<div class=newsTextDataWrapInner>SINGAPORE (Dec 2): The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$2.4 million (RM8.0 million) on JPMorgan Chase Bank for failing to prevent and detect misconduct committed by its relationship managers (RMs).</div>

<div class=newsTextDataWrapInner>In 24 over-the-counter (OTC) bond transactions between November 2018 and September 2019, the RMs had made inaccurate or incomplete disclosures to clients, resulting in the clients being charged spreads that were above the bilaterally agreed rates.</div>

<div class=newsTextDataWrapInner>This enforcement action on JPMorgan follows the MAS’&nbsp;review of pricing and disclosure practices in the private banking industry. Investigations found that for OTC bond transactions, JPMorgan’s practice was to charge clients a spread over the interbank prices<a href="https://www.theedgesingapore.com/news/banking-finance/mas-imposes-fine-jp-morgan-chase-failing-detect-misconduct-its-rms" target="_blank">...(click here for the full story on theedgesingapore.com).</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$2.4 million (RM8.0 million) on JPMorgan Chase Bank for failing to prevent and detect misconduct committed by its relationship managers (RMs).

Singapore fines JPMorgan Chase for failing to detect relationship managers' misconduct

Cropmate Bhd (KL:CRPMATE) jumped on its ACE Market debut on Thursday, after its initial public offering (IPO) raised some RM42 million mainly for the fertiliser company's operations and expansion plans.

Fertiliser company Cropmate jumps 22.5% on ACE Market debut

The ongoing flood situation in the country is among the key issues to be highlighted in the Dewan Rakyat on Thursday.

According to the Order Paper, V Ganabatirau (Pakatan Harapan-Klang) will ask the minister of energy transition and water transformation whether the government is satisfied with the development of flood mitigation infrastructure and related investments.

Flood-related matters take centre stage in Dewan Rakyat today

Amazon Web Services Inc (AWS) announced on Wednesday that Southeast Asian super-app Grab Holdings Inc has chosen AWS as its preferred cloud provider to enhance operational efficiency across eight Asean countries.

Grab picks Amazon Web Services as cloud provider to drive growth and efficiency across Asean

Retailer Eco-Shop Marketing Bhd, which operates 320 discount stores nationwide, is planning to float its shares on the Main Market of Bursa Malaysia to raise funds for business expansion, according to its draft prospectus filed with the Securities Commission Malaysia.

Creador-backed discount store retailer Eco-Shop eyes Main Market listing, plans to float 862 mil shares

Genting Bhd (KL:GENTING) and Genting Malaysia Bhd (KL:GENM) are likely to be removed from the 30-stock FTSE Bursa Malaysia (FBM) KLCI in the latest review of the benchmark index that will be announced on Thursday, according to sources.

Genting, Genting Malaysia to be dropped from FBM KLCI — sources

Global equities were set to climb higher as bullish comments from Jerome Powell supported risk assets. Currency traders remained on edge as the French government fell after a no-confidence vote.

Shares in Australia and equity futures in Japan rose, while contracts for Hong Kong were slightly lower.

Global stocks rise to record on Powell, bonds gain

The South Korean won rebounded on Wednesday, posting the sharpest gains among emerging-market currencies, after President Yoon Suk Yeol rapidly reversed his martial law declaration. Traders were waiting on Federal Reserve Chair Jerome Powell’s remarks for clues on where US interest rates are headed.

South Korean won outperforms emerging peers before Powell remarks

Stocks hit all-time highs as Federal Reserve Chair Jerome Powell said the economy is in remarkably good shape. The euro wavered as the French government fell after a no-confidence vote in Parliament.

A rally in big tech drove the S&P 500 to its 56th closing record in 2024. The Nasdaq 100 climbed more than 1%. Nvidia Corp.

US stocks hit record as Powell bullish on economy

US services activity expanded in November at the slowest pace in three months as demand and employment growth settled back, indicating the largest part of the economy is losing momentum.

US services activity expands at slowest pace in three months 

Here is a brief recap of the business news and corporate announcements that made the headlines on Wednesday.

Capital A, Superlon, Focus Dynamics, Uzma, UEM Sunrise, Mulpha, Central Global, Apollo Food, TMC Life Sciences, Sentoria, Binasat

Genting Bhd (KL:GENTING) and Genting Malaysia Bhd (KL:GENM) are likely to be removed from the 30-stock FTSE Bursa Malaysia (FBM) KLCI in the latest review of the benchmark index that will be announced on Thursday, according to sources.

Here is a brief recap of the business news and corporate announcements that made the headlines on Wednesday.

Retailer Eco-Shop Marketing Bhd, which operates 320 discount stores nationwide, is planning to float its shares on the Main Market of Bursa Malaysia to raise funds for business expansion, according to its draft prospectus filed with the Securities Commission Malaysia.

Sentoria Group Bhd (KL:SNTORIA) said it has triggered Bursa Malaysia's Practice Note 17 (PN17) criteria after its shareholders’ equity fell to 33% of its issued and paid-up capital, based on its just released financial statement for the year ended Sept 30, 2024 (FY2024).

Sentoria triggers PN17 critera

Wall Street's main indexes climbed on Wednesday, with the S&amp;P 500 and the Nasdaq touching record highs propelled by gains in technology stocks, while investors awaited comments from Federal Reserve chair Jerome Powell later in the day.

Tech rally drives S&P 500, Nasdaq to record highs; Powell comments in focus

Binasat Communications Bhd (KL:BINACOM) has proposed to undertake a private placement to finance the acquisition of several properties.

Binasat plans private placement to finance property acquisitions

Global equities were set to climb higher as bullish comments from Jerome Powell supported risk assets. Currency traders remained on edge as the French government fell after a&nbsp;no-confidence vote.

Shares in Australia and equity futures in Japan rose, while contracts for Hong Kong were slightly lower.

Stocks hit all-time highs as Federal Reserve Chair Jerome Powell said the economy is in remarkably good shape. The euro wavered as the French government fell after a no-confidence vote in Parliament.

A rally in big tech drove the S&amp;P 500 to its 56th closing record in 2024. The Nasdaq 100 climbed more than 1%. Nvidia Corp.

The Dewan Rakyat on Wednesday approved the Commercial Vehicles Licensing Board (Amendment) 2024 Bill, which, among others, introduces the legal basis to address the issue of illegal or unauthorised bus ticket sales in Sabah, Sarawak and Labuan.

Dewan Rakyat passes Commercial Vehicles Licensing Board (Amendment) 2024 Bill

AstraZeneca plc has appointed Iskra Reic as executive vice-president of its international business, replacing Leon Wang who is under investigation by Chinese authorities.&nbsp;

AstraZeneca veteran replaces detained China executive Leon Wang

Brian Thompson, the CEO of UnitedHealth's insurance unit, was fatally shot in the chest on Wednesday morning outside the Hilton hotel in midtown Manhattan, the NY Post and Bloomberg reported, citing police sources.

UnitedHealthcare executive fatally shot in Manhattan, reports say

On Nov 18, hours after two communication cables were severed in the Baltic Sea, 30 Nato vessels and 4,000 military staff took to the same body of water for one of northern Europe's largest naval exercises.

As sabotage allegations swirl, Nato struggles to secure Baltic Sea

Amazon Web Services Inc (AWS)&nbsp;announced on Wednesday that Southeast Asian super-app&nbsp;Grab Holdings Inc has chosen AWS as its preferred cloud provider to enhance operational efficiency across eight Asean countries.

Eurozone economic growth could be weaker in the months ahead and the medium term outlook is uncertain with downside risks dominating, European Central Bank president Christine Lagarde said in a parliamentary hearing on Wednesday.

ECB's Lagarde sees weak growth, dominated by downside risks

A consortium seeking to buy out Hong Kong-listed ESR Group Ltd has submitted a binding offer for the logistics real estate firm, a move that would bring the months-long takeover pursuit one step closer to an end.

ESR gets US$7 bil binding takeover offer from buyout group

The South Korean won rebounded on Wednesday, posting the sharpest gains among emerging-market currencies, after President Yoon Suk Yeol rapidly reversed his martial law declaration. Traders were waiting on Federal Reserve Chair Jerome Powell’s remarks for clues on where US interest rates are headed.

The flood situation in Kelantan is gradually improving for now, but there is a need to be vigilant for the next wave, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.

Floods in Kelantan recovering — Nik Nazmi

The two-day Asean Senior Economic Officials Meeting (SEOM) Retreat 2025, which ends on Thursday, is a vital preparatory meeting aimed at updating outstanding issues from the previous Asean chairmanship.

Asean SEOM Retreat to understand outstanding issues from previous Asean chairmanship

US services activity expanded in November at the slowest pace in three months as demand and employment growth settled back, indicating the largest part of the economy is losing momentum.

Canary Wharf Group’s bondholders have agreed to let the London docklands developer raise new debt, according to a regulatory filing, paving the way for it to refinance around £600 million (RM3.38 billion) of maturing notes.