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Guan Eng: GST refund next year

KUALA LUMPUR: The Pakatan Harapan government is committed to returning the Goods and Services Tax (GST) refunds that were improperly or even “illegally” withheld by the previous government, beginning next year, said Finance Minister Lim GuanEng today.

Abu Dhabi's Mubadala sells 3% stake in RHB Bank

PETALING JAYA: Abu Dhabi sovereign wealth fund Mubadala Investment Co has sold off an estimated 3% of its stake in RHB Bank Bhd, following through on its plans to sell its non-core assets to both global and local investors. About 120 million shares are to be sold via a book-building exercise

Sources said Mubadala offered 120.3 million shares or 3% of RHB Bank’s enlarged share capital to be sold through a book-building exercise at a range of RM5.07 to RM5.18 per share.  This represents a 3% to 5.06% discount to the closing price of the RHB stock in a transaction valued at between RM609.9mil and RM623.2mil.  RHB closed 0.4% lower at RM5.34 yesterday, trading on a volume of 468,900 shares.

Why managers should learn about geopolitics

UNTIL relatively recently and perhaps not since the oil crisis of the seventies, managers did not need to worry about geopolitics. However, the calculus has changed utterly.

Goldman Sachs under US scrutiny in 1MDB inquiry

NEW YORK: Federal prosecutors in Los Angeles drafted a criminal complaint against a former Goldman Sachs banker early this year for his alleged role in a vast Malaysian fraud, but the charges were never filed because of a Justice Department turf battle, according to two people familiar with the investigation.

Teresa Kok defends Bakke's appointment as MPOB head

KUALA LUMPUR: Former 1Malaysia Development Bhd (1MDB) chairman Tan Sri Mohd Bakke Salleh had resigned from the fund’s board in 2009 as soon as it was discovered that the company’s management had transferred out US$1bil following a deal Abu Dhabi’s International Petroleum Investment Co (IPIC) without the knowledge of the board of directors.

Teresa Kok defends Tan Sri Mohd Bakke Salleh's appointment as MPOB head

It’s a case of old habits die hard

THIS is the last time I will be away on a six-week stretch. It all started when I had to attend my Harvard Business School (HBS) AMP 182 annual class reunion in Lisbon, Portugal on June 20. As I had to attend two graduation convocations in London on July 11 and July 26, I decided to stay back in Europe and travel.

Khazanah’s investment playbook set for revamp

KUALA LUMPUR: Khazanah Nasional will likely cut stakes in some top state-linked firms as the government overhauls the sovereign wealth fund’s investment strategy, after revamping its board last week, to boost transparency and slash national debt.

Khazanah will likely trim stakes in CIMB Group Holdings, chaired by the brother of former Premier Datuk Seri Najib Tun Razak, regional telecoms firm Axiata Group and restructure struggling Telekom Malaysia in the coming months, the sources told Reuters.

China Petroleum says no funds paid to third parties

KUALA LUMPUR: China Petroleum Pipeline Engineering Co Ltd (CPP) has refuted reports about the allegations of payment of funds to third parties over its pipeline projects in Malaysia.

“There were absolutely no funds paid to any third-party Cayman Island-based company and/or companies whatsoever. Any allegations or statements to the contrary are completely false,” it said in a statement.