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KOSPI Plunges 8%, Tripping Circuit Breakers, As Fed Fears Spark Tech Rout

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South Korea’s stock benchmark plunged over 8 per cent on Monday, tripping circuit breakers, after robust U.S. jobs data lifted bets on a Federal Reserve rate hike and unleashed a selloff in the tech‑heavy market that had powered the broader AI rally.

The KOSPI fell 8.3 per cent to close at 7,484.41, marking its biggest daily fall since March 4. The index is now 15 per cent below the peak of 8,801.49 hit on June 2.

Chip heavyweight Samsung Electronics tumbled 10.2 per cent, and peer SK Hynix dropped 7.7 per cent even as Nvidia’s CEO, Jensen Huang, said SK Hynix remained its “biggest partner” while unveiling new deals during his trip to South Korea.

The two South Korean chipmakers have been the driving force behind the index’s world-beating surge, buoyed by record profits. Their market capitalisations this year alone have jumped more than 150 per cent and 200 per cent, respectively, now accounting for over half of the benchmark and propelling them into the $1 trillion club.Circuit breakers were activated on the benchmark index soon after the market opened, halting trading for 20 minutes for the first time in three months, followed by another “sidecar” curb. It was the third time circuit breakers were triggered this year, and the ninth in history.

The won rallied more than 1 per cent to 1,533.7 per dollar, rebounding from Friday’s 1,615.0 – its weakest since March 2009 – after authorities convened an emergency meeting and vowed firm action against speculative trading.

Foreign exchange officials on Monday renewed their warning, with traders suspecting authorities to be conducting dollar-selling intervention to cap the won’s losses. “However, we will have to see if the 1,550 level will be defended,” one trader said.

The selloff in stocks followed a torrid session on Wall Street on Friday. The Nasdaq fell 4.2 per cent after strong payrolls data killed any hopes of further interest rate cuts, while the Philadelphia Semiconductor Index slumped 10 per cent and iShares MSCI South Korea ETF plunged 14 per cent.

“A surprise in U.S. employment data triggered bond yield rises and provided an excuse for correction in an overheated market amid accumulated pressure from the surge in semiconductor stocks,” said Han Ji-young, an analyst at Kiwoom Securities.

“Increased volatility is inevitable, but it is unlikely that the rout will go on for several days, given that the KOSPI’s valuation pressure has been lowered by recent correction and earnings momentum remains robust for semiconductor stocks,” Han said.

South Korea’s benchmark 10-year treasury bond yield rose as much as 12.3 basis points to 4.366 per cent, the highest since October 2023.

In a press conference marking his first year in office on Monday, President Lee Jae Myung, who has rolled out a range of policies to boost the domestic stock market since taking office in June 2025, said the market was “still undervalued.”

Lee described the current exchange rate as temporary and abnormal, pointing to foreign investors selling local stocks for portfolio rebalancing as the primary factor weighing on the won in the near term.

E-commerce firm Naver was a rare outlier among index heavyweights, rising 9.2 per cent on a deal with Nvidia, while Hyundai Motor dropped 8.7 per cent despite an agreement with the U.S. AI chipmaker to expand their partnership.

Foreigners were net sellers of local shares worth 355 billion won ($231.40 million), extending their selloff to 21 consecutive sessions.

Despite Monday’s losses, the KOSPI is up 78 per cent year-to-date. In 2025, it rose 76 per cent for its biggest gain since 1999 and the top performance among major global markets last year.

Reuters

Weather Turns Volatile As Thunderstorms Strike Five States

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Several areas across five states are expected to experience thunderstorms, heavy rain and strong winds until 7pm on June 8, according to the Malaysian Meteorological Department (MetMalaysia).

The affected areas in Perak are Hulu Perak, Kuala Kangsar, Kinta, Kampar, Hilir Perak and Batang Padang, while Cameron Highlands in Pahang is also under the weather alert.

In Johor, the warning covers Kluang, Mersing, Pontian, Kulai, Kota Tinggi and Johor Bahru.

In Sarawak, the affected areas are Lundu in Kuching, Sarikei, Kanowit and Selangau in Sibu, Tanjung Manis and Daro in Mukah, Tatau in Bintulu, Beluru, Miri and Marudi in Miri, as well as Limbang.

For Sabah, the warning is in effect for Keningau and Tambunan in the Interior Division, the West Coast, and Kota Marudu and Kudat in the Kudat Division.

MetMalaysia said thunderstorm warnings are issued when there are signs of thunderstorms producing rainfall exceeding 20mm per hour that are imminent or expected to persist for more than an hour.

The warning is a short-term alert and remains valid for no more than six hours from the time it is issued.

IGB Berhad Redesignates Veteran Corporate Leader Dato Zaha As Senior Independent Non-Executive Director

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IGB Berhad has announced the redesignation of veteran corporate figure Dato’ Dr Zaha Rina Zahari as a Senior Independent Non-Executive Director, effective June 8, 2026.

Dato’ Dr Zaha Rina was redesignated from her previous position as Independent Director while retaining her status as an Independent Non-Executive Director member of the board.

She is currently serves as Chairman of Manulife Insurance Berhad and is also a director of the P&O Group. Her previous board roles include serving on the boards of Zurich Malaysia and MAA Berhad.

Widely recognised as a pioneer in Malaysia’s capital markets, she played a key role in establishing the Malaysian Derivatives Exchange in 2001. She later became Head of Exchanges, overseeing the operations of the former Kuala Lumpur Stock Exchange (KLSE), MESDAQ, the Malaysian Derivatives Exchange (MDEX) and the Labuan Financial Exchange (LFX) prior to the demutualisation of Bursa Malaysia Berhad.

Her extensive financial services experience also includes serving as Chief Executive Officer of RHB Securities between 2004 and 2006, as well as advising on the establishment of the Bahrain Financial Exchange.

Currently, she acts as an Executive Director to Sage 3 Sdn Bhd, a boutique corporate finance consultancy firm.

Beyond IGB, Dato’ Dr Zaha Rina also serves as an Independent Non-Executive Director at Hibiscus Petroleum Berhad, Hong Leong Industries Berhad and IGB itself, reflecting her broad expertise in governance and strategic oversight across multiple sectors.

Earlier in her career, she held the position of Chief Financial Officer within her family-owned business interests, which spanned telecommunications, travel and manufacturing industries.

Dato’ Dr Zaha Rina holds a Doctorate in Business Administration from the University of Hull, where her research focused on capital markets and derivatives.

Apart from her corporate achievements, she is also actively involved in initiatives aimed at empowering women and supporting community development. She has organised numerous fundraising programmes for non-governmental organisations and serves as a consultant to the Olave Baden-Powell Society, which raises funds for the World Association of Girl Guides and Girl Scouts.

The redesignation comes as IGB continues to strengthen its governance framework and board leadership as it pursues growth across its property, retail and hospitality businesses.

WTI Crude Oil Could Slide To US$85 As Bearish Momentum Builds, Says RHB

RHB Investment Bank Bhd has maintained its bearish stance on West Texas Intermediate (WTI) crude oil, advising traders to retain their short positions as technical indicators continue to point towards further downside.

The research house said WTI crude underwent a fresh correction on Friday, falling US$2.50 to close at US$90.54 after trading between a high of US$93.63 and a low of US$89.68 during the session.

RHB Research noted that the Relative Strength Index (RSI) remains below the 50% threshold and is trending lower, signalling that bearish momentum is still in play.

According to the research house, a strong resistance level has formed at US$100 and as long as prices remain below the 50-day simple moving average, WTI is likely to continue correcting towards the US$85 support level.

It added that a break above US$107 would invalidate the current bearish outlook, but the reacceleration of negative momentum supports maintaining a short trading bias for now.

RHB Research recommended that traders continue holding the short position initiated at US$88.68 on May 27, while maintaining a stop-loss at US$107 to manage trading risks.

The research house identified immediate support at US$85, followed by a stronger support level at US$80. On the upside, resistance is expected at US$100 before the next key hurdle at US$107.

The cautious outlook comes as oil markets remain caught between geopolitical concerns in the Middle East and expectations of softer demand amid evolving global economic conditions.

AI Euphoria Faces Reality Check As Asian Tech Stocks Tumble

Asian stock markets tumbled on Monday as investors rushed to lock in gains from high-flying artificial intelligence (AI) stocks, amid growing concerns that valuations have run ahead of fundamentals and expectations of tighter US monetary policy.

The sell-off was led by South Korea’s KOSPI, which plunged 5% and extended losses to 13% from last week’s record high, while Japan’s Nikkei dropped nearly 4% and Taiwan’s benchmark index fell 3.9%. Nasdaq futures attempted a modest recovery after the Nasdaq slid 4.2% on Friday.

Reuters reported that sentiment turned sharply after semiconductor giant Broadcom issued a disappointing outlook last week, while a stronger-than-expected US jobs report prompted traders to price in the possibility of a Federal Reserve rate hike this year.

Market participants said heavily-owned technology counters, particularly AI-linked names, became a natural source of liquidity as investors reassessed risk following the shift in interest rate expectations.

The sell-off also coincided with rising geopolitical tensions in the Middle East. Brent crude surged 3.5% to US$96.45 a barrel after Israel said it had struck military targets in western and central Iran, adding to inflation concerns and clouding the outlook for global growth.

Analysts noted that while the long-term AI investment theme remains intact, the market may be entering a period where earnings delivery becomes more important than valuation expansion.

Attention this week will also turn to US inflation data and major central bank meetings, while investors closely monitor the highly anticipated listing of SpaceX, which is expected to be followed by potential public offerings from AI firms including Anthropic and OpenAI.

Some fund managers warned that the wave of large IPOs could divert capital away from existing market assets, adding further pressure to equities.

Reuters

Anthropic calls for pause of global AI development

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Story by: AFP

Artificial intelligence company Anthropic suggested Thursday a global pause on building the most powerful AI systems as the latest models are beginning to show signs they could escape human control.

The San Francisco-based company, which makes the Claude family of AI models, said in a report that a worldwide slowdown in cutting-edge AI development would “likely be a good thing” – but warned that if only one company stopped, rivals would simply race ahead.

“We believe it would be good for the world to have the option to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology,” it said.

Getting a real pause to work would mean multiple major AI companies in multiple countries – most notably the US and China – all agreeing to stop at the same time, under rules everyone could actually verify, Anthropic said.

“Without a global coordination mechanism, companies and governments will have to make difficult decisions about safety while under competitive and geopolitical pressures,” it said.

The company has faced pushback from others in the industry – and officials in the White House – who say its focus on worst-case scenarios overstates the risks and amounts to a strategy for slowing rivals under the cover of safety concerns.

Still, the White House has acknowledged the power of the company’s Mythos model – which has not been made available to the general public due to its cybersecurity capabilities and is currently deployed only to a small number of vetted organizations.

The proposal would face an uphill battle in Washington and Silicon Valley, where US officials and tech executives have repeatedly argued that any slowdown in AI development risks handing China a decisive strategic edge in what many see as the defining technology race of the century.

US president Donald Trump, however, said he discussed the possibility of cooperating with China on AI safety issues during his recent visit to Beijing.

Trump also signed an executive order this week that allows the government 30 days to conduct a preliminary review of the most powerful US AI models before their release.

Anthropic compared the problem to nuclear arms control treaties – but said it would be even harder to get a handle on, since AI training is far easier to hide than a missile silo, and the temptation to quietly keep going would be enormous.

The company said it plans to bring together government officials, scientists, advocacy groups and competing AI firms in coming months to figure out how such a system could work.

The call for coordination comes alongside internal data showing that AI is already dramatically speeding up the development of AI itself, Anthropic said.

That acceleration creates a feedback loop that Anthropic warned could eventually lead to what researchers call “recursive self-improvement.”

That’s the idea of an AI system that becomes capable of essentially teaching itself to get smarter, without much human help.

“We are not there yet, and recursive self-improvement is not inevitable,” the report said, while adding that it could arrive sooner than most governments and institutions are ready for.

“The evidence suggests that the human role is narrowing at each step in the AI development process,” the company said.

Ascending The Capital: A Review Of Pan Pacific Jakarta And PARKROYAL Serviced Suites

Jakarta’s skyline is no stranger to ambitious developments, but the recent opening within the Thamrin Nine complex feels like a genuinely significant addition.

Housed within the impressive 304-metre Luminary Tower, the arrival of both the Pan Pacific Jakarta and the PARKROYAL Serviced Suites provides a compelling dual-hospitality concept.

By offering both traditional high-end hotel stays and long-term serviced apartments under one roof, the property effectively caters to the diverse needs of visitors navigating Indonesia’s bustling commercial centre.

For anyone familiar with Jakarta, location and transport are paramount. Here, the Thamrin Nine complex holds a distinct advantage at Jalan M.H. Thamrin No 10.

The property’s integration with the city’s public transport network is a major asset for avoiding gridlock. Guests are a highly convenient five-minute walk from the Dukuh Atas BNI MRT Station, the Sudirman Commuter Line, and the BNI City Airport Train Station.

The airport train itself provides a reliable route to Soekarno-Hatta International Airport, bypassing the unpredictable 45-minute drive.

For leisure, it is equally well-positioned, with the premier retail hubs of Grand Indonesia and Plaza Indonesia just a short stroll away.

Occupying levels 71 through 90, the Pan Pacific Jakarta confidently claims the title of the city’s tallest luxury hotel.

The interior, conceptualised by Hirsh Bedner & Associates, wisely avoids overly opulent cliches in favour of a “less is more” aesthetic. The 158 rooms and suites feature soft palettes and clean lines that provide a welcome visual respite from the city below.

Thoughtful touches like the Happy Sleepers Programme, which includes a personalised pillow menu and a soothing mist, demonstrate an attention to detail that elevates the guest experience.

Dining is another strong point; the Keyaki Japanese Restaurant on the 90th floor offers authentic flavours amidst striking pop-green stone interiors, while the Eden Bar provides a genuinely breathtaking botanical rooftop terrace paired with a well-conceived, sustainability-focused mixology programme.

On levels 73 to 82, the PARKROYAL Serviced Suites offer a distinct, practical alternative for extended stays without sacrificing comfort.

The 180 units range from compact 30-square-metre Studio Suites to generous 90-square-metre Two Bedroom Deluxe Suites.

These spaces are intelligently designed, featuring movable privacy partitions and open bathrooms.

The inclusion of fully equipped kitchenettes, complete with induction stoves, microwaves, and, in some suites, dishwashers, makes independent living effortless.

A standout feature of the PARKROYAL is its Residents Lounge. Offering dedicated workspaces, a billiard table, and an evening social hour with complimentary snacks, it successfully cultivates a warm, communal atmosphere that can often be missing in high-rise living.

Both venues share an excellent selection of wellness facilities situated on the 71st floor. The semi-outdoor swimming pool is a highlight, offering a serene environment for a refreshing dip high above the capital.

This is complemented by a 24-hour state-of-the-art gymnasium and a steam room that round out the wellness offerings.

For corporate needs and large-scale celebrations, the 11th floor is dedicated to event spaces, anchored by the impressive Pacific Ballroom.

With its five-metre ceilings and 715 square metres of space, it can host up to 650 guests and features direct access to the Agora Mall alongside advanced AV technology.

Ultimately, the dual addition of Pan Pacific Jakarta and PARKROYAL Serviced Suites brings a sophisticated and highly functional hub to the Luminary Tower.

By marrying Kohn Pedersen Fox Associates’ striking architectural design with tailored hospitality, this development strikes an excellent balance.

It provides an upscale, tranquil escape for short-term visitors while offering a thoughtfully equipped, community-focused home for long-term residents, cementing its status as a premier destination in Jakarta’s central business district.

Liftech Eyes RM23 Million Funding From ACE Market IPO

Industrial lifting and handling equipment specialist Liftech Group Bhd is targeting to raise RM23 million through its IPO on the ACE Market of Bursa Malaysia, as it looks to strengthen its financial position and fund operational expansion.

Under the IPO exercise, Liftech will issue 79.2 million new shares and offer 15.8 million existing shares for sale. Of the 79.2 million new shares, 15.8 million shares will be made available to the Malaysian public via balloting; 7.2 million shares to eligible individuals under the pink form allocations; 39.4 million shares to Bumiputera investors approved by the Investment, Trade and Industry Ministry and 16.8 million shares to selected investors via private placement. 

All 15.8 million shares under the offer for sale will be placed to selected investors. 

According to Managing Director Bernard Ng, the IPO proceeds will be channelled towards debt repayment, capacity expansion and working capital needs, with the listing also set to support the company’s longer-term growth strategy across Malaysia.

“Some RM13.8 million, or 59.8% of the proceeds, will be used to repay bank borrowings incurred for the acquisition of strategic facilities in Bukit Minyak, Penang, and Kota Kinabalu in Sabah. The facilities have expanded Liftech’s footprint in Northern Peninsular Malaysia and East Malaysia, enhancing its ability to serve customers in key growth regions,” Ng shared, while emphasising that the repayment will strengthen the company’s balance sheet and improve financial flexibility post-listing.

“The Bukit Minyak and Kota Kinabalu facilities have strengthened our market presence and enhanced our ability to serve customers across key growth regions. The repayment of these borrowings will improve our financial position and support our long-term expansion plans as a listed company,” he said.

He further revealed that another RM1.7 million (7.5%) will be allocated for the purchase of new machinery and equipment at its Taiping factory to boost automation and production capacity.

“The upgrade is expected to improve manufacturing efficiency and support Liftech’s customisation and fabrication activities.

“A further RM1 million (4.4%) will be used to renovate and upgrade factory and office facilities in Taiping, while RM2 million (8.7%) has been earmarked for working capital, primarily for the purchase of steel materials, components and accessories used in production,” he shared, adding that the remaining RM4.5 million (19.6%) will go towards listing expenses.

Liftech, which specialises in industrial lifting and handling equipment, reported an unbilled order book of RM41.6 million as at May 10, 2026, expected to be recognised over the next six to nine months.

For FY25, the company recorded a net profit of RM6.9 million on revenue of RM57.9 million, with a gross profit margin of 41.2% and net profit margin of 11.9%.

Upon listing, Liftech is expected to achieve a market capitalisation of RM91.3 million with an IPO price of 29 sen per share. Liftech is scheduled to be listed on the ACE Market on June 30, 2026.

M&A Securities Sdn Bhd is the advisor, sponsor, underwriter and placement agent for the IPO, while Wyncorp Advisory Sdn Bhd is the corporate finance advisor.

Kia Malaysia Partners Stellantis For CKD Assembly At Gurun Plant

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Kia Malaysia has announced that it will be forming a strategic partnership with Stellantis Malaysia as Kia’s contract assembler for CKD operations at its manufacturing facility in Gurun, Kedah

Kia Malaysia and Kia Sales Malaysia President & Chief Executive Officer, Hyung Ho Kim said, “This collaboration marks a key milestone in Kia’s strategy to Return, Rebuild, and Reposition Kia in Malaysia. By partnering with Stellantis Malaysia and leveraging Malaysia’s automotive supply chain ecosystem, Kia is poised to strengthen our local footprint while reinforcing manufacturing quality and readiness to deliver future model expansion, in line with our Malaysian and regional growth ambitions.”

Under the collaboration, Stellantis Malaysia will serve as Kia’s contract assembler for CKD operations at its manufacturing facility in Gurun, Kedah. The facility features established production infrastructure and manufacturing capabilities that comply with the latest ISO 9001 Quality Management System (QMS) standards.

Designed to support multi-model assembly across diverse powertrains, the facility is equipped to accommodate the production of all current Kia models, namely the Sportage and Carnival, as well as future models.

Production is scheduled to commence in the third quarter (Q3) of 2026.

Taylor Swift and Travis Kelce to Tie the Knot This July

Our favorite English teacher and our favorite gym teacher are saying “I do” very soon. While initial reports stated that the wedding would take place on Saturday, June 13 (a nod to the superstar’s lucky number, 13), it’s very like Swift to keep us on our toes and surprise us at the last minute. More recently, a source has told Page Six that the save-the-dates for the big day have gone out, and the ceremony is set for July 3.

Miss Americana loves a good theme, given that the wedding is close to the Fourth of July weekend. The date would allow the couple enough time for a honeymoon—as Kelce’s NFL schedule requires him to start training camp in late July.

According to Page Six, the couple plan to tie the knot at Madison Square Garden (MSG), a location that has previously played host to numerous stops on Swift’s blockbuster concert tours, turning the iconic music and sports stadium into the backdrop for the celebrity wedding of the decade.

Plans for the high-profile nuptials are being kept strictly under wraps to ensure maximum security.

An insider revealed to the New York Post’s Page Six that “everyone’s been sworn to secrecy. Privacy was of number one importance to both of them.”

Reports suggest that Taylor’s closest friends will be in attendance, such as Selena Gomez, Gigi Hadid, Emma Stone, the Haim sisters, and Zoë Kravitz. Kelce will surely invite Chiefs teammate and close friend Patrick Mahomes, as well as actor Miles Teller. The singer has been spotted out on girls’ nights with both Gomez and Hadid since her engagement to Kelce in August, and the starry crew is gearing up for Swift’s bachelorette party. Kelce’s mom, Donna, is also reportedly helping Swift with planning. Others set to attend include Ed Sheeran and his wife, Cherry Seaborn, Suki Waterhouse and Robert Pattinson, Cara Delevingne, and Kansas City Chiefs coach Andy Reid.

The singer’s dad, Scott, will walk her down the aisle at her wedding.

The rest of the wedding will also be traditional, with “all the classic touches, like the father-daughter and mother-son dances,” an insider told Us Weekly. “Taylor loves those emotional, meaningful moments, and Travis [is] on the same page.”

The pop mogul has a busy time ahead of the wedding. Swift is set to release an original song titled “I Knew It, I Knew You” for the upcoming Pixar-Disney film Toy Story 5, followed closely by her official induction into the prestigious Songwriters Hall of Fame.

China’s Moonshot AI Seeks US$30 Billion Value In New Funding Talks

Moonshot AI is seeking as much as US$2 billion in a new funding round that would value the startup at $30 billion as it initiates its third financing in six months to keep pace with rivals in China’s intensifying artificial intelligence race.

The developer of the Kimi chatbot has held early talks with prospective investors to raise more than $1 billion, people familiar with the matter said. The discussions have begun just as Moonshot is on the verge of closing a round led by Meituan that valued the AI firm at $20 billion after the investment, the people said. If Moonshot hits its latest funding target, that would mark a seven-fold increase in capitalization from December, when the startup was valued at just over $4 billion.

The Beijing-based company is emerging as one of the best-funded Chinese AI research labs, as investors pour capital into an elite group vying with OpenAI and Anthropic. The latest fundraising would help Moonshot eclipse publicly listed peer Minimax Group, which commanded a market value of about $20 billion as of Monday. Both still lag Zhipu’s approximately $80 billion, and the roughly $50 billion that DeepSeek is seeking in its debut funding round.

The deliberations surrounding Moonshot are at an early stage and details of the fundraising could still change, the people said, asking not to be identified because the information is private. A Moonshot spokesperson didn’t respond to requests for comment.

Moonshot’s annual recurring revenue — a gauge of its forward-looking sales — topped $200 million in April, driven by surging demand for its chatbot and large language models.

The Kimi developer is in the process of dismantling its offshore structure to pave the way for an initial public offering in Hong Kong, after Beijing tightened its grip on overseas listings. The overhaul will not affect its access to U.S. dollar-denominated funds, as the firm is planning to set up a joint-venture structure that allows foreign backers.

Moonshot was founded by Yang Zhilin, a former Tsinghua University professor who previously worked at Meta Platforms and Alphabet’s Google. The company sells tiered subscription plans for its chatbot and offers its underlying technology to enterprise clients. It recently launched a general-purpose AI agent, called Kimi Work, built atop its latest K2.6 series models.

Bloomberg

Sealink Clarifies Why It Won’t Meet Carimin Privatisation Deadline

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Sealink International Berhad has clarified why it delayed announcing a crucial extension letter from its suitor, Carimin Petroleum Berhad (Carimin), stating it needed time to onboard professional advisers to evaluate the complex RM165 million privatisation bid.

The offshore support vessel builder and charterer also confirmed that it will not be ready to provide a definitive position or recommendation to its shareholders by the June 9, 2026 deadline granted by Carimin.

The clarifications follow minor market confusion regarding a timeline gap between Carimin’s correspondence and Sealink’s subsequent public announcements. Sealink laid out the exact sequence of events to ensure full market transparency.

Addressing why it did not disclose the 22 May letter immediately, Sealink’s board emphasised that a premature statement without the backing of legal and financial council could have misinformed the public.

“An immediate announcement at that juncture, without the benefit of advisers’ input and sufficient clarity on the relevant process and timing implications, may not have provided meaningful information to shareholders and the investing public,” the Board stated in its filing.

Sealink explicitly guided that investors should not expect a decision or recommendation on the Scheme of Arrangement by tomorrow’s (June 9) deadline.

The company stated that the scope of the transaction involves substantive financial and operational considerations that require exhaustive internal deliberation. Crucially, the Independent Adviser tasked with vetting the fairness and reasonableness of Carimin’s 41-sen-per-share offer is still compiling its evaluation.

Dream Cruises Gets A Broadway Upgrade With Forever Broadway

Dream Cruises has launched a new onboard production that’s aiming to change what cruise entertainment looks like. Forever Broadway premiered exclusively on Genting Dream on June 5, 2026, marking a key moment in the brand’s 10th anniversary programme and a major collaboration with Broadway Asia International.

The show brings Broadway-style performance to sea, but not as a simple stage adaptation. Instead, it’s been built specifically for the cruise environment, blending cinematic staging, large-scale orchestral recordings and modern visual effects.

The setlist pulls from well-known theatre and pop-influenced classics, including New York, New York, Dancing Queen, Grease Lightning, Tonight and On Broadway.

Behind the scenes, the project is led by StarDream Cruises through its Dream Cruises brand, with senior entertainment executives Colin Kerr and Sviatlana Burkun steering the collaboration. The goal is straightforward: keep the recognisable energy of Broadway, but reshape it for cruise audiences who want something familiar yet refreshed.

The creative team brings together established Broadway names and cruise-based performers. Producers Simone Genatt and Marc Routh lead the production, with direction and choreography by James Gray and associate direction and choreography by Naomi Kakuk.

The cast combines performers from New York and London with selected resident entertainers from the Dream Cruises and StarCruises fleet.

It’s not just a stage show. The production also leans into fashion and retail, working with Design Orchard Singapore and brands including Bohème by Véro, Frey and Raja Rani. Costumes are developed in-house and paired with selected fashion and jewellery pieces, with a runway-style finale built into the performance. Guests can also pick up themed merchandise onboard at Souvenir Mart on Deck 6.

Dream Cruises also used the Singapore port preview to welcome media and partners for an exclusive preview of the show. The event also welcomed invited families from the Singapore Red Cross, as part of the company’s wider community engagement efforts.

For StarDream Cruises, the launch reflects a shift in what passengers expect from live entertainment at sea. President Michael Goh has described the approach as combining familiar cultural touchpoints with new formats designed to feel more immersive and contemporary.

Indonesia To Channel Palm Oil Exports Through State Firm Under New Policy

Indonesia has issued technical regulations to bring exports of palm oil, coal and ferroalloys under the control of a government-appointed state firm, marking a significant shift in the country’s commodity export framework.

The regulations, published by Indonesia’s Trade Ministry and effective from June 1, require exporters of the affected commodities to report their export activities to a state-owned entity designated by the government.

For the palm oil sector, the rules cover crude palm oil, refined, bleached and deodorised palm oil (RBDPO), refined, bleached and deodorised palm olein (RBDPL), as well as palm oil residues.

Export permits will continue to be tied to compliance with Indonesia’s domestic market obligation policy, which requires producers to supply cooking oil for the government’s subsidised programme.

Under the new framework, export rights may be transferred to the appointed state firm or other companies through the Indonesia National Single Window platform. Exporters must also submit monthly reports detailing product type, export volumes, value, destination countries and tariff classifications.

Companies that fail to submit the required reports risk having their export permits frozen if they do not comply within 30 days of receiving a warning.

The regulations provide a transition period until Dec 31, 2026, during which existing exporters may continue their activities. After that date, only the government-appointed state firm will be permitted to export the affected commodities.

Existing export permits issued before the regulations came into force will remain valid until their expiry.

The move follows broader regulations introduced last week to enable Indonesia’s commodity exports to be channelled through a central government agency.

Reuters

New MyKad, Passport Rollout Remains On Track, Says Saifuddin

Malaysia’s rollout of new versions of the MyKad and International Malaysian Passport (PMA) remains on schedule despite the continued use of existing document stocks, Home Minister Datuk Seri Saifuddin Nasution Ismail said.

He said new applications will continue to be processed using current MyKad and passport stocks, which are sufficient for another two to three months.

“Both initiatives are still on track. Existing stocks will be fully utilised before we move to the new versions,” he said.

Saifuddin said the government would not discard the remaining stock and will continue issuing MyKad under existing contracts until supplies are exhausted.

He noted that about 35,000 MyKad applications are received monthly, including applications from children turning 12 years old.

Malaysia previously announced plans to introduce redesigned MyKad and passport documents with enhanced security features to strengthen the country’s identification system.

58 Malaysians In Quake-Hit Philippines Safe, Says Wisma Putra

All 58 Malaysians registered with Malaysia’s Consulate General in Davao City have been confirmed safe following the 7.8-magnitude earthquake that struck southern Mindanao, Philippines, on June 8.

The Ministry of Foreign Affairs (Wisma Putra) said the Malaysian Consulate General in Davao City and the Embassy of Malaysia in Manila are closely monitoring the situation after local authorities issued a tsunami warning and reported ongoing aftershocks.

Authorities in Davao City have ordered the closure of schools and government offices, while several buildings in General Santos City reportedly suffered significant structural damage, including building collapses.

The ministry also noted that several domestic flights involving General Santos, Manila, Cebu and Iloilo have been cancelled as Philippine authorities conduct safety assessments at affected airports.

“Malaysians whose travel plans are affected are advised to coordinate directly with their airlines for updates and rebooking arrangements,” it said in a statement.

Wisma Putra urged Malaysians in the affected areas to remain vigilant, move to higher ground if near coastal areas and comply with evacuation and safety instructions issued by local authorities.

The ministry said it will continue monitoring developments and provide consular assistance where necessary.

Mindanao Quake Triggers Multiple Aftershocks As MetMalaysia Continues Monitoring

Mindanao in the southern Philippines continued to experience seismic activity on Monday, with several moderate earthquakes recorded hours after a powerful magnitude 7.9 earthquake struck the region earlier in the morning, according to the Malaysian Meteorological Department (MetMalaysia).

The latest tremors included a magnitude 5.3 earthquake at 12.44pm and a magnitude 5.6 earthquake at 12.46pm. Both quakes occurred in the Mindanao region at depths of 70km and 44km respectively. MetMalaysia said neither earthquake posed a tsunami threat to Malaysia.

The fresh tremors followed the major magnitude 7.9 earthquake that struck at 7.37am near Mindanao, approximately 97km south of Koronadal City at a depth of 50km. The earthquake triggered tsunami advisories in several countries, including Malaysia, with tremors felt in parts of Sabah, particularly Tawau and Semporna.

MetMalaysia had earlier issued a tsunami advisory for coastal areas in Tawau, Semporna, Kunak and Lahad Datu, warning of possible waves of up to 0.4 metres between 10.30am and noon. The advisory was subsequently lifted at noon after authorities determined there was no continuing threat to Malaysia.

The Sabah Fire and Rescue Department also confirmed that monitoring operations found no structural damage, unusual sea-level rise or emergency incidents along the state’s east coast, describing the situation as safe and under control.

Authorities in both Malaysia and the Philippines continue to monitor developments as aftershocks persist in the region.

Invest Malaysia 2026 To Showcase RM1.05 Trillion In Listed Corporates To Global Investors

Invest Malaysia 2026, jointly organised by Bursa Malaysia, CIMB Group and Maybank, is set to feature 61 Malaysian corporates with a combined market capitalisation of RM1.051 trillion while drawing more than 1,500 delegates, including global investors managing assets worth over RM44.08 trillion.

The conference, to be held on 9 June at the Mandarin Oriental Kuala Lumpur, carries the theme “From Reform to Execution: Malaysia’s Next Leap” and will bring together policymakers, regulators, corporates and investors to discuss the country’s economic priorities, investment opportunities and capital market development amid a more fragmented global environment.

Chief Executive Officer of Bursa Malaysia, Fad’l Mohamed, said Malaysia presents a compelling gateway to ASEAN growth as it strengthens its position in technology-led and new economy sectors, including semiconductors and advanced manufacturing.

Group Chief Executive Officer of CIMB Group, Novan Amirudin, said Malaysia’s record RM426.7 billion in approved investments in 2025 reflects continued investor confidence, supported by opportunities in digital infrastructure, semiconductors, energy transition and the data economy.

Meanwhile, President and Group Chief Executive Officer of Maybank, Khairussaleh Ramli, said Malaysia remains well positioned as an investment destination due to its diversified economy, technology upcycle and resilient domestic demand.

The event will be officiated by Ahmad Zahid Hamidi and will feature discussions on fiscal policy, energy security, governance, urban sustainability and geopolitical risks. Speakers include Amir Hamzah Azizan, Akmal Nasrullah Mohd Nasir, Hannah Yeoh and Liew Chin Tong.

Invest Malaysia 2026 will also include a Visit Malaysia 2026 tourism track and thematic site visits in Selangor, highlighting investment opportunities across key growth corridors and industries.

Yamal Available For Spain’s World Cup Opener After Injury

Teenage Barcelona star Lamine Yamal and fellow winger Nico Williams will be available for Spain’s World Cup opener against debutants Cape Verde on June 15, coach Luis de la Fuente said on Sunday.

Yamal and Athletic Bilbao’s Williams both missed the end of the club season with hamstring injuries and their imminent returns will be a big boost to the European champions.

Osasuna winger Victor Munoz is also expected to be fit for Spain’s opening game in Atlanta, although none travelled to Mexico for Monday’s friendly with Peru and instead remained at their training camp in the United States.

“We regret that they are not here with us, but the medical and physical conditioning staff advised them to stay there,” De la Fuente said.

“All three should be available for the next match… they are progressing well in their recovery and are doing very well.”

Spain will be one of the favourites at the World Cup in Canada, Mexico and the United States, and the 18-year-old Yamal could be one of the star performers.

After facing Cape Verde, Spain will play Saudi Arabia in Atlanta before finishing their group stage campaign against Uruguay in Guadalajara.

AFP

Has The Fizz Left Sunway Healthcare As The Share Price Retreats To 1.74

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It was heralded as one of the most anticipated and monumental listings on the Main Market of Bursa Malaysia this year. Backed by the heavyweight brand premium of the “Sunway” tag, Sunway Healthcare Holdings Bhd (SunMed) sent ripples of excitement through the investing community during its debut, leaving many who missed out on the initial public offering (IPO) lamenting a lost opportunity.

At its peak, momentum drove the stock from its initial IPO price of RM1.45 to an impressive high of RM2.46.

Fast forward to today, and that early euphoria has visibly cooled. SunMed shares are currently languishing at RM1.74, having hit a low of RM1.71 during intraday trading. This sharp retreat has left a critical question echoing across trading floors: Has the fundamental story cracked, or are investors simply locking in profits?

According to a research note by CIMB, the core engine behind SunMed remains entirely intact. The healthcare operator’s recent earnings report came in firmly inline with expectations, reassuring the market that its ambitious expansion pipeline is progressing exactly as planned.

Analysts continue to point toward SunMed’s aggressive footprint expansion as a long-term value driver. The group is on track to significantly boost its operational footprint over the next few years

CIMB has maintained its financial forecasts for the group, emphasising that SunMed’s premium valuation remains well-supported. The investment bank cited a strong earnings growth outlook, superior profit margins compared to its industry peers, and a highly structured, long-term expansion blueprint as reasons for long-term optimism.

So, if the operational fundamentals are robust, why the share price slump?

Analysts suggest that the stock has merely fallen victim to its own initial success. The dramatic post-IPO rally up to RM2.46 essentially pulled forward future earnings, pricing in the majority of SunMed’s near-term operational upside too quickly. With the valuation fully stretched at those peaks, the stock ran out of short-term re-rating catalysts, prompting institutional and retail investors alike to cash in on quick gains.

The initial public offering created massive ripples across the local market landscape, as detailed in this Sunway Healthcare final IPO pricing report, which highlights how the massive offering set records as the country’s largest listing in nearly a decade.

However, these are early days, and fundamentals remain solid for the group with the added comfort of being backed by one of the largest conglomerates in Southeast Asia.