<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 16): Lion Industries Corp Bhd said it is acquiring a direct reduced iron (DRI) plant in Banting, Selangor for US$9 million (RM38.07 million) to supplement its existing steel operations.</p></div>

<div class=newsTextDataWrapInner><p>In the related party transaction, Lion Industries’ 99%-owned subsidiary Amsteel Mills Sdn Bhd is buying the plant from Lion DRI Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Lion DRI is a unit of Lion Diversified Holdings Bhd, which is in liquidation.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a bourse filing, Lion Industries said the DRI plant is being acquired at a premium of RM5.57 million, based on a valuation of RM32.5 million by PPC International Sdn Bhd reported in March and updated in November.</p></div>

<div class=newsTextDataWrapInner><p>It added that the purchase consideration is justifiable&nbsp;as the plant has ceased operations since February/March 2016 and is considering the prevailing market price of scrap metal.</p></div>

<div class=newsTextDataWrapInner><p>The acquisition will be funded using funds secured from the sale of Antara Steel Mills Sdn Bhd, which was completed on Dec 10, said Lion Industries.</p></div>

<div class=newsTextDataWrapInner><p>Shares of Lion Industries settled unchanged at 60.5 sen on Thursday (Dec 16), giving the group a market capitalisation of RM434.34 million.</p></div>


KUALA LUMPUR (Dec 16): Lion Industries Corp Bhd said it is acquiring a direct reduced iron (DRI) plant in Banting, Selangor for US$9 million (RM38.07 million) to supplement its existing steel operations.

Lion Industries buys direct reduced iron plant in Banting for RM38m

In a world of depressing news headlines, how is the Southeast Asian region faring? An examination of the risk environment leads us to a few key assessments.

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Red...

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Australia's Qantas Airways said on Wednesday it was investigating issues impacting its frequent flyer application, after media reports suggested there was a data breach allowing users access to other passengers' travel information.

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Oil prices fell for a third day on Wednesday on rising crude inventories and production in the US, the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East.

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European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high.

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Elon Musk's abrupt decision to lay off employees who ran Tesla's electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Supercharger network, industry officials and analysts said on Tuesday.

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<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday (April 30):</p>


Bursa, SimePlant, SEGi, Capital A, Duopharma, Rimbunan Sawit, MKHOP, Tasco, CIMB, Atrium REIT, KSL, GUH, Lebtech, Mentiga, Ge-Shen, Green Packet, Apex Equity

<p>KUALA LUMPUR (May 1): Malaysia’s top six universities have soared in Times Higher Education’s (THE) 2024 Asia University Rankings, compared to last year’s performance.</p>


Malaysian universities rise in Times Higher Education’s 2024 Asia rankings

<p>The proposed sale of Cyberjaya Education Group Bhd's Asia Metropolitan University license and business to Austin Legacy Education Sdn Bhd for RM15 million cash has fallen through.</p>


Cyberjaya Education's RM15 mil sale of Asia Metropolitan University falls through

<p>McDonald's missed quarterly profit estimates for the first time in two years as budget-conscious consumers looked past its offers and the Middle East conflict weighed on the burger chain's international sales.</p>


McDonald's posts rare profit miss as customers turn picky

<p>Starbucks Corp sales fell for the first time since 2020 as half-off deals and new lavender lattes weren’t enough to entice increasingly budget-conscious consumers.</p>


Starbucks posts first sales drop since 2020 during global pullback

<p>Apex Equity Holdings Bhd's external auditor is unconvinced that the group will be able to recover RM23.8 million in loan receivable, though its directors is confident that the sum is recoverable and had made no impairment loss in its financial statements for the year ended Dec 31, 2023.</p>


Apex Equity's auditor unconvinced group can recover RM24m loan

<p>Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.</p>


Binance crypto founder Zhao sentenced to four months in prison

<p>Logistics solutions provider Tasco Bhd saw its net profit for the financial quarter ended March 31, 2024 (4QFY2024) fell 18% year-on-year, attributable to lower profit reported in its air freight forwarding and ocean freight forwarding divisions, as freight rates fell to pre-pandemic levels.</p>


Tasco’s 4Q profit fell 18% amid lower freight rates; declares 2.35 sen dividend

<p>A pair of traders in Hong Kong have left Societe Generale SA (SocGen) after the French bank discovered a batch of risky bets that went undetected by the firm’s risk-management systems, according to people familiar with the matter.</p>


SocGen traders in Asia exit after options bets go undetected

<p>US stocks ended lower on Tuesday as markets weighed economic data showing rising labour costs and deteriorating consumer confidence on the day of a key Federal Reserve policy meeting to decide the direction of interest rates.</p>


Wall Street stocks fall as markets weigh strong wage data, Fed meeting 

<p>Fraser &amp; Neave Holdings Bhd (F&amp;N) posted a net profit of RM165.41 million in the second quarter ended March 31, 2024 (2QFY2024), higher by 63.48% compared to RM101.18 million a year before, driven by higher sales amid Chinese New Year and Hari Raya festival seasons and better margins.</p>


Festive sales and better margins lift F&N’s 2Q net profit by 63%

<p>An early investor in bitcoins dubbed the "Bitcoin Jesus" has been arrested in Spain on US charges that he evaded paying at least US$48 million (RM228.9 million) in taxes, the US Department of Justice said on Tuesday.</p>


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<p>It was my privilege to have had the opportunity to participate in the Sejahtera Malaysia Forum on April 29, at Le Quadri Hotel, Kuala Lumpur, where the Minister of National Unity Malaysia, Datuk Aaron Ago Dagang, delivered the keynote address alongside distinguished panel speakers such as Dr Kelvin Yii Lee Wuen, MP of Kuching, Faye Lim, founder of The Rojak Projek, and Tan Sri Michael Yeoh, president of the KSI Strategic Institute for the Asia-Pacific. I was struck by the profound depth of our discourse.</p>


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<p>The federal government is always committed to empowering national schools, but parents retain the right to choose the educational stream for their children, said PKR vice-president Nik Nazmi Nik Ahmad.</p>


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<p>Southeast Asian governments are grappling with the challenges of rising energy demand, a burgeoning middle class, strong pressure not to increase energy and electricity prices, and the need to deliver just and equitable growth — before even considering ambitious plans to decarbonise and build industries of tomorrow.</p>


Southeast Asia remains off-track in net zero ambitions 

<p>Manchester United said on Tuesday that interim CEO Patrick Stewart and CFO Cliff Baty will step down from their positions at the end of the season</p>


<p>Amazon.com reported quarterly results above Wall Street's expectations on Tuesday, as interest in artificial intelligence helped drive cloud-computing growth.</p>


Amazon results beat estimates, revenue forecast misses

<p>Citigroup&nbsp;CEO Jane Fraser told shareholders on Tuesday that US consumers are becoming more cautious with their spending and making smaller purchases.</p>


<p>Oil prices fell for a third day on Wednesday on rising crude inventories and production in the US, the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East.</p>


<p>The Philippines on Wednesday accused China's coast guard of elevating tensions in the South China Sea after its use of water cannons that damaged two of its vessels, an official said.</p>
