<div class=newsTextDataWrapInner>KUALA LUMPUR (Jan 23): The news on the demise of Saudi Arabia's King Abdullah would not impact the oil policy of the Organisation of the Petroleum Exporting Countries (OPEC), said Citibank N.A. 
 
Saudi Arabia is OPEC's top oil producing member country. 
 
"I would say there will be no impact on OPEC's oil policy as the current crown prince has been there for a long time. He will continue with what the previous king did," said Citibank's chief investment strategist Haren Shah at a market outlook briefing today. 
 
Reuters reported oil prices jumped in Asian trading today as news of the death of King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades. 
 
King Abdullah died early today and his brother Salman became king, the royal court in the world's top oil exporter and birthplace of Islam said in a statement carried by state television. 
 
Haren said crude oil prices may stabilise at the range of US$45 per barrel to US$60 per barrel, but could not give a timeline of when that will be. 
 
Adding caution, he said crude oil prices may fall lower in the short term due to market forces. 
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KUALA LUMPUR (Jan 23): The news on the demise of Saudi Arabia's King Abdullah would not impact the oil policy of the Organisation of the Petroleum Exporting Countries (OPEC), said Citibank N.A.

Saudi Arabia is OPEC's top oil producing member country.

"I would say the...

Saudi king's death not expected to change OPEC oil policy, says Citibank

Bursa Malaysia turned mixed at the midday break on Thursday with the key index ending the morning session in positive territory, in tandem with regional markets, said a dealer.

Bursa mixed at midday break, key index up

KUALA LUMPUR (April 18): Smart Asia Chemical Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

Smart Asia Chemical inks underwriting agreement with Mercury Securities en route to ACE Market IPO

Several Malaysia Airlines and AirAsia flights between Sabah, Sarawak, and Kuala Lumpur International Airport (KLIA) were cancelled on Thursday due to volcanic eruption at Mount Ruang, Indonesia.

Malaysia Airlines, AirAsia cancel flights to Sabah, Sarawak after volcano eruption in Indonesia

China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia.

The nation will “resolutely” put the yuan back on track when traders place lopsided bets and it’ll also attempt to avoid excessive volatility, the People’s Bank of China (PBOC) said in a report on its social media account on Thursday.

China restates need for steady yuan amid fragile confidence

The ruling coalition government is drafting a memorandum of understanding (MOU) to facilitate the channelling of fund allocations to Opposition MPs.

Putrajaya mulling MOU with Opposition to facilitate direct allocations

TikTok is heading to its moment of truth in Washington, with Congress on a fast track to approve a bill aimed at forcing the social-media platform’s Chinese parent ByteDance Ltdon  to divest its controversial ownership stake.

TikTok faces Washington reckoning as divest-or-ban vote gets closer

The new water tariff for domestic users in Perak has been set at 75 sen per cubic metre, compared with the previous 70 sen, effective May 1.

New water tariff for Perak users kicks in May 1 — MB's Office

Australian employment unexpectedly fell in March and the jobless rate edged higher, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy.

Australian jobs surprisingly fall, giving RBA scope for patience

Sin-Kung Logistics Bhd has started taking orders from investors for its initial public offering (IPO) that may raise up to RM39.5 million ahead of its listing on Bursa Malaysia’s ACE Market.

Sin-Kung Logistics launches ACE Market IPO to raise RM39.5 mil

Feytech Holdings Berhad (Feytech) has entered into an underwriting agreement with TA Securities Holdings Berhad and AmInvestment Bank Berhad (joint underwriters) for the company’s Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.

Feytech inks underwriting agreement with TA Securities, AmInvestment en route to Main Market IPO  

Shares of PIE Industrial Bhd extended its rally to a new all-time high on Thursday, after Kenanga Investment Bank flagged that the electronic services firm has secured a new client that will take up the entirety of its largest facility.

PIE Industrial extends rally to new all-time high as Kenanga flags new client

The Malaysian aviation industry may be badly impacted on passenger traffic and spikes in jet fuel prices if a full-blown war results from escalating geopolitical tensions in the Middle East, according to Maybank Investment Bank Research (Maybank IB).

Malaysia's aviation industry at risk amid full-blown crisis in the Middle East — Maybank IB

The race for the “world’s best airport” crown has been a two-horse affair in recent years, with Doha’s Hamad International and Singapore Changi leading the pack.

Singapore loses ‘world’s best airport’ crown to Qatar

Alphabet Inc’s Google has put more than two dozen employees on immediate administrative leave after they were involved in protests against Project Nimbus, a US$1.2 billion (RM5.7 billion) joint contract with Amazon.com Inc to provide the Israeli government with AI and cloud services.

Google fires workers protesting US$1.2b Israeli contract

President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.

Biden calls China ‘xenophobic’, ramping up 2024 campaign rhetoric

Apple Inc chief executive officer Tim Cook will meet Singapore’s leader at the tail end of his most extensive Southeast Asia tour in years, searching for new growth markets and manufacturing locations to offset headwinds in China.

Apple CEO to meet Singapore leader to wrap whirlwind Asia tour

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Asian stocks mixed as soaring dollar pauses

Feytech Holdings Berhad (Feytech) has entered into an underwriting agreement with TA Securities Holdings Berhad and AmInvestment Bank Berhad (joint underwriters) for the company’s Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.

Hong Leong Investment Bank (HLIB) research said Cloudpoint Technology Bhd is well positioned to capitalise the burgeoning demand for cyber security solutions post-passage of the cyber security bill which was passed in Dewan Rakyat on April 3.

HLIB: Cloudpoint well positioned to capitalise burgeoning demand for cyber security solutions

Alphabet-owned Google&nbsp;is laying off an unspecified number of employees, a company spokesperson said on Wednesday, marking the latest cuts at the technology giant as it cracks down on costs.

Google lays off employees, shifts some roles abroad amid cost cuts

Gold prices may correct amid potential delay in the anticipated rate cuts by the US Federal Reserve, Philip Capital warned on Thursday and advised investors to stop buying Malaysia’s sole gold exchange-traded fund (ETF).

Stop buying gold ETF as prices may correct — Philip Capital

The stock market saw its longest losing streak since January as a handful of big techs sold off — despite a slide in bond yields.

S&P 500 suffers its longest slide since January

Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.

Analysts remain sanguine on IGB REIT’s prospects going forward

Sin-Kung Logistics Bhd has started taking orders from investors for its initial public offering (IPO) that may raise up to RM39.5 million ahead of its listing on Bursa Malaysia’s ACE Market.

Federal Reserve Bank of Cleveland president Loretta Mester said monetary policy is in a good place, adding that the central bank shouldn’t be in a hurry to cut interest rates.

Mester says US Fed can hold rates steady, not in a hurry to cut

The ringgit extended Wednesday’s gains to open higher against the US dollar on Thursday as the greenback retreated from multi-month highs after a pullback in US Treasury yields, said an analyst.&nbsp;

Ringgit extends gains against US dollar at opening

Asian central banks’ need for assertive defense of their currencies is driving traders to turn less dovish on monetary policies in the region.

Slower US Fed pivot weakens rate-cut bets across emerging Asia

Bursa Malaysia opened slightly lower on Thursday but moved up thereafter. &nbsp;

Bursa turns positive in early trade after opening lower

RHB Retail Research said Marine &amp; General Bhd is set for an uptrend reversal after undergoing a bullish breakout above the 28 sen resistance on Wednesday, on strong trading volume.

Marine & General set for uptrend reversal, says RHB Retail Research 

Indonesia's economy was primed for monetary easing later this year, but an unwelcome plunge in its currency is complicating matters for Bank Indonesia and could force it to grudgingly raise rates as early as next week.