<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Malaysia Weekly on July 23, 2018 - July 29, 2018</span></p></div><div>
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How Malaysia’s economy

Prime Minister Datuk Seri Anwar Ibrahim is set to invite China’s President Xi Jinping to attend the Asean Summit and the Asean-GCC Summit next year.

This invitation corresponds with Malaysia’s role as the Asean chair for 2025.

Anwar to extend invitation to Xi Jinping for 2025 Asean Summit

New orders for US-manufactured goods fell for a second straight month in September, and business spending on equipment appears to have pulled back in the third quarter.

US factory orders fall a second straight month in September

US stock indexes were trading flat to lower on Monday, as investors braced for a pivotal week for global markets in which Americans will elect a new president and the Federal Reserve is likely to cut its benchmark policy rate.

Wall Street struggles for direction as uncertainty around US election grows

Chile’s economic activity posted its biggest monthly plunge since July 2022 in September, prompting the government to scrap its growth forecast for this year and stoking bets on more interest rate cuts.

Chile economic activity plunges most since 2022 in ‘appalling’ report

Quincy Jones, the man known simply as "Q," was a huge influence on American music in his work with artists ranging from Count Basie to Frank Sinatra and reshaped pop music in his collaborations with Michael Jackson.

US music legend Quincy Jones dies at 91

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

SD Guthrie, AME Elite, Techna-X, Star Media, JAKS Resources, Datasonic, Revenue Group, Dayang, Carimin, MN Holdings, Tuju Setia, Bina Puri, Elridge, MCE Holdings, Bintai Kinden

Prime Minister Datuk Seri Anwar Ibrahim has arrived in Shanghai, marking his first stop before Beijing, as part of a working visit from Nov 4-7.

Anwar arrives in Shanghai, first stop of working visit to China

Commerzbank AG chief executive officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit SpA.

Commerzbank looks to free up capital to fend off UniCredit

Fox Corp beat Wall Street expectations for first-quarter revenue on Monday, as the media company benefitted from higher political advertising ahead of the US presidential election, sending its shares up 5% in pre-market trading.

Fox Corp beats revenue estimates on robust political advertising

US companies with lagging stock prices are now quicker to blame management and fire their top executive, but the process of finding a replacement has remained largely unchanged for the last decade, according to a report released on Monday.

US CEOs fired more quickly over low stock prices this year, report says 

<p>The six-year dispute between Star Media Group Bhd (KL:STAR) and property developer JAKS Resources Bhd (KL:JAKS) over the development of a parcel of land in Section 13, Petaling Jaya, which started in 2018, has come to an end, with both parties inking an agreement to settle the issue.</p>


Star Media, JAKS ink settlement to end six-year dispute over Section 13 land deal

<p>Datasonic Group Bhd (KL:DSONIC) is buying a 51% stake in Innov8tif Holdings Sdn Bhd from Revenue Group Bhd (KL:REVENUE)&nbsp;for RM40 million cash. &nbsp;</p>

<p>Innov8tif, a two-year-old company, specialises in ID verification technology to support e-know-your-customer (e-KYC) and e-know-your-business (e-KYB) and anti-fraud processes, customer onboarding process automation and mobile biometric authentication, said Datasonic in the filing to Bursa Malaysia.</p>


Datasonic buys 51% stake in Innov8tif Holdings from Revenue Group for RM40 mil cash

<p>TGI Fridays Malaysia's operations in the country will continue to operate as usual and remain unaffected by the recent bankruptcy filing of TGI Fridays Inc in the US, says Techna-X Bhd (KL:TECHNAX), which owns Craveat International Sdn Bhd — the master franchisee and developer for TGI Fridays Malaysia.</p>


TGI Fridays' ops in Malaysia unaffected by bankruptcy of US parent, says master franchisee 

<p>A whopping US$10 million (RM43.7 million) was used by fugitive businessman Low Taek Jho (Jho Low) and his associate Erin Tan Kim Loon to gamble in Las Vegas, purchase a painting from renowned artist Jean-Michel Basquiat as well as on aviation services.</p>


Jho Low and partner spent over US$10m of 1MDB funds on Las Vegas casino bender, Basquiat painting, ‘private aviation services’

<p>A government backbencher wants "someone's head to roll" after two government-linked investment companies — Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) — incurred a combined RM43.9 million loss from their investment in e-commerce platform FashionValet.</p>


Govt backbencher calls for 'heads to roll' over Khazanah and PNB's RM43.9m loss in FashionValet

<p>The Malaysian man who was reportedly a mercenary fighting in Ukraine against Russia has been identified as Lee Bing Hang and is believed to be still alive and well.</p>

<p>Inspector-General of Police Tan Sri Razarudin Husain said preliminary investigations found Lee, 20, was wounded in the ankle by shrapnel from a Russian drone and has completed his treatment.</p>


Lee Bing Hang, Malaysian mercenary in Ukraine is still alive — IGP

<p>Genetec Technology Bhd (KL:GENETEC) has proposed to sell its 51% stake in CLT Engineering Sdn Bhd (CLT) to its former executive director Tan Moon Teik for RM21.63 million cash.</p>


Genetec sells its entire stake in subsidiary to ex-director

<p>Plantation group SD Guthrie Bhd (KL:SDG) has teamed up with property developer AME Elite Consortium Bhd (KL:AME) to develop a green industrial park within the Johor-Singapore Special Economic Zone (JS-SEZ).</p>


SD Guthrie, AME Elite to jointly develop green industrial park in Kulai

<p>The Malaysian Anti-Corruption Commission (MACC) raided the office of a local fashion business, along with three other business premises on Monday, in a probe into significant investment losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).</p>


MACC raids four business premises in FashionValet probe 

<p>Builder Tuju Setia Bhd (KL:TJSETIA) has secured a construction contract worth RM411 million to build serviced apartments and landed residential units in Kelana Jaya for the Sunway Serene 2 development project.</p>


Tuju Setia gets RM411 mil job to build mixed high-rise, landed homes in Kelana Jaya for Sunway Serene 2

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


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EVENING 5: Five things you need to know today

<p>Newly-listed Elridge Energy Holdings Bhd (KL:ELRIDGE) said it has entered into a deal to supply biomass feedstock to a Japanese trading company for 15 years.</p>


Elridge Energy signs deal to supply biomass feedstock to Japanese company for 15 years

<p>MN Holdings Bhd (KL:MNHLDG), an underground utilities and substation engineering specialist, has secured various contracts worth RM315 million since its new financial year started on July 1, 2024, pushing its order&nbsp;book to RM625.8 million. &nbsp;</p>


MN Holdings's order book hits record high at RM625.8 mil

<p>Khee San Bhd (KL:KHEESAN) has signed an underwriting agreement with M&amp;A Securities Sdn Bhd, Kenanga Investment Bank Bhd (KL:KENANGA) and Malacca Securities Sdn Bhd for the candy maker’s rights issue with warrants to raise up to RM96.1 million.</p>


M&A Securities, Kenanga IB, Malacca Securities jointly underwrite Khee San’s rights issue

<p>The Malaysian Anti-Corruption Commission (MACC) has denied issuing any statement claiming that RM94 million was discovered in the residence of a former minister.</p>

<p>This follows an allegation by Datuk Awang Solahuddin Hashim (PN-Pendang), who, during the Supply Bill 2025 debate on Monday, claimed that RM94 million was found at the residence of a former human resources minister from the DAP.</p>


MACC denies making any statement claiming RM94 mil found in ex-minister's house

<p>Carimin Petroleum Bhd (KL:CARIMIN) said it has secured a five-year contract from Shell for the provision of pan-Malaysia maintenance, construction, modification (MCM), and hook-up and commissioning (HUC) services.</p>


Carimin Petroleum gets five-year services contract from Shell

<p>Destini Bhd (KL:DESTINI) reported a net profit of RM5.33 million for the first quarter ended Sept 30, 2024, (1QFY2025) compared to a net loss of RM6.8 million a year ago, driven by higher sales delivery and improved operational efficiency.</p>


Destini turns profitable for 1QFY2025, plans 10% private placement

<p>Bintai Kinden Corp Bhd (KL:BINTAI) has secured a RM61.22 million contract for the construction of a housing project in Jasin, Melaka.</p>


Bintai Kinden clinches RM61m housing construction job in Melaka

<p>KUALA LUMPUR (Nov 4): Malaysian Industrial Development Finance Bhd (MIDF) aims to allocate RM200 million to small and medium enterprises (SMEs) through the newly launched Future Ready Financing (FRF) initiative.</p>

<p>Chief executive officer Azizi Mustafa said this funding would assist 100 SM...