NEW DELHI (April 11): A group of Indian startups has asked a court to suspend Alphabet Inc Google's new in-app billing fee system until the country's antitrust body investigates the US firm for alleged non-compliance with its directives, a legal filing showed. The 744-page filing, seen by Reuters, asks the court to "keep the implementation of Google’s UCB in abeyance" until CCI hears the complaint. The new service fee system, it says, supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services. But Indian startups argue Google's UCB system still imposes a "service fee" of 11-26%, compared with the earlier in-app payment system that charged a fee of 15-30%. The new system is "cloaked as another version" of Google's earlier system, the ADIF filing stated.

(April 7): The US bank crisis that rattled global markets last month is probably nearing the end, even if more unforeseen failures occur, JPMorgan Chase & Co chief executive officer Jamie Dimon said. “But if there are, I know honestly they’ll be resolved and it will probably be the last of them,” Dimon said. In a CNN report earlier Thursday, he said the recent turmoil in the financial industry had probably made a US recession more likely, though a downturn won’t necessarily happen. “We are seeing people reduce lending a little bit, cut back a little bit and pull back a little bit,” the broadcaster quoted him as saying. The government shouldn’t overreact to the banking crisis by imposing more rules on the industry, Dimon said.

KUALA LUMPUR (April 7): Bursa Malaysia's main index opened almost flat in the early session on Friday (April 7) as cautious sentiment remained in the market, tracking Wall Street’s performance overnight amid volatile trading sessions, an analyst said. At 9.12am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.7 of-a-point to 1,424.19 from Thursday's closing of 1,424.89. The main index opened 0.03 of-a-point lower at 1,424.86. The FBM 70 Index went up 21.52 points to 13,611.18, while the FBM ACE Index was 17.08 points lower at 5,311.13. Sector-wise, the Financial Services Index shed 13.61 points to 15,732.34, the Industrial Products and Services Index inched down 0.1 of-a-point to 172.98 and the Plantation Index shaved 0.18 of-a-point to 6,723.42, while the Energy Index increased 2.36 points to 864.01.

KUALA LUMPUR (April 6): Malaysia is open to reviving a high-speed rail project to Singapore, though it has to be a private sector-led initiative, its trade minister said in an interview with CNBC aired on Thursday (April 6). In January 2021, Malaysia and Singapore jointly called off an estimated US$17-billion (RM75 billion) plan to build a 350km high-speed railway between Kuala Lumpur and the city-state, after both countries failed to agree on several proposed changes to the project. Malaysia paid S$102.8 million (RM340.6 million) to Singapore for the project's termination, both countries said at the time. Malaysia's International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told CNBC companies were welcome to submit proposals to re-start the project. Singapore's government also indicated last year the country is open to fresh proposals from Malaysia on the project, according to media.

KUALA LUMPUR (March 18): Bursa Malaysia is likely to see cautious trading next week, but the attractive valuations of some stocks on the local bourse may attract bargain hunters, said an analyst. Weekly turnover jumped to 17.96 billion units worth RM13.30 billion, against 14.02 billion units worth RM9.72 billion last Friday. The Main Market volume advanced to 11.57 billion shares valued at RM11.13 billion, from 9.24 billion shares valued at RM8.16 billion a week ago. Warrant turnover rose to 2.26 billion units worth RM363.11 million, from 1.76 billion units worth RM303.70 million previously. The ACE Market volume increased to 4.13 billion shares worth RM1.80 billion, from three billion shares worth RM1.24 billion.

Some foreign funds will look to diversify their portfolios, especially for the financial sector. Foreign funds have been on a net outflow for the past six months in a row. “We believe foreign funds will make a U-turn back to Asia, as prevailing low valuations remain as the star attraction. Malaysia will enjoy some spillover effects, hence providing the much required liquidity in the market,” Yee said. “In terms of growth earnings, Southeast Asia or Asia Pacific is the region where we will see growth, and money should get into this region,” Thong said.

The announcement came after the High Court dismissed Serba Dinamik’s application for the permanent stay of the winding up petition earlier on the same day. The petition for the winding up was made against Serba Dinamik and three of its subsidiaries — Serba Dinamik International Ltd, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd — by six financial institutions. The six are: Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd over the non-payment of debts totalling about RM5 billion. The RM5 billion included the US$500 million (RM2.13 billion) sukuk, on which Serba Dinamik had defaulted. Read also:High Court refuses permanent stay order against winding up of Serba Dinamik, three units pending appealHigh Court allows winding-up of Serba Dinamik, three subsidiaries

SIBU: A 28-year-old social media influencer lost RM16,799 after falling victim to an online job offer scam via Facebook. Enticed, the victim then contacted a Facebook account holder about the job offer. "The victim then received a bank notification that there had been a fund transfer from her account," he said. Realising that she had been scammed, ACP Zulkipli said the victim lodged a police report. He urged the public not to be deceived by advertisements on social media that offer lucrative returns.

(March 14): Chinese markets have been notably unperturbed by the global convulsions sparked by the fallout from a sudden rush of US banking failures. The biggest drop in two-year Treasury yields since the early 1980s hasn’t had much impact on their Chinese equivalents, which have barely moved. Onshore credit spreads haven’t budged since last Friday (March 10), while mainland Chinese stocks rallied on Monday on signs that monetary policy will largely be stable this year. Yuan assets are likely to be shielded from the market tumult fuelled by concerns of US systemic banking risks as investors cement bets on China’s economic recovery. That would result in a narrowing rate differential with China, and boost the appeal of yuan assets.

PETALING JAYA: Despite weak demand, Top Glove Corp Bhd is expected to increase the average selling prices (ASPs) of its gloves soon. “While Top Glove is expecting to raise ASPs gradually going forward, we are not particularly enthusiastic about it, as this is done in anticipation of rising raw material costs. HLIB Research pointed out that latex prices were expected to rise due to wintering season, whereas higher butadiene prices would drive nitrile rubber prices higher. “Other Malaysian, Chinese and Thai glove manufacturers will likely follow suit, since rising raw material prices will impact all producers. The brokerage said it would take time for the market to absorb the excess glove supply before Top Glove could regain profitability.

The charge further stated that the brothers had allegedly registered the car under Dino’s name without the resolution of the board. ;Brian Ng Shih Chiow (Photo credit: Revenue Group Bhd)Dino Ng Shih Fang (Photo credit: Revenue Group Bhd)The charge was framed under Section 403 of the Penal Code and is punishable under the same Act. He also alluded to this group called the “corporate mafia” which is allegedly planning a hostile takeover of the company, which is the reason the brothers were charged. “Even the media carried out news report known as ‘corporate mafia’ to do a hostile takeover; now they’re (the brothers are) under attack,” Hamzah said. Hamzah alleged that the “corporate mafia” had made the report against the brothers at the MACC.

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) reported record-breaking profit after tax (PAT) of RM101.6bil in the financial year ended Dec 31, 2022 (FY22), on the back of higher crude oil prices. The PAT nearly doubled from RM50.9bil a year earlier, enabling the national oil company to deliver a dividend of RM50bil to the federal government - its sole shareholder. With Brent grade crude oil price averaging US$101.32 per barrel in 2022, some 43% higher than 2021, PETRONAS’ revenue increased by 51% year-on-year to RM375.3bil. The average Brent crude oil price in 2021 was US$70.91 per barrel. ALSO READ: Petronas posts higher Q4 profit, sees lower oil prices in 2023Moving forward, PETRONAS president and group CEO Datuk Tengku Muhammad Taufik said the group will continue to exercise prudent financial management and firm discipline in reinvesting.

KUALA LUMPUR (March 13): Bursa Malaysia closed lower amid mixed sentiment in regional bourses following a heavy global selldown, a dealer said. Sector-wise, the Financial Services Index dipped 244.59 points to 15,720.39, the Energy Index shed 4.42 points to 852.83, the Industrial Products and Services Index eased 0.36 of-a-point to 172.57, while the Plantation Index increased 29.56 points to 6,792.33. The Main Market volume rose to 2.33 billion shares worth RM1.81 billion from last Friday's 1.82 billion shares worth RM1.83 billion. Warrants turnover improved to 391.70 million units worth RM74.47 million from 388.77 million units worth RM67.50 million previously. The ACE Market volume jumped to 772.43 million shares worth RM269.65 million from 514.62 million shares worth RM217.93 million last Friday.

KUALA LUMPUR (March 13): Billionaire Elon Musk has said he is open to rescuing the crisis-hit Silicon Valley Bank (SVB). The former richest man in the world, who is also Tesla Inc and Twitter chief executive officer, tweeted that he would even consider using Twitter as a digital bank. Musk was responding to a Twitter user asking if “Twitter should buy SVB and become a digital bank”. Meanwhile, Reuters reported on Sunday (March 12) that British start-ups backed by venture capital have around 2.5 billion pounds (US$3 billion), largely in deposits, “locked” in Silicon Valley Bank’s UK subsidiary. Read also:Silicon Valley Bank fallout spreads around world from London to SingaporeSVB UK holds US$3 billion of venture capital-backed firms' funds — survey

ALMOST RM216mil or 38% of Pharmaniaga Bhd ’s market capitalisation was wiped off in just a week, after a RM552mil vaccine provision sparked a panic among investors in the stock. The pharmaceutical player had to make the provision for “slow-moving stocks of Covid-19 vaccines”, in accordance with accounting standards. This pulled the company into the red with a net loss of RM607.32mil in the financial year ended Dec 31, 2022 (FY22).