<div>This article first appeared in The Edge Financial Daily, on March 31, 2017. 
 
&nbsp;</div>

<div class=newsTextDataWrapInner>KUALA LUMPUR: Bank Negara Malaysia (BNM) said a joint raid on illegal money services business operators in the Klang Valley seized more than RM18 million worth of currencies, gold wafers and luxury cars.</div>

<div class=newsTextDataWrapInner>In a statement yesterday, BNM said it was involved in the joint raid with the Royal Malaysia Police, Immigration Department and National Revenue Recovery Enforcement Team of the Attorney-General’s Chambers.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“Fourteen premises, including three premises operated by licensed money services business operators, located in Kuala Lumpur and Selangor, were raided. To facilitate the investigation, relevant documents were seized and bank accounts were frozen.</div>

<div class=newsTextDataWrapInner>“During the raid, 12 suspects including eight foreign nationals were arrested and remanded, and 23 individuals were questioned. The joint raiding operation also resulted in the seizure of cash (ringgit and foreign currencies), gold wafers and luxury vehicles valued at more than RM18 million,” said BNM in the statement.</div>

This article first appeared in The Edge Financial Daily, on March 31, 2017.

 

KUALA LUMPUR: Bank Negara Malaysia (BNM) said a joint raid on illegal money services business operators in the Klang Valley seized more than RM18 million worth of currencies, g...

Bank Negara raids illegal money services outlets in Klang Valley

KUALA LUMPUR (Nov 8): Former prime minister Tan Sri Muhyiddin Yassin has to pay a total of RM1.35 million in damages for defaming ex-finance minister Lim Guan Eng with his statements concerning tax breaks for Tan Sri Syed Mokhtar Al-Bukhary’s charity foundation Yayasan Albukhary.

Court orders Muhyiddin to pay RM1.35m in damages to Guan Eng over defamatory comments on Yayasan Albukhary’s tax breaks

KUALA LUMPUR (Nov 8): Shares of Pentamaster Corp Bhd (KL:PENTA) fell on Friday, after the automated test equipment company reported that its net profit nearly halved in the latest quarter.

Pentamaster shares fall after profit nearly halved in latest quarter

MORNING CALL: 8/11/24

A spate of lacklustre debuts throughout October fails to dent sentiment as issuers charge ahead with their initial public offerings (IPO) while investors still want a piece of the market action.

Issuers charge ahead with IPOs, investors unfazed despite string of weak debuts

Asian equities were set to climb Friday after a cross-asset rally in the US lifted stocks, bonds and commodities as the Federal Reserve cut interest rates.

Australian stocks and equity futures for Japan and Hong Kong all rose, while the Golden Dragon index of US-listed Chinese companies rallied 3.5%.

Stocks, bonds rally as Federal Reserve cuts rates

Donald Trump’s victory in the US presidential election has cleared an immediate hurdle for new European stock sales, but uncertainties around tariffs and other policies raise questions over the region’s longer-term prospects.

Trump’s tariff risks to loom over Europe’s 2025 IPO pipeline

Oil rose, tracking equity markets, as traders digested competing narratives on how Donald Trump’s presidency will affect the crude market. 

West Texas Intermediate advanced 0.9% to settle above US$72 (RM316.19) a barrel, helped by the weakening dollar and climbing equities. Global benchmark Brent rose to settle just below US$76.

Oil rises as traders dissect production, geopolitics under Trump

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point. 

When asked at a post-meeting press conference whether he would step down if requested by Trump, Powell replied forcefully, “No.”

Fed cuts rates; Powell says wouldn’t resign if asked by Trump

Stocks hit fresh all-time highs, climbing alongside bonds and commodities, in a concerted cross-asset advance that by one measure was the best for a Federal Reserve day in 2024.

Equities extended their post-election rally, with the S&P 500 approaching 6,000 and notching its 49th record this year.

Wall Street has best Fed day of 2024 across assets

Americans are coming to terms with renting as an alternative to an increasingly unaffordable market for homebuyers.
 
The share of respondents who say they’d rent if they were going to move rose to a record 36% in a new survey by Fannie Mae, the government-backed mortgage finance giant.

Americans prefer to rent with market beyond reach of homebuyers

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Ekovest, EcoWorld, Mah Sing, Pentamaster, Sentral REIT, KKB Engineering, Microlink, FGV, Southern Steel

The Malaysian Anti-Corruption Commission (MACC) has found several suspicious transactions in an investigation into investment losses of RM43.9 million in FashionValet Sdn Bhd.

MACC spots suspicious transactions in probe into FashionValet investment loss

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point.&nbsp;

When asked at a post-meeting press conference whether he would step down if requested by Trump, Powell replied forcefully, “No.”

A spate of lacklustre debuts throughout October fails to dent sentiment as issuers charge ahead with their initial public offerings (IPO) while investors still want a piece of the market action.

FGV Holdings Bhd (KL:FGV) on Thursday said its indirect subsidiary FGV Bulkers Sdn Bhd is being sued for allegedly breaching an agreement for the supply of palm kernel shells.

FGV’s unit sued over alleged breach of supply agreement

Asian equities were set to climb Friday after a cross-asset rally in the US lifted stocks, bonds and commodities as the Federal Reserve cut interest rates.

Australian stocks and equity futures for Japan and Hong Kong all rose, while the Golden Dragon index of US-listed Chinese companies rallied 3.5%.

Human capital management provider Ramssol Group Bhd (KL:RAMSSOL) said its 51%-owned subsidiary in Thailand has secured a contract worth 275 million baht (RM35.61 million) to undertake an artificial intelligence (AI) healthcare solutions project for a hospital.

Ramssol’s unit bags RM36 mil AI-powered healthcare project in Thailand

Kumpulan Jetson Bhd (KL:JETSON), which is being sued by OCR Group Bhd (KL:OCR) over alleged breaches of an RM88.03 million contract to build four blocks of serviced apartments in Jalan Yap Kwan Seng here, said on Thursday it is not a party to the disputed contract under OCR's suit as Jetson Construction Sdn Bhd (JCSB) — which was contracted to undertake the job — is no longer its subsidiary.

Kumpulan Jetson says it is not a party to disputed contract under OCR’s RM88 mil suit

Huawei has provided hundreds of mobile network sites as well as cloud services and intelligent operation centres in Sarawak, which have helped improve wireless network coverage in remote areas, accelerating the country’s digital transformation, said Prime Minister Datuk Seri Anwar Ibrahim.

Huawei helps to accelerate country's digital transformation — PM 

The head of HSBC Holdings plc’s new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring “very quickly” and could announce the first round of job cuts within weeks.

HSBC’s Roberts says first round of job losses coming in weeks

KUALA LUMPUR (Nov 8): Former prime minister Tan Sri Muhyiddin Yassin has to pay a total of RM1.35 million in damages for defaming ex-finance minister Lim Guan Eng with his statements concerning tax breaks for Tan Sri Syed Mokhtar Al-Bukhary’s charity foundation Yayasan Albukhary.

Home Minister Datuk Seri Saifuddin Nasution Ismail defended the use of the Security Offences (Special Measures) Act 2012 or Sosma in the investigation involving GISB Holdings Sdn Bhd (GISB).

Home ministry defends use of Sosma in GISB case

The physical progress of the Sabah Pan Borneo Highway (LPB) Phase 1A project stands at 78% and is expected to be completed by the first quarter of 2026, said Works Minister Datuk Seri Alexander Nanta Linggi.

He added that Phase 1B of the project has reached 2.4% progress, with completion set for 2029.

Sabah Pan Borneo Highway Phase 1A reaches 78% progress — Nanta

Americans are coming to terms with renting as an alternative to an increasingly unaffordable market for homebuyers. 
&nbsp; 
The share of respondents who say they’d rent if they were going to move rose to a record 36% in a new survey by Fannie Mae, the government-backed mortgage finance giant.

Singapore’s Changi Airport will charge passengers and airlines more to fly in and out of the city-state to help finance a S$3 billion (US$2.3 billion or RM9.99 billion) upgrade of its terminals.

Singapore’s Changi Airport to raise flying fees to fund upgrade

Under Armour Inc reported results that surpassed analysts’ expectations as the sportswear company’s turnaround gains momentum under founder Kevin Plank. 
&nbsp; 
In the second quarter, which went through September, sales and adjusted earnings topped the average estimate from analysts.

Under Armour surges as turnaround led by founder gains steam

KUALA LUMPUR (Nov 8): Shares of Pentamaster Corp Bhd (KL:PENTA) fell on Friday, after the automated test equipment company reported that its net profit nearly halved in the latest quarter.

The government will continue to ensure that the nation's interests are safeguarded and protected in all international organisations it participates in, including BRICS, according to the Foreign Ministry.

BRICS: Govt will continue safeguarding nation's interests — Wisma Putra

Oil rose, tracking equity markets, as traders digested competing narratives on how Donald Trump’s presidency will affect the crude market.&nbsp;

West Texas Intermediate advanced 0.9% to settle above US$72 (RM316.19) a barrel, helped by the weakening dollar and climbing equities. Global benchmark Brent rose to settle just below US$76.&nbsp;

The crypto industry poured millions of dollars into the presidential and congressional races, but its most salient election victory is likely to be the departure of US Securities and Exchange Commission (SEC) chair Gary Gensler.