KUALA LUMPUR (May 28): Axiata Group Bhd says the proposed merging of its business with Norway-based Telenor ASA's Asian operations is "a merger of equals" and not about one company taking over the other, rubbishing claims circulating online that the exercise was akin to selling Malaysian interest...

Axiata dismisses claims of selling Malaysian interests to Norwegians in planned union with Telenor

The release of Bank Negara Malaysia’s 2020 annual report on Wednesday will be closely watched, as the central bank usually releases its economic growth forecasts for the year during the event.

It is expected to give its assessment of the country’s economic developments — inflation, priv...

The Week Ahead: Trade-fuelled week, Bank Negara 2020 annual report in focus

WITH two successful listings in the bag — a primary listing on the Main Market of Bursa Malaysia and a secondary listing on the Singapore Exchange — Top Glove Corp Bhd now hopes to score a hat-trick with a third one, on the Hong Kong Stock Exchange (HKEX).

However, analysts have not thr...

Top Glove aims to score hat-trick with HK listing

IBM will be shutting down its Global Delivery Centre located in Cyberjaya, Selangor on May 31 — seven years after it was first opened in February 2014.

IBM to shut down Cyberjaya Global Delivery Centre on May 31

CRUDE palm oil (CPO) futures may have reached their highest level in 13 years of RM4,122 per tonne last Wednesday, but for Malaysian palm oil players, there is not much to rejoice about as the industry finds itself in a predicament.

Last Monday, 12 associations representing stakeholders...

No respite for palm oil players despite high CPO price

A total of RM10 billion was raised from the Malaysian equity market in 2020, up 52% from RM6.6 billion in 2019, according to the Securities Commission Malaysia's (SC) 2020 Annual Report released today. 

Of the RM10 billion, RM2 billion was raised via 19 initial public offerings (IPOs) and RM8 billion through secondary issuances.

RM10b raised from Malaysian equity market in 2020, up 52% y-o-y

According to an in-depth assessment of retail participation, the Securities Commission Malaysia (SC) discovered that 83% of retail volume in August last year was attributed to stocks priced at less than 50 sen, while 75% of retail interest was in ACE and Fledgling stocks.

SC Annual Report 2020: Penny stocks below 50 sen are retail investors’ darling, says SC

Retail participants were the biggest investors on Bursa Malaysia in 2020, with net buying amounting to RM14.3 billion, compared with local institutional investors’ net buying at RM10.3 billion. 

As retailers sought short-term gains in assets offering higher returns — specifically in glove and technology-related counters which rode on the Covid-19 pandemic wave — the participation rate of retail investors took an upward turn last year, rising to an average of 32.4% in terms of value traded, significantly larger than 20.8% in 2019 and the five-year average of 21.4%.

Retail investors pumped in RM14.3b net to stock market in 2020

Total market capitalisation (cap) of the Malaysian equity market rebounded by as much as 48.7%, or RM600 billion, to RM1.85 trillion on Dec 16, 2020 from a low of RM1.25 trillion on March 19, 2020 when global markets suffered severe selldown amid pandemic fears, according to the Securities Commission Malaysia (SC) 2020 Annual Report released today.

SC Annual Report 2020: RM600b market cap recouped on Bursa since global equity rout in March 2020

The Audit Oversight Board (AOB) of the Securities Commission Malaysia took six enforcement actions on auditors and audit firms in 2020 for failing to comply with the auditing standards.

SC Annual Report 2020: Six enforcement actions taken by AOB against auditors, audit firms in 2020

The Ministry of Energy Transition and Water Transformation (Petra), in collaboration with The National Water Services Commission (SPAN), is poised to establish and devise the framework for implementing transformative measures in the water services sector over the next decade.

Fadillah: Petra, SPAN to drive implementation of transformative measures for water services sector

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

KomarkCorp, Topmix, PavREIT, Axis REIT, KIP REIT, Cypark, Crest Builders, Capital A, Gadang, Haily, DXN, Inta Bina, Comfort Gloves, AHB

The fatal collision between two Royal Malaysian Navy helicopters that killed 10 personnel abroad could be due to a failure in the critical points of the aircraft structure, aviation expert Assoc Prof Maj Dr Mohd Harridon Mohamed Suffian said.

Critical point failure could’ve led to fatal Lumut chopper crash, says expert

KOTA BHARU (April 23): The man involved in the shooting incident at the Kuala Lumpur International Airport (KLIA) in Sepang on April 14 will be charged in a Kota Bharu court on Wednesday (April 24), according to the police.

KLIA shooting suspect to be charged in Kota Bharu on Wednesday

Sarawak’s strategic alliances with the UK's leading industry partners in the development of compound semiconductors will drive innovation to increase the capability of microchips to power new technologies and applications, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

Sarawak eyeing partnership with UK companies to boost semicon capabilities

Malaysia's education system must be synonymous with the development of the country, said Higher Education Minister Datuk Seri Zambry Abd Kadir.

Zambry: Education system must be synonymous with country’s development

IPOH (April 23): The post-mortems of 10 victims of the tragedy of two helicopters colliding near the Royal Malaysian Navy (TLDM) base in Lumut, currently being carried out at the Raja Permaisuri Bainun Hospital here, are expected to be completed by Wednesday (April 24) afternoon.

Helicopter tragedy: Victims’ post-mortems expected to be completed on April 24 afternoon

The M503-3 Maritime Operations Helicopter (HOM) that was involved in a crash Tuesday morning was used for the first time in the flyby for the 90th Royal Malaysian Navy (TLDM) Anniversary parade.

Downed HOM chopper used for the first time in flyby, says defence minister 

BENGALURU (April 23): Gold prices extended losses for a second day to hit a more than two-week low on Tuesday, as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key US economic data this week.

Gold drifts lower for second day as Middle East fears subside

Wall Street's main indexes rose on Tuesday as some growth and chip shares gained, while stocks like General Motors and Spotify advanced on upbeat earnings updates ahead of quarterly reports from big technology companies.

Wall Street gains on bright earnings, megacaps' support

While Sapura Energy Bhd has resolved one key condition of its reset plan, analysts did not change their recommendations on the group, as there is still an arduous journey ahead for the group to address its balance sheet position.

Sapura Energy not out of the woods yet as large debts still in its way

KUALA LUMPUR (April 23): Malaysia has emerged as the most significant country within Asean for businesses to venture into, as shown by the UOB Business Outlook Study 2024 (SMEs &amp; Large Enterprises).

Malaysia emerges as prime destination for Asean biz expansion — UOB study

KUALA LUMPUR (April 23): Former Sapura Energy Bhd chief executive officer Tan Sri Shahril Shamsudin has settled his defamation lawsuit against Economics Minister Rafizi Ramli out of court.

Ex-Sapura Energy CEO Shahril settles defamation suit against Rafizi

Cypark Resources Bhd said on Tuesday that its 100MW Large Scale Solar 3 (LSS3) hybrid solar plant project in Merchang, Terengganu, will transition to full commercial operations by next month.

In a statement, the group said the plant consists of 83MWac (megawatt, alternating current) ground-mounted solar photovoltaics and 32MWac floating solar photovoltaics.

Cypark's LSS3 solar plant in Terengganu set for commercial operations next month

Bursa Malaysia continued its upbeat momentum to end higher for the fifth consecutive day on Tuesday, thanks to buying from local and foreign institutions, said an analyst.&nbsp;

Bursa ends higher on buying support from local and foreign institutions

Construction and engineering contractor Crest Builder Holdings Bhd said it had secured a condominium project valued at RM486 million in Mont Kiara. &nbsp;

The project, awarded by Kiaramas Development Sdn Bhd, involves the construction of three blocks of condominiums with car park podiums in Jalan Desa Kiara.&nbsp;The contract period is 42 months from May 2, according to Crest Builder in a filing with Bursa Malaysia on Tuesday.

Crest Builder bags RM486m condominium project in Mont Kiara

Apple's smartphone shipments in China tumbled 19% in the first quarter of the year, the worst performance since 2020, as its dominance in the high-end segment came under pressure from Huawei's new product launches, market data showed.

Apple's 1Q smartphone shipments in China tumble 19%, data shows

KomarkCorp Bhd, which lost its defamation suit against The Edge Communications Sdn Bhd in the High Court last month, is appealing against the court's decision, which found that the media company had not defamed it in an article about the manipulation of penny stocks that was published nearly three years ago.

KomarkCorp appeals against High Court's ruling that The Edge did not defame the company

KUALA LUMPUR (April 23):&nbsp;The Iskandar Regional Development Authority’s (IRDA) target to achieve&nbsp;cumulative investments of RM636 billion by 2030 is among Iskandar Malaysia’s strategies to assist the country in becoming one of the top 30 global economies and the top 12 in global competitiveness.

Iskandar Malaysia’s RM636b investment target to help propel country into world's top 30 economies — PM

The bodies of the 10 victims involved in the mid-air collision and crash involving two helicopters at the Royal Malaysian Navy (RMN) base in Lumut were recovered earlier on Tuesday.

Police confirm all bodies recovered from helicopters' crash

KUALA LUMPUR (April 23): Gadang Holdings Bhd said it will appeal to the Economic Planning Unit (EPU) for a waiver of the Bumiputera equity requirement to facilitate its acquisition of a 21.08-acre land in Kwasa Damansara.

In a bourse filing on Tuesday, the builder-cum-property developer...

Gadang to lodge appeal over Bumi equity requirement in Kwasa Damansara land acquisition 

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

Comfort Gloves Bhd said there was a fire at the glove maker’s newly-built three storey warehouse and packing department in Taiping, Perak on Tuesday morning.

“The cause of the fire and the actual extent of the damage are currently still unknown, pending the completion of police investigations into the fire and issuance of their report,” the group said in a bourse filing.

Comfort Gloves reports fire at new Taiping warehouse

KUALA LUMPUR (April 23): Malaysia Airports Holdings Bhd’s (MAHB) passenger traffic at its airports in Malaysia and Türkiye continued to recover in the first quarter of 2024 (1Q2024), recording 31.37 million in total passenger movements, with international passenger movements surpassing pre-pandemic levels for the first time.

MAHB’s 1Q passenger traffic rose 17% y-o-y, Istanbul airport exceeds pre-pandemic levels

The Malaysian Oil, Gas &amp; Energy Services Council (MOGSC) has called on oil and gas (O&amp;G) stakeholders, especially financial institutions, not to write off O&amp;G services and equipment (OGSE) players in the energy transition agenda, as they still have a role to play.

Don't forget O&G services and equipment players in energy transition agenda, says industry association

Millennial and Generation Z (Gen Z) Muslims in Southeast Asia are increasingly embracing&nbsp;Islamic banking, with 77% of Malaysians and 65% of Indonesians surveyed using it alongside traditional banking, compared with only 31%&nbsp;globally, according to a report.

Millennial, Gen Z Muslims in Malaysia increasingly embracing Islamic banking — report

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EVENING 5: Five things you need to know today

KUALA LUMPUR (April 23): Construction outfit Haily Group Bhd has secured a RM109.5 million contract to undertake the construction and completion of 332 units of double-storey terrace houses in Pontian, Johor.

Haily bags RM109.5 mil housing jobs in Johor from Gadang’s unit

KUALA LUMPUR (April 23): DXN Holdings Bhd posted a 43.23% rise in net profit to RM79.02 million for its fourth quarter ended Feb 29, 2024 (4QFY2024), from RM55.17 million a year ago, on the back of higher revenue.

Earnings per share rose to 1.59 sen from 1.14 sen, according to the healt...

DXN’s 4Q net profit up 43%, seeks to expand market presence in Brazil

While the opening of The Exchange TRX is anticipated to intensify competition in the malls sector, Pavilion Real Estate Investment Trust (PavREIT) said footfalls at its malls nearby — Pavillion KL and the connected Pavilion Elite — remain unaffected, and they are still enjoying over 95% occupancy rates.

Supriya Surendran

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Supriya Surendran

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