<div class=newsTextDataWrapInner><p>SINGAPORE (May&nbsp;9): The Singapore branch of the Hongkong and Shanghai Banking Corporation has completed the transfer of its retail banking and wealth management (RBWM) business to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited.</p></div>

<div class=newsTextDataWrapInner><p>The subsidiary, which holds a full bank licence in Singapore with Qualifying Full Bank privileges, will now run all HSBC's RBWM business in Singapore.</p></div>

<div class=newsTextDataWrapInner><p>From Monday, customers need to note the new bank details of the subsidiary - HSBC Bank (Singapore) Limited - for fund transfers to retail/personal accounts. There will be no changes to the bank details for fund transfers to corporate accounts, which continue to be held under HSBC Singapore Branch.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>HSBC's other businesses in Singapore - including commercial banking, global banking and markets, and private banking - will continue to operate within the existing HSBC Singapore Branch.</p></div>

<div class=newsTextDataWrapInner><p>The move comes after the Monetary Authority of Singapore &nbsp;announced in April last year&nbsp;that HSBC is considered one of seven domestic systemically important banks (D-SIBs) in Singapore.</p></div>


SINGAPORE (May 9): The Singapore branch of the Hongkong and Shanghai Banking Corporation has completed the transfer of its retail banking and wealth management (RBWM) business to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited.

The subsidiary, which holds a full ba...

HSBC Singapore transfers retail banking, wealth management to locally incorporated unit

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

Binastra Corp, Mah Sing, T7 Global, JF Technology, VS Industry, Solarvest Holdings, Magni-Tech Industries

Financially distressed MMAG Holdings Bhd (KL:MMAG) has taken a step forward in its recovery efforts by securing a partnership with Malaysia Airlines Bhd.

MMAG signs deal to serve as MASKargo's exclusive freighter operator

Wall Street's main indexes were subdued in choppy trading on Tuesday after the S&P 500 and the Nasdaq notched record high levels in the last session, with focus on a crucial jobs report later this week along with more data and commentary from Federal Reserve officials.

Wall Street muted with focus on more data, US Fed commentary

Despite widespread concern that generative AI could interfere with major elections around the globe this year, the technology had limited impact across Meta Platforms' apps, the tech company said on Tuesday.

Meta says gen AI had muted impact on global elections this year

US job openings increased moderately in October while layoffs declined, suggesting the labour market continued to slow in an orderly fashion.

US job openings rise in October, layoffs decrease

Singapore and Australia agreed on Tuesday to seek opportunities for increased access to their respective defence facilities, including more frequent Australian visits to the city-state's air force and navy bases.

Australia, Singapore agree to seek expanded access to their defence facilities

Chinese companies should be wary of buying US chips as they are "no longer safe" and buy locally instead, four of the country's top industry associations said on Tuesday in a rare coordinated response to Washington's curbs on Chinese chipmakers.

US chips are 'no longer safe,' Chinese industry bodies say in latest trade salvo

Investment company Abrdn plc, formerly known as Aberdeen Asset Management plc, has emerged as a substantial shareholder in Feytech Holdings Bhd (KL:FEYTECH), after raising its stake to 5.21% or 43.91 million shares.

Abrdn emerges as substantial shareholder in Feytech

Cloudpoint Technology Bhd (KL:CLOUDPT) said it has secured a RM33.6 million contract to implement advanced integrated service management automation (ISMA) solutions from a local bank.

Cloudpoint Technology bags management automation solutions contract from local bank

The founding couple of FashionValet Sdn Bhd (FashionValet), who have been linked to the investment losses of Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB), will be charged at the Kuala Lumpur Sessions Court on Thursday.

FashionValet founders to be charged on Thursday, says MACC chief

<p>South Korean President Yoon Suk Yeol on Tuesday declared martial law in a surprise late-night TV address, slamming domestic political opponents and sending shockwaves through the country.</p>


South Korea President Yoon declares martial law, slams domestic opponents 

<p>The founding couple of FashionValet Sdn Bhd (FashionValet), who have been linked to the investment losses of Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB), will be charged at the Kuala Lumpur Sessions Court on Thursday.</p>


<p>Indonesia is expecting to get a US$1 billion (RM4.47 billion)&nbsp;investment commitment from tech firm&nbsp;Apple&nbsp;Inc&nbsp;in a week, its investment minister said on Tuesday, after the government banned iPhone 16 sales for failing to meet local content rules.</p>


Indonesia expects US$1b investment commitment from Apple in a week, in response to iPhone 16 sales ban

<p>Vehicle owners must be more attentive to announcements regarding recall for inspection by the Road Transport Department (JPJ), said Transport Minister Anthony Loke.</p>


Vehicle owners told to take JPJ’s recall announcements seriously 

<p>Lawyer and former de-facto law minister Datuk Zaid Ibrahim said the then Malaysian Bar president Karen Cheah Yee Lynn should have asked him and his partners, Liew Teck Huat and Rueben Mathiavaranam, for their views before issuing a statement on Aug 19, 2022, complaining of their conduct in former prime minister Datuk Seri Najib Razak’s final appeal in the SRC International Sdn Bhd criminal case.</p>


Zaid Ibrahim says past Bar president ‘jumped the gun’ to issue statement against him and law partners

<p>Datuk Seri Najib Razak took aim at Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) Nur Aida Arifin’s testimony, saying that her assertions were “deranged”, “deluded” and coming from someone “unversed” with diplomacy.</p>


Najib: MACC IO deranged, deluded and unversed with diplomacy to suggest I had G2G meeting on yacht 

<p>VS Industry Bhd’s latest quarterly net profit dropped 37.53%, mainly due to lower sales orders from existing customers, unfavourable foreign exchange (forex) rates and higher labour costs as a result of an increase in headcount.</p>


VS Industry’s 1Q net profit drops 38% on lower sales orders; declares 0.4 sen dividend 

<p>Magni-Tech Industries Bhd (KL:MAGNI), another cash-rich company on Bursa Malaysia, has declared a special dividend with the release of its latest second quarter results, which saw net profit rising 18.74% on higher revenue.</p>


Magni-Tech declares 23 sen dividend, including 20 sen special as 2Q profit jumps

<p>TMK Chemical Bhd's initial public offering (IPO) has attracted strong demand, with its new shares offered to the Malaysian public oversubscribed by 14.28 times.</p>


Main Market-bound TMK Chemical's IPO oversubscribed by 14.28 times 

<p>Solarvest Holdings Bhd (KL:SLVEST) has proposed to acquire a 30% stake in Penang-based SIW Manufacturing Sdn Bhd (SMSB) to expand its presence in the clean energy and sustainable technology ecosystems.</p>


Solarvest buys 30% stake in waste gas abatement machine manufacturer

<p>Former prime minister Datuk Seri Najib Razak said he had no knowledge of the central bank's "remarkably swift approval" of the US$1 billion that was transferred out of the country in 2009.</p>

<p>Testifying in his own defence at the 1MDB-Tanore trial — so named as the trial involves 1Malaysia Development Bhd's (1MDB) dealings with Tanore Finance Inc, a company allegedly used to channel funds from 1MDB to Najib — Najib said it would have been reasonable for Bank Negara Malaysia (BNM) to raise concerns over such a sizeable remittance, but noted this was not done.</p>


Najib says BNM's approval for US$1 bil remittance in 2009 was 'remarkably swift'

<p>Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.</p>


FBM KLCI up 0.72% to 1,606.96 on Dec 3, 2024

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


<p>The Life Insurance Association of Malaysia (Liam) said it is still in discussion with Bank Negara Malaysia (BNM) about measures that can be taken to ease the burden on policyholders following the unprecedented rise in medical claims over the past few years.</p>


Insurers say still in talks with BNM over recent hikes in medical insurance premiums

<p>Former prime minister Datuk Seri Najib Razak said he never pressured or ordered 1Malaysia Development Bhd (1MDB) to finalise a joint venture (JV) with PetroSaudi International Ltd (PSI).</p>


Najib says he never pressured 1MDB to enter into JV with PetroSaudi 

<p>Computer chip equipment maker ASML said it does not expect new US&nbsp;restrictions on semiconductor exports to China, announced on Monday, to affect its most recent financial guidance.</p>


ASML not changing guidance after new US crackdown on Chinese chip exports

<p>Intel former CEO Pat Gelsinger could get as much as US$12 million (RM53.6 million) as payout, a regulatory filing showed on Tuesday, following his ouster from the struggling US chipmaker.</p>


Intel's ousted CEO Gelsinger to receive up to US$12m payout

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EVENING 5: Five things you need to know today

<p>Investment company Abrdn plc, formerly known as Aberdeen Asset Management plc, has emerged as a substantial shareholder in Feytech Holdings Bhd (KL:FEYTECH), after raising its stake to 5.21% or 43.91 million shares.</p>


<p>US President-elect Donald Trump has jokingly suggested that Canada would be better off as the 51st US state if its economy could not withstand potential US tariffs on Canadian goods, reported <em>Sputnik</em>.</p>
