<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 22): Pasdec Holdings Bhd said a RM380 million vehicles electrical wiring harness contract awarded to its subsidiary in Botswana by Nissan South Africa (Pty) Ltd has been terminated.</p></div>

<div class=newsTextDataWrapInner><p>This was due to due to a "failure to meet targets relating to part price, tooling price, quality, delivery conditions and production capacities" as agreed between the two sides, Pasdec said in a bourse filing today.</p></div>

<div class=newsTextDataWrapInner><p>The subsidiary, Pasdec Automotive Technologies (Botswana) (Pty) Ltd, which is held via Padedec's 70% unit in South Africa, Pasdec Automotive Technologies (Pty) Ltd, had bagged the contract in October last year. The seven-year contract had commenced in June this year.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“The cancellation of the contract will not have any material impact on Pasdec group’s revenue and earnings for the financial year ending Dec 31, 2019 [FY19]," Pasdec said.</p></div>

<div class=newsTextDataWrapInner><p>Pasdec's net loss had widened to RM5.75 million for the six months ended June 30, 2019 (6MFY19), from RM4.8 million in the same period last year. Revenue fell 18.43% to RM62.59 million, from RM76.73 million.</p></div>

<div class=newsTextDataWrapInner><p>Pasdec shares were not traded today. The counter last closed two sen or 5.71% lower at 33 sen, valuing the group at RM132.12 million.</p></div>


KUALA LUMPUR (Nov 22): Pasdec Holdings Bhd said a RM380 million vehicles electrical wiring harness contract awarded to its subsidiary in Botswana by Nissan South Africa (Pty) Ltd has been terminated.

This was due to due to a "failure to meet targets relating to part price, tooling price, quality, delivery conditions and production capacities" as agreed between the two sides, Pasdec said in a bourse filing today.

Pasdec’s RM380m manufacturing contract from Nissan South Africa terminated

KUALA LUMPUR (April 19): RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.

In a trading stocks note on Friday, the research house said that the stock underwent a strong rebound a...

Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

KUALA LUMPUR (April 19): RHB Retail Research said Muhibbah Engineering (M) Bhd may be headed for an uptrend after rebounding strongly from a recent pullback, and pushing past the 21-day simple moving average line.

In a trading stocks note on Friday, the research house said that if it br...

Muhibbah Engineering may be headed for an uptrend, says RHB Retail Research 

(April 19): The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a center for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

In state capi...

 Sarawak aiming to transform itself into a center for clean hydrogen energy

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.

Cocoa soars above US$11,000 a tonne as processing pace holds up

The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.

US bank reserve balances see largest drop since 2022 tax season

Netflix on Thursday unexpectedly announced that it will stop reporting subscriber numbers each quarter, a decision seen as a sign that years of customer gains in the streaming wars are coming to an end.

Netflix to stop reporting subscriber tally as streaming wars cool

Federal Reserve policymakers have coalesced around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong US economy.

US Fed policymakers agree there's no urgency to cut rates

Donald Trump said on Thursday the survival of Ukraine is important to the US, a shift in tone days before the Republican-led US House of Representatives is due to vote on a US$61 billion (RM291.8 billion) aid package.

Donald Trump says Ukraine's survival is important to US

The Indonesian government is working with central bank governor Perry Warjiyo to cushion the country’s economy from the rise in the US dollar, according to its finance minister.

Indonesian finance chief aims to shield economy from dollar rise

<p>KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>

<p>Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of <strong>HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

<p>After spending over two years in court due to a suit from Empire Holdings Ltd, MAA Group Bhd, its major shareholder Tunku Datuk Yaacob Khyra and Turiya Bhd have been dropped as parties in the suit over MAA’s purchase of Turiya shares from a Bahrain-based bank. &nbsp;</p>


MAA Group exits legal bout over 2021 Turiya share acquisition under settlement deal

<p>High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and&nbsp;Special Financial Zone&nbsp;(SFZ) in Forest City can spur Johor’s economy to outpace that&nbsp;of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


Special economic, financial zones can help Johor surpass other states economically, says Anwar

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.</p>

<p>He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.</p>


RM958 mil high-tech recycling factory puts Melaka on green investors map — Ab Rauf

<p>Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.</p>


Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

<p>The developer of the&nbsp;Petaling Jaya Dispersal Link (PJD Link) expressway will receive an official letter soon, notifying it of the cancellation of the construction project.</p>


PJD Link developer to get official letter soon on cancellation, says Nanta

<p>The allocations that the government has agreed to consider extending to elected representatives from the opposition are subject to terms and conditions, said DAP Parliament chief whip Nga Kor Ming.</p>


Nga: Proposed allocations for opposition reps conditional

<p><br />
KUALA LUMPUR (April 18): 7-Eleven Malaysia Holdings Bhd, known for its extensive network of convenience stores, declared on Thursday an interim dividend of 2.7 sen per share for its financial year ended Dec 31, 2023 (FY2023), after posting a record high net profit.</p>


7-Eleven declares 2.7 sen dividend for FY2023

<p>(April 18):&nbsp;The world of chocolate is facing such immense cocoa shortages that the wild trading lured an unlikely player&nbsp;—&nbsp;Pierre Andurand, a hedge-fund manager best known for his bets on oil.&nbsp;</p>


Why the world of chocolate is in crisis

<p>Kimlun Corporation Bhd has bagged a construction contract worth RM150 million for a serviced apartment development project in Johor Bahru.</p>

<p>In a bourse filing on Thursday, Kimlun said its wholly-owned subsidiary Kimlun Sdn Bhd received the award as the main contractor for the Aliva Mount Austin residential project from Astaka Development Sdn Bhd, a subsidiary of Singapore-listed Astaka Holdings Limited.</p>


Kimlun bags RM150 mil contract for residential construction project in Johor

<p>The Penang government will wait&nbsp;for&nbsp;recommendations from the&nbsp;undersea tunnel project&nbsp;steering committee before making any decision&nbsp;regarding the implementation of the project, said&nbsp;Chief Minister&nbsp;Chow Kon Yeow.</p>


Undersea tunnel: Penang to wait for steering committee's recommendations, says Chow

<p>More than a year after it diversified into the sand dredging business, timber products manufacturer Auro Holdings Bhd (formerly known as NWP Holdings Bhd) is proposing to venture into the food and beverage (F&amp;B) business.</p>

<p>The proposed diversification is aimed at expanding its revenue stream and reducing its reliance on the wood-based and sand mining industries, said the loss-making company in a bourse filing on Thursday. &nbsp;</p>


Auro forays into F&B business to cut dependence on wood-based and sand mining industries

<p>NEW YORK (April 19): US stocks vacillated on Thursday, swinging from red to green and back as investors contended with the push-pull of a strong economy and restrictive Federal Reserve policy.</p>

<p>Benchmark Treasury yields resumed their climb and gold added strength as ongoing turmoil in th...

Wall Street closes lower; gold climbs amid economic, geopolitical crosswinds

<p>With 94% of Malaysian companies gearing up for an artificial intelligence (AI) driven future, National Technology and Innovation Sandbox (NTIS) together with NVIDIA has launched an AI pilot sandbox programme.</p>


MOHE estimates 13,000 new AI talents by 2026

<p>Indonesia discouraged its state-owned enterprises from making huge dollar purchases, showing the all-hands-on-deck approach that the nation has taken to support the rupiah.</p>

<p>State-run firms with large import requirements or foreign currency-denominated debt must avoid buying large amounts of US dollars while the rupiah is under pressure, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a briefing on Thursday.</p>


Indonesia tells state firms to refrain from buying dollars

<p>While most flights continued to be impacted&nbsp;following the volcanic eruption at Mount Ruang in North Sulawesi, Indonesia,&nbsp;low-cost carrier AirAsia&nbsp;reinstated several flights on Thursday.</p>


AirAsia reinstates several flights on Thursday after Indonesia's volcanic eruption

<p>Datuk Seri Dr Zambry Abdul Kadir, who co-chairs the Kuala Kubu Baharu by-election machinery&nbsp;coordination for the unity coalition, said its candidate would be deemed to represent the unity government rather than&nbsp;any particular party per se.</p>


Kuala Kubu Baharu by-election: Candidate to represent unity govt rather than any particular party, says Zambry

<p>The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.</p>


US stops UN from recognising a Palestinian state through membership

<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day, said palm oil trader David Ng.</p>

<p>He said the weaker soybean oil market and lower crude oil prices continue to pile pressure on prices.</p>
