Friday, October 28th, 2016


PetroChina profit slumps as gas earnings follow oil’s slide

BEIJING (Oct 28): PetroChina Co posted a 77% decline in third-quarter profit as a suppressed international oil market and lower domestic natural gas prices eroded earnings at the country’s biggest producer.

Net income fell to 1.2 billion yuan in the July-September period, the Beijing-based company said in a statement to the Hong Kong stock exchange on Friday. Higher earnings from refining and chemicals were overwhelmed by losses on production and weaker performance from its natural gas and pipelines units. Revenue dropped 3.8% to 411.4 billion yuan.


Source: The Edge Markets

Wall St rises amid robust GDP data, mixed earnings

NEW YORK, Oct 28 — Wall Street rose today as robust economic data shone light on the strength of the US economy, while upbeat results from Alphabet and Chevron offset the decline in health stocks and Amazon. Data showed the US economy grew at… Source: The Malay Mail Online

Toyota invests in US car-sharing service

TOKYO, Oct 28 — Toyota Motor Corp today said it has invested in US car-sharing company Getaround, a move that comes as global automakers seek to shore up their presence in new technology sectors amid growing competition from transport startups…. Source: The Malay Mail Online

Uber sees flying commuters in 10 years

SAN FRANCISCO, Oct 28 — Flying commuters like George Jetson could be whizzing to work through the sky less than 10 years from now, according to ride-services provider Uber, which believes the future of transportation is literally looking up…. Source: The Malay Mail Online

US reports economy grew at 2.9pc in Q3, fastest in two years

WASHINGTON, Oct 28 — US economic growth accelerated to a 2.9 per cent annual rate in the third quarter boosted by a big jump in exports and solid consumer spending, the Commerce Department reported today. Coming just 11 days before the… Source: The Malay Mail Online

Sterling slips after N Ireland court rejects Brexit trigger challenge

LONDON (Oct 28): Sterling hit an eight-day low against the euro on Friday, after Northern Ireland’s High Court ruled that the law of the province did not restrict the British prime minister’s ability to trigger an exit from the European Union.

The court said the consent of the regional parliament was not required to trigger Article 50 — which kickstarts UK-EU divorce proceedings.


Source: The Edge Markets

China limits bond issuance by property firms — newspaper

BEIJING (Oct 28): China’s property developers will not be allowed to issue bonds to raise money for land purchases, a Chinese newspaper reported on Friday, in an attempt to cool a property frenzy in the world’s second-largest economy.

The Shanghai Stock Exchange has issued a letter to bond underwriters to thoroughly investigate how property developers would use funds raised on bond issuance, the 21st Century Business Herald said, citing sources.


Source: The Edge Markets

Deutsche Bank among bidders for HSH Nordbank’s debt portfolio

LONDON/FRANKFURT (Oct 28): Deutsche Bank is among more than 20 bidders in talks to potentially buy a 3.2 billion euro loan portfolio from state-owned rival HSH Nordbank as Germany’s biggest lender tries to do deals despite its troubles, sources told Reuters.

HSH and Deutsche declined to comment.

Four finance industry sources with knowledge of the situation said on Friday Deutsche Bank was looking at the portfolio. Two of the sources said it included at least 500 million euros of non-performing loans related to HSH’s shipping finance business.


Source: The Edge Markets

China regulator tells banks to strengthen checks on fx transactions

BEIJING (Oct 28): China’s foreign exchange regulator said recent media reports that it had asked banks to take measures to reduce their net forex sales were “not accurate”, according to a statement posted on the regulator’s website on Friday night.

The State Administration of Foreign Exchange (SAFE) did not specify which outlets the reports came from.

The statement also told banks to strengthen checks on forex transactions to make sure they were genuine and based on actual needs.


Source: The Edge Markets

European markets in lull as strong growth aids Wall Street

LONDON, Oct 28 — European markets marked time today following a dour Asian session as better than expected third-quarter US economic growth brought a measure of cheer to Wall Street Frankfurt, London and Paris wobbled slightly with investors… Source: The Malay Mail Online