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S&P, Dow lose ground on energy stocks

NEW YORK: The Dow and S&P 500 ended slightly lower on Tuesday following losses in energy shares and Boeing, offsetting a small gain in technology stocks and renewed hopes for progress in trade talks. The Nasdaq ended the session essentially flat as a rebound in tech kept the index out of negative territory.

NOVEMBER 13: Traders work on the floor of the New York Stock Exchange (NYSE) on November 13, 2018 in New York City. Stocks fell nearly 200 points in early trading as concerns grow about profits in tech companies and consequences of a growing trade war. - AFP

Malaysian and global tech stocks hammered again

PETALING JAYA: Local tech stocks saw another round of heavy selling after taking a beating just three weeks ago, this time after Apple led a rout of US technology stocks.

Japan to probe debt market’s big secret

TOKYO: Japanese regulators are starting to look into underwriting practices in the nation’s corporate bond market, where banks routinely say deals are successful even in cases when they are under-subscribed.

As part of its regular discussions with market participants, the Financial Services Agency (FSA) plans to ask whether domestic brokerages often get stuck holding onto company notes they couldn’t sell as a result of mispricing, according to Hidenori Mitsui, director-general of the policy and markets bureau.

MBSB third-quarter profit higher by 21%

PETALING JAYA: Malaysia Building Society Bhd (MBSB) saw a 21% jump in net profit for the third quarter ended Sept 30, due to a lower charge of impairment allowances on loans and financing.

MBSB group president and chief executive officer Datuk Seri Ahmad Zaini Othman(pic) said: “The group’s improved financial results are attributed to the lower impairment allowances on loans and financing in the current year, following the completion of the three-year impairment programme in December 2017, as well as the implementation of the MFRS9 compliant impairment model in January this year.”

Petronas unit to up Euro 5 diesel output

MELAKA: Petronas through its subsidiary, Malaysian Refining Company Sdn Bhd (MRCSB), plans to invest more than RM1.5bil to increase the production of Euro 5 diesel for domestic consumption.

MRCSB chief executive officer and managing director Hashim Majid said the company, which supplies about 70% of petrol and diesel demand in the local market, aspired to become the main producer of Euro 5 diesel by 2020

IHH to have four directors on Indian Fortis board

NEW DELHI: Malaysia's IHH Healthcare Bhd has become the controlling shareholder in India's Fortis Healthcare Ltd and will have four seats on the reconstituted board of directors.

The Indian hospital chain said its board yesterday approved the allotment of 235,294,117 equity shares through preferential issue to Northern TK Venture Pte Ltd (NTK), a wholly-owned indirect subsidiary of IHH Healthcare Bhd, at 170 rupees (US$2.34) per share of 10-rupee face value.