The head of Europe’s insurance watchdog said the US Treasury market’s recent volatility is bringing into question its status as a safe haven.

Petra Hielkema, the chair of the European Insurance and Occupational Pensions Authority (EIOPA), made the comments last week as part of a presentation on behalf of European Union (EU) financial supervisors, according to people familiar with the matter.

Europe’s financial watchdogs question Treasuries’ haven status

UBS Group AG executives have suggested that a permanent cap on the size of its investment bank be written into Swiss law to alleviate government concerns about a potential future rescue, a person familiar with the matter said.

UBS offering permanent cap on size of its investment bank to ease Swiss worries — Bloomberg

(March 19): Switzerland’s financial regulator signalled that it would be open to introducing higher capital requirements for UBS Group AG in stages over a number of years, potentially pushing back the impact of changes the bank has fought stiffly against.

It’s “better to have the right ...

UBS capital demands could be phased in — Swiss regulator

Top UK regulators abandoned proposals to boost diversity across financial firms as they lean into the Labour government’s attempts to stoke economic growth by cutting red tape.

UK watchdogs abandon diversity work after backlash from bankers

Valuations in the rapidly growing private markets arena can suffer from unmitigated conflicts of interest, poor record-keeping and smoothing of volatility, the UK’s top financial regulator warned.

UK probe exposes poor valuation practices across private markets

Four of the European Union’s (EU) top central bankers urged the bloc’s regulatory arm to simplify the mass of rules that commercial lenders blame for increasingly putting them at a disadvantage to international competitors.

Top European central bankers push for simpler banking rules

The Trump administration is proposing an overhaul of the US State Department that would eliminate more than 100 offices including some working on war crimes and rights advocacy to ensure Washington's premier diplomatic agency is in line with President Donald Trump's "America First" priorities.

Trump administration proposes shake-up of US State Department

A slew of mergers and acquisitions among finance-related firms is defying the global slump in dealmaking amid market turmoil triggered by US President Donald Trump’s tariff war.

US$50 bil finance deals defy global M&A gloom

Alphabet Inc pays Samsung Electronics Co an “enormous sum of money” every month to pre-install Google generative AI app, Gemini, on its phones and devices, according to court testimony, even though the company’s practice of paying for installations has twice been found to violate the law.

Google paid Samsung ‘enormous sums’ for Gemini AI app installs

The treasurers of eight US states have written an open letter to Tesla Inc’s board of directors questioning the direction of the company and the level of attention Elon Musk is paying to its mounting challenges.

Tesla board gets an earful from state treasurers over Musk’s focus

United States (US) tech giants Intel and Oracle have raised concerns about the impact of the United States’ (US) tariffs on their operations in Malaysia, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Intel, Oracle raise concerns over US tariffs with PM — Zafrul 

Prime Minister Pedro Sanchez said Spain will boost defence spending to 2% of economic output in 2025, or four years earlier than previously planned, as Nato nations come under growing US pressure to invest more in their security.

Spain plans to hike defense spending to 2% of GDP this year

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

MGB, Scanwolf, DPS Resources, Petronas Chemicals, Alpha IVF, Pentamaster, Southern Steel

Northrop Grumman Corp reported first-quarter profit that missed analysts’ expectations and cut its earnings forecast for the year as costs mounted for its next-generation B-21 stealth bomber.

Northrop Grumman cuts earnings outlook on B-21 Bomber costs

Solar photovoltaic (PV) module manufacturers in Malaysia owned by China-based players could face the risk of being phased out due to the latest US-imposed duties on solar imports from the country, an industry group representing the sector said.

New US tariffs on solar imports threaten to phase out Chinese solar panel makers in Malaysia

Thailand’s Prime Minister Paetongtarn Shinawatra has ruled out an imminent cabinet shakeup amid reports of a growing rift between her ruling party and its biggest coalition partner.

Thai PM rules out cabinet shakeup amid signs of coalition rift

The Royal Malaysian Police (PDRM) plans to nab&nbsp;another ‘Tan Sri’ for questioning&nbsp;in connection with the MBI ponzi scheme, following a second round of arrests from April 18 to 21 and the seizure of RM347 million in assets, according to sources.

Police to nab third ‘Tan Sri’ for questioning, following fresh arrests and RM347m seizure in MBI case — sources

Solar photovoltaic (PV) module manufacturers in Malaysia owned by China-based players could face the risk of being phased out due to the latest US-imposed duties on solar imports from the country, an industry group representing the sector said.

Petronas Chemicals Group Bhd (KL: PCHEM), or PCG, announced on Tuesday that its Pengerang Petrochemicals Complex in Johor — the group’s largest growth project under its olefins and derivatives segment in partnership with Saudi Aramco — commenced commercial operations in November 2024

Petronas Chemicals says commercial ops at Pengerang site commenced in November 2024

Norges Bank, which manages Norway’s government pension fund, has emerged as a substantial shareholder in automated test equipment (ATE) maker Pentamaster Corp Bhd (KL:PENTA) with a 5.26% stake.

Norges Bank emerges as substantial shareholder of Pentamaster

THE recent Putra Heights gas pipeline explosion has affected the livelihood of 469 families and disrupted the operations of nearly 300 companies whose gas supply has been cut.

While the cause of the April 1 blaze is being investigated, a number of firms have been forced to halt producti...

Putra Heights gas blast leaves its mark on businesses

The Ministry of Transport (MOT) is studying a more structured mechanism regarding port charges to ensure the sustainability of the country's ports as well as a balance between market needs and capacity development.

Transport Ministry floats plan for phased 30% increase in port tariff

Shares of TMD Energy Ltd, a 66.39% subsidiary of Straits Energy Resources Bhd (KL:STRAITS), rose by as much as 26.76% on its first day of trading on the New York Stock Exchange (NYSE) American.

TMD Energy opened at US$3.26 on Monday (April 21), and hit an intraday high of US$4.12, before it pared its gains to close at US$3.63, an 11.69% premium over the initial public offering (IPO) price of US$3.25 per share.

Straits Energy’s TMD ends NYSE American debut at 12% premium to IPO price

The cargo division of Malaysia Aviation Group, MAB Kargo Sdn Bhd (MASkargo), together with Qatar Airways Cargo and IAG Cargo, plan to launch a global cargo joint business to improve service, speed, connectivity, routes, efficiency and safety in air freight.

MASkargo, Qatar Airways Cargo and IAG Cargo plan joint cargo business

Global paper manufacturer Zhejiang Jingxing Paper Joint Stock Co Ltd is set to expand its manufacturing operations in Banting, Selangor, with a RM1.9 billion investment.

Shenzhen-listed Zhejiang Jingxing Paper invests RM1.9 bil to expand Malaysian operations

Wong &amp; Partners, the legal firm which had advised 1Malaysia Development Bhd (1MDB), did not play a role in the controversial transfer of the US$1 billion meant for a joint venture with PetroSaudi International Ltd (PSI), but which was then misappropriated, the court heard on Tuesday.

1MDB legal adviser Wong & Partners played no role in controversial US$1b remittance, court told

The dragon carving souvenir recently presented to Chinese President Xi Jinping was a personal gift and not an official government representation, Transport Minister Anthony Loke Siew Fook said.&nbsp;

Loke: Dragon souvenir for Xi a personal gift, should not be blown out of proportion

The treasurers of eight US states have written an open letter to Tesla Inc’s board of directors questioning the direction of the company and the level of attention Elon Musk is paying to its mounting challenges.

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

United States (US) tech giants Intel and Oracle have raised concerns about the impact of the United States’ (US) tariffs on their operations in Malaysia, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

DESPITE volatile market conditions, telecommunications infrastructure provider Reach Ten Holdings Bhd is pushing ahead with its initial public offering in May — the first Main Market IPO of a Sarawak-based company in 15 years.

Managing director Leo Chin Yu Lay says the primary objective...

Reach Ten defies volatile market in Sarawak’s first Main Market IPO in 15 years

Wall Street's main indexes recovered some ground on Tuesday as investors focused on corporate earnings after President Donald Trump's mounting criticism of Federal Reserve chair Jerome Powell led to a sharp sell-off in the previous session.

Wall Street bounces back after sell-off as investors focus on earnings

To break into the cryptocurrency mining industry, Eric Trump and Donald Trump Jr are teaming up with executives who previously founded a miner with the backing of investors implicated in an illegal penny-stock pump-and-dump operation.

Trump sons’ bitcoin mining partners had run-ins with regulators

After Singapore-based steel firm Green Esteel Pte Ltd’s emergence as the controlling shareholder of Southern Steel Bhd (KL:SSTEEL) earlier this year, the Malaysian group is now offloading a 55% stake in its steel wire mesh-making unit to Singapore-listed BRC Asia Ltd for RM61.05 million in cash.

Southern Steel to sell 55% stake in steel wire mesh unit to Singapore-listed BRC Asia

MGB Bhd proposes to settle RM7.23 million with joint venture partner Aset AZG Sdn Bhd (AASB) to kick start a serviced apartment project in Cameron Highlands which has been on the back burner for six years.

MGB settles RM7.23m with JV partner to revive Cameron Highlands project after six years

Meta Platforms Inc, TikTok and Snap Inc questioned the integrity of Australia’s looming social media ban for under-16s after it emerged that Communications Minister Michelle Rowland made a personal pledge to YouTube’s boss to exempt the platform before a consultation process on the carveout had begun.

Laura Noonan