<div class=newsTextDataWrapInner>KUALA LUMPUR (April 16): CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.</div>

<div class=newsTextDataWrapInner>To facilitate transition, Datuk Mohd Nasir Ahmad who originally was due to retire in July 2024 will remain as chairman effective July 20 subject to regulatory approval, CIMB said in a statement. Abdul Rahman has been the CEO of CIMB since 2020.</div>

<div class=newsTextDataWrapInner>“CIMB Group has a robust succession plan in place, which has been activated and the board will be announcing the new group CEO in due course, once regulatory approval is received,” CIMB added.&nbsp;</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>Read also: 
<a href="https://theedgemalaysia.com/node/708075" target="_blank">CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive</a> 
&nbsp;</div>

CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.

CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

The use of money-market fund tokens from the likes of BlackRock Inc. and Franklin Templeton as collateral in traditional derivatives trades inched closer to reality on Thursday.

The Global Markets Advisory Committee of the Commodity Futures Trading Commission voted to approve use of tokenized non-cash collateral and to send its recommendations to the full CFTC.

CFTC advisers recommend use of tokenized assets as collateral

SEC Chair Gary Gensler, whose ambitious agenda drew fierce resistance from Wall Street and the crypto industry, plans to step down on Jan. 20.

“The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement on Thursday.

Gary Gensler plans to step down from SEC in January

Australia’s flagship carrier Qantas Airways Ltd. is the top-performing airline stock in Asia over the past year, and is seen as set to extend its climb with help from declining fuel prices.

The shares have risen 68% in the past 12 months, beating all Asian peers in a Bloomberg gauge.

Qantas tops Asian airline stocks on cheap fuel, rival’s demise

Nvidia Corp. assured investors that its new product lineup will continue to fuel an artificial intelligence-driven growth run, while also signaling that the rush to get chips out the door is proving costlier than expected. 

Speaking after the release of quarterly results, Chief Executive Officer Jensen Huang said that Nvidia’s highly anticipated Blackwell products will ship this quarter amid “very strong” demand.

Nvidia says new chip remains on track, helping soothe investors

Stocks ended the day higher as traders contemplated a new US administration keen on deregulation. Bitcoin blew past $98,000 while the dollar gained and Treasury yields rose.

The S&P 500 advanced 0.5% after a choppy morning session spurred by swings in Nvidia Corp. and angst about the war in Ukraine.

Trump trade boosts stocks, Bitcoin run at $100,000

Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after the social media company said it had fixed a software bug.

Downdetector, which tracks outages by collating status reports from several sources including users, showed more than 14,000 reports of outages.

Reddit down for thousands of users, Downdetector shows

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

The International Criminal Court (ICC) issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

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

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.

Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) continued to record losses for the second consecutive quarter, after the group reported a RM49.75 million net loss for the third quarter ended Sept 30, 2024 (3QFY2024).

MSM Malaysia continues to bleed for the second consecutive quarter

Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that about 70% to 80% of the costs of his official trips to five countries over the past two weeks were paid by private companies.

Private firms paid up to 80% of costs for recent official trips abroad, Anwar tells Dewan Rakyat

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

Sunway Construction Group Bhd (KL:SUNCON) posted a 32.71% jump in its net profit for its third quarter on the accelerated progress of its data centre projects.

Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose to RM46.47 million from RM35.01 million in 3QFY2023, as revenue rose 28.48% to RM865.33 million from RM673.51 million, its Thursday bourse filing showed.

SunCon's 3Q profit jumps 32.71% on accelerated data centre progress

Hap Seng Consolidated Bhd (KL:HAPSENG) posted a three-fold jump in net profit for its third quarter from a year ago, on improved contributions from the diversified group’s plantation, property and credit financing divisions.

Hap Seng 3Q net profit more than triples, declares 10 sen dividend

Indian billionaire Gautam Adani,&nbsp;indicted in New York&nbsp;over a US$265 million (RM1.18 billion) bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.

Who is Gautam Adani, controversial Indian tycoon charged with bribery in US?

Kucingko Bhd (KL:KUCINGKO), a 2D animation production company, has decided to discontinue the services of its external auditor Messrs Russell Bedford LC PLT over a disagreement on audit fees.

Kucingko drops Russell Bedford as auditor over fee dispute

KUALA LUMPUR (Nov 21): Human Resources Minister Steven Sim has confirmed that the chief executive officer of Human Resources Development Corporation (HRD Corp), Datuk Shahul Hameed Dawood, has returned to work.

According to Sim, Shahul had been on administrative leave since July 18 to a...

Sim confirms HRD Corp CEO has returned to work despite ongoing MACC probe on agency

Oriental Holdings Bhd (KL:ORIENT) saw the diversified group’s net profit for the third quarter fall 70.12% year on year to RM88.87 million, from RM297.42 million on the absence of one-off gains recognised in the corresponding quarter in 2023.

Oriental 3Q net profit down 70% on absence of one-off gains

Mega First Corp Bhd’s (KL:MFCB) net profit rose 13.8% to RM116.64 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM102.53 million a year earlier, underpinned by stronger earnings from its renewable energy and resources segments.

The group also recognised an insurance income of RM7.23 million in the quarter under review. It booked a total of RM32.12 million for the nine-month period ended Sept 30 for assets damaged by a fire incident in 2023.

Mega First's 3Q net profit rises 14% boosted by renewable energy and resources segments

A total of 37,000 user accounts across seven coastal areas on Penang Island will experience a scheduled water supply disruption for 14 hours, starting from 10pm on Nov 28 (Thursday) to noon on Nov 29 (Friday).

Seven Penang Island coastal areas face scheduled water cut on Nov 28-29

FGV Bhd (KL:FGV), which is currently embroiled in a lawsuit over an alleged breach of a palm kernel shell supply agreement, has been directed by the High Court of Kuala Lumpur to file its statement of defence by Dec 4, 2024.

FGV directed to file defence against company's suit by Dec 4

Boustead Singapore has announced that its engineering and construction (E&amp;C) business, under Boustead Projects’ real estate solutions division, has secured an E&amp;C contract in Malaysia valued at RM300 million (S$90 million).&nbsp;

Boustead Singapore secures RM300 mil E&C contract in Malaysia

Bursa Malaysia Bhd is optimistic about the outlook for 2025, citing a robust pipeline of initial public offerings (IPOs) and an active capital market, said chairman Tan Sri Abdul Wahid Omar.

Bursa Malaysia confident in next year's growth with active IPO pipeline, says Wahid Omar

Wall Street's main stock indexes were mixed in choppy trading on Thursday as Alphabet weighed on the market, while investors also focussed on AI-heavyweight Nvidia's upbeat quarterly results and forecast.

Wall Street mixed after Nvidia results; Alphabet weighs

US electric vehicle (EV) maker Tesla has used components from about 45 local suppliers directly or indirectly to date, which also involves technology transfer to the suppliers, according to the Investment, Trade and Industry Ministry (Miti).

The local producers are used mainly for the provision of semiconductor components, machinery inspection and factory automation system, it explained.

Tesla using components from local suppliers, involved in technology transfer — Miti

Palm oil producer Far East Holdings Bhd (KL:FAREAST) has declared a special dividend of seven sen per share, payable on Dec 23, as it logged its best quarterly net profit in more than two years, boosted by higher production coupled with higher crude palm oil (CPO) and palm kernel (PK) prices.

Far East declares special dividend of seven sen after logging best quarterly profit in over two years  

UEM Sunrise Bhd (KL:UEM), in which Khazanah Nasional Bhd’s subsidiary UEM Group Bhd owns a 69.56% stake, saw its net profit more than double in the third quarter from last year, thanks to higher land sales margin and higher operating profit margin in the latest quarter.

UEM Sunrise confident of meeting RM1b sales target as 3Q profit more than doubles

Magnum Bhd (KL:MAGNUM) reported a slight dip in net profit in the July-Sept period as income tax and other expenses increased, but cushioned by better income generated by its gaming and investment holdings and other segments.