Malaysia's economy, as measured by gross domestic product (GDP), grew 2.9% year-on-year (y-o-y) in the second quarter this year (2Q2023), driven mainly by private-sector expenditure amid improving labour market condition, continued increase in domestic demand, and higher tourism activities.

Malaysia's GDP expands 2.9% in 2Q, driven by private-sector expenditure

The Armed Forces Fund Board (LTAT) had almost lost control of Pharmaniaga Bhd, its pharmaceutical unit, after some well-connected persons attempted to acquire the company at a significantly discounted valuation through the "highest leadership”, revealed Defence Minister Datuk Seri Mohamad Hasan.

LTAT almost lost control of Pharmaniaga due to discounted bid by certain parties, says Tok Mat

KUALA LUMPUR (July 13): Lembaga Tabung Angkatan Tentera (LTAT) should not be sentimental towards businesses under its portfolio in a restructuring to unlock value pursuant to the newly-announced multi-year strategy, said Minister of Defence Datuk Seri Mohamad Hasan.

LTAT should not be sentimental in assets review, says Tok Mat

KUALA LUMPUR (July 13): Lembaga Tabung Angkatan Tentera (LTAT) launched a multi-year strategy through 2025, aiming for an asset under management (AUM) of RM15 billion, growing the fund with sustained 5% returns for members, as well as recovering RM3.3 billion cost of investment in beleaguered Boustead-related businesses.

LTAT aims for RM15b AUM, lowering Boustead exposure through 2025

KLCCP Stapled Group is expecting to deliver a ‘better’ set of financial results this year as it is poised to benefit from the economy’s recovery momentum and the absence of Cukai Makmur (prosperity tax).

KLCCP Stapled Group expects ‘better’ financials in 2023 despite rising costs pressure

KUALA LUMPUR (April 3): The upcoming subsidy rationalisation by the government needs to be properly communicated to the public when it is ready to be rolled out, said Bank Muamalat chief economist and social finance, Mohd Afzanizam Abdul Rashid.

Reforms such as rationalisation of subsid...

Subsidy rationalisation must be properly communicated to the public, says economist

Malaysia’s headline inflation will fall in the upper end of Bank Negara Malaysia’s forecast range of 2.8%-3.8% this year if the government proceeds with fuel subsidies rationalisation, according to the central bank’s assistant governor Fraziali Ismail.

BNM: Malaysia’s headline inflation to fall within 2.8%-3.8% range this year

The legal counsel for Segambut Member of Parliament Hannah Yeoh has filed an appeal in the Court of Appeal on Thursday challenging the High Court's decision to dismiss her defamation suit against former inspector general of police Tan Sri Musa Hassan.

Hannah Yeoh appeals dismissal of defamation suit against ex-IGP

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

TNB, Samaiden, Gadang, Aizo, MyMBN, YTL Power, Kawan Renergy, Taghill, BHIC, Teck Guan, CCK, Lebtech, Southern Cable

Wall Street's main indexes drifted lower in light trading volumes on Thursday, as rising yields pressured some shares, while investors looked for a year-end boost from the so-called Santa Claus rally.

Wall Street slips as rising yields pressure some shares 

Azerbaijan Airlines’ Embraer SA 190 aircraft was damaged by Russian air defence systems near Grozny before it crashed in Kazakhstan during an attempted emergency landing, according to Azerbaijan government-backed Caliber news website.

Azeri plane hit by Russian air defence before crash — report

YTL Power International Bhd (KL:YTLPOWR) said on Thursday that the Employees Provident Fund (EPF) has once again ceased to be a substantial shareholder in the multi-utility owner and operator after offloading 14.93 million shares.

EPF ceases to be substantial shareholder in YTL Power

Keyfield International Bhd (KL:KEYFIELD) has issued its maiden RM200 million Islamic bonds (sukuk) under its sukuk wakalah programme of RM1 billion.

Keyfield International issues maiden RM200m sukuk

The Taiping High Court has awarded RM1.8 million in damages to a former security guard who sustained a brain injury due to medical negligence during treatment following a motorcycle accident in 2016.

Court awards RM1.8 mil to ex-security guard over medical negligence

EVENING 5: Base electricity tariff for 2025-2027 to be adjusted upward, says TNB

Finnish authorities said they had boarded and taken control on Thursday of an oil tanker travelling from Russia, on suspicion it had caused the outage on Wednesday of an undersea power cable and three internet lines connecting Finland and Estonia.

Finland boards oil tanker after internet and power cable outages

Recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it is taking longer for out-of-work people to find a job.

US continuing claims rise to highest in more than three years

Peninsular Malaysia's base electricity tariff has been set at 45.62 sen per kilowatt hour (kWh) in the three-year regulatory period 2025-2027 (RP4), said Tenaga Nasional Bhd (TNB) (KL:TENAGA).&nbsp;

TNB announces higher base electricity tariff for 2025-2027, raises capex to ensure reliable supply

Petronas Chemicals Group Bhd (KL:PCHEM) could be close to its turning point, and investors should take position in its stock ahead of a rebound in the industry, said Kenanga Investment Bank.

Kenanga says Petronas Chemicals close to turning point, investors should take position ahead of rebound

THE government has given its blessing to Malaysian Resources Corp Bhd (KL:MRCB) for the redevelopment of Kuala Lumpur Sentral (KL Sentral) as it was the master developer of the transport hub connecting the Keretapi Tanah Melayu Bhd (KTMB) train service, Light Rail Transit, KLIA Transit and Rapid ...

Cover Story: Why MRCB was the choice for KL Sentral redevelopment

Shares of SNS Network Technology Bhd (KL:SNS) rose 17.5% in active trade on Thursday amid broader gains in the sector following the Christmas Eve rally of US technology stocks.

SNS Network rises 17% in highly active trade

Tenaga Nasional Bhd (KL:TENAGA) said on Thursday that its unit has been shortlisted by the Energy Commission (EC) to develop a 500-megawatt (MWac) large-scale solar photovoltaic (PV) plant in Kuala Muda, Kedah.

TNB among LSS5 winners, bags 500MW solar farm project in Kedah

Southern Cable Group Bhd (KL:SCGBHD) has bagged a contract worth RM172.57 million to supply cables and conductors.

Southern Cable gets RM173m supply contract

Malaysia’s automotive sector will have to contend with weaker sales of non-national cars&nbsp;amid intensifying competition, while the industry grapples with easing backlog orders, RHB Investment Bank flagged.

Malaysia's auto sector to see intensifying competition among non-national brands, says RHB IB

SP Manufacturing, an electronics manufacturing services company founded and headquartered in Singapore, has announced its expansion into Senai, Johor.&nbsp;

S'pore-based SP Manufacturing expands into Johor with new facility, acquisition of Ideal Jacobs Corporation

The Ministry of Energy Transition and Water Transformation (Petra) has announced that the Green Electricity Tariff (GET) programme will continue into 2025, maintaining current premium rates while introducing discounted long-term subscription packages to boost renewable energy adoption.

Energy ministry: Current green electricity tariff rates retained, cheaper long-term packages introduced

Bird's nest processor MyMBN Bhd (KL:MBN) said the government has imposed a temporary suspension on the export of bird's nest products to China following the discovery of the Newcastle disease in Malaysia.

MyMBN says bird's nest exports to China suspended due to Newcastle disease

Boustead Heavy Industries Corp Bhd (KL:BHIC) has appointed former Royal Malaysian Air Force (RMAF) chief Tan Sri Roslan Saad as its independent non-executive chairman.

Boustead Heavy Industries names ex-air force chief as chairman

Elon Musk’s deputy Steve Davis has spent more than 20 years helping the billionaire cut costs at businesses like SpaceX, the Boring Company and Twitter — making the engineer by training a natural choice for his new role at Musk’s Department of Government Efficiency, or DOGE for short.

Elon Musk’s go-to cost-cutter is working for DOGE 

Alibaba Group Holding Ltd agreed to merge its South Korean operations with E-Mart Inc’s e-commerce platform to better compete in the country’s fast-paced online retail sector.

Alibaba, E-Mart to create US$4 bil e-commerce JV in Korea

Selangor remained the top destination for investments so far this year, as the state drew in RM66.8 billion in approved investments.

Selangor top destination for investments, draws in RM66.8b in January to September

Jinjiang Group, a contractor for Chinese electric vehicle (EV) maker BYD, said on Thursday Brazilian authorities' portrayal of their employees as "enslaved" was inconsistent with the facts and that there were translation misunderstandings.

BYD contractor denies its construction site employees 'enslaved'

CCK Consolidated Holdings Bhd (KL:CCK), a retail chain store and supermarket operator in Sabah and Sarawak, has declared its first-ever special dividend of five sen per share for the financial year ending Dec 31, 2024 (FY2024), payable Jan 22, 2025.

CCK Consolidated declares first-ever special dividend of five sen

Telegram and Tencent’s WeChat have begun the process of obtaining the requisite licence to operate their platforms in Malaysia next year, according to regulator Malaysian Communications and Multimedia Commission (MCMC).

Telegram, WeChat begin licensing process in Malaysia, as MCMC urges others to follow suit

Bursa Malaysia Bhd on Thursday issued a consultation paper seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository Sdn Bhd as it moves towards further digitisation in the issuance of securities account statements to depositors (CDS statements).

Bursa Malaysia seeks feedback on depository rules for electronic CDS statements

The World Bank raised on Thursday its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

World Bank raises China's GDP forecast for 2024, 2025

Malaysia’s total trade in the livestock industry grew 23.2%, or RM254.7 million, to RM1.4 billion in 2023, according to the Department of Statistics Malaysia (DOSM).

Sufi Muhamad & Chester Tay

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