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

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

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): 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

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

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

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

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

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.

Dufu Tech 1Q net profit falls 59% mainly due to lower HDD components sales 

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EVENING 5: Five things you need to know today

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

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

KUALA LUMPUR (May 8):&nbsp;Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Wednesday:

FBM KLCI down 0.06% to 1,604.75 on May 8, 2024 

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

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

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...

US chip production is poised to explode in coming years, helping ease a risky dependency on East Asia, according to a projection by the Semiconductor Industry Association.

US to triple chipmaking capacity by 2032, industry group says

The bounceback in Chinese stocks from their multi-year lows risks running out of steam unless the nation’s tech giants can deliver on their earnings next week.

Index heavyweights Tencent Holdings Ltd and Alibaba Group Holding Ltd both publish results next Tuesday (May 14), followed by JD.com Inc and Baidu Inc two days later.

Longer China stock rally depends on Tencent, Alibaba earnings

The healthcare and institutional property sub-sector in 2019 is expected to continue its relatively good performance last year, supported by growing demand and fundamentals, according to Knight Frank Malaysia.

Healthcare and institutional sub-sector in Malaysia is a hidden gem, says Knight Frank Malaysia

A Knight Frank Malaysia survey has found that the logistics or industrial sub-sector is the top favourite commercial property segment that is expected to perform well this year in the Klang Valley and Johor while the hotel or leisure segment will continue to be favoured in Penang and Sabah.

Where are the sweet spots of the commercial property sector in 2019?

The Malaysian Institute of Estate Agents (MIEA) wants the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) and the Ministry of Finance to take action against those who are circumventing the law by carrying out real estate practices illegally through property technology (proptech).

Estate agents up in arms against illegal brokering by proptech companies

Bank Negara Malaysia (BNM) has given banking institutions until end- 2019 to revise “unfair” terms and conditions, and improve clarity by using  plain language for both new and existing housing loan and financing contracts.

BNM tells banks to use plain language in housing loan contracts

Fugitive businesman/dealmaker Low Taek Jho aka Jho Low has condemned the seizure of his family home in Tanjung Bungah Park, Penang by the authorities.

In a statement issued by his spokesman through Jho Low's attorneys, it stated that the action was unjustified as: "The Low family property was built and completed around 20 years ago, during Mahathir’s previous administration. This was more than a decade before 1MDB ever existed and at that time Mr Low was still a teenager."

Jho Low lashes out against home seizure

A total of 4,795 units of Perbadanan PR1MA Malaysia (PR1MA) homes with sales value of RM1.24 billion have been booked during the period from  March 1 to March 21.   

PR1MA attributed the strong demand for its properties to the incentives and special discounts offered during the ongoing Home Ownership Campaign 2019 (HOC 2019).

PR1MA sees almost 5,000 homes snapped up in just three weeks

According to the World Happiness Report 2019, Malaysia was a much happier country last year.

The report stated that this year, we are the 80th happiest nation (score of 5.339) while we were at the No 35 spot last year.

Malaysia falls from No 35 to 80 in World Happiness Report

Property developer S P Setia Bhd is set to launch the first phase of its township inspired by resort-living, called Setia Mayuri this Sunday, March 24.

Located off Jalan Broga in Semenyih, Selangor, the 290-acre township has a gross development value (GDV) of RM700 million.

S P Setia to launch shop offices in first phase of Setia Mayuri

Western Digital has decided to sell its hard disk drive (HDD) manufacturing facility site at the Sungei Way Free Trade Industrial Zone (pictured), Petaling Jaya, where the company has been operating for over two decades.

Western Digital ready to sell PJ manufacturing site

China’s top property developer by sales, Country Garden Holdings Co Ltd reported an increase of 68.8% in net profit to 48.54 billion yuan (RM29.47 billion) in its 2018 financial year ended Dec 31, 2018.

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