<div class=newsTextDataWrapInner>COMING TOMORROW. THE NEW LOOK FD</div>
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COMING TOMORROW. THE NEW LOOK FD

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

Maxis, CelcomDigi, YTL Power, TM, MAHB, Superlon, Cypark, NTPM, MCE, Astino, Hiap Teck, CIMB, Sentoria, UEM Sunrise, Haily, Coastal Contracts 

Digital Nasional Bhd announced on Friday that four mobile network operators (MNOs) have completed their respective share subscription agreements (SSAs) and acquired a 16.3% stake each in the 5G special purpose vehicle — higher than the 14% they were initially expected to take up — as Telekom Malaysia Bhd (KL:TM) has yet to complete its SSA.

Maxis, CelcomDigi, U Mobile and YTL Power buy 16.3% stake each in DNB instead of 14%, as TM yet to take up its portion

US stocks rose broadly on Friday after an in-line inflation report strengthened hopes for interest rate cuts in September, though Nike shares slumped after a dismal annual sales forecast.

Wall Street jumps after cooling inflation data

US monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Federal Reserve closer to start cutting interest rates later this year.

US inflation ebbs in May as goods prices fall

Apple Inc’s iPhone shipments in China rose 40% in May, continuing a recent rebound fuelled by heavy discounting from major retailers in the run-up to the country’s June shopping festival.

Smartphone shipments climbed more than 13% but foreign brands — of which Apple comprises the vast majority — grew almost four times faster, according to Bloomberg News calculations off official data.

Apple’s China iPhone shipments jump 40% after steep discounts

Nike Inc shares sank after the sneaker company’s full-year outlook missed expectations, stoking investor concerns about waning demand and competition from upstarts On and Hoka, as well as rival Adidas AG.

The world’s largest sportswear company sees revenue declining in the mid-single digits in the company’s current fiscal year, which began this month.

Nike tumbles on sales warning as rival Adidas pushes ahead

Perikatan Nasional (PN) will be represented by a Parti Pribumi Bersatu Malaysia (Bersatu) candidate in the Nenggiri state by-election on August 17.

Bersatu candidate to represent Perikatan in Nenggiri poll, says Muhyiddin

Green enery solutions group Cypark Resources Bhd (KL:CYPARK) has registered a net loss of RM57.92 million for its fourth quarter ended April 30, 2024 (4QFY2024) on a revenue of RM56.32 million.  

There were no comparative figures as the group had changed its financial year end from Oct 31, 2022  to April 30, 2023.

Cypark posts RM58 mil net loss in 4Q on derecognition of deferred tax assets

Heavy rainfall and winds brought down a roof at the main airport in New Delhi on Friday, killing one person and shutting down a busy domestic terminal, while flooded streets and traffic snarls caused widespread disruption in the Indian capital.

Roof collapse at Delhi airport kills one, as heavy rain disrupts Indian capital

The Federal Aviation Administration (FAA) said on Friday it will investigate a Southwest Airlines  flight that departed from a temporarily closed runway in Maine earlier this week.

The FAA said on Tuesday an airport vehicle exited the runway before Southwest Flight 4805, a Boeing 737, began its takeoff roll and departed around 5.45am local time (0945 GMT).

FAA to investigate Southwest flight that departed from closed runway in Maine

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

The Malaysian Anti-Corruption Commission (MACC) has obtained a remand extension for the chief executive officer of a highway concessionaire arrested this week over alleged bribery in connection with two highway projects worth RM1.67 billion.

MACC extends remand for highway concessionaire CEO by four days

Permodalan Nasional Bhd's (PNB) wholly owned unit trust management company&nbsp;Amanah Saham Nasional Bhd (ASNB) on Friday announced the income distribution for the fixed price fund of Amanah Saham Bumiputera 3 Didik (ASB 3 Didik)&nbsp;for the financial year ending June 30, 2024.

ASNB announces income distribution of 5.25 sen per unit for ASB 3 Didik

Kucingko Bhd has fixed its initial public offering (IPO) price at 30 sen per share to gross RM60 million from the ACE Market, with the company set to be the first listed animation production studio in Malaysia.

Kucingko fixes IPO price at 30 sen, set to be first animation studio on Bursa

Donald Trump accused China of “killing” the US, and alleged that President Joe Biden is bringing the America closer to a world war during the first debate ahead of November’s presidential election.

'China is killing us as a country,’ Trump claims

Malaysian Prime Minister Datuk Seri Anwar Ibrahim has been a fierce critic of Israel over its war against Hamas. Now he’s resisting pressure from his own critics to nix a multi-billion dollar Malaysian airports privatisation deal involving BlackRock Inc over its ties to Israel.

Hamas-backing Anwar defends BlackRock in face of Israel protests

Telcos that take up a stake in Digital Nasional Bhd (DNB) will now have the option to exit DNB by selling their stake to those who choose to remain in DNB.

DNB stakeholders have option to exit and form second 5G network 

KUALA LUMPUR (June 28): MIDF Amanah Investment Bank Bhd has maintained its “buy” call&nbsp;on MyEG&nbsp;Services Bhd&nbsp;with an unchanged target price of RM1.38, premised on the positive development in ZTrade services.

MIDF maintains ‘buy’ for MyEG on ZTrade’s commencement

(June 28): The Malaysian ringgit is set to extend gains into the remainder of the year, as exports recover and the Federal Reserve eventually pivots to interest rate cuts.

Ringgit rebound set to ride on recovering exports, Fed rate cuts — Bloomberg

Digital Nasional Bhd announced on Friday that four mobile network operators (MNOs) have completed their respective share subscription agreements (SSAs) and acquired a 16.3% stake each in the 5G special purpose vehicle — higher than the 14% they were initially expected to take up — as Telekom Malaysia Bhd (KL:TM) has yet to complete its SSA.

CelcomDigi Bhd (KL:CDB), which has just completed its share subscription of a 16.3% stake in Digital Nasional Bhd (DNB), believes it is in a strong position to lead the development of the second 5G network for Malaysia.

CelcomDigi wants to lead second 5G network after taking up stake in DNB

Shareholders of GHL Systems Bhd (KL:GHLSYS) should accept the takeover offer from Japanese information technology and consulting company NTT Data Corp, the independent adviser said.

The offer of RM1.08 per share is “fair and reasonable”, Affin Hwang Investment Bank concluded in a circular to minority shareholders. The offer is fair due to the premium on valuation based on enterprise multiple and historical market prices, Affin noted.

GHL shareholders should accept ‘fair and reasonable’ takeover offer, says independent adviser

The Malaysian Attorney General’s Chambers has succeeded in preventing Malaysian&nbsp;non-governmental organisation Lawyers for Liberty (LFL) from suing the Singaporean government for issuing a Protection from Online Falsehoods and Manipulation Act (Pofma) order against LFL in 2020.

LFL cannot sue Singapore govt, but can try to prevent Putrajaya from helping enforce Singaporean laws here — apex court

KUALA LUMPUR (June 28): Hiap Teck Venture Bhd’s net profit surged threefold to RM46.82 million for the third quarter ended April 30, 2024 (3QFY2024), from RM15.03 million a year earlier, driven by a higher share of profit from a joint venture (JV) company.&nbsp;

Hiap Teck’s 3Q net profit triples, lifted by higher JV contribution

KUALA LUMPUR (June 28): Engineering service company Kawan Renergy Bhd (KL:KENERGY) has secured an RM11.8 million contract to convert a bioethanol plant in Ipoh, Perak from using molasses as feedstock, to corn.

Kawan Renergy gets RM11.8m contract for bioethanol plant conversion

Rubber products manufacturer Superlon Holdings Bhd (KL:SUPERLN) said its net profit jumped more than threefold for the fourth quarter that ended April 30, 2024 (4QFY2024), thanks to higher gross profit amid increased demand for its products and lower effective group taxation.

Superlon’s 4Q net profit jumps threefold

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) two subsidiaries are seeking a summary judgement from the High Court against MYAirline Sdn Bhd in their claim for RM17.74 million owed by the troubled carrier.

MAHB units seek summary judgement against MYAirline

Warren Buffett is donating another US$5.3 billion (RM25 billion) of Berkshire Hathaway stock to the Bill &amp; Melinda Gates Foundation and four family charities, his biggest annual donation since he began making them in 2006.

Warren Buffett donates record US$5.3b Berkshire shares

Singapore Prime Minister Lawrence Wong looks forward to strengthening the relationship and ensuring more win-win projects with Malaysia, in conjunction with the centennial anniversary of the Causeway.

Singapore's PM Wong seeks more win-win projects with Malaysia on Causeway's centennial anniversary

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