Hong Leong Investment Bank (HLIB) expects 1Q2023 GDP growth at 5.2%, following the slower industrial production index (IPI) recorded during the quarter under review. In a note on Thursday (May 11), HLIB expects growth to be weighed down by moderation across all sectors. They maintained their 2023 GDP growth forecast at 4% y-o-y. Maybank Investment Bank Bhd also expects y-o-y GDP growth to have eased to 5.7% in 1Q2023, projecting a 4% growth in 2023 against 8.7% last year. The central bank will announce 1Q2023 GDP growth data on Friday.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 5.15 points to 1,427.48 from Tuesday’s close of 1,432.63. The benchmark index opened 0.48 of-a-point firmer at 1,433.11 and moved between 1,427.03 and 1,433.68 throughout the session. The FBM ACE Index dwindled 30.88 points to 5,023.72 and the FBM 70 index eased 10.69 points to 13,552.77. Sector-wise, the Industrial Products and Services Index inched down 0.64 of-a-point to 169.01 and the Financial Services Index declined 73.86 points to 15,641.71. The Energy Index increased by 0.44 of-a-point to 833.41 and the Plantation Index rose 25.96 points to 6,836.16.

The company, which made 2,314 vehicles in the first quarter, burnt through US$835.7 million of cash in the quarter. Lucid now has US$900 million in cash and cash equivalents and plans to produce more than 10,000 vehicles in 2023, compared with an earlier forecast for 10,000 to 14,000 units. Fisker lowered its annual production target to between 32,000 and 36,000 units from 42,400 cars, blaming supply chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has US$652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at US$240 million, as it produced 63 vehicles.

Investors fear a government default as early as June 1 if Congress fails to resolve the deadlock. Our calculation shows she's not incorrect," said Steven Ricchiuto, US chief economist at Mizuho Securities USA LLC in New York. "Treasury yields I would argue came down too much too soon." The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 1.2 basis points to 4.024%. The US dollar edged higher against major currencies, with the dollar index up 0.168%.

KUALA LUMPUR (May 8): Hartalega Holdings Bhd is decommissioning its Bestari Jaya production facility, taking off four production plants with 40 production lines from its capacity by year end. “Given the competitive business environment, the company is of the view that it is more strategic and viable in the long term to consolidate operations at the NGC facility,” it said. “Ultimately, this will lay the groundwork to enhance cost optimisation and strengthen operational efficiencies, leveraging the higher line speed and technological advancements at our NGC facility,” he said. "As part of our ongoing improvement efforts, we may make adjustments to our production capacity and workforce as necessary. Read also:Impairment from Bestari Jaya plant decommissioning sees Hartalega closing FY2023 with RM218m net loss

Besides Koerner, who spent over a decade at UBS before returning to Credit Suisse in 2021, UBS CEO Sergio Ermotti largely leaned on UBS executives in pulling together his new team. Commenting on Koerner's future role, UBS said Koerner would be responsible for Credit Suisse's operational continuity and client focus, while supporting its integration. Credit Suisse executive board members will report to both their relevant UBS executive board member and Koerner. Reuters reported last week that options under consideration for that business include a sale or an initial public offering of Credit Suisse's domestic unit. “This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," Ermotti said in the statement.

That news has triggered some selling pressures on glove stocks on Bursa Malaysia. Top Glove Corp Bhd dropped 6.5 sen or 6.44% to 94.5 sen, giving it a market capitalisation of RM7.76 billion. Year-to-date, shares of both glove producers still recorded a gain of 4.4% for Top Glove and 10% for Hartalega due to the rebound in share price in the first quarter. Supermax Corp Bhd lost four sen or 4.44% to 86 sen on Monday, while Kossan Rubber Industries Bhd closed unchanged at RM1.22. Other glove players do practice decommissioning in the previous boom and bust cycle,” he told The Edge.

MY Hero Hypermarket Sdn Bhd, the operator of the HeroMarket grocery chain and Hero Save Mart stores, have approached private equity (PE) firms including Navis and Intermediate Capital Group (ICG) with a view to selling the chain for some US$100 million (RM445 million), sources say. My Hero, which operates 25 HeroMarket and six Hero Save Marts, had hired OCBC Advisers (M) Sdn Bhd as the financial adviser to negotiate a deal with potential purchasers and to conduct the sale process. In Malaysia, Navis holds a stake in TFP Retail Sdn Bhd, which operates the Village Grocer and Ben’s Independent Grocer (BIG) premium grocery stores. Francis and his siblings founded the very first Giant store in Kelana Jaya in 1982. He is also the founder of RM2 store Noko, which is operated by Megah Inovatif Sdn Bhd.

SEXUAL assault is a subject that most Malaysians prefer not to delve into, even if this particular topic is a work of fiction for a film production, as many of us find the subject, frankly, disturbing. There is a degree of uneasiness over how such a subject with much social stigma here should be tackled sensitively.

(May 8): China’s largest trade fair was meant to be a triumphant return for the world’s biggest manufacturing nation after three years of being mostly online. Instead, the mood was downbeat as factories grapple with a slowing global economy and a scarcity of US buyers. That is well below 2008’s peak of US$38 billion or the pre-pandemic level of US$30 billion in 2019. While there was crowds of exhibitors and overseas visitors at the fair this spring, buyers from Western nations were scarce, with many sellers commenting on their absence. Even if demand picks up, some sellers are concerned that buyers will move on to products made in other regions.

"Why should we buy the gold disc (original) and NOT the purple disc (DVD-R)?" Disc readers or players, use a laser to "read" what is on the reflective side of the disc. What a recordable disc (CD-R, DVD-R) does, is to simulate these pits and lands, which are "burned" using a laser beam on a layer of dye. He added that if cheap materials are used to create a stamped disc, it will logically not last as long as a recordable disc made with top-shelf materials. And no, it will not look or sound better, even if it was on a gold disc.

(May 8): Lynas Rare Earths Ltd’s shares surged after Malaysian authorities granted a six-month extension to the Australia miner to get its rare earths plant in line with environmental requirements. Lynas shares had their biggest one-day gain in more than two years on Monday, and closed 12% higher to A$7.37 (US$5) in Sydney. The Lynas rare earths refinery in Malaysia is the largest outside China, but has been dogged by environmental concerns and community opposition. Lynas is building an alternative processing plant in Australia, but it was unlikely to be ready by the Malaysian ban’s original start date in July. Read also:Anwar confirms Lynas given six-month extensionMosti rejects Lynas’s appeal to drop four licence conditions

Located in the thriving neighbourhood of Wangsa Maju in Kuala Lumpur, Sfera is to be built on a prime land measuring 2.27 acres next to Wangsa Walk Mall. Striving to make Sfera a serene haven in Wangsa Maju, this low-density development offers 494 units spread across two 37-storey towers, carefully placed and oriented towards the panorama of the surroundings. It is also worth noting that Sfera, being the first sky bridge residence in Wangsa Maju, has a unique sky roof concept that links both towers together. The mastermind behind Sfera — MCL Land — has established a legacy of building quality homes in both Singapore and Malaysia over the last 50 years. Sfera is the second project in Wangsa Maju after the successful launch of Quinn.

The Star disclaims all responsibility for any losses suffered directly or indirectly arising from reliance on such opinions and views. All my friends are getting a part-time job while I’m still at home. I really want to get a part-time job because I want to save up some money for my university. I told him I want to get a part-time job but he won’t listen to me and told me to take care of my grandparents. If they do not accept this, you will need money to cover study, food, rent and utilities.

The Gabon-registered ship, capable of carrying some 700,000 barrels of crude oil, was coming through the South China Sea after offloading a cargo in China — and so was nearly empty. Out of its international crew of 28, officials report that 25 were rescued by passing vessels. There is little evidence of the owner, a Marshall Islands-registered company whose fleet contains no other ships, and no trace of insurance. An Aframax-class crude oil tanker observed in Iranian waters last year, the Pablo underlines the risks that come with the expansion of a dark fleet of aging vessels moving sanctioned oil around the globe. The explosion has made the ship unsafe to board, leaving it stuck off the country’s coastline for the time being.