<div class=newsTextDataWrapInner><p>SINGAPORE (May 13): Singapore’s Minister for Trade and Industry Gan Kim Yong will be appointed as the chairman of the Monetary Authority of Singapore’s (MAS) board of directors, replacing Lawrence Wong, who is also presently Singapore’s deputy prime minister and minister of finance.</p></div>

<div class=newsTextDataWrapInner><p>Gan will be the MAS’ chairman from May 15, 2024 to May 31, 2026. He has been its deputy chairman since July 8, 2023.</p></div>

<div class=newsTextDataWrapInner><p>Wong will relinquish his positions as&nbsp;the<i>&nbsp;</i>chairman and a member of the MAS board on May 15, 2024. He will be sworn in as Singapore’s next prime minister&nbsp;at&nbsp;8pm on May 15&nbsp;at the Istana.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Gan will also be promoted to deputy prime minister, as part of a Cabinet reshuffle by Wong. He will remain as the minister for trade and industry, and will be the acting prime minister in Wong’s absence.</p></div>

<div class=newsTextDataWrapInner><p><em><a href="https://www.theedgesingapore.com/news/singapore-news/gan-kim-yong-become-new-chairman-mas" target="_blank">Click here for the original story on theedgesingapore.com</a>.</em></p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/711375" target="_blank">Singaporean PM Lee Hsien Loong submits resignation, Lawrence Wong nominates new Cabinet</a>&nbsp;</em></p></div>


Singapore’s Minister for Trade and Industry Gan Kim Yong will be appointed as the chairman of the Monetary Authority of Singapore’s (MAS) board of directors, replacing Lawrence Wong, who is also presently Singapore’s deputy prime minister and minister of finance.

Gan Kim Yong to become Singapore’s deputy PM, new chairman of central bank

KUALA LUMPUR (Oct 18): Former 1Malaysia Development Bhd (1MDB) chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi told the High Court on Friday that he was not comfortable in calling or labelling fugitive businessman Low Taek Jho (Jho Low) “as a crook”.

I am not comfortable calling Jho Low a crook, says Shahrol in Riza Aziz’s hearing

The federal government's debt is projected to rise at a slower pace of 6% in 2025 compared with 7.5% in 2024, according to the Ministry of Finance (MOF) in its Fiscal Outlook and Federal Government Revenue Estimates report.

Federal govt debt growth seen slowing to 6% in 2025, still within 64% of GDP — MOF

Some of Japan’s largest financial institutions have halted trading securities with Nomura Holdings Inc, as the fallout from its market manipulation scandal spreads, according to people familiar with the matter. 

At least 10 firms, which include major life insurers, trust banks and asset management firms, have temporarily suspended some business activities with Nomura because of the breach, the people said, asking not to be identified discussing non-public information. They may resume their equity or bond dealings with Nomura when there are further developments, such as when the brokerage details steps to prevent a recurrence, they said.

Clients halted trades with Japan's Nomura after market manipulation scandal — Bloomberg

(Oct 18): Northvolt AB is closing in on an about $300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing.

A combination...

Northvolt nears $300 million rescue package to ease crunch

UK retail sales unexpectedly rose in September on demand for consumer tech, a welcome boost for the new government after it was accused of hurting sentiment with warnings of tax rises in this month’s budget.

The volume of goods sold in stores and online increased 0.3%, rising for a third consecutive month, the Office for National Statistics (ONS) said on Friday. That was slower than the 1% increase in the previous month, but considerably better than the 0.4% decline predicted by economists surveyed by Bloomberg.

UK retail sales rise unexpectedly ahead of new govt's budget

KUALA LUMPUR (Oct 18): Pelaburan Hartanah Bhd (PHB) has partnered with IJN Holdings Sdn Bhd (IJN) for the future expansion of the National Heart Institute’s (IJN) healthcare facilities.

Pelaburan Hartanah, IJN sign MOU to explore expansion of healthcare facilities

(Oct 18): New York Community Bancorp unit Flagstar Bank will lay off around 1,900 employees, the U.S. regional lender said on Thursday, amid efforts to turn around its struggling business.

Flagstar announced around 700 job reductions and said an additional 1,200 jobs will be cut after i...

NYCB's Flagstar unit to cut around 1,900 jobs

Japan's largest labour union group said on Friday it will seek wage hikes of at least 5% in 2025, similar to this year's hefty increase, but economists doubt that another such bump is realistic.

The announcement by Rengo means debate about pay rises for next year will begin in earnest. Prime Minister Shigeru Ishiba, who only took office this month, has made wage hikes a top priority, seeking to help support a still fragile economic recovery.

Japan's biggest union group wants 5% wage hikes next year, but economists say target unrealistic

KUALA LUMPUR (Oct 18): The federal government’s committed guarantee, which forms its debt and liabilities exposures, increased to RM231.4 billion as at end-June 2024, against RM227.4 billion in 2023.

Federal govt’s committed guarantees rise to RM231.4b as at end-June 2024, lifting total to RM407.8b

KUALA LUMPUR (Oct 18): The federal government plans to rein in its development expenditure in 2025 with more “strategic” spending, putting a cap on the rise in spending over the past decade.

Development expenditure to plateau with ‘strategic’ spending after peaking in 2023

<p>Shares of HeiTech Padu Bhd (KL:HTPADU) were suspended with effect from 9am to 5pm on Friday, pending an announcement relating to a material contract.</p>


HeiTech Padu shares suspended ahead of Budget 2025 announcement

<p>KUALA LUMPUR (Oct 18): Main market-bound Azam Jaya Bhd, a Sabah-based construction firm, aims to raise RM61.5 million from its initial public offering (IPO), and set its IPO price at 78 sen per share. &nbsp;</p>


Main market-bound Azam Jaya to raise RM61.5m from IPO

<p><strong>Click <a href="https://theedgemalaysia.com/budget/2025/" target="_blank">here</a> for all you need to know about Malaysia's Budget 2025. </strong></p>

<p><em>Follow our live coverage of Budget 2025 as Prime Minister Datuk Seri Anwar Ibrahim tables it. Refresh for updates.</em></p>

<...

Highlights of Budget 2025

<p>(Oct 18):&nbsp;Thailand’s 38-year-old prime minister is working on a plan to alleviate the economic drag from a household debt bill topping US$500 billion (RM2.15 trillion) — a figure that has ballooned since her father first took office in 2001.</p>


A US$500b pile of household debt weighs on new Thai leader

<p>Malaysia's trade surplus nearly halved in September from a year ago amid a decline in exports, said the Ministry of Investment, Trade and Industry (Miti).</p>


Malaysia’s trade surplus nearly halved from a year ago — Miti

<p>Imprisoned former prime minister Datuk Seri Najib Razak said in the Kuala Lumpur High Court on Friday that he had some regrets regarding the SRC International Sdn Bhd's (SRC) debacle, where billions of Retirement Fund Inc (KWAP) funds meant to seek alternative power source, ended up being misappropriated and squandered.&nbsp;</p>


Najib on SRC: 'I have certain regrets'

<p>KUALA LUMPUR (Oct 18): Former 1Malaysia Development Bhd (1MDB) chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi told the High Court on Friday that he was not comfortable in calling or labelling fugitive businessman Low Taek Jho (Jho Low) “as a crook”.</p>


<p>China's economy grew at the slowest pace since early 2023 in the third quarter, and though consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalise growth.</p>


China's 3Q GDP hits weakest pace since early 2023, backs calls for more stimulus

<p>BMI, a Fitch Solutions company, holds a positive outlook for consumer spending in Malaysia for 2025, supported by an ongoing economic recovery that fuels stable real consumer spending growth, according to its note on Friday.</p>

<p>The research firm said easing inflationary pressures and a stable labour market will sustain consistent consumer spending.&nbsp;</p>


Positive 2025 consumer spending outlook for Malaysia, but high household debt poses risk — BMI

<p>(Oct&nbsp;18) :&nbsp;The world’s biggest bond market got hit as a solid retail sales report had traders trimming their bets on Federal Reserve rate cuts this year.</p>


Wall Street dials back Fed-cut bets on solid data

<p>China stocks rose on Friday as the central bank officially launched a swap facility aimed at boosting the equity market, although shares elsewhere in Asia were mixed in the wake of data confirming a slowdown in the world's second-largest economy.</p>


China shares gain on latest policy steps; Fed view supports dollar

<p>The High Court here has denied Toh Puan Na’imah Abdul Khalid, the wife of former finance minister Tun Daim Zainuddin, an interim stay against an order by the Inland Revenue Board (IRB) for the imposition of RM313.82 million in additional tax assessment for the year 2018.</p>


Daim’s wife denied bid to set aside payment of RM314m tax assessment; ‘law applies equally to all’, says judge

<p>Lebanon's Hezbollah militant group said on Friday it was moving to a new and escalating phase in its war against Israel while Iran said "the spirit of resistance will be strengthened" after the killing of Hamas leader Yahya Sinwar.</p>


Hezbollah says it will escalate war with Israel after Hamas leader killed

<p>SD Guthrie Bhd's (KL:SDG) core earnings are expected to grow by 46.9% in FY2024, followed by increases of 8.9% in FY25 and 12.2% in FY26, on recovery of fresh fruit bunches (FFB) production, and crude palm oil (CPO), said Apex Securities.</p>


SD Guthrie FY2024 earnings to grow 47% on recovery of FFB production, CPO prices — Apex Securities

<p>China's central bank kicked off two funding schemes on Friday, that will initially pump as much as 800 billion yuan (US$112.38 billion or RM484 billion) into the stock market through newly-created monetary policy tools.</p>


China rolls out US$112b funding schemes to bolster stock market

<p>(Oct&nbsp;18) :&nbsp;The yen fell below the psychological mark of 150 per dollar, after robust US economic data led traders to dial back bets on Federal Reserve interest-rate cuts, boosting the greenback.&nbsp;</p>


Yen falls to key 150 level after solid US retail, labour data

<p>The Taipei-listed shares of TSMC hit a record high on Friday after the world's largest contract chipmaker posted forecast-beating third-quarter earnings and gave a rosy outlook for strong artificial intelligence (AI) demand.</p>


TSMC stock hits new high after forecast-beating earnings

<p>Gold topped US$2,700 an ounce for the first time, as concerns over escalating conflicts in the Middle East saw investors flock to safety.</p>


Spot gold extends its record-breaking run to top US$2,700

<p>Sales of Apple Inc’s newest iPhones in China are up 20% in their first three weeks compared with 2023’s model, a positive sign for a device that struggled this year to gain traction in the world’s largest smartphone market.</p>


Apple iPhone 16 sales soar 20% in China debut as demand returns

<p>KUALA LUMPUR (Oct 18): The Malaysian Investment Development Authority (Mida) is on track to achieve its target of RM2.5 billion in investments from green investment leads at the International Greentech &amp; Eco Products Exhibition and Conference Malaysia (IGEM) 2024.</p>
