<div class=newsTextDataWrapInner><p>KUALA LUMPUR (March 22): Practice Note 17 (PN17) company Perwaja Holdings Bhd and its parent firm Kinsteel Bhd have been ordered to pay UK-based ICBC Standard Bank Plc about RM13 million ringgit, following a summary judgment over deeds of guarantee and indemnity.</p></div>

<div class=newsTextDataWrapInner><p>Perwaja and Kinsteel had agreed to indemnify ICBC for any failure by Perwaja Steel Sdn Bhd (PSSB), a wholly-owned subsidiary of Perwaja, to pay the money owed to ICBC for the sale of steel scrap by ICBC to PSSB.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia today, Perwaja said a British court had allowed the summary judgment on March 17.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“The summary judgment had been entered for ICBC in the sum of US$1.63 million (RM6.5 million), together with interest in the sum of US$1.5 million (RM6.02 million). The defendants shall pay ICBC’s costs, summarily assessed on the standard basis in the sum of 75,000 pounds (RM428,675) by March 31,” it said.</p></div>

<div class=newsTextDataWrapInner><p>Perwaja said the company is seeking legal advice on appealing the judgment.</p></div>

<div class=newsTextDataWrapInner><p>Perwaja shares closed one sen or 3.7% higher at 14 sen today, for a market capitalisation of RM75.6 million.</p></div>


KUALA LUMPUR (March 22): Practice Note 17 (PN17) company Perwaja Holdings Bhd and its parent firm Kinsteel Bhd have been ordered to pay UK-based ICBC Standard Bank Plc about RM13 million ringgit, following a summary judgment over deeds of guarantee and indemnity.

Perwaja and Kinsteel ha...

Perwaja, Kinsteel to pay UK bank RM13m over payment default

KUALA LUMPUR (Dec 20): Malaysia's international reserves dipped to US$118.1 billion as at Dec 13 this year, from US$118.3 billion two weeks earlier on Nov 29.

The reserves position was sufficient to finance 4.6 months of imports of goods and services and was 0.9 times of the country's t...

BNM's international reserves eases to US$118.1b as at Dec 13

SEOUL (Dec 20): South Korea's financial authorities said on Friday that they would loosen foreign exchange regulations and allow more corporate borrowings abroad, in a bid to defend the won that is trading at a 15-year low with improved liquidity.

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A spending bill backed by Donald Trump failed in the US House of Representatives on Thursday as dozens of Republicans defied the president-elect, leaving Congress with no clear plan to avert a fast-approaching government shutdown that could disrupt Christmas travel.

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KUALA LUMPUR (Dec 20): Mechanical and electrical (M&E) engineering services provider CBH Engineering Holding Bhd (KL:CBH) has begun taking orders from its investors for its initial public offering (IPO) on Friday, to raise up to RM83.44 million on the ACE Market.

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KUALA LUMPUR (Dec 20): Top Glove Corp Bhd (KL:TOPGLOV) returned to black with a net profit of RM5.47 million for its first quarter ended Nov 30, 2024 (1QFY2025), from a net loss of RM57.71 million in the corresponding quarter a year ago, thanks to higher sales volumes and increased foreign exchange gains.

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MANILA (Dec 20): The Philippine central bank is open to cutting rates at its first policy meeting in 2025, and is monitoring global policy and geopolitical developments that could stoke inflation, Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona said on Friday.

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Japan ramped up its warnings against currency speculation Friday after the yen slid to a five-month low following a hint from the central bank chief that he may wait longer than expected before raising interest rates.

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<p>Shares of YTL Corporation Bhd (KL:YTL) and its associate YTL Power International Bhd (KL:YTLPOWR) resumed their rallies to climb to multi-month highs after the Malaysian Anti-Corruption Commission (MACC) cleared YTL Power's subsidiary of any wrongdoing in the 1BestariNet project investigations.</p>


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<p>KUALA LUMPUR (Dec 20): Malaysia’s inflation rate dipped to 1.8% in November this year, compared to 1.9% in October, marking the first decline since August 2021, according to the Department of Statistics Malaysia (DOSM) on Friday.&nbsp;</p>


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<p>Southeast Asia is fast emerging as an investment hot spot for AI leaders like Nvidia Corp and Microsoft Corp, which are plowing money into cloud services and data centres. But the region’s own young tech companies are failing to capitalise on the boom.</p>


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<p>(Dec&nbsp;20):&nbsp;A federal judge confirmed an 18-year prison sentence for Archegos Capital Management founder Bill Hwang, rejecting arguments that he should be allowed to spend a third of that time in the comfort of his own home.</p>


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<p>DELAWARE/SAN FRANCISCO (Dec 19): A licence dispute between Arm Holdings and Qualcomm went before a jury on Thursday, after attorneys from both sides completed closing arguments.</p>


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<p>KUALA LUMPUR (Dec 20): Analysts cut Aeon Credit Service (M) Bhd’s (KL:AEONCR) earnings projections due to elevated credit costs.</p>


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<p>(Dec&nbsp;20):&nbsp;US stocks ended a choppy session with modest losses, struggling to rebound from the selloff they suffered after the US Federal Reserve dialed back rate-cut expectations for next year.&nbsp;</p>


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<p>KUALA LUMPUR (Dec 20): Top Glove Corp Bhd (KL:TOPGLOV) returned to black with a net profit of RM5.47 million for its first quarter ended Nov 30, 2024 (1QFY2025), from a net loss of RM57.71 million in the corresponding quarter a year ago, thanks to higher sales volumes and increased foreign exchange gains.</p>


<p>Singapore-based V Medical Aesthetics Group is exploring an initial public offering in Malaysia that could value the company at as much as RM6 billion, according to people with knowledge of the matter.</p>


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<p>(Dec 20):&nbsp;Asian stocks traded in a tight range early Friday, after the US Federal Reserve’s hawkish pivot continued to weigh on US equities and bonds but lifted the dollar.</p>


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<p>KUALA LUMPUR (Dec 20): Crude palm oil (CPO) prices are expected to climb to a higher average of RM4,600 per tonne in 2025, from the projected average of RM4,200 per tonne this year, due to supply-side challenges, including weather disruptions and slow replanting progress.</p>


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<p>theedgemalaysia.com highlighted one stock with positive momentum and two stocks with negative momentum at Bursa Malaysia's afternoon close on Friday.</p>


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<p>Tencent Holdings Ltd and stocks linked to the company rallied on Friday, fuelled by investor enthusiasm over a new gifting function on its popular WeChat platform.</p>


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<p>Kedah-based Imperio Group has signed an agreement with Accor Group to open an ibis Styles hotel at its upcoming The Tenz integrated development in Alor Setar, Kedah. The hotel will be the first international hotel in the city.</p>


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<p>KUALA TERENGGANU (Dec 20): A plantation manager lost RM205,983&nbsp;after falling victim to a non-existent investment scheme.</p>


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<p>China’s short-term bond yields slumped further to reach the psychological milestone of 1% for the first time since the global financial crisis, as traders ramped up bets on monetary easing.</p>


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<p>BlackRock Inc said it’s writing down the value of one of its flagship renewable funds after two key investments for the vehicle collapsed, and it’s enlisting executives from its recently acquired Global Infrastructure Partners business to help turn around performance.</p>


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<p>KUALA LUMPUR (Dec 20): Malaysia’s Foreign Minister Datuk Seri Mohamad Hasan is currently in Bangkok, Thailand, attending the Asean&nbsp;Troika Informal Consultation and Extended Informal Consultation sessions.</p>
