Business Times Malaysia
@MYBusinessTimes
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Official account for Business Times, the business and finance section of Malaysia's oldest English-language newspaper, New Straits Times.
Kuala Lumpur, Malaysia
Joined September 2023
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More than five consortiums comprising domestic and foreign engineering, technology, piling, and infrastructure construction firms are expected to present their concept proposals for the development of the Kuala Lumpur-Singapore HSR
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The government will not be able to fully fund the Kuala Lumpur-Singapore high speed rail (HSR) project, not with RM1.5 trillion of debts hanging around its neck, said some transport specialists.
#NSTBusinessTimes
#HSR
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Japan's Rakuten launched a mobile service network in 2020, the e-commerce and fintech giant promised to disrupt the world's third-largest telecoms market. It's done that in part, but the greater shake-up has been to its finances.
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#Rakuten
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Founder and advisor for Berjaya Corporation Bhd Tan Sri Vincent Tan Chee Yioun today appealed to Malaysians to stop the boycott of Starbucks Malaysia, contending that it is only hurting Malaysians.
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#Starbucks
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Malaysia is on track to achieve its gross domestic product (GDP) growth target of between 4 and 5.0 per cent this year, said Bank Negara Malaysia (BNM).
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#GDP
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TMC Life Sciences Bhd has suspended the employment of Wan Nadiah Wan Mohd Abdullah Yaakob from her positions as the group chief executive officer (GCEO)and chief executive officer (CEO) of Thomson Hospitals Sdn Bhd.
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Axiata Group Bhd posted a RM797.4 million net loss for the third quarter ended Sep 30, 2023 (3Q2023) after booking a RM1 billion asset impairment from its plan to exit Nepal's Ncell Axiata Ltd (Ncell).
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#Axiata
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RHB research has upgraded Farm Fresh Bhd to a "buy" call, with a higher target price of RM1.51 from RM1.20, taking a long term view of the company's prospects while acknowledging near term headwinds.
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#FarmFresh
#Dairy
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Malaysia's gross domestic product (GDP) grew 3.3 per cent year-on-year (YoY) in the third quarter (Q3) of 2023, according to Bank Negara Malaysia.
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#GDP
#BNM
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Malaysia's current account balance inched up marginally by 0.3 per cent to RM9.1 billion in the third quarter of 2023 (3Q 2023), mainly lifted by net exports of goods, said the Department of Statistics Malaysia (DoSM).
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#DoSM
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Ambank Group mirrors the DOSM advance estimate of 3.4% growth in the fourth quarter of 2023 (4Q 2023) due to solid and continuous expansion driven by higher labour productivity and healthier distributive trade sales.
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Malaysia's wholesale and retail trade recorded a sales value of RM142.4 billion, an increase of 5.4 per cent year-on-year (y-o-y) in January 2024.
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Bursa Malaysia opened trading on Friday on a negative note, as investors continued to take profit ahead of Bank Negara Malaysia's third quarter (3Q) gross domestic product (GDP) announcement later today.
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#BursaMalaysia
#Investments
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Malaysia's services sector saw its total revenue increase to RM2.3 trillion in 2023, an 8.4 per cent rise compared to 2022's RM2.1 trillion, the Department of Statistics Malaysia (DOSM) reported.
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Malaysia's economic growth is expected to show a better performance in the second quarter of 2024 (2Q24), according to the Department of Statistics Malaysia (DoSM).
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The government plans to collaborate with the financial sector to create an energy transition financing mechanism for companies to participate in green projects, said Minister of Economy Rafizi Ramli.
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#Economy
#Financial
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Malaysia had only 754 individuals who were worth more than US$30 million in 2023, according to Knight Frank's Wealth report.
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Malaysia is set to achieve the 2023 gross domestic product growth target of 4-5 per cent for 2023 based on the good economic momentum seen so far, the Department of Statistics Malaysia (DoSM) said.
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#DoSM
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PublicInvest research expects CCK Consolidated Holdings Bhd to post stronger earnings in the fourth quarter of financial year 2023 (4QFY23), on the back of stronger consumer spending given seasonality factors.
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#CCK
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Malaysia Venture Capital Management Bhd (Mavcap) aims to almost double venture capital (VC) funding to US$1.4 billion from US$758 million currently, with the launch of its 2024-2030 roadmap.
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The ringgit continued its upward momentum to open higher against the US dollar today as the United States (US) Treasury yields and dollar indices dropped to their lowest in months, said an analyst.
#NSTBusinessTimes
#Ringgit
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Singapore households are bracing for a sales tax hike that takes effect in the new year as the government shores up coffers ahead of an expected surge in social spending in the rapidly ageing city-state in the years ahead.
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LHDN has received 64,748 voluntary disclosure cases with dues totalling RM573mil as at Jan 31
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Velesto Energy Bhd has returned to the black with a net profit of RM99.53 million for the financial year ended Dec 31, 2023 (FY2023) from a net loss of RM100.40 million for the same period in FY2022.
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The weakening ringgit is posing significant challenges to businesses reliant on imported materials.
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Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) has posted a net loss of RM484.19 million in the financial year ended Dec 31, 2023 as compared to a net profit of RM67.77 million in financial year 2022.
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Warren Buffett's trusted confidante Charlie Munger died on Tuesday at age 99, leaving a void at Berkshire Hathaway that investors said would be impossible to fill despite the conglomerate's well-established succession plan.
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The proposed Trans Borneo Railway project linking Sabah, Sarawak, Brunei and Kalimantan in Indonesia will be an economic catalyst to the Borneo region, said Sabah Chief Minister Datuk Seri Hajiji Noor.
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Asia's largest Hard Rock Hotel, with 1001 rooms and suites, is due to open at King's Park Genting Highlands in 2027, turning Hard Rock Genting Highlands into the largest in Asia.
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Berjaya Corp Bhd's net loss widened to RM116.3 million in the second quarter ended Dec 31 of financial year 2024 from the RM24.81 million a year ago, mainly due to the boycott of Starbucks’ cafes arising from the Middle East conflict.
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Malaysia is set to have only one aviation regulator by next year as the Malaysian Aviation Commission (Mavcom) is slated to be merged into the Civil Aviation Authority of Malaysia (CAAM).
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Proton Holdings Bhd has launched the S70 compact sedan and is targeting to sell over 3,000 units a month for the first year.
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#Proton
#Automotive
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The Federation of Investment Managers Malaysia (FIMM) has reprimanded 15 former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for violating FIMM's rules and codes of ethics.
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#FIMM
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#NSTBusiness
The Malaysian Aviation Commission (Mavcom) is keeping a careful eye on airfare prices during the holiday season to prevent airline price manipulation.
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Bank Negara Malaysia (BNM) will do whatever is necessary to ensure the ringgit continues to adjust in an orderly manner, which allows businesses to be facilitated as well.
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The government, through Tenaga Nasional Bhd (TNB), will spend much less on subsidy allocation, estimated at under RM2 billion for the first six months of 2024 from more than RM5 billion in the second half of 2023.
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#TNB
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HE Group Bhd plans to raise RM24.33 million for business operations and expansion through its upcoming initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia.
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Malaysia continues to lead in Southeast Asia in terms of 5G network performance.
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Malaysian palm oil futures dropped on Tuesday, dragged down by bleak demand from top overseas buyer India, even as industry data showed that stockpiles of the tropical oil slumped to their lowest levels in six months.
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RHB research is recommending that investors buy into Sunway Bhd as a cheaper entry into the listing of Sunway Healthcare Group (SHG), which may happen sooner rather than later.
#NSTBusinessTimes
#Sunway
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Malaysia missed its 4-5 per cent growth target for gross domestic product (GDP) in 2023, according to advance GDP estimates by the Department of Statistics Malaysia (DOSM).
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Malaysia's headline inflation remained at 1.5 per cent in January 2024 with the Consumer Price Index (CPI) at 131.4 points against 129.5 a year earlier, according to the Department of Statistics Malaysia (DOSM).
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Malaysia's Leading Index (LI) saw a year-on-year contraction of 0.2 per cent, narrowing to 109.2 points in October 2023 from 109.4 points in October 2022, according to the Department of Statistics Malaysia (DoSM).
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#DoSM
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The intentions of the Selangor government to place property developers on a blacklist for not meeting Bumiputera quota requirements have drawn criticism from stakeholders.
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Batik Air Malaysia and Emirates have announced a codeshare partnership to offer various travel options to Southeast Asia destinations.
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The Federal Aviation Administration adopted a new aircraft certification policy requiring key flight control design changes to be considered "major" like the system involved in two fatal Boeing 737 MAX crashes in 2018 and 2019.
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#Aviation
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The planned introduction of an Employees Provident Fund (EPF) scheme for new civil service hirings has sparked uncertainty and anxiety.
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#EPF
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Australia's inflation eased by more than expected in October as goods prices fell, while core inflation also edged down, a result that affirms the case for the central bank to keep interest rates unchanged next week.
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Malayan Banking Bhd's (Maybank) net profit rose 17.5 per cent to RM9.35 billion for the full year ended Dec 31, 2023 (FY23) from RM7.96 billion a year ago.
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#Maybank
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Malaysia's overall inflation rate, measured through the Consumer Price Index (CPI), remained at 1.5 per cent in December 2023, according to the Department of Statistics Malaysia (DoSM).
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43 per cent of Malaysia's chief executive officers (CEOs) believe their organisations will not be economically viable in10 years, despite reinvention efforts.
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Malaysia’s ringgit reached a 26-year low as emerging Asian currencies weakened against the dollar on Tuesday, while the Chinese yuan slid after China cut its benchmark mortgage rate by more than expected
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Property and hospitality group Avillion Bhd’s share price was down 16.67 per cent today, after the company and its subsidiaries were listed as part of assets former finance minister Tun Daim Zainuddin failed to declare to the MACC.
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Hibiscus Petroleum Bhd’ wholly owned subsidiary Anasuria Hibiscus UK Ltd (AHUK) has secured two blocks/part blocks of mature, producing areas in Central North Sea from the UK North Sea Transition Authority (NSTA).
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Small and Medium Enterprise Association (Samenta) Malaysia has urged Malaysian to dine-in at local food and beverage (F&B) outlets with the revision in delivery charges by delivery platforms.
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#Samenta
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MyEG Services Bhd (MyEG) has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates.
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#MyEG
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Malaysia's international reserves stay above US$112 billion and remain usable as at end-November.
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RHB Research anticipates strong Q3 2024 earnings for DXN Holdings Bhd despite global economic challenges and inflation pressures.
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A mid-air blowout has put jetmaker Boeing in the exact place investors and management hoped it would avoid - back in the regulatory crosshairs just as it was awaiting approval of new models of its best-selling MAX jet.
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Malaysians may encounter steep ATM fees when withdrawing money overseas, potentially putting a strain on their travel budget and impacting their overall experience, according to a recent study by Wise.
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#ATM
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The European Union scored a victory at the World Trade Organization on Tuesday as an adjudicating panel rejected a Malaysian complaint against an EU decision that biodiesel made from palm oil should cease to count as a renewable biofuel.
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Hong Leong Investment Bank Bhd (HLIB) expects the acquisitions of W Hotel and Courtyard to contribute to IOI Properties Group Bhd's earnings from the fourth quarter of the financial year 2024 (4QFY24) and FY25 respectively.
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Economists believe the latest positive business confidence indicators out of the Department of Statistics Malaysia (DOSM) could be signaling a change of fortune for businesses.
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#DOSM
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Japanese car maker Daihatsu has suspended all its domestic production as the Toyota-owned company faces a massive safety testing scandal.
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#Daihatsu
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YNH Property Bhd was one of the stock market's top losers today after MARC ratings agency announced a downgrade of its sukuk and that it has been placed under MARCWatch Negative.
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A liquidation order for China's most debt-laden developer begins a drawn-out process for creditors that is likely to lay bare the depths of China's real-estate downturn
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Sime Darby Bhd says its takeover offer for the remaining shares it does not own in UMW Holdings Bhd is now unconditional as it has held more than 50 per cent of voting shares.
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#SimeDarby
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Hong Leong Investment Bank (HLIB) research has downgraded KPJ Healthcare Bhd to a "Hold" despite its financial year 2023 results meeting expectations, due to a 25 per cent run-up in its share price since its last report.
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PNB president and group chief executive Ahmad Zulqarnain Onn's elevation to the EPF may lead to a return of the fund manager's former top executive and a major appointment at a big local bank.
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The European Commission plans to start customs registration of Chinese EV imports, meaning they could be hit by tariffs from that point if the EU's trade investigation later concludes that they are receiving unfair subsidies.
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Sime Darby Beyond Auto has unveiled a limited edition BYD Atto 3 in celebration of the brand's first anniversary in the country.
#NSTBusinessTimes
#Atto3
#Automotive
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Malaysia Airlines Bhd will finally receive its long-awaited Boeing B737 MAX 8 aircraft, its first new aircraft after five years
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#MalaysiaAirlines
#Aviation
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Subang Airport regeneration to potentially create 8,000 jobs | New Straits Times
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The EPF today announced that it has disbursed RM500 one-off government additional contribution incentive to 1.4 million members with EPF savings of RM10,000 or less in their Account 1 as of Feb 24, 2023.
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#EPF
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Malaysia Aviation Group Bhd (MAG) plans to introduce 12 new aircraft in 2024, featuring its inaugural Airbus 330-900 (A330neo).
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HLIB research anticipates a re-rating of Sunway Bhd with its upcoming healthcare listing and robust development in Sunway Iskandar.
#NSTBusinessTimes
#Sunway
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Private sector consumption and investment spending are expected to provide more support to the gross domestic product (GDP) this year which will complement efforts by the public sector to boost infrastructure spending.
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The Ministry of Finance (MoF) has announced a refinement of the scope for service tax exemptions, aimed at alleviating the direct impact on the rakyat's living cost and cascading tax incidences in the logistics sector.
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Malaysia’s Producer Price Index (PPI), which measures the prices of goods at the factory gate, recorded a decrease of 1.3 per cent in December 2023 as compared to a 1.5 per cent contraction in November 2023, DoSM said.
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Wall Street stocks closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions.
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Malaysia is one of the lowest tax revenue collectors in Southeast Asia, with a tax-to-gross domestic product (GDP) ratio of 11.8 per cent.
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MN Holdings Bhd has appointed Tenaga Nasional Bhd's former chief executive officer Datuk Seri Baharin Din as its new independent non-executive chairman, effective from today.
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Heavy selling pressure in YNH Property Bhd has led Bursa Malaysia Securities Bhd to unearth an oversight on YNH Property Bhd’s part in not annoucing a planned acquisition of a 2.06 hectare site in Desa Hartamas, Kuala Lumpur for RM150mil.
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Thailand's exports rose for a fifth straight month in December but at a slower pace and less than analysts' forecasts, and the commerce ministry said on Friday that it expected small export growth in 2024 after a slight drop last year.
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The unemployment rate in November has returned to pre-pandemic level as it fell to 3.3 per cent, registering 569,000 unemployed persons, compared to 3.4 per cent recorded last month
#NSTBusinessTimes
#DOSM
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Sales of new motor vehicles in 2023 rose 11 per cent to a new all-time high, surpassing the record in 2022 when it hit 721,177 units.
#NSTBusinessTimes
#Automotive
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Sarawak Consolidated Industries Bhd (SCIB) today told Bursa Malaysia Securities Bhd it has been offered 22 acres of land for acquisition, by the Land and Survey department of Sarawak.
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The overall demand conditions across the manufacturing sector remained muted at the end of 2023, leading firms to scale back production amid limited new order inflows, said S&P Global.
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The Retirement Fund Inc. (KWAP) will invest RM100 million in two Malaysian startups and venture capital (VC) funds as part of its Dana Perintis strategy.
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Can the potential high-speed rail connection between Kuala Lumpur and Singapore (KL-Singapore HSR) be a component of a larger scheme extending as far north as Bangkok in Thailand or even further?
#NSTBusinessTimes
#HSR
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The Transport Ministry is investigating on how the air service license (ASL) was granted to the financially-troubled MYAirline Sdn Bhd in 2022.
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Creww Inc, Japan's leading open innovation platform provider, has launced a new accelerator programme to create business partnerships between Real Madrid Next and Asian startups.
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The Federation of Malaysian Manufacturers (FMM) has urged the authorities to suspend the implementation of the annual foreign worker medical examination until proper consultation is conducted.
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Bitcoin scaled a two-year high on Monday, breaking $64,000 as a wave of money carried it within striking distance of record levels.
#NSTBusinessTimes
#Bitcoin
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Air travel is set to surpass the pre-pandemic year peak as it reaches 99 per cent of 2019 levels as recovery continues in November 2023.
#NSTBusinessTimes
#IATA
#Aviation
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Australian pension fund UniSuper said on Wednesday it had bought an undeveloped site next to Sydney's planned new international airport to develop a logistic hub worth around A$3.9 billion, its second major property deal in three weeks.
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