<div class=newsTextDataWrapInner>KUALA LUMPUR (Dec 3): CIMB IB Research has downgraded AirAsia Group Bhd (AAGB) to “Reduce” at RM2.98 with a lower target price of RM2.12 (from RM2.72) and said AAGB’s 9M18 core net profit of RM563 million was only 60% of house previous fullyear forecast.</div>

<div class=newsTextDataWrapInner>In a note Nov 30, the research house said despite seasonal 4Q strength, the results were 25% below.</div>

<div class=newsTextDataWrapInner>“This was due to excessive capacity expansion in Malaysia, the Philippines and India, causing loads to fall, while oil prices and the US$ were strong.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“Downgrade from Hold to Reduce, with a lower target price of RM2.12, based on sector average CY20F P/E of 10x and adding special DPS of 70 sen,” it said.</div>

KUALA LUMPUR (Dec 3): CIMB IB Research has downgraded AirAsia Group Bhd (AAGB) to “Reduce” at RM2.98 with a lower target price of RM2.12 (from RM2.72) and said AAGB’s 9M18 core net profit of RM563 million was only 60% of house previous fullyear forecast.

In a note Nov 30, the research h...

CIMB Research downgrades AirAsia, lowers target to RM2.12 

WASHINGTON (April 16): US Treasury Secretary Janet Yellen on Tuesday warned that the US intends to hit Iran with new sanctions in coming days over its unprecedented attack on Israel, and these actions could seek to reduce Iran’s capacity to export oil.

US to hit Iran with new sanctions in ‘coming days’, Yellen says

KUALA LUMPUR (April 16): The Unity Secretariat meeting, held on Tuesday night, discussed preparations to strengthen machinery and the working mechanism of parties within the Unity Government, in preparation for next month’s Kuala Kubu Baharu by-election.

Saifuddin Nasution: Unity Secretariat discussed machinery preps for Kuala Kubu Baharu by-election

WASHINGTON (April 16): Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran’s oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.

Biden unlikely to cut Iran’s oil lifeline after Israel attack

KUALA LUMPUR (April 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

MyEG, HeiTech Padu, Apex Healthcare, Globetronics Technology, Kossan Rubber, Tomei, GDEX, Serba Dinamik, Alpha IVF and Comfort Gloves

KUALA LUMPUR (April 16): The 14-year-old daughter of Lahad Datu police chief ACP Dzulbaharin Ismail was found dead in a pool of blood, in a room at her home in Taman Tabanak, Lahad Datu on Tuesday.

Teen daughter of Lahad Datu police chief found dead in pool of blood

KUALA LUMPUR (April 16): The Malaysian Investment Development Authority (Mida) plays an instrumental investment facilitator role in removing obstacles for prospective investors, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Zafrul: Mida a vital instrument to remove obstacles for prospective investors

NEW YORK/BENGALURU (April 16): The Dow Jones Industrial Average outshone its peers on Tuesday, following upbeat results from health insurer UnitedHealth, while higher Treasury yields and conflict in the Middle East kept investors on edge.

Dow up on UnitedHealth boost; higher bond yields, Mideast tensions cap gains

KUALA LUMPUR (April 16): Comfort Gloves Bhd said two subsidiaries of the group have commenced legal action over an additional tax demand totalling RM99.3 million by the Inland Revenue Board (IRB).

Comfort Gloves’ units go to court over RM99 mil additional tax demand

Tesla Inc shares extended their decline for 2024, pushing the electric-vehicle (EV) maker’s market valuation below US$500 billion (RM2.40 trillion), as a round of job cuts this week further soured sentiment around the company.

Tesla’s value declines below US$500b as risks pile up

Federal Reserve (Fed) vice chair Philip Jefferson said he expects inflation to continue to moderate, with interest rates at their current level, but persistent price pressures would warrant holding borrowing costs high for longer.

Fed’s vice chair sees steady rate helping to push down inflation

Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd is in the final stages of discussion with two prospective clients interested in leveraging advanced packaging technology.

Globetronics in final talks with two potential customers for advanced packaging

Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd said it had been granted an extension of time until May 15 by Bursa Malaysia to submit its regularisation plan.

Bursa grants Serba Dinamik second extension of time until May 15 to submit regularisation plan

ISKANDAR PUTERI (April 16): The Johor government wants to develop a multi-tiered Automated Rapid Transit (ART) system in Johor Bahru to address traffic congestion in the city.

MB: Multi-tiered Automated Rapid Transit system planned to overcome Johor Bahru congestion

The Ministry of Investment, Trade and Industry (Miti) will draw up a comprehensive semiconductor strategic plan to ensure that Malaysia continues to be the chosen investment destination for this strategic industry, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar: Miti to draw up comprehensive semiconductor strategic plan

HSBC Holdings plc has started a new round of job cuts at its Asia investment bank amid a slump in dealmaking across the region, according to people familiar with the matter.

The London-based lender cut around a dozen bankers across its investment banking division in Asia on Tuesday, one of the people said, asking not to be identified discussing a private matter.&nbsp;

HSBC slashes a dozen investment bankers in Asia on deals slump

Bursa Malaysia ended lower for the second consecutive day on Tuesday, tracking the weak global sentiment due to the Middle East conflict, said an analyst. &nbsp;

Bursa closes lower, tracking weak global sentiment

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

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 16): Malaysian airlines will be hurt by higher fuel costs, even as escalating geopolitical tensions in the Middle East are not expected to dent ticket sales, analysts said.

Local airlines may feel heat from rising oil prices as Middle East tensions simmer — analysts

1Malaysia Development Bhd (1MDB) on Tuesday failed to transfer its case concerning its US$6.59 billion (RM31.58 billion) suit against its former president Arul Kanda Kandasamy and former Treasury secretary general Tan Sri Dr Mohd Irwan Serigar Abdullah from the Civil High Court to the Commercial High Court.

1MDB fails to transfer suit against Arul Kanda and Irwan to another court

KUALA LUMPUR (April 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

The Ministry of Finance (MOF) has registered the proposed construction of a new highway alignment that will connect Tanjung Malim to Lumut.

Confirming the matter, Menteri Besar Datuk Seri Saarani Mohamad said the construction of the highway is necessary&nbsp;to facilitate export logistics services through the Lumut Maritime Industrial City (LuMIC) when the High Technology Automotive Valley (AHTV) project in Tanjung Malim begins operation.

Perak proposes new highway between Tanjung Malim and Lumut

Kossan Rubber Industries Bhd has proposed a final dividend of two sen per share for the financial year ended Dec 31, 2023 (FY2023).

The final dividend will be paid on July 18, with June 20 as the ex-date and June 21 as the entitlement date, the glove maker said in a bourse filing on Tuesday.

Kossan proposes final dividend of two sen for FY2023

Tesla Inc&nbsp;shares extended their decline for 2024, pushing the electric-vehicle (EV) maker’s market valuation below US$500 billion (RM2.40 trillion), as a round of job cuts this week further soured sentiment around the company.&nbsp;

KUALA LUMPUR (April 16): Bursa Malaysia Bhd is collaborating with the UK government’s Mobilising Institutional Capital Through Listed Product Structures (Mobilist) programme to help address the funding gap needed in Malaysia to achieve the United Nations’ (UN) Sustainable Development Goals (SDGs) by 2030.

Bursa works with UK's Mobilist programme to address funding gap and achieve UN SDGs

Former prime minister Tun Dr Mahathir Mohamad said on Tuesday that the Malaysian Anti-Corruption Commission (MACC) has accused him of abusing power for personal gain.

Mahathir claims MACC accuses him of power abuse for personal gain

KUALA LUMPUR (April 16): Newly-listed fertility care company Alpha IVF Group Bhd made a net profit of RM13.59 million for its third quarter ended Feb 29, 2024 (3QFY2024), on a revenue of RM40.7 million.

Alpha IVF makes RM13.6 mil net profit in 3Q, sees rising demand for fertility solutions amid resurgence in medical tourism

KUALA LUMPUR (April 16): The 14-year-old daughter of Lahad Datu police chief ACP Dzulbaharin Ismail was found dead in a pool of blood, in a room at her home in Taman Tabanak, Lahad Datu on Tuesday.

KUALA LUMPUR (April 16): Express carrier GDEX Bhd, which has been in the red for the last two financial years, is planning to diversify into the provision of information technology (IT) services and solutions to enhance its revenue stream.

GDEX plans to diversify into IT

KUALA LUMPUR (April 16): Gold jewellery manufacturer Tomei Consolidated Bhd, whose share price hit a record high last week amid rising gold prices, has declared a first and final dividend of four sen per share for the financial year ended Dec 31, 2023 (FY2023).

Tomei declares four sen dividend for 2023, expects 'reasonable profit' for 2024

When the group of mining executives arrived at Panama’s regal Palacio de las Garzas, they were ushered past the ornate, wood-panelledd ceremonial rooms and straight to the private office of the president.