In The Edge Malaysia this week — Corporate earnings for the first quarter of 2022 show more companies reporting poorer performance compared to a year ago. With their share price performance reflecting this, what can investors bet on? </div><div class=inPageAd id=div-gpt-ad-inpage>

EDGE WEEKLY: A lagging recovery

(June 27): Amazon.com Inc. has reached a US$2 trillion market valuation for the first time ever as an artificial intelligence-fueled rally pushed the tech giant deeper into record territory.

Shares rose 3.9% on Wednesday to close at US$193.61, pushing the market value to more than US$2 ...

Amazon hits US$2 trillion in value as AI frenzy fuels rally

(June 27): Major U.S. stock indexes closed with modest gains on Wednesday after a choppy trading session, with investors holding their cards close to the vest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers.

"We're in this kind of ...

Wall Street ends slightly up, trade choppy ahead of inflation data

NEW YORK (June 27): The U.S. dollar on Wednesday hit its highest level against the Japanese yen innearly 38 years, and investor speculation was high that authorities in Japan could intervene to strengthen the country's currency, while major U.S. stock indexes climbed.

Japan's top curren...

Dollar hits 38-year high versus yen; US stocks rise

(June 27): Volvo Cars will postpone the U.S. deliveries of its EX30 electric vehicle as it focuses on expanding production of the compact SUV outside China in the wake of tariff hikes on exports from the country, a company spokesperson said on Wednesday.

Volvo had previously said it wou...

Volvo to delay EX30's US shipments due to higher tariffs on Chinese imports

GELSENKIRCHEN, Germany (June 27): Georgia staged the biggest upset in Euro history with a 2-0 win over Portugal on Wednesday to stride into the knock-out phase of their first major tournament, thanks to an early Khvicha Kvaratskhelia strike and a Georges Mikautadze penalty.

The win, alb...

Newcomers Georgia stage historic Euro shock by beating Portugal 2-0

HAMBURG, Germany (June 27): Turkey overcame spirited resistance from 10-man Czech Republic in a 2-1 victory on Wednesday with goals from Hakan Calhanoglu and Cenk Tosun to set up a Euro 2024 last-16 clash with Austria and send their opponents home.

The Czechs, quarter-finalists at the l...

Turkey set up last-16 clash with Austria, send Czechs home

(June 27): Chipmaker Micron Technology beat estimates for third-quarter revenue on Wednesday, driven by a surge in demand for its memory chips from the booming AI industry and improved pricing in other markets.

Shares of the Idaho-based firm still fell 7.2% in extended trading after it ...

Micron Tech beats revenue estimates on AI chip demand, shares fall after run-up

LB Aluminium Bhd’s (KL:LBALUM) net profit climbed 62.67% to RM9.43 million for its fourth quarter ended April 30, 2024 (4QFY2024), from RM5.8 million a year before, on higher contributions from both the aluminium and property segments.

LB Aluminium’s 4Q net profit up 63%, declares 2.5 sen dividend

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

IJM, Samaiden, AmanahRaya REIT, Poh Huat, CN Asia, Kuchai Development, Sungei Bagan, Sapura

Kenya's president on Wednesday withdrew planned tax rises, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action this week.

Kenya president backs down on tax rises after deadly protests

Founder of Gamuda Bhd (KL:GAMUDA) Datuk Lin Yun Ling has exercised his share options under the Employees' Share Options Scheme (ESOS) to acquire 1.2 million shares at RM2.55 apiece.

Lin Yun Ling acquires 1.2 mil shares in Gamuda via ESOS

IJM Corp Bhd (KL:IJM) has secured a contract to design and build a data centre for a subsidiary of Telekom Malaysia Bhd (KL:TM) in Iskandar Puteri, Johor, for RM331.7 million.

The project — known as Block 2 of the Iskandar Puteri Data Centre — was secured from TM Technology Services Sdn Bhd via its wholly owned IJM Construction Sdn Bhd, IJM said in a statement on Wednesday.

IJM secures RM331.7 mil contract to build data centre for TM's unit in Iskandar Puteri

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

Tesla Inc is on the verge of losing a key bragging right it’s held for the past six years: outselling all EV competitors in the US combined.

Tesla is about to lose its EV market majority in the US

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

EVENING 5: Five things you need to know today

UUE Holdings Bhd (KL:UUE), which is set to be listed on the ACE Market of Bursa Malaysia on July 2, said its net profit for the fourth quarter ended Feb 29, 2024 (4QFY2024) came in at RM1.27 million.

Engineering firm UUE posts RM1.27m quarterly net profit ahead of listing

The Malaysian Anti-Corruption Commission (MACC) has arrested another suspect in connection with the bribery case involving works to complete a highway project package worth over RM1 billion in the Klang Valley.

Ninth suspect nabbed in MACC’s highway bribery probe

LB Aluminium Bhd’s (KL:LBALUM) net profit climbed 62.67% to RM9.43 million for its fourth quarter ended April 30, 2024 (4QFY2024), from RM5.8 million a year before, on higher contributions from both the aluminium and property segments.

The yen tumbled to the weakest level since 1986, raising speculation authorities may act to support the currency again.

Yen slides to weakest since 1986, raising risk of intervention

Penang-based Arka Bhd (KL:ARKA), formerly known as Transocean Holdings Bhd, has appointed Au Foong Yee as the group’s independent and non-executive director effective Wednesday.

Arka appoints Inta Bina’s Au Foong Yee as new non-executive director

Oil and gas tanks manufacturer CN Asia Corp Bhd (KL:CNASIA) is set to emerge as the largest shareholder of radio-frequency identification (RFID) solutions provider SMTrack Bhd (KL:SMTRACK) with a 14.2% stake via a debt settlement exercise announced on Wednesday.

CN Asia set to emerge as largest shareholder in SMTrack via debt settlement plan

The cut-off date for the proposed disposal of Kuchai Development Bhd’s (KL:KUCHAI) assets and liabilities to Sungei Bagan Rubber Company (KL:SBAGAN) in return for a 29.37% stake in Sungei Bagan has been extended by four months to October 29.

Kuchai Development-Sungei Bagan deal cut-off date extended by four months till Oct 29

Wall Street's main indexes were mixed on Wednesday, with technology stocks attempting to find a floor after recent selloff, while investors awaited a crucial inflation report this week to gauge the path of monetary policy.

Wall Street mixed as tech stocks attempt recovery, financials drag

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped three consecutive days of losses to end higher on Wednesday on prospects of weaker production in the coming weeks, said palm oil trader David Ng.

CPO futures snap three-day losing streak to end higher

PUTRAJAYA (June 26): Prime Minister Datuk Seri Anwar Ibrahim on Wednesday attended the 2024 Prime Minister's Department (JPM) Appreciation Ceremony honouring 1,019 outstanding personnel and retirees.

The event, held at the Putrajaya International Convention Centre, served as a recogniti...

Anwar honours 1,019 at PM Department's 2024 Appreciation Ceremony

Airbus SE has been warning airlines that some of their aircraft deliveries due in the next two years risk being delayed, an indication that supply-chain glitches at the world’s largest planemaker might extend well beyond the current year.

Airbus tells buyers some of their deliveries in 2025, 2026 may be delayed

Sarawak is seeking clarification from the federal government regarding the delegation of authority concerning the Malaysia My Second Home (MM2H) programme.

Sarawak govt seeking clarification from Putrajaya over MM2H programme

NEW YORK (June 27): The U.S. dollar on Wednesday hit its highest level against the Japanese yen innearly 38 years, and investor speculation was high that authorities in Japan could intervene to strengthen the country's currency, while major U.S. stock indexes climbed.

Japan's top curren...

(June 27): Major U.S. stock indexes closed with modest gains on Wednesday after a choppy trading session, with investors holding their cards close to the vest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers.

"We're in this kind of ...

Negotiations to bail out Atos SE were dealt another blow after its largest shareholder walked away from a plan to rescue the troubled French IT company, leaving it with dwindling options. 
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David Layani’s Onepoint, a smaller French tech company that holds the largest stake in Atos, had initially beat out a rival bid from billionaire Daniel Kretinsky’s EPEI to negotiate with Atos’s creditors. Now that those talks have failed, Kretinsky’s firm has said it would be willing to restart negotiations, Atos said in a statement on Wednesday.