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<div class=newsTextDataWrapInner><p class="thumb-cap">EVENING 5: MoF SPV to return RM20b of TH assets</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. <a href="https://theedgemalaysia.com/node/684271" target="_blank">Lembaga Tabung Haji assets</a> which were placed under a special purpose vehicle of the MoF will be returned to the fund.</p></div>

<div class=newsTextDataWrapInner><p>2. IHH Healthcare’s group CFO <a href="https://theedgemalaysia.com/node/684352" target="_blank">Joerg Ayrle will be on garden leave</a> until his contract ends on Jan 31, 2024.</p></div>

<div class=newsTextDataWrapInner><p>3. Singapore’s gaming regulator fines Resorts World Sentosa for <a href="https://theedgemalaysia.com/node/684258" target="_blank">failing to perform customer due diligence measures</a>.</p></div>

<div class=newsTextDataWrapInner><p>4. GIIB Holdings CEO Tai Boon Wee hands over the reins of the business to <a href="https://theedgemalaysia.com/node/684344" target="_blank">his two sons, Tai Qisheng and Tai Qiyao</a>.</p></div>

<div class=newsTextDataWrapInner><p>5. Arul Kanda Kandasamy and Tan Sri Mohd Irwan Serigar Abdullah <a href="https://theedgemalaysia.com/node/684278" target="_blank">mull instituting third-party proceedings</a> in 1MDB’s suit against them.</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

The Asean+3 region is home to some of the world’s most innovative and technologically advanced economies. This region has accounted for over 60% of global patents since the early 2010s, primarily contributed by China, Japan and South Korea.

Asean+3: A technology powerhouse in the making

The world today is becoming more connected, paving the way for collaborative research initiatives that are increasingly becoming the cornerstone in addressing complex global challenges. Universities play a pivotal role in fostering such collaborations, leveraging their diverse expertise and resources to make a meaningful impact on society.

Collaborative Research Initiatives for a Global Impact

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

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


<p>Confectionary maker Apollo Food Holdings Bhd’s (KL:APOLLO) said its public shareholding spread is back in compliance with Bursa Malaysia’s listing requirements.</p>


Apollo’s public spread back in compliance after Scoop Capital sells 4% stake

<p>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.</p>


<p>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.</p>


<p>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.</p>


<p>The Selangor police have confirmed summoning Hulu Kelang state assemblyman Datuk Seri Mohamed Azmin Ali to provide a statement at the Shah Alam district police headquarters under Section 112 of the Criminal Procedure Code.</p>


Police confirm Azmin summoned for statement in probe into PKNS info leak

<p>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.</p>


<p>Chinese Foreign Minister Wang Yi called Taiwan's newly-inaugurated President Lai Ching-te "disgraceful" on Tuesday, stepping up Beijing's rhetoric just a day after he took office.</p>

<p>China, which claims Taiwan as its own territory, believes Lai to be a "separatist", and has rebuffed his offers of talks.</p>


China's foreign minister calls Taiwan's new president 'disgraceful'

<p>Perdana Petroleum Bhd (KL:PERDANA) booked a net profit of RM6.07 million in the first quarter ended March 31, 2024 (1QFY2024), as opposed to a net loss of RM8.26 million a year before, amid continued strength in demand for offshore support vessels (OSVs) for offshore production operations and maintenance activities.</p>


Perdana Petroleum delivers RM6.1 mil net profit in 1Q amid sustained OSV demand

<p>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.</p>


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

<p>The Perak state government is awaiting federal government approval for Colebrand International Ltd, a UK-based mega infrastructure engineering company, to begin a field study for the construction of a new international airport.</p>


Perak awaiting federal govt approval to proceed with study on new airport

<p>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&nbsp;</p>


<p>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.</p>


<p>European Union (EU) countries have formally adopted a plan to use windfall profits from Russian central bank assets frozen in the EU for Ukraine's defence, the Belgian government said on Tuesday.</p>


EU countries adopt plan to use profits from frozen Russian assets for Ukraine's defence

<p>The tech-heavy Nasdaq fell on Tuesday as investors grew cautious ahead of artificial intelligence (AI) chip leader Nvidia's earnings this week and Federal Reserve (Fed) officials emphasised the central bank is in no hurry to ease interest rates.</p>


Nasdaq slips from record high on Fed policy caution, Nvidia results watch

<p>The Asean+3 region is home to some of the world’s most innovative and technologically advanced economies. This region has accounted for over 60% of global patents since the early 2010s, primarily contributed by China, Japan and South Korea.</p>


<p>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.</p>


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