Monday, October 24th, 2016

 

Wall St touches two-week high on deals, strong earnings

NEW YORK, Oct 24 — US stocks touched their highest levels in two weeks as a flurry of deal activity and strong quarterly earnings boosted investor confidence. AT&T was down 1.2 per cent at US$37.03 after the telecommunications company said it… Source: The Malay Mail Online


Only AT&T offered deal, says Time Warner CEO

NEW YORK, Oct 24 — Time Warner Inc Chief Executive Jeff Bewkes said today that AT&T Inc was the only company to make a takeover approach for the media group. AT&T said on Saturday it had agreed to buy Time Warner for US$85.4 billion (RM357.1… Source: The Malay Mail Online


Metronic Global seeks EGM to remove MNC Wireless directors

KUALA LUMPUR (Oct 24): Metronic Global Bhd and one other shareholder of MNC Wireless Bhd have served a special notice to loss-making MNC Wireless to convene an extraordinary general meeting (EGM) to seek shareholders’ approval to remove five directors.

Metronic Global is the largest shareholder of ACE Market-listed MNC Wireless, with a direct 18.75% stake as of Oct 5.

In a filing with Bursa Malaysia today, Metronic Global said the special notice was given on Oct 21.

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Source: The Edge Markets


Bomb in Thai south kills one, injures 19 – police

Bomb in Thai south kills one, injures 19 - police

BANGKOK (Oct 24): At least one person was killed and 19 wounded in an explosion at a night market in southern Thailand on Monday, where Muslim separatists have been waging an insurgency for more than a decade.

The attack comes two months after a wave of coordinated bombings in tourist towns in Thailand’s south that killed four Thais and wounded dozens, including foreigners, attacks the police linked to Muslim militants.

Monday’s attack, in the town of Pattani, struck around 7 p.m. (1200 GMT), police said.

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Source: The Edge Markets


Plane on French surveillance mission crashes in Malta, 5 dead

Plane on French surveillance mission crashes in Malta, 5 dead

VALLETTA/PARIS/WARSAW/BRUSSELS (Oct 24): A small aircraft conducting a surveillance mission over the Mediterranean for France’s defence ministry crashed on take-off in Malta on Monday, killing all five people on board.

The ministry declined to say what the purpose of the surveillance operation was. Airport officials said the plane had been heading for Misrata in Libya, where some Western powers have sent small teams of special forces to support the new U.N.-backed unity government in its fight against Islamist militants.

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Source: The Edge Markets


India cenbank meets bank officials after debit card security breach

India cenbank meets bank officials after debit card security breach

MUMBAI (Oct 24): India’s central bank said it met with senior officials from select banks, the National Payment Corporation of India and card network operators following one of the country’s largest-ever cyber security incidents.

A slew of banks in India are replacing or asking their customers to change security codes of as many as 3.25 million debit cards due to fears that the card data may have been stolen.

Source: The Edge Markets


British broadcaster ITV to cut 120 jobs over Brexit uncertainty

British broadcaster ITV to cut 120 jobs over Brexit uncertainty

LONDON (Oct 24): British broadcaster ITV will cut 120 jobs as part of a programme set out earlier this year to reduce costs by 25 million pounds (US$31 million) to counter the uncertainty created by the Brexit vote.

The job cuts amount to 2% of ITV’s workforce of 6,000, of which 3,000 are British-based staff, and would be spread across the business.

ITV plans to cut costs by 25 million pounds in 2017, as it expects a drop of 1% in net advertising revenues in the first nine months of this year.

Source: The Edge Markets


Tata Sons ousts Mistry and names Ratan Tata interim chairman

Tata Sons ousts Mistry and names Ratan Tata interim chairman

MUMBAI/DELHI (Oct 24): Indian salt-to-software conglomerate Tata Sons has ousted Cyrus Mistry as chairman and restored Ratan Tata to the position while it seeks a permanent replacement.

The Tata Sons board did not give any reasons for its decision, though Mistry, 48, had been attempting to shake up the US$100 billion company by changing the management structure to bring in new faces at senior levels.

Tata Sons is a large shareholder in listed Tata Group companies in a business empire that ranges from Jaguar Land Rover and steel mills to aviation and salt pans.

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Source: The Edge Markets


GuocoLand posts 95% fall in 1Q earnings to S$25.6 mil

GuocoLand posts 95% fall in 1Q earnings to S$25.6 mil

SINGAPORE (Oct 24): Developer GuocoLand saw 1Q earnings fall 95% to S$25.6 million from S$516.5 million a year ago on lower revenue and absence of one-off gain.

Revenue fell 54% to S$202.8 million. The lower revenue was mainly due to the absence of contribution from the sale of an office block in Shanghai Guoson Centre in the previous corresponding quarter. Gross profit declined by 70% due to the fall in revenue and lower gross margin arising from change in sales mix in the two periods of review.

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Source: The Edge Markets


AT&T acquisition of Time Warner may avoid FCC oversight

AT&T acquisition of Time Warner may avoid FCC oversight

WASHINGTON (Oct 24): AT&T Inc may bypass a powerful telecommunications regulator by offloading a Time Warner broadcast station, analysts say, as the telcommunications giant braces for what is expected to be a lengthy and tough antitrust review of its proposed US$85.4 billion deal to buy Time Warner Inc.

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Source: The Edge Markets