<div class=newsTextDataWrapInner>KUALA LUMPUR (Oct 10): AMMB's earnings is likely to moderate in the remaining part of FY 2020 ending March 31, on lower provision for loan recoveries, says UOB Kay Hian.&nbsp;</div>

<div class=newsTextDataWrapInner>The broker trims its FY2020-FY2022 earnings forecasts on the Malaysian lender by 3%-5% to factor in lower-than-expected loan recoveries and consequently lowers its target price to RM4.10 from RM4.40.&nbsp;</div>

<div class=newsTextDataWrapInner>However, UOB Kay Hian maintains a hold rating on the stock as AMMB continues to deliver positive operating leverage and it expects AMMB's earnings growth to normalize in FY2021 once the loan recovery provision reaches a more normalized state.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>AMMB last closed at RM3.88.</div>

AMMB's earnings is likely to moderate in the remaining part of FY 2020 ending March 31, on lower provision for loan recoveries, says UOB Kay Hian.

AMMB's earnings to moderate in FY2020: UOB KH

Protasco Bhd, which has businesses ranging from hotel to engineering, said on Thursday it has received an offer to buy its unit Kumpulan Ikram Sdn Bhd that owns the Infrastructure University Kuala Lumpur.

Protasco gets offer from HK firm to buy its university unit

US software giant Microsoft Corp said on Thursday it would invest US$2.2 billion (RM10.5 billion) over the next four years in cloud and artificial intelligence (AI) infrastructure in Malaysia.

Microsoft to invest US$2.2 bil in Malaysia over next four years on cloud, AI

We knew we had not seen the last of it. Banished 16 years ago, “Game 39” is about to come back to haunt football. Barely noticed amid a welter of headlines as the European season builds to a climax, Fifa has lifted its law blocking a nation’s league matches from being played in another country.

Business Of Sports: Under the radar, but Game 39 is back on the agenda

Feytech Holdings Bhd looks to raise some RM201.6 million from its initial public offering (IPO) on the Main Market of Bursa Malaysia, by issuing 252.94 million shares at 80 sen apiece.

Feytech Holdings aims to raise over RM201 mil from Main Market IPO at 80 sen apiece 

Minister of Communications Fahmi Fadzil stated that the unity government has made significant efforts to support the Indian community, including upgrading Tamil schools, ensuring the welfare of students, as well as providing assistance through the Indian Community Transformation Unit (mitra).

Significant efforts by unity government to support Indian community — Fahmi 

Malaysia’s biggest port operator Westports Holdings Bhd said on Thursday its net profit rose 11% year-on-year (y-o-y) in the first quarter, thanks to higher container revenue.

Westports' 1Q net profit rises 11% as container revenue climbs

Food ingredients supplier Agricore CS Holdings Bhd said on Thursday it has signed an agreement with M&A Securities to underwrite its initial public offering (IPO) on the ACE Market.

Agricore CS signs underwriting agreement for ACE Market IPO

Former Penang chief minister Lim Guan Eng’s undersea tunnel graft trial on Thursday did not proceed as scheduled because star witness Datuk Zarul Ahmad Mohd Zulkifli is down with vertigo.

Guan Eng's undersea tunnel trial deferred for the day, no warrant of arrest on Zarul Ahmad

Smart Asia Chemical Bhd, an industrial paint and coating manufacturer, on Thursday has begun taking orders from investors for its ACE Market initial public offering (IPO) that would raise up to RM37.4 million.

Smart Asia Chemical starts taking orders for ACE Market IPO to raise RM37.4 mil

Malaysia's air passenger traffic saw a significant increase year-on-year (y-o-y) in the first quarter of 2024 (1Q2024), rising 16.1% to 22.6 million passengers, nearing pre-pandemic levels, according to the Malaysian Aviation Commission (Mavcom).

Malaysia's air passenger traffic rose 16.1% in 1Q2024, nearing pre-pandemic levels — Mavcom

US software giant Microsoft Corp said on Thursday it would invest US$2.2 billion (RM10.5 billion) over the next four years in cloud and artificial intelligence (AI) infrastructure in Malaysia.

Apex Securities Bhd has recommended investors to “subscribe” to ACE Market-bound Farm Price Holdings Bhd at an initial public offering (IPO) price of 24 sen and a fair value of 42 sen by pegging financial year 2025 (FY2025) forecast core earnings per share of 3.2 sen to price-earnings (PE) of 13 times (75% potential upside from IPO price).

Apex Securities advises investors to subscribe to ACE Market-bound Farm Price with fair value of 42 sen

Shares of Bursa Malaysia Bhd climbed to its highest in more than three years after the stock exchange operator reported better-than-expected results that prompted at least two analyst upgrades.

Bursa Malaysia climbs to over three-year high after above-view 1Q

Elon Musk’s latest cost-cutting victims: Summer interns.

Tesla Inc is rescinding offers just weeks before internships were set to start, prompting aspiring employees to take to LinkedIn to appeal to other employers to take them in.

Tesla interns say offers are getting revoked weeks before their start date

US stocks closed mixed on Wednesday after the Federal Reserve (Fed) left its key interest rate unchanged, as expected, and indicated that while its next move will likely be a rate cut, continued progress on inflation is not assured.

S&P 500, Nasdaq end lower after Fed rate decision, Powell press conference

Shares of Duopharma Biotech Bhd surged more than 9% during early trade on Thursday following news of the pharmaceutical company securing supply contracts worth RM578.09 million in total.

Duopharma Biotech surges over 9% after RM578m contract news

Luno, a digital asset exchange (DAX) licensed by the Securities Commission Malaysia, expands its coin offerings with the launch of Cosmos (ATOM) and Polkadot (DOT).

Luno launches two new digital assets

Latest data signalled further downbeat trends across the Malaysian manufacturing sector at the start of the second quarter of 2024.

In a statement on Thursday, S&amp;P Global Market Intelligence said that while demand remained generally subdued, there were slight indications that firms were on an upward trajectory, as firms scaled back production at a softer rate amid a slower reduction in new order inflows.

Overall manufacturing conditions in Malaysia ease to lesser extent, says S&P Global

Feytech Holdings Bhd looks to raise some RM201.6 million from its initial public offering (IPO) on the Main Market of Bursa Malaysia, by issuing 252.94 million shares at 80 sen apiece.

A gauge of global stocks fell on Wednesday while the dollar weakened against a basket of peers after the Federal Reserve (Fed) left interest rates unchanged and indicated it is still leaning toward eventual rate cuts.

Stocks, dollar decline after Fed holds rates steady

Smart Asia Chemical Bhd, an industrial paint and coating manufacturer, on Thursday has begun taking orders from investors for its ACE Market initial public offering (IPO) that would raise up to RM37.4 million.&nbsp;

Governments rarely correct deteriorating public finances until they meet some form of debt market disturbance, but the retreat of central banks from sovereign bond markets may eventually set the scene for a showdown.

Bond markets face struggle to surf 'Treasury tsunami'

DBS Group Holdings Ltd’s chief executive officer Piyush Gupta expects another year of record profit after Singapore’s biggest lender delivered better-than-expected results thanks to strong lending and wealth fees.

DBS CEO Gupta sees another record year after posting better than expected 1Q earnings 

The US Federal Reserve (Fed) held interest rates steady on Wednesday and signalled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.

Fed leaves rates unchanged, flags 'lack of further progress' on inflation

The Federal Communications Commission (FCC) is moving to prevent Huawei, ZTE and other foreign companies deemed to pose US national security concerns from certifying wireless equipment, officials told Reuters on Wednesday.

US moves to bar Huawei, other Chinese telecoms from certifying wireless equipment

Malaysia’s biggest port operator Westports Holdings Bhd said on Thursday its net profit rose 11% year-on-year (y-o-y) in the first quarter, thanks to higher container revenue.

ExecuJet MRO Services Malaysia, a subsidiary of luxury business aircraft maker Dassault Aviation, inaugurated its new maintenance, repair and overhaul (MRO) facility at Subang Airport on Thursday.

Dassault Aviation's MRO unit ExecuJet expands in Malaysia with new facility at Subang Airport

Alphabet Inc paid Apple Inc US$20 billion (RM95.45 billion) in 2022 for Google to be the default search engine in the Safari browser, according to newly unsealed court documents in the Justice Department’s antitrust lawsuit against Google.

Google’s payments to Apple reached US$20b in 2022, antitrust court documents show

Shares of Starbucks fell 15% to their lowest in nearly two years on Wednesday, after the coffee chain cut annual forecasts on persistent weak demand from inflation-weary US customers and a slower-than-expected economic recovery in China.

Starbucks shares hit two-year low as China, US demand clouds outlook

Apple's plan to add generative artificial intelligence (AI) to its iPhones and revive sagging sales in the crucial Chinese market will be in focus on Thursday, when the tech giant is expected to report its biggest quarterly revenue decline in more than a year.