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MORNING CALL: 10/8/22

Lim Guan Eng’s counsel RSN Rayer on Wednesday asked the Sessions Court to cite Machang Member of Parliament Wan Ahmad Fayhsal Wan Ahmad Kamal for contempt, over a response the Parti Pribumi Bersatu Malaysia Youth leader made on social media, with regard to the ongoing Penang undersea tunnel trial. However, this application was rejected by the court.

Guan Eng’s lawyer RSN Rayer seeks contempt proceedings against Bersatu Youth chief, but dismissed by court

We at The Edge are in a mood to celebrate. On Oct 1, The Edge launched its literary opus, Behind the Stories: The Making of The Edge — The People, The Elations + Heartbreaks of the Past 30 Years. Yes, we are 30 years old and proud of it. And I have been here since it was set up in 1994.

My Say: There is still a place for long-form journalism, including in print

KUALA LUMPUR (Oct 9): Malaysian exporters are now keener to convert foreign proceeds amid sustained recovery of the ringgit, said members of Bank Negara Malaysia’s (BNM) Financial Markets Committee.

Malaysian exporters now keener to bring home foreign proceeds, BNM committee observes

New Zealand’s central bank cut interest rates by half a percentage point, stepping up the pace of easing as policymakers become more concerned about the economic slowdown.

New Zealand steps up pace of rate cuts as economy weakens

NEW YORK (Oct 8): The US said in a court filing on Tuesday that it was considering asking a judge to force Alphabet’s Google to divest parts of its business that helped the Big Tech firm maintain an illegal monopoly in online search.

US mulls potential breakup in Google search case

Boeing Co managed to hand over 33 aircraft to customers in September, when a strike shut down large parts of its manufacturing, while warning that the work stoppage at its main production hub in the Seattle area will reduce future deliveries.

Boeing cautions on deliveries as strike curbs aircraft output

BENGALURU (Oct 9): Copper prices in Shanghai dropped for a second straight session on Wednesday, pressured by doubts over economic recovery in top metals consumer China.

Shanghai copper dips for second session as China’s stimulus plan disappoints

Honda Motor Co said it is open to altering its electrification road map if demand for pure battery cars continues to wane, a sign the Japanese automaker may ultimately join international peers in walking back electric vehicle (EV) targets.

Honda leaves door open to revise EV strategy

Meta Platforms Inc is rolling out new artificial intelligence (AI) tools to help advertisers create and edit videos more easily, seeking to reach Facebook and Instagram users who are spending more time watching videos.

Meta launches generative AI video tools for advertisers

KUALA LUMPUR (Oct 9): Press Metal Aluminium Holdings Bhd (KL:PMETAL) Southeast Asia’s largest aluminium smelter by capacity is expected to post double-digit earnings growth in FY2025 stable aluminium prices, as global monetary policies ease and China’s economy recovers, said Hong Leong Investment Bank (HLIB).

Press Metal to see double-digit earnings growth in FY2025 — HLIB

A brief recap of some business news and corporate announcements that made headlines on Tuesday.

Public Bank, LPI Capital, Ireka, Perdana Petroleum, MClean, Enest, Sunsuria, Media Prima, Seal and Sime Darby

Shares of Crest Group Bhd (KL:CREST) rose 13% on their trading debut on Wednesday,&nbsp;after the imaging company raised RM82.11 million from its initial public offering (IPO) on the ACE Market.

Crest Group rises 13% on ACE Market debut after RM82 mil IPO

The world’s largest technology companies drove stocks higher, with the market rebounding from its worst session in a month. A rout in Treasuries eased as bets on US Federal Reserve (Fed) rate cuts stabilised. Oil sank.

‘Mag Seven’ rally as Nvidia’s winning run hits 14%

Ever since President Xi Jinping sought to&nbsp;draw a line&nbsp;under China’s slowdown last month, investors have clamored for him to back up monetary easing with a powerful fiscal stimulus to help fuel one of the nation’s biggest stock rallies in years.

China markets warn Xi that more stimulus is needed

Shares of Ireka Corp Bhd (KL:IREKA) surged to their highest in more than two years on Wednesday, after the construction company announced a RM1.07 billion contract.

Ireka Corp shares surge to over two-year high after RM1b contract win

A new HBO documentary about the origins of bitcoin suggests that Satoshi Nakamoto, the pseudonymous creator of the original cryptocurrency, is likely Canadian software developer Peter Todd.&nbsp;

HBO documentary suggests bitcoin creator 'Satoshi Nakamoto' is developer Peter Todd

Equities in Asia were primed for early gains on Wednesday after a tech rally lifted Wall Street and bets on US Federal Reserve (Fed) rate cuts stabilised.&nbsp;

Stock futures for Japan, Australia and Hong Kong all advanced. An index of US-listed Chinese shares fell 6.9% overnight as concerns mounted that the latest burst of stimulus may&nbsp;be insufficient&nbsp;to convince investors of a sustainable rally in the country’s equity market. After surging almost 11% at the open on Tuesday following a week-long holiday, Chinese stocks lost nearly half their gains.

Asian stocks set to rise after tech lifts Wall Street

Shares of Pertama Digital Bhd (KL:PERTAMA) resumed their decline in early trade on Wednesday, to their lowest&nbsp;in more than four years.

Pertama Digital fell as much as 20 sen or 41.2% to 28.5 sen, after hitting a limit down the day prior.

Pertama Digital resumes decline in early trade after limit down day prior

Lee Wei Ling, the daughter of Singapore’s first prime minister Lee Kuan Yew, passed away at the age of 69.

Wei Ling died at home on Wednesday, according to a Facebook&nbsp;post&nbsp;by her brother Lee Hsien Yang. She was also the sister of former Singapore prime minister Lee Hsien Loong.

Wei Ling, daughter of Singapore's Lee Kuan Yew, dies at 69

In a matter of weeks, Budget 2025 will be upon us. Research houses have started rolling out their predictions, anticipating areas of focus that the government will zero in to continue to support and bolster the economy.

A look at the previous four national Budgets

Asean micro, small and medium enterprises (MSMEs) should benefit from the US$2 trillion (RM8.55 trillion) expected economic value generated from the Digital Economy Framework Agreement (DEFA) by 2030.

Asean MSMEs should benefit from Digital Economy Framework Agreement, says Zafrul

KUALA LUMPUR (Oct 9): Malaysian exporters are now keener to convert foreign proceeds amid sustained recovery of the ringgit, said members of Bank Negara Malaysia’s (BNM) Financial Markets Committee.

The US Federal Aviation Administration (FAA) warned operators of certain Boeing Co 737 aircraft that the rudder system could possibly jam due to a faulty part, a week after a safety official rebuked the agency for not acting sooner to address the issue.

FAA issues safety alert on Boeing 737 rudder issue after NTSB rebuke

KUALA LUMPUR (Oct 9): Press Metal Aluminium Holdings Bhd (KL:PMETAL) Southeast Asia’s largest aluminium smelter by capacity is expected to post double-digit earnings growth in FY2025 stable aluminium prices, as global monetary policies ease and China’s economy recovers, said Hong Leong Investment Bank (HLIB).

Citigroup Inc&nbsp;said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud.

'We are not bad guys': Citi pushes back on New York online fraud suit

Minister in the Prime Minister's Department (Federal Territories) Dr Zaliha Mustafa said she held discussions with the mayor of Hangzhou (China) Yao Gaoyuan on Tuesday to strengthen "twin cities" cooperation between Kuala Lumpur and Hangzhou.

Zaliha in talks with mayor for KL-Hangzhou smart co-operation as twin cities

Prime Minister Datuk Seri Anwar Ibrahim has arrived in the Laotian capital here to attend the 44th and 45th Asean Summits and Related Summits.

His aircraft landed at Wattay International Airport at 8.37pm local time (9.37pm Malaysian time).

Anwar arrives in Vientiane for Asean Summits and Related Summits

Efforts to strengthen national unity require the synergy of various parties including the people by participating in various programmes implemented by the government through the Ministry of National Unity.

Build unity through stronger synergy between govt and people

The Enforcement Agency Integrity Commission (EAIC) has seized 156 Social Visit Pass (Medical Treatment Pass category) application files believed to be linked to a medical visa syndicate involving Immigration Department officers.

EAIC seizes 156 files in probe on medical visa syndicate involving immigration officers

Alimentation Couche-Tard Inc&nbsp;sent Seven &amp; i Holdings Co&nbsp;a new potential acquisition price of ¥7 trillion (US$47.20 billion or RM202.23 billion), people with knowledge of the matter said, showing that the Canadian company is still seeking to enter takeover talks after its initial bid was rejected.