<div class=newsTextDataWrapInner><p>SINGAPORE (Oct 10): A witness in the trial of John Soh Chee Wen and Quah Su-Ling — the alleged masterminds of the 2013 penny stock crash — has revealed that the office of IPCO International appeared to be a sort of “administration centre” for the movement of funds in the scheme.</p></div>

<div class=newsTextDataWrapInner><p>Najib Mohamed Najib Abdul Rashid, who was IPCO’s company driver, told the court on Oct 10 that he would cash out cheques made to his name from either Goh Hin Calm or Chiam May Ling.</p></div>

<div class=newsTextDataWrapInner><p>Goh is the former interim CEO of IPCO, while Chiam was the company’s human resource officer.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>One such cheque, dated October 2, 2012, was for $140,000 for which Najib was the cheque payee.</p></div>

<div class=newsTextDataWrapInner><p>To read the rest of the story, please click <a href="https://www.theedgesingapore.com/issues/2013-penny-stock-crash/ipco-office-was-admin-centre-penny-stock-scandal-witness-reveals">https://www.theedgesingapore.com/issues/2013-penny-stock-crash/ipco-office-was-admin-centre-penny-stock-scandal-witness-reveals</a></p></div>

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A witness in the trial of John Soh Chee Wen and Quah Su-Ling — the alleged masterminds of the 2013 penny stock crash — has revealed that the office of IPCO International appeared to be a sort of “administration centre” for the movement of funds in the scheme.

Najib Mohamed Najib Abdul Rashid, who was IPCO’s company driver, told the court on Oct 10 that he would cash out cheques made to his name from either Goh Hin Calm or Chiam May Ling

IPCO office was 'admin centre' for penny stock scandal, witness reveals

The Malaysian aviation industry may be badly impacted on passenger traffic and spikes in jet fuel prices if a full-blown war results from escalating geopolitical tensions in the Middle East, according to Maybank Investment Bank Research (Maybank IB).

Malaysia's aviation industry at risk amid full-blown crisis in the Middle East — Maybank IB

Alphabet Inc’s Google has put more than two dozen employees on immediate administrative leave after they were involved in protests against Project Nimbus, a US$1.2 billion (RM5.7 billion) joint contract with Amazon.com Inc to provide the Israeli government with AI and cloud services.

Google suspends workers protesting US$1.2b Israeli contract   

Business confidence at big Japanese manufacturers and services sector firms slid in April from the prior month, dragged down by cost-of-living pressures and shaky economic conditions in major market China, a Reuters monthly poll showed.

Japan firms' business mood slips as weak yen squeezes households

Australian employment unexpectedly fell in March and the jobless rate rose, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy.

Australian employment drops, sending jobless rate up to 3.8%

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Asian stocks mixed as soaring dollar pauses

Shares of PIE Industrial Bhd extended its rally to a new all-time high on Thursday, after Kenanga Investment Bank flagged that the electronic services firm has secured a new client that will take up the entirety of its largest facility.

PIE Industrial extends rally to new all-time high as Kenanga flags new client

Bursa Malaysia opened slightly lower on Thursday but moved up thereafter.

Bursa turns positive in early trade after opening lower

Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.

Analysts remain sanguine on IGB REIT’s prospects going forward

Indonesia's economy was primed for monetary easing later this year, but an unwelcome plunge in its currency is complicating matters for Bank Indonesia and could force it to grudgingly raise rates as early as next week.

Indonesia's plunging rupiah twists the policy plot

The ringgit extended Wednesday’s gains to open higher against the US dollar on Thursday as the greenback retreated from multi-month highs after a pullback in US Treasury yields, said an analyst.

Ringgit extends gains against US dollar at opening

<p>Shares of PIE Industrial Bhd extended its rally to a new all-time high on Thursday, after Kenanga Investment Bank flagged that the electronic services firm has secured a new client that will take up the entirety of its largest facility.</p>


<p>President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.</p>


Biden calls China ‘xenophobic’, ramping up 2024 campaign rhetoric

<p>The Unity Government Leadership Consultative Council meeting agreed that the government must act firmly and not compromise against extreme actions that can jeopardise the country’s stability.</p>

<p>Unity Government Secretariat chief Dr Asyraf Wajdi Dusuki said the matter was decided at Wednesday’s Unity Government Leadership Consultative Council meeting at Seri Perdana, Putrajaya.</p>


Unity Govt meeting: No compromise on extreme actions that can jeopardise country’s stability

<p>Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.</p>


<p>Sabah has lost an experienced and exceptional leader with the passing of Parti Bersatu Rakyat Sabah (PBRS) founder Tan Sri Joseph Kurup, says Chief Minister Datuk Seri Hajiji Noor.</p>

<p>Expressing sympathy and condolences to the late leader's family, Hajiji said he had worked alongside Joseph as an assistant minister in the Sabah Ministry of Industrial Development in 1994, earning a deep respect for the veteran Sabah leader.</p>


Sabah lost an exceptional leader with Joseph Kurup's passing — Hajiji

<p>Alphabet-owned Google&nbsp;is laying off an unspecified number of employees, a company spokesperson said on Wednesday, marking the latest cuts at the technology giant as it cracks down on costs.</p>


Google lays off employees, shifts some roles abroad amid cost cuts

<p>The stock market saw its longest losing streak since January as a handful of big techs sold off — despite a slide in bond yields.</p>


S&P 500 suffers its longest slide since January

<p>Hong Leong Investment Bank (HLIB) research said Cloudpoint Technology Bhd is well positioned to capitalise the burgeoning demand for cyber security solutions post-passage of the cyber security bill which was passed in Dewan Rakyat on April 3.</p>


HLIB: Cloudpoint well positioned to capitalise burgeoning demand for cyber security solutions

<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Wednesday, owing to weakness in the soybean oil futures on the Chicago Board of Trade and lower crude oil prices.</p>

<p>Palm oil trader David Ng told Bernama that the weaker market sentiment, however, was limited by the expectation of a stronger demand in the coming weeks.</p>


CPO futures ends lower amid weaker soybean oil futures, oil prices

<p>Alphabet Inc’s Google has put more than two dozen employees on immediate administrative leave after they were involved in protests against Project Nimbus, a US$1.2 billion (RM5.7 billion) joint contract with Amazon.com Inc to provide the Israeli government with AI and cloud services.</p>


<p>Federal Reserve Bank of Cleveland president Loretta Mester said monetary policy is in a good place, adding that the central bank shouldn’t be in a hurry to cut interest rates.</p>


Mester says US Fed can hold rates steady, not in a hurry to cut

<p>Prime Minister Datuk Seri Anwar Ibrahim has expressed his condolences to Deputy Minister of Agriculture and Food Securities Datuk Arthur Joseph Kurup and his family on the demise of his father, Tan Sri Joseph Kurup on Wednesday.</p>


PM extends condolences to family of Joseph Kurup

<p>A woman brought a 68-year-old man in a wheelchair into a bank branch and tried to get him to sign for a loan, but he had been dead for hours, Brazilian police said on Wednesday.</p>

<p>Erika Vieira Nunes wheeled the cadaver into the bank in a Rio suburb on Tuesday and told the teller the man wanted a loan for 17,000 reais (US$3,250), security camera video showed.</p>


Woman wheels corpse into Brazil bank to sign for loan

<p>Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.</p>


<p>Asian central banks’ need for assertive defense of their currencies is driving traders to turn less dovish on monetary policies in the region.</p>


Slower US Fed pivot weakens rate-cut bets across emerging Asia

<p>United Airlines will receive compensation from planemaker Boeing for financial damages incurred in the first quarter due to the grounding of 737 MAX 9 aircraft, the carrier said on Wednesday.</p>


United Airlines says Boeing to compensate for damages caused by MAX 9 grounding

<p>Asian countries probably don't want it and they certainly didn't cause it, but a 'beggar thy neighbour' wave of exchange rate depreciation may be about to hit the continent.</p>

<p>If not a full-blown currency war, then a series of skirmishes is looming as policymakers grapple with a resurgent US dollar, a fragmented G10 central bank policy path, and a staggering slump in the Japanese yen which appears to have Tokyo's tacit approval.</p>


Asia braces for unwanted, but unavoidable FX battle

<p>RHB Retail Research said Marine &amp; General Bhd is set for an uptrend reversal after undergoing a bullish breakout above the 28 sen resistance on Wednesday, on strong trading volume.</p>


Marine & General set for uptrend reversal, says RHB Retail Research 

<p>Federal jurors in New York heard sharply contrasting arguments on whether a trader manipulated the Mango Markets cryptocurrency exchange to steal US$110 million (RM527.1 million) or executed a perfectly legal strategy that was permissible under the rules of the platform. &nbsp;</p>


Crypto trader’s US$110m manipulation case now with jury

<p>Indonesia's economy was primed for monetary easing later this year, but an unwelcome plunge in its currency is complicating matters for Bank Indonesia and could force it to grudgingly raise rates as early as next week.</p>
