<div class=newsTextDataWrapInner>This article first appeared in The Edge Financial Daily on July 4, 2017 - July 10, 2017</div><div class=newsTextDataWrapInner>SEOUL/TOKYO: SK Hynix Inc has proposed that its financing for a Japan government-led group bidding for Toshiba Corp’s chip unit be done through convertible bonds, two sources familiar with the matter said, potentially allowing it to have an equity interest in the world’s No 2 NAND chipmaker.</div>

<div class=newsTextDataWrapInner>Such an arrangement would likely hurt the consortium’s efforts to clinch a deal, despite being named the preferred bidder last month with an offer of around ¥2 trillion (RM76.2 billion).</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>SK Hynix plans to buy convertible debt in a special purpose company being created by Bain Capital for the Toshiba acquisition, said one of the sources, adding that terms were still being negotiated. SK Hynix declined to comment while representatives for Bain could not be immediately reached for comment. A Toshiba spokesman said the company cannot comment on the specifics of the deal. The sources declined to be identified as the talks were confidential.</div>

<div class=newsTextDataWrapInner>Toshiba chief executive officer Satoshi Tsunakawa has repeatedly said that SK Hynix would not be holding any equity in the chip unit and would not be involved in management. — Reuters</div>

SEOUL/TOKYO: SK Hynix Inc has proposed that its financing for a Japan government-led group bidding for Toshiba Corp’s chip unit be done through convertible bonds, two sources familiar with the matter said, potentially allowing it to have an equity interest in the world’s No 2 NAND chipmaker.
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SK Hynix proposes financing chip deal

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

ViTrox, Kim Loong Resources, Crescendo, JcbNext, OCB, Paragon Globe, Tropicana, Asia Poly, Nova MSC, PUC

A mystery seller is asking US$200 million (RM893.43 million) for an empty waterfront lot next door to the properties Jeff Bezos bought in South Florida.

The roughly 1.84 acre lot (0.74 hectare) is located at Indian Creek, a man-made barrier island that’s been dubbed “Billionaire Bunker.” Ilya Reznik, who’s brokering the transaction, declined to identify the seller but said they are “willing to negotiate” on price.

Bezos’ Miami neighbour seeking US$200 mil for empty lot

Brazil’s annual inflation unexpectedly slowed in early December as energy costs dropped, giving central bankers limited relief as they pledge two more jumbo interest rate hikes by March.

Official data released on Friday showed consumer prices rose 4.71% from a year earlier, below the 4.83% median estimate in a Bloomberg survey of economists and the prior reading of 4.77%.

Brazil’s annual inflation unexpectedly slows, giving central bank limited respite

Vietnamese Prime Minister Pham Minh Chinh instructed the investment ministry and other authorities to work on development scenarios and measures that will enable the country to attain “double-digit” growth in gross domestic product next year.

Vietnam PM seeks steps for double-digit GDP growth next year

Shell has shut down one of its oil processing units at the Shell Energy and Chemicals Park on Singapore’s Pulau Bukom to facilitate an investigation into a suspected leak in the system.

Shell shuts down oil processing unit at Singapore's Pulau Bukom to probe leak

A Norwegian shipping company on Friday rejected an accusation from Dmitry Medvedev, deputy chairman of Russia's Security Council, that it refused to rescue sailors from a sinking Russian cargo ship in the Mediterranean Sea.

Norwegian shipping firm denies Moscow's claim it refused to help sinking Russian ship

OpenAI, founded a decade ago as a research organisation, is considering a change to the AI company’s structure that would create a more conventional money-making corporation alongside a non-profit arm.

OpenAI mulls plan for more conventional for-profit business 

Over 330 initial public offerings (IPOs), US$20 billion (RM89.34 billion) of proceeds and more than US$160 billion addition in country’s market value, sums up a bumper year for India that is set to further strengthen its position among top global destinations for capital raising.

Roaring debuts cap a bumper year for IPOs in India

Chinese national Huang YongKang has emerged as Asia Poly Holdings Bhd's (KL:ASIAPLY) second biggest shareholder after taking up the entire 95.85 million shares issued under a private placement. 

The shares represent a 9.09% stake in the Klang-based cast acrylic sheets manufacturer.

Asia Poly sees emergence of new substantial shareholder

German President Frank-Walter Steinmeier dissolved parliament and set the country’s snap election for Feb 23, formally endorsing a timetable proposed by Chancellor Olaf Scholz.

Germany set for February election after parliament dissolved

The Securities Commission Malaysia (SC) has ordered Bybit Technology Ltd to disable its website and mobile applications in the country as part of enforcement actions against the cryptocurrency exchange.

SC orders Bybit to disable website, apps in Malaysia for operating illegal crypto exchange

Shares of Tenaga Nasional Bhd (KL:TENAGA) rose on Friday to their new record high as analysts flagged potential earnings upside from implementation of Regulatory Period 4 (RP4).

Tenaga Nasional shares hit new record high as analysts flag upside from RP4

Khazanah Nasional Bhd announced on Friday that it has invested in private equity Cambrian Fund and California-based artificial intelligence (AI) firm Syntiant Corp.

In a statement, the sovereign wealth fund said the investment was made through its RM1 billion Dana Impak fund, which aims to drive greater growth and innovation in Industrial Revolution 4.0 (IR4) technologies and capacity development, and boost research and development (R&amp;D) in AI and semiconductor technologies.

Khazanah announces investments into ViTrox-backed Cambrian Fund and AI firm Syntiant Corp

The proposed adjustment in Peninsular Malaysia’s base electricity tariff under the Regulatory Period 2025-2027 (RP4) is mainly a “rebasing exercise” to reflect higher fuel costs assumption, said Tenaga Nasional Bhd (KL:TENAGA).

Base electricity tariff adjustment reflects higher fuel costs, won't burden vulnerable groups, says Tenaga

The government will not allow increases in electricity tariffs that would burden the majority of the public, said Prime Minister Datuk Seri Anwar Ibrahim.

Electricity tariff adjustment won’t burden majority, says PM

A less-than-perfect debut for the new season of Netflix Inc’s blockbuster series Squid Game sent shares of related South Korean companies sharply lower Friday.

‘Squid Game’ stocks tank in Korea on Netflix new season letdown

PUC Bhd’s (KL:PUC) photography associate Pictureworks International Holdings Ltd has filed for a listing on Nasdaq in the US.

The initial public offering (IPO) of its 27.53%-owned associate has been registered with the US Securities and Exchange Commission though the terms such as pricing, number of shares to be offered, and timetable for the public offering were not disclosed.

PUC’s associate Pictureworks files for IPO on Nasdaq in US

PAS'&nbsp;move to 'politicise' the recent Christmas celebration&nbsp;at the Ministry of Housing and Local Government was&nbsp;disrespectful to the rights of Malaysia’s multiracial and multi-religious society, according to three DAP leaders.

DAP leaders criticise PAS for 'politicising' Christmas celebration

Chinese workers at a construction site in Brazil for a factory owned by China's electric vehicle producer BYD are victims of human trafficking, Brazilian labour authorities said on Thursday in a growing controversy in BYD's biggest overseas market.

Brazil says workers at China's BYD site are victims of human trafficking

Crescendo Corporation Bhd (KL:CRESNDO) reported a more than fivefold increase in net profit for its third quarter, driven by data centre land sales in Nusa Cemerlang Industrial Park (NCIP) in Iskandar Puteri, Johor.

Data centre land sales lift Crescendo's 3Q net profit

On Nov 20, the Kuala Terengganu Shariah High Court handed down the sentence of six lashes in public for repeated offences of khalwat (close proximity) against a carpenter named Mohd Affendi Awan.

Shariah whipping in public — does it exceed the Shariah Courts’ jurisdiction?

The Inland Revenue Board (IRB) has received 114 million e-invoices from 9,000 taxpayers as of Thursday.

IRB corporate services department director Noraini Mustafa said that the response has been very encouraging, particularly in Phase 1, with some companies originally scheduled for Phases 2 and 3 voluntarily participating earlier than required.

IRB says 114 million e-invoices received as of Dec 26

No decision has been made regarding electricity tariff hikes in Peninsular Malaysia as of now, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

No decision on electricity rate hike just yet — DPM Fadillah

The Human Rights Commission of Malaysia (Suhakam) expresses its deep concern over the decision of the Terengganu Shariah Court in the case of Mohd Affendi Awang, a 42-year-old carpenter, who was sentenced to six lashes in public, after being convicted of repeated khalwat (close proximity) offences under Section 31(a) of the Shariah Criminal Offences (Takzir) (Terengganu) Enactment 2022. This punishment undermines human rights, dignity, and the rule of law. The commission takes note that whipping under shariah laws is different from civil law. Be that as it may, the sentence not only constitutes cruel, inhuman, and degrading treatment, but also raises serious questions regarding the legality of public whipping under the Federal Constitution and federal law.

Public whipping in Terengganu: A violation of human rights and rule of law

A man was whipped at a mosque in Terengganu on Friday for the Islamic crime of close proximity with a non-family member of the opposite sex, local media reported, in a rare public sentencing.

Man publicly whipped in Terengganu for Islamic crime of close proximity

Cocoaland Holdings Bhd co-founder Lau Pak Lam has ceased to be a substantial shareholder in PUC Bhd (KL:PUC) after disposing of 100 million shares or a 3.6% stake in the digital payment solutions provider via a direct business transaction on Dec 23.

PUC changes substantial shareholders

Malaysia's Foreign Ministry through the Embassy of Malaysia in Stockholm, is in constant communication with the Norwegian authorities to gather more information regarding a bus accident near Lake Åsvatnet on Dec 26 which reportedly involved passengers from several countries including Malaysia.

Malaysia sends consular team following bus accident in Norway

Industrial services firm Swift Energy Technology Bhd's initial public offering (IPO) was oversubscribed by 58.09 times for the 50.04 million new shares offered to the public, the issuing house said on Friday.

Swift Energy's IPO shares for public oversubscribed by 58 times

Penang, Johor, Selangor, Sarawak, and Kuala Lumpur dominated Malaysia’s exports, accounting for 83.8% of the total in November, said the Department of Statistics Malaysia (DOSM).

Penang, Johor, Selangor, Sarawak and KL the top exporters in November, data show

The staff involved in the Christmas celebration at the Ministry of Housing and Local Government (KPKT) in Putrajaya recently were mostly Christians.&nbsp;

Minister Nga Kor Ming said many of those who sang “Jingle Bells” were Kadazans&nbsp;from Sabah, apart from employees from Sarawak.