Breakfast briefing: Tuesday, September 12 (Update)


SAN JOSE, CA - APRIL 18: A view of the booth demonstrating Facebook Spaces at Facebook's F8 Developer Conference on April 18, 2017 in San Jose, California. Facebook CEO Mark Zuckerberg delivered the opening keynote at the F8 Developer Conference that runs through April 19. Justin Sullivan/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

MarketWatch: The S&P 500 surged over 1% to a record high close on Monday as tropical storm Irma caused less damage than expected in Florida, and after North Korea did not test-fire missiles over the weekend, which some had feared. The DJIA rose 1.19% to end at 22,057.37 points in its largest one-day gain since February. The S&P 500 gained 1.08% to 2,488.11 and the Nasdaq added 1.13% to 6,432.26. - Reuters

 

Energy

 

Oil prices rose on Monday as key US refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel. Brent crude oil futures settled up 6 cents, or 0.1%, to US$53.84 a barrel. - Reuters

 

Forex summary

*The ringgit lost 0.14% to 4.2040 versus the US$

*Up 0.32% to 5.0288 versus euro

*Down 0.09% to 5.5405 per pound sterling

*Up 0.07% to 3.1241 per Singapore dollar

*Up 0.28% to 3.3674 per Aussie

*Down 0.25% to 3.8467 per 100 yen

 

Top foreign stories

 

Western Digital-led group wins bid for Toshiba chip unit: Toshiba Corp has decided to sell its memory chip unit to a group led by Western Digital Corp for about 2 trillion yen (US$18.29 billion), Japan’s Nikkan Kogyo newspaper said, without citing sources. The company plans to take a decision on Sept 13 and make the decision official on Sept 20, the report said. - Reuters

 

Teva to sell contraceptive brand Paragard in US$1.1b deal: Teva Pharmaceutical Industries on Monday agreed to sell its contraceptive brand Paragard to a unit of Cooper Cos for US$1.1 billion, on a day the struggling Israeli drugmaker named industry veteran Kare Schultz as CEO. - Reuters

 

BP files for IPO of US Midwest, Gulf Coast pipeline assets: British energy company BP on Monday filed for an initial public offering of its US Midwest and Gulf Coast pipeline assets. BP Midstream Partners LP, the master limited partnership formed by BP's US pipeline unit, plans to list on the New York Stock Exchange. - Reuters

 

Facebook fined US$1.4m by Spanish data watchdog: Facebook has been fined 1.2 million euros (US$1.4 million) for allegedly collecting personal information from users in Spain that could then be used for advertising, the national data protection watchdog said on Monday. The fine stemmed from an investigation into the social network company conducted alongside similar probes in Belgium, France, Germany and the Netherlands, the AEPD authority said. - Reuters

 

Top local stories

 

Pentamaster’s PIL valued at RM321m: Pentamaster Corp Bhd is planning to list its most profitable subsidiary, valued at RM321mil, on the main board of the Hong Kong Stock Exchange to raise funds for the expansion of its smart home applications and Internet of things (IoT) business. The proposed IPO involves the sale of a 23% stake in Pentamaster International Ltd (PIL) at a price to be determined at a later date. - StarBiz

 

Malaysia palm oil stockpiles up in AugustMalaysian palm oil stockpiles climbed again in August, but did not breach the two-million-tonne mark due to stronger-than-expected exports of the commodity. Inventories rose 8.79% from July to 1.94 million tonnes, data from Malaysian Palm Oil Board showed, the highest level since February 2016. - Reuters

 

Investors cheer Azhar's appointment as FGV chairman: The market reacted positively to the appointment of former Malakoff Corp Bhd managing director Datuk Wira Azhar Abdul Hamid as the new chairman of Felda Global Ventures Holdings Bhd (FGV). Shares in the plantation giant closed seven sen up or 4.27% higher to RM1.71 on Monday, with 19 million shares done. - StarBiz

 

MAHB airports record 7.8% passenger traffic growth in August: Malaysia Airports Holdings Bhd’s (MAHB) network of airports, including Istanbul Sabiha Gokcen International Airport, grew by 7.8% in August with 11.4 million passenger movements compared with a year earlier. MAHB said international traffic recorded 5.5 million pas- sengers with a year-on-year increase of 15.8%, while domestic traffic rose by 1.3% to 5.9 million passengers. - Bernama

 

Senior management named for Sime’s pure plays: Sime Darby Bhd announced the full line-up of the new boards and senior leadership for its plantation and property divisions, ahead of the listing of its two pure plays. The company also said applications for the proposed listing were submitted to the Securities Commission on Monday. - StarBiz

 

Affin sees stronger loan growth in H2: Affin Holdings Bhd expects loan growth in the second half to come in stronger compared to the first half. CEO Kamarul Ariffin Mohd Jamil said it saw a loan growth of 2.5% in the first half and anticipated full-year growth to be at least 6%. - StarBiz

 

George Kent bags second HK water meter job: George Kent (M) Bhd, via subsidiary George Kent International Pte Ltd, has clinched a second RM28.72mil contract to supply and deliver 650,000 water meters to Hong Kong’s Water Supplies Department. - StarBiz

 

Bermaz Auto Q1 net profit slides 51%: Bermaz Auto Bhd’s net profit for the first quarter fell 50.8% from a year ago to RM20.2mil on lower sales and intense competition, as well as lower contribution from an associate. Revenue slid 20.7% to RM391.2mil. Bermaz recommended a first interim single-tier dividend of 1.5 sen per share for the financial year ending April 30, 2018. - StarBiz

 

SC appoints Kamarudin executive director: The Securities Commission (SC) has appointed Kamarudin Hashim as executive director of the market and corporate supervision business group. Kamarudin’s new role will entail institution supervision, corporate surveillance, market surveillance and risk analysis departments. - StarBiz

 

Ibraco wants to buy land near NPE for RM37m: Sarawak property developer Ibraco Bhd has proposed to acquire four plots of vacant leasehold land located along the New Pantai Expressway (NPE) for RM37.44mil, in a move to expand into Peninsular Malaysia. It said the land, measuring 15,811.66 sq m, was approved for mixed commercial development, but the company plans to apply for a new development order. - StarBiz

 

Tan King Tai ceases to be substantial shareholder of Pensonic: Tan Sri Tan King Tai has ceased to be a substantial shareholder of electrical and electronic appliance maker Pensonic Holdings Bhd. Tan, who is a Pensonic executive director, sold his direct 2.783% stake in the company for RM2.24mil, reducing its holding to 2.477%. - StarBiz

 

Factory output rose more than expected in July: Malaysia’s factory output grew more than expected in July with a strong boost from shipments of electrical and electronics as well as petroleum and petroleum-related products. The provisional data from the statistics department showed the industrial production index (IPI) rose 6.1% in July versus market expectations of a 5.1% increase. - StarBiz

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