Friday, March 3rd, 2017
NEW YORK (March 3): US stocks were marginally up on Friday, as investors focused on Federal Reserve Chair Janet Yellen’s speech for clues on the possibility of an interest rate hike later this month.
Six of the 11 major S&P sectors were higher, with the S&P 500 financial index leading the gainers.
High-dividend paying consumer staples and utilities were the laggards.
Yellen’s speech comes after several other Fed officials this week painted an upbeat picture of the US economy, stoking market expectations for a March rate hike.
LONDON (March 3): Rupert Murdoch’s planned takeover of European pay-TV group Sky is likely to be investigated to see whether it is in the public interest, the British government warned on Friday.
Murdoch’s US business Twenty-First Century Fox, which owns 39 percent of Sky, officially notified the European Commission of its £11.7 billion offer to buy the rest of Sky and kicked off what is likely to be a politically charged process.
DETROIT (March 3): Daimler AG said it will recall one million newer-model Mercedes-Benz vehicles worldwide due to the risk of fire, after 51 fires were reported.
The German company said no injuries or deaths were reported relating to the vehicles that it will begin recalling in the US market in July when parts become available.
Of the million vehicles to be recalled, 307,629 are in the United States, which is 40,000 units less than Mercedes-Benz reported to US regulators.
(March 3): NBCUniversal, a unit of Comcast Corp , invested US$500 million in Snap Inc during its IPO as part of a strategic investment and partnership, CNBC reported on Friday, citing sources familiar with the matter.
Snap’s shares were up 3.5 percent at US$25.32 in premarket trading. The company finished its first day of trading with a 44 percent gain compared to its IPO price of US$17.
Snap’s stock allocation to NBCUniversal seems to be the only one made to a new strategic investor, making NBCUniversal the only US media company with a stake, according to the CNBC report.
MANILA (March 3): (Reuters) – A senator and detained critic of Philippine President Rodrigo Duterte’s war on drugs has warned he and his “blind followers” will pay for ignoring alleged extrajudicial killings, and should stop trying to fool the world their crackdown was above board.
Leila de Lima, who last year led a Senate probe into alleged summary killings during Duterte’s anti-drugs campaign, was arrested last week and has been remanded in police detention on drug charges.
(March 3): Canada’s Hudson’s Bay Co, owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy’s Inc, over a month after approaching its US peer, people familiar with the matter said.
Hudson’s Bay’s challenges in putting together a firm offer are a blow to the ambitions of its majority owner and executive chairman Richard Baker, who built a retail empire relying on real estate financing as much as his knowledge of the retail sector.
BEIJING (March 3): China’s Foreign Ministry on Friday said it had expressed concern about a large-scale joint military exercise between South Korean and US troops that began this week.
The exercise, called Foal Eagle, comes amid heightened tension following the latest test launch of a ballistic missile by North Korea on Feb 12. Previous such exercises have prompted threats by Pyongyang to launch military action in retaliation.
SHANGHAI (March 3): South Korean firms are being squeezed in China, in suspected retaliation for Seoul’s deployment of a US missile defence system, highlighting the tools China can deploy to hit back at the corporate interests of trade partners it disagrees with.
The chill facing Korea Inc, from cosmetics and supermarket chains to autos and tourism, points to a potential risk for American companies, amid a more confrontational stance taken by new US President Donald Trump
KUALA LUMPUR (March 3): Tiger Synergy Bhd, which aborted a cash call days earlier, is selling 28 plots of freehold land in Kuala Pilah, Negeri Sembilan, for RM2 million to use as working capital for the group.
Its wholly-owned unit MHB Property Development Sdn Bhd inked four agreements to effect the disposal today. The tracts are located in Ampang Tinggi.
Tiger Synergy is expecting to net a gain of RM476,766 from the sales, which it expects to be completed within four months from today.