Tuesday, October 25th, 2016

 

Dubai billionaire Alabbar plans messaging app for Middle East

Dubai billionaire Alabbar plans messaging app for Middle East

DUBAI (Oct 25): Billionaire Mohamed Alabbar, one of Dubai’s most prominent businessmen, plans a phone messaging service for the Middle East that aims to compete with services such as WhatsApp.

Alabbar, who made his fortune as the chairman of Dubai’s largest listed property developer, Emaar Properties, has been moving into other areas, in particular technology.

Asked on the sidelines of a conference in Dubai on Tuesday if he was considering launching a messaging app akin to WhatsApp, Alabbar replied:

Source: The Edge Markets


P&G profit beats on cost cuts, demand for home care goods

P&G profit beats on cost cuts, demand for home care goods

BENGALURU (Oct 25): Procter & Gamble Co, the maker of Tide detergent and Pampers diapers, reported a better-than-expected quarterly profit, helped by cost-cutting and strong demand for its baby, feminine and home care products.

P&G’s shares were up 4.6% at US$87.97 on Tuesday morning.

The company has been selling off unprofitable brands and focusing on core brands such as Tide, Pampers and Gillette to revive sluggish sales. P&G sold 41 of its brands, including Clairol and Wella, to Coty Inc in a US$12.5 billion deal earlier this month.

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Source: The Edge Markets


Wall St falls as earnings from some big names disappoint

NEW YORK, Oct 25 — Disappointing corporate results from several heavyweights dragged Wall Street as investors looked for clues regarding the timing of the next interest rate hike ahead of a Fed meeting next week. 3M fell 3.2 per cent to… Source: The Malay Mail Online


General Motors beats earnings expectations, investor fears linger

General Motors beats earnings expectations, investor fears linger

DETROIT (Oct 25): General Motors Co shares fell over 3% on Tuesday, despite better-than-expected third-quarter results amid fears that a slowdown in U.S. vehicle sales and currency turmoil in Europe will undercut future profits.

GM Chief Financial Officer Chuck Stevens told reporters that the overall U.S. car and light truck market is a “plateaued environment,” with sales flat for the year.

Source: The Edge Markets


Merck quarterly revenue beats, raises full-year forecast

BENGALURU (Oct 25): Merck & Co Inc reported better-than-expected quarterly revenue due to higher sales of its vaccines and cancer drug Keytruda, which won an early U.S. approval on Monday for use in previously untreated lung cancer patients.

Shares of Merck, which also raised its full-year profit and revenue forecasts, were up 1.23% at US$61.50 in premarket trading on Tuesday.

The second-largest U.S. drugmaker is betting on Keytruda to boost earnings as expectations for the drug have been building since its success in treating selected untreated patients.

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Source: The Edge Markets


European stocks fall as Novartis drags health-care shares lower

ZURICH, Oct 25 — A two-day lull for European equities ended as Novartis AG led drugmakers down after reporting earnings. The Swiss maker of cancer treatments slid 3 per cent, the biggest drag on the Stoxx Europe 600 Index, after its profit… Source: The Malay Mail Online


US judge approves US$14.7b settlement over VW diesel vehicles

WASHINGTON, Oct 25 — A US federal judge today approved Volkswagen AG’s record-setting US$14.7 billion (RM61.3 billion) settlement with regulators and owners of 475,000 polluting diesel vehicles, and the German automaker said it would begin… Source: The Malay Mail Online


SC charges Three-A founder, five others for insider trading

SC charges Three-A founder, five others for insider trading

KUALA LUMPUR (Oct 25): The Securities Commission of Malaysia (SC) charged six individuals today, including Three-A Resources Bhd founder and managing director Fang Chew Ham, for insider trading.

In a statement, SC said the 69 year-old Chew Ham and his daughter Fang Siew Yee, 36, were charged for communicating material non-public information to his brother and non-executive director Fong Chiew Hean on Sept 5, 2009.

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Source: The Edge Markets


Wall St opens flat as investors assess earnings

Wall St opens flat as investors assess earnings

NEW YORK (Oct 25): Wall Street opened little changed on Tuesday as investors assessed quarterly earnings from some big names and awaited results from Apple.

Dow component Merck fell 1.3% to US$59.90, while Eli Lilly fell 2.5% to US$75.59.

Apple, which is scheduled to report results after the close of the bell, was up 0.12% at US$117.79.

3M fell 1.9% to US$167.97 after the maker of Scotch tape and Post-it notes trimmed its full-year revenue and earnings forecasts for the second time.

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Source: The Edge Markets


Vizione, Willowglen MSC, Globetronics, IGB REIT, Nestle, Tanah Makmur, MNC Wireless, Daiwa Securities, AHIB and Affin

Vizione, Willowglen MSC, Globetronics, IGB REIT, Nestle, Tanah Makmur, MNC Wireless, Daiwa Securities, AHIB and Affin

KUALA LUMPUR (Oct 25): Based on corporate announcements and news flow today, stocks in focus tomorrow (Wednesday, Oct 26) may include: Vizione, Willowglen MSC, Globetronics, IGB REIT, Nestle, Tanah Makmur, MNC Wireless, Daiwa Securities, Affin Hwang Investment Bank Bhd (AHIB) and Affin Holdings.

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Source: The Edge Markets