Breakfast briefing: Monday, November 13 (Update)

  • Business
  • Monday, 13 Nov 2017

Is it Imagination at work - that one of the first members of the Dow Jones could be kicked out of the elite Index?

MarketWatch: Asian shares stepped back in cautious early trade on Monday as investors look to see whether US Republicans can hammer a tax reform deal quickly, while the British pound fell on growing doubts over Prime Minister Theresa May's leadership. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15%. - Reuters

Top foreign stories


Qualcomm draws up plans to rebuff Broadcom's US$103 billion offer: US chipmaker Qualcomm Inc is making preparations to reject rival Broadcom Ltd’s US$103 billion bid as early as this week, sources said, setting the stage for one of the biggest-ever takeover battles. Qualcomm chief executive Steven Mollenkopf has been soliciting feedback from shareholders, and feels that Broadcom’s US$70-per-share bid undervalues the company and does not price in the uncertainty associated with getting the deal approved by regulators, sources said. - Reuters


Veteran GE's spot in exclusive Dow may be shaky: General Electric Co's dwindling share price and the likelihood that its new chief executive will dramatically slim down its sprawling operations is leading some index-watchers to consider the possibility of the company losing its membership in the elite 30-stock Dow Jones Industrial Average. - Reuters


China's reports US$19b in shopping event sales:, China’s e-commerce behemoth, said that sales for Singles’ Day - and its run-up - reached 127.1 billion yuan (US$19.14 billion), up 50% from a year ago. Sales included 11 days of transactions, JD said, unlike its rival Alibaba, which reported on Saturday that its one-day sales reached 168.3 billion yuan (US$25.35 billion), up 39% from last year. - Reuters


Aramco CEO: IPO preparations ongoing, no decision on venue abroad: Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. “Preparations are proceeding to the fullest extent for listing in 2018,” said Amin Nasser. - Reuters


Barron’s: Sony's stock could rise 20% on gaming and camera chips sales: Powered by stronger sales of its camera chips for smartphones along with videogame systems and software, Sony Corp’s stock could rise by another 20% over the coming year, Barron’s said. - Reuters


Top local stories


Spritzer expanding its export markets: To further expand its overseas markets, SPRITZER BHD has proposed to place out a substantial stake to a Singapore-based strategic investor, Dymon Asia Private Equity, saying it thinks the domestic market has become saturated. If the deal is approved by Spritzer shareholders, Dape will own 15% of the enlarged capital of the biggest mineral water bottler in Malaysia via Tasik Puncak Holdings. - StarBiz


Malaysia’s largest power plant to begin ops in 2021: Edra Power Holdings Sdn Bhd chief operations officer Datuk Mohamad Nor Ali says the 2,242-MW combined-cycle gas turbine power plant project in Alor Gajah, Melaka, is on track and set to begin operations in 2021. He also confirmed Edra Power has hired three domestic banks to raise RM5.28bil through a sukuk programme to finance the plant. - StarBiz


Corporate bond issues at five-year high in October: Ringgit-denominated corporate bond issues surged 32% year-on-year to RM97.1bil in the first 10 months of 2017, marking the highest issuance year-to- date since 2012, says Malaysian Rating Corp Bhd. - StarBiz


Property sales slowdown seen in some parts of Penang: Raine & Horne Malaysia senior partner Michael Geh says home buyers in Penang will be cautious about buying properties near hill slopes or in flood-prone areas, which would slow property transactions in the state over the next 12 months. It said the properties could even be up for sale at below market prices. - StarBiz


CCK to boost output at Kuching poultry abattoir: CCK CONSOLIDATED HOLDINGS BHD will raise output of its poultry abattoir in Kuching by one-third under an expansion and upgrading project. The expanded abattoir would gradually increase the group’s production to some 40,000 birds per day, from 30,000 currently, starting next year. - StarBiz


IJM Land to launch RM1.2b projects: IJM Land Bhd will be launching seven projects with a total gross development value of RM1.2bil over the next few months. The property developer launched seven projects worth close to RM1bil in the first half of its financial year ending March 31, 2018. - StarBiz

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