NEWS

Edotco launches vendor development programme to boost SMEs

Edotco Malaysia has unveiled an industry-first capacity development programme for its suppliers and business partners, primarily small and medium enterprises (SMEs), to elev...

Bits + Bytes: A Miscellany of Technology

The rise of artificial intelligence (AI) has sparked concerns about its potential to replace human expertise. However, a recent report by Citi GPS: Global Perspectives and Solutions emphasises a different future, one of human-machine collaboration. This collaborative approach leverages AI’s stren...

Report: AI-driven innovations amplify human abilities

In recent months, Malaysia has witnessed a worrying surge in the number of mule accounts, which are increasingly being used money laundering and identity theft. The ease of acquiring the accounts has made the country a prime target for foreign syndicates looking to launder and legitimise their illicit funds.

Digital banks could spur rise in mule accounts

US Surgeon General Dr Vivek H Murthy has called for a warning label to be put on social media platforms, stating that social media is associated with significant mental health harm for adolescents.

“The mental health crisis among young people is an emergency — and social media has emerg...

Geek Speak: (Snap)chatting to keep in touch

The shortage of doctors and essential resources has been a persistent, unsolved problem in hospitals and the healthcare sector in general. The Ministry of Health’s 2023 Health Facts reveals that there is one doctor to 412 Malaysians, or 2.4 doctors for 1,000 people. To benchmark against Asea...

Healthtech: Time to save lives with AI

Not so long ago, the “work hard, play hard” mentality seemed to be everywhere. Influencers across the media promoted waking up early and putting in more hours than anyone else as the ultimate path to success.

On the surface, their logic makes sense. Those who work the most deserve the g...

Talent: Rejecting hustle culture isn’t being lazy, it’s being smart

If you’re an ardent follower of the Nasdaq or New York Stock Exchange, you will know that the term “Magnificent Seven” refers to the top seven technology stocks listed on the US stock exchanges, namely Amazon, Apple, Alphabet (which owns Google), Meta Platforms (Facebook’s parent), Microsoft, Nvi...

The Pitch Deck: Where are the Malaysian ‘Magnificent Seven’?

The digital revolution undergoes an architectural shift every 20 years, observes Wong Thean Soon, co-founder of MyEG Services Bhd. When he started pondering the next major shift, he landed on two possibilities: The first was the decentralisation of the internet ecosystem, also known as Web3, and ...

Interview: Bringing Web3 to forefront, now rather than later

As the Aug 1 deadline approaches for the first batch of taxpayers — those with an annual turnover of RM100 million and above — to adopt e-invoicing for all their transactions, smaller businesses are bracing for their turn on Jan 1 and July 1 next year. However, concerns over this are already surf...

Cover Story: Are SMEs ready for e-invoicing?

From optimising street lighting and traffic flow to managing public parking and camera surveillance, Internet of Things (IoT) powered sensors enable smarter, real-time responses and improved city services. However, this integration into a single infrastructure poses significant cybersecurity chal...

Cybersecurity: Securing smart cities

KUALA LUMPUR (June 25): Malaysia has established a phase-out plan for existing coal-fired power plants by reducing it to 50% by 2035 and completely retiring the plants by 2044, said Deputy Prime Minister Datuk Seri Fadillah Yusof at the London Climate Action Week.

Fadillah: Malaysia aims for complete retirement of coal-fired power plants by 2044

Mother Earth is set to face a projected temperature rise exceeding 2.5°C by the end of the 21st century under current energy policies, warns the International Energy Agency. Yet in regions like Southeast Asia, energy demand is expected to grow by another two-thirds by 2040 to cater to its fast-gr...

Financing: Identifying targets for transition finance

Southeast Asia is a culturally diverse region that demonstrates strong economic potential, thanks to its growing population and consumption power. Despite its strengths, it is also one of the regions that is most vulnerable to the impact of climate change.

Emissions from the region are ...

Taxonomy: Enabling Asean to transition

Companies and financial institutions need to have credible transition plans to avoid falling into the trap of greenwashing or “transition-washing”. Otherwise, this will throw a wrench into transition finance efforts when companies or financial institutions misrepresent the utilisation of finance ...

Greenwashing: Paving a credible transition pathway to avoid pitfalls

With frameworks such as the Climate Change and Principle-based Taxonomy being introduced by Bank Negara Malaysia, and stakeholders like investors and consumers scrutinising companies’ carbon emissions, preparing a transition plan towards a lower-carbon future has become increasingly important.

Road Map: Transition planning made simple

In the pursuit of net-zero emissions, it is inevitable that there will be an increase in hydroelectric dams and solar farms for renewable energy; mining for rare earth elements (REE) that are needed to build electric vehicles, solar panels and wind turbines; and carbon credit projects in forests....

Social: A blind spot in the transition?

Cement is a critical ingredient in the making of the modern world. It is the key component of concrete, which is used to construct buildings, bridges, roads, tunnels and many other structures that make cities liveable.

But it also takes a toll on the environment. Other than the impact o...

Case Study: Cementing change for a greener environment

In the past few years, conversations on sustainable finance have moved from green finance to transition finance, a relatively new category.

The shift in focus is understandable, given the projections that the current efforts to mitigate climate change are insufficient, and the acknowled...

Cover Story: Are we doing enough to transition?

The steel industry is a huge source of emissions globally, contributing 8% of global energy-related greenhouse gas emissions, according to the World Economic Forum (WEF). In Malaysia, it accounts for 4.5% of emissions and is expected to increase to 12% by 2030, according to a recent report by the...

Perspectives: More funding and direction needed for steel sector

While green finance was a buzzword in the last few years, the attention has partly moved to transition finance this year.

What is transition finance?

The Edge Billion Ringgit Club 2024

The Edge Centurion Club Corporate Awards 2024

The Edge Property Excellence Awards 2024

The Edge Best Managed & Sustainable Property Awards 2024

The Edge ESG Awards 2023

CGS International believes Beshom will need a compelling MLM product if it wants to see a return of peak level earnings

MORNING CALL: 2/7/24

In today’s edition of Evening 5: 0:06 TM bags RM1.25 bil contract for new emergency call system for 12 years1:40 HSS Engineers JV bags RM1.5 bil job to manage Baghdad's metro project3:20 Regional payment platform Project Nexus is preparing to go live, says BNM4:45 Putrajaya to issue RFP as 'plan B' for RM3.5 bil multi-lane free flow project6:16 Brokers demand cash upfront for Notion VTec, YNH, Artroniq, APB Resources

EVENING 5: TM bags RM1.25 bil contract for NG999

In The Edge Malaysia this week — The year started with expectations of seven rate cuts by the US Federal Reserve. Now, there is only one on the cards. How will a change in monetary policy, as well as other potential risks, impact our economy this year?

EDGE WEEKLY: 4 major factors that will shape Malaysia’s economy in 2H2024

UUE Holdings Bhd (KL:UUE) surged 175% in its trading debut on Tuesday after the engineering firm’s initial public offering (IPO) on the ACE Market raised RM38.97 million.

UUE Holdings jumps 175% on ACE Market debut

Hong Leong Investment Bank (HLIB) Research has maintained its “overweight” rating on the oil and gas sector with unchanged average Brent oil price forecasts at US$85 (RM400.96) per barrel (bbl) for 2024/2025.

HLIB stays overweight on oil and gas sector, names Dialog, Armada, Velesto as top picks

BMI, a Fitch Solutions company, has retained its 2024 forecast that the Malaysian ringgit will appreciate later this year, rising from RM4.70/USD currently to RM4.55/USD by end-2024.

Ringgit to strengthen gradually in 4Q2024 — BMI

Megacap growth stocks led by Apple and Tesla lifted the tech-heavy Nasdaq to a higher close on Monday, while the Dow and the S&P 500 also eked out slight gains in light pre-holiday trading.

Apple, Tesla lifts stocks to higher close in light pre-holiday trading

Global stocks edged higher in choppy trading on Monday, while US Treasury yields rose following France's historic elections and ahead of a string of economic data this week that could provide clues on the likelihood of Federal Reserve (Fed) interest rate cut.

World stocks, US yields gain after French election results

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

TM, Southern Score, TNB, Vitrox, PUC, Kinergy Advancement, Heineken Malaysia, Country Heights

The US Supreme Court for the first time on Monday recognised that ex-presidents have immunity from prosecution for certain actions taken in office, as it threw out a judicial decision rejecting Donald Trump's bid to shield himself from criminal charges involving his efforts to undo his 2020 election loss.

US Supreme Court rules Trump has immunity for official, not private acts 

The development and implementation of the Central Database Hub (Padu) system over three years from 2023 to 2025 is expected to cost RM85.27 million, said Economy Minister Rafizi Ramli.

Padu expected to cost over RM85m over three years — Rafizi

Country Heights Holdings Bhd (KL:CHHB) said on Monday that it is working closely with the Malaysian Department of Insolvency (MDI) to resolve the winding-up of its indirect wholly-owned subsidiary Mines Waterfront Business Park Sdn Bhd (MWBP) and return it to solvent status.

Country Heights working to return Mines Waterfront Business Park to solvent status

Private equity firm Creador is threatening legal action against Meta if it does not take the issue of scammers seriously, as it slammed the social media giant for being too slow in taking down fraudulent posts from its platforms.

Creador threatens to sue Meta over scammer issue

US manufacturing contracted for a third straight month in June and a measure of prices paid by factories for inputs dropped to a six-month low amid weak demand for goods, indicating that inflation could continue to subside.

US manufacturing mired in weakness; prices paid gauge hits six-month low

The chief executive officer of a highway concessionaire who was arrested by the Malaysian Anti-Corruption Commission (MACC) in connection with the alleged bribery involving highway contracts worth RM1.67 billion has been released on bail.

The CEO, who has a "Datuk" title, was released on Monday, a day before his extended eight-day remand order expires on Tuesday. Arrested last Monday, he was originally remanded till Friday, until an order was obtained from the court to extend his remand.

CEO of highway concessionaire arrested over RM1.67 bil contracts released on bail

Affluent Malaysians are making their money sweat. According to HSBC’s Affluent Investor Snapshot 2024, Malaysians are among the most invested in financial products compared with investors in 10 other markets.

Making the money sweat

Talent mobility is a major factor for innovation and progress, yet also a very personal choice for workers. In its Decoding Global Talent 2024 – Mobility Trends survey, JobStreet by SEEK finds out whether people still want to move abroad for work, and if so, where and why. The survey involved 150,735 respondents from more than 180 countries. The majority were from Europe and Central Asia (38%) as well as East Asia and Pacific (31%). More than a third  of the respondents (38%) have a bachelor’s degree, and almost two-thirds  (64%) have tertiary qualifications.

Where in the world do people want to work?

The Securities Commission Malaysia (SC) has updated its Investor Alert List.

SC adds three entities to Investor Alert List

UOB intends to continue collaborating with the Johor government to drive investment and trade into Malaysia, following the establishment of the Johor-Singapore special economic zone (SEZ).

UOB committed to bringing investments into Malaysia after meeting with Johor MB

Perdana Petroleum Bhd (KL:PERDANA) has announced the resignation of Datuk Hasmi Hasnan from its board of directors, effective Monday.

Dayang chairman quits Perdana Petroleum's board

Four multinational firms with total investments of RM7 billion have ceased operations in Malaysia during the first half of 2024, according to Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Four multinational firms with investments totalling RM7b ceased operations in 1H2024 — Zafrul

Affin Bank Bhd (KL:AFFIN) on Monday said the company and its wholly-owned unit Affin Hwang Investment Bank Bhd have established a commercial paper (CP) and medium-term notes (MTN) programmes, with a combined value of RM5 billion.

Affin Bank, Affin Hwang establish commercial papers and MTN programmes worth RM5b

An elderly voter from Kampung Sungai Buaya here was pleasantly surprised when a political campaign visit to his home for the Sungai Bakap by-election revealed that Pakatan Harapan (PH) candidate Dr Joohari Ariffin was an old acquaintance.

Che Dan Razak, 85, took a moment to study Joohari's campaign poster before realising that they knew each other from his days as an imam at Masjid Kampung Besar and teaching religious studies in Sungai Bakap.

Sg Bakap polls: Former imam delighted by unexpected reunion with Joohari

Digital payment solutions provider PUC Bhd (KL:PUC) said it has entered into a deal to sell some of its software and intellectual property (IP) rights for RM22 million cash.

The group's subsidiary Presto Technology Sdn Bhd is disposing of the software and IP — which includes patents, copyrights and trade secrets — to G Solution Tech Sdn Bhd, according to PUC's filing on Monday.

PUC to dispose of software, IP rights for RM22 mil

Sarawak has no intention of seizing Petronas' rights; instead, it views the company as a partner in the national oil and gas (O&G) industry, says Sarawak Premier Tan Sri Abang Johari Tun Openg.

He said that all the initiatives taken by Sarawak in O&G industry, particularly through Petroleum Sarawak Bhd (Petros), are based on existing rights and laws.

Sarawak Premier reaffirms partnership with Petronas in O&G industry

The Immigration Department in Johor detained five Myanmar nationals suspected of being involved in a syndicate forging United Nations High Commissioner for Refugees (UNHCR) cards during an operation at a shophouse in Kluang last Wednesday.

State Immigration director Datuk Mohd Rusdi Mohd Darus said four men and a woman aged between 26 and 49, believed to be masterminds of the syndicate, were apprehended following surveillance and monitoring.

Myanmar nationals nabbed in Kluang for alleged involvement in forging UNHCR card 

Toyo Ventures Holdings Bhd (TVHB) (KL:TOYOVEN) said it has postponed the commencement of engineering, procurement, commissioning and construction (EPCC) works for its thermal power plant project in Vietnam by up to six months.

Toyo Ventures defers commencement of EPCC works for Vietnam thermal power plant

Can property sector be defensive investment to slowdown in economy?

FRESH from a win in the Kuala Kubu Bharu by-election in May, Pakatan Harapan (PH) is seeking to ride that momentum to reclaim the Sungai Bakap, Penang, state assembly seat in the by-election on July 6. 

PH — that is its lynchpin, Parti Keadilan Rakyat (PKR) — held the seat for thre...

Run-up To Sungai Bakap By-Election: PH, PN wrestle on local issues, but Umno votes an unknown

EVEN as it prepares for the launch of the Chinese electric vehicle (EV) model XPeng G6 in the Malaysian market, Bermaz Auto Bhd (KL:BAUTO) is not planning on bringing in a huge volume of the car.

This is because the group believes the country’s ecosystem for EVs — from charging stations...

Bermaz cautious on EV demand even as it gets ready for XPeng G6 launch 

BANKS’ non-interest income (NOII) growth — the key driver of the sector’s commendable first-quarter earnings — is expected to slow in the remaining quarters of this year, contributing to analysts’ expectations of slower earnings growth for banks in 2024.

In the recent January-March quar...

Banks’ solid NOII growth seen slowing

If you are looking for a nice cathartic chest sob, the new Thai film that’s reducing people to tears might just be the thing. Many who have watched How to Make Millions Before Grandma Dies have taken to TikTok to share their personal transformations before and after the film. A swollen face, bright red nose and puffy eyes are dead giveaways that this movie is guaranteed to bring on the waterworks.

Coffee Break: Why I’ll sit out the movie moving TikTokers to tears

SkyWorld Development Bhd (KL:SKYWLD) has been busy churning out strategies to grow the company since it was listed on Bursa Malaysia last July. In his first corporate interview since the listing, CEO Lee Chee Seng says the listing marks the beginning of a new chapter for the company, and growth s...

Cover Story: Strategies to grow market capitalisation

EKUITI Nasional Bhd’s (Ekuinas) sale of its shipping unit Orkim Sdn Bhd is understood to have come down to a two-horse race between one party led by Sarawak-based Hubline Bhd (KL:HUBLINE) and another by privately held Powertium Marine Sdn Bhd.

Ekuinas’ asking price is believed to be app...

Two-horse race for Ekuinas’ Orkim

TENAGA Nasional Bhd’s (KL:TENAGA) share price has leapt 25% since February, hitting an all-time high of RM14.28 on June 13. Over the past year, the heavy-weight blue chip has jumped close to 50%, closing at RM13.80 last Thursday.

The share price rally was driven by a combination of fact...

Energy-guzzling data centres a boon for Tenaga

Affin Bank, in partnership with boutique hedge fund manager Cross Light Capital, has become the first bank in Malaysia to distribute a digital asset fund to its premier banking clients.

The Cross Light Capital Performa Digital Asset Fund is the second actively managed digital asset fund...

Cryptocurrency: Affin Bank is first bank to distribute digital asset fund

Telekom Malaysia Bhd (KL:TM) announced last week that it had executed an agreement with MYTV Broadcasting Sdn Bhd to settle all the disputes related to non-payment for the provision of digital terrestrial television (DTT), broadcasting infrastructure and network facilities. The telco said in a bourse filing that the two parties would jointly inform the arbitral tribunal of the settlement.

Frankly Speaking: TM shareholders have the right to know

On May 1 this year, BlackRock Inc set up a multi-class investment firm in Saudi Arabia with an initial seed funding of US$5 billion (RM23.6 billion) coming from the kingdom’s Public Investment Fund (PIF).

BlackRock Riyadh Investment Management is mandated to attract additional overseas ...

Alternative Views: Cut the political semantics around the MAHB deal

Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp has been wealthier than the company’s co-founder.

Ballmer is richer than Gates, a first for Microsoft billionaires

The president of the US has been elevated to the status of "a king above the law." The occupant of the White House may order assassinations of political rivals without fear of prosecution. America's leader may now be insulated from criminal consequences for whatever he or she wants to do in office.

US Supreme Court liberals lament ruling making the president 'a king above the law'

Following is reaction from Portugal's 3-0 penalty shootout win over Slovenia on Monday that sent them through to the quarter-finals at Euro 2024 where they will meet France.

Reaction from Portugal's shootout win over Slovenia at Euro 2024

Trump Media & Technology Group, which owns social media platform Truth Social, said on Monday it has been added to the Russell Indexes as part of their annual reconstitution.

Trump Media joins Russell Indexes after annual refresh

Banking stocks lifted the Dow, while semiconductor shares weighed on the Nasdaq on Monday as focus moves to labour market data due later in the week for cues on the Federal Reserve's monetary policy path.

Banks lift Dow, semiconductor shares weigh on Nasdaq

The US Supreme Court on Monday revived a North Dakota convenience store's challenge to a Federal Reserve regulation on debit card "swipe fees" in a ruling that could make it easier for businesses to try to undo longstanding federal rules.

Supreme Court 'swipe fees' ruling may open US regulations to more suits

A car hit pedestrians near Seoul city hall, killing six people and injuring at least eight, South Korea's Yonhap news agency reported, citing a police official, who said there could be more casualties.

A police official told Reuters officers were investigating at the scene, and declined to give further information.

Six dead after car driven into crowd outside Seoul city hall

A workers' union at Samsung Electronics in South Korea said on Monday it would launch a general strike until its demands for better pay and time off were met, warning of more damaging action against the country's most powerful conglomerate than its one-day walkout last month.

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