<div class=newsTextDataWrapInner>SINGAPORE (Feb 24): Singaporean homegrown pawnshop chain ValueMax Group has reported earnings of S$33.9 million for the FY2020 ended December, 33% higher than earnings of S$25.5 million a year ago.</div>

<div class=newsTextDataWrapInner>Revenue for the year grew by 17% y-o-y to S$276.1 million due to higher revenue from retail and trading of pre-owned jewellery and gold businesses, which increased by S$40.7 million due to the higher gold prices during FY2020.</div>

<div class=newsTextDataWrapInner>The higher figure was mitigated by a decrease of S$0.5 million from the group’s moneylending businesses. Revenue from<a href="https://www.theedgesingapore.com/capital/results/valuemax-sees-33-growth-fy20-earnings-339-mil-growth-retail-and-trading-pre-owned" target="_blank">...(click on link for full story on theedgesingapore.com)</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

SINGAPORE (Feb 24): Singaporean homegrown pawnshop chain ValueMax Group has reported earnings of S$33.9 million for the FY2020 ended December, 33% higher than earnings of S$25.5 million a year ago.

Revenue for the year grew by 17% y-o-y to S$276.1 million due to higher revenue from retail and trading of pre-owned jewellery and gold businesses, which increased by S$40.7 million due to the higher gold prices during FY2020.

ValueMax sees 33% growth in FY20 earnings of S$33.9 mil

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

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

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

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

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

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.

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

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

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.

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.

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

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.

Majuperak Holdings Bhd (KL:MJPERAK) said its group chief executive officer Syed Agil Syed Hashim will be stepping down with effect from Nov 30, after holding the post for two years.

Majuperak CEO steps down after service contract ends

Sunsuria Bhd (KL:SUNSURIA) said it is acquiring a 20% stake in property developer KL City Gateway Sdn Bhd (KLCG) for RM10.47 million, and will inject about RM40 million in shareholder advances to the company.

Sunsuria buys 20% stake in Kg Sungai Baru developer for RM10 mil, to inject RM40 mil to kick-start development

Mudajaya Group Bhd (KL:MUDAJYA) has bagged a contract worth RM41.34 million for the construction of a 17-sorey condominium in Kuching, Sarawak.

The group said its wholly owned subsidiary, Mudajaya Corp Bhd, was awarded the contract on Friday by MJC City Development Sdn Bhd.

Mudajaya secures RM41 mil contract to build condo in Kuching

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.

LEAP Market-listed Sunmow Holding Bhd (KL:SUNMOW) has proposed to undertake a mixed development on a 157-acre land in Pekan Kota Kinabatangan, Sabah, with an estimated gross development value of RM366 million.

Sunmow enters JV to develop 157-acre land in Sabah’s Kinabatangan district

Gold mining company Bahvest Resources Bhd (KL:BAHVEST) wants to change its name to Aumas Resources Bhd.

In a bourse filing on Friday, the Sabah-based company said the proposed new name had been approved for use by the Companies Commission of Malaysia on Nov 8, and reserved till April 7 next year for it to claim.

Bahvest Resources proposes name change to Aumas Resources

The Ministry of Education (MOE) will roll out a new preschool curriculum in 2026, emphasising an equal balance of 50% Malay and 50% English usage.

Education Minister Fadhlina Sidek said the initiative aims to enhance early childhood education through a bilingual approach while integrating other comprehensive educational strategies for preschools under MOE, the Community Development Department (Kemas), the National Unity and Integration Department and private institutions using the national curriculum.

MOE to introduce equal balance of Malay and English usage in new preschool curriculum by 2026

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.

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.