Corporate News

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KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.

Commodities

Oil falls as Opec+ proceeds with September output increase

LONDON: Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, though traders remained wary of further sanctions on Russia.

Markets

US indexes post biggest daily pct gains since May 27 in rebound from Friday selloff

NEW YORK: All three major U.S. stock indexes scored their biggest daily percentage increases since May 27 on Monday as investors sought bargains after the previous session's selloff and ramped up bets for a September interest rate cut after Friday's weaker-than-expected jobs data.

True Or Not

QuickCheck: Is it true that the first Fantastic Four movie was never released?

YOU would be surprised how many movies never make the cut. Some stall in pre-production, others get shelved after filming wraps. A few are even pulled just before hitting theatres.

Smartphones

What we can learn from the Amish about life without a mobile phone

Smartphones have conquered much of the world but the Amish of Lancaster County are putting up a strong resistance.

Technology

Intel's credit rating downgraded by Fitch on demand challenges

(Reuters) -Fitch downgrading U.S. chipmaker Intel's credit rating by one notch on Monday, according to a note by the ratings agency, which assigned a negative outlook to Intel's rating.

Technology

Axon raises annual revenue forecast on strong security demand

(Reuters) -TASER maker Axon Enterprise raised its full-year revenue forecast on Monday, betting on continued demand for its software products and security devices.

Technology

CFTC to allow listed spot crypto trading on registered exchanges

(Reuters) -The Commodity Futures Trading Commission said on Monday it would allow trading of spot crypto asset contracts that are listed on a futures exchange registered under the regulator.

Technology

Broadcom launches Jericho chip to advance AI data center networks

SAN FRANCISCO (Reuters) -Broadcom's silicon division launched its next-generation Jericho networking chip on Monday, which is designed to connect data centers over 60 miles (96.5 km) apart and speed artificial intelligence computation.

Technology

Palantir lifts annual revenue forecast again as AI demand accelerates

(Reuters) -Palantir Technologies on Monday raised its annual revenue forecast for the second time this year, expecting sustained demand for its AI-linked services from businesses and governments.

Technology

MercadoLibre misses profit estimates as Brazil free-shipping boost hurts margins

SAO PAULO (Reuters) -Latin American e-commerce giant MercadoLibre on Monday missed analysts' estimates for second-quarter net profit and core earnings, as increased free shipping in Brazil drove sales up but also hit margins.

Technology

Figma sheds $11 billion in market value days after blockbuster IPO

NEW YORK (Reuters) -Shares of Figma slumped 23% on profit taking on Monday, as euphoria over the design software firm waned days after its blockbuster initial public offering.

Forex

Ringgit higher on weak US jobs report 

KUALA LUMPUR: The ringgit closed stronger against the US dollar yesterday following a softer-than-expected US jobs report that significantly altered market expectations on the Federal Reserve (Fed) policy, says an analyst.

Corporate News

Pekat wins RM31mil TNB contract

PETALING JAYA: Pekat Group Bhd's indirect 60%-owned subsidiary, EPE Switchgear (M) Sdn Bhd, has secured a RM31.32mil switchgear maintenance and repair job from Tenaga Nasional Bhd (TNB).

Plantations

Johor Plantations in palm oil pact with state firms

PETALING JAYA: Johor Plantations Group Bhd has signed a memorandum of understanding (MoU) with YPJ Plantations Sdn Bhd (YPJP) and PIJ Holdings Sdn Bhd (PIJH) to enhance cooperation and drive transformation in Johor's palm oil sector.

Corporate News

Kelington wins wafer hook-up job in Germany

PETALING JAYA: Kelington Group Bhd, via its wholly-owned subsidiary Kelington Engineering (Germany) GmbH (KEGG), has accepted a letter of intent (LOI) for a semiconductor hook-up project in Dresden, Germany.

Nation

Seedlings are good, according to the grapevine

HOMEOWNER Ismarina Ismail, 50, planted grapevines along the edge of her yard about two years ago, not realising that she would eventually get good offers for their seedlings, Utusan Malaysia reported.

Economy

Trillion-ringgit question

Is the US$240bil investment in the United States to reduce the trade gap with Washington viable? It could be an economic win after all, say experts

Nation

Raid reveals work permit violations

BUKIT MERTAJAM: An Indonesian domestic worker was among 12 foreign women detained by the Immigration Department during a raid on an entertainment centre here.

Corporate News

Ajiya sells industrial land for RM52mil

PETALING JAYA: Ajiya Bhd is disposing of two adjoining parcels of vacant industrial land measuring 64,069 sq m in Negri Sembilan to Kumkang Kind (M) Sdn Bhd and Asia Roofing Industries Sdn Bhd for RM51.9mil.