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<div class=newsTextDataWrapInner><p>SINGAPORE (Sept 28): CGS-CIMB Securities group CEO Carol Fong has confirmed a split between the brokerage’s parent companies, with China Galaxy Securities (CGS) assuming full control by January 2023.</p></div>

<div class=newsTextDataWrapInner><p>Speaking to The Edge Singapore on Wednesday (Sept 28), Fong said a call and put option has already been put in place. “By January next year, it will be 100% owned by China Galaxy [Securities].” CGS-CIMB declined to reveal the transaction value.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>This confirms an August report by <em>The Edge Malaysia weekly</em>, which said Malaysia’s CIMB may exit the venture by divesting its remaining minority stakes to CGS by year-end, leaving CGS as the sole shareholder.</p></div>

<div class=newsTextDataWrapInner><p>That said, both parties will continue to<a href="https://www.theedgesingapore.com/news/company-news/cgs-become-sole-shareholder-cgs-cimb-securities-january" target="_blank"><em>...(click on link for full story on theedgesingapore.com)</em></a></p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://www.theedgemarkets.com/node/633227" target="_blank">CIMB to exit its stockbroking JV with CGS?</a></em></p></div>


SINGAPORE (Sept 28): CGS-CIMB Securities group CEO Carol Fong has confirmed a split between the brokerage’s parent companies, with China Galaxy Securities (CGS) assuming full control by January 2023.

CGS to become sole shareholder of CGS-CIMB Securities by January 2023

Embattled green tech player Northvolt has missed some in-house targets and has curtailed production at its battery cells plant in northern Sweden, according to internal company documents and company sources, underscoring the challenge of ramping up output.

Crisis-hit EV battery champion Northvolt struggles to hit production targets

A summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI up 0.73% to 1,604.04 on Nov 18, 2024

The Malaysian Palm Oil Council (MPOC) has called on the European Union (EU) to classify Malaysia as a “low risk” country under the EU’s new Deforestation-free Products Regulation (EUDR).

MPOC said in a statement on Monday after the EU's decision to postpone the legislation by 12 months.

MPOC urges EU to recognise Malaysia as 'low risk' under deforestation regulation

HSBC Holdings plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as chief executive officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently.

HSBC managers are competing to keep their jobs in CEO’s revamp, Bloomberg reports

TMC Life Sciences Bhd (KL:TMCLIFE) saw its net profit for the first financial quarter ended Sept 30, 2024 (1QFY2025) plunged 80.6% to RM2.94 million from RM15.14 million a year ago, as the healthcare group posted a lower revenue while its staff costs and other operating expenses rose.

TMC Life Sciences 1Q net profit plunges 81%

(NOV 18): Have you ever considered how we expect round-the-clock protection at the organisations we work for or the businesses we rely on as customers?

As cyber threats, fuelled by advanced technologies, continue to evolve and become more sophisticated, organisations are ramping up defe...

Co-opetition: Collaboration is key to strengthening cybersecurity defences

KUALA LUMPUR (Nov 18): Shares of Kossan Rubber Industries Bhd (KL:KOSSAN) rose on Monday to their highest in nearly four months, after the glovemaker unexpectedly declared a special dividend despite below-view results.

Kossan Rubber rises to near four-month high after surprise special dividend

Malaysia is open to reviving the cross-border railway service connecting Rantau Panjang, Kelantan and Sungai Golok, Thailand.

Deputy Transport Minister Datuk Hasbi Habibollah said the ministry will hold discussions with the State Railway of Thailand regarding the proposed revival of the service, aimed at enhancing connectivity for both cargo and passenger transport between the two countries.

Malaysia to discuss the prospect of reviving Rantau Panjang-Sungai Golok train service with Thailand

Setia Awan Group has announced the signing of a memorandum of understanding (MOU) between Astrum Ampang and BilaBila Mart to integrate the convenience store chain into the Astrum Ampang development.

Setia Awan Group’s Astrum Ampang signs MOU with BilaBila Mart to offer convenience store for residents

Prime Minister Datuk Seri Anwar Ibrahim has appointed former attorney general Tan Sri Idrus Harun, former Federal Court judge Tan Sri Zainun Ali, former Sarawak AG Datuk Seri Talat Mahmood Abdul Rashid and Universiti Teknologi Mara law lecturer Dr Hartini Saripan as members of the Judicial Appointments Commission (JAC).

Appointment of former AG Idrus Harun, three others to Judicial Appointments Commission confirmed

<p>KUALA LUMPUR (Nov 18): Shares of Press Metal Aluminium Holdings Bhd (KL:PMETAL) soared in early trade on Monday, as&nbsp;aluminium futures jumped after China ended&nbsp;a tax rebate over its exports of the metal.</p>


Press Metal soars after China removes tax rebate for aluminium exports

<p>KUALA LUMPUR (Nov 18): Shares of Kossan Rubber Industries Bhd (KL:KOSSAN) rose on Monday to their highest in nearly four months, after the glovemaker unexpectedly declared a special dividend despite below-view results.</p>


<p>KUALA LUMPUR (Nov 18): CelcomDigi Bhd (KL:CDB) on Monday cut one of its key financial targets, after its net profit slipped in the third quarter as costs rose faster than revenue growth.</p>


CelcomDigi cuts key financial target after net profit slips in 3Q

<p>A Singapore court has sentenced oil tycoon Lim Oon Kuin to 17-and-half years in jail for cheating HSBC Holdings plc and instigating forgery, in a case that has shaken the city-state’s commodity-trading community.</p>


Singapore oil tycoon OK Lim sentenced to 17½ years in jail

<p>China’s steel exports have exploded higher. History suggests it can’t last.</p>


Chinese steel exports are booming but here’s why that won’t last

<p>Barisan Nasional (BN) Sabah chief Datuk Seri Bung Moktar Radin and his wife Datin Seri Zizie Izette Abdul Samad must enter their defence in the graft case involving RM2.8 million linked to a Felcra Bhd investment.</p>


COA: Bung Moktar, wife must defend themselves against graft charges

<p>Xi Jinping used his final meeting with Joe Biden to send a clear message to Donald Trump: China wants to be friends, but is ready for a fight if necessary.</p>


Xi’s olive branch to Trump comes with warning on China red lines 

<p>Malaysian banks are expected to experience net interest margin (NIM) compression, with a potential 25 basis points cut in the overnight policy rate (OPR) by Bank Negara Malaysia (BNM) to 2.75% in the second half of 2025 (2H2025), according to AmBank Research.</p>


Malaysian banks could face NIM compression on potential OPR cut next year, says AmBank 

<p>Umno has informed the High Court that it is seeking an out-of-court settlement in the RM16 million civil suit against them by SRC International and its two subsidiaries.</p>


Umno looking to settle SRC’s RM16m lawsuit

<p>Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc, which listed the metal among top commodity trades for 2025 and said prices could extend gains during Donald Trump’s presidency.</p>


Goldman says ‘go for gold’ as central banks buy, US Fed cuts in 2025

<p>The US dollar and bond yields held near multi-month peaks on Monday on expectations the Federal Reserve (Fed) would slow its pace of easing, while global shares were mostly lower, with investors waiting for Nvidia's earnings release later in the week.</p>


Global shares edge lower; dollar, bond yields hold near multi-month highs

<p>The South Korean won, the second-worst performing currency in Asia this year, looks poised to weaken further as Donald Trump’s tariff threat clouds the export-reliant country’s economic outlook.</p>


Korean won may face more pressure as tariff risk adds to jitters

<p>The Umno leader who first introduced Umno to the corporate world after the New Economic Policy was launched in 1971 was Tengku Razaleigh Hamzah. Razaleigh did this by taking control of Fleet Group in 1972 via Umno proxies/nominees. Fleet Group then controlled the New Straits Times group in Malays...

Alternative Views: Daim took the nexus between business and politics to a new level

<p>President Joe Biden's administration has lifted restrictions that had blocked Ukraine from using US-provided weapons to strike deep into Russian territory, said three sources familiar with the matter, in a significant change to US policy in the Ukraine-Russia conflict.</p>


Biden lifts ban on Ukraine using US arms to strike inside Russia

<p>(Nov 18):&nbsp;Bitcoin posted its biggest two-day retreat over the weekend since the US election&nbsp;amid a bout of caution in global markets, as traders assess the potential impact of President-elect Donald Trump’s policy agenda.</p>


Bitcoin churns near US$90,000 after largest drop since US election

<p>theedgemalaysia.com highlighted five stocks with momentum at Bursa Malaysia’s noon market break on Monday. One stock showed positive momentum and the remaining four displayed negative momentum. &nbsp;</p>

<p>The stock with positive momentum was:</p>

<ul>
	<li>&nbsp;&nbsp;&nbsp; Cypark Resources Bhd (KL:CYPARK) — up 5.5 sen or 6.59% to 89 sen</li>
</ul>


Stocks with momentum on Nov 18, 2024: Cypark, TechnoDex, Matrix, Karex and Classita  

<p>&nbsp;On the evening of Election Day, Kamala Harris’ campaign was touting high turnout on college campuses in key swing states.</p>


How Donald Trump cut into Democrats’ hold on young voters

<p>Australia will mandate businesses selling essential items such as groceries and fuel to accept cash payments, joining countries from Spain to Denmark amid the growth in more preferable digital payment methods.</p>


Australia to safeguard cash payments as digital shift grows

<p>RIO DE JANEIRO, Brazil (Nov 18): Malaysia is poised to become a regional industrial gateway following its collaborations with Brazil in the semiconductor sector, said&nbsp;Malaysia’s Investment, Trade and Industry Minister&nbsp;Tengku Datuk Seri Zafrul Abdul Aziz.</p>


Zafrul: Semicon collab with Brazil poised to make Malaysia a regional industrial gateway

<p>A decade after China opened up its exchanges to a broad swath of international investors through a trading link with Hong Kong, investors are craving deeper access.</p>
