<div class=newsTextDataWrapInner><p>SINGAPORE (July 6): Grab says that it has considered Singapore’s Competition and Consumer Commission’s (CCCS) decision and disagree with their analysis.</p></div>

<div class=newsTextDataWrapInner><p>This came on the back of the CCCS saying on Thursday that the merger of Grab and Uber has significantly lessened competition in the ride-hailing business in Singapore and its proposal to fine the two parties.</p></div>

<div class=newsTextDataWrapInner><p><em>(See: <a href="https://www.theedgesingapore.com/singapore-says-grab-uber-merger-lessened-competition-proposes-penalties" target="_blank">Singapore says Grab-Uber merger lessened competition, proposes penalties</a>)</em></p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In an email to<em> The Edge Singapore</em> on Thursday, a Grab spokesperson said, “The CCCS appears to have taken a very narrow approach in defining competition... <a href="https://www.theedgesingapore.com/grab-disagrees-competition-watchdog-analysis-merger" target="_blank">(Click here to read the full story)</a></p></div>


SINGAPORE (July 6): Grab says that it has considered Singapore’s Competition and Consumer Commission’s (CCCS) decision and disagree with their analysis.

This came on the back of the CCCS saying on Thursday that the merger of Grab and Uber has significantly lessened competition in the ri...

Grab disagrees with S'pore competition watchdog's analysis on merger

Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.

HLIB sees promising prospects for Kimlun’s FY24-25 earnings

TA Securities thinks that KIP REIT will have a good 3Q showing

MORNING CALL: 19/4/24

Rakuten Trade said United U-Li Corporation Bhd may trend higher after breaking out from its two-week bullish flag pattern with a long white candle on Thursday.

United U-Li Corp may trend higher, says Rakuten Trade 

Israel received its first-ever sovereign downgrade as S&P Global Ratings lowered its credit rating to A+ from AA- on heightened geopolitical risks for the region.

S&P downgrades Israel rating on heightened geopolitical risk

RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.

Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

RHB Retail Research said Muhibbah Engineering (M) Bhd may be headed for an uptrend after rebounding strongly from a recent pullback and pushing past the 21-day simple moving average line.

Muhibbah Engineering may be headed for uptrend, says RHB Retail Research 

The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

 Sarawak aiming to transform itself into a centre for clean hydrogen energy

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.

Cocoa soars above US$11,000 a tonne as processing pace holds up

The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.

US bank reserve balances see largest drop since 2022 tax season

<p>KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>

<p>Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of <strong>HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

<p>FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.</p>

<p>He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.</p>


RM958 mil high-tech recycling factory puts Melaka on green investors map — Ab Rauf

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EVENING 5: Five things you need to know today

<p>High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and&nbsp;Special Financial Zone&nbsp;(SFZ) in Forest City can spur Johor’s economy to outpace that&nbsp;of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


Special economic, financial zones can help Johor surpass other states economically, says Anwar

<p>PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.</p>


<p>Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.</p>


Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

<p>Kimlun Corporation Bhd has bagged a construction contract worth RM150 million for a serviced apartment development project in Johor Bahru.</p>

<p>In a bourse filing on Thursday, Kimlun said its wholly-owned subsidiary Kimlun Sdn Bhd received the award as the main contractor for the Aliva Mount Austin residential project from Astaka Development Sdn Bhd, a subsidiary of Singapore-listed Astaka Holdings Limited.</p>


Kimlun bags RM150 mil contract for residential construction project in Johor

<p>(April 18):&nbsp;The world of chocolate is facing such immense cocoa shortages that the wild trading lured an unlikely player&nbsp;—&nbsp;Pierre Andurand, a hedge-fund manager best known for his bets on oil.&nbsp;</p>


Why the world of chocolate is in crisis

<p>NEW YORK (April 19): US stocks vacillated on Thursday, swinging from red to green and back as investors contended with the push-pull of a strong economy and restrictive Federal Reserve policy.</p>

<p>Benchmark Treasury yields resumed their climb and gold added strength as ongoing turmoil in th...

Wall Street closes lower; gold climbs amid economic, geopolitical crosswinds

<p>The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.</p>


<p>The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.</p>


US stops UN from recognising a Palestinian state through membership

<p>With 94% of Malaysian companies gearing up for an artificial intelligence (AI) driven future, National Technology and Innovation Sandbox (NTIS) together with NVIDIA has launched an AI pilot sandbox programme.</p>


MOHE estimates 13,000 new AI talents by 2026

<p>Indonesia discouraged its state-owned enterprises from making huge dollar purchases, showing the all-hands-on-deck approach that the nation has taken to support the rupiah.</p>

<p>State-run firms with large import requirements or foreign currency-denominated debt must avoid buying large amounts of US dollars while the rupiah is under pressure, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a briefing on Thursday.</p>


Indonesia tells state firms to refrain from buying dollars

<p>While most flights continued to be impacted&nbsp;following the volcanic eruption at Mount Ruang in North Sulawesi, Indonesia,&nbsp;low-cost carrier AirAsia&nbsp;reinstated several flights on Thursday.</p>


AirAsia reinstates several flights on Thursday after Indonesia's volcanic eruption

<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day, said palm oil trader David Ng.</p>

<p>He said the weaker soybean oil market and lower crude oil prices continue to pile pressure on prices.</p>


CPO futures end lower for 5th consecutive trading day

<p>Datuk Seri Dr Zambry Abdul Kadir, who co-chairs the Kuala Kubu Baharu by-election machinery&nbsp;coordination for the unity coalition, said its candidate would be deemed to represent the unity government rather than&nbsp;any particular party per se.</p>


Kuala Kubu Baharu by-election: Candidate to represent unity govt rather than any particular party, says Zambry

<p>The life insurance industry recorded a double-digit growth of 11.6% in new business total premiums to RM13.4 billion last year, compared with RM12 billion in 2022.&nbsp;</p>


New business total premiums up 11.6% in 2023, says Life Insurance Association of Malaysia

<p>Dubai Airports Chief Operating Officer (COO), Majed Al Joker announced that Dubai International Airport (DXB) will resume normal operations within 24 hours, signifying a return to its full capacity and regular schedule.</p>


Dubai International Airport set to resume full operations within 24 hours

<p>US stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.</p>


Stocks end near flat as investors assess earnings, data

<p>The remains of the late Tan Sri Joseph Kurup arrived at the Kota Kinabalu International Airport here at 11.20pm on a commercial flight.</p>

<p>The flight which was initially scheduled at 9.15am on Thursday was cancelled due to ash clouds from Mount Ruang’s volcanic eruption in North Sulawesi, Indonesia, engulfing the air space.</p>
