KUALA LUMPUR: Lembaga Tabung Haji did two suspicious transactions that helped cook up its 2017 profits to enable it to pay dividends that it would otherwise not be allowed to do.

Because the profits were not real, the pilgrims fund dipped into depositors’ savings to pay the dividends.

Tabung Haji cooks up higher profits from two deals to pay dividends

KUALA LUMPUR (Dec 10): BN MPs stormed out of the Dewan Rakyat today in protest against Deputy Speaker Datuk Mohd Rasyid Hasnon’s decision to eject two lawmakers from the house for failing to listen to him and disrupting proceedings.

The two are Datuk Seri Bung Moktar Radin (BN-Kinabatan...

BN MPs stage walkout after deputy speaker rejects call for Rayer to apologise

KUALA LUMPUR (Dec 10): UMNO supreme council member Datuk Seri Tajuddin Abdul Rahman has invited both the United Nations (UN) and its Human Rights Commission to have a talk about Malaysia's history.

Speaking to reporters at the Parliament lobby, Tajuddin said the talk is to 'educate' bot...

Tajuddin invites UN, Human Rights Commission for a history lesson

KUALA LUMPUR (Dec 7): D’Nonce Technology Bhd is suing its former managing director and CEO, Law Kim Choon, accusing him of committing fraud and conspiracy and of breaching fiduciary duties.

Joining D’Nonce Technology in filing the suit at the High Court in Penang were the group’s subsid...

D’Nonce sues ex-CEO for alleged fraud

KUALA LUMPUR (Dec 7): It is too early to tell whether or not the Pakatan Harapan (PH) federal government will maintain the previous Barisan Nasional (BN) administration’s culture when dealing with opposition-ruled states, a forum was told today.

“We’re only six to seven months after the...

Too soon to say how PH will deal with opposition states — Tricia Yeoh

KUALA LUMPUR (Dec 7): Universiti Malaya professor Dr Edmund Terence Gomez said political parties must stop abusing government-linked companies (GLC) for political financing.

Parties in power in this country have been taking advantage of GLCs for the purpose of funding the parties, Gomez...

Stop abusing GLCs for financing, don tells political parties

KUALA LUMPUR (Dec 7): Veteran DAP leader Lim Kit Siang said the Council of Eminent Persons' (CEP) recommendations on economic and institutional reforms report should be made available to the public. 

Speaking to reporters after a book launch '509: New Malaysia, Old Politics', Lim s...

CEP report should be made available for public, says Kit Siang

KUALA LUMPUR: Pakatan Harapan lawmaker Lim Lip Eng wants former transport minister Datuk Seri Liow Tiong Lai to explain why the ministry issued the contract for the vehicle entry permit (VEP) system in Johor on a direct award basis in 2015.

The contract should have been awarded via open...

Liow asked to explain direct award of Johor vehicle entry permit project

KUALA LUMPUR (Dec 6): Pakatan Harapan lawmaker Lim Lip Eng wants former Transport Minister Datuk Seri Liow Tiong Lai to explain as to why the ministry issued the contract for the Johor-Singapore Vehicle Entry Permit (VEP) system on a direct award basis in 2015.

The contract should have ...

Liow asked to explain direct award of JB-S'pore vehicle entry project

KUALA LUMPUR (Dec 6): The government will introduce e-textbooks to secondary schools in stages, said Deputy Education Minister Teoh Nie Ching, adding it will initially start with the lower secondary forms (Form 1 to Form 3).

"A total of 495 textbooks have been formatted in PDF (Portable...

Digital textbooks for schools still in early stages, says deputy minister

Harvey Weinstein's 2020 conviction for sexual assault and rape was overturned by New York's highest court, reopening the landmark case that fuelled the #MeToo movement and highlighting the challenges of holding powerful men accountable.

Harvey Weinstein's rape conviction overturned by top New York court

Honda Motor Co will spend C$15 billion (US$11 billion or RM52.54 billion) to build out its electric vehicle (EV) supply chain in Canada, with billions of dollars of financial aid from government, as the Japanese automaker seeks to tap long-term demand in the region.

Honda to spend US$11 bil on EV strategy in Canada

Hulu Selangor Bersatu action division head has been named as Perikatan Nasional's (PN) candidate for the Kuala Kubu Baharu (KKB) state by-election on May 11.

PN names Hulu Selangor Bersatu acting division head as candidate for KKB by-election

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

AirAsia X, Capital A, ViTrox, PavREIT, Luxchem, Chin Teck, MKHOP, TAS Offshore, Inta Bina, Heineken, Pantech and Infoline Tec 

TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.

TAS Offshore’s 3Q net profit up nine-fold, shares surge to eight-year high

US economic growth for the first quarter could be revised higher and inflation will ease to more normal levels, Treasury Secretary Janet Yellen told Reuters on Thursday after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.

US growth may get revised up, inflation will ebb

EUPE Corp Bhd's net profit surged by 28.9% to RM14.54 million in the fourth quarter ended Feb 29, 2024 (4QFY2024) from RM11.28 million a year ago, underpinned by a higher contribution from the property development division.

EUPE Corp net profit surges 28.9% in 4Q, driven by strong property sales

CGS International has cut its earnings estimate for Inari Amertron Bhd as recent data flagged weakened smartphone demand, according to its research note on Thursday.

CGS International cuts Inari Amertron earnings forecast on weak smartphone demand

AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan via a bourse filing on Thursday.

AirAsia X to buy Capital A's aviation business for RM6.8b via share and debt deal 

In today’s edition of Evening 5: 00:00 EPF unveils the details of flexible Account 3 02:07 AAX to buy Capital A’s airline business for RM6.8 bil 03:47 DNB adds five new members to its board 04:58 PM denies claims about a Forest City casino 05:51 Pantech mulls listing two subsidiaries

EVENING 5: EPF unveils the details of flexible Account 3

AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan via a bourse filing on Thursday.

Chin Teck Plantations Bhd’s net profit surged sevenfold for the financial quarter ended Feb 29, 2024 (2QFY2024) thanks to higher palm oil production as well as lower operating and administrative expenses.

Chin Teck’s 2Q net profit up sevenfold

MKH Oil Palm (East Kalimantan) Bhd (MKHOP), the plantation arm of property developer MKH Bhd, reported RM16.02 million net profit on the back of RM86.05 million revenue for the second quarter ended March 31, 2024 (2QFY2024), ahead of its listing on Bursa Malaysia’s Main Market.

MKH Oil Palm posts RM16 mil net profit in 2Q, q-o-q up 44% ahead of Main Market listing

Global semiconductor firm Nasdaq-listed TTM Technologies Inc has invested US$200 million (about RM958 million) for its first manufacturing plant in Malaysia.

Nasdaq-listed TTM Technologies invests RM958 mil for manufacturing plant in Penang

Practice Note 17 (PN17) company Khee San Bhd will increase the allotment underwritten in its proposed rights issue after Ng Meng Kee ceased to be a substantial shareholder and requested to discharge his undertaking.&nbsp;

Khee San revises underwriting of rights issue after substantial shareholder ceases to be, withdraws undertaking

Pantech Group Holdings Bhd is considering to list two wholly-owned subsidiaries — Pantech Stainless &amp; Alloy Industries Sdn Bhd and Pantech Steel Industries Sdn Bhd — on the Main Market of Bursa Malaysia via a special purpose vehicle (SPV).

Plans for this are still at the preliminary stage and extensive preparatory work needs to be carried out, Pantech said in a bourse filing on Thursday.

Pantech mulls listing two subsidiaries on Main Market via SPV

ViTrox Corp Bhd saw its net profit nearly halved for the financial quarter ended March 31, 2024 (1QFY2024), primarily due to unfavourable product mix and higher research and development (R&amp;D) expenditures to support the introduction of new products.

ViTrox 1Q’s net profit nearly halved, extending declining profits to five quarters

Construction company Inta Bina Group Bhd has secured a contract worth RM224.8 million to develop a 38-storey business serviced apartment in Subang Jaya.

Inta Bina bags RM224.8m job to build business serviced apartments in Subang Jaya

The newly constituted board of Digital Nasional Bhd (DNB) will convene a meeting soon to review due diligence findings and address the remaining conditions precedent in the share subscription agreements (SSAs), said Digital Minister Gobind Singh Deo.

DNB's new board to review due diligence findings, finalise share subscription agreements soon — Gobind

While March’s headline inflation of 1.8% year-on-year (y-o-y) came in slightly lower than consensus expectations of 2%, economists are maintaining their projection that Malaysia's headline inflation will progressively accelerate towards the end of the year on account of the government's fuel subsidy rationalisation plan, utility tariff hikes, and its recent adjustments of the service tax.

Inflation to pick up soon on fiscal consolidation measures after weaker-than-expected March print — economists

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

Pavilion Real Estate Investment Trust (PavREIT) reported that its first quarter net property income (NPI) jumped 33.2% year-on-year, thanks largely to contribution from its newly acquired mall, Pavilion Bukit Jalil. The increase was also attributed to higher occupancy rates and higher revenue rent from its other retail malls.

PavREIT’s 1Q NPI jumps 33%, pays 2.48 sen distribution per unit

US economic growth slowed more than expected in the first quarter, but an acceleration in inflation suggested that the Federal Reserve would not cut interest rates before September.

US economic growth slows more than expected in first quarter

KUALA LUMPUR (April 25): The Companies Commission of Malaysia (SSM) expects more companies to utilise the new corporate rehabilitation framework introduced by the Companies (Amendment) Act 2024, which came into force on April 1.

SSM expects more companies to utilise new corporate rehabilitation framework

The Malaysian Anti-Corruption Commission (MACC) has served a senior police officer arrested on suspicion of protecting an illegal syndicate in the country's capital a notice to declare his assets before April 28.

Senior police officer arrested for alleged corruption given until April 28 to declare assets to MACC

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EVENING 5: Five things you need to know today

KUALA LUMPUR (April 25): HeiTech Padu Bhd targets&nbsp;stronger earnings growth after returning to profitability for the financial year ending Dec&nbsp;31, 2023 (FY2023), amid greater competition.

HeiTech Padu targets stronger earnings growth after returning to black in 2023

TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.

KUALA LUMPUR (April 25): Atlan Holdings Bhd’s net profit fell over 42% to RM5.07 million or two sen per share, from RM8.75 million or 3.45 sen per share in the fourth quarter ended Feb 29, 2024 (4QFY2024), as increased revenue was more than offset by higher operating expenses, depreciation and amortisation, as well as finance costs.

Atlan Holdings’ 4Q earnings came in lower despite higher revenue

PARIS (April 25): French President Emmanuel&nbsp;Macron&nbsp;appealed on Thursday for stronger, more integrated European defences and said the continent must not become a vassal of the United States, as he&nbsp;outlined&nbsp;his vision for a more assertive European Union (EU)&nbsp;on the global stage.

Amir Ridzwan Ismail

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