ALTHOUGH MBI — the multimillion-ringgit pyramid scheme that attracted hundreds of investors from as far as China — collapsed in 2018, it continues to cast a pall over several prime property projects in Penang.

One of them is Penang Times Square, which was developed by Ivory Properties G...

MBI thwarts Ivory Properties’ plan to revive Penang Times Square project 

In one of his rare interviews in January 1996, the late T Ananda Krishnan said his passion was to go into the business of the future.

Alternative Views: Ananda’s unfinished business leaves much to speculation

The foreign labour market is a lucrative business in Malaysia. Every year, up to 2.7 million foreign workers come into the country seeking employment legally

Alternative Views: How a lucrative immigration IT system survived five prime ministers and is poised to rake in billions

Six years since the financial woes of Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd came to light, there is still no firm plan in place to nurse either entity back to health.

Alternative Views: LTAT’s obsession with Boustead remains a puzzle

The Umno leader who first introduced Umno to the corporate world after the New Economic Policy was launched in 1971 was Tengku Razaleigh Hamzah. Razaleigh did this by taking control of Fleet Group in 1972 via Umno proxies/nominees. Fleet Group then controlled the New Straits Times group in Malays...

Alternative Views: Daim took the nexus between business and politics to a new level

Historically, the ratio of Malaysia’s trade to its gross domestic product (GDP) has always been more than 100%, showing how a healthy global economy with a free flow of goods and services is important to the country.

Malaysia’s biggest trading partner is China, followed by Singapore and...

Alternative Views: Trump has won but it’s not all gloom and doom for Malaysia

During his Budget 2025 speech two weeks ago, Prime Minister Datuk Seri Anwar Ibrahim did not read out an important paragraph that touched on the government’s drafting of a new law to allow for home detention as an alternative to a custodial jail sentence.

Why he did not read that paragr...

Alternative Views: Home detention can bring more grief than gain to the reform agenda

THE acronym MBI if spelt backwards is IBM, the US-based computer main frame technology company with a global reach.

Tedy Teow Wooi Huat, the prime figure behind the disgraced MBI, wanted a global reach similar to IBM. In his talks to members, he would always drive home the point why the...

Cover Story: Picking up the pieces from MBI’s collapse

It came as a surprise to many when Diona Teh Li Shian announced that her family would reduce its stake in Public Bank Bhd (KL:PBB) to 10% over the next five years. While the timing of the announcement was unexpected, it was a strategic move.

It effectively answered the question as to ho...

Alternative Views: A 10% stake in a bank can mean all or nothing

For the first time since 2007, the deposit level in Malaysia’s foreign currency account (FCA) saw a significant drop in the month of August.

Based on Bank Negara Malaysia’s data, the deposits declined by RM11 billion to RM246 billion in that month. Prior to August, deposits in the FCA, ...

Alternative Views: Why the ringgit’s appreciation is losing its momentum for now

Gateway Development Alliance (GDA), the consortium proposing to privatise Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT), said it is maintaining its offer of RM11 per share, despite recommendations by the airport operator’s independent directors for shareholders to reject the offer.

GDA maintains RM11 offer for MAHB, challenges independent directors’ rejection

(Dec 20): It’s been a challenging couple of years for real estate stocks since the Federal Reserve started raising interest rates in 2022, as borrowing costs soared and the property market collapsed. And despite a healthy rebound in the middle of 2024, the outlook for 2025 isn’t particularly...

Office rebound expected in 2025 while other real estate stocks to see trouble

ECA Integrated Solution Bhd (KL:ECA) has proposed to expand its presence in China by investing in automated equipment manufacturer Suzhou Thryda Co Ltd (Thryda).

ECA Integrated invests in automated equipment manufacturer to expand presence in China

The S&P 500 and the Nasdaq dipped on Friday as fears over high interest rates next year loomed, although a cooler-than-expected inflation report kept losses in check.

S&P 500, Nasdaq dip as rate cut fears linger despite easing inflation

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

MAHB, Top Glove, Catcha Digital, Johor Plantations, Kawan Renergy, Mega First, PLB Engineering, Bahvest, Smile-Link 

The workers' union representing over 10,000 baristas at Starbucks said its members will strike at stores in Los Angeles, Chicago, and Seattle for five days starting Friday, citing unresolved issues over wages, staffing and schedules.

Starbucks workers' union set to strike in US cities as bargaining talks hit impasse

A Madrid court has sentenced former International Monetary Fund chief Rodrigo Rato to almost five years in prison for various crimes related to corruption, the court said on Friday.

Ex-IMF chief Rato sentenced to new prison term over corruption

Auditing firm HLB Ler Lum Chew said on Friday that a special notice for a resolution to remove the firm as the external auditor of Smile-Link Healthcare Global Bhd (KL:SMILE) had been immediately retracted, and that is the reason why the firm had not made any written representation on the matter

Smile-Link's auditor says removal notice retracted, threatens legal action over ‘untrue’ statement

The US$10.4 trillion (RM46.82 trillion) US exchange-traded fund (ETF) industry’s blockbuster year comes with an asterisk: even amid record inflows and launches, funds are shuttering at a nearly unprecedented clip.

Twin boom-and-bust hits US$10 tril ETF industry in overdrive

US consumer spending increased in November, underscoring the economy's enduring strength, which prompted the Federal Reserve this week to project fewer interest rate cuts in 2025 than it had three months ago.

US consumer spending rises in November; monthly inflation subsides 

KUALA LUMPUR (Dec 20): Top Glove Corp Bhd (KL:TOPGLOV) returned to black with a net profit of RM5.47 million for its first quarter ended Nov 30, 2024 (1QFY2025), from a net loss of RM57.71 million in the corresponding quarter a year ago, thanks to higher sales volumes and increased foreign exchange gains.

Top Glove returns to profitability in 1Q on stronger sales

KUALA LUMPUR (Dec 20): Crude palm oil (CPO) prices are expected to climb to a higher average of RM4,600 per tonne in 2025, from the projected average of RM4,200 per tonne this year, due to supply-side challenges, including weather disruptions and slow replanting progress.

Palm oil prices set to rise further in 2025 amid supply concerns, says MARC Ratings

Bank Negara Malaysia (BNM) has announced a series of interim measures to address the burden of rising medical insurance premiums on policyholders. These measures include spreading out premium increases over at least&nbsp;three years, effective until the end of 2026, and pausing certain premium adjustments for individuals aged 60 and above.

Medical insurance premium hike to be staggered and kept below 10% yearly, says BNM

KUALA LUMPUR (Dec 20): Mechanical and electrical (M&amp;E) engineering services provider CBH Engineering Holding Bhd (KL:CBH) has begun taking orders from its investors for its initial public offering (IPO) on Friday, to raise up to RM83.44 million on the ACE Market.

ACE-bound CBH Engineering starts taking orders for RM83m IPO

There will be no increase in electricity tariff for all users in Peninsular Malaysia from Jan 1 to June 30, 2025, the Ministry of Energy Transition and Water Transformation announced on Friday.&nbsp;

Electricity tariff unchanged in 1H2025, but new tariff structure from 2H onwards — energy ministry

Top Glove Corp Bhd (KL:TOPGLOV) expects further sales recovery and projects its glove sales volume in FY2025 to grow 60% to 43 billion pieces, on industry stock replenishment and increase in sales flow from the US as a result of the 50% tariff on China-made gloves set to start on Jan 1, 2025.

Top Glove flags 'start of comeback' as sales volume seen growing 60% in FY2025

Bank Negara Malaysia announced that the government, together with insurers, takaful operators (ITOs) and private hospitals, will contribute a total of RM60 million to speed up health reforms in the country.

BNM announces RM60 mil boost for healthcare reforms, including rollout of new payment model for private hospitals

theedgemalaysia.com highlighted one stock with positive momentum and two stocks with negative momentum at Bursa Malaysia's afternoon close on Friday.

Stocks with momentum on Dec 20, 2024: YTL Power, Ranhill and Bertam Alliance

The ringgit is expected to remain under pressure against the US dollar as the US Federal Reserve’s (Fed) less dovish monetary stance continues to support the greenback, said Kenanga Research.

Ringgit to stay above 4.50 against US dollar going into 2025 — Kenanga

CBH Engineering Holding Bhd (KL:CBHB), which is set to be listed on the ACE Market on Jan 16, is gearing up to expand its portfolio, with a focus on high-scale projects, particularly data centres.

ACE Market-bound CBH Engineering eyes larger projects, data centre jobs

Malaysia has agreed to resume the search for the wreckage of missing Malaysia Airlines Flight MH370, its transport minister said on Friday, more than 10 years after it disappeared in one of the world's greatest aviation mysteries.

Malaysia agrees to resume search for wreckage of missing Flight MH370

Mega First Corp Bhd (KL:MFCB) announced that its executive director, Goh Nan Yang, will step down from his position effective Dec 31, upon the expiry of his employment contract.

Goh Nan Kioh's brother resigns as Mega First executive director after two decades 

China’s aggressive drive to replace brand-name foreign drugs with dirt-cheap homegrown generics has already taken a toll on global pharmaceutical companies’ local business. Now they’re almost nowhere to be found on the latest list of companies winning contracts to sell commonly used drugs to Chinese hospitals.

Chinese aspirin costing under a cent shuts out foreign firms

Catcha Digital Bhd (KL:CATCHA), formerly known as Rev Asia Bhd, is acquiring a 60% stake in Drive 2 Digital Sdn Bhd (D2D) for RM16.2 million, cash, marking its entry into the automotive digital media sector, with a focus on Chinese and Malay language automotive content.

Catcha Digital expands into automotive digital media by investing in Drive 2 Digital 

Bursa Malaysia (KL:BURSA) saw a total of 55 initial public offerings (IPOs) this year, &nbsp;up 72% from the 32 IPOs listed last year.

Bursa wraps up 2024 with 55 IPO listings, highest in nearly two decades

A Bitcoin slide from a record high earlier this week extended to more than 10%, as reduced scope for looser US monetary policy dampened speculative zeal.

Bitcoin pullback deepens as US ETFs suffer record daily outflow

President-elect Donald Trump has threatened the European Union with tariffs if its member countries don’t buy more American oil and gas.

Trump threatens tariffs if EU doesn’t buy more US oil and gas

Tencent Holdings Ltd and stocks linked to the company rallied on Friday, fuelled by investor enthusiasm over a new gifting function on its popular WeChat platform.

Tencent, related stocks jump as WeChat gifting tool fuels rally

Malaysia's international reserves dipped to US$118.1 billion as at Dec 13 this year, from US$118.3 billion two weeks earlier on Nov 29.

BNM's international reserves ease to US$118.1b as at Dec 13

Johor Plantations Group Bh (KL:JPG) has appointed Tg Langsat Development Sdn Bhd (TLD) as an earthwork and main infrastructure contractor for its Integrated Sustainable Palm Oil Complex (iSPOC) project in Johor for RM39.04 million.

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