(May 9): Tesla Inc.’s directors say they don’t want a do-over in Texas of the Delaware court battle that killed co-founder Elon Musk’s US$56 billion pay package — regardless of whether shareholders approve reincorporating the electric-car maker in the Lone Star state.

Lawyers for Tesla’...

Tesla board vows not to move Musk pay court fight to Texas

Electric-pickup maker Rivian on Tuesday stuck to a 2024 production forecast well below Wall Street targets and reported a wider-than-expected first-quarter loss as it ended a weeks-long manufacturing halt.

Rivian sticks to production forecast below Wall Street targets

Toyota Motor forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings.

Toyota says investment to weigh on profit after blockbuster 4Q 

BMW AG’s earnings fell in the first quarter after rising manufacturing costs weighed on the luxury-car maker’s profitability.

BMW earnings decline on higher carmaking costs

KUALA LUMPUR (May 8): Go Hub Capital Bhd (KL:GOHUB), a provider of information technology (IT) services catering to the transportation sector, said on Wednesday that it has received approval for its listing on the ACE Market of Bursa Malaysia.

IT services firm Go Hub Capital gets Bursa Malaysia nod for ACE Market listing

(May 7): Singapore’s Keppel Infrastructure Trust (KIT) is considering raising up to S$500 million (US$370 million) through a placement and preferential offering, according to people with knowledge of the matter.

Keppel Infrastructure plans to raise up to US$370m for Ventura Motors acquisition

Tesla Inc shipments from its Shanghai factory dropped year-on-year in April even as the overall market for new-energy cars grew, another sign of the pressure Elon Musk’s company is under in China’s hyper competitive automobile sector.

Tesla China shipments sink in April amid broader sector growth

A 65% slide in VinFast Auto Ltd’s stock this year underlines the challenge faced by the electric vehicle (EV) maker backed by Vietnam’s richest man.

VinFast’s EV ambitions get a reality check as shares plunge 65%

France would welcome China's electric vehicle (EV) giant BYD if the company should it decide wanted to open a factory in France, Finance Minister Bruno Le Maire said on Monday.

Chinese EV maker BYD welcome to open factory in France, French finance minister says

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

Proton Holdings Bhd reported on Monday its car sales rose by 17.1% to 11,025 vehicles in April (including domestic and exports) compared to the 9,415 units sold last year.

Proton records sales of 11,025 units in April, higher by 17.1% y-o-y

Global petrol demand growth could halve in 2024, squeezing second-half refinery margins, analysts said, driven by a shift to electric cars in China and the US and a return to normal consumption after last year's bounce following Covid-19.

Gasoline demand growth to slow this year on EV growth in China, US

Electric vehicle (EV) maker Zeekr Intelligent Technology Holding said on Friday it was targeting a valuation of up to US$5.13 billion (RM24.32 billion) in its US initial public offering (IPO), the first major floatation of a China-based company in more than two years.

China's Zeekr seeks up to US$5.13b valuation in US IPO

The European Commission has warned three Chinese electric vehicle makers that they have not supplied sufficient information for its anti-subsidy investigation, according to two people familiar with the case.

If the Commission concludes that the provided information from sampled companies BYD, SAIC and Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them.

EU says information from three Chinese EV makers insufficient

(May 9): Arm Holdings Plc shares tumbled after the chip designer gave a lukewarm revenue forecast for the fiscal year, raising concerns that the tech industry’s artificial intelligence spending spree is slowing.

For fiscal 2025, which ends next March, revenue will be US$3.8 billion to $...

Arm shares fall after company gives tepid annual forecast

KUALA LUMPUR (May 9): All eyes wiill be on Bank Negara Malaysia as the central bank is set to announce its overnight policy rate (OPR) decision later this afternoon.

A Bloomberg poll showed that all 24 economists it surveyed are expecting BNM to keep the OPR unchanged at 3% following Ma...

Economists bet on BNM leaving the OPR unchanged later today

MADRID (May 9): Real Madrid showed they remain Europe's comeback kings as Joselu's late double rescued them from the brink of elimination to reach the Champions League final with a dramatic 2-1 second-leg win over Bayern Munich at Santiago Bernabeu on Wednesday.

A 4-3 aggregate victorys...

Real Madrid stun Bayern with late fightback to reach Champions League final

(May 9): House Democrats joined with Republicans to block a hardliner attempt to overthrow Speaker Mike Johnson, a rare cross-party alliance formed to reward the GOP leader for help securing US$61 billion in aid for Ukraine.

Yet the speakers’ reliance on partisan opponents to maintain h...

House Democrats quash ouster of partisan foe Speaker Johnson

(May 9): The Dow Jones Industrial Average ended higher on Wednesday, stretching its winning streak to six straight and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive U.S. monetary policy.

The other Wall Street benchmarks cooled a to...

Dow ends higher for 6th session, but Treasury yields pressure market

NEW YORK/LONDON (May 9): Global equity markets mostly faltered on Wednesday as investors await fresh inflation data to better assess the likelihood of Federal Reserve interest rate cuts, while the dollar edged higher on expectations of U.S. economic out-performance.

European stocks rose...

Stocks slip, dollar gains as market awaits inflation data

(May 9): Aston Villa are ready to face their biggest challenge of the season on Thursday when they look to overturn a two-goal deficit against Olympiakos in the second leg of their Europa Conference League semi-final on Thursday, manager Unai Emery said.

Ayoub El Kaabi scored a hat-tric...

Villa ready for season's biggest challenge against Olympiakos, Emery says

(May 9): Goldman Sachs on Wednesday said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June.

The bank said inventories have recently surprised to the upside, and as a result, their model now estimates only a 37% chance of a production increase ...

Goldman Sachs sees OPEC+ unlikely to raise production at June meeting

(May 9): Britain is refusing to sign the World Health Organization's pandemic accord because the country says it would have to give away a fifth of its vaccines, the Telegraph reported on Wednesday.

Britain will only agree to a legally binding global accord if there is a commitment that...

UK refuses to sign global vaccine treaty, The Telegraph reports

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

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

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

Mega First Corp Bhd (MFCB) is buying a 64% stake in CSC Agriculture Holdings Sdn Bhd, a company that is involved in plantation and the wholesale of fruits and vegetables, for RM25 million.

Mega First buys 64% stake in CSC Agriculture for RM25 mil

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EVENING 5: Five things you need to know today

Malaysian conglomerate Axiata Group (KL:AXIATA) and Indonesian group PT Sinar Mas have sought permission from the Indonesian government to merge their telco units, the communications minister told Reuters on Wednesday.

Axiata, Sinar Mas seeking permission for Indonesia telco merger, minister says

Intel Corp expects second-quarter revenue to fall below the midpoint of previously issued projections because of a new US ban on chip exports to Huawei Technologies Co.

Intel sees revenue falling below midpoint on US Huawei ban

Paragon Globe Bhd (KL:PGLOBE) is selling part of a parcel of freehold land it had just acquired in the district of Plentong, Johor Bahru, for RM238.32 million to improve its liquidity and financial position.

Paragon Globe to sell part of JB land it just bought for RM238 mil

Sarawak Cable Bhd (KL:SCABLE) has to go back to the drawing board and look for a new white knight to regularise its financials.

The Practice Note 17 (PN17) company announced that the Memorandum of Agreement it entered with Serendib Capital Ltd has fallen through.

Sarawak Cable needs a new white knight as 'resuscitation exercise' falls through

The Home Ministry (KDN) has inked 14 contracts with local companies valued at RM2.156 billion in conjunction with the Defence Services Asia (DSA) Exhibition &amp; Conference 2024 and National Security (NATSEC) Asia 2024.

Home Minister Datuk Seri Saifuddin Nasution Ismail said the signing of the contracts is symbolic of the ministry’s continuous efforts for agencies under its purview.

Home Ministry signs 14 contracts with local companies worth over RM2 bil

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

Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, has been categorised a Practice Note 17 (PN17) company as its new external auditor&nbsp;Messrs SBY Partners PLT expressed a disclaimer of opinion on its audited financial statements for the 18 months ended June 30, 2023, after they failed to obtain sufficient evidence to verify the group's assets.

Annum slips into PN17 after auditor says it can't vouch for company's financials

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 Transport Ministry (MOT) does not reject any strategic partnerships with private parties to provide services for its agencies, but such partnerships needed to be done properly and required official approval.

Its minister, Anthony Loke said the ministry did not want any company to launch or announce any services for government departments suddenly without the knowledge of the ministry itself.

Loke tells BJAK to submit official application for strategic partnership with MOT, JPJ

Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) said in a Bursa Malaysia filing on Wednesday it had been granted a restraining order by the High Court of Malaya in Penang to restrain all further proceedings against the company including winding up, execution and arbitration from its creditors.

The restraining order, which will last for a period of three months from April 19, 2024, is to enable Ivory Gleneary Sdn Bhd (IGSB), a wholly-owned subsidiary of Ivory Properties, and its creditors to formalise the proposed scheme of arrangement and thus allow for the extension of time to submit the company's regularisation plan in order to get out of the PN17 status.

Ivory Properties gets three-month restraining order to avoid winding up proceedings by creditors

SINGAPORE (May 8): Local telco operators StarHub and M1 are said to be back to exploring a potential merger of their businesses, according to TMT Finance, citing five sources familiar with the matter.

StarHub, M1 potential merger said to be back on — TMT Finance

KUALA LUMPUR (May 9): All eyes wiill be on Bank Negara Malaysia as the central bank is set to announce its overnight policy rate (OPR) decision later this afternoon.

A Bloomberg poll showed that all 24 economists it surveyed are expecting BNM to keep the OPR unchanged at 3% following Ma...

Communication Minister Fahmi Fadzil has stressed that the police investigation into the news report about the proposed casino development in Forest City, Johor, was not initiated by the government but resulted from a police report lodged by a law firm representing a company mentioned in the article.

Govt had nothing to do with police probe into Forest City casino issue — Fahmi

An entrepreneur was fined RM80,000 by the Kuala Lumpur Sessions Court on Tuesday for using unauthorised communications equipment known as an ‘SMS Blaster’, which caused serious disruption to network and cellular services.

Entrepreneur fined RM80,000 for using unauthorised SMS Blaster

The satellite unit of Elon Musk's SpaceX has secured a permit to operate in Indonesia, the communications minister told Reuters on Wednesday.

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