<div class=newsTextDataWrapInner><p>SINGAPORE: The High Court in Singapore on Monday (Nov 16) has ruled that beleaguered water treatment company Hyflux Limited will be put under judicial management (JM) with immediate effect, according to national broadsheet <em>The Straits Times</em>.</p></div>

<div class=newsTextDataWrapInner><p>Borrelli Walsh, a firm that specialises in restructuring, insolvency and forensic accounting, has been appointed as Hyflux’s judicial managers.</p></div>

<div class=newsTextDataWrapInner><p>The ruling comes following the company’s restructuring attempt that<a href="https://www.theedgesingapore.com/news/company-news/hyflux-put-under-judicial-management-immediate-effect" target="_blank"><em>...(click on link for full story on theedgesingapore.com)</em></a></p></div><div class=inPageAd id=div-gpt-ad-inpage></div>


The High Court in Singapore on Monday (Nov 16) has ruled that beleaguered water treatment company Hyflux Limited will be put under judicial management (JM) with immediate effect, according to national broadsheet The Straits Times.

Hyflux put under judicial management with immediate effect

The United States on Monday launched its third crackdown in three years on China's semiconductor industry, curbing exports to 140 companies, including chip equipment maker Naura Technology Group 002371.SZ, among other moves.

The effort to hobble Beijing's chipmaking ambitions also hits Chinese chip toolmakers Piotech 688072.SS, ACM Research 688082.SS and SiCarrier Technology with new export restrictions as part of the package.

Latest US clampdown on China's chips hits semiconductor toolmakers

French bonds and stocks came under renewed selling pressure after Marine Le Pen’s party said they would support a no-confidence vote in Prime Minister Michel Barnier’s government.

The spread between 10-year French and German notes climbed eight basis points — the biggest widening move since June — to end the day at 89 basis points, close to the highest level since 2012.

French assets under pressure as Le Pen backs no-confidence vote

A rally in the world’s largest technology companies drove stocks to fresh all-time highs, with Wall Street traders bracing for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates.

The S&P 500 notched its 54th closing record this year in a “narrow” advance that saw just a few groups ending higher.

Stocks kick off final month of 2024 at record high

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

SimeProp, Yinson Holdings, T7 Global, Pesona Metro Holdings, Datasonic Group, Willowglen MSC, CapitaLand Malaysia Trust, Annum Bhd, Sunway Bhd

US manufacturing activity improved in November, with orders growing for the first time in eight months and factories facing significantly lower prices for inputs.

US manufacturing improves in November as orders rebound, input price gains slow

The S&P 500 and the Nasdaq gained on Monday, with the benchmark index briefly hitting a record high boosted by technology stocks, while investor focus remained on a slew of economic data this week.

S&P 500, Nasdaq climb on tech boost; focus remains on data

Greece isn’t planning to impose any extraordinary tax on its banks, according to people familiar with the matter.

Prime Minister Kyriakos Mitsotakis conveyed that message at an event in London on Monday hosted by Morgan Stanley and the Athens Stock Exchange, the people said, speaking on condition of anonymity because the conversation was private.

Greece says it has no plans for extra tax on banks

Donald Trump’s fresh pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say.

The dollar looks likely to dominate the world economy for the foreseeable future and emerging nations’ idea of setting up their own single currency is “hot air”, said Mark Sobel, a retired 40-year veteran of currency policy who worked at the US Treasury.

Trump weaponising dollar seen as needless BRICS provocation

Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.

Encorp fires CEO after internal probe linked to MACC charge

Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel CEO Pat Gelsinger steps down from struggling chipmaker

<p>THERE has been a noticeable rise in the number of companies declaring special dividends since Budget 2025 was tabled in parliament in October. Market observers believe that the rush to pay out special dividends is likely due to the 2% tax on individuals with dividend income exceeding RM100,000 an...

Special dividends on the rise with dividend tax looming

<p>Sunway Bhd (KL:SUNWAY) founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, and his private vehicle Sungei Way Corp Sdn Bhd, have sold a combined total of 100 million shares in the diversified company for RM485 million or RM4.85 per share.</p>


Jeffrey Cheah, private vehicle offload 100 mil shares in Sunway for RM485 mil

<p>A total of RM10.78 billion had been withdrawn from the Employees Provident Fund's (EPF)&nbsp;Flexible Account (Account 3) as of the end of September, according to the Finance Ministry (MOF).</p>

<p>In a written parliamentary response to Wan Saiful Wan Jan (Perikatan Nasional-Tasek Gelugor), the MOF said that the withdrawals were made by 3.86 million EPF members, representing 29.4% of those below the age of 55.</p>


Nearly RM11b withdrawn from EPF Account 3 as of end-Sept — MOF

<p>Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.</p>


<p>Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.</p>


<p>The tripartite consortium involving IJM Properties Sdn Bhd said it will continue to explore pathways forward with the Penang government to develop Batu Kawan Industrial Park 2 (BKIP2) after its initial proposal was rejected.&nbsp;</p>


IJM-led consortium explains variation in BKIP2 proposal following Penang state snub 

<p>Datasonic Group Bhd (KL:DSONIC) has clinched two contract extensions worth a combined RM81.24 million from the Home Ministry.</p>


Datasonic secures RM81.2m contract extensions from Home Ministry

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


<p>CapitaLand Malaysia Trust (KL:CLMT) on Monday entered in an agreement to &nbsp;acquire its first automated logistics property, Elmina Logistics Hub, for RM180 million.</p>


CapitaLand Malaysia Trust acquires automated logistics property for RM180 mil

<p>Sarawak has achieved another milestone in its energy transition efforts collaborating with Italy’s sustainable technology solutions provider to develop a large-capacity power plant in the state.</p>

<p>In a statement on Monday, ACACIA Power Sdn Bhd, established in 2024, said it is spearheading the development of a renewable energy project using acacia wood pellets and biomass feedstock sourced locally.</p>


Sarawak, Italy ink MOU to develop 500MV power plant

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EVENING 5: Five things you need to know today

<p>Automotive batteries manufacturer Joe Holding Bhd (KL:JOE) has proposed a share capital reduction to wipe out RM80.4 million of its accumulated losses.</p>

<p>The group said the exercise will accurately reflect its financial position by eliminating the accumulated losses via the cancellation of its issued share capital, Joe Holding said in a bourse filing on Monday.</p>


Joe Holding proposes share capital reduction to eliminate accumulated losses

<p>The Global South should unite, even in small ways to pursue shared goals, particularly because US President-elect Donald Trump has threatened tariff specifics for BRICS nations.</p>

<p>Khazanah Research Institute research advisor Jomo Kwame Sundaram said the South must overcome its differences to become more effective and better equipped to navigate global challenges collectively.</p>


Global South should unite in response to Trump’s tariff threats on BRICS — Jomo

<p>The digital services tax (DST) recorded RM1.16 billion in collections from Jan 1 to Sept 30, 2024, while the low-value goods tax (LVGT) brought in RM300.7 million during the same period, the Ministry of Finance (MOF) said.</p>


MOF: Digital services tax collection hit RM1.16b, low-value goods tax RM300.7m as of September

<p>Willowglen MSC Bhd (KL:WILLOW) has clinched a RM79.2 million contract from Singapore’s Public Utilities Board (PUB).&nbsp;</p>

<p>According to its bourse filing on Monday, the contract was awarded to its wholly owned subsidiary Willowglen Services Pte Ltd.</p>


Willowglen MSC bags RM79.2 mil contract from Singapore's Public Utilities Board

<p>Amazon.com Inc founder Jeff Bezos joined Samsung in a US$700 million (RM3.1 billion) bet on Tenstorrent, valuing the AI chip startup with ambitions of taking on Nvidia Corp at about US$2.6 billion.</p>


Bezos backs AI chipmaker vying with Nvidia at US$2.6b value

<p>Donald Trump’s fresh pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say.</p>

<p>The dollar looks likely to dominate the world economy for the foreseeable future and emerging nations’ idea of setting up their own single currency is “hot air”, said Mark Sobel, a retired 40-year veteran of currency policy who worked at the US Treasury.&nbsp;</p>


<p>Practice Note 17 (PN17) company Annum Bhd (KL:ANNUM) said it will work closely with its potential external auditor to resolve opening balance issues during the subsequent audit for the financial year ending Dec 31, 2024 (FY2024).</p>


Annum says will work closely with potential auditor to resolve opening balance issues

<p>n line with the state government’s vision to drive comprehensive digitalisation, residents in Seremban, mainly traders, are being given exposure to cashless payment methods through the Cashless Society Pilot Programme.</p>


Cashless society pilot programme launched in Negri Sembilan to boost digitalisation

<p>The freezing of Bersatu’s bank accounts was conducted in accordance with the law and not arbitrarily, says Malaysian Anti-Corruption Commission (MACC) Legal and Prosecution Division director Datuk Wan Shaharuddin Wan Ladin.</p>
