<div class=newsTextDataWrapInner>Public Bank 1Q net profit rise 15% on year to RM1.17b, revenue higher at RM4.6b</div>

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Public Bank 1Q net profit rise 15% on year to RM1.17b, revenue higher at RM4.6b

 

 
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Public Bank 1Q net profit rise 15% on year to RM1.17b, revenue higher at RM4.6b

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.

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

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.

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

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.

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

Oil prices rose on Tuesday amid heightened tensions in the Middle East after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies.

Oil prices rise on solid China growth, Middle East tensions

Pharmaceutical company Apex Healthcare Bhd has committed to reinvest 5% of its total manufacturing revenue into the research and development (R&D) of new products moving forward.

Apex Healthcare commits to boosting R&D investment to 5% of annual manufacturing revenue 

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.

Bursa ends morning session lower along with regional peers

Indonesia has had a good run in its 10 years under President Joko Widodo (Jokowi). The economy has withstood a series of challenges, including the Covid-19 pandemic, the worldwide inflation surge, the spike in global interest rates and the Ukraine crisis. Growth has been fairly steady and the rup...

My Say: Challenges for Indonesia’s president-elect Prabowo to overcome

Shares of EP Manufacturing Bhd (EPMB) climbed on Tuesday and set for its best day in ten months after the auto parts maker signed a 10-year vehicle assembly deal with a Chinese carmaker.

EP Manufacturing shares set for best day in ten months after assembly deal

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.
 
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.

China’s growing plastics dominance is squeezing out Asian rivals

Microsoft Corp will invest US$1.5 billion (RM7.19 billion) in the United Arab Emirates’ top artificial intelligence firm, G42, bolstering the Abu Dhabi-based company’s commitment to scale back its presence in China.

Microsoft invests US$1.5b in UAE’s G42, will get board seat

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 Forbes Asia.

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

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

MyEG, Heitech Padu form partnership to collaborate on IT projects

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.

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.

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

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.

CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

Asian stocks fell and the dollar climbed to more than five-month highs on Tuesday as stronger-than-expected US retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year.

Asian shares slide on US rate cut rethink; China GDP beats estimates 

China said it believed Iran could "handle the situation well and spare the region further turmoil" while safeguarding its sovereignty and dignity, referring to an attack on Iran's embassy in Syria and its retaliatory strike over the weekend.

Iran able to 'handle situation' and spare Middle East more tension, China's foreign minister says

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.

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

The automotive industry is not exactly the place one would want to be in the next few years.

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

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.

Carlo Rino files draft prospectus for listing transfer to ACE Market

RHB Retail Research said Cosmos Technology International Bhd has confirmed a bullish setup after breaking past a key resistance on strong volume.

Cosmos Technology has confirmed bullish setup, says RHB Retail Research 

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;

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.

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.

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

RHB Retail Research said Notion VTec Bhd is looking to extend upside movement after staging a bullish breakout.

Notion VTec aiming to extend upside movement — RHB Retail Research 

There is "no urgency" to cut US interest rates, Mary Daly, the president of the San Francisco Federal Reserve Bank, said on Monday, with the economy and labour market strong, and inflation still above the Fed's target of 2%.

US Fed should not act urgently to cut rates unless required, Daly says

The recent attack by Iran on Israel represents a dangerous expansion of the Israel–Hamas war and raises the risk of a sharp escalation of the conflict, according to S&amp;P Global Ratings.

S&P: Medium-term trajectory remains fraught with risk after recent attack by Iran on Israel

The ringgit opened lower against the US dollar for the second consecutive day on Tuesday as the greenback strengthened following robust US retail sales data for March, said an analyst.

Ringgit opens lower against dollar on strong US retail sales data 

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.

Muhyiddin seeks five-judge bench to hear criminal charges review

Bursa Malaysia opened lower on Tuesday, taking a cue from the negative developments on Wall Street overnight due to escalating tensions in the Middle East, coupled with persistent inflation in the US as indicated by stronger-than-expected March retail sales.

Bursa tracks weaker Wall Street showing to open lower 

US stocks closed sharply lower on Monday, as an early lift from a strong retail sales report succumbed to a jump in Treasury yields and concerns about rising geopolitical tensions between Iran and Israel.