YTL Power International Bhd led the market as the top gainer, rising 42 sen to close at RM4.08, followed closely by YTL Corporation Bhd, which increased by 41 sen to RM2.55. In contrast, Nestle (Malaysia) Bhd was the top decliner, losing RM2.00 to settle at RM97.00.
Dmitry V., the former CEO of the crypto exchange WEX, was arrested in Poland on December 9, 2024, following a U.S. extradition request. He faces charges related to fraud and money laundering linked to WEX's operations, which processed over $9 billion before its 2018 collapse. This arrest marks a significant step in the ongoing investigation into his alleged criminal activities during his tenure.
Temasek Holdings is reducing its stake in U Mobile Sdn., a Malaysian telecom company that recently secured a significant 5G contract. The firm will sell part of its shares to an entity controlled by tycoon Vincent Tan and the Malaysian king’s daughter, lowering its ownership from 48% to 20%.
Marvell Technology Group Ltd focuses on designing and marketing integrated circuits for storage and transmission, serving various sectors. Their sales distribution includes data centers (40.2%), corporate networks (22.3%), telecom infrastructures (19.1%), consumer electronics (11.3%), and automotive/industrial (7.1%). Geographically, 43.1% of sales are in China, followed by the USA (14.4%) and other regions.
Chinese auto part manufacturers, especially those with North American plants, are expected to face limited disruptions from potential U.S. tariffs on Mexico. UBS analysts indicate that U.S. manufacturers' reliance on Chinese firms will make it challenging to find alternatives, allowing for shared tariff costs. Companies like Fuyao Glass and Huizhou Desay SV Automotive are well-positioned to mitigate risks, with Fuyao planning to expand its U.S. capacity and Desay having limited exposure to Mexico.
Emerging Asian bonds are becoming pricier, reducing their appeal compared to global counterparts if Donald Trump implements less severe tariffs than anticipated. Yield spreads for South Korea, the Philippines, India, China, Malaysia, and Indonesia are trading below their 12-month average, indicating higher valuations than other emerging markets like Colombia and Mexico.
A Malaysian court has permitted the dropping of corruption charges against jailed former Prime Minister Najib Razak and the former treasury chief, related to the 1MDB scandal. This decision marks a significant development in the ongoing legal proceedings surrounding the high-profile case.
Budgeted salary increases across Southeast Asia for 2025 are projected to rise compared to 2024, with technology and manufacturing sectors leading at 5.8%. However, Singapore and Thailand are expected to lag behind the region, with increases of 4.4% and 4.7%, respectively, due to lower economic growth and inflation rates. The demand for skilled talent continues to drive these increases amid a competitive labor market.
Affinity Equity Partners is in negotiations to acquire Malaysian seafood supplier Golden Fresh Sdn, with a potential deal valued at approximately 1.3 billion ringgit ($290 million). An agreement could be reached in the coming weeks, according to sources familiar with the discussions.
UBS is facing a credit loss expense of approximately 150 million Swiss francs (US$170 million) due to sluggish growth in Europe, particularly affecting Swiss corporates with export-import businesses. CFO Todd Tuckner noted that the integration of Credit Suisse is ongoing, with a pre-tax loss of US$700 million expected in the final quarter. He expressed optimism about the bank's performance in the Asia-Pacific region, despite uncertainties surrounding new capital requirements in Switzerland.
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