Breakfast briefing: Monday, October 2

  • Business
  • Monday, 02 Oct 2017

Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., Sept 8, 2017. - Reuters

MarketWatch: US investors are not rewarding companies for generating good earnings consistently, opting instead for a stock-picking strategy that might be called “growth at a high cost.” High-quality stocks selected for their strong balance sheets and stable earnings have appreciated just 12% this year, according to Goldman Sachs Group Inc, while the broader S&P 500 benchmark index has returned 13.8%. - Reuters


Top foreign stories


Blow for India's RCom as wireless unit merger with Aircel collapses: Embattled Indian telecom company Reliance Communications Ltd faced another setback on Sunday after a deal to merge its wireless business with smaller rival Aircel was called off, raising fresh doubts about its debt repayment plans. The company, widely known as RCom, said it had agreed with Aircel to call off the proposed deal due to regulatory delays and legal uncertainties. - Reuters


EU e-bike makers protest against Chinese imports: European producers of electronic bikes (e-bikes) have filed a complaint with the European Commission against cheap Chinese e-bike imports, saying that they are sold in the bloc at excessively low prices with the help of unfair subsidies. The Commission has until late October to determine whether to start an investigation. - Reuters


Saudi market regulator loosens asset management rules: Saudi Arabia's markets regulator loosened its rules for licensing asset management and other investment firms on Sunday, according to a presentation by senior officials at the Capital Market Authority. Minimum net assets required to be considered an "investment company" were reduced to 10 million riyals (US$3 million) from 50 million riyals (US$13 million), according to a statement handed out during the presentation. - Reuters


Disney, Altice reach deal that avoids ESPN blackout: Walt Disney Co and cable operator Altice USA reached a tentative programming deal that keeps ESPN and other channels on the Optimum cable service as the two sides finalise details, the companies said on Sunday. - Reuters


WSJ: Equifax reviews its top lawyer's role in executive stock sales: Equifax Inc is reviewing its chief legal officer John Kelly’s involvement in stock sales by company executives made weeks before the credit-reporting service disclosed a massive data breach, the Wall Street Journal reported on Sunday. Three senior executives including the company’s chief financial officer sold US$1.8 million in shares within three days of the company learning on July 29 that hackers had breached personal data for up to 143 million Americans. - Reuters


Global Logistic Properties expands into Europe with US$2.8b acquisition: Global Logistic Properties said on Monday it has agreed to acquire Gazely, a leading European logistics platform, for about US$2.8 billion, as part of its expansion into Europe. - Reuters


Top local stories


Thong Guan on expansion trail: THONG GUAN INDUSTRIES BHD plans to grow its revenue and production capacity by more than three fold in the next 10 years. The group has budgeted a capital expenditure of RM650mil to increase its production capacity to 400,000 tonnes and hopes that annual turnover would gradually rise to RM3bil. - StarBiz


RGB expects to hit Q3 sales target of RM170m: RGB International Bhd group MD Datuk Chuah Kim Seah says the electronic gaming machine and equipment maker would likely hit its sales target of US$40mil (RM169mil) by the third quarter. It achieved sales of about RM51.91mil in the first half this year. - StarBiz


India’s Bajaj Auto mulls setting up regional hub in Malaysia: Following its tie-up with DRB-HICOM BHD’s Motosikal Dan Enjin Nasional Sdn Bhd (Modenas), India’s Bajaj Auto Ltd is looking to make Malaysia its regional manufacturing hub as it expands its footprint in Asean. Bajaj Auto produces about five million vehicles a year, of which 45% are exported. Asean currently only makes up 6% of its export market. - StarBiz


RAM: Malaysian firms continue to show positive sentiment: RAM Ratings’ latest Business Confidence Index shows corporations and small and medium enterprises (SMEs) are continuing to show positive sentiment. Their indices are expected to register positive readings of 55.8 and 52.1 for the fourth quarter of 2017 to the first quarter of 2018. - Reuters


New CEO can lead Proton’s global forays, says Mustapa: Newly-appointed Perusahaan Otomobil Nasional Sdn Bhd CEO Dr Li Chunrong could help spur the national carmaker’s global forays, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said, given that 

the auto business was becoming increasingly global. Mustapa said the Government did not intervene in the CEO appointment as it was the company’s business prerogative. - Bernama


Gold jewellery exports to hit RM6b this year: The Penang Goldsmith Association is projecting a lower value of Malaysia’s gold jewellery exports of about RM6bil in 2017, from RM7.18bil achieved last year due to the value-added tax imposed by the UAE government on their importers and higher gold prices. - StarBiz


IOI Properties to build 900 townhouses in two locations: IOI Properties Group Bhd aims to launch a total of about 900 units of townhouses in Bandar Puteri Bangi and Warisan Puteri in Sepang with an indicative price of about RM450,000 in the last quarter of this year or the first quarter of 2018. Bandar Puteri Bangi’s The Strata Townhouse will have a gross development value (GDV) of RM294mil while Warisan Puteri Sepang’s Ayden will have a GDV of RM160mil. - StarBiz

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Across the site