<div class=newsTextDataWrapInner>Stimulus package to be funded by RM2 trillion savings from BNM, Tabung Haji, KWSP</div>
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Stimulus package to be funded by RM2 trillion savings from BNM, Tabung Haji, KWSP
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Stimulus package to be funded by RM2 tril savings from BNM, Tabung Haji, KWSP

Prada SpA defied a luxury industry slump last quarter as fashion fans snapped up Miu Miu’s Arcadie handbags and cashmere cardigans.

Comparable retail sales at the Italian group grew 18% in the third quarter, the Hong Kong-listed company said on Wednesday.

Prada outpaces fashion rivals on Miu Miu’s Gen Z appeal

China Vanke Co posted another massive loss in the third quarter (3Q), underscoring the pressure on the property developer as it tries to pay off debt amid the country’s prolonged housing slump. 

Shenzhen-based Vanke reported a net loss of 8.1 billion yuan (RM4.96 billion), bringing its combined losses for the first nine months of the year to 17.9 billion yuan, according to a statement to the Hong Kong exchange on Wednesday.

Vanke reports US$2.5 bil loss in 3Q amid China housing slowdown

Ireka Corp Bhd (KL:IREKA), a Practice Note 17 (PN17) construction company, said its external auditor has expressed a disclaimer of opinion on the company’s audited financial statements for the financial year ended June 30, 2024 (FY2024).

Ireka Corp’s auditor expresses disclaimer of opinion on FY2024 financial statement 

US stock indexes were muted on Wednesday as investors assessed mixed corporate results as well as crucial data showing the economy maintained a steady pace of growth in the third quarter.

Wall Street tepid as investors weigh earnings, GDP data; Alphabet jumps

Bintai Kinden Corp Bhd (KL:BINTAI) said Universiti Islam Melaka Bhd (UIMB) has committed to a structured repayment plan amounting to RM13.5 million to be paid to the former's wholly owned subsidiary Optimal Property Management Sdn Bhd (OPM) under an extended interim settlement proposal (EISP) agreement.

Bintai Kinden reaches pact with Universiti Islam Melaka on RM13.5 mil outstanding payment

Datuk Shahriman Shamsuddin, managing director of property and aviation outfit Sapura Resources Bhd (KL:SAPRES), has tendered his resignation with immediate effect, having been put on garden leave for nearly two months.

Sapura Resources MD Shahriman Shamsuddin quits, having been on garden leave since Sept 11

US pending home sales saw their biggest gain in more than four years in September, as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices.

An index of contract signings for existing homes climbed 7.4% to 75.8 last month, marking the strongest increase since June 2020, according to data released on Wednesday by the National Association of Realtors (NAR).

US pending home sales gain most since summer 2020

Caterpillar Inc posted a third-quarter (3Q) profit that missed analysts’ expectations as the machinery producer grappled with weakening demand in construction around the world.

The US maker of iconic yellow industrial machines reported adjusted per-share earnings of US$5.17 (RM22.59) on Wednesday, missing the US$5.34 average estimate of analysts polled by Bloomberg.

Caterpillar misses 3Q estimates on weakening construction worldwide

JOHOR BAHRU (Oct 30): GISB Holdings Sdn Bhd (GISB) chief executive officer (CEO) Datuk Nasiruddin Mohd Ali and his wife Azura Md Yusof, charged with involvement in an organised crime group, have filed a habeas corpus application seeking immediate release.

GISB CEO, wife apply for court hearing to seek immediate release

Shake Shack Inc quarterly sales beat Wall Street estimates as the burger chain said a new workforce model had raised its labour sales per hour to the highest level since 2019.

Same-store sales grew 4.4% in the three months ended Sept 25, topping analyst estimates for 3.6%, and above 2.3% growth in the same period last year.

Shake Shack shares rise after chain cuts customer wait times

(Oct 30): Malaysia’s currency is on course for its worst month in more than nine years, as investors scale back on risk assets amid concerns over the US election.

Ringgit set for biggest monthly decline since 2015 — analysts

KUALA LUMPUR (Oct 30): Stock exchange operator Bursa Malaysia Bhd (KL:BURSA) reported its highest quarterly net profit in three years, thanks to higher income across its business segments, including the securities and derivatives market.&nbsp;

Bursa Malaysia’s net profit surges to three-year high in 3QFY2024

Below is the summary of key findings at the end of the prosecution’s case, written by trial judge Datuk Collin Lawrence Sequerah, and upon which, among others, he based his decision on Wednesday to call for the accused, former prime minister Datuk Seri Najib Razak, to enter his defence for four abuse of power and 21 money-laundering charges, for allegedly receiving gratifications worth RM2.27 billion in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial.

1MDB-Tanore: Judge’s summary of key findings that led to decision to call the defence

TOWARDS the end of the European trading day on Oct 15, Dutch chip equipment giant ASML Holding NV, which has a monopoly on making machines and tools for manufacturing the most advanced chips, like those used to train large language artificial intelligence (AI) models, inadvertently revealed its t...

Tech: Chip equipment giant ASML poised to bounce back 

The West Ipoh Span Expressway, to span 60.88km from Gopeng to Kuala Kangsar, is now estimated to cost RM6.2 billion instead of RM5.75 billion, according to the project's concessionaire, East Coast Road Sdn Bhd (ECRSB).

West Ipoh Span Expressway now estimated to cost RM6.2 bil, says concessionaire

Main Market-bound Life Water Bhd could see a 16.9% rise above its initial public offering (IPO) price of 65 sen apiece, according to Public Investment Bank (PublicInvest).

Life Water shares worth 16.9% more than IPO price — PublicInvest

FGV Holdings Bhd (KL:FGV) has appointed Fakhrunniam Othman as group chief executive officer (CEO) of the plantation group effective Nov 1.

FGV names Fakhrunniam Othman as new group CEO

KUALA LUMPUR (Oct 30): YTL Power International Bhd (KL:YTLPOWR) is “seeking legal advice regarding potential steps” against unnamed parties that it said are spreading accusations of misconduct by the company in the 1Bestarinet project currently under investigations.

YTL Power mulls action over 1Bestarinet ‘accusations by irresponsible parties’, says ‘committed to transparency’ in MACC probe

Prominent lawyer Tan Sri Muhammad Shafee Abdullah claimed that his client Datuk Seri Najib Razak’s public apology last week for the 1Malaysia Development Bhd (1MDB) debacle had been purposely misinterpreted by certain political quarters.

Speaking at a press conference at the Duta Court Complex here, Shafee said that politicians on “the other side” had misinterpreted Najib’s apology. He clarified that the former PM had only apologised for the 1MDB debacle happening during his tenure, and nothing else.

Shafee: Najib’s apology deliberately misinterpreted by politicians

Clean energy specialist Solarvest Holdings Bhd (KL:SLVEST) said its 70%-owned subsidiary Setia Kawan Energy Sdn Bhd (SKESB) has been approved by Tenaga Nasional Bhd (TNB) (KL:TENAGA) to operate as a merchant generator to sell energy to the single buyer for a capacity of 29.99 megawatt (MW) to be located in Manjung, Perak.

Solarvest's 70%-owned unit to operate as merchant generator under Neda

KUALA LUMPUR (Oct 30): The High Court on Wednesday reinstated the legal action by Cekap Urus Sdn Bhd against Spanco Sdn Bhd and the government, over the government fleet car project.

Vincent Tan-controlled Cekap Urus resumes action against govt and Spanco over fleet car project

Visa is planning to lay off about 1,400 employees and contractors by the end of the year, The Wall Street Journal&nbsp;(WSJ) reported on Tuesday, as the card giant looks to streamline its international business.

Visa to lay off around 1,400 employees and contractors, WSJ reports

KUALA LUMPUR (Oct 30): British American Tobacco (Malaysia) Bhd (BAT Malaysia)(KL:BAT) posted a 14.1% rise in its net profit for the third quarter ended Sept 30, 2024 (3QFY2024), as its operating expenses were significantly reduced by 28.9% year-on-year (y-o-y), given the group’s substantial investment in the launch of its vaping brand, Vuse, in Malaysia last year.

BAT Malaysia’s 3Q net profit up 14%, pays 22 sen dividend

There is ultimately no motive for the prosecution witnesses in the 1MDB-Tanore trial to frame Datuk Seri Najib Razak, who was at the time wielding enormous powers as prime minister and finance minister, said the High Court judge who ordered Najib to enter his defence against the abuse of power and money laundering charges he faces in the case.

No motive for witnesses to frame Najib as it would be tantamount to suicide given his powers then, says judge

KUALA LUMPUR (Oct 30): Shares of Unisem (M) Bhd (KL:UNISEM) fell on Wednesday, while analysts slashed their earnings forecasts, following weaker-than-expected quarterly results.&nbsp;

Unisem shares fall, analysts slash estimates after underperforming 3Q

KUALA LUMPUR (OCT 30): The origin of the letters that Datuk Seri Najib Razak claimed were proof that the monies that made their way into his private accounts were donations from Arab royalties is 'questionable', says the trial judge who on Wednesday ordered that Najib enter his defence in the 1MD...

Origin of Najib's Arab donation letters 'questionable', says 1MDB-Tanore trial judge

AME Elite Consortium Bhd (KL:AME) is working together with Kuala Lumpur Kepong Bhd (KL:KLK) in a joint venture (JV) to develop a new industrial park in Ijok, Selangor.&nbsp;

The collaboration marks KLK’s inaugural venture into industrial property development and represents an expansion for AME Elite outside of Johor and Penang, where it is a major industrial property developer. &nbsp;

AME Elite, KLK to jointly develop industrial park in Ijok

Britain's new finance minister Rachel Reeves announced the biggest tax increases in three decades in her first budget, as she accused the Conservatives of leaving public services broken when they lost July's election after 14 years in power.

UK's Reeves raises taxes by most since 1993 in first Labour budget

The initial public offering (IPO) of security seals manufacturer Mega Fortris Bhd, involving 42.25 million shares offered to the Malaysian public, has been oversubscribed by 7.18 times.

Mega Fortris’ 42.25 mil IPO shares for public oversubscribed by 7.18 times

Despite his defence’s allegations of the involvement of others with regard to the decision making process in state strategic development company 1Malaysia Development Berhad (1MDB), and despite at the time being the prime minister, finance minister, and 1MDB’s sole shareholder, Datuk Seri Najib Razak failed to lodge any police report over the 1MDB scandal when it was uncovered following media reports in 2015.