<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Jan 22): Muhibbah Engineering (M) Bhd said its 51%-owned unit Muhibbah Viccana JV is currently in the process of ascertaining the financial and operational impacts following the termination of a RM584.84 million contract by the Bintulu Port Authority recently.</p></div>

<div class=newsTextDataWrapInner><p>The JV is also compiling the relevant claims as a result of this termination for discussion with the port authority, it added.</p></div>

<div class=newsTextDataWrapInner><p>"The JV is of the view that the Bintulu Port Authority will grant fair compensation to the JV and (the termination) should not result in adverse impact to the JV and the company," said Muhibbah in a filing with Bursa Malaysia today.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>On Jan 17, Muhibbah has announced that the Bintulu Port Authority had cancelled the contract with Muhibbah to build a supply base wharf at the second harbour basin of the port in Sarawak. The project, which was awarded to Muhibbah Viccana JV on April 28, 2017, was expected to be completed by the end of 2019.</p></div>

<div class=newsTextDataWrapInner><p>At 2:34pm, Muhibbah shares were down two sen or 0.71% at RM2.78, giving it a market capitalisation of RM1.34 billion.</p></div>


Muhibbah Engineering (M) Bhd said its 51%-owned unit Muhibbah Viccana JV is currently in the process of ascertaining the financial and operational impacts following the termination of a RM584.84 million contract by the Bintulu Port Authority recently.

The JV is also compiling the relevant claims as a result of this termination for discussion with the port authority, it added.

RM585m job cancellation unlikely to adversely impact Muhibbah's unit

Apple removed Meta Platforms' WhatsApp and Threads from its App Store in China on Friday after the iPhone maker was ordered by the Chinese government.

Apple removes WhatsApp, Threads from China app store on govt order

Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.

Stocks sink, oil surges on reports of Middle East attacks

Bursa Malaysia started the morning trading in positive territory, attributed to broad-based buying in response to a regional recovery, with investors seen focusing on counters with high cash reserves.

Bursa opens higher on buying sentiment

The ringgit opened easier against the US dollar on Friday as the greenback strengthened further following the Federal Reserve’s (Fed) official hawkish stance.

Ringgit opens lower against dollar on US Fed’s hawkish stance

Volvo Car Malaysia will host the Volvo Birthday Sale to celebrate the marque's 97th anniversary this month, offering the grand birthday prize of a trip to Sweden for two worth up to RM50,000.

Volvo Car Malaysia celebrates 97th birthday with special deals for customers

Hong Leong Investment Bank (HLIB) expects Bursa Malaysia Bhd’s earnings for the first quarter to rise 34% year-on-year to RM75 million, amid the expectation of higher securities average daily value (ADV) and derivatives average daily contract (ADC).

HLIB sees Bursa Malaysia’s 1Q earnings rising 34% y-o-y 

Foreign investors continued purchasing Japanese stocks in the week to April 12, driven by a weaker yen and robust performance in chip-related stocks.

Foreigners remain buyers of Japanese stocks in week to April 12

The Ministry of Science, Technology and Innovation (Mosti) has launched the Artificial Intelligence (AI) Sandbox pilot programme, demonstrating its dedication to enhancing artificial intelligence (AI) through the cultivation of AI talent in collaboration with other government bodies and industry stakeholders.

Mosti targets creation of 900 startups by 2026 through AI Sandbox programme

(April 19): Sony Group Corp and Apollo Global Management Inc are considering teaming up in a bid for the film and TV giant Paramount Global, according to a person familiar with the matter.

The two companies haven’t submitted an official offer, said the person, who asked to not be identi...

Sony in talks with Apollo on joint Paramount bid

The International Monetary Fund said the yen's recent declines, while "quite significant," largely reflect the interest-rate differential between Japan and the US, suggesting that its moves were largely in line with economic fundamentals.

IMF says yen's declines 'significant' but reflect rate differentials

<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>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>


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

<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>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>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>


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

<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>Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.</p>


<p>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.</p>


US bank reserve balances see largest drop since 2022 tax season

<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>Federal Reserve policymakers have coalesced around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong US economy.</p>


US Fed policymakers agree there's no urgency to cut rates

<p>Chinese government-linked hackers have burrowed into US critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI director Christopher Wray said on Thursday.</p>


FBI says Chinese hackers preparing to attack US infrastructure

<p>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.</p>


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

<p>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.</p>


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

<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>


Remains of late Joseph Kurup arrive in Kota Kinabalu on Thursday night

<p>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.</p>


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

<p>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.</p>


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

<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>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.</p>
