Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.

Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

Despite having doubts on a RM1.8 billion investment that SRC International Sdn Bhd was undertaking, Datuk Shahrol Azral Ibrahim Halmi, who was then a director of SRC, told the High Court here that he signed off on it without doing due diligence because then prime minister Datuk Seri Najib Razak had given his nod.

Shahrol: I signed off on RM1.8b SRC investment without due diligence because Najib already approved the deal

1Malaysia Development Bhd (1MDB) on Tuesday failed to transfer its case concerning its US$6.59 billion (RM31.58 billion) suit against its former president Arul Kanda Kandasamy and former Treasury secretary general Tan Sri Dr Mohd Irwan Serigar Abdullah from the Civil High Court to the Commercial High Court.

1MDB fails to transfer suit against Arul Kanda and Irwan to another court

Former prime minister Datuk Seri Najib Razak's appeal to recuse judge Datuk Collin Lawrence Sequerah in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial will be heard in August.

Appeals Court sets Aug 20 to hear Najib's bid to recuse judge in 1MDB-Tanore trial

Datuk Shahrol Azral Ibrahim Halmi, a former director of SRC International Sdn Bhd, told the court on Monday that while his statements had been recorded by the authorities in connection with the operations of the former 1Malaysia Development Bhd (1MDB) subsidiary, he was never arrested on any charges.

Shahrol: I was never arrested by authorities

Former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo testified that in 2017, former prime minister Datuk Seri Najib Razak had declared in Parliament that she was no longer wanted by Bank Negara Malaysia (BNM) as the central bank was investigating 1MDB as a whole instead of just her.

Loo: Najib said in Parliament that I was cleared from investigations

In an unprecedented move, the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) criminal trial of former prime minister Datuk Seri Najib Razak will continue on Saturdays from April.

Najib’s 1MDB-Tanore trial to continue on Saturdays in April to June

In what could rival the plot of an espionage movie, the 1Malaysia Development Bhd Tanore (1MDB-Tanore) trial took a detour on Friday, retracing the journey of 1MDB's former general counsel Jasmine Loo in neighbouring Myanmar after she absconded from Malaysia.

1MDB trial takes a Myanmar detour to retrace Jasmine Loo's journey

Fugitive Low Taek Jho (Jho Low)'s penchant for name-dropping was so rife that even close associate Jasmine Loo was not able to identify the veracity of his statements, the court heard on Thursday.

Even close associate Jasmine Loo can't verify truth of Jho Low's stories

Lawyer Tan Sri Muhammad Shafee Abdullah on Thursday sought further time for Datuk Seri Najib Razak’s application for a judicial review of his pardon bid, in which the former prime minister claims included being placed under “house arrest” instead of at Kajang Prison.

Shafee seeks time for judicial review application, to file affidavit of 'critical witness' in Najib’s house arrest bid

The High Court on Wednesday struck out the defence filed by the mother of fugitive Low Taek Jhow (Jho Low) over jewellery, as part of an ongoing multibillion-dollar lawsuit by 1Malaysia Development Bhd (1MDB).

Court strikes out Jho Low mother's defence in US$1.7m jewellery claim by 1MDB

Former prime minister Datuk Seri Najib Razak has filed a judicial review application that would allow him to serve his already reduced jail term under house arrest, under a purported addendum by the then King in his pardon.

Najib claims in court application former Agong decreed that he be allowed to serve time at home

The 1Malaysia Development Bhd-Tanore (1MDB-Tanore) criminal trial was vacated early on Tuesday as the only accused, former prime minister Datuk Seri Najib Razak, was suffering from dehydration and diarrhea, according to a prison doctor who examined him.

Trial cut short but judge rejects two-day MC, orders Najib to show up next day

Former prime minister Datuk Seri Najib Razak was not a “monster” who led the 1Malaysia Development Bhd (1MDB) board of directors like “lambs to the slaughter” in botched investment deals which led the state investment arm to lose billions of dollars, according to his lawyer Tan Sri Muhammad Shafee Abdullah.

Shafee: Najib not the 'monster' that misled 1MDB board of directors

Dubai Airports Chief Operating Officer (COO), Majed Al Joker announced that Dubai International Airport (DXB) will resume normal operations within 24 hours, signifying a return to its full capacity and regular schedule.

Dubai International Airport set to resume full operations within 24 hours

The remains of the late Tan Sri Joseph Kurup arrived at the Kota Kinabalu International Airport here at 11.20pm on a commercial flight.

The flight which was initially scheduled at 9.15am on Thursday was cancelled due to ash clouds from Mount Ruang’s volcanic eruption in North Sulawesi, Indonesia, engulfing the air space.

Remains of late Joseph Kurup arrive in Kota Kinabalu on Thursday night

FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.

He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.

RM958 mil high-tech recycling factory puts Melaka on green investors map — Ab Rauf

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day, said palm oil trader David Ng.

He said the weaker soybean oil market and lower crude oil prices continue to pile pressure on prices.

CPO futures end lower for 5th consecutive trading day

The US dollar's dominant reserve currency status is likely to endure partly because even the most talked about alternative the Chinese yuan falls short as a credible challenger, Morgan Stanley said in a report on Thursday.

Rivalry with China, Russia's war in Ukraine, wrangling in Washington over the US debt ceiling and rising debt levels have put the dollar's status as the world's dominant currency under scrutiny in recent years.

Dollar's dominant reserve currency status to endure, says Morgan Stanley

Wall Street's main stock indexes gained on Thursday as investors cheered upbeat earnings across several sectors, while advancing megacap growth stocks were amongst the biggest boosts.

Megacap growth stock Meta Platforms outpaced peers and gained 2.7% after Bernstein raised its price target to US$590, a sixth such hike on the stock this week.

Wall St ticks up on megacaps, earnings boost

Goldman Sachs Group Inc President John Waldron warned that out-of-control spending could expose the US to serious risk in the event of a political crisis.

Goldman’s Waldron sounds alarm over US debt jolt to markets

The head of the International Monetary Fund warned the US that the global economy is closely watching interest rates and industrial policies given the potential spillovers from the world’s biggest economy and reserve currency.

“All eyes are on the US,” Kristalina Georgieva said in an interview on Bloomberg’s Surveillance on Thursday.

IMF boss says ‘all eyes’ on US amid risks to global economy

KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

The Federal Court on Thursday dismissed an appeal by the Petaling Jaya City Council (MBPJ) over the Court of Appeal’s decision last year that decided that non-paying members in a residential area (RA) could raise the boom gates at the entrance to the housing area themselves without the security guards' assistance.

Federal Court dismisses MBPJ’s appeal on residents' boom gate operation

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiTech Padu Bhd, just one month after acquiring a 15.9% stake via a private vehicle in the company.

Amid controversy over govt contracts, Farhash ceases to be HeiTech Padu substantial shareholder after one month

Elon Musk said some of the severance packages sent to former Tesla Inc employees as part of its biggest-ever workforce reduction were too low.

Musk apologises for ‘incorrectly low’ Tesla severance packages

Malaysia Building Society Bhd (MBSB) has recommended a final dividend of 3.5 sen for the financial year ended Dec 31, 2023 (FY2023).

This would equate to a payout of RM287.78 million, based on the bank’s share base of 8.22 billion shares as at end-December 2023, according to MBSB’s bourse filing on Thursday.

MBSB proposes 3.5 sen dividend for FY2023

Digital payment and financial technology provider Ant International is going to establish what it calls a new digital business centre in Malaysia, creating more than 500 job opportunities in the first year, with more hirings in the next four years until 2028.

Ant International to set up new business centre in Malaysia, creating over 500 jobs

Bursa Malaysia Bhd’s wholly-owned Bursa Carbon Exchange (BCX) will hold its inaugural auction of renewable energy certificates (RECs) on June 25 to support Malaysia’s energy transition plans and corporates’ net-zero aspirations.

Bursa to hold auction of maiden RE certificates on June 25

When Iraq fired dozens of Scud missiles on Israel in early 1991, the US implored then prime minister Yitzhak Shamir not to respond. Shamir said he had to act. After days of late-night calls, high-level visits and long Cabinet meetings, Israel stood down and the US led a 42-nation alliance that defeated Iraq in what became the Gulf War.

Israel caught between hitting Iran and heeding allies

Bursa Malaysia continued its upbeat momentum to end higher for the second straight day on Thursday, due to an improvement in sentiment and a resurgence in bargain-hunting following the recent downturn, said an analyst.

Bursa closes higher on improved sentiment, bargain hunting

KUALA LUMPUR (April 18): IT services firm Systech Bhd said on Thursday that shareholders have approved several proposals, including an acquisition and bonus shares issue.

Systech gets shareholders’ nod for acquisition, bonus shares issue

The Malaysian Bar argued in court that its challenge against Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi's conditional discharge is not academic as it may determine the fate of the Yayasan Akalbudi graft case.

Malaysian Bar: Legal challenge against AG's decision to drop charges against Zahid is not academic

RHB Bank, Malaysia’s fourth-largest bank by assets, said on Thursday it views sustainable financing as presenting more opportunities than challenges, rather than affecting its overall profit from financing activities.

RHB sees opportunities in sustainability finance, aims to provide RM50 bil by 2026

KUALA LUMPUR (April 18): AwanBiru Technology Bhd (Awantec) said trading in its shares will be suspended from April 26, after the group failed to submit its regularisation plan to the regulators for approval within the stipulated timeframe.

Awantec faces trading suspension from April 26 after failing to submit regularisation plan

After spending over two years in court due to a suit from Empire Holdings Ltd, MAA Group Bhd, its major shareholder Tunku Datuk Yaacob Khyra and Turiya Bhd have been dropped as parties in the suit over MAA’s purchase of Turiya shares from a Bahrain-based bank. &nbsp;

MAA Group exits legal bout over 2021 Turiya share acquisition under settlement deal

Malaysia needs to restructure the whole ecosystem of technical and vocational education and training (TVET) programmes, so that it can effectively meet the industry’s requirements, said Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai.

Revamp needed for TVET ecosystem to reduce mismatch, says FMM president

Economists at Citigroup Inc&nbsp;are going out on a limb by wagering that virtually everyone on Wall Street is wrong about the US Federal Reserve (Fed).

After&nbsp;three straight months&nbsp;of slightly faster-than-expected inflation readings, rivals at Bank of America Corp, Goldman Sachs Group, Morgan Stanley, and other banks have dialled back their forecasts for interest-rate cuts this year. Chair Jerome Powell lent support to those moves on Tuesday, when he&nbsp;signalled&nbsp;that policymakers are in no hurry to ease policy.&nbsp;

Citi says Wall Street wrong to slash Fed rate-cut bets

Australia brought 23 companies seeking investment in maritime decarbonisation and renewable energy (RE) sectors to Malaysia as part of the Australia-Southeast Asia Business Exchange programme.

Australia brings 23 firms looking to invest in maritime decarbonisation, RE sectors in Malaysia

Malaysia’s current tallest building, the Merdeka 118 tower, has been awarded the Leadership in Energy and Environmental Design (LEED) Platinum certification in the LEED v2009 Core and Shell rating system, marking it as the first megatall building in the country to achieve it, according to a press statement on Thursday.&nbsp;

Merdeka 118 first megatall building in Malaysia to get LEED Platinum certification

theedgemarkets.com highlighted seven stocks with momentum at Bursa Malaysia's noon break on Thursday. Four stocks displayed negative momentum, while three stocks displayed positive momentum.&nbsp;

Crescendo, Inta Bina, PIE Industrial, Unitrade Industries, Cuscapi, HB Global, Mclean Technologies

Pansar Bhd has secured a contract worth RM269.1 million to upgrade the capacity of a water treatment plant in Sibu, Sarawak.

The construction and infrastructure outfit secured the job from Lembaga Air Sibu via an open tender, through its wholly owned Perbena Emas Sdn Bhd.

Pansar bags RM269m job to upgrade water treatment plant in Sarawak

High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and&nbsp;Special Financial Zone&nbsp;(SFZ) in Forest City can spur Johor’s economy to outpace that&nbsp;of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.

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