China passed a law on Friday strengthening its trade defence capabilities as the US and the European Union take aim at Beijing over excess industrial capacity.

China passes tariff law amid tensions with trading partners

FRANKFURT/BERLIN/PRAGUE (April 26): Thyssenkrupp will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.

Thyssenkrupp sells stake in steel unit to Czech billionaire Kretinsky

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

BCorp, Capital A, AAX, YNH, Sam Engineering, Turiya, Gadang, Microlink, Nestle, Wiradani, D&O, Homeritz, Unisem

(April 26): HSBC Holdings Plc successfully fought off a London court claim brought by a group of investors in a £1.3 billion (US$1.6 billion) lawsuit over tax breaks linked to Walt Disney Co film financing.

HSBC wins £1.3 bil suit over Disney film finance scandal

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30, according to its latest filing on Bursa Malaysia.

KUB extends deadline for CCB MGO a second time

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 26): KPJ Healthcare Bhd, through its premier educational institution KPJ Healthcare University (KPJU), has entered into a memorandum of understanding (MOU) on Friday with Trusx Malaysia Sdn Bhd (Trustr), a global digital health organisation, as an initiative to revolutionise healthcare.

KPJ Healthcare, Trusx Malaysia collaborate for AI-driven healthcare solutions

Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over US$2 trillion (RM9.5 trillion), while an in-line inflation reading calmed interest rate jitters.

Wall Street rises as Big Tech charges higher

In today’s edition of Evening 5: 00:00 Merger of airlines enough to reverse negative equity - Fernandes 02:16 Govt set to unveil second 5G network next week  03:26 Unisem’s 1Q hit by margins, forex 04:30 Berjaya Corp denies Forest City casino talks   05:30 Homeritz’s 2Q earnings spike on stronger greenback

EVENING 5: Merger of airlines enough to reverse negative equity - Fernandes

A weekly round-up of tanker and dry bulk market (April 26, 2024)

Baltic Exchange shipping updates: April 26, 2024

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

The corporate exercise to merge the AirAsia airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in Capital A Bhd, according to chief executive officer Tan Sri Tony Fernandes.

Merger of airlines alone enough to reverse all of Capital A's negative equity, says Fernandes

Malayan Banking Bhd (Maybank) has obtained a summary judgement at the High Court here against ACE Credit (M) Sdn Bhd, ACE Corporation (M) Sdn Bhd, and the company directors Datuk Choong Chee Meng and Chang Ai Nee, for defaulting on a RM46.47 million loan given to them by the bank.

Maybank obtains summary judgement against ACE Corporation, three others for RM46m loan default

KUALA LUMPUR (April 26): Gamuda Land, the property arm of Gamuda Bhd, has unveiled partners for Gardens Square, the latest commercial development at the 810-acre Gamuda Gardens in Sungai Buloh.

Gamuda Land announces retail partners for upcoming commercial development in Gamuda Gardens

The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering &amp; Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd.

EPF emerges as second largest shareholder of Sam Engineering

Prime Minister Datuk Seri Anwar Ibrahim on Friday suggested all parties mentioned in a recent report&nbsp;alleging that the government is planning to issue&nbsp;a licence for a casino in&nbsp;Forest City, Johor, to take necessary action&nbsp;against the foreign news agency.

Anwar wants action taken against Forest City casino licence news report

Shares of AirAsia X Bhd (AAX) rose to a six-month high as investors cheered a restructuring plan that would make the company the largest low-cost carrier in Southeast Asia.

AirAsia X logs best day in six months on Capital A restructuring

YNH Property Bhd (YNH) issued a clarification to bondholders via Malaysian Trustee Bhd on the technical default of its Islamic notes, as well as the status of its mall sale and the appointment of a new auditor.

YNH says it has remedied 'technical default' involving sukuk programme

Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).

Nestle Malaysia to adjust prices of 22 products starting July 1

Gadang Holdings Bhd has secured a RM280 million contract to design and develop the Klang Valley Data Centre&nbsp;Block 2 in Cyberjaya from TM Technology Services Sdn Bhd, a business entity of Telekom Malaysia Bhd.

Gadang wins RM280 mil Klang Valley data centre jobs from TM Technology

MYAirline Sdn Bhd will continue to retain its nominated post holders as well as key personnel, while ensuring that its air operator’s certificate (AOC) documentation remains as current as possible.

MYAirline seeking multiple investors, to retain nominated post holders

Pavilion Real Estate Investment Trust rose to its highest in more than a month&nbsp;after the release of its first-quarter results, while analysts expect the REIT, which mainly manages shopping malls, to benefit further from higher tourist arrivals.

Pavilion REIT climbs over one-month high, analysts say earnings growth on track

The Malaysian Anti-Corruption Commission (MACC) has given businessmen Mirzan Mahathir and Tan Sri Mokhzani Mahathir a 30-day extension from Friday to declare their assets to the anti-graft body.

Mirzan and Mokhzani given 30-day extension to declare assets

D&amp;O Green Technologies Bhd, which mainly makes automotive light-emitting diodes (LEDs), is optimistic of at least 10% revenue growth this year and plans to build another facility in anticipation of “significant growth” over the next decade.

D&O optimistic of revenue growth, plans new RM200m facility

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Penang Chief Minister Chow Kon Yeow&nbsp;has announced that he is in talks with a group of companies which have recently participated in Selangor’s integrated circuit (IC) design park.

Integrated circuit design firms to announce investments in Penang on Saturday, says Chow

Wiradani Development Sdn Bhd — a property developer linked to the son of former finance minister Tun Daim Zainuddin — has filed a fresh winding-up petition against SPNB Aspirasi Sdn Bhd, a wholly-owned subsidiary of Syarikat Perumahan Negara Bhd (SPNB).

SPNB unit faces fresh winding-up petition on failure to complete payment to Wiradani after settlement

KUALA LUMPUR (April 26): Software company Microlink Solutions Bhd said on Friday that it has secured a contract worth RM56.45 million to implement and maintain a new core banking system for Bank Islam Brunei Darussalam Bhd.

Microlink gets RM56.45 mil contract from Bank Islam Brunei

Hong Kong and China stocks extended gains on Friday, with the Hang Seng Index logging its best week since October 2011, as sentiment recovered further after strategists from global investment houses upgraded their views on Chinese shares.

Hong Kong stocks notch best week in more than 12 years; China attracts record inflow 

Malaysia is poised to be the next home of Zhejiang Geely Holding Group Co Ltd’s (Geely) methanol-powered vehicles, after China and the European market.&nbsp;

Malaysia the next market for Geely’s methanol vehicle

Bursa Malaysia Bhd
(April 15, RM8.70)
Maintain hold, with a revised target price (TP) of RM8.30. We are expecting Bursa Malaysia to report earnings growth of 9% year-on-year (y-o-y) in the first quarter of 2015 (1Q15) on the back of fairly strong derivatives contrac...

Bursa’s trading value up on recovery in 1Q15 sentiment

RHB Capital Bhd
(April 14, RM7.96)
Maintain hold with a target price (TP) of RM8.30. As expected, RHB Capital Bhd (RHBCap) announced its widely-anticipated internal reorganisation and rights issue to raise up to RM2.5 billion. The proposed corporate exercise will be...

No surplus cash distribution by RHBCap to shareholders

Sunsuria Bhd
(April 13, RM1.51)
Upgrade to buy, with a target price of RM3: Sunsuria is enlarging its effective land bank on hand from 4.7 acres  (1.9ha) to 206.23 acres with a RM350 million acquisition. Its total effective gross development value (GDV) grows t...

Sunsuria acquiring land in Klang Valley, Iskandar

Genting Plantations Bhd
(April 2, RM10.20)
Maintain hold with target price of RM10.10: Genting Plantations Bhd has become an integrated player with its downstream expansion plan in the past few years. It purchased a biodiesel plant back in 2011 but it was not in ope...

Genting Plantations becomes integrated player

IJM Corp Bhd
(Nov 26, RM6.81)
Maintain “buy” with a target price (TP) raised to RM7.60: IJM Corp’s first half of financial year 2015 ended Sept 30 (1HFY15) core net profits, after adjusting for one-offs, came in below our and consensus’ full-year estimates.

<...

IJM’s 1HFY15 results reflect lacklustre growth

Sime Darby Bhd
(Nov 17, RM9.65)
Maintain “hold” with a target price (TP) of RM8.30: According to media highlights, Sime Darby’s (Sime) automotive arm is set to list in the second half of 2015 (2H15) and one potential sweetener in the pipeline is the assembly of Brit...

Jaguar and Land Rover assembly boost for Sime’s motor IPO

Barakah Offshore Petroleum Bhd
(Oct 8, RM1.33)
Maintain “buy” with target price (TP) of RM1.95: Barakah Offshore Petroleum’s order book stood at a healthy level of RM2.31 billion as at end-September 2014, which will last until 2018.

 
The manageme...

Barakah order book stands at a healthy RM2.31b

Tenaga Nasional Bhd
(Sept 29, RM12.28)
Maintain “buy” with target price of RM14.55: The latest daily electricity generation report suggests that coal-fired power plant utilisation has surged to 86% from 72% in the third quarter of financial year 2014 (3QFY14). Conse...

TNB capitalises on cheaper coal cost

Yinson Holdings Bhd
(Sept 29, RM3.31)
Downgrade to “sell” with target price of RM2.85: Yinson reported its first half of financial year 2015 (1HFY15) core net profit of RM61.0 million, which was within our and consensus expectations, accounting for 51.3% of our and ...

Yinson may get new ‘catalyst’ FPSO contract by 2HFY14

QL Resources Bhd
(Sept 25, RM3.42)
Maintain “hold” with target price of RM3.05: QL Resources (QL) has announced a conditional voluntary takeover offer to acquire Lay Hong Bhd (LHB) at RM3.50 each. As at Sep 22, 2014, QL was the second-largest shareholder with a 27% ...

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