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<div class=newsTextDataWrapInner><p class="thumb-cap">EVENING 5: IPIC, Aabar to pay US$1.8 billion 1MDB settlement</p></div>
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<div class=newsTextDataWrapInner><p>Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today.</p></div>

<div class=newsTextDataWrapInner><p>1. IPIC and its subsidiary Aabar Investments PJS agree to pay the government <a href="https://www.theedgemarkets.com/node/656963" target="_blank">US$1.8 billion 1MDB settlement</a>.</p></div>

<div class=newsTextDataWrapInner><p>2. A massive vaccine provision pulls Pharmaniaga into the red, <a href="https://www.theedgemarkets.com/node/656995" target="_blank">triggering the PN17 status</a> for financially distressed firms.</p></div>

<div class=newsTextDataWrapInner><p>3. Maybank books a <a href="https://www.theedgemarkets.com/node/656917" target="_blank">5.4% growth in 4QFY2022 net profit</a> and declares a second interim cash dividend of 30 sen.</p></div>

<div class=newsTextDataWrapInner><p>4. Public Bank’s <a href="https://www.theedgemarkets.com/node/656929" target="_blank">4QFY2022 net profit grows 24.1%</a> and announces a third interim dividend of five sen.</p></div>

<div class=newsTextDataWrapInner><p>5. PT Resources Holdings inks a deal to jointly develop a <a href="https://www.theedgemarkets.com/node/656870" target="_blank">RM1 billion supply chain park</a> in Kuantan, Pahang.</p></div>


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

EVENING 5: Five things you need to know today

Sixteen Malaysians were among the 211 passengers aboard Singapore Airlines (SIA) flight SQ321 from London to Singapore that was forced to make an emergency landing at Suvarnabhumi Airport, on Tuesday afternoon.

16 Malaysians among passengers aboard London-Singapore flight SQ321

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

Pos Malaysia, Hartalega, Kossan, Hong Seng, Sunway, PetDag, Affin, Bank Islam, Hibiscus, LBS, Sime Darby Property, Lagenda Properties

Magma Group Bhd (KL:MAGMA), formerly known as Impiana Hotels Bhd, plans to undertake an issuance of redeemable convertible notes (RCNs) to raise up to RM100 million to repay borrowings and fund working capital.

Magma plans to raise RM100 mil via redeemable convertible note issuance  

Prime Minister Datuk Seri Anwar Ibrahim on Tuesday said that the government is taking it seriously to develop the progressive wage policy (PWP) to address the issue of low wages, especially among the younger generation and graduates.

Govt pledges to break stagnant wage with progressive wage policy — PM

KNM Group Bhd (KL:KNM) has received a written notice from a solicitor proposing the appointment of new directors for its upcoming annual general meeting (AGM) scheduled for June 6, 2024.

KNM receives nomination for new directors ahead of June 6 AGM

Hextar Industries Bhd (KL:HEXIND) saw its net profit tumble 78.1% year-on-year for the first quarter ended March 31, 2024 (1QFY2024), dragged by lower average selling prices (ASP) and higher raw material costs due to the weaker ringgit despite higher sales volume of fertilisers

Hextar Industries posts 78% drop in 1Q earnings on lower ASP, higher raw material costs

LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Earnings per share increased to 1.49 sen from 1.48 sen.

LBS posts flat 1Q net profit as revenue drops to lowest in nearly three years

Malaysia recorded an encouraging economic achievement in the first quarter (1Q) of 2024 at 4.2%, surpassing the expectations of many parties who projected the growth rate at 3.9%, said Prime Minister Datuk Seri Anwar Ibrahim.

Economic achievement in 1Q 2024 very encouraging — Anwar

The country's investment record is expected to jump further this year compared to 2023, evidenced by potential foreign investments totalling RM76.1 billion that have been successfully attracted as of March 2024, said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia's investment record to jump further this year, says Anwar

The government will take stern action against extremists and agitators of recent violent incidents in the country, said Prime Minister Datuk Seri Anwar Ibrahim.

Govt to act firmly against perpetrators of violence, ensures calm — PM 

<p>Pos Malaysia Bhd (KL:POS) is selling its ship chartering unit that mainly deals with bulk cargoes for RM123.21 million as part of a move to shed non-core businesses.</p>


Pos Malaysia to sell non-core shipping unit for RM123m

<p>Putrajaya's plan to implement targeted subsidies will begin with diesel and involve only consumers in Peninsular Malaysia, according to Prime Minister Datuk Seri Anwar Ibrahim.</p>


Anwar: Targeted subsidies to start with diesel and involve only consumers in Peninsular Malaysia

<p>Bersatu Information Chief Datuk Wan Saiful Wan Jan was never involved in any of the government committees that had awarded the ‘Central Spine Road: Sertik to East Coast Highway Intersection’ contract to Nepturis Sdn Bhd, the Sessions Court was told on Tuesday.</p>


Wan Saiful not involved in committees awarding Jana Wibawa contracts, says witness

<p>ASML Holding NV and Taiwan Semiconductor Manufacturing Co have ways to disable the world’s most sophisticated chipmaking machines in the event that China invades Taiwan, according to people familiar with the matter.</p>


ASML and TSMC can disable chip machines if China invades Taiwan, Bloomberg reports

<p>Sunway Construction Group Bhd (KL:SUNCON) retreated on Tuesday from its all-time high amid weaker-than-expected results and growing market concerns that its shares may have peaked after beating the consensus target price.</p>


SunCon shares off record high after below-view 1Q amid analyst downgrades

<p>Hibiscus Petroleum Bhd's [KL:HIBISCS] net profit climbed by 42.37% to RM101.81 million in the third quarter ended March 31, 2024 (3QFY2024), from RM71.51 million a year ago, driven by strong oil and condensate prices of over US$90 (RM421.68) per barrel.</p>


Hibiscus' 3Q net profit climbs 42%, driven by strong oil and condensate prices

<p>The hike in diesel prices is expected to be implemented in early June to combat smuggling and mitigate costly subsidies, according to CGS International.</p>


CGS International expects diesel price hike early June 

<p>1Malaysia Development Bhd (1MDB) on Tuesday obtained a judgement in default (JID) against Puan Sri Goh Gaik Ewe, the mother of fugitive Low Taek Jho (Jho Low), over its claim of US$1.695 million (RM7.9 million) worth of jewellery allegedly bought with 1MDB funds.</p>


1MDB obtains judgement in default against Jho Low’s mum; court fixes August trial dates for Eric Tan and May Lin

<p>A British man was killed and seven other people were critically injured after a Singapore Airlines Ltd jet flying from London to its home country encountered severe turbulence as it entered Thai airspace.</p>


One dead after Singapore Airlines flight hit by severe turbulence

<p>The Federal Court has ruled in favour of TSR Capital Bhd (KL:TSRCAP) in its dispute with Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL) over the termination of a civil works subcontract for the electrified double-track project from Gemas to Johor Bahru.</p>


TSR Capital gets full arbitration sum in dispute with YTL's unit over contract breach as Fed Court rules in its favour

<p>Glove manufacturer Kossan Rubber Industries Bhd (KL:KOSSAN) has posted its third consecutive quarter of profits in the first quarter, thanks to higher sales volume and lower natural gas prices.</p>


Kossan logs third straight quarter of profits as volume climbs, gas price falls

<p>Petronas Dagangan Bhd (KL:PETDAG), the marketing arm of Petroliam Nasional Bhd (Petronas), has appointed Azureen Azita Abdullah as its new chief operating officer (COO), effective June 1.</p>


PetDag appoints Azureen Azita Abdullah as new COO

<p>A comeback in storage drive demand has helped JCY International Bhd (KL:JCY) return to the black in the second quarter ended March 31, 2024 (2QFY2024) after eight straight quarters of losses.</p>


Comeback in storage drive demand sees JCY International return to black in 2Q

<p>The five telecommunications groups that enrolled themselves to subscribe for shareholdings in Malaysia’s 5G network wholesaler Digital Nasional Bhd (DNB) are required to finalise their respective share subscription agreements (SSAs) over the next 20 days, according to a <em>Bernama </em>report on Tuesday.</p>


Telcos given 20 days to finalise their agreements to subscribe for DNB shares, says Fahmi

<p>AFTER more than three years of being classified as an affected listed issuer, and having the trading of its shares suspended since April 26, cloud-based service provider AwanBiru Technology Bhd (KL:AWANTEC) learnt last Friday that the classification had been lifted by Bursa Malaysia Securities Bh...

Awantec’s position on the group’s viability vindicated as Bursa lifts trading suspension on its securities

<p>Hong Seng Consolidated Bhd’s (KL:HONGSENG) previously suspended plan to expand its glove business seems to be back on the table as the group eyes an alternate, albeit smaller, site for a synthetic rubber manufacturing plant in Kedah Rubber City.</p>


Hong Seng revisits potential glove business expansion, but on smaller scale

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.</p>


FBM KLCI drops 0.33% to 1,622.09 on May 21, 2024

<p>Mega First Corp Bhd (KL:MFCB), which is involved in renewable energy sales, limestone quarrying and packaging, said its first quarter net profit rose 35.32% to RM95.46 million from RM70.55 million a year earlier amid a significant improvement at its resource division.</p>


Mega First Corp's 1Q net profit up 35% amid surge in resource division's earnings

<p>Alibaba Group Holding Ltd slashed prices for a clutch of artificial intelligence (AI) services by as much as 97%, spurring an immediate response from Baidu Inc in potentially the start of a price war in China’s nascent AI market.</p>


Alibaba sparks China AI price war with spate of steep discounts

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