Malaysia's largest integrated financial technology provider, TNG Digital Sdn Bhd, is implementing 100% electronic Know-Your-Customer (eKYC) verification starting Wednesday.

The company stated that all new users must now complete eKYC verification to access TNG eWallet features.

TNG Digital launches full eKYC 

Malaysia is aiming to align its real economy with ongoing developments in the capital market as the nation reinvents its economic framework, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

Malaysia to align real economy & capital market to drive inclusive growth — Amir Hamzah

Wall Street's main indices dropped on Wednesday, as continued escalation of Russia-Ukraine tensions worried investors, while megacap Nvidia lost ground ahead of quarterly results.

Stocks dipped after a report Ukraine fired long-range British Storm Shadow missiles into Russian territory.

Wall St falls as Russia-Ukraine tensions raise concerns ahead of Nvidia earnings

Offshore marine services provider Perdana Petroleum Bhd (KL:PERDANA) reported a more than threefold jump in its third quarter net profit, as it enjoyed better charter rates and higher vessel utilisation, driven by a shortage of offshore support vessels for offshore production and operation activities during the July-September quarter.

Perdana Petroleum reports threefold jump in 3Q profit on higher charter rates, increased vessel use

Sime Darby Property Bhd (KL:SIMEPROP) said it has already hit 91% of its full-year sales target of RM3.5 billion for 2024 by September. Its unbilled sales stood at RM3.7 billion.

Sime Darby Property hits 91% of 2024 annual sales target in nine months

Hap Seng Plantations Holdings Bhd (KL:HSPLANT) logged its highest quarterly net profit in nearly three years boosted by strong palm oil prices and lower operating expenses but flagged rising costs ahead.

Hap Seng Plantations logs highest quarterly profits in nearly three years on strong prices, lower expenses

Kawan Food Bhd’s (KL:KAWAN) net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fell 87.5% to RM960,000 from RM7.69 million in the same quarter last year (3QFY2023), dragged by unrealised foreign exchange (forex) losses due to the weakening of the US dollar against the ringgit, and a higher tax charge.

Kawan Food’s 3Q profit drops over 80%, dragged by forex losses and higher tax expense

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

Petronas Chem, Sime Darby Property, SD Guthrie, Perdana Petroleum, Sports Toto, Hap Seng Plant, RCE Capital, MyEG Services, Pos, UOA Devt, Amway, Formosa, Hextar Ind, Thong Guan, Kawan Food, RHB Bank, IFCA, Sapura Energy, Reservoir Link, Velesto, Zelan

A record-breaking crypto rally born in the US is leaving its mark on Asia, including a jump in the value of bitcoin held by Bhutan to more than US$1 billion and a surge in digital-asset trading volumes in South Korea.

Asia crypto hotspots gain from US$800 billion rally led by US

Hello Kitty is famously the height of just five apples. But these days, the more striking statistic is that she’s worth more than ¥1 trillion (RM28.97 billion) — or US$6.5 billion.

Hello Kitty at 50 is a cute little cash bonanza

Property tycoons are lending their support to the Hong Kong IPO market for the first time in years, a move that could help fan the flames of a nascent recovery.

Billionaire Robert Ng’s Sino Land Co is one of the largest cornerstone investors in the US$793 million (RM3.54 billion) Hong Kong listing from courier service SF Holding Co that kicked off this week.

Hong Kong tycoons plow money into rebounding IPO market

Archegos Capital Management founder Bill Hwang will be sentenced on Wednesday for fraud and market manipulation tied to the stunning 2021 collapse of his US$36 billion (RM160.89 billion) family office, capping a case that riveted Wall Street.

Archegos’ Hwang faces sentence for crimes that shook Wall Street

Packaging material maker Thong Guan Industries Bhd’s (KL:TGUAN) net profit shrank nearly one-third to RM15 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM21.9 million a year ago, dragged by lower contribution from its plastic packaging products' segment.

Thong Guan 3Q profit drops 32% on lower contribution from plastic packaging products

Zelan Bhd’s (KL:ZELAN) chief executive officer Mohd Ariff Abd Samat has departed from the post three months after his appointment. 

Mohd Ariff resigned from the position effective immediately “to pursue other career opportunities”, according to the Practice Note 17 (PN17) construction engineering outfit’s bourse filing on Wednesday.

PN17 Zelan's CEO Mohd Ariff resigns after three months in job

Malaysia’s record achievement in attracting foreign direct investment (FDI) underscores its growing prominence as a key economic player within the Asean region.

Prime Minister Datuk Seri Anwar Ibrahim has described Asean as a “vital trade platform,” offering “simplified access to ten markets in Southeast Asia”, according to Forbes in an article released on Wednesday.

Malaysia’s record FDI solidifies position as key economic player in Asean — Forbes

The United States on Wednesday vetoed a UN Security Council resolution for a ceasefire in Gaza, drawing criticism of the Biden administration for once again blocking international action aimed at halting Israel's war with Hamas.

US vetoes UN Security Council resolution on Gaza ceasefire

The Kuala Lumpur High Court has sided with Tokio Marine Life Insurance Malaysia Bhd in its dispute with RHB Bank Bhd (KL:RHBBANK) over their bancassurance business, but also ordered it to respond to the best offer that RHB Bank receives within 14 days after receiving it from the bank.

Court orders Tokio Marine to respond to RHB's best offer within 14 days

The United States could impose nearly 40% tariffs on imports from China early next year, a Reuters poll of economists showed, potentially slicing growth in the world's second-biggest economy by up to one percentage point.

Poll: Trump to unleash nearly 40% tariffs on China in early 2025, hitting growth 

BMW Group Malaysia is currently engaging with the government and local partners on its plan to locally assemble its electric vehicle (EV) units, aligning with the tax exemption for EV owners until the end of 2025.

BMW Group Malaysia to discuss with govt entities and local partners on EV assembly

Bursa Malaysia has filed an application to the High Court seeking clarifications on the legal implications of the court's appointment of an interim judicial manager for Sarawak Cable Bhd (KL:SCABLE), whose shares it suspended from trading on Tuesday but has now allowed to resume on Thursday.

In a bourse filing on Monday, Sarawak Cable announced it had received a letter from Cheang and Ariff, the solicitors acting on behalf of Bursa, on the bourse operator's application.

Bursa lifts suspension of Sarawak Cable shares as it seeks clarification from court regarding interim judicial manager's appointment

Hap Seng Plantations Holdings Bhd (KL:HSPLANT) logged its highest quarterly net profit in nearly three years boosted by strong palm oil prices and lower operating expenses but flagged rising costs ahead.

Speculative fever in Chinese stocks is running red hot and catching the attention of some global funds, who figure local money is worth following into market segments sheltered from tariffs and likely to ride an eventual economic recovery.

China's cashed-up crowd is back in the stock market

IFCA MSC Bhd (KL:IFCAMSC) said it is targeting RM440 million in new sales over the next three years mainly through new customers arising from its property management system solutions, optimising pricing and growing its distributors programme.

IFCA MSC targets RM440m in new sales for next three years

KUALA LUMPUR (Nov 20): The Ministry of Transport may impose a fee on those who require a physical copy of their driving licence some time next year.

Transport Ministry may impose fee on physical driving licences next year

MyEG Services Bhd (KL:MYEG) posted its highest-ever quarterly net profit of RM195.05 million in the third quarter ended Sept 30, 2024 (3QFY2024), a 62.55% increase from RM120 million in the same quarter last year.

MyEG posts highest-ever quarterly net profit of RM195m in 3Q

Lawyer Tan Sri Muhammad Shafee Abdullah on Tuesday claimed the media had failed to do its job during its reporting of former prime minister Datuk Seri Najib Razak's SRC International Sdn Bhd trial — for which Najib was found guilty of abuse of power, criminal breach of trust, and money laundering involving RM42 million of SRC's money — and alleged that the press had left out certain facts of the case.

Shafee claims media failed to do its duty in Najib's SRC trial

Pos Malaysia Bhd (KL:POS) continued its quarterly streak in the red, posting a wider net loss for the third quarter on lower postal and freight volume, and higher other and tax expenses.

Pos Malaysia's 3QFY2024 net loss widens on lower postal and freight volume

KUALA LUMPUR (Nov 20): Bagan Member of Parliament Lim Guan Eng has called for an explanation from Education Minister Fadhlina Sidek regarding the hosting of officials from the Taliban-led Afghanistan government.

Lim said that the ministry's decision to host the Taliban has raised many c...

Guan Eng demands explanation from education minister for hosting Taliban delegates

With Nvidia Corp due to report an unusually complex quarter as the world’s most valuable company, traders are preparing for a potentially mammoth stock swing.

The options-implied move for Nvidia shares the day after earnings is about 8% in either direction, according to data compiled by Bloomberg.

Nvidia traders brace for potential US$300 bil earnings move

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

EVENING 5: Five things you need to know today

Sapura Energy Bhd (KL:SAPNRG) has secured a contract to provide pan-Malaysia services from Petronas Carigali Sdn Bhd.

Sapura Energy gets pan-Malaysia services contract

SD Guthrie Bhd (KL:SDG), formerly known as Sime Darby Plantation Bhd, reported a 36.75% drop in net profit for the third quarter on Wednesday due to the absence of a gain on land disposal, despite higher crude palm oil (CPO) prices.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM766 million or 11.1 sen per share, compared with RM1.21 billion or 17.5 sen per share a year earlier, the world's largest palm oil producer by acreage said in an exchange filing.

SD Guthrie's 3Q net profit down 37% on absence of disposal gain

Sports Toto Bhd’s (KL:SPTOTO) net profit for the first quarter ended Sept 30, 2024 (1QFY2025) fell 31.3% to RM41.33 million, from RM60.17 million a year ago, dragged by lower lottery sales as well as lower sales performance and forex loss impact arising from its UK luxury car unit, HR Owen plc.

Sports Toto’s 1Q net profit falls 31%, declares two sen dividend

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

Offshore marine services provider Perdana Petroleum Bhd (KL:PERDANA) reported a more than threefold jump in its third quarter net profit, as it enjoyed better charter rates and higher vessel utilisation, driven by a shortage of offshore support vessels for offshore production and operation activities during the July-September quarter.

Malaysia regained its position as the second-largest supplier of crude oil to China last month, data showed on Wednesday, with supplies rising 28% on year as independent refiners sought cheaper sanctioned oil amid Middle East supply concerns.

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