<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Malaysia Weekly on July 22, 2024 - July 28, 2024</span></p></div><div><img alt="" class="gallery-items" data-high-res-src="//myassets.theedgemalaysia.com/pics/2024/TEM1533-infographic_theedgemalaysia.jpg" src="" /></div>

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Between 2021 and 2023, Malaysia approved a total of RM114.7 billion in investments related to data centres, which constituted most of the country’s digital investments totalling RM144.7 billion, according to Knight Frank Malaysia’s 1H2024 Real Estate Highlights report.

Overview of data centre boom in Malaysia

Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after the social media company said it had fixed a software bug.

Downdetector, which tracks outages by collating status reports from several sources including users, showed more than 14,000 reports of outages.

Reddit down for thousands of users, Downdetector shows

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

The International Criminal Court (ICC) issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

Here is a brief recap of some corporate announcements that made the news on Thursday.

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

Thailand is taking steps to attract more foreign investment to accelerate economic growth while preparing to adjust its policies to cope with potential changes to world trade under a Trump presidency, Prime Minister Paetongtarn Shinawatra said.

Thailand seeks foreign investment as PM plans for Trump era

Volkswagen AG faces a growing threat of widespread walkouts as executives and unionists dig in over how to restructure Europe’s biggest automaker.

Labour leaders are offering €1.5 billion (RM7.08 billion) in additional cost cuts — including foregoing some bonuses — to keep factories open, after management dangled the idea of closures.

VW lurches closer to walkouts after talks with union deadlocked

Baidu Inc recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.

Chinese AI pioneer Baidu posts biggest sales fall since 2022

Magnum Bhd (KL:MAGNUM) reported a slight dip in net profit in the July-Sept period as income tax and other expenses increased, but cushioned by better income generated by its gaming and investment holdings and other segments.

Magnum posts marginally lower net profit in 3Q, amid higher tax and other expenses, declares 1.5 sen dividend

UBS has seen weak European growth hit companies it lends to, CFO Todd Tuckner said on Thursday, with the bank facing a 2024 credit loss expense of some 150 million Swiss francs (US$170 million or RM757.72 million) in its personal and corporate banking business.

UBS flags 'sluggish' Europe growth as it takes US$170m credit hit

Emmanuel Macron’s ill-fated June gamble on snap elections has plunged French businesses into prolonged gloom, clouding the president’s seven-year effort to transform the country into a hub for investment.

French business’s election gloom casts long shadow over outlook

<p>IOI Properties Group Bhd (KL:IOIPG) has officially relaunched the Putrajaya Marriott Hotel in IOI Resort City last week after completing a RM100 million renovation.</p>

<p>Sitting on 6.5 acres of land, the five-star Putrajaya Marriott Hotel is managed by IOI Properties and comprises 487 guest rooms, including 35 exclusive suites. The renovations took place from Feb 2023 till Nov 2024 and were carried out in phases. The massive undertaking focused on the refitting and renewal of its guest rooms, lobby, restaurants and private villa.</p>


IOI Properties relaunches Putrajaya Marriott Hotel after RM100m renovation

<p>Sime Darby Property Bhd (KL:SIMEPROP) is working urgently with authorities to help resolve the recurring flood incidents in Bandar Bukit Raja, said managing director Datuk Seri Azmir Merican.</p>


Tackling floods in Bandar Bukit Raja a top priority, says Sime Darby Property

<p>Globetronics Technology Bhd (KL:GTRONIC) has inked an agreement valued at RM145 million to provide integrated circuit (IC) product packaging, testing and backend services to Taiwan-based ChipMOS Technologies Inc.</p>


Globetronics secures RM145 mil contract to provide assembly and test services to Taiwan’s ChipMOS

<p>China has found gold reserves worth 600 billion yuan (US$82.9 billion or RM370.9 billion) in central Hunan province, state outlet <i>Xinhua</i> news said on Thursday.</p>


China finds US$83b worth of gold reserves in Hunan 

<p>KUALA LUMPUR (Nov 21): E-services provider MyEG Services Bhd’s (KL:MYEG) earnings are expected to continue to be boosted by contributions from its Zetrix-related applications, prompting an earnings upgrade from at least one analyst.&nbsp;</p>


Zetrix-related services to continue to boost MyEG’s earnings — analysts

<p>Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that about 70% to 80% of the costs of his official trips to five countries over the past two weeks were paid by private companies.</p>


Private firms paid up to 80% of costs for recent official trips abroad, Anwar tells Dewan Rakyat

<p>Atlan Holdings Bhd's (KL:ATLAN) Singapore-listed subsidiary Duty Free International Ltd (DFIL), which plans to challenge the compulsory acquisition of two plots of land in Kedah by the Malaysian government, announced on Thursday that it had received RM69.6 million as compensation for the land.</p>

<p>The sum was received from the Home Affairs Ministry, which is force-buying the plot from DFIL's wholly-owned Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd, on Monday (Nov 18).&nbsp; DFIL itself is 75.53% owned by Atlan.</p>


Home Affairs Ministry pays Atlan RM69.6 mil for compulsory purchase of its Kedah plot

<p>Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) continued to record losses for the second consecutive quarter, after the group reported a RM49.75 million net loss for the third quarter ended Sept 30, 2024 (3QFY2024).</p>


MSM Malaysia continues to bleed for the second consecutive quarter

<p>Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.</p>


Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

<p>In his first global meetings since Donald Trump was reelected to lead the US, Chinese President Xi Jinping went on a diplomatic offensive, hedging against expected new tariffs and preparing to exploit potential future rifts between Washington and its allies.</p>


Bracing for Trump tariffs, China's Xi makes diplomatic push at global summits

<p>Oil company Petron Malaysia Refining &amp; Marketing Bhd (KL:PETRONM) suffered a 94.3% drop in its third-quarter net profit, on lower sales volume due to a correction in domestic fuel demand following the implementation of the retail diesel targeted subsidy in June this year.</p>


Petron Malaysia's 3Q net profit down 94% on lower sales volume, oil prices

<p>AEON Co (M) Bhd (KL:AEON), a general merchandise store and supermarket chain operator, saw its net profit rise 35.4% to RM18.79 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM13.88 million a year earlier on higher revenue.</p>


AEON Co 3Q net profit up 35% with growth across all segments

<p>Heitech Padu Bhd (KL:HTPADU) recorded a net profit of RM6.58 million for the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net loss of RM1.4 million in the corresponding quarter, thanks to a one-off gain on disposal of land and building.</p>


Heitech Padu posts 3Q profit on land, building disposal gain

<p>Automotive seat maker Feytech Holdings Bhd (KL:FEYTECH) has failed to buy a piece of land in the Klang Valley, resulting in a delay in the construction of its new corporate office with a manufacturing plant and warehouse.</p>


Feytech delays construction of head office, manufacturing plant after land deal fails

<p>Oil and gas services provider Dayang Enterprise Holdings Bhd (KL:DAYANG) said it will continue to deliver outstanding performance after posting a record high net profit for its third quarter, which surged 76.67% year-on-year.</p>


Dayang says will continue delivering outstanding performance after 3Q profit hits record

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.</p>


FBM KLCI down 0.59% to 1,588.68 on Nov 21, 2024

<p>PETALING JAYA&nbsp;(Nov 21): Car upholstery maker Pecca Group Bhd (KL:PECCA) is negotiating to expand its replacement equipment manufacturing business to more foreign markets, including Australia, the Middle East, and Europe.</p>


Pecca seeks international expansion, eyes orders from Malaysia’s first EV

<p>Baidu Inc recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.</p>


<p>Sunway Construction Group Bhd (KL:SUNCON) posted a 32.71% jump in its net profit for its third quarter on the accelerated progress of its data centre projects.</p>

<p>Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose to RM46.47 million from RM35.01 million in 3QFY2023, as revenue rose 28.48% to RM865.33 million from RM673.51 million, its Thursday bourse filing showed.</p>


SunCon's 3Q profit jumps 32.71% on accelerated data centre progress

<p>DRB-Hicom Bhd (KL:DRBHCOM) saw a net loss of RM5.29 million in the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net profit of RM70.8 million in the same quarter last year.</p>
