<div class=newsTextDataWrapInner>Flash: Govt still in talks on ECRL project, not to spend so much money — PM</div>
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Flash: Govt still in talks on ECRL project, not to spend so much money — PM
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Govt still in talks on ECRL project, not to spend so much money — PM

US auto safety investigators said on Monday they will investigate the April crash of a VinFast electric vehicle in Pleasanton, California, in which a family of four died.

US regulator to probe VinFast crash in California in which four died 

Northcape Capital Ltd said a bid by major shareholders to take Malaysia Airports Holdings Bhd private may face opposition due to the low valuation offered.

Malaysia Airports shareholder expresses doubt on takeover bid

Ether surged the most in 18 months, leading a rally in digital assets, amid growing speculation that opposition is easing among regulators toward approving one or more exchange-traded funds that invest directly in the second-biggest cryptocurrency.

Ether jumps most in 18 months on speculation of ETF approval

US Federal Deposit Insurance Corp chair Martin Gruenberg said on Monday he planned to step down, finally succumbing to a months-long scandal over sexual harassment and other misconduct at the top bank regulator.

FDIC chair Gruenberg says he will step down once successor is announced

JPMorgan Chase CEO Jamie Dimon told investors the bank's succession plans were underway, while warning investors on Monday about risks to the economic outlook.

JPMorgan CEO is 'cautiously pessimistic' on economy, successors in focus

The types of business which are most likely to use artificial intelligence are seeing growth in workers' productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said.

AI-intensive sectors are showing a productivity surge, PwC says

The Commodity Futures Trading Commission (CFTC) is investigating greenwashing as part of its crackdown on fraud and misconduct in the voluntary carbon markets, a commissioner at the US regulator said on Monday.

US regulator homes in on malpractice in voluntary carbon markets

The US on Monday said it had been unable, due largely to logistical reasons, to accept an Iranian request for assistance following a helicopter crash over the weekend that killed President Ebrahim Raisi, as Washington offered its condolences.

US says it was 'unable' to provide Iran assistance after helicopter crash

A former Nuveen equity trader was ordered to spend almost six years behind bars after admitting he tipped off another man to the firm’s trades as part of a US$47 million (RM220.2 million) front-running scheme.

Ex-Nuveen trader gets 70 months for insider-trading scheme

Peloton Interactive Inc kicked off the sale of a new loan as it works to refinance existing debt and recover from a recent slump in sales.

Peloton launches US$1b loan to refinance existing debt

Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labour costs and a disastrous unlimited shrimp promotion. 
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The Orlando, Florida-based company filed for Chapter 11 protection on Sunday (May 19), listing assets and liabilities of US$1 billion (RM4.68 billion) to US$10 billion each in its bankruptcy petition. The filing allows the company to keep operating while it works out a plan to repay creditors.&nbsp;

Red Lobster chain goes bankrupt after unlimited shrimp deal

KUALA LUMPUR (May 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Hubline, Public Bank, Batu Kawan, KLK, Menang Corp, Kotra, Media Chinese, FGV, Magma Binasta, Bright Packaging, Annum, Pertama 

Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high.

Menang declares six sen special dividend as earnings rises to six-year high

Electronics manufacturing services (EMS) firm Notion VTec Bhd (KL:NOTION) reported a net profit of RM14.04 million in the second quarter ended March 31, 2024 (2QFY2024), a turnaround from the net loss of RM7.77 million a year ago, driven by strong demand for the group’s EMS products.

Notion VTec logs RM14 mil net profit in 2Q amid stronger demand for EMS products

Here’s a quick look at some of the stories that made headlines today.



EVENING 5: Five things you need to know today

Engineering, procurement, commissioning and construction (EPCC) work has yet to begin on Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) thermal power plant project in Vietnam, said Sunway Construction Group Bhd's (KL:SUNCON) stock exchange disclosure on Monday.

EPCC work yet to start on Toyo’s Song Hau power plant, says SunCon

Annum Bhd’s (KL:ANNUM) largest shareholder, Datuk Seri Chin Kok Foong, has disposed of his entire 14.83% stake in the Practice Note 17 (PN17) wood-based products manufacturer.

Annum’s largest shareholder Chin Kok Foong exits group after selling 15% stake to Ageson's Larry Liew

The tech-heavy Nasdaq climbed to a record high on Monday, boosted by chipmakers, with highly awaited quarterly results from Nvidia and the Federal Reserve's (Fed) policy meeting minutes this week likely to test Wall Street's record-breaking run.

Nasdaq hits record high on chip boost as Nvidia results in focus

Bright Packaging Industry Bhd’s (KL:BRIGHT) largest shareholder Datuk Ricky Wong Shee Kai, who has been embroiled in a legal battle with the Securities Commission Malaysia (SC), has trimmed his stake in the company after selling 20 million shares or 9.74% stake in the company.

Fugitive businessman Ricky Wong trims stake in Bright Packaging amidst legal woes with SC

Binastra Corp Bhd's (KL:BNASTRA) managing director and largest shareholder Datuk Tan Kak Seng has sold a 6% stake in the construction outfit for RM36 million.

Binastra MD offloads 6% stake for RM36 mil

The Nasdaq closed at a record high on Monday while the S&amp;P 500 gained slightly as technology stocks advanced ahead of Nvidia's highly anticipated earnings and investors gauged the timing of an interest rate cut by the Federal Reserve.

Nasdaq hits record, S&P ticks higher with Nvidia results eyed

Apple has launched an aggressive discounting campaign on its official Tmall site in China, offering discounts of up to 2,300 yuan (US$318) on select iPhone models.

The discounting comes as the US tech giant seeks to defend its position in the high-end smartphone market, where it faces increasing competition from local rivals such as Huawei.

Apple slashes iPhone prices in China amid fierce Huawei competition

Wall Street was mixed on Monday while gold jumped to an all-time high as investors weighed hawkish statements from the Federal Reserve against evidence of cooling US inflation.

US stocks mixed amid cautious Fed comments, gold shines

China is committed to deepening collaboration with Malaysia across various fields including economics, cultural exchange, tourism, education, and science and technology, said Chinese ambassador to Malaysia Ouyang Yujing.

China ready to broaden partnership with Malaysia across various fields — envoy

A court in Sabah has struck out a man’s claim for RM24.92 million damages against FGV Holdings Bhd (KL:FGV) for alleged fraudulent transactions and trespass relating to land in the state held under a native title.

Court strikes out man’s RM25 mil trespassing suit against FGV

The cancellation of the permit for popular comedian Sharul Channa to perform in Malaysia by the Central Agency for Application for Filming and Performance by Foreign Artistes (Puspal) was made after taking into account police reports lodged over an old video of hers that allegedly touched on race, religion, and royalty (3R) issues, says Communications Minister Fahmi Fadzil.

Cancellation of Sharul Channa's permit took into account police reports on video related to 3R issues — Fahmi

Coastal Contracts Bhd (KL:COASTAL) has secured the sale of an offshore support vessel (OSV) and a charter extension for a separate vessel.

Coastal Contracts bags vessel sale, five-year charter extension

Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier.

The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year, said the country’s largest Chinese-language media group in a filing on Monday.

Media Chinese expects to report up to US$13 mil net loss for FY2024 amid lower publishing revenue

An infected blood scandal in Britain was no accident but the fault of doctors and a succession of governments that led to 3,000 deaths and thousands more contracting hepatitis or HIV, a public inquiry reported on Monday.

UK's infected blood scandal could and should have been avoided, inquiry finds

Copper surged to its highest-ever level, extending a months-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages.

Futures on the London Metal Exchange (LME) jumped more than 4%, taking copper past US$11,000 (RM51,529) a tonne for the first time, before paring some gains in afternoon trading.&nbsp;