Wednesday, August 3rd, 2016


Oil climbs as US gasoline supplies drop most since April

NEW YORK, Aug 3 — Oil rose as US gasoline inventories fell the most since April and refineries increased rates. Gasoline supplies fell 3.26 million barrels in the week ended July 29, the Energy Information Administration report showed. Inventories along the East Coast, where futures contracts are delivered, fell from last month’s record high. Refinery crude demand jumped 266,000 barrels a day from the prior week. “The move in gasoline might have legs because we had a draw while refinery utilization increased,” said Thomas Finlon, director of Energy Analytics GroupRead More

Survey: UK recession more likely as services sector shrinks

LONDON, Aug 3 — Activity in Britain’s crucial services sector sank in July following the vote to leave the EU, a survey by the research Markit group showed today, making a recession more likely. The preliminary composite purchasing managers’ index (PMI) for the services industry sank to 47.4 points in July, down from 52.3 in June. A reading under 50 indicates shrinkage. July marked the first contraction since December 2012 and the strongest rate of decline since March 2009. The gloomy news has strengthened the case for a Bank ofRead More

Goldman Sachs fined US$36.3 mil by Fed over leaked documents

(Aug 3): Goldman Sachs Group Inc agreed to pay US$36.3 million over allegations that former employees obtained confidential documents from the Federal Reserve in a settlement that also requires the bank to beef up its policies to prevent another lapse.Categories: Latest NewsManagementCorporate Source: The Edge Tags: gold

Dollar rallies after losses; focus on U.S. non-farm payrolls

NEW YORK/LONDON (Aug 3): The dollar gained on Wednesday, recovering from six-week lows hit the previous session, as investors squared positions ahead of Friday’s U.S. non-farm payrolls report, data that should help determine the timing of the next interest rate hike. The greenback had been on its best run of weekly gains in 1-1/2 years until last week, when expectations the Federal Reserve would clearly signal a near-term rate hike were disappointed and U.S. growth data came in much weaker than expected.Categories: Latest News Source: The Edge No tags forRead More

Gold falls on higher dollar after U.S. jobs data

LONDON/BENGALURU (Aug 3): The price of gold fell back on Wednesday, retreating from a three-week high hit in the previous session, after a rises in the dollar on the back of strong employment data. U.S. private employers added 179,000 jobs in July, above economists’ expectations, a report by a payrolls processor showed. Spot gold fell 0.6% to US$1,355.61 an ounce by 1433 GMT. It hit US$1,367.33, its highest since July 11, on Tuesday.Categories: Latest News Source: The Edge Tags: gold

US stocks edge higher as Hulu boosts Time Warner

NEW YORK, Aug 3 — Wall Street stocks were slightly higher early today as Time Warner shares rose on news of its investment in streaming video company Hulu. Time Warner rose 2.8 per cent after announcing it was taking a 10 per cent stake in Hulu, a streaming video provider that is ramping up as a competitor to sector leader Netflix. Other early gainers included Dow members Apple and Goldman Sachs, both of which were up about 1.0 per cent and JPMorgan Chase, up 0.7 per cent. Payrolls firm ADPRead More

U.S. private sector adds 179,000 jobs in July -ADP

NEW YORK (Aug 3): U.S. private employers added 179,000 jobs in July, above economists’ expectations, a report by a payrolls processor showed on Wednesday.   Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 170,000 jobs, with estimates ranging from 140,000 to 190,000 jobs added. Private payroll gains in the month earlier were revised up to 176,000, from an originally reported 172,000 increase. The report is jointly developed with Moody’s Analytics.Categories: Latest News Source: The Edge No tags for this post.

Emirates jet catches fire after hard landing in Dubai, all safe

DUBAI (Aug 3): Three hundred passengers and crew escaped on Wednesday when an Emirates passenger jet arriving from India caught fire after a hard landing in Dubai that brought the world’s busiest international airport to a halt. Video purportedly showed a tower of flame bursting from the front of the Boeing 777-300 jetliner, and then a thick black plume of smoke rising into the sky. Reuters was unable to verify the footage independently. Photographs on social media showed a plane lying crumpled on the tarmac with black smoke pouring fromRead More

DRB-Hicom, Tadmax, ECS ICT, Comintel, M’sian Pacific Industries, TRC Synergy, Datasonic and Green Packet

KUALA LUMPUR (Aug 3): Based on corporate announcements and news flow today, companies that could be in focus tomorrow (Thursday, Aug 4) include DRB-Hicom, Tadmax Resources, ECS ICT, Comintel Corp, Malaysian Pacific Industries, TRC Synergy Datasonic Group and Green Packet. DRB-Hicom Bhd has revived plans to sell its 90% stake in Singaporean firm, Corwin Holding Pte Ltd, which owns The Verge commercial development at Serangoon Road, Singapore, to a new vendor.Categories: Latest NewsCorporate Source: The Edge Tags: kuala lumpur, malaysia, pacific, singapore

Stocks fluctuate as bond rally unravels, crude edges toward US$40

(Aug 3): Signs of weakness in the American consumer kept U.S. equities near a three-week low, while a rebound in European lenders limited losses in the region’s benchmark index. The rally in global bonds ended, while crude pushed higher for the second time in 10 days.Categories: Latest NewsCorporate Source: The Edge Tags: america, bond, equities