Wednesday, March 1st, 2017

 

Stocks, dollar rise on bets for US rate hike

NEW YORK, March 1 — Wall Street indexes rallied today, with the Dow hitting a record above 21,000 points, while the dollar and US Treasury yields jumped as investors bet that a US interest rate hike would come soon. New York Fed President…


Wall St hits new highs as banks soar on rate hike hopes

Wall St hits new highs as banks soar on rate hike hopes

(March 1): US stocks hit record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever, as bank stocks surged on higher chances of an interest rate hike this month, while a more measured tone in President Donald Trump’s speech reassured investors.

In his first address to a joint session of Congress late Tuesday, Trump said he wanted to boost the US economy with a “massive” tax relief, make a US$1 trillion effort on infrastructure and overhaul Obamacare.

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Freight and fridge sales: Indian economists seek GDP clues amid data doubts

Freight and fridge sales: Indian economists seek GDP clues amid data doubts

NEW DELHI (March 1): Surprised again by India’s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia’s third-largest economy.

For India’s cash-reliant economy, Prime Minister Narendra Modi’s decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.

The decision sucked 86% of cash out of circulation, and everyone from street hawkers to big consumer goods firms suffered a slump in sales.

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Brexit battle lines drawn as UK readies divorce papers

Brexit battle lines drawn as UK readies divorce papers

BRUSSELS (March 1): Brexit’s phoney war is about to become real. It may get bloody.

Prime Minister Theresa May says she will file Britain’s divorce papers this month. How the rest of the European Union responds will to some extent determine the future of 65 million Britons and citizens of the other 27 EU states for generations.

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India’s TCS says founders to participate in share buyback

India's TCS says founders to participate in share buyback

MUMBAI (March 1): India’s Tata Consultancy Services Ltd (TCS), which plans to buy back shares worth up to 160 billion rupees (US$2.39 billion), said on Wednesday the founder group of the company intended to participate in the proposed buyback.

TCS, the country’s top software services exporter, is part of the salt-to-software Tata conglomerate, whose holding company is Tata Sons Ltd.

Tata Sons owned 73.26 percent of TCS as of the end of December, according to stock exchange data.

TCS last month approved the buyback of up to 56.1 million shares at 2,850 rupees apiece.


Investors clamour for US corporate debt as new sales slow

NEW YORK, March 1 — Blue-chip US companies are pulling back from borrowing just when investors most want to lend. Investment-grade corporate bond sales were US$95.8 billion (RM426.6 billion) in February, the worst February since 2014 and 14…


Matrix Concepts, Sime Darby, Petrol One, Tiger Synergy and HeiTech Padu

Matrix Concepts, Sime Darby, Petrol One, Tiger Synergy and HeiTech Padu

KUALA LUMPUR (March 1): Based on corporate announcements and news flow today, stocks in focus on Thursday (March 2) may include: Matrix Concepts, Sime Darby, Petrol One, Tiger Synergy and HeiTech Padu.

Matrix Concepts Holdings Bhd has inked a memorandum of understanding (MoU) with Taiwan-based Changhua Christian Hospital (CCH) for the proposed establishment of a medical and specialist healthcare service provider in Bandar Sri Sendayan, Negeri Sembilan, to be known as Matrix Global Specialist Center (MGSC).

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US consumer spending slows; inflation pushes higher

US consumer spending slows; inflation pushes higher

WASHINGTON (March 1): US consumer spending rose less than expected in January as the largest monthly increase in inflation in four years eroded households’ purchasing power, pointing to moderate economic growth in the first quarter.

The surge in inflation raises the possibility of an interest rate increase from the Federal Reserve this month. While still below the US central bank’s 2% target, inflation is now in the upper end of the range that Fed officials in December felt would be reached this year.

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SEC freezes assets in SoftBank-Fortress insider trading probe

SEC freezes assets in SoftBank-Fortress insider trading probe

WASHINGTON (March 1): The Security and Exchanges Commission said on Wednesday it froze assets of traders using brokerage accounts in London and Singapore to obtain more than US$3.6 million in possibly illegal profits before the announcement that SoftBank Group Corp agreed to acquire Fortress Investment Group.

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MAHB’s Istanbul airport CEO steps down to make way for new leadership

MAHB’s Istanbul airport CEO steps down to make way for new leadership

KUALA LUMPUR (March 1): Malaysia Airports Holdings Bhd (MAHB) said the chief executive officer of its wholly-owned airport in Istanbul, Turkey is stepping down to facilitate changes in the airport’s management.

In a statement today, MHB said there is a need to shift to a more global perspective to create bigger opportunities for Istanbul Sabiha Gokcen International Airport (ISG).

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