Thursday, October 13th, 2016

 

Thai baht holds gain after King dies in sign selloff may unwind

Thai baht holds gain after King dies in sign selloff may unwind

KUALA LUMPUR (Oct 13): Thailand’s baht held gains and an exchange-traded fund tracking the nation’s shares rose, after the Royal Household Bureau said King Bhumibol Adulyadej, the world’s longest reigning monarch, had died.

The baht rose 0.7% to 35.42 per dollar as of 10:27 a.m. in New York. The local stock market had rebounded with the currency, closing higher before the king’s death was announced. Earlier in the week, Thailand’s assets had tumbled, after the royal palace said Sunday that King Bhumibol Adulyadej’s health was “unstable.”

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Source: The Edge Markets


Trump denounces ‘fabrication’; multiple women claim candidate groped them

Trump denounces 'fabrication'; multiple women claim candidate groped them

WASHINGTON (Oct 13): Two women accused Donald Trump of inappropriate touching in interviews with the New York Times, claims his spokesman called fiction, but which may further damage the Republican presidential candidate’s chances of winning the Nov 8 election.

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Source: The Edge Markets


Vallianz postpones EGM to approve rights cum warrants issue on Swiber’s interest

Vallianz postpones EGM to approve rights cum warrants issue on Swiber’s interest

SINGAPORE (Oct 13): Vallianz Holdings announced it will postpone the extraordinary general meeting on Oct 17, due to Swiber’s interest in participating in the rights cum warrants issue.

The EGM, which shareholders would vote to approve the issue, has been postponed to an undetermined time, after Vallianz was informed by Swiber’s judicial managers of its interest to participate.

Source: The Edge Markets


U.S. jobless claims at 43-year low; import prices edge up

U.S. jobless claims at 43-year low; import prices edge up

WASHINGTON (Oct 13): The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December.

Thursday’s report from the Labor Department added to data such as September automobile sales and manufacturing and services sector surveys in reinforcing the view that economic growth picked up in the third quarter, after a sluggish performance in the first half of the year.

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Source: The Edge Markets


Thai PM urges vigilance on security, economic stability

Thai PM urges vigilance on security, economic stability

BANGKOK (Oct 13): Thailand’s prime minister urged vigilance on Thursday to maintain security and asked businesses to keep investing and stock market investors to maintain their holdings after the death of King Bhumibol Adulyadej.

“Everyone will need to be alert in every region and throughout the country to ensure safety,” Prime Minister Prayuth Chan-ocha said in a televised statement, adding that national security was a top priority.

“On the economic side, whether it’s the stock market, trade, investment and business sector, please don’t stop,” he said.

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Source: The Edge Markets


Britain’s EU divorce won’t be acrimonious, says foreign minister Johnson

Britain's EU divorce won't be acrimonious, says foreign minister Johnson

LONDON (Oct 13): Foreign minister Boris Johnson said on Thursday Britain’s exit from the European Union would not be acrimonious, adding he hoped to negotiate a new relationship with the bloc that would be more valuable than the current one.

Last week, sterling fell to a 31-year low against the dollar on a view that Prime Minister Theresa May was backing a disruptive exit from the bloc giving immigration controls priority over a preferential trading relationship with the EU’s 500-million-strong consumer market.

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Source: The Edge Markets


R&A signs MoU to buy Synergy as part of regularisation plan

R&A signs MoU to buy Synergy as part of regularisation plan

KUALA LUMPUR (Oct 13): R&A Telecommunication Group Bhd has entered into a memorandum of understanding with shareholders of Synergy Goldtree Sdn Bhd to confirm the Practice Note 17 (PN17) company’s proposed acquisition of Synergy.

In a filing with Bursa Malaysia today, R&A said the acquisition forms part of its proposed regularisation plan.

Synergy is principally involved in the construction industry as a civil and building contractor and had secured construction contracts worth  RM839 million, of which RM784 million have yet to be billed as at July 31.

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Source: The Edge Markets


UK’s Brexit vote had no constitutional substance, court hears

UK's Brexit vote had no constitutional substance, court hears

LONDON (Oct 13): Britain’s EU referendum in June had no constitutional substance at all, according to lawyers leading a bid to force the government to seek parliamentary approval before starting the formal process of leaving the bloc.

“It was an advisory referendum, no more than that,” David Pannick told the High Court on Thursday.

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Source: The Edge Markets


Texchem, Stone Master, Nexgram, Press Metal, BHIC and Gadang

Texchem, Stone Master, Nexgram, Press Metal, BHIC and Gadang

KUALA LUMPUR (Oct 13): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Friday Oct 14) could include: Texchem Resources Bhd, Stone Master Corp Bhd, Nexgram Holdings Bhd, Press Metal Bhd, Boustead Heavy Industries Corp Bhd (BHIC) and Gadang Holdings Bhd.

Texchem Resources Bhd is proposing to dispose of its 30% interest in Fumakilla Asia Sdn Bhd (FASB) and 26.36% interest in PT Fumakilla Nomos (PTFN) to Japan’s Fumakilla Ltd (FJ) for a total of RM80.5 million.

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Source: The Edge Markets


U.S. stocks near one-month lows as China data weighs

U.S. stocks near one-month lows as China data weighs

BENGALURU (Oct 13): U.S. stocks were trading near one-month lows on Thursday, amid losses across sectors, as investors fretted about China’s weak economic data and the prospects of an interest rate hike by the end of the year.

Data showed China’s exports fell 10% in September, far worse than the markets had expected, while imports unexpectedly shrank, reviving concerns about the health of the world’s second-largest economy.

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Source: The Edge Markets