<div class=newsTextDataWrapInner><p>SINGAPORE (Dec 8): Yeo Hiap Seng says its CEO Tjong Yik Min, 62, will retire from April 30 next year and that banker Melvin Teo will take the helm at the beverage group.</p></div>

<div class=newsTextDataWrapInner><p>Tjong joined Yeo Hiap Seng as its president and chief operating officer in July 2002. He became CEO in April 2010.</p></div>

<div class=newsTextDataWrapInner><p>Under his watch, the company privatised Yeo Hiap Seng (Malaysia) and streamlined the group's overall operations, Yeo Hiap Seng said in a statement this morning.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Tjong had intended to step down by the end of this year but postponed his retirement for four months as Teo could not come on board until January 2015, according to the company.</p></div>

<div class=newsTextDataWrapInner><p>Teo, 43, will be appointed CEO-designate from Jan 1.</p></div>

<div class=newsTextDataWrapInner><p>He was CEO of DBS Bank in China between January 2000 and September 2012, and was president director of PT Bank DBS Indonesia from October 2012.</p></div>

<div class=newsTextDataWrapInner><p>Teo joined DBS in July 2005. Before that, he held various positions at Standard Chartered Bank as well as Bank of America.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


SINGAPORE (Dec 8): Yeo Hiap Seng says its CEO Tjong Yik Min, 62, will retire from April 30 next year and that banker Melvin Teo will take the helm at the beverage group.

Tjong joined Yeo Hiap Seng as its president and chief operating officer in July 2002. He became CEO in April 2010.

DBS banker named CEO of Yeo Hiap Seng as Tjong retires

France’s new premier Francois Bayrou vowed to sharply narrow the nation’s deficit to close to 5% of GDP, a plan that threatens a repeat of the stand-off which toppled the last government.

French premier seeking budget cuts that toppled the previous cabinet

Salesforce Inc says it’s taking multiple large customers from former partner Veeva Systems Inc in a mounting rivalry to sell software to the pharmaceutical industry.

Salesforce fights with Veeva by snagging drug customers

Iranian authorities have lifted a ban on Meta's instant messaging platform WhatsApp and Google Play as a first step to scale back internet restrictions, Iranian state media reported on Tuesday.

Iran lifts ban on WhatsApp and Google Play, state media says

Social media platform TikTok recorded 2,606 requests from the Malaysian government to remove or restrict content on its platform in 1H2024, the highest among all governments in the period, according to its latest report on government removal requests.

Malaysia tops TikTok content, account removal requests in 1H2024 among govts

Wall Street's main indexes rose on Tuesday in a truncated trading session before Christmas, with the S&P 500 and the Nasdaq up for the third consecutive day, helped by gains in a handful of megacap and growth stocks.

Wall Street rises in quiet Christmas Eve trading session

American Airlines Group Inc said a technical vendor glitch was the cause of a brief groundstop on all US flights on Christmas Eve, one of the busiest days of the holiday travel season.

American Air says Christmas Eve delays caused by tech glitch

KUALA LUMPUR (Dec 24): Here is a brief recap of the business news and corporate announcements that made the headlines on Tuesday:

Boustead Heavy Industries Corp Bhd's (KL:BHIC) shareholders have approved the disposal of the fabrication and engineering company’s 51% equity stake i...

BHIC, Pharmaniaga, MMAG, Prolintas, Nestcon, Datasonic, PUC, KKB Engineering, Parlo 

Malaysian Rating Corporation Bhd (MARC) on Tuesday affirmed Malaysia's public information sovereign rating at AAA with a "stable" outlook.

However, MARC flagged challenges from a high fiscal deficit and debt levels, as well as the tax revenue-to-gross domestic product (GDP) ratio of 12.6% in 2023, which remains below the peer average despite recovering to pre-pandemic levels.

MARC flags Malaysia's debt position as it keeps AAA, stable rating

OCBC Bank (Malaysia) Bhd (OCBC Bank) has been named Malaysia’s “Bank of the Year” by London-based publication The Banker for the second consecutive year.

OCBC Bank named top Malaysian bank for second year running

European natural gas prices fluctuated above €45 (RM210.32) a megawatt-hour amid persistent supply concerns, with just a week left until a key transit deal between Russia and Ukraine expires.

European gas swings with one week left before key transit deal expires

<p>KKB Engineering Bhd (KL:KKB) has initiated adjudication proceedings under the Construction Industry Payment and Adjudication Act against a contractor over outstanding claims amounting to RM10.1 million.</p>


KKB Engineering sues glove factory project contractor over unpaid claims

<p>Prolintas Infra Business Trust (KL:PLINTAS) said it has settled its dispute with KL-Kuala Selangor Expressway Bhd (Latar) over a cost-sharing agreement, for an undisclosed amount.</p>


Prolintas settles cost-sharing agreement dispute with Latar for undisclosed sum

<p>KUALA LUMPUR (Dec 24): Here is a brief recap of the business news and corporate announcements that made the headlines on Tuesday:</p>

<p><b>Boustead Heavy Industries Corp Bhd</b>'s (KL:BHIC) shareholders have approved the disposal of the fabrication and engineering company’s 51% equity stake i...

<p>Boustead Heavy Industries Corp Bhd (KL:BHIC) shareholders have given the nod for the fabrication and engineering company to dispose of its 51% equity stake in Contraves Advanced Devices Sdn Bhd (CAD) to German defence firm Rheinmetall AG for RM54 million.</p>


BHIC shareholders approve RM54m sale of 51% stake in LCS subcontractor

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EVENING 5: Five things you need to know today

<p>OCBC Bank (Malaysia) Bhd (OCBC Bank) has been named Malaysia’s “Bank of the Year” by London-based publication <i>The Banker</i> for the second consecutive year.</p>


<p>Datasonic Group Bhd (KL:DSONIC) said Azlan Abdul Kadir’s status as a substantial shareholder of the company has ceased following a 20 million share disposal.</p>


Azlan Abdul Kadir ceases to be Datasonic's substantial shareholder

<p>East Navigators Capital Ltd is no longer a substantial shareholder in Pharmaniaga Bhd (KL:PHARMA) after disposing of a 1.76% stake in the PN17-status pharmaceutical firm for RM5.32 million.</p>


East Navigators' direct stake in Pharmaniaga falls below 5% after selling shares at discount

<p>Nestcon Bhd’s (KL:NESTCON) wholly owned subsidiary&nbsp;Nestcon Infra Sdn&nbsp;Bhd is set&nbsp;to develop a large-scale solar photovoltaic plant (LSSPV) with 14.99 megawatts of alternating current (MWac) in&nbsp;Bongawan, Kimanis, Sabah.</p>


Nestcon wins bids to develop 18.99 MWac LSS power plant projects in Sabah

<p>Major banks and business groups sued the Federal Reserve on Tuesday, alleging the US central bank's annual "stress tests" of Wall Street firms violate the law.</p>


Big banks, business groups sue US Fed over annual stress tests 

<p>Social media platform TikTok recorded 2,606 requests from the Malaysian government to remove or restrict content on its platform in 1H2024, the highest among all governments in the period, according to its latest report on government removal requests.</p>


<p>Malaysian Rating Corporation Bhd (MARC) on Tuesday affirmed Malaysia's public information sovereign rating at AAA with a "stable" outlook.</p>

<p>However, MARC flagged challenges from a high fiscal deficit and debt levels, as well as the tax revenue-to-gross domestic product (GDP) ratio of 12.6% in 2023, which remains below the peer average despite recovering to pre-pandemic levels.</p>


<p>GDS Holdings Ltd&nbsp;is considering an initial public offering (IPO)&nbsp;for a real estate investment trust (REIT) of its data centre assets in China, according to people familiar with the matter.</p>


Data centre operator GDS considering IPO of Chinese REIT — Bloomberg

<p>Prime Minister Datuk Seri Anwar Ibrahim has extended his condolences to the families of the victims of a five-vehicle crash at KM204 of the North-South Expressway (PLUS) in Melaka on Monday night.</p>


Anwar extends condolences to families of KM204 crash victims

<p>Despite the popularity of online shopping platforms, malls were nevertheless crowded with locals and foreigners alike making last-minute preparations for Christmas on Wednesday.</p>


Malls overflowing as shoppers grab last-minute deals for Christmas 

<p>American Airlines Group Inc said a technical vendor glitch was the cause of a brief groundstop on all US flights on Christmas Eve, one of the busiest days of the holiday travel season.</p>


<p>The Road Transport Department (JPJ) has initiated a comprehensive investigation and safety audit on the vehicle companies involved in the fatal accident at KM204 of the North-South Expressway (PLUS) northbound in Melaka on Monday night.</p>


JPJ launches investigation, safety audit over KM204 fatal crash

<p>Loss-making Parlo Bhd (KL:PARLO) has proposed a cash call and capital reduction to revive its financials.</p>


Parlo proposes rights issue and capital reduction

<p>Any attempts to sow division or actions that trigger racial discord must be avoided, said Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>In a Facebook post on Tuesday, in conjunction with Christmas, which will be celebrated by Christians on Wednesday, Anwar emphasised that all Malaysians need each other and complement one another, particularly in efforts to build a successful and distinguished national identity.</p>


Any attempts to incite racial discord must be avoided — PM

<p>The US&nbsp;consumer finance watchdog accused Walmart and the workforce payments company Branch Messenger on Monday of forcing more than a million delivery drivers into using accounts that cost them more than US$10 million (RM44.85 million) in junk fees.</p>
