Tuesday, October 18th, 2016

 

China warned Crown, others about marketing to gamblers last year

China warned Crown, others about marketing to gamblers last year

SHANGHAI (Oct 18): Chinese authorities warned Crown Resorts Ltd last year to halt its efforts to attract high rollers from the mainland to gamble overseas, according to a person familiar with the government’s move to detain 18 of the Melbourne-based company’s employees.

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Source: The Edge Markets


BlackRock profit jumps 3.8pc to US$875m on expense cuts

BOSTON, Oct 18 — BlackRock Inc, the world’s largest money manager, said third-quarter profit rose 3.8 per cent as the firm cut costs and attracted money into its exchange-traded funds. Net income increased to US$875 million, or US$5.26 a… Source: The Malay Mail Online


St. Jude and Abbott to sell some medical devices for US$1.12 bil

BENGALURU (Oct 18): Abbott Laboratories, which is in the process of buying St. Jude Medical Inc for US$25 billion, said the companies would sell some of their medical devices to Japan-based Terumo Corp for about US$1.12 billion.

Abbott said on Tuesday the deal is an important step toward completion of the St. Jude acquisition, which is scheduled to close by the year-end.

The deal is subject to the successful completion of Abbott’s acquisition of St. Jude and other approvals.

Source: The Edge Markets


Tumbling airfares test nerves as low-cost carriers push for growth

Tumbling airfares test nerves as low-cost carriers push for growth

DUBLIN/LONDON/MILAN (Oct 18): When Ryanair boss Michael O’Leary promised on Tuesday to pump a million seats a month into a weak winter market and slash fares by 15%, he was ramping up pressure on rivals — and on investors struggling to see an end to Europe’s price wars.

Since Britain voted in June to leave the European Union, the environment for the continent’s airlines has been rapidly deteriorating, wiping a quarter off the sector’s market capitalisation and triggering a string of profit warnings.

Source: The Edge Markets


Thai junta cracks down on royal insults after king’s death

Thai junta cracks down on royal insults after king’s death

BANGKOK (Oct 18): Thailand’s military government said it is stepping up efforts to stamp out criticism of senior members of the royal family — a crime punishable by years in prison — following the death of King Bhumibol Adulyadej.

“The Justice Ministry has set up a team to oversee the breaching of Article 112,” junta member and Justice Minister Paiboon Koomchaya said Tuesday, referring to the section of the criminal code that governs lese majeste. “We have worked on this issue all along, but we are obstructed by foreign laws.”

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Source: The Edge Markets


Bump in commodity shares, solid earnings lift stocks

Bump in commodity shares, solid earnings lift stocks

NEW YORK (Oct 18): A gauge of major equity markets around the globe rose to a one-week high on Tuesday, as rising commodity prices and solid earnings reports helped pull shares in Asia, Europe, and the United States higher.

Wall Street stocks rose, led by a slew of stronger-than-expected quarterly reports, including those from Netflix and UnitedHealth.

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Source: The Edge Markets


J&J says pharma future bright, despite threat to Remicade

NEW YORK (Oct 18): Johnson & Johnson on Tuesday reported a better-than-expected quarterly profit and said its phamaceutical business will keep prospering despite the threatened launch of a competitor for its blockbuster Remicade arthritis drug.

Pfizer Inc late on Monday said it would begin US shipments of Inflectra, its biosimilar form of Remicade, by late November at a 15% discount to J&J’s current wholesale prices. With annual US sales of about US$5 billion, Remicade is J&J’s biggest product.

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Source: The Edge Markets


Dollar mixed as Fed policy in focus

Dollar mixed as Fed policy in focus

NEW YORK (Oct 18): The U.S. dollar was mixed in choppy trading on Tuesday, as investors took some profits from the greenback’s recent strength and evaluated whether the Federal Reserve is likely to raise interest rates later this year.

The greenback had rallied around 3% since the end of September, mirroring a climb in benchmark U.S. Treasury yields to a four-month high above 1.8%, on expectations that the Fed will raise rates by December.

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Source: The Edge Markets


Harley-Davidson plans to lay off temp workers first

Harley-Davidson plans to lay off temp workers first

NEW YORK (Oct 18): Harley-Davidson Inc said on a conference call on Tuesday it would lay off “casual workers,” or temporary hourly wage workers, first as a part of the company’s newly announced reorganization plan.

Harley-Davidson said it plans to reorganize and reduce its workforce to streamline functions and become a more agile manufacturer. The reductions will cost the company US$20 million to US$25 million.

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Source: The Edge Markets


OPEC sec-gen optimistic on reaching oil output deal in Nov

OPEC sec-gen optimistic on reaching oil output deal in Nov

LONDON (Oct 18): OPEC should be able to reach a deal next month to limit oil production without too much disagreement about individual countries’ output levels, the producer group’s secretary-general said on Tuesday.

Mohammed Barkindo also told journalists on the sidelines of the Oil & Money conference that Russia, which is not in OPEC, was not backtracking on its pledge to contribute to output limits should OPEC reach a deal at its next meeting on Nov 30.

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Source: The Edge Markets