<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Jan 27): The completion of the Pengerang Integrated Petroleum Complex (PIPC) may have to be deferred beyond the 2035 deadline, given that oil and gas (O&amp;G) companies are tightening their belts.</p></div>

<div class=newsTextDataWrapInner><p>This means they will be more conservative with their investments, said Johor Petroleum Development Corp Bhd (JPDC) chief executive officer Mohd Yazid Ja'afar.</p></div>

<div class=newsTextDataWrapInner><p>When asked if the crude oil price collapse has any effect on PIPC's development, Mohd Yazid said while all committed projects for the first phase are still on track, there will be problems attracting new investments for the subsequent phases.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>JPDC is the federal government agency overseeing PIPC's development.</p></div>

<div class=newsTextDataWrapInner><p>"They (O&amp;G companies) will look at their books and they will be thinking, 'Can we survive? Can we ride out the storm?' So, yes, this (low oil price scenario) is bringing us difficulty in finding new investors to come in to PIPC," he said at a luncheon today with Pemandu on 'Infrastructure', organised by MIDF Investment Bank Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Pemandu is the government's Performance Management and Delivery Unit.</p></div>

<div class=newsTextDataWrapInner><p>"But for all the projects already committed, they are on schedule. We are doing downstream in PIPC, so there should be no slowing down as the oil price crash can be good for the refiners," he said.</p></div>

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KUALA LUMPUR (Jan 27): The completion of the Pengerang Integrated Petroleum Complex (PIPC) may have to be deferred beyond the 2035 deadline, given that oil and gas (O&G) companies are tightening their belts.

This means they will be more conservative with their investments, said Joho...

Pengerang complex's 2035 completion may be delayed as O&G firms cut spending

Morgan Stanley was fined US$2 million (RM8.6 million) by a Massachusetts regulator over stock sales by a First Republic executive in the months leading up to the California lender’s collapse last year.

Morgan Stanley fined US$2m over First Republic stock sales

The US is assembling an economic and security assistance package for Gabon in a bid to prevent China from establishing a military footprint in the strategically positioned Central African nation, according to people familiar with the matter.

US pitches deal for Gabon to thwart Chinese military base in Africa

Alibaba Group Holding Ltd is planning to release a US credit card with the aim of encouraging small businesses to buy products on the Chinese company’s web marketplace.

Alibaba, Mastercard to issue credit card for small business

Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.

State-owned Saudi Aramco lowered the official selling price of its Arab Light crude for buyers in Asia by 70 US cents (RM3.03) to US$1.30 a barrel against the regional benchmark, according to a price list seen by Bloomberg.

Saudis cut October crude oil price to Asia as demand wanes

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

Gamuda, OSK, Varia, Duopharma, MISC, YTL Power, MyEG, JHM, Gadang

TGI Friday’s Inc management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time.

TGI Friday’s loses control of assets after document delay

Wall Street's main indexes fell on Friday after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut that is expected at the central bank's meeting later this month.

Wall Street lower after mixed jobs data 

Broadcom Inc, a chip supplier for Apple Inc and other big tech companies, plunged after the company delivered a disappointing sales forecast, hurt by the parts of its business that aren’t tied to artificial intelligence (AI).

Broadcom slides after sluggish non-AI sales drag down forecast

Builder-cum-property developer Gadang Holdings Bhd (KL:GADANG) said its subsidiaries have been hit with a civil suit by their subcontractor, claiming for an amount of RM9.77 million in alleged outstanding payments for works done related to the Johor Bahru–Singapore Rapid Transit System (RTS) Link project.

Gadang subsidiaries face RM9.77 mil claim for RTS Link work

Canada’s economy added jobs for the first time in three months, but the unemployment rate surprisingly jumped to the highest level since the pandemic as the expanding pool of new workers are unable to find work.

Canada jobless rate jumps to highest since 2017 outside Covid

<p>Hartalega Holdings Bhd (KL:HARTA) said it is seeing demand recovery amid restocking activities while full capacity at Chinese factories have pushed some of the orders to Malaysia.</p>

<p>Demand for gloves at times is strong, but it may slow down occasionally, Hartalega chief executive officer Kuan Mun Leong told reporters following the annual general meeting of Malaysia's largest&nbsp;nitrile glovemaker. However, demand would likely normalise by 2026 after the “bumpy” years, he said.</p>


Hartalega sees glove demand normalising by 2026, shrugs off Chinese competition

<p>KUALA LUMPUR (Sept 6): Gamuda Bhd (KL:GAMUDA) said on Friday that its joint venture (JV) to build the Ulu Padas hydroelectric project has been approved by the Sabah energy regulator.</p>


Gamuda’s Ulu Padas hydroelectric project approved by Sabah energy regulator

<p>The Malaysian Anti-Corruption Commission (MACC) confirmed on Friday that it has initiated a probe against YTL Communications Sdn Bhd (YTL Comms), saying it was initiated based on complaints of alleged graft, misappropriation and power abuse that it received.</p>


MACC says probe against YTL Comms over 1BestariNet based on complaints of alleged graft, new findings

<p>Pantech Global Bhd, a steel pipe manufacturer, has filed for an initial public offering on the Main Market to raise funds for expansion, including for the construction of a new plant and acquisition of an existing factory.</p>


Pantech Global files for Main Market IPO

<p>OSK Holdings Bhd (KL:OSK) is expanding its cable manufacturing operations by acquiring the assets of Universal Cable (M) Bhd, currently under liquidation, for RM85 million.</p>


OSK Holdings acquires Universal Cable's assets for RM85m to expand its cable manufacturing ops

<p>International private healthcare company Columbia Asia Healthcare Sdn Bhd has rebranded to Asia OneHealthcare Sdn Bhd (A1Health) after consolidating its healthcare assets across Malaysia, Indonesia and Vietnam.</p>


Columbia Asia Healthcare is now Asia OneHealthcare Sdn Bhd post-Ramsay Sime Darby acquisition

<p>Malaysia&nbsp;hopes for the influx of Russian companies into the country and an increase in the tourist flow between the two nations, Prime Minister Datuk Seri Anwar Ibrahim said in an interview with<em> RIA Novosti </em>and <em>RT</em>, reported <em>Sputnik.</em></p>


Anwar hopes for influx of Russian companies, increase in tourist flow

<p>The Biden administration plans to impose export controls on critical technologies including quantum computing and semiconductor goods, seeking to align key allies in a US-led push to thwart advancements in China and other adversarial nations.</p>


US targets China with quantum and chip-related export curbs

<p>The earnings prospect for real estate investment trusts (REITs) in the second half of this year is expected to remain positive, due to the bright outlook for the retail industry and industrial segment in Malaysia, according to MIDF in a note on Friday.&nbsp;</p>


MIDF positive on REITs' earnings prospects for 2H2024 amid bright retail, industrial outlook

<p>Malaysia racked up the largest hoard of foreign reserves in nearly three years by the end of August, according to the central bank.</p>


BNM racks up biggest foreign reserves hoard since Dec 2021

<p>IJM Land Bhd officially launched Phase 2 of Ridge View @ Puchong on Friday. This phase was soft-launched on June 29 and has been 70% taken up since then.</p>

<p>Phase 2 of Ridge View is part of the larger Ridge View landed hilltop residential development in Puchong, which will be developed in six phases.</p>


IJM Land’s Phase 2 of Ridge View @ Puchong has 70% take-up

<p>KUALA LUMPUR (Sept 6): Permodalan Negeri Selangor Bhd (PNSB) and Gagasan Nadi Cergas (KL:NADIBHD) has announced the commencement of construction for its Rumah Idaman Amani in Shah Alam. The project has a gross development value (GDV) of RM286 million.</p>


PNSB, Gagasan Nadi Cergas break ground for Rumah Idaman Amani at City of Elmina, Shah Alam

<p>(Sept 6):&nbsp;Standard Chartered Plc reshuffled some key roles in technology and operations, after the departure of a senior executive at the Asia-focused lender.</p>


StanChart reshuffles some key roles in tech after manager exits

<p>China handed a nine-year prison term to a Taiwanese political activist convicted of “separatism”, a rare sentence that prompted Taiwan to warn its people about the dangers of travelling across the strait.</p>


China jails Taiwanese person on separatism charge for first time

<p>The government has obtained a final landmark victory at the Supreme Court of the Netherlands on Friday, which ruled in favour of Malaysia and dismissed the appeal filed by the Sulu claimants, according to Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina Othman Said.</p>


Dutch court sides with Malaysia, ends Sulu heirs’ claims against country — Azalina

<p>China should explain widening discrepancies in its balance of payments data that are obscuring growing global imbalances, a top US economist said.</p>


China should explain ‘enormous’ data gaps, ex-US official says

<p>There has been no progress on the US$2 billion (RM9.75 billion) two-gigawatt (2GW) solar farm project in Pahang, under a collaboration between Tenaga Nasional Bhd (KL:TENAGA), Citaglobal Bhd (KL:CITAGLB) and Abu Dhabi Future Energy Company PJSC (Masdar), despite the signing of a memorandum of understanding (MOU) last year.</p>


No progress on TNB-Masdar solar tie-up in Pahang, says Citaglobal

<p>BRICS is an important tool for reducing the dependence of countries on the dollar, Prime Minister Datuk Seri Anwar&nbsp;Ibrahim said in an interview with <em>RIA Novosti</em> and <em>RT</em>, reported<em> Sputnik</em>.</p>


BRICS important tool to reduce dependence on US dollar, says Anwar

<p>MyEG Services Bhd said it has teamed up with an agency of China's customs in a bid to secure the Royal Malaysian Customs's “single window” project.</p>

<p>The government e-service provider has signed a heads of agreement (HOA) with East Logistics Link Co Ltd (ELLC) to work exclusively together on securing and operating the project.</p>


MyEG partners with China customs agency in bid to secure 'single window' project

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