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KUALA LUMPUR, AmBank Group has committed RM780 million in financing to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Bhd (E&O), to support its flagship Andaman Island project. In a joint statement on Wednesday, E&O and AmBank said the facility will fund the second phase of land reclamation and infrastructure works. Covering 230.67 hectares, Phase 2 forms part of Andaman Island’s total area of 307.56 hectares and is scheduled for completion by 2028. E&O managing director Kok Tuck Cheong said the estimated cost of reclamation works for Phase 2 stands at RM4 billion.“We are finalising the master plan for Phase 2 while maintaining focus on Phase 1. That said, we may advance both phases concurrently. To date, we have launched six projects under Phase 1, with a combined GDV of RM3 billion, including waterfront developments, landed homes, and condominiums,” he told reporters after the signing ceremony between AmBank and TPD. As development progresses, Kok noted that plans also include a commercial belt featuring a shopping mall, offices, serviced apartments, educational institutions, branded residences, and a luxury hotel. He added that AmBank’s financing will help accelerate reclamation and infrastructure delivery, supporting timely development milestones. The Andaman Island project is a 30-year master plan with a gross development value of RM70 billion. “With its scale, careful planning, and sustainability focus, Andaman is set to redefine island living in Penang while positioning itself as an international destination that attracts investors, residents, and visitors alike. Our goal is to build a future-ready island city that harmonises progress with nature and community, leaving a lasting legacy,” Kok said.

PARIS, Global fast-fashion giant Shein has been hit with a hefty €150 million (RM761 million) fine from France’s data protection authority for violations of the European Union’s General Data Protection Regulation (GDPR). The Commission Nationale de l’Informatique et des Libertés (CNIL) announced the penalty after investigations revealed that Shein failed to adequately safeguard customer data and did not comply with key GDPR requirements. According to CNIL, the company’s practices exposed millions of European users to privacy risks, including insufficient measures to prevent data breaches and lapses in providing customers with clear information about how their personal data was collected and used. The fine represents one of the largest penalties issued by CNIL in recent years, highlighting Europe’s tougher stance on protecting consumer privacy and holding companies accountable for mishandling personal data. Shein, which has seen rapid growth across Europe in recent years, said it is reviewing the authority’s decision and will continue to strengthen its data protection policies. The case underscores increasing scrutiny faced by global tech-driven retailers operating in Europe, where regulators have stepped up enforcement of data privacy rules under GDPR.

KUALA LUMPUR, In a milestone initiative to strengthen Malaysia’s Islamic business ecosystem and enhance financial access for small businesses, Bank Muamalat Malaysia Berhad (Bank Muamalat), in partnership with Mastercard, has introduced the nation’s first Shariah-compliant SME Debit Card – the Bank Muamalat SME Debit Card-i. Designed specifically for Small and Medium Enterprises (SMEs), the card is packed with tailored benefits to help business owners manage operations more efficiently while staying aligned with Islamic banking principles. This launch underscores the importance of values-based finance in supporting the SME sector, which represents more than 97% of businesses in Malaysia and contributes 38% to the country’s GDP. The Bank Muamalat SME Debit Card-i reflects a shared commitment to inclusive growth, digital adoption, and ethical finance. As part of a limited-time launch campaign, cardholders can enjoy up to 4% cashback on key business expenses for the first six months. Eligible spending categories include online travel agencies, leading e-commerce platforms such as Shopee and Lazada, and digital advertising with providers like Google and Meta. Additional benefits include: 2x monthly waivers on international ATM withdrawal fees Access to Mastercard Easy Savings®, Priceless Specials, and a curated range of merchant offers Expense tracking and categorized spending insights for better financial management Built around the needs of modern SMEs, the debit card operates via a Current Account, ensuring full spending transparency and avoiding reliance on credit facilities—making it fully Shariah-compliant. “We are committed to providing ethical, accessible, and rewarding financial solutions that empower Malaysian businesses to grow with confidence,” said Khairul Kamarudin, President and Chief Executive Officer of Bank Muamalat. “SMEs are vital to the nation’s economy, and this SME Debit Card-i is a reflection of our vision to support them with solutions that merge Shariah values with practical business tools.” The launch also aligns with Mastercard’s broader strategy to drive inclusive growth across Malaysia and Southeast Asia, supporting national priorities under the MyDIGITAL Blueprint and Bank Negara Malaysia’s Financial Sector Blueprint, which highlight financial inclusion, digital readiness, and ethical finance. “Small businesses are the backbone of Malaysia’s economy, and their success depends on financial solutions that are practical and values-driven,” said Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard. “Through this collaboration with Bank Muamalat, we are proud to introduce a Shariah-compliant debit card that equips SMEs with tangible benefits while advancing their digital and financial inclusion journey.” With Islamic finance continuing to gain traction—Malaysia’s Islamic banking assets surpassed RM1 trillion in 2024—the Bank Muamalat SME Debit Card-i arrives at a pivotal time for the sector. The card will be available starting 15 August 2025 at all Bank Muamalat branches and via the Bank’s official website. For more details, please visit www.muamalat.com.my or contact the Customer Centre at +603 2600 5500.

KUALA LUMPUR, More than 2.9 million Malaysians have collectively spent RM192.4 million on essential goods within the first three days of the Sumbangan Asas Rahmah (Sara) programme, according to the Ministry of Finance (MOF). The initiative, which provides a one-off RM100 credit to eligible recipients, saw particularly strong usage on its third day. On Tuesday (Sept 2), over 1.1 million transactions worth RM75.3 million were recorded as of 10.30pm, a significant increase from RM50 million in sales on the first day (Aug 31). The MOF noted that the higher uptake also translated into improved efficiency of the programme’s payment infrastructure. The transaction success rate climbed to 95%, compared with 79% on the launch day, highlighting adjustments made to strengthen system performance. In its statement, the ministry explained that the surge in usage placed unprecedented demand on the MyKasih system, which processes Sara transactions. At its peak, the platform handled over 2,000 approved transactions per minute — nearly four times the record peak of 540 transactions per minute set in April 2025. To cope with the heightened demand, the MOF said system processing capacity has been tripled from 5,000 to 15,000 queries per minute. “This upgrade is expected to speed up transaction processing and enhance user convenience,” the ministry said. The Sara programme forms part of the government’s broader Rahmah initiative, aimed at easing the burden of rising living costs, particularly among lower-income households. By targeting spending on basic necessities, the credits are expected to channel direct support where it is most needed. Recipients can utilise the RM100 credit until Dec 31, 2025, at more than 7,300 registered retail outlets nationwide, ensuring widespread accessibility. The ministry said it would continue to monitor transaction patterns and system performance closely to ensure smooth implementation and to make further adjustments where necessary. “With the strong response witnessed in the first few days, Sara is proving to be an impactful programme in supporting Malaysians’ daily needs,” the MOF said.

KUALA LUMPUR, Deputy Accountant General (Corporate) Zainani Jusoh has been appointed as the new Accountant General of Malaysia, effective today. According to a statement from the Accountant General’s Department of Malaysia (AGD), she succeeds the previous incumbent who retired on Sept 2. Her appointment letter was presented by Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar in Putrajaya on Aug 27. Hailing from Tanah Merah, Kelantan, Zainani holds a Bachelor of Accounting degree from Universiti Putra Malaysia (UPM). She is also a chartered accountant and a member of both the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). With over 30 years of public service experience, Zainani began her career in 1994 as an accountant with the AGD’s Micro Accounting System Task Force. She has since served in various agencies and ministries, including the Malaysian Examinations Board, Ministry of Works, Ministry of Home Affairs, Ministry of Foreign Affairs, and the Ministry of Housing and Local Government. She was instrumental in driving the digitalisation of accounting systems in Malaysian embassies worldwide, transitioning from manual processes to digital platforms. This shift enabled more efficient, accurate, and timely financial management for Malaysian missions abroad. Before becoming Deputy Accountant General (Corporate) in September 2023, Zainani headed the AGD Consultancy Services Division and the Ministry of Finance Accounts Division from 2019 to 2023. In recognition of her service, she was awarded the Bentara Setia Mahkota state honour in 2015 in conjunction with the birthday of Sultan Muhammad V of Kelantan. “The AGD extends its deepest appreciation to the government for the trust placed in Zainani Jusoh to carry out the duties and responsibilities of Accountant General of Malaysia beginning Sept 3, 2025,” the department said.

KUALA LUMPUR, 99 Speed Mart Retail Holdings Bhd has confirmed the opening of its first overseas store in Fuzhou, China on Aug 31. In a filing with Bursa Malaysia, the convenience store operator said it will also establish prototype outlets in Fuzhou, with plans for progressive expansion in the city. The company noted that the move is not expected to have a material impact on its earnings or net assets for the financial year ending Dec 31, 2025. 99 Speed Mart, which made its Main Market debut last September, did not disclose further details such as investment size. The confirmation follows reports in Chinese media earlier Tuesday about the store launch in Fujian province, which said the operations in China would be wholly owned by 99 Speed Mart. As of end-June, the group operated 2,894 outlets across Malaysia. On Tuesday, shares in 99 Speed Mart closed two sen lower, or 0.79% down, at RM2.50, giving the company a market value of RM21.17 billion.

Swiss food and beverage multinational Nestlé announced Monday that it has terminated CEO Laurent Freixe following an internal investigation into an undisclosed relationship with a direct subordinate. The company, known for brands such as Nescafé and Purina, said the dismissal took immediate effect after the probe determined that Freixe’s conduct violated Nestlé’s code of ethics. No further details about the investigation were disclosed. Freixe, who had served as CEO for just one year, will be succeeded by Philipp Navratil, a veteran Nestlé executive. “This was a necessary decision,” Chairman Paul Bulcke said in a statement. “Nestlé’s values and governance remain the strong foundations of our company.” Freixe joined Nestlé in 1986 and built a decades-long career across various international markets. He became CEO of Zone Latin America in 2022 before being appointed group CEO in August 2024, officially assuming the role that September. Navratil began his career with Nestlé in 2001 as an internal auditor, later holding senior roles in Central America and within the Coffee Strategic Business Unit. He most recently served as CEO of the company’s Nespresso division. The leadership shake-up adds to a series of senior transitions at the Swiss giant. In April, Steve Presley, CEO of Zone Americas, announced his retirement after nearly three decades. And in June, Bulcke confirmed he would not seek reelection as chairman in 2026. Nestlé, headquartered in Vevey, has faced mounting pressures common across the food sector, including rising commodity prices and tariffs. In July, the company said it offset higher costs for coffee and cocoa through price increases.

KUALA LUMPUR, Datuk Mohd Zamree Mohd Ishak will step down as president and chief executive officer (CEO) of Credit Guarantee Corp Malaysia Bhd (CGC) on Dec 31, marking the end of his decade-long leadership, the corporation confirmed in a statement on Wednesday. CGC president and CEO Datuk Mohd Zamree Mohd Ishak (left) and his successor Mohamed Nazri Omar. He will be succeeded by Mohamed Nazri Omar, currently managing director of group corporate and investment banking at Bank Pembangunan Malaysia Bhd (BPMB). Nazri is expected to join CGC in October to ensure a smooth handover before formally taking over as president and CEO on Jan 1, 2026. Earlier reported that Mohd Zamree would be leaving CGC, with Nazri lined up as his replacement. “With 36 years in the financial services industry, Datuk Zamree has been instrumental in reshaping CGC since 2015. He spearheaded two consecutive five-year strategic plans that anchored the corporation’s growth,” CGC said. Established in 1972, CGC is majority-owned by Bank Negara Malaysia (78.65%) with the remainder held by commercial banks (21.35%). Its mandate is to assist micro, small and medium enterprises (MSMEs) with limited collateral or credit records in securing financing through guarantee schemes. Nazri, who brings more than 25 years of experience in financial services spanning corporate and investment banking, capital markets and development finance, currently oversees corporate banking, advisory, treasury, business development and product strategy at BPMB. He also sits on the boards of several subsidiaries. Previously, he served as CEO of Danajamin Nasional Bhd from 2014 to 2022, strengthening its role in developmental finance and enhancing its capital markets presence. He has also held senior positions at Kuwait Finance House Malaysia, RHB Sakura Merchant Bankers, Macquarie Bank and Citibank. “We are confident that his wealth of experience across financial institutions and development financial institutions will further strengthen CGC’s capacity to deliver innovative solutions and expand its impact in supporting MSMEs,” said CGC chairman Datuk Mohammed Hussein.

PETALING JAYA, The 14 companies being investigated by the Malaysian Anti-Corruption Commission (MACC) for allegedly smuggling tobacco, cigarettes, and cigars were found to have valid import licences. MACC said smuggled tobacco, cigarettes, and cigars resulted in more than RM250 million in lost tax revenue between 2020 and 2024. According to an MACC source, the probe—part of Op Sikaro—is still ongoing, with statements already taken from company directors and representatives, Utusan Malaysia reported. “So far, raids have not uncovered any use of fake tax stamps, but investigations are continuing,” the source said. The firms are suspected of making false declarations during imports, such as using wrong customs codes or altering product details. On Aug 20, it was reported that MACC raided these companies, which are believed to have caused over RM250 million in lost tax revenue between 2020 and 2024. The raids covered business premises and owners in the Klang Valley and Johor linked to the tobacco, cigar, and liquor trade. Authorities have since frozen about RM218 million in both personal and company bank accounts. The customs department has also suspended several import licences to assist the probe. The source added that some enforcement officers are suspected of being involved in the smuggling activities. The raids were carried out by MACC’s special operations division, together with the Inland Revenue Board, Bank Negara Malaysia, and the customs department.

Chery Automobile Co. is preparing for an initial public offering in Hong Kong that could raise about US$1.5 billion (RM7.1 billion) as early as next month, according to people with knowledge of the matter. If completed, the deal would add to what’s shaping up to be one of the busiest Septembers for new listings in the city. A Chery Automobile Co. Jaecoo J7 electric vehicle. The plan is still under discussion, and both the final size and timing of the IPO may shift depending on market conditions, the sources said, asking not to be identified as the information remains private. China’s securities regulator confirmed on Wednesday that it has approved Chery’s proposal to issue up to 698.9 million ordinary shares in Hong Kong. Chery declined to comment on the development. The move comes as billion-dollar IPOs make a comeback in Hong Kong after a quiet summer. Zijin Gold International Co. is eyeing a US$2 billion listing in September, while Sungrow Power Supply is planning a US$1 billion debut, according to IFR. With more than 220 IPO applications pending at the end of July, the momentum is expected to continue. So far this year, Hong Kong has raised over US$17 billion from listings, putting it on track for its strongest fundraising year since 2021. Analysts at Bloomberg Intelligence project that proceeds could climb beyond US$22 billion by year-end. Chery, a state-owned automaker and China’s largest car exporter, manufactures Jaguars and Land Rovers domestically. The company reported revenue of 182 billion yuan (US$25 billion) in the first nine months of 2024, underscoring its growing global footprint.