Wednesday, October 5th, 2016

 

AirAsia X kicks off KL-Mauritius flight

AirAsia X kicks off KL-Mauritius flight

KUALA LUMPUR (Oct 5): AirAsia X Bhd’s three-times-a-week flight to Mauritius from Kuala Lumpur has kicked off, with the airline’s inaugural flight to the tropical island landing at the Sir Seewoosagur Ramgoolan International Airport today.

At a celebratory event following the arrival of the flight, AirAsia X also announced special all-in fares from as low as RM199 (one-way on standard seats) and from RM1,599 (one-way for premium flatbeds), for all guests.

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Source: The Edge Markets


European stocks drop on concern ECB to turn less accommodative

PARIS, Oct 5 — European stocks snapped a six-day winning streak amid investor concern that the European Central Bank is moving toward tightening monetary policy. The Stoxx Europe 600 Index fell 0.5 per cent to 344.37 at 4.30pm in London,… Source: The Malay Mail Online


Sarawak Oil Palms gets RM740m financing from AmBank Islamic, CIMB for Shin Yang Oil Palm buy

Sarawak Oil Palms gets RM740m financing from AmBank Islamic, CIMB for Shin Yang Oil Palm buy

KUALA LUMPUR (Oct 5): Sarawak Oil Palms Bhd has accepted loan facilities from two banks, AmBank Islamic Bhd and CIMB Bank Bhd, totalling RM740 million to be used for its planned buyout of Shin Yang Oil Palm (Sarawak) Sdn Bhd.

In two separate bourse filings today, Sarawak Oil Palms said the facility offered by AmBank Islamic consists of a five-year murabahah tawarruq term financing of RM300 million, which will be used for the acquisition of Shin Yang Oil Palm, as capital injection and future working capital requirements.

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Source: The Edge Markets


Service firms in US rebound to best expansion in 11 months

Service firms in US rebound to best expansion in 11 months

WASHINGTON (Oct 5): American service companies expanded in September at the fastest rate in almost a year, returning the economy’s biggest segment to a steady growth path after a slump in the prior month.

The Institute for Supply Management’s non-manufacturing index jumped to 57.1, the highest since October 2015 and exceeding all forecasts in a Bloomberg survey, the Tempe, Arizona-based group’s data showed Wednesday. The August reading of 51.4 was the lowest in more than six years.

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Source: The Edge Markets


Kossan, Mega First, BCorp, Tien Wah, Pintaras Jaya, Ho Hup, BLD Plantation, Multi Sports and Multi-Usage

Kossan, Mega First, BCorp, Tien Wah, Pintaras Jaya, Ho Hup, BLD Plantation, Multi Sports and Multi-Usage

KUALA LUMPUR (Oct 5): Based on corporate announcements and news flow today, companies that will be in focus on Thursday (Oct 6) may include: Kossan, Mega First, BCorp, Tien Wah, Pintaras Jaya, Ho Hup, BLD Plantation, Multi Sports and Multi-Usage.

Kossan Rubber Industries Bhd is tying up with the Malaysian Rubber Board (MRB) to develop rubber products for civil engineering and construction for commercial evaluation.

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Source: The Edge Markets


Oil keeps climbing after US crude supply falls for fifth week

NEW YORK, Oct 5 — Oil maintained gains, approaching US$50 (RM207) a barrel in New York, after government data showed that US crude stockpiles dropped last week. Crude stockpiles slipped 2.98 million barrels last week, according to the Energy… Source: The Malay Mail Online


US dollar stages longest rally versus yen since March on Fed wagers

NEW YORK, Oct 5 — The dollar gained, leaving it poised for its longest rally against the yen since March, as US service companies expanded in September at the fastest rate in almost a year, leading traders to ramp up bets that the Federal… Source: The Malay Mail Online


Lion Diversified sells office cum factory in Melaka for RM30.5m

Lion Diversified sells office cum factory in Melaka for RM30.5m

KUALA LUMPUR (Oct 5): Beleaguered steelmaker Lion Diversified Holdings Bhd is selling an office cum factory for RM30.5 million. Most of the proceeds from the sale will be used as working capital and some to settle part of its outstanding debt owed to the purchaser.

Lion Diversified will then lease back the property from the new owner, Sritama Jetty Sdn Bhd.

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Source: The Edge Markets


Pound bounces back as traders take advantage of its hard-Brexit drop

LONDON, Oct 5 — The pound rose for the first time in six days against the euro as traders speculated it had fallen too far, too fast on speculation the UK is headed for a so-called hard Brexit. Sterling rallied as traders took advantage of its… Source: The Malay Mail Online


US activist Elliott urges break-up at Samsung Electronics

US activist Elliott urges break-up at Samsung Electronics

(Oct 5): US hedge fund Elliott Management has launched a campaign against Samsung Electronics Co Ltd, urging the South Korean tech giant to break up and escalating its pressure on the company since last year’s battle with a Samsung subsidiary.

Elliott, a $27-billion hedge fund known as one of the most aggressive activist investors, said in a letter to Samsung’s board on Wednesday that the company should streamline by splitting into a listed holding company and a listed operating company.

Source: The Edge Markets