Tuesday, August 30th, 2016

 

U.S. shares slip on Fed rate hike worries; dollar climbs

U.S. shares slip on Fed rate hike worries; dollar climbs

NEW YORK (Aug 30): U.S. stocks fell on Tuesday ,after stronger-than-expected U.S. consumer confidence data stoked worries about a potential Federal Reserve interest rate hike this year, while European shares gained and the dollar climbed.

Conference Board data showed U.S. consumer confidence rose to 101.1 in August, beating economists’ expectations for a dip to 97.0, according to a Reuters poll. The data stoked expectations that the Fed could raise rates this year after top Federal Reserve officials have said recently that such a move was possible.

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Source: The Edge Markets


Car bomb outside Somali President’s Palace kills at least 10

Car bomb outside Somali President's Palace kills at least 10

MOGADISHU (Aug 30): At least 10 people, including soldiers and civilians, were killed in Somalia’s capital Mogadishu on Tuesday, when a car bomb claimed by al Shabaab exploded outside the Presidential Palace and also damaged two nearby hotels, an official said.

Information Minister Mohamed Abdi Hayir told state radio that a meeting of security officials was under way inside one of the hotels, the SYL, at the time of blast and that one minister and some state radio journalists were injured in the attack.

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Source: The Edge Markets


CNBC: Google cloud unit close to winning PayPal business

SAN FRANCISCO, Aug 30 ― Alphabet Inc’s Google is close to winning PayPal Holdings Inc as a client for its cloud business, potentially beating out Amazon.com Inc and Microsoft Corp, CNBC reported today. While Google is the front-runner, the… Source: The Malay Mail Online


China charges U.S. woman with espionage

China charges U.S. woman with espionage

BEIJING/AUSTIN, Texas (Aug 30): An American businesswoman held in China since March last year has been charged with spying, China’s Foreign Ministry said on Tuesday, the latest development in a case that has added to U.S.-China tensions.

Sandy Phan-Gillis, from Houston, Texas, who is of Chinese ancestry and is a naturalized U.S. citizen, was arrested in March 2015 and had been held without charges since then.

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Source: The Edge Markets


TM, Silk Holdings, Litrak, Global Oriental, Muhibbah, Karex, NetX, Mikro MSC, Bina Puri, CMS, TH Heavy and UEM Sunrise

TM, Silk Holdings, Litrak, Global Oriental, Muhibbah, Karex, NetX, Mikro MSC, Bina Puri, CMS, TH Heavy and UEM Sunrise

KUALA LUMPUR (Aug 30): Based on corporate announcements and news flow today, companies that might be in focus on Thursday (Sept 1) include the following: Telekom Malaysia Bhd (TM), Silk Holdings Bhd, Lingkaran Trans Kota Holdings Bhd (Litrak), Global Oriental Bhd, Muhibbah Engineering (M) Bhd, Karex Bhd, NetX Holdings Bhd, Mikro MSC Bhd, Bina Puri Holdings Bhd, Cahya Mata Sarawak Bhd (CMS), TH Heavy Engineering Bhd and UEM Sunrise Bhd.

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Source: The Edge Markets


India may auction diamond mine abandoned by Rio Tinto

India may auction diamond mine abandoned by Rio Tinto

NEW DELHI (Aug 30): India will auction a diamond project that global miner Rio Tinto is abandoning, or allocate it to a state firm, the mines secretary said on Tuesday, adding that the government would move fast to tap the resource.

The Bunder deposit, about 500 km (300 miles) southeast of New Delhi and discovered by Rio Tinto in 2004, is estimated to contain about 27.4 million carats of diamonds potentially worth billions of dollars.

Source: The Edge Markets


China’s big banks set for hard slog as margins shrink

China's big banks set for hard slog as margins shrink

SHANGHAI/BEIJING (Aug 30): Four of China’s so-called ‘Big Five’ state-owned banks have warned that profits will continue to be pressured in the second half of the year, as slowing growth in the world’s second-biggest economy hits borrowers and saps lenders’ margins.

Chinese banks, among the world’s biggest by market value, also face rising volumes of sour debt, forcing a quicker pace of write-offs β€” even as a series of rate cuts has chipped away at their interest income.

Source: The Edge Markets


Wall St flat as investors look for clues on rates

Wall St flat as investors look for clues on rates

BENGALURU (Aug 30): Wall Street was little changed on Tuesday morning as investors looked for catalysts to drive the markets, while keeping one eye on clues for the timing of the next interest rate hike.

Federal Reserve Chair Janet Yellen painted a rosy picture of the U.S. economy at an economic symposium on Friday and said the case for a rate hike was strengthening, but gave little indication on when the central bank could move.

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Source: The Edge Markets


Google and Amazon vie for big inroad into Wall Street data trove

Google and Amazon vie for big inroad into Wall Street data trove

MEXICO CITY/WASHINGTON (Aug 30): Trying to understand what causes flash crashes is no longer just for financial regulators and Wall Street. It’s a big deal in Silicon Valley too.

Source: The Edge Markets


Wall Street flat as investors look for clues on rates

NEW YORK, Aug 30 ― Wall Street was little changed this morning as investors looked for catalysts to drive the markets while keeping one eye on clues for the timing of the next interest rate hike. Federal Reserve Chair Janet Yellen painted a… Source: The Malay Mail Online