LONDON (July 4): A win for Donald Trump in the U.S. presidential election in November would herald a spike in long-term U.S. Treasury yields, said Edmond de Rothschild Asset Management's Chief Investment Officer Benjamin Melman on Thursday.

Trump's approach on taxes and immigration woul...

Trump presidency would cause spike in US bond yields, says Edmond de Rothschild investment boss

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

Toyo Venture, Keyfield, Awantec, MMAG, Mudajaya, GHL Systems, SHH Resources

Ekovest Bhd (KL:EKOVEST), the controlling shareholder of PLS Plantations Bhd (KL:PLS), has transferred some PLS shares to an adviser to pay for services rendered in relation to a corporate proposal that Ekovest undertook previously.

Ekovest pays for adviser's services using PLS shares

The UK financial sector is warming to Labour's pro-business overtures and pledges to provide stability and support, but many in the City remain wary it could be targeted to prop up Britain's stretched public finances further down the line.

Under leader Keir Starmer, the Labour Party — expected to win Thursday's UK election — has assiduously courted the City of London, mindful that his plans for boosting economic growth will need a big dose of private capital.

UK election brings few hopes or fears to cautious City of London

As President Joe Biden resists pressure to abandon his re-election campaign after a poor showing in his debate with Donald Trump, he will face close scrutiny in public events in coming days that could determine his political future.

All eyes on Biden's July 4th party, ABC interview as Democrats consider his future

Human Resource Development Corp (HRD Corp) has acknowledged the shortcomings highlighted in the Auditor-General's (AG) and Public Accounts Committee (PAC) reports released on Thursday, and maintained that levies collected from employers should only be used to train their own employees.

HRD Corp acknowledges audit findings, says collected levies should only be for employee training 

Penang Chief Minister, Chow Kon Yeow, welcomed Prime Minister Datuk Seri Anwar Ibrahim's announcement that the Sungai Perak water project is expected to supply an estimated 1,500 million litres of water daily to northern Perak and Penang.

He stated that the estimated volume would be more than adequate for both states.

1,500 mil litres of water daily more than adequate for northern Perak and Penang — Chow

Japanese technology investor SoftBank Group has recently talked with banks about borrowing money to invest up to US$10 billion (RM47.1 billion) in energy-related projects, The Information reported on Thursday.

SoftBank has discussed energy project funding with banks — report

The manufacturing sector, under the purview of the Ministry of Investment, Trade and Industry (Miti) and the Malaysian Investment Development Authority (Mida), recorded RM194.9 billion worth of approved investments from January 2023 to March 2024.

Miti: RM195b approved investments for manufacturing sector from January 2023-March 2024

A total of 2,585 electric vehicle (EV) charging units have been installed nationwide as of June 25, covering all states and federal territories except Labuan.

The Investment, Trade and Industry Ministry (MITI) said this was a 12.5% increase from the first quarter of this year.

2,585 EV charging units installed as of June 25 — Miti

The Mass Rapid Transit Line 1 (MRT1) and MRT2 have failed to meet their targets for daily ridership. They also failed to meet the targeted numbers of trains in operation, and peak-hour frequency, according to the 2024 Auditor General's Report.

MRT Corp's accumulated losses hit RM57.6b while MRT1, MRT2 fail to meet ridership, frequency targets — AG's Report

The craze in artificial intelligence has so far focused on chips made by Nvidia&nbsp;and apps like OpenAI’s ChatGPT. Underpinning this frenzy is a rush to build the infrastructure needed to train and run generative AI (GenAI) models. Nvidia CEO Jensen Huang&nbsp;predicts&nbsp;the sum invested in these data centres will double to US$2 trillion (RM9.4 trillion) in the next five years. Yet the world’s ability to construct, power and cool these facilities will determine the physical limits of the boom.

Data centre boom reveals AI hype’s physical limits

Mara Incorporated Sdn Bhd (Mara Inc) has accumulated losses totaling RM286.3 million, which the auditor general attributes to the ineffective execution of property management activities.

Mara Inc couldn't declare dividends for 10 years as poor management led to RM286m losses — AG

Over 20 subcontractors who had worked on the Damansara-Shah Alam Elevated Expressway (DASH) are trying to force settlement talks with the aim of collecting outstanding payments amounting to RM100 million owed to them collectively from Prolintas.

A statement released by dispute resolution law firm Messrs Thomas Philip, which has been appointed to represent the subcontractors, said that while the highway has been open to the public, many subcontractors remain unpaid for their work.

Law firm appointed to intervene in RM100 mil DASH subcontractors’ dispute with Prolintas

Toyo Ventures Holdings Bhd (KL:TOYOVEN), whose share price plunged to its lowest in over one month on Thursday, has confirmed the termination of the Song Hau 2 thermal power plant project by the Vietnamese government, according to its filing with Bursa Malaysia.

Toyo Ventures confirms termination of Song Hau 2 thermal power plant project in Vietnam

KUALA LUMPUR (July 4): The Public Accounts Committee (PAC) flagged that the Human Resource Development Corp (HRD Corp) had engaged in several dubious property deals, including the purchase of a RM154 million building, without the approval of its board.

PAC flags dubious property deals by HRD Corp

1Malaysia Development Bhd (1MDB) has said there is no real danger of bias for High Court judge Adlin Abdul Majid to continue to preside in the firm and its four subsidiaries’ US$350 million (RM1.6 billion) claim against Datin Seri Rosmah Mansor in a lawsuit against her purported possession of luxury items bought using 1MDB funds.

Its director, Datuk Johan Mahmood Merican, who is also the Treasury secretary-general, in his affidavit-in-reply dated July 4 to Rosmah’s application to recuse Adlin, said there is no conflict of interest for Adlin to preside in the suit despite her previous employment with law firm Lee Hishammuddin Allen and Gledhill (LHAG), as she was never involved in advising 1MDB.

1MDB director says no real danger of bias for judge to preside in Rosmah’s jewellery case

AwanBiru Technology Bhd (KL:AWANTEC), a technology and talent digitalisation enabler, has bagged a RM25.69 million contract from the Ministry of Education (MOE) to provide cloud-based solutions, such as Google Workspace for Education and Google Cloud Platform, to all schools under the MOE.

Awantec bags RM26m contract to provide cloud-based solutions to all schools under MOE

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EVENING 5: Five things you need to know today

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

NTT DATA Japan Corp (NTTD Japan) is now in control of GHL Systems Bhd (KL:GHLSYS) after accumulating 92.71% of the payment solutions provider's total issued shares as at July 4, paving the way for GHL to be delisted from Bursa Malaysia.

The offer will remain open for acceptances until 5pm on July 9.

NTT DATA Japan's bid to delist GHL Systems crosses 90% threshold

Human Resource Development Corp (HRD Corp) has acknowledged the shortcomings highlighted in the Auditor-General's (AG) and Public Accounts Committee (PAC) reports released on Thursday, and maintained that levies collected from employers should only be used to train their own employees.

KUALA LUMPUR (July 4): Sime Darby Property Bhd’s (KL:SIMEPROP) Elimina Ridge 1, comprising landed residential developments, has been 98% taken up following the launch of its first phase on May 25 and second phase on June 22, according to a press release on June 27.&nbsp;

Sime Darby Property’s Elmina Ridge 1 landed homes in City of Elmina 98% taken up

Mudajaya Group Bhd (KL:MUDAJYA) said its former employee Michael Chua Khian Keng has filed an appeal to challenge the High Court’s decision in the civil suit brought against him by the group.

Former Mudajaya employee appeals court order to pay group RM43.6m  

KUALA LUMPUR (July 4): Oil and gas service company Keyfield International Bhd (KL:KEYFIELD) said its wholly owned subsidiary Keyfield Offshore Sdn Bhd has successfully secured two contracts, totalling RM40 million, to supply accommodation workboats.&nbsp;

Keyfield secures two contracts totalling RM40m to supply accommodation workboats

The government has failed to implement the simultaneous issuance of vacant possession with strata titles (VPST), as there was no coordination between the Ministry of Housing and Local Government (KPKT) and other government agencies to fulfill the implementation of the policy,&nbsp;according to&nbsp;the Auditor General’s (AG) Report 2024.&nbsp;

Issuance of strata titles with vacant possession failed due to lack of coordination between ministry, govt agencies — AG's Report

Ekovest Bhd (KL:EKOVEST), the controlling shareholder of PLS Plantations Bhd (KL:PLS), has transferred some PLS shares to an adviser to pay for services rendered in relation to a corporate proposal that Ekovest undertook previously.

Johor-based furniture manufacturer SHH Resources Holdings Bhd (KL:SHH) has announced its deputy managing director Datin Teo Chan Huat is stepping down effective Oct 2, 2024, citing retirement and health concerns.

SHH Resources deputy managing director to step down next month, cites health concerns

FSMOne Malaysia has advised traders to pare down their global equity exposure in the second half of 2024, but sees Malaysian equities remaining attractive, as compared to their global peers.

FSMOne favours Malaysian equities in 2H2024

The Communications Ministry has confirmed that mobile network operators (MNOs) participating in Malaysia's second 5G network will not pass on any costs to consumers.

Fahmi says assured by telcos no extra costs in rollout of second 5G network 

One of the strategies employed by private-equity investors to gauge the growth trajectory of an emerging market is to count the number of outlets selling diet supplements in a shopping mall.

It is an obscure approach to investing, but in private market investment and more so in less-dev...

The Hedgehog And The Fox: Vitamins, the middle class and economic recovery

Stepping onto the highest floor of the 33-storey Sumurwang Tower in i-City, one is greeted by unobstructed views of Shah Alam and Klang. This is also where the brand-new office of Tan Sri Lim Kim Hong, chairman of i-City ­developer i-Bhd, is located.

The Grade A office tower employs fac...

Cover Story: ‘Creating a place where people want to be’

IT was recently reported that a vacancy tax on unsold properties may be imposed on property developers to reduce the overhang. A tax on the inventory of overhang properties is better described as an “unsold property tax”, rather than a vacancy tax.

As far as we know, the only country that implements an unsold property tax is Singapore, which imposes an ABSD (additional buyer’s stamp duty) of 30% (5% non-remittable upon stamping) on unsold properties after five years from the date of acquisition of the land.

The Edge says: Imposing a tax on unsold and vacant properties will be a disaster

TUN Dr Mahathir Mohamad and the four Bersatu leaders aligned to him are staying firm in Bersatu, making an already difficult situation more difficult for party president Tan Sri Muhyiddin Yassin.

The Bersatu quintet have rejected the termination letters issued to them by the party, sign...

Politics and Policy: Legal route to challenge ‘sacking’ may be Mahathir’s best option

THE international community has expressed grave concern over China’s proposed national security law for Hong Kong. They see it as a “comprehensive assault on Hong Kong’s rights and freedoms” which “cannot be tolerated”.

That is the message of an international memorandum against China’s ...

Politics and Policy: An internal affair for some, an assault on rights for others

TELEKOM Malaysia Bhd and either the KLCCP Stapled Group or QL Resources Bhd could be added to the KLCI in the next semi-annual review of the FTSE Bursa Malaysia Index Series on June 4.

On the other hand, analysts say, Malaysia Airports Holdings Bhd (MAHB) and AMMB Holdings Bhd could be ...

Cover Story: Next KLCI review could see Telekom in, MAHB and AMMB out 

THE FBM KLCI hit a low of 1,219.72 points on March 19 after a sell-off triggered by the oil price slump and fears over the impact of the Covid-19 pandemic on the global economy. Just over two months later, the local bourse is entering bull market territory after rebounding 20.9%, led by gains in ...

Cover Story: Market charges ahead despite dismal 1Q earnings

(This article has been updated.)

THE data looks reassuring as Malaysia passes the first month since May 4 when more businesses were allowed to resume operations by adhering to strict standard operating procedures after 47 days of near-lockdown to curb the spread of Covid-19.

Data looks reassuring as Malaysia passes first month of easing restrictions

THE year was 1996. Casino slot machine distributor RGB International Bhd — then known as RGB Sdn Bhd — was in its 10th year of operations, having begun as a humble business in Penang.

Although the company was already fairly established, with customers in Singapore, Cambodia and the Phil...

‘How Stanley Ho changed my business mindset forever’

IN June 1995, exactly two years before Hong Kong’s handover, I was in my small, windowless office in the territory’s Causeway Bay district, when a colleague plonked a Fortune magazine with the cover story, “The Death of Hong Kong”, on my desk. The piece by the magazine’s then Asia editor, the lat...

The Edge Malaysia Weekly

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