Notable fillings

During the week of April 22 to 26, among the notable changes in the shareholding of companies publicly traded on the Bursa Malaysia were those at Toyo Ventures Holdings Bhd.

Lim Guan Lee ceased to be a substantial shareholder in the company ...

Insider Moves: Toyo Ventures Holdings Bhd, Econframe Bhd, Pestech International Bhd, Sam Engineering & Equipment (M) Bhd, Sunway Bhd, Eastern & Oriental Bhd

ARMED forces fund Lembaga Tabung Angkatan Tentera (LTAT) has generated a lot of interest for many reasons, putting it in the crosshairs of investors and the market in general.

Asked where he hopes to see LTAT in three years, new Minister of Defence Datuk Seri Mohamed Khaled Nordin tells...

The LTAT conundrum 

OIL and gas (O&G) stocks have been gaining traction over the past few months, premised on better earnings prospects, and more recently, on the likelihood of oil prices escalating due to the conflict in the Middle East.

Earlier this month, on April 2, the Bursa Malaysia Energy Index ...

O&G stocks perform on better earnings prospects

THE interest generated by the initial public offering (IPO) of 99 Speed Mart Retail Holdings Bhd could be a gauge of investor reaction and sentiment to the recent boycott of a close competitor, and whether such action adds to the risks of running retail outlets.

Among the recently repor...

Minimal impact from new risks associated with retail business

Notable filings

OVER the week of April 8 to 12, among the notable changes in shareholding for companies publicly traded on Bursa Malaysia was one at palm oil miller and restaurant operator Dolphin International Bhd.

At Dolphin, privately held Oasis Harvest H...

Insider Moves: Dolphin International Bhd, Eden Inc Bhd, Eduspec Holdings Bhd, Kretam Holdings, MISC Bhd, Solarvest Holdings Bhd    

In court the other day, while the editor-in-chief of The Edge was on the stand defending an article we had written, this writer was very disturbed and could not focus on the proceedings. A digital date display in the courtroom had on it Sept 29, 2009, when in fact it was mid-March 2024.

Coffee Break: Banking on the next big thing

INTEGRATED Marine Works Sdn Bhd (IMW) — a privately held company that was granted a 15-year extension of its concession to provide dredging and reclamation works to all federal ports owned by the government in May 2022 — is understood to have fallen into financial distress, resulting in receivers...

Port dredging concessionaire Integrated Marine Works could go into receivership 

IF all goes as planned, facilities and waste management services company AWC Bhd could be a very different animal in a few short years.

The company’s group CEO and president Datuk Ahmad Kabeer Mohamed Nagoor is in high spirits when we meet at his office in Subang Jaya, Selangor. He says...

AWC looks to Indonesia and Saudi Arabia for bigger opportunities 

A plan is being hatched by a couple of substantial shareholders of Malaysia Airports Holdings Bhd (MAHB) to privatise the airport operator, sources familiar with the matter tell The Edge.

It is understood that both sovereign wealth fund Khazanah Nasional Bhd, which has a 33.24% stake in...

Newsbreak: Plan to privatise MAHB in the works?

A barrage of questions has arisen after the Lim family, led by patriarch Lim Han Weng — who controls oil and gas floating production storage and offloading player Yinson Bhd — acquired a controlling 50.2% stake in Icon Offshore Bhd, an offshore support vessel (OSV) provider for the O&G sector...

Ekuinas explains Icon Offshore sale

Apple has launched an aggressive discounting campaign on its official Tmall site in China, offering discounts of up to 2,300 yuan (US$318) on select iPhone models.

The discounting comes as the US tech giant seeks to defend its position in the high-end smartphone market, where it faces increasing competition from local rivals such as Huawei.

Apple slashes iPhone prices in China amid fierce Huawei competition

Crypto startup funding rose for a second straight quarter to hit US$2.4 billion in the first three months of 2024, PitchBook data showed, as expectations of lower interest rates and the debut of the first US bitcoin spot ETF whetted investor appetite.

Venture capital funding in crypto rises to US$2.4 bil, PitchBook says

The move to introduce the drawing of lots in awarding jobs to G1 to G4 contractors shows the Madani government's concern and commitment towards the fate and future of the contractors involved.

Drawing lots for projects ensures job opportunities for G1-G4 contractors

China sharply criticised the inaugural address of new Taiwan President Lai Ching-te, an early indication he will likely have a rocky relationship with Beijing.

China rips Taiwan’s Lai for ‘dangerous signal’ in opening speech

US bank regulators are reconsidering how much liquidity banks should be required to have on hand following a series of abrupt bank failures in 2023, the Federal Reserve's top regulatory official said Monday.

Michael Barr, the Fed's vice chair for supervision, said regulators are considering "targeted adjustments" to existing liquidity rules aimed at boosting bank resilience under stress. The changes under consideration are aimed at larger banks, and would be intended to ensure they can readily access funds to offset surprise losses or deposit flight, he said. Barr did not say when he expected regulators to propose such changes.

Fed's Barr says regulators considering 'adjustments' to liquidity rules

Malaysia’s exports rebounded at a slower-than-expected 9.1% in April from a year earlier, as a surge in shipments of machineries, chemicals and palm oil offset a decline in deliveries of petroleum products and subdued electronics demand, official data Monday showed.

Malaysia's exports rebound slower than expected in April, official data shows

Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high.

Menang declares six sen special dividend as earnings rises to six-year high

The Malaysian government is working with international partners to evacuate a stranded Malaysian medical team from Rafah, Gaza, according to the Ministry of Foreign Affairs.

Govt working with international partners to evacuate stranded Mercy medical team from Rafah

Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier.

The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year, said the country’s largest Chinese-language media group in a filing on Monday.

Media Chinese expects to report up to US$13 mil net loss for FY2024 amid lower publishing revenue

In today’s edition of Evening 5: 0:06 Govt extends foreign worker freeze, to roll out multi-tier levy in January 20251:28 Public Bank's 1Q net profit slips 3.5% on higher personnel costs, provisions2:49 Bumiputera agencies to move away from giving out 'free money', says Rafizi4:10 Bursa introduces Trading Reminder on top of unusual market activity queries5:41 Kuala Lumpur Kepong net profit slumps 39% while revenue shrinks 9.8% in 2Q

EVENING 5: Govt extends foreign worker freeze

Iran's President Ebrahim Raisi was killed in a helicopter crash, an Iranian official and Mehr news agency reported on Monday. Below is a brief outline of what Iran's constitution says happens when a president is incapacitated or dies in office:

What happens in Iran when a president dies in office?

The High Court has ordered former Mara Corp chief executive officer (CEO) Datuk Badlisyah Abdul Ghani to pay the firm RM3.4 million after finding him guilty for breach of duty during his three-month term with the company, which is the investment and commercial arm of Majlis Amanah Rakyat.

Former Mara Corp CEO ordered to pay RM3.4m to company for breach of duty

Public Bank Bhd (KL:PBBANK), Malaysia’s third-largest banking group by assets, said on Monday its net profit slipped 3.5% for the first quarter ended March 31, 2024 (1QFY2024) from a year earlier, mainly due to higher personnel costs and higher provisions.

Public Bank's 1Q net profit slips 3.5% on higher costs, provisions

AS more investments continue to pour into the data centre (DC) industry, companies are looking to tap opportunities in either the DC construction, fit-out or testing and commissioning segments.

Notably, the artificial intelligence (AI) boom has spurred demand for digital infrastructure,...

Data centre-linked stocks gain traction on news flow

A senior banker from Maybank Investment Bank Bhd, Kevin Davies, is said to be moving to smaller-sized rival RHB Investment Bank Bhd to take on the CEO role, according to at least three industry sources.

“The move is subject to regulatory approvals,” one of the sources tells The Edge.</p...

Maybank senior banker Kevin Davies said to be headed to RHB

Shares in gold-related counters surged on Monday after the precious metal notched a fresh all-time high as investor demand soared across the broader metals market amid increasing optimism that the US will cut interest rates this year.

Poh Kong leads rally in gold-linked stocks as the precious metal hits fresh record

Bursa Malaysia said on Monday it is introducing Trading Reminders, a new tool that highlights unusual trading activity in addition to queries issued over spikes in prices and volumes.

Bursa introduces Trading Reminder flag on top of unusual market activity queries

Electronics manufacturing services firm Notion VTec Bhd (KL:NOTION) charted a new three-year high on Monday, as Bursa Malaysia’s Technology Index touched a new one-year high following the US’ plan to hike tariffs on semiconductors from China.

Notion VTec charts new three-year high amid rally in tech stocks

RHB Investment Bank Research has maintained its 'buy'&nbsp;rating for&nbsp;Gamuda Bhd (KL:GAMUDA) at RM5.58, with a higher target price of RM6.55 (from RM6.30), and said it is upbeat on the prospects Ho Chi Minh City (HCMC) has for Gamuda’s property arm.

RHB IB upbeat on Gamuda’s prospects in Ho Chi Minh City, raises target price to RM6.55

Gold prices hit an all-time high on Monday, as a slowing US inflation trend boosted expectations the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.

Spot gold rose 1% to US$2,438.44 per ounce, as of 0811 GMT, after hitting a record high of US$2,449.89 earlier in the session. US gold futures GCcv1 rose 1.1% to US$2,442.60.

Gold hits record peak as rate-cut bets burnish appeal, silver jumps

Maxis Bhd’s (KL:MAXIS) intention to build a second fifth-generation (5G) network could potentially put the group’s financial position and future earnings under pressure, according to analysts.

Maxis' financial position could face pressure from proposed second 5G network, say analysts

theedgemalaysia.com&nbsp;highlighted one stock with positive momentum and 16 stocks with negative momentum at Bursa Malaysia's afternoon close on Monday. &nbsp;

Cahya Mata Sarawak, Willowglen, Oceancash, Excel Force, Manulife, MBSB, MFM, Panasonic, ELK-Desa, Puncak Niaga, BIG Industries, Astral Asia, Niche Capital Emas, Hextar Retail, Arka, AHB, Dataprep

Bumiputera-mandated agencies under the Ministry of Economy will move away from giving out ‘free money’ or grants, to focus on providing financial leverage and assistance for business expansion, its minister Rafizi Ramli said on Monday.

Bumiputera agencies to move away from giving out 'free money', says Rafizi

Foreign buying of Malaysian equities was sustained for the fourth consecutive week with a total of RM873.9 million last week, leading to a year-to-date net inflow of RM4.9 million.

In its fund flow report on Monday, the MIDF Research team said the sustained interest in the domestic market may have stemmed from economic optimism, as recent data revealed a 4.2% year-on-year rise in gross domestic product in the first quarter of 2024.

Foreign buying of M'sian equities sustained for fourth week with RM874m inflow, says MIDF

Malaysia is expected to see a "potential upswing" in external demand, particularly from China, while also benefitting from the imposition of US tariffs on Chinese goods, including electric vehicles (EVs) and their components, said TA Securities.

Malaysia to benefit from China demand, US tariffs on Chinese EVs — TA Securities

Taiwan President Lai Ching-te asked China on Monday to stop its military and political threats, saying in his inauguration speech that peace is the only choice and that Beijing had to respect the choice of the Taiwanese people.

Lai, addressing the crowd outside the Japanese-colonial-era presidential office in central Taipei, repeated a call for talks with China, which views the proudly democratic island as its own territory and has never renounced the use of force to bring it under Beijing's control.

New Taiwanese president calls on China to stop its threats

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) traffic expanded by 7.6% to 11 million passengers in April 2024, compared with the preceding month's 10.2 million passengers.

MAHB's passenger traffic hit 11 million in April, 7.6% higher month-on-month

The government has decided to once again extend the freeze on foreign worker applications, according to Home Minister Datuk Seri Saifuddin Nasution Ismail.

Govt extends freeze on foreign worker applications, no new quota

Malaysia’s exports rebounded at a slower-than-expected 9.1% in April from a year earlier, as a surge in shipments of machineries, chemicals and palm oil offset a decline in deliveries of petroleum products and subdued electronics demand, official data Monday showed.

Asian shares hit two year highs while copper and gold struck records on Monday as investors wagered on interest rate cuts around the corner and China stepping up efforts to steady its ailing property sector.

Jose Barrock

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Jose Barrock

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