<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on September 14, 2017 - September 20, 2017</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is set to transfer its general takaful business to a newly incorporated entity, Syarikat Takaful Malaysia Am Bhd (STMAB).</p></div>

<div class=newsTextDataWrapInner><p>“STMAB is currently dormant but its intended principal activity is to undertake the general takaful business currently operated by STMB,” the Islamic insurer provider said in a filing with Bursa Malaysia yesterday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“As previously announced by the company, the family takaful business of the company will continue to be carried on under its proposed new name, Syarikat Takaful Malaysia Keluarga Bhd,” STMB added.</p></div>

<div class=newsTextDataWrapInner><p>STMAB was incorporated upon receipt of approval from Bank Negara Malaysia on Aug 7 for STMB to undertake an internal reorganisation in order to comply with the requirement stipulated under the Islamic Financial Services Act 2013 (IFSA).</p></div>

<div class=newsTextDataWrapInner><p>Under Section 16 of the IFSA, a licensed takaful operator is not allowed to operate both family and general takaful businesses under one entity.</p></div>

<div class=newsTextDataWrapInner><p>Currently, STMB holds a composite takaful licence, which enables it to provide both general and family Islamic insurance services.<br />
&nbsp;</p></div>


KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is set to transfer its general takaful business to a newly incorporated entity, Syarikat Takaful Malaysia Am Bhd (STMAB).

“STMAB is currently dormant but its intended principal activity is to undertake the general takaful business curre...

Syarikat Takaful to transfer general insurance business to new entity

South Korea's consumer sentiment dropped sharply this month to hit the weakest level in more than two years on growing worries about political uncertainty following parliament's impeachment of President Yoon Suk Yeol.

South Korea consumer sentiment weakest since 2022 on political uncertainty

(Dec 24): Singapore forged ahead with efforts to formulate a digital-assets hub in 2024, while rival financial center Hong Kong has struggled to gain traction.

Singapore doled out 13 crypto licenses in 2024 to a range of crypto operators including top exchanges OKX and Upbit, as well as...

Singapore pulls ahead of Hong Kong in race to be crypto hub

Stocks in Asia are set to edge higher after a rally in some of the world’s largest technology companies lifted US benchmarks. 

Futures pointed to small gains in Tokyo, Hong Kong and Sydney, with shortened sessions in the latter two for Christmas Eve. In the US, Tesla Inc. and Nvidia Corp. drove a gauge of the “Magnificent Seven” megacaps up 1.4%, helping the S&P 500 close higher and erase a brief slide fueled by weaker-than-expected data on US consumer confidence.

Asian stocks eye gains after tech boosts Wall Street 

A rally in some of the world’s largest technology companies spurred a rebound in stocks, following a brief slide fueled by weaker-than-expected data on US consumer confidence.

In a thin trading session at the start of a holiday-shortened week, the S&P 500 finished near session highs. Nvidia Corp., Meta Platforms Inc. and Tesla Inc. drove a gauge of the “Magnificent Seven” megacaps up almost 1.5%.

US stocks get boost from tech at start of Christmas week

It has been a banner year for Sunway University. It has marked a series of groundbreaking achievements that affirm its position as a leading private university in Malaysia and Asean. Despite being relatively new by global standards, the university’s impact continues to grow rapidly, as evidenced by its improved rankings, expansion of academic offerings and significant milestones in research and education.

Ranked among the best, Sunway University has breakthrough year

New-home sales in the US rebounded last month as builders and consumers sealed deals that had been delayed by storms in the South, and buyers took advantage of heavy sales incentives.

Sales of new single-family homes increased 5.9% last month to a 664,000 annualised rate, according to government data issued on Monday.

US new-home sales rebound in November after storm-stricken month

The Malaysian Communications and Multimedia Commission (MCMC) is taking immediate action to address scams relating to MyPR (Red IC) application on Facebook, said Deputy Communications Minister Teo Nie Ching.

Deputy minister urges caution, vows swift action against red IC scams

US consumer confidence unexpectedly sank in December for the first time in three months on concerns about the outlook for the economy amid uncertainty around the Trump administration’s policies.

US consumer confidence falls as politics weigh on outlook

Daiwa Securities Group Inc may need more time to achieve profit in China, according to the head of Japan’s second biggest brokerage, reflecting how investment banks continue to struggle on the mainland.

Daiwa’s China venture may take longer to make profit, says CEO 

Wall Street's main indexes were mixed at the start of a holiday-shortened week on Monday, after a stopgap government funding bill averted a partial shutdown and investors braced for a slower pace of rate cuts from the US central bank next year.

Wall Street opens mixed as holiday-shortened week starts

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


KLCCP Stapled, Tuju Setia, Coastal Contracts, Powerwell, Prolintas, Malayan Flour Mills, Malakoff, Heitech Padu, Supercomnet, ECM Libra, Esthetics International 

<p>The Energy Commission (EC) was to inform winners of the fifth large scale solar bidding round (LSS5) beginning Monday, following nine months of deliberation since it was opened in April this year.</p>


Energy Commission says LSS5 bids finalised but mum on winners

<div class="ceonothumb mx-auto pb-5">
<div>
<div class="iframe-w100-wrapper"><iframe allowfullscreen="" frameborder="0" height="500" src="https://www.youtube.com/embed/XA5OnopfTec?si=EJn8MQBYV-CAV27h&amp;rel=0&amp;autoplay=1&amp;mute=1" width="840"></iframe></div>
</div>

<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>Greenland is not for sale, its elected leader said on Monday, responding to comments made by US President-elect Donald Trump regarding the "ownership and control" of the vast Arctic island that has been part of Denmark for over 600 years.</p>


Greenland is not for sale, its leader says in response to Trump

<p>A businessman lost over half a million ringgit after being deceived by an individual impersonating a representative from Tenaga Nasional Bhd (TNB) on Saturday.</p>

<p>Nilai district police chief Supt Abdul Malik Hasim said that at 11.17am on Monday, his department received a report from a 31-year-old man who had received a phone call from the scammer regarding his business premises.</p>


Businessman, nurse fall prey to scammers, lose almost RM1 mil

<p>Malayan Flour Mills Bhd's (KL:MFLOUR) said its partially-owned unit, Dindings Poultry Development Centre Sdn Bhd (DPDC), is seeking a judicial review of the Competition Appeal Tribunal's (CAT) decision to reject its request for a stay on a RM70.02 million penalty imposed by the Malaysia Competition Commission (MyCC) over alleged price-fixing cartel activities.</p>


Malayan Flour Mills unit challenges appeal tribunal's rejection of stay of MyCC’s penalty

<p>The Covid-19 and influenza situation in Malaysia remains under control, with no increase in cases requiring intensive care unit (ICU) treatment and no fatalities reported.</p>


Covid-19, flu cases under control in Malaysia — MOH

<p>The Malaysian Communications and Multimedia Commission (MCMC) is taking immediate action to address scams relating to MyPR (Red IC) application on Facebook, said Deputy Communications Minister Teo Nie Ching.</p>


<p>Nordstrom Inc is going private through an all-cash transaction valued at about US$6.25 billion (RM28.16 billion) in a bet by the founding family that the department-store company will be more successful without the scrutiny and demands of the public market.</p>


Founding family to take Nordstrom private in US$6.25 bil deal

<p>Walmart Inc and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers without their consent, a US consumer protection agency said on Monday.</p>


CFPB sues Walmart, fintech partner for illegal account openings

<p>Wall Street's main indexes were mixed at the start of a holiday-shortened week on Monday, after a stopgap government funding bill averted a partial shutdown and investors braced for a slower pace of rate cuts from the US central bank next year.</p>


<p>Amtrak railway service across the Northeast Corridor faced delays and cancellations on Monday, causing chaos for passengers travelling ahead of the holidays.</p>

<p>Travellers should expect a “significant delay” in and out of New York Penn Station as the rail network seeks to recover from signal power issues, according to a statement on Amtrak’s website.</p>


Amtrak riders face delays as trains cancelled service along Northeast

<p>Thailand will increase the daily minimum wage by an average 2.9% to between 337 baht and 400 baht (RM44.19-RM52.45) from Jan 1, a senior official said on Monday.</p>


Thailand to raise daily minimum wage by 2.9% from Jan 1, official says

<p>US consumer confidence unexpectedly sank in December for the first time in three months on concerns about the outlook for the economy amid uncertainty around the Trump administration’s policies.</p>


<p>Daiwa Securities Group Inc may need more time to achieve profit in China, according to the head of Japan’s second biggest brokerage, reflecting how investment banks continue to struggle on the mainland.</p>


<p>New-home sales in the US rebounded last month as builders and consumers sealed deals that had been delayed by storms in the South, and buyers took advantage of heavy sales incentives.</p>

<p>Sales of new single-family homes increased 5.9% last month to a 664,000 annualised rate, according to government data issued on Monday.</p>


<p>South Korea's main opposition party threatened on Monday to impeach acting president Han Duck-soo if he failed to approve legislation to launch a special counsel investigation into President Yoon Suk Yeol's failed bid to impose martial law.</p>


South Korean opposition threatens to impeach Han over martial law counsel

<p>The Canadian economy appeared to lose its strength towards the end of this year even as the central bank cut interest rates at a rapid pace.</p>

<p>Advance data suggested gross domestic product shrank 0.1% in November, the first monthly contraction this year, after 0.3% expansion a month earlier, Statistics Canada said on Monday.</p>


Canada’s economy shrank in November for first time this year

<p>Stocks in Asia are set to edge higher after a rally in some of the world’s largest technology companies lifted US benchmarks.&nbsp;</p>

<p>Futures pointed to small gains in Tokyo, Hong Kong and Sydney, with shortened sessions in the latter two for Christmas Eve. In the US, Tesla Inc. and Nvidia Corp. drove a gauge of the “Magnificent Seven” megacaps up 1.4%, helping the S&amp;P 500 close higher and erase a brief slide fueled by weaker-than-expected data on US consumer confidence.</p>


<p>A rally in some of the world’s largest technology companies spurred a rebound in stocks, following a brief slide fueled by weaker-than-expected data on US consumer confidence.</p>

<p>In a thin trading session at the start of a holiday-shortened week, the S&amp;P 500 finished near session highs. Nvidia Corp., Meta Platforms Inc. and Tesla Inc. drove a gauge of the “Magnificent Seven” megacaps up almost 1.5%.</p>
