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Construction

Caterpillar cuts 2019 profit outlook as global growth hampers demand

NEW YORK: Caterpillar Inc. lowered its earnings forecast for 2019, blaming heightened "economic uncertainty” for slowing customer purchases.

Economy

Budget 2020 a delicate balancing act

MALAYSIA’S newly unveiled 2020 budget displays a commitment to sustainable long-term growth, according to Sukumar Rajah and Hanifah Hashim. Here, they suggest how the country’s foreign investment, transport and employment initiatives could drive the domestic economy.

Markets

Bursa joins Asian markets to close lower, Tenaga, HLFG weigh

KUALA LUMPUR: Bursa Malaysia joined most Asian markets to close in the red on Wednesday on concerns about weaker global economic growth.

Corporate News

SC seeks eight over several on-going cases

KUALA LUMPUR: The Securities Commission (SC) is seeking the public’s assistance to provide information on eight individuals who can assist the regulator on several on-going cases.

Business

Palm oil jumps to 16-month high as China’s waivers boost soy

KUALA LUMPUR: Palm oil futures surged to their highest level since June last year at RM2,359 a tonne on Wednesday as a Chinese decision to waive retaliatory tariffs on purchases of US soybeans boosted prices of rival soybean oil.

Economy

Singapore growth to remain weak amid global risks, IMF says

SINGAPORE: Singapore’s economic growth will likely remain weak, weighed down by subdued global demand and a downturn in the electronics cycle, according to the International Monetary Fund.

Corporate News

Experian buys controlling interest in RAM Credit Information

KUALA LUMPUR: Global information services company Experian has acquired a controlling interest in RAM Credit Information Sdn. Bhd (RAMCI), a leading credit bureau in Malaysia.

Property

World’s most expensive parking space in Hong Kong

HONG KONG: A parking bay at The Center – the 73-storey Hong Kong office tower that held the 2018 world record as the costliest commercial building ever sold – changed hands recently for HK$7.6 million (US$969,000), making it the most expensive spot on earth to park a vehicle.

Property

TRX's Exchange 106 expects first tenants in December

KUALA LUMPUR: The developer of newly opened Exchange 106 at Tun Razak Exchange (TRX) is confident of growing its committed floorspace to up to 1.3 million sq ft by end 2020.

Energy

Work culture behind Petronas' success story

KUALA LUMPUR: Petronas is a success story well beyond Malaysia's shores but one with global footprints.

Energy

Petronas CEO speaks on journey to world class brand

KUALA LUMPUR: Petroliam Nasional Bhd President and Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin takes a journey down memory lane on the evolution of the national oil corporation into a world brand and Malaysia's sole company listed on the Fortune 500.

Markets

Wild Hong Kong IPO turns 188% gain to loss in less than an hour

HONG KONG: Investors in a snack maker’s initial public offering in Hong Kong were sitting on losses just minutes after watching the shares almost triple.

Technology

Smartphone ownership rate to surpass 90% by 2028

KUALA LUMPUR: Smartphone possession at households in developed and emerging markets is expected to exceed 90 per cent by 2028, according to Euromonitor International.

Corporate News

IHH Healthcare to sell stakes in two Indian assets

IHH Healthcare plans to sell its 62% stake in Continental Hospitals and 74% share in Global Hospitals back to their original promoters, Economics Times reports, citing multiple unidentified people aware of the development.

Plantations

New twist to Malaysia-India palm oil issue

KUALA LUMPUR: The Malaysia-India palm oil issue has taken a new twist. Amidst the call by an Indian trade association for importers to shun palm oil from Malaysia, a political body in South India has urged Prime Minister Narendra Modi government not to reduce palm oil imports from Malaysia.

Plantations

B20 timely during tough times for palm oil industry

KUALA LUMPUR: Next year’s implementation of B20 biodiesel for the transportation sector is timely at a time when the country’s palm oil industry is facing trying times, in addition to the European Union’s (EU) ongoing discriminatory acts against the vital commodity, said Primary Industries Minister Teresa Kok.

Economy

KL, Selangor, Penang exceed national inflation rate

KUALA LUMPUR: The consumer price index (CPI) in Kuala Lumpur rose by 1.7% in September from a year ago while that of Selangor and Putrajaya, Penang increased by 1.5%, according to the Statistics Department.

Corporate News

Caterpillar’s ‘earnings recession’ points to more bad news for world economy

NEW YORK: A bellwether of the global industrial economy may be sending out distress signals.

Corporate News

SoftBank unveils US$9.5b WeWork rescue, gets 80% stake

TOKYO: WeWork announced on Wednesday it has accepted a rescue package from SoftBank Group Corp., its largest investor, that will give the Japanese conglomerate an 80% stake in the company.

Business

WeWork Staff, facing job cuts, express outrage at founder's US$1.2b payout

SAN FRANCISCO: WeWork will narrowly avoid financial ruin and in the process, reward its former leader, Adam Neumann, with as much as $1.2 billion. The reaction from his former colleagues, who are still facing the prospect of mass job cuts and a corporate crisis: "You’ve got to be kidding me.”