<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 10): Rex Industry Bhd has entered into an agreement on Friday to dispose of its land measuring 31,428 sq metres (7.8 acres) in Seberang Perai, Penang for RM41.8 million cash.</p></div>

<div class=newsTextDataWrapInner><p>This follows the canned food manufacturer's announcement in June that it intends to decommission its production facility in Seberang Perai, located at Taman Perindustrian Bukit Minyak, Simpang Ampat, in an effort to reduce its operating costs and improve its financial position.</p></div>

<div class=newsTextDataWrapInner><p>The group has two other production facilities in Jawa, Indonesia, and Batu Pahat.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a bourse filing on Friday, Rex said it is selling the property to electronic and medical equipment components manufacturer SkyDorm Industries Sdn Bhd. Notably, SkyDorm Industries is indirectly owned by property developer Ewein Bhd, which is also based in Penang.</p></div>

<div class=newsTextDataWrapInner><p>Rex expects to register a net gain of RM19.02 million from the disposal, and intends to use the bulk of the proceeds to repay its borrowings and finance its working capital.</p></div>

<div class=newsTextDataWrapInner><p>Rex shares closed unchanged at 12 sen, giving the group a market capitalisation of RM75.63 million.</p></div>


Rex Industry Bhd has entered into an agreement on Friday to dispose of its land measuring 31,428 sq metres (7.8 acres) in Seberang Perai, Penang for RM41.8 million cash.

Rex Industry signs deal to dispose of Seberang Perai land to Ewein to boost financial position

Leaders from the Group of 20 major economies on Monday issued a joint statement highlighting the suffering caused by conflicts in Gaza and Ukraine, while calling for cooperation on climate change, poverty reduction and tax policy.

G20 leaders flag global conflicts, cooperation at Rio summit

Top Justice Department antitrust officials have decided to ask a judge to force Alphabet Inc’s Google to sell off its Chrome browser in what would be a historic crackdown on one of the world’s biggest tech companies.

DOJ will push Google to sell Chrome to break search monopoly 

Major global companies have boosted hiring for professional roles as they enter the final quarter of the year, especially in retail, technology and healthcare, but demand for financial services recruits is more sluggish, a survey showed on Tuesday.

Global employers boost hiring towards year end, survey shows

Boeing will lay off more than 2,500 workers in the US states of Washington, Oregon, South Carolina and Missouri, according to federally required filings posted on Monday and a union official, as part of the debt-heavy US planemaker's plan to cut 17,000 jobs, or 10% of its global workforce.

Boeing to lay off over 2,500 workers in US as part of sweeping cuts

Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported on Monday, citing two people with knowledge of the talks.

Trump's social media group in talks to buy Bakkt — FT

PRESIDENT-elect Donald Trump, without a doubt, won a massive majority at the US election on Nov 5. Not only did he make a comeback to the White House, but his Republican Party was able to regain full control of the Senate and House of Representatives.

Odd appointments in the Trump cabinet

An estimated 620,000 jobs across 10 key sectors of the Malaysian economy are at risk of convergence of displacement if they do not reskill or pivot to an adjacent role, based on a study on the impact of artificial intelligence (AI), digital technology, and the green economy on the Malaysian workforce.

620,000 Malaysian jobs across 10 sectors at high risk of displacement by advancement of AI, digital tech and green economy, says TalentCorp study

Exchange-traded funds that buy Chinese stocks continue to see outflows amid rising concerns over the nation’s growth outlook and the risk of new tariffs under a Donald Trump administration.

China ETF outflows increase as traders flee on Trump tariff risk

Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets.

Oil steady after biggest gain in over five weeks on weak dollar

US President Joe Biden pledged a US$4 billion (RM17.8 billion) US contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior Biden administration official said on Monday.

Biden pledges record US$4b to World Bank fund for poorest countries

<p>Here is a brief recap of some corporate announcements that made the news on Monday.</p>


CelcomDigi, Ajinomoto, Master Tec, TMC Life Sciences, Perak Transit, UEM Sunrise, EA Technique, AWC, Johor Plantations, Berjaya Corp, REDtone, Mercury Industries, TCS Group, MMAG, Pecca, and OM Holdings

<p>An estimated 620,000 jobs across 10 key sectors of the Malaysian economy are at risk of convergence of displacement if they do not reskill or pivot to an adjacent role, based on a study on the impact of artificial intelligence (AI), digital technology, and the green economy on the Malaysian workforce.</p>


<p>Wall Street's main indexes were mixed on Monday, as investors looked ahead to earnings from AI-chip leader Nvidia following a rout the previous week on apprehensions about Donald Trump's cabinet appointments and the central bank's policy path.</p>


Wall Street indexes mixed; Nvidia earnings, Fed policy in focus

<p>The new leadership change in the US is expected to affect the global trade landscape, particularly in trade relations between the US and China.</p>

<p>The Ministry of Investment, Trade and Industry (Miti) said that should the geopolitical issues continue, there is a greater opportunity for other countries such as Malaysia to become alternative destinations for multinational companies to increase or start their investments.</p>


US-China trade war can boost Malaysia's chances to be multinational investment destination — Miti

<p>Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH)’s net profit fell 41.9% to RM3.47 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM5.98 million a year ago, dragged by foreign exchange (forex) loss and lower sales.</p>


YSP's 3Q profit falls 42% on forex losses, lower sales

<p>Industrial automation and power systems provider Swift Energy Technology Bhd has entered into an underwriting agreement with M&amp;A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.</p>


ACE Market-bound Swift Energy inks underwriting agreement with M&A Securities

<p>The government will continue to provide incentives for the development of electric vehicle (EV) charging infrastructure, even though these incentives were not specifically mentioned in Budget 2025.</p>


Miti: Govt provides incentives for EV charging infrastructure development

<p>US&nbsp;President Joe Biden pledged a US$4 billion (RM17.8 billion) US contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior Biden administration official said on Monday.</p>


<p>Asian equities are poised to track Wall Street stocks higher as treasuries halted a selloff that drove 10-year yields near 4.5%. Traders were also closely watching news around President-elect Donald Trump’s administration.</p>


Asian stocks set to track us higher as US bonds gain

<p>An undersea data cable connecting Finland and Germany was severed in the early hours of Monday by what was likely an external impact, authorities in the Nordic country said.</p>

<p>The 1,200km (750-mile) high-speed fibre optic Helsinki-Rostock link serving data centres is damaged in the Baltic Sea east of southern Sweden, and there’s a high likelihood that it’s completely cut as all of its fibre connections are down, executives of its owner and operator Cinia Oy said at a news conference.</p>


Finland says subsea Germany link serving data centres is cut

<p>Jadi Imaging Holdings Bhd (KL:JADI) has proposed a share capital reduction to wipe out RM63 million of the company’s accumulated losses.</p>


Jadi Imaging proposes RM63 mil share capital reduction

<p>The government has introduced various initiatives and incentives to enhance the capacity of the local automotive industry, aiming to increase exports of vehicles, including spare parts and components, according to the Ministry of Investment, Trade, and Industry (Miti).</p>


Govt offers various initiatives, incentives to drive local automotive industry, says Miti

<p>Members of President-elect Donald Trump’s transition team have told advisers they plan to make a federal framework for self-driving vehicles one of the Transportation Department’s priorities, according to people familiar with the matter.</p>


Trump team is seeking to ease US rules for self-driving cars, Bloomberg reports

<p>Stocks climbed as treasuries halted a selloff that drove 10-year yields near 4.5%, with traders keeping a close eye on news around President-elect Donald Trump’s administration.</p>


Nasdaq 100 halts five-day slide as US treasuries gain

<p>Exchange-traded funds that buy Chinese stocks continue to see outflows amid rising concerns over the nation’s growth outlook and the risk of new tariffs under a Donald Trump administration.</p>


<p>Oil prices rose on news on Monday that output at Norway's giant Johan Sverdrup oilfield has been halted, adding to earlier gains stemming from escalation in the Russia-Ukraine war.</p>


Oil prices rise on Sverdrup outage, Ukraine war escalation

<p>Keir Starmer pushed for “respectful” UK relations with China, even as he raised frictions including over sanctioned parliamentarians and the trial in Hong Kong of former media mogul Jimmy Lai in the first meeting between a British premier and President Xi Jinping in almost seven years.</p>


Starmer raises Jimmy Lai in meeting with Xi aimed at closer UK-China economic ties

<p>A German court said on Monday that Facebook users whose data was illegally obtained in 2018 and 2019 were eligible for compensation.</p>


Facebook users affected by data breach eligible for compensation, German court says

<p>Goldman Sachs Group Inc is speaking with potential partners as it plans to spin out its digital-assets platform into a new company for large financial firms to create, trade and settle financial instruments via blockchain technology.</p>


Goldman readies plans to spin-out its digital assets platform

<p>Spirit Airlines Inc filed for bankruptcy on Monday with a plan to hand over control to bondholders after failing to agree on a merger with rivals.<br />
&nbsp;<br />
The airline sought Chapter 11 protection in New York to restructure US$1.6 billion (RM7.15 billion) of debt, according to court filings. It said will continue to operate normally throughout the bankruptcy process, which should complete in the first quarter of 2025.</p>
