<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 15): Billionaire Elon Musk has been dethroned as the planet’s richest man after a slide electric vehicle maker Tesla Inc’s market capitalisation fell below US$500 billion for the fist time in two years.</p></div>

<div class=newsTextDataWrapInner><p><em>Bloomberg</em> reported that Tesla closed down 2.6% at US$156.80 in New York on Wednesday, taking its market capitalisation to US$495 billion, and bringing its decline this year to 55%. The slump is painful for a broad swath of investors: The company is the sixth-biggest member of the S&amp;P 500 Index as of Wednesday’s close. It’s been the third-largest drag this year on the benchmark, which Tesla joined two years ago next week.</p></div>

<div class=newsTextDataWrapInner><p>Data on the Bloomberg Billionaires Index showed that Musk’s wealth of US$164 billion had fallen behind Frenchman Bernaud Arnault who now leads the pack with US$171 billion.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Year-to-date, Musk has lost some US$107 billion.</p></div>

<div class=newsTextDataWrapInner><p>Asia’s richest man Gautam Adani remains third on the list with a fortune of US$125 billion while Jeff Bezos and Bill Gates each command a wealth of US$116 billion respectively, and Warren Buffet is sixth on the list with a fortune of US$108 billion.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://www.theedgemarkets.com/node/648267" target="_blank">Tesla closes below US$500 billion market cap for first time in two&nbsp;years</a><br />
<a href="https://www.theedgemarkets.com/node/648298" target="_blank">Elon Musk sells Tesla shares worth US$3.58b</a></em></p></div>


KUALA LUMPUR (Dec 15): Billionaire Elon Musk has been dethroned as the planet’s richest man after a slide electric vehicle maker Tesla Inc’s market capitalisation fell below US$500 billion for the fist time in two years.

Bloomberg reported that Tesla closed down 2.6% at US$156....

Musk dethroned as planet’s richest man after Tesla slide

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

Sime Darby Plantation, Pekat, Siab, OCK, Sapura Energy, CTOS, Awantec, Mobilia, Prolintas, Power Root

GCH Retail (M) Sdn Bhd, the operator of Giant hypermarkets, said the courts are still deciding on the company’s tenancy dispute with its landlord over premises it is currently occupying in Batu Caves.

GCH Retail says Giant Batu Caves tenancy dispute with landlord still being decided by courts

The takeover bid by Yinson Holdings Bhd’s major shareholder for Icon Offshore Bhd was made at 63.5 sen per share, as wellas 0.1 sen per warrant.

Yinson's major shareholder raises Icon stake to 56.67% as MGO closes

TikTok and its Chinese parent company ByteDance said on Tuesday they filed suit in US federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban its use.

TikTok, ByteDance sue to block US law seeking sale or ban of app

The Malaysian Anti-Corruption Commission (MACC) is studying allegations against Housing and Local Government Minister Nga Kor Ming with regards to his announcement of an allocation for infrastructure in Kuala Kubu Bharu (KKB) recently.

MACC looking into minister’s KKB allocation announcement ahead of poll

Power Root Bhd's subsidiaries have successfully recovered trademark of its own “Ah Huat” brand for coffee and tea beverages, after reaching an amicable out-of-court settlement with its Indonesian distributor CV Ego Sun Star Sukses Mandiri (CV Ego) following an infringement wrangle that started in 2013.

Power Root reclaims ‘Ah Huat’ brand in Indonesia after decade-long trademark tussle 

Urusharta Jamaah Sdn Bhd (UJSB) — a special purpose vehicle established under the Ministry of Finance to rehabilitate, restructure and monetise underperforming assets transferred to it from Lembaga Tabung Haji — has emerged as a substantial shareholder in Prolintas Infra Business Trust.

Urusharta Jamaah emerges as third largest shareholder in Prolintas Infra

A key measure of world indebtedness has resumed its climb as global debt hit a record high of US$315 trillion (RM1.5 quadrillion) in the first quarter of the year, fuelled by borrowing in emerging markets, the US and Japan, a study showed.

Key debt ratio resumes rise as global debt burden hits record US$315 tril, IIF says

Home furniture maker Mobilia Holdings Bhd is planning to issue up to 218.75 million free warrants (Warrants-B), on the basis of one Warrant-B for every four existing shares held by entitled shareholders.

Home furniture maker Mobilia plans one-for-four free warrants

Israel’s move to take control of the Rafah crossing into Egypt has sparked furious debate about its end goal: Is this the start of a long-threatened invasion of the southern Gaza city, or an attempt to pressure Hamas to ease conditions for a cease-fire and the release of hostages?

Israel edges into Rafah with tensions high over deadlocked talks

<p>Malaysian stocks hit RM2 trillion in market capitalisation for the first time ever on Tuesday thanks to broad gains in blue chip stocks and a slew of new listings.</p>


Malaysian stocks’ market capitalisation reaches historical high of RM2 tril

<p>KUALA LUMPUR (May 7): A 47-year-old was confirmed dead while a 26-year-old man suffered serious injuries when a huge tree came crushing down on 17 vehicles along Jalan Sultan Ismail, just outside the Concorde Hotel, during a thunderstorm and heavy rain, at about 2.19pm here Tuesday.</p>

<p>Apa...

One killed, another hurt after fallen tree smashes into cars, monorail track in KL

<p>Pelaburan Hartanah Bhd (PHB) is to part ways with Maybank Asset Management Sdn Bhd (Maybank AB) to independently manage the funds of its commercial property unit trust, Amanah Hartanah Bumiputera (AHB), as part of its seven-year business plan that aims to increase the fund size from RM5 billion to RM20 billion by 2030.</p>


PHB to independently manage AHB funds, aims to quadruple fund size to RM20 bil

<p>Bursa Malaysia Bhd on Tuesday launched the Bursa Remisier Acquisition Hub (Bursa Reach) platform designed to enhance the connection between dealer representatives and investors.</p>


Bursa Malaysia launches platform for remisiers to showcase portfolio

<p>Global oil major Shell said on Tuesday that it remains "committed to the mobility business" in Malaysia, after a report that it was in talks with Saudi Aramco to sell its gas stations in the country.</p>


Shell says it remains committed to mobility business in Malaysia

<p>The US sees Iran's capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, a senior US Treasury official said on Tuesday.</p>


Iran's capacity to move oil reliant on Malaysian providers, US official says

<p>(May 7):&nbsp;Princeton Digital Group secured a US$280 million green loan to help finance a US$1.5 billion data centre it’s building in southern Malaysia, a first for the Asian infrastructure operator as it aims to get that complex operational by June.</p>


Singapore-based Princeton Digital gets green loan for US$1.5b Asia AI hub in Johor

<p>KUALA LUMPUR (May 7): Solar power specialist Pekat Group Bhd said on Tuesday that it has signed a non-binding agreement to acquire a stake in switchgears supplier EPE Switchgear (M) Sdn Bhd to expand its businesses.</p>


Pekat inks agreement to acquire stake in local switchgears supplier

<h3><span style="color:#d35400;">Malaysia Smelting Corp Bhd</span></h3>

<p>Target price: <strong>RM3.60 <span style="color:#27ae60;">BUY</span></strong></p>

<div class="mt-3 imgw-300 embed-right"><a class="mobx embedimg-icon" data-desc="xxx" data-rel="ceolightbox" href="//myassets.theedgemalay...

Brokers Digest: Local Equities - Malaysia Smelting Corp Bhd, Dialog Group Bhd, Malakoff Corp Bhd, Alliance Bank Malaysia Bhd

<p>The Investment, Trade and Industry Ministry (Miti) has confirmed that an announcement on Google’s investment in Malaysia will be made in the near future.</p>


Announcement on Google's investments in Malaysia soon, says Zafrul

<p>KUALA LUMPUR (May 7): Shares of construction crane manufacturer Favelle Favco Bhd closed at its all time high on Tuesday, after the group clinched four contracts for the supply of offshore and tower cranes.</p>


Favelle Favco shares hit new high on RM39.2 mil contract wins

<p>PUTRAJAYA (May 7): The Malaysian Anti-Corruption Commission (MACC) has revealed that the nation incurred losses totalling RM277 billion as a result of corruption over the past five years.</p>


Malaysia suffered RM277b in loss over five years up to 2023 due to corruption — MACC

<p>LOW-PROFILE company Nextgreen Global Bhd, which is in the business of turning empty fruit bunches (EFB), a byproduct of palm oil mills, into green and sustainable products such as pulp and paper, pulp moulding, fertiliser and animal feed, is now ready to showcase to the world what it can do.</p>...

Nextgreen Global scales up operations, turning biomass into green products  

<p>Paris authorities have spent years readying for the almost 2 million international visitors expected for the 2024 Summer Olympics, but they may have overlooked a far bigger phenomenon now coming to the city: Taylor Swift.</p>


Taylor Swift draws five times as many US luxury travellers as the Olympics

<p>Insurance comparison platform BJAK says it acknowledges the "issues" raised by the Road Transport Department (JPJ) and is actively working with the authority to address them.</p>


BJAK acknowledges issues raised by JPJ, says actively working to address them

<p>Sapura Energy Bhd’s joint venture companies (JVCos) have bagged contracts worth US$1.8 billion (RM8.53 billion) to provide engineering services via six pipe-laying support vessels.</p>


Sapura Energy's JVs win US1.8b worth of contracts in Brazil

<p>Telecommunication tower company (towerco) OCK Group Bhd has entered into a 15-year tower leasing agreement with Best Telecom Co Ltd, marking its entry into Laos, where Best Telecom plans to launch their 5G network by the end of the year.</p>


OCK marks entry into Laos with a 15-year tower leasing deal with Best Telecom

<p>Binance Holdings Ltd said it was asked for a large payment in Nigeria to make problems there “go away,” and repeated calls for the release of its employee who’s been jailed in the West African nation.</p>


Binance suggests bribe sought to make Nigeria problems ‘go away’ 

<p>The UK's FTSE 100 cruised to a record high on Tuesday, coming off an extended weekend, boosted by Shell's jump on its plans to sell some Malaysian assets, while BP slipped after it missed earnings forecast.</p>


Shell lifts Britain's FTSE 100 to record high

<p>PUTRAJAYA (May 7): Prime Minister Datuk Seri Anwar Ibrahim&nbsp;launched the National Anti-Corruption Strategies (NACS) 2024-2028 on Tuesday, which focuses on the effectiveness of corruption prevention efforts, in addition to improving governance and integrity in the administration of public services and government-related companies.</p>
