<div class=newsTextDataWrapInner>SINGAPORE (Oct 21): Kwek Leng Peck, a cousin of City Developments Ltd (CDL)&nbsp;executive chairman Kwek Leng Beng, has “regrettably” resigned from the board of the property giant.</div>

<div class=newsTextDataWrapInner>Leng Peck, according to his letter of resignation cited by CDL, disagreed with CDL’s investment in Sincere Property Group, including the continuing of financial support totalling S$1.9 billion (RM5.81 billion) to the China-based developer.</div>

<div class=newsTextDataWrapInner>In addition, Leng Peck has “reservations” about CDL’s approach in the management of its hospitality unit, Millennium &amp; Copthorne Hotels<a href="https://www.theedgesingapore.com/news/company-news/citing-disagreements-over-investment-china-kwek-leng-peck-quits-cdls-board" target="_blank"> ... (click on link for full story on theedgesingapore.com).</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

Kwek Leng Peck, a cousin of City Developments Ltd (CDL) executive chairman Kwek Leng Beng, has “regrettably” resigned from the board of the property giant.

Citing disagreement over investment in China, Kwek Leng Peck quits CDL's board

Sarawak is well-positioned to benefit from the global transition towards making hydrogen as a key fuel, with a legal framework in place to manage its environment while optimising the economic value of its natural resources.

Abang Johari: Sarawak well-placed to leverage on global transition to hydrogen

The key focus at home this week is the October trade and inflation data, expected to be released aby the Department of Statistics Malaysia on Nov 19 and 22 respectively.

The Week Ahead: October inflation and trade data, G20 summit and flash PMI post-US election in focus

Strong US economic and inflation data continue to reshape the debate among Federal Reserve (Fed) policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.

Strong US data feeds doubts about Fed December rate cut

A gauge of global stocks was set for its biggest weekly drop in two months and the 10-year US treasury yield hit its highest level in 5 1/2 months on Friday as economic data and comments from Federal Reserve (Fed) officials suggested a slower pace of interest-rate cuts ahead.

Global stocks drop as Fed signals slower pace of rate cuts

Oil prices settled down more than 2% on Friday as investors fretted about weaker Chinese demand and a potential slowing in the pace of US Federal Reserve (Fed) interest rate cuts.

Oil settles down 2% on weaker Chinese demand, uncertainty over Fed rate cut

Wall Street's main indexes closed lower on Friday, with the S&P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by US President-elect Donald Trump.

Wall Street sinks on Powell rate-cut caution, Trump cabinet picks

Over the past two weeks, oil and gas (O&G) players publicly traded on Bursa Malaysia have been announcing awards from Petronas and its production sharing contract partners, for maintenance, construction and modification (MCM) as well as hook-up commissioning (HUC) services.

O&G jobs coming in, more expected

Protesters stormed the parliament of the Russian-backed breakaway Georgian region of Abkhazia on Friday and opposition politicians demanded the resignation of the self-styled president over an unpopular investment agreement with Moscow.

Protesters used a truck to smash through the metal gates surrounding the parliament in the capital Sukhumi.

Protesters storm parliament in breakaway Georgian region Abkhazia over deal with Russia

Europe has spent the past two years trying to free itself from dependence on Russian energy, but more expensive alternatives are prompting some landlocked countries to go back to their old source.

A case in point is the Czech Republic, which in the summer of 2023 declared total independence from Russian natural gas and cut its imports to almost zero.

Czechs return to Russian gas as alternative sources are getting more expensive

Traders see an interest-rate cut next month as a coin toss as resilient economic data empowers Federal Reserve officials to take a potentially more-cautious approach to easing.

In the swaps market, traders on Friday priced in a roughly 50% chance that the Fed delivers a quarter-point reduction at its December gathering, down from about 80% earlier in the week.

Traders see just a 50% chance of Fed cutting rates in December meeting

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

MAHB, Kossan, Malaysia Smelting Corp, Ge-Shen, Prolintas, Farm Price, Citaglobal, Petra Energy and Sunsuria

Practice Note 17 (PN17) company Barakah Offshore Petroleum Bhd (KL:BARAKAH) said it will need to reformulate its regularisation plan after receiving an adjudication sum of RM78.8 million and updates on tendering contracts.

Barakah drafts new PN17 regularisation plan after receiving RM79 mil adjudication sum

Over the past two weeks, oil and gas (O&amp;G) players publicly traded on Bursa Malaysia have been announcing awards from Petronas and its production sharing contract partners, for maintenance, construction and modification (MCM) as well as hook-up commissioning (HUC) services.

Cypark Resources Bhd (KL:CYPARK) said its floating solar farm at Danau Tok Uban, Kelantan (DTU) — Malaysia's largest — has been approved to start operations on Nov 16, 2024.

The site consists of two interconnected floating solar plants, DTU 1 and DTU 2, with a combined generation capacity of 98 megawatt direct current (MWdc), according to Cypark.

Cypark's floating solar farm in Kelantan gets nod for operations

Former Penang deputy chief minister Tan Sri Dr Ibrahim Saad passed away at 6.30pm on Friday at Damansara Specialist Hospital due to respiratory complications. He was 78.

His son, Datuk Zairil Ayu Ibrahim, 49, confirmed the news when contacted.

Ex-Penang deputy chief minister Ibrahim Saad dies

The decision by several international institutions to revise Malaysia's economic growth projections reflects their confidence in the country's prospects for the year, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He also noted that this demonstrates the government's progress in meeting its set targets.

Global institutions upgrade Malaysia's 2024 growth outlook

Sunsuria Bhd (KL:SUNSURIA) said it is acquiring a 20% stake in property developer KL City Gateway Sdn Bhd (KLCG) for RM10.47 million, and will inject about RM40 million in shareholder advances to the company.

Sunsuria buys 20% stake in Kg Sungai Baru developer for RM10 mil, to inject RM40 mil to kick-start development

Chinese President Xi Jinping warned against any efforts to unwind globalisation in his first major remarks since Donald Trump won the US presidential election after threatening to impose tariffs as high as 60% on the world’s second-biggest economy.

Xi warns against ‘going back in history’ as Trump tariffs loom

Protesters stormed the parliament of the Russian-backed breakaway Georgian region of Abkhazia on Friday and opposition politicians demanded the resignation of the self-styled president over an unpopular investment agreement with Moscow.

Protesters used a truck to smash through the metal gates surrounding the parliament in the capital Sukhumi.

Europe has spent the past two years trying to free itself from dependence on Russian energy, but more expensive alternatives are prompting some landlocked countries to go back to their old source.

A case in point is the Czech Republic, which in the summer of 2023 declared total independence from Russian natural gas and cut its imports to almost zero.

Traders see an interest-rate cut next month as a coin toss as resilient economic data empowers Federal Reserve officials to take a potentially more-cautious approach to easing.

In the swaps market, traders on Friday priced in a roughly 50% chance that the Fed delivers a quarter-point reduction at its December gathering, down from about 80% earlier in the week.

Wall Street's main indexes closed lower on Friday, with the S&amp;P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by US President-elect Donald Trump.

The key focus at home this week is the October trade and inflation data, expected to be released aby the Department of Statistics Malaysia on Nov 19 and 22 respectively.

Strong US economic and inflation data continue to reshape the debate among Federal Reserve (Fed) policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.

US industrial production declined in October as the impacts from a Boeing Co machinists’ strike and a pair of hurricanes reverberated through manufacturing for a second month.

The 0.3% decline in output at factories, mines and utilities followed a revised 0.5% decrease a month earlier, Federal Reserve data showed on Friday.

US October industrial production falls on strike, hurricane disruptions

Sarawak is well-positioned to benefit from the global transition towards making hydrogen as a key fuel, with a legal framework in place to manage its environment while optimising the economic value of its natural resources.