Monday, August 22nd, 2016

 

Oil down 2% as rally snaps on rising crude, China fuel exports

Oil down 2% as rally snaps on rising crude, China fuel exports

NEW YORK/LONDON/SINGAPORE (Aug 22): Oil prices fell more than 2% on Monday, retreating from last week’s two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count.

China’s July diesel and gasoline exports soared 181.8% and 145.2% respectively from the same month last year, putting pressure on refined product margins.

U.S. drillers added 10 oil rigs in the week to Aug 19, the eight straight week of rig additions, as crude rebounded towards the US$50 a barrel mark that makes drilling viable.

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Source: The Edge Markets


Telenor sets sights on ads as network revenue stagnates

Telenor sets sights on ads as network revenue stagnates

ARENDAL, Norway/FRANKFURT (Aug 22): Norway’s Telenor will set up a separate business unit to claim a share of the rapidly growing mobile advertising market in Asia, Chief Executive Sigve Brekke told Reuters.

Telecom operators like Telenor are facing challenges to their traditional business as increased data usage has opened the door for digital content providers like Netflix and Spotify and messaging companies, such as Facebook, to capture an increasing share of network revenue.

Source: The Edge Markets


Wynn gambles on new mega-resort in Macau (VIDEO)

MACAU, Aug 22 — US tycoon Steve Wynn today opened a US$4 billion (RM16 billion) mega-resort in Macau — complete with giant lake, musical fountains and cable cars — as the Chinese casino enclave battles to turn around its fortunes. At a… Source: The Malay Mail Online


Wynn gambles on new mega-resort in Macau

MACAU, Aug 22 — US tycoon Steve Wynn today opened a US$4 billion (RM16 billion) mega-resort in Macau — complete with giant lake, musical fountains and cable cars — as the Chinese casino enclave battles to turn around its fortunes. At a… Source: The Malay Mail Online


Alibaba’s e-commerce app has a social network Facebook would love

Alibaba's e-commerce app has a social network Facebook would love

SEATTLE (Aug 22): Alibaba Group Holding Ltd has tried to shake the perception that it’s just the EBay Inc or Amazon.com Inc of China, by pushing into social media and entertainment and actively investing in startups like Snapchat Inc.

Source: The Edge Markets


Turkey vows to cleanse Islamic State from its border after wedding attack kills 54

Turkey vows to cleanse Islamic State from its border after wedding attack kills 54

ANKARA/ISTANBUL (Aug 22): Turkey vowed on Monday to “completely cleanse” Islamic State militants from its border region, after a suspected suicide bomber with links to the group killed 54 people, including 22 children, at a Kurdish wedding.

Saturday’s attack in the southeastern city of Gaziantep is the deadliest in Turkey this year. It was carried out by a suicide bomber aged between 12 and 14, President Tayyip Erdogan said on Sunday, adding that initial evidence pointed to Islamic State.

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Source: The Edge Markets


Dollar rises on comments from Fed’s Fischer viewed as hawkish

Dollar rises on comments from Fed's Fischer viewed as hawkish

NEW YORK/LONDON (Aug 22): The U.S. dollar edged higher against a basket of major currencies on Monday, a day after a top Federal Reserve official made comments perceived as hawkish, while hesitation ahead of a speech from the Fed chair on Friday capped the greenback’s gains.

Fed Vice Chairman Stanley Fischer said on Sunday that he thought the central bank was close to achieving its employment and inflation targets.

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Source: The Edge Markets


Singapore bourse to buy Baltic Exchange in US$114m deal

Singapore bourse to buy Baltic Exchange in US$114m deal

LONDON/SINGAPORE (Aug 22): Singapore Exchange Ltd has agreed to buy market-information service Baltic Exchange in a deal valued at 87 million pounds (US$114 million).

The purchase of the Baltic Exchange, which has its roots in an 18th Century City of London coffee house, is expected to complete toward the end of November, SGX said in a statement on Monday. The Singaporean market operator said it would pay 77 million pounds in cash and Baltic Exchange would pay a further 10 million pounds to its shareholders through a special dividend.

Source: The Edge Markets


Pfizer to buy Medivation in US$14 bil deal

Pfizer to buy Medivation in US$14 bil deal

BENGALURU (Aug 22): Pfizer Inc said on Monday that it would buy U.S. cancer drug company Medivation Inc in a deal valued at about US$14 billion to boost its oncology portfolio.

Pfizer will offer Medivation shareholders Us$81.50 per share in cash, a substantial premium to Sanofi SA’s first offer of US$52.50 made in April that forced Medivation to put itself up for sale.

Shares of Medivation, best known for its prostate cancer drug Xtandi, were up 19% at US$80.01 in premarket trade, just shy of the offer price.

Source: The Edge Markets


SunCon, Salcon, Southern Steel, JAKS Resources, Lion Corp, UMW OG, AFG and AMMB

SunCon, Salcon, Southern Steel, JAKS Resources, Lion Corp, UMW OG, AFG and AMMB

KUALA LUMPUR (Aug 22): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Tuesday, Aug 23) include: Sunway Construction Group (SunCon), Salcon, Southern Steel, JAKS Resources, Lion Corp, UMW Oil & Gas Corp (UMW OG), Alliance Financial Group (AFG) and AMMB Holdings.

Sunway Construction Group Bhd (SunCon) has clinched the construction contract for the proposed new campus of the International School of Kuala Lumpur in Ampang, worth RM268 million.

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Source: The Edge Markets