<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Malaysia Weekly on October 28, 2024 - November 3, 2024</span></p></div><div><img alt="" class="gallery-items" data-high-res-src="//myassets.theedgemalaysia.com/pics/2024/TEM1547-infographic-2_theedgemalaysia.jpg" src="" /></div>

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The fast acceleration of the electric vehicle (EV) market over the last few years has hit a speed  bump as demand for the vehicles  has noticeably declined recently.

Global EV demand plateaus

KUALA LUMPUR (April 15): The Malaysian government has confirmed a state funeral will be held for former prime minister Tun Abdullah Ahmad Badawi at Masjid Negara in Kuala Lumpur on Tuesday, with final rites and burial scheduled at the National Heroes Mausoleum or Makam Pahlawan.

<...

Malaysia declares state funeral for Tun Abdullah Ahmad Badawi

LVMH, the world's largest luxury group, said on Monday sales fell 3% over the first quarter, missing expectations and confirming a sector slowdown as shoppers held back on purchases of designer fashion in a choppy economic environment.

LVMH posts 3% drop in sales as core business slumps

US President Donald Trump’s trade war may have already inflicted persisting economic damage and could still lead to a financial crisis, according to Scope Ratings. 

That latter outcome was one of three scenarios outlined on Monday by the Berlin-based credit-assessment company in a report that warned of collateral damage on other economies including America’s major trade partners.

Financial crisis is one scenario in US trade war, says Scope Ratings 

TikTok users in the US are being inundated with videos from Chinese influencers encouraging American buyers to overcome punitive Trump tariffs by buying direct from the “world’s factory” — China.

Mostly filmed at Chinese factories purporting to supply top US brands from Lululemon Athletica Inc to Nike Inc, the influencers aim to “expose” how the vast majority of consumer goods are made in the world’s second-largest economy.

China suppliers mock tariffs with Nike, Lululemon deals on TikTok

Treasuries gained, snapping a five-day selloff that drove 10-year yields up by the most in over two decades, as stocks advanced after the US temporarily exempted some tech products from its tariffs.

Treasuries snap five-day selloff as tariff reprieve lifts stocks

Pop star Katy Perry and five other women launched into space on a Blue Origin rocket and successfully returned to Earth on Monday, marking the first all-female spaceflight in more than 60 years.

Katy Perry launches into space with all-female crew on Blue Origin rocket

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Reach Energy, Cahaya Mata, Able Global, Pestec, Bina Puri, Jentayu Sustainables

Archer-Daniels-Midland Co (ADM), one of the world’s largest crop traders, is shrinking its operations in China as part of a company-wide restructuring effort following a downturn in profits and a bruising accounting scandal.

ADM quits China domestic crop trading, adding to global job cuts

Goldman Sachs Group Inc’s stock traders posted their highest quarterly revenue haul on record, riding a wave of volatility triggered by an emerging global trade war that’s roiled financial markets.

Equity-trading revenue rose 27% from a year earlier to US$4.19 billion (RM18.52 billion) for the first three months of the year, according to a statement on Monday.

Goldman’s stock traders ride volatile markets to record quarter

Kraken, one of the world's largest cryptocurrency exchanges, began a phased national rollout of commission-free trading for over 11,000 US-listed stocks and exchange-traded funds on Monday, marking its latest move to expand across asset classes.

Kraken expands beyond crypto with commission-free trading launch

<p>Wisma Majujaya Sdn Bhd has filed a winding up petition against Bina Puri Holdings Bhd (KL:BPURI) at the High Court here over the latter’s failure to pay RM30 million that was awarded by the court in a summary judgment earlier this year.</p>


Majujaya files petition to wind up Bina Puri for failure to pay RM30m awarded by court

<p>Malaysia’s fifth prime minister Tun Abdullah Ahmad Badawi passed away on Monday at the age of 85.</p>


Pak Lah, the gentleman of politics, passes away at 85

<p>A key witness in Lim Guan Eng’s undersea tunnel graft trial on Monday said his then-firm, Consortium Zenith BUCG Sdn Bhd (CZBUCG), did receive a distinct advantage from the Penang government and its then-chief minister, when it bid for the project.</p>


Zarul Ahmad now says his firm received distinct advantage from Guan Eng in bid for Penang undersea tunnel project

<p>Global trade tensions are threatening export-oriented factories, and Malaysia would have to rely more on domestic demand to help keep up growth, economists said.</p>


Malaysia will have to rely more on domestic demand as trade tensions threaten exports, economists say

<p>MALAYAN Banking Bhd (KL:MAYBANK) president and group CEO Datuk Khairussaleh Ramli’s contract has been extended by another three years, sources say. The extension allows him to see through the bank’s ongoing corporate strategy — known as M25+ — which ends this year, and to craft a new mid-term str...

Maybank CEO’s term extended, lender to move to Merdeka 118 from 2Q2026

<p>Minister of Finance Inc (MOF Inc)-owned Perbadanan Nasional Bhd (Pernas) has appointed Datuk Nor Azam M Taib as its new chief executive officer (CEO), effective Monday.</p>


MOF Inc-owned Pernas appoints former MBSB Bank CEO as new chief 

<p>Hock Soon Capital Bhd, a vertically integrated poultry farming group known for its production and sale of poultry eggs, is planning to list on the Main Market of Bursa Malaysia to raise funds to set up a new poultry farm.</p>


Egg seller Hock Soon Capital seeks Main Market IPO to fund farm expansion

<p>The Malaysian Bar has come out in defence of Chief Justice of Malaysia Tun Tengku Maimun Tuan Mat, whose recent remarks on judicial reform have been criticised by former law minister Datuk Seri Mohamed Nazri Abdul Aziz as “insinuating political interference in the judiciary”.</p>


Malaysian Bar defends Chief Justice amid backlash from former law minister over judicial reform remarks

<p>(April 14): Italian billionaire Gianluigi Aponte's family-run business is emerging as the lead investor of a group seeking to buy 43 ports from conglomerate CK Hutchison, <i>Bloomberg News</i> reported on Monday, citing people familiar with the matter.</p>

<p>The Aponte family's Terminal Inves...

Italian tycoon emerges as lead investor for CK Hutchison ports — Bloomberg News

<p>Socio-Economic Research Centre (SERC) executive director Lee Heng Guie has warned against allowing companies to use Malaysia as a base for reshoring or transshipment to bypass US tariffs, which could worsen Malaysia's trade surplus with the US.&nbsp;</p>


SERC warns against misuse of Malaysia as transshipment hub amid US tariff risks

<p>Chinese President&nbsp;Xi&nbsp;Jinping&nbsp;on Monday called for stronger ties with Vietnam on trade and supply chains, amid disruptions caused by US&nbsp;tariffs, as he attended in Hanoi the signing of dozens of cooperation agreements between the two Communist-run nations.</p>


China, Vietnam sign deals as Xi visits Hanoi amid US tariff tensions

<p>Bursa Malaysia Bhd (KL:BURSA) said on Monday some companies have decided to postpone their listing amid market turmoil caused by US trade policy changes.</p>


Tariff turmoil throws off Malaysia IPO plans, Bursa still eyeing 60 listings this year

<p>Intel Corp&nbsp;is nearing an agreement to sell a stake in its programmable chips unit to Silver Lake Management, as the struggling US company begins to spin off non-central businesses and assets.</p>


Intel close to unveiling deal to sell Altera to Silver Lake, Bloomberg reports

<p>Malaysia's largest asset manager, Permodalan Nasional Bhd (PNB), said on Monday that United States and China assets will remain an important part of its portfolio, amid volatile global markets triggered by tariffs.</p>


PNB says US, China assets to remain important component of its portfolio

<p>Pestec International Bhd (KL:PESTEC) said it has failed to stop an arbitration over a guarantee it gave for a now-terminated subcontract won by its unit for the Gemas-Johor Bahru double-track rail project.</p>


Pestec fails to block arbitration over its guarantee in terminated Gemas-JB rail project subcontract

<p>Practice Note 17 (PN17) company Reach Energy Bhd (KL:REACH) will have its shares suspended from trading on April 22, and may be delisted on April 24, after Bursa Malaysia Securities rejected its third extension request to submit a regularisation plan.</p>


Reach Energy faces trading suspension, possible delisting, as regularisation plan deadline extension rejected

<p>Former Treasury secretary Janet Yellen said that the recent sell-off in Treasuries signalled a worrying drop in confidence in American policymaking, rather than a dysfunctional event that warrants Federal Reserve (Fed) intervention.</p>


Yellen says sell-off in Treasuries shows US confidence loss, not dysfunction

<p>Major foreign investors remain committed to their expansion plans in Malaysia despite the US reciprocal tariffs imposed on the country, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.</p>


Zafrul: No pullback from big foreign investors amid US tariffs, smaller firms awaiting clarity

<p>Goldman Sachs Group Inc&nbsp;and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.</p>


Goldman puts US$4,000 gold on the agenda as hunt for havens grows

<p>More than three years after Russia's invasion of Ukraine, Europe's energy security is fragile.</p>

<p>US&nbsp;liquefied natural gas (LNG) helped to plug the Russian supply gap in Europe during the&nbsp;2022-2023 energy crisis.</p>
