Monday, October 31st, 2016

 

Hiap Teck ropes in new partner to resume steel slab production at Eastern Steel

Hiap Teck ropes in new partner to resume steel slab production at Eastern Steel

KUALA LUMPUR (Oct 31): Hong Kong-based steel miller Angang Group Hong Kong Co Ltd will be taking up a 50% stake in loss-making Hiap Teck Venture Bhd’s subsidiary, Eastern Steel Sdn Bhd — for an amount to be agreed on.

The entrance of Angang, via its wholly owned unit Ansteel International Co Ltd, will allow Eastern Steel to resume its production of steel slabs, which was temporarily suspended in October 2015.

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Source: The Edge Markets


AirAsia, AirAsia X, MAHB, Coastal Contracts, Kumpulan Perangsang Selangor, Ekovest, Sasbadi and Caring

AirAsia, AirAsia X, MAHB, Coastal Contracts, Kumpulan Perangsang Selangor, Ekovest, Sasbadi and Caring

KUALA LUMPUR (Oct 31): Based on corporate announcements and news flow today, companies that may be focus tomorrow (Nov 1) could include: AirAsia, AirAsia X, MAHB, Coastal Contracts, Kumpulan Perangsang Selangor, Ekovest, Sasbadi and Caring.

The Malaysian Aviation Commission (MAVCOM) has revised the rates for passenger service charges (PSC) at Malaysian airports, effective Jan 1, 2017, which may impact the operations of AirAsia Bhd, its long-haul affiliate AirAsia X Bhd, and airports operator Malaysia Airports Holdings Bhd.

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Source: The Edge Markets


US stocks rise on deal activity as election looms

NEW YORK, Oct 31 — US stocks rose from a six-week low amid an increase in deal activity as traders assessed the outlook for the presidential election and interest rates in the world’s largest economy. Oil tumbled. The S&P 500 Index halted a… Source: The Malay Mail Online


Malaysia to tap Jack Ma’s ideas on digital economy, says Irwan Serigar

BEIJING, Oct 31 — Malaysia will tap Chinese Internet tycoon Jack Ma’s ideas on the development of the digital economy, said Treasury Secretary-General, Tan Sri Dr Irwan Serigar Abdullah. He said the meeting between Prime Minister Datuk Seri… Source: The Malay Mail Online


Macquarie Bank intends to take up 4.5% stake in Iris

Macquarie Bank intends to take up 4.5% stake in Iris

KUALA LUMPUR (Oct 31): Iris Corp Bhd has inked a subscription agreement with Macquarie Bank Ltd in relation to the issuance and allotment of up to 100 million shares at 15 sen apiece as part of its private placement exercise announced in November last year.

Under the deal, Macquarie would have to pay RM15 million for the shares it intends to buy. This represents a 1.5 sen or 10% discount to the latest closing price of 16.5 sen.

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Source: The Edge Markets


CenturyLink to buy Level 3 Communications for about US$24b

(Oct 31): Telecommunications company CenturyLink Inc said it would buy Level 3 Communications Inc in a cash-and-stock deal with an equity value of about US$24 billion to expand its fiber optic network and high-speed data services for business clients.

The combination will put CenturyLink in a better position to compete bigger rivals such as AT&T Inc and Verizon Communications Inc by increasing its fiber network in the United States to 450,000 miles from about 250,000.

Source: The Edge Markets


Caring’s 1Q profit down 29% as cost of sales, expenses rise

Caring's 1Q profit down 29% as cost of sales, expenses rise

KUALA LUMPUR (Oct 31): Caring Pharmacy Group Bhd’s net profit fell 29.2% to RM721,000 in the first financial quarter ended Aug 31, 2016 (1QFY17), from RM1.02 million a year ago, as cost of sales went up.

Its consolidated statement of profit or loss for the quarter, filed on Bursa Malaysia today, also showed higher selling and distribution expenses.

Earnings per share came in at 0.33 sen versus the previous year’s 0.47 sen, which it said was mainly due to higher incentive granted to subsidiary companies to drive sales.

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Source: The Edge Markets


Sony surprises with profit warning on sale of battery business

Sony surprises with profit warning on sale of battery business

TOKYO (Oct 31): Sony Corp cut its annual profit outlook due to losses related to the sale of its battery business – disappointing a market that had been hoping for an upward revision on buoyant sales momentum for PlayStation 4 and the launch of its virtual reality headset.

Emerging from years of restructuring, the consumer electronics giant is refocusing its business to concentrate on videogames, entertainment and camera sensors and the sale of its battery business was part of that effort.

Source: The Edge Markets


AirAsia India investigating former staff for financial irregularities

AirAsia India investigating former staff for financial irregularities

NEW DELHI (Oct 31): AirAsia India is investigating certain former employees over irregular personal expense claims, the aviation joint venture of Tata Sons and Malaysian airline AirAsia Bhd said in a statement on Monday.

The announcement follows a letter sent last week by the ousted chairman of Tata Sons, which owns 49% of AirAsia India, in which Cyrus Mistry said board members were aware of “ethical concerns” with respect to certain transactions.

Source: The Edge Markets


Facebook says will remove fewer pictures, stories after Vietnam photo row

Facebook says will remove fewer pictures, stories after Vietnam photo row

OSLO (Oct 31): Facebook will allow more content on its platform that it would have earlier removed because it violated its standards, a senior company executive said on Monday, following the controversy over the removal of an iconic Vietnam War photo.

His comments come after a dispute in September between the company and Norwegian Prime Minister Erna Solberg after Facebook deleted the photo of a naked girl fleeing a napalm attack, called “The Terror of War”.

Source: The Edge Markets