EVENING 5: Five things you need to know today

Here’s a quick look at some of the stories that made headlines today.

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

Hup Seng, SEGi, Hong Leong Industries, Pansar, Kawan Food, Malaysian Pacific Industries, S P Setia, Thong Guan, Iconic Worldwide, Pertama Digital

US parcel delivery giant UPS has enlisted the asset management arm of Wall Street titan Goldman Sachs to manage its US$43.4 billion (RM203.3 billion) pension fund assets in the US and Canada, the investment bank said on Thursday.

UPS taps Goldman Sachs to manage its US$43.4b pension funds 

The Dow crossed the 40,000 level for the first time on Thursday, notching a fresh all-time high and leading Wall Street gains a day after tepid inflation data bolstered hopes of interest-rate cuts.

Dow breaches 40,000 mark as rate-cut hopes fuel fresh record high

The number of Americans filing new claims for jobless benefits fell last week, unwinding nearly half of the jump at the start of the month, consistent with a gradually cooling labour market.

US labour market rebalancing, economy slowing further

Sunway Real Estate Investment Trust (KL:SUNREIT), which manages a diversified portfolio ranging from malls, hypermarkets to offices, said its net property income (NPI) fell 5.6% year-on-year to RM130.54 million for the first quarter ended March 31, 2024 (1QFY2024).

Sunway REIT's NPI drops 5.6% after sale of medical centre  

Pertama Digital Bhd (KL:PERTAMA), which runs the digital court bail payment system e-Jamin, said it is in discussions with the relevant authorities to allow the company to continue operating the system.

Pertama in talks to continue operating online bail system e-Jamin

AirAsia MOVE, the travel super-app by Capital A Bhd (KL:CAPITALA), has inked a memorandum of understanding with The Commune Mall to offer exclusive discounts spanning flights, hotels and rides deals to patrons of the mall.

AirAsia MOVE partners with The Commune Mall to offer exclusive deals to mall patrons

Singapore's first prime minister in 20 years held an initial cabinet meeting on Thursday after taking office with a pledge to sustain what he called the miracle of the wealthy city state amid an uncertain global environment.

Singapore's first new PM in 20 years holds inaugural cabinet meeting 

US industrial production stagnated in April, restrained by a drop in factory output that highlights a manufacturing sector struggling for traction.

US industrial production stagnates as factory output declines

Nine people have been charged in Britain for promoting unauthorised foreign exchange trading schemes on Instagram in the first crackdown on "finfluencers", the UK Financial Conduct Authority (FCA) said on Thursday.

UK charges nine in crackdown on 'finfluencers'

A three-member Court of Appeal bench on Thursday upheld a High Court decision given two years ago, which had dismissed an Inland Revenue Board (IRB) claim of taxes amounting to RM1.8 billion against Tenaga Nasional Bhd (KL:TENAGA).

TNB need not pay RM1.8b additional taxes as appellate court upholds High Court's decision

Sarawak Cable Bhd (KL:SCABLE) on Thursday said that the High Court has allowed the winding-up petition by OCBC Bank (Malaysia) Bhd on its subsidiaries Universal Cable (M) Bhd and Leader Cable Industry Bhd.

High Court gives nod for OCBC to wind up Sarawak Cable’s subsidiaries

Property developer UEM Sunrise Bhd (KL:UEMS) and its partners plan to develop a 40-acre renewable energy industrial park in Iskandar Puteri, Johor.

UEM Sunrise, partners to develop renewable energy park in Johor

Industrial paint and coating manufacturer Smart Asia Chemical Bhd (KL:SMART), which is set to be listed on the ACE Market of Bursa Malaysia on May 28, said its initial public offering (IPO), priced at 40 sen apiece, has been oversubscribed by 33.8 times.

Smart Asia Chemical oversubscribed by 33.8 times ahead of ACE Market listing

theedgemalaysia.com&nbsp;highlighted three stocks with positive momentum and 12 stocks with negative momentum at Bursa Malaysia's afternoon close on Thursday. &nbsp;

Straits Energy, Revenue, AEON Co, Notion VTec, L&P Global, MBSB, Hume Cement, VSTECS, ELK-Desa, Icon Offshore, Dancomech, WMG, SCGM, Jiankun International, Mitrajaya

The construction of the Tanjong Karang-Assam Jawa section of Section 7 of the West Coast Expressway (WCE) has reached 71%, and is expected to be completed in March 2026.

Tanjong Karang-Assam Jawa section of West Coast Expressway ready in March 2026, says Nanta

Norway’s US$1.7 trillion (RM7.96 trillion) sovereign wealth fund has decided to exclude Adani Ports &amp; Special Economic Zone Ltd&nbsp;from its portfolio, citing 'unacceptable'&nbsp;risks that the company is tied to human rights violations in war and conflict zones.

Norway's wealth fund blacklists Adani Ports citing ties to war

KUALA LUMPUR (May 16): Hup Seng Industries Bhd (KL:HUPSENG) said its first quarter net profit rose 44.6% RM13.97 million, from RM9.65 million a year earlier, thanks to higher sales and lower material input costs.

Hup Seng’s 1Q net profit rises 45%; best quarterly earnings in six years

Exposure to buy-now-pay-later (BNPL) risks should be integrated into household debt metrics to keep a lid on consumer borrowings, according to Khazanah Research Institute.

Buy-now-pay-later exposure must be captured, industry regulated further — Khazanah think tank

Sunway Real Estate Investment Trust (KL:SUNREIT), which manages a diversified portfolio ranging from malls, hypermarkets to offices, said its net property income (NPI) fell 5.6% year-on-year to RM130.54 million for the first quarter ended March 31, 2024 (1QFY2024).

A&nbsp;summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.

FBM KLCI rises 0.49% to 1,611.11 on May 16, 2024

Asset management company Eastspring Investment Bhd (EIMY) has appointed Yap Siok Hoon as its chief executive officer (CEO), effective May 15.

Eastspring Investment appoints Yap Siok Hoon as new CEO

Tomei Consolidated Bhd’s net profit jumped 76.38% to RM20.94 million in the first quarter ended March 31, 2024 (1QFY2024), from 11.87 million a year before, led by higher sales during the festive seasons — Chinese New Year and Hari Raya.

Tomei's 1Q net profit jumps 76% to RM20.94m, highest in two years

Chinese carmaker Beijing Automotive Group Co Ltd (BAIC) on Thursday launched its first two passenger car models for the Malaysian market, the X55 and BJ40 Plus.

BAIC launches X55, BJ40 Plus SUVs in Malaysia

Plastic packaging manufacturer Thong Guan Industries Bhd (KL:TGUAN) is teaming up with the Kedah State Development Corporation (PKNK) to jointly develop 221 units of shop and office lots with an estimated gross development value (GDV) of RM200 million.

Thong Guan teams up with Kedah agency to develop RM200m GDV property project

Indonesia’s central bank has joined an exclusive club: the biggest owners of their nation’s sovereign debt.

Bank Indonesia emerges as largest holder of sovereign bonds

Malaysia’s economy is expected to expand at a faster pace in the first quarter (1Q) of 2024, supported by gradual rebound in domestic consumption.

Malaysia’s 1Q GDP to grow at a faster pace of 3.9%, survey shows

Engineering services group Seremban Engineering Bhd (SEB) has bagged a RM39.8 million contract to undertake civil, structural and architectural works and electrical works in Shah Alam.

Seremban Engineering clinches RM40 mil contract in Shah Alam

Kawan Food Bhd’s (KL:KAWAN) net profit in the first quarter ended March 31, 2024 (1QFY2024) rose 17.1% to RM9.22 million from RM7.88 million in the same quarter last year, in line with higher revenue.

Kawan Food reports stronger 1Q profit, warns ‘signs of recession’ showing in global economy

US&nbsp;President Joe Biden’s sweeping tariff hikes on a range of Chinese imports are just the latest US moves in a years-long campaign that is rewiring Asian trade routes, figures in the past few days showed.

EVENING 5

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