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GEORGE TOWN, Penang has strengthened its position as a global hub for business and technology with the official launch of “GBS By The Sea,” a landmark RM296 million development located at Technoplex in Bayan Lepas. Penang Chief Minister Chow Kon Yeow described the project as a bold move that underscores the state’s shift toward a knowledge-based and innovation-driven economy. Spanning 290,000 square feet, GBS By The Sea is the fourth initiative under Penang’s Global Business Services (GBS) programme. “The facility is already fully occupied by three global industry players—Advanced Micro Devices Global Services (AMD), Celestica Platform and Cloud Solutions Malaysia, and the Microsoft Knowledge Capital Centre,” Chow said during the launch ceremony today. “These companies are not only investing in Penang but also creating over 1,000 high-value jobs in R&D, engineering, digital services, and other future-focused sectors. These are the types of careers we aim to offer to Penangites,” he added. Also present at the event were State Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Penang Island City Council (MBPP) Mayor Datuk A Rajendran, and Penang Development Corporation (PDC) CEO Datuk Aziz Bakar. Chow highlighted that the facility includes more than just office space—it also features a gym, cafeteria, and a six-storey car park with 800 bays. He emphasised that the GBS sector would be central to Penang’s continued transformation from a manufacturing stronghold into a modern, tech-driven economy. “Projects like GBS By The Sea aren’t just symbolic—they deliver real value for both businesses and workers,” he said. Chow noted that the development aligns with the 13th Malaysia Plan (13MP), which prioritises the shift to ‘Made by Malaysia’ and aims for higher growth through value-added industries. Looking ahead, Chow announced that PDC is already planning a fifth GBS project—“GBS at Technoplex”—a RM500 million development offering over 400,000 square feet of space. Although still under construction, 16% of the space has already been pre-booked, signaling strong investor confidence in Penang’s growing appeal.

JAKARTA, Indonesia and France have agreed to jointly develop a light rail transit (LRT) system in Greater Bandung, West Java, as part of a wider effort to deepen bilateral cooperation in the transportation sector. The agreement was announced by Indonesia’s Transportation Minister Dudy Purwagandhi following a meeting with his French counterpart, Philippe Tabarot, in Paris. The meeting coincided with the 75th anniversary of diplomatic relations between the two countries. “This collaboration includes knowledge sharing, technology transfer, and direct involvement of companies from both nations,” Dudy said in a statement on Friday. Transportation Minister Dudy Purwagandhi (right) and French Transport Minister Philippe Tabarot (left) agree to strengthen transport cooperation, including the development of an LRT project in Bandung, West Java. The agreement was announced on Friday, Aug. 1, 2025.  The partnership follows recent high-level visits, including French President Emmanuel Macron’s trip to Jakarta in May and Indonesian President Prabowo Subianto’s attendance at Bastille Day celebrations in Paris on July 14. The Greater Bandung LRT project aims to connect key areas in Bandung with the Whoosh high-speed rail station in Tegalluar. It is expected to ease traffic congestion and improve intermodal connectivity. According to the West Java Transportation Agency, the initial phase will focus on two key corridors: Tegalluar–Leuwipanjang and Leuwipanjang–Babakan Siliwangi. The estimated development cost stands at Rp 26 trillion (around $1.6 billion), which includes supporting infrastructure. Construction is slated to begin in 2027. “This project represents a concrete step towards building a modern and sustainable public transport network. The LRT will greatly improve urban mobility in Bandung,” said Dudy. In addition to the LRT initiative, both countries have also committed to expanding cooperation in maritime and aviation sectors—covering areas such as port operations, shipping safety, and aviation technology. A joint working group will be established to develop an action plan and identify priority projects across the agreed areas. French Transport Minister Philippe Tabarot welcomed the collaboration, calling Indonesia a strategic partner and describing the Bandung LRT as a foundation for broader, long-term cooperation.

SINGAPORE, The Ministry of Law (MinLaw) has named four law firms found to have breached anti-money laundering rules in connection with the purchase of properties tied to the S$3 billion (US$2.3 billion) money laundering case. In a statement on Friday (Aug 1), MinLaw said it had completed regulatory actions against Anthony Law Corporation, Fortis Law Corporation, Legal Solutions LLC, and Malkin & Maxwell LLP. These firms were involved in the conveyancing—the legal process of transferring property ownership—of real estate seized during the major anti-money laundering operation in August 2023. Although penalties were announced on July 15, the names of the firms were only revealed now, following the conclusion of investigations. Out of 24 law firms originally investigated by the Director of Legal Services (DLS) Sarala Kumari Subramaniam, with support from MinLaw, 13 have now been dealt with. Two additional law firms—William Poh & Louis Lim (now Louis Lim & Partners) and Templars Law LLC—were also named after regulatory action against them concluded. MinLaw further identified five lawyers involved in property transactions linked to the seized assets: Tan Chau Chuang, Andrew Wong Wei Kiat, Tan Tse Chia Patrick, Ee Tian Huat Patrick, and Poh Tian Hock William. All five have been referred to the Law Society for possible disciplinary action. While the Law Society previously confirmed one referral without disclosing names, it reiterated in response to Friday’s update that all disciplinary matters remain confidential.

KUALA LUMPUR,  TSA Group Bhd is making its foray into the granite quarrying industry through a strategic partnership with ABR Group Sdn Bhd, marking a significant diversification move for the company. In a filing with Bursa Malaysia today, TSA Group said it had entered into a joint venture agreement with ABR Group to develop and operate a granite quarry located in Johor. The project, covering an area of approximately 150 acres, is expected to begin operations by the first quarter of 2026, subject to regulatory approvals. The tie-up will see TSA holding a 60% stake in the joint venture company, with ABR Group retaining the remaining 40%. ABR, which owns the quarry land and possesses the necessary mining licenses, will contribute its operational expertise and local market network. TSA will provide capital investment and strategic oversight. “The venture aligns with our long-term diversification strategy and allows us to tap into the construction materials segment, which continues to show robust demand driven by infrastructure and property development,” TSA Group said in a statement. The initial capital expenditure for the project is estimated at RM35 million, which includes quarry development, equipment procurement, and environmental compliance measures. TSA Group expects the quarry to produce an annual output of 1.2 million metric tonnes of granite aggregates once fully operational. The materials will primarily serve the southern Peninsular Malaysia market, with potential for exports to Singapore and other neighbouring countries. Analysts view the move as a positive step in strengthening TSA’s earnings base. “The partnership with ABR gives TSA immediate access to a new revenue stream with relatively quick ramp-up potential. With infrastructure projects such as the Johor-Singapore Rapid Transit System (RTS Link) and domestic housing demand driving aggregate consumption, this venture is timely,” said a construction sector analyst at MIDF Research. TSA Group, previously focused on logistics and engineering solutions, has in recent years taken steps to broaden its business portfolio. This latest move into quarrying marks its first entry into the upstream construction supply chain. The group said further details of the project timeline, financial projections, and operational plans would be announced in due course.

Microsoft has officially joined the $4 trillion valuation club, becoming the second company in history to reach the milestone. Its shares surged nearly 4.5% on Thursday following a strong quarterly earnings report the night before, pushing its intraday market cap to $4.01 trillion. The tech giant’s stock has climbed about 28% since the beginning of the year. The milestone comes just 18 months after Microsoft hit a $3 trillion valuation, and just over five years since crossing the $1 trillion mark in April 2019. Microsoft now follows chipmaker Nvidia, which became the first company to reach a $4 trillion market cap earlier in July. Apple, another major tech rival, currently holds a valuation of $3.12 trillion. Microsoft hit a $4 trillion valuation Thursday. Microsoft’s rally was fueled by strong performance in its Azure cloud computing segment and robust growth in its enterprise software business, driven in part by demand for its Copilot AI tools embedded in Microsoft 365. The company also announced a record $30 billion in capital expenditures for the current fiscal first quarter, highlighting its aggressive investment in AI. Unlike Nvidia’s rapid rise—tripling its valuation in about a year—Microsoft’s climb to the $4 trillion mark has been more gradual. However, its strategic AI push, particularly its multibillion-dollar partnership with OpenAI, has been transformative. By integrating OpenAI’s models into Azure and the Microsoft Office Suite, the company has strengthened its competitive edge against Amazon Web Services and Google Cloud. Investor confidence has soared as Microsoft posted record revenues quarter after quarter since September 2022. Its stock has also rebounded sharply—rising nearly 50% from its April 2025 low when markets were shaken by former President Donald Trump’s tariff threats. Despite global economic uncertainties, including new US tariffs, Microsoft’s financials remain strong. The company has continued to streamline operations, most recently announcing layoffs of around 9,000 employees in July—roughly 4% of its workforce—following a 6,000-worker reduction in May. A spokesperson attributed the cuts in part to productivity gains from new technologies, including AI. CEO Satya Nadella has stated that AI is now responsible for generating up to 30% of Microsoft’s code, underlining the company’s commitment to embedding AI across all facets of its business. With billions flowing into AI infrastructure and increasing reliance on automation, Microsoft is reinforcing its position at the forefront of the tech industry’s next major evolution.

Daryl Ng Win Kong, 47, the eldest son of Robert Ng Chee Siong, will officially take over as chairman of the HK$127.7 billion (US$16.3 billion) Sino Group on August 31, according to filings made to the Hong Kong stock exchange on Friday. He will helm Sino Land, Tsim Sha Tsui Properties, and Sino Hotels, marking a new era of third-generation leadership for the property group. His father, Robert Ng, 72, is stepping down after more than three decades at the top. He assumed leadership in 1991 following the passing of his father and company founder, Ng Teng Fong. Robert Ng has six children, including Nikki Ng Mien Hua, the eldest daughter, who serves as a non-executive director. The family’s real estate legacy began in 1934, when the late Ng Teng Fong migrated from China to Singapore. He founded the Far East Organization in the 1960s and later built Sino Land into one of Hong Kong’s major property developers. Daryl Ng has been an executive director at Sino Group since April 2005 and deputy chairman since November 2017. Sino Land posted a net profit of HK$1.82 billion for the six months ending December 2024, down from HK$2.6 billion a year earlier. Despite the drop, the company remains in a strong cash position—an exception in a sector where many rivals are burdened with heavy debt.

Qantas has announced it will shut down Jetstar Asia, its budget airline based in Singapore, citing rising operational costs and intense competition in the region. Jetstar Asia will officially cease operations on July 31, ending more than 20 years of service. Until then, it will operate on a gradually reduced schedule, Qantas said in a statement on Wednesday. “Despite Jetstar Asia’s strong performance in customer service and reliability, increasing supplier costs, high airport charges, and stiff competition have made the business unsustainable,” Qantas stated. Jetstar Asia currently operates 16 routes from Singapore to destinations across Malaysia, Thailand, Indonesia, Japan, China, the Philippines, Sri Lanka, and Australia. The closure will not impact Jetstar services in Australia, New Zealand, or Japan. Customers with affected bookings will be fully refunded, and Qantas will seek to rebook them with other airlines where possible. More than 500 jobs in Singapore will be lost as a result of the shutdown. Qantas says affected employees will receive severance packages and job placement support, including potential roles within Qantas or other airlines. As part of the exit, Jetstar Asia’s fleet of 13 Airbus A320s will be gradually redeployed to Qantas operations in Australia and New Zealand. Aviation law expert Prof. Alan Tan from the National University of Singapore said the move marks a major loss for Southeast Asian travelers, calling the region’s low-cost carrier landscape “brutally competitive.” Virgin Australia Eyes Stock Market Debut On the same day, Virgin Australia revealed plans to go public on the Australian Stock Exchange on June 24, pricing its shares at A$2.90. The IPO is expected to raise A$685 million, valuing the airline at A$2.3 billion. The listing will allow key investors—including Bain Capital, Qatar Airways Group, and the Virgin Group—to partially cash out their stakes, while new investors are projected to hold around 30% of shares. Virgin Australia, which flies 20 million passengers annually across 76 aircraft, operates both domestic and short-haul international routes. It will soon launch long-haul services to Doha through a partnership with Qatar Airways, which owns 25% of the airline. Criticism of Budget Airlines Model Meanwhile, United Airlines CEO Scott Kirby recently criticized the low-cost airline model, saying it was based on tricking customers with hidden fees. Speaking at the “Future of Everything” summit, Kirby said, “The model was: screw the customer… then charge them a bunch of fees they weren’t expecting.” He suggested budget carriers struggle because they don’t generate loyalty. Ironically, United announced a partnership with JetBlue—often considered a budget airline—on the same day.

Tiong Seng Holdings has announced the reappointment of Pek Lian Guan as its Executive Director and Chief Executive Officer, effective August 5. Pek previously stepped down from the role on July 31, 2020, after being charged in a corruption case. He was later acquitted of two counts of abetting a conspiracy to corruptly lend money to former Land Transport Authority (LTA) deputy group director, Henry Foo Yung Thye. Foo, who was found guilty of receiving a total of $1.24 million in bribes from various contractors, was sentenced to five-and-a-half years in prison in 2021. Pek was cleared of all charges on October 11, 2024, although the prosecution has filed an appeal, with the outcome still pending. Welcoming Pek back, Tiong Seng chairman Teo Ho Pin said, “His strategic vision, deep industry experience, and strong ties with stakeholders make him the right person to lead Tiong Seng into its next phase of growth.” The announcement comes as Tiong Seng warned of a net loss for the first half of FY2025, due to cost overruns from pre-pandemic projects. Rising material and labour costs have affected margins across the construction industry. In contrast, the company posted a profit of $5 million in the first half of FY2024 and ended that year with a net profit of $2.8 million, rebounding from a full-year loss of $13.6 million in FY2023. As of December 31, 2024, Tiong Seng reported an order book of around $600 million. Pek, who joined Tiong Seng in 1990 and led the company through its public listing in 2010, said, “Tiong Seng has always been close to my heart. I’m excited to work with our team to strengthen our finances, innovate, and mentor the next generation of leaders.” Current CEO Pay Sim Tee, who is Pek’s cousin, will remain on the board as an executive director. Pek’s son, Pek Zhi Kai, also continues to serve as an executive director. Tiong Seng shares last traded at 10 cents, up 11.11% year-to-date.

KUALA LUMPUR, Maybank has appointed its current Chief Financial Officer, Malique Firdauz Ahmad Sidique, as the new Officer-in-Charge (OIC) for Group CEO, Islamic Banking, and CEO of Maybank Islamic Bhd (MIB), effective today. He takes over from Nor Shahrizan Sulaiman, who has decided to leave the group to pursue other career opportunities. Nor Shahrizan previously served as OIC while also holding the roles of Deputy CEO of MIB and Head of Community Banking. Maybank President and Group CEO, Datuk Seri Khairussaleh Ramli, expressed the group’s appreciation for Nor Shahrizan’s 16 years of dedicated service, acknowledging his leadership across multiple roles. “Malique Firdauz will oversee the day-to-day operations of Maybank Islamic alongside his current responsibilities until a new CEO is officially appointed,” the bank said in a statement.

KUALA LUMPUR, SkyGate Solutions Bhd, formerly known as Ewein Bhd, has partnered with Singapore-based New Jin Hai Pte Ltd (NJH) to launch a high-precision manufacturing venture in George Town, Penang. In a filing with Bursa Malaysia on Friday, the precision engineering and industrial property group said the joint venture will operate under a newly established company, SkyGate NHJ Technology Sdn Bhd (NHJ Tech). SkyGate’s wholly-owned subsidiary, SkyGate NHJ Sdn Bhd (SNHJ), will hold a 51% stake, while NJH will hold the remaining 49%. NJH is fully owned by Suzhou New Hongji Precision Part Co Ltd and functions mainly as an investment arm. SkyGate Solutions, based in Penang, will invest RM19.55 million—representing its 51% share of the total RM38.34 million capital commitment. The funds will go toward building the factory, training workers, and providing operational capital. The joint venture will focus on producing metal forming machinery and machine tools, with an eye on Malaysia’s growing semiconductor industry. It will also benefit from NJH’s advanced, fully digitalised production technology. While the JV is not expected to have a major impact on earnings for the financial year ending Dec 31, 2025, SkyGate anticipates a positive contribution in the years to follow. SkyGate Solutions’ shares closed three sen higher at 69 sen on Friday, giving the company a market value of RM220.5 million.