Car-sharing app SOCAR wants to liberate Malaysians from their cars by offering them greater flexibility in return, but are the rates competitive enough? We talk to CEO Leon Foong about cars, competition and strategy.</div><div class=inPageAd id=div-gpt-ad-inpage>

TALKING EDGE: SOCAR aims to liberate Malaysians

Intel said on Wednesday its sales would take a hit after the US revoked some of the chipmaker's export licences for a customer in China, in a move Beijing complained was going too far in the name of national security.

Intel, Qualcomm say exports to China blocked as Beijing objects

App provider Telegram is ready to work together with the government to fight rampant digital piracy on its platform, Communications Minister Fahmi Fadzil said.

He added that several meetings have been held with Telegram to discuss the issue, the latest being in April.

App provider Telegram ready to work together to fight digital piracy — Fahmi

The Malaysian Anti-Corruption Commission (MACC) arrested a lawyer on Wednesday afternoon on suspicions of soliciting and accepting a bribe of around RM1.6 million from an entrepreneur.

The suspect, who is in his 30s, was arrested at a fast food restaurant around Ipoh, Perak at around 12 noon after receiving RM100,000 in cash and two cheques for RM1.5 million, a source said.

MACC arrests lawyer for soliciting, accepting RM1.6 mil bribe

The Biden administration is poised to open up a new front in its effort to safeguard US AI from China and Russia with preliminary plans to place guardrails around the most advanced AI Models, the core software of artificial intelligence systems like ChatGPT, sources said.

US eyes curbs on China's access to AI software behind apps like ChatGPT

The benchmark S&P 500 was broadly unchanged on Wednesday, pausing after a recent rally as investors assessed the outlook for US monetary policy, while Uber's shares dropped on a downbeat forecast.

Uber shed nearly 9%, becoming the biggest decliner on the S&P 500, after the ride-hailing platform forecast second-quarter gross bookings below expectations and posted a surprise first-quarter loss.

S&P 500 pauses after recent gains as investors assess rate path

President Joe Biden's decision to hold up delivery of high payload munitions to Israel was taken over a possible Israeli offensive in Rafah that Washington believes could put Palestinian civilians at risk, Defense Secretary Lloyd Austin said on Wednesday.

US paused Israel weapons shipment due to Rafah: US defence secretary

Guyana's cabinet has approved a bid for an offshore oil block by a consortium including QatarEnergy, TotalEnergies and Malaysian state oil firm Petronas, a Guyana minister said on Wednesday.

QatarEnergy, TotalEnergies and Petronas negotiating oil production deal, says Guyana official

The Malaysian Anti-Corruption Commission (MACC) has arrested a company director and a law firm owner on suspicion of submitting false information related to foreign currency investments, totalling approximately RM38 million.

Company director, law firm owner detained over RM38 million investment case — MACC

KUALA LUMPUR (May 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Sentral Real Estate Investment Trust (KL:SENTRAL), or Sentral REIT, posted a 30.29% increase in its net property income in the first quart...

Sentral REIT, Vstecs, Dufu Tech, MNRB, Mega First,  Ivory Properties, Paragon Globe and Sarawak Cable

Moody's Ratings has affirmed CIMB Group Holdings Bhd's (KL:CIMB) Baa1 issuer ratings and maintained its stable outlook, based on the group's improved solvency and stable liquidity as well as Moody's forecast that the group's problem loan ratio will remain stable at around 2.5% over the next 12-18 months.

Moody’s affirms CIMB’s Baa1 issuer ratings, upgrades baseline credit assessment

Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.

Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore

Homegrown information and communications technology (ICT) distributor Vstecs Bhd’s (KL: VSTECS) wholly-owned subsidiary, Vstecs Ku Sdn Bhd, has been picked as Amazon Web Services' (AWS) first distributor in Malaysia.

Amazon Web Services picks Vstecs as first distributor in Malaysia

Interim liquidators appointed by the Shah Alam High Court pursuant to a petition by Hitachi Ltd to look into the affairs of its wholly-owned Fusiotech Holdings Sdn Bhd are investigating claims of potential diversion of business by Fusionex Malaysia to third parties.

Fusionex liquidators probing alleged diversion of business to third parties

Malaysia’s largest 100 companies added RM175.33 billion to their market value since the start of the year as optimism for a US Federal Reserve rate cut fuelled a broad rally in sectors ranging from technology to utilities.

Market cap of top 100 Bursa companies up RM175b year to date, more upside expected

KUALA LUMPUR (May 8): Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit more than doubled year-on-year (y-o-y) in the fourth quarter, thanks to lower insurance expenses and higher investment income, sending its shares surging to an all-time high.

MNRB logs record profits from lower insurance expenses, higher investment income

Offshore drilling firm Velesto Energy Bhd (KL:VELESTO) is expected to report that its net profit may more than tripled in the first quarter (1Q) from a year earlier with all of its rigs utilised, Maybank Investment Bank said.

Velesto may report strong 1Q results with rigs fully occupied — Maybank IB

KUALA LUMPUR (May 8): The global semiconductor industry is expected to rebound this year, driven by demand for generative artificial intelligence (AI), with the industry’s upcycle likely to continue until 2025 or 2026, said Nomura Asset Management.

Global semiconductor industry to recover this year through 2026 on generative AI demand — Nomura

The Malaysian government is prepared to engage with its US counterparts on concerns regarding the shipment of sanctioned Iranian oil.

Communications Minister Fahmi Fadzil, who is also the government spokesperson, said that “this matter was discussed briefly in the Cabinet here today”.

Malaysia prepared to engage with US over its concerns on Iranian oil shipments

MNRB Holdings Bhd (KL:MNRB) was Bursa Malaysia’s biggest gainer on Wednesday, after the insurer and reinsurer announced record quarterly and annual net profit for the financial year ended March 31, 2024 (FY2024).

MNRB makes biggest single-day jump after record FY2024 earnings

SYDNEY/HONG KONG/SINGAPORE (May 8): Global private equity investors and asset managers are readying for billions of dollars worth of mergers and acquisitions (M&amp;As) and investments linked to data centres in the Asia Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure.

AI boom set to fuel data centre deals in Asia this year

Industronics Bhd said it has been appointed as the project management company to develop a hotel and golf course on a 155-acre parcel of land in Langkawi.

Widad’s largest shareholder appoints Industronics to manage Langkawi golf course, hotel development

The former director and chairman of the board of SRC International Sdn Bhd has slammed Datuk Seri Najib Razak for passing the blame to the board for the misappropriation of RM3.6 billion from the company, saying the accusation was nothing more than an afterthought and without basis.

Former SRC director slams Najib for blaming SRC board for misappropriation of RM3.6b, says his accusation a baseless afterthought

A Singapore Air Force F-16 jet crashed during takeoff at a military airbase, the Ministry of Defence said on Wednesday.

Singapore Air Force F-16 fighter jet crashes after takeoff

The emergence of digital banks in Malaysia does not significantly impact traditional banks, primarily due to their limited ability to achieve rapid growth within the initial years of operation.

S&amp;P Global Ratings senior analyst, financial institution ratings, South and Southeast Asia (SSEA), Sue Ong said that the five digital banking licences issued by the Bank Negara Malaysia (BNM) in 2022 do not seem to be a game changer for now.

Digital banks will not affect traditional banks in Malaysia — S&P Global Ratings

theedgemalaysia.com highlighted three stocks with positive momentum and nine stocks with negative momentum at Bursa Malaysia's afternoon close on Wednesday.

Apex Health, Bursa, GDB, Fiamma, Lagenda, Lay Hong, MYMBN, MYEG, Panda, Scientex, Tasco, Tiong Nam

Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.

FTX has billions more than needed to pay bankruptcy victims

LICENSED pawnbrokers, whose loans are collateralised against gold in the form of gold jewellery, gold bars and gold coins, are benefiting from the rise in the price of the precious metal, as pawn value and the number of transactions increase.

Year to date, gold has risen 12.7% to US$2,3...

How gold price movement influences pawnbroking activities 

Fitters Diversified Bhd [KL:FITTERS] saw Doris Wong Sing Ee emerge as its substantial shareholder after she acquired 45 million shares in the fire protection equipment supplier.

Wong acquired 45 million Fitters shares from the open market on May 3, raising her stake in the fire protection equipment supplier to 5.12%, Fitters bourse filing showed.

Metronic Global director Wong emerges as Fitters’ substantial shareholder

Pharmaniaga Bhd’s (KL:PHARMA) has been flagged by its independent auditors again, as its current deficit and capital deficiency for the financial year ended Dec 31, 2023 (FY2023) widened from a year ago.

Messrs PricewaterhouseCoopers PLT (PwC) raised material uncertainty on the Pharmaniaga whereby its audit indicated that the group and the company incurred net losses of RM78.7 million and RM63.3 million respectively.

Pharmaniaga’s auditors raise going concern issue again as current deficit, capital deficiency widen

Dufu Technology Corp Bhd’s (KL:DUFU) net profit for the first quarter ended March 31, 2024 (1QFY2024) fell by 59.3% year-on-year to RM4.43 million or 0.8 sen per share from RM10.88 million or 2.1 sen per share mainly due to a drop in revenue and higher overhead costs.