<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 11): Hong Leong Bank Bhd (KL:HLBANK) said on Tuesday that it has issued RM1 billion in nominal value of Tier 2 subordinated notes, pursuant to its multi-currency Tier 2 subordinated programmes.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>In a bourse filing, the bank said the RM1 billion debt notes have a 10-year tenure with a five-year non-callable period and carry a coupon rate of 4.05% per annum.</p></div>

<div class=newsTextDataWrapInner><p>The coupon payments are scheduled every six months, with the first call date on June 11, 2029. The subordinated notes are rated AA1 by RAM Rating Services Bhd, according to the bank.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>According to Hong Leong Bank, RM400 million of the proceeds from the subordinated notes were used to subscribe to RM400 million in Tier 2 subordinated sukuk murabahah issued by its wholly owned subsidiary, Hong Leong Islamic Bank Bhd, on even date.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>Meanwhile, the remaining proceeds from the subordinated notes will be used for the bank’s working capital, general banking purposes, other corporate needs, and the refinancing of existing borrowings, subordinated debt issued by the bank, or any existing subordinated notes issued under the programme.</p></div>

<div class=newsTextDataWrapInner><p>Hong Leong Bank shares closed down two sen or 0.1% at RM19.38, giving the bank a market capitalisation of RM42.01 billion.&nbsp;<br />
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Hong Leong Bank Bhd (KL:HLBANK) said on Tuesday that it has issued RM1 billion in nominal value of Tier 2 subordinated notes, pursuant to its multi-currency Tier 2 subordinated programmes.

Hong Leong Bank issues RM1 bil debt notes 

Morgan Stanley was fined US$2 million (RM8.6 million) by a Massachusetts regulator over stock sales by a First Republic executive in the months leading up to the California lender’s collapse last year.

Morgan Stanley fined US$2m over First Republic stock sales

The US is assembling an economic and security assistance package for Gabon in a bid to prevent China from establishing a military footprint in the strategically positioned Central African nation, according to people familiar with the matter.

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Alibaba Group Holding Ltd is planning to release a US credit card with the aim of encouraging small businesses to buy products on the Chinese company’s web marketplace.

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Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.

State-owned Saudi Aramco lowered the official selling price of its Arab Light crude for buyers in Asia by 70 US cents (RM3.03) to US$1.30 a barrel against the regional benchmark, according to a price list seen by Bloomberg.

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

Gamuda, OSK, Varia, Duopharma, MISC, YTL Power, MyEG, JHM, Gadang

TGI Friday’s Inc management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time.

TGI Friday’s loses control of assets after document delay

Wall Street's main indexes fell on Friday after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut that is expected at the central bank's meeting later this month.

Wall Street lower after mixed jobs data 

Broadcom Inc, a chip supplier for Apple Inc and other big tech companies, plunged after the company delivered a disappointing sales forecast, hurt by the parts of its business that aren’t tied to artificial intelligence (AI).

Broadcom slides after sluggish non-AI sales drag down forecast

Builder-cum-property developer Gadang Holdings Bhd (KL:GADANG) said its subsidiaries have been hit with a civil suit by their subcontractor, claiming for an amount of RM9.77 million in alleged outstanding payments for works done related to the Johor Bahru–Singapore Rapid Transit System (RTS) Link project.

Gadang subsidiaries face RM9.77 mil claim for RTS Link work

Canada’s economy added jobs for the first time in three months, but the unemployment rate surprisingly jumped to the highest level since the pandemic as the expanding pool of new workers are unable to find work.

Canada jobless rate jumps to highest since 2017 outside Covid

<p>The Malaysian Anti-Corruption Commission (MACC) confirmed on Friday that it has initiated a probe against YTL Communications Sdn Bhd (YTL Comms), saying it was initiated based on complaints of alleged graft, misappropriation and power abuse that it received.</p>


MACC says probe against YTL Comms over 1BestariNet based on complaints of alleged graft, new findings

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


<p>Builder-cum-property developer Gadang Holdings Bhd (KL:GADANG) said its subsidiaries have been hit with a civil suit by their subcontractor, claiming for an amount of RM9.77 million in alleged outstanding payments for works done related to the Johor Bahru–Singapore Rapid Transit System (RTS) Link project.&nbsp;</p>


<p>There has been no progress on the US$2 billion (RM9.75 billion) two-gigawatt (2GW) solar farm project in Pahang, under a collaboration between Tenaga Nasional Bhd (KL:TENAGA), Citaglobal Bhd (KL:CITAGLB) and Abu Dhabi Future Energy Company PJSC (Masdar), despite the signing of a memorandum of understanding (MOU) last year.</p>


No progress on TNB-Masdar solar tie-up in Pahang, says Citaglobal

<p>The government has obtained a final landmark victory at the Supreme Court of the Netherlands on Friday, which ruled in favour of Malaysia and dismissed the appeal filed by the Sulu claimants, according to Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina Othman Said.</p>


Dutch court sides with Malaysia, ends Sulu heirs’ claims against country — Azalina

<p>MyEG Services Bhd said it has teamed up with an agency of China's customs in a bid to secure the Royal Malaysian Customs's “single window” project.</p>

<p>The government e-service provider has signed a heads of agreement (HOA) with East Logistics Link Co Ltd (ELLC) to work exclusively together on securing and operating the project.</p>


MyEG partners with China customs agency in bid to secure 'single window' project

<p>US employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labour market slowdown continued and probably did not warrant a big interest rate cut from the Federal Reserve this month.</p>


US job growth picks up moderately; unemployment rate falls to 4.2%

<p>Former 1Malaysia Development Bhd (1MDB) board member Tan Sri Mohd Irwan Serigar Abdullah has failed in his bid to bring in six individuals as third parties in the US$6.59 billion (RM28.56 billion) lawsuit filed by the state-owned fund against him.</p>


Irwan fails in attempt to bring in third parties in 1MDB's civil suit against him

<p>Police are tracking down a scam offering discounts on outstanding Tenaga Nasional Berhad (TNB) bill payments, which has so far seen seven cases reporting losses of RM280,000.</p>

<p>Director of the Bukit Aman Commercial Crime Investigation Department (JSJK) Datuk Seri Ramli Mohamed Yoosuf said the syndicate was offering the service with a discount of 20% to 30% through Facebook where victims would call a telephone number before sending a photo of the outstanding bill.</p>


Police expose Facebook scam offering discount on electricity bills

<p>Federal Reserve Bank of New York president John Williams said on Friday that a better balanced economy has opened the door to cutting rates, with the full course of action to be determined by how the economy performs.</p>

<p>“With the economy now in equipoise and inflation on a path to 2%, it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate,” Williams said in the text of a speech prepared for delivery before a gathering held at the Council on Foreign Relations in New York.</p>


US Fed's Williams says time has arrived to start rate cuts

<p>TGI Friday’s Inc management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time.</p>


<p>Wall Street's main indexes fell on Friday after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut that is expected at the central bank's meeting later this month.</p>


<p>Qualcomm has explored the possibility of acquiring portions of Intel's design business to boost the company's product portfolio, according to two sources familiar with the matter.</p>


Qualcomm has explored acquiring pieces of Intel chip design business — Reuters

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>MISC Bhd (KL:MISC) has agreed with Netherlands-based floating production storage and offloading (FPSO) operator SBM Holding Inc to exchange ownership interests on two FPSO vessels.&nbsp;</p>


MISC and Dutch-operator SBM agrees to exchange FPSO 

<p>JHM Consolidation Bhd is buying a leasehold land with two factories in Sungai Petani, Kedah for RM20.9 million.</p>

<p>In a filing with Bursa Malaysia on Friday, the automotive lighting product manufacturer said it has signed an agreement with Megaready Industries Sdn Bhd (MISB) for the purchase of the property.</p>


JHM acquires leasehold land with buildings in Sungai Petani for RM21 mil

<p>The US is assembling an economic and security assistance package for Gabon in a bid to prevent China from establishing a military footprint in the strategically positioned Central African nation, according to people familiar with the matter.</p>


<p>Chief Justice Tun Tengku Maimun Tuan Mat called on the legal fraternity to adhere to their code of conduct and avoid besmirching the justice system for more favourable goals.</p>

<p>“The beauty and challenge of the profession lie in the fact that both facts and law are almost always subject to interpretation,” she said in her opening address at the 2024 Selangor Bar Law Conference here Friday.</p>


Tengku Maimun calls for ethical conduct among legal fraternity to safeguard justice system

<p>SINGAPORE (Sept 6): Singapore’s Energy Market Authority (EMA) has granted conditional approvals for two projects to import 1.4 gigawatts (GW) of low-carbon electricity from Indonesia into Singapore. This follows five conditional approvals awarded in September 2023 to import a total of 2GW of low-carbon electricity from Indonesia to Singapore.&nbsp;</p>


Singapore grants conditional approvals to import additional 1.4GW of low-carbon electricity from Indonesia

<p>Alibaba Group Holding Ltd is planning to release a US credit card with the aim of encouraging small businesses to buy products on the Chinese company’s web marketplace.</p>
