<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 7): The wealth of the world's richest man, Elon Musk, fell to US$190 billion (RM948.6 billion) after the technology mogul lost some US$80.4 billion year-to-date (YTD) as of Monday (Nov 7).</p></div>

<div class=newsTextDataWrapInner><p>Former richest man in the world, Jeff Bezos, is now ranked fifth on the Bloomberg Billionaires Index with a fortune totalling US$114 billion after having lost a massive US$78.4 billion YTD.</p></div>

<div class=newsTextDataWrapInner><p>Facebook's Mark Zuckerberg, another technology-linked entrepreneur, saw his wealth shrink to US$35.2 billion after he lost a whopping US$90.3 billion YTD. He has dropped to rank 29 on the list.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Gautam Adani remains Asia's richest tycoon with wealth totalling US$133 billion after he added US$56.2 billion YTD.</p></div>

<div class=newsTextDataWrapInner><p>He is ranked third on the list while his compatriot Mukesh Ambani is eighth with a fortune of US$89 billion, having lost US$986 million YTD.</p></div>

<div class=newsTextDataWrapInner><p>Malaysia's richest person, Robert Kuok, is ranked 98th on the list with a fortune of US$14.9 billion, after losing US$3.38 billion YTD.</p></div>

<div class=newsTextDataWrapInner><p>The second Malaysian on the list, Tan Sri Dr Teh Hong Piow, is ranked 328th on the list with US$6.43 billion. He saw some US$804 million erased from his wealth YTD.</p></div>

<div class=newsTextDataWrapInner><p>The Bloomberg Billionaires Index is a daily ranking of the world's richest people. The figures are updated at the close of every trading day in New York.</p></div>


The wealth of the world's richest man, Elon Musk, fell to US$190 billion (RM948.6 billion) after the technology mogul lost some US$80.4 billion year-to-date as of Monday (Nov 7).

Musk's fortune slips below US$200 bil, Zuckerberg worth just US$35 bil — index

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

Awantec, Innature, Paramount, Eco World International, Mi Technovation, MAA, KNM, Pharmaniaga, Jiankun, Nova MSC, Sarawak Cable

Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

Jiankun redesignates Zahid’s son-in-law Saiful Nizam as chairman 

KUALA LUMPUR (May 10): Bursa Malaysia Bhd expects strong equities market performance in 2024, attributed to positive news on foreign direct investment (FDI), notably Microsoft’s US$2.2 billion investment in a cloud and AI hub.

Bursa sees equities market strengthening in 2024 on FDI inflows; optimistic of hitting IPO targets

Sarawak Cable Bhd says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.

Sarawak Cable says it has 'strong' backup after losing Serendib Capital as white knight

Malaysia is ready to continue strengthening relations with Singapore under incoming prime minister Lawrence Wong, said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia ready to strengthen ties with Singapore under new PM Wong, says Anwar  

US stocks rose on Friday, as investors eagerly awaited comments from Federal Reserve officials to get more clarity on the US monetary policy path, after economic data this week supported bets of interest rate cuts.

Wall Street gains ahead of Fed officials' remarks; Dow nears 40,000 mark

KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has entered into a loan agreement with Chin Hin Group Bhd (Chin Hin)(KL:CHINHIN) to provide a loan of up to RM250 million to Chin Hin.

Ajiya to loan Chin Hin RM250m for acquisition, expansion plans

Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman has filed an application seeking temporary release of his passport to enable him to travel to Singapore and Taiwan.

Syed Saddiq seeking temporary release of passport to travel to Singapore, Taiwan

KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.

Genting Singapore nearly doubles 1Q earnings thanks to China-Singapore visa-free travel

BCM Alliance Bhd’s (KL:BCMALL) largest shareholder Kiu Cu Seng has disposed of his entire shareholding of 305.12 million shares, or a 15% stake, in the company.

BCM Alliance’s largest shareholder sells off 15% stake bought via ESOS

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>KUALA LUMPUR (May 10): Paramount Corp Bhd (KL:PARAMON) bought a 21.54% stake in Eco World International Bhd (EWI)(KL:EWINT) for RM170.61 million in cash.&nbsp;</p>


Paramount buys 21.5% stake in Eco World International from Quek Leng Chan for RM170.61m, cash

<p>Bank Negara Malaysia (BNM) imposed a RM96,250 compound on Habib Jewels Sdn Bhd for non-compliance with the law on anti-money laundering and counter-terror financing.</p>


BNM slaps Habib Jewels with RM96,250 compound for failing to report suspicious transactions

<p>Shares of Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) rose as much as 76 sen or 15.29% to a new record high on Friday, following news a privatisation bid for Great Eastern Holdings Ltd, in which it owns a 1% stake.</p>


Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

<p>KUALA LUMPUR (May 10): Bursa Malaysia Securities Bhd (Bursa Securities) on Friday lifted AwanBiru Technology Bhd (KL:AWANTEC), formerly Prestariang Bhd, from its status as an affected listed issuer, after three years.</p>


Bursa lifts Awantec from affected issuer status after three years

<p>KUALA LUMPUR (May 10): Personal care products retailer Innature Bhd (KL:INNATURE) said on Friday that it is acquiring the operator of Burger &amp; Lobster restaurants for RM21.25 million in a related-party deal as part of a diversification plan.</p>


Innature to acquire Burger & Lobster operator for RM21.25m from major shareholders

<p>KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.</p>


<p>Elon Musk touted plans to expand Tesla Inc’s Supercharger network just over a week after firing almost all of the roughly 500 people who ran the business.</p>


Elon Musk changes tune on Tesla Superchargers after mass firing

<p>Automotive cover and seat manufacturer Feytech Holdings Bhd (KL:FEYTECH) said on Friday that investors have snapped up all the 42.16 million shares it made available for application by the public in its initial public offering, ahead of its Main Market debut.</p>


Main Market-bound Feytech Holdings' IPO oversubscribed 15.6 times

<p>KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has&nbsp;entered into a loan agreement with Chin Hin Group Bhd (Chin Hin)(KL:CHINHIN) to provide a loan of up to RM250 million to Chin Hin.</p>


<p>Transport Minister Anthony Loke announced that the redevelopment of the Kuala Lumpur Sentral Station (KL Sentral) will begin later this year.</p>


KL Sentral Station redevelopment project to commence by year end — Loke

<p>At the close of Chin Hin Group Bhd's (KL:CHINHIN) mandatory takeover offer (MGO) for all the remaining stakes in Signature International Bhd (SIB) (KL:SIGN), Chin Hin received acceptances for over 245.53 million shares, or the equivalent of a 38.69% stake.</p>


Chin Hin ups stake in Signature International to 72.18% at close of MGO

<p>Lim Oon Kuin, founder of collapsed oil firm Hin Leong Trading Pte., has been convicted of three criminal charges after a lengthy trial in Singapore, the <i>Business Times</i> reported.</p>


Singapore’s oil veteran OK Lim convicted of criminal charges

<p>Mi Technovation Bhd (KL:MI) saw its net profit more than quadruple to RM26.79 million in the first quarter ended March 31, 2024 (1QFY2024), compared to RM6.4 million in the same period last year.</p>


Mi Technovation’s 1Q net profit jumps over fourfold on higher revenue, forex gains 

<p>Kobay Technology Bhd has received an unusual market activity (UMA) query from Bursa Malaysia after its share price hit limit-up on Friday.</p>


Kobay gets UMA query as share price hits limit up

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


<p>KUALA LUMPUR (May 10): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Friday:&nbsp;</p>


FBM KLCI slips 0.03% to 1,600.67 on May 10, 2024

<p>KUALA LUMPUR (May 10): United Overseas Bank (Malaysia) Bhd (UOB Malaysia) posted a net profit of RM1.9 billion in financial year 2023 (FY2023), up 44.4% from RM1.3 billion in the previous year, driven by higher&nbsp;operating income.</p>


UOB Malaysia’s FY2023 net profit up 44.4% to RM1.9b

<p>Sarawak Cable Bhd says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.</p>
