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KUALA LUMPUR: PricewaterhouseCoopers (PwC) is set to reduce its United States workforce by approximately 1,500 roles, representing around 2% of its headcount in the country, the firm confirmed on Monday. PwC, one of the Big Four accounting firms, employs over 75,000 people across the United States. The company cited historically low attrition rates in recent years as a contributing factor to the decision. “This was a difficult decision, and we made it with care, thoughtfulness, and a deep awareness of its impact on our people,” PwC stated. “The sustained low levels of attrition over consecutive years made it necessary to take this step.” The latest move comes amid broader efforts by PwC to reassess and streamline its operations globally. In April, the firm exited nine Sub-Saharan African markets following a strategic review. Separately, last year, Reuters reported that PwC was considering reducing up to 50% of its financial services auditing staff in China due to a regulatory investigation and a decline in client activity. PwC’s workforce changes follow similar restructuring moves by other Big Four firms. In November 2023, KPMG announced plans to cut nearly 4% of its US audit workforce, amounting to approximately 330 positions. PwC operates as part of the Big Four alongside KPMG, Ernst & Young (EY), and Deloitte. –Reuters

KUALA LUMPUR : MR DIY Group (M) Bhd is expected to post a strong financial performance in the financial year ending 2025 (FY25), supported by robust store expansion plans and operational savings from its new automated warehouse, according to CIMB Securities Sdn Bhd. The research firm projects an 8.1% year-on-year increase in core net profit for FY25, driven primarily by the group’s aggressive retail footprint growth. MR DIY plans a net addition of 180 new outlets during the year, representing a 12.5% increase from FY24. Operational efficiencies are also set to improve following the commencement of MR DIY’s automated warehouse in the second quarter of FY25. The warehouse is expected to lower start-up costs and enhance supply chain productivity, supporting margins over the medium term. MR DIY reported a core net profit of RM176 million for the first quarter of FY25, marking a 12.2% year-on-year increase. CIMB said the result was in line with both its internal forecast and Bloomberg consensus estimates, noting that festive-driven spending—particularly around the earlier-than-usual Hari Raya celebrations—boosted Q1 performance. The firm assessed the broader impact of US-imposed tariffs on global trade as neutral to slightly positive for MR DIY. Despite concerns that protectionist policies may dampen consumer sentiment, the group is expected to benefit from softer global demand through improved supplier terms and favourable exchange rates. CIMB maintained its earnings per share forecasts for FY25 to FY27 and reaffirmed its ‘Buy’ rating on the stock, with an unchanged target price of RM2.15. “We remain positive on MR DIY’s earnings trajectory, supported by its market leadership in Malaysia’s home improvement sector, resilient balance sheet, and disciplined cost management,” the brokerage said. –Business Times

KUCHING: The Sarawak government and global aerospace leader Airbus have agreed to form a joint task force to chart a strategic roadmap for the state’s aerospace sector, marking a significant step towards positioning Sarawak as a regional aviation hub. Sarawak Premier Tan Sri Abang Johari Tun Openg said the collaboration will harness industry expertise through structured dialogue and technical consultation, with the roadmap expected to act as a key growth driver for the aviation industry and unlock international opportunities. The formation of the task force is one of six strategic cooperation areas finalised during Abang Johari’s official visit to the Airbus Campus and ATR headquarters in Toulouse, France. Among the initiatives agreed upon is the development of a 40.5-hectare aerotropolis in Sarawak, in partnership with Airbus. The integrated hub will serve to support the entire aviation ecosystem, including maintenance, training, and support services. The parties have also committed to exploring the use of sustainable aviation fuel, which is currently under development in Sarawak, reinforcing both environmental sustainability and industrial innovation. Airbus will further collaborate with local academic institutions such as ICATS University College to design aerospace-related training programmes and curricula. These initiatives aim to cultivate highly skilled talent tailored to meet the demands of the fast-growing aerospace industry. In addition, Airbus will assist Sarawak in evaluating the potential for manufacturing composite materials and gas-based synthetic leather, as well as advancing avionics and instrumentation systems driven by artificial intelligence. The partnership also includes the joint development of digital journey systems and integrated flight services to streamline travel and mobility solutions through a unified digital platform. –Bernama

KULIM : Austrian technology firm AT&S has confirmed that its operations in Malaysia remain unaffected by the recent imposition of reciprocal tariffs by the United States, as its product range is not covered by the current trade restrictions. According to Ingolf Schroeder, Executive Vice-President of AT&S’s Microelectronics Business Unit, the company is closely monitoring global developments, but no impact has been observed at its Malaysian facility to date. “Our high-end printed circuit boards and integrated circuit (IC) substrates, which are essential components in semiconductors, smartphones, industrial electronics, automotive systems, medical devices and AI hardware, are currently shipped exclusively to outsourced semiconductor assembly and test (OSAT) firms in Taiwan and Malaysia,” Schroeder said during a briefing at the company’s manufacturing site in the Kulim Hi-Tech Park. The Malaysian operations form a key part of AT&S’s global supply chain, which supports major clients including US chipmaker Advanced Micro Devices Inc (AMD). The company has committed over RM5 billion to its Kulim facility under Phase 1 of its development plan, which totals RM8.5 billion. This includes an allocation of RM600 million for research and development. Production at the Kulim plant began in March with the large-scale manufacturing of high-end IC substrates, developed primarily for AMD’s high-performance, energy-efficient data centre processors. Looking ahead, Schroeder said the Kulim site will play a central role in AT&S’s long-term growth strategy, as the company aims to become one of the top three IC substrate producers globally. “Our operations here began with just one customer, AMD, but we are targeting an expansion of our client base to three customers by financial year 2026, and up to five by the following year. These could include other chip designers or OSAT companies,” he said. He added that the company remains focused on supporting the next generation of artificial intelligence technologies, and expressed confidence in continued demand for high-end substrates. “If AI is indeed the next major growth driver, we do not foresee a downturn. The products we make are highly advanced and very few companies globally can match this level of complexity.” Schroeder also noted efforts to improve supply chain localisation in Malaysia, particularly in sourcing critical raw materials such as chemicals. While many inputs are still imported, AT&S is actively working to expand its local supplier base to enhance operational flexibility. -Free Malaysia Today

KUALA LUMPUR : Nuren Group Limited (NSX:NRN) (“Nuren”) is pleased to announce the engagement of ZICO Evolve Capital Sdn Bhd (formerly known as ZICO Capital Sdn Bhd) (“ZICO Evolve Capital”) as its financial advisor for initial public offering (“IPO”) structuring and readiness in connection with the proposed listing on the Nasdaq Stock Exchange in the United States. A Strategic Leap into Global Capital Markets The proposed listing of Nuren marks a significant milestone in Nuren’s next phase of growth as Nuren together with its subsidiaries (the “Nuren Group”) seek to broaden their capital markets footprint and tap into the deep liquidity and global investor base of the U.S. markets. “This is more than just a listing – it’s a positive step forward in our mission to build Southeast Asia’s most trusted ecosystem for women, from marriage to motherhood,” said Petrina Goh, Group CEO of Nuren Group. “Partnering with ZICO Evolve Capital gives us the right strategic counsel to navigate the complexities of a U.S. listing while remaining true to our purpose and community roots.” As a female-focused digital platform with market-leading brands such as Motherhood.com.my, Ibuencer.com and Kelabmama.com, Nuren is well-positioned to capture regional and global investor interest – particularly within sectors aligned with digital media, e-commerce, parenting, and women’s health. Nuren Group also recently launched the Motherhood Parenting SuperApp, designed to support over 5 million mothers and parents in tracking pregnancies, accessing healthcare resources, engaging with expert-led content, and shopping for family essentials, all within a single, integrated platform. Expert Guidance from ZICO Evolve Capital ZICO Evolve Capital, together with its holding company, ZICO Holdings Inc. (SGX:40W) (“ZICO”) and its strategic partner, Evolve Capital Advisory Pte Ltd (“Evolve Capital Advisory”), bring deep experience in cross-border capital market advisory, with a proven track record of supporting Southeast Asian companies in broadening their investor base. Their engagement as advisor will include overall capital markets strategy, listing readiness, liaison with and coordination of professionals, and assistance with capital structure. ZICO is a leading ASEAN-based multidisciplinary professional services provider, and was listed on the Catalist Board of the Singapore Exchange Securities Trading Limited in 2014. ZICO is widely regarded as the Go-To Professional Services Provider offering ‘cradle-to-grave’ business life cycle solutions in the ASEAN region. Backed by over seven (7) decades of combined leadership experience, ZICO operates in Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, and the Philippines, with a core focus on advisory and transactional services. “Nuren Group represents the kind of purposeful, high-growth company that resonates with global investors – especially on Nasdaq. We are excited to work closely with the team to help unlock greater access to capital, global branding opportunities, and a long-term road map for international expansion.” said Mr. Chew Seng Kok, Executive Director of ZICO Evolve Capital and ZICO. Positioning for Global Scale and Long-Term Impact The proposed Nasdaq listing of Nuren is more than a financial milestone – it is a strategic leap toward Nuren Group’s vision of becoming a globally recognised leader in the digital women’s ecosystem. By entering the world’s most dynamic capital market, Nuren Group gains access to deeper institutional capital, stronger liquidity, and the valuation potential typically reserved for high-growth, purpose-driven companies. A U.S. listing amplifies our global visibility, strengthens brand trust, and positions us for meaningful engagement with international investors, analysts, and partners. It also paves the way for USD-denominated fundraising and cross-border acquisitions, accelerating our ability to scale impact and innovation across new markets. This move represents not just where we are going, but who we aspire to become on the world stage.

KUALA LUMPUR: Payments Network Malaysia (PayNet) has unveiled the country’s first fintech-focused community and accelerator — the PayNet Fintech Hub — in a move set to transform Malaysia’s fintech landscape. Designed as a national enabler, the Hub offers direct access to capital, key partnerships, and strategic resources to accelerate fintech innovation. With support from over 45 partners, the initiative offers participating startups over RM1 million in PayNet credits, RM600,000 in sponsored advisory services, and up to RM3 million in cloud support, alongside fully sponsored co-working space. Members also gain exposure to over 450 hours of mentorship and a pool of fintech investors. The Hub operates on two pillars: Community and Catalyst. While Community members benefit from local ecosystem integration, those selected for the Catalyst track will join a fully funded 10-week accelerator with Imperial College London, including a trip to the UK for intensive coaching and a global demo day. Farhan Ahmad, Group CEO of PayNet, said, “A thriving fintech industry is key to inclusive, future-ready financial services. The Hub is a decisive step toward advancing Malaysia’s digital economy and innovation goals.” The initiative is also backed by AWS Malaysia, offering access to its cloud services and upcoming Fintech Innovation Sandbox, enabling secure and scalable growth for startups. With the launch of this Hub, PayNet aims to consolidate Malaysia’s fragmented fintech ecosystem and position the country as a regional leader in financial innovation. For more information, visit fintechhub.paynet.my.

Bank Negara Malaysia (BNM) is anticipated to adopt a dovish stance during its upcoming Monetary Policy Committee (MPC) meeting on May 8, signaling readiness to ease interest rates should economic conditions warrant it, according to Maybank Investment Bank (Maybank IB). In its latest research note, Maybank IB forecasted that the central bank will likely keep the Overnight Policy Rate (OPR) unchanged at 3.00%, while remaining open to potential rate cuts if resilience in the domestic economy weakens. The earliest potential window for a rate reduction, the firm noted, would be in the second half of 2025, with the July MPC meeting flagged as a possible starting point. Cuts in September or November also remain on the table, depending on how economic indicators evolve. “Back-to-back rate cuts appear unlikely at this stage,” the research house added, citing BNM’s traditionally moderate and measured approach to monetary adjustments — typically avoiding aggressive policy shifts unless faced with severe economic or global financial stress. Maybank IB also highlighted geopolitical uncertainties, including US President Donald Trump’s ongoing tariff negotiations, as factors contributing to the current economic risk landscape. Policymakers, it said, are closely monitoring both downside risks to growth and potential inflationary pressures. Given the lagging impact of monetary policy, Maybank IB projects a modest path forward — likely a single 25-basis-point cut in the second half of the year, followed by a wait-and-see period to assess further developments before making additional adjustments. The upcoming MPC meeting is expected to draw renewed attention from investors and analysts, especially after two years of relatively uneventful policy holds since the last rate hike in May 2023. “Trade tensions have shifted the balance of risks facing Malaysia’s growth and inflation outlook,” the note observed. Meanwhile, the US Federal Reserve’s next steps are not expected to significantly influence BNM’s policy decisions. Although markets are pricing in at least one US rate cut by July, Maybank IB stressed that BNM remains focused on domestic indicators and the local impact of global developments. –The Star