KUALA LUMPUR: At one point, Datuk Amhari Efendi Nazaruddin brought home some RM75,000 per month as the special officer to Datuk Seri Najib Razak.

This comprised RM55,000 per month from his position as a director in Khazanah Nasional Bhd, as well as RM20,000 from ORB Solutions Sdn Bhd th...

Witness in 1MDB-Tanore trial made RM75,000 monthly

Former prime minister Datuk Seri Najib Razak had told his special officer and fugitive financier Low Taek Jho, aka Jho Low, to cut infrastructure deals involving rail and gas pipelines with China's state-owned enterprises to bail 1Malaysia Development Bhd (1MDB) out of its mounting debts, said a key witness in the 1MDB-Tanore trial today.

The projects included a proposed Bangkok-Kuala Lumpur high-speed rail, a petroleum pipeline from Port Klang to Kuala Kedah, the East Coast Rail Link (ECRL), the Trans-Sabah Gas Pipeline, the Multi-Product Pipeline (MPP) and the development of federal territory Labuan into an offshore banking and tourism hub, Najib's former special officer Datuk Amhari Efendi Nazaruddin told the High Court.

Najib asked aide, Jho Low to cut rail and pipeline deals with China to bail out 1MDB, SRC

KUALA LUMPUR: The prosecution in Datuk Seri Najib Razak’s SRC International Sdn Bhd trial has filed a notice of motion to the High Court here yesterday to postpone the commencement of the former premier’s 1Malaysia Development Bhd (1MDB) trial — also known as the Tanore phase — pending completion...

Prosecution tries again to delay 1MDB trial, to complete SRC case first

The prosecution in Datuk Seri Najib Razak's SRC International Sdn Bhd trial has filed a notice of motion to the High Court here today to postpone the commencement of the former premier's 1Malaysia Development Bhd (1MDB) trial — also known as the Tanore phase — pending completion of the SRC case.

Prosecution files motion to delay 1MDB trial again

SRC International Sdn Bhd, a former unit of beleaguered sovereign wealth fund 1Malaysia Development Bhd, was ordered by "orang atasan" (top people) to be involved in corporate social responsibility (CSR) activities, paving the way for the appointment of Ihsan Perdana Sdn Bhd as its partner — and a path for SRC's monies to be transferred from SRC into Datuk Seri Najib Razak's personal bank accounts.

Suboh: Ex-1MDB unit told by 'top people' — understood as Najib — to embark on CSR

SRC International Sdn Bhd director Datuk Suboh Md Yassin signed a directors’ circular resolution (DCR) ratifying Ihsan Perdana Sdn Bhd as the corporate social responsibility (CSR) partner of the company while he was hiding in Bangkok, Thailand.

Nik Faisal Ariff Kamil, the ex-managing director of SRC, had instructed him to sign the DCR, which was passed to him by a Thai national named Kun, he testified at the High Court here today during the 30th day of the SRC trial.

Suboh signed SRC document even while hiding in Bangkok

The High Court here has refused to give former prime minister Datuk Seri Najib Razak leave to attend parliament today on the grounds that while he is an MP, he is also facing seven criminal charges.

High Court refuses to give Najib day off to attend Parliament

Former Cabinet deputy chief secretary Tan Sri Mazidah Abdul Majid told the High Court today that if Datuk Seri Najib Razak had received payment from SRC International Sdn Bhd, a subsidiary of the Ministry of Finance Incorporated (MoF Inc), he would be required to declare his interests in Cabinet meetings discussing the company.

Witness agrees Najib should've left Cabinet meeting on SRC if he received payment from firm

A Ministry of Finance (MoF) official told the High Court during former premier Datuk Seri Najib Razak's SRC International Sdn Bhd trial today that she prepared the memorandum for the Cabinet meeting on Aug 15, 2011 under duress, as she was told the company belonged to the then prime minister.

MoF witness: 'I was told SRC belongs to PM'

SRC International Sdn Bhd — formerly a subsidiary of 1Malaysia Development Bhd — still owes Retirement Fund (Incorporated) (KWAP) RM4.15 billion after borrowing RM4 billion in 2011 and 2012, said the 41st prosecution witness of a trial involving the theft of the company's funds today.

Najib-SRC trial: SRC owes KWAP RM4.15b after borrowing RM4b seven years ago, says witness

Tesla Inc shares extended their decline for 2024, pushing the electric-vehicle (EV) maker’s market valuation below US$500 billion (RM2.40 trillion), as a round of job cuts this week further soured sentiment around the company.

Tesla’s value declines below US$500b as risks pile up

Federal Reserve (Fed) vice chair Philip Jefferson said he expects inflation to continue to moderate, with interest rates at their current level, but persistent price pressures would warrant holding borrowing costs high for longer.

Fed’s vice chair sees steady rate helping to push down inflation

The International Monetary Fund (IMF) inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks.

IMF lifts growth forecast for global economy but warns of risks

US industrial production rose for a second month in March, boosted by a larger-than-expected increase in factory output, as manufacturing showed further signs of stabilising.

US industrial production rises again on boost from manufacturing

NEW YORK/BENGALURU (April 16): Johnson & Johnson's (J&J) first quarter revenue missed Wall Street estimates on Tuesday, with sales of its blockbuster psoriasis drug Stelara coming in lower than expected, as the company prepares for its loss of exclusivity in the US.

J&J's first-quarter revenue misses as Stelara sales fall short

Policymakers around the world are struggling to confront a surging greenback and lofty US interest rates, according to Mohamed El-Erian. 

“Authorities are a little bit frozen around the world as to how do you react to a generalised dollar strengthening?” El-Erian, the president of Queens’ College, Cambridge and a Bloomberg Opinion columnist, told Bloomberg Television on Tuesday. “How do you react to a generalised increase in interest rates in the US?”

El-Erian says world ‘frozen’ by strong dollar, high US rates

The Kelana Jaya Line Light Rail Transit (LRT) service is operating with a limited number of trains, due to a disruption to the power supply system which was struck by lightning at 3.30pm on Tuesday.

Power supply disruption affects Kelana Jaya Line LRT service

KUALA LUMPUR (April 16): The Malaysian Investment Development Authority (Mida) has appointed Sikh Shamsul Ibrahim Sikh Abdul Majid as its new chief executive officer (CEO), effective April 18, 2024.

Mida appoints Sikh Shamsul as new CEO

Tesla's global job cuts include reducing staff in the US and China, the automakers' two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said.

Chief executive officer Elon Musk on Monday told staff in an internal memo seen by Reuters that the company is laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for electric vehicles.

Tesla's global job cuts include leading markets US, China

PUTRAJAYA (April 16): Malaysians in West Asia, namely Iran, Iraq, Jordan and Lebanon, are reminded to continue to be vigilant and adhere to instructions of the local authorities, following the reopening of airspace and the resumption of flight operations in these four countries, said the Malaysia’s Foreign Ministry.

Malaysian travellers in West Asia reminded to be vigilant following reopening of airspaces — Wisma Putra

Datuk Abdul Rahman Ahmad will return to Permodalan Nasional Bhd (PNB) as its president and group chief executive effective July 1, 2024, the government-linked investment company said.

CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive

Analysts are positive on Malaysia’s pilot green power exports to Singapore using existing infrastructure in both countries, following establishment of the platform enabling cross-border trading of green electricity, the Energy Exchange Malaysia (Enegem).

Analysts positive on pilot green power exports to Singapore; name Tenaga, YTLP as top picks

E-government services providers MyEG Services Bhd and HeiTech Padu Bhd have formed a partnership to collaborate on IT projects in Malaysia.

According to separate bourse filings from both companies on Tuesday, MyEG and HeiTech Padu have inked a teaming agreement for the collaboration.&nbsp;

MyEG, HeiTech Padu form partnership to collaborate on IT projects

CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.

CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

Alliance Bank Malaysia Bhd’s (ABMB) net profit is expected to jump by 37.3% year-on-year (y-o-y) to RM179 million for the fourth quarter ended March 31, 2024 (4QFY2024), according to AmInvestment Bank Research.

AmInvestment sees Alliance Bank’s 4Q earnings jump by 37% y-o-y

The Ministry of Transport clarified on Tuesday that the higher contract value of RM190.01 million awarded to HeiTech Padu Bhd for Road Transport Department (JPJ) services was only due to a longer extended contract duration.

Loke: Higher contract value awarded to HeiTech Padu due to longer extended duration

Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd is in the final stages of discussion with two prospective clients interested in leveraging advanced packaging technology.

Globetronics in final talks with two potential customers for advanced packaging

The automotive industry is not exactly the place one would want to be in the next few years.

Competition among manufacturers of internal combustion engine vehicles, battery electric vehicles (EVs) and hybrid cars has been ongoing for more than a decade now. Last year, some certainty fin...

Alternative Views: Automotive industry feels heat from intensifying EV price war

Transport Minister Anthony Loke Siew Fook said his ministry has no objection to MMC Corp Bhd divesting a stake in MMC Port Holdings Sdn Bhd, including to foreign entities, as long as it does not contravene the government's policy that requires 51% ownership of major national assets to remain with local companies.

Loke says MMC Port free to sell stake to foreign firms, but govt has to be notified of shareholding changes

Carlo Rino Group Bhd has filed for an initial public offering (IPO) that would raise more funds for the apparel company as part of its listing transfer to the ACE Market from the LEAP Market.

Carlo Rino files draft prospectus for listing transfer to ACE Market

Former prime minister Tan Sri Muhyiddin Yassin has requested for a bench of five Court of Appeal (COA) judges to hear his review against the court’s own decision to reinstate abuse of power charges involving RM232.5 million against him.

Muhyiddin seeks five-judge bench to hear criminal charges review

European Commission President Ursula von der Leyen is unleashing a barrage of trade restrictions against China as she seeks to follow through on a pledge to make the EU a more relevant political player on the global stage.

EU goes on China trade offensive after getting ‘played’ 

KTI Landmark Bhd (KTI) has signed an underwriting agreement with M&amp;A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement on Tuesday, the Sabah-based integrated property developer said the initial public offering (IPO) comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.

KTI Landmark inks underwriting deal with M&A Securities en route to ACE Market listing

Bursa Malaysia ended the morning session lower on Tuesday, in tandem with the weaker regional performance due to a broad sell-off on Wall Street overnight, said an analyst. &nbsp;

Bursa ends morning session lower along with regional peers

China’s rapidly expanding petrochemicals industry is making life increasingly difficult for producers in Asia’s next-biggest exporter of the building blocks for making plastics. 
&nbsp; 
Asia’s largest economy used to be the major market for South Korean companies like LG Chem Ltd and Lotte Chemical Corp. But the exporters of the chemicals used to make everything from nylon to disposable bottles and car interiors are now being forced to downsize their operations after a frenzy of petchem-plant building in China over the last few years created a supply glut. &nbsp;

China’s growing plastics dominance is squeezing out Asian rivals

EP Manufacturing Bhd's (EPMB) shares climbed on Tuesday and marked their best day in 10 months after the Shah-Alam based auto parts maker signed an assembly deal with a Chinese carmaker.

EP Manufacturing shares chart best day in 10 months after assembly deal

Gold is set to reach US$3,000 (RM14,381.71) an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup Inc said, adding to a roll call of Wall Street banks that have raised forecasts.

Gold seen hitting US$3,000 at Citi as investor inflows juice rally

Workers in Singapore can now ask for four-day work weeks, more work-from-home days and staggered work timings starting from Dec 1, underscoring the global trend of governments and companies relaxing office arrangements in order to retain talent.

Singapore orders all employers to consider employees’ flexi-time requests

Bursa Malaysia ended lower for the second consecutive day on Tuesday, tracking the weak global sentiment due to the Middle East conflict, said an analyst. &nbsp;

Bursa closes lower, tracking weak global sentiment

HSBC Holdings plc has started a new round of job cuts at its Asia investment bank amid a slump in dealmaking across the region, according to people familiar with the matter.

The London-based lender cut around a dozen bankers across its investment banking division in Asia on Tuesday, one of the people said, asking not to be identified discussing a private matter.&nbsp;

The Edge Team

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