Citi Malaysia CEO Lee Lung Nien, an avid competitive go-kart racer, draws parallels between racing and banking. This and more in this week’s edition of The Edge.</div><div class=inPageAd id=div-gpt-ad-inpage>

NEWS: Citi’s Lee: ‘It’s about the long game’

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

WikiLeaks founder Julian Assange landed to an ecstatic welcome in Australia on Wednesday after pleading guilty to violating US espionage law in a deal that sets him free from a 14-year legal battle.

WikiLeaks founder Assange welcomed home in Australia a free man after US deal

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

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

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.
 
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.

Onepoint abandons rescue plan for Atos, leaving few options

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

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

The regulation that set up the European Union's new agency to combat money laundering went into force on Wednesday, and the authority already has its first job posting: the position of chair.

EU's new Anti-Money Laundering Authority is now official, seeks chair 

The Securities Commission Malaysia said on Wednesday it has sued prominent investor Datuk Dr Yu Kuan Chon for alleged market rigging and manipulation involving shares of&nbsp; Shangri-La Hotels (M) Bhd (KL:SHANG) in 2018.

SC sues Yu Kuan Chon over alleged market rigging, manipulation

Sapura Energy Bhd (KL:SAPNRG) has granted chairman Datuk Mohammad Azlan Abdullah leave of absence with immediate effect to allow the 56-year-old to focus on ongoing investigations by the Malaysian Anti-Corruption Commission (MACC) regarding a matter unrelated to the oil and gas engineering group.&nbsp;

Sapura Energy grants chairman leave of absence amid unrelated MACC probe

Well Chip Group Bhd — principally involved in the provision of pawnbroking services and the trading of jewellery and gold — aims to raise RM172.5 million from its initial public offering (IPO) exercise, ahead of its listing on the Main Market of Bursa Malaysia.

Main Market-bound pawnbroker Well Chip aims to raise RM172.5m from IPO

KUALA LUMPUR (June 26): Shares of IOI Properties Group Bhd extended its decline to their lowest in seven weeks amid concerns of rising debt after the developer announced its chief executive has proposed the joint development of Shenton House in Singapore.

IOI Properties’ high gearing may swell with Shenton House project; shares down though analysts stay bullish

Felcra Bhd’s 14 subsidiaries have racked up total debt of RM1.21 billion, dragging on the cash-strapped state-owned company, said the Public Accounts Committee (PAC).

Felcra's 14 subsidiaries in debt of RM1.21b — PAC

Berjaya Tagar Sdn Bhd, a subsidiary of Berjaya Land Bhd (KL:BJLAND), officially launched an affordable residential project on Wednesday under Berjaya Flagship Affordable Homes (BFAH) called Pangsapuri Azalea in Subang Heights, Subang Jaya, Selangor.

Berjaya Land launches Pangsapuri Azalea affordable housing project in Subang Heights

(June 26):&nbsp;Malaysia is in discussions with potential Chinese investors to build data centres in the Southeast Asian nation, as it seeks to attract more “high quality” investments, according to Economy Minister Rafizi Ramli.

Rafizi: Malaysia taps Chinese investors to build more data centres

Northern Solar Holdings Bhd, which installs solar panels and operates solar farms, has filed for an initial public offering (IPO) on the ACE Market to raise funds for expansion.

Northern Solar, backed by Lagenda Properties, files for ACE Market IPO 

The Employees Provident Fund (EPF) has become a substantial shareholder in electronic manufacturing services (EMS) provider Aurelius Technologies Bhd (KL:ATECH), with a 7.87% stake.

EPF purchased 15.07 million shares in the company on June 19, the same day ATech completed the private placement of shares after listing 39.4 million shares.

EPF emerges as Aurelius Technologies’ substantial shareholder with 7.87% stake

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

Private hospital operator KPJ Healthcare Bhd (KL:KPJ), in which Johor Corp (JCorp) owns a 44.99% stake, plans to add up to 5,000 hospital beds by 2028 as part of the group’s ongoing efforts for adding new beds, which began last year.

KPJ plans to add up to 5,000 hospital beds over four years

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

HSBC Malaysia&nbsp;maintained Malaysian equities on "underweight" despite recent gains, citing pressure on index-heavyweight banks and recent rise in valuations that cap further upside.

The renewed interest is largely due to Malaysia’s rapid rise as a crucial link in the global tech supply chain, HSBC said. Sectors ranging from equipment markers, chip designers to testers, construction companies, and power producers are benefiting from an inflow of foreign investment, it noted.

HSBC keeps Malaysian equities on 'underweight' despite recent rally

Bank Negara Malaysia (BNM) may take supervisory actions and impose penalties for violations of regulatory provisions under its supervision, following recent incidents of online banking service&nbsp;outages.

BNM may take supervisory actions, impose penalties for banking service outages, Dewan Rakyat told

Indonesian companies are raising their concern over how the rupiah’s weakness is raising their costs.

Indonesian businesses sound alarm over rupiah’s continued slump 

KUALA LUMPUR (June 26): Analysts remain upbeat on Gamuda Bhd (KL:GAMUDA), which recently reported stronger quarterly earnings, given its extensive overseas exposure and substantial order book.

Analysts upbeat on Gamuda’s overseas venture, substantial order book

(June 26):&nbsp;In many parts of China, the warehouses and industrial parks that used to be a magnet for international investors are grappling with a surprising slowdown in business activity.&nbsp;

A US$100b bet on China’s economy sours as warehouses empty

KUALA LUMPUR (June 26): Google’s latest investment highlights Malaysia’s competitiveness, ease of doing business&nbsp;and growing importance as a regional hub for digital innovation, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Zafrul: Google investment a testament to Malaysia’s current competitiveness

OpenAI’s abrupt move to ban access to its services in China is setting the scene for an industry shake-up, as local artificial intelligence (AI) leaders from Baidu Inc&nbsp;to Alibaba Group Holding Ltd&nbsp;move to grab more of the field.

OpenAI’s China block to reshape AI scene as big players pounce

KUALA LUMPUR (June 26): After Malaysia’s approved investment grew&nbsp;13% in the first quarter (1Q2024), the country's approved investment growth for&nbsp;2024 should at least match its annual gross domestic product (GDP) growth, according to the Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.