Thursday, August 18th, 2016

 

Marriott to manage Renaissance KL for another 10 years

Marriott to manage Renaissance KL for another 10 years

KUALA LUMPUR (Aug 18): Marriott International Inc will continue to manage Renaissance Kuala Lumpur Hotel for another decade.

In a statement, IGB Corp Bhd said its executive director Tan Boon Lee and Marriott International asset management vice president Daphne Tan have inked a management agreement (MA) on the continuation of the hotel’s management.

Source: The Edge Markets


HLI, Magnum, Dialog Group, SapuraKencana, Wing Tai, Gabungan AQRS, Damansara Realty, JCY Int’l, Petron, Vitrox, Hock Seng Lee, Salcon and Benalec

HLI, Magnum, Dialog Group, SapuraKencana, Wing Tai, Gabungan AQRS, Damansara Realty, JCY Int'l, Petron, Vitrox, Hock Seng Lee, Salcon and Benalec

KUALA LUMPUR (Aug 18): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Friday, Aug 19) include: Hong Leong Industries (HLI), Magnum, Dialog Group, SapuraKencana Petroleum, Wing Tai Malaysia, Gabungan AQRS, Damansara Realty, JCY International Bhd, Petron Malaysia Refining & Marketing, Vitrox Corp, Hock Seng Lee, Salcon and Benalec Holdings.

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Source: The Edge Markets


Global stocks diverge on Fed, post-Brexit data

LONDON, Aug 18 — European stocks rose today as traders reacted to the outlook for US interest rates and some healthy post-Brexit data in Britain. Tokyo’s main index however sank as the dollar fell against Japan’s haven yen currency, hurting… Source: The Malay Mail Online


World stocks rise, backed by oil gains, weak dollar

World stocks rise, backed by oil gains, weak dollar

NEW YORK/LONDON (Aug 18): World stock markets moved higher as oil prices rose and the dollar sank to a near eight-week low on Thursday, after minutes from the U.S. Federal Reserve’s latest meeting showed policymakers were divided over whether to raise interest rates soon.

A lower-than-expected reading on new U.S. jobless claims and comments on the “hollowing out” of the labor market from New York Fed President William Dudley gave U.S. stocks a modest boost in early trading.

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Source: The Edge Markets


Citi CEO seen asking for more patience as targets still elusive

Citi CEO seen asking for more patience as targets still elusive

NEW YORK (Aug 18): Earlier this year, an analyst asked Citigroup Inc Chief Executive Michael Corbat what he would do if activist investors tried to shake things up after what seems like eons of underperformance.

Corbat’s response? He would take the new shareholders down to the U.S. Federal Reserve so they could see the limitations he faces.

“He was confident that they would not have any success with getting the regulators to look kindly on their plans,” said Charles Peabody of Portales Partners, recounting his March meeting with Corbat.

Source: The Edge Markets


Kanye West takes ‘Pablo’ pop-up fashion stores global

NEW YORK (Aug 18): Rapper and fashion designer Kanye West is going global, opening pop-up stores in 21 venues this weekend to sell his “Life of Pablo” merchandise.

West, 39, announced the move on Twitter on Wednesday with a map of the stores that will be located in cities in the United States, Australia, England, Germany, South Africa and Singapore.

He gave no details, but Vogue said the stores would be open for three days only and that the exact location would be announced 24 hours in advance on the musician’s website.

Source: The Edge Markets


Monte dei Paschi CEO, former chairman under investigation – source

Monte dei Paschi CEO, former chairman under investigation - source

FLORENCE, Italy (Aug 18): The chief executive of Monte dei Paschi di Siena, Fabrizio Viola, and the Italian bank’s former chairman, Alessandro Profumo, are under investigation for alleged false accounting and market manipulation, a source with knowledge of the matter said.

The investigation, which started in 2015, following complaints filed by small shareholders and consumer associations, comes as the Tuscan bank prepares to launch a 5 billion euro (US$6 billion) stock sale, after emerging as the weakest bank in Europe in industry stress tests in July.

Source: The Edge Markets


United Air shakes up management; names CFO, chief commercial officer

United Air shakes up management; names CFO, chief commercial officer

NEW YORK (Aug 18): United Continental Holdings Inc said on Thursday that it appointed a new chief financial officer and chief commercial officer in the first major management shakeup since Oscar Munoz took over as chief executive officer last September.

United, the No. 3 U.S. airline by passenger traffic, said Andrew Levy will become CFO, filling a job that has been vacant for more than a year. Levy had multiple roles including CFO at low-cost airline Allegiant Travel Co.

Source: The Edge Markets


Fed’s Dudley upbeat on US employment, return of middle-wage jobs

Fed's Dudley upbeat on US employment, return of middle-wage jobs

NEW YORK (Aug 18): Strong recent U.S. jobs growth and a long-awaited return of middle-wage employment are two positive signs for the U.S. labor market, an influential Federal Reserve policymaker said on Thursday, reinforcing his positive message on the broader economy.

New York Fed President William Dudley said the last two months of job growth “helped allay concerns that arose earlier this year that job growth was beginning to stall. Indeed, these reports reinforce my view that labor market conditions continue to improve,” he said in prepared remarks to a press conference.

Source: The Edge Markets


ISR chairman Wira Dani Daim resigns following bankruptcy order

SINGAPORE (Aug 18): ISR Capital’s executive chairman Md Wari Dani Daim has resigned from the company, following a bankruptcy order.

The 37-year-old son of Malaysia’s former finance minister Daim Zainuddin has also resigned from his non-executive, non-independent director post at another listed company, LionGold Corp.

In a filing on Tuesday announcing his resignation, LionGold explained that Wira resigned to “settle personal affairs, following a bankruptcy order made against him by the Singapore courts, which he intends to resolve within the next 30 days”.

Source: The Edge Markets