<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 30): The Malaysian Competition Commission (MyCC) has imposed financial penalties of more than RM570 million on nearly 100 companies involved in cartel activities in the country, the Dewan Negara was told on Tuesday.</p></div>

<div class=newsTextDataWrapInner><p>The Ministry of Domestic Trade and Cost of Living in a written reply to&nbsp;Senator Datin Ros Suryati Alang said the MyCC is also actively investigating 18 cartel cases involving more than 500 enterprises.</p></div>

<div class=newsTextDataWrapInner><p>“Fourteen out of the 18 cartel cases involved fraudulent bid-rigging in government procurement, with a cumulative value exceeding RM3.3 billion,” it said.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>To ensure effective and efficient enforcement, the ministry said that it would table a bill to amend the Competition Act 2010 (Act 712) to introduce a merger control regime, in addition to strengthening the powers and functions of MyCC in the investigation of cartels and enforcement.</p></div>

<div class=newsTextDataWrapInner><p>“This regime is one of the early mechanisms proven effective&nbsp;to stop companies from using merger or takeover transactions with their competitors to form a cartel.</p></div>

<div class=newsTextDataWrapInner><p>“The amendment bill is expected to be tabled in Parliament in October,” the ministry said.</p></div>

<div class=newsTextDataWrapInner><p><em>For more&nbsp;Parliament&nbsp;stories, click&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://theedgemalaysia.com/flash-categories/parliament&amp;source=gmail&amp;ust=1722430846770000&amp;usg=AOvVaw285abr5xp15CrlQBko4B6L" href="https://theedgemalaysia.com/flash-categories/parliament" target="_blank">here</a>.</em></p></div>

<div class=newsTextDataWrapInner><p><em>Uploaded by Tham Yek Lee</em></p></div>


The Malaysian Competition Commission (MyCC) has imposed financial penalties of more than RM570 million on nearly 100 companies involved in cartel activities in the country, the Dewan Negara was told on Tuesday.

RM570m in penalties imposed by MyCC against companies involved in cartels, Dewan Negara told

Pengurusan Air Selangor Sdn Bhd (Air Selangor) is exploring the use of advanced water treatment technologies through artificial intelligence (AI) to monitor, predict and detect the quality of raw water from Selangor’s rivers before it is treated at the state’s 34 water treatment plants.

Air Selangor looking into AI solutions to better manage water pollution

Wheat fell as weak demand and improving weather in the US overshadowed an outsized interest-rate cut from the Federal Reserve.
 
Futures in Chicago dipped as much as 1.8%, extending losses this week amid weaker exports for European Union soft wheat and better conditions for US winter wheat planting.

Wheat drops as weak demand, better US weather outweigh Fed cut

Europe's incoming antitrust chief Teresa Ribera plans to loosen the bloc's competition rules to strengthen European industries and speed up regulatory scrutiny of merger deals, according to an interview in Spanish newspaper El Pais on Thursday.

Incoming EU antitrust chief Ribera plans to ease antitrust rules, says El Pais

Treasury Secretary Janet Yellen said that the Federal Reserve’s interest-rate cut Wednesday was “a very positive sign for where the US economy is,” reflecting progress in bringing down inflation and a determination to protect the job market.

Yellen says US Fed cut ‘positive sign,’ policy still restrictive

The US Senate will prepare temporary spending legislation that would avert a partial government shutdown at the end of the month, Senate Democratic Leader Chuck Schumer said on Thursday.

US Senate to move on stopgap bill to avoid partial government shutdown

Walmart Inc customers will soon have the option to pay directly from their bank accounts with instant transfers for online purchases. The enhanced feature is a flash point in the escalating tensions between merchants and the card networks setting the fees for payment processing.

Walmart plans instant bank payments, cutting out card networks

Sales of existing US homes fell in August to a 10-month low on persistent affordability challenges ahead of a recent decline in mortgage rates.

Contract closings decreased 2.5% from a month earlier to a 3.86 million annualised rate, according to figures released on Thursday from the National Association of Realtors (NAR).

US existing-home sales drop to lowest level since October

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

Pharmaniaga, Country Heights, EcoWorld, SSF, United Malacca, Ancom Nylex 

Wall Street’s biggest banks are divided over how fast and deep the US Federal Reserve will cut interest rates over the next year, setting the stage for jittery financial markets until the outlook clears.

Big banks are split on how fast the Fed will cut interest rates

Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

Wall Street jumps with tech stocks in the lead after Fed kicks off easing cycle

<p>Automotive manufacturer parts supplier KHPT Holdings Bhd (KL:KHB) on Thursday launched its initial public offering (IPO) on the ACE Market which would raise RM29.37 million.</p>


KHPT unveils ACE Market IPO prospectus to raise up to RM29 mil

<p>Pharmaniaga Bhd’s (KL:PHARMA) newly launched biopharmaceutical plant is expected to lift its gross profit margin to about 30% to 35% for the financial year ending Dec 31, 2026 (FY2026).</p>


Pharmaniaga’s new insulin, vaccine plant to raise FY2026 gross margin to 30%-35%

<p>The 50-basis-point (bps) policy rate cut by the US Federal Reserve early on Wednesday is expected to stimulate domestic consumption in the US and keep its economy from slowing too rapidly.</p>


US Fed rate cut fuels optimism for sustained Malaysian export recovery after August growth beats

<p>KUALA LUMPUR (Sept 19): Testimony from witnesses who have taken the stand in the 1Malaysia Development Bhd (1MDB)-Tanore&nbsp;trial were peppered with “hearsay” evidence which the court ought not give consideration to, averred the defence.</p>


Defence says witness testimonies in 1MDB-Tanore trial peppered with ‘terrible hearsay’, thus court should not consider them

<p>PUTRAJAYA (Sept 19): The Court of Appeal (COA) has allowed on Thursday for a joint hearing of the Federal Territory (FT) Land Registrar’s and Semantan Estate (1952) Sdn Bhd’s opposing appeals on the “Duta enclave” issue on Nov 7 this year.</p>


Appellate court allows joint hearing of govt and Semantan Estate’s appeal on Nov 7, unless settlement is reached beforehand

<p>KUALA LUMPUR (Sept 19): New vehicle sales in Malaysia fell 2.3% in August this year,&nbsp;from a year earlier, the Malaysian Automotive Association (MAA) said on Thursday.</p>


New vehicle sales in Malaysia down 2.3% year-on-year in August 2024, says MAA

<p>Singapore stocks climbed to their highest level since 2007 as the prospect of lower interest rates lifted the city-state’s real estate investment trusts, and boosted the appeal of the high-yielding market.</p>


Singapore stocks rise to 17-year high on rate hopes, dividends

<p>KUALA LUMPUR (Sept 19): Energy solutions provider Solar District Cooling Group Bhd (KL:SDCG) is exploring the integration of solar photovoltaic (PV) systems and enhancing its capabilities in information and communication technologies (ICT) software, to deliver the latest technology solutions following the group’s listing on the ACE Market of Bursa Malaysia on Thursday.</p>


Solar District Cooling upbeat on demand outlook for local energy efficiency services

<p>Rakuten Trade Sdn Bhd has raised its year-end target for the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to 1,780 from its previous projection of 1,730, driven by expectations of stronger corporate earnings and a more robust ringgit performance.</p>


Rakuten Trade raises year-end KLCI target to 1,780 on improved earnings, stronger ringgit

<p>BALI (Sept 19): AirAsia is planning to expand its network in Indonesia, particularly in East Nusa Tenggara, the southernmost province of the country, according to Capital A Bhd (KL:CAPITALA) chief executive officer Tan Sri Tony Fernandes.</p>

<p>“We recently launched flights to Labuan Bajo, wh...

AirAsia eyes expansion in eastern Indonesia with new routes

<p>Credit derivative spreads narrowed on Wednesday after the Federal Reserve (Fed) cut interest rates for the first time in over four years, lowering them by a half percentage point.</p>


Fed cut is a positive for credit, market participants say

<p>China is widely expected to trim its main policy and benchmark lending rates on Friday, a <em>Reuters</em> poll showed, after the Federal Reserve's outsized interest rate cut removed some of the risks around sharp yuan declines.</p>


China expected to trim main policy rate and lending benchmarks

<p>Datuk Seri Dr Shahril Mokhtar has stepped down as managing director of technology firm Green Packet Bhd (KL:GPACKET) after almost a year in the job.</p>

<p>He previously served as the managing director of Prasarana Malaysia Bhd and chief executive officer of Mass Rapid Transport Corp Sdn Bhd (MRT Corp).</p>


Former MRT Corp CEO Shahril Mokhtar steps down as Green Packet MD after almost one year

<p>Asian currencies advanced to the strongest level in more than a year after the Federal Reserve kicked off policy easing and signaled further interest-rate reductions this year.</p>


Asian currencies hit 14-month high as US Fed cuts interest rates

<p>Automotive components maker KHPT Holdings Bhd (KL:KHB), which launched its initial public offering (IPO) for the ACE Market of Bursa Malaysia, said the company will remain focused on serving domestic carmakers, namely Proton Holdings Bhd and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) for the time being.</p>


ACE Market-bound KHPT to continue to focus on local carmakers amid strong sales outlook

<p>(Sept 19):&nbsp;India’s overtaking of China in some global gauges will likely usher in a bigger influx of foreign flows, giving equities in the South Asian country another boost.</p>


India’s eclipsing of China in MSCI global stock gauges to drive flows

<p>The world's biggest palm oil exporter Indonesia will introduce a new set of monthly levies in a bid to improve competitiveness against rival edible oils, a regulation published on Thursday by its finance ministry showed.</p>


Indonesia issues new palm oil levies rule to boost competitiveness

<p>Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Thursday</p>


FBM KLCI gains 0.3% to 1,665.65 on Sept 19, 2024

<p>PUTRAJAYA (Sept 19): The Immigration Department is conducting a review and will implement extensive reforms to its work processes and service delivery,&nbsp;in response to concerns raised by the Malaysian Anti-Corruption Commission (MACC)&nbsp;chief commissioner Tan Sri Azam Baki.</p>
