NEW DELHI (July 26): Copper prices were subdued on Friday, weighed by concerns over demand in top consumer China, although the market found support from better-than-expected US data that raised expectations for a September interest rate cut by the Federal Reserve.

Copper edges lower as China demand outlook weighs

Global coal demand is set to remain largely flat this year and next as higher electricity demand in some major economies offsets the rapid expansion of solar and wind, the International Energy Agency said in an update on the coal market.

IEA: Global coal demand to remain flat this year and next

BEIJING (July 24): Copper prices slid again on Wednesday to trade near a three-and-a-half month low hit in the previous session, as concerns about demand in top consumer China weighed on the market.

Copper slides on China demand worries

(July 23): A consortium led by Golden Energy and Resources Pte Ltd has signed a deal for a US$600 million loan from private credit funds, including Davidson Kempner Capital Management LP, to pay for its acquisition of an Australian coal mine, according to people familiar with the matter.

Singapore-based Golden Energy Group inks US$600m private loan for coal mine

Cocoa futures gained as Ghana’s plan to limit some supplies for next season fuelled fresh worries about continued shortages.

The world’s second-biggest grower has told buyers that it will determine how much of the next crop can be sold as specialty cocoa based on total production, and that the regulator will allocate beans “equitably” among buyers, Bloomberg reported last week.

Cocoa futures advance as Ghana seeks to restrict some supplies

Copper dropped as base metals extended the worst weekly slump in almost two years, with a modest rate cut in China doing little to offset worries about demand in the world’s top commodities consumer.

Prices for the metal viewed as an economic bellwether fell for a sixth day, even after China increased support for the economy with surprise interest-rate cuts.

Copper hits new three-month low with Chinese demand in focus

Anglo American Platinum Ltd (Amplats) is evaluating a secondary listing in London to broaden its investor appeal after it’s spun off from Anglo American plc.

Such a listing would “support a diverse group of shareholders,” chief executive officer Craig Miller told reporters on Monday.

Amplats evaluates secondary listing in London after spinoff

(July 22): With lithium prices languishing near three-year lows and showing no signs a recovery is coming, attention is now turning to whether miners will be forced to rein in supply of the battery metal.

With no recovery in sight, lithium prices force miners to reevaluate output

Copper headed for its biggest weekly loss since 2022 and iron ore extended a slump towards US$100 (RM466.39) a tonne as a policy meeting in China failed to lay out more stimulus to shore up metals demand.

Copper set for worst week since 2022 as China policy meeting disappoints

Malaysia has requested India to ease export curbs on some farm goods like rice and sugar, Malaysia's minister for plantation and commodities said on Thursday.

Malaysia requests India to ease export curbs on some farm goods

For months, as copper spiked to record levels and then fell back down again, one key question has bubbled up across the metals industry: What is China’s state grid operator up to?

The world’s single biggest buyer of copper, State Grid Corp of China, has slowed its purchases of copper wire this year, while at the same time ramping up purchases of aluminium wire, a cheaper substitute.

Copper market’s biggest whale fuels speculation of a major shift

Chinese copper smelters are bracing for a potential shortage of scrap metal as Beijing’s efforts to create a level playing field have the unintended effect of reducing supply.

China copper smelters bracing for shortage of vital scrap metal

The government does not plan to reinforce the oil palm replanting programme via grants for now, the Ministry of Plantation and Commodities (MPC) said.

Its Deputy Minister Datuk Chan Foong Hin said the government has nevertheless allocated RM100 million in hybrid form, comprising 50% in the form of grants and another 50% in loan financing, to implement the Smallholder Palm Oil Replanting Financing Incentive Scheme (TSPKS 2.0) in 2024.

No plan to reinforce oil palm replanting programme via grants — plantation ministry

Coffee exports from Vietnam — the world’s biggest robusta grower — are likely to stay tight through the year-end, putting more pressure on prices that have jumped by almost two-thirds in 2024.

Drought has weighed on production from the Southeast Asian nation, and there’s also a threat the La Nina weather pattern, which typically brings more rainfall there, could further hamper output when it likely sets in later in the year.

Crucial coffee exports from Vietnam to be tight till year-end

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Treasuries rally as data points to a September rate cut

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce & Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.

Miami condo tower moves on from brokers facing rape allegations

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Deputy PM Fadillah pays courtesy visit to Vietnamese PM, strengthens bilateral cooperation

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street rebounds on tech recovery, small caps jump after benign inflation data

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Malaysia urges Asean dialogue partners to support ceasefire in Gaza

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

US charges Citron's Andrew Left over alleged multi-million fraud scheme

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Malaysia steps up efforts to finalise South China Sea code of conduct

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

AirAsia X, Capital A, Hibiscus, Dagang NeXchange, ViTrox, Ekovest, Knusford, Alam Maritim, Datasonic, Kumpulan Kitacon, DXN, Homeritz, Westport, MGRC 

VIENTIANE (July 26): The Asean Post Ministerial Conference kicked off in the Laos capital here on Friday, as Asean foreign ministers engaged with top diplomats from dialogue partners to discuss various regional and international issues of common interest.

Asean Post Ministerial Conference kicks off in Laos; regional, global issues in focus

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

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

Ekovest agrees to six-month extension for merger discussion between subsidiary and Knusford

US prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September.

US inflation rises moderately, consumer spending cools

The prestigious five-star Lexis Hibiscus 2 luxury resort is currently under construction by the KL Metro Group and is expected to be completed by 2029, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.

Construction of RM1.6 bil GDV Lexis Hibiscus 2 resort will be completed in 2029

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Upholstery furniture products manufacturer Homeritz Corp Bhd’s (KL:HOMERIZ) net profit surged 46.37% in the third quarter from a year earlier, thanks to higher sales volume and stronger US dollar. &nbsp;

Net profit for three months ended May 31, 2024 (3QFY2024) climbed to RM9.09 million or earnings per share of 1.96 sen, from RM6.21 million or 1.34 sen per share recorded in 3QFY2023. &nbsp;

Homeritz’s 3Q net profit soars 46.37% on higher sales and strong greenback

Cyberview Sdn Bhd has signed three Memoranda of Understanding (MOUs) with three companies to make Cyberjaya a global technology hub.

Chief executive officer Kamarul Ariffin Abdul Samad said the companies involved were Permodalan Negeri Selangor Bhd (PNSB), Selangor Information Technology &amp; Digital Economy Corporation (SIDEC) and digital infrastructure company Equinix Malaysia.

Cyberview signs three MOUs to make Cyberjaya a global technology hub

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.

Kumpulan Kitacon bags RM54.5m job to build houses in Rawang

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Penang Port Sdn Bhd (Penang Port) on Friday announced the acquisition of five Kalmar container handling machines to optimise operations and improve service levels.

Penang Port acquires Kalmar container handling equipment to enhance services

A new recruitment of 3,950 staff, comprising 3,200 medical officers, 350 dental officers and 400 pharmacy officers, will be made through contract (interim) appointments, the Ministry of Health (MOH) said.

More than 3,900 contract officers to be appointed in latest recruitment — MOH

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies.

Eastern European Union (EU) members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming via Ukraine after sanctions were imposed on the company.

Hungary says it will face fuel shortages from September without Lukoil supplies

The government will now determine the locations for distributing subsidised cooking oil packets to retail outlets to prevent further leakage of controlled goods, says Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.

KPDN to set subsidised cooking oil distribution locations to curb leakage — Armizan

Digital Penang has announced the Market Access Thailand programme, which aims to propel Penang’s startups into Thailand’s market and create opportunities for exponential growth and innovation.

Digital Penang announces cross-border startup collaboration with Thailand

Apollo Global Management Inc has agreed to buy International Game Technology plc’s (IGT) gaming division and the gambling machines company Everi Holdings Inc in a US$6.3 billion (RM29.38 billion), all-cash deal that will see the two businesses merged.

Apollo funds to buy IGT’s gaming, Everi in US$6.3 bil deal

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Commodities

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