In today’s edition of Evening 5, Sapura Energy has issued a termination notice for its first offshore wind farm contract in Taiwan, citing among other reasons, misleading technical data. Meanwhile, Meta’s meltdown has minimal impact on the local technology index. </div><div class=inPageAd id=div-gpt-ad-inpage>

EVENING 5: Sapura Energy terminates first offshore wind farm contract

Reddit Inc forged a partnership with OpenAI that will bring its content to the ChatGPT chatbot and other products, while also helping the social media company add new artificial intelligence (AI) features to its forums.

Reddit forges pact with OpenAI to bring content to ChatGPT

Applied Materials Inc, the largest US maker of chipmaking machinery, failed to impress investors with its latest forecast following a rally in the shares this year.

Applied Materials forecast fails to impress following rally

MOSCOW (May 17): Russia and Malaysia have signed an agreement to avoid double taxation, the Russian finance ministry said on Friday, describing the move as a significant step towards redirecting Russian business to Asia and the Middle East.

Russia, Malaysia sign agreement to avoid double taxation

Weather is rattling the rice market once more, driving prices of the food staple back to the cusp of 15-year highs after a period of calm. 

Supplies were already upended by sweeping export restrictions from top shipper India last year and worries that drier weather from El Nino would curb output in the important growing region of Southeast Asia. Now catastrophic floods in southern Brazil are adding to the jitters.

Rice rallies towards 15-year high as weather again batters crops

All travellers into Singapore will be able to use automated lanes that scan passports and use facial and iris recognition by the end of year, the city-state’s Immigration & Checkpoints Authority said.

Visitors to Singapore can use automated lanes to speed up travel

Ping An Insurance Group Co is weighing options that would allow it to reduce its 8% stake in HSBC Holdings plc, according to people familiar with the matter. 

One option an internal team at the Chinese insurance giant is considering is further share sales, similar to the US$50 million (RM234.15 million) sale it disclosed last week, as it seeks to reduce its US$13.3 billion position in Europe’s largest lender, the people said, declining to be identified as the deliberations are private.

Top HSBC shareholder Ping An exploring ways to cut US$13b stake, Bloomberg reports

SEOUL (May 17): North Korea fired a ballistic missile towards the sea off its east coast, South Korea's military said on Friday.

North Korea fires ballistic missile, South Korea's military says

China's factory output topped forecasts in April, helped by improving external demand, although retail sales unexpectedly slowed and the property sector remained a drag on the economy, piling pressure on Beijing to do more to support growth.

China's factories fire up but consumer slump persists

JERUSALEM (May 17): Israeli Finance Minister Bezalel Smotrich on Thursday (May 16) said that Israel would abolish its free trade agreement with Türkiye and also impose a 100% tariff on other imports from Türkiye, in retaliation for Turkish President Tayyip Erdogan’s decision to halt exports to Israel.

Israel to abolish free trade deal with Türkiye in retaliation

Norman Pang Group (NPG), the country's leading insurance agency, has announced its intentions to go public on the prestigious Singapore Exchange (SGX), during an event held at the Nexus Connexion Conference & Event Centre (CCEC) here today. The ceremony was witnessed by Dato' Azmir Saifuddin Mutalib, Chief Executive Officer of the National Film Development Corporation (FINAS) where NPG’s pre-initial public offering (pre-IPO) on Singapore Exchange engagement agreement was signed between NPG, represented by founder and chairman, Dato’ Seri Norman Pang, Singapore-based Evolve Capital Advisory by its managing partner and chief executive officer, Jerry Chua, and Cannis Chan, chairman of MCI Capital, facilitating the group with its upcoming IPO exercise.

NORMAN PANG GROUP ANNOUNCES INTENTION TO LIST ON SGX WITH PRE-IPO DECLARATION AND FUND LAUNCH, COLLABORATES WITH FINAS TO BEEF UP LOCAL ENTERTAINMENT INDUSTRY

Malaysia’s economic growth accelerated faster than expected in the first three months of 2024, thanks to higher household spending, stronger investment activities, improvement in labour market conditions, and higher exports and tourist arrivals.

Malaysia's 1Q GDP beats consensus estimates, grows 4.2% y-o-y

The male suspect who was shot dead in the attack at the Ulu Tiram Police Station here earlier on Friday is believed to be a member of Jemaah Islamiyah.

Suspect in Ulu Tiram police station attack believed to be member of Jemaah Islamiyah, says IGP

Two policemen were killed and another was injured in an attack on the Ulu Tiram Police Station early on Friday morning.

State police chief Commissioner M Kumar confirmed the incident, stating that it occurred at 2.45am and involved a masked intruder armed with pistols and a machete.

Two policeman killed in attack at Ulu Tiram police station

KUALA LUMPUR (May 17): Shares of S P Setia Bhd (KL:SPSETIA) soared to their highest in nearly six years on Friday, as analysts continue to advise investors to buy the stock, even as its stock price has nearly doubled so far this year.

S P Setia soars to near six-year high as analysts bet on extended rally

BWYS Group Bhd has signed an agreement with M&amp;A Securities Sdn Bhd to underwrite the sheet metal products manufacturer and scaffoldings supplier's upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

BWYS Group signs underwriting agreement with M&A Securities for ACE Market IPO

Hong Leong Investment Bank (HLIB) Research said the anticipated rebound in construction activities, particularly in railway projects, is expected to generate more contract opportunities for companies like Econpile Holdings Bhd (KL:ECONBHD).

Econpile to ride on construction upcycle, says HLIB 

Shares of Hup Seng Industries Bhd (KL:HUPSENG) climbed to their highest in nearly three years after the biscuit maker reported that its net profit surged 45% year-on-year in the first quarter.

Hup Seng shares climb to near three-year high after 1Q profit surge

KUALA LUMPUR (May 17): Shares of Hong Leong Industries Bhd (KL:HLIND), or HLI, climbed to near their record high on Friday, after the motorcycle assembler reported a 51% year-on-year jump in net profit for the three months ended March 31, 2024.

Hong Leong Industries’ shares retest all-time high after profit jump

The International Monetary Fund (IMF) criticised the Biden administration’s decision to aggressively raise tariffs on some Chinese goods, underscoring its warning that tensions between the world’s top two economies risk hurting global trade and growth.

IMF knocks Biden’s China tariffs as risk to US, world growth

Asian stocks inched lower on Friday as traders pondered the near term US monetary policy path after Federal Reserve (Fed) officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing.

Asian stocks ease on uncertainty over timing of US rate cuts

KUALA LUMPUR (May 17): Shares of Malaysian Pacific Industries Bhd (KL:MPI) climbed to their highest in 15 months, as analysts flagged stronger quarters ahead following the semiconductor company’s return to the black.

Malaysian Pacific Industries climbs to 15-month high on return to profit

Rakuten Trade said Poh Kong Holdings Bhd (KL:POHKONG) is back on the radar after it pushed out from the pennant pattern with a long white candle on Thursday.

Poh Kong back on the radar, says Rakuten Trade 

KUALA LUMPUR (May 17): Sarawak Cable Bhd (KL:SCABLE) said that the memorandum of agreement (MOA) between the company and Serendib Capital Ltd (Serendib) had been validly terminated.

Sarawak Cable says has found alternative white knight to Serendib

The Ministry of Transport (MOT) fully supports Khazanah Nasional Bhd and the Employee Provident Fund’s (EPF) move to privatise Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, as it will enable the implementation of strategic decisions more expediently, according to its minister Anthony Loke Siew Fook.

MOT supports MAHB privatisation, to enable expedient strategic decisions — Loke

A suitable list of names for the position of the Election Commission (EC) chairman should be submitted to the Special Parliamentary Select Committee on Human Rights, Elections, and Institutional Reform for vetting before being proposed to the Yang di-Pertuan Agong (YDPA) for consideration as per Article 114 of the Federal Constitution.

List of EC chairman candidates must be vetted before being submitted to Agong

Shut out of US markets and under fire in Europe, China’s electric carmakers are zeroing in on the countries where they’re welcome. One of the big ones is Brazil.

Chinese EV giants hammered by Biden tariff are welcome in Brazil

Kedah Menteri Besar Datuk Seri Muhammad&nbsp;Sanusi&nbsp;Md&nbsp;Nor's sedition trial will proceed in the High Court here in July.

This follows deputy public prosecutor (DPP) Datuk Masri Mohd Daud informing judge Datuk Aslam Zainuddin that the Perikatan Nasional election director’s representation letter has been rejected.

Kedah MB Sanusi's representation bid fails, sedition trial to proceed in July

Noland Arbaugh still doesn’t quite know what happened. He doesn’t know many of the key details about how his life took such a drastic and now extraordinary turn. How he became Noland Arbaugh, celebrity cyborg.

Neuralink’s first patient: ‘It blows my mind so much’

The Dow reached an intra-day high of 40,000 for the first time on Thursday, but it ended lower after paring earlier gains, as investor hopes of interest-rate cuts by the Federal Reserve (Fed) were buoyed by data showing inflation slowdown, as well as strong corporate earnings results.

Dow hits milestone 40,000 mark as rate-cut hopes fuel rally

Selangor opposition leader Datuk Seri Mohamed Azmin Ali said on Friday that there was no denial from Agriculture and Food Security Minister Datuk Seri Mohamad Sabu (Mat Sabu) or businessman Deepak Jaikishan regarding their trip to India, or Deepak’s involvement in procuring a direct negotiation contract with the government for his brother’s company, namely J&amp;E Advance Tech Sdn Bhd, to import eggs into Malaysia.