Thursday, October 6th, 2016

 

Exxon Mobil disagrees with US$819 mil Chad royalties ruling

Exxon Mobil disagrees with US$819 mil Chad royalties ruling

N’DJAMENA (Oct 6): Exxon Mobil Corp said it’s weighing its next steps after the High Court in Chad ordered the oil company to pay US$819 million in royalties.

“We disagree with the Chadian court’s ruling,” spokesman Todd Spitler said in an e-mail Thursday. The court in the capital, N’Djamena, ruled Oct. 5 in favor of the government of the central African nation after the Finance Ministry complained the company hadn’t met its tax obligations.

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Source: The Edge Markets


Gold slumps to three-month low as bears seize control on Fed bet

NEW YORK, Oct 6 — Gold fell to a three-month low and breached the critical 200-day moving average after jobless claims in the US dropped to the second-lowest level since 1973, strengthening the case for an increase in interest rates. Initial… Source: The Malay Mail Online


Twitter shares plunge on report bidders are scarce

Twitter shares plunge on report bidders are scarce

(Oct 6): Twitter <TWTR.N. shares plunged on Thursday, a day after technology website Recode reported that Alphabet’s Google and Disney would not bid for the social network and Apple was unlikely to be a suitor.

The company has requested binding acquisition bids within the next two weeks, Reuters reported on Wednesday, and hopes to wrap up sale negotiations before the end of the month.

Source: The Edge Markets


OSK Holdings extends PJ Development takeover offer to Oct 25

OSK Holdings extends PJ Development takeover offer to Oct 25

KUALA LUMPUR (Oct 6): OSK Holdings Bhd has extended its offer to the remaining shareholders of PJ Development Bhd by two weeks to Oct 25.

In a stock exchange filing by PJ Development, the privatisation exercise’s adviser RHB Investment Bank Bhd said OSK Holdings owned 495.895 million or 94.62% of PJ Development’s shares as at market close today.

As for PJ Development’s warrants PJDEV-WC, a total of 120.198 million or 85.19% were already held by OSK Holdings.

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Source: The Edge Markets


BOE bought £507m of corporate bonds in first phase

LONDON, Oct 6 — The Bank of England said it has bought £507 million (RM2.6 billion) of corporate bonds since starting its programme last week, beating analysts’ forecasts.  Citigroup Inc credit strategist Joseph Faith predicted the BOE… Source: The Malay Mail Online


Sime Darby, Mesiniaga, Bertam, Westports, Dufu, RHB Bank, Perisai and BHIC

Sime Darby, Mesiniaga, Bertam, Westports, Dufu, RHB Bank, Perisai and BHIC

KUALA LUMPUR (Oct 6): Based on corporate announcements and news flow today, companies that may be in focus on Friday (Oct 7) could include: Sime Darby, Mesiniaga, Bertam, Westports, Dufu, RHB Bank, Perisai and BHIC.

Sime Darby Bhd‘s indirect unit Glengowrie Rubber Company Sdn Bhd (GRC) plans to sell a total of 325.7ha of freehold land in Glengowrie Estate in Hulu Langat, Selangor to Petaling Garden Sdn Bhd (PGSB) for RM428.8 million.

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Source: The Edge Markets


Lagarde says rapid accord with DoJ is better for Deutsche Bank

LONDON, Oct 6 — International Monetary Fund Managing Director Christine Lagarde said the sooner Deutsche Bank AG reaches a settlement with the US Department of Justice the better, calling an accord preferable to going to court. “A bad… Source: The Malay Mail Online


Oil rallies as hopes grow for output cut

Oil rallies as hopes grow for output cut

LONDON (Oct 6): Oil rallied to four-month highs on Thursday, underpinned by a surprisingly large drop in US inventory levels the previous day and by growing expectations for the world’s largest producers to agree to cut supply.

Brent crude futures were last up 55 cents on the day at US$52.41 a barrel by 1408 GMT, having risen to a session peak of US$52.65, the highest in four months.

US futures rose 46 cents to US$50.29 a barrel, having broken above US$50 for the first time since June this year.

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Source: The Edge Markets


Gold hits lowest since June 24 on US rate prospects

Gold hits lowest since June 24 on US rate prospects

LONDON (Oct 6): Gold slipped to a more than three-month low on Thursday, pressured by a stronger dollar after a fall in US weekly jobless claims and ahead of more jobs data that could put the Federal Reserve on track to raise interest rates by year-end.

Initial claims for state unemployment benefits unexpectedly declined by 5,000 to a seasonally adjusted 249,000 for the week to Oct. 1.

Spot gold hit US$1,252.11 an ounce, its lowest since June 24, the day after Britain’s vote to leave the European Union. By 1409 GMT it was down 0.8% at US$1,255.97.

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Source: The Edge Markets


Wal-Mart’s next move against Amazon: More warehouses, faster shipping

CHICAGO (Oct 6): Wal-Mart Stores Inc is accelerating its investment in e-commerce in a bid to narrow the gap with Amazon.com Inc and to give it an even more dominant position against the rest of the field in retail.

The world’s largest retailer is now on track to double the number of giant warehouses dedicated to online sales to 10 by the end of 2016, according to Justen Traweek, vice-president of e-commerce supply chain and fulfillment.

That pace is faster than the 8 large warehouses that industry consultants expected Wal-Mart to build by the end of 2017.

Source: The Edge Markets