Saturday, July 14th, 2018

 

Norway oil strike set to escalate, no compromise talks planned

OSLO, July 14 — Norway’s ship-owners and two oil unions said today they planned no compromise talks to end a five-day strike over wages and pension benefits before a planned escalation of the stoppage from Monday. Hundreds of workers on…


Airbus near blockbuster US$23b jet sale to AirAsia

LONDON, July 14 — Airbus SE is closing in on a blockbuster agreement to sell US$23 billion (RM93 billion) worth of aircraft, based on list prices, to AirAsia Bhd., according to people familiar with the matter. The Malaysian airline, already the…


Germany opens Opel probe in ‘dieselgate’ scandal

BERLIN, July 14 — German authorities are investigating carmaker Opel as part of an inquiry into the “dieselgate” scandal that saw major manufacturers such as Volkswagen fined billions of euros for cheating emissions tests, the transport…


Axis Reit: Property sector moving forward on positive note in 2h18

KUALA LUMPUR, July 14 — The property sector is expected to do better in the second half of 2018 (2H18), opposing the general perception of the bearish property sector, as the knee-jerk reaction due to 14th General Election…


Canada’s US$30b LNG hope edges closer as Shell ramps up

TORONTO, July 14 — A flurry of activity in a remote Canadian town is raising optimism that Royal Dutch Shell Plc and its partners are ready to go ahead with the nation’s largest infrastructure project: A C$40 billion (RM123.1 billion) liquefied…


S. Korea to raise minimum wage by 11pc; group rejects decision

SEOUL, July 14 — South Korea today decided to raise the minimum wage by 10.9 per cent to 8,350 won (RM30) an hour next year but a small-business group said it would refuse to implement the reform as its members were already grappling with a…


US stocks edge higher as Nasdaq ekes out record

NEW YORK: Wall Street stocks finished modestly higher Friday, with the Nasdaq eking out a second straight record as beaten-down consumer stocks rallied.

The Dow Jones Industrial Average gained 0.4% to close the week at 24,019.41.

The broad-based S&P 500 advanced 0.1% to 2,801.31, while the tech-rich Nasdaq Composite Index added less than 0.1% to end at a new all-time high of 7,825.98.

Investors have turned their attention away from trade tensions for the time being to focus on corporate earnings, which are expected to rise by about 20% compared with the year-ago period.

Banks opened earnings season, with JPMorgan Chase and Citigroup both topping analyst expectations, while Wells Fargo fell short.

All three stocks retreated, with JPMorgan losing 0.5%, Citigroup 2.3% and Wells Fargo 1.3%.

Consumer staples, which has underperformed the broader market for much of 2018, was among the strongest sectors Friday.

Among those gaining were Dow members Walmart and Walgreens Boots Alliance, which won 1.4% and 1.6%, respectively. Other gainers included Costco Wholesale and Colgate-Palmolive.

But Johnson & Johnson sank 1.4% after a Missouri jury ruled the pharmaceutical goods company owed US$4.7 billion, (RM19 billion) in damages in a lawsuit by families over allegations a talc sold by the company contained asbestos and caused them to suffer cancer.

The company said it would “pursue all available appellate remedies”.

Netflix shed 4.3% ahead of an earnings report Monday amid nervousness it will show slowing subscription growth. — AFP


Bursa Malaysia to continue uptrend next week

KUALA LUMPUR, July 14 — Buying momentum on Bursa Malaysia is expected to continue next week, in line with the global equities on lack of worries over trade war between the United States and China. Hermana Capital Bhd Chief Executive Officer and…


Ringgit to strengthen to 4.0 next week

KUALA LUMPUR: The ringgit is expected to strengthen to the 4.0 level next week on improved oil prices, said Hermana Capital Bhd Chief Executive Officer and Chief Investment Officer Datuk Dr Nazri Khan Adam Khan.

He said if oil price rise were to continue, not only the ringgit but also other currencies would get a boost, with oil being one of the country's main sources of revenue.

Hong Leong Investment Bank Bhd (HLIB) also expects a slight bullish bias in the local note against the US dollar next week, anticipating easing of trade tensions to support continued recovery in risk appetite.

“Technically, USD-MYR continues to show upside fatigue after failure to break the 4.0515 level this week.

“As such, we maintain the view that a retracement to recent rally is still in the works, potentially sliding lower to 4.0047 going forward,” it said in a note.

HLIB said it suspected the US dollar might lose upside traction next week as trade tensions appeared to be easing, while a lack of major US data would unlikely catch sufficient attention to drive buying interest.

On a Friday-to-Friday basis, the local note finished lower against the greenback at 4.0500/0530 from 4.0380/0420.

The ringgit was traded higher against a basket of major currencies.

It appreciated against the Singapore dollar to 2.9620/9651 versus 2.9672/9712 last Friday and rose against the yen to 3.6006/6043 from 3.6497/6536.

The ringgit improved against the pound to 5.3189/3236 from 5.3419/3476 and advanced against the euro to 4.7122/7161 from 4.7277/7340. — Bernama


Netflix subscriber growth faces test after US$43b rally

NEW YORK, July 14 — Netflix Inc will get a chance next week to validate the more than US$40 billion (RM161.9 billion) added to its market value since the company’s blowout earnings report in April. The main question hanging over Netflix’s…