KUALA LUMPUR (Mar 8):Royal Malaysia Police has launched an investigation into businessman Victor Chin Boon Long’s alleged involvement in misappropriating RM30.7 million in Caely (M) Sdn Bhd, a subsidiary of Caely Holdings Bhd which is now known as Classita Holdings Bhd.

In a statement on Wednesday (March 8), deputy commissioner of police Datuk Noorsiah Mohd Saadudin said the police have opened an investigation paper following a media report alleging Chin as making use of enforcement authorities in taking control over Malaysian corporates.

Police probing Victor Chin’s alleged involvement in RM30.7m misappropriation from Caely  

Dewan Rakyat proceedings were temporarily paused on Tuesday (March 7) due to a lack of quorum.

The insufficient number of Members of Parliament in attendance was noted during the debate on the revised Budget 2023, as Wong Kah Woh [DAP-Taiping] was delivering his speech.

Dewan Rakyat proceedings temporarily paused due to insufficient quorum

Pharmaniaga Bhd’s RM644.39 million net loss for the fourth quarter ended Dec 31, 2022 (4QFY2022) has caught the attention of the Dewan Rakyat as a government backbencher urged authorities to launch investigation into the pharmaceutical group given that it involves the financials of the Armed Forces Fund Board (LTAT).

Govt backbencher calls for investigation into Pharmaniaga

KUALA LUMPUR (March 7): Putrajaya should review its decision of implementing a luxury goods tax as international tourists may stop shopping in Malaysia, resulting in lower tourism receipts, said former prime minister Datuk Seri Ismail Sabri Yaakob.

Ismail Sabri (Umno-Bera) told the Dewa...

Luxury goods tax may weigh on govt tourism receipts, warns former PM Ismail Sabri

The government has allocated half of the RM97 billion development expenditure in the revised Budget 2023 to the six poorest states in the country, including those controlled by the Perikatan Nasional (PN) coalition.

Rafizi: Half of Budget 2023 development expenditure for six poorest states in Malaysia

KUALA LUMPUR (March 7): Amazon Web Services Inc (AWS)’s investment in Malaysia was mooted back in December 2019, but the cloud computing services provider had put its plan on hold in view of political uncertainties in the country, according to Prime Minister Datuk Seri Anwar Ibrahim.

Amazon waited for political stability in Malaysia before finalising investment, says Anwar

KUALA LUMPUR (March 7): The government is open to providing allocation to opposition members of Parliament going forward, but subject to negotiation between both parties, said Prime Minister Datuk Seri Anwar Ibrahim.

Govt open to idea of providing allocation to opposition MPs, says Anwar

The East Klang Valley Expressway (EKVE) is 91% complete, the Works Ministry said, adding that the highway's construction was temporarily halted previously due to rising construction costs.

The concession company had to obtain additional funds to cover the increased costs, the ministry said in a written parliamentary reply on Monday (March 6).

EKVE 91% completed, to be opened in stages in 2024, says Works Ministry

A government backbencher has echoed calls for Putrajaya to provide equal allocation to opposition members of Parliament to uphold democracy value in the country.

DAP backbencher echoes calls for equal allocation to opposition MPs

The proposal to streamline border control processes at the Malaysia-Singapore border through a single entry point will be presented to Cabinet, before being brought for further deliberation between the leaders of the two countries.

Proposed single entry point at Malaysia-Singapore border to be presented in Cabinet, says DPM Fadillah

The FBM KLCI was little changed in early trade on Wednesday although it held firm above the 1,600-point level.

KLCI little changed in early trade, hovers above 1,600 resistance level

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

UOB Malaysia introduces masterclass to prepare businesses for EU’s carbon border tax

The Department of Homeland Security (DHS) is piloting artificial intelligence (AI) to train officers who review applicants for refugee status in the US, Secretary Alejandro Mayorkas told reporters on Tuesday.

US explores AI to train immigration officers on talking to refugees

The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence (AI) technology said the country would divest from China if it were asked to do so by the US.

Saudi Arabia AI fund would divest from China if US asked, CEO says

Kim Ki Nam, one of the longest-serving North Korean officials who served all three generations of its leaders cementing their political legitimacy and heading the propaganda apparatus for the dynastic state, has died, official media said on Wednesday.

North Korean propaganda chief who served all three leaders dies

Brazil's bid to host the 2027 Women's World Cup scored higher than its rival, a joint bid from Belgium, Netherlands and Germany (BNG), in a Fifa's evaluation report released on Tuesday.

Brazil's bid to host the Women's World Cup tops European rival

Australia said on Wednesday it would raise the amount of savings international students will need to get a visa and warned several colleges of fraudulent student recruitment practices, as part of efforts to rein in record migration.

Australia raises minimum savings for student visa, warns on fake recruitment

Hong Leong Investment Bank Research is keeping its “buy” call on Kuala Lumpur Kepong, with an unchanged target price of RM24.41

MORNING CALL: 8/5/24

Global environmental, social, and governance (ESG) sukuk is expected to cross US$50 billion (RM237.32 billion) outstanding globally within the next two years, as issuers aim to meet their funding diversification goals and ESG mandates, alongside new regulatory frameworks and government-led sustainability initiatives, according to Fitch Ratings.

Global ESG sukuk issuance seen crossing US$50b within two years, says Fitch 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Two suspects on motorcycles break Safiq Rahim's car windscreen in third attack on footballers 

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

Sime Darby Plantation, Pekat, Siab, OCK, Sapura Energy, CTOS, Awantec, Mobilia, Prolintas, Power Root

The takeover bid by Yinson Holdings Bhd’s major shareholder for Icon Offshore Bhd was made at 63.5 sen per share, as wellas 0.1 sen per warrant.

Yinson's major shareholder raises Icon stake to 56.67% as MGO closes

Power Root Bhd's subsidiaries have successfully recovered trademark of its own “Ah Huat” brand for coffee and tea beverages, after reaching an amicable out-of-court settlement with its Indonesian distributor CV Ego Sun Star Sukses Mandiri (CV Ego) following an infringement wrangle that started in 2013.

Power Root reclaims ‘Ah Huat’ brand in Indonesia after decade-long trademark tussle 

AwanBiru Technology Bhd (Awantec) reported a net profit of RM2.14 million for its third quarter ended March 31, 2024 (3QFY2024), a significant turnaround from the net loss of RM1.99 million it incurred a year ago, as its software and services segment secured major contracts with higher revenue.

Awantec reports profit in 3Q as revenue jumps on new contracts

Urusharta Jamaah Sdn Bhd (UJSB) — a special purpose vehicle established under the Ministry of Finance to rehabilitate, restructure and monetise underperforming assets transferred to it from Lembaga Tabung Haji — has emerged as a substantial shareholder in Prolintas Infra Business Trust.

Urusharta Jamaah emerges as third largest shareholder in Prolintas Infra

GCH Retail (M) Sdn Bhd, the operator of Giant hypermarkets, said the courts are still deciding on the company’s tenancy dispute with its landlord over premises it is currently occupying in Batu Caves.

GCH Retail says Giant Batu Caves tenancy dispute with landlord still being decided by courts

Global sales of semiconductors jumped 15.2% year-on-year (y-o-y) to US$137.7 billion (RM653.24 billion) during the first quarter of 2024, according to the US-based Semiconductor Industry Association (SIA).

First-quarter global semicon sales jump 15.2% y-o-y to US$137.7b, says SIA 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Apple Inc unveiled a new artificial intelligence-focused iPad Pro and a larger iPad Air, aiming to reinvigorate a tablet lineup that has languished over the past two years.

Apple revamps iPads with AI-focused Pro model, bigger Air

A key measure of world indebtedness has resumed its climb as global debt hit a record high of US$315 trillion (RM1.5 quadrillion) in the first quarter of the year, fuelled by borrowing in emerging markets, the US and Japan, a study showed.

Key debt ratio resumes rise as global debt burden hits record US$315 tril, IIF says

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

TikTok and its Chinese parent company ByteDance said on Tuesday they filed suit in US federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban its use.

TikTok, ByteDance sue to block US law seeking sale or ban of app

The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve (Fed) will cut interest rates this year.

S&P, Dow end slightly up, extend closing streaks despite Disney drag

Home furniture maker Mobilia Holdings Bhd is planning to issue up to 218.75 million free warrants (Warrants-B), on the basis of one Warrant-B for every four existing shares held by entitled shareholders.

Home furniture maker Mobilia plans one-for-four free warrants

KUALA LUMPUR (May 7):&nbsp;The strategic cooperation between the Malaysian Investment Development Authority (Mida) and the Ministry of Higher Education (MOHE) is expected to catalyse the country’s industrial growth, especially in supporting the development of&nbsp;more&nbsp;talents at the global level.&nbsp;

Mida’s strategic cooperation with Higher Education Ministry to accelerate local industrial growth — Zafrul

The Malaysian Anti-Corruption Commission (MACC) is studying allegations against Housing and Local Government Minister Nga Kor Ming with regards to his announcement of an allocation for infrastructure in Kuala Kubu Bharu (KKB) recently.

MACC looking into minister’s KKB allocation announcement ahead of poll

As Malaysia aims to achieve high-income status, it needs to improve its human capital outcomes to match those of high-income countries.

Aspiring to high-income status: Education matters

Wall Street pared earlier gains on Tuesday after equity markets elsewhere rallied as investors parsed when and by how much the Federal Reserve (Fed) cuts interest rates this year, while a resurgent dollar helped weaken the yen further.

Wall Street loses steam, dollar gains as investors mull rate cut timing

The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence (AI) technology said the country would divest from China if it were asked to do so by the US.

Australia said on Wednesday it would raise the amount of savings international students will need to get a visa and warned several colleges of fraudulent student recruitment practices, as part of efforts to rein in record migration.

Chester Tay

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Chester Tay

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