<div class=newsTextDataWrapInner>British American Tobacco (M) Bhd will be deleted from MSCI Global Standard Indexes</div>
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British American Tobacco (M) Bhd will be deleted from MSCI Global Standard Indexes
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British American Tobacco (M) Bhd will be deleted from MSCI Global Standard Indexes

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Hup Seng, SEGi, Hong Leong Industries, Pansar, Kawan Food, Malaysian Pacific Industries, S P Setia, Thong Guan, Iconic Worldwide, Pertama Digital

US parcel delivery giant UPS has enlisted the asset management arm of Wall Street titan Goldman Sachs to manage its US$43.4 billion (RM203.3 billion) pension fund assets in the US and Canada, the investment bank said on Thursday.

UPS taps Goldman Sachs to manage its US$43.4b pension funds 

The Dow crossed the 40,000 level for the first time on Thursday, notching a fresh all-time high and leading Wall Street gains a day after tepid inflation data bolstered hopes of interest-rate cuts.

Dow breaches 40,000 mark as rate-cut hopes fuel fresh record high

The number of Americans filing new claims for jobless benefits fell last week, unwinding nearly half of the jump at the start of the month, consistent with a gradually cooling labour market.

US labour market rebalancing, economy slowing further

Sunway Real Estate Investment Trust (KL:SUNREIT), which manages a diversified portfolio ranging from malls, hypermarkets to offices, said its net property income (NPI) fell 5.6% year-on-year to RM130.54 million for the first quarter ended March 31, 2024 (1QFY2024).

Sunway REIT's NPI drops 5.6% after sale of medical centre  

Pertama Digital Bhd (KL:PERTAMA), which runs the digital court bail payment system e-Jamin, said it is in discussions with the relevant authorities to allow the company to continue operating the system.

Pertama in talks to continue operating online bail system e-Jamin

AirAsia MOVE, the travel super-app by Capital A Bhd (KL:CAPITALA), has inked a memorandum of understanding with The Commune Mall to offer exclusive discounts spanning flights, hotels and rides deals to patrons of the mall.

AirAsia MOVE partners with The Commune Mall to offer exclusive deals to mall patrons

Singapore's first prime minister in 20 years held an initial cabinet meeting on Thursday after taking office with a pledge to sustain what he called the miracle of the wealthy city state amid an uncertain global environment.

Singapore's first new PM in 20 years holds inaugural cabinet meeting 

US industrial production stagnated in April, restrained by a drop in factory output that highlights a manufacturing sector struggling for traction.

US industrial production stagnates as factory output declines

Nine people have been charged in Britain for promoting unauthorised foreign exchange trading schemes on Instagram in the first crackdown on "finfluencers", the UK Financial Conduct Authority (FCA) said on Thursday.

UK charges nine in crackdown on 'finfluencers'

A three-member Court of Appeal bench on Thursday upheld a High Court decision given two years ago, which had dismissed an Inland Revenue Board (IRB) claim of taxes amounting to RM1.8 billion against Tenaga Nasional Bhd (KL:TENAGA).

TNB need not pay RM1.8b additional taxes as appellate court upholds High Court's decision

Sarawak Cable Bhd (KL:SCABLE) on Thursday said that the High Court has allowed the winding-up petition by OCBC Bank (Malaysia) Bhd on its subsidiaries Universal Cable (M) Bhd and Leader Cable Industry Bhd.

High Court gives nod for OCBC to wind up Sarawak Cable’s subsidiaries

Property developer UEM Sunrise Bhd (KL:UEMS) and its partners plan to develop a 40-acre renewable energy industrial park in Iskandar Puteri, Johor.

UEM Sunrise, partners to develop renewable energy park in Johor

National oil firm Petroliam Nasional Bhd’s (Petronas) subsidiary Suriname E&amp;P BV&nbsp;(Petronas Suriname E&amp;P) has made a third hydrocarbon discovery in Suriname’s Block 52 at the Fusaea-1 exploration well, located about 170km offshore and 9km east from Roystonea-1.

Petronas makes oil and gas discovery at Suriname's offshore Block 52

Gold and jewellery brand Tomei Consolidated Bhd (KL:TOMEI) anticipates that the newly introduced Employees Provident Fund's (EPF) Account 3 will enhance consumers' spending power, potentially boosting its retail sales.

Tomei anticipates retail boost from new EPF Account 3

Industrial paint and coating manufacturer Smart Asia Chemical Bhd (KL:SMART), which is set to be listed on the ACE Market of Bursa Malaysia on May 28, said its initial public offering (IPO), priced at 40 sen apiece, has been oversubscribed by 33.8 times.

Smart Asia Chemical oversubscribed by 33.8 times ahead of ACE Market listing

theedgemalaysia.com&nbsp;highlighted three stocks with positive momentum and 12 stocks with negative momentum at Bursa Malaysia's afternoon close on Thursday. &nbsp;

Straits Energy, Revenue, AEON Co, Notion VTec, L&P Global, MBSB, Hume Cement, VSTECS, ELK-Desa, Icon Offshore, Dancomech, WMG, SCGM, Jiankun International, Mitrajaya

The construction of the Tanjong Karang-Assam Jawa section of Section 7 of the West Coast Expressway (WCE) has reached 71%, and is expected to be completed in March 2026.

Tanjong Karang-Assam Jawa section of West Coast Expressway ready in March 2026, says Nanta

Norway’s US$1.7 trillion (RM7.96 trillion) sovereign wealth fund has decided to exclude Adani Ports &amp; Special Economic Zone Ltd&nbsp;from its portfolio, citing 'unacceptable'&nbsp;risks that the company is tied to human rights violations in war and conflict zones.

Norway's wealth fund blacklists Adani Ports citing ties to war

The Ministry of Human Resources has announced that the progressive wage pilot project, scheduled to commence in June, will encompass five key sectors.

Human Resources Ministry unveils progressive wage pilot project for five key sectors

COME May 11, the Employees Provident Fund’s (EPF) flexible account (or Account 3) will go “live”, giving pre-retirement account holders the liberty to withdraw up to 10% of their balances for any purpose — a scenario that will be closely monitored for its potential impact on consumption.&nbsp;</p...

Cover Story: EPF Account 3 withdrawals expected to have muted impact on consumption

KUALA LUMPUR (May 16): Malaysia is taking steps to strengthen its regime on anti-money laundering, and the countering of financing terrorism and the proliferation of weapons of mass destruction (AML/CFT/CPF), the central bank said.

BNM: Malaysia taking steps to strengthen anti-money laundering, counter-terror laws

KUALA LUMPUR (May 16): Hup Seng Industries Bhd (KL:HUPSENG) said its first quarter net profit rose 44.6% RM13.97 million, from RM9.65 million a year earlier, thanks to higher sales and lower material input costs.

Hup Seng’s 1Q net profit rises 45%; best quarterly earnings in six years

Exposure to buy-now-pay-later (BNPL) risks should be integrated into household debt metrics to keep a lid on consumer borrowings, according to Khazanah Research Institute.

Buy-now-pay-later exposure must be captured, industry regulated further — Khazanah think tank

Asset management company Eastspring Investment Bhd (EIMY) has appointed Yap Siok Hoon as its chief executive officer (CEO), effective May 15.

Eastspring Investment appoints Yap Siok Hoon as new CEO

A&nbsp;summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.

FBM KLCI rises 0.49% to 1,611.11 on May 16, 2024

Sunway Real Estate Investment Trust (KL:SUNREIT), which manages a diversified portfolio ranging from malls, hypermarkets to offices, said its net property income (NPI) fell 5.6% year-on-year to RM130.54 million for the first quarter ended March 31, 2024 (1QFY2024).

Chinese carmaker Beijing Automotive Group Co Ltd (BAIC) on Thursday launched its first two passenger car models for the Malaysian market, the X55 and BJ40 Plus.

BAIC launches X55, BJ40 Plus SUVs in Malaysia

Tomei Consolidated Bhd’s net profit jumped 76.38% to RM20.94 million in the first quarter ended March 31, 2024 (1QFY2024), from 11.87 million a year before, led by higher sales during the festive seasons — Chinese New Year and Hari Raya.

Tomei's 1Q net profit jumps 76% to RM20.94m, highest in two years

Indonesia’s central bank has joined an exclusive club: the biggest owners of their nation’s sovereign debt.