<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 30): Shares in MISC Bhd rose 15 sen or 1.94% to RM7.88 this morning after the United States sanctioned China Ocean Shipping (Group) Company (COSCO) last week for alleged involvement in ferrying crude oil out of Iran, which made traders find alternative shippers.</p></div>

<div class=newsTextDataWrapInner><p>MISC's core business included liquefied natural gas and petroleum shipping.</p></div>

<div class=newsTextDataWrapInner><p>This is because everyone is avoiding US sanctions and scrambling to find alternative ships for crude trading.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Shipping and industry sources said that as some Asian oil buyers rushed to secure vessels, rates for chartering supertankers, or very large crude carriers (VLCCs), to load crude oil from the Middle East to North Asia in October surged nearly 19% overnight to about 75-76 points on Worldscale, an industry tool used to calculate freight charges.</p></div>

<div class=newsTextDataWrapInner><p>Last Thursday, Unipec, the trading arm of Asia's largest refiner Sinopec and India's largest refiner Indian Oil Corp, cancelled bookings of COSCO ships and looked for other ships to trade their crude.</p></div>

<div class=newsTextDataWrapInner><p>At 11.34am, MISC shares pared gains to trade at RM7.80, up 7 sen or 0.91%, with 1.54 million shares done.</p></div>


Shares in MISC Bhd rose 15 sen or 1.94% to RM7.88 this morning after the United States sanctioned China Ocean Shipping (Group) Company (COSCO) last week for alleged involvement in ferrying crude oil out of Iran, which made traders find alternative shippers.

MISC's core business included liquefied natural gas and petroleum shipping.

MISC rises 1.94% on US sanctions on COSCO

WASHINGTON (April 16): US Treasury Secretary Janet Yellen on Tuesday warned that the US intends to hit Iran with new sanctions in coming days over its unprecedented attack on Israel, and these actions could seek to reduce Iran’s capacity to export oil.

US to hit Iran with new sanctions in ‘coming days’, Yellen says

KUALA LUMPUR (April 16): The Unity Secretariat meeting, held on Tuesday night, discussed preparations to strengthen machinery and the working mechanism of parties within the Unity Government, in preparation for next month’s Kuala Kubu Baharu by-election.

Saifuddin Nasution: Unity Secretariat discussed machinery preps for Kuala Kubu Baharu by-election

WASHINGTON (April 16): Iran’s unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran’s oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.

Biden unlikely to cut Iran’s oil lifeline after Israel attack

KUALA LUMPUR (April 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

MyEG, HeiTech Padu, Apex Healthcare, Globetronics Technology, Kossan Rubber, Tomei, GDEX, Serba Dinamik, Alpha IVF and Comfort Gloves

KUALA LUMPUR (April 16): The 14-year-old daughter of Lahad Datu police chief ACP Dzulbaharin Ismail was found dead in a pool of blood, in a room at her home in Taman Tabanak, Lahad Datu on Tuesday.

Teen daughter of Lahad Datu police chief found dead in pool of blood

KUALA LUMPUR (April 16): The Malaysian Investment Development Authority (Mida) plays an instrumental investment facilitator role in removing obstacles for prospective investors, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Zafrul: Mida a vital instrument to remove obstacles for prospective investors

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.

Dow up on UnitedHealth boost; higher bond yields, Mideast tensions cap gains

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).

Comfort Gloves’ units go to court over RM99 mil additional tax demand

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.

Tesla’s value declines below US$500b as risks pile up

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.

Fed’s vice chair sees steady rate helping to push down inflation

<p>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.</p>


CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive

<p>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).</p>


Analysts positive on pilot green power exports to Singapore; name Tenaga, YTLP as top picks

<p>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.</p>


Loke: Higher contract value awarded to HeiTech Padu due to longer extended duration

<p>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.</p>


Globetronics in final talks with two potential customers for advanced packaging

<p>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.</p>


Loke says MMC Port free to sell stake to foreign firms, but govt has to be notified of shareholding changes

<p>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.</p>


EU goes on China trade offensive after getting ‘played’ 

<p>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.<br />
&nbsp;<br />
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;</p>


China’s growing plastics dominance is squeezing out Asian rivals

<p>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.</p>


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

<p>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.</p>


Bursa grants Serba Dinamik second extension of time until May 15 to submit regularisation plan

<p>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.</p>


MB: Multi-tiered Automated Rapid Transit system planned to overcome Johor Bahru congestion

<p>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.</p>


Anwar: Miti to draw up comprehensive semiconductor strategic plan

<p>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.</p>

<p>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;</p>


HSBC slashes a dozen investment bankers in Asia on deals slump

<p>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.</p>


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

<p>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;</p>


Bursa closes lower, tracking weak global sentiment

<p>Most central banks across Asia are likely to begin cutting interest rates later in the year — if at all, according to economists at Morgan Stanley, as the Federal Reserve delays its own policy easing.</p>


Morgan Stanley sees US Fed cut delay pushing back easing in Asia

<p>Tesla's global job cuts include reducing staff in the US&nbsp;and China, the automakers' two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said.</p>

<p>Chief executive officer Elon Musk on Monday told staff in an&nbsp;internal memo&nbsp;seen by <em>Reuters </em>that the company is laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for electric vehicles.</p>


Tesla's global job cuts include leading markets US, China

<p>KUALA LUMPUR (April 16): Malaysian airlines will be hurt by higher fuel costs, even as escalating geopolitical tensions in the Middle East are not expected to dent ticket sales, analysts said.</p>


Local airlines may feel heat from rising oil prices as Middle East tensions simmer — analysts

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


EVENING 5: Five things you need to know today

<p>1Malaysia Development Bhd (1MDB) on Tuesday failed to transfer its case concerning its US$6.59 billion (RM31.58 billion) suit against its former president Arul Kanda Kandasamy and former Treasury secretary general Tan Sri Dr Mohd Irwan Serigar Abdullah from the Civil High Court to the Commercial High Court.</p>


1MDB fails to transfer suit against Arul Kanda and Irwan to another court

<p>MIDF Research expects crude palm oil (CPO) prices to moderate in the second quarter of 2024 (2Q2024), yet predicts a month-on-month (m-o-m) increase of 4.6%&nbsp;to RM4,410.5 per tonne in April due to&nbsp;mild El&nbsp;Niño events.&nbsp;</p>
