<div class=newsTextDataWrapInner>KUALA LUMPUR (May 15): The ringgit will be better performing when confidence is restored, said Tan Sri Zeti Akhtar Aziz.</div>

<div class=newsTextDataWrapInner>Zeti, who was named as member of the Council of Elders by Prime Minister Tun Dr Mahathir Mohamad today, said the new government was working hard towards restoring confidence.</div>

<div class=newsTextDataWrapInner>“When the fiscal regime improves, it (the ringgit) will. The fiscal reason is why we are a single 'A' when we should be a double 'A',” she told reporters, after the Council of Elders held its first press conference today.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

KUALA LUMPUR (May 15): The ringgit will be better performing when confidence is restored, said Tan Sri Zeti Akhtar Aziz.

Zeti, who was named as member of the Council of Elders by Prime Minister Tun Dr Mahathir Mohamad today, said the new government was working hard towards restoring con...

Ringgit will perform better when confidence is restored, says Zeti

Protesters stormed the parliament of the Russian-backed breakaway Georgian region of Abkhazia on Friday and opposition politicians demanded the resignation of the self-styled president over an unpopular investment agreement with Moscow.

Protesters used a truck to smash through the metal gates surrounding the parliament in the capital Sukhumi.

Protesters storm parliament in breakaway Georgian region Abkhazia over deal with Russia

Europe has spent the past two years trying to free itself from dependence on Russian energy, but more expensive alternatives are prompting some landlocked countries to go back to their old source.

A case in point is the Czech Republic, which in the summer of 2023 declared total independence from Russian natural gas and cut its imports to almost zero.

Czechs return to Russian gas as alternative sources are getting more expensive

Traders see an interest-rate cut next month as a coin toss as resilient economic data empowers Federal Reserve officials to take a potentially more-cautious approach to easing.

In the swaps market, traders on Friday priced in a roughly 50% chance that the Fed delivers a quarter-point reduction at its December gathering, down from about 80% earlier in the week.

Traders see just a 50% chance of Fed cutting rates in December meeting

The decision by several international institutions to revise Malaysia's economic growth projections reflects their confidence in the country's prospects for the year, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He also noted that this demonstrates the government's progress in meeting its set targets.

Global institutions upgrade Malaysia's 2024 growth outlook

Cypark Resources Bhd (KL:CYPARK) said its floating solar farm at Danau Tok Uban, Kelantan (DTU) — Malaysia's largest — has been approved to start operations on Nov 16, 2024.

The site consists of two interconnected floating solar plants, DTU 1 and DTU 2, with a combined generation capacity of 98 megawatt direct current (MWdc), according to Cypark.

Cypark's floating solar farm in Kelantan gets nod for operations

Former Penang deputy chief minister Tan Sri Dr Ibrahim Saad passed away at 6.30pm on Friday at Damansara Specialist Hospital due to respiratory complications. He was 78.

His son, Datuk Zairil Ayu Ibrahim, 49, confirmed the news when contacted.

Ex-Penang deputy chief minister Ibrahim Saad dies

Chinese President Xi Jinping warned against any efforts to unwind globalisation in his first major remarks since Donald Trump won the US presidential election after threatening to impose tariffs as high as 60% on the world’s second-biggest economy.

Xi warns against ‘going back in history’ as Trump tariffs loom

Practice Note 17 (PN17) company Barakah Offshore Petroleum Bhd (KL:BARAKAH) said it will need to reformulate its regularisation plan after receiving an adjudication sum of RM78.8 million and updates on tendering contracts.

Barakah drafts new PN17 regularisation plan after receiving RM79 mil adjudication sum

US industrial production declined in October as the impacts from a Boeing Co machinists’ strike and a pair of hurricanes reverberated through manufacturing for a second month.

The 0.3% decline in output at factories, mines and utilities followed a revised 0.5% decrease a month earlier, Federal Reserve data showed on Friday.

US October industrial production falls on strike, hurricane disruptions

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

MAHB, Kossan, Malaysia Smelting Corp, Ge-Shen, Prolintas, Farm Price, Citaglobal, Petra Energy and Sunsuria

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

Malaysia Smelting Corporation Bhd (KL:MSC) has boosted its dividend payout to 24 sen per share for the financial year ending Dec 31, 2024 (FY2024), comprising a special dividend of 17 sen per share and an interim dividend of seven sen per share.

Bumper dividend of 24 sen for Malaysia Smelting Corp shareholders

A pullback in the S&amp;P 500 that’s already trimmed about a third off the index’s post-election rally is set to continue on Friday, as sticky inflation and hawkish comments from the Federal Reserve weigh on sentiment.

US stocks have already returned a third of post-election gains

Bank Negara Malaysia (BNM)’s move to allow multilateral development banks (MDBs) and selected non-resident development financial institutions (DFIs) to issue ringgit debt securities and finance local entities is expected to increase market liquidity, making it easier for other issuers to raise funds, according to Fitch Ratings.

Fitch Ratings says BNM's move to allow foreign financial institutions to issue ringgit bonds will boost market liquidity

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

Kossan Rubber Industries Bhd (KL:KOSSAN) reported a 28.15% drop in its net profit for the July-September quarter, dragged by higher raw material costs and unrealised foreign exchange (forex) losses.

Kossan declares 8 sen dividend despite 3Q profit drop

Sime Darby Bhd (KL:SIME) is rebranding itself as “Sime” to “reflect the group’s vision for the future and its renewed strategic focus as a pure-play powerhouse in the automotive and industrial equipment segments”.

Sime Darby rebrands as ‘Sime’ to reflect future vision, strategic focus in automotive

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Economists are largely expecting Malaysia's gross domestic product (GDP) growth to sustain in the final quarter of 2024, but raised concerns about US tariff risks weighing on global trade, which may negatively impact Malaysia's economy in 2025.

Economists sanguine on Malaysia's 4Q prospects but flag global uncertainties may weigh on 2025

Petra Energy Bhd (KL:PENERGY) has secured a four-year contract from Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd for the provision of offshore crane operations and maintenance services.

Petra Energy bags offshore crane operation contract from Shell

Citaglobal Bhd (KL:CITAGLB) said on Friday it has signed an agreement to build a 5.4-megawatt solar plant integrated with a battery energy storage system in Azerbaijan.

Citaglobal to build solar plant in Azerbaijan’s Port of Baku

Carbon-based products manufacturer PMB Technology Bhd (KL:PMBTECH), which is 23.58% controlled by Press Metal Aluminium Holdings Bhd (KL:PMETAL), announced on Friday that its rights issue of 243.7 million shares has been oversubscribed by 12.45%.

PMB Technology’s rights issue oversubscribed by 12.45%

Vegetable supplier Farm Price Holdings Bhd (KL:FPHB) has scrapped its recently announced plan for a one-for-two bonus issue of warrants, saying it will revisit the plan next year instead.

“After further deliberation, the company has decided not to proceed with the proposed bonus issue of warrants and will revisit the same in the second quarter of 2025,” Farm Price said in a bourse filing on Friday, without explaining further.

Farm Price aborts plan for bonus warrants a week after announcing it

Aluminium soared as China announced it was removing a tax rebate that covers over five million tonnes of exports of the metal.

Futures in London jumped as much as 8.5% following the announcement from the country’s Ministry of Finance, which didn’t give a reason for the change.

Aluminium soars as China cancels tax incentive on exports

International law does not apply to Sarawak’s claims over its oil and gas (O&amp;G) resources, according to Gabungan Parti Sarawak (GPS) deputy secretary-general Datuk Ibrahim Baki.

Baki, who served as a legal officer of Petroliam Nasional Bhd (Petronas), and a former non-independent non-executive director of the national oil and gas firm, said this during Sarawak’s Supply Bill 2025 debate in the state legislative assembly.

International law inapplicable to Sarawak’s O&G claims, says GPS deputy secgen

Prolintas Infra Business Trust (KL:PLINTAS) said it will not face any financial losses after its subsidiary, Prolintas Expressway Sdn Bhd (GCE Co), was ordered by an arbitrator to pay RM46.13 million to Bina Puri Holdings Bhd’s (KL:BPURI) associate company KL-Kuala Selangor Expressway Bhd (Latar).

Prolintas Infra says it won't face financial loss over order to pay RM46 mil in arbitration case

Alibaba Group Holding missed analysts' estimates for quarterly sales on Friday, as lingering economic uncertainty sapped consumer spending in China and weighed on the e-commerce giant's domestic business.

China's Alibaba misses quarterly revenue estimates, beats on profit

Garuda Indonesia appointed Wamildan Tsani Panjaitan, a top manager at PT Lion Mentari Airlines, as its next chief executive officer as the Southeast Asian nation’s flagship carrier looks to turn a profit and expand its international network.

Garuda names new CEO as carrier looks to fix finances, expand

Bursa Securities has approved the transfer of Infoline Tec Group Bhd's (KL:INFOTEC) entire issued share capital from the ACE Market to the Main Market.

Infoline Tec Group gets Bursa's greenlight for Main Market transfer

Practice Note 17 (PN17) company Barakah Offshore Petroleum Bhd (KL:BARAKAH) said it will need to reformulate its regularisation plan after receiving an adjudication sum of RM78.8 million and updates on tendering contracts.