In today’s edition of Evening 5 — Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz says corporates including TNB and Axiata are supportive of “Cukai Makmur”. Meanwhile, FamilyMart Malaysia's new factory in Shah Alam will be completed by the first quarter of 2022. </div><div class=inPageAd id=div-gpt-ad-inpage>

EVENING 5: TNB, Axiata support ‘Cukai Makmur’

NEW YORK/LONDON (May 7): A gauge of global stock markets rallied on Monday on optimism that major central banks will cut interest rates this year, while the yen weakened against the dollar after a surge last week from Japan's suspected currency intervention.

Stocks on both sides of the ...

Global shares rally on rate cut hopes, yen weakens

(May 7): Reuters won two Pulitzer Prizes on Monday, taking home the breaking news photography award for searing images of the Israel-Gaza conflict as well as the national reporting award for a series of investigations into Elon Musk's manufacturing empire.

ProPublica won the coveted pub...

Reuters wins two Pulitzers, ProPublica takes coveted public service award

LONDON (May 7): Michael Olise scored a brace of goals as Crystal Palace completed a league double over Manchester United for the first time in their history with a thumping 4-0 victory at Selhurst Park on Monday that will add to the pressure on Erik ten Hag.

A makeshift United defence t...

Makeshift Manchester United thumped 4-0 by Crystal Palace

LONDON (May 7): Britain will not send a representative to a swearing in ceremony for Russian President Vladimir Putin over the war in Ukraine, the foreign ministry said on Monday, much like most of the European Union states.

"The UK will not field a representative at the Inauguration of...

UK says it will not send a representative to Russian President Putin's inauguration

Militant group Hamas on Monday agreed to a ceasefire proposal in the seven-month-old war with Israel in Gaza, hours after the Israeli military told residents to evacuate some parts of Rafah, which has been sheltering more than a million displaced people.

Hamas chief Ismail Haniyeh informed Qatari and Egyptian mediators that the group accepted their ceasefire proposal, according to a brief statement from Hamas, which gave no details of the accord.

Hamas says it agrees to ceasefire proposal in Gaza war

Walt Disney and Comcast are seeking to hire a financial adviser to resolve a dispute over how to value the 33% stake in streaming platform Hulu that the former will acquire from the latter, according to people familiar with the matter.

The move is in accordance with a deal the companies struck for Hulu last year. It is an action their contract foresees if JPMorgan Chase, which provided a fairness opinion on Hulu for Disney, and Morgan Stanley, which provided such an opinion for Comcast, are too far apart in their valuation assessments.

Disney and Comcast seek advisor to resolve Hulu valuation, sources say

US stock indexes extended last week's gains on Monday as investors saw a greater chance of the Federal Reserve cutting interest rates this year following softer-than-expected payrolls data on Friday.

The benchmark S&P 500 and the tech-heavy Nasdaq were trading at three-week highs after data on Friday showed US job growth slowed more than expected in April, taking pressure off the US central bank to keep rates higher for longer.

Wall Street climbs on renewed hopes of Fed rate cuts

CAIRO (May 6): Saudi Arabia warned Israel against targeting Rafah as part of what it called a "bloody and systematic" campaign to storm all areas of Gaza and displace its citizens, the foreign ministry said in a statement on Monday.
...

Saudi Arabia warns Israel against targeting Gaza's Rafah

US President Joe Biden pressed Israeli Prime Minister Benjamin Netanyahu not to go ahead with a large-scale Israeli military offensive in the southern Gaza city of Rafah on Monday, hours after Israel told Palestinians to evacuate parts of the area.

The White House said Biden reiterated his "clear position on Rafah," which has been that Israel should not proceed with an invasion plan unless it shows how to protect hundreds of thousands of Palestinian civilians there.

Biden presses Netanyahu against Rafah invasion in Gaza

Gold prices climbed more than 1% on Monday, as the US dollar weakened after softer-than-expected US jobs data fueled expectations of potential interest rate cuts by the Federal Reserve later this year.

Spot gold rose 0.8% to US$2,320.95 per ounce by 1503 GMT. US gold futures GCcv1 for June delivery also gained 0.9% to US$2,329.70 per ounce.

Gold gains on soft dollar, rate cut hopes

Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to US$1 billion (RM4.74 billion).

Shell in talks to sell Malaysian fuel stations to Saudi Aramco — Reuters

For the first time in nearly a generation, fixed income is living up to its name.

At US$2m per minute, US treasuries mint cash like never before

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be a substantial shareholder in Star Media Group Bhd following the latest share disposals last week.

Tong sold out his direct stake of 0.2%, or 1.45 million shares on May 2 and 3. Meanwhile, The Edge sold 1.5 million shares on May 3, according to Star Media’s exchange filing. The transaction price was not disclosed.

The Edge and its owner cease to be substantial shareholders of Star Media

Ho Hup Construction Co Bhd’s RM1 billion mixed development project in Bukit Jalil will be suspended as it plans to sell the project's 3.09-acre land for RM110 million cash.

The disposal deal, inked between Ho Hup’s wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD) and Exsim Development Sdn Bhd’s wholly-owned subsidiary Exsim Persiaran Jalil Sdn Bhd, is aimed to improve the group’s financial position, it said in a bourse filing on Monday.

Ho Hup's Flex project to be suspended, buyers refunded as Exsim buys land for RM110m

Pahang-based hypermarket operator TF Value-Mart Sdn Bhd has initiated legal action against GCH Retail (Malaysia) Sdn Bhd, operator of the Giant Hypermarket brand, citing loss of business and non-compliance with a court order to surrender a 180,000 sq ft premises located in Batu Caves.

TF Value-Mart sues GCH Retail to get it to vacate Giant Batu Caves premises

SHAH ALAM (May 6): The Ministry of Energy Transition and Water Transformation (Petra) has come up with the affordable “Solar BOLEH!” programme to enable more people to adopt solar energy by installing solar panels in their homes, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

Ministry introduces affordable programme to boost solar energy adoption in homes

Prime Minister Datuk Seri Anwar Ibrahim on Monday held an online conference with the president and chief investment officer of technology (CIO) giant Alphabet &amp; Google, Ruth Porat.

In a post on Facebook, Anwar who is also the Finance Minister said the session was a follow-up to their meeting in the United States last year.

Anwar: Alphabet & Google president updates on progress of potential areas of expansion in Malaysia

（新加坡6日讯）据四名知情行业消息人士透露，能源巨头蚬壳（Shell）正与沙地阿拉伯国有Saudi Aramco洽谈，出售其在马来西亚的油站业务，交易价值可能高达10亿美元（47亿4000万令吉）。

路透社：蚬壳向Saudi Aramco洽售大马油站

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Practice Note 17 (PN17) company Ireka Corp Bhd said its wholly-owned Ireka Development (Terengganu) Sdn Bhd (IDTSB) and the unit's directors are being sued by the Employee Provident Fund (EPF) over unpaid contributions to the fund.

EPF initiates legal action against Ireka unit over unpaid contributions

Logistic services provider Sin-Kung Logistics Bhd, which is set to be listed on the ACE Market of Bursa Malaysia on May 15, said its initial public offering (IPO), priced at 13 sen apiece, had been oversubscribed by 26.5 times.

Sin-Kung IPO shares oversubscribed by 26.5 times ahead of ACE Market listing 

The Swiss Army Knife, the iconic, more than century-old fold-up tool used by whittlers, soldiers and even astronauts, will soon be available without a blade.

Victorinox, the company behind the quintessentially Swiss product, is responding to tighter regulations around weapons around the world, Chief Executive Officer Carl Eisner told the Blick newspaper on Monday. Instead, it plans to add tools for cyclists and other functions to a gadget that usually also features scissors and a corkscrew.

Swiss Army Knife goes blade-less as weapons regulations tighten

KUALA LUMPUR (May 6): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Monday:

FBM KLCI closes 0.49% higher at 1,597.39 on May 6, 2024

KUALA LUMPUR (May 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd follow...

Star Media, Ho Hup Construction, Sin-Kung Logistics, Ireka, Niche Capital, Favelle Favco, KKB Engineering and RHB Bank

Rubber processor and exporter Seng Fong Holdings Bhd's net profit jumped more than threefold in its third quarter, thanks to higher sales volume and average selling prices.

It said its net profit for its 3QFY2024 ended March 31 surged to RM15.14 million from RM4.05 million a year earlier, while revenue jumped 39.2% to RM300.32 million from RM215.72 million.

Seng Fong’s net profit jumps over threefold in 3Q; share price hits all-time high

KUALA LUMPUR (May 6): RHB Bank Bhd said on Monday that it has appointed Mohd Najman Isa as the new chief executive officer (CEO) and chief investment officer of RHB Islamic International Asset Management Bhd (RHBIIAM). The appointment took effect on April 8.

RHB names Mohd Najman Isa as CEO of Islamic asset management unit

Steel fabrication company KKB Engineering Bhd said on Monday that it has secured two contracts worth a combined total of RM37.9 million.

KKB Engineering secures contracts worth RM37.9 mil

Yang di-Pertuan Agong Sultan Ibrahim expressed special thanks to outgoing Singapore Prime Minister Lee Hsien Loong for being a close friend to Johor and Malaysia.

King thanks outgoing Singapore PM Lee for being a close friend to Malaysia 

KUALA LUMPUR (May 6): National carmaker Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is targeting a 79% export growth to 1,960 units this year, compared to 1,094 units in 2023, as it expands its footprint in Brunei with the introduction of new models.

Perodua eyes 79% jump in exports this year as it introduces more models in Brunei

Construction crane manufacturer Favelle Favco Bhd (FFB) has secured four contracts for the supply of offshore and tower cranes totaling RM39.2 million.