And the selloff is spreading to nations with the closest trade ties to China, such as South Korea and South Africa. Investors remain underexposed to China as they seek more consistent policy signals that can sustain the economic recovery. That has sent the ratio between emerging markets and rich nations down 5.6% this year, the biggest retreat since at least 2020. Since then, China’s economic data have indeed shown improvement. The MSCI China Index has tumbled 5.3% in April, erasing this year’s advance.

But Ola Kaellenius said decoupling from China, the world's second largest economy, was "unthinkable for almost all of German industry". "The major players in the global economy, Europe, the US and China, are so closely intertwined that decoupling from China makes no sense," he was quoted as saying. German carmakers depend on the Chinese car market, the world's largest, and Mercedes-Benz counts China's Beijing Automotive Group Co Ltd and Geely chairman Li Shufu as its two top shareholders. China accounted for 18% of revenues and 37% of car sales at Mercedes-Benz in 2022 and Kaellenius predicted more to come. "Our sales figures in China are increasing and I am quite optimistic that we will also grow this year.

KUALA LUMPUR (April 30): Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has come out to say that there will be no recall of its Perodua Axia model, as it is deemed safe for driving. “We wish to offer some background, insight and perspective on the nature of this announcement, especially in reference to the new Perodua Axia,” Perodua president and chief executive officer Datuk Seri Zainal Abidin Ahmad said in a statement on Sunday (April 30) evening. He explained: “Perodua engaged Daihatsu to carry out safety testing for the new Perodua Axia in Japan, which was witnessed by relevant authorities and agencies for their respective assessment. “We were assured that despite the revelation by Daihatsu, the UN-R95 certification given to the Perodua Axia is intact. This means that the Perodua Axia is safe for driving and no recall will be issued, nor will Perodua stop delivery of this new model to our valued customers.”Zainal Abidin apologised for the distress the matter had caused its customers.

Asked if Musk had proven himself to be the best possible steward for the platform, Dorsey said, “No. “It all went south,” Dorsey wrote on Bluesky, the invite-only Twitter alternative that he’s backing. Dorsey, who was friendly with Musk for years and suggested he get involved with Twitter, was previously publicly in favor of the deal. Last year, he called Musk as the owner of Twitter “the singular solution I trust”. “Payment as proof of human is a trap, and I’m not aligned with that at all,” Dorsey said on Bluesky.

Choo Meng’s sister, Michelle Ong Tzu Chuen, also owned 2.69 million shares or a 1.33% stake in Apex Equity. Jacky Pang and associatesInterestingly, Sanichi’s Pang owned 1.63 million shares or a 0.81% stake in Apex Equity. The regulator claimed Apex Securities contravened the securities laws “as ACE has become a controller of Apex Securities, when ACE is not a fit and proper person” to do so. Following ACE's divestment of shares, a big block of Apex Equity shares was made available in the market. The new and notable Apex Equity shareholders, namely the Hextar family members and their business associates, Pang and his associates, as well as Proven Venture Capital, controlled a total of 18.58% of Apex Equity as at end March.

NEW YORK (April 29): Economically sensitive areas of the US stock market are flashing warnings over growth, even as major equity indices edge higher. Beneath the surface, however, areas of the market tied to economic sentiment such as transports, semiconductors and small-cap stocks dropped in April, while so-called defensive sectors are outperforming. “People are starting to more defensively position themselves,” said Aaron Dunn, a co-head of the value equity team at Eaton Vance. At the same time, consumer staples and healthcare sectors favoured by investors during uncertain times have rallied in the past month. "They are talking about demand being down, and they are ridiculously important shipping companies,” said Matt Maley, the chief market strategist of Miller Tabak.

KUALA LUMPUR: Main Market-bound DXN Holdings Bhd aims to raise about RM121.6mil from the public issue portion of its initial public offering (IPO), which will go towards the repayment of bank borrowings and working capital requirements. The maximum IPO price is set at 76 sen per share with the final price to be determined via a bookbuilding exercise. Maybank Investment Bank Bhd is the principal adviser of the IPO, as well as joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter. CIMB Investment Bank Bhd is joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter. CLSA Limited and CLSA Securities Malaysia Sdn Bhd are joint global coordinators and joint bookrunners for the IPO whereas RHB Investment Bank Bhd is a joint bookrunner and joint underwriter.

KUALA LUMPUR (April 27): Genting Malaysia Bhd’s proposed US$1.225 billion (RM5.433 billion) land divestment in Miami is set to reinforce the group’s financial strength in its bid for a downstate New York gaming licence. Genting Malaysia originally bought the Miami Herald land for US$246 million in 2011. Genting Malaysia is bidding for a New York table gaming licence, and the projected capital expenditure is US$1 billion,” they added. The disposals, which require shareholders’ approval, would enable Genting Malaysia to recognise an estimated gain of US$967 million. “Thus, the sale of the aforesaid property will not negatively impact our Genting Malaysia earnings estimates materially,” he said.

KUALA LUMPUR (April 27): Property developer Radium Development Bhd, en route to a Main Market listing on May 31, has set a price of 50 sen per share for its initial public offering (IPO) exercise that will raise RM434 million. The exercise comprises a public issuance of 868 million new shares, or 25% of its enlarged share capital of 3.47 billion shares. A further 435 million shares will be offered by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry, followed by the remaining 100 million shares for selected investors by way of private placement. In terms of financial results, Radium posted a PAT of RM128 million on the back of a revenue of RM472.81 million for FY2019. Read also:Radium Development inks underwriting agreement with Malacca Securities and CIMB Investment BankRadium Development gets SC's nod to list on Main MarketProperty developer Radium Development seeks Main Market listing

KUALA LUMPUR: CIMB Group Holdings Bhd 's 92.5% indirectly held Indonesian subsidiary PT Bank CIMB Niaga Tbk (CIMB Niaga) reported a 29.5% year-on-year (YoY) jump in pre-tax profit to 2.0 trillion rupiah (about RM607mil) in the first quarter, translating to earnings per share of 63.42 rupiah. Total loans/financing grew 10.1% YoY to 201.1 trillion rupiah (or 199.6 trillion rupiah excluding Salam financing) contributed mainly by growth in corporate banking and consumer banking. Mortgages grew by 5.5% YoY, while auto loans rose 20.6% Y-o-Y, including contributions from the bank’s subsidiary, PT CIMB Niaga Auto Finance (CNAF). “In CIMB Niaga, we also focus on customer centricity, which we do by continuing to provide unique and different values as well as a positive experience to customers when performing banking transactions with CIMB Niaga," Lani said. To support its business growth, CIMB Niaga continues to improve customer experience by offering a comprehensive suite of products and services through its 414 branches and networks (including 37 digital lounges).

TAIPEI (April 27): The billionaire founder of Taiwan's Foxconn and presidential hopeful Terry Gou said on Thursday (April 26) China does not want war with the island and would not attack if he become president as he would not declare independence. Gou, one of Taiwan's most recognisable faces, stepped down as chief of major Apple Inc supplier Foxconn, which has extensive manufacturing facilities in China, in 2019. China wanted to develop its economy and focus on things like finding jobs for college graduates and feeding its people, Gou said. "I won't (declare) independence, you won't attack me or fly around Taiwan," he added, referring to the almost daily missions by China's air force in the vicinity of the island. Tsai has repeatedly offered talks with China but she has been rebuffed as Beijing believes she is a separatist.

KUALA LUMPUR (April 27): Genting Malaysia Bhd (GenM) expects to realise an estimated gain on disposal of US$967 million (RM4.289 billion) from the disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald land) for US$1.225 billion. In a Bursa Malaysia filing on Thursday (April 27), GenM said its unit Resorts World Miami LLC had entered into a conditional sale and purchase agreement (SPA) with Smart Miami City LLC. The gaming group said the disposal of the Miami Herald land to the purchaser on an “as is where is” basis and with possession subject to the terms and conditions of the SPA. On the rationale for the sale, GenM said the Miami property market has grown significantly since its acquisition of the Miami Herald land in 2011, with the Miami Home Price Index nearly tripling to 398.56 as at Dec 1, 2022. Read also:Genting Malaysia 2.25% higher at noon break after announcement of RM5.4b sale of Miami propertyGains from Genting Malaysia’s Miami land disposal a large windfall, says Nomura

KUALA LUMPUR (April 27): Bursa Malaysia opened higher on Thursday on bargain hunting boosting a rebound in financial services heavyweights despite Wall Street’s negative performance overnight, according to an analyst. At 9.08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.17 points to 1,415.42 from Wednesday’s close of 1,414.25. “Hence, despite Nasdaq closing 55 points higher, the Dow Jones Industrial (DJI) Average slipped 229 points with the US 10-year yield inching higher at 3.445%. The FBM ACE Index was 17.20 points better at 5,367.86, while the FBM 70 index dropped 18.47 points to 13,540.25. Sector-wise, the Industrial Products and Services Index inched up 0.07 of a point to 171.55, the Financial Services Index gained 32.71 points to 15,524.75 and the Plantation Index went up 5.90 points to 6,890.36.

IPOH: A toddler was found drowned in a children's pool at a house in Tambun on Tuesday (April 25) night. Ipoh OCPD Asst Comm Yahaya Hassan said the girl, who was only one year and nine months old, was found floating in the pool by her parents at about 8.45pm. "Initial investigations found that the incident occurred at the house of the victim's grandfather," he said. "Prior to the incident, the victim was with her parents in the house when they were there for a visit," he added. He said the case was being investigated under Section 33 of the Child's Act for leaving a child without reasonable supervision.

KUALA LUMPUR: Capital A Bhd ’s engineering and maintenance subsidiary Asia Digital Engineering (ADE), has secured an investment of US$100mil from OCP Asia Ltd. Capital A chief executive officer Tan Sri Tony Fernandes said during its capital raising exercise, ADE has received strong interest from numerous global investment funds, who have seen the recovery potential of the regional and global airline industry. “This investment vindicates Capital A’s strategy of diversifying into more than just an airline. We have now set up a fantastic group of airline, airline services, digital and logistics companies with a tremendous upside and now that Covid has ended, investors and the public markets are realising the enormous potential of Capital A,” he added. Meanwhile, OCP Asia founding partner Teall Edds believed ADE, with its best-in-class engineering capabilities, technology-driven value proposition and experienced management team is well-positioned to be a leading aviation MRO player in the region.