<div class=newsTextDataWrapInner><p>KUALA LUMPUR (May 25): Ivory Properties Group Bhd (IPG) planned to acquire another Penang-based housing developer, Alshem Development Sdn Bhd (ADSB), for RM17.7 million.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia today, IPG said it is acquiring all the shares of ADSB from Alshem Venture Sdn Bhd to boost its core business of property development.</p></div>

<div class=newsTextDataWrapInner><p>It said the purchase price was arrived on a "willing buyer and willing seller" basis after considering the completed low-medium cost housing project known as Desa Indah on Jalan Paya Terubong, Penang.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>IPG said that as its wholly-owned subsidiary, ADSB will allow the group to fully control its operations and business strategies that would complement the group's own business strategies.</p></div>

<div class=newsTextDataWrapInner><p>The acquisition will also allow the group to maintain its position as a key player in the property development industry in the northern region and to strengthen the financial position of IPG and its subsidiaries, it said.</p></div>

<div class=newsTextDataWrapInner><p>The acquisition is estimated to be completed by the first half of year 2017.</p></div>

<div class=newsTextDataWrapInner><p>IPG shares closed half sen or 1.1% lower at 45 sen today for a market capitalisation of RM200.5 million.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (May 25): Ivory Properties Group Bhd (IPG) planned to acquire another Penang-based housing developer, Alshem Development Sdn Bhd (ADSB), for RM17.7 million.

In a filing with Bursa Malaysia today, IPG said it is acquiring all the shares of ADSB from Alshem Venture Sdn Bhd to...

Ivory Properties acquires Penang housing developer

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

The International Monetary Fund (IMF) inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks.

IMF lifts growth forecast for global economy but warns of risks

US industrial production rose for a second month in March, boosted by a larger-than-expected increase in factory output, as manufacturing showed further signs of stabilising.

US industrial production rises again on boost from manufacturing

NEW YORK/BENGALURU (April 16): Johnson & Johnson's (J&J) first quarter revenue missed Wall Street estimates on Tuesday, with sales of its blockbuster psoriasis drug Stelara coming in lower than expected, as the company prepares for its loss of exclusivity in the US.

J&J's first-quarter revenue misses as Stelara sales fall short

Policymakers around the world are struggling to confront a surging greenback and lofty US interest rates, according to Mohamed El-Erian. 

“Authorities are a little bit frozen around the world as to how do you react to a generalised dollar strengthening?” El-Erian, the president of Queens’ College, Cambridge and a Bloomberg Opinion columnist, told Bloomberg Television on Tuesday. “How do you react to a generalised increase in interest rates in the US?”

El-Erian says world ‘frozen’ by strong dollar, high US rates

The Kelana Jaya Line Light Rail Transit (LRT) service is operating with a limited number of trains, due to a disruption to the power supply system which was struck by lightning at 3.30pm on Tuesday.

Power supply disruption affects Kelana Jaya Line LRT service

KUALA LUMPUR (April 16): The Malaysian Investment Development Authority (Mida) has appointed Sikh Shamsul Ibrahim Sikh Abdul Majid as its new chief executive officer (CEO), effective April 18, 2024.

Mida appoints Sikh Shamsul as new CEO

Tesla's global job cuts include reducing staff in the US and China, the automakers' two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said.

Chief executive officer Elon Musk on Monday told staff in an internal memo seen by Reuters that the company is laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for electric vehicles.

Tesla's global job cuts include leading markets US, China

<p>Datuk Abdul Rahman Ahmad will return to Permodalan Nasional Bhd (PNB) as its president and group chief executive effective July 1, 2024, the government-linked investment company said.</p>


CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive

<p>Analysts are positive on Malaysia’s pilot green power exports to Singapore using existing infrastructure in both countries, following establishment of the platform enabling cross-border trading of green electricity, the Energy Exchange Malaysia (Enegem).</p>


Analysts positive on pilot green power exports to Singapore; name Tenaga, YTLP as top picks

<p>CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.</p>


CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

<p>Alliance Bank Malaysia Bhd’s (ABMB) net profit is expected to jump by 37.3% year-on-year (y-o-y) to RM179 million for the fourth quarter ended March 31, 2024 (4QFY2024), according to AmInvestment Bank Research.</p>


AmInvestment sees Alliance Bank’s 4Q earnings jump by 37% y-o-y

<p>The Ministry of Transport clarified on Tuesday that the higher contract value of RM190.01 million awarded to HeiTech Padu Bhd for Road Transport Department (JPJ) services was only due to a longer extended contract duration.</p>


Loke: Higher contract value awarded to HeiTech Padu due to longer extended duration

<p>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.</p>


Globetronics in final talks with two potential customers for advanced packaging

<p>The automotive industry is not exactly the place one would want to be in the next few years.</p>

<p>Competition among manufacturers of internal combustion engine vehicles, battery electric vehicles (EVs) and hybrid cars has been ongoing for more than a decade now. Last year, some certainty fin...

Alternative Views: Automotive industry feels heat from intensifying EV price war

<p>Transport Minister Anthony Loke Siew Fook said his ministry has no objection to MMC Corp Bhd divesting a stake in MMC Port Holdings Sdn Bhd, including to foreign entities, as long as it does not contravene the government's policy that requires 51% ownership of major national assets to remain with local companies.</p>


Loke says MMC Port free to sell stake to foreign firms, but govt has to be notified of shareholding changes

<p>Carlo Rino Group Bhd has filed for an initial public offering (IPO) that would raise more funds for the apparel company as part of its listing transfer to the ACE Market from the LEAP Market.</p>


Carlo Rino files draft prospectus for listing transfer to ACE Market

<p>Former prime minister Tan Sri Muhyiddin Yassin has requested for a bench of five Court of Appeal (COA) judges to hear his review against the court’s own decision to reinstate abuse of power charges involving RM232.5 million against him.</p>


Muhyiddin seeks five-judge bench to hear criminal charges review

<p>European Commission President Ursula von der Leyen is unleashing a barrage of trade restrictions against China as she seeks to follow through on a pledge to make the EU a more relevant political player on the global stage.</p>


EU goes on China trade offensive after getting ‘played’ 

<p>KTI Landmark Bhd (KTI) has signed an underwriting agreement with M&amp;A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd.</p>

<p>In a statement on Tuesday, the Sabah-based integrated property developer said the initial public offering (IPO) comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.</p>


KTI Landmark inks underwriting deal with M&A Securities en route to ACE Market listing

<p>Bursa Malaysia ended the morning session lower on Tuesday, in tandem with the weaker regional performance due to a broad sell-off on Wall Street overnight, said an analyst. &nbsp;</p>


Bursa ends morning session lower along with regional peers

<p>China’s rapidly expanding petrochemicals industry is making life increasingly difficult for producers in Asia’s next-biggest exporter of the building blocks for making plastics.<br />
&nbsp;<br />
Asia’s largest economy used to be the major market for South Korean companies like LG Chem Ltd and Lotte Chemical Corp. But the exporters of the chemicals used to make everything from nylon to disposable bottles and car interiors are now being forced to downsize their operations after a frenzy of petchem-plant building in China over the last few years created a supply glut. &nbsp;</p>


China’s growing plastics dominance is squeezing out Asian rivals

<p>EP Manufacturing Bhd's (EPMB) shares climbed on Tuesday and marked their best day in 10 months after the Shah-Alam based auto parts maker signed an assembly deal with a Chinese carmaker.</p>


EP Manufacturing shares chart best day in 10 months after assembly deal

<p>Gold is set to reach US$3,000 (RM14,381.71) an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup Inc said, adding to a roll call of Wall Street banks that have raised forecasts.</p>


Gold seen hitting US$3,000 at Citi as investor inflows juice rally

<p>Workers in Singapore can now ask for four-day work weeks, more work-from-home days and staggered work timings starting from Dec 1, underscoring the global trend of governments and companies relaxing office arrangements in order to retain talent.</p>


Singapore orders all employers to consider employees’ flexi-time requests

<p>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;</p>


Bursa closes lower, tracking weak global sentiment

<p>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.</p>


Anwar: Miti to draw up comprehensive semiconductor strategic plan

<p>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.</p>

<p>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;</p>
