<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 24): Perdana Petroleum Bhd (KL:<a href="/askedge/klse/7108" class="ce-stock" target="_blank">PERDANA</a>) said its wholly owned subsidiary Intra Oil Services Bhd (IOS) has been sued by Azsat Global Sdn Bhd, claiming RM6.7 million for loss of revenue after IOS terminated contracts for services provided by Azsat to&nbsp;IOS'&nbsp;vessels.</p></div>

<div class=newsTextDataWrapInner><p>Azsat had previously provided satellite internet services to IOS for its vessels until such contracts were terminated.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia on Thursday, Perdana Petroleum said IOS had on Wednesday received a statement of claim from Azsat for general damages of approximately RM6.7 million for loss of revenue and interest at the rate of 5% per year from the date of the writ until the date of full settlement.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>IOS is one of six defendants mentioned in the suit. Azsat is alleging that IOS conspired with three&nbsp;other parties&nbsp;to cause Azsat loss when IOS terminated the contracts.</p></div>

<div class=newsTextDataWrapInner><p>"The company and IOS refutes the claim of conspiracy and has instructed its solicitors to file a defence and defend the claim appropriately," said Perdana Petroleum.</p></div>

<div class=newsTextDataWrapInner><p>Perdana Petroleum shares closed unchanged at 18 sen per share on Thursday, giving it a market capitalisation of RM400 million. The stock has fallen 28% so far this year.</p></div>


Perdana Petroleum Bhd (KL:PERDANA) said its wholly owned subsidiary Intra Oil Services Bhd (IOS) has been sued by Azsat Global Sdn Bhd, claiming RM6.7 million for loss of revenue after IOS terminated contracts for services provided by Azsat to IOS' vessels.

Perdana Petroleum's unit sued over lost revenues after contract termination

Call it the goods and services tax or sales and service tax (SST), the government needs tax revenue. And when revenue keeps falling behind expenditure (which cannot be cut for political reasons), new taxes have to be introduced.

We hate it, but the taxman needs it

Wall Street's main indices fell on Friday after Israel struck a series of nuclear facilities and missile factories in Iran, escalating tensions in the oil-rich Middle East and undermining global investor confidence.

Wall St falls as Israel's strikes on Iran erode risk appetite

Kuala Lumpur has entered the Top 20 Emerging Startup Ecosystems in a historic first for Malaysia after ranking 18th in the Global Startup Ecosystem Report (GSER) 2025 by Startup Genome.

KL ranks 18th in Emerging Startup Ecosystems, historic first for Malaysia

Prime Minister Keir Starmer said the UK has “grave concerns” about Iran’s nuclear programme and backed Israel’s right to self-defence, while calling for de-escalation in a conflict that risks engulfing the Middle East.

Starmer says UK has ‘grave concerns’ on Iran nuclear programme

Immigrants admitted to the US from a Biden-era parole programme for Cuba, Haiti, Nicaragua, and Venezuela (CHNV) have begun receiving notices of termination urging them to depart the US.

Trump administration orders half a million immigrants to leave US

Russia said on Friday it had conducted large-scale tests of new laser-based systems to defend against drones.

Russia says it tests new laser defences against drones

Israel’s overnight airstrikes on Iran drove up freight rates and tanker stocks on Friday as traders and investors priced in the prospect of disruption to a large swath of the global oil-shipping fleet.

Oil tanker market roiled by Israeli airstrikes against Iran

Shein's carbon emissions from transporting products climbed 13.7% in 2024, the online fast-fashion retailer's sustainability report showed on Friday, and its 2023 transport emissions were 18% higher than previously reported after a recalculation.

Fast-fashion retailer Shein's transport emissions jump 13.7% last year

German Foreign Minister Johann Wadephul had to change his trip in the Middle East, dropping a stop in Israel, after the country launched a barrage of strikes across Iran earlier on Friday.

German foreign minister changes Middle East itinerary after Israel strikes Iran

Here is a brief recap of Friday's top local business news and corporate announcements.

Axiata, Dialog, Kretam, IOI Corp, UUE & Rex Industry

<p>Here is a brief recap of Friday's top local business news and corporate announcements.</p>


<p>On the night of June 12, 2025, the Middle East caught fire again. Israeli warplanes tore through Iranian skies, targeting nuclear facilities, missile sites and the upper echelons of Iran’s military command. Tehran seethed, vowing retribution. Washington — a different Washington under a very different president — publicly distanced itself, while nervously repositioning its naval assets. And across Southeast Asia, policymakers and markets alike held their breath.</p>


Opinion: When giants clash — How the Iran-Israel war could reshape Southeast Asia’s strategic calculus

<p>Wall Street's main indices fell on Friday after Israel struck a series of nuclear facilities and missile factories in Iran, escalating tensions in the oil-rich Middle East and undermining global investor confidence.</p>


<p>Chengco PLT said it has taken corrective steps to strengthen its audit framework after the Securities Commission Malaysia's Audit Oversight Board (AOB) suspended the firm's registration for two years due to "serious audit quality issues".</p>


Chengco vows to improve audit practices after being suspended over 'quality issues'

<p>Kuala Lumpur has entered the Top 20 Emerging Startup Ecosystems in a historic first for Malaysia after ranking 18th in the Global Startup Ecosystem Report (GSER) 2025 by Startup Genome.</p>


<p>The 13th Malaysia Plan 2026–2030 (13MP) will serve as the jumping-off point in the government’s efforts to address the nation’s economic challenges, according to Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>Anwar, who is also the Finance Minister, said the challenges include developmental and income disparities, limited fiscal space, and slow economic structural transformation.</p>


13MP set to address the nation's economic challenges — Anwar

<p>Immigrants admitted to the US from a Biden-era parole programme for Cuba, Haiti, Nicaragua, and Venezuela (CHNV) have begun receiving notices of termination urging them to depart the US.</p>


<p>The Royal Malaysia Police (RMP)is awaiting the full written judgment in the Yusoff Rawther case to identify any gaps or shortcomings in the investigation process.</p>

<p>Inspector-General of Police (IGP) Tan Sri Razarudin Husain said the force is prepared to enhance its investigative procedures through internal evaluation and a review of existing standard operating procedures (SOPs).</p>


Yusoff Rawther case: Police to review judgment, ready to improve investigation SOPs — IGP

<p>South Korea’s troubled retail chain Homeplus Co opened itself up to a takeover as its private equity owners seek to avoid the firm’s liquidation.</p>


MBK Partners selling struggling Korean retail chain Homeplus

<p>Call it the goods and services tax&nbsp;or sales and service tax (SST), the government needs tax revenue. And when revenue keeps falling behind expenditure (which cannot be cut for political reasons), new taxes have to be introduced.</p>


<p>Boeing and GE Aerospace are scaling back their public activities following the fatal crash of an Air India jetliner, with the planemaker's CEO cancelling his trip to the Paris Airshow next week and GE postponing an investor day.</p>


Boeing CEO cancels Paris Airshow appearance after India crash

<p>Israel’s overnight airstrikes on Iran drove up freight rates and tanker stocks on Friday as traders and investors priced in the prospect of disruption to a large swath of the global oil-shipping fleet.</p>


<p>OpenAI plans to continue working with Scale AI after rival Meta on Friday agreed to take a 49% stake in the artificial intelligence startup for US$14.8 billion, OpenAI's CFO Sarah Friar told the VivaTech conference in Paris.</p>


OpenAI to continue working with Scale AI after Meta deal

<p>Prime Minister Keir Starmer said the UK has “grave concerns” about Iran’s nuclear programme and backed Israel’s right to self-defence, while calling for de-escalation in a conflict that risks engulfing the Middle East.</p>


<p>Merchant shipping is continuing to pass through the Strait of Hormuz despite Israel's attacks on Iran on Friday, the multinational, US-led Combined Maritime Force said, although some shipowners were looking to avoid the region.</p>


Ships warned to avoid Red Sea, log Hormuz voyages after Israel hits Iran

<p>Israel is shutting its embassies around the world and has urged citizens to stay alert and not display Jewish or Israeli symbols in public places, statements posted on embassy websites said on Friday after Israel launched large-scale attacks on Iran.</p>


Israel shuts global embassies after attack on Iran

<p>US consumer sentiment rose by the most since January 2024 as concerns about the economy eased and short-term inflation expectations showed a marked improvement.</p>


US consumer sentiment jumps as inflation expectations improve

<p>Russia said on Friday it had conducted large-scale tests of new laser-based systems to defend against drones.</p>


<p>The European Union (EU) will demand companies disclose details of their Russian gas deals to the EU, under upcoming European Commission proposals to ban Russian gas imports by the end of 2027, an internal Commission document seen by <em>Reuters </em>showed.</p>


EU to demand companies share details of Russian gas deals, document shows — Reuters

<p><strong>A weekly round-up of tanker and dry bulk market (June 13, 2025)</strong></p>

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