<div class=newsTextDataWrapInner><p>(Sept 13): Olam Group Ltd’s shares closed at the lowest level in more than 14 years as allegations of fraud in Nigeria continue to weigh on the company.</p></div>

<div class=newsTextDataWrapInner><p>The Singapore-based agribusiness said it has been notified by Olam Nigeria that the unit had posted a bond for director Prakash Kanth to secure his cooperation with “any legitimate requests from relevant Nigerian authorities for information or assistance,” according to a filing on Wednesday.</p></div>

<div class=newsTextDataWrapInner><p>Olam has denied allegations of a multibillion fraud in the African nation and has ordered a review after local news reports on the matter.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Its shares tumbled as much as 9.6% before paring losses and closing at the lowest level since March 2009. The company has shed 14% of its value since the allegations emerged at the start of the week.</p></div>


Olam Group Ltd’s shares closed at the lowest level in more than 14 years as allegations of fraud in Nigeria continue to weigh on the company.

Olam’s shares close at 14-year low as Nigerian woes mount 

Signs of gloom are mounting in the $9.5 trillion ETF landscape, threatening to expose Wednesday’s dip buying in stocks as a head-fake with traders cashing out of speculative trading vehicles.

Trading activity shows growing demand for exchange-traded funds that profit from declines in megacap tech stocks, smaller companies and semiconductors.

Bearish signals flash in risky parts of $9.5 trillion ETF market

Oil attempted to mount a recovery from its plunge to the lowest level in more than two years, with traders weighing intensifying concerns about looming oversupply.

The benchmark has sunk by almost a fifth this quarter on concerns that slowing growth in the US and China, the leading consumers, will hurt consumption at a time of robust and expanding supplies. It moved higher on Wednesday to trade above $70 a barrel — even after US data showed higher-than-expected core inflation.

Oil rebounds after slumping to lowest level since 2021

Stocks in Asia were headed for early gains after a tech rally lifted Wall Street as traders looked beyond elevated core US inflation to imminent rate cuts next week.

Equity futures for Japan, Australia and Hong Kong all advanced, with gauges in Tokyo partly reflecting strength in the yen.

Asian equities set to gain as traders firm on Fed cut

A rally in the world’s largest technology companies spurred a stock-market rebound in a volatile session that had Wall Street traders digesting faster-than-anticipated inflation data.

The S&P 500 climbed 1.1% and the Nasdaq 100 rallied 2.2%. It was the first time since October 2022 that each gauge erased an intraday loss of at least 1.5%.

Stocks wipe out CPI-fueled slide as big tech jumps

A total of 171 individuals were arrested on Wednesday following police raids on 20 children’s homes across Selangor and Negeri Sembilan, linked to a company alleged to be exploiting children under the guise of religious charity.

Cops rescue 402 children, arrest 171 in raids on children’s homes in Selangor, N Sembilan

US House of Representatives Speaker Mike Johnson cancelled a vote scheduled for Wednesday on his stopgap funding bill, saying more work is needed to build support for a measure, less than three weeks before a government shutdown deadline.

US House Republicans cancel vote on stopgap funding measure

Canada’s Conservative party chief says he stands with pilots in a labour dispute with Air Canada, as the carrier prepares to suspend flights ahead of a potential strike.

Pierre Poilievre, leader of the opposition and Prime Minister Justin Trudeau’s chief rival, said he would not support any action that preempted negotiations between the airline and union.

Air Canada pilots get more political support as strike looms

Cocoa futures rose as much as 6.6% in New York as prospects for bigger harvests were outweighed by concerns about tight global inventories.

Ghana, the world’s second-biggest cocoa producer, said it would raise the amount it pays farmers by 45%.

Cocoa jumps as traders assess global supply-demand balance

Nippon Steel Corp has sent a senior executive to Washington to boost its case for the US$14.1 billion (RM61.3 billion) takeover of United States Steel Corp, according to people familiar with the matter.

Nippon Steel sends VP to Washington to rescue US Steel bid

Nvidia Corp chief executive officer Jensen Huang, whose products have become the hottest commodity in the technology world, said that the scramble for a limited amount of supply has frustrated some customers and raised tensions.

Nvidia CEO says customer relations are ‘tense’ due to shortages

<p>A total of 171 individuals were arrested on Wednesday following police raids on 20 children’s homes across Selangor and Negeri Sembilan, linked to a company alleged to be exploiting children under the guise of religious charity.</p>


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


Genting Malaysia, EPMB, Bermaz Auto, IHH Healthcare, ICT Zone, Mikro MSC, Citaglobal, Suria Capital, Kerjaya Prospek, Southern Steel, Hextech

<p>Southern Steel Bhd (KL:SSTEEL) may see a new controlling shareholder as it has proposed undertake an issuance of new shares, representing not less than 50.1% of its enlarged issued share capital, to Singapore company Green Esteel Pte Ltd.</p>


Singapore's Green Esteel may emerge as new controlling shareholder in Southern Steel

<p>Underlying US inflation unexpectedly picked up in August on higher prices for housing and travel, undercutting the chances of an outsize Federal Reserve (Fed) interest-rate cut next week.</p>


Core US inflation picks up, damping odds of outsize Fed cut

<p>Genting Malaysia Bhd’s (KL:GENM) indirect wholly-owned subsidiaries, video lottery facility operator Genting New York LLC (Genny) and its unit Genny Capital Inc, have priced their offering of US$525 million (RM2.28 billion) aggregate principal amount of 7.25% senior unsecured notes due 2029.</p>

<p>The resort operator said the offering is being undertaken by Genny to refinance existing indebtedness.</p>


Genting Malaysia's units price US$525 mil senior notes offering

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EVENING 5: Five things you need to know today

<p>Hextar Technologies Solutions Bhd (KL:HEXTECH) is in exclusive talks with Widad Group Bhd (KL:WIDAD) to dispose of five adjoining plots of vacant industrial land in Negeri Sembilan at a yet-to-be-determined price.</p>


Hextar Technologies in talks to sell five industrial plots to Widad

<p>Muhammed Yusoff Rawther, who previously worked as an aide to Prime Minister Datuk Seri Anwar Ibrahim when he was the opposition leader, will be charged in the Kuala Lumpur Court on Thursday.</p>


Anwar-accuser Yusoff Rawther to be charged Thursday after drug and pistols allegedly found in his car

<p>Wall Street's main indexes fell on Wednesday after latest inflation numbers hit expectations of a bigger interest rate cut by the Federal Reserve (Fed), while odds of Democrat Kamala Harris winning the US presidency rose following a televised debate.</p>


Wall Street lower after latest inflation data, Harris-Trump debate

<p>Singapore is keen to strengthen cooperation with Sarawak, particularly in the renewable energy sector.</p>

<p>Singapore’s Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng said Sarawak has huge potential in the renewable energy sector due to its strategic location and vast natural resources.</p>


Singapore keen to enhance renewable energy collaboration with Sarawak

<p>Prime Minister Datuk Seri Anwar Ibrahim attended a dinner reception with Sabah state government leaders at a hotel here on Wednesday night.</p>

<p>The prime minister arrived at 7.27pm, accompanied by Chief Minister Datuk Seri Hajiji Noor.</p>


PM Anwar attends dinner reception with Sabah leadership

<p>To stop his coffee crops being stolen yet again, Ugandan farmer Charles Waliggo has been waking during the night to patrol his plot. Others are being urged to turn to dogs to guard plantations — or even bees.</p>


Coffee is now so expensive that farms are becoming crime scenes

<p>Nvidia Corp chief executive officer Jensen Huang, whose products have become the hottest commodity in the technology world, said that the scramble for a limited amount of supply has frustrated some customers and raised tensions.</p>


<p>Stocks in Asia were headed for early gains after a tech rally lifted Wall Street as traders looked beyond elevated core US inflation to imminent&nbsp;rate cuts&nbsp;next week.</p>

<p>Equity futures for Japan, Australia and Hong Kong all advanced, with gauges in Tokyo partly reflecting strength in the yen.</p>


<p>The investigation paper against Seputeh MP Teresa Kok with regard to her statement on the issue of halal certification is expected to be referred to the Attorney-General's Chambers (AGC) on Thursday, says Inspector-General of Police Tan Sri Razarudin Husain.</p>


Halal certification: Investigation paper expected to be referred to AGC by Thursday — IGP

<p>The Perak government has refuted the claim by an activist of a non-government organisation (NGO), which has gone viral on social media, that it approved an allocation of RM30 million for the development of Kampung Baru Cina in the state.</p>


Perak denies approving RM30 mil for development of Chinese new village — Saarani

<p>Starting from Oct 1, all food and beverages containing sugar will be removed from the list of items eligible for discounts under the Madani Rahmah Sale programme, said Deputy Domestic Trade and Cost of Living Minister Datuk Fuziah Salleh.</p>


Rahmah Sale: No more discounts for sugary items from Oct 1, says Fuziah

<p>US utilities faced a near 70% jump in cyberattacks this year over the same period in 2023, according to data from Check Point Research, underlining the escalating threat to a critical infrastructure.</p>


Cyberattacks on US utilities surged 70% this year, says Check Point

<p>The strategic partnership between Universiti Kebangsaan Malaysia (UKM) and China's pharmaceutical company, ChemPartner Pharmatech Co, Ltd, is set to bring about a revolution in modern medical science in Malaysia.</p>


UKM, ChemPartner join forces in revolutionising modern medical science

<p>Payments in Singapore using stablecoins reached a record high of almost US$1 billion (RM4.33 billion) in the second quarter, led by transactions at merchant outlets, according to a report from Chainalysis.</p>
