KUALA LUMPUR: The High Court here yesterday endorsed a notice here by the Registrar of Societies (RoS) to validate the dismissal of Malay Chamber of Commerce Malaysia (DPMM) president Rizal Faris Mohideen Abdul Kader.

With this decision by Justice Datuk Seri Mariana Yahya, Datuk Seri Sy...

Court upholds Syed Hussein’s election as DPMM president

KUALA LUMPUR (Sept 5): The High Court today endorsed a notice by the Registrar of Societies (RoS) to validate the dismissal of Malay Chamber of Commerce Malaysia (DPMM) president Rizal Faris Mohideen Abdul Kader.

With this decsion by Justice Datuk Seri Mariana Yahya, Syed Hussein Alhabshee is recognised as the chamber's president.

Mariana endorsed the notice issued by RoS yesterday, which stated that the extraordinary general meeting (EGM) held on Nov 22 last year was valid and in accordance with the decision made by chamber’s executive council (MED) meeting a day earlier.

Court upholds Syed Hussein's election as DPMM president

KUALA LUMPUR: No one in the Prime Minister’s Office (PMO)dared to ask Datuk Seri Najib Razak about the source of funds received by him when he was the most powerful person in the country.

Najib’s former special officer Datuk Amhari Efendi Nazaruddin, 43, testified during the ex-PM’s 1Ma...

No one in PMO dared ask Najib about source of funds

The High Court was told today that no one in the Prime Minister's Office (PMO) dared to question Datuk Seri Najib Razak regarding the source of funds received by him when he was the most powerful person in the country.

Najib's former special officer Datuk Amhari Efendi Nazaruddin, 43, said at the witness stand that this was because the PMO officers feared being seen as doubting Najib's credibility.

No one in PMO dared to ask Najib about his source of funds — witness

KUALA LUMPUR: The High Court here allowed an application by senior lawyer Tan Sri Muhammad Shafee Abdullah, who is facing charges for money laundering involving RM9.5 million and making incorrect income tax filings, for the temporary return of his impounded passport.

Muhammad Shafee is ...

Shafee gets passport back for work in Sydney

KUALA LUMPUR: Former prime minister Datuk Seri Najib Razak, his wife Datin Seri Rosmah Mansor and their two children, Umno and Lebanese jeweller Global Royalty Trading SAL have indicated to the High Court that they will stake their claims in the RM680 million 1Malaysia Development Bhd forfeiture ...

Najib to stake claims in RM680m forfeiture suit against Obyu

Fugitive businessman Low Taek Jho explained the formation of Terengganu Investment Authority (TIA) to former premier Datuk Seri Najib Razak's aide by scribbling on a whiteboard in his apartment kitchen here.

This was revealed by Najib's former special officer Datuk Amhari Efendi Nazaruddin, who is also one of the prosecution's key witnesses in the 1MDB-Tanore trial.

Jho Low explained TIA to Najib's aide by scribbling on a whiteboard in his kitchen

The High Court here allowed an application by senior lawyer Tan Sri Muhammad Shafee Abdullah, who is facing charges for money laundering involving RM9.5 million and making incorrect income tax filings, for the temporary return of his impounded passport.

Shafee is the lead defence counsel for former Prime Minister Datuk Seri Najib Razak in the 1Malaysia Development Bhd (1MDB)-Tanore trial, which started last week.

Najib's lawyer Shafee gets passport back to go to Sydney for work

Former prime minister Datuk Seri Najib Razak, his wife Datin Seri Rosmah Mansor and their two children, Umno, and Lebanese jeweller Global Royalty Trading SAL had today indicated to the High Court that they will stake their claims in the RM680 million 1Malaysia Development Bhd forfeiture suit against OBYU Holdings Sdn Bhd.

Lawyers, who are representing the four parties, revealed this to High Court Judge Collin Lawrence Sequerah when the OBYU case was called up for case management today.

Najib, Rosmah, Umno, jeweller to stake claims in OBYU RM680m forfeiture suit

KUALA LUMPUR: The government will file an application to obtain a summary judgement against former prime minister Datuk Seri Najib Razak regarding the alleged RM1.69 billion in taxes owed by him to the Inland Revenue Board (IRB).

A summary judgement is a decision made on the basis of st...

Govt seeks summary judgement against Najib on RM1.69b tax

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

The US dollar's dominant reserve currency status is likely to endure partly because even the most talked about alternative the Chinese yuan falls short as a credible challenger, Morgan Stanley said in a report on Thursday.

Rivalry with China, Russia's war in Ukraine, wrangling in Washington over the US debt ceiling and rising debt levels have put the dollar's status as the world's dominant currency under scrutiny in recent years.

Dollar's dominant reserve currency status to endure, says Morgan Stanley

Wall Street's main stock indexes gained on Thursday as investors cheered upbeat earnings across several sectors, while advancing megacap growth stocks were amongst the biggest boosts.

Megacap growth stock Meta Platforms outpaced peers and gained 2.7% after Bernstein raised its price target to US$590, a sixth such hike on the stock this week.

Wall St ticks up on megacaps, earnings boost

Goldman Sachs Group Inc President John Waldron warned that out-of-control spending could expose the US to serious risk in the event of a political crisis.

Goldman’s Waldron sounds alarm over US debt jolt to markets

The head of the International Monetary Fund warned the US that the global economy is closely watching interest rates and industrial policies given the potential spillovers from the world’s biggest economy and reserve currency.

“All eyes are on the US,” Kristalina Georgieva said in an interview on Bloomberg’s Surveillance on Thursday.

IMF boss says ‘all eyes’ on US amid risks to global economy

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

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

Oil prices were broadly steady on Thursday, as investors weighed US sanctions on Venezuela and Iran, and robust US jobs data against the wider backdrop of demand concerns and easing Middle East tensions that had pushed prices 3% lower on Wednesday.

Brent futures LCOc1 were up 10 cents, or 0.11%, to US$87.39 a barrel at 1358 GMT, while US crude futures CLc1 were 26 cents higher, or 0.31%, at US$82.95 a barrel.

Oil steadies as new sanctions interrupt easing tensions

Safe-haven gold gained on Thursday as persistent tensions in the Middle East added to the metal's appeal despite robust economic data from the US that raised prospects of fewer interest rate cuts.

Spot gold firmed 0.8% at US$2,378.53 per ounce at 9.44am ET (1344 GMT). Prices touched an all-time high of US$2,431.29 last Friday.

Gold surges as escalating Middle East tensions bolster demand

New York Federal Reserve President John Williams said on Thursday the strong state of the U economy means there's no pressing case to lower interest rates right now.

"I definitely don't feel urgency to cut interest rates" given the current strength of the economy, Williams said at the Semafor's World Economy Summit in Washington.

Fed's Williams doesn't see urgent need to cut interest rates

The Federal Court on Thursday dismissed an appeal by the Petaling Jaya City Council (MBPJ) over the Court of Appeal’s decision last year that decided that non-paying members in a residential area (RA) could raise the boom gates at the entrance to the housing area themselves without the security guards' assistance.

Federal Court dismisses MBPJ’s appeal on residents' boom gate operation

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiTech Padu Bhd, just one month after acquiring a 15.9% stake via a private vehicle in the company.

Amid controversy over govt contracts, Farhash ceases to be HeiTech Padu substantial shareholder after one month

Elon Musk said some of the severance packages sent to former Tesla Inc employees as part of its biggest-ever workforce reduction were too low.

Musk apologises for ‘incorrectly low’ Tesla severance packages

KUALA LUMPUR (April 18): Food and supplement company OB Holdings Bhd said on Thursday that it has secured approval from Bursa Malaysia for an initial public offering (IPO) on the bourse’s ACE Market, to raise funds for expansion.

OB Holdings gets approval for ACE Market IPO, targets listing in 4Q

KUALA LUMPUR (April 18): Smart Asia Chemical Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

Smart Asia Chemical inks underwriting agreement with Mercury Securities en route to ACE Market IPO

Malaysia Building Society Bhd (MBSB) has recommended a final dividend of 3.5 sen for the financial year ended Dec 31, 2023 (FY2023).

This would equate to a payout of RM287.78 million, based on the bank’s share base of 8.22 billion shares as at end-December 2023, according to MBSB’s bourse filing on Thursday.

MBSB proposes 3.5 sen dividend for FY2023

Digital payment and financial technology provider Ant International is going to establish what it calls a new digital business centre in Malaysia, creating more than 500 job opportunities in the first year, with more hirings in the next four years until 2028.

Ant International to set up new business centre in Malaysia, creating over 500 jobs

Bursa Malaysia Bhd’s wholly-owned Bursa Carbon Exchange (BCX) will hold its inaugural auction of renewable energy certificates (RECs) on June 25 to support Malaysia’s energy transition plans and corporates’ net-zero aspirations.

Bursa to hold auction of maiden RE certificates on June 25

Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, and India’s Bharti Airtel Ltd signed a definitive agreement on Thursday to combine their Sri Lankan operations.

Malaysia’s Axiata, Bharti Airtel of India to combine Sri Lankan ops

When Iraq fired dozens of Scud missiles on Israel in early 1991, the US implored then prime minister Yitzhak Shamir not to respond. Shamir said he had to act. After days of late-night calls, high-level visits and long Cabinet meetings, Israel stood down and the US led a 42-nation alliance that defeated Iraq in what became the Gulf War.

Israel caught between hitting Iran and heeding allies

Bursa Malaysia continued its upbeat momentum to end higher for the second straight day on Thursday, due to an improvement in sentiment and a resurgence in bargain-hunting following the recent downturn, said an analyst.

Bursa closes higher on improved sentiment, bargain hunting

The Malaysian Bar argued in court that its challenge against Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi's conditional discharge is not academic as it may determine the fate of the Yayasan Akalbudi graft case.

Malaysian Bar: Legal challenge against AG's decision to drop charges against Zahid is not academic

Bursa Malaysia turned mixed at the midday break on Thursday with the key index ending the morning session in positive territory, in tandem with regional markets, said a dealer.&nbsp;

Bursa mixed at midday break, key index up

KUALA LUMPUR (April 18): IT services firm Systech Bhd said on Thursday that shareholders have approved several proposals, including an acquisition and bonus shares issue.

Systech gets shareholders’ nod for acquisition, bonus shares issue

The concessionaire of the Petaling Jaya Dispersal Link (PJD Link) highway believes the project remains viable and will continue to pursue its realisation.&nbsp;

PJD Link concessionaire says project remains viable, studying realignment

RHB Bank, Malaysia’s fourth-largest bank by assets, said on Thursday it views sustainable financing as presenting more opportunities than challenges, rather than affecting its overall profit from financing activities.

RHB sees opportunities in sustainability finance, aims to provide RM50 bil by 2026

KUALA LUMPUR (April 18): AwanBiru Technology Bhd (Awantec) said trading in its shares will be suspended from April 26, after the group failed to submit its regularisation plan to the regulators for approval within the stipulated timeframe.

Awantec faces trading suspension from April 26 after failing to submit regularisation plan

After spending over two years in court due to a suit from Empire Holdings Ltd, MAA Group Bhd, its major shareholder Tunku Datuk Yaacob Khyra and Turiya Bhd have been dropped as parties in the suit over MAA’s purchase of Turiya shares from a Bahrain-based bank. &nbsp;

MAA Group exits legal bout over 2021 Turiya share acquisition under settlement deal

KUALA LUMPUR (April 18): Malaysian civil society group Bersih, or the Coalition for Clean and Fair Elections, has slammed the deputy public prosecutor (DPP)’s office, which&nbsp;falls under the&nbsp;Attorney General’s Chambers (AGC), for not objecting to former prime minister Datuk Seri Najib Razak’s application to bar the media from covering his judicial review application, as he sought to be placed under house arrest for the duration of his jail sentence.

Bersih slams AGC for not objecting to media ban in Najib’s house arrest bid

Malaysia needs to restructure the whole ecosystem of technical and vocational education and training (TVET) programmes, so that it can effectively meet the industry’s requirements, said Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai.

Paw Ai Chin

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Paw Ai Chin

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