KUALA LUMPUR (May 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd follow...

Star Media, Ho Hup Construction, Sin-Kung Logistics, Ireka, Niche Capital, Favelle Favco, KKB Engineering and RHB Bank

The Ministry of Housing and Local Government has identified 18 locations for the development of solid Waste-to-Energy (WTE) plants throughout the country as a new method of solid waste management to eradicate landfills.

Its minister Nga Kor Ming said the development of the plants, which is the country's new direction in managing solid waste disposal, will use the latest and advanced technology that has been proven successful in several European countries besides China and Japan.

Housing ministry designates 18 locations for waste-to-energy plants

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be a substantial shareholder in Star Media Group Bhd following the latest share disposals last week.

Tong sold out his direct stake of 0.2%, or 1.45 million shares on May 2 and 3. Meanwhile, The Edge sold 1.5 million shares on May 3, according to Star Media’s exchange filing. The transaction price was not disclosed.

The Edge and its owner cease to be substantial shareholders of Star Media

A supervisor died after falling from a height of more than 20 metres while inspecting maintenance work carried out on a ladle crane at a manufacturing plant here on Sunday.

Penang Department of Occupational Safety and Health (DOSH) director Hairozie Asri said the initial investigation found that the victim was a 51-year-old local citizen and a supervisor who was overseeing ladle crane maintenance work carried out by workers at the factory.

Stop-work ordered after ladle crane supervisor falls to death

The Ministry of Investment, Trade and Industry (MITI) is calling upon local companies to establish investment partnerships with companies from Saudi Arabia, especially in the services sector.

Miti encourages local companies to form investment partnerships with Saudi Arabia

The Ministry of Health (MOH) has given an assurance that it will disclose data on adverse events following immunisation (AEFI) resulting from Covid-19 vaccines at a time to be determined, said its Minister, Datuk Seri Dr Dzulkefly Ahmad.

Without specifying a definitive timeframe, he said it was his responsibility as Minister of Health, and he had previously raised in post-Cabinet meetings for AEFI reports to be made public.

MOH assures to disclose data on adverse reactions to Covid-19 vaccines — Dr Dzulkefly

Malaysia is excited to take on the chairmanship of the Association of Southeast Asian Nations (Asean) next year as it aims to invigorate the association’s forums and tackle future challenges.

Communications Ministry secretary-general Datuk Mohamad Fauzi Md Isa said Malaysia envisions a united Asean that stands as a formidable regional bloc, resilient in the face of global adversities.

Malaysia looking forward to taking over Asean chairmanship next year

His Majesty Sultan Ibrahim, King of Malaysia, has played a crucial role in advancing ties and friendship between the Malaysia and Singapore, said Singapore President Tharman Shanmugaratnam.

Sultan Ibrahim plays crucial role in advancing Malaysia-Singapore ties, says Singapore president

Rubber processor and exporter Seng Fong Holdings Bhd's net profit jumped more than threefold in its third quarter, thanks to higher sales volume and average selling prices.

It said its net profit for its 3QFY2024 ended March 31 surged to RM15.14 million from RM4.05 million a year earlier, while revenue jumped 39.2% to RM300.32 million from RM215.72 million.

Seng Fong’s net profit jumps over threefold in 3Q; share price hits all-time high

SINGAPORE (May 6): His Majesty Sultan Ibrahim, King of Malaysia, expressed special thanks to outgoing Singapore Prime Minister Lee Hsien Loong for being a close friend to Johor and Malaysia.

Sultan Ibrahim said Lee's dedication and foresight has steered Malaysia and Singapore towards cl...

King thanks outgoing Singapore PM Lee for being close friend to Malaysia

Perikatan Nasional (PN) candidate Khairul Azhari Saut on Monday launched his manifesto for the Kuala Kubu Baharu (KKB) state by-election, outlining five pledges.

The manifesto, themed ‘Demi Rakyat KKB’, was launched at an event held here.

KKB by-election: PN candidate launches manifesto containing five pledges

The Securities Commission Malaysia (SC) said that the Court of Appeal has allowed its appeal against the acquittal of former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam for insider trading offences.

Appellate court reverses acquittal of ex-MMM deputy chairman for insider trading

Yang di-Pertuan Agong Sultan Ibrahim expressed special thanks to outgoing Singapore Prime Minister Lee Hsien Loong for being a close friend to Johor and Malaysia.

King thanks outgoing Singapore PM Lee for being a close friend to Malaysia 

UDA Holdings Bhd is targeting 30% sales for the Neu Pendington serviced apartment and commercial space development project in the first year after its third-quarter launch this year.

President/chief executive officer Datuk Mohd Salem Kailany said the project, Sarawak's first integrated development, is in the process of securing approval for an advertising permit and developer's licence (APDL)

UDA eyes 30% sales from Neu Pendington in the first year

Militant group Hamas on Monday agreed to a ceasefire proposal in the seven-month-old war with Israel in Gaza, hours after the Israeli military told residents to evacuate some parts of Rafah, which has been sheltering more than a million displaced people.

Hamas chief Ismail Haniyeh informed Qatari and Egyptian mediators that the group accepted their ceasefire proposal, according to a brief statement from Hamas, which gave no details of the accord.

Hamas says it agrees to ceasefire proposal in Gaza war

Walt Disney and Comcast are seeking to hire a financial adviser to resolve a dispute over how to value the 33% stake in streaming platform Hulu that the former will acquire from the latter, according to people familiar with the matter.

The move is in accordance with a deal the companies struck for Hulu last year. It is an action their contract foresees if JPMorgan Chase, which provided a fairness opinion on Hulu for Disney, and Morgan Stanley, which provided such an opinion for Comcast, are too far apart in their valuation assessments.

Disney and Comcast seek advisor to resolve Hulu valuation, sources say

US stock indexes extended last week's gains on Monday as investors saw a greater chance of the Federal Reserve cutting interest rates this year following softer-than-expected payrolls data on Friday.

The benchmark S&P 500 and the tech-heavy Nasdaq were trading at three-week highs after data on Friday showed US job growth slowed more than expected in April, taking pressure off the US central bank to keep rates higher for longer.

Wall Street climbs on renewed hopes of Fed rate cuts

CAIRO (May 6): Saudi Arabia warned Israel against targeting Rafah as part of what it called a "bloody and systematic" campaign to storm all areas of Gaza and displace its citizens, the foreign ministry said in a statement on Monday.
...

Saudi Arabia warns Israel against targeting Gaza's Rafah

US President Joe Biden pressed Israeli Prime Minister Benjamin Netanyahu not to go ahead with a large-scale Israeli military offensive in the southern Gaza city of Rafah on Monday, hours after Israel told Palestinians to evacuate parts of the area.

The White House said Biden reiterated his "clear position on Rafah," which has been that Israel should not proceed with an invasion plan unless it shows how to protect hundreds of thousands of Palestinian civilians there.

Biden presses Netanyahu against Rafah invasion in Gaza

Gold prices climbed more than 1% on Monday, as the US dollar weakened after softer-than-expected US jobs data fueled expectations of potential interest rate cuts by the Federal Reserve later this year.

Spot gold rose 0.8% to US$2,320.95 per ounce by 1503 GMT. US gold futures GCcv1 for June delivery also gained 0.9% to US$2,329.70 per ounce.

Gold gains on soft dollar, rate cut hopes

Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.

Brent crude futures LCOc1 were up 43 cents, or 0.5%, to US$83.39 a barrel at 1300 GMT, while US West Texas Intermediate crude futures CLc1 were at US$78.62 a barrel, up 51 cents, or 0.7%.

Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to US$1 billion (RM4.74 billion).

Shell in talks to sell Malaysian fuel stations to Saudi Aramco — Reuters

For the first time in nearly a generation, fixed income is living up to its name.

At US$2m per minute, US treasuries mint cash like never before

Gamuda Land, the property arm of Gamuda Bhd, welcomed new tenants to its Quayside Mall and an international school to its Quayside Tower, through a memorandum of understanding (MOU) signing ceremony on April 25, according to a press statement on Monday.&nbsp;

Gamuda Land’s Quayside Mall in Kota Kemuning welcomes new tenants; Quayside Tower gets an international school 

Malaysia’s central bank is unlikely to follow its counterparts in Indonesia and Philippines in raising interest rates when its monetary policy committee meets this week, HSBC said.

Malaysia unlikely to follow in Indonesia's, Philippines' rate hike footsteps — HSBC

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be a substantial shareholder in Star Media Group Bhd following the latest share disposals last week.

Tong sold out his direct stake of 0.2%, or 1.45 million shares on May 2 and 3. Meanwhile, The Edge sold 1.5 million shares on May 3, according to Star Media’s exchange filing. The transaction price was not disclosed.

Ho Hup Construction Co Bhd’s RM1 billion mixed development project in Bukit Jalil will be suspended as it plans to sell the project's 3.09-acre land for RM110 million cash.

The disposal deal, inked between Ho Hup’s wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD) and Exsim Development Sdn Bhd’s wholly-owned subsidiary Exsim Persiaran Jalil Sdn Bhd, is aimed to improve the group’s financial position, it said in a bourse filing on Monday.

Ho Hup's Flex project to be suspended, buyers refunded as Exsim buys land for RM110m

THE long-awaited sale of Sapura Energy Bhd’s remaining 50% stake in its exploration and production (E&amp;P) unit — SapuraOMV Upstream Sdn Bhd — has finally come to pass. However, its largest shareholder, Permodalan Nasional Bhd (PNB), cannot breathe a sigh of relief yet.

Last week, the...

Sale of crown jewel alone won’t revive Sapura Energy

Pahang-based hypermarket operator TF Value-Mart Sdn Bhd has initiated legal action against GCH Retail (Malaysia) Sdn Bhd, operator of the Giant Hypermarket brand, citing loss of business and non-compliance with a court order to surrender a 180,000 sq ft premises located in Batu Caves.

TF Value-Mart sues GCH Retail to get it to vacate Giant Batu Caves premises

KUALA LUMPUR (May 6): The Defence Services Asia (DSA) 2024 and National Security (Natsec) Asia 2024 exhibitions are able help the country gauge whether its&nbsp;defence assets are in line with the latest technological advances.

Asia defence services and security exhibition a medium to evaluate national assets in line with current tech — minister

Former prime minister Tan Sri Muhyiddin&nbsp;Yassin's four graft charges, which were&nbsp;reinstated by the Court of Appeal in February, had met all&nbsp;the ingredients of an offence under stipulated laws,&nbsp;and were not ambiguous.

COA written grounds — Muhyiddin’s four charges clear enough, unambiguous 

Prime Minister Datuk Seri Anwar Ibrahim on Monday held an online conference with the president and chief investment officer of technology (CIO) giant Alphabet &amp; Google, Ruth Porat.

In a post on Facebook, Anwar who is also the Finance Minister said the session was a follow-up to their meeting in the United States last year.

Anwar: Alphabet & Google president updates on progress of potential areas of expansion in Malaysia

SHAH ALAM (May 6): The Ministry of Energy Transition and Water Transformation (Petra) has come up with the affordable “Solar BOLEH!” programme to enable more people to adopt solar energy by installing solar panels in their homes, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

Ministry introduces affordable programme to boost solar energy adoption in homes

（新加坡6日讯）据四名知情行业消息人士透露，能源巨头蚬壳（Shell）正与沙地阿拉伯国有Saudi Aramco洽谈，出售其在马来西亚的油站业务，交易价值可能高达10亿美元（47亿4000万令吉）。

路透社：蚬壳向Saudi Aramco洽售大马油站

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Police have recorded the statement of a journalist from an English-language portal to assist investigations regarding the publication of an article alleging talks of a casino licence to revive the Forest City property project in Johor.

IGP: Journalist quizzed over Forest City casino report, more to follow

Logistic services provider Sin-Kung Logistics Bhd, which is set to be listed on the ACE Market of Bursa Malaysia on May 15, said its initial public offering (IPO), priced at 13 sen apiece, had been oversubscribed by 26.5 times.

Sin-Kung IPO shares oversubscribed by 26.5 times ahead of ACE Market listing 

Practice Note 17 (PN17) company Ireka Corp Bhd said its wholly-owned Ireka Development (Terengganu) Sdn Bhd (IDTSB) and the unit's directors are being sued by the Employee Provident Fund (EPF) over unpaid contributions to the fund.

EPF initiates legal action against Ireka unit over unpaid contributions

Former 1Malaysia Development Bhd (1MDB) chief executive officer (CEO) Datuk Shahrol Azral Ibrahim Halmi told the High Court here Monday that he has no knowledge as to why the government dropped him as a defendant in 1MDB subsidiary SRC International’s US$1.18 billion (RM5.64 billion) civil suit against former prime minister Datuk Seri Najib Razak and the company's former chief executive officer Nik Faisal Ariff Kamil.

Ex-1MDB CEO Shahrol says doesn’t know why govt dropped US$1.18b SRC suit against him

KUALA LUMPUR (May 6): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Monday:

FBM KLCI closes 0.49% higher at 1,597.39 on May 6, 2024

The Swiss Army Knife, the iconic, more than century-old fold-up tool used by whittlers, soldiers and even astronauts, will soon be available without a blade.

Victorinox, the company behind the quintessentially Swiss product, is responding to tighter regulations around weapons around the world, Chief Executive Officer Carl Eisner told the Blick newspaper on Monday. Instead, it plans to add tools for cyclists and other functions to a gadget that usually also features scissors and a corkscrew.

Malaysia

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