The Electricity Industry Fund (KWIE) found itself among the top five loss-making federal agencies in 2022, with a loss of RM990 million, on the back of hefty electricity tariff rebate expenses, according to the Auditory General’s Report on federal agencies for 2022.

Energy Commission fund logged RM990m loss in 2022 on tariff rebate expenses — AG’s Report

The Federal Land Development Authority (Felda) has emerged as the federal agency reporting the highest deficit at RM1.01 billion, according to the Auditor General's Report for the year 2022.

Felda tops federal agencies with highest deficit of RM1.01b — AG's Report

The Federal Land Development Authority (Felda), which posted a net loss of RM1.01 billion in 2022, almost double of the amount it bled in 2021, faces financial challenges to meet its debt obligations, according to the Auditor-General's Report on Federal Agencies for 2022.

The annual net loss of RM1.01 billion was sharply higher than the RM545 million net loss it suffered in 2021, despite strong crude palm oil prices.

Auditor General flags Felda’s loan defaults, urges reducing reliance on government grants

KUALA LUMPUR (March 6): The Ministry of Housing and Local Government's PR1MA Corporation Malaysia (PR1MA) may struggle to repay the second tranche of its sukuk, amounting to some RM1.75 billion, maturing in October this year.

AG's Report: PR1MA may struggle to pay second tranche of sukuk of RM1.75b in October 2024

The Armed Forces Fund Board (LTAT) has consistently reported a deficit in its reserves since 2020, according to the Auditor General's Report on Federal Agencies for 2022.

AG's Report: LTAT reserves in deficit since 2020

Malaysia’s auditor general on Wednesday flagged going concerns issues at two federal government agencies Federal Land Development Authority (Felda) and PR1MA Corp Malaysia.

Auditor General flags going-concern issues at Felda, PR1MA

KUALA LUMPUR (Nov 22): A total of RM681.71 million in public funds were identified as losses in six programmes involving the activities of federal government ministries and departments, as well as federal statutory bodies, as reported by the Auditor General’s Report 2022 (AG’s Report 2022).

Over RM681 mil of public fund losses across six federal programmes

Malaysia’s National Trust Fund (KWAN), which made up 68.7% of the federal government investment position, grew 4.2% year-on-year (y-o-y) to RM14.47 billion in 2022, from RM13.89 billion.

National trust fund grew 4.2% y-o-y to RM14.47b in 2022, says Auditor General's Report

Government auditors have flagged a material uncertainty on the ability of five subsidiaries of Pertubuhan Berita Nasional Malaysia (Bernama) to continue as a going concern, which resulted in the national news agency itself getting its second consecutive qualified opinion from the auditors on its financial statements for the year ended Dec 31, 2021 (FY2021).

AG raises going-concern doubts over five Bernama subsidiaries

The federal government has written off RM4.6 billion in loans in 2022, up from RM701.5 million in 2021, said the Auditor General’s Report on federal government financial statement 2022.

Putrajaya records loan write-off of RM4.6 bil in 2022, says Auditor General’s Report

As much as RM58.57 million in losses were incurred when Universiti Teknologi MARA (UiTM) delayed initiating the compensation claim process against scholarship holders who breached their contracts, the Auditor General's Report 2022 revealed.

UiTM faces RM59 mil losses due to delayed compensation claims against scholarship holders

The Auditor General's Report for 2022 has revealed that weaknesses in recording, monitoring, and enforcement have caused the Railway Assets Corp (RAC) to incur losses of RM12.84 million in rental revenue.

Weakness in recording, monitoring and enforcement cost Railway Assets Corp RM13 mil in rental revenue

KUALA LUMPUR (Oct 10): Urusharta Jamaah Sdn Bhd (UJSB), the special purpose vehicle (SPV) tasked to acquire underperforming assets of Lembaga Tabung Haji (TH) as a means to revive the pilgrim fund, redeemed RM200 million worth of sukuk in January this year.

Urusharta Jamaah redeemed RM200 mil of sukuk in January, says Auditor General’s report

Putrajaya spent a total of RM62.11 billion in subsidies last year, according to the Auditor General’s Report on the federal government’s 2022 financial statement.

The bulk or RM55.443 billion in subsidies were charged to the federal government’s operating expenditure (opex), while part of the subsidy spending for petroleum products and cooking oil amounting to RM6.67 billion were charged to the Covid-19 Trust Fund.

Malaysia’s subsidies in 2022 total RM62b — nearly five times more than in 2021

Prime Minister Datuk Seri Anwar Ibrahim has once again urged the US to do whatever is necessary to halt hostilities in Gaza.

Anwar repeats call for US to do all it can to halt hostilities in Gaza

Apple has launched an aggressive discounting campaign on its official Tmall site in China, offering discounts of up to 2,300 yuan (US$318) on select iPhone models.

The discounting comes as the US tech giant seeks to defend its position in the high-end smartphone market, where it faces increasing competition from local rivals such as Huawei.

Apple slashes iPhone prices in China amid fierce Huawei competition

Crypto startup funding rose for a second straight quarter to hit US$2.4 billion in the first three months of 2024, PitchBook data showed, as expectations of lower interest rates and the debut of the first US bitcoin spot ETF whetted investor appetite.

Venture capital funding in crypto rises to US$2.4 bil, PitchBook says

The move to introduce the drawing of lots in awarding jobs to G1 to G4 contractors shows the Madani government's concern and commitment towards the fate and future of the contractors involved.

Drawing lots for projects ensures job opportunities for G1-G4 contractors

China sharply criticised the inaugural address of new Taiwan President Lai Ching-te, an early indication he will likely have a rocky relationship with Beijing.

China rips Taiwan’s Lai for ‘dangerous signal’ in opening speech

US bank regulators are reconsidering how much liquidity banks should be required to have on hand following a series of abrupt bank failures in 2023, the Federal Reserve's top regulatory official said Monday.

Michael Barr, the Fed's vice chair for supervision, said regulators are considering "targeted adjustments" to existing liquidity rules aimed at boosting bank resilience under stress. The changes under consideration are aimed at larger banks, and would be intended to ensure they can readily access funds to offset surprise losses or deposit flight, he said. Barr did not say when he expected regulators to propose such changes.

Fed's Barr says regulators considering 'adjustments' to liquidity rules

Malaysia’s exports rebounded at a slower-than-expected 9.1% in April from a year earlier, as a surge in shipments of machineries, chemicals and palm oil offset a decline in deliveries of petroleum products and subdued electronics demand, official data Monday showed.

Malaysia's exports rebound slower than expected in April, official data shows

Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high.

Menang declares six sen special dividend as earnings rises to six-year high

The Malaysian government is working with international partners to evacuate a stranded Malaysian medical team from Rafah, Gaza, according to the Ministry of Foreign Affairs.

Govt working with international partners to evacuate stranded Mercy medical team from Rafah

Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier.

The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year, said the country’s largest Chinese-language media group in a filing on Monday.

Media Chinese expects to report up to US$13 mil net loss for FY2024 amid lower publishing revenue

Iran's President Ebrahim Raisi was killed in a helicopter crash, an Iranian official and Mehr news agency reported on Monday. Below is a brief outline of what Iran's constitution says happens when a president is incapacitated or dies in office:

What happens in Iran when a president dies in office?

The High Court has ordered former Mara Corp chief executive officer (CEO) Datuk Badlisyah Abdul Ghani to pay the firm RM3.4 million after finding him guilty for breach of duty during his three-month term with the company, which is the investment and commercial arm of Majlis Amanah Rakyat.

Former Mara Corp CEO ordered to pay RM3.4m to company for breach of duty

AS more investments continue to pour into the data centre (DC) industry, companies are looking to tap opportunities in either the DC construction, fit-out or testing and commissioning segments.

Notably, the artificial intelligence (AI) boom has spurred demand for digital infrastructure,...

Data centre-linked stocks gain traction on news flow

Public Bank Bhd (KL:PBBANK), Malaysia’s third-largest banking group by assets, said on Monday its net profit slipped 3.5% for the first quarter ended March 31, 2024 (1QFY2024) from a year earlier, mainly due to higher personnel costs and higher provisions.

Public Bank's 1Q net profit slips 3.5% on higher costs, provisions

A senior banker from Maybank Investment Bank Bhd, Kevin Davies, is said to be moving to smaller-sized rival RHB Investment Bank Bhd to take on the CEO role, according to at least three industry sources.

“The move is subject to regulatory approvals,” one of the sources tells The Edge.</p...

Maybank senior banker Kevin Davies said to be headed to RHB

Shares in gold-related counters surged on Monday after the precious metal notched a fresh all-time high as investor demand soared across the broader metals market amid increasing optimism that the US will cut interest rates this year.

Poh Kong leads rally in gold-linked stocks as the precious metal hits fresh record

Bursa Malaysia said on Monday it is introducing Trading Reminders, a new tool that highlights unusual trading activity in addition to queries issued over spikes in prices and volumes.

Bursa introduces Trading Reminder flag on top of unusual market activity queries

Electronics manufacturing services firm Notion VTec Bhd (KL:NOTION) charted a new three-year high on Monday, as Bursa Malaysia’s Technology Index touched a new one-year high following the US’ plan to hike tariffs on semiconductors from China.

Notion VTec charts new three-year high amid rally in tech stocks

RHB Investment Bank Research has maintained its 'buy'&nbsp;rating for&nbsp;Gamuda Bhd (KL:GAMUDA) at RM5.58, with a higher target price of RM6.55 (from RM6.30), and said it is upbeat on the prospects Ho Chi Minh City (HCMC) has for Gamuda’s property arm.

RHB IB upbeat on Gamuda’s prospects in Ho Chi Minh City, raises target price to RM6.55

Gold prices hit an all-time high on Monday, as a slowing US inflation trend boosted expectations the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.

Spot gold rose 1% to US$2,438.44 per ounce, as of 0811 GMT, after hitting a record high of US$2,449.89 earlier in the session. US gold futures GCcv1 rose 1.1% to US$2,442.60.

Gold hits record peak as rate-cut bets burnish appeal, silver jumps

Maxis Bhd’s (KL:MAXIS) intention to build a second fifth-generation (5G) network could potentially put the group’s financial position and future earnings under pressure, according to analysts.

Maxis' financial position could face pressure from proposed second 5G network, say analysts

theedgemalaysia.com&nbsp;highlighted one stock with positive momentum and 16 stocks with negative momentum at Bursa Malaysia's afternoon close on Monday. &nbsp;

Cahya Mata Sarawak, Willowglen, Oceancash, Excel Force, Manulife, MBSB, MFM, Panasonic, ELK-Desa, Puncak Niaga, BIG Industries, Astral Asia, Niche Capital Emas, Hextar Retail, Arka, AHB, Dataprep

Bumiputera-mandated agencies under the Ministry of Economy will move away from giving out ‘free money’ or grants, to focus on providing financial leverage and assistance for business expansion, its minister Rafizi Ramli said on Monday.

Bumiputera agencies to move away from giving out 'free money', says Rafizi

Foreign buying of Malaysian equities was sustained for the fourth consecutive week with a total of RM873.9 million last week, leading to a year-to-date net inflow of RM4.9 million.

In its fund flow report on Monday, the MIDF Research team said the sustained interest in the domestic market may have stemmed from economic optimism, as recent data revealed a 4.2% year-on-year rise in gross domestic product in the first quarter of 2024.

Foreign buying of M'sian equities sustained for fourth week with RM874m inflow, says MIDF

Malaysia is expected to see a "potential upswing" in external demand, particularly from China, while also benefitting from the imposition of US tariffs on Chinese goods, including electric vehicles (EVs) and their components, said TA Securities.

Malaysia to benefit from China demand, US tariffs on Chinese EVs — TA Securities

The government has decided to once again extend the freeze on foreign worker applications, according to Home Minister Datuk Seri Saifuddin Nasution Ismail.

Govt extends freeze on foreign worker applications, no new quota

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) traffic expanded by 7.6% to 11 million passengers in April 2024, compared with the preceding month's 10.2 million passengers.

MAHB's passenger traffic hit 11 million in April, 7.6% higher month-on-month

Malaysia’s exports rebounded at a slower-than-expected 9.1% in April from a year earlier, as a surge in shipments of machineries, chemicals and palm oil offset a decline in deliveries of petroleum products and subdued electronics demand, official data Monday showed.

Asian shares hit two year highs while copper and gold struck records on Monday as investors wagered on interest rate cuts around the corner and China stepping up efforts to steady its ailing property sector.

Metals, stocks surge as rate cut expectations firm 

Crude palm oil prices (CPO) are expected to range between RM3,700 to RM3,950 this month as seasonal recovery production push prices down, according to the Malaysian Palm Oil Council (MPOC).

AG's Report 2022

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AG's Report 2022

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