<div class=newsTextDataWrapInner>KUALA LUMPUR (Oct 18): KNM Group Bhd (KNM)’s indirect unit has accepted a US$12.31 million (RM51.48 million) purchase order from Petrofac Emirates LLC to supply pressure vessels and columns, it announced on Bursa Malaysia today.</div>

<div class=newsTextDataWrapInner>The unit, FBM-KNM FZCO (FZCO), will supply the vessels and columns for the Ain Tsila development project in the southeast of Algiers, Algeria.</div>

<div class=newsTextDataWrapInner>The purchase order is expected to contribute positively to KNM’s earnings for the financial years ending Dec 31, 2019 (FY19) and Dec 31, 2020 (FY20).</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>At midday break, KNM was among Bursa Malaysia's most actively-traded counters at 46 sen — up 1.5 sen or 3.37% — with 78.06 million shares transacted.</div>

KUALA LUMPUR (Oct 18): KNM Group Bhd (KNM)’s indirect unit has accepted a US$12.31 million (RM51.48 million) purchase order from Petrofac Emirates LLC to supply pressure vessels and columns, it announced on Bursa Malaysia today.

The unit, FBM-KNM FZCO (FZCO), will supply the vessels and columns for the Ain Tsila development project in the southeast of Algiers, Algeria.

KNM unit gets US$12.31m purchase order from Petrofac Emirates

NEW YORK/BENGALURU (April 16): The Dow Jones Industrial Average outshone its peers on Tuesday, following upbeat results from health insurer UnitedHealth, while higher Treasury yields and conflict in the Middle East kept investors on edge.

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KUALA LUMPUR (April 16): Comfort Gloves Bhd said two subsidiaries of the group have commenced legal action over an additional tax demand totalling RM99.3 million by the Inland Revenue Board (IRB).

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Tesla Inc shares extended their decline for 2024, pushing the electric-vehicle (EV) maker’s market valuation below US$500 billion (RM2.40 trillion), as a round of job cuts this week further soured sentiment around the company.

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Federal Reserve (Fed) vice chair Philip Jefferson said he expects inflation to continue to moderate, with interest rates at their current level, but persistent price pressures would warrant holding borrowing costs high for longer.

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The International Monetary Fund (IMF) inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks.

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US industrial production rose for a second month in March, boosted by a larger-than-expected increase in factory output, as manufacturing showed further signs of stabilising.

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NEW YORK/BENGALURU (April 16): Johnson & Johnson's (J&J) first quarter revenue missed Wall Street estimates on Tuesday, with sales of its blockbuster psoriasis drug Stelara coming in lower than expected, as the company prepares for its loss of exclusivity in the US.

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Policymakers around the world are struggling to confront a surging greenback and lofty US interest rates, according to Mohamed El-Erian. 

“Authorities are a little bit frozen around the world as to how do you react to a generalised dollar strengthening?” El-Erian, the president of Queens’ College, Cambridge and a Bloomberg Opinion columnist, told Bloomberg Television on Tuesday. “How do you react to a generalised increase in interest rates in the US?”

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The Kelana Jaya Line Light Rail Transit (LRT) service is operating with a limited number of trains, due to a disruption to the power supply system which was struck by lightning at 3.30pm on Tuesday.

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KUALA LUMPUR (April 16): The Malaysian Investment Development Authority (Mida) has appointed Sikh Shamsul Ibrahim Sikh Abdul Majid as its new chief executive officer (CEO), effective April 18, 2024.

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Datuk Abdul Rahman Ahmad will return to Permodalan Nasional Bhd (PNB) as its president and group chief executive effective July 1, 2024, the government-linked investment company said.

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Analysts are positive on Malaysia’s pilot green power exports to Singapore using existing infrastructure in both countries, following establishment of the platform enabling cross-border trading of green electricity, the Energy Exchange Malaysia (Enegem).

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CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.

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The Ministry of Transport clarified on Tuesday that the higher contract value of RM190.01 million awarded to HeiTech Padu Bhd for Road Transport Department (JPJ) services was only due to a longer extended contract duration.

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Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd is in the final stages of discussion with two prospective clients interested in leveraging advanced packaging technology.

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Transport Minister Anthony Loke Siew Fook said his ministry has no objection to MMC Corp Bhd divesting a stake in MMC Port Holdings Sdn Bhd, including to foreign entities, as long as it does not contravene the government's policy that requires 51% ownership of major national assets to remain with local companies.

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Carlo Rino Group Bhd has filed for an initial public offering (IPO) that would raise more funds for the apparel company as part of its listing transfer to the ACE Market from the LEAP Market.

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Former prime minister Tan Sri Muhyiddin Yassin has requested for a bench of five Court of Appeal (COA) judges to hear his review against the court’s own decision to reinstate abuse of power charges involving RM232.5 million against him.

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European Commission President Ursula von der Leyen is unleashing a barrage of trade restrictions against China as she seeks to follow through on a pledge to make the EU a more relevant political player on the global stage.

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KTI Landmark Bhd (KTI) has signed an underwriting agreement with M&amp;A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement on Tuesday, the Sabah-based integrated property developer said the initial public offering (IPO) comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.

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Bursa Malaysia ended the morning session lower on Tuesday, in tandem with the weaker regional performance due to a broad sell-off on Wall Street overnight, said an analyst. &nbsp;

Bursa ends morning session lower along with regional peers

China’s rapidly expanding petrochemicals industry is making life increasingly difficult for producers in Asia’s next-biggest exporter of the building blocks for making plastics. 
&nbsp; 
Asia’s largest economy used to be the major market for South Korean companies like LG Chem Ltd and Lotte Chemical Corp. But the exporters of the chemicals used to make everything from nylon to disposable bottles and car interiors are now being forced to downsize their operations after a frenzy of petchem-plant building in China over the last few years created a supply glut. &nbsp;

China’s growing plastics dominance is squeezing out Asian rivals

EP Manufacturing Bhd's (EPMB) shares climbed on Tuesday and marked their best day in 10 months after the Shah-Alam based auto parts maker signed an assembly deal with a Chinese carmaker.

EP Manufacturing shares chart best day in 10 months after assembly deal

Gold is set to reach US$3,000 (RM14,381.71) an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup Inc said, adding to a roll call of Wall Street banks that have raised forecasts.

Gold seen hitting US$3,000 at Citi as investor inflows juice rally

Workers in Singapore can now ask for four-day work weeks, more work-from-home days and staggered work timings starting from Dec 1, underscoring the global trend of governments and companies relaxing office arrangements in order to retain talent.

Singapore orders all employers to consider employees’ flexi-time requests

The Ministry of Investment, Trade and Industry (Miti) will draw up a comprehensive semiconductor strategic plan to ensure that Malaysia continues to be the chosen investment destination for this strategic industry, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar: Miti to draw up comprehensive semiconductor strategic plan

HSBC Holdings plc has started a new round of job cuts at its Asia investment bank amid a slump in dealmaking across the region, according to people familiar with the matter.

The London-based lender cut around a dozen bankers across its investment banking division in Asia on Tuesday, one of the people said, asking not to be identified discussing a private matter.&nbsp;

HSBC slashes a dozen investment bankers in Asia on deals slump

Bursa Malaysia ended lower for the second consecutive day on Tuesday, tracking the weak global sentiment due to the Middle East conflict, said an analyst. &nbsp;

Bursa closes lower, tracking weak global sentiment

ISKANDAR PUTERI (April 16): The Johor government wants to develop a multi-tiered Automated Rapid Transit (ART) system in Johor Bahru to address traffic congestion in the city.

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Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd said it had been granted an extension of time until May 15 by Bursa Malaysia to submit its regularisation plan.