<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug 15): Shares in loss-making Scomi Group Bhd fell 5.26% in active trade this morning after it had proposed a capital reduction of RM440 million to wipe out the ballooning accumulated losses on its balance sheet.</p></div>

<div class=newsTextDataWrapInner><p>At 9.10am, Scomi fell 0.5 sen to 9 sen with 22.68 million shares done.</p></div>

<div class=newsTextDataWrapInner><p>Post-haircut, the group’s capital is expected to shrink to between RM224.96 million and RM347.15 million, while its gearing is expected to decline to 1.48 times from 1.98 times currently under the maximum scenario.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The remaining capital surplus of between RM140.94 million and RM234.69 million may be used in “such a manner as the board deems fit”, it said.</p></div>

KUALA LUMPUR (Aug 15): Shares in loss-making Scomi Group Bhd fell 5.26% in active trade this morning after it had proposed a capital reduction of RM440 million to wipe out the ballooning accumulated losses on its balance sheet.

At 9.10am, Scomi fell 0.5 sen to 9 sen with 22.68 million s...

Scomi active, falls 5.26% on capital reduction plan 

Bursa Malaysia Bhd’s core net profit may have risen 34% in the first quarter, from a year earlier, on higher securities and derivatives trading activity when the exchange operator reports its results, Hong Leong Investment Bank said.

Bursa Malaysia 1Q earnings likely up 34% y-o-y, HLIB projects

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The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.

KLCI up 0.43% with focus on energy, plantation, financial stocks

India began voting on Friday in the world's largest election as Prime Minister Narendra Modi seeks a historic third term in office on the back of growth, welfare, his personal popularity and Hindu nationalism.

India begins voting in gigantic election, Modi seeking historic third term

Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.

Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter's subsidiary Airtel Lanka is currently a loss-making company, analysts said.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern — analysts

Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.

According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.

Melaka State Secretary Zaidi dies of heart attack

Israel has attacked Iran, three people familiar with the matter said, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.

Israel attacks Iran, Reuters reports, as drones spotted over Isfahan 

Israel was downgraded by S&P Global Ratings, which joined Moody’s Ratings in lowering the nation’s sovereign credit score as geopolitical risks in the Middle East escalated.

S&P joins Moody’s in downgrading Israel on geopolitical risk

North Korea has released a new song praising leader Kim Jong Un for being a "friendly father" and a "great leader", in a move that appears to be part of a propaganda drive to enhance his standing in the reclusive state.

North Korea releases song praising leader Kim as 'friendly father'

<p>Israel has attacked Iran, three people familiar with the matter said, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.</p>


<p>Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS).&nbsp;</p>


Awantec shares plunge 53%, intraday short selling suspended 

<p>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.</p>


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

<p>The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre 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.</p>


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

<p>Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped after reports of a sharp escalation in Middle East hostilities.</p>


Stocks sink, oil jumps as Middle East attack reports unnerve markets

<p>Apple said on Friday it had removed Meta Platforms' WhatsApp and Threads from its App Store in China after being ordered to do so by the Chinese government, which cited national security concerns.</p>


Apple pulls WhatsApp, Threads from China app store after Beijing order

<p>The Malaysian rubber glove industry has demonstrated resilience and adaptability amidst challenging global dynamics, with optimism for a rebound in 2024, with an anticipated surge to approximately 450 billion pieces by 2027 despite a downturn in 2023, according to the Malaysian Rubber Glove Manufacturers Association (Margma).</p>


Margma optimistic of rebound in 2024, expects surge to 450 billion pieces by 2027

<p>RHB Investment Bank Bhd (RHB IB) on Friday upgraded Public Bank Bhd to “buy” from “neutral”, with a higher target price (TP) of RM4.80 (from RM4.70).</p>


RHB upgrades Public Bank to ‘buy’, raises target price to RM4.80

<p>Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.</p>


<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 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.</p>


US bank reserve balances see largest drop since 2022 tax season

<p>Bursa Malaysia Bhd’s core net profit may have risen 34% in the first quarter, from a year earlier, on higher securities and derivatives trading activity when the exchange operator reports its results, Hong Leong Investment Bank said.</p>


<p>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.</p>


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

<p>The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.</p>


<p>Malaysia’s exports contracted at a slower than expected pace in March mainly due to lower foreign demand for electronics while shipments to China fell, official data Friday showed.</p>


Malaysia’s March exports down 0.8%, imports surge 12.5%

<p>Chinese government-linked hackers have burrowed into US critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI director Christopher Wray said on Thursday.</p>


FBI says Chinese hackers preparing to attack US infrastructure

<p>Bursa Malaysia started the morning trading in positive territory, attributed to broad-based buying in response to a regional recovery, with investors seen focusing on counters with high cash reserves.</p>


Bursa opens higher on buying sentiment

<p>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.</p>


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

<p>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.</p>


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

<p>Rakuten Trade said United U-Li Corporation Bhd may trend higher after breaking out from its two-week bullish flag pattern with a long white candle on Thursday.</p>
