SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month

The South Bank of the River Thames is dotted with vibrant art and cultural venues. Located along this bank is Bankside Yards, a mixed-use development that aims to reinvigorate a large site that was previously inaccessible, between the Blackfriars Bridge and the iconic Tate Modern art museum.
...

Reinvigorating London’s South Bank

The urgency of climate change is becoming increasingly apparent, with Malaysia experiencing more frequent and intense weather-related disasters, food insecurity and water scarcity. The effects of climate change are accelerating faster than predicted. Certainly, there is a need for an emergency re...

Trust In Resilience: Accelerating carbon capture adoption in Malaysia

Spain celebrated; England wept. But contrasting emotions at the end of the European Championships were not confined to one nation’s swift reclamation of the podium and the other’s perennial pain. The tournament’s joyous return to party mood after the pandemic was a welcome distraction from politi...

Business Of Sports: Football is becoming more of an entertainment than a sport

The world is highly connected and the supply of goods criss-crosses the globe via logistical planning like clockwork. But world events have thrown a spanner in the works, causing supply-chain disruptions that have a great impact on economies. With China — a key manufacturer — mired in the ongoing...

Manufacturing opportunities for Malaysia

This monthly report is compiled and briefly summarised by a group of lawyers on a voluntary basis for the benefit of readers of The Edge. 

Please consult your own lawyers if you need advice on the cases, issues and related matters highlighted here. 

 

...

The Edge Court Judgments Report

IJM Corp Bhd’s (KL:IJM) share price has gained close to 85% so far this year, hitting a multi-year high of RM3.47 in intraday trading most recently on July 3.

The strong gain in IJM’s stock has fuelled talk that something is brewing at its highway concession operations, specifically who...

Cover Story: IJM to grow, unlock value in toll road concessions

ALLIANCE Steel (M) Sdn Bhd — a joint venture between China’s Guangxi Beibu Gulf Port International Group and Guangxi Shenglong Metallurgical — is undertaking a US$1.8 billion (RM8.41 billion) expansion, increasing its steel production capacity to 10 million tonnes a year from the existing 3.5 mil...

Cover Story: Kuantan Port to benefit from Malaysia-China bilateral ties

HAVING adopted an open layout, the refreshed interior of IJM Corp Bhd’s (KL:IJM) head office represents an openness to new ideas and a willingness to collaborate. However, the makeover of Wisma IJM in Petaling Jaya New Town is not the only thing that the construction giant’s group CEO and managin...

Cover Story: Charting IJM Corp’s next growth phase

In the wake of the Great Recession of 2008-2009, practically everyone seemed convinced that China’s economy would surpass that of the US by 2030. Today, China is facing a range of crises that could spell doom for its economic “miracle”. In an effort to get back on track — and strengthen its strat...

The New Global Economy: The US needs a techno-industrial strategy

Toh Kin Woon. Malaysia’s New Economic Policy in Its First Decade: The Role of the State in Economic Development, 1971-1980. SIRD, Petaling Jaya, 2024.

 

Datuk Toh Kin Woon’s book analyses the changing government role in Malaysi...

My Say: Razak’s policy legacy in the nation’s history

THE US stock barometer, the S&P 500 index, raced past the 5,600 mark this past week as Wall Street’s bull run gathered momentum. On July 10, the index was up 18.8% year to date and up just over 60%, inclusive of dividends, since it bottomed in late October 2022. The Nasdaq Composite Index has...

Tech: Why the sentiment for once-hot fintechs has changed

PENANG has had a successful industrialisation journey over the past 50 years. During this time, its semiconductor and electrical and electronics (E&E) sectors have transformed from being labour-intensive and low-value-added industries into a powerhouse known as the Silicon Valley of the East....

Penang is not short of FDI, but resources 

When the main street of a town starts to look tired and run down, it can make the entire area feel the same. A new and modern commercial centre can breathe new life into the area.

“A thriving commercial hub plays an important role in reviving an old town [like Kundang]. It can add the e...

Cover Story: Building the new heartbeat of Kundang

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Treasuries rally as data points to a September rate cut

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce & Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.

Miami condo tower moves on from brokers facing rape allegations

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Deputy PM Fadillah pays courtesy visit to Vietnamese PM, strengthens bilateral cooperation

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street rebounds on tech recovery, small caps jump after benign inflation data

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Malaysia urges Asean dialogue partners to support ceasefire in Gaza

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

US charges Citron's Andrew Left over alleged multi-million fraud scheme

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Malaysia steps up efforts to finalise South China Sea code of conduct

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

AirAsia X, Capital A, Hibiscus, Dagang NeXchange, ViTrox, Ekovest, Knusford, Alam Maritim, Datasonic, Kumpulan Kitacon, DXN, Homeritz, Westport, MGRC 

VIENTIANE (July 26): The Asean Post Ministerial Conference kicked off in the Laos capital here on Friday, as Asean foreign ministers engaged with top diplomats from dialogue partners to discuss various regional and international issues of common interest.

Asean Post Ministerial Conference kicks off in Laos; regional, global issues in focus

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

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

Ekovest agrees to six-month extension for merger discussion between subsidiary and Knusford

US prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September.

US inflation rises moderately, consumer spending cools

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

The prestigious five-star Lexis Hibiscus 2 luxury resort is currently under construction by the KL Metro Group and is expected to be completed by 2029, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.

Construction of RM1.6 bil GDV Lexis Hibiscus 2 resort will be completed in 2029

Practice Note 17 (PN17) company Alam Maritim Resources Bhd (KL:ALAM) has announced its regularisation plan, which includes a share capital reduction of RM440 million, 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.

Alam Maritim submits regularisation plan to exit PN17 status

Health and wellness direct selling company DXN Holdings Bhd (KL:DXN) said on Friday its net profit rose 10.26% in the first quarter from a year earlier due to higher revenue recognised from overall operating segments.&nbsp;

DXN Holdings 1Q net profit up 10.26%, targets market presence in Zambia, Ghana  

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Upholstery furniture products manufacturer Homeritz Corp Bhd’s (KL:HOMERIZ) net profit surged 46.37% in the third quarter from a year earlier, thanks to higher sales volume and stronger US dollar. &nbsp;

Net profit for three months ended May 31, 2024 (3QFY2024) climbed to RM9.09 million or earnings per share of 1.96 sen, from RM6.21 million or 1.34 sen per share recorded in 3QFY2023. &nbsp;

Homeritz’s 3Q net profit soars 46.37% on higher sales and strong greenback

Cyberview Sdn Bhd has signed three Memoranda of Understanding (MOUs) with three companies to make Cyberjaya a global technology hub.

Chief executive officer Kamarul Ariffin Abdul Samad said the companies involved were Permodalan Negeri Selangor Bhd (PNSB), Selangor Information Technology &amp; Digital Economy Corporation (SIDEC) and digital infrastructure company Equinix Malaysia.

Cyberview signs three MOUs to make Cyberjaya a global technology hub

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.

Kumpulan Kitacon bags RM54.5m job to build houses in Rawang

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Penang Port Sdn Bhd (Penang Port) on Friday announced the acquisition of five Kalmar container handling machines to optimise operations and improve service levels.

Penang Port acquires Kalmar container handling equipment to enhance services

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies.

Eastern European Union (EU) members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming via Ukraine after sanctions were imposed on the company.

Hungary says it will face fuel shortages from September without Lukoil supplies

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

A new recruitment of 3,950 staff, comprising 3,200 medical officers, 350 dental officers and 400 pharmacy officers, will be made through contract (interim) appointments, the Ministry of Health (MOH) said.

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