<div class=newsTextDataWrapInner><p>KUALA LUMPUR (May 24): Silver Ridge Holdings Bhd's (KL:SRIDGE) group chief executive officer Lee Wei Chiek has resigned just over one month after being appointed to the post.</p></div>

<div class=newsTextDataWrapInner><p>According to a bourse filing on Friday, Lee resigned from the position due to a “personal matter”.</p></div>

<div class=newsTextDataWrapInner><p>The 42-year-old was appointed as group CEO on April 1, along with a slew of other boardroom changes.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The group’s then chief financial officer cum executive director Datuk Khoo Yik Chou was redesignated as group managing director.</p></div>

<div class=newsTextDataWrapInner><p>Meanwhile, Syauqat Mohd Suhaimi was redesignated to deputy group managing director from group managing director, replacing his brother Syakur Mohd Suhaimi, who has been redesignated as an executive director.</p></div>

<div class=newsTextDataWrapInner><p>Both Syauqat and Syakur are the sons of Silver Ridge’s founder and the largest shareholder, Datuk Mohd Suhaimi, who owns a 13.94% stake.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Silver Ridge ended 1.5 sen or 4.35% higher at 36 sen, valuing the group at RM78.99 million.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/706563" target="_blank">Boardroom reshuffles at Silver Ridge</a></em></p></div>


Silver Ridge Holdings Bhd's (KL:SRIDGE) group chief executive officer Lee Wei Chiek has resigned just over one month after being appointed to the post.

Silver Ridge CEO Lee Wei Chiek resigns after one month

In April, sovereign fund Khazanah Nasional Bhd announced RM1 billion in ‘national fund-of-funds’ initiatives at the KL20 Summit to support local venture capital funds and attract international managers. With the increased interest from both domestic and foreign investors in Malaysia’s start-up ecosystem, a crucial question arises: Are there enough investment- or IPO-ready private companies in the country?

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The International Monetary Fund said the US election is creating “high uncertainty” for markets and policymakers, given the sharply divergent trade priorities of the candidates.

The knife-edge contest between Vice President Kamala Harris and former President Donald Trump comes against an already fraught geopolitical background, generating deep uncertainties that haven’t so far been reflected in financial markets, the IMF said in its Global Financial Stability Report published Tuesday.

US election creates ‘high uncertainty’ for fragile markets, IMF says

Stocks struggled in late hours after downbeat news from some key American companies, with traders also mulling prospects for a slower pace of Federal Reserve rate cuts.

A $600 billion exchange-traded fund tracking the S&P 500 (SPY) wavered after the close of regular trading.

Stocks struggle in late hours as McDonald’s slumps

Chinese President Xi Jinping told Russia's Vladimir Putin that the international situation was gripped by chaos but that Beijing's strategic partnership with Moscow was a force for stability amid the most significant changes seen in a century.

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Taiwan Semiconductor Manufacturing Company notified the US a couple of weeks ago that one of its chips had been found in a Huawei device after a teardown by the tech research firm TechInsights, according to a person familiar with the matter.

TSMC told US of chip in Huawei device after TechInsights finding — Reuters 

Elon Musk’s US$1 million (Rm4.3 million) giveaway for voters who sign his free-speech and gun-rights petition falls into a gray area of election law, and legal experts are divided about whether the billionaire supporter of Donald Trump could be running afoul of prohibitions on paying people to register to vote.

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The direction of European Central Bank (ECB) borrowing costs is clear but the pace at which they’ll be lowered is still to be decided, according to president Christine Lagarde, who didn’t rule out bigger moves.

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Options traders are increasing bets that Bitcoin will reach a record high of US$80,000 (RM344,025) by the end of November no matter who wins the US presidential election.
  
The implied volatility for Bitcoin options coming due around the Nov 5 election day is elevated, with the wagers skewed towards call options that give the buyer the right to buy the cryptocurrency at new highs.

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

Gamuda, Bahvest, Globetronics, Teo Seng, Green Ocean, Ge-Shen

Starboard Value LP chief executive officer Jeffrey Smith said there has been at least US$20 billion (RM86 billion) in value destruction at drugmaker Pfizer Inc, which he admonished for failing to deliver on a pipeline of new potential blockbusters.

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<p>Globetronics Technology Bhd (KL:GTRONIC) said its chief executive officer (CEO) Heng Charng Yee and executive director Kang Wei Luen have resigned from their positions.</p>

<p>Both of them cited personal matters and other commitment as the reason for the resignation, according to the group's filings with Bursa Malaysia on Tuesday.</p>


Globetronics announces resignation of CEO, executive director

<p>Datuk Azman Ismail, former managing director and chief executive officer of PLUS Malaysia Bhd, has been appointed as CEO of Digital Nasional Bhd (DNB).</p>

<p>This confirms <em>The Edge</em>’s report in September last year which named Azman as one of the frontrunners for the job to lead the Ministry of Finance-owned (MOF) special purpose vehicle tasked with the country’s 5G rollout.</p>


Former PLUS executive Azman Ismail named DNB CEO

<p>Taiwan Semiconductor Manufacturing Company notified the US a couple of weeks ago that one of its chips had been found in a Huawei device after a teardown by the tech research firm TechInsights, according to a person familiar with the matter.</p>


<p>Bahvest Resources Bhd (KL:BAHVEST) said it had entered into an exclusive prospecting and contract of works agreement with Aurelius Borneo Mining Sdn Bhd, which is involved in gold mining.</p>


Bahvest signs exclusive gold mining agreement with substantial shareholder’s vehicle

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


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EVENING 5: Five things you need to know today

<p>KUALA LUMPUR (Oct 22): Contract manufacturer Ge-Shen Corp Bhd (KL:GESHEN), whose share price has jumped over 200% year-to-date, has obtained shareholders’ approval to buy a 40% stake in electronic manufacturing services (EMS) firm Local Assembly Sdn Bhd for RM48 million, cash, and diversify its e...

Ge-Shen shareholders approve stake buy in EMS firm 

<p>Datuk Seri Wee Ka Siong, Ayer Hitam Member of Parliament, has called on the government to clarify whether the 2% tax on dividends will apply to all asset classes, including foreign investors.</p>


Ka Siong urges clarity on 2% dividend tax

<p>The Biden administration finalised rules for a 25% tax credit for semiconductor manufacturing projects, expanding eligibility for what is likely to be the largest incentive programme from the 2022 Chips and Science Act.</p>


US extends 25% semiconductor tax credit to chip and solar wafers

<p>AirAsia became the first airline in Malaysia to adopt Combo Units, an advanced airport ground equipment that is more fuel efficient, at its main hub at the Kuala Lumpur International Airport (KLIA) Terminal 2 on Tuesday.</p>


AirAsia aims to reduce carbon emissions by 20,000 tonnes per year with new technology

<p>A Member of Parliament (MP) called on the government to clarify its proposal for compulsory Employees Provident Fund (EPF) contribution by foreign workers as announced in Budget 2025.</p>


MP asks govt to clarify mandatory foreign worker EPF contribution proposal 

<p>US stock indexes sagged on Tuesday as rising treasury yields impacted rate-sensitive sectors, while investors evaluated earnings to assess the health of American companies.</p>


Wall Street tumbles as yields jump; Verizon slides

<p>Midvest Asia Sdn Bhd has ceased to be a substantial shareholder of Wasco Bhd (KL:WASCO), formerly known as Wah Seong Corp Bhd, after disposing of a 2.58% stake in the energy infrastructure group.</p>


Midvest Asia ceases to be substantial shareholder of Wasco

<p>Near-term global financial risks are contained, but monetary policy easing could fuel asset price bubbles and markets might be underestimating risks posed by military conflicts and impending elections, the International Monetary Fund said on Tuesday.</p>


Global markets might be underestimating geopolitical risks, IMF says

<p>Willowglen MSC Bhd (KL:WILLOW) said on Tuesday that it has been awarded a RM16.43 million contract to supply security systems in Singapore.</p>


Willowglen MSC wins RM16.4m security systems contract in Singapore

<p>Chinese President Xi Jinping told Russia's Vladimir Putin that the international situation was gripped by chaos but that Beijing's strategic partnership with Moscow was a force for stability amid the most significant changes seen in a century.</p>


<p>The government has approved an allocation of RM1.092 billion to the Malaysian Fire and Rescue Department (JBPM) under the Fifth Rolling Plan 2025 to fund 70 projects to be carried out next year.</p>


JBPM receives RM1.09 bil to implement 70 projects, improve emergency response time

<p>Malaysia Airports Holdings Bhd (MAHB) has been asked to implement several upgrades at all national entry points in preparation for Malaysia's Asean chairmanship next year, said Transport Minister Anthony Loke.</p>


Asean chairmanship: MAHB to upgrade key national entry points by year-end

<p>Options traders are increasing bets that Bitcoin will reach a record high of US$80,000 (RM344,025) by the end of November no matter who wins the US presidential election.<br />
&nbsp;&nbsp;<br />
The implied volatility for Bitcoin options coming due around the Nov 5 election day is elevated, with the wagers skewed towards call options that give the buyer the right to buy the cryptocurrency at new highs.&nbsp;</p>


<p>The Japan Bank for International Cooperation (JBIC) has expressed its commitment to enhancing existing investments by attracting more Japanese investors to Malaysia, said Prime Minister Datuk Seri Anwar Ibrahim.</p>
