<div class=newsTextDataWrapInner>SINGAPORE (Sept 14): The board of directors of The Islamic Bank of Asia Limited (IB Asia) has agreed to progressively wind down IB Asia, according to DBS Group Holdings.</div>

<div class=newsTextDataWrapInner>“As a separate legal entity, IB Asia is unable to achieve economies of scale. This is subject to obtaining approval from IB Asia’s shareholders and receiving regulatory approvals,” DBS says.</div>

<div class=newsTextDataWrapInner>DBS adds that it will continue to develop and distribute Shariah-compliant products, such as Islamic bonds or Sukuk, within the bank's main operations.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>DBS closed 0.6% lower at $17.62.</div>

SINGAPORE (Sept 14): The board of directors of The Islamic Bank of Asia Limited (IB Asia) has agreed to progressively wind down IB Asia, according to DBS Group Holdings.

“As a separate legal entity, IB Asia is unable to achieve economies of scale. This is subject to obtaining approval f...

DBS says Islamic Bank of Asia to wind down progressively

Facebook parent company Meta Platforms Inc will start using facial recognition technology to crack down on scams that use pictures of celebrities to look more legitimate, a strategy referred to as “celeb-bait ads”.

Scammers use images of famous people to entice users into clicking on ads that lead them to shady websites, which are designed to steal their personal information or request money. Meta will start using facial recognition technology to weed out these ads by comparing the images in the post with the images from a celebrity’s Facebook or Instagram account.

Meta to use facial recognition to fight fake celebrity scams

The proposal to lower the threshold of consent from strata owners under the proposed Urban Renewal Act (URA) aims to protect the rights of strata property owners, according to Housing and Local Government Minister Nga Kor Ming.

Lower strata consent threshold under Urban Renewal Act to protect rights of property owners, says Nga

Australia’s wine exports jumped by more than a third, boosted by an increase in shipments to China after the Asian nation lifted tariffs.

The value of shipments in the year through September rose 34% to A$2.4 billion (US$1.6 billion or RM6.9 billion), its highest since the 12 months through August 2021, according to Wine Australia. That follows a recovery in supply to China and Hong Kong after Beijing in late March lifted punitive tariffs of as much as 218% on Australian wine put in place three years earlier.

Australian wine exports jump by a third as China resumes buying

Global sugar supplies are seen shrinking to the lowest level in six years in early 2025, as drought hampers production in top exporter Brazil, according to commodities trader Czarnikow Group Ltd. 

Extreme dryness has eroded sugar-cane crop conditions, limiting mills’ ability to produce sugar in the latter months of the current season and signalling a delayed start to next year’s harvest, Pedro Mizutani, Czarnikow's head of raw sugar trading, said during a conference in Sao Paulo.

Sugar supplies seen dwindling to lowest in years in early 2025

Bursa Malaysia Bhd (KL:BURSA) is expected to report a sequential decline in third-quarter earnings, amid lower trading volume and higher expenses, said CIMB Securities.

Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) may have declined as much as 11% to RM71.3 million, as average daily volume fell and the cost-to-income rose, CIMB said in an earnings preview note. The stock exchange operator will also book lower operating profit margins in the derivatives market, the house said.

Bursa may report 11% sequential dip in 3Q earnings as volume slips, costs rise — CIMB

Four US Federal Reserve (Fed) policymakers on Monday expressed support for further interest-rate cuts, but appeared to differ on how fast or far they believe any cuts should go.

Three of them, citing the strength of the economy and an uncertain outlook, expressed a preference for going slow, using words like "modest" and "gradual" to describe their views on the right pace of rate cuts.

Four Fed policymakers favour more rate cuts, but differ on pace

Petroliam Nasional Bhd (Petronas) is considering selling a minority stake in renewable energy firm Gentari Sdn Bhd to help expand the business, according to people with knowledge of the matter.

The state-owned energy company is working with an adviser, and has drawn interest from infrastructure funds and industry peers, the people said, asking not to be identified as the process is private.

Petronas could sell minority stake in renewable energy unit Gentari to help expand business — Bloomberg

A Peruvian judge has sentenced former president Alejandro Toledo to 20 years and six months in prison for having received an eight-figure bribe tied to the construction of a highway project.

The sentence is a key milestone for Peru, its first presidential conviction after launching a corruption crackdown last decade in the wake of a sprawling graft scandal involving Brazilian builder Odebrecht SA.

Peru sentences ex-leader Toledo to prison over US$35m bribe

The current status of the government's efforts to eradicate extreme poverty and the mechanisms used to determine the categories are among the highlights of Tuesday's Dewan Rakyat session.

Efforts to eradicate extreme poverty among focus of Parliament for the day

Great Eastern now has till Jan 24, 2025 to comply with the free float rule. The extension was announced on Monday, two days before the company’s previous deadline of Oct 23.

Great Eastern to have till January 2025 to comply with free float rule

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

DNeX, PTT Synergy, MyEG, HeiTech Padu, AWC, Khee San, KIP REIT, CIMB, Alpha IVF

Petroliam Nasional Bhd (Petronas)&nbsp;is considering selling a minority stake in renewable energy firm Gentari Sdn Bhd&nbsp;to help expand the business, according to people with knowledge of the matter.

The state-owned energy company is working with an adviser, and has drawn interest from infrastructure funds and industry peers, the people said, asking not to be identified as the process is private.&nbsp;

Most Asian shares were set for declines on Tuesday, after Wall Street stocks took a breather having notching their longest weekly rally this year.

Futures for benchmarks in Hong Kong, Shanghai and Sydney pointed to losses, though Tokyo shares were heading for small gains. That’s after equities in the US dropped from nearly overbought levels, following a relentless advance to all-time highs. The S&amp;P 500 fell 0.2%, with all of its major groups but technology pushing lower. The Dow Jones Industrial Average slid 0.8%.

Asian stocks set to decline after Wall Street dip

The government will continue to provide various incentives to developers who are committed to the construction of affordable housing, including tax relief and access to more strategic properties, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

Govt to continue incentives for developers committed to affordable housing — Fadillah

Stocks took a breather after notching their longest weekly rally this year, with traders gearing up for key earnings reports from Tesla Inc&nbsp;to Boeing Co&nbsp;and United Parcel Service Inc (UPS).

Following a relentless advance to all-time highs, equities dropped from nearly overbought levels. In another sign of how greed has trumped fear, the S&amp;P 500 hasn’t suffered back-to-back losses in about 30 sessions. While a month with no consecutive down days may not sound like much, the current streak ranks among the very best since 1928, according to data compiled by SentimenTrader.

US stocks fall from record as earnings set to pick up

European natural gas prices surged to €40 (RM186) per megawatt-hour as tensions in the Middle East generated a fresh wave of market volatility.

Benchmark futures settled 2.1% higher on Monday, following gains for oil and offsetting last&nbsp;Friday’s losses. Markets are bracing for a possible escalation in hostilities between Israel and Iran that could spark a wider regional conflict, potentially affecting supplies of the heating fuel.

European natural gas prices jump as Israel prepares response following attacks

Bursa Malaysia Bhd (KL:BURSA) is expected to report a sequential decline in third-quarter earnings, amid lower trading volume and higher expenses, said CIMB Securities.

Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) may have declined as much as 11% to RM71.3 million, as average daily volume fell and the cost-to-income rose, CIMB said in an earnings preview note. The stock exchange operator will also book lower operating profit margins in the derivatives market, the house said.

Great Eastern now has till Jan 24, 2025&nbsp;to comply with the free float rule. The extension was announced on Monday, two days before the company’s previous deadline of Oct 23.

Thames Water Utilities Ltd has officially started a process to raise at least £3.3 billion (RM18.52 billion) in equity that it needs to stay afloat.

The process started in the past week, meaning potential investors now have access to a data room that provides sensitive information about the company, according to a person familiar with the plans.

Thames Water is said to start process to raise fresh equity — Bloomberg

The chances that Federal Reserve officials will leave interest rates unchanged in November are mounting as the US economy powers ahead, according to Torsten Slok, chief economist at Apollo Management.

Apollo’s Slok sees rising chance Fed holding rates in November

US&nbsp;Secretary of State Antony Blinken headed to the Middle East on Monday to launch another push for an elusive ceasefire, seeking to revive negotiations to end the Gaza war and defuse the spillover conflict in Lebanon.

Blinken heads to Middle East for new ceasefire push as Israel strikes Beirut

Venezuela detained former oil minister Pedro Tellechea over the weekend as part of an internal purge at the state oil company after President Nicolás Maduro’s disputed reelection.

Tellechea, a technocrat from the petrochemical sector, served as oil minister until Aug 27, when he was replaced by Vice President Delcy Rodríguez.

Venezuela arrests former oil minister Tellechea in latest government purge

Four US Federal Reserve (Fed) policymakers on Monday expressed support for further interest-rate cuts, but appeared to differ on how fast or far they believe any cuts should go.

Three of them, citing the strength of the economy and an uncertain outlook, expressed a preference for going slow, using words like "modest" and "gradual" to describe their views on the right pace of rate cuts.

Australia said on Tuesday it would bolster air and missile defence in a A$7 billion (US$4.7 billion or RM20.2&nbsp;billion) deal with the US to acquire SM-2 IIIC and SM-6 long-range missiles for its navy.

Australia says US$4.7b long-range missile deal to boost deterrence

The current status of the government's efforts to eradicate extreme poverty and the mechanisms used to determine the categories are among the highlights of Tuesday's Dewan Rakyat session.

A Peruvian judge has sentenced former president Alejandro Toledo to 20 years and six months in prison for having received an eight-figure bribe tied to the construction of a highway project.

The sentence is a key milestone for Peru, its first presidential conviction after launching a corruption crackdown last decade in the wake of a sprawling graft scandal involving Brazilian builder Odebrecht SA.

The proposal to lower the&nbsp;threshold of consent from strata owners under the proposed Urban Renewal Act (URA) aims to protect the rights of strata property owners, according to Housing and Local Government Minister Nga Kor Ming.

Australia’s wine exports jumped by more than a third, boosted by an increase in shipments to China after the Asian nation lifted tariffs.

The value of shipments in the year through September rose 34% to A$2.4 billion (US$1.6 billion or RM6.9&nbsp;billion), its highest since the 12 months through August 2021, according to&nbsp;Wine Australia. That follows a recovery in supply to China and Hong Kong after Beijing in&nbsp;late March&nbsp;lifted punitive tariffs of as much as 218% on Australian wine put in place three years earlier.

Global sugar supplies are seen shrinking to the lowest level in six years in early 2025, as drought hampers production in top exporter Brazil, according to commodities trader Czarnikow Group Ltd.&nbsp;

Extreme dryness has eroded sugar-cane crop conditions, limiting mills’ ability to produce sugar in the latter months of the current season and signalling a delayed start to next year’s harvest, Pedro Mizutani, Czarnikow's head of raw sugar trading, said during a conference in Sao Paulo.