Tuesday, July 5th, 2016


US factory orders fall, but unfilled orders increase

WASHINGTON (July 5): New orders for US factory goods fell in May on weak demand for transportation and defense capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. The Commerce Department said on Tuesday new orders for manufactured goods declined 1.0% after two straight months of increases. April’s orders were revised slightly down to show a 1.8% increase instead of the previously reported 1.9% jump. Economists polled by Reuters had forecast factory orders falling 0.9% in May.Categories: Latest NewsCorporate Source:Read More

AmEx challenges Square, on deck with small-business loans online

NEW YORK (July 5): American Express Co plans to debut an online loan platform for small-business clients this year, targeting territory occupied by startups like Square Inc and On Deck Capital Inc. AmEx’s venture, Working Capital Terms, will approve loans in minutes for existing small-business cardholders, who can use the money to pay vendors. Debts may range from US$1,000 to US$750,000 with fees of 0.5% for a 30-day loan to 1.5% for a 90-day loan. AmEx will deposit funds directly into vendors’ accounts in as soon as two days.Categories: LatestRead More

Bertam, Guocoland, TH Heavy, Melewar, Halex, Goldis and ML Global

KUALA LUMPUR (July 5): Based on corporate announcements and news flow today, companies that may be in focus on Friday (July 8) could include: Bertam, Guocoland, TH Heavy, Melewar, Halex, Goldis and ML Global. Bertam Alliance Bhd is selling two parcels of freehold land at Batu 9, Cheras, with a collective land size of 47,930 sq m (11.8 acres) to a unit of Guocoland (Malaysia) Bhd, for RM128 million. Bertam announced to Bursa Malaysia today that it expects to recognise a RM79.84 million disposal gain arising from the land deal.Categories:Read More

Wilmar and Bunge form joint venture in Vietnam

SINGAPORE (July 5): Agribusiness giants Wilmar International Limited and Bunge Limited on Tuesday announced they are forming a joint venture in Vietnam to leverage both companies’ footprints in Asia. The three-party joint venture will see NYSE-listed Bunge sell 45% of its equity in its Vietnam crush operations to Wilmar. Bunge and Wilmar will be equal 45% shareholders, with Vietnam’s leading soybean meal distributor Quang Dung retaining its existing 10% stake in the operations. Quang Dung is also a majority shareholder of Green Feed, a Vietnamese feed milling business.Categories: Latest NewsCorporate Read More

Special auditor releases findings on Nexgram's assets

KUALA LUMPUR (July 5): Nexgram Holdings Bhd’s special auditor Ferrier Hodgson MH Sdn Bhd (FHMH) said its special audit met with hindrances as it has not managed to get hold of the required documents, such as payment vouchers, bank statements and other relevant documents, for the group’s former subsidiaries. The required documents were surrendered to two individuals after Nexgram had sold shares in Circle Moon Sdn Bhd (formerly known as Nexgram Resources Sdn Bhd) and Godynamic Investments Ltd, according to the bourse filing today.Categories: Latest NewsCorporate Source: The Edge Tags:Read More

Brexit worries hit UK economy as Conservatives start choosing PM

LONDON (July 5): Worries about the economic impact of leaving the European Union hit Britain’s property market and drove the pound to a new 31-year low on Tuesday as Conservative members of parliament began voting for a new prime minister. Interior minister Theresa May and Andrea Leadsom, a junior energy minister, emerged as early front-runners to replace David Cameron, who has said he will step down after Britons voted on June 23 to break away from the EU.Categories: Latest News Source: The Edge No tags for this post.

Ringgit rebounded slightly ahead of Raya

KUALA LUMPUR: The ringgit went through a mild rebound during early trade today morning ahead of the holiday season. © New Straits Times Press (M) Bhd Source: New Straits Times Tags: kuala lumpur

Mazda issues Takata air-bag recall after China regulator demand

SHANGHAI (July 5): Mazda Motor Corp’s Chinese joint venture will recall 74,310 of its Mazda2 sedans in China to replace Takata Corp. air bags after an investigation by the country’s safety regulator.Categories: AutomotiveLatest NewsCorporate Source: The Edge Tags: china, chinese, joint venture

Credit Suisse merges fixed income with equities in Asia Pacific

HONG KONG (July 5): Credit Suisse is merging its fixed income and equities divisions in Asia Pacific, according to an internal memo seen by Reuters on Tuesday, as the Swiss bank overhauls its global markets businesses. The changes come as Credit Suisse group CEO Tidjane Thiam, who took up his post last July, doubles down on wealth management, cutting back in investment banking after a slump in revenues to match its peers on capital.Categories: Latest NewsManagementCorporate Source: The Edge Tags: banking, credit suisse, equities, oub, pacific

Luster signs MoU with MD's company for share subscription

KUALA LUMPUR (July 5): Luster Industries Bhd signed a memorandum of understanding (MoU) with Citi-Champ International Ltd to explore the possibility of acquiring the latter’s equity interest in New Harvest Asia Investment Ltd. In a filing with Bursa Malaysia today, Luster, a high precision plastic parts and components manufacturer, said the MoU records both parties’ understanding relating to the proposed shares subscription for a certain purchase consideration to be determined later.Categories: Latest NewsCorporate Source: The Edge Tags: kuala lumpur, malaysia, ubs