<div class=newsTextDataWrapInner><p>This article first appeared in<em> The Edge Financial Daily,</em> on May 27, 2016.</p></div>

<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said based on 1Malaysia Development Bhd (1MDB) records, PetroSaudi International Ltd owned Good Star Ltd when 1MDB transferred funds to Petrosaudi for a joint venture (JV).</p></div>

<div class=newsTextDataWrapInner><p>According to 1MDB’s website, the 1MDB-PetroSaudi JV was set up in September 2009. 1MDB said it had terminated the JV in March 2010.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Yesterday, Najib, who is also finance minister, said in Parliament: “All payments made by 1MDB is to acquire 40% of equity in the joint venture company. The funds were confirmed received by the PetroSaudi group based on the agreements signed at the time the payments were made.”</p></div>

<div class=newsTextDataWrapInner><p>Najib said this in a written reply to Petaling Jaya Utara member of parliament Tony Pua.</p></div>

<div class=newsTextDataWrapInner><p>Pua had earlier asked Najib to state who was the real owner of Good Star, which had received payment amounting to US$1.03 billion (RM4.20 billion) from 1MDB.</p></div>

<div class=newsTextDataWrapInner><p>The Malaysian government, via the Minister of Finance Inc, owns 100% of 1MDB.</p></div>


This article first appeared in The Edge Financial Daily, on May 27, 2016.

KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said based on 1Malaysia Development Bhd (1MDB) records, PetroSaudi International Ltd owned Good Star Ltd when 1MDB transferred funds to Petrosaudi f...

Citing 1MDB records, Najib says PetroSaudi owns Good Star

Maxis Bhd could work with another consortium partner to lower the cost of deploying the second 5G network, even after the recapitalisation of Digital Nasional Bhd (DNB), said RHB Research in a note on Friday.

Maxis could lead second 5G network rollout with new consortium partner, says RHB Research

KUALA LUMPUR (April 25): Malaysia requires an annual allocation of at least RM10 billion for the next three years, which is crucial to boost water infrastructure amid below-cost tariffs and high wastage, the National Water Services Commission (SPAN) said on Thursday.

Malaysia needs RM10 bil each year till 2026 to upgrade water infrastructure — SPAN

SINGAPORE (April 26): The yen was parked by a 34-year low on the dollar and decade lows on other crosses ahead of a Bank of Japan meeting where interest rates are expected to stay low, while the dollar dipped elsewhere on softer-than-expected U.S. growth data.

The euro rose 0.3% overnig...

Yen at its weakest in decades as BOJ meets

Kiribati's parliament has voted to remove Australian-born High Court Judge David Lambourne, who said on Friday the move was politically motivated and an attack on the independence of the Pacific Island nation's judiciary.

Kiribati parliament votes to remove Australian-born high court judge

Large-scale land and forest fires regularly impact 30 million to 50 million hectares of land in Southeast Asia. These fires can generate smoke clouds covering hundreds of millions of hectares for months at a time, resulting in transboundary smoke haze that has severely impacted parts of all 10 As...

Climate And Environmental Governance: Stopping fires and transboundary haze in Southeast Asia

BEIJING (April 25): The battle for consumer attention in China's electric car market is being fought over touches of "tech luxury" that car buyers in other markets have never seen.

China’s upstart electric brands, and even its state-owned, legacy automakers, are racing to pack tech...

Battle for 'tech luxury' in China as EVs get smarter - and cheaper

The Malaysian Research Accelerator for Technology and Innovation (MRANTI) has signed a memorandum of understanding (MOU) with Beijing Zhongguancun Science City Innovation Development Co Ltd to collaborate on several strategic initiatives aimed at fostering significant advancements in technology and innovation.

MRANTI inks deal with Beijing Zhongguancun Science City to explore strategic collaboration areas

Property values in London's Canary Wharf financial district fell by €1.2 billion (US$1.5 billion) over the past year, led by a decline in the value of its office buildings, the landlord said in annual results published on Thursday.

London's Canary Wharf sees US$1.5 bil slashed from property values

Top Amazon.com Inc executives including founder Jeff Bezos and chief executive officer Andy Jassy destroyed text messages discussing business, the Federal Trade Commission (FTC) alleged, erasing evidence the agency could have used in its antitrust case against the retail giant.

Amazon’s Bezos, Jassy deleted chats amid FTC antitrust probe

European and American investors showed converse interest in sustainable funds during the first quarter, research firm Morningstar said on Thursday, with a record US$8.8 billion (RM42.03 billion) in net withdrawals from the products in the US.

Record US$8.8 bil pulled from US sustainable funds in 1Q

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


AirAsia X, Capital A, ViTrox, PavREIT, Luxchem, Chin Teck, MKHOP, TAS Offshore, Inta Bina, Heineken, Pantech and Infoline Tec 

<p>Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected US economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms.</p>


Wall Street stocks fall as weak GDP growth spreads rate-cut gloom

<p>Mercury Securities Sdn Bhd has valued ACE Market-bound Sin-Kung Logistics Bhd at 14 sen based on a 14 times financial year 2025 (FY2025) earnings per share forecast of one sen.</p>


Mercury Securities values ACE Market-bound Sin-Kung Logistics at 14 sen

<p>TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.</p>


TAS Offshore’s 3Q net profit up nine-fold, shares surge to eight-year high

<p>Harvey Weinstein's 2020 conviction for sexual assault and rape was overturned by New York's highest court, reopening the landmark case that fuelled the #MeToo movement and highlighting the challenges of holding powerful men accountable.</p>


Harvey Weinstein's rape conviction overturned by top New York court

<p>The Securities Commission Malaysia (SC) has updated its Investor Alert List.</p>


SC adds four entities to Investor Alert List, two being potential clones

<p>EUPE Corp Bhd's net profit surged by 28.9% to RM14.54 million in the fourth quarter ended Feb 29, 2024 (4QFY2024) from RM11.28 million a year ago, underpinned by a higher contribution from the property development division.</p>


EUPE Corp net profit surges 28.9% in 4Q, driven by strong property sales

<p>Shares of ViTrox Corp Bhd are headed for its worst day in 18 months as first-quarter (1Q) results disappointed investors while analysts turned increasingly cautious on the semiconductor company’s near-term prospects.</p>


Vitrox shares on pace for worst day in 18 months as 1Q disappoints

<p>RHB Retail Research said YTL Corp Bhd is eyeing to extend the upside movement after it staged a bullish breakout.</p>


YTL Corp eyeing to extend upside movement, says RHB Retail Research 

<p>Hulu Selangor Bersatu action division head has been named as Perikatan Nasional's (PN) candidate for the Kuala Kubu Baharu (KKB) state by-election on May 11.</p>


PN names Hulu Selangor Bersatu acting division head as candidate for KKB by-election

<p>RHB Retail Research said VS Industry Bhd is poised to continue the bullish trajectory after it broke past the key resistance on high volume.</p>


VS Industry poised to continue bullish trajectory, says RHB Retail Research 

<p>The Tesla Inc shareholder who won a court order in Delaware killing co-founder Elon Musk’s US$56 billion (RM267.54 billion) pay package is premature in asking the judge to bar the billionaire from moving the executive-compensation dispute to Texas, the car company’s lawyers argue.</p>


Tesla fires back at investor who doesn’t want pay fight in Texas

<p>Former president Donald Trump’s economic advisers are considering ways to actively stop nations from shifting away from using the dollar — an effort to counter budding moves among key emerging markets to reduce exposure to the US currency, according to people familiar with the matter.</p>


Trump advisers discuss penalties for nations that move away from the dollar

<p>European and American investors showed converse interest in sustainable funds during the first quarter, research firm Morningstar said on Thursday, with a record US$8.8 billion (RM42.03 billion) in net withdrawals from the products in the US.</p>


<p>Asian shares rose cautiously on Friday as markets sobered up to the idea that US rate cuts were most likely some time away, while the yen and Japanese government bonds struggled ahead of a closely watched policy decision by the Bank of Japan (BOJ).</p>


Asia stocks, yen tentative with eyes on BOJ decision

<p>Alphabet announced its first-ever dividend on Thursday and a US$70 billion (RM334.43 billion) stock buyback, cheering investors who sent the stock surging nearly 16% after the bell.</p>


Google parent Alphabet announces first-ever dividend, shares soar

<p>China is preparing a United Nations General Assembly resolution that it says is intended to help close gaps between rich and developing countries in the advance of artificial intelligence (AI), an initiative that follows an extensive and ambitious campaign by the US, its biggest AI competitor.</p>


China prepares UN resolution to tap AI for good

<p>Foreign states are using UK universities to “steal advantage” by covertly acquiring British intellectual property, the government warned, saying it would explore proposals to protect cutting-edge research and technology.</p>


UK warns universities about research threat from foreign states

<p>One fixture lurking like a troll in Arsenal's Premier League title run-in has probably consumed the thoughts of the club's fans more than any other — Sunday's short trip to arch-rivals Tottenham Hotspur.</p>


Arsenal face derby test with title up for grabs

<p>The Federal Communications Commission (FCC) said on Thursday it is ordering the US units of China Telecom, China Unicom and China Mobile to discontinue fixed or mobile broadband internet operations in the US.</p>
