OpenAI has completed a deal allowing employees to sell stakes in the company, according to a person familiar with the matter.

The tender offer values the artificial intelligence start-up at US$86 billion (RM411.08 billion), a price that makes OpenAI one of the most valuable start-ups in the world. Bloomberg previously reported the value and that Thrive Capital, the venture capital firm led by Josh Kushner, would lead the deal.

OpenAI deal said to allow employees to sell shares at US$86b valuation

Following Minister of Economy Rafizi Ramli’s comment that Malaysia was studying Singapore’s Progressive Wage Model (PWM), the government released a white paper last November that outlined a pilot PWM. The PWM as envisioned by Rafizi will coexist with the national minimum wage, which stands at RM1,500 per month, with an exemption for micro firms with fewer than five employees.

My Say: Lessons from Singapore’s experience with the Progressive Wage Model

The government has yet to decide on introducing a single grade of white rice known as the Malaysia Madani white rice.

Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said any announcement or decision made must be in accordance with the Control of Padi and Rice Act 1994 (Act 522), and be communicated to the Cabinet.

Govt yet to decide on single-grade white rice — minister

The return of foreign funds to the region is expected to provide a fillip to Bursa Malaysia next week, as buying momentum for domestic equities persists on renewed optimism.

Foreign funds expected to boost Bursa in coming week

The ringgit is expected to remain soft next week, with a possible range of around 4.76 to 4.77 against the US dollar, said an analyst.

Ringgit seen remaining soft at 4.76-4.77 against US dollar next week

OpenAI chief executive officer Sam Altman is working to secure US government approval for a massive venture to boost global manufacturing of artificial intelligence (AI) chips, an effort that risks raising national security and antitrust concerns in Washington, according to people familiar with the matter.

OpenAI’s Sam Altman seeking US blessing to raise billions for AI chips — sources

SoftBank Group Corp founder Masayoshi Son is seeking as much as US$100 billion (RM478 billion) to bankroll a chip venture to compete with Nvidia Corp and supply semiconductors essential for artificial intelligence (AI), according to people with knowledge of the matter.

Masayoshi Son seeking to build US$100b AI chip venture, Bloomberg reports

The Biden administration is in talks to confer more than US$10 billion (RM47.80 billion) in subsidies to Intel Corp, people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.

Intel in talks for more than US$10b in Chips Act incentives — sources

Two Federal Reserve (Fed) officials who vote on policy in 2024 indicated an openness to three interest-rate cuts this year should inflation progress continue.

Two Fed voters indicate openness to three rate cuts this year

Reddit Inc has signed a contract allowing a company to train its artificial intelligence (AI) models on the social media platform’s content, according to people familiar with the matter, as it nears the potential launch of its long-awaited initial public offering (IPO).

Reddit said to have signed AI content licensing deal ahead of IPO

KUALA LUMPUR (Feb 16): Here is a brief recap of the corporate announcements that made the news on Friday:

KPJ Healthcare Bhd's net profit rose nearly 16% in the fourth quarter ended Dec 31, 2023 from a year earlier thanks to higher patient numbers and tax writeback. Net profit for the q...

KPJ, BHIC, MRCB, KNM, SNS Network, ICT Zone Asia and MyEG

One of the smaller brokerages in a highly competitive stockbroking industry, the boardroom and shareholding changes in Apex Equity Holdings Bhd in the last five years have grossly overshadowed its history, where it displayed tenacity to remain in business even in the worst of times.

Apex Equity addresses lingering questions

The return&nbsp;of foreign funds to&nbsp;the region is expected to provide a fillip to Bursa Malaysia next week, as buying momentum for domestic equities persists on renewed optimism.

Next&nbsp;week’s earnings report from chipmaker Nvidia could prove a gut check for one of the market’s hottest names, and for the artificial intelligence (AI) fever that has&nbsp;helped power&nbsp;gains for US&nbsp;stocks in recent months.

High-flying Nvidia's earnings could test US stock market’s AI dreams

SoftBank Group Corp&nbsp;founder Masayoshi Son is seeking as much as US$100 billion (RM478&nbsp;billion) to bankroll a chip venture to compete with Nvidia Corp&nbsp;and supply semiconductors essential for artificial intelligence (AI), according to people with knowledge of the matter.

The Social Security Organisation (Socso) made benefit payments of up to RM5.73 bil to Insured Persons (IPs) and their dependents last year, said Human Resources Minister Steven Sim Chee Keong.

He said that the agency made similar payments of RM5.1 billion in 2022 and Socso’s overall financial performance in 2023 was the best since Socso was established in 1971.

Socso paid RM5.73 billion in benefits last year — Sim

US&nbsp;Treasury yields rose and the dollar edged up against the yen on Friday after data showed US producer prices increased more than expected in January, adding to the view that any interest rate cuts by the Federal Reserve (Fed) are not imminent.

Yields, dollar rise after stronger-than-expected US PPI data

The Madani government will add 186 new Digital Economic Centres (PEDi), bringing the total to 1,097&nbsp; nationwide by the end of this year, Prime Minister Datuk Seri Anwar Ibrahim said.

He said there are currently 911 PEDi, and the effort to add more such centres, especially in areas often overlooked, is the government's initiative to address the digital and income gap, while adding that digital transformation is a crucial agenda in realising the vision of the Madani Economic Framework.

Govt to set up 186 more PEDi to bridge digital divide — PM

Goldman Sachs CEO David Solomon was awarded US$31 million in compensation for 2023, up 24% from US$25 million in 2022, the company said in a filing on Friday.

Solomon's pay comprises a US$2 million base salary, unchanged from the previous year, and a bonus of US$8.7 million in cash and US$20.3 million in performance-linked stock, the bank said.

Goldman Sachs CEO Solomon gets 24% pay bump to US$31 million

Nintendo Co&nbsp;is advising game publishers that its next-generation console will be delayed until the first quarter of 2025, according to people with knowledge of the matter.

Nintendo telling game publishers Switch 2 will be delayed, Bloomberg reports

Two Federal Reserve (Fed) officials who vote on policy in 2024 indicated an openness to three interest-rate cuts this year should inflation progress continue.

Seafarers have the right to refuse to sail on ships passing through the Red Sea in a new industry agreement as the situation escalates and further vessels are attacked by Yemen's Iran-aligned Houthis, a labor union and industry groups said on Friday.

Seafarers can refuse to sail through Red Sea as Houthis step up attacks — industry

The Biden administration is in talks to confer more than US$10 billion (RM47.80 billion) in subsidies to Intel Corp, people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.

OpenAI chief executive officer Sam Altman is working to secure US government approval for a massive venture to boost global manufacturing of artificial intelligence (AI) chips, an effort that risks raising national security and antitrust concerns in Washington, according to people familiar with the matter.

The ringgit is expected to remain soft next week, with a possible range of around 4.76 to 4.77 against the US dollar, said an analyst.&nbsp;

Reddit Inc&nbsp;has signed a contract allowing a company to train its artificial intelligence (AI) models on the social media platform’s content, according to people familiar with the matter, as it nears the potential launch of its long-awaited initial public offering (IPO).

The government has yet to decide on&nbsp;introducing&nbsp;a single&nbsp;grade of white rice known as the Malaysia Madani white rice.

Agriculture and Food Security Minister&nbsp;Datuk Seri Mohamad Sabu said any announcement or decision made must be in accordance with&nbsp;the Control of Padi&nbsp;and Rice Act 1994 (Act 522), and be communicated to&nbsp;the Cabinet.

TM One’s commitment to delivering enterprises’ NEXT advantage was recently amplified with the launch of the TM One Sandbox, which aims to accelerate the digitalisation and automation of businesses, communities and the government.

TM One, delivering your NEXT advantage today

Former Baling Member of Parliament Datuk Seri Abdul Azeez Abdul Rahim's appeal in his defamation suit against DAP chairman Lim Guan Eng in relation to the Penang undersea tunnel project will now be heard on May 19, 2023.

Former Baling MP's appeal in defamation suit against Guan Eng set for May

GuocoLand (Malaysia) Bhd has appointed Noorbaizura Hermeyney as its new managing director (MD), succeeding Tan Wee Bee, effective May 18.

GuocoLand names Noorbaizura as new MD

Here is a brief recap of some corporate announcements that made news on Friday (May 12) involving Hap Seng Consolidated Bhd, Tomei Consolidated Bhd, Hong Seng Consolidated Bhd, Revenue Group Bhd, CSH Alliance Bhd, Ageson Bhd, Teladan Setia Group Bhd, SFP Tech Holdings Bhd and Kumpulan Kitacon Bhd.

Hap Seng, Tomei, Hong Seng, Revenue Group, CSH Alliance, Ageson, Teladan Setia, SFP Tech and Kumpulan Kitacon

The gross domestic product (GDP) of 5.6% year-on-year (y-o-y) in the first quarter of 2023 (1Q2023) has delivered an upside surprise, however it shows weakness in the external sector, said OCBC Bank.

OCBC senior Asean economist Lavanya Venkateswaran in a note on Friday (May 12), said the GDP growth came as a surprise on the upside (consensus and OCBC: 5.1%) against 7% in the fourth quarter of 2022 (4QFY2022).

OCBC Bank: Malaysia 1Q GDP growth of 5.6% surprise on the upside but shows external weakness

While the Malaysian economy surprised on the upside in the first quarter of the year, economists believe that external headwinds and rising interest rates domestically will likely slow down growth in the coming quarters.

The first quarter number, while outperformed economists' expectations, still could not mask the fact that the economic expansion is slowing down quarter on quarter, as rising interest rates and global economic challenges dragged both domestic and external demand

Stronger than expected 1Q2023 GDP, but global challenges abound clouding outlook

In less than six months after acquiring a controlling 51% stake in Innov8tif Holdings Sdn Bhd in January to venture into the digital industry, Hong Seng Consolidated Bhd is offloading the stake to Revenue Group Bhd — citing its lack of experience in the digital business as the reason.

The RM36 million disposal, announced via a bourse filing on Friday (May 12), came prior to Hong Seng's payment of the balance consideration of RM24.41 million for the stake. It has paid only RM3.36 million of the RM30.86 million price tag so far, of which RM3.35 million would be retained as security performance of Innov8tif Holdings's key management personnel.

Hong Seng offloads digital biz stake to Revenue Group less than six months after acquiring it

Teladan Setia Group Bhd’s net profit fell 12.28% to RM8.31 million for the first quarter ended March 31, 2023 (1QFY2023) from RM9.47 million in 1QFY2022, mainly due to higher administrative expenses.

Teladan Setia’s 1Q profit falls 12%; aims to launch properties worth RM1.1 bil in GDV

The Joint Committee on Climate Change (JC3) will review the Task Force on Climate-Related Financial Disclosures (TCFD) Application Guide for financial institutions to support enhanced sustainability and climate-related disclosures.

JC3 to review climate-related disclosures to ramp up financial institutions' response to climate change 

KUALA LUMPUR (May 12): Kumpulan Kitacon Bhd has won an RM101.5 million contract for construction work pertaining to a residential development in Gombak, Selangor.

The job won by its wholly-owned subsidiary Kitacon Sdn Bhd from GLM Emerald West (Rawang) Sdn Bhd, involves the main buildin...

theedgemarkets.com

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

theedgemarkets.com

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌