<div class=newsTextDataWrapInner><p>SINGAPORE (July 5): New evidence of alleged fraud has been presented against Midas Holdings by Jilin Provincial Micro Refinancing Corp in the first hearing which took place on June 26 in the Jilin High People’s Court. &nbsp;</p></div>

<div class=newsTextDataWrapInner><p>In its filing on Wednesday evening, the indebted train parts manufacturer flagged a number of suspicions raised by on loan guarantees for three loans made by its subsidiary, Jilin Midas, for up to RMB 400 million (S$82.3 million) from Jilin Provincial Micro Refinancing.</p></div>

<div class=newsTextDataWrapInner><p><em>(See: <a href="https://www.theedgesingapore.com/cad-launches-investigations-midas" target="_blank">CAD launches investigations into Midas</a>)</em></p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p><em>(See: <a href="https://www.theedgesingapore.com/midas-board-says-company-unable-operate-going-concern-auditor-mazars-says-financial-reports-it" target="_blank">Midas' board says company unable to operate as going concern; auditor Mazars says financial reports it issued no longer valid</a>)</em></p></div>

<div class=newsTextDataWrapInner><p><em>(See: <a href="https://www.theedgesingapore.com/midas-uncovers-another-lawsuit-against-dalian-subsidiary-unauthorised-guarantor" target="_blank">Midas uncovers another lawsuit against Dalian subsidiary as unauthorised guarantor</a>)</em></p></div>

<div class=newsTextDataWrapInner><p>Among the evidence is a "board resolution" of Midas dated July 13 last year, which approved of the loan guarantees. This was signed by three individuals: Midas’ former executive chairman Chen Wei Ping, then-CEO Patrick Chew and executive director Xu Wei Dong... <a href="https://www.theedgesingapore.com/midas-claims-possible-forgery-insubstantial-evidence-presented-first-hearing-jilin" target="_blank">(Click here to read the full story)</a></p></div>


SINGAPORE (July 5): New evidence of alleged fraud has been presented against Midas Holdings by Jilin Provincial Micro Refinancing Corp in the first hearing which took place on June 26 in the Jilin High People’s Court.  

In its filing on Wednesday evening, the indebted train parts m...

Midas claims possible forgery, insubstantial evidence presented at first hearing in Jilin

The new leadership change in the US is expected to affect the global trade landscape, particularly in trade relations between the US and China.

The Ministry of Investment, Trade and Industry (Miti) said that should the geopolitical issues continue, there is a greater opportunity for other countries such as Malaysia to become alternative destinations for multinational companies to increase or start their investments.

US-China trade war can boost Malaysia's chances to be multinational investment destination — Miti

Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH)’s net profit fell 41.9% to RM3.47 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM5.98 million a year ago, dragged by foreign exchange (forex) loss and lower sales.

YSP's 3Q profit falls 42% on forex losses, lower sales

Power cable manufacturer Master Tec Group Bhd’s (KL:MTEC) third quarter net profit only grew marginally year-on-year, despite revenue jumping 34.4%, as its gross profit margin fell to 11.3% from 16.6%, its bourse filing on Monday showed.

Master Tec sees little increase in 3Q profit despite revenue jumping 34% as margin drops

EVENING 5: Doh Tee Leong triggers takeover offer of Mercury Industries

Jadi Imaging Holdings Bhd (KL:JADI) has proposed a share capital reduction to wipe out RM63 million of the company’s accumulated losses.

Jadi Imaging proposes RM63 mil share capital reduction

Spirit Airlines Inc filed for bankruptcy on Monday with a plan to hand over control to bondholders after failing to agree on a merger with rivals.
 
The airline sought Chapter 11 protection in New York to restructure US$1.6 billion (RM7.15 billion) of debt, according to court filings. It said will continue to operate normally throughout the bankruptcy process, which should complete in the first quarter of 2025.

Spirit Air files bankruptcy, bondholders set to take control

A German court said on Monday that Facebook users whose data was illegally obtained in 2018 and 2019 were eligible for compensation.

Facebook users affected by data breach eligible for compensation, German court says

Industrial automation and power systems provider Swift Energy Technology Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

ACE Market-bound Swift Energy inks underwriting agreement with M&A Securities

Two top European Central Bank (ECB) policymakers signalled on Monday they were more worried about the damage that expected new US trade tariffs would do to economic growth in the eurozone than any impact on inflation.

ECB fears Trump tariff effect on growth more than on inflation

The government will continue to provide incentives for the development of electric vehicle (EV) charging infrastructure, even though these incentives were not specifically mentioned in Budget 2025.

Miti: Govt provides incentives for EV charging infrastructure development

<p>A Singapore court has sentenced oil tycoon Lim Oon Kuin to 17-and-half years in jail for cheating HSBC Holdings plc and instigating forgery, in a case that has shaken the city-state’s commodity-trading community.</p>


Singapore oil tycoon OK Lim sentenced to 17½ years in jail

<p>KUALA LUMPUR (Nov 18): CelcomDigi Bhd (KL:CDB) on Monday cut one of its key financial targets, after its net profit slipped in the third quarter as costs rose faster than revenue growth.</p>


CelcomDigi cuts key financial target after net profit slips in 3Q

<p>TMC Life Sciences Bhd (KL:TMCLIFE) saw its net profit for the first financial quarter ended Sept 30, 2024 (1QFY2025) fall 80.6% to RM2.94 million from RM15.14 million a year ago, as the healthcare group posted a lower revenue while its staff costs and other operating expenses rose.</p>


TMC Life Sciences 1Q net profit drops 81%

<p>A major shareholder of Lagenda Properties Bhd (KL:LAGENDA) and Epicon Bhd (KL:EPICON) has triggered a takeover offer for Mercury Industries Bhd (KL:MERCURY) after having purchased over half of the contractor’s equity interest.</p>


Lagenda Properties, Epicon major shareholder Doh Tee Leong triggers takeover offer of Mercury Industries

<p>Malaysian banks are expected to experience net interest margin (NIM) compression, with a potential 25 basis points cut in the overnight policy rate (OPR) by Bank Negara Malaysia (BNM) to 2.75% in the second half of 2025 (2H2025), according to AmBank Research.</p>


Malaysian banks could face NIM compression on potential OPR cut next year, says AmBank 

<p>Gandingan Jakel Sdn Bhd said it is actively working with Kuala Lumpur City Hall (DBKL) to address concerns at its J Satine project in Wangsa Maju, following a stop-work order issued by the authorities on Nov 8.</p>


Gandingan Jakel says working with City Hall to address J Satine's stop-work order

<p>Umno has informed the High Court that it is seeking an out-of-court settlement in the RM16 million civil suit against them by SRC International and its two subsidiaries.</p>


Umno looking to settle SRC’s RM16m lawsuit

<p>Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc, which listed the metal among top commodity trades for 2025 and said prices could extend gains during Donald Trump’s presidency.</p>


Goldman says ‘go for gold’ as central banks buy, US Fed cuts in 2025

<p>The Human Resources Ministry (Kesuma) is allocating RM3 billion starting in 2025 to strengthen the local workforce and its adaptability in response to rapid technological advancements and changing industry demands, said its minister Steven Sim Chee Keong.</p>


HR Ministry to allocate RM3b to upskill Malaysian workforce amid tech advancements

<p>Businessman Chung Chee Yang, who emerged as Cape EMS Bhd’s (KL:CEB) substantial shareholder last week, has mopped up an additional 3.39 million shares in the company.</p>


Cape EMS’s new substantial shareholder Chung Chee Yang continues to raise stake

<p>UEM Sunrise Bhd (KL:UEMS) has received development approval for its 0.49ha site in Perth, Australia for a mixed-use development with a gross development value potential of A$450 million.</p>

<p>In a press statement issued on Monday, the developer said that the approval, which involved Lots 1 and 2 at The Oval within Subiaco East, was issued by the Western Australian State Government’s central land and development agency, DevelopmentWA. It is also the first mixed-use project approved within the Subiaco East masterplan.</p>


UEM Sunrise secures development approval for its first project in Perth, Australia

<p>The initial operations date (IOD) achieved by Cypark Resources Berhad's (KL:CYPARK) 98MW direct current floating solar project in Kelantan means that the company no longer has delayed solar projects in hand, said BIMB Securities Research.</p>


No more delayed Cypark projects but positives priced in, says BIMB

<p>The Umno leader who first introduced Umno to the corporate world after the New Economic Policy was launched in 1971 was Tengku Razaleigh Hamzah. Razaleigh did this by taking control of Fleet Group in 1972 via Umno proxies/nominees. Fleet Group then controlled the New Straits Times group in Malays...

Alternative Views: Daim took the nexus between business and politics to a new level

<p>THE board of directors of Sapura Resources Bhd (KL:SAPRES) is understood to be considering legal action against former managing director Datuk Shahriman Shamsuddin, who resigned at the end of last month, and two consultants who have been advising the company’s property and aviation businesses ove...

Sapura Resources may take legal action against Shahriman, consultants

<p>The Malaysian Palm Oil Council (MPOC) has called on the European Union (EU) to classify Malaysia as a “low risk” country under the EU’s new Deforestation-free Products Regulation (EUDR).</p>

<p>MPOC said in a statement on Monday after the EU's decision to postpone the legislation by 12 months.</p>


MPOC urges EU to recognise Malaysia as 'low risk' under deforestation regulation

<p>Setia Awan Group has announced the signing of a memorandum of understanding (MOU) between Astrum Ampang and BilaBila Mart to integrate the convenience store chain into the Astrum Ampang development.</p>


Setia Awan Group’s Astrum Ampang signs MOU with BilaBila Mart to offer convenience store for residents

<p>&nbsp;On the evening of Election Day, Kamala Harris’ campaign was touting high turnout on college campuses in key swing states.</p>


How Donald Trump cut into Democrats’ hold on young voters

<p>theedgemalaysia.com highlighted five stocks with momentum at Bursa Malaysia’s noon market break on Monday. One stock showed positive momentum and the remaining four displayed negative momentum. &nbsp;</p>

<p>The stock with positive momentum was:</p>

<ul>
	<li>&nbsp;&nbsp;&nbsp; Cypark Resources Bhd (KL:CYPARK) — up 5.5 sen or 6.59% to 89 sen</li>
</ul>


Stocks with momentum on Nov 18, 2024: Cypark, TechnoDex, Matrix, Karex and Classita  

<p>KUALA LUMPUR (Nov 18): MMAG Holdings Bhd (KL:MMAG) has been granted a waiver by Bursa Securities from being classified as an affected listed company under Guidance Note 3 (GN3).</p>


MMAG gets GN3 status waiver from Bursa Securities

<p>KUALA LUMPUR (Nov 18): Opposition political party Parti Pribumi Bersatu Malaysia (Bersatu), through its two office bearers, has filed an originating summons against five Members of Parliament (MPs) to vacate their seats. The five MPs were elected under the party’s logo in 2022, but later became independents who are close to Prime Minister Datuk Seri Anwar Ibrahim.</p>
