<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 29): Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024 (3QFY2024), from RM11.44 million a year earlier, driven by higher revenue.</p></div>

<div class=newsTextDataWrapInner><p>Earnings per share rose to 24.83 sen from 12.52 sen, according to the oil palm planter's bourse filing.</p></div>

<div class=newsTextDataWrapInner><p>Revenue for the quarter jumped 41.7% year-on-year to RM66.6 million from RM47 million, thanks to higher sales volumes of fresh fruit bunches (FFB), crude palm oil, and palm kernels,</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>For the first nine months of FY2024, net profit rose over 63% year-on-year to RM64.8 million from RM39.7 million, while revenue increased 15.98% to RM181 million from RM156.1 million.</p></div>

<div class=newsTextDataWrapInner><p>Chin Teck has declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share, payable on Aug 30, with an ex-date of Aug 13.</p></div>

<div class=newsTextDataWrapInner><p>Commenting on its prospects for the remainder of FY2024, Chin Teck said it expects FFB production to increase, which would positively impact plantation profits.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Chin Teck gained five sen, or 0.66%, to RM7.60 at Monday's market close, giving the group a market capitalisation of RM694.36 million.</p></div>


Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024 (3QFY2024), from RM11.44 million a year earlier, driven by higher revenue.

Earnings per share rose to 24.83 sen from 12.52 sen, according to the oil palm planter's bourse filing.

Chin Teck 3Q net profit doubles on higher revenue, declares 28 sen dividend

Japan’s 40-year government bond yield climbed to its highest level in 16 years amid growing speculation that the nation’s central bank will push ahead with interest rate increases in coming months.

Japan’s 40-year yield rises to highest since 2008 on BOJ outlook

Tokyo Metro saw its stock untraded on its Tokyo market debut on Wednesday with a glut of buy orders in early trade.

Tokyo Metro, one of the capital's two major subway operators, raised US$2.3 billion (RM9.97 billion) after pricing its initial public offering at the top of an indicative range at ¥1,200 (RM34.36) apiece.

Tokyo Metro shares untraded on market debut

The institutional reform agenda, the construction of a new nuclear reactor and the misappropriation of subsidised diesel in the country will be among the matters discussed in the Dewan Rakyat on Wednesday.

Institutional reform agenda among highlights of Parliament on Wednesday

MORNING CALL: 23/10/24

Top financial regulators around the globe are voicing concern about private credit valuations, whether lenders are hiding troubled loans, and the deep entanglement between private markets and insurance money. 

“Valuation risks are where we see a core issue,” Andrew Dean, the co-chief of the Division of Enforcement Asset Management at the US Securities and Exchange Commission, said.

Top regulators call out valuation risks in private credit

Bonds maintained losses and US stocks struggled as traders mulled prospects for a slower pace of Federal Reserve rate cuts. Asian shares looked set for a mixed open.

Treasuries hold losses following global selloff

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?

Are Malaysian private companies investment-ready?

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

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 US$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

<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>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>


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

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


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

<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>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>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>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>


Xi tells Putin the world is in chaos but friendship with Russia will endure

<p>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.</p>

<p>A US$600 billion exchange-traded fund tracking the S&amp;P 500 (SPY) wavered after the close of regular trading.</p>


<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>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?</p>


<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>The International Monetary Fund (IMF) said the US election is creating “high uncertainty” for markets and policymakers, given the sharply divergent trade priorities of the candidates.</p>


<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>


Bitcoin options traders are betting on US$80,000 no matter who wins US election

<p>&nbsp;Top financial regulators around the globe are voicing concern about private credit valuations, whether lenders are hiding troubled loans, and the deep entanglement between private markets and insurance money.&nbsp;</p>

<p>“Valuation risks are where we see a core issue,” Andrew Dean, the co-chief of the Division of Enforcement Asset Management at the US Securities and Exchange Commission, said.</p>


<p>Bonds maintained losses and US stocks struggled as traders mulled prospects for a slower pace of Federal Reserve rate cuts. Asian shares looked set for a mixed open.&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>


JBIC commits to enhancing Japanese investments in Malaysia — PM 

<p>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.</p>


Starboard scolds Pfizer over US$20 bil value destruction

<p>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.</p>


Lagarde sees clear direction for ECB rates, pace to be decided

<p>Pacific Investment Management Co (Pimco), one of the world’s largest asset managers, says investors have misplayed emerging markets by focusing too heavily on risky bonds.&nbsp;</p>


Pimco says favouring world’s riskiest bonds is a loser’s game

<p>The FBI is investigating the public disclosure of a pair of highly classified intelligence documents describing Israel's preparations for a retaliatory strike on Iran, the bureau said on Tuesday.</p>
