<div class=newsTextDataWrapInner>SINGAPORE (Jan 25):&nbsp;Lazada Group chief executive officer James Dong has been appointed as the acting CEO of Daraz, Alibaba Group Holding’s South Asian e-commerce platform,&nbsp;in the&nbsp;latest management reshuffle at the e-commerce giant.&nbsp;</div>

<div class=newsTextDataWrapInner>The appointment, effective from Wednesday, is in addition to Dong’s existing responsibilities. Dong became Lazada’s CEO in 2022, moving from his prior role as the head of Thailand operations.&nbsp;</div>

<div class=newsTextDataWrapInner>He replaces Bjarke Mikkelsen, who has been the e-commerce firm’s CEO since 2015. Mikkelson said in a LinkedIn post that the change of hands is for the deeper integration of Daraz and its sister companies — a reference to Lazada<a href="https://www.theedgesingapore.com/news/company-news/lazada-ceo-james-dong-appointed-acting-ceo-daraz-alibabas-latest-reshuffle" target="_blank">...(click here for the full story on theedgesingapore.com).</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

Lazada Group chief executive officer James Dong has been appointed as the acting CEO of Daraz, Alibaba Group Holding’s South Asian e-commerce platform, in the latest management reshuffle at the e-commerce giant.

Lazada CEO James Dong appointed acting CEO of Daraz in Alibaba's latest reshuffle

US import prices fell by the most in nine months in September amid a sharp decrease in the cost of energy products, pointing to a benign inflation outlook that keeps the Federal Reserve (Fed) on course to continue cutting interest rates.

Cheaper energy products depress US import prices in September

Vietnam has estimated the cost of building a new railway linking it with China's Yunnan province at 179 trillion dong (US$7.2 billion or RM30.9 billion), state media reported on Wednesday.

Vietnam estimates cost of new railway link with China at US$7.2b

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

AAX, Capital A, Crescendo, InfolineTec, Pappajack, Fajarbaru Builder, WCT, Econpile, LFE Corp, Gamuda, Aizo, Radiant Globaltech

Delivery delays from planemakers Airbus and Boeing are "massively frustrating" and are not yet getting better, the head of the global airline body IATA said on Wednesday.

Airbus, Boeing aircraft delivery delays not improving, IATA head says

The federal government's debt stood at RM1.227 trillion as of the end of June 2024, according to the Ministry of Finance (MOF).

Federal govt debt stands at RM1.23 tril as of end-June 2024 — MOF

The Dow regained some lost ground on Wednesday although the S&P 500 and the Nasdaq stumbled, dragged lower by declines in megacap technology stocks, while the broader market gained from upbeat quarterly earnings from banks, notably Morgan Stanley.

Wall Street mixed as megacap tech stocks fall; banks gain

Infoline Tec Group Bhd (KL:INFOTEC) and Pappajack Bhd (KL:PPJACK) have received approval from the Securities Commission Malaysia (SC) to transfer their listings from the ACE Market to the Main Market of Bursa Malaysia.

Infoline Tec, Pappajack secure SC nod for Main Market transfer

The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency (IEA) said on Wednesday.

'Age of electricity' to follow looming fossil fuel peak, IEA says

Aizo Group Bhd (KL:AIZO) has inked a memorandum of understanding (MOU) with NetRunner Sdn Bhd to jointly establish a Tier 4 data centre hub in Sarawak, to meet the increasing demand for secure and reliable data storage and processing facilities.

Aizo ventures into data centres via MOU for Tier 4 data centre hub in Sarawak

Singapore lawmakers passed an amendment to a bill that will effectively block Allianz SE’s proposed S$2.2 billion (US$1.7 billion or RM7.21 billion) acquisition of a majority stake in a local insurance firm.

Singapore lawmakers amend bill to stop Allianz’s insurance deal

A legal complaint by Genting Malaysia Bhd’s (KL:GENM) joint-venture partner filed in Florida could affect its bid for a casino licence in New York, CGS International warned in a note.

Genting's New York casino bid could be affected by complaint in Florida, CGS warns

KUALA LUMPUR (Oct 16): Despite strong gains this year, construction stocks are “not yet ripe for profit-taking” as continuous project flow is expected through 1H2025, on the back of infrastructure and industrial developments, said RHB Investment Bank Research (RHB IB).

Construction stocks ‘not yet ripe for profit-taking’, steady project flow to continue through 1H2025 — RHB IB

(Oct 16): Banks and asset managers are continuing to channel tens of billions of dollars into companies whose operations directly threaten the future of tropical rainforests, including the Amazon, according to a new study.

Global banks, funds including PNB, EPF keep ploughing billions into clients threatening rainforests — study

LBS Bina Group Bhd (KL:LBS) officially launched its latest 315-acre township development named Rimbawan in Genting Highlands, Pahang on Tuesday (Oct 15). The township has a gross development value (GDV) of RM9.5 billion.

LBS Bina unveils RM9.5 bil GDV Rimbawan township in Genting Highlands; Budget 2025 wishlist

RHB Bank Bhd (KL:RHBBANK) could see stronger results in the upcoming quarter, as margins widen amid strong loan growth, said Hong Leong Investment Bank in raising its profit forecasts.

The net interest margin — the difference between interests charged on loans and returns paid to depositors — may continue to “hold up well”, the research house said in a note. Loan growth is still robust at the guided 6.5%-7.0% for 2024 despite recent currency swings, it added.

RHB Bank could see stronger results in coming quarter, says Hong Leong in raising estimates

Flights operated under Malaysia Airlines experienced fewer delays in September on a month-on-month basis, but still fell short of the sector target set by the Ministry of Transport (MOT) and Malaysian Aviation Commission (Mavcom) earlier this year.&nbsp;

Malaysia Airlines improved on-time performance in September, but missed sector target — Loke

Crescendo Corporation Bhd (KL:CRESNDO) said on Wednesday that it is buying SGR Land Development Sdn Bhd and taking on its six land purchase obligations in Johor for RM168.85 million.

Crescendo to buy SGR Land, assume Johor land purchase agreements in RM169m deal

Former prime minister Tun Dr Mahathir Mohamad has been hospitalised at the National Heart Institute (IJN), resulting in the postponement of&nbsp;his defamation suit against Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Lawyer Mior Nor Haidir Suhaimi, representing Mahathir, informed the court on Wednesday that the two-time PM was rushed to the IJN on Tuesday&nbsp;evening due to a lung infection.&nbsp;

Tun M hospitalised, suit against Zahid over ancestry comments postponed

LVMH shares plunged after sales of fashion and leather goods fell for the first time since the Covid-19 pandemic, revealing the scale of the slump in demand from once insatiable Chinese consumers.&nbsp;

Organic revenue at the key unit whose brands include Louis Vuitton and Christian Dior declined 5% in the third quarter. That was the worst performance since the second quarter of 2020, when the world went into lockdown.&nbsp;

LVMH plunges as China's luxury spending slowdown worsens

KUALA LUMPUR (Oct 16): The Malaysia External Trade Development Corporation (Matrade) has appointed Nooryana Najwa Najib, daughter of former prime minister Datuk Seri Najib Razak, as its new member of the board of directors (BOD). &nbsp;

Matrade appoints Najib’s daughter Nooryana Najwa as director

Investors in chip stocks are facing a fresh gut check after a tepid outlook from key equipment supplier ASML Holding NV sparked a global rout in the sector.

Global chip stocks shed US$420b after ASML warning

Chinese companies should consider Malaysia an ideal destination to set up regional headquarters, from which they can expand internationally through Malaysia, said Deputy Investment, Trade and Industry Minister&nbsp;Liew Chin Tong.

In his pre-recorded keynote address at the&nbsp;CGS Southeast Asia (SEA) Bilateral Investment Forum here on Wednesday, he said Malaysia’s strength lies in having a skilled and educated multilingual workforce, an internationally-recognised common law framework, a comprehensive logistics network, and a stable society.

Liew urges Chinese companies to set up regional HQs, expand internationally through Malaysia

A total of 6,617 battery-powered electric vehicles (BEVs) were sold in the first half of 2024 (1H2024), marking a significant 112% year-on-year surge in the electric vehicle (EV) market, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Zafrul: BEV sales surged 112% in 1H2024 

KUALA LUMPUR (Oct 16): AirAsia X Bhd’s (KL:AAX) shareholders and proxies have voted 99.08% in favour of the proposed RM6.8 billion acquisition of AirAsia’s aviation business — AirAsia Bhd and AirAsia Aviation Group Ltd — from its sister company Capital A Bhd (KL:CAPITALA).

AAX shareholders approve RM6.8b aviation assets buy from Capital A

KUALA LUMPUR (Oct 16): The government is in the process of finalising the procurement of an advanced passenger screening system (APSS), as part of its efforts to combat syndicates that allegedly bring in foreign workers illegally.

Govt to procure screening system to tackle syndicates smuggling in foreign workers — home minister

Pekat Group Bhd (KL: PEKAT) is well-positioned to capitalise on substantial growth opportunities driven by Malaysia’s rising demand in the renewable energy sector, Tenaga Nasional Bhd’s (KL: TENAGA) infrastructure upgrade and from the surge in data centres investment, said Phillip Capital.

Pekat to capitalise on rising solar energy and data centre opportunities in Malaysia, says Phillip Capital

In response to market speculation about inheritance tax reintroduction in Budget 2025, the Real Estate and Housing Developers’ Association (Rehda) Malaysia said the approach would hinder Malaysians from purchasing homes as an investment tool.

Inheritance tax will discourage Malaysians from investing in homes, says Rehda Malaysia

China's state security ministry said that a foreign company had been found to have illegally conducted geographic mapping activities in the country under the guise of autonomous driving research and outsourcing to a licensed Chinese mapping firm.

China says unidentified foreign company conducted illegal mapping services

Electrical and mechanical engineering firm LFE Corp Bhd (KL:LFECORP) has secured a subcontract worth RM38.8 million at the hyperscale data centre being developed in Elmina Business Park in Sungai Buloh.

LFE Corp secures subcontract from Gamuda for Elmina Business Park data centre project

KUALA LUMPUR (Oct 16): With Chief Judge of Sabah and Sarawak (CJSS) Tan Sri Abdul Rahman Sebli reaching the age of 66 in three months’ time, there is a possibility of two top judicial posts in the country being left vacant and yet to be filled by early next year.