<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 28): AMMB Holdings Bhd (AmBank), which announced a RM2.83 billion settlement with the Malaysian government earlier this year over its role in the 1Malaysia Development Bhd (1MDB) fiasco, said it will be booking a one-off impairment charge of RM1.79 billion in its conventional and investment banking businesses for the fourth quarter ended March 31, 2021.</p></div>

<div class=newsTextDataWrapInner><p>The banking group will also be recording a RM148 million impairment on the carrying investment in an associate (REIT impairment) in its 4QFY21.</p></div>

<div class=newsTextDataWrapInner><p>These non-cash items, it said in a bourse filing today, will have no impact to its regulatory capital ratios and does not impact future earnings.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>But these impairments, combined with its 1MDB settlement with the Ministry of Finance (MoF), will result in the banking group posting a net loss for its FY21, it said.</p></div>

<div class=newsTextDataWrapInner><p>"Credit ratings of the AMMB Group are expected to remain unchanged as a result of these impairment charges," it added.</p></div>

<div class=newsTextDataWrapInner><p>In February, AmBank announced it had agreed to pay RM2.83 billion to the government as settlement on all outstanding claims and actions in relation to the banking group's involvement in the 1MDB graft scandal.</p></div>

<div class=newsTextDataWrapInner><p>Shares in AmBank closed 1.34% or four sen higher at RM3.02 today, valuing it at RM10.01 billion. It saw 3.64 million shares traded.</p></div>


KUALA LUMPUR (April 28): AMMB Holdings Bhd (AmBank), which announced a RM2.83 billion settlement with the Malaysian government earlier this year over its role in the 1Malaysia Development Bhd (1MDB) fiasco, said it will be booking a one-off impairment charge of RM1.79 billion in its conventional and investment banking businesses for the fourth quarter ended March 31, 2021.

The banking group will also be recording a RM148 million impairment on the carrying investment in an associate (REIT impairment) in its 4QFY21.

AmBank to book RM1.79b impairment in banking and investment biz after 1MDB settlement

China’s economy likely gained momentum last month, with early indicators pointing to a rebound after the government began rolling out stimulus measures in late September.

Industrial output and retail sales are expected to have grown at a faster pace in October compared to September, according to forecasts by economists in a Bloomberg survey.

China’s economy forecast to show modest pick-up after stimulus

Canadian Deputy Prime Minister Chrystia Freeland said American concerns about Mexico’s trade policy not being in line with its North American allies on China are “legitimate,” and she shares them.

But she did not comment directly on whether Canada should pursue a bilateral trade deal with the US that excludes Mexico, a position advocated Tuesday by the leader of Canada’s largest province, Ontario Premier Doug Ford.

Canada agrees with US concerns about Mexico’s trade with China

Republicans held on to their narrow majority in the US House, giving Donald Trump and his party unified control of the elected branches of government and limiting potential curbs on the incoming president’s power.

The Republican sweep, called by CNN and NBC News on Wednesday, sharply diminishes any hope for Democrats to curtail Trump’s sway over next year’s big fights over trillions of dollars in expiring tax provisions

Trump wins Republican trifecta as GOP retains house majority

(November 14) : South Dakota Senator John Thune, a longtime deputy of Mitch McConnell and an advocate of free trade, won election to lead the Republican Senate majority next year, setting up potential conflicts with President-elect Donald Trump over tariffs and Ukraine aid.

Thune, ...

Senate GOP elects Thune as leader, rejecting Musk’s pick

President-elect Donald Trump on Wednesday named firebrand Republican U.S. Representative Matt Gaetz to be his nominee for attorney general, as he moves swiftly to assemble a Cabinet.

Trump taps firebrand congressman Matt Gaetz for attorney general

Republicans' lock on power in Washington next year will allow President-elect Donald Trump to pursue an aggressive agenda of tax cuts for businesses, workers and retirees that will test his party's often-aired goal of reining in the government's $35 trillion in debt.

Republican sweep gives Trump power to slash taxes, may strain deficits

Stocks wavered as speculation the market has run too far after the US election offset bets the Federal Reserve will keep cutting rates.

Equities lost steam in the final stretch of New York trading, with the S&P 500 almost erasing an advance partly fueled by in-line inflation data. In late hours, Cisco Systems Inc. gave a strong revenue forecast.

S&P 500 struggles to extend post-election advance

Advanced Micro Devices Inc (AMD) is shedding about a thousand jobs as part of an effort to refocus on newer markets like artificial intelligence (AI) chips.

“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%,” the company said in a statement on Wednesday.

AMD cutting about 4% of workforce to focus resources on AI push

Chinese companies are exploring Germany as a fundraising venue, in a move that could reinvigorate the European market for their global depositary receipts (GDRs).

Two companies are getting ready to test the waters. Renewable-energy firm Sungrow Power Supply Co is planning to seek as much 4.88 billion yuan (RM2.99 billion) in Frankfurt through the sale of GDRs, it said last month.

Chinese firms target Frankfurt revival for European listings

Traders added to wagers that the Federal Reserve will cut interest rates by another quarter point next month after in-line inflation data, spurring gains for treasury debt.

The rally trimmed yields on two-year notes, more closely tied to Fed rate decisions than longer tenors, by as much as 10 basis points (bps) to 4.24%.

Markets see 80% chance of December Fed cut after inflation data

<p>United Plantations Bhd (KL:UTDPLT) announced on Wednesday a 60 sen per share dividend payout — comprising a special dividend of 20 sen and an interim dividend of 40 sen — together with a one-for-two bonus issue, as it reported an 8.8% drop in its third quarter net profit&nbsp;following a jump in operating expenses.</p>


United Plantations announces special dividend and one-for-two bonus issue as 3Q profit slips 8.8%

<p>Here is a brief recap of some corporate announcements that made news on Wednesday.</p>


Johor Plantations, United Plantations, VSTECS, Swift Haulage, MHB, Bumi Armada, Dayang Enterprise, Pasdec, and Scientex

<p>Uzma Bhd (KL:UZMA) has been appointed as a panel contractor by national oil company Petroliam Nasional Bhd (Petronas) for integrated well continuity services pan-Malaysia.</p>


Uzma bags five-year pan-Malaysia well services job from Petronas

<p>The late Tun Daim Zainuddin, who passed away on Wednesday morning at 86, was widely recognised for his pivotal role as former prime minister Tun Dr Mahathir Mohamad’s chief economic troubleshooter.</p>


Politicians pay tribute to Tun Daim’s passing

<p>Palm oil producer Johor Plantations Group Bhd (KL:JPG) said on Wednesday it is optimistic on the remaining months of the year thanks to strong prices after net profit rose 13% in the third quarter.</p>


Johor Plantations optimistic as prices stay high after net profit rises 13% in 3Q

<p>China unveiled tax incentives on home and land transactions on Wednesday, aiming to support the crisis-hit property market by increasing demand and easing developers' financial difficulties.</p>


China unveils tax incentives to revive struggling property sector

<p>The Malaysian embassy in Jakarta is working to evacuate 83 Malaysians stranded in Labuan Bajo, East Nusa Tenggara, following the closure of Komodo International Airport due to the eruption of Mount Lewotobi Laki-Laki volcano on Flores Island.</p>


Lewotobi volcano eruption: Malaysian embassy working to evacuate 83 stranded Malaysians

<p>PUC Bhd (KL:PUC) said its external auditor Messrs UHY had expressed a qualified opinion on its audited financial statements for the 18 months ended June 30, 2024 (from Jan 1, 2023 to June 30, 2024).</p>


PUC’s auditor expresses qualified opinion on its FPE2024 financial statements

<p>Carlsberg Brewery Malaysia Bhd (KL:CARLSBG) has invested RM200 million to upgrade to its bottling and canning lines alongside high-precision filtration systems.</p>


Carlsberg Malaysia invests RM343 mil for capacity expansion and optimisation of energy usage

<p>Bumi Armada Bhd (KL:ARMADA) said its floating production storage and offloading (FPSO) vessel, <em>Armada TGT1</em>, has secured a two-year charter extension worth US$74.4 million (RM330.93 million).</p>


Bumi Armada’s FPSO gets contract extension worth RM331 mil

<p>A measure of underlying US inflation remained firm in October, underscoring the ongoing risks Federal Reserve (Fed) officials face in trying to bring price pressures fully under control.</p>


US inflation stays firm for third month with 0.3% core CPI gain

<p>Packaging solution provider Scientex Bhd (KL:SCIENTX) said it has established a multi-currency Islamic medium-term notes programme of RM1.5 billion in nominal value.</p>

<p>The group, which lodged the Sukuk Wakalah Programme with the Securities Commission Malaysia on Wednesday, said proceeds from the issuance of the sukuk will be used to finance and reimburse capital expenditure.</p>


Scientex establishes RM1.5 bil multi-currency sukuk programme

<p>The Association of Asia Pacific Airlines (AAPA) has questioned the benefit of government mandates targeting flight delays, arguing it merely targets the symptom of the root cause — a disrupted supply chain.</p>


Airlines body questions knee-jerk policies on delayed flights

<p>Advanced Micro Devices Inc (AMD) is shedding about a thousand jobs as part of an effort to refocus on newer markets like artificial intelligence (AI) chips.</p>

<p>“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%,” the company said in a statement on Wednesday.&nbsp;</p>


<p>Companies and firms have handed over RM17 billion in unclaimed money to the Accountant General's Department with RM4.2 billion successfully claimed by rightful owners as of Oct 31.</p>

<p>Finance Minister II Datuk Seri Amir Hamzah Azizan, when winding up the debate on the Supply Bill 2025 at the committee level for the Finance Ministry in the Dewan Rakyat on Wednesday, said this leaves a remaining RM12.8 billion to be claimed.</p>


RM12.8 bil in unclaimed money still awaiting owners

<p>Bursa Malaysia Derivatives Exchange (BMD) is planning to launch its new used cooking oil (UCO) futures contract as early as December, the director of the Malaysian bourse said on Wednesday.</p>


Bursa Malaysia aims to launch used cooking oil futures in December

<p>(November 14) :&nbsp;South Dakota Senator John Thune, a longtime deputy of Mitch McConnell and an advocate of free trade, won election to lead the Republican Senate majority next year, setting up potential conflicts with President-elect Donald Trump over tariffs and Ukraine aid.</p>

<p>Thune, ...

<p>Property developer Pasdec Bhd (KL:PASDEC) is expected to realise an estimated net gain of RM68.38 million from the proposed sale of industrial land in Kuantan, Pahang to Petroluxe Refinery (M) Sdn Bhd (PRSB) for RM73.5 million.</p>

<p>Proceeds received from the proposed disposal will be utilised for working capital purposes for its ongoing and newly launched projects and paring down debts, said Pasdec in a bourse filing.</p>


Pasdec expects net gain of RM68 mil from Kuantan land sale

<p>The proposal for the Federal Land Development Authority (Felda) to be placed under the Ministry of Rural and Regional Development (KKDW) will be presented to the Cabinet for discussion, the Dewan Rakyat sitting was told on Wednesday.</p>


Proposal to place Felda under Rural Development ministry to be presented to Cabinet

<p>Malaysia’s businesses must now adapt the US regulatory and environmental, social and governance (ESG) compliance standards to remain competitive in one of the world’s largest markets.</p>
