<div class="mt-4 embed-right"><a class="mobx embedimg-icon imgw-300" data-desc="" data-rel="ceolightbox" data-title="" href="//assets.theedgemarkets.com/pictures/20210108KESM.png"><img alt="" src="//assets.theedgemarkets.com/pictures/20210108KESM.png" /></a></div>

<div class=newsTextDataWrapInner>KUALA LUMPUR (Jan 8):&nbsp;Shares in KESM Industries Bhd rose 6.67% in the mid-morning today to their highest level since October 2018&nbsp;after the firm announced a new investment in factory space of more than 100,000 sq ft in Melaka to support future growth in burning and testing of automotive semiconductors, in anticipation of a business recovery.</div>

<div class=newsTextDataWrapInner>At 10.19am, KESM had risen 88 sen to RM14.08, valuing it at RM605.64 million. Trading volume was however thin with 56,000 shares done.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>KESM executive chairman and chief executive officer (CEO) Sam Lim yesterday said the reliability of semiconductors for safety of cars will always be the top concern in all new car designs.</div>

<div class=newsTextDataWrapInner>“While we have been hard hit by a significant drop in volumes, our balance sheet remains strong. KESM’s cash has strengthened from RM200 million to RM230 million.</div>

<div class=newsTextDataWrapInner>“We operate in a highly capitalised market. With our strong financial health, we are taking advantage of this lull period to invest in training, upgrade our equipment and benefit from the growing global automotive industry when the chips are up,” he said.</div>

Shares in KESM Industries Bhd rose 6.67% in the mid-morning today to their highest level since October 2018 after the firm announced a new investment in factory space of more than 100,000 sq ft in Melaka to support future growth in burning and testing of automotive semiconductors, in anticipation of a business recovery.

KESM rises to highest since October 2018 on plans for new factory space

Initial public offerings on Bursa Malaysia have largely delivered share price gains, offering hope to other companies seeking to raise funds while providing confidence to investors to bet on new listings.

Bursa Malaysia's 2023 IPOs largely deliver gains without major exits

(May 7): Prime Minister Justin Trudeau’s government will require people lobbying or otherwise acting on behalf of a foreign government to register that activity publicly, a move that comes after allegations China attempted to meddle in the last two Canadian elections.

The new law was in...

Alleged Chinese meddling spurs foreign agent registry in Canada

(May 7): JPMorgan Chase & Co. said it expects to book an US$8 billion accounting gain after completing its part of a deal with Visa Inc. letting big banks restructure their stakes in the payments giant.

The plan, announced last year, allowed JPMorgan to tender 37.2 million shares of...

JPMorgan sees gain of about US$8 billion from Visa exchange offer

(May 7): Bill Hwang amassed a fortune of US$36 billion on Wall Street through his family office, Archegos Capital Management. But over the course of one week in 2021, the firm imploded. Federal prosecutors have since charged Hwang with 11 criminal counts, including securities fraud, wire fraud an...

Bill Hwang’s Archegos US$36 billion fraud trial

(May 7): Apple Inc. illegally interrogated staff at its World Trade Center store in New York City, the US labor board ruled Monday, marking the latest rebuke of the iPhone maker’s labor practices.

A trio of Democratic-appointed labor board members ruled against the company, affirming th...

Apple illegally interrogated NYC retail staff, US Labor Board rules

(May 7): The Palestinian militant group Hamas said it had agreed to a cease-fire proposal for the Gaza Strip, but Israel’s war cabinet unanimously rejected it as “far from Israel’s necessary demands,” dashing hopes for an immediate pause in the fighting.

Israel vowed to continue “its op...

Israel says a cease-fire plan backed by Hamas falls far short

NEW YORK (May 7): A U.S. judge on Monday formally ended the U.S. government's criminal case against Goldman Sachs GS.N related to the Wall Street bank's work for the Malaysian fund 1MDB after it met its obligations and paid $2.9 billion in penalties.

Chief Judge Margo Brodie of the fede...

Goldman Sachs criminal case over 1MDB formally ends

(May 7): U.S. stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.

Expectations for rate cuts by the U.S. central bank have been tempe...

Wall Street closes higher for third session on rate cut optimism

NEW YORK/LONDON (May 7): A gauge of global stock markets rallied on Monday on optimism that major central banks will cut interest rates this year, while the yen weakened against the dollar after a surge last week from Japan's suspected currency intervention.

Stocks on both sides of the ...

Global shares rally on rate cut hopes, yen weakens

(May 7): Reuters won two Pulitzer Prizes on Monday, taking home the breaking news photography award for searing images of the Israel-Gaza conflict as well as the national reporting award for a series of investigations into Elon Musk's manufacturing empire.

ProPublica won the coveted pub...

Reuters wins two Pulitzers, ProPublica takes coveted public service award

Ho Hup Construction Co Bhd’s RM1 billion mixed development project in Bukit Jalil will be suspended as it plans to sell the project's 3.09-acre land for RM110 million cash.

The disposal deal, inked between Ho Hup’s wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD) and Exsim Development Sdn Bhd’s wholly-owned subsidiary Exsim Persiaran Jalil Sdn Bhd, is aimed to improve the group’s financial position, it said in a bourse filing on Monday.

Ho Hup's Flex project to be suspended, buyers refunded as Exsim buys land for RM110m

Pahang-based hypermarket operator TF Value-Mart Sdn Bhd has initiated legal action against GCH Retail (Malaysia) Sdn Bhd, operator of the Giant Hypermarket brand, citing loss of business and non-compliance with a court order to surrender a 180,000 sq ft premises located in Batu Caves.

TF Value-Mart sues GCH Retail to get it to vacate Giant Batu Caves premises

KUALA LUMPUR (May 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd follow...

Star Media, Ho Hup Construction, Sin-Kung Logistics, Ireka, Niche Capital, Favelle Favco, KKB Engineering and RHB Bank

The Swiss Army Knife, the iconic, more than century-old fold-up tool used by whittlers, soldiers and even astronauts, will soon be available without a blade.

Victorinox, the company behind the quintessentially Swiss product, is responding to tighter regulations around weapons around the world, Chief Executive Officer Carl Eisner told the Blick newspaper on Monday. Instead, it plans to add tools for cyclists and other functions to a gadget that usually also features scissors and a corkscrew.

Swiss Army Knife goes blade-less as weapons regulations tighten

Practice Note 17 (PN17) company Ireka Corp Bhd said its wholly-owned Ireka Development (Terengganu) Sdn Bhd (IDTSB) and the unit's directors are being sued by the Employee Provident Fund (EPF) over unpaid contributions to the fund.

EPF initiates legal action against Ireka unit over unpaid contributions

Rubber processor and exporter Seng Fong Holdings Bhd's net profit jumped more than threefold in its third quarter, thanks to higher sales volume and average selling prices.

It said its net profit for its 3QFY2024 ended March 31 surged to RM15.14 million from RM4.05 million a year earlier, while revenue jumped 39.2% to RM300.32 million from RM215.72 million.

Seng Fong’s net profit jumps over threefold in 3Q; share price hits all-time high

Militant group Hamas on Monday agreed to a ceasefire proposal in the seven-month-old war with Israel in Gaza, hours after the Israeli military told residents to evacuate some parts of Rafah, which has been sheltering more than a million displaced people.

Hamas chief Ismail Haniyeh informed Qatari and Egyptian mediators that the group accepted their ceasefire proposal, according to a brief statement from Hamas, which gave no details of the accord.

Hamas says it agrees to ceasefire proposal in Gaza war

Yang di-Pertuan Agong Sultan Ibrahim expressed special thanks to outgoing Singapore Prime Minister Lee Hsien Loong for being a close friend to Johor and Malaysia.

King thanks outgoing Singapore PM Lee for being a close friend to Malaysia 

NEW YORK (May 7): A U.S. judge on Monday formally ended the U.S. government's criminal case against Goldman Sachs GS.N related to the Wall Street bank's work for the Malaysian fund 1MDB after it met its obligations and paid $2.9 billion in penalties.

Chief Judge Margo Brodie of the fede...

The Securities Commission Malaysia (SC) said that the Court of Appeal has allowed its appeal against the acquittal of former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam for insider trading offences.

Appellate court reverses acquittal of ex-MMM deputy chairman for insider trading

Loss-making Niche Capital Emas Holdings Bhd has proposed to undertake a private placement of up to 135.74 million shares, or 10% of its issued share capital, to fund its mining business as well as working capital.

Niche Capital aims to raise RM18.7m via private placement to fund mining business

KUALA LUMPUR (May 6): The Defence Services Asia (DSA) 2024 and National Security (Natsec) Asia 2024 exhibitions are expected to generate an immediate overall economic impact of&nbsp;around RM700 million.

DSA & Natsec Asia 2024’s economic impact estimated at RM700 mil, says exhibitions chairman

A supervisor died after falling from a height of more than 20 metres while inspecting maintenance work carried out on a ladle crane at a manufacturing plant here on Sunday.

Penang Department of Occupational Safety and Health (DOSH) director Hairozie Asri said the initial investigation found that the victim was a 51-year-old local citizen and a supervisor who was overseeing ladle crane maintenance work carried out by workers at the factory.

Stop-work ordered after ladle crane supervisor falls to death

Perikatan Nasional (PN) candidate Khairul Azhari Saut on Monday launched his manifesto for the Kuala Kubu Baharu (KKB) state by-election, outlining five pledges.

The manifesto, themed ‘Demi Rakyat KKB’, was launched at an event held here.

KKB by-election: PN candidate launches manifesto containing five pledges

The Ministry of Investment, Trade and Industry (MITI) is calling upon local companies to establish investment partnerships with companies from Saudi Arabia, especially in the services sector.

Miti encourages local companies to form investment partnerships with Saudi Arabia

The Ministry of Housing and Local Government has identified 18 locations for the development of solid Waste-to-Energy (WTE) plants throughout the country as a new method of solid waste management to eradicate landfills.

Its minister Nga Kor Ming said the development of the plants, which is the country's new direction in managing solid waste disposal, will use the latest and advanced technology that has been proven successful in several European countries besides China and Japan.

Housing ministry designates 18 locations for waste-to-energy plants

UDA Holdings Bhd is targeting 30% sales for the Neu Pendington serviced apartment and commercial space development project in the first year after its third-quarter launch this year.

President/chief executive officer Datuk Mohd Salem Kailany said the project, Sarawak's first integrated development, is in the process of securing approval for an advertising permit and developer's licence (APDL)

UDA eyes 30% sales from Neu Pendington in the first year

Citi has appointed Damien Tan as head of corporate bank for Singapore. Tan was appointed to the role on May 1.

Citi appoints Damien Tan as head of corporate bank for Singapore

(May 7): U.S. stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.

Expectations for rate cuts by the U.S. central bank have been tempe...

The Ministry of Health (MOH) has given an assurance that it will disclose data on adverse events following immunisation (AEFI) resulting from Covid-19 vaccines at a time to be determined, said its Minister, Datuk Seri Dr Dzulkefly Ahmad.

Without specifying a definitive timeframe, he said it was his responsibility as Minister of Health, and he had previously raised in post-Cabinet meetings for AEFI reports to be made public.