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<div class=newsTextDataWrapInner><p class="thumb-cap">EVENING 5: Italian govt rejects KNM’s proposed disposal of FBM Hudson again</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>
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<div class=newsTextDataWrapInner><p>Here’s a quick look at some of the stories that made headlines today.</p></div>

<div class=newsTextDataWrapInner><p>Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today.</p></div>

<div class=newsTextDataWrapInner><p>1. The Italian government has again <a href="https://theedgemalaysia.com/node/714451" target="_blank">rejected </a>the proposed disposal by KNM Bhd’s wholly-owned subsidiary KNM Europa BV of its entire stake in FBM Hudson Italiana SpA.</p></div>

<div class=newsTextDataWrapInner><p>2. Permodalan Nasional Bhd's 44.11%-owned associate Duopharma Biotech Bhd is currently <a href="https://theedgemalaysia.com/node/714443" target="_blank">reviewing </a>merger and acquisition (M&amp;A) proposals for firms in Indonesia and the Philippines.</p></div>

<div class=newsTextDataWrapInner><p>3. Sime Darby Property Bhd has proposed an internal <a href="https://theedgemalaysia.com/node/714469" target="_blank">reorganisation</a>, which involves transferring selected assets, liabilities and business activities to its wholly-owned subsidiaries.</p></div>

<div class=newsTextDataWrapInner><p>4. The High Court has granted Sapura Energy Bhd a nine-month extension to the <a href="https://theedgemalaysia.com/node/714427" target="_blank">deadline </a>of its standstill period, which shields its group of companies from action by its creditors.</p></div>

<div class=newsTextDataWrapInner><p>5. Paramount Corp Bhd is aiming for 30% of its annual profit to stem from <a href="https://theedgemalaysia.com/node/714432" target="_blank">overseas </a>property projects by 2030, supported by its recent buy of a 21.5% stake in Eco World International Bhd.<br />
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EVENING 5: Five things you need to know today

Britain's departure from the European Union cost London's financial centre about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates.

City of London chief says Brexit 'disaster' cost 40,000 finance jobs

Air-France KLM is lobbying the French government to cap the number of flights that mainland Chinese carriers can make to Europe, according to people familiar with the matter, in a bid to protect European airlines from unfair competition.

European airlines rachet up pressure in face of Chinese threat

Oil steadied on Wednesday, supported by Opec+ cuts and uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session.

Oil steadies after sharp fall, Middle East uncertainty persists

Indonesia will impose anti-dumping duties on ceramic tile imports from China starting on Oct 24, according to a finance ministry regulation issued this week.

Indonesia to impose anti-dumping duties on ceramic tile imports from China

Some of the most prominent artificial intelligence models are falling short of European regulations in key areas such as cybersecurity resilience and discriminatory output, according to data seen by Reuters.

EU AI Act checker reveals Big Tech's compliance pitfalls

Republican presidential candidate Donald Trump said South Korea would pay billions of dollars more every year to host US troops if he were in the White House, calling the long-time US ally a “money machine”.

“If I were there now, they would be paying us US$10 billion (RM42.94 billion) a year, and you know what? They would be happy to do it,” Trump told Bloomberg News editor-in-chief John Micklethwait on Tuesday in an interview at the Economic Club of Chicago. “It’s a money machine, South Korea.”

Trump wants South Korea to pay more for US troops

Global fund managers increased their allocation to China at India's expense after Asia's largest economy unleashed a stimulus package, according to a survey conducted by BofA Securities.

Global fund managers pare India allocation in favour of China, BofA survey shows

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

The US and partners including South Korea and Japan unveiled a new plan to keep an eye on North Korea’s nuclear weapons development after a Russian veto earlier this year triggered the end of monitoring by a United Nations (UN) panel of experts.

US unveils 11-nation plan to monitor North Korea’s nuke threat

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

<p>ASML Holding NV’s shares plunged the most in 26 years after it booked only about half the orders analysts expected, a startling slowdown for one of the bellwethers of the semiconductor industry.</p>

<p>The Dutch company, which makes the world’s most advanced chipmaking machines, lowered its guidance for 2025 and reported bookings of €2.6 billion (US$2.8 billion or RM12.2 billion) in the third quarter, missing an average estimate of €5.39 billion by analysts surveyed by <em>Bloomberg.</em></p>


ASML shares plunge as bookings miss signals chipmaker woes

<p>Stocks got hit as a disappointing outlook from Europe’s most-valuable tech company and concern about tighter US restrictions on chip sales spurred a selloff in the industry that has powered the bull market.</p>


Wall St halts rally as Nvidia, ASML getting crushed

<p>Shares of Malayan Flour Mills Bhd (KL:MFLOUR) fell to their lowest in more than five months on Wednesday, following an announcement that the company would not be getting a second earnout payment from a stake sale.</p>


Malayan Flour Mills falls to five-month low after announcing no second earnout from stake sale

<p>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).</p>


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

<p>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.</p>


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

<p>A syndicate involved in bringing in foreigners&nbsp;using a 'counter-setting' method, allegedly orchestrated by enforcement agency personnel at the country's air entry points, is among the topics to be discussed in the Dewan Rakyat&nbsp;on Wednesday.</p>


Syndicate bringing in foreigners among issues in Parliament for the day

<p>Asian equities fell on Wednesday after disappointing earnings from Europe's&nbsp;biggest tech firm ASML dragged&nbsp;chip stocks&nbsp;around the world, while expectations that the US Federal Reserve&nbsp;(Fed) will take a modest rate cut path propped up the dollar.</p>


Chip stocks lead Asian markets lower; China in focus

<p>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.</p>

<p>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.</p>


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

<p>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.</p>


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

<p>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.</p>

<p>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;</p>


Tun M hospitalised, suit against Zahid over ancestry comments postponed

<p>Scams remain prevalent in Malaysia, with 74% of Malaysians encountering them at least once a month, according to a report conducted by the Global Anti-Scam Alliance (GASA) of scam trends affecting the country.</p>


Scams a growing problem in Malaysia

<p>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;</p>


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

<p>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.</p>


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

<p>Three of Southeast Asia’s biggest economies will unveil monetary policy decisions from 3pm Malaysian time on Wednesday, influenced by everything from politics, inflation and currency volatility to geopolitical risks.</p>


Southeast Asia’s central banks face duelling rate calls

<p>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.</p>


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

<p>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).</p>


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

<p>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.</p>


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

<p>Republican presidential candidate Donald Trump defended his plans to overhaul the US economy through dramatic tariff increases and more direct consultation with the Federal Reserve (Fed), arguing that his policies would result in substantial growth despite projections that his agenda would fuel inflation and spike the national debt.</p>


Trump defends tariff plan while pressing for more Fed influence

<p>The ringgit has shown a stronger performance versus regional currencies, driven by investor confidence in the country's reform agenda.</p>

<p>Finance Minister II&nbsp;Datuk Seri Amir Hamzah Azizan&nbsp;said that investors' confidence is premised on the clear direction of&nbsp;the Madani Economy&nbsp;Framework and the implementation of policy reforms, including the Public Finance and Fiscal Responsibility Act, as well as targeted subsidies for electricity, water, and diesel.</p>


Govt reforms supporting ringgit's strength versus regional currencies, says Amir Hamzah

<p>KUALA LUMPUR (Oct 16): The Ministry of Plantation and Commodities has approved financing applications amounting to RM52.9 million under the Smallholder Oil Palm Replanting Financing Incentive Scheme (TSPKS) 2.0.</p>
