<div class=newsTextDataWrapInner><p>(Jan 13):&nbsp;Europe’s largest pension fund sold its entire €571 million (US$585 million or RM2.63 billion) stake in Tesla Inc&nbsp;in the third quarter, partly due to disagreement with Elon Musk’s remuneration package.</p></div>

<div class=newsTextDataWrapInner><p>“We had a problem” with Musk’s pay package, a spokesperson for Stichting Pensioenfonds ABP said on Sunday. The fund also considered costs, return and responsible investment requirements in its decision to sell its investment.</p></div>

<div class=newsTextDataWrapInner><p>The news was first reported by Dutch newspaper <em>Het Financieele Dagblad</em>, which also cited poor working conditions at the company among ABP’s reasons to ditch Tesla.&nbsp;</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Last month, Musk’s record-setting Tesla pay package was&nbsp;struck down&nbsp;once again by a Delaware judge, even after shareholders backed the amounts and Musk asked her to reconsider. The stock options package was initially worth US$2.6 billion, and spiked to US$56 billion by the time the judge cancelled it.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>In June, ABP voted against the pay package, calling it “controversial and exceptionally high”.</p></div>

<div class=newsTextDataWrapInner><p><em>Uploaded by Tham Yek Lee</em></p></div>


Europe’s largest pension fund sold its entire €571 million (US$585 million or RM2.63 billion) stake in Tesla Inc in the third quarter, partly due to disagreement with Elon Musk’s remuneration package.

Europe’s largest pension fund sold Tesla stake over Musk’s pay

South Korean authorities arrested impeached President Yoon Suk Yeol on Wednesday over insurrection accusations related to his Dec 3 martial law declaration, investigators said.

South Korean investigators arrest impeached President Yoon

Oil prices will be under pressure over the next two years as global production growth outpaces demand, the US Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report.

EIA expects oil prices to be under pressure from oversupply in 2025, 2026

MEXICO CITY (Jan 14): Chipmaker Intel Corp said on Tuesday that it will separate its venture capital and investment arm, Intel Capital, into a standalone company, to focus on enhancing efficiency across the business.

Intel to spin off its venture capital arm

DOHA/CAIRO/JERUSALEM (Jan 15): Negotiators were near to hammering out the final details of a ceasefire in Gaza on Wednesday after marathon talks in Qatar, and the US and Egyptian leaders promised to stay in close contact about a deal over the coming hours.

Gaza ceasefire appears close as US, Egyptian leaders put focus on 'coming hours'

NEW YORK (Jan 14): Elon Musk was sued on Tuesday by the US Securities and Exchange Commission (SEC), which accused the world's richest person of waiting too long to disclose in 2022 that he had amassed a large stake in Twitter, the social media company he later bought.

US SEC sues Elon Musk over late disclosure of Twitter stake

At least eight major distressed Chinese firms, including a China Evergrande Group unit, are set to defend themselves in court cases relating to their debt problems over the next two weeks, in one of the busiest stretches ever for such hearings.

Distressed Chinese companies face flurry of court hearings

Asian stocks were poised for a steady open following a tepid US session as traders await key inflation data that may shed light on the path of Federal Reserve rates over the coming months.

Asian traders tread with caution ahead of US CPI data

Salaries in Malaysia projected to increase by 5% in 2025 — Mercer

French Prime Minister Francois Bayrou on Tuesday opened the door to renegotiating a disputed pension reform in a bid to win over left-wing lawmakers he needs to pass the 2025 budget.

Bayrou's concession underlined the scale of France's political turmoil as he prepared to spend his first weeks in office reworking the hard-won 2023 pension reform under pressure from the left, which threatens to topple his government otherwise.

French PM opens door to renegotiating Macron's pension reform

Meta Platforms Inc is cutting roughly 5% of its staff through performance-based eliminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.

Meta to slash roughly 5% of staff, targetting lowest performers

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


Yinson, Mah Sing, YTL Power, Atlan, Sunway, Kawan Food, Theta Edge, South Malaysia Industries

<div><img alt="" class="gallery-items" data-high-res-src="https://myassets.theedgemalaysia.com/pics/2025/TEM1557-infographic-2-theedgemalaysia_20250114154549.jpg" src="" /></div>

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<p>Bank Islam Malaysia Bhd has signed a financing agreement worth RM105.2 million with Solar Voltech Sdn Bhd, a subsidiary of PDC Premier Holdings Sdn Bhd, for a solar generation project.</p>


Bank Islam, Solar Voltech ink RM105.2 mil solar financing agreement

<p>Loft Orbital raised US$170 million (RM765.89 million) in a funding round that will help the space infrastructure startup increase launch frequency and compete for contracts against aerospace juggernauts like Northrop Grumman and Lockheed Martin Corp.</p>


Space firm Loft Orbital raises US$170 mil to scale up launches

<p>Powertechnic Group Bhd, which provides lifting systems as well as maintenance and repair services, on Tuesday (Jan 14) filed for an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise funds for marketing expenses and capital expenditure for automated machines.</p>


Overhead crane firm Powertechnic files draft prospectus for ACE Market IPO

<p>South Korean authorities arrested impeached President Yoon Suk Yeol on Wednesday over insurrection accusations related to his Dec 3 martial law declaration, investigators said.</p>


<p>Asian stocks were poised for a steady open following a tepid US session as traders await key inflation data that may shed light on the path of Federal Reserve rates over the coming months.</p>


<p>At least eight major distressed Chinese firms, including a China Evergrande Group unit, are set to defend themselves in court cases relating to their debt problems over the next two weeks, in one of the busiest stretches ever for such hearings.</p>


<p>Meta Platforms Inc is cutting roughly 5% of its staff through performance-based eliminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.</p>


<p>BMI, a Fitch Solutions company, projected Malaysia’s economy to be resilient in 2024, with a real gross domestic product (GDP) growth forecast of 5%, supported by robust investment and resilient consumption.&nbsp;</p>

<p>Although the GDP growth is forecasted to slow down to about 4.7% in 2025, this will still be in line with its pre-pandemic times, said country risk analyst Caroline Wong.&nbsp;</p>


BMI expects Malaysia’s economy to be resilient in 2024 at 5%

<p>Malaysia must embark on a digital transformation within its economic and financial sectors, prioritising areas such as blockchain and cryptocurrency to remain at the forefront of the digital age, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


Malaysia must embrace digital transformation to stay ahead, says Anwar

<p>Malaysia’s unique position has helped the country to chart economic policies which are comprehensive and sustainable, said Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>He said Malaysia is fortunate as it is politically stable despite being multi-cultural, multi religious, multi-racial, and it is probably among the most peaceful country in the region and is also among the fastest growing economies in the world.</p>


Malaysia’s unique position helps to chart economic policies which are comprehensive, sustainable

<p>Capital One Financial Corp misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.</p>


Capital One accused of misleading customers on savings rates

<p>Country Garden Holdings Co suffered another record loss in 2023 as one of China’s largest developers continues its lengthy restructuring process after defaulting on its debt.</p>


Country Garden posts another record loss on China housing slump

<p>Azerbaijan President Ilham Aliyev stated that a new world order is taking shape, and the world is at the beginning of this process.</p>


A new world order is taking shape — Azerbaijan president

<p>Wall Street's main indices opened higher on Tuesday, as investors assessed softer-than-expected producer inflation to gauge the Federal Reserve's monetary policy trajectory this year.</p>


Wall St opens higher after softer-than-expected producer price data

<p>Russia’s seaborne crude exports were stable ahead of the toughest sanctions yet imposed on its oil sector in response to Moscow’s 2022 invasion of Ukraine.</p>

<p>But flows could be hit in the coming weeks after the US took measures on Friday against two of the country’s top exporters and about 160 oil tankers, as well as key traders, insurers and a Chinese company that facilitated the unloading of a cargo from a previously sanctioned ship.</p>


Russian crude shipments hold steady before sanctions hit

<p>Barrick Gold Corp said it’s suspending mining operations in Mali after the government started removing gold from the nation’s biggest mine in the latest escalation of a months-long dispute.</p>

<p>The world’s No 2 gold producer is stopping activity at the vast Loulo-Gounkoto complex, the firm said in a statement on Tuesday.</p>


Barrick suspends Mali gold operations as standoff escalates

<p>The Malaysian Anti-Corruption Commission (MACC) and the Federal Bureau of Investigation (FBI) will increase cooperation to address the challenges in combatting corruption crimes at regional and international levels.</p>


MACC, FBI enhance cooperation to combat corruption

<p>Nato countries will deploy frigates, patrol aircraft and naval drones in the Baltic Sea to help protect critical infrastructure and reserve the right to take action against ships suspected of posing a security threat, alliance members said on Tuesday.</p>
