UBS Chairman Axel Weber said the Swiss bank has a "very diversified" business.</div><div class=inPageAd id=div-gpt-ad-inpage>

UBS chairman: Our performance is closer to US banks than EU lenders

Perak Transit Bhd (KL:PTRANS), a developer and operator of integrated public transportation terminals (IPTT), said on Thursday that it has received a letter of award and approval from the Kelantan state secretary's office to develop the Kota Bharu Sentral (KB Sentral) terminal.

Perak Transit bags project to develop Kota Bharu Sentral

Lilium NV said its main subsidiaries may be forced to file for insolvency proceedings within days as the electric flying taxi firm struggles to raise enough funding to continue operations.

The subsidiaries have become “overindebted” and won’t be able to pay existing liabilities, according to a filing on Thursday.

Air-taxi maker Lilium plummets after insolvency warning

McDonald’s Corp supplier Taylor Farms is recalling some yellow onion batches produced in a Colorado facility in response to a deadly E coli outbreak at the burger chain.

McDonald’s supplier issues broader recall after outbreak

Türkiye launched fresh air strikes on Kurdistan Workers Party (PKK) militants in northern Syria and Iraq overnight, killing 59 militants, in response to a gun attack that killed five people in Ankara, the Defence Ministry said on Thursday.

Türkiye steps up strikes on PKK in Iraq, Syria after Ankara attack

Federal Reserve Bank of Cleveland president Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished.

Fed’s Hammack says officials have more work to do on inflation

New applications for US unemployment aid unexpectedly fell last week, but the number of people collecting benefits in mid-October was the highest in nearly three years, indicating it was becoming harder for those losing jobs to land new positions.

US weekly jobless claims fall; continuing claims hit highest level in three years

The S&P 500 and the Nasdaq rebounded on Thursday, after Tesla's upbeat earnings forecast lifted market sentiment following a selloff in the previous session, kicking off megacap results on a promising note.

Tesla surge drives S&P 500, Nasdaq higher; IBM weighs on Dow

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

Rexit, Nestlé Malaysia, ViTrox, Pavilion REIT, CapitaLand, DXN, Luxchem, AWC, SC Estate Builder

Russia has set out proposals for a unified depository and clearance system for BRICS countries, as it seeks to persuade member nations to deepen financial cooperation without the involvement of the West.

Russia pushes for BRICS clearing, depository system to sidestep the West

EVENING 5: Five things you need to know today

LOCATED just minutes away from Queensbay Mall is the site of the RM10 billion Penang World City (PWC), first unveiled in November 2011. To be built on both existing and reclaimed land, PWC was to be jointly developed by Ivory Properties Group Bhd (KL:IVORY) and Tropicana Corp Bhd (KL:TROP) — then...

Cover Story: Penang World City and the MBI effect

S P Setia Bhd (KL:SPSETIA) is unveiling new double-storey semi-detached homes named Anggun Villa III in Bandar Kinrara, Puchong this Saturday (Oct 26). The development has an estimated gross development value of RM105.17 million.

S P Setia to unveil double-storey semi-detached homes in Puchong this weekend

MKS Instruments Inc, a global technology solutions provider, is investing US$100 million (RM434.80 million) to build a super centre factory in Penang to support wafer fabrication equipment production, both regionally&nbsp;and globally.

MKS Instruments investing US$100m in super centre factory in Penang, says executive VP

Imprisoned former prime minister Datuk Seri Najib Razak has apologised and expressed regret that the 1Malaysia Development Bhd (1MDB) scandal happened under his watch.&nbsp;

Najib offers unreserved apology, regrets that 1MDB scandal happened under his watch

THE acronym MBI if spelt backwards is IBM, the US-based computer main frame technology company with a global reach.

Tedy Teow Wooi Huat, the prime figure behind the disgraced MBI, wanted a global reach similar to IBM. In his talks to members, he would always drive home the point why the...

Cover Story: Picking up the pieces from MBI’s collapse

A total of 97,866, or 49%, out of 197,348 active loan borrowers have been blacklisted by Majlis Amanah Rakyat (Mara) for loan defaults.

Nearly 50% of Mara loan borrowers blacklisted for defaults

Cuckoo International (MAL) Bhd, the local unit of South Korean appliance maker, has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia to raise funds for expansion.

The proposed IPO involves an offer for sale of existing shares and a public issue of new shares at a price to be determined later, according to the draft prospectus.

Cuckoo Malaysia files for Main Market IPO to raise funds for expansion

MBI Group, founded by Tedy Teow Wooi Huat 15 years ago, was initially presented as a legitimate “members-only” investment programme and loyalty scheme promising investors exceptionally high returns. Unfortunately, it turned out to be a money game, allegedly involving fraud, scams and operating as...

Cover Story: 400 Chinese investors demand RM170 mil in class action against MBI

Two major shareholders of Rexit Bhd (KL:REXIT) were sentenced to jail in a Singaporean court for participating in a conspiracy to illegally obtain data of over 9,000 people.&nbsp;

Two major shareholders of Rexit jailed in Singapore for illegally obtaining data from suspect in cybercrime ring

While former chief minister Lim Guan Eng is on trial related to graft over the Penang undersea tunnel, the focus of his trial on Thursday centred on former prime minister Datuk Seri Najib Razak.

Penang undersea trial suddenly shifts focus to Najib

Technology company ViTrox Corp Bhd (KL:VITROX) saw its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fall 32.5% to RM22.45 million, from RM33.25 million a year earlier, amid a weak US dollar, which led to a notable unfavourable foreign exchange loss.

Forex loss drags ViTrox’s 3Q net profit down 33%

Imprisoned former prime minister Datuk Seri Najib Razak said that he wanted the central bank and AmBank to monitor the flow of monies into his personal accounts, to ensure that everything was above board.

Najib says wanted BNM and AmBank to monitor his accounts, to avoid anything 'untoward'

Singapore temporarily blocked the demolition of the house of its first prime minister, Lee Kuan Yew, as it weighs whether to preserve the property that has sparked a yearslong feud among his children.

Singapore blocks demolition of ex-premier Lee Kuan Yew’s home

Negotiations over the redevelopment of major transport hub Kuala Lumpur Sentral are expected to be completed this year, paving the way for the project's launch in 2025, said Transport Minister Anthony Loke Siew Fook.

KL Sentral redevelopment to kick off next year, says Loke

Nestlé (Malaysia) Bhd's (KL:NESTLE) net profit fell 36.12% to RM85.41 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM133.7 million a year earlier, due to a lower revenue caused by a drop in domestic sales.

Nestlé Malaysia halves dividend to 35 sen as 3Q net profit falls 36%

Nvidia Corp’s Jensen Huang struck a partnership with Asia’s richest man, Mukesh Ambani, to build out artificial intelligence infrastructure and spur the technology’s adoption in the world’s most populous country.

Nvidia CEO teams with Asia’s richest man on Blackwell AI hub

BUDGET 2025 has sparked mixed reactions within the country’s semiconductor sector, with some industry leaders hailing the initiatives as a significant step forward, while others say they lack the depth and focus needed to truly elevate Malaysia to the status of a global semiconductor hub.

...

Cover Story: 'Best budget ever’ or a major let-down for the semiconductor industry?

The federal government's decision to continue subsidising RON95 petrol for most Malaysians next year aligns with its goal of promoting public transportation,&nbsp;according to Transport Minister Anthony Loke Siew Fook.

Loke: RON95 subsidy maintained for the majority while public transport efforts continue

A 'dark-fleet' oil tanker that was recently involved in a crash in Southeast Asia is now on its way to China.

Ceres I, an ageing very-large crude carrier (VLCC) that is suspected of transporting sanctioned oil, is en route to Zhoushan in eastern China, according to ship-tracking data compiled by Bloomberg.&nbsp;

'Dark fleet' oil tanker caught in recent collision heading to China, Bloomberg reports

The government will not impose restrictions on property investments or limit the number of homes one can purchase, said Housing and Local Government minister Nga Kor Ming.

Such limitations could collapse the property market and affect related industries including construction, electrical appliances and banking, Nga warned during a media engagement session with the ministry on Thursday.