<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Malaysia Weekly on September 21, 2020 - September 27, 2020</span></p></div><div>
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An Economic Snapshot Of Malaysia

Public-listed companies (PLCs) showed progress in the adoption of the Malaysian Code on Corporate Governance (MCGG), according to the Securities Commission Malaysia’s Corporate Governance Monitor (CG Monitor) 2024, which was published last Monday. However, the report highlighted three critical areas in need of improvement. The CG Monitor pointed to (i) the need to refresh board composition; (ii) enhancing shareholder participation through physical or hybrid annual general meetings (AGMs); and  (iii) a deeper integration of sustainability governance practices.

SC CG Monitor: 3 critical areas of improvement needed for PLCs

After a rapid cooling in Chinese tech stocks on cloudy domestic macro prospects and rising geopolitical risk, investors are looking to major earnings reports due this week for a second wind.

Results from Tencent Holdings Ltd. and Alibaba Group Holding Ltd. will shed light on how their efforts to streamline businesses and lower costs have tided them over until Beijing stimulus can lift consumer spending.

China tech stocks need earnings boost amid Trump, macro threats

A breakneck rally in stocks ran out of steam, with Treasury yields soaring and the dollar hitting the highest level in two years ahead of a key inflation report.

Equities edged lower after the S&P 500’s biggest five-day run in a year.

S&P 500 rally hits a wall as treasury yields spike

WEST PALM BEACH, Florida (Nov 11): Donald Trump is expected to tap US Senator Marco Rubio to be his secretary of state, sources said on Monday, putting the Florida-born politician on track to be the first Latino to serve as America's top diplomat once the Republican president-elect takes office in January.

Trump expected to tap US Senator Marco Rubio for secretary of state, sources say

ValueAct Capital has built a US$1 billion stake in Meta Platforms but is not currently pushing for big changes at the Facebook and Instagram parent, a source familiar with the matter told Reuters on Tuesday.

ValueAct takes US$1 billion stake in Meta, source says

The Ministry of Investment, Trade and Industry (Miti) through its agency the Malaysian Investment Development Authority (Mida) has identified 12 leading Egyptian manufacturing companies interested in exploring investment opportunities in Malaysia.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the companies were interested in exploring investments in the pharmaceutical, medical device, aerospace and petrochemical sectors.

Mida identifies 12 Egyptian companies interested in investing in Malaysia — Tengku Zafrul

Malaysia aims to maintain its strong economic growth momentum while prioritising the sustainable development goals (SDGs), with a particular focus on climate change, renewable energy and emerging technologies — areas where China has demonstrated significant strength.

Malaysia seeks to sustain economic growth with China, focusing on sustainable development goals

Prime Minister Datuk Seri Anwar Ibrahim said that any form of protectionism will affect countries in terms of trade and investment.

Speaking to Richard Quest on CNN recently, Anwar cited an example whereby a huge number of Malaysia’s microchips were exported to United States (US), which accounted for 26%.

Any form of protectionism will affect trade and investment — Anwar

Malaysian Prime Minister Datuk Seri Anwar Ibrahim has criticised what he views as Western media bias in their coverage of the Israel-Palestine conflict, calling for a consistent global stance on human rights.

Anwar condemns Western bias in Gaza discourse, calls for consistency on human rights issues

Prime Minister Datuk Seri Anwar Ibrahim stressed that anyone involved in corruption must be prosecuted in line with the Madani Government's policy stance.

However, Anwar stressed that the action taken must be based on transparency and justice.

Anyone involved in corruption must be prosecuted — Anwar

<p>A brief recap of some corporate announcements that made news on Tuesday.</p>


Maybank, Hartalega, Heineken Malaysia, Kelington, Tiong Nam, Fajarbaru, Paragon Globe, Atlan, Seremban Engineering, Sapura Energy, MCE and Jati Tinggi

<p>Seremban Engineering Bhd (KL:SEB) said it has been served with a counterclaim for RM24.94 million in a lawsuit related to a manufacturing plant projectin Bandar Enstek, Negeri Sembilan.</p>

<p>In a bourse filing on Tuesday, SEB said the counterclaim was filed by CN Eleco Engineering Sdn Bhd in a follow-up to the original suit filed by MIE Industrial Sdn Bhd, a majority shareholder of SEB with a 69.7% stake, against CN Eleco.</p>


Seremban Engineering hit with RM25m counterclaim related to Bandar Enstek project

<p>Sapura Energy Bhd (KL:SAPNRG) said on Tuesday it has accepted the terms and conditions set forth by its multi-currency financing (MCF) creditors for the proposed disposal of its 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$705.3 million (RM3.37 billion).</p>


Sapura Energy accepts creditors’ terms on proposed US$705m SapuraOMV disposal

<p>Paragon Globe Bhd (KL:PGLOBE) said it has secured the rights to develop 67.42 acres of land in Iskandar Puteri, Johor, for a residential project with an estimated gross development value of RM733.12 million.</p>


Paragon Globe to undertake RM733m GDV residential project in Johor

<p>Finance Minister II Datuk Seri Amir Hamzah Azizan said on Tuesday that Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) had invested in FashionValet because the e-commerce platform was seen as "a company with potential" at the time.</p>


FashionValet had potential when Khazanah and PNB invested — Amir Hamzah

<p>The government expects to raise an additional RM5 billion in revenue by expanding the scope of the sales and service tax (SST), which is set to roll out on May 1 next year, said Finance Minister II Datuk Seri Amir Hamzah Azizan.</p>


Expanded SST could add RM5b to govt revenue for 2025, says Amir Hamzah

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


EVENING 5: Five things you need to know today

<p>Qualcomm Inc chief executive officer Cristiano Amon said the artificial intelligence (AI) boom won’t lead to a global chip shortage similar to what happened during the pandemic, even with demand for AI-enabled smartphones rising.</p>


Qualcomm CEO sees no shortage of AI chips even as demand rises

<p>Sea Ltd’s e-commerce arm turned its first quarterly profit on an adjusted basis, a sign it’s holding its own against bigger Chinese rivals in Southeast Asian markets like Indonesia.</p>


Sea tops profit estimates after fending off TikTok, Lazada

<p>Prime Minister Datuk Seri Anwar Ibrahim said that any form of protectionism will affect countries in terms of trade and investment.</p>

<p>Speaking to Richard Quest on CNN recently, Anwar cited an example whereby a huge number of Malaysia’s microchips were exported to United States (US), which accounted for 26%.</p>


<p>Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a four-day winning streak to end lower on Tuesday as a weaker export pace weighed on prices, said a dealer.</p>

<p>Palm oil trader David Ng said the market sentiment was also influenced by the lower Chicago Board of Trade soybean oil future prices during Asian trading hours. “We see support at RM5,000 and resistance at RM5,200 a tonne,” he told Bernama.</p>


CPO futures close lower on weaker export pace, snapping four-day winning streak

<p>Thai Airways International PCL said its Rolls-Royce Holdings plc engines are spending more time than ever undergoing maintenance checks, adding to a chorus of criticism over the power units.</p>


Thai Airways adds to criticism of Rolls-Royce over engine delays

<p>The joint venture (JV) between Carimin Engineering Services Sdn Bhd (CESSB), a wholly owned subsidiary of Carimin Petroleum Bhd (KL:CARIMIN), and Evolusi Bersatu Sdn Bhd has bagged the contract to provide Pan Malaysia maintenance, construction, modification (MCM) and hook-up commissioning (HUC) services for Package B9 from Kebabangan Petroleum Operating Co Sdn Bhd (KPOC).</p>


Carimin Petroleum's unit bags Pan Malaysia services job from KPOC

<p>Jati Tinggi Group Bhd (KL:JTGROUP), which was listed on Bursa Malaysia’s ACE Market in December last year, plans to raise RM14.1 million via a private placement to fund new projects.</p>

<p>The cash-call involves the issuance of up to 39.18 million new shares, representing up to 10% of the company's issued shares, to third party investors at an issue price to be determined later, said the the infrastructure utilities engineering services provider in a bourse filing.</p>


Jati Tinggi plans private placement to fund new projects

<p>Malaysia has significant potential to become a regional hub for electric vehicle (EV) manufacturing in Asean, thanks to its 40-year history in automotive production since 1983 and its strong semiconductor cluster, said Deputy Minister of Investment, Trade and Industry Liew Chin Tong.</p>


Malaysia poised to become Asean's regional hub for EV manufacturing, says Liew Chin Tong

<p>Sapura Industrial Bhd (KL:SAPIND) is acquiring the business of Mili Tech Sdn Bhd (MTSB) for RM372,136, as part of a joint venture (JV) to undertake refurbishing and recycling of batteries in electric vehicles (EVs) and/or hybrid cars as well as servicing, repair and maintenance of EVs and/or hybrid cars.</p>


Sapura Industrial enters into JV with Mili Tech for EV business

<p>The chief executive of Exxon Mobil Corp on Tuesday discouraged president-elect Donald Trump from withdrawing the US from the landmark Paris climate pact, arguing that would mean forfeiting a chance to push for “common sense” carbon-cutting policy on the world stage.</p>


Exxon CEO pushes back on Trump’s radical anti-climate agenda

<p>Opec cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.</p>


Opec again cuts 2024, 2025 oil demand growth forecasts

<p>Health Minister Datuk Seri Dr Dzulkefly Ahmad said the targeted public health subsidy which is being studied is seen feasible with specific algorithms.</p>

<p>He said the targeting of subsidies in the health sector could help generate government revenue since the charges levied at Ministry of Health (MOH) facilities are estimated to be only 10% of the current market charges.</p>


Targeted public health subsidy can be implemented — Dr Dzulkefly

<p>The government's concerted measure to encourage government-linked companies (GLCs), government-linked investment companies (GLICs) and corporates to consistently repatriate foreign investment income and convert them into ringgit does not involve the sale of assets and their investments abroad.</p>

<p>Finance Minister II Datuk Seri Dr Amir Hamzah Azizan said this coordinated measure only involves GLCs and GLICs foreign investment income.</p>
