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HSBC Holdings Plc is making major leadership changes in its key Hong Kong operations, appointing Maggie Ng as the new chief executive officer for Hong Kong. Ng will succeed Luanne Lim, who has been named CEO of HSBC’s subsidiary Hang Seng Bank. Ng will also retain her current role as head of retail banking and wealth management for Hong Kong, HSBC said in a statement. The appointments will take effect in October, subject to regulatory approval. Maggie Ng as the new chief executive officer for Hong Kong. As part of the reshuffle, Diana Cesar will step down as CEO of Hang Seng Bank to become vice-chairman for Hong Kong at HSBC’s Asia unit, where she will advise the co-CEOs for Asia and the Middle East. The changes come as Hong Kong — HSBC’s largest market — continues to be a central focus for the bank. Group CEO Georges Elhedery, who took the helm last year, has been restructuring the bank to improve efficiency, including merging its commercial and investment banking arms and turning its Hong Kong and UK operations into standalone entities. Ng, who joined HSBC in 2020 as head of wealth and personal banking in Hong Kong, will take on the new role with extensive experience in the sector. Meanwhile, Lim, who has been with HSBC since 1999, will lead Hang Seng Bank at a challenging time, as the lender faces rising bad loans tied to Hong Kong’s struggling commercial property sector.

KUALA LUMPUR, Malaysia Airlines Bhd will restart flights to Chengdu, China on Jan 9, 2026, marking its return to the route after a nine-year gap. The service, suspended in 2017 as part of a network restructuring, will connect Kuala Lumpur International Airport (KLIA) with Chengdu Tianfu International Airport via a direct daily flight. With this addition, the carrier will serve seven destinations in Greater China, including Beijing, Shanghai, Guangzhou, Xiamen, Hong Kong and Taipei. Parent company Malaysia Aviation Group Bhd (MAG) said the move strengthens its position in one of Asia’s fastest-growing travel markets, supported by the recent reciprocal visa-free arrangement between Malaysia and China. MAG group managing director Datuk Captain Izham Ismail said China recorded an average load factor of 81% in the first half of 2025, underscoring the strong demand. “With the visa-free travel arrangement now in place, we are well positioned to capture the growing demand from both leisure and business travellers in one of the world’s most dynamic markets,” he said during a media briefing. Firefly widens regional reach MAG’s low-cost arm, Firefly, will also expand its footprint in November with new jet services from KLIA to Krabi (Thailand), Siem Reap (Cambodia) and Cebu (the Philippines). “These additions strengthen Firefly’s role in enhancing Asean connectivity, providing travellers with seamless access to popular regional destinations while supporting tourism and trade,” MAG said. Izham added that the group’s new routes and higher flight frequencies reflect its strategy of positioning Malaysia as a key aviation hub. “With the network expansions, upgraded products, and our people driving these efforts, MAG is ready to deliver greater value to customers while reinforcing Malaysia’s role as a gateway to Asia and beyond,” he said. Fleet and frequency expansion Starting October, Malaysia Airlines and Firefly will boost frequencies across their networks. Malaysia Airlines will add flights to Australia, New Zealand, China, India, the Maldives and Bangladesh, while Firefly will grow services to Singapore and major Malaysian cities including Kota Kinabalu, Kuching, Penang and Johor Bahru. The network expansion is aligned with MAG’s fleet modernisation plan, highlighted by the introduction of new Airbus A330neo aircraft on selected long-haul routes to Australia and New Zealand. The A330neo delivers better fuel efficiency, passenger comfort, and supports the group’s sustainability goals. By the first quarter of 2026, Malaysia Airlines will operate the youngest widebody fleet in Australasia, MAG said, reinforcing both its sustainability agenda and its commitment to service excellence. Malaysia Airlines currently operates 86 aircraft, comprising 54 narrowbody and 32 widebody jets. The airline has already received six Airbus A330neo and 14 Boeing 737-8 aircraft this year, with two more A330neos due before the end of 2025.

KUALA LUMPUR, Ranhill Utilities Bhd has appointed Datuk Faiz Ishak as its chairman, ending a year-long vacancy following the resignation of founder Tan Sri Hamdan Mohamad in August 2024. Faiz, a non-independent director, takes the helm as the Johor-based utility company undergoes a new phase under its largest shareholder, YTL Power International Bhd. Hamdan, who had led Ranhill since it acquired the listing of Symphony House Bhd in December 2015, stepped down after YTL Power and its 70%-owned unit, SIPP Power Sdn Bhd, completed a mandatory general offer (MGO) in July 2024. The MGO secured a controlling 53.19% stake in Ranhill, following YTL Power’s initial acquisition of nearly 19% of the company for RM140 million in late 2023. The takeover triggered significant boardroom reshuffles, with five new directors appointed in August 2024, including Yeoh Keong Yeen and Yeoh Keong Yuan as executive directors. Several previous board members, including Hamdan, former executive directors Datuk Seri Panglima Lim Haw Kuang and Zurina Abdul Rahim, and Hamdan’s daughter Imaan Aiysha Hamdan, also stepped down. Faiz, 67, joined Ranhill’s board in August 2024. An ACCA-qualified accountant, he has previously held directorships at Transocean Holdings Bhd, YTL Corporation Bhd, and YTL Power. Ranhill, which operates Johor’s sole water utility through Ranhill SAJ Sdn Bhd, reported a net profit of RM17.77 million for Q2 2025, more than double the RM6.94 million recorded in the previous quarter. The company expects strong demand for water services from data centre developments and strategic initiatives, including the Johor-Singapore Special Economic Zone and Special Financial Zone, to support future growth. Ranhill’s shares closed at RM1.59 on Thursday, down three sen or 1.85%, giving the company a market capitalisation of RM2.06 billion.

SK Hynix Inc’s labour union has approved a historic agreement that could give employees an average bonus of around US$80,000 (RM338,560) for 2025, preventing a potential strike and setting a benchmark for South Korea’s tech sector. Under the deal, 10% of the company’s annual operating profit will be allocated to a bonus pool for its 33,625 employees—a key demand of the union. Analysts estimate the agreement, which also includes a 6% wage increase, will cost SK Hynix about 3.8 trillion won (US$2.7 billion). Individual payouts will vary depending on tenure and seniority. The payout comes amid a projected 60% jump in SK Hynix’s operating income, driven by strong demand for high-bandwidth memory used in artificial intelligence systems. The new compensation structure, set to last 10 years, could influence labour practices across other Korean tech companies. The agreement also pressures Samsung Electronics Co., whose bonuses are not linked to operating income. Following the SK Hynix deal, unions from five Samsung affiliates urged the company to revise its bonus system for more transparency. SK Hynix’s new bonus plan removes the previous cap of 1,000% of base salary, a source of prior conflicts. Under the agreement, 80% of the 2025 bonus will be paid early next year, with the remaining 20% distributed over the following two years. Employees at SK Hynix have expressed strong support and loyalty, while workers outside the company have reacted with envy, highlighting the deal’s industry-wide impact.

MUMBAI, Amazon announced on Thursday that it has completed its acquisition of Bengaluru-based non-banking lender Axio for an undisclosed sum, giving the e-commerce giant access to India’s direct lending market. The deal, which had been under discussion since December, received approval from the Reserve Bank of India in June, according to Mahendra Nerurkar, Amazon’s vice-president for payments in emerging markets. Founded 12 years ago, Axio is a fintech lender providing digital credit and money management solutions to both retail customers and small businesses. Under Amazon, the platform will offer a range of credit products, including loans at checkout and other services beyond the Amazon ecosystem, Nerurkar said. He added that Amazon aims to develop new credit products to better serve consumers and small- to medium-sized businesses. Unlike most e-commerce platforms in India that partner with banks or non-banking lenders, Amazon can now lend directly through Axio, a more profitable model. Flipkart, for instance, secured its non-banking financial company licence in April via Flipkart Finance, allowing lending but not deposit-taking. Axio will continue operating as a separate business but will now be a wholly-owned subsidiary of Amazon in India. The lender reported a loan book of approximately 22 billion rupees (US$251.4 million/RM1.1 billion) for the quarter ending June, according to co-founder Gaurav Hinduja. The acquisition strengthens Amazon’s fintech presence in India, complementing approvals it has already secured for offering payment wallets and selling insurance on its platform. Amazon Pay ranked ninth by transaction volume on India’s Unified Payments Interface (UPI) in July 2025, per the National Payments Corporation of India.

KUALA LUMPUR, Malaysia’s sovereign wealth fund Khazanah Nasional Bhd has reduced its stake in Farm Fresh Bhd, ceasing to be a substantial shareholder after selling 65 million shares. Its holding in the Johor-based dairy producer dropped from 6.49% to 3.02%, according to Farm Fresh’s filing with Bursa Malaysia on Thursday. The sale was executed via Khazanah’s wholly-owned unit, Agrifood Resources Holdings Sdn Bhd, though the transaction price was not disclosed. Khazanah first invested in Farm Fresh in 2011, acquiring a 30% stake in the then-named Holstein Milk Company Sdn Bhd as part of its strategy to boost Malaysia’s food security and dairy self-sufficiency. Farm Fresh went public in 2022, raising around RM1 billion in one of the year’s largest IPOs, valuing the company at RM2.5 billion. Since the listing, Khazanah has gradually reduced its holdings through open-market disposals. In 2025 alone, it sold 42.5 million shares in June, lowering its stake from 11.8% to 9.42%, and another 55 million shares in July. The latest sale leaves Khazanah with just 3.02%, below the 5% threshold to be considered a substantial shareholder. Farm Fresh’s largest shareholder remains its group managing director and CEO Loi Tuan Ee, who, via Rainforest Capital Sdn Bhd and Farmchoice Foods Sdn Bhd, holds 28.99% and 11.14% of the company, respectively. Other institutional investors include Abrdn Malaysia Sdn Bhd with 10.97% and the Employees Provident Fund (EPF) with 9.69%. Farm Fresh shares have risen over 10% year-to-date, closing three sen or 1.46% lower at RM2.02 on Thursday, giving the company a market valuation of RM3.69 billion.

KUALA LUMPUR, GE Aerospace will invest US$75 million (RM316 million) by the end of 2025 to upgrade its maintenance, repair and overhaul (MRO) and component repair facilities in the Asia-Pacific (APAC) region. The investment will go into building new engine test cells, installing advanced equipment, and adopting new technologies such as AI-enabled inspection systems. These upgrades aim to cut turnaround times for customers and boost repair capacity at GE Aerospace’s MRO sites. The company said the move supports the rising demand for services in the APAC aviation market, building on a US$45 million investment made last year. A large part of the new investment will focus on major projects in Singapore and Malaysia, particularly at GE’s flagship Asian hub, which specialises in CFM56 and CFM Leap engines. In Malaysia, the plan includes expanding MRO capacity for CFM56 and CFM Leap engines, with Leap engine shop visits set to double within three years. The facilities will also feature a new engine test centre for Leap 1A and 1B engines, advanced systems meeting top safety and quality standards, and additional equipment to cater to growing demand. GE Aerospace added that training and upskilling programmes will be introduced for employees, along with measures to enhance carbon efficiency in its operations. The company currently supports over 49,000 commercial aircraft engines worldwide, including 3,800 in APAC, and employs more than 2,700 people across the region.

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.