<div class=newsTextDataWrapInner><p>(Nov 3): German auto supplier Schaeffler said on Tuesday it would cut 3,460 jobs and close five sites in Europe as it responds to weakened demand for combustion-engine cars, slower-than-expected adoption of electric vehicles and intense competition.</p></div>

<div class=newsTextDataWrapInner><p>CEO Klaus Rosenfeld said the measures were intended to ensure Schaeffler could continue to manufacture and develop products competitively in Germany and Europe.</p></div>

<div class=newsTextDataWrapInner><p>Schaeffler expects the measures to deliver annual savings of about €300 million (US$336 million or RM1.3 billion) by 2030, with one-off costs of roughly €480 million, most of which will be booked in 2026.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>It said it planned to close four sites in Germany and one in Belgium, while job cuts would affect 16 of its sites.</p></div>

<div class=newsTextDataWrapInner><p>The company added the cuts would involve about 2,660 jobs in Germany, its largest production site, or about 9% of its German core workforce by 2028.</p></div>

<div class=newsTextDataWrapInner><p>Including previously announced restructuring measures and 1,800 partial-retirement agreements already signed, the reduction would amount to about 18% of its German workforce.</p></div>

<div class=newsTextDataWrapInner><p><i>Uploaded by Magessan Varatharaja</i></p></div>


(Nov 3): German auto supplier Schaeffler said on Tuesday it would cut 3,460 jobs and close five sites in Europe as it responds to weakened demand for combustion-engine cars, slower-than-expected adoption of electric vehicles and intense competition.

CEO Klaus Rosenfeld said the measures...

Schaeffler to cut jobs, close five plants in Europe as auto sector gloom deepens

Chinese neurotechnology firm BrainCo is developing a wearable device that it says could suppress appetite by stimulating the brain, positioning it as a potential non-drug alternative to blockbuster GLP-1 weight-loss treatments.

Neuralink’s China rival targets obesity with ‘electronic’ GLP-1

Yinson Holdings Bhd's (KL:YINSON) green technology arm Yinson GreenTech has partnered with Saxon Renewables to generate carbon credits from its electric vehicle (EV) charging infrastructure in Malaysia.

Yinson GreenTech teams up with Saxon Renewables on carbon credits from EV charging

Tenaga Nasional Bhd (KL:TENAGA), through its subsidiary TNB Renewables Sdn Bhd (TRe), has teamed up with IOI Corporation Bhd (KL:IOICORP) and a consortium of 12 small and medium enterprises (SMEs) to develop a 500MW solar power project in Bahau, Negeri Sembilan.

Tenaga, IOI Corp, SME consortium to develop 500MW solar project in Negeri Sembilan

Datuk Seri Farhash Wafa Salvador Rizal Mubarak has secured a temporary court order to stop Bloomberg from publishing an article that he deems defamatory ahead of a Nov 16 hearing that will determine if the injunction would be permanent.

Farhash gets court order to halt Bloomberg article, news agency to argue case on Nov 16  

NEWS: All-new Lexus ES launched in Malaysia

Hong Kong's economy expanded by 5.2% in the third quarter from a year earlier, official advance estimates showed on Tuesday, the 15th consecutive quarter of growth underpinned by accelerating exports and solid domestic demand.

Hong Kong 3Q GDP expands by 5.2% y-o-y, outlook positive

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has denied allegations that he intends to sabotage the Madani government by revealing the cancellation or postponement of rural development projects in Sabah and Sarawak.

Zahid denies sabotaging govt over Sabah, Sarawak projects

Spot checks on drainage systems and cleaning works in Kuala Lumpur are being stepped up to keep drains clear and reduce the risk of flash floods, especially during the rainy season.

Spot checks on drains stepped up to cut flash flood risk in KL — minister

Former prime minister Datuk Seri Ismail Sabri Yaakob has questioned insurance companies' practice of removing specialists from their cashless panels, calling for greater oversight to protect patients' access to treatment.

Ex-PM Ismail Sabri questions insurers’ practice of dropping specialists from cashless panels

A fresh bout of artificial intelligence (AI) anxiety pressured global stocks on Tuesday, while investors were on tenterhooks as voting began in crucial US midterm elections.

Global stocks slip as AI jitters, US midterms keep investors on edge

<p>IOIPG Malaysia Real Estate Investment Trust has priced its shares at 96 sen apiece for its Main Market listing.&nbsp;</p>


IOIPG Malaysia REIT sets Main Market IPO at 96 sen apiece

<p>Malaysia is among potential targets of cyberattacks amid the country’s growing digital infrastructure and positions on international issues, particularly Palestine and Gaza, the government warned.</p>


Malaysia a potential cyberattack target, Anwar warns

<p>Malaysian retailers have warned of an "existential threat" posed by foreign e-commerce in an appeal to the Ministry of Finance (MOF).&nbsp;</p>


Malaysian retailers warn of 'existential threat' posed by foreign e-commerce in appeal to MOF

<p>The Ministry of Transport said that the East Coast Rail Link (ECRL) is projected to generate some 3% annual growth for its passenger services over the next three years, while its cargo services are expected to see a sharp increase in freight income by 2029.&nbsp;</p>


ECRL passenger revenue to grow about 3% annually in 2027-2029, cargo income to surge — Loke

<p>Oil prices rose more than US$1 on Tuesday, as an Iranian official said a deal to end the war was far off, while the US struck Iran's Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies.</p>


Oil rises as peace prospects dim after US hits Iran's Qeshm Island

<p>A fresh bout of artificial intelligence (AI)&nbsp;anxiety pressured global stocks on Tuesday, while investors were on tenterhooks as voting began in crucial US midterm elections.</p>


<p>Former prime minister Tan Sri Muhyiddin Yassin will submit a representation to drop the charge of uttering seditious words during the Nenggiri State Legislative Assembly by-election campaign in 2024, after the Pahang Ruler granted him an audience last week.</p>


Muhyiddin to seek withdrawal of sedition charge in 'positive development' with Pahang Palace

<p>The US carried out strikes on Iran's Qeshm Island in the Strait of Hormuz, a US official said on Monday.</p>


US carries out 'defensive' strikes on Iran's Qeshm Island

<p>The High Court has struck out the late Tun Daim Zainuddin's family&nbsp;suit challenging the police investigations against them for allegedly committing activities detrimental to parliamentary democracy.</p>


Court strikes out late Daim’s family legal bid against PM, IGP over allegations to topple govt

<p>PUTRAJAYA (Nov 3): A three-member Court of Appeal bench on Tuesday allowed lawyer Mahajoth Singh’s appeal to have the merits of his judicial review challenge against the Malaysian Anti-Corruption Commission (MACC) heard.</p>


Albert Tei’s lawyer wins appeal to have MACC challenge heard

<p>Prime Minister Datuk Seri Anwar Ibrahim said on Tuesday that investigations into two failed gas pipeline projects involving a participation loan from the Export-Import Bank of China (China Exim Bank) remain&nbsp;open despite difficulties obtaining information involving both countries.&nbsp;</p>


Probes into two failed gas pipeline projects remain open despite difficulties obtaining information — PM

<h3><span style="color:#d35400;">Malaysian REITs</span></h3>

<p><span style="color:#27ae60;"><strong>OVERWEIGHT</strong></span></p>

<p><strong>RHB INVESTMENT BANK (OCT 20):</strong> We continue to like the M-REITs sector for its defensive qualities, with underlying fundamentals still healthy d...

Brokers Digest: Local Equities - Malaysian REITs, CIMB Group Holdings Bhd, Gamuda Bhd, Mr DIY Group (M) Bhd

<p>Grab Holdings Ltd&nbsp;raised its full-year revenue and profit forecasts after quarterly earnings beat estimates, signalling confidence that rising ride-hailing and food-delivery demand across Southeast Asia will offset regulatory hurdles.</p>


Singapore's Grab raises sales, earnings forecasts on rising ride demand

<p>PUTRAJAYA (Nov 3): A three-member Court of Appeal bench has deferred the hearing of the final appeal by a former magistrate who was convicted of six counts of graft and sentenced to 12 years’ jail and fined a total of RM1.05 million.</p>


Court of Appeal defers former magistrate’s final graft appeal over lawyer’s lack of preparation

<h2>Notable filings</h2>

<p>Between Oct 12 and 16, notable changes in shareholding among companies traded on Bursa Malaysia included those at plantation counter <strong>United Malacca Bhd</strong> (KL:UMCCA).</p>

<p>The Tee family vehicle, Prosper Trading Sdn Bhd, acquired 28.19 million United...

Insider Moves: United Malacca Bhd, Turiya Bhd, Foodie Media Bhd, AMMB Holdings Bhd, Malakoff Corp Bhd 

<p>KUALA LUMPUR (Nov 3): GDB Holdings Bhd (KL:GDB) on Tuesday said it has secured a construction contract worth RM877 million to demolish an existing factory and build a two-block, five-storey logistics hub in Seksyen 15, Shah Alam.</p>


GDB bags RM877m construction job to build logistics hub in Shah Alam

<p>Malaysian energy stocks hit a two-week low on Tuesday as oil prices slumped amid news reports of a potential US-Iran peace deal.</p>


Malaysian energy stocks hit two-week low as oil prices slump

<p>HONG KONG (Nov 3): Tech companies will need to raise more capital to help meet the enormous demand for the AI industry's growth boom, but there is a risk of an industry correction, global financial leaders said on Tuesday.</p>


Big-ticket tech deals need to keep pace with AI boom but risks remain high, financial leaders say

<p>Apple warned on Monday that the cost of memory chips would continue to rise, pressuring its gross margin for the crucial holiday quarter, but said it had taken steps to lock in supplies.</p>


Apple forecasts margin drop in holiday quarter as rising memory costs bite

<p>KUALA LUMPUR (Nov 3): Malaysia has decided not to extradite independent preacher Dr Zakir Naik to India and has made no commitment to do so, the Dewan Rakyat was told on Tuesday.</p>
