<div class=newsTextDataWrapInner><p>SINGAPORE (July 9): Temasek-backed 65 Equity Partners has invested S$100 million (US$74.15 million) into Singapore-headquartered regional advanced manufacturing service company Hi-P International, Hi-P said in a statement on Tuesday.</p></div>

<div class=newsTextDataWrapInner><p>The Singapore-based investment firm made the fresh capital injection to Hi-P through its Local Enterprise Fund, which is a S$1 billion joint fund with the Singapore government and led by its trade and industry ministry, the statement said, without disclosing further financial details of the deal.</p></div>

<div class=newsTextDataWrapInner><p>Hi-P aims for a public listing in the future, and 65 Equity will have a seat on Hi-P's board and play an active role in achieving these plans, the statement said.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>65 Equity has appointed Lim Chin Hu as its representative on Hi-P's board.</p></div>

<div class=newsTextDataWrapInner><p>Founded in 1980, Hi-P provides advanced manufacturing and production and assembly, testing and packaging services to companies including Apple, Dyson, Meta&nbsp;and Tesla.</p></div>

<div class=newsTextDataWrapInner><p>Hi-P, which was taken private and delisted from the Singapore Exchange in 2021, said it expects its revenue to grow to more than S$2 billion this year, compared with S$1.6 billion in 2021.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="http://theedgemalaysia.com/node/718304" target="_blank">Temasek's China bets fall below Americas for first time in decade</a></em><br />
<em><a href="https://www.theedgesingapore.com/news/markets/reviving-sgx-not-our-primary-concern-temasek" target="_blank">Temasek says reviving SGX ‘not our primary concern’</a></em></p></div>

<div class=newsTextDataWrapInner><p><em>Uploaded by Liza Shireen Koshy</em></p></div>


SINGAPORE (July 9): Temasek-backed 65 Equity Partners has invested S$100 million (US$74.15 million) into Singapore-headquartered regional advanced manufacturing service company Hi-P International, Hi-P said in a statement on Tuesday.

Temasek-backed 65 Equity Partners invests in Singapore's Hi-P International

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.

US pitches deal for Gabon to thwart Chinese military base in Africa

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.

Alibaba, Mastercard to issue credit card for small business

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.

Saudis cut October crude oil price to Asia as demand wanes

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>OSK Holdings Bhd (KL:OSK) is expanding its cable manufacturing operations by acquiring the assets of Universal Cable (M) Bhd, currently under liquidation, for RM85 million.</p>


OSK Holdings acquires Universal Cable's assets for RM85m to expand its cable manufacturing ops

<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>KUALA LUMPUR (Sept 6): Malaysia could still benefit under either Donald Trump’s or Kamala Harris’&nbsp;policies due to trade diversion and China plus one (+1) reshoring, but a Trump presidency could pose greater volatility for global trade, said CIMB Securities.</p>


Malaysia could still benefit under Trump’s or Harris’ policies due to trade diversion, China+1 reshoring — CIMB Securities

<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>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>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>Varia Bhd (KL:VARIA) has secured a subcontract for flood mitigation works worth RM334.69 million.</p>

<p>Varia said in a bourse filing Friday that the contract was awarded to its wholly-owned Pembinaan Teguh Maju Sdn Bhd by Ikatan Harmoni Sdn Bhd to build a flood control reservoir in Kota Tinggi, Johor.</p>


Varia bags another flood mitigation job in Johor worth RM335m

<p>KUALA LUMPUR (Sept 6): Duopharma Biotech Bhd (KL:DPHARMA) has extended its group managing director (MD) Leonard Ariff Abdul Shatar’s contract for another year until Dec 31, 2025.&nbsp;</p>


Duopharma extends group MD Leonard Ariff’s contract

<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>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>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>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>
