Notable filings

From Oct 28 to Nov 1, notable shareholding changes in Bursa Malaysia-listed companies included those at Malayan Banking Bhd (KL:MAYBANK), which saw Kumpulan Wang Persaraan (Diperbadankan) or KWAP cease to be a substantial shareholder.

Accordi...

Insider Moves: Malayan Banking Bhd, Aizo Group Bhd, Johor Plantations Group Bhd, Bahvest Resources Bhd, IHH Healthcare Bhd, S P Setia Bhd   

THE board of directors of Sapura Resources Bhd (KL:SAPRES) is understood to be considering legal action against former managing director Datuk Shahriman Shamsuddin, who resigned at the end of last month, and two consultants who have been advising the company’s property and aviation businesses ove...

Sapura Resources may take legal action against Shahriman, consultants

FLAT-steel player Mycron Steel Bhd’s (KL:MYCRON) foray into the Mexican market last November has given the group’s financials a boost. For the financial year ended June 30, 2024 (FY2024), it chalked up a net profit of RM16.97 million, reversing its FY2023 net loss of RM12.33 million. This was on ...

Mycron’s foray into Mexico is paying off, but for how long? 

IT has been less than a month since Tarmizi Yusof Azuddin, 42, became CEO of oil and gas (O&G) producer Ping Petroleum Ltd. His mandate from controlling shareholder Dagang NeXchange Bhd (DNeX) (KL:DNEX) is a big one, that is, to float the company within three years. DNeX indirectly owns a 90%...

Growing Ping Petroleum

Notable fillings

In the week of Oct 14 to 18, among the notable changes in shareholding at companies publicly traded on Bursa Malaysia were those at Sandakan-based WMG Holdings Bhd (KL:WMG).

Privately held Syarikat Kretam (Far East) Holdings Sdn Bhd — the ve...

Insider Moves: WMG Holdings Bhd, Theta Edge Bhd, Nova MSC Bhd, Focus Lumber Bhd, Mr D.I.Y. Group (M) Bhd, Matrix Concepts Holdings Bhd

Just the other day, this writer found out — thanks to a press release from sovereign wealth fund Khazanah Nasional Bhd — that Jelawang Waterfall in Kelantan, at a height of over 300m, is among the highest waterfalls in Southeast Asia.

Yes, it’s true. Prior to reading the press release, ...

Coffee Break: Truth can be stranger than fiction

A contract by national oil company Petroliam Nasional Bhd (Petronas) to ferry oil and gas (O&G) personnel to offshore rigs for a seven-plus-three-year quantum, possibly worth several hundred million to a few billion ringgit — depending on how the jobs are carved out — is likely to come up for...

Petronas’ lucrative helicopter contract said to be up for grabs

REGULATORS are said to be looking at imposing bumiputera equity requirements for initial public offerings (IPOs) on the ACE Market, sources familiar with the matter tell The Edge.

The move, if it materalises, will align the bumiputera shareholding requirement with that of the Main Marke...

ACE Market IPOs will require bumiputera equity threshold, say sources 

Notable filings

Over the week of Sept 30 to Oct 4, among the notable changes in shareholding in companies publicly traded on Bursa Malaysia were those at poultry product producer Lay Hong Bhd (KL:LAYHONG).

On Oct 2, Japan-based NH Foods Ltd ceased to be a su...

Insider Moves: Lay Hong Bhd, Magna Prima Bhd, PRG Holdings Bhd, AppAsia Bhd, CTOS Digital Bhd, Farm Fresh Bhd 

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.

It is understood that a number of compa...

Petronas to dish out up to RM10b worth of jobs

KYIV (Nov 20): The United States said it had reopened its embassy in Kyiv late on Wednesday, after it had shut for the day due to what it called the threat of a significant air attack, a day after Ukraine used American missiles to hit a target inside Russia.

US reopens Kyiv embassy after Ukraine firing of ATACMS missiles into Russia prompted potential strike threat

China's Huawei plans to start mass-producing its most advanced artificial intelligence chip in the first quarter of 2025, even as it struggles to make enough chips due to US restrictions, said two people familiar with the matter.

Huawei aims to mass-produce newest AI chip in early 2025, despite US curbs

Asian equities fell on Thursday after AI darling Nvidia disappointed investors with slower revenue growth expectations, while the dollar firmed and bitcoin hit a record high, buoyed by hopes about US President-elect Donald Trump's policies.

Asian stocks stutter as Nvidia's forecast disappoints

The extended six-year contract signed between the government and Bestinet Sdn Bhd for the Foreign Worker Centralised Management System (FWCMS) could cost the government a minimum of RM3.2 billion, according to a report by the Public Accounts Committee (PAC).

Bestinet contract extension for foreign worker recruitment system could cost govt minimum of RM3.2b, says PAC

The High Court here has ordered the Royal Malaysian Police (PDRM) to complete investigations on the death of Teoh Beng Hock within six months from Thursday.

Police given six months to complete probe into Beng Hock’s death

THE award of the second 5G network to U Mobile on Nov 1 has kicked up a storm. Four bids were submitted, from CelcomDigi, Maxis, U Mobile and TM. Maxis, for instance, once widely seen as the frontrunner, is seeking to talk to the Malaysian Communications and Multimedia Commission (MCMC) on what e...

Cover Story: Will the second 5G network benefit Malaysians with lower prices and better service?

EIGHTEEN months after its decision to abandon the single wholesale network (SWN) structure and transition to a dual 5G network, Malaysia sprang yet another surprise by selecting U Mobile Sdn Bhd, the third and smallest of the three bidders that qualified, for the coveted second 5G spectrum bid on...

Cover Story: Untangling the second 5G network puzzler 

KUALA LUMPUR (Nov 21): Mah Sing Group Bhd (KL:MAHSING) has unveiled the sales gallery of its RM850-million M Aspira serviced-apartment project in Taman Desa, Kuala Lumpur on Wednesday (Nov 20).

Mah Sing unveils M Aspira sales gallery in Taman Desa

SINGAPORE/CHICAGO?CANBERRA (Nov 21): Wheat growers in several exporting countries are reluctant to sell their crops with prices near four-year lows, traders, farmers and millers say, leaving flour makers with dwindling supplies and vulnerable to any potential upswing in prices.

Flour millers face supply crunch as wheat farmers tighten grip on stocks

Northern Solar Holdings Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The solar energy firm said its IPO scheduled to take place in February 2025, entails a public issue of 67.3 million new shares and the sale of 35.6 million existing shares.

All in all, the listing would offer investors up to a 26% stake in the company.

Northern Solar Holdings signs underwriting agreement with M&A Securities

(Nov 21):&nbsp;Dyson Ltd&nbsp;is dialling back its hairdryer-related operations in Malaysia, according to people familiar with the matter who declined to be identified discussing matters that are private, as the consumer goods company seeks to streamline its business in the region.

Dyson dials back Malaysian hairdryer ops, redeploys staff in Johor — Bloomberg

Asian equities fell on Thursday after AI darling Nvidia disappointed investors with slower revenue growth expectations, while the dollar firmed and bitcoin hit a record high, buoyed by hopes about US President-elect Donald Trump's policies.

Petronas Chemicals Group Bhd (KL:PCHEM) may be in for tougher days ahead following a massive paper loss that sent the company into the red for the first time ever and prompted analysts to cut their forecasts.

Petronas Chemicals' outlook gloomy, analysts warn amid mounting joint venture loss

Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, has been indicted in New York over his role in a US$265 million (RM1.2 billion) bribery scheme, according to US prosecutors.

Indian billionaire Adani charged in US with bribery; Adani Group shares tumble

KUALA LUMPUR (Nov 21): Malaysia’s central bank made two unusual changes to the government bond auction calendar by rescheduling a tender set for this month, and scrapping another pencilled in for December.

BNM reschedules govt bond auction, scraps one issue in unusual move

KUALA LUMPUR (Nov 21): Shares of RCE Capital Bhd (KL:RCECAP) fell on Thursday after the company, which mainly provides financing to civil servants, reported weaker than expected quarterly results.

RCE Capital shares fall on Thursday after weaker than expected results

Property prices in Asia’s major markets are expected to rise over the next year with Hong Kong leading the projected gains, according to Bloomberg Intelligence.

Home prices set to rise in Hong Kong, Singapore, Australia in 2025

Nvidia forecast its slowest revenue growth in seven quarters on Wednesday, failing to meet lofty expectations of some investors who have made it the world's most valuable firm.

Nvidia's AI chip demand still booming but slowing sales growth worries investors

Starbucks Corp reduced its US retail workforce by 8% in its most recent fiscal year, even as the coffee chain added hundreds of new locations.&nbsp;

Starbucks shrank retail staff 8% despite hundreds of new stores

The Biden administration told Congress it plans to cancel US$4.65 billion (RM20.8 billion) in debt owed by Ukraine, according to a letter obtained by Bloomberg News, the latest in a series of moves meant to bolster support for Kyiv before President-elect Donald Trump takes office.

Biden administration seeks to cancel US$4.6b of Ukraine’s debt

KUALA LUMPUR (Nov 21) : The National Union of Journalists Malaysia (NUJ) refutes claims by senior lawyer Tan Sri Muhammad Shafee Abdullah that the media unfairly covered the SRC International Sdn Bhd trial, involving former prime minister Datuk Seri Najib Razak.

NUJ defends media’s fair coverage of SRC trial, urges Shafee not to ‘drag’ media into case

The CEO of Indian food delivery giant Zomato has stoked a public debate by advertising a chief of staff job with an unusual twist: there will be no salary initially and the position instead comes with a two million rupee (US$23,700 or RM106,034) "fee".

Want to be chief of staff at India's Zomato? CEO says forget salary, pay US$23,700 fee 

Starbucks Corp is exploring options for its Chinese operations including the possibility of selling a stake in the business, according to people with knowledge of the matter.

Starbucks said to consider selling stake in Chinese business

PARAMARIBO (Nov 20): Suriname's state-run oil company Staatsolie said on Wednesday that US oil giant ExxonMobil has withdrawn from its offshore block 52, and block operator Petronas Suriname E&amp;P will take over its 50% stake.

Suriname’s Staatsolie says ExxonMobil has withdrawn from offshore block, Petronas’ unit to take over 50% stake

Big tech edged lower in afterhours trading following a disappointing revenue forecast from Nvidia Corp.

Tech weakens in late trading after Nvidia earnings

BERLIN/FRANKFURT (Nov 21):&nbsp;As Volkswagen&nbsp;and unions gear up for the next round of talks over wages and plant closures in Germany, company and industry data reviewed by Reuters show that the automaker spends a higher proportion of sales on labour costs than major rivals.

...

In high-wage Germany, Volkswagen's labour costs outstrip the competition

Shares of Adani Group companies lost about US$22 billion (RM98.4 billion) in market value in early trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

India's Adani Group sees US$22b in value wiped off after US indictments

Flexible work arrangements are no longer just a perk but a necessity in today's job market. According to Wong Shu Qi, chairman of Talent Corporation Malaysia Bhd (TalentCorp), two in five Malaysians are ready to quit their jobs if forced to spend more time in the office.

Life At Work Awards 2024: Reshaping the workforce with inclusive strategies

Bitcoin hit US$95,000 (RM425,030) for the first time as the digital-asset sector moves to cement its influence with Donald Trump by pushing for a new White House post dedicated to cryptocurrency policy.

Bitcoin hits record US$97,000 as crypto seeks direct line to Trump

<h2>Billionaire chairman of conglomerate and seven other senior business executives indicted in connection with scheme to pay hundreds of millions of dollars in bribes and conceal bribery scheme from US investors</h2>

<time datetime="2024-11-20T12:00:00Z">Wednesday, November 20, 2...

Jose Barrock

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