<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 1): CIMB Group Holdings Bhd has announced that Afzal Abdul Rahim has been appointed an independent director of CIMB Bank Bhd, effective June 29, according to a press statement released by the group today.</p></div>

<div class=newsTextDataWrapInner><p>On the appointment, CIMB Group chairman Datuk Seri Nazir Razak said, "We are delighted to welcome Afzal to CIMB. He is a proven entrepreneur with experience in the telecommunications and technology sector so he will definitely bring important new perspectives to the Bank board and the group as a whole."</p></div>

<div class=newsTextDataWrapInner><p>Afzal is director and chief executive officer of TIME dotCom Bhd since Oct 2008. Prior to this role, Afzal served as chief executive officer of the AIMS Asia Group and Global Transit International from April 2003 to October 2008. He also founded the Malaysia Internet Exchange (MyIX) in 2006.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>With a trade volume of 3.04 million, CIMB's shares opened today at RM4.36. At closing, the stock fell 6 sen or 1.37% to settle at RM4.31.</p></div>

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KUALA LUMPUR (July 1): CIMB Group Holdings Bhd has announced that Afzal Abdul Rahim has been appointed an independent director of CIMB Bank Bhd, effective June 29, according to a press statement released by the group today.

On the appointment, CIMB Group chairman Datuk Seri Nazir Razak ...

CIMB Bank appoints new director

The central bank also proposes to recategorise certain home financing products as personal financing, with a tenure cap of 10 years.

 BNM plans to abolish flat rate rule on personal financing products to prevent penalising early repayers

President-elect Donald Trump, with SoftBank Group CEO Masayoshi Son at his side, announced on Monday a US$100 billion (RM445 billion) investment in the US over the next four years in what would be a boost to the US economy.

Trump, SoftBank CEO announce US$100b US investment

The East Coast Rail Line (ECRL) project has achieved 76.06% progress as of November, Malaysia Rail Link (MRL) Sdn Bhd chief executive officer Datuk Seri Darwis Abdul Razak said.

The progress was on track to ensure that the project will be completed in December 2026 for the Kota Bharu to Gombak Integrated Terminal and then to Jalan Kastam in December 2027, he added.

ECRL project reaches 76% completion as of November — MRL

MicroStrategy shares rose about 3% on Monday as the software company and bitcoin buyer was set to join the tech-heavy Nasdaq 100 index, further brightening the prospects of the stock.

The US$25.7 trillion index that houses the largest non-financial companies will now gain indirect exposure to bitcoin via MicroStrategy, which holds US$44 billion worth of the digital currency on its balance sheet, about 2% of the total supply of the world's largest cryptocurrency.

Bitcoin buyer MicroStrategy's Nasdaq 100 entry to support stock rally

Canada's Finance Minister Chrystia Freeland quit on Monday after clashing with Prime Minister Justin Trudeau on issues including how to handle possible US tariffs, dealing another blow to an already unpopular government.

Canada's finance minister quits, in blow to Trudeau's government

Activity at US service providers is expanding at the fastest pace since October 2021, providing momentum for the economy even as the downturn in manufacturing worsens.

US services activity expands by most in more than three years

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

Gamuda, Winstar Capital, MClean, DRB-Hicom, Sapura Industrial, NTPM, Crest, M&G, George Kent, Infomina, Perdana Petroleum, Advancecon

The German parliament accepted Chancellor Olaf Scholz's invitation to withdraw its confidence in him and his government on Monday, clearing the way for the Feb 23 early election necessitated by the collapse of his government.

German parliament votes no-confidence in Chancellor Scholz, paving way for election 

The ringgit has strengthened by 2.8% against the US dollar as of Nov 22, 2024, according to the Ministry of Finance (MOF).

Ringgit strengthened 2.8% against US dollar as of Nov 2024 — MOF

America’s surprisingly robust economy has raised expectations that US interest rates will stay high compared to Europe next year.

The US-euro rate gap that triggered Trump’s Fed bashing is set to widen again

<p>TRX City Sdn Bhd, master developer of the 70-acre Tun Razak Exchange (TRX), is going to build another office tower, which is expected to have a net lettable area (NLA) of 800,000 sq ft. The new building will be on Lot C7-10, which is adjacent to HSBC Malaysia’s headquarters, Menara IQ.</p>

<p>...

TRX City to build another office block, secures PwC as anchor tenant

<p>Malaysian autos firm Proton launched its first electric vehicle on Monday, the latest entry into the local market as the country seeks to boost EV and hybrid EV use and gain a foothold in the global supply chain.</p>


Proton launches its first electric vehicle

<p>THE Home Ministry is believed to have awarded Datasonic Group Bhd (KL:DSONIC) a new five-year contract for the supply of Malaysian passports. This is the first contract renewal since November 2021, when the original contracts expired.</p>

<p>According to sources privy to the deve­lopment, the ...

Datasonic finally secures new contract for Malaysian passports, say sources

<p>Indonesia’s largest party has officially expelled former president Joko Widodo after he spurned the party’s own candidate in February elections and backed Prabowo Subianto’s successful campaign to become leader of Southeast Asia’s biggest economy.</p>


Indonesia’s largest party expels Jokowi after he backed Prabowo

<p>Ningbo Deye Technology Co, a Chinese inverter producer, plans to invest up to US$150 million (RM667.5 million) in building a solar equipment manufacturing base in Malaysia.</p>


Chinese inverter maker plans US$150m solar base in Malaysia

<p>KUALA LUMPUR (Dec 16): Pengerang Energy Complex Sdn Bhd (PEC)&nbsp;has negotiated financing terms for US$3.5 billion (RM15.58 billion) in project financing from&nbsp;export credit agencies (ECAs) across North America, western and southern Europe, as well as Asia; and Islamic financing from Islamic Development Bank entities.</p>


Pengerang Energy Complex secures US$3.5b project financing from global export credit agencies

<p>The central bank also proposes to recategorise certain home financing products as personal financing, with a tenure cap of 10 years.</p>


<p>KUALA LUMPUR (Dec 16): Proton's first electric vehicle (EV), the e.MAS 7, will be the official car for Malaysia's Asean Chairmanship in 2025, Prime Minister Datuk Seri Anwar Ibrahim unveiled on Monday.</p>

<p>He said Malaysia hopes to set an example in this region in promoting the development ...

e.MAS 7 to be Asean 2025 official car — Anwar

<p>Singapore's ChemOne Group has delayed the start of its Pengerang Energy Complex (PEC) to the fourth quarter of 2028, with construction set to begin by mid-2025, it said on Monday, after securing more financing for the project.</p>


Singapore's ChemOne delays Pengerang complex's start to 2028

<p>Imaging company Crest Group Bhd (KL:CREST), which was listed on the ACE Market two months ago, said it is acquiring an industrial property in Puchong, Selangor for RM16.5 million to establish its new headquarters.</p>


Crest Group acquires industrial property in Puchong to house new HQ

<p>The National Higher Education Fund Corp (PTPTN) expects dividends for its Simpan SSPN savings plan to increase in 2024, buoyed by improved investment performance and strategic fund management.</p>


PTPTN sees better SSPN dividends amid stronger investment returns

<p>The Cabinet paper outlining the direction of the Multi-Lane Free Flow (MLFF) system will be presented in January 2025, Deputy Minister of Works Datuk Seri Ahmad Maslan said.</p>

<p>He said the Works Ministry had issued letters to the highway concession companies involved in the MLFF project, informing them that negotiations would no longer proceed.</p>


Multi-Lane Free Flow direction paper to be presented to Cabinet in Jan 2025 — Ahmad

<p>Asian markets wavered on Monday, with the Malaysian ringgit and Indonesian rupiah dipping slightly and stocks trading lower as investors await rate decisions this week from local central banks and the US Federal Reserve.</p>


Indonesian rupiah, Malaysian ringgit extend losses; markets eye rate calls

<p>Export of palm oil and related products reached RM99.3 billion in January-November 2024, an increase of RM12.5 billion compared to the same period in 2023.</p>


Export of palm oil, related products hit RM99.3b in Jan-Nov 2024 — Johari  

<p>Allianz SE withdrew an offer to buy a majority stake in Singapore’s Income Insurance Ltd for about S$2.2 billion (US$1.6 billion or RM7.56 billion), dealing a blow to its ambitions in a key growth market.</p>


Allianz pulls out of US$1.7 bil bid to buy stake in Singapore insurer

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.</p>


<p>George Kent (Malaysia) Bhd (KL:GKENT) has secured a RM45.5 million contract from Kwasa Land Sdn Bhd for the Kwasa Damansara township development in Sungai Buloh, Selangor.</p>


George Kent clinches RM46m infrastructure project in Kwasa Damansara

<p>The Malaysian Meteorological Department (MetMalaysia) has issued a warning of continuous heavy rain expected to occur in four states over the next three days, beginning Monday.</p>

<p>According to MetMalaysia, the affected areas include the entire states of Kelantan and Terengganu, as well as Hulu Perak in Perak. In Pahang, the warning covers the districts of Jerantut, Maran, Kuantan, Pekan and Rompin.</p>


MetMalaysia issues heavy rain warning for four states

<p>Alibaba Group Holding Ltd is nearing a deal to sell its department store business to Youngor Fashion Co for around US$1 billion (RM4.45 billion), according to people familiar with the matter.&nbsp;</p>


Alibaba close to selling Intime to Youngor Fashion for US$1 bil — Bloomberg

<p>Sapura Industrial Bhd (KL:SAPIND) said on Monday that Puncak Exotika Sdn Bhd has ceased to be its substantial shareholder after it disposed of 500,000 shares in the automotive component manufacturer.</p>

<p>In a bourse filing, Sapura Industrial said that the transaction took place last Friday (Dec 13). A check with Bloomberg showed that the shares were traded at 82 sen apiece, or a cumulative RM410,000.</p>
