What are Malaysia’s biggest headaches? Has Malaysia’s generosity to foreign investors paid off? Why are East Malaysians unhappy? Respected economist and former Council of Elders member Dr KS Jomo spills the beans.</div><div class=inPageAd id=div-gpt-ad-inpage>

TALKING EDGE:  Honesty and Truth: The KS Jomo Way

KUALA LUMPUR (Nov 29): Rapid KL has denied a viral post that there was an explosion or fire involving a Mass Rail Transit (MRT) train along the Kajang route this afternoon.

Rapid KL in a statement on Wednesday informed that the incident only involved the sound of a spark from train numb...

Rapid KL denies explosion involving MRT train

UEM Sunrise Bhd said its former Canadian unit has been sued for defects in one of its buildings in the mixed residential and commercial use complex located in the province of British Columbia, known as Quintet Tower D.

UEM Sunrise's Canadian unit sued for defects in building

Oil and gas (O&G) services provider Velesto Energy Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 91.9% to RM1.22 million from RM14.97 million in the corresponding quarter a year ago, despite higher revenue, as it incurred higher operating and finance costs.

Velesto Energy's 3Q profit drops 91%, dragged by higher costs

Leform Bhd, which made its debut on ACE Market a year ago, saw its share price surge after staying range-bound for the past 12 months, despite being in the red.

Steel products maker Leform’s shares shine despite being in the red

Here is a brief recap of some corporate announcements that made news on Wednesday: Axiata Group Bhd, Cahya Mata Sarawak Bhd, Berjaya Corp Bhd, Mega First Corp Bhd, QL Resources Bhd, Sarawak Oil Palms Bhd, PPB Group Bhd, PJBumi Bhd, Apex Healthcare Bhd, Boustead Heavy Industries Corporation Bhd, FGV Holdings Bhd, Supermax Bhd, Genetec Technology Bhd, Icon Offshore Bhd, Titijaya Land Bhd, Public Bank Bhd, KSL Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pharmaniaga Bhd.

Axiata, CMSB, Berjaya Corp, Mega First, QL Resources, Sarawak Oil Palms, PPB, PJBumi, Apex Healthcare, Boustead Heavy, FGV, Supermax, Genetec, Icon Offshore, Titijaya, Public Bank, KSL, MHB, Pharmaniaga

Malaysia Building Society Bhd’s (MBSB) net profit dropped 44.3% to RM32.84 million or 0.46 sen for the third quarter ended Sept 30, 2023 (3QFY2023), from RM58.96 million or 0.82 sen a year earlier.

MBSB's 3Q net profit down 44% on higher opex, impairment

Bank Indonesia (BI) will maintain its benchmark rate at the current level into 2024 barring any major changes in global dynamics, Governor Perry Warjiyo said on Wednesday, signalling the central bank is done with its rate hiking cycle.

Indonesian central bank signals rate to be kept steady into 2024

Oriental Holdings Bhd's net profit jumped 190.59% to RM297.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM102.35 million a year earlier, thanks to a gain from a bargain purchase on step acquisition of RM102.4 million as well as a gain on disposal of its associate of RM116.4 million.

Oriental Holdings 3Q net profit jumps on gain on disposal of associate

E-government service provider MyEG Services Bhd (MyEG) said it has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates.

MyEG gets JPJ nod to start driving test system on actual candidates

Elliott Investment Management has taken a US$1 billion (RM4.6 billion) stake in Phillips 66 and is urging the US oil refiner and pipeline operator to revamp its board to boost lagging performance.

Elliott takes US$1b stake in US oil refiner Phillips 66, urges board revamp 

KUALA LUMPUR (Nov 29): The Exchange TRX — the retail component of Tun Razak Exchange development in Kuala Lumpur — has opened its doors to the public, according to a Lendlease press release on Wednesday.

The Exchange TRX opens to the public

The registration and claim for eMadani, a one-off e-wallet credit of RM100, will open from Monday (Dec 4) to Feb 20 next year, according to Prime Minister Datuk Seri Anwar Ibrahim.

Registration, claim for eMadani credit from Monday, says Anwar

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has secured a subcontract for an offshore substation (OSS) high voltage direct current (HVDC) platform from Petrofac International (UAE) LLC worth RM1.2 billion.

MHB secures RM1.2 bil subcontract for offshore substation from Petrofac

As of Jan&nbsp;1, 2023, 94,827 or 35% of Employees Provident Fund (EPF) members who are aged 54 years old have savings below RM10,000, totalling RM246.1 million.

Over 94,000 EPF members aged 54 have savings below RM10,000, says Steven Sim

Axiata Group Bhd widened its net loss to RM797.41 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM52.4 million a year ago mainly due to asset impairment and lower share of results from subsidiary CelcomDigi Bhd (CDB).

Axiata’s 3Q loss widens on impairments, lower CelcomDigi contribution

Petroliam Nasional Bhd (Petronas), which has said since the release of its first quarter results for this year that it anticipates lower profitability for&nbsp;FY2023 compared to the record high earnings it scored in FY2022, reported that its net profit for its third quarter ended Sept 30 (3QFY2023) fell by 22% to RM23.9 billion from RM30.8 billion a year ago, mainly due to lower average realised prices in tandem with the declining benchmark oil prices.

Petronas sees lower annual profit after record year as 9M profit drops amid lower oil prices

KUALA LUMPUR (Nov 29): IJM Land Bhd announced the groundbreaking of Lotus’s hypermarket at its IJM Rimbayu township development in Selangor in a press release on Wednesday. The hypermarket has a 30-year lease term and is set to be completed in 4Q 2024.

IJM Rimbayu to see new Lotus’s hypermarket in 4Q next year

KUALA LUMPUR (Nov 29): FGV Holdings Bhd posted an 86.8% decrease in net profit for its third quarter ended Sept 30, 2023 (3QFY2023) to RM31.98 million, from RM241.67 million a year ago (3QFY2022), owing to a significant fall in profit contribution from its plantation segment.

FGV’s 3Q net profit falls 86.8% on lower CPO prices

PPB Group Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell 52.52% to RM372.55 million, from RM784.75 million in the corresponding quarter a year earlier, largely due to lower contribution from its 18.8%-owned associate,&nbsp; the integrated agribusiness giant Wilmar International Ltd.

PPB 3Q profit halves to RM372.6 mil on lower Wilmar contribution

KUALA LUMPUR (Nov 29): Bursa Malaysia closed lower for the third straight session on Wednesday after reversing all its intraday gains, dragged down by selling in telecommunication and banking heavyweights, said an analyst.&nbsp;

Bursa closes lower for third straight session

Malaysia has managed to secure investment commitments worth RM347 billion from official visits made by Prime Minister Datuk Seri Anwar Ibrahim, as well as&nbsp;trade and investment missions overseas under the current government.

Anwar: Investment commitments worth RM347b secured from overseas

Keretapi Tanah Melayu's (KTM) Komuter service and Electric Train Service (ETS) are experiencing disruptions of between 15 and 30 minutes from the original schedule on Wednesday due to a train derailment incident at the Klang Valley Double Tracking project engineering 1 (KVDT1) at KM387.755 between the Kuala Lumpur Station and KL Sentral Station at 4.05am.

KTM Kommuter, ETS services disrupted by derailed train

KUALA LUMPUR (Nov 29): QL Resources Bhd logged its best quarterly net profit in the second quarter ended Sept 30, 2023 (2QFY2024) after it posted a RM122.64 million net profit, representing a 30.61% surge from RM93.9 million recorded in the same period last year.&nbsp;

QL Resources logs highest net profit of RM122.6 mil in 2Q

TSA Group Bhd, a supplier of industrial hardware products that also manufactures stainless steel pipes and metal products, has inked an underwriting agreement with AmInvestment Bank Bhd for its upcoming initial public offering on the ACE Market of Bursa Malaysia.

TSA inks underwriting agreement with AmInvestment Bank for ACE debut

KUALA LUMPUR (Nov 29): Mah Sing Group Bhd recorded a higher net profit at RM50.02 million or 2.06 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023), increased 6.29% compared to RM47.06 million or 1.94 sen per share a year ago, driven by the higher property sales and progressive revenue recognition from ongoing construction progress. &nbsp;

Mah Sing records higher net profit in 3Q; unbilled sales rise to RM2.42 bil

Eight premises in Sarawak were raided by Bank Negara Malaysia (BNM) in collaboration with the Royal Malaysian Police (RMP) on suspicion of offering illegal money services without a valid license from BNM, as well as potentially engaging in money laundering activities.

BNM: Eight premises in Sarawak raided for suspected illegal money services

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EVENING 5: Five things you need to know today

Pharmaniaga Bhd, which has been granted seven concessions to provide medical supplies to public hospitals, is making a cash call via a renounceable rights issue of new shares plus private placement, to raise up to RM654.61 million to pare down debts.&nbsp;

Pharmaniaga proposes rights issue and private placement to raise up to RM654.6 mil fresh capital 

theedgemalaysia.com highlighted six stocks with momentum during Bursa Malaysia’s afternoon close on Wednesday. One stock displayed positive momentum, while the remaining five stocks displayed negative momentum.

Wellcall, Sunzen Biotech, KPJ Healthcare, Bina Puri, Crescendo, Public Packages

KUALA LUMPUR (Nov 29): Russia is ready to grant a visa-free regime to Malaysian visitors, said Russia’s deputy head of mission to Malaysia, Alexander Zimin, noting that the relevant intergovernmental agreement is being worked out by the two countries.