<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on May 14, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: FGV Holdings Bhd has terminated its memorandum of understanding (MoU) with Hong Kong-listed China Machinery Engineering Corp (CMEC), originally inked to look into establishing paper pulp production facilities.</p></div>

<div class=newsTextDataWrapInner><p>“The MoU’s termination would not have any financial impact on FGV and its subsidiaries,” FGV said in a filing with Bursa Malaysia yesterday. No reason was given for the termination.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>On Dec 18, 2018, the Malaysian plantation group signed the MoU with CMEC to explore the feasibility of a joint venture to establish paper pulp production facilities.</p></div>

<div class=newsTextDataWrapInner><p>FGV’s interim group president and chief executive officer Datuk Wira Azhar Abdul Hamid then said FGV was hoping to explore the opportunity to integrate its existing mills’ operations with CMEC’s engineering expertise to establish the paper pulp production facilities with an initial capacity of 50,000 tonnes per annum for the first phase.</p></div>

<div class=newsTextDataWrapInner><p>CMEC is involved in engineering contracting. It also collaborates with research institutes in Hangzhou and Guangxi, using technology to convert empty fruit bunches into paper pulp for commercialisation.</p></div>

<div class=newsTextDataWrapInner><p>FGV’s share price fell six sen or 4.76% to RM1.20, with a market value of RM4.38 billion.</p></div>


KUALA LUMPUR: FGV Holdings Bhd has terminated its memorandum of understanding (MoU) with Hong Kong-listed China Machinery Engineering Corp (CMEC), originally inked to look into establishing paper pulp production facilities.

“The MoU’s termination would not have any financial impact on F...

FGV terminates paper pulp MoU with Chinese firm

Attention this week will be on the March inflation rate, with the Department of Statistics Malaysia (DOSM) slated to put out Consumer Price Index (CPI) — the key gauge for inflation — data on Thursday.

Inflation edged up by a higher-than-expected 1.8% i...

The Week Ahead: Eyes on March inflation, US 1Q GDP and tech earnings

Persistent inflation and higher-for-longer interest rates were cited as key risks to financial stability in the Federal Reserve's (Fed) latest survey of US central bank contacts, with geopolitical troubles and the 2024 US presidential election also mentioned as "a potentially significant source of shocks".

Fed survey cites inflation, US election as key financial stability risks

Former inspector general of police Tun Mohammed Hanif Omar died at 2.15am on Saturday. He was 85.

Former IGP Tun Hanif Omar passes away

The Nasdaq and the S&P 500 closed sharply lower on Friday and Treasury yields dipped as investors juggled lacklustre earnings, uncertainties surrounding central bank policy and geopolitical strife.

Nasdaq tumbles, Treasuries dip amid earnings, geopolitical crosscurrents

Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided.

Oil settles slightly higher as Iran plays down reported Israeli attack

The Nasdaq and the S&P 500 ended lower on Friday as Netflix shares weighed, but American Express (AmEx) kept the Dow afloat after quarterly earnings from both companies, while growing pessimism that the Federal Reserve (Fed) would cut interest rates soon also dented sentiment.

Nasdaq, S&P tumble as Netflix, chip stocks drag; AmEx boosts Dow

The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand.

Enegem: Malaysia edges closer to RE exports

The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.

IMF urges Bank of Japan to tread cautiously in raising interest rates

Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.

Israel's Iran attack carefully calibrated after internal splits, US pressure

Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.

Anwar's plane landed at Terminal Two, Kota Kinabalu International Airport at 11.40pm, where he was greeted by Chief Minister Datuk Seri Hajiji Noor.

Anwar arrives in Kota Kinabalu for one-day visit

<p>KUALA LUMPUR (April 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:</p>

<p>Shares of <strong>Sapura Energy Bhd</strong> have been suspended from trading, pending a material announcement. The suspension took effect from 2.30pm onwa...

Sapura Energy, PIE Industrial, LSH Capital, YX, Westports, Yinson, Sime Darby Property, MISC, Meta Bright, EG Industries, Hextar, Uzma, Nova MSC and Iconic Worldwide

<p>KUALA LUMPUR (April 19): M&amp;A Equity Holdings Bhd announced that an individual by the name of Siti Nur Aishah Ishak has become a substantial shareholder of the stockbroking firm, after acquiring a 0.13% stake in the company.</p>


Siti Nur Aishah emerges as substantial shareholder of M&A Equity

<p>Prime Minister Datuk Seri Anwar Ibrahim said on Friday he does not want to be dragged into discussions over the purported addendum order on house arrest involving former premier Datuk Seri Najib Tun Razak.</p>

<p>Anwar said this was because the matter falls under the jurisdiction of the Federal Territories Pardons Board and also involves the Yang di-Pertuan Agong and the Malay Rulers.</p>


Addendum order issue under Pardons Board's purview, says Anwar

<p>The mandatory general offer (MGO) for the remaining 34.1% stake in Pan Malaysia Holdings Bhd (PM Holdings), launched by property developer Exsim Group's founders, the Lim brothers, concluded on Friday with acceptances for only 35,997 shares received.</p>


No change in Lim brothers' stake as Pan Malaysia Holdings' MGO concludes

<p>KUALA LUMPUR (April 19): Iconic Worldwide Bhd has raised a total of RM95.6 million through its rights issue exercise with free warrants, which was oversubscribed.</p>


Iconic Worldwide’s rights issue oversubscribed, raises RM95.6 mil

<p>Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.</p>

<p>Anwar's plane landed at Terminal Two, Kota Kinabalu International Airport at 11.40pm, where he was greeted by Chief Minister Datuk Seri Hajiji Noor.</p>


<p>SINGAPORE (April 19): Wilmar International Ltd’s board of directors has appointed former foreign minister George Yeo as a non-executive and independent director with effect from Friday.</p>


Wilmar appoints former Singapore foreign minister George Yeo as non-executive and independent director

<p>All travellers entering or leaving Singapore carrying Physical Currency and Bearer Negotiable Instruments (CBNI) that are valued more than S$20,000 or its equivalent in a foreign currency, must submit the necessary declarations electronically with effect from May 13.</p>


Travellers to and from Singapore carrying over S$20,000 must submit online declaration from May 13

<p>KUALA LUMPUR (April 19): Ten individuals suspected of being involved in the case related to an&nbsp;Israeli man who was charged with possessing bullets and trafficking&nbsp;guns, were rearrested under the Security Offences (Special Measures) Act 2012 (Sosma).</p>


Israeli man’s case: 10 individuals rearrested under Sosma

<p>The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand.</p>


<p>Former inspector general of police Tun Mohammed Hanif Omar died at 2.15am on Saturday. He was 85.</p>


<p>Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.</p>

<p>Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.</p>


<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Friday due to persistent weakness in the soybean oil market on the Chicago Board of Trade, said a dealer.</p>

<p>Palm oil trader David Ng noted that market sentiment has been influenced by concerns regarding the anticipated surge in output over the coming weeks, which is perceived as exerting pressure on the market</p>


CPO futures end lower due to weaker soybean futures

<p>The Nasdaq and the S&amp;P 500 ended lower on Friday as Netflix shares weighed, but American Express (AmEx) kept the Dow afloat after quarterly earnings from both companies, while growing pessimism that the Federal Reserve (Fed) would cut interest rates soon also dented sentiment.</p>


<p>KUALA LUMPUR (April 19): Proposals for improvement, including efforts to increase the net income rate of civil servants, will be announced by Prime Minister Datuk Seri Anwar Ibrahim at the Labour Day rally to be held later.</p>

<p>Anwar, in his Facebook post, said the Meeting No 3/2024 of the ...

Proposal to improve salary of civil servants to be announced at Labour Day gathering — PM

<p>CIMB Thai Bank PCL’s net profit for the first quarter ended March 31, 2024 (1QFY2024) dropped 24.6% year-on-year to 626.1 million baht from 830.1 million baht, as it reported lower operating income and higher expenses. &nbsp;</p>

<p>The group recorded an 8.4% drop in operating income and an 11.8% increase in operating expenses. The effects of these were partially offset by a 36.9% decline in expected credit loss, according to CIMB Thai president and chief executive officer Paul Wong Chee Kin in a statement. CIMB Group Holdings Bhd has a 94.83% interest in CIMB Thai.</p>


CIMB Thai's 1Q earnings drop 24.6% as operating income falls while opex climbs

<p>Fitters Diversified Bhd has landed a subcontract worth RM26.1 million from a unit of IJM Corp Bhd for fire protection services at the compound of a four-storey logistics hub, including its parking and ancillary buildings, in Shah Alam, Selangor.</p>


Fitters Diversified bags RM26.1 mil fire protection services job

<p>HPP Holdings Berhad slipped into the red in the third quarter ended February 29, 2024 (3QFY2024) for the first time since its listing on the ACE market in January 2021, mainly due to commission payments of RM520,000 and a one-time compensation payment of RM400,000 million to foreign workers, in line with the group's adherence to its zero recruitment fee policy.</p>

<p>It posted a net loss of RM62,200 in 3QFY2024 compared to a net profit of RM1.53 million in the previous corresponding quarter, resulting in a loss per share of 0.16 sen for 3QFY2024 compared to earnings per share of 0.39 sen for 4QFY2023.</p>


HPP Holdings posts first-ever quarterly loss of RM62,200 since listing

<p>The government is looking at the need to formulate policies and amend any relevant legislation so that Malaysia is always investor-friendly and can support the development of artificial intelligence (AI) infrastructure, said Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>However, he said data security should be given priority.</p>


Govt mulls drafting policy, amend legislation to be investor-friendly and support AI development — PM

<p>The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.</p>
