PUTRAJAYA (May 10): The Ministry of Finance (MOF) has cautioned the public about potential scams involving the official Rahmah cash aid (STR) or Rahmah basic donation (Sara) lines, where large payments are requested.

MOF: Be wary if you receive calls related to Rahmah cash aid, basic donation

A weekly round-up of tanker and dry bulk market (May 10, 2024)

Baltic Exchange shipping updates: May 10, 2024

KUANTAN (May 10): The Pahang state government has approved 220 hectares in Sungai Wang, in the Hulu Jelai sub-district in Lipis, to be developed into the state’s pioneer non-radioactive rare earth element (NR-REE) mining project.

Sg Wang in Lipis approved as pioneer non-radioactive rare rarth element mine, Pahang state assembly told

Elon Musk touted plans to expand Tesla Inc’s Supercharger network just over a week after firing almost all of the roughly 500 people who ran the business.

Elon Musk changes tune on Tesla Superchargers after mass firing

KUALA LUMPUR (May 10): Although growth was more moderate in March 2024, MIDF Research has maintained its projection that Malaysia’s industrial production index (IPI) year-on-year growth will be stronger at 3.7% for the full year, compared with 1.1% in 2023.

MIDF maintains Malaysia’s 2024 IPI growth forecast at 3.7%

Two subsidiaries of software company Nova MSC BHD (KL:NOVAMSC) have attracted the interest of another Singapore-based family office Mark Investment Group VCC, which is considering investing about RM41 million in the companies.

Singapore-based Mark Investment Group VCC mulling RM41m investments in Nova MSC units

Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

Jiankun redesignates Zahid’s son-in-law Saiful Nizam as chairman 

In today’s edition of Evening 5: 0:06 Paramount buys 21.5% stake in Eco World International from Quek Leng Chan2:02 Azam Baki’s contract as MACC chief commissioner extended for one year3:01 No settlement in sight, Semantan Estate’s appeal to resume in Sept4:20 CIMB Securities eyes single-digit growth in market share by year-end5:39 Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

EVENING 5: Paramount buys 21.5% stake in EWI from Quek Leng Chan

[Branded] Sunway University achieved a new milestone when it became a first-time host for the Times Higher Education Asia Universities Summit, bringing together over 600 delegates representing the cream of global academia.

NEWS: Sunway University hosts THE Asia Universities Summit 2024

Euro zone inflation remains on track to fall back to 2% next year, so European Central Bank policymakers will likely start cutting interest rates from a record high in June, the account of their April meeting showed on Friday.

ECB set scene for June rate cut at last meeting, account shows

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

KUALA LUMPUR (May 10): Datin Seri Rosmah Mansor faces another legal action, this time revolving around from 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd and subsidiaries over luxury goods that were allegedly obtained through misappropriated funds.

1MDB, SRC file fresh civil suit against Rosmah over US$350 mil luxury goods

KUALA LUMPUR (May 10): Paramount Corp Bhd (KL:PARAMON) bought a 21.54% stake in Eco World International Bhd (EWI)(KL:EWINT) for RM170.61 million in cash.&nbsp;

Paramount buys 21.5% stake in Eco World International from Quek Leng Chan for RM170.61m, cash

With signs of a simmering settlement with the government in one of the longest-standing civil land disputes in history dissipating, the Court of Appeal (COA) has fixed Sept 19 to hear the appeal by Semantan Estate (1952) Sdn Bhd in its seven-decade dispute over 263.272 acres of land along Jalan Duta that is currently occupied by public properties.

No settlement in sight, Semantan Estate’s appeal to resume in September

Shares of MCE Holdings Bhd (KL:MCEHLDG) rose to their highest in at least two decades after the automotive parts manufacturer said Brahmal Vasudevan of private equity firm Creador is its newest substantial shareholder.

MCE Holdings surges to highest in at least two decades

Bank Negara Malaysia (BNM) imposed a RM96,250 compound on Habib Jewels Sdn Bhd for non-compliance with the law on anti-money laundering and counter-terror financing.

BNM slaps Habib Jewels with RM96,250 compound for failing to report suspicious transactions

Shares of Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) rose as much as 76 sen or 15.29% to a new record high on Friday, following news a privatisation bid for Great Eastern Holdings Ltd, in which it owns a 1% stake.

Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

CIMB Securities Sdn Bhd, a unit of CIMB Group Holdings Bhd (KL:CIMB), said on Friday it is targeting “high” single-digit growth in market share by year end.

CIMB Securities eyes single-digit growth in market share by year end

SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.

Singapore’s OCBC makes privatisation bid for Great Eastern with S$25.60 offer price

KUALA LUMPUR (May 10):&nbsp; <a href="https://theedgemalaysia.com/" target="_blank">theedgemalaysia.com</a> highlighted three stocks with positive momentum and five stocks with negative momentum at Bursa Malaysia’s afternoon close on Friday. &nbsp;

Kuchai, VSTECS, AHB, Mclean, Kluang, Prtasco, Skywld, Kobay

Shares of Globetronics Technology Bhd [KL:GTRONIC] surged on Friday as analysts project a promising outlook for the group's earnings in the second half of the financial year 2024 (2HFY2024), despite first quarter performance below consensus expectations.&nbsp;

Globetronics surges to one-month high as analysts project strong outlook for 2HFY2024

Tan Sri Azam Baki's contract as chief commissioner of the Malaysian Anti-Corruption Commission has been extended for another year, starting&nbsp;this Sunday (May 12).

Azam Baki’s contract as MACC chief commissioner extended for another year

KUALA LUMPUR (May 10): Bursa Malaysia Securities Bhd (Bursa Securities) on Friday lifted AwanBiru Technology Bhd (KL:AWANTEC), formerly Prestariang Bhd, from its status as an affected listed issuer, after three years.

Bursa lifts Awantec from affected issuer status after three years

KUALA LUMPUR/MUMBAI (May 10): Malaysia’s palm oil stocks increased at the end of April for the first time in six months, as production jumped despite a drop in exports, the industry regulator said on Friday.

Malaysia’s palm oil stocks surge as output jumps despite weak exports

KUALA LUMPUR (May 10): Personal care products retailer Innature Bhd (KL:INNATURE) said on Friday that it is acquiring the operator of Burger &amp; Lobster restaurants for RM21.25 million in a related-party deal as part of a diversification plan.

Innature to acquire Burger & Lobster operator for RM21.25m from major shareholders

Malaysia’s industrial output rose at a faster-than-expected pace in March from a year earlier with the manufacturing sector leading broad gains, the Department of Statistics Malaysia (DOSM) said on Friday.

Malaysia's industrial output grows faster-than-expected in March, official data shows

CelcomDigi Bhd has completed 44% of its nationwide network integration and modernisation&nbsp;programme as it modernised over 7,200 sites as at end-April, leading to improved download speeds of 20% to 26% and better signal strength of 13% to 16% in post-consolidation areas.

CelcomDigi completes 44% in nationwide network modernisation programme

Supermax Corp Bhd’s (KL:SUPERMX) plan to take full control of its loss-making Canadian unit will drag on its balance sheet and income statement, Kenanga Investment Bank flagged.

Supermax's full acquisition of Canadian unit will drag on earnings — Kenanga

Elon Musk touted plans to expand Tesla Inc’s Supercharger network just over a week after firing almost all of the roughly 500 people who ran the business.

<h3>Directors’ duties with respect to&nbsp;financial statements</h3>

In 2011, in the case of Australian Securities and Investments Commission v Healy &amp; Ors, the Federal Court of Australia delivered an important ruling and laid down important principles of law on the standard of care for th...

My Say: Court rulings on chairperson’s and directors’ duties raise cautions for holders of these posts

China's car exports surged to a record high in April, data showed on Friday, as domestic sales slipped 5.8% from a year earlier amid intensifying price competition and consumers' caution about spending on big items during a shaky economic recovery.

China's car exports hit record high in April, as domestic sales fall

Global shares rose to one-month highs on Friday while the dollar held steady, giving commodities a boost, after softer US jobs data gave investors confidence that interest rates will start to decline this year.

Stocks enjoy bounce from rate-cut fever 

Chinese electric vehicle maker Zeekr Intelligent Technology priced its US initial public offering (IPO) at the top of its indicated range, raising US$441 million (RM2.1 billion), it said on Friday.

China's Zeekr prices US IPO at top of range to raise US$441m

Prime Minister Narendra Modi is criss-crossing India in a marathon election campaign but, for the first time since 1996, his Bharatiya Janata Party (BJP) is not contesting in Kashmir, where a 35-year uprising against Indian rule has killed tens of thousands of people.

India's Modi skips election in Kashmir as critics dispute integration claims

BENGALURU (May 10): Sapphire Foods India, which operates the Pizza Hut and KFC chains of restaurants, posted its biggest profit fall since listing and missed estimates on Friday, as inflation-weary customers continued to cut back on dining out and ordering in.

The Yum Brands franchisee'...

Pizza Hut India operator posts biggest profit drop yet on slow demand, piling costs

British foreign minister David Cameron urged fellow Nato members on Thursday to meet pledges to spend 2% of GDP on defence, saying a tougher foreign policy is needed in a world more dangerous "than most of us have ever known".

In 'dangerous world', UK's Cameron says Nato must be tougher, spend more

China firmly opposes the abuse of export control tools such as the US entity list, a foreign ministry spokesperson said on Friday, after the US added 37 Chinese firms to a trade restriction list over national security concerns.

China says it firmly opposes US export control tools

Most Asian currencies were heading for weekly declines on Friday, although largely unchanged on the day, while stocks rose on optimism about US rate cuts stirred by fresh signs of a cooling labour market.

Asian currencies set for weekly fall; stocks firm on US rate cut bets

MANILA (May 10): The Philippines’ national security adviser called on Friday for Chinese diplomats to be expelled over an alleged leak of a phone conversation with a Filipino admiral, in a significant escalation of a bitter row over the South China Sea.

Reuters

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