Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy.

The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as 'suspicious' deals involving oil major BP, according to an affidavit filed with the court this week and reviewed by Reuters.

CIMB alleges 'suspicious' Hontop Energy oil deals with BP— affidavit

The Kuala Lumpur Tower debacle involving its past and present concessionaires has taken another turn, as the Ministry of Communications deemed Menara Kuala Lumpur Sdn Bhd’s (MKLSB) occupation of the premises after March 31 as “unlawful”.

Putrajaya orders temporary closure of KL Tower, says past concessionaire's stay 'unlawful'

Mark Zuckerberg said that ByteDance Ltd’s TikTok posed a “highly urgent” competitive threat to Meta Platforms Inc when it first sprang up in 2018, as he testified for a third day in the Federal Trade Commission’s antitrust trial.

Meta saw TikTok as ‘highly urgent’ threat, Zuckerberg says at antitrust trial

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

Sapura Industrial, Gas Malaysia, CapitaLand, Hextar Technologies, Golden Land, Skyworld, Sapura Energy, Bina Puri, Paragon Globe, OCK Group, Nextgreen, Nexgram

Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) has aborted its plan to dispose of a freehold land in Penang to Chin Hin Group Property Bhd (KL:CHINHIN).

Ivory Properties aborts land disposal deal with Chin Hin following liquidation of subsidiary

Tesla Inc is no longer selling the majority of new electric cars registered in California, the state that accounts for almost a third of all zero-emission vehicle purchases in the US.

Tesla slumps below 50% share of California’s electric car market

China saw surging cross-border renminbi (RMB) transactions with Cambodia and Malaysia in the first quarter (1Q) of 2025, according to the People's Bank of China on Wednesday, reported Xinhua.

China reports 1Q surge in cross-border RMB transactions with Malaysia, Cambodia

The Organization of the Petroleum Exporting Countries (Opec) has received updated plans for Iraq, Kazakhstan and other countries to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday.

Opec says Iraq, Kazakhstan and others to cut output more in compensation plan

Chinese President Xi Jinping expressed confidence that Malaysia will achieve greater success under the leadership of the King, Sultan Ibrahim and Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia will achieve greater success under Sultan Ibrahim, Anwar's leadership — Xi

The World Trade Organization slashed its forecast for merchandise trade this year as soaring US tariffs and broader uncertainty hammer international commerce.

WTO slashes global trade outlook on Trump tariff disruptions

China is hunkering down for a trade war winter without American-made jets and aircraft parts.

With China banning Boeing Co jets as part of its retaliation to President Donald Trump’s tariffs, which Bloomberg News reported on Tuesday, local airlines now face the issue of repairing and maintaining hundreds of aircraft from the US manufacturer in their current fleets.

China stares down Boeing parts shortage as Comac stockpiles

Malaysia Aviation Group (MAG) is offering up to 30% off on airfares for economy and business class on all Malaysian Airlines routes, domestic and international, in conjunction with Matta Fair 2025.

MAG offers up to 30% off for Malaysian Airlines tickets at Matta Fair

China wants to see a number of steps from President Donald Trump’s administration before it will agree to trade talks, including showing more respect by reining in disparaging remarks by members of his cabinet, according to a person familiar with the Chinese government’s thinking.

China open to talks if Trump shows respect, names point person 

Sapura Energy Bhd (KL:SAPNRG) has secured multiple contracts worth nearly RM100 million combined in Malaysia and Thailand to provide offshore support vessels.

Sapura Energy bags multiple contracts worth nearly RM100 mil

Prime Minister Datuk Seri Anwar Ibrahim and Chinese President Xi Jinping on Wednesday witnessed the exchange of 31 memoranda of understanding (MOUs) and documents covering various sectors of cooperation between the two countries.

Anwar, Xi witness exchange of 31 MOUs and documents to advance Malaysia-China cooperation

Bina Puri Holdings Bhd (KL:BPURI) announced on Wednesday the retirement of its founder director Dr Tan Cheng Kiat, and deputy executive chairman Tan Sri Tee Hock Seng, from its board.

Bina Puri announces boardroom changes, founder director Tan Cheng Kiat retires

The King,&nbsp;Sultan Ibrahim Sultan Iskandar, has expressed his belief that Malaysia and China will continue to strengthen cooperation between the two countries, despite various geopolitical gaps around the world.

King confident Malaysia, China will continue to empower cooperation

Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) flagged that 2025 will be a challenging year for the group due to the turbulent global economic outlook and intensifying geopolitical tensions, particularly from the ongoing trade war among major economies.

Bank Rakyat flags challenging 2025, keeps 17% dividend for FY2024

SkyWorld Development Bhd (KL:SKYWLD) is acquiring a freehold plot in Mont Kiara measuring 3.032 acres for RM110 million, to develop high-end residential properties.

SkyWorld buys three-acre Mont Kiara land for RM110m

Chinese sellers of items from lunch boxes to appliances have taken to social media platform Rednote to generate sympathy purchases, telling domestic consumers they are offloading stock at bargain prices amid US tariffs.

Chinese exporters on Rednote ask local consumers to buy goods meant for US

Sapura Industrial Bhd (KL:SAPIND) has launched its new corporate identity with a new logo, as it seeks to step away from being associated with the Sapura Group of companies.&nbsp;

‘No connection’ between Sapura Industrial and Sapura Group, says MD 

The High Court here has given time for the lawyers of Tun Dr Mahathir Mohamad to “consider his approach” in contempt of court proceedings that Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has brought against him.&nbsp;

Zahid’s attempt to commit Mahathir for contempt postponed after court gives time for Dr M to 'consider his approach'

PwC&nbsp;has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times&nbsp;(FT) reported on Wednesday.

PwC exits more than a dozen countries to avoid scandals, FT reports

OCK Group Bhd’s (KL:OCK) shareholders have approved a proposed RM91 million investment in a 116 megawatt (MW) large-scale solar photovoltaic (LSSPV) power plant in Malaysia through Solarpack Suria Sungai Petani Sdn Bhd (3SP).

OCK shareholders approve RM91 mil investment in large-scale solar plant 

ACE Market-listed Nexgram Holdings Bhd (KL:NEXGRAM) has been served with a winding-up petition by Maybank Islamic Bhd for allegedly failing to settle an outstanding amount of RM1.77 million.

Nexgram hit with winding-up petition from Maybank Islamic over RM1.77 mil debt

His Majesty Sultan Ibrahim, King of Malaysia said the mistake of displaying the Jalur Gemilang without the crescent moon, as published on the front page of a local Chinese newspaper, could trigger public sensitivities and is unacceptable.

King lambasts Sin Chew over Jalur Gemilang error, labels lapse ‘unacceptable’

ASML Holding NV reported orders for the first quarter that were almost €1 billion (RM5 billion) less than expected and warned that it doesn’t know how to quantify the impact from recent tariff announcements, which are threatening to upend the semiconductor industry.

ASML CEO warns US tariffs are creating chip sector uncertainty

Nextgreen Global Bhd (KL:NGGB), a company which turns oil palm empty fruit bunches (EFB) into paper, plans to set up a joint venture company with Chinese Fortune Global 500 company Xiamen C&amp;D Paper &amp; Pulp Group Co Ltd (Xiamen C&amp;D) to set up a RM900 million paper pulp plant in Pahang.

Nextgreen-IOI JV to partner China’s Xiamen C&D for a RM900m pulp plant in Pahang

Malaysia is committed to working together with China in various fields&nbsp;of mutual interest encompassing the economy, trade, and investment, to new technologies including artificial intelligence (AI),&nbsp;said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia committed to deepening ties with China in economy, trade and AI, says Anwar

Chinese President Xi Jinping called for support for the international system centred around the United Nations (UN), trade and the rule of law, as he continued on a Southeast Asian tour amid a sharp deterioration in China-US&nbsp;relations.

Xi calls for UN, multilateral systems to be upheld

Wall Street's main indices slid on Wednesday, with chipmakers leading declines as Nvidia warned of steep charges from new US curbs on its chip exports to China, making it one of the biggest casualties of the trade war between the two countries.

Florence Tan, Roslan Khasawneh and Chen Aizhu