KUALA LUMPUR: Crude palm oil (CPO) prices showed signs of weakness last week, retreating from a three-year peak of around RM3,100, but analysts believe this could just be temporary.

They expect a rebound to RM3,300 a tonne, at least in the first half of 2020 (1H20), against a slowdown i...

‘CPO prices to stay above RM3,000 in 1H20 despite export disruption’

KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) has projected a better year for the industry with crude palm oil (CPO) prices averaging RM2,750 a tonne in 2020 against last year’s average of slightly more than RM2,000.

Higher prices would be driven by stronger demand driven by substan...

CPO prices seen averaging RM2,750 a tonne in 2020

The Malaysian Palm Oil Board (MPOB) expects 2020 to be a better year for the palm oil industry, with crude palm oil (CPO) prices seen averaging at RM2,750 a tonne.

MPOB Director-General Dr Ahmad Parveez Ghulam Kadir said the industry will see stronger palm oil prices and higher palm oil demand this year, on factors including substantial increase in biodiesel mandate to B20 in Malaysia and B30 in Indonesia, firmer soybean oil prices, and slower palm oil production growth.

CPO prices seen averaging at RM2,750 per tonne in 2020 — MPOB

Primary Industries Minister Teresa Kok said today a special committee will be set up to manage Malaysia's crude palm oil (CPO) windfall tax trust account.

Speaking at the Malaysian Palm Oil Board's (MPOB) Review & Outlook Seminar 2020 here today, Kok said the proposed trust account is estimated to have RM200 million collected from the CPO windfall tax.

Special committee to manage CPO windfall tax trust account — Teresa Kok

KUALA LUMPUR: The Securities Commission Malaysia (SC) has called for market participants to better embrace digitisation and demographic shifts within the domestic Islamic capital market, as its market value slipped marginally to RM1.88 trillion at end-2018, from RM1.893 trillion in 2017.

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Embrace structural shifts in local Islamic capital market — SC

KUALA LUMPUR: Malaysia’s over RM100 billion national sovereign wealth fund Khazanah Nasional Bhd is waiting for the strategic proposal from Malaysia Airlines Bhd to convince additional funding is worth to support the latter’s turnaround plan.

“I think we are quite clear from what I had ...

Malaysia Airlines needs good proposal for more funding

KUALA LUMPUR: The ringgit, which has appreciated 1.15% year to date against the US dollar, is still undervalued by 5% to 10%, according to Nomura Asset Management Co Ltd senior managing director and chief investment officer of global equity Wataru Ogihara.

“The US dollar has been strong...

Ringgit undervalued by 5%-10%

KUALA LUMPUR: Malaysia remains on a sturdy growth path in 2019, despite challenging market conditions, said former Bank Negara Malaysia (BMN) governor Tan Sri Dr Zeti Akhtar Aziz, who is now chairman of Permodalan Nasional Bhd (PNB).

Zeti said the country’s 2019 gross domestic product (...

Zeti: Malaysia’s 2019 economic growth as good if not better

Khazanah Nasional Bhd expected to declare more than RM1 billion of dividend to the government for 2019, said its managing director Datuk Shahril Ridza Ridzuan.

Khazanah to declare over RM1b dividend payout for 2019, says MD

The Malaysian economy as measured by gross domestic product (GDP) is to remain on a sturdy growth path in 2019, despite challenging market conditions, according to Permodalan Nasional Bhd (PNB) chairman Tan Sri Dr Zeti Akhtar Aziz.

Zeti says Malaysia's 2019 economic growth should be as good if not better

Mergers and acquisitions (M&A) activities fell to the lowest in a decade in 2023. According to the “Global M&A Report” published by Bain & Co, the total M&A market fell by 15% year on year last year to US$3.2 trillion, the lowest in a decade.

M&A activities hit a low in 2023, pickup expected this year

(April 24): Goldman Sachs Group Inc. shares rose to a record on Tuesday, eclipsing their previous closing high set more than two years ago.

The investment banking giant reported first-quarter earnings last week that included a massive profit beat, which one analyst heralded as a “near-p...

Goldman Sachs shares rise to notch first record high since 2021

(April 24): Digital payments company Block Inc., formerly known as Square, has finished the development of its Bitcoin mining chip as Chief Executive Jack Dorsey continues to advocate for a more accessible and decentralized system — an effort he’s championed since 2021.

The three-nanome...

Jack Dorsey’s block finishes development of Bitcoin mining chip

(April 24): International Business Machines Corp. is in advanced talks to acquire software company HashiCorp Inc., according to people with knowledge of the matter.

IBM and HashiCorp could reach an agreement as soon as Wednesday, said the people, who asked not to be identified discussin...

IBM is in advanced talks to acquire software provider HashiCorp

(April 24): Tesla Inc. is accelerating the launch of more affordable models in a bid to arrest a deterioration in its profit margins and sales.

The electric-vehicle maker plans to start production on the cheaper cars before the second half of 2025, when it had previously pledged to begi...

Tesla to accelerate launch of cheaper cars after sales miss

(April 24): This was supposed to be the year that Vietnam reaped the benefits from one of its largest natural gas discoveries.

An estimated 150 billion cubic meters of the fuel, enough to power a city the size of Hanoi for decades, was discovered 50 miles (80 kilometers) from Vietnam’s ...

Xi’s armada is winning the battle for energy in South China Sea

SEOUL (April 24): Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, said the country will continue to build overwhelming and the strongest military power to protect its sovereignty and regional peace, the North's KCNA news agency reported on Wednesday.

Kim said a seri...

North Korea leader Kim's sister: we will build overwhelming military power

(April 24): U.S. stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.

Tesla kicked off the earnings cycle for technology heavyweights after markets c...

Wall Street closes higher as investors digest earnings, megacap outlook

LONDON (April 24): Ruthless Arsenal threw down the gauntlet in the Premier League title race with a 5-0 thrashing of London rivals Chelsea to roar three points clear at the top of the table on Tuesday.

Any remaining doubts about Arsenal's staying power were answered emphatically as Lean...

Arsenal hammer Chelsea to move three points clear at the top

NEW YORK/LONDON (April 24): Global shares rose on Tuesday, with investors on Wall Street focused on earnings reports from the U.S. megacaps, and the yen tumbled to multi-year lows against the dollar and the euro.

Treasury yields dipped after data showed U.S. business activity cooled to ...

Stocks gear up for Big Tech earnings; yen touches multi-year lows

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): 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

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

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

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

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

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.

PavREIT says Pavilion KL, Elite's footfalls unaffected by opening of TRX mall

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

Chin Hin Group Bhd’s conditional mandatory takeover offer to acquire the remaining shares it does not own in Signature International Bhd has turned unconditional, after it aggregated more than 50% of the voting shares.

Chin Hin's MGO for Signature International turns unconditional as shareholding surpasses 50%

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EVENING 5: Five things you need to know today

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

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

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

Ramssol Group Bhd, a human capital management (HCM) solutions provider, reported a near doubling of its first quarter profit mainly due to certain projects with higher profit margin and the distributorship of HCM licences.

Ramssol’s 1Q profit doubles as revenue surges on higher sales in Malaysia, Thailand

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 

KUALA LUMPUR (April 23): KIP Real Estate Investment Trust (KIP REIT), a trust which mainly manages retail and industrial properties, said its net property income (NPI) for the third quarter rose 10.1% from a year ago, mainly due to stronger performance from its retail properties.

KIP REIT’s 3Q net property income up 10.1%, to double AUM in three years

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

Inta Bina Group Bhd has bagged a contract worth RM169.67 million to develop a serviced apartment project in Country Heights.

Inta Bina bags RM170m serviced apartment job in Country Heights

Axis Real Estate Investment Trust (Axis REIT) reported a 39.5% surge in its net trust income for the first quarter ended March 31, 2024 (1QFY2024), attributable to post-development contributions from its Bukit Raja Distribution Centre 2, and new tenancies in its Shah Alam Distribution Centre 3.

Axis REIT sees 40% jump in 1Q net trust income, to distribute 2.3 sen per unit

KOTA KINABALU (April 23): The Kibing Group has successfully exported its inaugural batch of solar glass manufactured in Sabah, totalling 672 tonnes, to Cambodia last Sunday (April 21).&nbsp;

Tan Xue Ying & Justin Lim

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