Here is a brief recap of some corporate announcements that made news on Thursday (Feb 23) involving Petronas Chemicals Group Bhd, Axiata Group Bhd, Maxis Bhd, Sime Darby Bhd, Genting Bhd, Genting Malaysia Bhd, Hap Seng Consolidated Bhd, AMMB Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Sunway Bhd, IJM Corp Bhd, YTL Corp Bhd, Vitrox Bhd, Petron Malaysia Refining & Marketing Bhd and Duopharma Biotech Bhd,

PetChem, Axiata, Maxis, Sime Darby, Genting, GENM, Hap Seng Consolidated, AMMB, Carlsberg Malaysia, Sunway, IJM, YTL Corp, Vitrox, Petron and Duopharma

Genting Malaysia Bhd (GENM) slipped into the red with a net loss of RM393.97 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) compared to a net profit of RM174.12 million a year earlier, due to higher finance costs, impairment losses, depreciation charges and net foreign exchange translation losses.

The net profit achieved in 4QFY2021 was also aided by a RM119.8 million gain from the disposal of subsidiaries Authentic Gaming Ltd and Authentic Gaming Malta Ltd, the group noted in a bourse filing.

Genting Malaysia slips into the red with 4Q net loss of RM393.9 mil  

Vitrox Bhd says it is bracing for a temporary downturn in the first half of this year, right after closing its financial year ended Dec 31, 2022 (FY2022) with a 5.38% rise in net profit in the final quarter to RM48.6 million from RM46.12 million a year ago on a more favourable product mix.

The temporary downturn is expected to come amid softer global economic growth and uncertainties in general business outlook in the first half of the year, it said in a bourse filing.

Vitrox ends FY2022 on stronger note but expects downturn in 1H 2023

KUALA LUMPUR (Feb 23): Tropicana Corp Bhd’s executive vice chairman and major shareholder Tan Sri Danny Tan Chee Sing has emerged as Ipoh-based transport terminal and bus operator Perak Transit Bhd’s substantial shareholder after buying 17.39 million shares in the company.

Perak Transit...

Tropicana's Danny Tan emerges as substantial shareholder of Perak Transit

Allianz Malaysia Bhd's net profit rose 7.54% to RM166.34 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM154.67 million a year ago, due mainly to higher contribution from both the general and life insurance segments.

Quarterly revenue was up marginally to RM1.7 billion from RM1.67 billion in 4QFY2021, lifted by higher gross earned premiums in the general insurance segment, and investment income.

Allianz posts flat profit for 2022, says outlook for general and life insurance businesses remains challenging  

KUALA LUMPUR (Feb 22): Dagang NeXchange Bhd (DNeX) said a lawsuit against two of its subsidiaries in relation to a shareholders agreement signed in July 2021 was struck out on Wednesday (Feb 22) after a consent order was recorded in the High Court.

Consent order recorded in CGP Fund’s lawsuit against DNeX units over SilTerra dispute

Manulife Holdings Bhd has slipped into the red with a net loss of RM6.5 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) against a net profit of RM19.06 million a year ago, dragged by its life insurance business.

The group posted a loss per share of 3.1 sen versus earnings per share of 8.98 sen in 4QFY2021, according to its bourse filing

Manulife retains seven sen dividend for FY2022 despite weaker financial performance

Kawan Food Bhd’s net profit fell 9.5% in the fourth quarter ended Dec 31, 2022 (FY22) to RM8.66 million, from RM9.56 million despite higher revenue, dragged by higher selling and distribution expenses incurred in the quarter.

Selling and distribution expenses surged 57.23% to RM14.91 million from RM9.48 million, the group’s filing showed. However a 26.36% decline in administration expenses to RM5.4 million helped to cushion the quarterly earnings contraction.

Kawan Food's net profit down 9.5% dragged by higher selling and operation expenses

Higher sales in local and export markets boosted Power Root Bhd’s net profit by 87.14% to RM11.28 million in the third quarter ended Dec 31, 2022 (3QFY2022) from RM6.03 million a year earlier.

Quarterly revenue rose 11.65% year-on-year to RM106.68 million from RM95.55 million before. As a result, earnings per share improved to 2.7 sen from 1.4 sen before, the instant and canned beverage manufacturer’s filing with Bursa Malaysia showed.

Power Root declares 2.25 sen dividend after 3Q net profit surges 87% y-o-y

KUALA LUMPUR (Feb 21): AEON Co (M) Bhd’s net profit for the fourth quarter ended Dec 31 (4QFY2022) plummeted 64.9% to RM24.92 million from RM70.98 million in the same period last year, mainly due to an increase in promotional activities, maintenance costs and lower reversal of impairment of recei...

AEON declares higher dividend of four sen as annual profit up 30.4%

Efforts to reform the Bretton Woods institutions – the International Monetary Fund and the World Bank – are progressing, albeit slowly. In December, the IMF Board of Governors approved a 50% increase in member quotas, which will reduce its reliance on borrowed resources, and the World Bank has re...

The Frontiers Of Growth : How to Govern the Bretton Woods Institutions Better

A highly anticipated Bitcoin software update called the “halving” has been completed, dealing a potential blow to the companies that make money by ensuring that the digital currency functions smoothly and securely.

Bitcoin ‘halving’ cuts supply of new tokens in threat to miners

A Philippine freight railway project may be built with the support of the US and Japan, an official in charge of it said, as Manila seeks alternative financing deals after dropping funding talks with China.

Philippines wants US, Japan to take over rail deal eyed by China

The World Bank on Friday said that 11 countries have pledged to contribute over US$11 billion (RM52.62 billion) to new hybrid capital and portfolio guarantee instruments designed to expand the bank's financing capacity by US$70 billion over a decade to tackle climate change, pandemics and other global challenges.

World Bank wins US$11b in pledges to boost lending for climate, global crises

Shareholders of the International Monetary Fund (IMF) agreed this week on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on Friday.

IMF concerned about debt, fiscal challenges facing low-income countries

The ringgit is likely to trade in the same range of around 4.78 against the US dollar next week, as the situation in the Middle East will continue to be under scrutiny by investors, said an analyst.

Ringgit likely to trade around 4.78 versus greenback next week

Attention this week will be on the March inflation rate, with the Department of Statistics Malaysia (DOSM) slated to put out Consumer Price Index (CPI) — the key gauge for inflation — data on Thursday.

Inflation edged up by a higher-than-expected 1.8% i...

The Week Ahead: Eyes on March inflation, US 1Q GDP and tech earnings

Persistent inflation and higher-for-longer interest rates were cited as key risks to financial stability in the Federal Reserve's (Fed) latest survey of US central bank contacts, with geopolitical troubles and the 2024 US presidential election also mentioned as "a potentially significant source of shocks".

Fed survey cites inflation, US election as key financial stability risks

Former inspector general of police Tun Mohammed Hanif Omar died at 2.15am on Saturday. He was 85.

Former IGP Tun Hanif Omar passes away

The Nasdaq and the S&P 500 closed sharply lower on Friday and Treasury yields dipped as investors juggled lacklustre earnings, uncertainties surrounding central bank policy and geopolitical strife.

Nasdaq tumbles, Treasuries dip amid earnings, geopolitical crosscurrents

KUALA LUMPUR (April 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Shares of Sapura Energy Bhd have been suspended from trading, pending a material announcement. The suspension took effect from 2.30pm onwa...

Sapura Energy, PIE Industrial, LSH Capital, YX, Westports, Yinson, Sime Darby Property, MISC, Meta Bright, EG Industries, Hextar, Uzma, Nova MSC and Iconic Worldwide

Former inspector general of police Tun Mohammed Hanif Omar died at 2.15am on Saturday. He was 85.

The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand.

Enegem: Malaysia edges closer to RE exports

All travellers entering or leaving Singapore carrying Physical Currency and Bearer Negotiable Instruments (CBNI) that are valued more than S$20,000 or its equivalent in a foreign currency, must submit the necessary declarations electronically with effect from May 13.

Travellers to and from Singapore carrying over S$20,000 must submit online declaration from May 13

Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.

Anwar's plane landed at Terminal Two, Kota Kinabalu International Airport at 11.40pm, where he was greeted by Chief Minister Datuk Seri Hajiji Noor.

Anwar arrives in Kota Kinabalu for one-day visit

The Nasdaq and the S&amp;P 500 ended lower on Friday as Netflix shares weighed, but American Express (AmEx) kept the Dow afloat after quarterly earnings from both companies, while growing pessimism that the Federal Reserve (Fed) would cut interest rates soon also dented sentiment.

Nasdaq, S&P tumble as Netflix, chip stocks drag; AmEx boosts Dow

Attention this week will be on the March inflation rate, with the Department of Statistics Malaysia (DOSM) slated to put out Consumer Price Index (CPI) — the key gauge for inflation — data on Thursday.

Inflation edged up by a higher-than-expected 1.8% i...

Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.

Israel's Iran attack carefully calibrated after internal splits, US pressure

Parties in the Unity Government have their methods to ensure a win in the Kuala Kubu Baharu by-election next month, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid, who is also Barisan Nasional (BN) chairman, said this was discussed at the Unity Government secretariat meeting on Wednesday.

Unity Govt parties have ways to ensure victory in Kuala Kubu Baharu polls — Ahmad Zahid

The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.

IMF urges Bank of Japan to tread cautiously in raising interest rates