IN a span of five months, Top Glove Corp Bhd bought back its own shares for about RM1.42 billion after the share price hit a record high and while cash coffers were expanding fast as it was making supernormal profit.

The aggressive share buyback was jaw-dropping, given the quantum spent...

Top Glove sits on RM860 mil paper loss on massive share buyback 

KNM Group Bhd has a tranche of RM370 million bond that is due this month in Thailand, which could be the first order of business for Tunku Datuk Yaacob Khyra who has joined the board as a non-independent non-executive director.

Tunku Yaacob Khyra joins KNM’s board as RM370m bond payment looms

Panelists at the Malaysian Economic Association (MEA) 2022 Post-Budget Dialogue were mooting for the reinstatement of the Goods and Services Tax (GST) or the inclusion of a similar tax structure under the current tax regime in order to widen the government’s tax revenue base to prepare for turbulent times ahead.

During the session, Centennial Asia Advisors chief executive officer (CEO) Manu Bhaskaran said that there will be a period of “great financial turbulence” for Malaysia and the global economy going forward, as there is bound to be consequences to the extraordinary quantitative easing, printing of money and low interest rates we have seen over the past decade

Malaysia needs GST to weather turbulence ahead, say experts

KUALA LUMPUR (Nov 1): Tropicana Corp Bhd has entered into a joint venture agreement with Puncak Alam Housing Sdn Bhd for the development of affordable homes on three parcels of leasehold land in Ijok, Kuala Selangor.

In a filing with the bourse, the property developer said the agreement was entered into by its wholly-owned subsidiary Tropicana Senibong Sdn Bhd (TSSB), which will secure the development rights for the 363 acres of land parcels from Puncak Alam Housing.

Tropicana collaborates with Puncak Alam Housing for affordable housing project

KUALA LUMPUR (Oct 29): The Malaysian Institute of Certified Public Accountants (MICPA) said it was surprised by the imposition of the one-off prosperity tax on businesses which generate high profits for the Year of Assessment 2022.

Under the proposed tax, profits exceeding RM100 million will be subject to a 33% tax.

Prosperity tax ‘a rather off-tangent initiative’, says MICPA

KUALA LUMPUR (Oct 29): The recovery of businesses is a top priority for the government under Budget 2022, with a host of incentives and assistance schemes to be offered to businesses, especially small-and-medium enterprises (SMEs).

The incentives, aids and tax reliefs to spur business recovery under Budget 2022

The government is expecting its consolidated general revenue to decline by 3.3% to RM282.9 billion in 2021, mainly due to lower revenue from the federal government and federal statutory bodies.

Govt expects 3.3% drop in consolidated general revenue for 2021

The total outstanding government guarantees (GGs) increased 1.9% to RM300.4 billion as at end-June 2021, from RM294.7 billion as at end-2020, amid new issuances by the Public Sector Home Financing Board and DanaInfra Nasional Bhd.

Outstanding govt guarantees rise 1.9% to RM300 billion

A total of RM18.2 billion worth of assets linked to 1Malaysia Development Bhd (1MDB) have been seized or recovered, and placed in the Assets Recovery Trust Account under the custody of the Accountant-General’s Department, the government said.

RM18.2 billion of 1MDB-linked assets seized, recovered

The federal government is expecting its borrowings to swell going forward to fund the RM400 billion development expenditure allocation for the 12th Malaysia Plan (12MP) and its expansionary fiscal policy in Budget 2022.

Federal govt borrows more to fund expansionary budget, 12MP; risk exposure to external shock rises

Global stocks were higher on Friday, as Big Tech gains lifted Wall Street shares, while Japan's yen sank to a 34-year low after the Bank of Japan (BOJ) kept monetary policy loose.

Global stocks gain on Big Tech lift; yen slides to 34-year low

The creation of Flexible Account 3 for anytime withdrawals from May 11 means Employees Provident Fund (EPF) members can choose to take out up to a third of the balance in their existing Wellbeing Account 2.

Who pays for anytime EPF withdrawals?

China passed a law on Friday strengthening its trade defence capabilities as the US and the European Union take aim at Beijing over excess industrial capacity.

China passes tariff law amid tensions with trading partners

FRANKFURT/BERLIN/PRAGUE (April 26): Thyssenkrupp will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.

Thyssenkrupp sells stake in steel unit to Czech billionaire Kretinsky

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

BCorp, Capital A, AAX, YNH, Sam Engineering, Turiya, Gadang, Microlink, Nestle, Wiradani, D&O, Homeritz, Unisem

(April 26): HSBC Holdings Plc successfully fought off a London court claim brought by a group of investors in a £1.3 billion (US$1.6 billion) lawsuit over tax breaks linked to Walt Disney Co film financing.

HSBC wins £1.3 bil suit over Disney film finance scandal

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30, according to its latest filing on Bursa Malaysia.

KUB extends deadline for CCB MGO a second time

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 26): KPJ Healthcare Bhd, through its premier educational institution KPJ Healthcare University (KPJU), has entered into a memorandum of understanding (MOU) on Friday with Trusx Malaysia Sdn Bhd (Trustr), a global digital health organisation, as an initiative to revolutionise healthcare.

KPJ Healthcare, Trusx Malaysia collaborate for AI-driven healthcare solutions

Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over US$2 trillion (RM9.5 trillion), while an in-line inflation reading calmed interest rate jitters.

Wall Street rises as Big Tech charges higher

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Penang Chief Minister Chow Kon Yeow&nbsp;has announced that he is in talks with a group of companies which have recently participated in Selangor’s integrated circuit design park.

Penang to announce new high-tech investments on Saturday, says Chow

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KNM Group Bhd said it is seeking court sanction for a new scheme of arrangement with its creditors. The PN17 group is also seeking a further extension of time to submit its regularisation plan.

KNM seeks fresh scheme of arrangement with creditors

Homeritz Corporation Bhd’s net profit surged by 65.9% in the second quarter ended Feb 29, 2024 (2QFY2024) to RM9.24 million, due to increased sales volume and a stronger US dollar.

Homeritz’s 2Q net profit jumps 66% on increased sales volume, stronger greenback

China passed a law on Friday strengthening its trade defence capabilities as the US and the European Union take aim at Beijing over excess industrial capacity.

US monthly inflation rose moderately in March, but stubbornly higher housing and transportation costs suggested the Federal Reserve could keep interest rates elevated for a while.

US inflation rises in line with expectations; consumer spending strong

(April 26):&nbsp;HSBC Holdings Plc successfully fought off a London court&nbsp;claim&nbsp;brought by a group of investors in a £1.3 billion (US$1.6 billion) lawsuit over tax breaks linked to Walt Disney Co&nbsp;film financing.

KUALA LUMPUR (April 26):&nbsp;KPJ Healthcare Bhd, through its premier educational institution&nbsp;KPJ Healthcare University (KPJU),&nbsp;has entered into a memorandum of understanding (MOU) on Friday with Trusx Malaysia Sdn Bhd (Trustr), a global digital health organisation, as an initiative to revolutionise&nbsp;healthcare.

Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over US$2 trillion (RM9.5 trillion), while an in-line inflation reading calmed interest rate jitters.

The creation of Flexible Account 3 for anytime withdrawals from May 11 means Employees Provident Fund (EPF) members can choose to take out up to a third of the balance in their existing Wellbeing Account 2.

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30, according to its latest filing on Bursa Malaysia.

US equity funds registered their fourth successive weekly outflows in the week ended April 24, hit by fading expectations for rate cuts this year.

US equity funds see fourth straight week of outflows amid rate cut reassessment

HULU SELANGOR (April 28): The Ministry of Health (MOH) stands by its decision to amend the Medical Act 1971 (Act 50) to bridge the gap between the parallel pathway programme (PPP) and the local medical degree programme, despite objections from some parties.

Health Ministry stands by decision to amend Medical Act 1971

Fast-fashion firm&nbsp;Shein&nbsp;has been drawn under the scope of flagship&nbsp;European Union (EU) rules designed to clamp down on illegal and harmful content online, aimed at stopping the spread of counterfeit items on the platform.

EU hits fast-fashion giant Shein with new digital rules

FRANKFURT/BERLIN/PRAGUE (April 26): Thyssenkrupp&nbsp;will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel&nbsp;Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.

HOUSTON/BENGALURU (April 26): Oil giant&nbsp;Chevron&nbsp;Corp&nbsp;beat estimates for first-quarter profit on Friday, as higher production volumes&nbsp;in the US&nbsp;helped offset a hit from weak natural gas prices&nbsp;and fuel margins.

Chevron posts 1Q profit beat with oil production gains

WASHINGTON (April 26):&nbsp;Ukrainian President Volodymyr Zelenskiy called on Friday for additional air defence systems to be sent to Kyiv to help protect against Russian strikes, adding that a pause in US&nbsp;funding had helped Moscow seize the initiative.

Ukraine's Zelenskiy calls for air defence systems as allies meet

Shares in Snap jumped nearly 25% in on Friday after targeted ads and new features helped the owner of the photo messaging app beat Wall Street expectations for first-quarter revenue and user growth.

Snapchat parent soars after beating revenue, user growth estimates

A weekly round-up of tanker and dry bulk market (April 26, 2024)

Ahmad Naqib Idris

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Ahmad Naqib Idris

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