Corporate News

Destini shareholders seek EGM to remove four directors

PETALING JAYA: Destini Bhd's four shareholders of Destini — LINC Shared Services Sdn Bhd, Veritas Aman Sdn Bhd, WP Travel Sdn Bhd and Azulite Bloom Sdn Bhd — have requisitioned an Extraordinary General Meeting for Aug 21, with the aim to seek the removal of four current directors.

Economy

Malaysia among 17 economies subject to lower 10% US Section 301 tariff

KUALA LUMPUR: Malaysia has been placed in the lower tariff tier under the United States' Section 301 measures related to forced labour, with a 10% duty taking effect from 12.01 am US time on July 24.

SME

SMEs should diversify export markets as US tariff takes effect

KUALA LUMPUR: The Small and Medium Enterprises Association (SAMENTA) has urged small and medium enterprises (SMEs) to reduce their over-reliance on any single Western export market following the implementation of the United States' latest 10 per cent import tariff.

Markets

FBM KLCI closes lower as regional sell-off, fresh US tariff concerns weigh on sentiment

KUALA LUMPUR: The FBM KLCI slipped below the 1,700 psychological level during intraday trade on Friday before recovering to close above the mark, tracking a broad regional sell-off

Aviation

Cathay Pacific raises fuel surcharges from August 1 as jet fuel prices surge

HONG KONG: Cathay Pacific Airways said on Friday it would raise passenger and cargo fuel surcharges from August 1, reversing a series of reductions since May, as jet fuel prices surge on renewed Middle East tensions.

Business

Take Five: A US$100 question

LONDON: It's all about central banks next week and interest rate-setters as distant as Tokyo, Washington and London will only grow more nervous as war escalation in the Middle East puts oil prices back to $100.

Corporate News

Khazanah is said to sell RM1.4bil Tenaga Nasional stake in placement

Malaysian sovereign wealth fund Khazanah Nasional Bhd. has sold RM1.39bil worth of shares in state-owned power firm Tenaga Nasional Bhd., according to people with knowledge of the matter.

Business

Malaysia faces 10% duty under US’s new Section 301 tariffs over forced labour import rules

KUALA LUMPUR: Malaysia, among Asean countries, faces the lowest tariff of 10 per cent under the United States'  new Section 301 tariffs following failure to impose and effectively enforce forced labour import rules.

Auto

Proton opens 10 new outlets across Malaysia in 10 days

KUALA LUMPUR: Proton has opened 10 new outlets across Malaysia over a 10-day period, comprising four Proton outlets and six Proton e.MAS outlets, as it expands its sales, aftersales and electric vehicle (EV) support network.

Energy

Oil prices head for weekly rise on Middle East escalation

BEIJING/SINGAPORE: Oil futures prices retreated on Friday but are still set for hefty weekly gains because of concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war on Iran.

Commodities

Gold softens on prospects of Fed rate hikes

GOLD edged lower on Friday after falling 2% in the previous session, as Brent crude's move back above $100 a barrel stoked inflation concerns and strengthened the case for higher interest rates ahead of a Federal Reserve policy meeting next week.

Banking

CIMB supports Malaysia's US$1.5bil global sukuk issuance

KUALA LUMPUR: CIMB Group Holdings Bhd acted as the sole Malaysian joint lead manager and joint bookrunner for the Government's US$1.5bil global sukuk issuance.

Economy

Govt to continue tariff talks with US over forced labour issue, says PM Anwar

PORT DICKSON: Prime Minister Datuk Seri Anwar Ibrahim said the government will continue negotiations with the United States over the new tariffs imposed on Malaysia related to the forced labour issue if the outcome remains unsatisfactory.

Business

China's strong power capacity fuels AI boom

AS artificial intelligence evolves into a core driver of global industrial competition, China's strong power supply system and its forward-looking computing-electricity synergy strategy will give it an unparalleled edge in rolling out AI infrastructure, according to experts, corporate executives and on-the-ground evidence.

Economy

Malaysia's resource anxiety tests Asia's fastest data centre build-out

HONG KONG/JOHOR: After leapfrogging Singapore to become the region's fastest-growing data centre hub, Malaysia is facing intensifying scrutiny as the resources debate that has complicated the industry's growth spreads to emerging Asia.

Economy

Malaysia's leading index rises 0.8% in May 2026

KUALA LUMPUR: Malaysia's economic prospects remain positive in May 2026 with the Leading Index (LI) rising 0.8 per cent to 114.4 points compared to 113.5 points in the corresponding period last year, according to the Department of Statistics Malaysia (DOSM).

Corporate News

Unisem appoints Lee Jee Kheong as COO

KUALA LUMPUR: Unisem (M) Bhd has appointed Lee Jee Kheong as its new chief operating officer (COO).

Markets

FBM KLCI joins regional sell-off as oil price fears spark panic

KUALA LUMPUR: The FBM KLCI is on course to end the week 1.5% lower as the return of oil prices to a two-month high revived fears of soaring inflation and higher interest rates.

Investment

Singapore's GIC to invest an additional US$30bil in hedge funds

SINGAPORE: Singapore sovereign wealth fund GIC plans to deploy an additional $30 billion into hedge funds and is spreading its bets across artificial intelligence, top executives said, while reporting its weakest long-run returns since 2020.

Commodities

Brent remains slightly above US$100 a barrel on escalating US-Iran conflict

KUALA LUMPUR: Brent crude oil prices have remained above US$100 per barrel today amid the escalating United States-Iran conflict, reigniting fears over global energy supplies.