Friday, October 7th, 2016

 

ConocoPhillips sues Venezuela’s PDVSA, calls bond swap ‘fraudulent’

ConocoPhillips sues Venezuela's PDVSA, calls bond swap 'fraudulent'

(Oct 7): Subsidiaries of US oil company ConocoPhillips have sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing, accusing it of fraudulent operations involving its US subsidiary Citgo.

ConocoPhillips said in an Oct. 6 filing PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.

Source: The Edge Markets


‘Flash crash’ hits sterling; US jobs data weaken dollar

'Flash crash' hits sterling; US jobs data weaken dollar

NEW YORK (Oct 7): Sterling tripped lower on Friday on what traders called a “flash crash” that knocked the currency to a 31-year low, while the dollar slipped on news of unexpectedly weak US job growth in September.

Even before a sudden plunge that briefly shaved off a tenth of the pound’s value during Asian trading, sterling was headed for its worst week since January 2009 as some national leaders called for Britain to make a “hard” exit from the European Union in which it would leave the single market.

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Source: The Edge Markets


Malaysia’s trade to remain modest, say economists

Malaysia's trade to remain modest, say economists

KUALA LUMPUR (Oct 7): Despite the uptick in the country’s exports in August, economists are of the view that trade activities will remain modest for the rest of the year and into 2017 amid a tepid global growth outlook.

“Exports will likely be outpaced by imports as domestic demand will likely remain a key driver of growth,” said RHB Research in a flash note issued late evening today.

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Source: The Edge Markets


Two-minute mystery pound rout puts spotlight on robots

SINGAPORE, Oct 7 — Making sense of the foreign-exchange market is Derek Mumford’s bread and butter, but he couldn’t explain this. In the span of just two minutes in early Asia trading yesterday, the British pound had plunged more than 6… Source: The Malay Mail Online


Brazil’s inflation tumbles to lowest for September since 1998

Brazil's inflation tumbles to lowest for September since 1998

BRASILIA (Oct 7): Brazil’s inflation rate fell unexpectedly in September to its lowest for the month since 1998, paving the way for the central bank to ease cripplingly high interest rates and help pull the economy out of a harsh recession.

Consumer prices measured by the benchmark IPCA index rose 0.08% in September, statistics agency IBGE said on Friday. That was below all 24 market forecasts in a Reuters poll and the lowest monthly reading since July 2014.

Prices rose 8.48% in the 12 months through September, down from an increase of 8.97% in the previous month.

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Source: The Edge Markets


US wholesale inventories fall more than previously reported

US wholesale inventories fall more than previously reported

WASHINGTON (Oct 7): US wholesale inventories in August fell more than previously reported as businesses ran down their stocks of farm goods and clothes, the Commerce Department reported on Friday.

Inventories dropped 0.2% during the month, the department said.

A drop in inventory investment weighed heavily on economic growth in the second quarter, and some economists believe the inventory correction is close to running its course.

But stocks have edged lower in the first two months of the third quarter, which could drag on economic growth during the period.

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Source: The Edge Markets


US court reinstates Apple win over Samsung in patent case

US court reinstates Apple win over Samsung in patent case

NEW YORK (Oct 7): A federal appeals court on Friday reinstated a US$120 million jury win for Apple Inc in a patent infringement case against Samsung, in another stunning twist in the fierce war over patents between the world’s top smartphone manufacturers.

The full slate of judges on the US Court of Appeals for the Federal Circuit in Washington, D.C. said a previous panel of the same court should not have overturned the verdict related to three iPhone technology patents, last February.

Source: The Edge Markets


Wall St slips after September jobs report

Wall St slips after September jobs report

(Oct 7): Wall Street was lower on Friday after a weaker-than-expected September jobs report indicated that the US Federal Reserve would be cautious about raising interest rates.

US employment growth slowed for the third straight month in September, with employers adding 156,000 jobs, a report by the Labor Department showed. Economists polled by Reuters had expected 175,000.

The rate of unemployment climbed to 5% from 4.9% in August, though the increase was driven by Americans rejoining the labor force.

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Source: The Edge Markets


Deleum, CME, REDTone, MSM and Malaysia Smelting

Deleum, CME, REDTone, MSM and Malaysia SmeltingKUALA LUMPUR (Oct 7): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Oct 10) could include: Deleum, CME, REDTone, MSM and Malaysia Smelting. Deleum Bhd, whose share price rose nine sen or 8.5% over the past two days to RM1.15, confirmed that its chairman Datuk Izham Mahmud has received several share acquisition requests. The group said Izham has received several informal enquiries from several interested partie

KUALA LUMPUR (Oct 7): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Oct 10) could include: Deleum, CME, REDTone, MSM and Malaysia Smelting.

Deleum Bhd, whose share price rose nine sen or 8.5% over the past two days to RM1.15, confirmed that its chairman Datuk Izham Mahmud has received several share acquisition requests.

The group said Izham has received several informal enquiries from several interested parties on his equity interest in the company.

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Source: The Edge Markets


Emerging markets erase losses as US jobs data miss estimates

KUALA LUMPUR, Oct 7 — Emerging-market currencies and stocks climbed, paring earlier declines, as data showed the US labour market is growing at a slower pace than expected, reducing the likelihood of an imminent interest-rate increase by the… Source: The Malay Mail Online