Friday, October 26th, 2018

 

US stocks tumble amid tech selloff

NEW YORK, Oct 26 — Wall Street was back in aggressive sell-off mode today, with major stock indices losing more than two per cent following disappointing earnings announcements from Amazon and Google parent Alphabet. Near 1510 GMT, the tech-rich…


US stocks losses deepen amid tech selloff; Dow -2.1pc, Nasdaq: -3.4pc

NEW YORK, Oct 26 — Wall Street was back in aggressive sell-off mode today, with major stock indices losing more than two per cent following disappointing earnings announcements from Amazon and Google parent Alphabet. Near 1455 GMT, the Dow Jones…


Dollar hits two-month high after Q3 GDP tops estimates

NEW YORK, Oct 26 — The US dollar rose to a two-month high of 96.860 against a basket of major currencies in morning trading today after US headline third-quarter gross domestic product data exceeded estimates. The US economy slowed less than…


US stocks resume retreat as Amazon, Alphabet/Google tumble

NEW YORK, Oct 26 — The Nasdaq tumbled early today as US stocks resumed their downward slide following disappointing earnings announcements from Amazon and Google-parent Alphabet. About 15 minutes into trading, the tech-rich Nasdaq Composite Index…


Deutsche Post sells off Chinese supply chain business

FRANKFURT AM MAIN, Oct 26 — German logistics giant Deutsche Post DHL said today it was selling off its supply chain business in China, but would continue operating the unit under a “strategic partnership”. The deal will see Chinese firm SF…


ArcelorMittal, Nippon to buy India’s Essar Steel for US$5.7b

MUMBAI, Oct 26 — Global steel giant ArcelorMittal and Japanese firm Nippon Steel said today they have won a bidding war for India’s Essar Steel with a US$5.7 billion offer for their debt-laden rival. The deal is one of the biggest takeovers of a…


Sunway, MKH to JV for Kajang mixed development project

PETALING JAYA: Sunway Bhd and MKH Bhd have inked agreements for a proposed joint venture to jointly develop a mixed development with a gross development value of RM540 million on a freehold land in Kajang, Ulu Langat.

Sunway's subsidiary SunwayMas Sdn Bhd has entered into a shareholders’ agreement with MKH's subsidiary Perkasa Bernas (M) Sdn Bhd, as well as Daksina Harta Sdn Bhd for the proposed joint venture.

SunwayMas has also entered into a share sale agreement to dispose of 40% of the share capital of Daksina at RM5 million to Perkasa. This means that SunwayMas will hold a 60% stake in Daksina, while Perkasa will hold the remaining 40%.

The land, measuring 5.28 acres, was intended for an original commercial development comprising a three-storey retail podium, 10-storey car park podium, a 20-storey commercial tower and a 12-storey commercial tower, which had been previously approved for development.

Construction on the land had also commenced but was discontinued by the previous developer when the structure of the car park podium and both commercial blocks reached the roof top.

“The proposed joint venture between MKH group and Sunway group will enable the continuation of the development on the semi-completed structure erected on the land, which will replace the original commercial development with a proposed mixed-development comprising retail podium/commercial lots and serviced apartments/SOHO,” Sunway said in a stock exchange filing.

The maximum development period for the proposed development is expected to be within five years.

The proceeds from the proposed disposal will be used for SunwayMas’ working capital.

The proposed joint venture provides opportunity for both SunwayMas and Perkasa to pool their
resources and expertise to jointly develop the proposed development, leveraging on Sunway's
brand and MKH’s expertise and market knowledge in Kajang.

Meanwhile in Australia, Sunway TotalRubber Ltd (STRL), a subsidiary of Sunway, has entered into a share sale and purchase agreement (SSPA) with Kerlex Pty Ltd (KPL), B Spurrell Pty Ltd (BSPL) and Pacific Flow Technology Pty Ltd (PFTPL) to dispose of its entire 80% shareholding in PFTPL to KPL and BSPL for A$220,000 (RM646,000).

STRL's principal activity is import and distribution of industrial rubber and plastics; while the principal activity of PFTPL is manufacturing and sale of specialty hoses. KPL and BSPL are trustees.

Sunway said the proposed disposal will enable the group to streamline its business activities in Australia. The proceeds from the exercise will be utilised for repayment of borrowings and working capital of STRL.

The exercise is expected to be completed by November 2018.


Ringgit extends fall versus US dollar for seventh straight day

KUALA LUMPUR, Oct 26 — The ringgit extended its fall to the seventh consecutive day today and in line with other emerging currencies, as the greenback remained tilted to an upside, dealers said. At 6pm, the ringgit stood at 4.1730/1770 versus the…


BASF confirms weaker 2018 forecast in ‘challenging’ climate

FRANKFURT AM MAIN, Oct 26 — German chemicals giant BASF confirmed a full-year outlook for weaker profits today after a slowdown in the third quarter when car industry troubles, low river levels and the costs of an oil and gas merger weighed on the…


Google, Amazon suffer market setbacks on sales outlook

SAN FRANCISCO, Oct 26 — Internet titans Google and Amazon came under an investor cloud after posting disappointing sales updates, with the search leader also on the defensive for reportedly hushing up sexual misconduct. Two of the world’s most…