<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on November 21, 2017</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Al-Rajhi Bank Malaysia has appointed its independent non-executive director Muhammad Afaq Khan as chairman of the bank.</p></div>

<div class=newsTextDataWrapInner><p>Johari Abdul Muid, former managing director of RHB Bank Bhd, has also joined the bank’s board of directors.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a statement yesterday, Al-Rajhi Bank said Muhammad Afaq joined the bank’s board on Sept 5, 2016, bringing with him close to 30 years of experience as an Islamic banking professional.</p></div>

<div class=newsTextDataWrapInner><p>Previously, Muhammad Afaq served as group chief executive officer (CEO) of Standard Chartered Bank (Saadiq). Prior to that, he was part of senior management of the HSBC Group to establish the Islamic banking business.</p></div>

<div class=newsTextDataWrapInner><p>Johari, meanwhile, brings with him over 30 years of experience in financial services ranging from banking and investment to social security management. He previously served as CEO and managing director of RHB Bank and prior to that as deputy CEO of the Employees Provident Fund. Johari also served in CIMB Group Holdings Bhd for over 20 years as the head of the treasury division and the head of CIMB Securities.</p></div>

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KUALA LUMPUR: Al-Rajhi Bank Malaysia has appointed its independent non-executive director Muhammad Afaq Khan as chairman of the bank.

Johari Abdul Muid, former managing director of RHB Bank Bhd, has also joined the bank’s board of directors.

In a statement yesterday, Al-Rajhi ...

Al-Rajhi Bank appoints new chairman; Johari joins the board

The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.

IMF urges Bank of Japan to tread cautiously in raising interest rates

Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.

Israel's Iran attack carefully calibrated after internal splits, US pressure

The Nasdaq and the S&P 500 dipped on Friday, with Netflix among the biggest drags on a dour quarterly forecast, while all three indexes stared at weekly losses amid diminishing hopes that the Federal Reserve would cut interest rates anytime soon.

Nasdaq lags peers as Netflix, chip stocks drag; AmEx lifts Dow

Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.

Anwar's plane landed at Terminal Two, Kota Kinabalu International Airport at 11.40pm, where he was greeted by Chief Minister Datuk Seri Hajiji Noor.

Anwar arrives in Kota Kinabalu for one-day visit

Parties in the Unity Government have their methods to ensure a win in the Kuala Kubu Baharu by-election next month, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid, who is also Barisan Nasional (BN) chairman, said this was discussed at the Unity Government secretariat meeting on Wednesday.

Unity Govt parties have ways to ensure victory in Kuala Kubu Baharu polls — Ahmad Zahid

All travellers entering or leaving Singapore carrying Physical Currency and Bearer Negotiable Instruments (CBNI) that are valued more than S$20,000 or its equivalent in a foreign currency, must submit the necessary declarations electronically with effect from May 13.

Travellers to and from Singapore carrying over S$20,000 must submit online declaration from May 13

KUALA LUMPUR (April 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Shares of Sapura Energy Bhd have been suspended from trading, pending a material announcement. The suspension took effect from 2.30pm onwa...

Sapura Energy, PIE Industrial, LSH Capital, YX, Westports, Yinson, Sime Darby Property, MISC, Meta Bright, EG Industries, Hextar, Uzma, Nova MSC and Iconic Worldwide

YX Precious Metals Bhd, a 70%-owned subsidiary of Tomei Consolidated Bhd, has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.

In a bourse filing, the gold jewellery wholesaler and manufacturer said it has also satisfied the Securities Commission Malaysia (SC) and Main Market listing requirements on financial position, public shareholding spread and Bumiputera equity.

YX Precious Metals proposes to transfer listing from ACE Market to Main Market

(April 19): Oyo Hotels is in talks to raise up to US$450 million via dollar bonds, a person familiar with the matter said, as the once-high-flying Indian startup seeks to replace an existing high-cost loan amid delays in its stock-market debut.

Softbank-backed Oyo eyes US$450 mil bond sale for refinancing

CIMB Thai Bank PCL’s net profit for the first quarter ended March 31, 2024 (1QFY2024) dropped 24.6% year-on-year to 626.1 million baht from 830.1 million baht, as it reported lower operating income and higher expenses.  

The group recorded an 8.4% drop in operating income and an 11.8% increase in operating expenses. The effects of these were partially offset by a 36.9% decline in expected credit loss, according to CIMB Thai president and chief executive officer Paul Wong Chee Kin in a statement. CIMB Group Holdings Bhd has a 94.83% interest in CIMB Thai.

CIMB Thai's 1Q earnings drop 24.6% as operating income falls while opex climbs

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

<p>MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times, ahead of its listing on the Bursa Malaysia Main Market on April 30.&nbsp;</p>


Main Market-bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

<p>Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.</p>

<p>In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.</p>


MIDF confirms cyber security incident

<p>Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.</p>


Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

<p>Automotive electronic parts manufacturer MCE Holdings Bhd has commenced the construction for its MCE Auto Hub, the company’s new manufacturing facility in Serendah, Selangor, with an initial investment of RM50 million for the first phase of the development.&nbsp;</p>


MCE Holdings commences construction for RM50 mil manufacturing facility in Serendah 

<p>KUALA LUMPUR (April 19): Oil-and-gas services firm Yinson Holdings Bhd said on Friday that its indirect wholly owned subsidiary Yinson Production Offshore Pte Ltd (Yinson Production) has successfully placed a US$500 million five-year senior secured bond issue.</p>


Yinson’s unit places US$500 mil five-year senior secured bonds

<p>PUTRAJAYA (April 19): Payment of fees&nbsp;for training or classes in esports, equestrian, swimming, motorsports and taekwondo is&nbsp;eligible for&nbsp;tax relief of up to RM1,000 from next year, said Youth and Sports Minister Hannah Yeoh.</p>


Payment of fees for sports training eligible for tax relief from next year — Hannah

<p>KUALA LUMPUR (April 19): Meta Bright Group Bhd is forming a joint venture company (JVco) with a Bumiputera firm to bid for renewable energy (RE) projects with a Bumiputera equity requirement.</p>


Meta Bright forms JVco with Bumiputera firm for RE projects

<p>DUBAI/JERUSALEM (April 19): Explosions echoed over an Iranian city on Friday in what sources described as an&nbsp;Israeli attack, but Tehran played down the incident and indicated that it had no plans for retaliation — a response that appeared gauged towards averting region-wide war.</p>


Tehran signals no retaliation against Israel after drones attack Iran

<p>Batik Air will suspend its operations to Istanbul, Turkiye, effective May 1, 2024, and affected passengers will be notified via email and text, said the airline operator, Malindo Airways Sdn Bhd.</p>


Batik Air to suspend operations to Istanbul from May 1

<p>KUALA LUMPUR (April 19): theedgemarkets.com highlighted five stocks with momentum at Bursa Malaysia's afternoon close today. Four stocks displayed negative momentum while one stock displayed positive momentum</p>

<h3>Stocks with negative momentum were:</h3>

<ul>
	<li>Kimlun Corp Bhd - unch...

Kimlun, Mclean, Poh Kong, Tomei, BM Greentech

<p>KUALA LUMPUR (April 19): Construction company Lim Seong Hai Capital Bhd (LSH Capital) said it has obtained approval from its shareholders to transfer the group’s listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.</p>


Lim Seong Hai Capital gets shareholder nod for transfer of listing to ACE Market

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

EVENING 5: Five things you need to know today

<p>Bursa Malaysia ended the week mixed on Friday with buying in selected heavyweights and commodity-related stocks amid the negative sentiment on regional markets, said an analyst.&nbsp;</p>


Bursa ends mixed amid weak regional sentiment

<p>EG Industries Bhd has secured a second letter of intent (LOI) from US-based Cambridge Industries Group (CIG) to produce a new 1.6 terabit optical signal transmitter and receiver for a 5G wireless network at EG Industries’ new smart factory 4.0 in Penang.</p>


EG Industries expands partnership with US-based Cambridge Industries Group

<p>A group of investors led by a Dubai-based real estate developer is in talks to build a mixed-use tower in Thailand that may vie for the mantle of the world’s tallest building.</p>


Thailand in talks with group of investors from Middle East, China to build world’s tallest tower

<p>(April 19):&nbsp;Hedge funds and other international investors are sounding alarms after a profitable education company from China defaulted on its convertible bonds in March.&nbsp;</p>


Hedge funds cry foul over Chinese education firm’s default

<p>Mah Sing Group Bhd's M Oscar development in Sri Petaling has achieved an 85% Quality Assessment System in Construction (Qlassic) from the Construction Industry Development Board (CIDB). The certification was presented by CIDB Malaysia CEO Datuk Mohd Zaid Zakaria at an appreciation night for the completion of M Oscar recently.</p>


Mah Sing's M Oscar awarded 85% Qlassic score

<p>SINGAPORE (April 19): CGS-CIMB Securities has officially rebranded as CGS International Securities (CGS International), as the integrated financial services provider launched its new identity in Singapore on Thursday (April 18).&nbsp;</p>


CGS-CIMB Securities rebrands as CGS International, aims to double revenue to S$700 mil by 2030

<p>KUALA LUMPUR (April 19): UEM Sunrise Bhd has launched The Beat 2.0, an extension of The Beat retail hub at its Kiara Bay development in Kepong, during a groundbreaking ceremony held at the Kiara Bay sales gallery on Friday. The Beat 2.0 measures 2.6-acres and will comprise a net lease area (NLA) of 73,566 square feet (sq ft), according to a press statement on Friday.</p>
