Wall Street's main indexes rose on Friday, with the S&P 500 and the Dow on track to log their biggest weekly gains since November, as investors anticipate a wave of policy changes under the incoming Trump administration.

Wall Street set for weekly advances in countdown to Trump presidency

The US Supreme Court refused to rescue TikTok on Friday from a law that required the popular short-video app to be sold by its Chinese parent company ByteDance or banned on Sunday in the United States on national security grounds — a major blow to a platform used by nearly half of all Americans.

US Supreme Court upholds law banning TikTok

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

CIMB, Berjaya Corp, Mitrajaya, HeiTech Padu, Datasonic, Petronas Gas, Dialog, Hong Leong Bank, JF Tech, Cosmos, MYMBN, Homeritz 

TikTok fans in the US are racing to secure alternatives and safeguard their digital empires ahead of a looming shutdown on Sunday, evoking the chaos of India's 2020 ban that erased the app from the lives of 200 million users overnight.

While the US ban has been debated for months, India acted swiftly in June 2020 to block TikTok and nearly 60 other Chinese apps over national security concerns, stripping many creators of their main source of income and shattering a digital community.

US TikTok ban could echo India chaos as users seek options

Upholstery furniture manufacturer Homeritz Corp Bhd (KL:HOMERIZ) said on Friday that the fire at one of its production facilities in Muar, Johor, has been confirmed to result in an estimated loss of RM3 million, and will be recognised in the company’s financial results for the quarter ending Feb 28, 2025 (2QFY2025).

Homeritz hit by RM3 mil loss in Muar facility fire, no insurance coverage

US auto safety regulators are probing General Motors Co over concerns that more than 870,000 of its full-size pickup trucks and SUVs face the risk of engine failure.

The US National Highway Traffic Safety Administration (NHTSA) opened a preliminary evaluation into possible issues with V8 engines in Chevrolet Silverado and GMC Sierra pickups, as well as the Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon and Cadillac Escalade SUVs.

GM faces US probe for engine failure risk on over 870,000 trucks

Ancom Nylex Bhd (KL:ANCOMNY) will likely improve its earnings as the exchange rate stabilises, analysts said, following the agrochemical company’s weaker than expected quarter.

Ancom Nylex's earnings to improve in following quarters, analysts say after disappointing 2Q

India has approved an investment of 114.4 billion rupees (US$1.3 billion or RM5.85 billion) to revive state-owned steelmaker Rashtriya Ispat Nigam Ltd (RINL) that’s struggling to survive in the face of financial hardships.

The government will inject 103 billion rupees as equity by buying shares of the company, according to a steel ministry statement.

India to invest US$1.3 bil to revive ailing steelmaker

Container giant AP Moller-Maersk A/S expressed caution about any fast return to shipping through the Red Sea, after the Yemen-based Houthis signalled a pause in their attacks on commercial vessels.

Shipping giant Maersk cautious about quick return to Red Sea

A weekly round-up of tanker and dry bulk market (Jan 17, 2025)

Baltic Exchange shipping updates: Jan 17, 2025

The merger of the Civil Aviation Authority of Malaysia (CAAM) and the Malaysian Aviation Commission (Mavcom) is expected in the second half of this year (2H2025), CAAM chief executive officer Datuk Captain Norazman Mahmud said.

CAAM CEO says merger with Mavcom set for 2H2025

The Labuan Financial Services Authority (Labuan FSA) has reaffirmed its commitment to upholding the integrity of the Labuan International Business and Financial Centre (Labuan IBFC) following media reports of an alleged investment scam involving a licensed entity under its purview.

Labuan FSA promises decisive action following allegations of fraud by licensed entity

Bird's nest processor MYMBN Bhd (KL:MBN) said on Friday that the Department of Veterinary Services Malaysia has lifted the temporary suspension of exports of both raw-cleaned edible bird’s nest (RCEBN) and raw-uncleaned edible bird’s nest (RUCEBN) products to China after nearly one month. This is expected to bring major relief to MYMBN, given that China is a primary market for the group.

Malaysia lifts suspension of bird’s nest exports to China after nearly one month, says MYMBN

The European Commission said on Friday it was stepping up its investigation into whether Elon Musk's social media network X breached EU rules on content moderation with requests for information and an order for it to retain relevant documents.

EU steps up probe into Musk's X with new demands

The European Union (EU) is debating whether to drop a sensitive trade investigation against China over alleged coercive activity targeting Lithuania, a prospect that’s frustrated officials in Washington, where the incoming Trump team sees it as capitulation to Beijing.

President-elect Donald Trump has vowed to take a tough line on China and the possible EU move would reinforce for his team how the bloc will approach dealing with Beijing, according to people familiar with the matter.

EU mulls dropping China trade case, frustrating Trump team

The US Treasury department on Friday sanctioned Singaporean Yin Kechen and cybersecurity company Sichuan Juxinhe Network Technology Co, accusing both of being involved in a series of hacks against American telecom companies.

US Treasury Dept sanctions Chinese company over Salt Typhoon hack

German Chancellor Olaf Scholz pushed back against accusations that he is casting Ukraine aside in an attempt to drum up support for his trailing Social Democrats ahead of a snap election next month.

Speaking to reporters in Berlin, Scholz said he was ready to send an additional €3 billion (RM13.89 billion) to Ukraine so long as the funds were generated through net new borrowing and not budget cuts.

Scholz denies putting his own political survival over support for Ukraine

The European Union (EU) and Mexico agreed to a revamped free-trade agreement, just as both are under pressure from president-elect Donald Trump, who has threatened them with a new round of tariffs.

The agreement aims to boost both trade and economic security by de-risking supply chains, securing a sustainable supply of critical raw materials and tackling climate change, according to a European Commission statement on Friday.

EU, Mexico seal trade deal as Trump threatens tariffs

US President-elect Donald Trump and Chinese President Xi Jinping discussed trade, TikTok and fentanyl on Friday in a pre-inauguration conversation that could set the tone for relations between the world’s two largest economies and main geopolitical rivals.

“I just spoke to Chairman Xi Jinping of China,” Trump posted on social media. “The call was a very good one for both China and the USA.”

Trump and China’s Xi discuss trade, TikTok ahead of inauguration

Chrystia Freeland, the former Canadian finance minister who helped bring Justin Trudeau’s political career to an end when she resigned in December, has joined the race to replace him as prime minister.
 
Freeland, 56, announced her candidacy for the leadership of the Liberal Party in a social media post on Friday, betting that she can reverse the downward trend in opinion polls that has put the governing party on course for defeat in an election this year.

Chrystia Freeland joins contest to replace Canada’s Trudeau

US industrial production rose in December by more than forecast, helped by a pickup in factory output that indicates manufacturing is stabilising after two years of weakness.

US industrial production tops forecasts after Boeing strike ends

U Mobile Sdn Bhd is confident it will be able to roll out the second 5G network without the need for&nbsp;government funding or new local partners,&nbsp;according to its chairman Tan Sri Vincent Tan Chee Yioun.

Vincent Tan: U Mobile to launch second 5G network without new local partners, IPO by year end

CIMB Group Holdings Bhd (KL:CIMB) on Friday announced a restructuring of its senior leadership team, marked by the departure of key executive Effendy Shahul Hamid and the decoupling of its consumer and digital banking business. The changes, to take effect on Feb 1, aims to sharpen focus on strategic business areas and ensure operational efficiency.

CIMB makes key leadership changes, decouples consumer and digital banking business 

The long-awaited transformation of Johor into a key investment hub is “finally happening” after a couple of “false dawns”, says Jefferies.

In a note on Friday, the rapid development of the data centre industry, coupled with strategic infrastructure projects, is now placing Malaysia back on the radar of dedicated emerging market (EM) investors.

Malaysia back on EM investors’ radar on data centre play, and as Johor story is 'finally happening', says Jefferies

Berjaya Corp Bhd (KL:BJCORP) remains committed to participating in the Kuala Lumpur-Singapore high-speed rail (HSR) project. However, the project’s progression depends on the government's decision-making process and financial conditions, said the group's founder Tan Sri Vincent Tan Chee Yioun.

Berjaya still eyeing KL-S'pore HSR, awaiting Putrajaya's decision, says Vincent Tan

(Jan 17):&nbsp;Palm oil extended its decline for a fourth day, as traders remained concerned about weaker demand in January.&nbsp;

Palm hits three-month low as worries persist over low demand

HeiTech Padu Bhd (KL:HTPADU) has secured a second-time contract extension for the provision of maintenance services for the Malaysian Immigration System (MyIMMs), valued at RM28.26 million. &nbsp;

HeiTech Padu, Datasonic awarded fresh contracts for immigration system maintenance

LONDON (Jan 17): Prime Minister Datuk Seri Anwar Ibrahim highlighted the success of the Madani Economy Framework, which was launched in 2023, during his lecture at the London School of Economics (LSE) on Friday.

He also announced that the government is set to launch a second chip design...

Malaysia to launch second chip design park 'in the coming weeks', says Anwar  

Hong Leong Bank Bhd (KL:HLBANK) said on Friday it has signed an agreement to cooperate with WeBank Technology Services, a subsidiary of WeBank, China's largest digital bank.

Hong Leong Bank to work with China's WeBank Technology Services on fintech, AI

Mitrajaya Holdings Bhd (KL:MITRA) said it has secured a RM375.5 million contract for the construction of a data centre in Kuala Lumpur.

The construction group said the contract was awarded by NextDC Sdn Bhd, the Malaysian unit of Australia's data centre operator NextDC Ltd. &nbsp;

Mitrajaya clinches RM376 mil contract for data centre construction in KL  

JF Technology Bhd (KL:JFTECH) co-founder and managing director Datuk Foong Wei Kuong continued to mop up shares in Cosmos Technology International Bhd (KL:COSMOS) from MSM International Ltd.

JF Tech MD lifts Cosmos stake by 5.6% to 17.95%

Former 1Malaysia Development Bhd (1MDB) chief executive officer Arul Kanda Kandasamy admitted in court on Friday that even though he had knowledge of 1MDB’s fraudulent asset claims and debts via articles from The Edge and various other media soon after he joined the company in 2015, he did not carry out any investigation on the matter.

Arul Kanda says he learned about 1MDB fraud from The Edge articles but did nothing about it, claims was ‘not tasked to investigate’

Malaysia plans to strengthen three-decade-old anti-dumping legislation in the coming weeks to clamp down on a deluge of cheap goods from countries like China, according to a high-ranking trade official.

Malaysia eyes anti-dumping reform to stem flood of Chinese goods

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

US President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans.

Trump set to designate cryptocurrency as national priority — Bloomberg

Petronas Gas Bhd’s (KL:PETGAS) wholly owned subsidiary Regas Terminal (Pengerang) Sdn Bhd (RGTP) has executed and completed a share subscription agreement with Dialog Equity (Three) Sdn Bhd (DE3SB),&nbsp;for the development of Malaysia’s first liquefied natural gas (LNG)-driven air separation unit (ASU) in Pengerang, Johor.

Dialog to partake in Petronas Gas' LNG-driven air separation unit project

The US Supreme Court refused to rescue TikTok on Friday from a law that required the popular short-video app to be sold by its Chinese parent company ByteDance or banned on Sunday in the United States on national security grounds — a major blow to a platform used by nearly half of all Americans.

To boost regional business collaboration, United Overseas Bank (Malaysia) Bhd has inked what it said is a landmark memorandum of understanding (MOU) with the Singapore Chinese Chamber of Commerce and Industry (SCCI) and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).

UOB inks MOU with Chinese chambers of commerce in Singapore, Malaysia to boost regional business collaboration

State-owned public transportation operator Prasarana Malaysia Bhd has yet to finalise the tender process for the open payment system for its transportation services, according to Transport Minister Anthony Loke Siew Fook.

Loke: Prasarana's cashless payment tender for Rapid transportations still pending

Malaysia's economic growth is expected to maintain a steady trajectory in 2025, despite external headwinds such as uncertainties in US tariff policies and global trade dynamics. Economists attributed the country's robust domestic resilience and strategic policy initiatives as key growth drivers.

Malaysia's economy poised for continued growth in 2025 despite external headwinds — economists

Honor Device Co chief executive officer George Zhao is stepping down due to personal reasons, according to the Shenzhen-based smartphone maker.

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