<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug 16): Syarikat Takaful Malaysia Keluarga Bhd (STMKB) said its group CEO Datuk Seri Mohamed Hassan Md Kamil is leaving the company at the end of his contract on March 31, 2022.</p></div>

<div class=newsTextDataWrapInner><p>STMKB said it will appoint an executive search consulting firm to assist with the succession planning exercise for Mohamed Hassan, who was appointed as the CEO in 2006.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia, the insurance company said it respects Mohamed Hassan’s decision to not renew his contract.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“He has been an inspirational leader and has over the years initiated many transformational initiatives within the group, and guided the team in setting many firsts and milestones.</p></div>

<div class=newsTextDataWrapInner><p>“The board wishes him well and a successful journey ahead,” said the company.</p></div>

<div class=newsTextDataWrapInner><p>According to STMKB, Mohamed Hassan had a direct equity interest of 0.03% in the company as at Dec 31 2020.</p></div>

<div class=newsTextDataWrapInner><p>STMKB’s share price ended 0.98% or four sen lower at RM4.25 today, giving the company a market capitalisation of RM3.55 billion.</p></div>


KUALA LUMPUR (Aug 16): Syarikat Takaful Malaysia Keluarga Bhd (STMKB) said its group CEO Datuk Seri Mohamed Hassan Md Kamil is leaving the company at the end of his contract on March 31, 2022.

Syarikat Takaful CEO Mohamed Hassan to leave in March 2022

Thames Water Utilities Ltd has officially started a process to raise at least £3.3 billion (RM18.52 billion) in equity that it needs to stay afloat.

The process started in the past week, meaning potential investors now have access to a data room that provides sensitive information about the company, according to a person familiar with the plans.

Thames Water is said to start process to raise fresh equity — Bloomberg

The government will continue to provide various incentives to developers who are committed to the construction of affordable housing, including tax relief and access to more strategic properties, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

Govt to continue incentives for developers committed to affordable housing — Fadillah

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

DNeX, PTT Synergy, MyEG, HeiTech Padu, AWC, Khee San, KIP REIT, CIMB, Alpha IVF

US insurer MetLife Inc is in advanced talks to buy PineBridge Investments’ assets outside of China, people familiar with the matter said, in a deal that could be valued at US$1 billion (RM4.3 billion) to US$1.5 billion.

MetLife said to be in talks to buy tycoon Li’s PineBridge assets outside of China — Bloomberg

Master Builders Association Malaysia (MBAM) said it is opposed to the government's plan to introduce mandatory Employees Provident Fund (EPF) coverage for non-citizen workers.

While acknowledging the rationale behind safeguarding the retirement savings of foreign workers, the association said the proposal will have significant cost implications, especially for the construction sector.

Reconsider mandatory EPF coverage for foreign workers, contractors tell govt

Wall Street's main indexes were subdued on Monday as investors took a breather after the previous week's rally, awaiting results from major companies that could influence whether markets would sustain their record highs or decline.

Wall Street muted as investors pause ahead of big corporate earnings

After more than four months of waging a public battle with activist investor Elliott Investment Management, low-cost pioneer Southwest Airlines Co may finally be headed towards a truce

Southwest seeks truce with Elliott after major policy tweaks

China is on track to become the largest market for Russia’s pipeline gas this year, overtaking Europe after the Kremlin’s war against Ukraine capped flows of the fuel to the region.

China is overtaking Europe as top market for Russia’s pipeline gas

CIMB Thai Bank PCL, in which CIMB Group Holdings Bhd (KL:CIMB) owns a 94.83% stake, saw its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) surge by 62.1% to 595.67 million baht (RM76.77 million) from 367.42 million baht (RM47.33 million) in the same quarter a year ago, thanks to gains on financial instruments and higher operating income.

CIMB Thai’s 3Q net profit up 62% y-o-y on gains from financial instruments, operating income

PTT Synergy Group Bhd (KL:PTT) said on Monday that it had signed a 10-year build and lease agreement to provide a fully automated warehouse for RM399.7 million.

According to the bourse filing, the build and lease agreement was signed between the company’s wholly owned subsidiary, Projek Tetap Teguh Sdn Bhd (PROTT) and a multinational corporation (MNC) semiconductor maker based in Penang.

PTT Synergy to build and lease automated warehouse to multinational firm for RM399.7 mil

<p>AFTER decades of organic growth in Malaysia, Public Bank Bhd (KL:PBBANK) pulled a surprise last week by announcing its first big merger and acquisition (M&amp;A) since acquiring Hock Hua Bank Bhd in early 2001.</p>

<p>In a packed press conference last Thursday (Oct 10), managing director and C...

Teh family’s restricted offering of Public Bank shares seen as move to deter mergers 

<p>NATIONAL oil company Petroliam Nasional Bhd (Petronas) is close to awarding RM8 billion to RM10 billion worth of contracts as part of its maintenance, construction and modification (MCM) initiatives, sources familiar with the matter tell The Edge.</p>

<p>It is understood that a number of compa...

Petronas to dish out up to RM10b worth of jobs

<p>Petroliam Nasional Bhd (Petronas) has sent requests seeking bankers’ proposals for a potential dollar bond offering, according to people familiar with the matter, in what would be the Malaysian oil firm’s first such sale in over three years.&nbsp;</p>


Petronas asked banks for dollar bond proposals — Bloomberg

<p>Mega Fortris Bhd, partly backed by Singapore’s Oversea-Chinese Banking Corporation (OCBC), has launched an initial public offering (IPO) to raise more than RM198 million on the Main Market.</p>


OCBC-backed Mega Fortris IPO opens for subscription, may raise over RM198m

<p>It came as a surprise to many when Diona Teh Li Shian announced that her family would reduce its stake in Public Bank Bhd (KL:PBB) to 10% over the next five years. While the timing of the announcement was unexpected, it was a strategic move.</p>

<p>It effectively answered the question as to ho...

Alternative Views: A 10% stake in a bank can mean all or nothing

<p>A sub-editor with national news agency Bernama told the High Court on Monday that she stopped receiving returns on her RM50,000 investment in Trillion Cove Holdings Sdn Bhd, one of three companies that was raided by Bank Negara Malaysia (BNM) in November 2021.</p>


Investor seeks return of RM50,000 investment in Trillion Cove

<p>Last week, Aizo Group Bhd (KL:AIZO) announced that it had inked a memorandum of understanding (MoU) with privately held NetRunner Sdn Bhd to jointly establish a Tier-4 data centre hub in Sarawak to meet the increasing demand for secure and reliable data storage and processing facilities. The MoU is valid for two years from the date of signing, with the possibility of extensions if deemed necessary.</p>


Frankly Speaking: Aizo’s data centre hub MoU raises questions

<p>Compulsory coverage for non-Malaysian workers under the Employees&nbsp;Provident Fund&nbsp;(EPF) is in line with the fund's efforts to ensure that all workers have access to social protection, according to chief executive officer&nbsp;Ahmad Zulqarnain Onn.</p>


Mandatory EPF coverage for non-M'sians can lead to greater fairness in labour market — CEO

<p>The freeze on foreign worker employment quota applications will continue until a date to be announced later.</p>

<p>Home Minister Datuk Seri Saifuddin Nasution Ismail said this is because the total number of foreign workers in the country (as of Sept 15)&nbsp;is nearing the stipulated ceiling.</p>


Freeze on foreign worker employment quota to continue — home minister

<p>A carbon capture and storage (CCS) venture by Petroliam Nasional Bhd (Petronas) and its foreign partners is advancing, with a Japanese consortium awarded the engineering design work for the project located in southern offshore Malaysia.</p>

<p>The eight-company consortium led by Mitsui &amp; C...

Petronas’ CCS project takes another step forward as Japanese firms win engineering design bid

<p>The Securities Commission Malaysia (SC) has updated its Investor Alert List to include 19 potential clone entities and eight unauthorised entities as of last Friday.</p>

<p>In a post on X on Monday, the SC urged investors to be cautious of potential clone entities that may be impersonating legitimate firms.</p>


SC adds 19 potential clone entities to Investor Alert List

<p>Malaysia’s economy may have expanded faster than expected in the third quarter, thanks to growth in the services, manufacturing and construction sectors, official flash estimates showed.</p>

<p>Gross domestic product (GDP) likely rose 5.3% in the July-Sept quarter from a year earlier, according to the Department of Statistics Malaysia’s advance estimates released on Monday. That compares with the median 5.1% rise predicted in a <em>Bloomberg</em> survey. In the second quarter, the economy grew 5.9%.</p>


Malaysia's economy likely grew faster than expected in 3Q, DOSM advance estimates show

<p>The Ministry of Investment, Trade and Industry (Miti) will help&nbsp;Perusahaan&nbsp;Otomobil Kedua&nbsp;Sdn Bhd&nbsp;(Perodua) produce Malaysia's first electric vehicle (EV)&nbsp;priced&nbsp;under&nbsp;RM100,000.&nbsp;</p>


Miti to help Perodua produce Malaysia's first EV under RM100k by end-2025, says Zafrul

<p>A new iPad lineup wasn’t the only thing on Tim Cook’s mind when he introduced the tablets from Apple Inc’s California headquarters in May. The hint was on his feet: a pair of one-of-a-kind sneakers designed on an iPad just for Cook, by Nike Inc.</p>


Apple CEO Tim Cook’s other job: Helping Nike turn things around

<p>The rise of automation and artificial intelligence (AI) has led to job loss for 293,639 workers in Malaysia since 2020, data from the Ministry of Human Resources (Kesuma) showed.</p>


Nearly 300,000 jobs lost due to automation and AI since 2020, says deputy minister

<p>The Ministry of Investment, Trade and Industry (Miti) said on Monday it aims to announce the details of the new investment incentive framework as early as the first quarter of 2025 (1Q2025).</p>


Miti aims to announce new investment incentive framework as early as 1Q2025

<p>A loud boom followed by tremors rocked parts of Ipoh late Monday morning, sending shockwaves through the community.</p>

<p>Startled residents immediately took to social media, speculating on the source of the boom and vibrations, which occurred at 11.06am, and police said investigations are now underway.</p>


Loud bang, tremors rock parts of Ipoh, police investigating

<p>Employers have been cautioned against using the new minimum wage rate as the starting salary for all employees, including graduates, said Human Resources Minister&nbsp;Steven Sim Chee Keong.</p>


New minimum wage not benchmark for employees' starting salaries, says HR minister

<p>Malaysia’s plantation sector companies will be negatively impacted by Budget 2025 announcements, including rise in minimum wage, multi-tier system on foreign worker levies, as well as the increase in crude palm oil (CPO) export duty rate, analysts said.</p>


Budget 2025 measures net negative to plantation sector but minimum wage impact priced in, say analysts

<p>Robo-advisory platform MYTHEO has announced a partnership with VKA Wealth Planners, a licensed financial planning firm, to launch a new product for investors.</p>

<p>The MYTHEO Target Return Portfolio, curated exclusively for VKA clients, is designed to balance potential returns with effective risk management over the long term. It aims to generate returns by blending growth, income and inflation hedging assets, said Edward Ooi, VKA’s chief investment advisory officer.</p>
