A weekly round-up of tanker and dry bulk market (Jan 10, 2025)

Baltic Exchange shipping updates: Jan 10, 2025

Canadian Foreign Affairs Minister Melanie Joly said she won’t enter the leadership race to succeed Justin Trudeau as prime minister.

Joly, who has long been seen as a contender for the Liberal Party leadership, will instead focus on her cabinet job ahead of Donald Trump’s inauguration and his threat to impose economically devastating tariffs on Canada.

Canadian Foreign Minister Joly will not enter race to replace Trudeau

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

TNB, Berjaya Corp, Sime Darby Property, Uzma, Metronic, Kumpulan Perangsang Selangor, Key Alliance

US consumers’ long-term inflation expectations jumped to the highest since 2008 on concerns about potential tariffs from the incoming Trump administration.

Americans expect prices will climb at an annual rate of 3.3% over the next five to 10 years, up from the 3% expected last month, according to the University of Michigan’s preliminary January survey released on Friday.

US consumer inflation expectations jump to highest since 2008, says survey

Ho Hup Construction Company Bhd (KL:HOHUP), which has just resolved a winding-up petition in November filed by a diesel fuel supplier, has been served with yet another winding-up petition from a cement supplier due to an alleged unpaid sum of RM2.5 million.

Ho Hup gets another winding-up petition over alleged outstanding payment

Constellation Energy Corp surged after it agreed to acquire closely held Calpine Corp for US$16.4 billion (RM73.83 billion) to create the largest fleet of US power stations.

Shares of Constellation climbed as much as 23% in New York trading. Constellation will pay a mixture of cash and stock, and assume about US$12.7 billion of Calpine’s net debt in the deal, the companies said on Friday in a statement.

Constellation Energy surges after agreeing to buy Calpine for US$16.4 bil

Wall Street's main indexes fell on Friday, with the S&P 500 touching a one-week low after an upbeat jobs report stoked fresh inflation worries and reinforced bets that the Federal Reserve will take a cautious approach to interest rate cuts this year.

Wall Street drops after payrolls data; small-cap index set to confirm correction

US President-elect Donald Trump will not go to jail or pay a fine over his criminal conviction stemming from hush money paid to a porn star, a judge ruled on Friday, but the sentencing will place a judgment of guilt on his record.

Trump spared jail at hush money sentencing, days before inauguration

Police have arrested five individuals, including a senior executive of a local broadcasting company, on suspicion of being involved in a money laundering case.

Inspector-General of Police Tan Sri Razarudin Husain said the four men and one woman aged between 20 and 60, were detained at several locations, including in Penang and Sarawak.

Senior executive of broadcasting company arrested for alleged money laundering

The Ministry of Agriculture and Food Security says there is no directive or decision to reduce the price of paddy, as alleged by a farmers' group. 

In a statement on Friday, the ministry said "there has been no directive or decision regarding reducing the paddy purchase price to date".

Agriculture ministry denies plan to reduce paddy purchase price

Berjaya Group is seeking a new partner as it bids for a proposed multibillion-dollar high-speed rail (HSR) line between Kuala Lumpur and Singapore, after Malaysian Resources Corp Bhd (KL:MRCB) withdrew from the consortium, Berjaya Corporation Bhd (KL:BJCORP)&nbsp;founder Tan Sri Vincent Tan Chee Yioun Chiun said.

Berjaya's Vincent Tan seeks new partner in KL-Singapore HSR bid

Former prime minister Datuk Seri Najib Razak was visibly shaken on Friday as the prosecution attacked his defence testimony with an onslaught of questions on the infamous ‘donation’ from Saudi royalty.

Najib visibly shaken as prosecution attacks his inconsistencies over 'donation' details

Tenaga Nasional Bhd or TNB (KL:TENAGA) said its indirectly wholly owned unit TNB Western Energy Bhd (TNB WE) has been slapped with an income tax bill amounting to RM291.55 million for the year of assessment 2018 from the Inland Revenue Board (IRB).

Tenaga Nasional unit gets additional RM292m tax bill

The secretariat for the Federal Territories&nbsp;Pardons Board has denied the existence of any additional document or royal addendum in its official files or records that purportedly allows former prime minister Datuk Seri Najib Razak to serve the remainder of his prison sentence under house arrest.

No royal addendum for Najib's house arrest in Pardons Board's records, says secretariat

U Mobile Sdn Bhd, the nation’s newly selected second 5G network access provider, is set to deploy between 5,000 and 7,000 5G sites across Malaysia, according to industry sources cited by RHB Research.

U Mobile set to deploy up to 7,000 5G sites across Malaysia, RHB says, citing sources

Despite being known as a consummate gentleman, Datuk Seri Najib Razak told the High Court here on Friday that he didn't send thank-you notes or express any gesture of gratitude after receiving donations from the Arab royalty.

1MDB-Tanore: Why no thank-you note to Saudi donors? Prosecution takes aim at consummate gentleman Najib's 'bad manners'

LBS Bina Group Bhd (KL:LBS) has launched Centrum Iris, the second precinct of Cameron Centrum and the largest mixed development of commercial offerings located in Cameron Highlands, Pahang. It has a projected gross development value of RM472 million.

LBS unveils Centrum Iris in Cameron Highlands, Pahang

Despite the anticipation of incoming personal donations of substantial amounts, former prime minister Datuk Seri Najib Razak told the High Court here on Friday that he did not know how the Saudi royalty had obtained his personal bank account details.

1MDB-Tanore: Najib says unaware how Saudi donors got his account details or knew of account change

Tesla Inc officially launched its refreshed Model Y sport utility vehicle in China on Friday and started to take orders, its website showed.

Tesla launches refreshed Model Y Juniper SUV in China

The frequency of Keretapi Tanah Melayu (KTM) bus and commuter train services on the Port Klang-KL Sentral-Port Klang route will each be reduced by 30 minutes during peak hours from Jan 17 and Jan 20 respectively.

Port Klang-KL Sentral KTM Komuter service to boost frequency by 30 mins during peak hours — Loke

AmanahRaya Real Estate Investment Trust (REIT) (KL:ARREIT) on Thursday announced the resignation of Tunku Rozita Tunku Abdul Malek as its executive director and the managing director of its manager AmanahRaya-Kenedix REIT Manager Sdn Bhd, due to personal reasons.

AmanahRaya REIT announces resignation of Tunku Rozita and names Mohd Iskandar as acting MD

Malaysia’s industrial production index (IPI) climbed 3.6% year-on-year (y-o-y) in November 2024, faster than the 2% growth registered in the previous month, driven by higher manufacturing and electricity output.

Malaysia’s industrial output grew faster than expected at 3.6% in November

The Malaysian government has announced preliminary anti-dumping duties on the imports of tinplate — flat-rolled products of iron or non-alloy steel coated with tin — from China, India, Japan and South Korea, effective Saturday (Jan 11), at rates ranging from 2.52% to 36.8%.

Malaysia imposes preliminary anti-dumping duties on tinplate imports

Kenanga Investment Bank Bhd (Kenanga IB) has estimated that any potential capital expenditure (capex) cut by Petroliam Nasional Bhd (Petronas) following a gas distribution agreement with Petros in Sarawak would not exceed RM10 billion annually.

Kenanga IB sees Petronas capex cut not exceeding RM10 bil after Petros gas deal

A summary of how key Bursa Malaysia indices and the ringgit performed on Friday.

FBM KLCI up 0.10% to 1,602.41 on Jan 10, 2025

Too many jobs? Stocks fall. Too few jobs? Stocks still fall.

Wall Street warns stocks need ‘goldilocks’ US payrolls report

Seventeen individuals, including seven civil servants from a Land and Mines Office in Selangor have been arrested to assist investigations into illegal land transfer activities.

Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said the individuals, aged between 33 and 57, are being investigated.

17 arrested in illegal land transfer case in Selangor

Taiwan Semiconductor Manufacturing Co’s (TSMC) quarterly sales topped estimates, reinforcing investor hopes that the torrid pace of artificial intelligence (AI) hardware spending will extend into 2025.&nbsp;

TSMC sales beat estimates in boost for AI’s outlook in 2025

Canada is drawing up plans for extensive tariffs against US products if Donald Trump follows through on his threat to put 25% levies on Canadian goods, according to people familiar with the matter.&nbsp;

Canada plots broad tariff retaliation if Trump starts trade war, Bloomberg reports

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

SINGAPORE (Aug 31): Singapore Myanmar Investo is placing out more than 15.4 million new shares at 48 cents each with the help of CLSA Singapore
to raise S$7 million in net proceeds.

The placement price represents a discount of about 8.5% to the volume weighted average price of 52...

Singapore Myanmar Investco to raise S$7 mil in private placement

SINGAPORE (Aug 31): CIMB is maintaining its “add” on Cityneon with target price of S$1.27 after the group announced the acquisition of JP Exhibition which holds global rights to the Jurassic World travelling
exhibition.

In 2016, /Jurassic World: The Exhibition/ made a six-month s...

Cityneon set to roar with Jurassic World acquisition, says CIMB

SINGAPORE (Aug 31): IPCO International says its auditors had been unable to obtain sufficient appropriate evidence regarding "the nature and veracity" of a transaction related to Xiaogan He Shun Investment Management Centre.

This was because IPCO’s auditors were unable to obtain suffici...

IPCO says auditors unable to verify dubious transactions as they had occurred recently

SINGAPORE (Aug 31): Ride-hailing firm Grab has signalled its intention to move beyond transportation.

The private hire car service operator on Wednesday launched its peer-to-peer fund transfer feature, allowing users to transfer credits
to others via its in-app mobile wallet....

This ride-hailing app now wants to grab a share of the e-payments pie

SINGAPORE (Aug 3): Maybank KimEng likes Manufacturing Integration Tech (MIT) for issuing a positive guidance for 1H17 and is expecting the group to return to profitability on resumption in orders.

In a unrated report for retail investors, analyst Teh Kwong Yew says, “The turnaround is s...

Manufacturing Integration Tech to gain from iPhone 8 launch

SINGAPORE (Aug 3): Michael Wong Pakshong, the Monetary Authority of Singapore’s (MAS) first managing director who served at the post from 1971 to 1981, passed away on Wednesday morning at the age of 86.

In a statement yesterday, MAS conveyed its condolences to Wong’s family, and remembe...

MAS first managing director Michael Wong Pakshong dies at 86

SINGAPORE (July 21): A Singapore Telecommunications (Singtel) spokesperson says its credit ratings “continue to be strong among [its] peers,” after rating agency Moody’s Investors Service on Friday cut Singtel’s senior unsecured ratings to A1, from Aa3.

Despite the downgrade, Moody’s sa...

Singtel says credit ratings still strong following Moody’s downgrade to A1

SINGAPORE (July 21): Regal International Group, the former Hisaka Holdings, is acquiring land in Sarawak to build a residential cum retail development.

Regal International's Malaysian subsidiary Temasek Regal Capital signed a conditional sale and purchase agreement to acquire Wisma Maju...

Regal International to acquire Sarawak land for residential cum retail development

SINGAPORE (July 21): An economic recovery in the US and a surge in the country’s equity markets following the US election have hogged the headlines over the past 12 months.

Still, the best-performing Singapore-registered equity funds have been those holding Chinese and European stocks. ...

Special Fund Focus: Chinese and European equity funds have performed well this year

SINGAPORE (July 21): Religare is staying positive on Singapore office REITs as the sector has posted an average YTD return of 16.9%.

This is despite soft office fundamentals and a slowing GDP.

In a Friday report, analyst Ti Wee Pang says office vacancy has to rebound...

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