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PETALING JAYA, Hibiscus Petroleum Bhd, through its wholly-owned unit Hibiscus Oil & Gas Malaysia Ltd, has entered into an agreement with PetroVietnam Exploration Production Corp Ltd (PVEP), the operator of Block 46/13 PSC offshore Vietnam. The agreement will allow production from Block 46/13 to be tied into and processed via the existing facilities under the PM3 Commercial Arrangement Area (CAA) Production Sharing Contract, which are operated by Hibiscus. In its Bursa Malaysia filing, Hibiscus said the deal will make better use of available capacity at the PM3 CAA PSC facilities, while setting out a commercial framework for managing production handling and cost allocation related to Block 46/13. The company added that the arrangement is expected to enhance operational efficiency and strengthen collaboration between the two parties, although no financial terms of the agreement were revealed.

KUALA LUMPUR, The third edition of Selangor Export Day, happening on Aug 25–26, is set to gather over 200 entrepreneurs and businesses, particularly micro, small and medium enterprises (MSMEs), from diverse industries across the state. In a statement, the Malaysia External Trade Development Corporation (MATRADE) said the event will help entrepreneurs expand into export markets, further strengthening Selangor’s role as one of Malaysia’s top exporting states. MATRADE chairman Datuk Seri Reezal Merican Naina Merican. MATRADE chairman Datuk Seri Reezal Merican Naina Merican noted that Selangor recorded RM357.06 billion in export value in 2024, a 7.3% increase from the previous year. “Selangor Export Day is more than just an entrepreneur programme — it is a platform for entrepreneurs to connect, exchange ideas, innovate and gain inspiration. I encourage all entrepreneurs, especially in Selangor, to take advantage of this opportunity to access the latest export-related insights and prepare for the global market,” he said. The 2025 edition, held at Dewan Raja Muda Musa in Section 7, Shah Alam, is organised by the Selangor government through the State Economic Planning Unit (UPEN) and Selangor State Development Corporation (PKNS), in partnership with MATRADE. The event will be officiated by state Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi and PKNS Group deputy chief executive officer (corporate) Suhaimi Kasdon, with MATRADE CEO Datuk Seri Mohd Mustafa Abdul Aziz also in attendance. Over the two days, participants can look forward to exporter advisory clinics, market opportunity briefings, success story sharing, as well as information on financial facilities and grants for exporters. Mohd Najwan highlighted that MSMEs are the backbone of Selangor’s economy. With the right support and global exposure, he said, they can strengthen their export potential sustainably. “In the digital economy era, entrepreneurs’ ability to adopt new technologies, leverage e-commerce and use market insights will define their resilience. That’s why collaboration between MATRADE and the state government through Selangor Export Day is crucial to ensure MSMEs remain resilient and grow into competitive global exporters,” he added.

In January, Starbucks announced plans to add at least 100 new outlets in Korea this year, after opening its 2,003rd store. From January to June, Starbucks Korea recorded an operating profit of 75.4 billion won (US$54 million), a slight dip of 4% from 75.8 billion won last year. However, sales rose 4.2% to 1.56 trillion won from 1.49 trillion won. The company has also ramped up marketing initiatives. In early 2023, it started replacing its name-calling pickup system with vibrating pagers at select stores, and since April 2024, Starbucks drinks have been available on food delivery app Baedal Minjok (Baemin). Starbucks Korea is jointly owned by Shinsegae’s Emart, which holds a 67.5% stake, and the Government of Singapore Investment Corporation (GIC), which owns 32.5%.

Sabana REIT has named Karen Lee as the chief executive officer (CEO) of its newly internalised manager, marking a key milestone in the trust’s transition. Lee brings more than two decades of experience in the real estate investment trust (REIT) industry. She previously served as deputy CEO of the merged ESR REIT and was CEO of ARA LOGOS Logistics Trust prior to its merger with ESR. Alongside her appointment, Sabana REIT has also announced Goo Li Ling as the chief financial officer (CFO) of the internal manager. Goo, who most recently held the role of managing director, finance for real estate funds at Keppel Fund Management until June this year, also brings 20 years of experience. Her past roles include a stint at Suntec REIT between 2004 and 2006. The trust further strengthened its governance structure with the appointment of two new board directors: Havard Chi from Quartz and Bhavik Umesh Doshi from One Hill Capital, effective August 22. These leadership changes follow Sabana REIT’s landmark move last year to internalise its management. On July 21, 2023, the REIT called for an extraordinary general meeting (EGM) to remove its external manager, and by August 7, unitholders voted in favour of the resolution to terminate Sabana Real Estate Investment Management (SREIM). On August 5, 2024, the REIT confirmed that it had identified candidates for senior leadership positions and executed letters of intent ahead of the official appointments. The latest leadership announcement underscores Sabana REIT’s commitment to establishing a fully internalised management structure to better align with unitholders’ interests.

KUALA LUMPUR, JPMorgan Chase has agreed to pay the Malaysian government US$330 million to settle all matters linked to its involvement in the multibillion-dollar 1MDB scandal, both parties confirmed on Friday. Investigators in Malaysia and the United States previously revealed that at least US$4.5 billion was misappropriated from 1Malaysia Development Berhad (1MDB) between 2009 and 2014. In 2021, 1MDB filed lawsuits against units of JPMorgan, Deutsche Bank, and Coutts & Co, accusing them of negligence, breach of contract, conspiracy to defraud, and dishonest assistance. Court filings showed that 1MDB had sought US$800 million in damages from JPMorgan (Switzerland) Ltd. Under the settlement, JPMorgan’s payment will be channelled into the government’s 1MDB Asset Recovery Trust Account. “The settlement resolves all current and future claims between the parties and prevents any further litigation related to 1MDB,” both sides said in a joint statement. They also confirmed that all outstanding appeals related to the lawsuit against JPMorgan’s Swiss unit at the Malaysian High Court will be withdrawn.

KUALA LUMPUR, United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is partnering with FMM House Sdn Bhd to launch its RM3 billion ASEAN Green Medium Term Notes (MTN) Programme, aimed at driving sustainable growth in Malaysia’s logistics infrastructure. UOB Malaysia is acting as the principal adviser, lead arranger, lead manager, and facility agent for the programme, underscoring the bank’s commitment to advancing green financing and innovation in the capital markets. Chief executive officer Ng Wei Wei said this represents UOB Malaysia’s second green logistics hub project in Selangor, following its earlier support for Global Vision Logistics, which was Malaysia’s first green-certified logistics development and one of the largest in ASEAN. “These initiatives reflect our continued efforts to deliver innovative solutions that support clients in decarbonising and transitioning to low-carbon, future-ready infrastructure,” Ng said in a statement. Proceeds from Tranche 1, valued at up to RM630 million with a 15-year tenor, will go toward developing three green logistics hubs in Pulau Indah, Klang, Selangor. The programme, structured for multi-tranche issuances, will provide financing for FMM House’s future logistics infrastructure projects. “This programme is a key milestone in redefining logistics infrastructure through automation and sustainability. With UOB Malaysia’s backing, we are confident in delivering world-class, green-certified developments that create long-term value,” said FMM House director Tan Sri Teo Chiang Hong. The Pulau Indah development will feature automated warehouse storage systems with a gross floor area of 1.67 million square feet, a storage capacity of 218,000 pallets, and both ambient and cold room facilities. The project has also secured pre-certified Gold Status under the Leadership in Energy and Environmental Design (LEED) framework, a globally recognised green building standard.

PETALING JAYA, Datuk Idham Nawawi will step down as Chief Executive Officer (CEO) of CelcomDigi Bhd at the end of his term on Aug 31, 2025, the company announced in a statement. Datuk Idham Nawawi. Idham, who has led CelcomDigi since its formation following the landmark merger between Celcom and Digi in 2022, is leaving the role for personal reasons after serving three years at the helm. To ensure a smooth transition, Idham will continue to serve as an adviser to the board until Nov 30, 2025, providing guidance and support to the leadership team. CelcomDigi has appointed Deputy CEO Albern Murty as acting CEO effective Sept 1. Albern will take on this responsibility in addition to his current role. Before the merger, he served as CEO of Digi.Com Bhd and has over two decades of experience in the telecommunications industry. Idham, who first joined Celcom Axiata Bhd (now Celcom Bhd) on Sept 1, 2018, has been credited with leading the company through a critical period of transformation and spearheading the successful integration of Celcom and Digi. Under his leadership, CelcomDigi strengthened its market position and enhanced its digital and network capabilities, laying the foundation for the company’s next phase of growth. CelcomDigi expressed its appreciation for Idham’s contributions, highlighting his role in shaping the merged entity and driving innovation in Malaysia’s telco industry.

A subsidiary of Foxconn Technology Group, the world’s largest electronics manufacturer, is investing US$30 million in Hong Kong-based Robocore Technology, marking the Taiwanese giant’s entry into the smart robotics market. The deal was made through Foxconn Technology, a Taipei-listed company partly owned by Apple and Nvidia supplier Hon Hai Precision Industry. The investment formed part of Robocore’s Series D funding round, completed recently at its base in the Hong Kong Science Park. “This isn’t just capital support – it’s a strong vote of confidence in our future,” said Roy Lim Long-hei, founder and CEO of Robocore. He added that Foxconn’s supply chain and manufacturing expertise would help the startup grow faster, expand into new markets, and prepare for a possible US IPO within five years. The move also reflects Foxconn’s broader strategy to diversify beyond smartphones into AI servers, robotics, and cloud technologies. A range of smart, programmable service robots designed and developed by Robocore Technology.  Robocore develops programmable service robots for healthcare, education, consumer use, and smart facility management. Its Israel-based unit, RoboTemi Global, created the temi AI-powered personal assistant robot. Under the investment plan, Foxconn will first inject US$10 million for a 6.6% stake in RoboTemi Global, followed by two additional tranches of US$10 million each over the next two years. Proceeds from the funding round will mainly support telemedicine expansion in the US, Europe, and Japan, alongside new consumer product launches in China and global sales growth. Robocore founder and CEO Roy Lim Long-hei. Robocore said production is currently split between Dongguan and Taiwan, with the latter ramping up to serve the US healthcare market due to tariff advantages. With Foxconn’s backing, the company expects to triple its revenue within three years and grow fivefold by 2028. Today, Robocore has robots deployed at nearly 20,000 sites worldwide, including 5,000 in the US across hospitals, elderly care homes, retail chains, and households. In Hong Kong alone, 720 robots are in use at 38 public hospitals, while in New York State, over 200 elderly homes use the temi robot for remote medical diagnoses. “We’re focused on scaling globally, using Hong Kong as a reference case,” Lim said.

King Power Corporation is downsizing its duty-free business by closing three downtown branches in Bangkok and Pattaya and introducing a voluntary redundancy programme for employees, chief executive Nitinai Sirismatthakarn said. The closures — King Power Mahanakhon, King Power Srivaree, and King Power Pattaya — come as revenue from group tours declines, with more tourists now travelling independently. Airport duty-free outlets, however, remain stable as they rely on individual passengers. The company’s affiliate, King Power Duty Free Co, is also negotiating contract adjustments with Airports of Thailand Plc (AoT) for operations at five airports. Falling foreign tourist arrivals, down 5% this year and led by a 33% drop in Chinese visitors, have pressured both King Power’s revenues and AoT’s share price, which has plunged 35.6% in 2025. Mr. Nitinai, a former AoT president who became CEO of King Power in June, said the cost-cutting move is part of wider adjustments businesses must make in changing market conditions. Employees opting for voluntary redundancy will receive compensation under labour laws, while staff from the closed outlets may be reassigned to other locations. Founded in 1989, King Power remains Thailand’s largest duty-free operator. Last month, AoT approved extended payment terms for three contracts covering five airports, while earlier this year King Power sought to exit those contracts, citing the downturn in tourist arrivals.

KUALA LUMPUR, Volkswagen Group Malaysia (VGM) has entered into a strategic partnership with PKT Logistics (M) Sdn Bhd to strengthen its logistics operations in the country. The framework agreement for transportation and logistics services was signed on Aug 5, 2025, at PKT’s “The Ship” campus in Batu Kawan, Penang. “This agreement is more than a contract – it marks an important milestone in Volkswagen Group Malaysia’s growth journey,” said VGM managing director Dr Susanne Lehmann. PKT group chief executive and managing director Datuk Seri Dr Michael Tio said the company’s priority is to ensure smooth, efficient, and reliable logistics to support Volkswagen’s regional supply chain. He added that PKT, with decades of automotive logistics experience and global brand partnerships, remains committed to sustainability and ESG-driven practices. The partnership is expected to enhance both inbound and outbound logistics efficiency for VGM, while also supporting Malaysia’s ambition to become a regional logistics hub. With PKT’s expertise, VGM aims to build a more agile and resilient supply chain to support its future growth.