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

SMI, Scientex Packaging, KNM, Poh Kong, Kumpulan Perangsang Selangor, Ahmad Zaki, PUC, TXCD, VSolar, Jati Tinggi, PT Resources, Sapura Energy

Technology stocks weighed on Wall Street on Tuesday, as investors grew cautious ahead of the Federal Reserve's interest rate decision this week following a stronger-than-expected retail sales reading.

Wall Street falls on caution over Fed decision after strong retail sales 

The United States offered a conditional loan of up to US$15 billion (RM66.8 billion) to California-based utility PG&E to support climate resilience projects and upgrade the electrical grid, the Department of Energy said on Tuesday.

US offers PG&E up to US$15b conditional loan for climate resilience 

A substantial shareholder of South Malaysia Industries Bhd (KL:SMI), Mah Sau Cheong, has initiated legal action to bar SMI from proceeding with the takeover offer it received from a group of shareholders who control more than half of SMI's issued shares, until the disposal of his complaint against the company with the Securities Commission of Malaysia (SC).

SMI's substantial shareholder seeks court order to freeze takeover offer, director appointments

EVENING 5: Five things you need to know today

Loss-making PUC Bhd (KL:PUC) is buying the entire stake in digital marketing and business management consultancy Alevate Solutions Sdn Bhd (ASSB) for a purchase consideration of RM100 million.

PUC drops money lender acquisition, proceeds with digital marketing firm buy for RM100m in all-share deal

TXCD Bhd (KL:TXCD), formerly known as Ageson Bhd — and before that Prinsiptek Corp Bhd — said its single largest shareholder, Datuk Seri Liew Kok Leong, has disposed of his entire 15.56% stake in the Practice Note 17 (PN17) engineering construction firm.

TXCD's largest shareholder Liew Kok Leong exits after selling 15.56% stake to Chew Swe Siew

The High Court has ruled in favour of Ahmad Zaki Resources Bhd's (KL:AZRB) 51%-owned unit, Betanaz Properties Sdn Bhd, in a suit against Aeon Co (M) Bhd (KL:AEON) over a tenancy agreement dispute dating back three years.

Court rules in favour of Ahmad Zaki’s unit in tenancy dispute with Aeon Co

Indonesia's anti-graft agency raided the headquarters of the central bank in Jakarta on Monday in relation to a probe into alleged mishandling of a corporate social responsibility programme, the agency and the central bank said.

Indonesia anti-graft body searches central bank's headquarters

Poh Kong Holdings Bhd (Kl:POHKONG)’s net profit rose 12.3% to RM21.34 million for its first quarter ended Oct 31, 2024 (1QFY2025), from RM19 million a year ago, thanks to the overall uptrend in gold prices.

Poh Kong's 1Q net profit up 12% on uptrend in gold prices

Matrix Concepts Holdings Bhd (KL:MATRIX) broke ground for the first phase of the Malaysia Vision Valley City (MVV City) project in Negeri Sembilan on Tuesday.

Matrix Concepts breaks ground for MVV City Phase 1 in Malaysia Vision Valley 2.0

Selangor state-linked Kumpulan Perangsang Selangor Bhd (KL:KPS) has filed an appeal against a capital gains tax (CGT) assessment and penalty totalling RM7.9 million issued by the Inland Revenue Board (IRB).

Kumpulan Perangsang Selangor appealing against RM7.9 mil claims by IRB

Booking Holdings Inc says the impact of inflation is still dampening travel demand in the US, with price-conscious consumers waiting longer to plan vacations.

Booking CFO says inflation impact still curbing US travel demand

KNM Group Bhd (KL:KNM) said its German-based subsidiaries in the Borsig Group have secured a new credit facility of €60 million (RM280.4 million), enabling them  to continue operations as usual.

KNM's Borsig group secures €60m multi-currency facility to continue operations

South Korea’s National Assembly passed an impeachment motion against President Yoon Suk-yeol on Saturday, December 14. The vote marks the third time a president has been impeached in the country’s constitutional history.

Out of 300 assembly members, 204 voted in favour of the motion, 85 voted against, three abstained, and eight votes were declared invalid. This outcome indicates that at least 12 votes in favour came from Yoon’s conservative ruling People Power party.

South Korea at a crossroads after president is impeached — here’s what will happen next

A top Russian general accused by Ukraine of being responsible for the use of chemical weapons against Ukrainian troops was assassinated in Moscow by Ukraine's SBU intelligence service on Tuesday morning in the most high-profile killing of its kind.

Ukraine kills Russian chemical weapons chief Igor Kirillov in Moscow

Uncertainty surrounded Israeli Prime Minister Benjamin Netanyahu's whereabouts on Tuesday after sources briefed on talks about a Gaza ceasefire said he was travelling to Cairo but his office said he was on the northern border with Syria.

The sources said a ceasefire deal could be signed in coming days that would end the fighting and free hostages held by the Islamist movement Hamas in Gaza in exchange for Palestinian prisoners.

Gaza ceasefire talk swirls as officials push for deal

The last time Donald Trump was US president, he entered trade wars with China and Europe. But despite his bravado and tariffs, the US trade deficit did not improve.

In fact, it deteriorated from US$195 billion in the first quarter of 2017 to US$260 billion in the same period of 2021.

Three possible futures for the global economy if Trump brings in new trade tariffs

The abrupt resignation of Canada's finance minister leaves the government adrift less than a month before the inauguration of a new US administration that could impose crippling sanctions on Canadian exports.

Chrystia Freeland quit on Monday after Prime Minister Justin Trudeau offered her a lesser position. She said his wish to increase spending could endanger Canada's ability to withstand the damage done by the tariffs that US President-elect Donald Trump is threatening to impose.

Canada government adrift after finance minister resigns, Trump tariffs loom

The government expects several projects under the renewable energy (RE) lever to enter the implementation phase in 2025, according to the Economy Ministry.

Among them is the Solar Park project, whereby discussions are ongoing for creating an offtake model that is viable, selecting the project site, developing collaboration and ascertaining bank financing needs, it said.

Govt expects several RE projects to enter implementation phase in 2025 — Economy Ministry

US industrial production unexpectedly declined for a third month in November on weaker utility output and mining.

US industrial production unexpectedly drops on mining, utilities

Investors appear to be ignoring analysts' strong “buy” calls on Genting Bhd (KL:GENTING), as the counter extended its slide to its lowest in over four years following a slew of bad news — from earnings misses to exclusion from the benchmark KLCI.

Genting, GenM skid to four-year lows as investors look past analysts' 'buy' calls

Hartalega Holdings Bhd’s (KL:HARTA) stock has surged past its consensus target price, as CIMB Securities continues to see further upside, as higher prices and volume are seen driving the glovemaker's earnings ahead.

Hartalega surges past target price; CIMB expects rally to have more legs

Crude palm oil (CPO) prices are expected to be firm above RM4,800 per tonne, said the Malaysian Palm Oil Council (MPOC), on the back of price recovery in soybean oil due to growing usage in the US biofuel industry and tightening Malaysian production and inventory.

MPOC sees CPO prices above RM4,800/tonne as soybean prices, low inventory lift

The High Court has ruled in favour of Ahmad Zaki Resources Bhd's (KL:AZRB) 51%-owned unit, Betanaz Properties Sdn Bhd, in a suit against Aeon Co (M) Bhd (KL:AEON) over a tenancy agreement dispute dating back three years.

PENANG-based automated test equipment company Pentamaster Corp Bhd (KL: PENTA), which has a market capitalisation of RM2.89 billion, is performing an interesting manoeuvre involving its 64%-owned subsidiary Pentamaster International Ltd (PIL), say market watchers.

Last Wednesday, PIL su...

Intriguing move at Pentamaster

A Dec 17 annual report from aviation data provider OAG reveals that seven of the world’s 10 busiest international airline routes this year connect destinations within the wider Asia-Pacific region, a sign of a long-awaited travel comeback for Asia. Two more connect cities in the Middle East. And one doesn’t even feature a business travel hub at all, proving that leisure continues to outshine corporate trips four years after the pandemic brought it all to a standstill.

The world’s busiest airline routes in 2024 are largely in Asia

<h3>Technology sector</h3>

OVERWEIGHT


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Brokers Digest: Local Equities - Technology sector, Solarvest Holdings Bhd, YTL Power International Bhd, Mah Sing Group Bhd

KUALA LUMPUR (Dec 17): Malaysia is strategically poised to benefit from trade dislocations stemming from the Trump administration’s potential trade policies, as the country is seen benefitting from the “China Plus One” strategy, while insulated from the full brunt of US tariffs, said CIMB Securities.

More positives for Malaysia with Trump-led trade dislocations, says CIMB

Malaysia's water asset custodian Pengurusan Aset Air Bhd (PAAB) is set to invest nearly RM1 billion to fund the construction of two water treatment plants in Seberang Perai, Penang, starting in 2025.

Pengurusan Aset Air to invest RM1 bil to fund two water treatment plants in Seberang Perai

Proposals related to the definition and classification of the T15 income group are being refined and will be decided by the Cabinet soon, Economy Minister Rafizi Ramli said on Tuesday.

Rafizi: Definition, classification of T15 will be decided soon

China’s bubble tea makers are reviving plans for initial public offerings, encouraged by signs that Beijing is loosening its grip on the market and sentiment is improving after a disappointing debut by one of the industry’s biggest chains earlier this year.

Bubble tea makers revive IPO ambitions with China said to be softening stance

Eco World Development Group Bhd (KL:ECOWLD) (EcoWorld Malaysia) signed a memorandum of understanding (MOU) with short-term stay management company Maplehome&nbsp;to manage the developer's two upcoming serviced apartment projects, namely Luna at Eco Ardence in Shah Alam and Se.Ruma at Eco Sanctuary in Teluk Panglima Garang. Both developments are planned to be launched in 1Q2025.

EcoWorld Malaysia partners short-term stay operator Maplehome for two upcoming serviced apartment projects in Selangor

Prasarana Malaysia Bhd, the operator of Rapid KL services, has announced a temporary suspension of My50 pass renewal services at all rail, BRT, and Rapid KL bus hub customer service counters, starting from Dec 23, 2024, until Jan 31 next year.

Prasarana suspends My50 pass early renewal until Jan 31 for system upgrades

Shares of health insurers operating pharmacy benefit managers fell on Monday after US President-elect Donald Trump called them middlemen who drive up costs and said he plans to eliminate their role.

Insurer stocks fall after Trump says 'we're going to knock out the middleman'

KUALA LUMPUR (Dec 17): EVE Energy Malaysia Sdn Bhd (EVE), a global lithium battery manufacturer, inaugurated its new manufacturing facility in Padang Meha, Kedah, which will serve customers in the power tool and electric two-wheeler sectors across Southeast Asia, Europe, and North America.

Eve Energy Malaysia launches advanced battery manufacturing facility in Kedah

Sapura Energy Bhd&nbsp;(KL:SAPNRG) has secured its fourth&nbsp;deadline extension from Bursa Securities to submit its regularisation plan to exit its Practice Note 17 (PN17) status.

Sapura Energy gets fourth deadline extension to submit regularisation plan to May 2025

ISLAMIC lender Kuwait Finance House (M) Bhd (KFH Malaysia), which is selling its retail portfolio as part of its exit plan from the country, is said to prefer a buyer that is willing to include its branches and employees as part of the acquisition.

“That’s the preference. They’re lookin...

KFH Malaysia said to be seeking a buyer not just for retail portfolio, but also for branches and staff 

Police have busted 40 online scam syndicates in a 12-day special operation from Nov 25 to Dec 6, with 63 raids conducted on criminal call centres across the country.

Police cripple 40 online scam syndicates with 426 arrests in 12-day op

KNM Group Bhd (KL:KNM) said its German-based subsidiaries in the Borsig Group have secured a new credit facility of €60 million (RM280.4 million), enabling them&nbsp; to continue operations as usual.

Broadcom Inc’s massive rally after last week’s earnings report is reminiscent of when Nvidia Corp shares first started to take off back in 2023. The chipmaker now needs to prove it can follow through to become another giant of the artificial intelligence era.

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