Former high-ranking Goldman Sachs executive Beth Hammack will become the next president of the Cleveland Federal Reserve, the regional bank said on Wednesday.

Cleveland Fed taps former Goldman executive Hammack for president's job

Prime Minister Datuk Seri Anwar Ibrahim hosted two company delegations from Amazon Web Services (AWS) and Abu Dhabi Future Energy Company PJSC (Masdar) on Wednesday at his office in Putrajaya.

PM hosts investment delegations from AWS, Masdar in Putrajaya 

JPMorgan Chase CEO Jamie Dimon said on Wednesday that the split between chairman and CEO roles in the bank are overstated while adding that he and the board will do the right thing on succession.

JPMorgan's Dimon says he'll ‘do the right thing’ on succession, pushes back on CEO-chairman split

Wall Street indexes retreated on Wednesday, as concerns around the timing and scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher and pressured stocks.

Wall Street slides as rate worries push bond yields higher

Merck & Co restocked its cabinet of eye treatments with the purchase of Eyebiotech Ltd for as much as US$3 billion (RM14.07 billion), a move to help prepare for increasing price pressure on top-selling cancer therapy Keytruda in the coming years.

Merck to pay as much as US$3 bil for eye treatment startup

The European Union (EU) is aiming to start negotiations as early as June 25 with Ukraine on becoming a member of the bloc to help boost Kyiv’s morale, but has yet to fully overcome objections from Hungary.

EU aims to start Ukraine membership talks by end of June

Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month.

Six weeks later, on March 26, 2021, he got a 7.50am text message asking him to jump on a call.

Credit Suisse made ‘puny’ trade in face of Archegos collapse

Companies transporting goods from Asia face costs of as much US$10,000 (RM46,907) for an urgent full-size shipping container over the next month — about double current spot rates, according to prices circulating between carriers and importers.

The US$10,000 shipping container is again the talk of global trade

A New York prosecutor told jurors that the hush money payment at the heart of former president Donald Trump's criminal trial was an attempt to "hoodwink the American voter" during the 2016 election, as lawyers made their closing arguments on Tuesday.

Trump sought to 'hoodwink' voters with porn star payment, prosecutor tells jury

The global unemployment rate is expected to fall slightly to 4.9% this year from 5.0% in 2023, even as inequalities in labour markets persist, the International Labour Organization (ILO) said on Wednesday.

Global unemployment to slightly fall in 2024, UN labour body says

President Vladimir Putin appointed Alexey Dyumin to a top Russian state post, prompting speculation that an official who was once his personal bodyguard is being groomed as a potential successor.

Putin names ex-bodyguard to top post, stoking successor talk

China's largest ride-hailing company Didi Global fell to a first-quarter net loss after two consecutive quarters of profit, the company said on Wednesday.

China's Didi Global falls to first quarter loss on drop in Xpeng income

A small, private college on Manhattan’s Upper East Side is merging with Northeastern University, as the brutal economics of higher education unfold.
 
Marymount Manhattan College, a school of about 1,400 students that has struggled with dwindling enrolment, has agreed to combine with the Boston-based university, according to a joint statement from both schools.

Tiny New York City college to merge with Northeastern University

Companies should not share market-sensitive information with external analysts ahead of financial statements, the European Union's (EU) securities watchdog said, in its first such warning, following cases of share volatility linked to such disclosures.

EU markets watchdog warns companies over 'pre-close calls' with analysts

Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday.

Capital A, Axiata, TIME dotCom, RHB Bank, IHH Healthcare, Petronas Chemicals, Petronas Gas, Farm Fresh, IJM Corp, Kerjaya Prospek Group, MyEG, Lagenda Properties

Vizione Holdings Bhd (KL:VIZIONE) has bagged a RM250 million contract to construct apartments in Semenyih, Selangor, in a related-party transaction.

Vizione wins RM250m construction job to build apartments in Semenyih

Transport Minister Anthony Loke Siew Fook has signed a gazette exempting all cable-laying ships from the cabotage policy, in a bid to boost investments in internet technology (IT) infrastructure in Malaysia, effective June 1.

Putrajaya lifts cabotage policy for cable-laying ships effective June 1

Ajinomoto (Malaysia) Bhd (KL:AJI) saw its fourth quarter net profit surge over 15-fold year-on-year, boosted by the massive RM391.4 million gain from a land disposal.

Large divestment gain lifts Ajinomoto’s 4Q net profit to record high  

7-Eleven Malaysia Holdings Bhd’s (KL:SEM)’s net profit fell 18.1% to RM12.84 million for the first quarter ended March 31, 2024 (1QFY2024), from RM15.68 million a year ago, mainly due to higher operating expenses amid expansion of new stores and longer operating hours.

7-Eleven’s 1Q net profit down 18% amid higher expenses

Paramount Corp Bhd’s (KL:PARAMON) net profit for the quarter ended March 31, 2024 (1QFY2024) fell 33.44% to RM7.71 million from RM11.58 million a year earlier, as its property segment was hit by lower work progress and sales.

Paramount's 1Q net profit down 33% on lower property sales

Shares in Epicon Bhd (KL:EPICON), formerly known as Konsortium Transnasional Bhd, plummeted as much as 38.75% to 24.5 sen on Wednesday, prompting Bursa Malaysia to issue it an unusual market activity (UMA) query.

Epicon says shareholder assisting MACC probe as shares drop over 38% 

Lagenda Properties Bhd (KL:LAGENDA) said one of its senior personnel was remanded by the Malaysian Anti-Corruption Commission (MACC) under an investigation into the subdivision of Malay reserve land in Manjung, Perak.

Lagenda assures it's business as usual after senior personnel remanded in MACC probe

Kerjaya Prospek Group Bhd (KL:KERJAYA), which mainly builds homes, is bidding for the construction of data centres and semiconductor factories worth over RM3 billion this year.

Kerjaya Prospek bids for data centre, semicon factory projects worth RM3 bil

Malaysia should explore the possibility of setting up a joint investment fund to develop a new semiconductor hub in the Johor-Singapore Special Economic Zone, said Professor Ong Kian Ming.

Malaysia should explore joint fund with Singapore to develop new semiconductor hub, says Ong Kian Ming

Capital A Bhd (KL:CAPITALA) has recorded its third consecutive quarterly loss, on the back of a massive foreign exchange (forex) loss and depreciation.

Capital A logs third straight quarterly loss despite record revenue in 1QFY2024

The Malaysian Anti-Corruption Commission (MACC) has urged those who believe that they are victims in cases of subdivision of Malay reserve land lots to non-Malays&nbsp;to immediately lodge a report to the agency.

Azam Baki urges Malay reserve land fraud victims to report to MACC immediately

PwC will become the largest customer and first reseller of OpenAI's enterprise product as part of a new deal, the accounting giant said on Wednesday, as businesses rush to adopt and capitalise on generative artificial intelligence.

PwC to become OpenAI's largest enterprise customer amid genAI boom

The government aims to move up the semiconductor value chain from outsourced semiconductor assembly and test (OSAT) to focus on high-end value chain opportunities such as IC design or embedded software, high-end manufacturing and manufacturing equipment, according to Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.&nbsp;

Govt wants semicon sector to move up value chain from OSAT forte

IJM Corp Bhd's (KL:IJM) net profit for the fourth quarter ended March 31, 2024 (4QFY2024) leapt over 10-fold to RM305.5 million from RM23.1 million a year earlier, thanks to a sharp rise in other operating income.

IJM's 4Q net profit swells, declares six sen dividend

Hap Seng Consolidated Bhd (KL:HAPSENG) said on Wednesday that its net profit more than doubled in the first quarter compared to a year earlier, thanks to lower fertiliser costs boosting its plantation earnings, coupled with gains from land sales.

Hap Seng's 1Q net profit more than doubles on higher plantation earnings, land sale

A misunderstanding over instructions to move a vehicle is believed to be the cause of a person with disabilities being assaulted by a VIP's bodyguard in the lobby of a hotel here on Tuesday.

Assault of disabled driver by VIP's bodyguard due to misunderstanding, says KL police chief

To address the talent shortage in Malaysia, the Ministry of Investment, Trade and Industry (Miti), together with the Human Resources Ministry, is finalising some incentives to bring back highly-skilled local talent from abroad.

Miti, HR Ministry finalising incentives to bring home local talent, says Tengku Zafrul

Companies transporting goods from Asia face costs of as much US$10,000 (RM46,907) for an urgent full-size shipping container over the next month — about double current spot rates, according to prices circulating between carriers and importers.

Sentoria Group Bhd (KL:SNTORIA) announced on Wednesday that it has suspended its group chief executive officer (CEO) Datuk Loh Yuen Tuck from his duties with immediate effect, due to alleged misconduct.

Sentoria suspends CEO Loh Yuen Tuck just four months into his tenure, citing misconduct

KUALA LUMPUR (May 29): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Wednesday:

FBM KLCI slips 0.65% to 1,605.35 on May 29, 2024

Starbucks baristas say they are confronting an alarming issue: Drink orders are coming in fast, but there are fewer people to prepare them.

40 minutes for Starbucks coffee? US customers, workers fume over fewer staff

Axiata Group Bhd (KL:AXIATA), Malaysia’s biggest mobile carrier by revenue, said its first quarter net profit fell 19% from a year earlier mainly due to higher foreign exchange losses and finance costs.

Axiata Group's 1Q net profit down 19%, dragged by higher forex loss and finance costs

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

KUALA LUMPUR (May 29): Genting Plantations Bhd (KL:GENP) reported on Wednesday&nbsp;a 10.37% increase in its first quarter net profit on higher palm product prices, which offset the impact of lower sales volume in the downstream manufacturing segment.

Genting Plantations posts 10% rise in 1Q earnings on higher palm product prices

To succeed in the artificial intelligence (AI) boom era, Malaysia needs to be open to attracting talent from around the world to make the country a regional electrical and electronics (E&amp;E) powerhouse, said industry veteran Datuk Seri Wong Siew Hai.

Import foreign talent to address Malaysia’s E&E brain drain, says MSIA chief

MyEG Services Bhd (KL:MYEG) posted its highest quarterly net profit of RM155.83 million for the first quarter ended March 31, 2024 (1QFY2024) on the back of an increase in revenue.

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