AFTER almost two years of repositioning, Tunku Rozita Abdul Malek, managing director of Amanah­Raya-Kenedix REIT Manager Sdn Bhd — the manager of Amanah­Raya Real Estate Investment Trust (Amanah­Raya REIT) (KL:ARREIT) — believes “the worst is over” for the REIT after it unloaded non-core assets s...

Worst over, income to kick into high gear next year, says AmanahRaya REIT

Glove

Overweight

CIMB SECURITIES (Oct 23): We reiterate our positive view on the glove sector despite believing that measures announced in Budget 2025 are negative for t...

Brokers Digest: Local Equities - Glove, Gamuda Bhd, AMMB Holdings Bhd, Telecommunications

THE Civil Aviation Authority of Malaysia (CAAM), which regulates the safety and security of the country’s civil aviation industry, has suspended the air operator’s certificate (AOC) of SKS Airways Sdn Bhd for 90 days until Jan 21 next year. The commercial airline is owned by Johor-based SKS Group...

Aviation regulator suspends SKS Airways’ air operator’s certificate

Plantation group FGV Holdings Bhd (KL:FGV) has approved a loan of RM260 million to its 72%-owned subsidiary FGV Palm Industries Sdn Bhd (FGVPI) to finance FGVPI’s capital expenditure requirements.

FGV grants RM260m loan to unit for capital expenditure

Property developer IGB Bhd (KL:IGBB) plans to raise up to RM5 billion by establishing a medium term note (MTN) programme to finance the general corporate purposes of the group.

IGB to raise RM5b via MTN programme for capex, working capital purposes

MALAYSIA’s proposed move to keep cigarettes and e-vapour products, or vapes, out of sight in shops, except in specialised stores, from April next year would cut off access to less harmful alternatives and encourage adult smokers to continue smoking as they are less able to make an informed choice...

Blanket display ban not the solution to ending smoking, says IQOS maker  

THE strategic shift Philip Morris International Inc (PMI), a “big four” tobacco company that sells Marlboro, L&M and Chesterfield cigarettes, began 10 years ago — moving away from cigarettes and towards smoke-free products — has recently marked a major milestone.

Its flagship heated...

Snubbing smoke-free alternatives only extends cigarettes’ life, says Philip Morris CEO

Technology company Techna-X Bhd (KL:TECHNAX) said it is unable to release its annual report for the financial period ended June 30, 2024 to Bursa Securities and shareholders by Thursday (Oct 31). It did not disclose the reason why.

Techna-X unable to submit annual report on time, faces trading suspension

Water and wastewater engineering and construction firm Salcon Bhd (KL:SALCON) has exited the moneylending business.

Salcon exits moneylending business

Singapore-based steel firm Green Esteel Pte Ltd will emerge as Southern Steel Bhd's (KL:SSTEEL) new controlling shareholder after completion of its proposed issuance of 752.06 million new shares, which represents 50.1% of Southern Steel's enlarged issued capital, to Esteel for 42 sen apiece or a total of RM315.86 million.

Singapore's Green Esteel one step closer to becoming Southern Steel's controlling shareholder

MORNING CALL: 8/11/24

A spate of lacklustre debuts throughout October fails to dent sentiment as issuers charge ahead with their initial public offerings (IPO) while investors still want a piece of the market action.

Issuers charge ahead with IPOs, investors unfazed despite string of weak debuts

Asian equities were set to climb Friday after a cross-asset rally in the US lifted stocks, bonds and commodities as the Federal Reserve cut interest rates.

Australian stocks and equity futures for Japan and Hong Kong all rose, while the Golden Dragon index of US-listed Chinese companies rallied 3.5%.

Stocks, bonds rally as Federal Reserve cuts rates

Donald Trump’s victory in the US presidential election has cleared an immediate hurdle for new European stock sales, but uncertainties around tariffs and other policies raise questions over the region’s longer-term prospects.

Spanish utility Cox Abg Group SA and Croatian grocery chain Studenac Group SA have pressed on with initial public offerings this week in an attempt to list before investors close up shop for the year.

Trump’s tariff risks to loom over Europe’s 2025 IPO pipeline

Oil rose, tracking equity markets, as traders digested competing narratives on how Donald Trump’s presidency will affect the crude market. 

West Texas Intermediate advanced 0.9% to settle above $72 a barrel, helped by the weakening dollar and climbing equities.

Oil rises as traders dissect production, geopolitics under Trump

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point. 

When asked at a post-meeting press conference whether he would step down if requested by Trump, Powell replied forcefully, “No.”

Fed cuts rates; Powell says wouldn’t resign if asked by Trump

Stocks hit fresh all-time highs, climbing alongside bonds and commodities, in a concerted cross-asset advance that by one measure was the best for a Federal Reserve day in 2024.

Equities extended their post-election rally, with the S&P 500 approaching 6,000 and notching its 49th record this year.

Wall Street has best Fed day of 2024 across assets

Americans are coming to terms with renting as an alternative to an increasingly unaffordable market for homebuyers.
 
The share of respondents who say they’d rent if they were going to move rose to a record 36% in a new survey by Fannie Mae, the government-backed mortgage finance giant.

Americans prefer to rent with market beyond reach of homebuyers

Human capital management provider Ramssol Group Bhd (KL:RAMSSOL) said its 51%-owned subsidiary in Thailand has secured a contract worth 275 million baht (RM35.61 million) to undertake an artificial intelligence (AI) healthcare solutions project for a hospital.

Ramssol’s unit bags RM36 mil AI-powered healthcare project in Thailand

Donald Trump should call President Vladimir Putin to open up a line of communications with Russia and ultimately push towards a ceasefire in Ukraine, Hungarian Prime Minister Viktor Orban’s top aide said.

Trump should call Putin to push Ukraine peace, says Orban aide 

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

Ekovest, Eco World, Mah Sing, Pentamaster, Sentral REIT, KKB Engineering, Microlink, FGV, Southern Steel 

The Malaysian Anti-Corruption Commission (MACC) has found several suspicious transactions in an investigation into investment losses of RM43.9 million in FashionValet Sdn Bhd.

MACC spots suspicious transactions in probe into FashionValet investment loss

The US Federal Reserve (Fed) is expected to reduce its benchmark policy rate by a quarter of a percentage point at the end of its policy meeting on Thursday, a decision that may seem a footnote given the uncertain economic terrain the central bank may soon be navigating under a second Trump administration.

Fed to cut rates, but with a new landscape to decipher after Trump win

Southern Steel Bhd (KL:SSTEEL) said it has settled its legal dispute over the construction of a hot rolled coils (HRC) plant with Italian plant builder Danieli &amp; C Officine Meccaniche SpA, which started in August 2016.

Southern Steel reaches RM187m settlement with Italian plant builder

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point.&nbsp;

When asked at a post-meeting press conference whether he would step down if requested by Trump, Powell replied forcefully, “No.”

A spate of lacklustre debuts throughout October fails to dent sentiment as issuers charge ahead with their initial public offerings (IPO) while investors still want a piece of the market action.

FGV Holdings Bhd (KL:FGV) on Thursday said its indirect subsidiary FGV Bulkers Sdn Bhd is being sued for allegedly breaching an agreement for the supply of palm kernel shells.

FGV’s unit sued over alleged breach of supply agreement

Human capital management provider Ramssol Group Bhd (KL:RAMSSOL) said its 51%-owned subsidiary in Thailand has secured a contract worth 275 million baht (RM35.61 million) to undertake an artificial intelligence (AI) healthcare solutions project for a hospital.

Kumpulan Jetson Bhd (KL:JETSON), which is being sued by OCR Group Bhd (KL:OCR) over alleged breaches of an RM88.03 million contract to build four blocks of serviced apartments in Jalan Yap Kwan Seng here, said on Thursday it is not a party to the disputed contract under OCR's suit as Jetson Construction Sdn Bhd (JCSB) — which was contracted to undertake the job — is no longer its subsidiary.

Kumpulan Jetson says it is not a party to disputed contract under OCR’s RM88 mil suit

The US stocks rally is nowhere near done, according to Evercore ISI strategists, who see Donald Trump’s plans to slice through red tape propelling the S&amp;P 500 Index another 11% through the middle of next year.

The bull market in US stocks is just starting, Evercore says

Huawei has provided hundreds of mobile network sites as well as cloud services and intelligent operation centres in Sarawak, which have helped improve wireless network coverage in remote areas, accelerating the country’s digital transformation, said Prime Minister Datuk Seri Anwar Ibrahim.

Huawei helps to accelerate country's digital transformation — PM 

Asian equities were set to climb Friday after a cross-asset rally in the US lifted stocks, bonds and commodities as the Federal Reserve cut interest rates.

Australian stocks and equity futures for Japan and Hong Kong all rose, while the Golden Dragon index of US-listed Chinese companies rallied 3.5%.

The head of HSBC Holdings plc’s new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring “very quickly” and could announce the first round of job cuts within weeks.

HSBC’s Roberts says first round of job losses coming in weeks

Inflation concerns and worries about increasing Bund supply after the government collapse in Germany triggered a sharp rise in euro area yields and led Germany's 10-year swap spread to hit its lowest level more than 20 years.

Germany’s 10-year swap spread hits lowest in 20 years as government collapses

The physical progress of the Sabah Pan Borneo Highway (LPB) Phase 1A project stands at 78% and is expected to be completed by the first quarter of 2026, said Works Minister Datuk Seri Alexander Nanta Linggi.

He added that Phase 1B of the project has reached 2.4% progress, with completion set for 2029.

Sabah Pan Borneo Highway Phase 1A reaches 78% progress — Nanta

Home Minister Datuk Seri Saifuddin Nasution Ismail defended the use of the Security Offences (Special Measures) Act 2012 or Sosma in the investigation involving GISB Holdings Sdn Bhd (GISB).

Home ministry defends use of Sosma in GISB case

Americans are coming to terms with renting as an alternative to an increasingly unaffordable market for homebuyers. 
&nbsp; 
The share of respondents who say they’d rent if they were going to move rose to a record 36% in a new survey by Fannie Mae, the government-backed mortgage finance giant.

Singapore’s Changi Airport will charge passengers and airlines more to fly in and out of the city-state to help finance a S$3 billion (US$2.3 billion or RM9.99 billion) upgrade of its terminals.

Singapore’s Changi Airport to raise flying fees to fund upgrade

Under Armour Inc reported results that surpassed analysts’ expectations as the sportswear company’s turnaround gains momentum under founder Kevin Plank. 
&nbsp; 
In the second quarter, which went through September, sales and adjusted earnings topped the average estimate from analysts.

Under Armour surges as turnaround led by founder gains steam

The Ministry of Natural Resources and Environmental Sustainability (NRES) is considering a nationwide ban on single-use plastic bags by 2026.

Kang Siew Li

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