Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Main-Market listed Warisan TC Holdings Bhd (KL:WARISAN) has lodged a 30-year medium-term notes (MTN) programme worth RM500 million with the Securities Commission of Malaysia (SC).

The move is to raise funds for its capital expenditure, working capital requirements, projects, investments and asset acquisitions, as well as repayment of borrowings, the group told Bursa Malaysia.

Warisan TC lodges 30-year, RM500m medium term notes programme

Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, says it is going to hire a new audit firm to conduct a special audit on its revenue, after its external auditor Messrs SBY Partners PLT said it cannot verify the figures Annum reported despite performing additional audit procedures.

Annum, which is involved in the manufacturing of wood-based products, just hired SBY in March this year after approaching 31 other auditors who turned down the job. Most had cited resource constraints, according to the group.

Annum plans special audit after newly hired auditor declines to vouch for its financials

Bank Negara Malaysia (BNM) has been working to pilot a fast-track pre-approval framework for corporates who bring back foreign currency funds and convert to ringgit, to enable them to re-invest abroad when the time comes, according to deputy governor Adnan Zaylani.

BNM eyes faster overseas investment approvals to encourage conversion of foreign proceeds

Farm Price Holdings Bhd, which will be listed on the ACE Market next Tuesday (May 14), announced net profit of RM2.67 million on revenue of RM30.71 million for the first quarter ended March 31, 2024 (1QFY2024).

Vegetable wholesaler Farm Price posts RM2.67 mil net profit in 1QFY2024 ahead of listing

Airbnb Inc shares slid by the most in a year after the home-rental company gave lackluster guidance for a second straight quarter, indicating that growth in travel spending will slow ahead of the peak summer season.  

Revenue for the current quarter ending in June will be US$2.68 billion to US$2.74 billion, the company said Wednesday in a letter to shareholders. Analysts had been expecting US$2.74 billion. In its statement, Airbnb blamed the earlier timing of the 2024 Easter holiday, as well as currency headwinds.

Airbnb posts biggest decline in a year on weak travel outlook

Coach handbag maker Tapestry cut its annual sales forecast and missed third-quarter revenue estimates on Thursday, signaling weak demand for its tote bags and accessories in North America and China.

Shares of the Kate Spade owner fell 2% as the company also forecast fourth-quarter profit below expectations.

Coach parent Tapestry cuts sales forecast on tepid demand in US, China

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Thursday, weighed down by weaker edible soft oils and cautious trading ahead of April’s palm oil data on Friday.

Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the decline reflects cautious positioning ahead of the industry data due on May 10, focusing on the extent of April’s production rise.

CPO futures extend decline amid weaker edible soft oils

China is considering a proposal to exempt individual investors from paying dividend taxes on Hong Kong stocks bought via Stock Connect, according to people with knowledge of the matter.

Regulators including the China Securities Regulatory Commission and the State Taxation Administration are reviewing a plan submitted by Hong Kong to waive the 20% tax on dividends from Hong Kong stocks bought via the link that connects to Shanghai and Shenzhen, the people said, asking not to be named discussing private information.

China mulls dividend tax waiver on Hong Kong Stocks Connect

MAA Group Bhd (KL:MAA), a substantial shareholder of KNM Group Bhd (KL:KNM), has extended a RM13.5 million loan to address the working capital requirements of the Practice Note 17 (PN17) company.

The loan, bearing an interest rate of 12% per annum, was provided to KNM's wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNM PS) on May 8.

MAA loans RM13.5 mil to KNM for working capital

The continued uncertainties over China's economic growth prospects and the recent geopolitical crisis have increased US dollar demand as a safe-haven asset, said Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid.

“Much has been made of the performance of the ringgit against the US dollar. Unfortunately, many see and use this as an indicator or barometer of how we are doing.

Ringgit has been unfortunately, unfairly assessed against US dollar — BNM deputy governor

The property arm of Sunway Bhd (KL:SUNWAY), Sunway Property's newly launched Sunway Velocity 3 residential project has achieved a take-up rate of 60%, with over 400 out of 695 units snapped up during its opening weekend on May 4.

Sunway Velocity 3 residential development 60% taken up at launch 

Transport Minister Anthony Loke on Thursday said the ship allegedly owned by an Israeli company while using a port in this country has actually changed ownership. It now belongs to another company based in Hong Kong.

Alleged Israeli ship that recently docked in Malaysia has changed hands, Loke clarifies

A total allocation of RM180 billion in the construction sector for government and private sector projects will be up for grabs this year, according to Deputy Works Minister Datuk Seri Ahmad Maslan.

RM180 bil available for construction sector jobs this year — Ahmad Maslan

MEMBERS’ ability to decide not to transfer existing Employees Provident Fund (EPF) savings into the newly created Flexible Account 3 for anytime withdrawals is seen as the saving grace to what critics deem as a short-sighted compromise that will prove to have longer-term consequences.

I...

Cover Story: Who pays for anytime EPF withdrawals?

KUALA LUMPUR (May 9): The Securities Commission Malaysia has finally managed to charge a man related to a securities fraud involving RM17.6 million in 2007, following his arrest on his return to Malaysia on Wednesday (May 8) after having evaded authorities for 15 years.

Man who evaded the law for 15 years charged with abetment in securities fraud

Shares of Sarawak Cable Bhd (KL:SCABLE) fell to its lowest in five months on Wednesday after the loss-making cable manufacturer's so-called resuscitation exercise has been terminated.

Sarawak Cable shares fall to five-month low after losing its white knight

Malaysia’s central bank on Thursday left the benchmark interest rate unchanged as widely expected, citing improving economic activity amid moderate inflation.

BNM keeps overnight policy rate unchanged as widely expected

Solarvest Holdings Bhd (KL:SLVEST) said on Thursday that it has secured a contract worth RM40.4 million to install rooftop solar photovoltaic (PV) systems.

Solarvest bags RM40.4m contract from Scientex to install rooftop solar PV systems

Glove manufacturer Supermax Corp Bhd (KL:SUPERMX) is acquiring the remaining 33% equity interest in its 67%-owned subsidiary Supermax Healthcare Canada Inc (SHCI) for C$5.5 million (RM18.96 million) cash.

Supermax is acquiring the stake from Sylvain Bergeron, who has been a business partner of the company since 2004 when Supermax's founder and managing director Datuk Seri Stanley Thai Kim Sim partnered with Bergeron to start the Canadian branch of Supermax.

Supermax acquires remaining stake in 67%-owned loss-making Canadian unit for RM18.96 mil cash

MCE Holdings Bhd said Brahmal Vasudevan has emerged as a substantial shareholder with a 5.02% indirect stake in the automotive parts and accessories manufacturer.

Brahmal held 6.2 million shares in MCE via Creador Conscienta Ltd, who raised its stake beyond 5% following the acquisition of 100,000 shares earlier on Thursday.

Creador’s Brahmal emerges as substantial shareholder of MCE Holdings

Mah Sing Group Bhd (KL:MAHSING), via its unit Star Residence Sdn Bhd, officially launched its latest serviced apartment development named M Zenya in Kepong, Kuala Lumpur on May 9 during the opening ceremony of its sales gallery at Sungai Mas Plaza at Jalan Ipoh.

Mah Sing officially launches M Zenya serviced apartment in Kepong with 92% take-up

The Federal Court on Thursday agreed to hear the merits of the appeal filed by the National Feedlot Corporation Sdn Bhd (NFCorp) and four others, including its chairman Datuk Seri Mohamad Salleh Ismail, for damages against Public Bank Bhd (KL:PBBANK).

At the same time, the apex court also granted leave to Public Bank's cross-appeal, to challenge the outcome of the Court of Appeal’s decision that had overturned the High Court’s decision to grant RM10,000 in damages to NFCorp and others, and RM500,000 in costs to be paid by the bank.

Apex court allows merits of both NFCorp and Public Bank appeals to be heard in account info leak case

The government must ensure that foreign direct investments (FDI) to develop data centres in Malaysia will benefit local players, according to speakers at the National Economic Forum 2024 here hosted by the National Chamber of Commerce and Industry of Malaysia.

Govt urged to ensure FDI on data centres benefit local players

Malaysia has launched the commercial trading of Renewable Energy Certificates (RECs) through the Malaysian Green Attribute Trading System (mGATS) to be operated by Tenaga Nasional Bhd (KL:TENAGA).

The commercial trading of the certificates through mGATS commenced on May 8, the Ministry of Energy Transition and Water Transformation (Petra) said in a statement. Tenaga will ensure that the certificates are internationally certified by reputable registries, such as the I-TRACK Foundation, it noted.

Malaysia kicks off Renewable Energy Certificates commercial trading

KUANTAN (May 9): An armoured vehicle plant will be built&nbsp;in the Padang Tengku Industrial Estate (Phase II) to further boost the development of the Lipis district as a defence city, thus stimulating the economic growth of the local population, as well as job opportunities.

Armoured vehicle plant to be built in Lipis — Pahang MB

Malaysia Airports Holdings Bhd (KL:AIRPORT) on Thursday named former Malaysian Aviation Commission (Mavcom) executive chairman Dr Nungsari Ahmad Radhi as its director effective immediately.

Former aviation regulator chairman Nungsari joins Malaysia Airports’ board

Former finance minister Tun Daim Zainuddin has failed in his appeal to reinstate his legal challenge against the Malaysian Anti-Corruption Commission (MACC) over its investigation into his and his family’s finances, which had led to the freezing of their various accounts and the seizure of Ilham Tower.

Daim and family fail to reinstate legal challenge against MACC investigations and criminal charges

Home improvement products retailer Mr DIY Group (M) Bhd (KL:MRDIY) said on Thursday its net profit rose 13% in the first quarter from a year earlier thanks to sales from new stores, while margins expanded as supply chain disruption and freight costs eased.

Mr DIY 1Q net profit rises 13% on sales from new stores, higher margins; pays one sen dividend

NEW DELHI (May 9): Malaysia's former health minister Khairy Jamaluddin Abu Bakar has been named a member of India-based Fischer Medical Ventures Ltd's board.

The company, formerly known as Fischer Chemic Ltd, announced his appointment as additional director in the capacity of independen...

Khairy Jamaluddin named member of India-based company's board

WhatsApp’s begun working freely and consistently for some users in China despite a longstanding government ban on the messaging service, an unusual phenomenon for a country with some of the world’s strictest internet curbs.

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