Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.

YTL Power, Ranhill, MPHB, IHH Healthcare, Aurelius, Pestech, CelcomDigi, UEM Sunrise, IGB, FGV, E&O, Supermax, BLand, Magnum, Signature International, Star Media

A Singapore court has sentenced Malaysian John Soh Chee Wen — who was found guilty of masterminding the manipulation of three penny stocks that eventually collapsed and wiped off S$8 billion (RM26.23 billion) in market capitalisation in 2013 — to 36 years in jail. His main accomplice Quah Su Ling, another Malaysian, was given 20 years.

The Edge Says: Singapore gets it right — Severe punishment is the best deterrent against future commercial crimes

The Federal Land Development Authority (Felda) is silent after its third six-month special exemption from Bursa Malaysia for the 25% public shareholding spread in FGV Holdings Bhd expired on Aug 3 2022.

It continues to mop up more shares on the open market in an apparent attempt to privatise FGV on the cheap despite high palm oil prices and record profits.

Felda and privatisation of FGV: No end in sight

KUALA LUMPUR (April 17): To compound or not to compound may very well be the question when it comes to compoundable offences. The decision to compound the four executives in the Serba Dinamik Holdings Bhd case has raised a myriad of questions, thoughts, and opinions.

As a general princi...

MSWG CEO: What is the reason for the decision to compound in Serba Dinamik case?

KUALA LUMPUR (April 5): Whilst Gamuda is still considering and deliberating the offer from Amanat Lebuhraya Rakyat Berhad (ALR), and we will duly announce our decision on their offer immediately after our Board has made a decision on it, we would like to make the following comment(s):

Gamuda says everyone wins with ALR's takeover offer

KUALA LUMPUR (Feb 8): Last Friday (Feb 4), I took my children to the World Trade Centre in Kuala Lumpur to be vaccinated. Like all parents, whether a pandemic was in progress or not, my wife and I were understandably anxious. Indeed we are always anxious. We worry about the state of the world our children are growing up in and about the future they may have to inhabit. We want the best for them and we live in the hope that somehow, things will get better. We steel ourselves to be ready for anything but we weren't prepared for what awaited us that day.  As expatriate parents, understandably, our anxiousness had added dimensions to it.

A pleasant surprise during my children’s vaccination

Serba Dinamik Bhd’s standoff with market regulators and two major accounting firms over its delayed financial statements is becoming a joke. But it is definitely not funny.

To recap, the problem surfaced after its long-time external auditor KPMG highlighted discrepancies involving trans...

End the standoff: Serba Dinamik should make EY review public to prove it has nothing to hide

KUALA LUMPUR (Nov 16): Effective Jan 1, 2022, a proposal to remove tax exemption on income derived from foreign sources and received in Malaysia by Malaysian residents under Paragraph 28, Schedule 6 of the Income Tax Act (ITA) 1967 was announced in the recent Budget 2022.

Look into issues in proposed tax on foreign-sourced income

Money laundering is a process of converting cash or property derived from illegal activities to give it a legitimate appearance. It is a process to clean "dirty" money in order to disguise its criminal origin.

The Malaysian Anti-Corruption Commission (MACC) is empowered to enforce recovery of stolen assets via the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFPUAA 2001).

Understanding money laundering and asset recovery strategies

There are views now being promoted that any prescriptive regulations or employment requirements for vaccination status on individuals militate against the liberty of a person to choose NOT to be vaccinated. And further this is unconstitutional.

Does the Federal Constitution protection of fundamental liberty mean that laws employer cannot prescribe vaccination against Covid-19 be imposed?

MERDEKA!

On the 31st of August 2021, Malaysia will celebrate 64 years of independence. Over the last two years, the usual fanfare associated with the occasion (among others) has been replaced with quieter celebrations at home under what seems to be a perpetual state of lockdown.

Merdeka, in the midst of a pandemic

There is a call to set up a Royal Commission of Inquiry (RCI) to investigate allegations of interference on the judiciary. Such a call is wrong and must be rejected.

Setting up of RCI to investigate judiciary is unconstitutional

While grappling with the Covid-19 pandemic, Malaysia has also gone through a very toxic and stormy period of political crisis since the Sheraton coup took place in February 2020. Seventeen months after the parliamentary coup, we have yet another unelected government led by the ninth prime minister (PM), and third in three years, Datuk Seri Ismail Sabri Yaakob.

An idea of economic governance for new PM

If Daniel Moss of Bloomberg has accurate facts on his hand by just working harder to look at the latest ranking of the Fragile States Index (FSI 2021), he would not have been gloating in his article that Malaysia is staggering down the road to failed statehood.

The injustice of stereotyping Malaysia as a failed state

China’s central bank pumped a near-historic amount of short-term funds into its financial system on Wednesday, dialling up liquidity support amid a cash squeeze with the new year holiday looming.

China's central bank pumps near-historic level of cash into financial system

Europe’s beaten-down luxury stocks have turned a corner the past two months, increasing the stakes for the earnings the companies are about to announce.

Speculation that China’s economic stimulus will lead to higher spending, and that President-elect Donald Trump will manage to boost US growth, has lifted a Goldman Sachs Group Inc basket tracking the sector by 13% since mid-November, outpacing the broader market. Now investors need proof that the optimism was justified.

European luxury stocks’ recent revival faces high-stakes earnings test

The Bank of Japan (BOJ) will debate whether to raise interest rates next week, Governor Kazuo Ueda said on Wednesday, reiterating the bank's resolve to push up borrowing costs if the economy continues to improve.

BOJ chief Ueda signals rate hike chance next week, yen jumps

BENGALURU (Jan 14): TikTok plans to shut off its app for US users on Sunday, when a federal ban on the social media app could come into effect, The Information reported on Tuesday, unless the Supreme Court moves to block it.

TikTok preparing for US shut-off on Sunday, The Information reports

Impeached South Korean President Yoon Suk Yeol was arrested and questioned by authorities in relation to a criminal insurrection investigation on Wednesday, saying he was only cooperating with what he called an illegal probe to avoid violence.

South Korean investigators question arrested President Yoon in insurrection probe

Global markets treaded water on Wednesday ahead of US consumer price data that could potentially shift the monetary policy outlook there, while investors waited to see if earnings of big banks would match sky-high expectations.

Traders mark time ahead of US CPI, bank earnings

KUALA LUMPUR (Jan 15): The Socio-Economic Research Centre (SERC) has urged the government to reconsider the proposed mandatory Employees Provident Fund (EPF) contribution for foreign workers, to ease financial burdens on businesses.

SERC calls for review of mandatory EPF for foreign workers amid cost concerns

Malaysia will address waste trafficking at the regional and global levels in its capacity as the Asean chair this year, Deputy Investment, Trade and Industry Minister Liew Chin Tong said on Wednesday.

Malaysia to tackle waste trafficking at regional, global levels, says Liew

A report detailing distracted pilots, airport congestion and shortcomings in safety protocols shines new light into the lead up to last year’s fiery plane crash at Japan’s Haneda Airport.

Pilot confusion, congestion detailed in fatal Japan crash report

TOKYO (Jan 15): Japan’s Nippon Steel remains interested in working with the incoming administration of Donald Trump to try to seal a takeover of US Steel, its vice chairman Takahiro Mori said in an opinion piece in the Wall Street Journal (WSJ).

Nippon Steel wants to work with Trump administration on US Steel deal, Mori tells WSJ

U Mobile Sdn Bhd will likely struggle to roll out Malaysia’s second 5G network, pushing the company to even consider a merger, said Hong Leong Investment Bank (HLIB).

U Mobile will struggle to roll out second 5G network, may even consider merger — analysts

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Salaries in Malaysia projected to increase by 5% in 2025 — Mercer

Impeached South Korean President Yoon Suk Yeol was arrested and questioned by authorities in relation to a criminal insurrection investigation on Wednesday, saying he was only cooperating with what he called an illegal probe to avoid violence.

(Jan 15): At least eight major distressed Chinese firms, including a China Evergrande Group unit, are set to defend themselves in court cases relating to their debt problems over the next two weeks, in one of the busiest stretches ever for such hearings.

Distressed Chinese companies face flurry of court hearings

MN Holdings Bhd (KL:MNHLDG), a specialist in underground utilities and substation engineering, will experience minimal disruption to its ongoing data centre projects despite recent US export controls on artificial intelligence (AI) chips, according to Phillip Capital.

MN Holdings' key customer largely unaffected by AI chip curbs, says Phillip Capital

JOHOR BAHRU (Jan 15):&nbsp;A former engineer suffered a loss of RM9.47 million after participating in a non-existent online cryptocurrency investment scheme that claimed to offer high returns.

Ex-engineer loses RM9.47m in cryptocurrency investment scam

Global markets treaded water on Wednesday ahead of US consumer price data that could potentially shift the monetary policy outlook there, while investors waited to see if earnings of big banks would match sky-high expectations.

The Employees Provident Fund's (EPF) investment decisions, including the trading of Malaysia Airports Holdings Bhd or MAHB (KL:AIRPORT) shares, align with its broader investment objectives and are aimed at generating income required for dividend payments during the financial year.

EPF says investment in MAHB to support dividend payouts

KUALA LUMPUR (Jan 15): The five independent directors of Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT) have not been terminated, contrary to a statement made by Machang Member of Parliament Wan Ahmad Fayhsal Wan Ahmad Kamal.

MAHB: Five independent directors not terminated

New users have piled in to Chinese social media app RedNote just days before a proposed US ban on the popular social media app TikTok, as the lesser-known company rushes to capitalise on the sudden influx while walking a delicate line of moderating English-language content, sources told Reuters.

Over half a million ‘TikTok refugees’ flock to China's RedNote, Reuters reports

KUALA LUMPUR (Jan 15): Yinson Holdings Bhd’s (KL:YINSON) move to rope in foreign partners for its production unit would strengthen its own balance sheet and reduce the reliance on debt, analysts said.

Yinson’s move to rope in foreign partners for unit is timely, will strengthen balance sheet, analysts say as shares rise

(Jan 15):&nbsp;Donald Trump’s inauguration promises to usher in an era of upheaval in global commerce, forcing governments around the world to scramble in preparation for a tariff onslaught, even before he’s back in the White House.&nbsp;

World readies for Trump tariffs even before his White House return

Steel products maker Colform Group Bhd has priced its initial public offering (IPO) at 36 sen per share, which will gross up to RM60.63 million, ahead of its listing on the ACE Market.

Steel products maker Colform fixes IPO price at 36 sen to raise over RM60m from ACE Market listing

Thailand may permit bitcoin exchange-traded funds (ETFs) to list on local exchanges for the first time as the country vies to nurture a digital-assets hub. &nbsp;

Thailand mulls allowing first bitcoin ETF in bid to boost sector

Affin Bank Bhd's (KL:AFFIN) ambitious branch expansion plan is expected to keep its cost-to-income ratio (CIR) elevated for the next few years, according to CGS International, which is reiterating its 'reduce' recommendation on the bank.

Affin Bank's expansion plan will keep costs high for next few years, says CGS

SAN FRANCISCO (Jan 14): A half-dozen trade groups from the semiconductor and manufacturing industries sent a private letter to US President Joe Biden, complaining that new export controls expected this week were rushed through without consulting them.

Chip industry groups slam expected rules in private letter to Biden

KUALA LUMPUR (Jan 15): Plantation giant SD Guthrie Bhd (KL:SDG), previously known as Sime Darby Plantation, has announced the appointment of Tan Seri Datuk Seri Mohd Zuki Ali as its non-independent and non-executive director.

EPF chairman Mohd Zuki Ali joins SD Guthrie board

LONDON (Jan 15): Prime Minister Datuk Seri Anwar Ibrahim arrived in the United Kingdom (UK) capital on Wednesday for a five-day working visit to Malaysia’s fourth largest trading partner among the European Union (EU) member countries.

Anwar arrives in London for working visit to UK

KUALA LUMPUR (Jan 15): Securities Commission Malaysia announced the appointment of Datuk Nik Mohd Hasyudeen Yusoff, the former chief executive officer of Lembaga Tabung Haji, to its board effective Wednesday.

Tabung Haji ex-CEO Nik Hasyudeen joins Securities Commission’s board

U Mobile Sdn Bhd has inked a memorandum of understanding (MoU) with CIMB Bank Bhd to extend financing support for its upcoming 5G network roll-out.

The MOU marks the latest financing partnership between U Mobile and CIMB&nbsp;of which, in 2021, the bank participated in a RM1.2 billion facility to U Mobile, which was later upsized to RM1.4 billion in 2023.

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