<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

Perak Transit Bhd (KL:PTRANS), a developer and operator of integrated public transportation terminals (IPTT), said on Thursday that it has received a letter of award and approval from the Kelantan state secretary's office to develop the Kota Bharu Sentral (KB Sentral) terminal.

Perak Transit bags project to develop Kota Bharu Sentral

Lilium NV said its main subsidiaries may be forced to file for insolvency proceedings within days as the electric flying taxi firm struggles to raise enough funding to continue operations.

The subsidiaries have become “overindebted” and won’t be able to pay existing liabilities, according to a filing on Thursday.

Air-taxi maker Lilium plummets after insolvency warning

McDonald’s Corp supplier Taylor Farms is recalling some yellow onion batches produced in a Colorado facility in response to a deadly E coli outbreak at the burger chain.

McDonald’s supplier issues broader recall after outbreak

Türkiye launched fresh air strikes on Kurdistan Workers Party (PKK) militants in northern Syria and Iraq overnight, killing 59 militants, in response to a gun attack that killed five people in Ankara, the Defence Ministry said on Thursday.

Türkiye steps up strikes on PKK in Iraq, Syria after Ankara attack

Federal Reserve Bank of Cleveland president Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished.

Fed’s Hammack says officials have more work to do on inflation

New applications for US unemployment aid unexpectedly fell last week, but the number of people collecting benefits in mid-October was the highest in nearly three years, indicating it was becoming harder for those losing jobs to land new positions.

US weekly jobless claims fall; continuing claims hit highest level in three years

The S&P 500 and the Nasdaq rebounded on Thursday, after Tesla's upbeat earnings forecast lifted market sentiment following a selloff in the previous session, kicking off megacap results on a promising note.

Tesla surge drives S&P 500, Nasdaq higher; IBM weighs on Dow

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

Rexit, Nestlé Malaysia, ViTrox, Pavilion REIT, CapitaLand, DXN, Luxchem, AWC, SC Estate Builder

Russia has set out proposals for a unified depository and clearance system for BRICS countries, as it seeks to persuade member nations to deepen financial cooperation without the involvement of the West.

Russia pushes for BRICS clearing, depository system to sidestep the West

EVENING 5: Five things you need to know today

<p>S P Setia Bhd (KL:SPSETIA) is unveiling new double-storey semi-detached homes named Anggun Villa III in Bandar Kinrara, Puchong this Saturday (Oct 26). The development has an estimated gross development value of RM105.17 million.</p>


S P Setia to unveil double-storey semi-detached homes in Puchong this weekend

<p>MKS Instruments Inc, a global technology solutions provider, is investing US$100 million (RM434.80 million) to build a super centre factory in Penang to support wafer fabrication equipment production, both regionally&nbsp;and globally.</p>


MKS Instruments investing US$100m in super centre factory in Penang, says executive VP

<p>Imprisoned former prime minister Datuk Seri Najib Razak has apologised and expressed regret that the 1Malaysia Development Bhd (1MDB) scandal happened under his watch.&nbsp;</p>


Najib offers unreserved apology, regrets that 1MDB scandal happened under his watch

<p>Cuckoo International (MAL) Bhd, the local unit of South Korean appliance maker, has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia to raise funds for expansion.</p>

<p>The proposed IPO involves an offer for sale of existing shares and a public issue of new shares at a price to be determined later, according to the draft prospectus.</p>


Cuckoo Malaysia files for Main Market IPO to raise funds for expansion

<p>MBI Group, founded by Tedy Teow Wooi Huat 15 years ago, was initially presented as a legitimate “members-only” investment programme and loyalty scheme promising investors exceptionally high returns. Unfortunately, it turned out to be a money game, allegedly involving fraud, scams and operating as...

Cover Story: 400 Chinese investors demand RM170 mil in class action against MBI

<p dir="ltr">Two major shareholders of Rexit Bhd (KL:REXIT) were sentenced to jail in a Singaporean court for participating in a conspiracy to illegally obtain data of over 9,000 people.&nbsp;</p>


Two major shareholders of Rexit jailed in Singapore for illegally obtaining data from suspect in cybercrime ring

<p>Technology company ViTrox Corp Bhd (KL:VITROX) saw its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fall 32.5% to RM22.45 million, from RM33.25 million a year earlier, amid a weak US dollar, which led to a notable unfavourable foreign exchange loss.</p>


Forex loss drags ViTrox’s 3Q net profit down 33%

<p>Nestlé (Malaysia) Bhd's (KL:NESTLE) net profit fell 36.12% to RM85.41 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM133.7 million a year earlier, due to a lower revenue caused by a drop in domestic sales.</p>


Nestlé Malaysia halves dividend to 35 sen as 3Q net profit falls 36%

<p>Nvidia Corp’s Jensen Huang struck a partnership with Asia’s richest man, Mukesh Ambani, to build out artificial intelligence infrastructure and spur the technology’s adoption in the world’s most populous country.</p>


Nvidia CEO teams with Asia’s richest man on Blackwell AI hub

<p>BUDGET 2025 has sparked mixed reactions within the country’s semiconductor sector, with some industry leaders hailing the initiatives as a significant step forward, while others say they lack the depth and focus needed to truly elevate Malaysia to the status of a global semiconductor hub.</p>

...

Cover Story: 'Best budget ever’ or a major let-down for the semiconductor industry?

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


<p>The government will not impose restrictions on property investments or limit the number of homes one can purchase, said Housing and Local Government minister Nga Kor Ming.</p>

<p>Such limitations could collapse the property market and affect related industries including construction, electrical appliances and banking, Nga warned during a media engagement session with the ministry on Thursday.</p>


Govt will not impose restrictions on property investment, mulls stricter laws on errant developers

<p>Imprisoned Datuk Seri Najib Razak didn't want to interfere with investigations over 1Malaysia Development Bhd (1MDB) for fear of being accused of abusing his power, the High Court heard on Thursday in SRC International Sdn Bhd's civil suit against the former prime minister.</p>


Najib says didn't want to interfere with 1MDB investigations to avoid being accused of abusing power

<p>CapitaLand Malaysia Trust (KL:CLMT) posted a 6.3% increase in its third quarter net property income (NPI) from last year’s corresponding period, underpinned by better NPI from Gurney Plaza, Queensbay Mall, East Coast Mall and Valdor Logistics Hub.</p>


CapitaLand Malaysia Trust's 3Q NPI up 6.3%, announces higher DPU of 1.07 sen

<p>The sex-for-investment scandal that swiftly deposed Australian tech billionaire Richard White is just the latest corporate calamity in a country fast losing its reputation as a tightly-regulated market with strict governance standards.</p>


Billionaire sex saga is latest scandal to hit Australia CEOs

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<p>One of the biggest challenges policymakers face with technology is the unrelenting pace at which it advances, with every year — if not month — bringing changes in areas like artificial intelligence (AI). The balance of keeping up the policy groundwork and nurturing adoption among businesses was the focus of the “Policy, Technology And The Future Of Innovation” session at the Malaysian Digital Xceleration (MDX) Summit 2024.</p>


Adoption of new technology requires government, private stakeholder collaboration

<p>Pavilion Real Estate Investment Trust (KL:PAVREIT) saw its net property income (NPI) rise 8.65% to RM131.86 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM121.35 million a year ago, due to lower property operating expenses, primarily driven by the reversal of doubtful debts provision.</p>


Pavilion REIT’s 3Q net property income rises 8.6%; distributes 2.38 sen per unit

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


FBM KLCI down 0.57% to 1,632.23 on Oct 24, 2024

<p>Russian President Vladimir Putin said on Thursday that the Middle East was on the brink of a full-scale war as tensions rose sharply between Israel and Iran.</p>

<p>"The fighting that began a year ago in Gaza has now spread to Lebanon," Putin, sitting beside Chinese President Xi Jinping, told a meeting of the BRICS+ group in the city of Kazan on the Volga.</p>
