<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 1): The Minister of Finance has granted a commercial bank licence to China Construction Bank (Malaysia) Bhd or CCB Malaysia, a wholly owned unit of China Construction Bank Corp Ltd, according to Bank Negara Malaysia.</p></div>

<div class=newsTextDataWrapInner><p><em>The Edge Weekly</em> had previously reported in August that China Construction Bank, the second largest banking group in China, has applied for a banking licence here and was awaiting a decision from the authorities.</p></div>

<div class=newsTextDataWrapInner><p>The licence granted, which is the first under the Financial Services Act 2013, is based on the prudential strength and ability of CCB Malaysia's parent company to bring in propositions that are in the best interest of Malaysia, said Bank Negara in a statement today.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"CCB Malaysia's predominant focus in infrastructure project financing will add value towards Malaysia's transformation into a high income nation.</p></div>

<div class=newsTextDataWrapInner><p>"The presence of CCB Malaysia is expected to further strengthen the economic and financial linkages between the People's Republic of China and Malaysia, and contribute towards the development of an effective and dynamic financial sector in Malaysia," it added.</p></div>

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KUALA LUMPUR (Nov 1): The Minister of Finance has granted a commercial bank licence to China Construction Bank (Malaysia) Bhd or CCB Malaysia, a wholly owned unit of China Construction Bank Corp Ltd, according to Bank Negara Malaysia.

The Edge Weekly had previously reported in ...

China Construction Bank unit in Malaysia gets commercial bank licence from MoF

(July 4): Relentlessly rising debt in the US and rich-world peers was highlighted by two credit-assessment companies, with S&P Global Ratings warning that only acute market pressure can alter the trajectory.

The analyses of Group of Seven and equivalent economies intensifies th...

US-led debt increase across G-7 stokes S&P and scope concerns

A senior executive at Chinese technology giant Huawei on Thursday dismissed the idea that a shortage of the most advanced artificial intelligence chips will hinder the country's aim to be a leader in AI, but said innovation is needed to address the issue.

Huawei exec rejects idea that advanced chip shortage will hamper China's AI ambitions

Johor-based furniture manufacturer SHH Resources Holdings Bhd (KL:SHH) has announced its deputy managing director Datin Teo Chan Huat is stepping down effective Oct 2, 2024, citing retirement and health concerns.

SHH Resources deputy managing director to step down next month, cites health concerns

Bursa Malaysia saw another impressive debut on Thursday — the third in as many days — with frozen seafood company Ocean Fresh Bhd (KL:OFB) opening at more than double its initial public offering (IPO) price.

Ocean Fresh ends first day on ACE Market with impressive 175% gain

Toyo Ventures Holdings Bhd (KL:TOYOVEN), whose share price plunged to its lowest in over one month on Thursday, has confirmed the termination of the Song Hau 2 thermal power plant project by the Vietnamese government, according to its filing with Bursa Malaysia.

Toyo Ventures confirms termination of Song Hau 2 thermal power plant project in Vietnam

MJets Air Sdn Bhd has partnered with Teleport Everywhere Pte Ltd (Singapore) to leverage the strengths and networks of both companies, enhancing regional air cargo services by utilising AirAsia’s network across Asia.

MJets Air is the commercial air cargo operator of MMAG Aviation Consortium Sdn Bhd, under the umbrella of MMAG Holdings Bhd, while Teleport, which caters to Teleport Commerce Malaysia Sdn Bhd, is an integrated logistics solutions provider and logistics venture of Capital A Bhd.

MJets Air, Teleport form interline partnership to enhance cargo operations

The government has failed to implement the simultaneous issuance of vacant possession with strata titles (VPST), as there was no coordination between the Ministry of Housing and Local Government (KPKT) and other government agencies to fulfill the implementation of the policy, according to the Auditor General’s (AG) Report 2024.

Issuance of strata titles with vacant possession failed due to lack of coordination between ministry, govt agencies — AG's Report

In its effort to shore up global oil markets, Opec+ is pushing members to atone for cheating on their supply quotas. Yet there’s little indication that they’re repenting.

Opec+ oil-production cheats show little sign of making compensation cuts

FSMOne Malaysia has advised traders to pare down their global equity exposure in the second half of 2024, but sees Malaysian equities remaining attractive, as compared to their global peers.

FSMOne favours Malaysian equities in 2H2024

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

FBM KLCI up 0.09% to 1,616.75 on July 4, 2024

<p>Former prime minister Tan Sri Muhyiddin Yassin has engaged a King’s Counsel in his fight against abuse of power and money-laundering charges.</p>

<p>Steven Perian, who returned to Malaysia earlier this year from the UK and joined Messrs Rosli Dahlan Saravana Partnership, will appear with Datuk Hisyam Teh Poh Teik and 13 other lawyers before a five-member Court of Appeal bench on July 9. Hisyam confirmed to <em>The Edge</em> the addition of Steven.</p>


Muhyiddin enlists King's Counsel in fight against corruption charges

<p>KUALA LUMPUR (July 4): The Securities Commission Malaysia (SC) has cautioned the public on investment scams enticing investors with pre-initial public offering (pre-IPO) shares of companies seeking to list on Bursa Malaysia.</p>


Securities Commission warns public on pre-IPO investment scams

<p>KUALA LUMPUR (July 4): Shares of Toyo Ventures Holdings Bhd (KL:TOYOVEN) plunged to its lowest in over one month on Thursday, following a news report of the termination of the Song Hau 2 thermal power plant project by the Vietnamese government.</p>


Toyo Ventures’ shares plunge 25% amid news report of Vietnamese contract termination

<p>The Mass Rapid Transit Line 1 (MRT1) and MRT2 have failed to meet their targets for daily ridership. They also failed to meet the targeted numbers of trains in operation, and peak-hour frequency, according to the 2024 Auditor General's Report.</p>


MRT Corp's accumulated losses hit RM57.6b while MRT1, MRT2 fail to meet ridership, frequency targets — AG's Report

<p>Bursa Malaysia saw another impressive debut on Thursday — the third in as many days — with frozen seafood company Ocean Fresh Bhd (KL:OFB) opening at more than double its initial public offering (IPO) price.</p>


<p>KUALA LUMPUR (July 4): The Auditor General’s Report 2024 has flagged a suspicious disbursement of training grants, totalling RM51.69 million by the Human Resources Development Corp&nbsp;(HRD Corp).</p>


AG flags HRD Corp for suspicious RM51.69m disbursements

<p>The Auditor General's Report (LKAN) 2/2024, tabled at the Dewan Rakyat on Thursday, highlighted nine audits involving 11 ministries, with the total cost of the audited projects amounting to RM41.97 billion.</p>


AG's Report 2/2024 highlights nine audits involving 11 ministries; cost of audited projects totals RM41.97b

<p>Moomoo Malaysia aims to start distributing unit trust funds through its online investment and trading app in the next one to two months.</p>

<p>A source who is familiar with the matter confirmed it with <em>Wealth</em> when contacted.</p>


Moomoo Malaysia to distribute unit trust funds in a month or two

<p>The charges against Datin Seri Rosmah Mansor in her RM7.1 million money-laundering and tax evasion case were groundless, the court heard on Thursday.</p>


Rosmah's money-laundering, tax evasion charges groundless, defence argues

<p>Hong Leong Investment Bank (HLIB) has turned more positive on the consumer sector, upgrading its call to "overweight", from "neutral", due to potential margin expansion from lower raw material prices and consumption boosts from the Employees Provident Fund (EPF) Account 3 and civil servant pay hikes.</p>


HLIB upgrades consumer sector to overweight, names Aeon, Focus Point, QL Resources as top picks

<p>The craze in artificial intelligence has so far focused on chips made by Nvidia&nbsp;and apps like OpenAI’s ChatGPT. Underpinning this frenzy is a rush to build the infrastructure needed to train and run generative AI (GenAI) models. Nvidia CEO Jensen Huang&nbsp;predicts&nbsp;the sum invested in these data centres will double to US$2 trillion (RM9.4 trillion) in the next five years. Yet the world’s ability to construct, power and cool these facilities will determine the physical limits of the boom.</p>


Data centre boom reveals AI hype’s physical limits

<p>The Public Accounts Committee (PAC) found that the Human Resource Development Corp, or HRD Corp, has been utilising a significant portion of the levy it collected from companies for risky investments.</p>


PAC reveals HRD Corp has been using levy collected for risky investments

<p>China's President Xi Jinping and Russia's Vladimir Putin pressed their case on Thursday for closer security, political and economic cooperation between countries of the vast Eurasian region as a counterweight to Western alliances.</p>


Xi and Putin set out ambitions for Eurasian security club

<p>Mara Incorporated Sdn Bhd (Mara Inc) has accumulated losses totaling RM286.3 million, which the auditor general attributes to the ineffective execution of property management activities.</p>


Mara Inc couldn't declare dividends for 10 years as poor management led to RM286m losses — AG

<p>Nvidia Corp chief executive officer Jensen Huang unloaded shares worth nearly US$169 million (RM796.24 million) in June, the most he has netted in a single month, as insatiable demand for the chips used to power artificial intelligence (AI) drove the stock to fresh peaks.</p>


Nvidia CEO cashes in on rally with US$169m share sale

<p>The National Professors Council, a government-funded body comprising professors from Malaysian universities, has been found to have misused its funding to benefit two companies, in which two trustees have a stake.</p>


AG finds misuse of funds at National Professors Council

<p>KUALA LUMPUR (July 4): The Public Accounts Committee (PAC) flagged that the Human Resource Development Corp (HRD Corp) had engaged in several dubious property deals, including the purchase of a RM154 million building, without the approval of its board.</p>


PAC flags dubious property deals by HRD Corp

<p>KUALA LUMPUR (July 4): Analysts remain upbeat on Mah Sing Group Bhd (KL:MAHSING) after it acquired a piece of land in Taman Desa, which is earmarked for an RM1 billion high-rise residential project.</p>


Analysts remain upbeat on Mah Sing after Taman Desa land acquisition 

<p>The Cabinet has approved the proposed amendments to the Personal Data Protection Act 2010 (Act 709), and they are expected to be tabled in the current Parliament session, said Digital Minister Gobind Singh Deo.</p>


Cabinet approves amendments to Personal Data Protection Act, says digital minister

<p>BANGI (July 4): The price of palm oil will become uncompetitive compared to other producing countries if the windfall profit levy (WPL) on palm oil in this country is not revised.</p>
