THE OTHER SIDE OF THE STORY: Ericsson said Apple's licence to use technology developed by the Swedish company and used in many smartphones and tablet computers had expired and that two years of negotiations had not led to a new deal.
Energy
Brent crude was 0.08% lower to US$48.38 per barrel at 3.39pm.
Forex
Ringgit up 0.04% to 4.2863 versus the US dollar at 3.47pm.
Top foreign stories
China’s property market slows in June as top-tier cities cool: China’s home price growth slowed slightly in June as government efforts to keep prices in check weighed on larger cities though smaller cities maintained rapid growth. Compared with a year ago, average new home prices in China’s 70 major cities rose 10.2% in June, decelerating from May’s 10.4% gain. — Reuters
Australia’s central bank sees more ‘positives’ in domestic, world economy: Australia’s central bank has turned more upbeat on the economic outlook, citing an improving labour market, stronger public investment and a pick up in household consumption. The mood was clearly brighter, with the word ”positive” appearing repeatedly in the five-page minutes of the Reserve Bank of Australia’s (RBA) July meeting and catapulting the local dollar to a more than two-year high of US$0.7905. — Reuters
Japan’s Idemitsu to proceed with share sale after court rejects family petition: Idemitsu Kosan Co said it would proceed with a US$1.1 billion sale of new shares, after a court rejected the founding family’s petition to block the stock offering, potentially clearing the way for a takeover of Showa Shell Sekiyu. — Reuters
Ericsson steps up restructuring on new quarterly loss: Weaker than expected second-quarter sales and profits in a poor growth climate prompted Swedish telecoms giant Ericsson to announce fresh cost-cutting measures on Tuesday. Ericsson posted a fourth straight quarterly loss in unveiling April to June figures of 1.0 billion kronor (US$121 million) on sales dropping 8% to 49.9 billion kronor, dipping beneath analysts’ forecasts of 50.5 billion. — AFP
Top local stories
SC reviewing due diligence guidelines: The Securities Commission (SC) is reviewing its due diligence guidelines to enhance effectiveness in the evaluation of corporate proposals, said deputy chief executive Datuk Ahmad Fairuz Zainol Abidin. The revised guidelines would provide clarity on standards and expectations, as well as the accountability of the parties involved. — Bernama
Mustapa: TPPA negotiations likely to conclude in November: Negotiations on the Trans-Pacific Partnership Agreement (TPPA) are still ongoing and likely to see a conclusion in November this year during the Asia- Pacific Economic Cooperation (Apec) meeting in Manila, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. — Bernama
Ekovest launches KL River City project: Ekovest Bhd launched on Tuesday the KL River City project which is set to revive and transform the northern part of Kuala Lumpur. At the midday break, shares the construction company rose eight sen to RM1.13 while its warrants gained eight sen to 78.5 sen. — StarBiz
Tax expert: New GST initiative will attract more investments: The introduction of the zero-rated goods and services tax (GST) would help attract more investments and increase job opportunities, said tax expert Senthuran Elalingam. Senthuran, who is Deloitte Malaysia Indirect Tax Partner, said the move would also reduce the costs of operations, especially for foreign multinationals. — Bernama
TNB extends acquisition period for SPG’s 51% stake: Tenaga Nasional Bhd
(TNB) has agreed to grant an extension of 30 days for SIPP Energy Sdn Bhd to fulfil conditions precedent to the agreement to purchase a 51% stake in Southern Power Generation Sdn Bhd. — StarBiz
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