The oil industry is bracing for Democrats to use their newfound political muscle to push for a deal with President Donald Trump and impose a windfall tax on surging crude prices.

Oil sector girds for possible windfall tax after democrats win

Asian stocks were poised to follow Wall Street higher after a Democratic sweep in the US midterm elections sent oil plunging on hopes the monthslong conflict with Iran may end sooner.

Asian stocks to rise as oil slides after US vote

A Democratic sweep of Congress that highlighted opposition of the Iran war extended this week’s plunge in oil prices, helping drive stocks and bonds to big post-election gains.

Stocks, bonds climb after US election as oil sinks

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

Sunway Construction, Paramount Corporation, Country Heights, Sapura Industrial, Binastra Corporation, Public Bank, Ancom Nylex, Velesto Energy, Waja Konsortium, Ni Hsin, IOI Corporation, Ho Hup Construction, Kee Ming 

HP Inc on Wednesday named former GSK chief and Microsoft board member Emma Walmsley as CEO to steer the PC maker through a memory-chip crunch that has driven up prices and triggered a steep industry downturn.

HP names former GSK chief Emma Walmsley as CEO

Ancom Nylex Bhd (KL:ANCOMNY) has called off its proposed RM77.04 million disposal of up to a 50% stake in Maxlive Sdn Bhd to Thailand's Topnext International Company Ltd after both parties failed to agree on certain terms of the deal.

Ancom Nylex scraps RM77m stake sale to Thai chemical distributor

The Chiong family has strengthened its representation on the board of oil palm plantation owner and miller Kretam Holdings Bhd (KL:KRETAM), following a series of board appointments and committee changes.

Kretam sees board changes as Chiong family strengthens presence

Ho Hup Construction Company Bhd (KL:HOHUP) has secured another six-month extension from Bursa Malaysia to submit its regularisation plan, pushing the deadline to April 16, 2027.

Ho Hup gets another six months to submit regularisation plan, deadline now April 2027

Gold surged about 3% on Wednesday, on track for its biggest daily gain since mid-August as the dollar tumbled after Democrats swept the US midterm elections, while investors looked to this week's US non-farm payrolls report for clues on the interest rate outlook.

Gold heads for biggest daily gain since August on weaker dollar

US stocks rose on Wednesday as investors bet a divided Washington after the Democrats' midterm sweep could limit sharp policy shifts, though data centre stocks were under pressure as concerns over tighter artificial intelligence (AI) regulation weighed.

Wall Street rallies after Democrats win Congress; data centre stocks slide

Country Heights Holdings Bhd (KL:CHHB) has failed to attract bidders for a second land auction involving its properties, initiated by its creditors amid the group's ongoing loan defaults.

Country Heights fails to attract bidders for PJ land in second unsuccessful auction this year

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

US stocks rose on Wednesday as investors bet a divided Washington after the Democrats' midterm sweep could limit sharp policy shifts, though data centre stocks were under pressure as concerns over tighter artificial intelligence (AI) regulation weighed.

Public Bank Bhd (KL:PBBANK) has established a RM20 billion Islamic medium-term notes (sukuk murabahah) programme, allowing the bank to issue senior and subordinated sukuk from time to time.

Public Bank sets up RM20 bil 30-year sukuk programme

Property developer KEB Bhd's initial public offering (IPO) is fully subscribed, with applications for its Malaysian public portion reaching 1.01 times the shares available ahead of its ACE Market listing on Nov 16.

KEB's IPO fully subscribed ahead of Nov 16 listing

The price of RON97 petrol will fall by 20 sen per litre, while unsubsidised RON95 petrol and diesel will decline by 15 sen per litre from Nov 5 to 11, amid easing global oil prices.

RON97 price falls 20 sen, unsubsidised RON95 and diesel down 15 sen for Nov 5-11

Malaysia must strengthen its domestic electricity transmission network to ensure grid stability and support greater cross-border power connectivity under the Asean Power Grid (APG) initiative, said Tenaga Nasional Bhd (KL:TENAGA) (TNB) head of grid development Shamsul Bahari Saad.

Stronger domestic grid crucial to Asean power connectivity, says TNB

Tech billionaire Elon Musk joked on Wednesday about Republicans' defeat in US midterm elections after spending hundreds of millions of dollars to help the party.

Elon Musk jokes about GOP election defeat after spending record sums on party

Ho Hup Construction Company Bhd (KL:HOHUP) has secured another six-month extension from Bursa Malaysia to submit its regularisation plan, pushing the deadline to April 16, 2027.

The drubbing for Donald Trump's Republicans in US midterm elections could embolden some trade partners to push back against his combative policies, although they may need to tread lightly to avoid provoking him in his final two years in power.

Trump's midterm drubbing could give trade partners room to resist

Global companies said on Wednesday that Democrats' capture of the United States Congress is unlikely to change their near-term outlook, as businesses struggle with higher costs of energy and raw materials and a stretched US consumer.

US Democratic win unlikely to ease firms' cost, tariff woes in near term, executives say

Waja Konsortium Bhd (KL:WAJA) has secured a RM190 million contract to undertake the construction of a serviced apartment and affordable townhouse development in Johor Bahru.

Waja Konsortium bags RM190 mil construction contract in Johor Bahru

Chinese tech giant Tencent on Wednesday released Hy4, a new artificial intelligence (AI) model it said was designed with limits intended to reduce the risk that it could be used for cyberattacks or harmful biological research.

Tencent rolls out AI model trained with limited cybersecurity data amid hacking fears

Ni Hsin Group Bhd (KL:NIHSIN) has teamed up with Chinese firm Horwin International Inc to manufacture electric motorcycles for exclusive distribution in Malaysia and Türkiye.

Ni Hsin partners China’s Horwin to make electric motorcycles for Malaysia, Türkiye

Ancom Nylex Bhd (KL:ANCOMNY) has called off its proposed RM77.04 million disposal of up to a 50% stake in Maxlive Sdn Bhd to Thailand's Topnext International Company Ltd after both parties failed to agree on certain terms of the deal.

The Chiong family has strengthened its representation on the board of oil palm plantation owner and miller Kretam Holdings Bhd (KL:KRETAM), following a series of board appointments and committee changes.

HeiTech Padu Bhd (KL:HTPADU) has appointed Raki CS Tan &amp; Ramanan as its new external auditor, following the resignation of SBY Partners PLT in September.

HeiTech Padu appoints new external auditor after SBY Partners' resignation

The Transport Ministry is actively working to resolve train service congestion and overcome technical challenges faced by rail operators, says Transport Minister Anthony Loke Siew Fook.

Transport Ministry working to resolve train congestion, technical issues, says Loke

Crédit Mutuel Arkéa said hackers stole money from it after gaining access to its computer systems, underscoring the growing cybersecurity risks for the banking sector.

Cyberattackers drain money from French bank Credit Mutuel Arkea

Copper climbed as stock markets turned higher and the dollar dropped after US midterm elections that saw the Democrats sweep Congress.

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