<div class=newsTextDataWrapInner>KUALA LUMPUR (March 18): CGS-CIMB Research has upgraded Bumi Armada Bhd (BAB) to “add” at 41.5 sen, with an unchanged SOP-based target price of 55 sen, due to the significant drop in share price on concerns over Russia.</div>

<div class=newsTextDataWrapInner>In a note Thursday (March 17), the research house said BAB’s share price has derated significantly in the past month, likely due to retail selling, as institutional holdings in the stock are light.</div>

<div class=newsTextDataWrapInner>It said the main reason is the onset of the Russia-Ukraine conflict, which caused concerns over BAB’s exposure in Russia.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“But BAB has already received in Malaysia proceeds from the sale of its vessels to Lukoil and the ongoing pipelay contract with Lukoil is not material.</div>

<div class=newsTextDataWrapInner>“Rerating catalysts include a Russia-Ukraine peace deal that could ease investor concerns, and a potential contract win from an Angola FPSO bid,” it said.</div>

CGS-CIMB Research has upgraded Bumi Armada Bhd (BAB) to “add” at 41.5 sen, with an unchanged SOP-based target price of 55 sen, due to the significant drop in share price on concerns over Russia.

CGS-CIMB upgrades Bumi Armada, target price 55 sen 

Electric vehicle (EV) maker Zeekr Intelligent Technology Holding said on Friday it was targeting a valuation of up to US$5.13 billion (RM24.32 billion) in its US initial public offering (IPO), the first major floatation of a China-based company in more than two years.

China's Zeekr seeks up to US$5.13b valuation in US IPO

King Charles and other senior British royals are to relinquish patronages of almost 200 charities and organisations after a review of their association with more than 1,000 groups, Buckingham Palace said on Saturday.

King Charles and UK royals to relinquish dozens of patronages

US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.

Yellen says fundamentals still point to slowing inflation

Will Bank Negara Malaysia’s Monetary Policy Committee follow its Indonesian counterparts by raising interest rates when it holds its next meeting on Wednesday and Thursday?

The Week Ahead: All eyes on Bank Negara’s monetary policy meeting, Xi’s three-nation European trip

The prospect of interest rates remaining elevated as the Federal Reserve (Fed) battles inflation is further clouding the outlook for shares of smaller US companies, which have lagged broader markets this year.

US small caps struggle as elevated interest rates take a toll

Google and the US Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape the “future of the internet”.

Google trial wraps up as judge weighs landmark US antitrust claims

Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed weak US jobs data and possible timing of a Federal Reserve (Fed) interest rate cut.

Oil settles down on US jobs data, steepest weekly loss in three months

A gauge of global stocks rallied while Treasury yields fell on Friday after a US payrolls report was softer than anticipated, easing concerns the Federal Reserve (Fed) would keep interest rates higher for longer.

Stocks jump, yields drop as Fed cut hopes bloom

Wall Street surged to a higher close on Friday as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve (Fed) while also providing evidence of US economic resilience.

Wall Street ends sharply higher, jobs data strengthens case for rate cuts

Retail sales typically slow in the second quarter of the year as consumers take a breather from spending after the festivities in the first quarter. As such, when retailers say their sales fell short of expectations during the two major festive periods so far this year, it is time to pay attention.

Retailers fear current weakness in consumer spending

KUALA LUMPUR (May 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Boustead Heavy Industries Corp Bhd’s (BHIC) planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of F...

BHIC, Berjaya Corp, F&N, Pestech, PetGas, XOX, TT Vision, Uzma, SLP, WTK, Ranhill Utilities and Sarawak Cable

Retail sales typically slow in the second quarter of the year as consumers take a breather from spending after the festivities in the first quarter. As such, when retailers say their sales fell short of expectations during the two major festive periods so far this year, it is time to pay attention.

Pakatan Harapan (PH) candidate Pang Sock Tao has unveiled a five-pronged manifesto for the Kuala Kubu Baharu (KKB) state by-election.

Themed 'Kekal Kuala Kubu', the manifesto focuses on economic aspects; facilities; environment and recreation; heritage and culture; and the people's well-being.

KKB polls: PH candidate unveils five-point manifesto

Prime Minister Datuk Seri Anwar Ibrahim has given the assurance that salary increase for civil servants starting this December, as announced two days ago, can be implemented through strict financial management.

Anwar, who is also Finance Minister, said the projected salary adjustment, estimated to cost over RM10 billion from next year onward, is feasible with disciplined financial oversight.

Civil servants salary hike achievable through prudent financial management — Anwar

Will Bank Negara Malaysia’s Monetary Policy Committee follow its Indonesian counterparts by raising interest rates when it holds its next meeting on Wednesday and Thursday?

Johor Menteri Besar Datuk Onn Hafiz Ghazi hopes more Johoreans living outside Johor will return to the state and contribute ideas to ensure progress and development in the state that they were born in.

According to Onn Hafiz, the state government has initiated efforts to attract Johoreans who have progressed in their professional careers to come back and serve the state in efforts to turn Johor into developed status.

Onn Hafiz hopes Johoreans living elsewhere can come back and contribute ideas to develop the state

Just over six months ahead of the US election, the world is starting to consider what a return to a Trump presidency might mean. While Americans might be weighing up the difference between the two candidates domestic policies, the rest of the globe is more interested in what foreign policy decisions he might make.

What a second Trump presidency might mean for the rest of the world

Wall Street surged to a higher close on Friday as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve (Fed) while also providing evidence of US economic resilience.

The European Commission has warned three Chinese electric vehicle makers that they have not supplied sufficient information for its anti-subsidy investigation, according to two people familiar with the case.

If the Commission concludes that the provided information from sampled companies BYD, SAIC and Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them.

EU says information from three Chinese EV makers insufficient

MJets Air Sdn Bhd has entered into an aircraft charter agreement with Teleport Everywhere Pte Ltd (Singapore).

MJets Air is the commercial air cargo operator of MMAG Aviation Consortium Sdn Bhd, under the umbrella of MMAG Holdings Bhd, while Teleport, which caters to Teleport Commerce Malaysia Sdn Bhd, is an integrated logistics solutions provider and logistics venture of Capital A Bhd.

MJets Air inks aircraft charter agreement with Teleport Everywhere

Mastering Artificial Intelligence (AI) is crucial to ensure Malaysians themselves determine the cultural and moral values within this technology.

Prime Minister Datuk Seri Anwar Ibrahim said if AI is not mastered, the values and morals embedded in it will be determined by those who control the technology, particularly from Western countries.

Master AI to shape own moral values, cultural impact in technology — PM

Canadian police on Friday made arrests linked to the murder of Sikh separatist leader Hardeep Singh Nijjar in the province of British Columbia in June 2023, a source directly familiar with the matter said.

The source, who requested anonymity given the sensitivity of the case, said the Royal Canadian Mounted Police would brief media later on Friday.

Canada police make arrests linked to murder of Sikh leader Hardeep, says source

The prospect of interest rates remaining elevated as the Federal Reserve (Fed) battles inflation is further clouding the outlook for shares of smaller US companies, which have lagged broader markets this year.

A weekly round-up of tanker and dry bulk market (May 3, 2024)

<div class="mt-3 imgw-800 embed-left"><a class="mobx embedimg-icon" data-rel="ceolightbox" href="//assets.theedgemarkets.com/pics/2024/BE03may.jpg"><img alt="" src="//assets.theedgemarkets.com/pics/2024/BE03may....

Baltic Exchange shipping updates: May 3, 2024

US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.

Google and the US Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape the “future of the internet”.

King Charles and other senior British royals are to relinquish patronages of almost 200 charities and organisations after a review of their association with more than 1,000 groups, Buckingham Palace said on Saturday.

Electric vehicle (EV) maker Zeekr Intelligent Technology Holding said on Friday it was targeting a valuation of up to US$5.13 billion (RM24.32 billion) in its US initial public offering (IPO), the first major floatation of a China-based company in more than two years.