<div class=newsTextDataWrapInner>KUALA LUMPUR (Sept 23): Affin Bank Bhd (KL:<a href="/askedge/klse/5185" class="ce-stock" target="_blank">AFFIN</a>) was one of the top five gainers on Bursa Malaysia in early trade on Monday, following reports that Bank Negara Malaysia has given its nod to the Sarawak government to acquire a majority stake in the banking group.</div>

<div class=newsTextDataWrapInner>Reports from the New Straits Times and the Borneo Post over the weekend indicate that an official announcement regarding the acquisition is expected within a week.</div>

<div class=newsTextDataWrapInner>At 10.20am, the stock gained 14 sen or 5% to settle at RM3.01, valuing the group at RM7.23 billion. About 3.5 million shares changed hands.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>In July, Sarawak Premier Tan Sri Abang Johari Tun Openg told The Edge that Sarawak expects to formalise a deal to raise its stake in Affin Bank to about 30% in about a month, from 4.8% now.</div>

<div class=newsTextDataWrapInner>Read also: 
<a href="http://theedgemalaysia.com/node/727640" target="_blank">Sarawak to finally ink deal to raise stake in Affin Bank to around 30% on Friday</a> 
<a href="https://theedgemalaysia.com/node/727520" target="_blank">Sarawak govt gets Bank Negara's nod for acquisition of major stake in Affin Bank — reports</a></div>

Affin Bank Bhd (KL:AFFIN) was one of the top five gainers on Bursa Malaysia in early trade on Monday, following reports that Bank Negara Malaysia has given its nod to the Sarawak government to acquire a majority stake in the banking group.

Affin Bank jumps in early trade as Sarawak govt gets BNM nod for majority stake

Federal Reserve Bank of Atlanta president Raphael Bostic said starting the central bank’s cutting cycle with a large move will help bring interest rates closer to neutral levels as the risks between inflation and employment become more balanced.

Fed’s Bostic says large cut bolsters labour market, pace not set

Federal Reserve Bank of Chicago president Austan Goolsbee said interest rates need to be lowered “significantly” to protect the US labour market and support the US economy.

Fed’s Goolsbee sees ‘many more’ rate cuts over the next year

US equities edged higher while Treasuries fell as traders parsed comments from Federal Reserve policymakers for clues on the scope for further easing after last week’s half a percentage point interest-rate cut.

US stocks, yields higher as Fed policymakers weigh in

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

Affin Bank, Capital A, Pharmaniaga, Globetronics, APB Resources, ITMAX, Apollo Food, KJTS, Alliance Bank, Ancom Nylex and Fiamma

California has filed a lawsuit against oil giant Exxon Mobil over its alleged role in global plastic waste pollution, its attorney general announced on Monday.

California sues Exxon over global plastic pollution

Ancom Nylex Bhd(KL:ANCOMNY) expects that the emergence of Hamburg-based chemical marketing firm Helm AG as its substantial shareholder will enhance its presence in Europe, as well as in the North and South American markets.

Ancom Nylex set sights on Europe with Helm AG’s investment

US billionaire Dan Friedkin has agreed to a takeover of Everton FC, the Premier League team that has long struggled to find a buyer.

Friedkin and Everton owner Farhad Moshiri came to an agreement over the weekend, according to people familiar with the matter, bringing to an end to months of uncertainty at the Liverpool-based football team.

Everton FC agrees to takeover from AS Roma owner Friedkin

Strands of beard kept in a special container were among the items seized by the Royal Malaysia Police (PDRM) during the fourth phase of Op Global at a house owned by the top management of GISB Holdings Sdn Bhd (GISBH) in Rawang on Saturday (Sept 21).

Inspector-General of Police Tan Sri Razarudin Husain said the police also seized 455 pamphlets and related logos, which were later handed over to the Department of Islamic Development Malaysia (JAKIM) for further action.

Strands of beard among items seized from GISBH in Op Global raid

The profitability of Europe’s top banks hit a record high just as the European Central Bank (ECB) cut interest rates for the first time in almost five years.

EU bank profitability hit record just as ECB started rate cuts

Fiamma Holdings Bhd (KL:FIAMMA) saw Casa Holdings Ltd cease to be its substantial shareholder after disposing of its entire stake in the electrical home appliance distributor.

Singapore’s Casa Holdings ceases to be substantial shareholder of Fiamma 

Malaysia racked up the largest hoard of foreign reserves in nearly a decade by Sept 13, according to its central bank.

The latest international reserves totalled US$117.6 billion, the most since Dec 15, 2014, compared to US$116.8 billion at the end of August, Bank Negara Malaysia (BNM) said in a statement on Monday.

Malaysia's foreign reserves swell to largest in nearly a decade

Investors had associated Globetronics Technology Bhd&nbsp;(KL:GTRONIC) with the fate of another company following its auditor's resignation, which sent its stock tanking, erasing&nbsp;38% of&nbsp;the company's market value in the past one month, according to&nbsp;executive chairman Kent Liaw Way Gian.

Globetronics tanked as investors wrongly associated it with fate of Serba Dinamik, says chairman

Pharmaniaga Bhd (KL:PHARMA) has announced the resignation of PricewaterhouseCoopers PLT (PwC) as its external auditor.

In a bourse filing, Pharmaniaga said it had received a notice dated Sept 20, 2024 from PWC of its resignation voluntarily, pursuant to Section 281 of the Companies Act 2016.

PwC resigns as external auditor of Pharmaniaga

Capital A Bhd’s (KL:CAPITALA) aviation arm AirAsia Bhd expects its expanded domestic network and additional seats to boost revenue for the year by 10%.

AirAsia expects 10% boost to revenue from additional domestic routes, seats 

Alliance Bank Malaysia Bhd (KL:ABMB) announced the appointment of Tan Sri Amirsham A Aziz, former president and chief executive officer of Malayan Banking Bhd (KL:MAYBANK), to its board.

Alliance Bank appoints former Maybank CEO Amirsham Aziz to board

IN a surprising turn of events, HeiTech Padu Bhd (KL:HTPADU) has emerged as the front runner to bag the RM1 billion National Integrated Immigration System (NIISe) contract, sources familiar with the matter tell The Edge.

The Edge previously reported that HeiTech Padu had been dropped fr...

HeiTech Padu back as front runner for NIISe? 

After a long wait, Sarawak will finally formalise a deal on&nbsp;Friday to raise its stake in Affin Bank Bhd (KL:AFFIN)&nbsp;to around 30%.

The state will ink a sale and purchase agreement with two of Affin Bank’s shareholders — Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd — in Kuching on that day, according to a media invitation to the event.

Sarawak to finally ink deal to raise stake in Affin Bank to around 30% on Friday

The Securities Commission Malaysia (SC) has outlined several conditions for single family office vehicles (SFOVs) to be eligible for the recently announced&nbsp;0% concessionary tax rate, including&nbsp;assets&nbsp;under management (AUM) of at least&nbsp;RM30 million.

SC outlines conditions for family offices' tax break in Forest City special financial zone

KUALA LUMPUR (Sept 23): Three directors have stepped down from APB Resources Bhd’s (KL:APB) board amid a sharp fall in the company’s share price.

The trio — independent and non-executive chairman Datuk Seri Abd Rahim Jaafar, independent and non-executive directors Chuah Seong Eng and Ta...

Three APB Resources directors step down amid battered share price

The Plantation and Commodities Ministry (KPK) presented a proposal to the Ministry of Finance (MOF) last week to revise the windfall profit levy (WPL) on palm oil in the country.

Proposal to revise palm oil windfall tax pending MOF feedback — plantation minister

Indian refiners cancelled 100,000 metric tons of&nbsp;palm&nbsp;oil purchases for delivery between October and December, as New Delhi's move to raise import duties due to a rally in overseas prices prompted them to book profits, five trade officials told Reuters.

Indian refiners cancel palm oil contracts on duty hike, price rise

Malaysia’s fiscal deficit target of 3% by 2026 “remains challenging but achievable”, according to&nbsp;Malaysian Rating Corporation Bhd (MARC).

Malaysia's fiscal deficit target of 3% by 2026 challenging but achievable, says MARC

The US&nbsp;Commerce Department on Monday proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns, a move that would effectively bar nearly all Chinese cars from entering the US&nbsp;market.

Biden proposes banning Chinese vehicles from US roads with software crackdown

The National Technical and Vocational Education and Training Council (MTVET) has agreed to set a premium salary for TVET graduates, ranging from RM2,500 to RM4,000, says Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Deal in place for some GLCs, private companies to offer TVET grads salaries of up to RM4,000 — Zahid

Hamburg-based chemical marketing firm Helm AG is subscribing for shares of Ancom Nylex Bhd (KL:ANCOMNY) that will give it control of 9.47% of the agricultural machinery manufacturer's shares through a private placement.

Hamburg-based Helm AG emerges as substantial shareholder of Ancom Nylex with 9.47% stake

The investigation by the Royal Malaysian&nbsp;Police&nbsp;found that members of GISB Holdings Sdn Bhd&nbsp;allegedly still practised&nbsp;the&nbsp;Tarekat Aurad Muhammadiyah that was adopted by&nbsp;Al-Arqam members, which was confirmed to have deviated from the true teachings of Islam in 1994.

GISB members' practice deviated from true teachings of Islam — IGP

Fiscal consolidation efforts by the Malaysian government, such as diesel subsidy rationalisation, tariff hikes&nbsp;and an increase in the sales and services tax (SST) rate, have not led to a sharp spike in general prices so far, as reflected by the easing of headline inflation in August, economists observed. &nbsp;

Economists: Govt's fiscal consolidation efforts have not led to sharp increase in general prices so far

A summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI down 0.21% to 1,665.30 on Sept 23, 2024

HSBC Malaysia celebrated its 140th anniversary in the capital city with an event that underscored the bank’s long-term dedication to the country.

The occasion was marked by the presence of prominent customers, partners, and senior government officials, with Prime Minister Datuk Seri Anwar Ibrahim as the guest of honour.

HSBC Malaysia celebrates 140 years, reaffirms commitment to Malaysia's growth

The Sarawak government will review the development of the port area of Bintulu, with the advisory services of Surbana Jurong, a Singapore-based port development firm.