<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Oct 6): Perusahaan Otomobil Nasional Sdn Bhd (PONSB), the manufacturing arm under Proton Holdings Bhd, has received the research and development (R&amp;D) reimbursement grant of RM1.1 billion today, according to a filing with Bursa Malaysia.</p></div>

<div class=newsTextDataWrapInner><p>DRB-Hicom Bhd, which has disposed of its 49.9% stake in Proton to China’s Zhejiang Geely Holding Group, said in its filing that “PONSB intends to fully settle its syndicated loan facility and thereafter help Proton to part settle its shareholders’ advance due to DRB-HICOM from the remaining funds of the R&amp;D Reimbursement Grant of RM1.1 billion.”</p></div>

<div class=newsTextDataWrapInner><p>Geely’s entry as Proton’s strategic foreign investor was part of an ultimatum by the government to make the carmaker a viable and competitive business in the international front.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Earlier this week, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that Proton is keen to revive the idea of establishing itself as an Asean car brand within the next five years.</p></div>

<div class=newsTextDataWrapInner><p>He said that the appointment of Dr Li Chunrong as the chief executive officer at PONSB could help to boost the aspiration of the Asean car concept. Li was nominated by Geely.</p></div>


KUALA LUMPUR (Oct 6): Perusahaan Otomobil Nasional Sdn Bhd (PONSB), the manufacturing arm under Proton Holdings Bhd, has received the research and development (R&D) reimbursement grant of RM1.1 billion today, according to a filing with Bursa Malaysia.

DRB-Hicom Bhd, which has dispos...

Proton receives its R&D grant of RM1.1 bil

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.

Power supply disruption affects Kelana Jaya Line LRT service

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.

Mida appoints Sikh Shamsul as new CEO

Tesla's global job cuts include reducing staff in the US and China, the automakers' two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said.

Chief executive officer Elon Musk on Monday told staff in an internal memo seen by Reuters 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.

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

PUTRAJAYA (April 16): Malaysians in West Asia, namely Iran, Iraq, Jordan and Lebanon, are reminded to continue to be vigilant and adhere to instructions of the local authorities, following the reopening of airspace and the resumption of flight operations in these four countries, said the Malaysia’s Foreign Ministry.

Malaysian travellers in West Asia reminded to be vigilant following reopening of airspaces — Wisma Putra

Bain Capital has proposed an initial public offering (IPO) of Japan's Kioxia Holdings, as part of a plan to allow the money-losing chipmaker to refinance a US$5.8 billion (RM27.79 billion) loan coming due in June, according to a person familiar with the matter.

Bain proposes Japan's Kioxia IPO to clear US$5.8b loan refinance

Bank of America (BofA) reported a drop in first-quarter profit, as the lender set aside more money to cover souring loans, but still beat estimates on surging investment banking fees.

BofA's profit drops on rising provisions, but beats estimates as investment banking surges

KUALA LUMPUR (April 16): Newly-listed fertility care company Alpha IVF Group Bhd made a net profit of RM13.59 million for its third quarter ended Feb 29, 2024 (3QFY2024), on a revenue of RM40.7 million.

Alpha IVF makes RM13.6 mil net profit in 3Q, sees rising demand for fertility solutions amid resurgence in medical tourism

Morgan Stanley's first-quarter profit beat estimates on Tuesday, fuelled by a resurgence in investment banking led by equity underwriting, where revenue more than doubled, sending its shares up 2.7% before the bell.

Morgan Stanley's profit beats as investment banking rebounds

OTTAWA (April 16): Canada's annual inflation rate ticked up to 2.9% in March, as expected, while core inflation measures continued easing for a third consecutive month, data showed on Tuesday.

Canada's inflation rate ticks up to 2.9%, but underlying cooling continues

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.

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

<p>The collective wealth of tycoons listed on the 2024 Forbes Malaysia Rich List increased by a modest 2% to US$83.4 billion (RM398.8 billion), according to <i>Forbes Asia</i>.</p>


Wealth of Malaysia’s 50 richest individuals on Forbes list rises 2% — Forbes Asia 

<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>E-government services providers MyEG Services Bhd and HeiTech Padu Bhd have formed a partnership to collaborate on IT projects in Malaysia.</p>

<p>According to separate bourse filings from both companies on Tuesday, MyEG and HeiTech Padu have inked a teaming agreement for the collaboration.&nbsp;</p>


MyEG, HeiTech Padu form partnership to collaborate on IT projects

<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>


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<p>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.</p>


CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

<p>Alliance Bank Malaysia Bhd’s (ABMB) net profit is expected to jump by 37.3% year-on-year (y-o-y) to RM179 million for the fourth quarter ended March 31, 2024 (4QFY2024), according to AmInvestment Bank Research.</p>


AmInvestment sees Alliance Bank’s 4Q earnings jump by 37% y-o-y

<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>The automotive industry is not exactly the place one would want to be in the next few years.</p>

<p>Competition among manufacturers of internal combustion engine vehicles, battery electric vehicles (EVs) and hybrid cars has been ongoing for more than a decade now. Last year, some certainty fin...

Alternative Views: Automotive industry feels heat from intensifying EV price war

<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>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.</p>


Carlo Rino files draft prospectus for listing transfer to ACE Market

<p>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.</p>


Muhyiddin seeks five-judge bench to hear criminal charges review

<p>Singapore’s Prime Minister Lee Hsien Loong is stepping down on May 15 after two decades in office. Lee, 72, will hand the reins over to his deputy Lawrence Wong, 51, in a widely-telegraphed transition.</p>


What observers are saying as Singapore’s Lee paves way for next PM Wong

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


KTI Landmark inks underwriting deal with M&A Securities en route to ACE Market listing

<p>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;</p>


Bursa ends morning session lower along with regional peers

<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>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.</p>


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

<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>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>
