Breakfast briefing: Thursday, November 9 (Update)


  • Business
  • Thursday, 09 Nov 2017

Antony Barragry, the CEO of IGB-REIT. - Filepic

MarketWatch: Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple’s market value climbed above US$900 billion. The DJIA edged up 0.03% to end at 23,563.36, the S&P 500 gained 0.14% to 2,594.38 and the Nasdaq added 0.32% to 6,789.12. - Reuters

 

Energy

 

Oil prices settled slightly lower on Wednesday after US government data showed rising domestic crude production, a surprise build in US stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East. Brent futures LCOc1 fell 20 cents, or 0.3%, to settle at US$63.49 a barrel. - Reuters

 

Forex summary

*The ringgit gained 0.04% to 4.2275 versus the US$

*Up 0.03% to 4.9024 versus euro

*Up 0.11% to 5.5484 per pound sterling

*Down 0.09% to 3.1039 per Singapore dollar

*Down 0.20% to 3.2487 per Aussie

*Up 0.15% to 3.7086 per 100 yen

 

Top foreign stories

 

Bitcoin hits record high after developers suspend plans to 'fork' currency: Bitcoin hit a record high just shy of US$8,000 on Wednesday after a coalition of developers and investors suspended a software upgrade planned for next Thursday that could have split the digital currency in two. - Reuters

 

US, AT&T at odds over CNN in Time Warner deal: US antitrust regulators and AT&T Inc sparred on Wednesday over whether the wireless carrier would be required to sell Time Warner Inc’s CNN cable network as a condition of approval of its deal to buy the media company. The US Department of Justice has demanded significant asset sales in order to approve the US$85.4 billion deal, sources said. - Reuters

 

Twenty-First Century Fox's quarterly revenue beats Street: Twenty-First Century Fox Inc’s revenue rose to US$7 billion in the quarter ended Sept 30, higher than the US$6.81 billion analysts were expecting as higher advertising sales and revenue from traditional and online distributors boosted its cable business. - Reuters

 

China's Tencent takes 12% stake in Snap as shares plunge: Snap Inc said on Wednesday Chinese tech and media investment firm Tencent Holdings Ltd had taken a 12% stake in the company, a day after the owner of disappearing-messaging app Snapchat was punished by Wall Street for disappointing quarterly results. Analysts viewed Tencent’s move as an investment rather than the precursor to a merger. - Reuters

 

Top local stories

 

Odeon land up for sale: The former Odeon Cinema site in the heart of Kuala Lumpur is up for sale after Titijaya Land Bhd’s plans for a RM1.5bil mixed integrated development on the land seems to have hit a snag. Sources said the Odeon land has an indicative price of RM3,200 per sq ft. - StarBiz

 

EWI to jointly develop 12 sites in UK with Willmott Dixon: Eco World International Bhd (EWI) has signed an agreement with UK-based Willmott Dixon to jointly develop 12 sites in Greater London and the south-east England. Under the deal, EWI could potentially buy a 70% interest in Wilmott Dixon’s residential development business. The acquisition would give EWI access to a sizeable land bank of about 6,700 residential units with a total gross development value of at least £2.5bil. - StarBiz

 

Tasek Corp sees lacklustre earnings for fourth quarter: Tasek Corp Bhd expects its earnings to remain lacklustre in the final quarter of the year after having posted weak earnings in the last three quarters. The building materials producer said weak cement prices and overcapacity would continue to weigh on its earnings. For the third quarter net profit fell 75% to RM1.89mil due to losses at its cement division as well as lower interest income and lower share of profit from an associate company. - StarBiz

 

F&N expects better earnings in current fiscal year: Fraser & Neave Holdings Bhd (F&N) expects better earnings in its current financial year ending Sept 30, 2018, as it launches new products, cuts costs and ramps up exports. - StarBiz

 

Red Ideas to spend RM4.15m to finance operations: LEAP Market’s newest addition Red Ideas Holdings Bhd, a developer of the private community platform Graaab JagaApp, will use RM4.15mil or 59.3% of its listing proceeds to finance the company’s day- to-day operations. - StarBiz

 

MPI Q1 profit falls 9% on rising cost: Malaysian Pacific Industries Bhd’s net profit fell almost 9% to RM36.24mil in the first quarter due to higher material costs. Revenue rose to RM387.63mil from RM358mil a year ago. - StarBiz

 

New Myvi to drive sales: The new Myvi will boost sales for Perusahaan Otomobil Kedua Sdn Bhd (Perodua), which is keeping to its earlier sales target of 202,000 units for 2017. The carmaker expects to sell 6,000 units of the new variant within three months of its launch. - StarBiz

 

PNB unit plans to raise RM2b for tower project: Permodalan Nasional Bhd (PNB) unit PNB Merdeka Ventures Sdn Bhd has proposed to issue a 15-year secured green sukuk to raise up to RM2bil to fund the construction of its Merdeka PNB118 tower project in Kuala Lumpur. - StarBiz

 

IGB-REIT net profit rises 21% on rental income: IGB Real Estate Investment Trust’s (REIT) net profit rose 20.8% to RM83.1mil in the third quarter on higher rental income and write-back of step-up interest arising from the fixed rate term loan. IGB-REIT saw its revenue increase 2.9% to RM129.6mil while net property income rose 5.5% to RM94.3mil. - StarBiz

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