Breakfast briefing: Friday, June 30 (Update)


MarketWatch: Wall Street fell sharply on Thursday, with the S&P 500 and the Dow industrials suffering their worst daily percentage drops in about six weeks, as a recent decline in technology shares deepened and outweighed strength in bank shares. The DJIA fell 167.58 points, or 0.78%, to 21,287.03, the S&P 500 lost 20.99 points, or 0.86%, to 2,419.7 and the Nasdaq dropped 90.06 points, or 1.44%, to 6,144.35. - Reuters

 

Energy

 

Oil futures ended slightly higher on Thursday, extending crude's rally to a sixth straight session after a decline in weekly US crude production temporarily eased concerns about deepening oversupply. Brent crude futures LCOc1 ended up 11 cents at US$47.42 a barrel, after touching a two-week high of US$48.03 earlier in the session. - Reuters

 

Forex summary

*The ringgit gained 0.01% to 4.2930 versus the US$

*It lost 0.09% to 4.9118 versus euro

*Down 0.26% to 5.5894 per pound sterling

*Down 0.09% to 3.1176 per Singapore dollar

*Down 0.31% to 3.3058 per Aussie

*Down 0.26% to 3.8377 per 100 yen

 

Top foreign stories

 

China plans to launch national AI plan: China will launch a series of artificial intelligence (AI) projects and increase efforts to cultivate tech talent as part of a soon to announced national AI plan, the China Daily said on Friday, citing a senior official. The country is focusing on AI as it is seen as a tool to boost productivity and empower employees, the paper said. - Reuters

 

Europe M&A surges but US slows sharply amid uncertainty: Mergers and acquisitions in Europe rose 45% year-on-year to US$234 billion in the second quarter, amid optimism about the region's economic prospects, but global deal-making subsided and the total value of US deals fell sharply due to uncertainty about President Donald Trump's tax reform and deregulation agenda. - Reuters

 

Icahn backs off demand for AIG breakup: Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc, following the company's sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. - Reuters

 

Top local stories

 

Competitive motor insurance premiums: General insurers are expected to see increased competition in the pricing of motor premiums, but the insurance association does not expect a price war. Insurance companies will have flexibility in pricing motor insurance premiums for comprehensive insurance taken by motorists from July 1. StarBiz

 

Jetson wins RM919m contract: KUMPULAN JETSON BHD has secured a contract worth RM919.32mil from MCC Overseas (M) Sdn Bhd for sub-contract works of a mixed development project on Jalan Conlay, Kuala Lumpur. - StarBiz

 

Reach sees turnaround by year-end on better oil prices: Oil and gas (O&G) exploration and production company REACH ENERGY BHD is expecting a turnaround by the end of this year on higher oil prices. CEO Shahul Hamid Mohd Ismail said the company plans to increase production to between 4,000 and 5,000 barrels of oil per day by the end of the year.

 

Aeon to sell land and mall in Cheras for RM88m: Aeon Co (M) Bhd will dispose of 2.83ha of freehold land with a two-storey retail shopping centre known as the AEON Mahkota Cheras Shopping Centre for RM87.8mil to Foremost Wealth Management Sdn Bhd in a move to focus and develop its future retail business. - StarBiz

 

Tasco shareholders approve venture into cold chain business: Tasco Bhd shareholders have approved the company’s proposal to buy Gold Cold Transport Sdn Bhd and MILS Cold Chain Logistics Sdn Bhd, paving the way for the logistics firm to venture into cold chain business. It expects its maiden foray into the cold chain business to contribute about 15% to 20% to its revenue for the financial year ending March 31, 2018.

 

Genting Malaysia’s US casino plans face uncertainty: Genting Malaysia’s proposed First Light Resort and Casino project on native American land may face more obstacles as the native American tribe withdrew a request for a review of the land. - StarBiz

 

BCorp returns to the black: Berjaya Corp Bhd (BCorp) posted net profit of RM3.24mil in the fourth quarter, from a net loss of RM368.9mil a year earlier.  Its Revenue fell to RM2.23bil from RM2.48bil previously on lower contribution from the property investment and development. - StarBiz


Business , Breakfast Briefing

   

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