P 500 lost 0.08% to 2,269 and Nasdaq rose 0.2% to end at 5,487.94.
Forex summary
*The ringgit gained 0.17% to 4.4780 per US$
*It was 0.57% lower at 4.7439 per euro
*Down 0.88% to 5.5578 per pound sterling
*Down 0.12% to 3.1330 per Singapore dollar
*0.36% lower to 3.2850 per Aussie
*0.33% higher at 3.8757 per 100 yen
Energy
Oil prices rose on Thursday in an up-and-down session, lifted by news that Saudi Arabia had cut production to meet Opec's agreement to reduce output after prices fell on data showing a surprisingly large increase in US gasoline and distillate inventories. Brent crude LCOc1 rose 43 cents, or 0.8%, to settle at US$56.89 a barrel, after hitting a session high of US$57.35. - Reuters
Top foreign stories
Toyota shares slide after targeted by Trump over Mexico plant: Shares of Toyota Motor Corp tumbled on Friday after US President-elect Donald Trump threatened to impose a hefty fee on the automaker if it builds its Corolla cars for the US market at a plant in Mexico. Toyota dropped as much as 3.1% to 6,830 yen in early trade. - Reuters
Samsung Electronics forecasts fourth-quarter profit at over three-year high: Samsung Electronics Co Ltd said on Friday its fourth-quarter profit likely leapt 50% from a year earlier to its highest level in more than three years, beating expectations on strong chip sales and a smartphone rebound. The South Korean technology giant said October-December operating profit was likely 9.2 trillion won (US$7.8 billion), the highest since the third quarter of 2013. - Reuters
Boeing nears US$10.1b order from India's Spicejet: Indian budget airline SpiceJet Ltd is expected to order at least 92 Boeing Co 737 jetliners, as it looks to bolster its presence in the world's fastest growing aerospace market, Bloomberg reported on Thursday. The order could be worth about US$10.1 billion, it said. - Reuters
Bitcoin plunges as much as 20% as Chinese yuan soars: A dramatic rally in digital currency bitcoin came to a spectacular end on Thursday with a plunge of up to 20% as China's yuan rose sharply - further evidence of an intriguing inverse relationship between the pair. - Reuters
Meredith approaches Time Inc over potential merger: Media company Meredith Corp has contacted Time Inc to express intent in a potential merger, Bloomberg reported, citing people familiar with the matter. The interest could rekindle a possible tie-up between the two companies, that died in 2013. - Reuters
Top local stories
MyEG secures another big job: Malaysia’s leading e-government services provider My E.G. Services Bhd (MyEG) has landed another job to handle the renewal of temporary employment pass for foreign workers. The estimated total value of the project is RM553.85mil. - StarBiz
Fed clouds 2017 global sukuk sales outlook for top arranger: Worldwide sales of sukuk will drop in 2017 after rebounding from a five-year low, as higher US interest rates and weaker growth prospects in key markets crimp offerings. Issuance will fall to between US$35bil and US$40bil, says CIMB Islamic Bank Bhd. - Bloomberg
LBS lines up affordable housing in Klang Valley: LBS Bina Group Bhd is targeting a 15% growth in sales to RM1.5bil this year, as it plans to launch a slew of affordable housing projects with total gross development value of RM2.3bil. Managing director Tan Sri Lim Hock San said the company is planning 12 launches comprising 5,543 units. - StarBiz
Amway not ruling more price rises: Amway (Malaysia) Holdings Bhd is not ruling out further price increases of its products this year as the ringgit continues to decline. The direct selling company, which imports 80% of its products from the United States, had increased the prices of its products by 9.3% in 2016 because of the higher import costs, said general manager Michael Duong. - StarBiz
Top Glove sets aside RM220m for capex: Top Glove Corp Bhd will set aside RM220mil for capital expenditure (capex) for the 2017 financial year. Two-thirds of the amount would be used for building new capacity and the balance would be used for automation and refurbishment of existing capacity. - StarBiz
1MDB appoints Parker Randall as auditor: 1Malaysia Development Bhd (1MDB) has appointed Parker Randall as its auditor. Parker Randall is the fourth auditor appointed by 1MDB. - Bernama
Special dividend in the offing for AirAsia investors?: Maybank IB Research senior analyst Mohshin Alias is bullish about AirAsia’s fortunes. He maintains a buy on the stock and predicts a special dividend of 40-50 sen a share after the sale of Asia Aviation Capital. - StarBiz
Falcon Bank’s ex-Singapore branch manager slapped with 16 1MDB-related charges: Singapore authorities have charged Falcon Private Bank’s former Singapore branch manager, Swiss national Jens Sturzenegger, with 16 offences relating to Singapore’s probe into Malaysian state fund, 1Malaysia Development Bhd (1MDB). Sturzenegger is expected to plead guilty on Jan 11. - The Singapore Straits Times/ANN
CIMB: Bandar Malaysia jobs worth up to RM50b: Opportunities for construction and infrastructure works worth up to RM50bil are up for grabs, as Bandar Malaysia plans to roll out the transit-oriented development and launch project tenders in 2017, says CIMB Research. - StarBiz
QSR Brands to open 30 more KFC outlets: QSR Brands (M) Holdings Sdn Bhd is planning to expand its KFC business by adding up to 30 new outlets nationwide this year. - Bernama
Mexter offers health tracking solution: Mexter Technology Bhd signed a five-year agreement with CHIEF Solutions Sdn Bhd and UMCH Technology Sdn Bhd to bring to the market a fitness and health tracking solution developed by University of Malaya (UM). The Mexter Home Care solution is targeted at corporations, property developers and consumers, both locally and within the region. - StarBiz
Paramount Blossom teams up with China firms: Construction company Paramount Blossom Sdn Bhd has teamed up with China-based Fujian Hexinyuantong Investment Co Ltd and China Railway Liuyuan Group Co Ltd to develop a former clubhouse and golf course in Rasah, Negri Sembilan into a residential development with a gross development value of about RM650mil. - StarBiz
Palm oil stockpiles likely to have fallen: Palm oil stockpiles in Malaysia likely fell last month for the first time since August as production in the world’s second-largest grower dropped by the most in almost a year. Stockpiles fell 2.4% from November to 1.62 million tonnes, a poll shows. - Bloomberg
ACCCIM says it never agreed to EMC: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) on Thursday denied it agreed to the implementation of the Employer Mandatory Commitment (EMC), which came into force on Jan 1. - Edge FD
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