IF there was one thing Kevin Lam was sure of when he took the helm as Hong Leong Bank Bhd (HLBB) group managing director and CEO just over six months ago, it was that he had not been hired to do a business-as-usual (BAU) job.

In an exclusive interview with The Edge, the veteran Singapor...

Cover Story: Hong Leong Bank on mission to become country’s best-run bank

The Sarawak state government plans to raise its holding in Affin Bank Bhd to around 30%, which would result in it overtaking the Armed Forces Fund Board (LTAT) as the banking group’s largest shareholder, sources said.

Sarawak wants to raise stake in Affin Bank to around 30%, sources say

The key focus at home this holiday-shortened week will be the US Federal Reserve’s monetary policy decision early Thursday. Bursa Malaysia will be closed on Thursday for the Federal Territory Day holiday.

The Week Ahead: Eyes on monetary decisions in the US, UK and Bursa Malaysia’s 4Q2023 earnings

Hume Cement Industries Bhd

Target price: RM3.03 BUY

Brokers Digest: Local Equities - Hume Cement Industries Bhd, Bursa Malaysia Bhd, Velesto Energy Bhd, Mah Sing Group Bhd

Pavilion REIT’s upsized RM720 million deal largest-ever among Malaysian REITS

Pavilion Real Estate Investment Trust’s (Pavilion REIT) private placement of 590.16 million new units in the second quarter — representing 19.3% of its existing unit base and 16.2% of the enlarged base post-...

Deals Of 2023: Best Share Placement

Time dotCom’s AIMS stake sale a strategic win-win for both sides

 

Time dotCom Bhd’s sale of a stake in AIMS Data Centre Holding Sdn Bhd to DigitalBridge Group Inc that was completed in April this year was packaged as a strategic partnership between the two parties.

Deals of 2023: Best Mergers & Acquisitions

SYARIKAT Takaful Malaysia Keluarga Bhd’s (STMK) launch of a new digital platform three weeks ago strengthens its footprint in the digital insurance and takaful space, a move analysts say will enable it to gain new customer segments and compete more effectively with other players, including upcomi...

Syarikat Takaful Malaysia strengthens its digital play

BANK Islam Malaysia Bhd is optimistic its net income margin (NIM), which took a hit in the first quarter of this year before going on to improve in the second and third quarter, can keep up the trajectory in the final quarter as the seasonal war for deposits in the industry is not as intense as a...

Seasonal competition for deposits not as bad as a year ago, says Bank Islam

THE significant slowdown in China’s property market in recent years was intentional and while this may have contributed to a deceleration in the country’s economic expansion, the growth is healthier from a broader perspective, says McKinsey & Co senior partner Jonathan Woetzel.

“I w...

‘China’s growth is slower but healthier’

RHB Bank Bhd’s loan loss coverage (LLC) ratio fell further to 75% in the third quarter, the lowest among the country’s eight banking groups, sparking worry among some analysts about upside risks to the bank’s credit cost in the coming quarters.

The fourth-largest group by assets recentl...

RHB Bank’s low LLC ratio a point of discomfort for some analysts

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).

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

A total of 218 out of 338 projects to reconstruct dilapidated schools in Sabah have been completed to date, says Education Minister Fadhlina Sidek.

She said 60 projects were currently under construction and expected to be completed soon, while the remaining 60 projects were still in the planning stage.

218 out of 338 dilapidated school reconstruction projects in Sabah completed — Fadhlina

Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.

US existing home sales decline as rates keep buyers sidelined

Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, while Iranian state media reported an explosion in the center of the country, days after Iran launched a retaliatory drone strike on Israel.

Israeli missiles hit site in Iran — report

KUALA LUMPUR (April 19): 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). 

Awantec’s share price tumbled to a low of 15 sen during the morning session, its lowest since March ...

Awantec shares plunge 53%, intraday short selling suspended 

Apple removed Meta Platforms' WhatsApp and Threads from its App Store in China on Friday after the iPhone maker was ordered by the Chinese government.

Apple removes WhatsApp, Threads from China app store on govt order

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.

Stocks sink, oil surges on reports of Middle East attacks

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.

Bursa opens higher on buying sentiment

The ringgit opened easier against the US dollar on Friday as the greenback strengthened further following the Federal Reserve’s (Fed) official hawkish stance.

Ringgit opens lower against dollar on US Fed’s hawkish stance

Volvo Car Malaysia will host the Volvo Birthday Sale to celebrate the marque's 97th anniversary this month, offering the grand birthday prize of a trip to Sweden for two worth up to RM50,000.

Volvo Car Malaysia celebrates 97th birthday with special deals for customers

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

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

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

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.

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.

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

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.

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

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.

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

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.

Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, while Iranian state media reported an explosion in the center of the country, days after Iran launched a retaliatory drone strike on Israel.

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.

US stops UN from recognising a Palestinian state through membership

KUALA LUMPUR (April 19): 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;

Awantec’s share price tumbled to a low of 15 sen during the morning session, its lowest since March ...

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

Apple removed Meta Platforms' WhatsApp and Threads from its App Store in China on Friday after the iPhone maker was ordered by the Chinese government.

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

CPO futures end lower for 5th consecutive trading day

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.

FBI says Chinese hackers preparing to attack US infrastructure

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

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.

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

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

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.

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

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.

United U-Li Corp may trend higher, says Rakuten Trade 

US stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.

Stocks end near flat as investors assess earnings, data

Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.

Adeline Paul Raj

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Adeline Paul Raj

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