Breakfast briefing: Wednesday, October 4 (Update)

  • Business
  • Wednesday, 04 Oct 2017

Home Capital benefited from Buffett's initial investment as well as from a C$2 billion credit facility. The deal helped rebuild confidence in the financial strength of the company after depositors withdrew funds from its high-interest savings and Guaranteed Investment Certificate accounts.

MarketWatch: The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The DJIA rose 84.07 points, or 0.37%, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22%, to 2,534.58 and the Nasdaq added 15.00 points, or 0.23%, to 6,531.71. - Reuters




Oil prices dipped on Tuesday as speculators took profits for a second day after big third-quarter gains and on concerns that higher prices might spur increased US shale production. Brent crude futures LCOc1 closed down 12 cents or 0.2% to US$56.00 a barrel, having lost almost 2.5% on Monday. - Reuters


Forex summary

*The ringgit gained 0.31% to 4.2238 versus the US$

*Up 0.04% to 4.9710 versus euro

*Up 0.18% to 5.6054 per pound sterling

*Down 0.02% to 3.1075 per Singapore dollar

*Down 0.42% to 3.3216 per Aussie

*Up 0.10% to 3.7507 per 100 yen


Top foreign stories


Toshiba buying back 10% stake in Westinghouse unit for US$522m: Japan’s Toshiba Corp said on Thursday it is buying back a 10% stake in Westinghouse Electric Co from minority shareholder Kazatomprom for 59 billion yen (US$522 million), taking full ownership of the bankrupt US unit. - Reuters


Buffett bets on truck stops, to buy majority of Pilot Flying J: Warren Buffett’s Berkshire Hathaway Inc bought a major stake in Pilot Flying J, the largest US truck stop operator, and said it will become the majority owner in six years, deepening its commitment to the American economy. Terms of the transaction were not disclosed. - Reuters


Ford revamps China strategy amid EV push: US automaker Ford Motor Co is overhauling its China plans as its global “One Ford” strategy is holding it back in the world’s biggest auto market, two high-ranking company insiders told Reuters. The review of its China operations, part of a broader strategy re-think under new CEO Jim Hackett, will likely see Ford focus on electric commercial vans, as well as electric cars. - Reuters


Goldman CEO keeps open mind on digital currency bitcoin: Goldman Sachs Group Inc chief executive Lloyd Blankfein said he is keeping an open mind on bitcoin after a media report that the investment bank was exploring a new trading operation dedicated to cryptocurrencies. - Reuters


Uber board votes in favour of SoftBank deal, governance changes: Uber Technologies Inc directors on Tuesday voted to allow Japan’s SoftBank Group to invest in the ride services company and approved a series of governance changes that increases the independence of the board and decreases the influence of former CEO Travis Kalanick. - Reuters


Top local stories


Zakaria’s fate still uncertain: The fate of Datuk Zakaria Arshad as president and chief executive officer of Felda Global Ventures Holdings Bhd (FGV) is still uncertain because only the Government, which has a golden share in the plantation company, has the prerogative to remove him. So far, three of the four executives of FGV who were told to go on leave by the board have resumed their duties. - StarBiz


Bank Negara working on financial literacy roadmap: Bank Negara is currently developing a five-year national strategy with the aim of elevating financial literacy among Malaysians. Bank Negara deputy governor Abdul Rasheed Ghaffour said the focus was on three main thrusts: clarity, collaboration and commitment. - StarBiz


Lukewarm response to PetChem-Saudi Aramco deal: Investors’ response to news of Petronas Chemicals Group Bhd’s (PetChem) partnership with Saudi Aramco was lukewarm, with shares in the company closing one sen down to RM7.29 on Tuesday. An analyst said the lack of market reaction was due to the absence of the element of surprise. - StarBiz


Genting Hong Kong gets nod for SGX delisting: Genting Hong Kong Ltd, which has sought a voluntary delisting from the Main Board of Singapore Exchange (SGX), has received the nod from SGX. The company said the delisting will allow it to focus on its core operations  of cruise ships in Asia. - Reuters


Benchmark index on track to hit 1,830 points by year-end: Kenanga Research says there’s a high probability the FBM KLCI can hit 1,830 points by the year-end, which would lift investor sentiment after an unexciting third quarter on the back of relatively mixed market developments. - StarBiz


AirAsia Philippines plans RM1b IPO: The Philippines unit of AirAsia Bhd is seeking to raise up to US$250mil (RM1.05bil) via an initial public offering (IPO) in mid-2018 to fund its expansion programme, said chief executive Dexter Comendador. - Reuters


SC files civil suit against two over insider trading of GW Plastics shares: The Securities Commission (SC) has filed a civil suit against former GW Plastics CEO and executive director Lim Kok Boon and Cheah Mean Har for allegedly insider trading of the company’s shares in September 2012. - StarBiz


Mudajaya bags RM119m job to build office tower: Mudajaya Group Bhd has clinched a RM118.6mil contract from KLIAA- KLIACS Consortium to build a 16-storey office tower in Shah Alam. The company expects the project to contribute positively to its earnings. - StarBiz

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