<div class=newsTextDataWrapInner>SINGAPORE (Jan 2): CIMB Bank Singapore announced Thursday it has appointed Victor Lee Meng Teck as its new chief executive officer.</div>

<div class=newsTextDataWrapInner>With more than 20 years of experience in the retail and commercial banking sectors across Singapore, Malaysia, Thailand and Indonesia, Lee is also the CEO of CIMB Group Commercial Banking.</div>

<div class=newsTextDataWrapInner>He takes over the position from Mak Lye Mun, who is retiring after a decade at the helm of CIMB Bank's Singapore office.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>For the full story, visit <a href="https://www.theedgesingapore.com/news/company-news/cimb-bank-appoints-victor-lee-meng-teck-singapore-ceo" target="_blank">www.theedgesingapore.com</a>.</div>

CIMB Bank Singapore announced Thursday it has appointed Victor Lee Meng Teck as its new chief executive officer.

With more than 20 years of experience in the retail and commercial banking sectors across Singapore, Malaysia, Thailand and Indonesia, Lee is also the CEO of CIMB Group Commercial Banking.

CIMB Bank appoints Victor Lee Meng Teck as Singapore CEO

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

President-elect Donald Trump returned to Washington on Wednesday for the first time since winning last week's election to meet fellow Republicans in Congress and President Joe Biden at the White House.

Trump returns to Washington to meet Biden, Republicans in Congress

Germany’s economy will hardly grow next year as underlying problems add to cyclical weakness, according to Chancellor Olaf Scholz’s independent panel of experts.

Gross domestic product is set to increase by just 0.4% in 2025, the Council of Economic Experts predicted in a twice-yearly report published on Wednesday in Berlin.

Scholz advisers trim German growth forecast for next year

Facebook owner Meta Platforms must face trial in a US Federal Trade Commission lawsuit seeking its break-up over claims that it bought Instagram and WhatsApp to crush emerging competition in social media, a judge in Washington ruled on Wednesday.

Meta will face antitrust trial over Instagram, WhatsApp acquisitions

Here is a brief recap of some corporate announcements that made news on Wednesday.

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

Wall Street's main indexes inched higher on Wednesday after in-line consumer price inflation data kept the US Federal Reserve (Fed) on track to deliver another interest rate cut in December.

Wall Street edges higher after inflation data keeps Fed rate-cut hopes intact

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).

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

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.

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

KHAZANAH Nasional Bhd has amassed an estimated RM5.48 billion from the dividend payouts of eight public listed companies (PLCs) and proceeds from stake disposals in three PLCs so far this year.

A back-of-the-envelope calculation shows that the sovereign wealth fund received RM2.8 billio...

Khazanah reaps over RM5 bil from dividends, share sale this year 

Leaders of Asia-Pacific airlines laid their frustrations bare with the original equipment manufacturers (OEMs) for the supply chain constraints currently plaguing the industry at the Association of Asia Pacific Airlines' (AAPA) 68th Assembly of Presidents held on Wednesday.

Airline CEOs slam OEMs for ongoing supply chain woes

Here is a brief recap of some corporate announcements that made news on Wednesday.

Singapore’s Oversea-Chinese Banking Corp (OCBC)&nbsp;has enough capital for business growth even as chief executive officer Helen Wong signals her appetite for deals while keeping the bank’s dividend policy.

OCBC has enough capital for M&A, business growth, CEO says

Information and communications technology (ICT) products distributor VSTECS Bhd (KL:VSTECS) has posted a 53.79% year-on-year increase in net profit for the third quarter, driven by a record-high revenue.

VSTECS's 3Q profit rises 54% on record revenue, declares 2.8 sen dividend

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Dayang Enterprise Bhd (KL:DAYANG) has secured two more contracts to provide pan-Malaysia services to the national oil and gas company Petronas and its production sharing contractors.

Dayang Enterprise gets two more pan-Malaysia services contracts

Aizo Group Bhd (KL:AIZO) has bagged a RM24.1 million sub-contract from China State Construction Engineering (M) Sdn Bhd (CSCE Malaysia) to undertake external infrastructure works for a high-rise residential project in Kuala Lumpur.

Aizo clinches RM24.1 mil job for infrastructure works of high-rise residential project

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.

Politicians pay tribute to Tun Daim’s passing

The Health Ministry (MOH) on Wednesday said it is exploring the use of the Diagnostic Related Groups (DRG) — a system that categorises hospital patients based on the complexity of their cases to determine the cost of treatment and fixed reimbursement charges, rather than itemising each charge — for private hospitals, amid surging hospital bills.

MOH exploring use of Diagnostic Related Groups to address surging private healthcare costs

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.

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

Newly-listed logistics company AGX Group Bhd (KL:AGX) said it entered into a deal on Wednesday to provide freight forwarding and customs brokerage services to Capital A Bhd’s (KL:CAPITALA) wholly owned maintenance, repair and overhaul (MRO) unit.

AGX to provide freight forwarding services to Capital A’s MRO unit

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.

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

Logistics firm Swift Haulage Bhd (KL:SWIFT) said on Wednesday its net profit was lower in the third quarter largely due to one-off gain that inflated the previous year’s corresponding period.

Swift Haulage 3Q net profit down on absence of one-off gain, capacity expansion on track

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.

China unveils tax incentives to revive struggling property sector

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.

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

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

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

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.

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.

Scientex establishes RM1.5 bil multi-currency sukuk programme

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