WHAT initially appeared to be an innocuous land deal has placed state development agency Penang Development Corp (PDC) and local conglomerate Sunway Bhd under intense scrutiny.

On Sept 27, Sunway announced that its 70%-owned unit Umech Land Sdn Bhd had inked a joint development agreemen...

Special Report: Batu Kawan deal raises questions that must be answered

Following the Umech land sale controversy, the Penang Development Corporation (PDC) board, chaired by Chief Minister Chow Kon Yeow, has instructed the management to prepare a paper to review the sale of land for projects that would be implemented on PDC land in the Batu Kawan Industrial Park 2 (BKIP2).

PDC management instructed to conduct study on land sale, development

Even though the RM646.02 million land deal between Penang Development Corp (PDC) and Umech Land Sdn Bhd — a 70%-owned subsidiary of Sunway Bhd — has been cancelled, the state needs to explain how the controversial agreement came to be signed, the Penang Chinese Chamber of Commerce (PCCC) insisted on Wednesday.

Questions remain even though Umech Land deal scrapped — PCCC

The Penang government should indefinitely suspend the controversial RM646 million land sale in Batu Kawan Industrial Park 2 (BKIP2) to Sunway Bhd’s subsidiary Umech Land Sdn Bhd pending investigations, or risk it becoming “very, very serious”, according to the state's former deputy chief minister (DCM) II Prof Dr P Ramasamy.

Suspend BKIP2 land sale to Sunway-Umech indefinitely — P Ramasamy

The Pakatan Harapan-Barisan Nasional (PH-BN) alliance won the Penang state election on Saturday (Aug 12) with a two-thirds majority, after winning 29 of the 40 seats in the state legislative assembly.

This victory, however, is not as resounding as that in the 2018 general election when PH — then contesting on its own — won 37 seats.

PH-BN retains two-thirds majority in Penang despite losing 11 seats to PN

Pakatan Harapan candidate Phee Sze Syn for Sungai Puyu hopes to fill the shoes of her father Phee Boon Poh, who has held the seat for five terms since 1999.

In Sungai Puyu, PH candidate follows in father's footsteps

As the sun sets over Kampung Sungai Batu, a coastal village in the southern part of Penang island, fisherman Rizuan Yusoff, 52, is resting at the Sungai Batu Fishermen’s Association, which is housed in a modest shed that looks out to sea.

Penang: PH-BN face tough time attracting rural Malay voters

Datuk Seri Sundarajoo Somu, who is making his election debut in the upcoming Aug 12 state polls, is so passionate and excited by the chance to stand as a candidate that the former deputy president and deputy CEO of Eco World Development Group Bhd said he would not be able to sleep — could not die peacefully even — if he had passed on the chance.

Former EcoWorld top exec hopes to be 'hero' in Perai seat

DOUBTS as to whether Chow Kon Yeow will return to lead Penang, even if he succeeds in defending his Padang Kota state seat on Aug 12, were put to rest with Prime Minister and Pakatan Harapan chair Datuk Seri Anwar Ibrahim saying that the former will remain as chief minister if PH retains the stat...

Run-Up To 2023 State Polls: Chow aims to complete Penang2030 in second and final term as CM

Run-up to 2023 state polls: Socioeconomic development — how the states stack up; seats and personalities to watch

China's industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers' sentiment amid a shaky economic recovery.

China's industrial profits post faster gains in June despite faltering economy

US Treasury Secretary Janet Yellen said on Friday that she opposes shifting global tax deal negotiations away from the Organisation for Economic Cooperation and Development (OECD) to the United Nations (UN), pushing back against the desires of some developing countries and non-profit groups.

Keep global tax negotiations at OECD, not UN, Yellen says

The main focus this week will be the US Federal Open Market Committee (FOMC) meeting on July 30 and 31.

The Week Ahead: FOMC meeting in focus, US Democratic presidential candidate could be announced

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unravelling, and not even cheap valuations can save the day.

World-lagging Thai stocks see investors moving money into regional rivals

Rattled investors are bracing for earnings from the market’s biggest tech companies, a Federal Reserve (Fed) policy meeting and closely watched employment data in a week that could determine the near-term trajectory of US stocks following a bout of severe turbulence.

Spooked US stock market faces tech earnings minefield, Fed meeting

Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.

Oil falls 1.5%, ends week lower on China demand fears

A gauge of global stocks climbed for the first time in four sessions on Friday as equities steadied after a sharp selloff and US economic data showed an improving inflation landscape, sending Treasury yields lower.

US inflation data lifts global stocks, lowers Treasury yields

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street closes up on revival supported by inflation data, tech stocks

Sarawak certainly had more good reasons to celebrate its 61st year of independence last Monday (July 22).

In conjunction with the celebration, the state saw the inauguration of a new methanol plant in Bintulu and the signing of gas sales agreements — the first after state-owned Petroleum Sarawak Bhd (Petros) became the sole gas aggregator, taking over from Petroliam Nasional Bhd (Petronas).

A major win in Sarawak’s bid to reclaim rights

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month

Sarawak certainly had more good reasons to celebrate its 61st year of independence last Monday (July 22).

In conjunction with the celebration, the state saw the inauguration of a new methanol plant in Bintulu and the signing of gas sales agreements — the first after state-owned Petroleum Sarawak Bhd (Petros) became the sole gas aggregator, taking over from Petroliam Nasional Bhd (Petronas).

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;

Miami condo tower moves on from brokers facing rape allegations

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Deputy PM Fadillah pays courtesy visit to Vietnamese PM, strengthens bilateral cooperation

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Treasuries rally as data points to a September rate cut

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Malaysia steps up efforts to finalise South China Sea code of conduct

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unravelling, and not even cheap valuations can save the day.

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Malaysia urges Asean dialogue partners to support ceasefire in Gaza

Rattled investors are bracing for earnings from the market’s biggest tech companies, a Federal Reserve (Fed) policy meeting and closely watched employment data in a week that could determine the near-term trajectory of US stocks following a bout of severe turbulence.

The main focus this week will be the US Federal Open Market Committee (FOMC) meeting on July 30 and 31.

US Treasury Secretary Janet Yellen said on Friday that she opposes shifting global tax deal negotiations away from the Organisation for Economic Cooperation and Development (OECD) to the United Nations (UN), pushing back against the desires of some developing countries and non-profit groups.

China's industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers' sentiment amid a shaky economic recovery.

Sangeetha Amarthalingam

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

Sangeetha Amarthalingam

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌