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NEWS
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Outside Malaysia:
U.S: Home prices in 20 cities rose 5% YoY in July;
according to S&P CoreLogic Case-Shiller data released. Property
values of 20-city index followed the 5.1% YoY rise in June. National
home-price gauge increased 5.1% YoY from 12 months earlier. On a monthly
basis, the seasonally adjusted 20-city gauge was little changed. (Source:
Bloomberg)
U.S: Consumer confidence hits nine-year high on job
optimism in September, according to a report from the New York-based
Conference Board. Confidence index increased to 104.1 (forecast was
99.0), the highest since August 2007, from a revised 101.8. Present
conditions gauge rose to 128.5, also highest since August 2007, from
125.3. Measure of consumer expectations for the next six months climbed
to 87.8, highest since October, from 86.1. Share of those who said jobs
were plentiful rose to 27.9, highest since July 2007. (Source: Bloomberg)
China: Yuan borrowing costs in Shanghai rose to a
seven-week high as China’s central bank pulled funds from the financial
system for the second day in a row. The one-month Shanghai Interbank
Offered Rate climbed to 2.74%, the highest since Aug. 4, according to the
National Interbank Funding Center. The fixing was released after the
nation’s monetary authority drained a net CNY 95.1b (USD 14.3b) from the
financial system, adding to Monday’s CNY 245b withdrawal that was the
biggest in six months. The four-week Shibor has advanced for the 10th
consecutive day, the longest run of increases since June, amid signs that
policy makers want to discourage the excessive use of borrowed money to
buy assets such as bonds. (Source: Bloomberg)
China: Profits of industrial corporations jumped the most
in three years, adding to evidence of continued stabilization in
manufacturing and boosting prospects for their ability to repay debt.
Industrial profits rose 19.5% YoY in August to CNY 534.8b (USD 80.2b),
the National Bureau of Statistics said. That completes August data that
showed new credit, industrial output, fixed-asset investment and retail
sales picked up and beat analysts’ estimates. (Source: Bloomberg)
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Other News:
Sime Darby: Sells E&O stake to Tham at lower price.
Sime Darby, which owns a 22.2% stake in property developer Eastern &
Oriental Bhd (E&O), has agreed to sell a 10% stake at a lower price
to E&O group managing director Datuk Seri Terry Tham than the price
they agreed on in early June. SD Nominees and PSSB had agreed to revise
the sale price of the stake to MYR323.3m or MYR2.45 per share in E&O.
The price for the convertible warrants remains at 30 sen per warrant.
This compares to the MYR2.60 per share and 30 sen per convertible warrant
that they had earlier agreed on with the disposal consideration totalling
MYR342.2m. The adjustment in the disposal consideration has taken into
consideration the challenging business environment. (Source: The Star)
IOI Corp: Faces blockade by activists in Rotterdam. IOI
Corp is now facing blockade by activists in The Netherlands. Its
activists had shut off access for all imports and exports from IOI in
Rotterdam harbour, the group’s gateway into Europe. Palm Oil from
companies involved in forest destruction, peatland fires and child labour
is still flowing to Europe and the US through IOI facilities. IOI
suppliers are linked to serious environmental and human rights abuses
such as destruction of Indonesian rainforests. (Source: The Edge
Financial Daily)
StemLife: To work with Brunei hospital. StemLife and
Jerudong Park Medical Centre (JPMC) are collaborating on the provision of
stem cell banking services for clients and patients of the hospital. The
company entered into an agreement with Brunei-based JPMC for the
collaboration on Sept 1, 2016. The stem cell banking services include
collection, testing, processing and preservation of umbilical cord blood
stem cells, umbilical cord tissue, Wharton Jelly and peripheral blood
stem cells services. The agreement is valid for one year from the
commencement date. (Source: The Sun Daily)
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