<div class=newsTextDataWrapInner><p>SINGAPORE (Jan 2): Returning to the stand on Thursday for the third tranche of the trial of alleged 2013 penny stock crash, masterminds John Soh Chee Wen and Quah Su-Ling, prosecution witness Ken Tai Chee Ming again admitted to cheating the duo and making millions of dollars for himself.</p></div>

<div class=newsTextDataWrapInner><p>Once part of Soh’s “inner circle” of brokers and remisiers, Tai had already admitted to manipulation of the stock market for his own gain in the second tranche of the trial in October last year.</p></div>

<div class=newsTextDataWrapInner><p>However, Tai later claimed he only confessed to make Soh’s lawyer “happy”, after a protracted and frustrating back-and-forth questioning.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Tai’s cross-examination has been put on hold until<a href="https://www.theedgesingapore.com/issues/2013-penny-stock-crash/witness-ken-tai-admits-cheating-alleged-masterminds-making-millions" target="_blank">...(click on link for full story on theedgesingapore.com)</a></p></div>


SINGAPORE (Jan 2): Returning to the stand on Thursday for the third tranche of the trial of alleged 2013 penny stock crash, masterminds John Soh Chee Wen and Quah Su-Ling, prosecution witness Ken Tai Chee Ming again admitted to cheating the duo and making millions of dollars for himself.

Once part of Soh’s “inner circle” of brokers and remisiers, Tai had already admitted to manipulation of the stock market for his own gain in the second tranche of the trial in October last year.

John Soh trial: Witness Ken Tai admits to cheating alleged masterminds, making millions of dollars in market manipulation scheme

FRANKFURT/BERLIN/PRAGUE (April 26): Thyssenkrupp will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.

Thyssenkrupp sells stake in steel unit to Czech billionaire Kretinsky

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

BCorp, Capital A, AAX, YNH, Sam Engineering, Turiya, Gadang, Microlink, Nestle, Wiradani, D&O, Homeritz, Unisem

(April 26): HSBC Holdings Plc successfully fought off a London court claim brought by a group of investors in a £1.3 billion (US$1.6 billion) lawsuit over tax breaks linked to Walt Disney Co film financing.

HSBC wins £1.3 bil suit over Disney film finance scandal

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30, according to its latest filing on Bursa Malaysia.

KUB extends deadline for CCB MGO a second time

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 26): KPJ Healthcare Bhd, through its premier educational institution KPJ Healthcare University (KPJU), has entered into a memorandum of understanding (MOU) on Friday with Trusx Malaysia Sdn Bhd (Trustr), a global digital health organisation, as an initiative to revolutionise healthcare.

KPJ Healthcare, Trusx Malaysia collaborate for AI-driven healthcare solutions

Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over US$2 trillion (RM9.5 trillion), while an in-line inflation reading calmed interest rate jitters.

Wall Street rises as Big Tech charges higher

In today’s edition of Evening 5: 00:00 Merger of airlines enough to reverse negative equity - Fernandes 02:16 Govt set to unveil second 5G network next week  03:26 Unisem’s 1Q hit by margins, forex 04:30 Berjaya Corp denies Forest City casino talks   05:30 Homeritz’s 2Q earnings spike on stronger greenback

EVENING 5: Merger of airlines enough to reverse negative equity - Fernandes

A weekly round-up of tanker and dry bulk market (April 26, 2024)

Baltic Exchange shipping updates: April 26, 2024

WASHINGTON (April 26): Ukrainian President Volodymyr Zelenskiy called on Friday for additional air defence systems to be sent to Kyiv to help protect against Russian strikes, adding that a pause in US funding had helped Moscow seize the initiative.

Ukraine's Zelenskiy calls for air defence systems as allies meet

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>The Inland Revenue Board (IRB) on Friday announced that the deadline for taxpayers to submit Form E and CP8D has been extended to May 31.</p>


Deadline to submit Form E, CP8D extended to May 31, says IRB

<p>Berjaya Corp&nbsp;Bhd (BCorp) has denied that its founder Tan Sri&nbsp;Vincent Tan Chee Yioun participated in talks to revive a US$100 billion (RM477.60 billion)&nbsp;Forest City casino resort as reported recently.</p>


Berjaya Corp denies participation in talks to revive Forest City casino resort

<p>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.</p>


Maxis could lead second 5G network roll-out with new consortium partner, says RHB Research

<p>Analysts believe Capital A Bhd's proposed restructuring plan will help the group exit the Practice Note 17 (PN17) status and enhance its competitiveness, as well as provide benefits to AirAsia X Bhd's (AAX) shareholders in terms of free warrants and improved company valuation post restructuring.</p>


Analysts positive restructuring plan will uplift Capital A's PN17 status, benefit AirAsia X shareholders

<p>The corporate exercise to merge the AirAsia airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in Capital A Bhd, according to chief executive officer Tan Sri Tony Fernandes.</p>


Merger of airlines alone enough to reverse all of Capital A's negative equity, says Fernandes

<p>Doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy agreed on Friday to acquire a 58% stake in property management company Turiya Bhd for RM52.86 million from MAA Group Bhd.</p>


Mohan Swami, partner agree to buy 58% of Turiya for RM52.86m from MAA Group

<p>Malayan Banking Bhd (Maybank) has obtained a summary judgement at the High Court here against ACE Credit (M) Sdn Bhd, ACE Corporation (M) Sdn Bhd, and the company directors Datuk Choong Chee Meng and Chang Ai Nee, for defaulting on a RM46.47 million loan given to them by the bank.</p>


Maybank obtains summary judgement against ACE Corporation, three others for RM46m loan default

<p>Uday Kotak built his Kotak Mahindra Bank Ltd over decades to become Asia’s richest banker. After India’s regulator slapped his firm with a surprise ban, he’s facing one of his biggest tests yet — and a dip in wealth.</p>


Asia’s richest banker loses US$1.2 bil after RBI ban

<p>KUALA LUMPUR (April 26): Gamuda Land, the property arm of Gamuda Bhd, has unveiled partners for Gardens Square, the latest commercial development at the 810-acre Gamuda Gardens in Sungai Buloh.</p>


Gamuda Land announces retail partners for upcoming commercial development in Gamuda Gardens

<p>The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering &amp; Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd.</p>


EPF emerges as second largest shareholder of Sam Engineering

<p>Prime Minister Datuk Seri Anwar Ibrahim on Friday suggested all parties mentioned in a recent report&nbsp;alleging that the government is planning to issue&nbsp;a licence for a casino in&nbsp;Forest City, Johor, to take necessary action&nbsp;against the foreign news agency.</p>


Anwar wants action taken against Forest City casino licence news report

<p>The country’s&nbsp;fifth-generation (5G) network&nbsp;adoption rate has reached nearly 36% as of mid-April, while the service coverage rate stood at 80.3% in February.</p>


Fahmi: 5G adoption rate almost 36%, coverage 80.3%, second network unveiling next week

<p>Shares of AirAsia X Bhd (AAX) rose to a six-month high as investors cheered a restructuring plan that would make the company the largest low-cost carrier in Southeast Asia.</p>


AirAsia X logs best day in six months on Capital A restructuring

<p>YNH Property Bhd (YNH) issued a clarification to bondholders via Malaysian Trustee Bhd on the technical default of its Islamic notes, as well as the status of its mall sale and the appointment of a new auditor.</p>


YNH says it has remedied 'technical default' involving sukuk programme

<p>Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).</p>


Nestle Malaysia to adjust prices of 22 products starting July 1

<p>MYAirline Sdn Bhd will continue to retain its nominated post holders as well as key personnel, while ensuring that its air operator’s certificate (AOC) documentation remains as current as possible.</p>


MYAirline seeking multiple investors, to retain nominated post holders

<p>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.</p>

<p>China’s upstart electric brands, and even its state-owned, legacy automakers, are racing to pack technology and features once considered premium into electric vehicles (EVs) as cheap as US$20,000 (RM95,525) — less than half the cost of an average new car in the US, now more than US$48,000.</p>


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

<p>The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250 billion (RM1.28 trillion) a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.</p>


World’s billionaires should pay minimum 2% wealth tax, say G20 ministers

<p>Pavilion Real Estate Investment Trust rose to its highest in more than a month&nbsp;after the release of its first-quarter results, while analysts expect the REIT, which mainly manages shopping malls, to benefit further from higher tourist arrivals.</p>
