EdgeProp Budget 2023: Commentary - Jonathan, KW Malaysia

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Former Treasury secretary Larry Summers said the Federal Reserve’s decision to cut interest rates last month was a mistake after new data showed that US job growth last month topped all estimates.

Larry Summers says 50-basis-point rate cut in September ‘a mistake’

US manufacturers shed 7,000 jobs in September, a weak spot in an otherwise strong employment report.

The US has lost 34,000 manufacturing jobs in the past two months, according to Bureau of Labor Statistics data out on Friday.

Manufacturing is weak spot in surprisingly strong US jobs data

A total of 13 contractors on Friday received their letters of acceptance (SST) to carry out Phase 1B of the Pan Borneo Highway (LPB) project in Sabah. 

Works Minister Datuk Seri Alexander Nanta Linggi officiated the SST handover ceremony at the Sabah International Convention Centre here.

13 contractors receive acceptance letters for Phase 1B of Pan Borneo Highway project

Israel said it had targeted the intelligence headquarters of Hezbollah in Lebanon overnight and was assessing the damage on Friday after a series of strikes on senior figures in the group that Iran's Supreme Leader dismissed as counterproductive.

Israel targets Hezbollah intel HQ in Lebanon, Iran says it will not back down

Sarawak Premier Tan Sri Abang Johari Tun Openg leads the list of 1,376 recipients of Sabah state honours, decorations and medals in conjunction with the 71st official birthday celebration of the Yang Dipertua Negeri Sabah, Tun Juhar Mahiruddin on Saturday.

Sarawak Premier leads list of 1,376 recipients of Sabah state honours

Shipping giant AP Moller-Maersk A/S expects the industry’s global regulator next year to approve a charge on vessels’ greenhouse gas (GHG) emissions.

At International Maritime Organization (IMO) talks in London this week, nations have been inching towards plans to reign in emissions from a sector that annually spews about a billion tonnes of carbon dioxide (CO2) into the atmosphere.

Maersk expects ship regulator to approve global CO2 levy in 2025

Prime Minister Datuk Seri Anwar Ibrahim has described the Chief Advisor of Bangladesh's Interim Government, Dr Muhammad Yunus, as a compassionate human being that the world needs.

He said the Nobel laureate had touched the hearts and souls of the marginalised and less fortunate.

Muhammad Yunus a compassionate human being the world needs — Anwar

In the excitement brought about by the surge of foreign investments in Malaysia’s digital economy, the government wants to see more homegrown technology companies “jump on the bandwagon” and expand their businesses in the country, Digital Minister Gobind Singh Deo said.

Govt wants more local tech companies to expand their business in Malaysia — Gobind

The recent clash between several Palestinians and security personnel at Wisma Transit Kuala Lumpur cannot be used as an excuse to send them back home.

Home Minister Datuk Seri Saifuddin Nasution Ismail said it did not make sense for the government to do so as their country was embroiled in war and urged Malaysians not to come to any general conclusions based on the incident and blame Palestinians in general.

Disturbance by Palestinians no excuse to send all of them back, says Saifuddin 

A recent altercation between Palestinians accommodated at Wisma Transit in Kuala Lumpur and security personnel has been resolved, said Palestine’s ambassador to Malaysia Walid Abu Ali.

Expressing regret over the incident, which involved two Palestinian women and went viral, Walid said it did not reflect the conduct of Palestinians in general.

Issue involving Palestinians at transit centre resolved, says ambassador

Privately owned rail construction company Dhaya Maju Infrastructure (Asia) Sdn Bhd is taking up a 57.52% stake in Pestech International Bhd (KL:PESTECH) for RM160 million through a restricted issue.

Dhaya Maju to acquire 57.52% stake in Pestech for RM160 mil or 12 sen per share

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

HeiTech Padu, Pestech, Velesto, OCR, Kumpulan Jetson, Solar District Cooling, EG Industries, Sanichi, Aneka Jaringan and MyTech

American hip-hop producer and rapper Kasseem Dean, popularly known as Swizz Beatz, allegedly received US$7.3 million (RM30.8 million) in stolen 1Malaysia Development Bhd (1MDB) funds, the Law360 legal news service reported, citing a lawsuit filed in the US.

Hip-hop producer Swizz Beatz faces lawsuit for allegedly receiving US$7.3 mil in 1MDB funds

OCR Group Bhd (KL:OCR) said the group is suing Kumpulan Jetson Bhd (KL:JETSON) over alleged breaches of a RM88.03 million contract to build four blocks of serviced apartments in Jalan Yap Kwan Seng, Kuala Lumpur.

OCR sues Kumpulan Jetson over alleged breach of RM88 mil construction contract

The Human Resource Development Corporation (HRD Corp) said companies can now claim training course fees based on hourly rates, replacing the previous half-day or full-day structures.

HRD Corp now allows hourly-based claims for training programmes, with higher ceiling for course fees

A total of 13 contractors on Friday received their letters of acceptance (SST) to carry out Phase 1B of the Pan Borneo Highway (LPB) project in Sabah.&nbsp;

Works Minister Datuk Seri Alexander Nanta Linggi officiated the SST handover ceremony at the Sabah International Convention Centre here.

Malaysia will give major consideration to the applications of Bangladeshi workers who lost the opportunity due to political developments in their country, said Prime Minister Datuk Seri Anwar Ibrahim.

He said the Bangladeshi government had appealed to Malaysia on the possibility of increasing workers and professional intake from the country.

Anwar: Malaysia will prioritise Bangladesh's request for job opportunities

A recent altercation between Palestinians accommodated at Wisma Transit in Kuala Lumpur and security personnel has been resolved, said Palestine’s ambassador to Malaysia Walid Abu Ali.

Expressing regret over the incident, which involved two Palestinian women and went viral, Walid said it did not reflect the conduct of Palestinians in general.

The recent clash between several Palestinians and security personnel at Wisma Transit Kuala Lumpur cannot be used as an excuse to send them back home.

Home Minister Datuk Seri Saifuddin Nasution Ismail said it did not make sense for the government to do so as their country was embroiled in war and urged Malaysians not to come to any general conclusions based on the incident and blame Palestinians in general.

Former Treasury secretary Larry Summers said the Federal Reserve’s decision to cut interest rates last month was a mistake after new data showed that US job growth last month topped all estimates.

In less than 24 hours, Chinese consumers snapped up the first batch of fresh Malaysian durians exported to China.

A total of 40 tonnes were put on sale from Aug 26 onwards at selected retail outlets in six regions in the People's Republic.

Consumers in China snap up Malaysian durians

The Sessions Court here on Friday ordered an activist to defend himself on a charge of issuing a statement on his Facebook page that was mixed with sedition and for insulting the Yang di-Pertuan Agong, three years ago.

Iswardy Morni ordered to enter his defence for allegedly insulting Agong

Israel said it had targeted the intelligence headquarters of Hezbollah in Lebanon overnight and was assessing the damage on Friday after a series of strikes on senior figures in the group that Iran's Supreme Leader dismissed as counterproductive.

In the excitement brought about by the surge of foreign investments in Malaysia’s digital economy, the government wants to see more homegrown technology companies “jump on the bandwagon” and expand their businesses in the country, Digital Minister Gobind Singh Deo said.

Sarawak Premier Tan Sri Abang Johari Tun Openg leads the list of 1,376 recipients of Sabah state honours, decorations and medals in conjunction with the 71st official birthday celebration of the Yang Dipertua Negeri Sabah, Tun Juhar Mahiruddin on Saturday.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher on Friday amid rising crude oil prices, a dealer said.

Palm oil trader David Ng said the price hike was driven by the expectation of a strong export CPO pace and escalating tension in the Middle East.

CPO futures close higher amid rising crude oil prices

US manufacturers shed 7,000 jobs in September, a weak spot in an otherwise strong employment report.

The US has lost 34,000 manufacturing jobs in the past two months, according to Bureau of Labor Statistics data out on Friday.

Prime Minister Datuk Seri Anwar Ibrahim has described the Chief Advisor of Bangladesh's Interim Government, Dr Muhammad Yunus, as a compassionate human being that the world needs.

He said the Nobel laureate had touched the hearts and souls of the marginalised and less fortunate.

A total of 10 resolutions proposed by the Perdana Fellows Alumni Association, including the establishment of a National Youth Innovation Fund aimed at producing more youth entrepreneurs in the green economy and digital economy sectors, will be presented to Prime Minister Datuk Seri Anwar Ibrahim for scrutiny.

Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir said this after chairing the association’s closed-door roundtable discussion on Friday, in conjunction with the Oct 26 Youth Economic Forum 2024 at the Malaysia International Trade and Exhibition Centre (Mitec).

Perdana Fellows Alumni Association to present 10 resolutions to PM — Zambry

The postponement of the implementation of the EU Deforestation Regulation (EUDR) is a sensible decision as it provides relief for businesses needing more time to prepare for the complex regulatory demands, says the Malaysian Palm Oil Council (MPOC).

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