Disney chief exits Apple board as firms become streaming rivals

SAN FRANCISCO, Sept 14 — Disney chief Bob Iger resigned from Apple’s board of directors as the companies are poised to launch rival online streaming services, according to a filing yesterday with US regulators. Iger’s departure came the same…

Global stocks, bond yields lifted by US-China trade hopes

EW YORK, Sept 13 — A gauge of global stocks rose for an eighth straight day and benchmark government bond yields climbed yesterday after signs of progress in US-China trade talks, as well as a solid US retail sales report, allayed recession…

S&P edges lower as Apple weighs, trade tensions ease

NEW YORK, Sept 14 — The S&P 500 ended the day down slightly yesterday but less than 1 per cent below its all-time high as a drop in Apple stock countered cooling US-China trade tensions. Tariff-vulnerable industrials helped keep the blue-chip…

IEA: US briefly overtakes Saudi Arabia as top oil exporter

LONDON, Sept 12 — Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said today, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world’s top…

Foxconn’s Gou quits Taiwan’s KMT, paving way for presidential bid

TAIPEI: Terry Gou (pix), the founder of Apple supplier Foxconn, quit Taiwan’s main opposition party on Thursday, paving the way for a possible bid to stand in a presidential election as an independent, complicating President Tsai Ing-wen’s prospects.

Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, has extensive business interests in China and is in known for his close ties with Beijing leaders.

He is also known for asserting that self-ruled Taiwan is part of “one China”, a cherished principle for China, while acknowledging Taipei and Beijing have their own interpretations of what that means.

He has also repeatedly called for closer ties with Beijing, which would likely welcome his bid to challenge Tsai, who Beijing views as untrustworthy. Tsai is hoping to win a second term in next year’s election.

Gou announced his intention to contest the presidential election in April as the candidate for the China-friendly opposition Kuomintang (KMT). But he lost his bid to win the party’s nomination in July.

That raised speculation he would enter the presidential race as an independent but Gou’s aide, Tsai Chin-yu, told reporters in Taipei his decision to resign as a member of the KMT was not linked to a decision on whether to run for president.

She cited disappointment with the leadership of a party which she said had become “outdated”.

“Effective today, Mr Terry Gou quits the Kuomintang,” the aide said.

The KMT said it “deeply regretted” Gou’s decision and urged unity within the party to win the election.

Two people familiar with Gou’s thinking said the 68-year-old billionaire was set to announce his bid to become president as an independent candidate by a Sept. 17 deadline for nominations.

Gou would appeal to voters who are dissatisfied with Taiwan’s economy and in favour of closer ties with Beijing, one of the sources said.

Relations with Beijing, which have cooled since Tsai became president in 2016, are bound to dominate Taiwan’s election.

Beijing suspects Tsai of pushing for Taiwan’s formal independence although she denies that.

Beijing considers democratic Taiwan a wayward province and has never renounced the use of force to take it over.

Analysts say Gou’s links to China might put off some voters, especially those who are increasingly wary of Beijing’s ambitions to absorb the island.

Gou stepped down as chief of Foxconn this year, handing over the running of the company to an operations committee. But he retained a seat on the board of the company, formally known as Hon Hai Precision Industry Co Ltd.

Shares of Foxconn rose 1.6% on Thursday, beating the benchmark index’s 0.3% rise. They are down about 20% since Gou announced his presidential bid in mid- April.

Analysts say a bid by Gou to become president as an independent could split the KMT, whose presidential candidate, Han Kuo-yu, is struggling in opinion polls. – Reuters

Bursa Malaysia extends gains as Wall Street rise

KUALA LUMPUR: Bursa Malaysia extended yesterday’s steady momentum to opened higher on Thursday, amid a buoyant Wall Street.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.37 points to 1,604.67 compared to Wednesday’s close of 1,602.30.

The market barometer opened 0.91 of-a-point better at 1,603.21.

Hope for stimulus to support growth in the world’s major economies boosted investors’ sentiment ahead of the European Central Bank (ECB) meeting today.

The ECB is expected to cut interest rates and detail plans for stimulus measures when it concludes its meeting on Thursday.

Investors also expect the Federal Reserve to deliver a 25 basis-point rate cut next week, Public Investment Bank Bhd said in a note today.

The FBM KLCI according to the investment bank will track the overnight Wall Street performance, after the S&P 500 ended above 3,000 for the first time since late July.

The S&P 500 was up 0.7%, edging closer to a fresh record high, led by healthcare and tech, mainly Apple, as the tech company’s market capitalisation climbed back above the US$1 trillion marks as investors cheered its lower-priced iPhone 11 and Apple TV+ subscription.

Malacca Securities Sdn Bhd said the market is much calmer after incremental progress is made on the US-China trade dispute with the former delaying the implementation of higher tariffs on China made goods by two weeks in October.

“The above positives will help to provide the much-needed catalysts for Malaysian equities to maintain their upward trajectory which may now see the key index making a pass at the 1,610 level,“ it added.

Of the heavyweights, Petronas Chemical added 12 sen to RM7.35, MISC was 13 sen higher at RM7.92 and Maybank rose five sen to RM8.94.

Hong Leong Bank was 16 sen better at RM16.56 and CIMB was higher by three sen at RM5.06.

Of the actives, Hubline inched up half-a-sen to 5.5 sen after announced proposal to acquire a 75% stake in Absolute Privilege Sdn Bhd for RM16.36 million.

Tadmax went up one sen to 32 sen and Green Packet advanced half-a-sen to 25 sen.

The FBM Emas Index edged up 16.69 points to 11,308.55, the FBMT100 Index improved 16.43 points to 11,144.24 and the FBM Emas Shariah Index rose 6.21 points to 11,823.36.

The FBM Ace increased 19.18 points to 4,524.91 and the FBM 70 expanded 20.50 points to 13,909.76.

Sector-wise, the Financial Services Index gained 63.79 points to 15,624.89, the Plantation Index dropped 27.86 points to 6,817.88 and the Industrial Products and Services Index was 0.94 of-a-point up at 151.93.

Market breadth was positive as gainers led loses 153 to 73, with 149 counters unchanged, 1,594 untraded and 15 others suspended.

Turnover stood at 90.38 million units worth RM42.69 million.

The physical price of gold as at 9.30am stood at RM193.68 per gramme, down 36 sen from RM194.04 at 5pm yesterday. — Bernama

Bursa extends gains as Wall Street rises

KUALA LUMPUR, Sept 12 — Bursa Malaysia extended yesterday's steady momentum to opened higher today, amid a buoyant Wall Street. At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.37 points to 1,604.67 compared to yesterday's close of…

Trade optimism, Apple push Wall Street slightly higher

NEW YORK, Sept 11 — US stocks rose slightly today as China’s move to ease trade tensions with the United States soothed investor nerves, while shares of Apple gained a day after the launch of its latest iPhones. Apple Inc rose 1.79 per cent and…

Asian stocks rise as optimism slowly returns

HONG KONG, Sept 11 ― Asian markets mostly rose today with a broadly upbeat tone across trading floors ahead of major meetings at the European and US central banks, while there is also a growing sense of optimism over China-US trade talks. News…

Pound resilient as Brexit plot thickens

NEW YORK, Sept 11 ― The pound strengthened against both the dollar and the euro yesterday as investors took heart from legislation blocking a no-deal Brexit. Sterling also received a boost from stronger British economic growth than markets had…