CEOMorningBrief FRIDAY, APRIL 5, 2024 ISSUE 745/2024 theedgemalaysia.com KHALED NORDIN ASSURES RESTRUCTURING OF LTAT WILL CARRY ON p4 HOME: Federal government to proceed with improved grants, financial support for all states p5 Gamuda shares hit new record high as CIMB flags potential data centre jobs p6 Press Metal shares hit one-year high amid rising aluminium prices p7 Contract awards from big ticket infrastructure projects to drive jobs higher in 2024, says HLIB p9 WORLD: Powell says Fed has time to assess data before deciding to cut p13 Axiata’s edotco to sell Myanmar tower business for RM713 mil Report on Page 3. Deadline for foreign worker visa with reference application extended to April 21 — home minister Report on Page 2.
FRIDAY APRIL 5, 2024 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe to contact editors: eeditor@bizedge.com to advertise: advertising@bizedge.com the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list ceomorningbrief@bizedge.com Deadline for foreign worker visa with reference application extended to April 21 — home minister Four more held over suspected links to arrested Israeli man, says IGP KUALA LUMPUR (April 4): The government has extended the deadline for the application of visa with reference (VDR) to April 21, Home Minister Datuk Seri Saifuddin Nasution Ismail announced. This decision came in response to a significant number of active quotas, totalling approximately 132,000, that remain unclaimed, alongside technical glitches affecting the Foreign Workers Centralised Management System (FWCMS) towards the application period’s end. “This extension provides genuine employers the opportunity to promptly obtain VDR approval letters,” Saifuddin said in a statement on Thursday, adding that it’s anticipated to benefit critical sectors like plantation. Saifuddin urged employers to effectively utilise this extension, cautioning against last-minute system congestion experienced previously. Noting historical trends where approved quota entries typically do not exceed 80% of the total, Saifuddin anticipates approximately 105,600 workers out of the 132,000 unclaimed quotas will be granted VDRs. On March 8, the Home Ministry jointly announced decisions with the Human Resources Ministry to cancel active worker quotas without VDRs after March 31 and advance the last entry date for foreign workers to May 31. This decision aimed to enable accurate measurement of the country’s foreign manpower needs before considering new quotas. This decision has drawn criticism from KUALA LUMPUR (April 4): The police have apprehended four more people, two of them women, under suspicion of connections with an Israeli man who was arrested last week. Inspector General of Police Tan Sri Razarudin Husain said the four, aged between 28 and 41, were arrested around Skudai and Gelang Patah, Johor, on Wednesday. “We arrested four more individuals in Johor, and believe they can assist the police investigation in this case. “Investigations are under way to identify their roles, believed to be associated with the previous arrests,” he said when contacted on Thursday. So far, eight people have been detained, including the main suspect, a 36-year-old Israeli man. Razarudin added that a remand extension application for a local married couple suspected of supplying firearms to the Israeli man will be made after their remand period expires on Friday. Razarudin previously said that the couple, aged 42 and 40, were arrested at a Ramadan bazaar in Kuala Selangor last Friday, and remanded for seven days. Additionally, a local man aged 38 was also arrested in Cameron Highlands, Pahang. He is believed to be the driver for the Israeli man. Earlier, Razarudin was reported as saying that the Israeli man, who had six pistols with him, was detained at a hotel in Jalan Ampang here on March 27. He said the man is believed to have entered Malaysia on March 12 using a French passport from the United Arab Emirates, and claimed to have come to this country to kill a compatriot following a family dispute. Razarudin said the Israeli suspect is remanded until April 7, with investigations being carried out under the Firearms (Increased Penalties) Act 1971. Bernama HOME BY CHOY NYEN YIAU theedgemalaysia.com Read also: Agreement to share data with UNHCR in final phase — Saifuddin business associations like the National Chamber of Commerce and Industry of Malaysia and the Federation of Malaysian Manufacturers (FMM) over concerns about government policy inconsistency impacting the local business community. FMM has also expressed its intention to appeal against the decision. Nevertheless, Saifuddin reiterated on Thursday that the final entry period for foreign workers in the formal sector on May 31 remains unchanged, aligning with market urgency to avoid delayed benefits. Discontinuation of agency service for Singapore and Hong Kong workers by May 31 Additionally, Saifuddin announced the government’s decision to terminate the services of the Malaysian Visa Application Processing Agency (APPVM) for workers from Singapore and Hong Kong, effective May 31. Similarly, service cessation for workers from China will take effect from Dec 31, 2024. Saifuddin said the primary goal of this termination is to enhance the efficiency of hiring foreign workers by reducing bureaucratic layers for employers and relieving them of the costs associated with APPVM. He said employers will now have the convenience of submitting applications directly through the Immigration Department’s MyVisa portal, facilitated by IDs provided to manage the entire visa application process, resulting in a quicker turnaround time of three to four days. Following the discontinuation of APPVM services for Bangladeshi workers, the Immigration Department successfully processed 23,859 visa applications up to April 3. LOW YEN YEING/THE EDGE
FRIDAY APRIL 5, 2024 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): Malaysia and Indonesia have affirmed their commitment to strengthening defence cooperation between the two nations. In a statement, the Defence Ministry said this commitment came after a courtesy visit by Indonesia’s President-Elect and Defence Minister Prabowo Subianto to Defence Minister Datuk Seri Mohamed Khaled Nordin at Wisma Pertahanan here on Thursday. The statement stated that Mohamed Khaled expressed confidence in Prabowo’s vast experience and efforts in defence, especially, which are expected to improve regional stability and security. “Both ministers are confident that strong cooperation will ensure the continued implementation of existing and future activities, thus elevating the defence relationship between Malaysia and Indonesia to a higher level,” read the statement. Malaysia, Indonesia vow to enhance defence cooperation KUALA LUMPUR (April 4): Axiata Group Bhd, Malaysia’s biggest wireless carrier by revenue, said on Thursday it is selling its Myanmar tower business for US$150 million, or about RM713 million, as it seeks to exit the Southeast Asian country. In a filing on Thursday, Axiata said its 63%-owned subsidiary edotco Group Sdn Bhd is offloading its entire 87.5% stake in edotco Investments Singapore Pte Ltd, which is in turn a special purpose investment holding company for the group’s investments in Myanmar and sole shareholder of edotco Myanmar Ltd. The group, however, did not disclose to whom it will sell its Myanmar business. “The decision to exit Myanmar was made due to deteriorating macroeconomics and operating environments in Myanmar,” Axiata reiterated. The group had previously shared that its plan to sell the Myanmar tower business was due to “worsening macroeconomic parameters and business conditions” in the country. It said the divestment was also part of the group’s commitment to maintaining a strong balance sheet and shareholder value, which will be redeployed to reduce debt. Axiata’s deposits, cash and bank balances amounted to RM4.61 billion, while its bank borrowings stood at about RM24.84 billion as at end-2023, according to its latest financial statement. Meanwhile, its foreign currency borrowings and debt securities amounted to RM23.17 billion, of which the US dollar denomination stood at RM14.61 billion, Indonesian rupiah at RM5.10 billion, Bangladeshi taka at RM363.77 million, Sri Lankan rupee at RM925.16 million, the Philippine peso at RM2.13 billion and others at RM44.33 million. It noted that the proposed divestment, Axiata’s edotco to sell Myanmar tower business for RM713 mil BY ANIS HAZIM & JASON NG theedgemalaysia.com Bernama which is scheduled to be completed within 12 months, is not expected to have any material effect on Axiata’s earnings for the financial year ending Dec 31, 2024 (FY2024). Besides Myanmar, Axiata had in December last year exited Nepal at a loss after seven years, due to the prolonged regulatory challenges and uncertainties related to the outstanding capital gains tax to its Nepal-based mobile service unit Ncell Axiata Bhd. Axiata, which completed an exercise to merge its local mobile Celcom Bhd with Digi.Com Bhd last year, still has interests in several emerging markets including Indonesia, India, Sri Lanka, Bangladesh, Cambodia, Pakistan, Laos and the Philippines. For the full year of FY2023, the telco group recorded a net loss of RM2 billion versus a net profit of RM9.75 billion in FY2022. Meanwhile, its annual revenue grew 9.9% to RM22 billion, from RM20.02 billion in the previous year. Shares in Axiata finished two sen or 0.76% lower to RM2.61 on Thursday, giving the group a market capitalisation of RM23.96 billion. The counter has gained 8.75% since the beginning of this year. The meeting, which lasted almost an hour, was their first meeting since Mohamed Khaled became the defence minister last year. Also present were Deputy Defence Minister Adly Zahary, Chief of Defence Forces General Tan Sri Mohamad Ab Rahman, Army Chief General Datuk Muhammad Hafizuddeain, Air Force Chief General Tan Sri Mohd Asghar Khan Goriman Khan and Navy Chief Admiral Tan Sri Abdul Rahman Ayob. Meanwhile, the Defence Ministry said Mohamed Khaled conveyed his congratulations to Prabowo for his election as the new president of Indonesia, following the republic’s 2024 election results. Prabowo arrived at the Subang Air Base Wednesday night to begin his one-day visit to Malaysia. Earlier Thursday, he met with Prime Minister Datuk Seri Anwar Ibrahim at Perdana Putra, Putrajaya. This marks Prabowo’s inaugural visit to Malaysia following his announcement as the official winner of the Indonesian presidential election for the 2024-2029 term. Indonesia's President-Elect and Defence Minister Prabowo Subianto is greeted by Datuk Seri Mohamed Khaled Nordin at the Subang Air Base on April 3, 2024. PHOTO VIA FACEBOOK
FRIDAY APRIL 5, 2024 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): The Armed Forces Fund Board, also known by its Malay acronym LTAT, on Thursday declared a 5% dividend for 2023, the same rate as 2022, with a slightly higher payout. LTAT distributed a total of RM485.08 million, compared with RM476.45 million paid in 2022, to its depositors, said Defence Minister Datuk Seri Mohamed Khaled Nordin. The fund, which mainly manages the retirement savings of military members, distributed the dividends to 123,380 contributors on Thursday. “We wouldn’t announce dividends like this if we didn’t have a strong and solid financial position,” the minister said at a press conference following the dividend announcement. The comments came on the heels of concerns raised by the auditor general over the deficit in reserves in three years running up to 2022. LTAT’s reserves were at a negative RM338 million in 2022, RM258 million in 2021, and RM376 million in 2020. LTAT, which now manages assets totalling RM10.77 billion, reported that its net profit grew 24% to RM537.80 million for 2023, compared with RM432.47 million a year earlier. Retained earnings post dividend rose 52% to RM756.81 million, from RM498.65 million for the previous year. Mohamed Khaled also said the dividend announcement underscores LTAT’s robust financial standing. Overall combined reserves totalled RM450.3 million, more than double the amount of LTAT declares 5% dividend for 2023, total payout at RM485 mil KUALA LUMPUR (April 4): Defence Minister Datuk Seri Mohamed Khaled Nordin on Thursday assured that the ministry is committed to carry on the restructuring of the Armed Forces Fund Board (LTAT) under its Strategic Plan 2023- 2025 (MAMPAN25). The two-year strategic plan, the minister said, includes plans to restructure LTAT’s business model and shareholdings in strategic companies. “I would like to reiterate the commitment of the Ministry of Defence in driving LTAT to become an organisation that contributes to the economic development of the country and guarantees the social protection of the Malaysian Armed Forces,” he said during his speech at the LTAT dividend announcement on Thursday. “LTAT is committed to practising prudent and thorough cash flow management in order to fulfil the obligation to repay retirement savings to LTAT contributors. “We only have one goal. We want to optimise the performance of LTAT with the best business model without giving up strategic interests in various entities that have Khaled Nordin assures restructuring of LTAT will carry on BY EMIR ZAINUL & SYAFIQAH SALIM theedgemalaysia.com BY SYAFIQAH SALIM & EMIR ZAINUL theedgemalaysia.com great potential,” Mohamed Khaled added. MAMPAN25 is a strategic roadmap following the conclusion of the previous Transformation Plan 2019-2023, as LTAT works towards realising its new vision of becoming “a sustainable provident fund” via various initiatives including the full adoption of sustainable investing standards, increasing liquid assets, and improving customer service index. “Most importantly, this comprehensive plan also expresses LTAT’s commitment to provide a sustainable dividend every year,” Mohamed Khaled said. During a Cabinet reshuffle that took place on Dec 12 last year, Mohamed Khaled, who was previously the higher education minister, was appointed to lead the Ministry of Defence, taking over from Datuk Seri Mohamad Hasan. Shortly after that, The Edge Malaysia reported in its publication for the week of Dec 18-24, citing sources, that those involved in the restructuring of LTAT had been told not to proceed with any work on it pending a review by the new minister. 0 2 4 6 8 10 LTAT’s dividend rate Dividend rate (%) 8.1 7.99 8.27 2 2.5 3.5 4.1 5 5 Source: LTAT 2015 2016 2017 20182019 2020 2021 20222023 0 100 200 300 400 500 600 700 800 LTAT’s total payout Total payout (RM mil) 694.1 685.5 686.8 161.2 220.9 310.7 379.4 476.45 485.08 Source: LTAT 2015 2016 2017 20182019 2020 2021 20222023 RM160.6 million in 2022, he noted. LTAT also committed to keeping its book solvency ratio above 100% when announcing the annual dividend to contributors to safeguard its ability to consistently meet its financial obligations. The fund declared its lowest-ever dividend of 2% for 2018 after its net profit halved. An investigative audit by Ernst & Young commissioned in 2019 revealed years of mismanagement and irregularities. Since then, LTAT has put in place a five-year strategic plan, and managed to raise its dividend rates to 2.5% for 2019, 3.5% for 2020, and 4.1% for 2021. CONTINUES ON PAGE 5 ZAHID IZZANI/ THE EDGE
FRIDAY APRIL 5, 2024 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): The federal government has affirmed its commitment to support state governments towards ensuring comprehensive and holistic national development via the previously announced improved grants and financial support for each state this year. This follows the National Finance Council meeting, chaired by Prime Minister Datuk Seri Anwar Ibrahim and attended by the various heads of state governments, which agreed to various allocations including a year-on-year (y-o-y) increase in development expenditure and allocation for grants, according to a statement from the Ministry of Finance (MOF) on Thursday. The MOF said as much as RM39.4 billion will be provided to states in 2024 for their development projects, up from RM36.7 billion in 2023 and RM28.8 billion in 2022. The ministry said the federal government has allocated the states RM8.9 billion in grants, versus RM8.3 billion in 2023, and RM8.1 billion in 2022. These improved grants, announced in Budget 2024, include an increase in state road maintenance grants to RM5.4 billion from RM5.2 million in 2023, grants based on the level of economic development, infrastructure, and quality of life (Tahap) totalling RM400 million, and an increase in ecological fiscal transfer (EFT) grants to RM200 million versus RM150 million a year ago. Meanwhile, the MOF said the council approved RM300 million in special grants for Sarawak and Sabah for 2024, versus RM16 million for Sarawak and RM129.7 million for Sabah in 2023. “The increase in grants involves all states and will be provided simultaneously. Therefore, it is my great hope that these grants can be fully used by the state governments to ensure the welfare of the Federal government to proceed with improved grants, financial support for all states BY IZZUL IKRAM theedgemalaysia.com people as well as promote the sustainable state development,” he said,” said Anwar. The MOF noted that there will also be a 10% increase in grants allocated to state libraries and museums. Besides the grants, the council also reached an agreement in supporting state government’s preparedness in facing natural disasters such as floods and landslides. This came in the form of a 10% or RM10 million increase, whichever is lower, to the limit for fund management expenses for state road maintenance and the purchase of a Bailey bridge using provisions of the state road maintenance grant. “The federal government is committed to collaborating with all state governments in advancing comprehensive national development,” Anwar said. “Based on the principles of humanity and ‘rahmatan lil alamin’ which shape the Madani economy framework, the enhancement of grants to state governments can directly benefit all Malaysians regardless of ethnicity, religion or geography,” he added. Merely three days after Mohamed Khaled was appointed to head the ministry, LTAT’s then chief executive officer Datuk Ahmad Nazim Abd Rahman resigned with immediate effect. Then, its chairman Tan Sri Raja Mohamed Affandi Raja Mohamed Noor was announced to be retiring from the board with immediate effect, just a week after Ahmad Nazim departed. Since then, the chief position has been replaced by Mohammad Ashraf Md Radzi, who was previously LTAT’s chief financial officer since March 2020, while former defence force chief General (Rtd) Tan Sri Azizan Ariffin has taken over as chairman. FROM PAGE 4 Affin Bank stake sale pending BNM’s approval Meanwhile, Mohamed Khalid confirmed that Boustead Holdings Bhd, which has been taken private by LTAT in June 2023, will sell its stake in Affin Bank Bhd to the Sarawak state government, although he did not clarify the quantum of the stake that will be divested. He said the deal is currently pending Bank Negara Malaysia’s (BNM) approval. “We will proceed with that (stake sale). We are just waiting for the approval from BNM. Not LTAT, but LTAT’s subsidiary Boustead. LTAT will still remain in Affin Bank,” he said, confirming that LTAT will retain its stake in Affin Bank. LTAT currently holds a 28.79% equity stake in Affin Bank while its wholly owned unit Boustead Holdings has a 20.02% stake. The bank’s second-largest shareholder is Bank of East Asia Ltd, with a 23.93% stake. Sarawak, via its investment arm State Financial Secretary Sarawak, currently has a 4.8% stake in Affin Bank, after it bought 112.56 million shares in mid-April last year at RM1.97 per share, or RM221.74 million in total. In January, Sarawak Premier Tan Sri Abang Johari Openg said negotiations with LTAT for the state government to acquire an additional stake in Affin Bank was set to be finalised soon. THE EDGE
FRIDAY APRIL 5, 2024 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 5): TDM Bhd’s share price rose to its highest in over three years on Thursday amid growing market valuation ascribed to healthcare-related businesses, particularly after the RM5.7 billion disposal of Ramsay Sime Darby Health Care Sdn Bhd (RSDH) to Columbia Asia Healthcare Sdn Bhd. TDM, which is involved in oil palm cultivation and healthcare business, closed four sen or 14% higher at 32.5 sen, its highest since January 2021, and valuing the group at RM559.94 million. The counter saw a sudden spike in buying interest, with trading volume surging to 62.42 million shares, versus its five-day moving average of 13.33 million shares, and 90-day moving average of 5.35 million shares. TDM was the day’s fifth most actively traded counter. The Edge reported on March 25 that the RSDH-Columbia Asia deal has set a Sudden spike in buying interest lifts TDM to three-year high in active trade KUALA LUMPUR (April 4): Shares in construction outfit Gamuda Bhd surged to a new intraday record on Thursday, as CIMB Securities flagged the group’s potential to secure another two data centre projects, including the AIMS Cyberjaya Block 3. Gamuda surged as much as 2.1% to hit a new intraday all-time high of RM5.37 after the midday trading break. The stock settled 1.33% or seven sen higher at RM5.33, valuing the group at RM14.75 billion. A total of 11.05 million shares changed hands. The Bursa Malaysia Construction Index, which tracks 47 stocks in the sector, closed up 0.33% to 223.31, while the country’s benchmark index, FBM KLCI, was 1.05% higher to close at 1,553.24 points. “As the main contractor for Cyberjaya Block 2, we tip Gamuda to be the leading candidate to bag a similar contract for Cyberjaya Block 3,” according to CIMB Securities analyst who attended the company’s latest briefing. Gamuda delivered the eight-storey Cyberjaya Block 2 in just eight months, the research house noted. AIMS Group, the data centre arm of TIME dotCom Bhd, announced on Tuesday that it would start the construction of Cyberjaya Block 3, following the completion of Cyberjaya Block 2 in collaboration with Gamuda. The upcoming Block 3 is expected to be completed by the second quarter of 2025, AIMS said. Gamuda indicated to analysts that the company is “quite confident” of clinching two new data centre mandates, CIMB Securities said. The contract value of Block Gamuda shares hit new record high as CIMB flags potential data centre jobs BY ANIS HAZIM theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com 3 was not disclosed, though the research house estimated it at over RM200 million. CIMB Securities has a “buy” call on Gamuda along with 18 other analysts, and only one house — Macquarie — has a “sell” rating. The consensus 12-month target price is RM5.98, according to Bloomberg. Shares in Gamuda have risen 15.9% year-to-date, amid a boom in construction stocks, as investors bet on infrastructure roll-outs and rising demand for data centres.CIMB Securities also maintained its “overweight” stance on the Malaysian construction sector. Gamuda is poised to re-commission its second industrialised building system facility in Banting, in anticipation of rising demand for pre-cast applications from the data centre industry over the next five to six years, CIMB Securities said. Still, Gamuda prefers to be “more selective” with its data centre bids to protect margins, CIMB Securities said. “To this end, its core focus is on fast-built DC projects that emphasise speed and quality.” TDM Bhd 0 40 80 Mar 15, 2023 Apr 4, 2024 15 20 25 30 35 Vol (mil) Sen *32.5 sen 17.3 sen *As at market close on Apr 4, 2024. Source: Bloomberg new benchmark for the valuation of private hospital operators in Malaysia while generating investor interest in similar players like TDM. TDM, which is 60%-owned by Terengganu Inc Sdn Bhd, operates five hospitals in Taman Desa and Kelana Jaya in the Klang Valley, and Kuantan and Kuala Terengganu on the peninsula’s east coast, as well as Tawau in Sabah. With the rally on Thursday, TDM has logged a year-to-date gain of 83%. Gamuda Bhd 0 10 20 30 40 April 4, 2023 April 4, 2024 3.5 4.5 5.5 Vol (mil) RM *RM5.33 RM4.03 *As at market close on April 4, 2024 Source: Bloomberg
FRIDAY APRIL 5, 2024 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): Shares of Press Metal Aluminium Holdings Bhd, the largest aluminium smelter in Southeast Asia by capacity, surged 7.8% on Thursday to hit a one-year high of RM5.14, as investors bet on rising aluminium prices boosting the group’s earnings. The counter was among the top gainers on Bursa Malaysia on Thursday. It pared earlier gains to close at RM5.12 — still up 35 sen or 7.3% from its previous close — valuing the group at RM42.19 billion. In less than a month, the stock has gained 13.7% from this year’s low of RM4.50 on March 6. The stock has risen 6.84% year to date from RM4.79. London Metal Exchange’s (LME) aluminium prices rebounded from this year’s low of US$2,159 on Jan 22 to its one-year high of US$2,421 on Thursday, posting a gain of 12.51% within the period. Bloomberg data showed that six research houses tracking Press Metal have a “buy” call, five a “hold” recommendation and one a “sell” rating, with an average 12-month target price of RM5.15. The counter has risen above some price targets, but has yet to test other higher targets such as Nomura’s RM5.80, JP Morgan’s RM5.70, Citi Research’s RM5.60 and UOB Kay Hian’s RM5.50. UOB Kay Hian, which rated a “buy” call on Press Metal, stated that the recovery demand and tight inventory will support LME aluminium prices, with demand for aluminium in China driven by solar power and new energy vehicle industries. The expected interest rate cut by the US Federal Reserve could further accelerate the recovery of global aluminium demand, the research house said in a report. On the supply side, the research house said LME’s aluminium stockpile remains relatively low at 549,000 tonnes towards end2023, while China’s aluminium stockpile was around 434,000 tonnes, with no major import arrival and aluminium output impacted negatively after Yunnan’s production was cut in the fourth quarter last year. Press Metal shares hit one-year high amid rising aluminium prices BY JUSTIN LIM theedgemalaysia.com Press Metal Aluminium Holdings Bhd 0 20 40 60 April 3, 2023 April 4, 2024 3.5 4.5 5.5 Vol (mil) RM RM5.12 RM4.86 Source: Bloomberg “Additionally, the ban on Russia’s metal could lend further strength to the LME aluminium prices,” it added. Based on the research house’s sensitivity analysis, every US$100 per tonne increase to its current spot aluminium price assumption of US$2,400 per tonne in 2024 would increase Press Metal’s earnings by 16% annually, assuming alumina cost of US$360 per tonne (implying an around 15.5% cost ratio) and carbon anode prices of 6,000 yuan per tonne. Read the full story
FRIDAY APRIL 5, 2024 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): Engineering services firm 3Ren Bhd has filed for an initial public offering (IPO) on Bursa Malaysia’s ACE Market to raise more funds for expansion, including setting up new delivery centres and an office in Singapore. The proposed IPO involves a public issue of 110 million new ordinary shares, as well as an offer for sale of 45 million existing shares, according to its draft prospectus on Bursa Malaysia. All in all, the listing would offer investors up to a 23.84% stake in the company. “We intend to set up our own dedicated delivery centres to specifically undertake certain product engineering services projects which are usually performed at various locations of our customers,” 3Ren said. Having its own delivery centre would boost efficiency and optimise cost while allowing scalability among other benefits, the company noted. 3Ren has identified a premise to rent for its first delivery centre in Penang, and plans to hire at least 40 new engineers and technicians, it said. 3Ren is mainly involved in providing engineering support services, product engineering services, digitalised solutions and automated equipment. It serves various segments in the semiconductor and electronics industry value chain, such as integrated circuit assembly and testing. The company’s fully-owned subsidiaries — Sophic Automation Sdn Bhd, Sophic MSC Sdn Bhd and Pinkypye Sdn Bhd — are involved in automation solutions, precision machining and engineering services. For the nine-month period ended Sept 30, 2023, the company posted a net profit of RM6.58 million, up 14.6% from RM5.74 million in the corresponding period of the previous year. Revenue was down 8.4% year-on-year to RM67.18 million from RM73.37 million. For the public issue, 3Ren is offering 32.5 million shares to the Malaysian public, 30 million shares to eligible persons, 3.8 million to Bumiputera investors, and 43.7 million to select investors through private placement. The offer for sale tranche will be done through private placement to select Bumiputera investors Proceeds from the IPO will be allocated towards establishing an office in Singapore and funding research and development initiatives. The company will spend some of the funds raised for repayment of bank borrowings, as working capital and on listing expenses. Meanwhile, the proceeds from the offer for sale will accrue entirely to the offerors, including chief executive officer Koh Dim Kuan, executive director Lee Chee Hoo, business development manager Low Chee Onn and shareholder Malaysian Technology Development Corporation. KAF Investment Bank is the principal adviser, sponsor, sole underwriter and sole placement agent. 3Ren files for ACE Market IPO to raise funds for new engineering centres KUALA LUMPUR (April 4): Sorento Capital Bhd, a distributor of bathroom and kitchen sanitary ware products, has filed for an initial public offering (IPO) on Bursa Malaysia’s ACE Market to raise funds for its expansion. The IPO is expected to involve a public issuance of 155 million new shares and an offer for sale of up to 74 million existing shares, according to the draft prospectus filed with Bursa Malaysia. Under the public issue, 43 million shares will be made available to the public while 16 million shares have been set aside for eligible directors, employees and persons who have contributed to the group’s success. The remaining 96 million will be offered via a private placement to Bumiputera investors as approved by the Ministry of Investment, Trade and Industry (Miti). Of the offer for sale, 62.5 million shares will be allocated to selected investors and 11.5 million to Bumiputera investors as approved by Miti, both by way of private placement. Sorento said the funds raised from the IPO will be go towards advertising and branding initiatives and expanding its dealer network, with plans to enlist 200 new dealers nationwide within the next three years. The money will also be used to repay bank loans and bolster working capital for inventory procurement. The group, through its wholly-owned subsidiaries Sorento Sdn Bhd, Beyond Bath Sdn Bhd, Nautical Sanitaryware Sdn Bhd, Sanitary ware provider Sorento Capital eyes ACE Market listing Ideal Bath Sdn Bhd and Mocha Sdn Bhd, has an extensive range of bathroom and kitchen sanitary ware products under its house brands Sorento, Mocha, Cabana and i-Born. Sorento is also the authorised distributor in Malaysia for two foreign third-party brands of bathroom and kitchen sanitary ware products, namely Bravat and Infinity. For the financial year ended June 30, 2023 (FY2023), the group’s net profit jumped 95.65% to RM24.93 million from RM12.74 million a year earlier as revenue grew 23.84% to RM112.31 million from RM90.69 million. Alliance Islamic Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise. BY SYAFIQAH SALIM theedgemalaysia.com BY HEE EN QI theedgemalaysia.com SORENTO.COM.MY
FRIDAY APRIL 5, 2024 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): Hong Leong Investment Bank (HLIB) has maintained its “overweight” rating on the construction sector and said first quarter of 2024 (1Q2024) domestic contract awards totalled RM6.96 billion, which is up 45% quarter on quarter (q-o-q) but down 3% year-on-year (y-o-y). In a sector update on Thursday, the research house said contracts again were dominated by the private sector, which saw robust flows, notably from commercial and residential projects, while the data centre (DC) space contributed too. “Going forward, we expect contract awards from several big ticket infrastructure projects to drive jobs higher in 2024. “We maintain sector ‘overweight’ keeping to our thesis of contract awards growth driven by mega infra projects and supported by robust private sector job flows. “Sector valuations remain undemandContract awards from big ticket infrastructure projects to drive jobs higher in 2024, says HLIB BY SURIN MURUGIAH theedgemalaysia.com NEWS IN BRIEF ing against this positive backdrop. HLIB’s top picks are Gamuda Bhd (“buy”; target price [TP]: RM6.11) and Sunway Construction Group Bhd (“buy”; TP: RM3.20). The research house said for the remaining quarters of 2024, it looks forward to the rollout of big ticket infrastructure projects like Penang LRT (more than RM10 billion), Pan Borneo Sabah Phase 1B (RM15.7 billion), flood mitigation packages worth RM11.8 billion, Sabah-Sarawak Link Road (RM7.4 billion), LRT3 reinstatement (RM4.7 billion), KUTS-Green Line as well as water scheme projects. “There are also other basic infrastructure projects to come, funded by the high level of development expenditure of RM90 billion. “These projects should help drive contract flows in 2024 while pipeline from industrial projects and data centres remains highly robust — Johor has been touted as the fastest growing DC market in SEA region,” it said. MN Holdings secures RM26 mil solar plant substation job from Samaiden KUALA LUMPUR (April 4): MN Holdings Bhd (MNHB) has secured a contract worth RM25.96 million for the engineering, procurement, construction and commissioning work for a large-scale solar photovoltaic plant in Kulim, Kedah. According to a bourse filing on Thursday, MNHB announced that the contract was awarded to its wholly-owned subsidiary MN Power Transmission Sdn Bhd by Samaiden Sdn Bhd, a wholly-owned subsidiary of Samaiden Group Bhd. The contract involves establishing new step-up station interconnection facilities for the large-scale solar substation, as well as extending one bay of 132kV interconnection facilities at the existing 132kV NUR Power Station for NUR Renewables Sdn Bhd. The contract is set to span 11 months with the commencement date on April 1. The latest win increases MN Holdings’ order book to RM444.5 million, according to its statement on Thursday, which is expected to contribute to the group’s earnings positively over the next two to three financial years. — by Hee En Qi Sapura Energy wins contract from Shell to provide underwater services for Petronas group KUALA LUMPUR (April 4): Sapura Energy Bhd said it has secured a contract to provide pan-Malaysia underwater services for the Petronas group of companies and petroleum arrangement contractors. In a bourse filing on Thursday, the group said its wholly-owned subsidiary Sapura Subsea Services Sdn Bhd was awarded the contract by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd. Sapura did not disclose the value of the contract, saying only that it is a call-out contract with agreed unit rates. The scope of work, it said, includes the provision of diving support vessels, air and saturation driving systems, remotely operated vehicles and other underwater services. The Practice Note 17 (PN17) group expects the contract, which is valid for five years from Jan 31, 2024, to contribute positively to its earnings for the financial year ending Jan 31, 2025 (FY2025) and subsequent years. — by Luqman Amin Kuala Kubu Baharu state by-election on May 11, says EC PUTRAJAYA (April 4): The Election Commission (EC) has set May 11 as the polling day for the Kuala Kubu Baharu state by-election in Selangor. EC chairman Tan Sri Abdul Ghani Salleh said the nomination day falls on April 27, followed by early voting on May 7. He made the announcement at a media conference, after chairing a special meeting at Menara SPR here on Thursday to discuss the important dates relating to the Kuala Kubu Baharu by-election. The state seat fell vacant following the death of its incumbent, DAP’s Lee Kee Hiong, on March 21. — Bernama Crescendo disposes of another Johor land to Microsoft Payments for RM132.47 mil KUALA LUMPUR (April 4): Crescendo Corp Bhd has announced the disposal of a piece of vacant freehold land measuring 1.1 million sq ft in Pulai, Johor for RM132.47 million, or RM120 per sq ft. In a bourse filing on Thursday, the Johor-based property developer said its wholly owned subsidiary Panoramic Industrial Development Sdn Bhd (PID) had entered into a conditional sale and purchase agreement with Microsoft Payments (Malaysia) Sdn Bhd for the proposed deal. It is noteworthy that Crescendo disposed of three vacant pieces of land measuring 2.62 million sq ft, near the vicinity of the latest proposed land, for RM315.17 million cash to Microsoft Payments in November last year. Crescendo anticipates a net gain of RM80.83 million from the latest proposed land sale. The group intends to utilise the net cash proceeds of RM127.7 million to fund debt repayments (RM50 million), working capital (RM73.41 million) and related exercise expenses (RM11.5 million). Meanwhile, the remaining RM4.77 million will be incurred for disposal in relation to the estimated cost of development. — by Choy Nyen Yiau
FRIDAY APRIL 5, 2024 10 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): Lawyer Tan Sri Muhammad Shafee Abdullah on Thursday sought further time for Datuk Seri Najib Razak’s application for a judicial review of his pardon bid, in which the former prime minister claims included being placed under “house arrest” instead of at Kajang Prison. Shafee said the defence team had to file an affidavit of what he calls “a critical witness” in the whole affair, as the person is in Makkah for the last 10 days in the month of Ramadan, and would only be back after Hari Raya Aidilfitri next week. Shafee said that although they had filed a certificate of urgency for the former prime minister’s judicial review, they need to have the witness’ supporting affidavit. Following this, judge Datuk Amarjeet Singh fixed April 17 for the case of leave (permission) to be heard. The court directed Shafee to file the affidavit by Aug 15. Shafee is also to serve a copy of it to the Attorney General’s Chambers (AGC), which in this case is represented by senior federal counsel Ahmad Hanir Hambaly @ Arwi, who was present in the ex-parte (single-party) proceedings. Ahmad Hanir, appearing for the AG, the government, and other respondents, said the AGC had also filed written submissions late on Wednesday, after learning of the application. Although it was not disclosed, it is understood that the government would object to the leave application. Shafee, when approached by reporters, declined to reveal the identity of the alleged critical witness. Ismail Sabri made Parliament revelation During a recent Parliament debate session, former prime minister Datuk Seri Ismail Sabri Yaakob, who is also the Bera Member of Parliament, in addressing the royal address wanted the government to clarify the outcome of the Federal Territory Pardons Board’s decision that purportedly allowed Najib to complete his prison sentence under home detention. Ismail said he learnt that there was an “attachment” submitted to the Pardons Board that sought to relocate Najib from Kajang Prison to home detention, in addition to the petition for a royal pardon that was submitted previously. In the judicial review application filed on Monday, Najib claimed that the 16th Yang di Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, had purportedly allowed him to serve his six years’ jail term under house arrest, following a pardon granted on Jan 29. That sentence was a reduction from the earlier sentence of 12 years’ jail, with the fine of RM210 million reduced to RM50 million, after Najib was found guilty of abuse of power, criminal breach of trust, and money laundering of SRC International Sdn Bhd funds. Read the full story Shafee seeks time for judicial review application, to file affidavit of ‘critical witness’ in Najib’s house arrest bid KUALA LUMPUR (April 4): Datuk Zarul Ahmad Mohd Zulkifli told the Sessions Court on Thursday, that he did not mention Lim Guan Eng’s name in his statement earlier on businessman G Gnanaraja’s case, as there was a special investigation in the former Penang chief minister’s case. Replying to questions from Lim’s counsel Haijan Omar, after Sessions Court judge Azura Alwi allowed the impeachment proceedings on the third point of contradiction in Zarul Ahmad’s testimony, the key witness agreed that he was asked by the Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) to differentiate between Gnanaraja and Lim’s case. “This follows that there was a special investigation on Lim’s case,” he added. When asked by Haijan, Zarul Ahmad revealed that the MACC IO who told him this was one Saiful Amin Hamzah. Zarul Ahmad denied lying to the MACC in giving his statement in 2018, and said he gave a full revelation but as the first case was against Gnanaraja, it was focused on that as there was a separate special investigation on Lim. In the proceedings, Zarul Ahmad disagreed with the suggestion by Lim’s counsel that the statement he gave to the MACC in 2018 (without incriminating Lim) was the truth and it was only that. Haijan: I put it to you that your testiThere was a special investigation on Guan Eng by MACC, says Zarul Ahmad mony on the alleged involvement of Lim in this case is considered as an afterthought? Zarul Ahmad: I do not agree. Haijan: That is why there is no statement with the MACC in 2018 that you gave on Lim? Zarul Ahmad: I disagree. Haijan: I put it to you that your evidence over a discussion to use special-purpose vehicle company Bumi Muhibah Sdn Bhd to pay the sum to Lim is not true? Zarul Ahmad: I do not agree. Zarul Ahmad said he gave the statement in 2018 specifically focused on Gnanaraja’s cheating case then which was heard in Shah Alam. Gnanaraja was initially charged with cheating Zarul Ahmad and his company Consortium Zenith Construction Sdn Bhd but later was only fined RM230,000 after admitting to an offence under the Companies Act. Read the full story BY HAFIZ YATIM theedgemalaysia.com BY HAFIZ YATIM theedgemalaysia.com Senior lawyer Tan Sri Muhammad Shafee Abdullah, who represents former prime minister Datuk Seri Najib Razak. LOW YEN YEING/THE EDGE
FRIDAY APRIL 5, 2024 11 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): A legal challenge over the termination of a highly-lucrative government fleet car contract will proceed after the High Court gave more time for relevant paperwork to be filed. On Thursday, judge Datuk Ahmad Kamal Md Shahid delivered his brief ruling that allowed Cekap Urus Sdn Bhd, a joint venture backed by Berjaya Corp Bhd, to file the so-called Form 110 among other documents on or before April 15. “The judge said that he found merit in our application,” said lawyer Chuar Kia Lin who appeared for Cekap Urus when contacted by The Edge. The case management has been set for May 4, he said. Cekap Urus — a joint venture between Berjaya Corp, Naza Corp Holdings Sdn Bhd and Tunku Tun Aminah Sultan Ibrahim Ismail — mounted a legal challenge over the termination of a 2019 contract to supply, maintain and manage the government fleet cars. Berjaya controls 51% in the joint venture, Naza holds 29% while the daughter of Malaysia’s current King has 20%. The government cancelled a letter of intent issued to Cekap Urus, and gave the contract worth nearly RM4 billion to Spanco instead in 2020. Thursday’s decision on Cekap Urus’ application revolved around a technicality that the company had not filed a notice informing respondents — the Ministry of Finance, the government and Spanco — of the judicial review hearing as stipulated by the law. Cekap Urus should have filed a notice of hearing for judicial review in Form 110 within two weeks from the date leave was granted on Aug 24, but failed to do so and had sought for an extension of time. Lawyers for Cekap Urus argued that it was an unintentional mistake as other papers were filed and served on all respondents on Sept 6, within the stipulated time. Counsels for Spanco however objected to the application saying that the applicants had to adhere to the law. Had the court not ruled in Cekap Urus’ favour, it would’ve ended their legal challenge over the contract’s termination by the government. The company filed the application on April 20 through Messrs Pierre Chuah and Associates seeking to invalidate the termination, and the company is asking the court for a declaration that the decision to award Spanco the project through direct negotiation is invalid, null and void, and has no effect. The joint venture is seeking a certiorari order to quash the government’s decision on Jan 25 this year in dismissing its appeal against the termination. Cekap Urus is also requesting a mandamus order to compel the government to execute the letter awarded to Cekap Urus. Further, Cekap Urus is seeking a stay of the government and ministry’s decision pending determination of the matter, as well as damages and costs to be assessed. On Aug 23 last year, Cekap Urus obtained leave from the Kuala Lumpur High Court for the judicial review. Berjaya-Naza JV legal challenge over loss of govt car fleet contract to proceed after court ruling KUALA LUMPUR (April 4): Fugitive Low Taek Jho (Jho Low)’s penchant for name-dropping was so rife that even close associate Jasmine Loo was not able to identify the veracity of his statements, the court heard on Thursday. The former 1Malaysia Development Bhd (1MDB) general counsel said that unless she was present in person, she would not be able to tell if Jho Low’s statements were true. Loo, 50, said this in reply to defence counsel Tania Scivetti’s cross-examination on Thursday during the 1MDB-Tanore trial where former prime minister Datuk Seri Najib Razak is facing abuse of power and money-laundering charges. Scivetti: [You are aware of] Jho Low’s tendency to make up stories and namedrop. Loo: I don’t know about [his tendencies] of making up stories but name-dropping, yes. Scivetti: You agree that the name-dropping [doesn’t] bear any truth? Loo: He is fond of name-dropping but I don’t know the strength of it. Scivetti: In fact, you yourself won’t know if he was telling the truth. Loo: Unless I was there [to verify]. Previous witnesses like former central bank governor Tan Sri Zeti Akhtar Aziz and former AmBank relationship manager Joanna Yu had also testified about Jho Low’s tendency to “name-drop”, alluding to his close interpersonal relationship with powerful individuals around the globe. Loo doesn’t deny that she is Jho Low’s close associate Scivetti went back to Loo’s previous testimony where the witness claimed that at the material time she was unaware that 1MDB funds were funnelled to Najib’s account. She had said that she only knew of this following the US Department of Justice (DOJ) and subsequent media reports around 2015 and 2016. Even close associate Jasmine Loo can’t verify truth of Jho Low’s stories Previously on the stand, Loo had testified that she was unaware that the security deposits amounting to RM576,943,490 and RM790,354,855 from the fake Aabar’s account entered Eric Tan Kim Loong’s Blackstone Asia Real Estate account. The funds were then deposited into an array of other accounts, including Najib’s. On Thursday, when asked if Loo had ever seen Najib with Tan, who frequently acted as Jho Low’s proxy, the witness answered in the negative. Scivetti: You’ve known Eric Tan since 2009? Loo: Correct. Scivetti: The DOJ and the media have identified you as one of the key players in the 1MDB scheme. Loo: Ya, but that is unverified, and that is what they claim. Scivetti: The media has also identified you as Jho Low’s close associate. Loo: Yes, I don’t deny that. Loo, once again, reiterated that whatever money she received from entities linked to Jho Low, she received in “good faith” and didn’t know that they were funnelled from the strategic development company. Read the full story BY TARANI PALANI theedgemalaysia.com BY TARANI PALANI theedgemalaysia.com
FRIDAY APRIL 5, 2024 12 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (April 4): The Ministry of Investment, Trade and Industry (Miti), through its agencies, is working with the Ministry of Entrepreneur and Cooperatives Development to address the issue of Bumiputera companies’ low participation in the manufacturing sector. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said among the main challenges is the lack of access to financing facilities for Bumiputera companies, as well as small and medium enterprises (SMEs). “Therefore, in the New Industrial Master Plan (NIMP) 2030, an allocation was provided to Miti to strengthen local companies. The Budget 2024 announcement earmarked a fund of RM200 million to implement the NIMP 2030. “In terms of access to financing, the government gives local banks the opportunity to be more proactive in helping SMEs, which represent the country’s largest group of employees and employers,” Zafrul said during a question-and-answer session in the Dewan Negara on Thursday. He was replying to a supplementary question from Senator Datuk Husain Awang, who wanted to know the government’s initiatives to expose Bumiputera start-up companies to alternative sources of financing, such as equity crowdfunding. Tengku Zafrul said limited access to financing is not the only major issue — another is capacity building. “We have to share our experience and knowledge, and this is being carried out through SME Corp and other related agencies,” he said. The third challenge is to ensure market access to their products, the minister said, adding that Malaysia External Trade Development Corp (Matrade) is also playing its role to ensure the companies can compete at the global level. Ministries in joint effort to address low participation of Bumiputera firms in manufacturing, says Zafrul KUALA LUMPUR (April 4): The founder and former managing director of a massage chain and his wife were charged with 68 counts of bribery at the Sessions Court here on Thursday for receiving financial inducements from the owner of a massage oil supplier. Chuah Seong Keat, 59, and Wong Choi Nyet, 58, claimed trial to the charges under Section 16(a)(A) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 — solicits or receives inducement for their or another’s benefit — before Sessions Court judge Awang Kerisnada Awang Mahmud. KUALA LUMPUR (April 4): The Dewan Negara’s first meeting of the third session of the 15th Parliament concluded on Thursday after a three-week sitting since March 18, which saw the approval of 17 Bills. During the session, the Senate approved, among others, the Human Rights Commission of Malaysia (Amendment) Bill 2023, the Supplementary Supply (2023) 2024 Bill, the Supply (Reallocation of Appropriated Expenditure) Bill 2024, the Universities and University Colleges (Amendment) Bill 2023, and the Cyber Security Bill 2024. Also approved were the Unclaimed Moneys (Amendment) Bill 2024, the Income Tax (Amendment) Bill 2024, the Police (Amendment) Bill 2024, the Environmental Quality (Amendment) Bill 2023, the Energy Efficiency and Conservation Bill 2023, and the Electricity Supply (Amendment) Bill 2023. Senate president Datuk Mutang Tagal, in his closing speech, said that his first session as the Senate president also made history when a substantive amendment at the committee stage of the Dewan Negara was agreed upon. “This reflects the competency of this august House in playing a check-and-balance role in the country’s legislative process. Congratulations to all involved in this process, especially all honourable senators,” he said. If found guilty, the duo face a jail term of up to 20 years and a fine not less than five times the amount of the bribe or RM10,000 — whichever is higher. Awang Kerisnada set bail at RM100,000 each with separate sureties as well as ordered the couple to surrender their passports and report to the MACC every month. The judge fixed June 10 for mention. The Star reported that Chuah, who was previously a director of the massage facility chain, and Wong, had from 2014 to 2020 received bribes amounting to RM656,395 from the massage oil supplier. It is understood that Chuah, better known as Leon Chuah, left his role as managing director of the company in October 2020. The purpose of the financial inducement was allegedly for the supplier to be awarded the job for supplying massage oil to the massage centre chain. In January last year, Chuah was charged with misappropriating RM60,000 from the massage chain for personal use. Meanwhile, he was later in April 2023 remanded by the anti-graft body together with former executive director Thuan Chew Boon in relation to the procurement of overpriced massage oil from a company deemed to be a related party. Wellness chain founder, wife charged with accepting bribes from massage oil supplier Dewan Negara meeting ends after passing 17 Bills BY IZZUL IKRAM theedgemalaysia.com Bernama Bernama Mutang said the very active and committed participation of senators in the debate on the motion of thanks for the royal address and bills was very commendable, enhancing the credibility of the Senate and opening the public’s eyes that this House is not merely a “rubber stamp”. A total of 52 senators participated in the debate on the royal address, touching on national and people-oriented issues involving 28 ministries, including the Prime Minister’s Department. “A total of 46 individuals, or about 87% of members, participated in the debate on the 17 Bills that were approved,” he said. Meanwhile, Mutang also extended his wishes for a joyful Aidilfitri celebration with family and loved ones for those who are Muslims. “I suggest that we all intensify the spirit of goodwill among us by visiting each other during this festive season,” he said.
FRIDAY APRIL 5, 2024 13 THEEDGE CEO MORNING BRIEF WORLD (April 4): Federal Reserve (Fed) Chair Jerome Powell signalled policymakers will wait for clearer signs of lower inflation before cutting interest rates, even though a recent bump in prices didn’t alter their broader trajectory. Powell said recent inflation figures — though higher than expected — did not “materially change” the overall picture. He reiterated his expectation that it will likely be appropriate to begin lowering rates “at some point this year”. “On inflation, it is too soon to say whether the recent readings represent more than just a bump,” Powell said Wednesday in a speech at Stanford University in California. “We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%.” The Federal Open Market Committee (FOMC) held interest rates steady last month. Officials narrowly maintained their outlook for three interest-rate cuts this year, even as key inflation metrics have picked up in 2024. Powell and other Fed officials have repeatedly said they are in no hurry to cut rates, and that their moves will depend on incoming data. As Chair Powell answered questions following his opening remarks, Treasury yields reversed or pared earlier gains. The S&P 500 remained higher. Investors are putting roughly even odds on an initial cut in June, and pricing suggests they see a chance of fewer than three reductions this year, according to futures. “Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” Powell said in the opening remarks ahead of a fireside chat. “If the economy evolves broadly as we expect, most FOMC participants see it as likely to be appropriate to begin lowering the policy rate at some point this year.” Powell’s prepared remarks reinforce those he’s made following the March meeting. They also suggest that the Fed is unlikely to reduce rates at their next gathering taking place April 30-May 1. The Fed’s preferred gauge of underlying inflation cooled in February after an even larger increase than previously reported in January, government data released Friday showed. Even so, the back-to-back increases in the core personal consumption expenditures price index — which excludes volatile food and energy costs — were the biggest in a year. “Powell still sounds dovish, since the jump in inflation earlier this year might be a blip rather than a new trend,” said Kathy Bostjancic, chief economist at Nationwide Mutual Insurance Co. “His comments support our view that a June rate cut is on the table but we need to see softening in inflation readings starting with the March readings.” Bostjancic says that as of now, she sees a rate reduction in July as more likely. Jobs picture Powell said last month that an unexpected weakening in the labour market could warrant a policy response from Fed officials. The Fed will get another update on the health of the job market Friday with the release of the monthly employment report, which is expected to show a gain of 213,000 jobs in March. BY STEVE MATTHEWS Bloomberg Powell says Fed has time to assess data before deciding to cut Fed officials in March were split on how aggressive rate cuts will be this year. The central bank’s “dot plot” showed 10 officials forecast three or more quarter-point cuts this year, while nine anticipated two or fewer. Later on Wednesday, Fed Governor Adriana Kugler said she expects inflation can continue to moderate further without a significant cost to jobs or the broader economy. “If disinflation and labour market conditions proceed as I am currently expecting, then some lowering of the policy rate this year would be appropriate,” she said. During the fireside chat, Powell detailed the outsized role supply-side factors like population growth have had in the inflation recovery. While it’s unclear if such factors will continue to reduce price pressures going forward, the Fed chair seemed optimistic. “There may be more supply-side gains to be had,” he said. “Surveys of businesses still show difficulties in hiring people, difficulties in getting the inputs they need for their businesses — so, there’s some more benefit there.” The Fed chair also used part of his speech to emphasise that the central bank makes its decisions independent from politics. Powell added that he feels it is improper for him to weigh in on other public policy issues, like climate change policies. “Our analysis is free from any personal or political bias, in service to the public,” he said. “We will not always get it right — no one does. But our decisions will always reflect our painstaking assessment of what is best for our economy in the medium and longer term — and nothing else.” We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%.” BLOOMBERG
FRIDAY APRIL 5, 2024 14 THEEDGE CEO MORNING BRIEF WORLD (April 4): London base metal prices rose on Thursday, with copper hitting its highest level in more than 14 months, supported by a weaker dollar and global rate cuts hopes. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.9% at US$9,344 per metric ton by 0752 GMT. The contract leapt to as much as US$9,380 earlier in the session, a level last seen on Jan. 27, 2023. The dollar fell as investors waited on US labour data for clues on the Federal Reserve’s interest rate outlook. A weaker dollar makes greenback-priced metals cheaper to holders of other currencies. Prices were also supported by Fed Chair Jerome Powell’s affirmation that his outlook on lowering the policy rate at some point this year remained the same and will continue to be guided by economic data. Meanwhile, Euro zone inflation fell unexpectedly last month, solidifying the case for the European Central Bank to start lowering borrowing costs from record highs. “A notable surge in speculative activity on the LME, paired with expectations of relaxed monetary policy outlook in Europe, has propelled metal prices to their highest levels in several months,” said Sucden Financial analysts in a note. “The anticipation of monetary policy cutting cycle and ongoing geopolitical tensions are expected to further ease the pressure that has been felt by base metals in recent months,” they added. Copper hits 14-month high on rate cut hopes and soft dollar (April 4): Gold prices hit a new record high on Thursday, breaking above the US$2,300 per ounce ceiling, as recent comments from Federal Reserve officials cemented market expectations around US interest rate cuts. Spot gold was down 0.3% at US$2,291.65 per ounce, as of 0943 GMT, taking a breather after hitting an all-time high of US$2,304.09 earlier in the session. US gold futures fell 0.2% to US$2,311.20. “There is big demand coming from Asia, particularly from China and solid demand from central banks. We have geopolitical risks and expectations around central banks cutting rates. All these factors are lifting gold prices higher,” Carlo Alberto De Casa, a market analyst at Kinesis Money, said. Fed officials including chair Jerome Powell on Wednesday continued focusing on the need for more debate and data before interest rates are cut, a move financial markets expect to occur in June. Traders are currently pricing in about 59% chance that the Fed will cut rates in June, according to the CME FedWatch tool. Gold, which pays no interest, benefits when interest rates fall as this reduces the opportunity cost of holding bullion. Focus now shifts to US non-farm payrolls for March due on Friday that could shed more light on the timing of first rate cut from the Fed. Strong central bank buying and firm safe-haven inflows amid growing geopolitical tensions have boosted demand for gold, which has risen more than more 25% since October. “Gold’s blistering rally may have further room to run in the medium term,” Singaporean bank OCBC said in a note. “Historical evidence since 2001 showed that gold strengthened when Fed rate hike cycle ended and continued to extend its bullish run when Fed rate cut cycle gets underway. That said, we caution for the risk of a pullback.” Spot silver fell 0.6% to US$27.04 per ounce after scaling its highest since June 2021. Platinum rose 0.3% to US$939.60 and palladium slipped 0.9% to US$1,004.36. (April 4): A resurgent US dollar is exasperating central bankers and governments around the world, forcing them into action to relieve the pressure on their own currencies. From Tokyo to Istanbul, policymakers are stepping in to defend exchange rates with both words and deeds as a resilient American economy conspires to keep the greenback strong by pushing back expectations for lower US interest rates. The greenback has gained against virtually every major peer in 2024, defying many on Wall Street who came into the year predicting a dollar selloff. That’s prompted escalating warnings from Japan on its readiness to intervene to buoy the yen from near a 34-year low. Turkey blindsided markets with a rate hike to boost the lira, China and Indonesia have moved to steady their currencies, while Sweden and India are also under pressure. Those intensifying efforts are reminiscent of 2022 when officials in Switzerland and Canada lamented their weakening exchange rates amid a surge in inflation and the strong dollar ripped through emerging economies, contributing to Sri Lanka’s historic default. Today, countries burdened by foreign debt remain at risk, with the Maldives and Bolivia particularly vulnerable if dollar strength persists. “The US dollar keeps turning up the heat on other central banks,” said Helen Given, a foreign-exchange trader at Monex. “Given the current global environment where central banks appear to be looking to end their tightening cycles, there doesn’t seem to be a safe way out from the dollar’s continued dominance.” Just months ago, a recession in the US seemed all but inevitable. Instead, data show the nation benefiting from a tight labor market, upbeat consumer mood and government subsidies for manufacturing, prompting investors to rapidly reassess their expectations for interest-rate cuts by the Federal Reserve. Read the full story Gold powers to new high above US$2,300 per ounce on rate cut optimism Currency angst goes global as strong dollar vexes officials BY BRIJESH PATEL Reuters BY RUTH CARSON, CARTER JOHNSON, ANYA ANDRIANOVA & NAOMI TAJITSU Bloomberg Reuters REUTERS
FRIDAY APRIL 5, 2024 15 THEEDGE CEO MORNING BRIEF WORLD TOKYO (April 4): A group of Japanese firms have agreed to raise wages by 5.24% this year, the country’s largest union group Rengo said on Thursday. The third announcement on the outcome of annual pay negotiations compared with the second survey of 5.25% and initial outcome of 5.28% last month, still the biggest rise since 1991 when it logged 5.66%. The results of the closely watched pay talks are announced in several stages, starting with blue-chip firms in mid-March. The average growth of pay hikes tends to shrink from the initial round as an increasing number of smaller firms wrap up negotiations towards the April-June quarter. The next survey result is scheduled to be released on April 18. Prime Minister Fumio Kishida is counting on high wage growth to pull Japan out of more than two decades of deflation while Bank of Japan governor Kazuo Ueda stresses sustained wage growth and inflation as crucial for a further pullback from massive monetary stimulus. Japanese companies agreed on biggest wage hike in 33 years, union group says TOKYO (April 4): The Bank of Japan cut its economic assessment for most regions on Thursday but signalled its confidence that wage hikes were broadening, leaving scope for another hike in the country’s still-low interest rates. In a quarterly report on regional economies, the central bank said there was hope that smaller firms would hike wages by the same amount as last year or more, after bumper pay hikes were offered to employees by their bigger counterparts. “With strong wage hikes sustained for two straight years, companies are changing their behaviour to cope with rising labour costs,” such as boosting investment to streamline operations, the BOJ said. “As wage hikes broaden, many regions saw a steady increase in the number of firms that were passing on labour costs or were considering doing so,” it said. The BOJ’s regional report will be among factors the board will scrutinise in producing fresh quarterly growth and inflation forecasts at its next rate review on April 25-26. The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy last month, making a historic shift away from its focus on reflating growth with decades of massive monetary stimulus. While the decision was driven partly by hefty wage hikes offered by big firms, the pace of further interest rate increases will likely be swayed by whether pay rises will spread to smaller firms in regional areas of Japan, analysts say. Japan’s intensifying labour shortage was keeping firms under pressure to hike wages, or prepare for an era where they need to keep raising pay to attract talent, said Takeshi Nakajima, the BOJ’s branch manager overseeing the Kansai western Japan region. “When I ask companies what they see as future business challenges, they immediately talk about labour shortages,” he told a news conference. Japanese firms have agreed to raise wages by 5.24% this year, a third survey by labour umbrella Rengo showed on Thursday, roughly unchanged from the second survey that showed the biggest rise under comparable data since 2013. The third survey covers a larger number of firms, including smaller ones, than the first and second surveys. Temporary dark clouds? In the regional report, the BOJ cut its assessment for seven of Japan’s nine regions. The downgrades were mostly due to the hit to consumption from unusually warm weather during the winter and slumping output due to auto production disruptions, the report said. Japan’s factory output unexpectedly fell in February due to production and shipment disruption at Toyota Motor and its small-car unit, which could weigh on the broader economy due to their huge presence in the country’s manufacturing sector. “The region’s auto output clearly fell at the start of this year. But it’s likely to recover to fairly high levels soon,” said Tetsuya Hiroshima, the BOJ’s branch manager overseeing the Tokai central Japan region that is home to Toyota and many parts suppliers. While the BOJ’s report said factors weighing on consumption and output were temporary, some branch managers warned of other risks such as the fallout from China’s economic slowdown. “Exports aren’t doing so well mainly due to weak IT-related shipments to China, and the drag is lasting longer than many firms had expected,” said BOJ Osaka branch manager Nakajama. Bank of Japan offers bleaker view on economy, flags upbeat wage signs BY LEIKA KIHARA Reuters BY KENTARO SUGIYAMA Reuters REUTERS
FRIDAY APRIL 5, 2024 16 THEEDGE CEO MORNING BRIEF WORLD (April 4): UK companies expect to raise their own prices by the least in almost two and a half years, a further sign that an unwinding of inflationary pressures is gathering momentum. A Bank of England (BOE) survey of chief financial officers found that businesses expected to increase prices over the next year by 4.1% in the three months to March, down from 4.3% the last time the poll was done a month ago. It was the lowest reading since October 2021 before the energy price shock, and economists had expected a smaller fall to 4.2%. Signs that price and wage expectations are starting to cool faster are likely to give BOE policymakers more confidence that they can begin to cut interest rates during the summer. The decision-maker panel found that firms’ expectations for year-ahead wage growth also dropped to 4.9% in the three months to March, the first easing in the measure since August last year. Year-ahead inflation expectations eased to 3.2% in the single month of March, down from 3.3%. BOE says UK firms expect to raise prices by least in over two years LONDON (April 4): Britain’s economy looks on track to exit recession when official first-quarter growth data is next published, despite a slowdown in services activity last month, a closely watched business survey showed on Thursday. The S&P Global Composite Purchasing Managers’ Index — which covers private-sector services and manufacturing firms — edged down to 52.8 in March from February’s 53. This was just below a provisional reading of 52.9 but above the 50 level that divides growth from contraction for a fifth consecutive month. “The solid growth rate achieved in March reinforces the view that a rebound in service sector performance is helping the UK economy to pull out of last year’s shallow recession,” Tim Moore, S&P Global’s economics director, said. “Survey respondents once again commented on a turnaround in business and consumer spending, despite constraints on clients’ budgets from strong inflation and elevated borrowing costs,” he added. Official first-quarter gross domestic product data is not due until May 10. An end to recession would be welcomed by Prime Minister Rishi Sunak who faces a big polling deficit versus the opposition Labour Party ahead of a national election he expects to hold in the second half of this year. Thursday’s figures showed that services activity growth in March was slightly weaker than first thought, revised down to a four-month low of 53.1 from an initial reading of 53.4. But this was largely counterbalanced by an upward revision earlier this week of the manufacturing index to 50.3 from 49.9, its first above-50 reading in nearly two years. There was mixed news on inflation for the Bank of England, which economists expect to follow other major central banks and cut rates in June or August. Services businesses raised prices at the slowest rate in six months, but faster than their historic trend, adding to signs of sticky domestic inflation, S&P said. High wage growth kept firms’ costs rising rapidly, even as they kept a lid on hiring. LONDON (April 4): Britain’s next government will have to tread carefully to avoid jeopardising the country’s already diminished credit rating with the public finances under heavy strain, a senior analyst with S&P Global Ratings said. Maxim Rybnikov, S&P’s primary sovereign analyst for the United Kingdom, said whoever wins the election expected later this year will have to balance growing demands for more spending on services such as healthcare with the need to fix the public finances. “We do see fiscal risks,” Rybnikov said in an interview on Wednesday. “The picture is improving but we definitely still see them and we think that it’s going to be not an easy position for the incoming administration to manage that.” Britain’s opposition Labour Party, which is far ahead in opinion polls, has promised to stick with the current Conservative government’s target of bringing down debt as a share of economic output between the fourth and fifth year in forecasts produced by Britain’s budget watchdog. Prime Minister Rishi Sunak is barely on course to hit that target and Labour is likely to come under pressure to spend more on public services with polls showing widespread dissatisfaction about the state of healthcare, education and housing. S&P cut Britain’s credit rating by two notches from ‘AAA’ to ‘AA’ after the 2016 Brexit referendum decision and warned of another possible downgrade following former Prime Minister Liz Truss’s ‘mini budget’ huge tax cut programme announced in 2022. That ‘negative’ outlook was restored to ‘stable’ in 2023 after most of Truss’s agenda was dumped by her successor Rishi Sunak. “These things have moved back from the fore to some degree and the focus is really on the fiscal in both the upside potential and downside potential for the rating at the moment,” Rybnikov told Reuters. UK on track to exit recession despite slower services growth, PMI data shows Next UK government faces credit rating challenge, S&P says BY DAVID MILLIKEN Reuters BY WILLIAM SCHOMBERG & SUBAN ABDULLA Reuters BY TOM REES Bloomberg Read the full story
FRIDAY APRIL 5, 2024 17 THEEDGE CEO MORNING BRIEF WORLD (April 4): For years, Amazon.com Inc has been the stingiest among tech megacaps to give back capital to shareholders. Now, it’s generating so much cash that some on Wall Street are anticipating more generous returns. After a record haul of US$32 billion (RM151.6 billion) in free cash flow last year, Amazon is projected to nearly double that in 2024, according to data compiled by Bloomberg. With Big Tech acquisitions increasingly facing regulatory opposition, Amazon has fewer options on how it chooses to deploy that cash, according to Robert Schiffman, a senior credit analyst at Bloomberg Intelligence. “This suggests not only rising share buybacks, but a more aggressive capital return policy that could include a dividend,” said Schiffman. “If returns don’t increase, cash balances could soar above US$100 billion later this year.” Amazon had more than US$86 billion in cash at the end of 2023. For most of its three decades in existence, Amazon has opted to plow its cash back into the business. The last buyback was for US$10 billion in 2022, which is a pittance compared with similar sized peers. In 2023, Alphabet Inc repurchased more than US$60 billion in shares, according to data compiled by Bloomberg. Facebook-parent Meta Platforms Inc spent more than US$20 billion on buybacks in the same period and in February pledged an additional US$50 billion, while initiating its first-ever quarterly dividend. Amazon, by contrast, didn’t buy back any shares in 2023. A change in its capital-return policy would signal a shift as the company evolves under chief executive officer Andy Jassy, who took the reins from co-founder Jeff Bezos in 2021. Amazon shares have managed to outperform even in the absence of big buybacks. The stock has climbed 20% this year, pushing its market value to US$1.9 trillion as analysts continue to hike profit estimates and traders grow increasingly optimistic about artificial intelligence helping to reinvigorate growth at Amazon Web Services. The Nasdaq 100 has gained 8% over the same period. Amazon investors eye swelling cash pile with stock near record WASHINGTON (April 4): The number of Americans filing new claims for unemployment benefits increased more than expected last week as labour market conditions gradually ease. Initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 221,000 for the week ended March 30, the Labor Department said on Thursday. Economists polled by Reuters had forecast 214,000 claims in the latest week. Claims had bounced around between 212,000 and 210,000 for much of March. There were 1.36 job openings for every unemployed person in February compared to 1.43 in January, government data showed this week. Worker shortages persist in industries like construction. Though layoffs increased to a 14-month high in March, job cuts were little changed compared to the same period last year. Labour market resilience is anchoring the economy, with gross domestic product increasing at a brisk 3.4% annualised rate in the fourth quarter. Growth estimates for the first quarter are as high as a 2.8% pace. That strength, combined with still-high inflation, could see the Federal Reserve delaying a much anticipated interest rate cut this year. (April 4): The engine for US initial public offerings is back in motion. For just how long is now the big question for a growing list of companies looking to list in the second quarter, which is already showing a lot of promise for one of Wall Street’s biggest fee pools. After knockout debuts by semiconductor connectivity firm Astera Labs Inc. and social media platform Reddit Inc last month, company executives and their financial partners are eager to tap investors’ interest while sentiment is high. Already this quarter, Microsoft Corp-backed data security startup Rubrik Inc and safety testing and inspection firm UL Solutions Inc have filed for listings that are expected to add more than US$1 billion (RM4.7 billion) to the US$9.6 billion raised via IPOs on US exchanges this year. “Recent deals have provided a nice springboard for other companies to come to market,” said Lauren Garcia Belmonte, co-head of technology equity capital markets Americas at Morgan Stanley. “Investors have shown an eagerness to learn about new businesses, and that has allowed dealmakers to take IPOs forward in a market where other recent data points were skewed negative to neutral at best.” That eagerness has translated into the best start to the year for the reception of first-time share sales since 2019. Buoyed by Astera and Reddit’s respective jumps of more than 90% and around 40%, the 48 deals that priced in the first quarter are up about 25% on a weighted average, according to data compiled by Bloomberg. US weekly jobless claims increase more than expected US IPO engine looks ready to speed ahead in 2Q BY LUCIA MUTIKANI Reuters BY RYAN GOULD Bloomberg BY JERAN WITTENSTEIN & RYAN VLASTELICA Bloomberg Read the full story BLOOMBERG BLOOMBERG
FRIDAY APRIL 5, 2024 18 THEEDGE CEO MORNING BRIEF WORLD JAKARTA (April 4): Nvidia and Indonesia’s telco firm PT Indosat Ooredoo Hutchison plan to build an artificial intelligence centre in Central Java in 2024, worth US$200 million (RM947.5 million), the communication minister said. Budi Arie Setiadi in a statement said the AI centre could consists of telecommunication infrastructure or a human resource centre and will be located in Surakarta city. Indosat’s CEO has provided information of the investment plan to Surakarta mayor Gibran Rakabuming Raka, who is also Indonesia’s vice president elect and the son of the ongoing President Joko Widodo. “Why in Surakarta? Because they are ready, have good human resources and 5G infrastructure,” he said. Indosat and Nvidia did not immediately respond to requests for a comment. Nvidia, Indosat plan US$200 mil AI centre investment in Indonesia, govt says (April 4): Google is considering charging for new “premium” features run by artificial intelligence (AI), the Financial Times (FT) reported, marking the first time it would put any of its core product behind a paywall. The tech giant is mulling options such as adding certain AI search features to its premium subscription services, the FT reported, citing three unnamed people familiar with the plans. The shares slid less than 1% in extended trading after the news was reported. “We’re continuing to rapidly improve the product to serve new user needs,” a spokesperson said. “We’re not working on or considering an ad-free search experience. As we’ve done many times before, we’ll continue to build new premium capabilities and services to enhance our subscription offerings across Google.” The potential move suggests the Alphabet Inc unit still hasn’t figured out how to incorporate the new, fast-growing technology without threatening its essential advertising business. In February, Google added a new paid tier to its consumer subscription service that gives people access to its latest artificial intelligence model, Gemini. Users who pay for that subscription, called Google One AI Premium, are able to use its advanced Gemini chatbot and access the generative AI model in popular services such as Gmail and Google Docs. Engineers are developing the technology to roll out the service but executives haven’t decided whether or when to launch it, according to the report. Google’s ubiquitous search engine would continue to be free and ads would appear alongside search results even to subscribers, the FT said. Ever since OpenAI launched ChatGPT in late 2022, Google has found itself on the defensive in the face of the wildly popular chatbot. ChatGPT’s ability to give answers to queries in a narrative voice has forced Google to rethink its traditional list of blue links to websites and the lucrative ads that appear alongside them. Read also: Google files racketeering suits over alleged crypto-app scams SEOUL (April 4): The South Korean government will invest 710.2 billion won (US$526.9 million or RM2.5 billion) in projects aimed at integrating artificial intelligence (AI) into everyday life, the Yonhap news agency reported. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and ICT. Some 75.5 billion won is earmarked for 18 programmes geared towards enhancing daily life, 288.1 billion won is designated for 24 workplace-related projects, and 115.7 billion won is allocated to 14 public administration initiatives. Additionally, 230.9 billion won is set aside for AI education and ethics programmes. The ministry said the projects include the Google considers charging for AIfuelled search features, FT says South Korea to spend US$527 mil to expand AI in everyday life BY DAVEY ALBA & JULIA LOVE Bloomberg Bernama-Yonhap BY ANANDA TERESIA Reuters development of AI-powered software tailored for diagnosing and managing nine pediatric rare diseases, as well as aiding in the diagnosis of 12 serious medical conditions. They also support the creation of AI-based digital medical devices for early prediction and management of those on the autism spectrum. The ministry said it also had plans to leverage AI in public services, including the distribution of information and communication aid for individuals with disabilities, provision of healthcare services for vulnerable populations, such as elderly individuals living alone, and assistance for households in welfare blind spots. The government also aims to deploy AI across diverse industries by developing specialised AI services tailored for sectors such as law, medicine, and psychological counselling. In the public sector, AI technologies will bolster disaster response capabilities for scenarios like fires, floods and infectious disease outbreaks, the ministry added. BLOOMBERG BLOOMBERG
FRIDAY APRIL 5, 2024 19 THEEDGE CEO MORNING BRIEF WORLD SINGAPORE (April 4): A Singapore court on Thursday jailed a second defendant in its biggest-ever money laundering probe, news outlet The Straits Times reported, a case that has seen the seizure or freezing of US$2.2 billion (RM10.43 billion) of assets. Defendant Su Haijin admitted to one charge of resisting arrest and two money laundering charges, the report said, and was sentenced to 14 months’ imprisonment. Su, a Cypriot national, was one of 10 foreigners arrested in Singapore in August last year in simultaneous raids. The assets seized or frozen include cars, luxury properties, cash and jewellery. Su had faced 14 charges that included possessing about S$2.4 million (RM8.44 million) suspected to have been earned from illegal remote gambling, two charges of resisting arrest and three charges of conspiring to use forged financial statements. The report said those charges would be taken into consideration for his sentencing. Su had jumped from a second-floor balcony of a bungalow to try to evade arrest, the police said in August last year. His conviction followed that of Cambodian Su Wenqiang, who was sentenced to 13 months in jail for two counts of money laundering on Tuesday. Court cases against the other defendants are ongoing. The investigation prompted authorities to set up an inter-ministerial panel to review anti-money laundering measures and inspect financial institutions suspected of involvement. Government agencies are also reviewing tax incentives for family offices and looking into whether high-value assets such as luxury cars and bags should be subject to regulation. Singapore jails second man in US$2.2 bil money laundering case, media reports (April 4): Singapore authorities awarded a licence to crypto market maker GSR Markets, a rare step in the digital-asset sector where liquidity providers globally still largely operate without regulatory permits. The company is one of the first of its kind to be granted a Major Payment Institution license from the Monetary Authority of Singapore (MAS), Xin Song, chief executive officer of GSR Singapore, said in a statement on Thursday. The licence will allow the firm to carry out its spot over-the-counter and market making services within the city-state’s regulatory framework. GSR had received an in-principle approval from MAS in September. Singapore is taking steps to make it easier for financial institutions to experiment with blockchain technology as part of plans to build out a digital-asset hub. Already established as a centre for finance, the city-state hopes to attract potential disruptors, such as virtual-asset firms, and is competing with the likes of Hong Kong and Japan to lure them. At the same time, authorities have sought to curb speculative crypto bets by mass-market retail investors after blowups in the sector during the 2022 bear market. Earlier this week, Singapore widened the scope of its digital-asset regulation to custody, as well as to all firms handling crypto-related fund transfers regardless of whether they come into possession of the money or tokens. Market makers such as GSR are enjoying a renaissance courtesy of a roughly fourfold surge in Bitcoin since the start of 2023, which has catalysed a wider rebound in the crypto market and reignited investor demand for digital assets. (April 4): Overseas investors in Singapore government bonds may need to steel themselves for more disappointment. The debt is already the worst performing in Southeast Asia in dollar terms this year with a loss of over 4%, data compiled by Bloomberg showed. The upcoming policy review by the Monetary Authority of Singapore (MAS) is unlikely to provide much relief, given sticky inflation and still solid economic data. In any case, MAS uses the local dollar as its main policy tool, meaning bonds are often driven by moves in overseas markets. Bond investors around the world are keenly awaiting a wave of easing by central banks, notably the Federal Reserve (Fed), after the most aggressive tightening campaign in living memory dealt a blow to the market. But the expected start of rate cuts has been steadily pushed back as the US economy proves resilient and Treasury yields have climbed back to new highs for the year. In this environment, Singapore bonds find themselves caught somewhat between a rock and a hard place, given their strong link to the US market. Local yields tend to follow any move in their Treasury counterparts higher but are unlikely to drop as much as many regional peers when the cutting cycle begins. “Given that USD rates have run up a lot more than SGD rates, we would expect SGD rates to fall less than USD rates in an easing cycle,” said Eugene Leow, senior rates strategist at DBS Group Holdings. “A reasonable base case is between two and three Fed cuts this year. So SGD rates should already be reflecting this pricing.” Two Fed officials who vote on US monetary policy decisions this year said this week that they still expect three rate cuts in 2024. Read the full story Singapore licenses crypto market maker GSR in rare step for industry Singapore’s region-lagging bonds face little near-term relief BY SUVASHREE GHOSH Bloomberg BY CATHERINE BOSLEY & MASAKI KONDO Bloomberg BY XINGHUI KOK Reuters BLOOMBERG
FRIDAY APRIL 5, 2024 20 THEEDGE CEO MORNING BRIEF WORLD (April 4): Chinese and Russians topped the list of foreign buyers of condominiums in Thailand last year with visa waivers and geopolitical conflicts driving property demand above pre-Covid levels. A total of 14,449 units worth 73.2 billion baht (RM9.5 billion) were sold in 2023, according to the Real Estate Information Center. That’s a 25% jump from 2022, said the centre, managed by stateowned Government Housing Bank. Chinese buyers snapped up 6,614 units, or almost 46% of the total units sold, for 34.1 billion baht, the centre said, citing property registration data. Russians ranked a distant second at 1,260 units, followed by US buyers in third spot and Myanmar buyers in fourth. About 41% of the condos were sold in Chonburi province, home to a number of beaches and industrial estates. Bangkok, Thailand’s capital city and a gateway for millions of tourists, accounted for 38% of the apartment sales to foreigners, the center said. Condos priced at no more than three billion baht accounted for almost 50% of the total sale. Thailand’s temporary visa waivers for tourists from China and some others last year and a permanent bilateral waiver with Beijing from March 1 have helped accelerate sales, REIC said. Geopolitical conflicts were also cited as a factor in the statement, potentially referring to Russia’s ongoing war on Ukraine and the political unrest in Myanmar. “This shows that foreigners’ condominium purchases are improving and returning to normal,” said Wichai Wiratkaphan, acting director at the information centre. Condominium sales last year were 13% higher than 12,798 units sold for a combined value of 50.61 billion baht in 2019, according to REIC data. Thailand’s Prime Minister Srettha Thavisin is counting on tourism to drive the nation’s economic growth, with the sector accounting for about 12% of gross domestic product and nearly a fifth of jobs. Last year, Thailand waived visas for travellers from China, Russia, Kazakhstan, India and Taiwan, and Srettha ordered airlines to add more routes while streamlining airport operations to reduce waiting times for visitors. The Tourism Authority of Thailand expects a further recovery to 35-40 million visitors this year, including 8.2 million from China. That would put Thailand closer to its record foreign tourist arrivals of almost 40 million in 2019, the year before the pandemic. Chinese, Russians push Thai condo sales to above pre-Covid level HUALIEN (April 4): A helicopter plucked to safety on Thursday six people stranded in a mining area after Taiwan’s worst earthquake in 25 years, and rescue workers reached 400 people cut off in a hotel in a mountainous national park by air, and confirmed all were safe. Hundreds of aftershocks struck Taiwan’s eastern region, driving scores to seek shelter outdoors, as the death toll from Wednesday’s 7.2-magnitude quake rose to 10, with the tally of injured at 1,099, authorities said. A helicopter ferried to safety six miners trapped on a cliff in a dramatic rescue after the quake cut off the roads into Hualien’s soaring mountains, in footage shown by the department. The department said four foreigners remained unaccounted for — one Canadian, one Indian and two Australians. Rescue workers located most of the roughly 50 hotel workers marooned on a highway as they headed to a resort in the Taroko Gorge national park. They also reached the same hotel in the gorge, cut-off by the quake, by helicopter and established all 400 people there were safe. The fire department said work would continue in the morning to re-open the road. The discovery of a dead body on a hiking trail near the entrance to the gorge took the total deaths to ten. The agriculture ministry urged people to keep away from the mountains because of the risk of falling rocks and the formation of “barrier lakes” as water pools behind unstable debris. Thursday was the start of a long-weekend holiday for the tomb-sweeping festival, when families traditionally return home to attend to ancestral graves, though others will also visit tourist attractions. People in largely rural and sparsely populated Hualien county were readying to go to work and school when the earthquake struck offshore on Wednesday. Buildings also shuddered violently in Taipei, but the capital suffered minimal damage and disruption. Read also: Taiwan condemns ‘shameless’ China’s thanks for global sympathy on quake Helicopter rescues Taiwan miners, stranded hotel guests confirmed safe BY YIMOU LEE & FABIAN HAMACHER Reuters BY PATPICHA TANAKASEMPIPAT Bloomberg REUTERS
FRIDAY APRIL 5, 2024 21 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (April 4): Celebrity chef Jose Andres told Reuters in an emotional interview on Wednesday that an Israeli attack that killed seven of his food aid workers in Gaza had targeted them “systematically, car by car.” Speaking via video, Andres said the World Central Kitchen (WCK) charity group he founded had clear communication with the Israeli military, which he said knew his aid workers’ movements. “This was not just a bad luck situation where ‘oops’ we dropped the bomb in the wrong place,” Andres said. “This was over a 1.5, 1.8 kilometers, with a very defined humanitarian convoy that had signs in the top, in the roof, a very colorful logo that we are obviously very proud of,” he said. It’s “very clear who we are and what we do.” Andres said the IDF was aware of the convoy’s whereabouts. He called for investigations of the incident by the US government and by the home country of every aid worker that was killed. “They were targeting us in a deconflicting zone, in an area controlled by IDF. They knowing that it was our teams moving on that road...with three cars,” he said. The aid workers were killed when their convoy was hit shortly after they oversaw the unloading of 100 tons of food brought to Gaza by sea. Israel’s military expressed “severe sorrow” over the incident and Prime Minister Benjamin Netanyahu called it unintentional. Andres said there may have been more than three strikes against the aid convoy. He rejected Israeli and US assertions that the strike was not deliberate. “Initially, I would say categorically no,” Andres said when asked if he accepted that explanation. “Even if we were not in coordination with the [Israel Defense Forces], no democratic country and no military can be targeting civilians and humanitarians,” he added. Asked for comment on Andres’ remarks, an Israeli military spokesperson referred to prior comments by chief of staff Herzi Halevi in which he called the incident a grave mistake and said the attack “was not carried out with the intention of harming WCK aid workers.” Andres said he was personally supposed to be there with his team but was not able to go back to Gaza at the time. The US needs to do more to stop the war, he said. Andres spoke to President Joe Biden on Tuesday. “The US must do more to tell Prime Minister Netanyahu this war needs to end now,” he said. He questioned Biden administration moves to supply aid in Gaza while also arming Israel. “It’s very complicated to understand... America is going to be sending its Navy and its military to do humanitarian work, but at the same time weapons provided by America...are killing civilians,” he said. The chef also wondered aloud how Netanyahu could wage a war to save Israeli hostages “when they may be dying under the rubble of the same weapons” Israel used against Palestinians. BY JEFF MASON Reuters Chef Jose Andres says Israel targeted his aid workers ‘systematically, car by car’ Car by car Andres said his organization was still studying the safety situation in Gaza as it contemplates starting aid deliveries again. Australian, British and American citizens were among seven World Central Kitchen aid workers killed as it was leaving its Deir al-Balah warehouse. At least 196 humanitarian workers have been killed in Gaza since October, according to the United Nations, and Hamas has previously accused Israel of targeting aid distribution sites. Andres described how he learned of the attack, saying first his group lost contact with its team in Gaza, and did not realize what happened until seeing images of the bodies. He said that after the IDF attacked the first armored car, the team was able to escape and move to a second car which was then attacked, forcing them to move to the third car. The aid workers tried to communicate to make clear who they were, he said, adding IDF knew they were in the area which it controlled. Then the third car was hit, “and we saw the consequences of that.” World Central Kitchen began last month moving food aid to starving people in northern Gaza via a maritime corridor from Cyprus, in collaboration with Spanish charity Open Arms. The charity coordinated closely with Israel’s military, Arab nations and others, Andres said earlier. Biden said he was “outraged and heartbroken” by the deaths. The US sided with Netanyahu’s assertion that the strikes were not deliberate. Founded by Andres, 54, in 2010 after a Haiti earthquake, World Central Kitchen has tried to sidestep red tape around the world to rush aid to disaster-hit areas, including Ukraine after the Russian invasion. The conflict began after Hamas attacks on southern Israel on Oct 7 that killed 1,200 people, according to Israeli figures. Since then, much of the densely populated territory has been laid waste and most of its 2.3 million population displaced. More than 32,000 Palestinians have been killed, according to the health ministry in Hamas-ruled Gaza. Andres condemned the war as a whole. “This it seems is a war against humanity itself. And you can never win that war. Because humanity eventually will always prevail,” he said. It’s very complicated to understand...America is going to be sending its Navy and its military to do humanitarian work, but at the same time weapons provided by America... are killing civilians.” Celebrity chef Jose Andres
FRIDAY APRIL 5, 2024 22 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) TWL HOLDINGS BHD 202.5 0.000 0.030 0.00 171.1 VELESTO ENERGY BHD 99.0 0.010 0.305 32.61 2,505.8 ZANTAT HOLDINGS SDN BHD 80.0 0.045 - 0.00 148.4 FITTERS DIVERSIFIED BHD 63.3 0.000 0.055 10.00 128.8 TDM BHD 62.4 0.040 0.325 80.56 559.9 ALPHA IVF GROUP BHD 62.2 0.015 0.345 0.00 1,676.7 WIDAD GROUP BHD 40.8 0.010 0.080 -83.51 247.7 SNS NETWORK TECHNOLOGY BHD 38.8 0.010 0.380 61.70 612.9 GLOSTREXT BHD 34.0 -0.005 0.235 11.90 95.7 NCT ALLIANCE BHD 32.6 -0.010 0.535 62.12 834.1 SP SETIA BHD GROUP 32.0 -0.010 1.430 78.75 6,369.1 BINA PURI HOLDINGS BHD 30.9 0.000 0.080 -5.88 269.9 SOUTHERN SCORE BUILDERS BHD 28.9 -0.005 0.355 65.12 806.8 BUMI ARMADA BHD 28.5 0.005 0.600 21.21 3,553.6 TCS GROUP HOLDINGS BHD 27.0 0.015 0.190 40.74 81.5 PERDANA PETROLEUM BHD 26.9 0.010 0.350 75.00 777.3 CLOUDPOINT TECHNOLOGY BHD 26.7 0.010 0.655 20.18 348.2 YTL POWER INTERNATIONAL BHD 26.2 0.040 4.020 58.27 32,578.4 RENEUCO BHD 24.9 -0.005 0.080 -63.64 89.8 PUBLIC BANK BHD 23.8 0.050 4.210 -1.86 81,719.0 Data as compiled on Apr 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) XOX BHD 0.015 50.00 103.0 0.00 77.9 METRONIC GLOBAL BHD 0.020 33.330 540.5 33.33 30.6 ALAM MARITIM RESOURCES BHD 0.025 25.00 1,712.0 -16.67 38.3 MERIDIAN BHD 0.050 25.00 2,942.8 -47.37 11.3 BSL CORP BHD 0.030 20.00 400.7 -33.33 57.9 XIDELANG HOLDINGS LTD 0.030 20.00 10.0 20.00 63.5 REACH ENERGY BHD 0.030 20.00 14,195.3 -25.00 63.9 KYM HOLDINGS BHD 0.480 18.52 4,095.1 10.34 73.2 ASIA POLY HOLDINGS BHD 0.070 16.67 1,034.2 -12.50 67.1 TA WIN HOLDINGS BHD 0.035 16.67 5,553.8 -12.50 120.2 XOX NETWORKS BHD 0.035 16.67 430.3 0.00 39.7 PAOS HOLDINGS BHD 0.430 14.67 19,596.1 14.67 77.9 YOONG ONN CORP BHD 2.190 14.66 2,590.6 36.88 347.4 KSL HOLDINGS BHD 1.670 14.38 8,607.8 50.45 1,698.8 WIDAD GROUP BHD 0.080 14.29 40,838.6 -83.51 247.7 BARAKAH OFFSHORE PETROLEUM 0.040 14.29 53.3 14.29 40.1 TDM BHD 0.325 14.04 62,415.7 80.56 559.9 CLASSITA HOLDINGS BHD 0.045 12.50 1,271.8 0.00 55.5 MAJUPERAK HOLDINGS BHD 0.325 12.07 7.0 -2.99 92.4 PARKSON HOLDINGS BHD 0.280 12.00 17,576.1 1.82 321.7 Data as compiled on Apr 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) BORNEO OIL BHD 0.005 -50.00 4,409.2 -66.67 60.0 TALAM TRANSFORM BHD 0.010 -33.33 485.0 -33.33 43.0 MQ TECHNOLOGY BHD 0.015 -25.00 1,430.0 -40.00 22.8 LAMBO GROUP BHD 0.025 -16.67 60.8 25.00 38.5 VIZIONE HOLDINGS BHD 0.035 -12.50 849.2 -41.67 71.6 CHINA OUHUA WINERY HOLDINGS 0.040 -11.11 597.0 -27.27 26.7 GREEN PACKET BHD 0.040 -11.11 1,181.3 0.00 79.8 VINVEST CAPITAL HOLDINGS BHD 0.045 -10.00 276.2 -25.00 43.6 JOHAN HOLDINGS BHD 0.050 -9.09 172.1 -23.08 58.4 JADI IMAGING HOLDINGS BHD 0.050 -9.09 121.5 -28.57 70.0 KANGER INTERNATIONAL BHD 0.055 -8.33 607.4 -15.38 40.2 D’NONCE TECHNOLOGY BHD 0.060 -7.69 1,958.0 -57.14 28.2 ADVANCE INFORMATION 0.070 -6.67 562.5 -6.67 27.3 RENEUCO BHD 0.080 -5.88 24,851.9 -63.64 89.8 MASTER TEC GROUP BHD 1.060 -5.36 7,709.4 0.00 1081.2 ASIA MEDIA GROUP BHD 0.090 -5.26 140.0 -5.26 21.6 HANDAL ENERGY BHD 0.090 -5.26 4,381.3 -25.00 33.6 TOMYPAK HOLDINGS BHD 0.370 -5.13 125.0 -5.13 159.5 ICONIC WORLDWIDE BHD 0.095 -5.00 17,344.4 -10.31 59 PRICEWORTH INTERNATIONAL BHD 0.095 -5.00 1,580.0 -32.14 152.3 Data as compiled on Apr 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) MALAYSIAN PACIFIC INDUSTRIES 31.700 -0.300 101.8 12.41 6,306.1 PETRONAS DAGANGAN BHD 21.860 -0.160 316.2 0.09 21,716.9 FAR EAST HOLDINGS BHD 3.500 -0.100 51.8 -2.78 2,078.4 UNISEM M BHD 3.730 -0.090 1,075.7 12.69 6,016.8 GE-SHEN CORP BHD 3.680 -0.070 167.8 217.24 462.0 MASTER TEC GROUP BHD 1.060 -0.060 7,709.4 0.00 1,081.2 TONG HERR RESOURCES BHD 2.300 -0.060 35.9 -3.36 353.1 MSM MALAYSIA HOLDINGS BHD 3.550 -0.060 3,336.4 120.50 2,495.6 CHIN HIN GROUP BHD 4.400 -0.050 81.0 24.65 7,785.4 MALAYSIA AIRPORTS HOLDINGS 9.700 -0.050 5,134.0 31.79 16,185.0 D&O GREEN TECHNOLOGIES BHD 3.220 -0.050 352.4 -11.05 3,987.3 AJIYA BHD 1.570 -0.050 103.6 2.61 463.1 VITROX CORP BHD 7.740 -0.050 136.7 6.17 7,317.6 ITMAX SYSTEM BHD 2.280 -0.040 286.4 27.37 2,346.6 IJM CORP BHD 2.390 -0.040 5,510.4 27.13 8,379.7 AJINOMOTO MALAYSIA BHD 19.300 -0.040 36.7 21.38 1,173.4 LPI CAPITAL BHD 12.100 -0.040 73.5 1.17 4,820.4 KLCCP STAPLED GROUP 7.500 -0.030 23.6 5.78 13,540.0 SOUTHERN ACIDS MALAYSIA BHD 3.270 -0.030 46.4 3.81 447.8 CAHYA MATA SARAWAK BHD 1.040 -0.030 4,743.8 -3.70 1,117.1 Data as compiled on Apr 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) DUTCH LADY MILK INDUSTRIES 33.340 0.700 47.6 43.96 2,133.8 NESTLE MALAYSIA BHD 120.600 0.600 157.4 2.55 28,280.7 FRASER & NEAVE HOLDINGS BHD 30.740 0.440 204.5 9.81 11,274.8 AMWAY MALAYSIA HOLDINGS BHD 7.500 0.400 30.8 34.55 1,232.9 PANASONIC MANUFACTURING 19.600 0.360 54.1 8.89 1,190.6 PRESS METAL ALUMINIUM 5.120 0.350 23,164.2 6.44 42,186.8 ALLIANZ MALAYSIA BHD 20.360 0.340 48.4 10.41 3,623.5 YOONG ONN CORP BHD 2.190 0.280 2,590.6 36.88 347.4 UNITED PLANTATIONS BHD 23.420 0.220 351.2 31.57 9,714.3 KSL HOLDINGS BHD 1.670 0.210 8,607.8 50.45 1,698.8 TENAGA NASIONAL BHD 11.500 0.200 6,296.4 14.54 66,554.3 PMB TECHNOLOGY BHD 2.790 0.190 595.0 0.36 4,522.2 PIE INDUSTRIAL BHD 3.690 0.150 345.3 13.54 1,417.1 SIME DARBY PLANTATION BHD 4.500 0.150 4,904.5 0.90 31,120.7 CHIN HIN GROUP PROPERTY BHD 1.850 0.150 4,010.8 121.56 1,221.7 MBM RESOURCES BHD 4.880 0.140 537.9 15.09 1,907.5 HONG LEONG BANK BHD 19.460 0.140 94.5 2.96 42,183.8 HEITECH PADU BHD 2.000 0.120 4,751.4 127.27 202.5 GUAN CHONG BHD 2.490 0.120 10,950.0 36.07 2,924.5 BATU KAWAN BHD 20.000 0.120 99.4 -2.91 7,862.8 Data as compiled on Apr 4, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 39,127.14 -43.10 -0.11 S&P 500 * 5,211.49 5.68 0.11 NASDAQ 100 * 18,160.19 38.41 0.21 FTSE 100 * 7,937.44 33.62 0.42 AUSTRALIA 7,817.34 34.80 0.45 CHINA 3,069.30 -5.66 -0.18 HONG KONG 16,725.10 -206.42 -1.22 INDIA 74,227.63 350.81 0.47 INDONESIA 7,254.40 87.56 1.22 JAPAN 39,773.14 321.29 0.81 KOREA 2,742.00 35.03 1.29 PHILIPPINES 6,827.06 -36.76 -0.54 SINGAPORE 3,235.01 12.35 0.38 TAIWAN 20,337.60 -128.97 -0.63 THAILAND 1,373.89 -1.80 -0.13 VIETNAM 1,268.25 -3.22 -0.25 Data as compiled on Apr 4, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 4,400.00-7.00 OIL US$ 89.34-0.01 RM/USD 4.7402 RM/SGD 3.5190 RM/AUD 3.1302 RM/GBP 6.0033 RM/EUR 5.1472
Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 FRIDAY APR 5, 2024 SCAN ME No. 8495 PP 2644/12/2012 (031195) Animal lovers willingly pay up to RM200 per night to ensure their pets are cared for while they are away. – AMIRUL SYAFIQ/THESUN Crucial witness to back Najib’s bid for house arrest Animal lovers howl over plan to kill strays Pet hotels enjoy revenue spike Demand for pet boarding services increases during upcoming Aidilfitri holidays as families balik kampung or go on long breaks abroad. More money for states or states Report on hpage 3 Report on hpage 5 Report on hpage 2 Prime Minister Datuk Seri Anwar Ibrahim says based on principles of humanity and rahmatan lil alamin, which form the Madani economy framework, enhancing grants to state governments can directly benefit all Malaysians regardless of ethnicity, religion or geography. PAWS Animal Welfare Society berates Shah Alam City Council for resorting to drastic measures without pursuing alternatives to control stray population, such as trap-neuter-return method. Ex-PM granted adjournment for witness to file affidavit in support of leave application to commence judicial review to confirm addendum decree for remainder of sentence to be served at home. - Report on page 4
FRIDAY | APR 5, 2024 2 RM8.9b financial support, grants allocation for states Kuala Kubu Baharu by-election set for May 11 PUTRAJAYA: The Election Commission has set May 11 as polling day for the Kuala Kubu Baharu state by-election. Its chairman Tan Sri Abdul Ghani Salleh said the nomination day and early voting day are on April 27 and May 7, respectively. He made the announcement at a media conference after chairing a special meeting at Menara SPR here yesterday to discuss the dates for the by-election. The state seat fell vacant following the death of its incumbent Lee Kee Hiong on March 21. Lee, 58, who in 2013 became the assemblyman for the Kuala Kubu Baharu state constituency, which is under the Hulu Selangor Parliamentary seat, passed away after battling cancer for the past few years. Abdul Ghani said the Kuala Kubu Baharu by-election requires an allocation of RM2.5 million. He said a returning officer assisted by three assistant officers and 760 personnel would be appointed to handle the polls. He added that two election campaign enforcement teams have also been established, comprising representatives of the police, local authorities and contesting candidates to monitor campaign activities throughout the official campaigning period set for 14 days after nomination. The electoral roll for Kuala Kubu Baharu has a total of 40,226 people consisting of 39,362 ordinary voters, 625 policemen, 238 military personnel and spouses and one overseas absentee voter. Abdul Ghani said the Nomination Centre and the Official Vote Totalling Centre to be used for the by-election are the Hulu Selangor multi-purpose hall and the district sports complex. “A total of 18 regular polling stations containing 74 polling channels, and two early voting centres with three early voting channels will be deployed.” Voters can check polling station information, voting channels and series number by visiting the portal at https://mysprsemak.spr.gov.my or contact EC Hotline at 03-8892 7018/7218/7124 or through the MySPR Semak application. – Bernama Be aware of Singapore laws, Malaysians told STATESMAN’S WELCOME ... Prime Minister Datuk Seri Anwar Ibrahim, accompanied by Foreign Minister Datuk Seri Mohamad Hasan (right), greeting newly elected Indonesian President Prabowo Subianto, who is on a one-day special visit to Malaysia, in Putrajaya yesterday. – BERNAMAPIC KUALA LUMPUR: The government, through the National Finance Council (NFC), has agreed to improve grants and financial support for each state amounting to RM8.9 billion this year. Prime Minister Datuk Seri Anwar Ibrahim said this was decided during the NFC meeting he chaired yesterday. The meeting was also attended by all menteris besar and chief ministers. Anwar, who is also the finance minister, said the federal government is committed to collaborating with all state governments to advance comprehensive national development. “Based on the principles of humanity and rahmatan lil alamin, which form the Madani Economy framework, enhancing grants to state governments can directly benefit all Malaysians regardless of ethnicity, religion or geography,” he said in a statement yesterday. Anwar said the increase in grants involves all states and will be provided simultaneously. “As such, I hope that the state oFederal govt committed to collaborating with all regional administrations to advance comprehensive national development, says prime minister governments can fully utilise the grants to guarantee the welfare of the people and promote the development of states more sustainably.” According to the Finance Ministry, the allocation for 2024 saw an increase compared with RM8.3 billion last year and RM8.1 billion in 2022. The ministry said the increase comprised state road maintenance grants of RM5.4 billion, economic, infrastructure and welfare development-based grants of RM400 million and ecological fiscal transfer grants of RM200 million. It said the additional annual special grants to Sarawak and Sabah were significantly increased to RM300 million each, compared with RM16 million for Sarawak and RM129.7 million for Sabah last year. State libraries and museums grants were also raised by 10% this year, Bernama reported. “As for development expenditure, as much as RM39.4 billion is provided for this year to carry out state development projects, compared with RM36.7 billion in 2023 and RM28.8 billion in 2022. “State government applications concerning readiness to address any emergency or natural disaster such as floods and landslides which may cause damage to roads and bridges were also approved.” The ministry added that the NFC approved the purchase of temporary Bailey Bridges using the one-off state road maintenance grant for this year and increased the limit to fund expenses related to state road maintenance by 10% or RM10 million, whichever is lower. It said the Madani government remains committed to maintaining a good relationship with all state governments for the benefit of all Malaysians. SINGAPORE: Malaysian High Commissioner to Singapore Datuk Dr Azfar Mohamad Mustafar reminded Malaysians, especially those working here, to be always aware of the developments in the republic’s laws. He said this is important to avoid difficulties for themselves and their families if they are detained and investigated by Singapore authorities. “I hope everyone is always updated about Singapore’s laws. Recently, many have been detained for carrying vapes. “When they come under investigation, passports are confiscated and they cannot return to Malaysia, which will cause many problems and sometimes when the employer finds out, their jobs will be immediately terminated,” he said at a breaking of fast event, Bernama reported. The event, organised by the High Commission in collaboration with the Human Resources Ministry, was attended by more than 80 Malaysians, the majority of whom were workers. Vaping is illegal in Singapore. It is an offence to possess, purchase or use evaporisers and their related components and offenders can be fined up to S$2,000 (RM7,000) per offence. Visa approval letters deadline extended PUTRAJAYA: The Home Ministry has extended the deadline for the application for Visa with Reference approval letters at the Immigration Department from March 31 to April 21. Its minister Datuk Seri Saifuddin Nasution Ismail said this extension takes into account the active quota of 132,000 individuals who have not yet applied for the visa, as well as technical glitches that occurred in the Foreign Workers Centralised Management System on March 21, 22, 23, 27, 28 and 29. “This extension will provide genuine employers with the opportunity to quickly settle the process of obtaining the visa approval letter,” he yesterday. Saifuddin Nasution said the influx trend of the quota approved for the past five years has not exceeded 80% of the total approved quota. – Bernama Killing of Gaza aid workers condemned PUTRAJAYA: Malaysia has condemned Israel’s targeted air strike which killed seven humanitarian workers from the World Central Kitchen (WCK) charity in Gaza. “We extend our deepest sympathies to the families and loved ones of the deceased, as well as to the nations mourning the loss of their citizens in this senseless attack against organisations and individuals devoted to providing humanitarian assistance to the besieged Gaza population,” said Malaysia’s Foreign Ministry. “It is disheartening to learn that operations by WCK have been temporarily suspended as a result. The suspension of their operations will hamper immediate relief efforts, exacerbating the challenges already faced by those struggling with widespread famine and disease.” The victims were three British nationals, a Polish national, an Australian, a Palestinian and United States-Canadian citizen. – Bernama
FRIDAY | APR 5, 2024 3 LTAT announces 5% dividend for 2023 KUALA LUMPUR: The Armed Forces Fund Board (LTAT) has announced a dividend rate of 5% for the year 2023, involving a total payment of RM485.08 million. Defence Minister Datuk Seri Mohamed Khaled Nordin said the amount was higher than the RM476.45 million for 2022, adding that the dividend distribution for the year 2023 began yesterday. “Hopefully, this brings good news to the 123,380 contributors who are members of the Armed Forces saving with LTAT. With the announcement of this dividend, we believe that LTAT will excel as a pension fund for serving Armed Forces personnel. “LTAT is expected to continue playing a role in advancing the country’s economy through its participation through various fields,” he told reporters after the LTAT 2023 dividend announcement yesterday. On the alleged financial crisis involving LTAT, Mohamed Khaled said it was an unfounded accusation. “People don’t really check with us (LTAT). They seem to believe sensational stories. We are unlikely to announce such a dividend if we do not have a solid and strong financial position,” he said. He also expressed confidence in the restructuring of LTAT, with the appointment of Jen (R) Tan Sri Azizan Ariffin as its new chairman and Mohammad Ashraf Md Radzi as chief executive effective April 1. “We will make sure all plans will be successful based on things that we believe are good for the future of LTAT, apart from protecting the interests of the contributors.” – Bernama Cops quiz businessman over Raya video CYBERJAYA: The Malaysian Communications and Multimedia Commission (MCMC) and police recorded a statement from businessman Datuk Seri Aliff Syukri Kamarzaman at the MCMC headquarters on Wednesday. MCMC said the statement was recorded following complaints regarding the content of Aliff’s controversial Aidilfitri video that was uploaded on his social media account recently. “The video is deemed as offensive content that may violate provisions under the Communications and Multimedia Act 1998. “This includes Section 233, which prohibits making and transmitting communication that is obscene, indecent or false, with intent to annoy, abuse, threaten or harass another person,” MCMC said in a statement, Bernama reported. The investigation is being conducted under Section 233, and if found guilty, the individual could be fined a maximum of RM50,000, or face a maximum jail term of up to a year, or both. Strict monitoring of zakat collection agents SHAH ALAM: The Selangor Zakat Board (LZS) is constantly monitoring the management of its 250 authorised zakat (tithe) collection agents to prevent any misconduct. Its chief operating officer Ahmad Fadhil Hassan said the measure is continuously implemented to prevent any misappropriation of funds. He added that LZS is meticulous in its agent selection process, with a number of criteria set, while also establishing a team to comprehensively monitor various aspects such as operations, collection targets and the reputation of the appointed agents. “We conduct regular reviews. Every year, we replace many old agents with new ones who meet LZS criteria. “So far, we haven’t encountered any issues (regarding the misappropriation of funds)”. – Bernama Job scams among agendas at Asean Summit KUALA LUMPUR: Job scams will be one of 10 main agendas to be given emphasis during the Asean Summit 2025, the Dewan Negara was told yesterday. Home Minister Datuk Seri Saifudin Nasution Ismail said as the chair of the summit next year, Malaysia decided to address the issue of job scams as it is a global crisis. “We are the first among Asean nations to include this topic at the Asean Summit, which we will chair next year. We are also the one that proposed for the issue to be included as one of the 10 main agendas. “Job scams were previously classified as ‘fraud’ by the United Nations Office on Drugs and Crime. But the crime is now recognised as a human trafficking crime, so not only are we seeing this crisis, but regional and global countries are also facing it,” he said in reply to Senator Rita Sarimah Patrick Insol, who wanted to know the current statistics on job scam victims and government efforts to address the issue more efficiently and effectively. Saifudin said since September 2021, police have received 362 reports related to job scams involving 470 victims. “Of the 470 victims, 331 have been rescued, and the remaining 139 are categorised as still stranded in the countries involved,” he said. Saifudin said as part of continuous efforts to raise awareness among the public, a joint effort will be carried out with Malaysia Airports Berhad. He said counters related to job scams and human trafficking will be set up at the country’s exit points to raise awareness among the public before they leave the country. “At these counters, they may check details beforehand before proceeding further. We will also have electronic or digital displays at the exit points as a final effort to alert the public (on scams).” – Bernama Plan to kill stray dogs postponed, not cancelled PETALING JAYA: The Shah Alam City Council operation to catch and kill 500 stray dogs continues to rile animal lovers despite its postponement as announced by Mayor Datuk Cheremi Tarman on Tuesday. News on the operation, which was scheduled to be held on April 22 to 24 at Setia Alam, was widely shared online and raised hackles among the public. Animal lovers specifically pointed out that it was wrong for the council to invite the public to volunteer as participants of the kill plan, while promising to pay RM30 for each dog captured. Cheremi said the operation has been postponed to streamline coordination with animal welfare NGOs. He also claimed it was not the council’s practice to kill stray animals. “The council does not put down animals as only veterinary officers are allowed to do so,” he said at a press conference after meeting several NGOs on Tuesday. The postponement notwithstanding, the Lim said it would be ‘belligerent’ for the council to proceed with the operation despite Tengku Permaisuri Norashikin having stated her position. – AMIRUL SYAFIQ/THESUN oMove made to streamline coordination with animal welfare NGOs, says Shah Alam mayor █ BYNUQMAN ADAM newsdesk@thesundaily.com council’s insistence on carrying out its plan flies in the face of objections from Tengku Permaisuri Selangor Tengku Permaisuri Norashikin, who had expressed sadness and disappointment over the move. Her Royal Highness said she disagreed strongly with the catch-and-kill approach practised by local authorities. In a post on the Selangor Royal Office Facebook page on April 1, she said: “As Royal Patron for the Stray Free Selangor campaign managed by the Society for the Prevention of Cruelty to Animals, I want local authorities to fine-tune all new approaches that are more holistic to manage these stray dogs.” Tengku Permaisuri Norashikin also said she had previously held discussions with SPCA about the welfare of stray dogs and the reduction of their numbers through the Caring and Compassionate Communities (CCC) campaign. “The CCC campaign outlines how local authorities and the SPCA can engage with residents on responsible pet ownership. “This includes getting advice from SPCA and NGOs if there is a need to euthanise these stray animals due to health reasons.” Tengku Permaisuri Norashikin suggested humane methods, such as local authorities and animal-loving residents establishing shelters for stray animals in every housing estate and involving housing developers in building protection centres for them. PAWS Animal Welfare Society manager Lim Choon Sun said it would be “belligerent” for the council to proceed with the operation despite Tengku Permaisuri Norashikin having stated her position. “It is shocking that the operation is merely postponed and not cancelled. Also, why is the council resorting to such drastic measures without pursuing alternative methods to control the stray population such as the trap-neuter-return method? “If a resident’s pet dog wanders from its house, the owners will be powerless to intervene and save it since the council also insists that captured dogs cannot be reclaimed and will be killed.” Lim said PAWS has always advocated for more humane methods of managing the stray dog population, such as trap-neuter-return programmes or having more no-kill animal shelters. He also called for a grace period to allow owners to reclaim their pets in cases when the dogs are mistaken for strays and captured. Veterinarian Dr Faiz Jaafar said spaying and neutering programmes were the most common methods to control the stray population. “Surgically sterilising the strays and then returning them to their original environment is humane and practised around the world.” Faiz said after sterilisation, the dogs recover from anaesthesia under veterinary supervision before being released to the area from which they were captured. He added that sterilised dogs are less likely to exhibit problematic behaviour associated with mating, such as aggression or roaming in search of mates.
FRIDAY | APR 5, 2024 4 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Penang leveraging on assets to draw tourists GEORGE TOWN: The Penang government is utilising every opportunity available, especially the state’s internationally recognised advantages, to attract more tourists to Penang. State Tourism and Creative Economy Committee chairman Wong Hon Wai said Penang wants to enhance existing tourism products as new attractions, including natural beauty, delicious food, cultural heritage, traditional customs and unique arts. “We introduce various tourism themes and packages, such as weddings, conferences, medical exhibitions, cruise ships and cultural heritage, to provide a variety of tourism experiences,” he said. He was commenting on a report by Post Office, a leading UK retailer, which named Penang as the 11th cheapest tourism destination worldwide on Wednesday. The announcement was made as part of the Holiday Money Report 2024 edition, where Penang was not only recognised as the 11th best destination worldwide but was also conferred the title of the fourth best destination in Asia. Wong said the current exchange rate of the ringgit is favourable to the tourism industry, offering foreign tourists opportunity to enjoy various culinary and entertainment experiences at reasonable prices in Penang. He added that the state’s tourism products are known for being good and high-quality choices, allowing tourists to enjoy stays in luxury hotels at reasonable costs. In the past six months, Wong had visited Mumbai, Chennai, Kochi and New Delhi to promote Penang and he is confident that the visa-free travel policy will bring in more Indian tourists by end of the year. “The implementation of a 30-day visa exemption between Malaysia and China has given a significant boost to the tourism industry, but the positive effects of the visa waiver policy for India are still not visible.” He said the number of international cruise ships arriving in Penang has also increased. In the first two months of this year, there were 45 voyages bringing in 131,208 tourists, compared with 31 arrivals with 108,039 tourists in the same period last year. “During the same period, the number of domestic and foreign tourists arriving at Penang International Airport rose by 26.93% to 577,329 people from 454,839 in the corresponding period last year. I believe the number of tourists will continue to increase.” – Bernama Action taken against factories over ‘green’ violations SHAH ALAM: A total of 97 actions including 39 compounds totalling RM78,000 have been issued against factories nationwide after they were found to have violated the Environmental Quality Act 1974 through Ops Gempur Raya as of Wednesday. Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the compounds were issued following inspections by the Environment Department on 203 industrial premises since March 17. He said besides compounds, the department also issued 50 notices of instructions, five arrests for operational equipment, apart from opening three investigation papers for the purpose of prosecution. “The operation is a continuous effort to prevent incidents of environmental pollution, especially water pollution during the festive season,” he said yesterday. Nik Nazmi added that among the offences detected were the release of untreated industrial effluent, the illegal disposal of scheduled waste and the release of smoke exceeding the prescribed rate. He said the operation involved a targeted and large-scale inspection of premises involving those identified as having a low level of compliance with the act. The focus is on those in the manufacturing of metal, paper, nonmetallic minerals, food, chemicals, rubber and plastic-based and petroleum-based products. – Bernama Pet boarders enjoying hike in revenue during Raya season PETALING JAYA: Business is booming for pet hotel owners this Ramadan as families go on long holidays abroad or their annual balik kampung trips. Cat hotel owner Helmezan Azahari, 38, said this year, his hotel in Damansara, Kuala Lumpur, has reached maximum occupancy, with all 110 spaces fully booked during the Hari Raya season from April 8 to 28. “My revenue has grown to RM80,000 during this period, which is twice what I usually make each month,” he said. Helmezan said while others may be celebrating Hari Raya, he finds fulfilment in ensuring the cats receive the attention, comfort and care they require. “Even during the festive season, my staff and I are dedicated to caring for our furry friends. Their happiness and well-being are a priority, and we will always care for them as best we oAnimal lovers willingly pay between RM40 and RM200 per night for ‘furbabies’ to be cared for throughout festive holidays █ BYQIRANA NABILLA MOHD RASHIDI newsdesk@thesundaily.com S’wak records 75 fatal road crashes in three months KUCHING: Sarawak recorded a total of 75 fatal road accidents from January to March this year. Sarawak Transport Minister Datuk Seri Lee Kim Shin said based on police data, the highest number was reported in the Miri area with 15 cases. The second highest area was Padawan with nine cases, followed by Sarikei and Sibu with six cases each. “Some of these crashes can be attributed to the ongoing construction of the Pan Borneo Highway in Miri,” he said after a Road Safety Campaign on Wednesday. Lee said a comprehensive study of accident-prone areas across all roads, including the Pan Borneo Highway, will be carried out. – Bernama More solid waste expected during festive period KUANTAN: Household solid waste in Pahang is expected to increase by 5% or 1,400 tonnes per day with the upcoming Hari Raya Aidilfitri celebrations compared with 1,200 tonnes per day on normal days. Pahang Solid Waste And Public Cleansing Management Corporation (SWCorp) director Sharudin Hamid said the estimate was based on the previous year’s analysis, which found an increase of between 5% and 10% a week before Raya. He said in 2022, household waste disposal in the state a week before Aidilfitri was about 1,175 tonnes per day and increased to 1,284 tonnes per day in 2023. “With the Raya holiday rush starting this Friday or Saturday, people will be travelling back to their hometowns, cleaning their homes and replacing old furniture with new ones for the celebration. There will be more waste as old items are thrown away. “SWCorp, together with Alam Flora Sdn Bhd, have drawn up strategies for solid waste collection work ahead of the celebration, which is expected to fall on April 10,” he said at the Pahang SWCorp iftar event on Wednesday night. – Bernama can while their families are away.” Many of his customers has made bookings even before Ramadan to ensure their pets have accommodation. “As Hari Raya is one of the biggest festive seasons in Malaysia, we experience a significant increase in demand during the period. “Currently, we have bookings for 200 cats, which is a substantial increase compared with last year, when we had just 89.” Helmezan said despite the festive season, his hotel will maintain its regular operations to ensure the pets are fed, groomed and have their health monitored. “Our commitment is to prioritise the well-being of the pets even during the busiest times of the year,” he said. Helmezan stressed that prices are not raised even during Ramadan to ensure affordability and customer satisfaction. Boarding prices range between RM40 and RM200 a night, depending on the space selected. “Customers typically opt for stays of up to one month for their pets, especially when they need to travel on business trips or holidays abroad.” He said some of his clients are pilots, or working in offshore industries, which also require long-term accommodation for their pets. Another pet hotel owner, Joanne Chee, 40, said while many similar facilities accommodate cats and dogs, hers goes further by accepting a diverse range that includes rabbits, parrots, and even reptiles. “Our customers booked their pets’ stays since the end of 2023, ensuring they secure their preferred dates well ahead of time. “For Hari Raya, the hotel is now fully booked with almost 30 pets scheduled to stay with us. The majority of them are cats and rabbits,” she said. Chee said while her hotel accommodates reptiles as well, she prioritises cats during Ramadan so that her team can allocate sufficient space and attention to them. “We recommend owners to bring their pets’ regular food and provide specific care instructions to ensure consistency in their diet during their stay with us. “This will help to minimise any potential stress, disruption or changes to their diets.” Chee advised pet owners to seek a reliable and trustworthy place to board their pets so that their festive holidays will be worry-free. Having operated for 15 years, Chee’s hotel has gained the confidence of clients and built long-term relationships with them. AIDILFITRI PREPARATIONS ... Residents buying essential items at prices that are cheaper by 10% to 30% at a Rahmah Sales event at Kampung Tanjung Piring in Padang Terap, Kedah yesterday. – BERNAMAPIC
FRIDAY | APR 5, 2024 5 Lawyer seeks postponement for Najib’s judicial review bid KUALA LUMPUR: A crucial witness is expected to file an affidavit to support Datuk Seri Najib Abdul Razak’s leave application to commence a judicial review to challenge the existence of an addendum decree purportedly ordered by the 16th Yang di-Pertuan Agong for the former prime minister to serve his remaining six-year imprisonment under house arrest. During a hearing of the leave application at the High Court yesterday, Najib’s counsel Tan Sri Muhammad Shafee Abdullah informed Judge Datuk Amarjeet Singh that the witness is observing the last 10 days of Ramadan in Mecca. “In lieu of my application, I am seeking a short adjournment because one person, who is the most critical witness, has not signed the affidavit because the person has left for Mecca and is expected to be back after Hari Raya Aidilfitri. oMove made due to absence of key witness to confirm addendum decree for remainder of sentence to be served at home STRICT CRACKDOWN ... A Seremban City Council enforcement officer taking away clothes seized during a raid on businesses run by foreigners at the Aidilfitri Bazar in Senawang on Wednesday. – BERNAMAPIC Man escapes death penalty, jailed 32 years PUTRAJAYA: An unemployed man escaped the death penalty after the Federal Court yesterday commuted his death sentence to 32 years in prison for murdering his friend in Gerik, Perak six years ago. A three-judge panel comprising Court of Appeal president Tan Sri Abang Iskandar Abang Hashim and Federal Court judges Datuk Rhodzariah Bujang and Datuk Abu Bakar Jais allowed Mohd Norol Latif Abd Raof’s appeal to set aside the death sentence imposed on him by the High Court and substitute it with a jail term. Abang Iskandar ordered the 55-year-old man to serve the jail sentence from the date of arrest, which was on Jan 27, 2018. Norol Latif was also spared a whipping sentence as he is over 50 years old. Earlier, lawyer Charan Singh, representing Norol Latif, told the court that his client was withdrawing his appeal against his conviction and would only proceed with his appeal against the death sentence. Charan, assisted by lawyer Noor Farihah Arshad, urged the court to commute the death sentence to 30 years’ jail, but DPP Mohd Fuad Abdul Aziz proposed 35 years’ jail, considering the loss of life. Norol Latif was sentenced to death by the High Court in Taiping on Aug 21, 2019 after he was found guilty of murdering Mohd Shahrulnizam Abdullah in front of a house in Kampung Jong at 1.20am on Jan 16, 2018. The Court of Appeal dismissed his appeal against his conviction and the death sentence on April 6 last year. Norol Latif stabbed the deceased on the left side of his chest following a fight over a power bank, which the deceased claimed Norol Latif had stolen from him. Both men were close friends. The deceased was found unconscious in a pool of blood by a roadside. Two friends took him to the Plang Health Clinic and an assistant medical officer who examined him pronounced him dead. – Bernama Caretaker claims trial to rape charge KANGAR: A caretaker of a temple pleaded not guilty in the Sessions Court yesterday to a rape charge. Ong Poh Sun, 57, made the plea after the charge was read to him in Mandarin by a court interpreter before Judge Musyiri Peet. He was charged with raping a 27-year-old female accountant inside the Seng Ong Temple in Kampung Guar Paya, Arau at about 3pm on March 29. The charge, framed under Section 376(1) of the Penal Code, provides imprisonment for up to 20 years and whipping. The court allowed him bail of RM6,000 in one surety and also ordered him to report to a police station once a month and not to interact with the victim and prosecution witnesses. The court set May 6 for mention. The prosecution was conducted by DPP Alia Suzila Chek Pi, while the accused was represented by National Legal Aid Foundation lawyer Nurul Hanani Che Nor. – Bernama Couple plead not guilty SEREMBAN: A married couple pleaded not guilty in the Sessions Court yesterday to a charge of abusing the woman’s five-year-old son. The stepfather and mother of the victim made the plea before Judge Meor Sulaiman Ahmad Tarmizi. They were jointly charged for mistreating the boy by hitting him with a cane and clothes hanger, causing him to suffer physical injury at a house in Mantin between April last year and March 23 this year. The charge, framed under Section 31 (1)(a) of the Child Act 2001, provides a maximum fine of RM50,000 or imprisonment for up to 20 years, or both. The court allowed them bail of RM5,000 each in one surety and set May 17 for mention. DPP Syamimi Farhana Muhammad A. Aziz prosecuted, while the couple were unrepresented. – Bernama Duo acquitted of murder SEREMBAN: Two Myanmar men were acquitted and discharged by the High Court yesterday on a charge of murdering an Indian national, who was also their supervisor, four years ago. Judge Datuk Rohaini Ismail ordered their release after finding the prosecution had failed to prove a prima facie case against Maung Maung, 45, and Mg Aung Aung, 33. They were jointly charged, under Section 302 of the Penal Code, read with Section 34, with murdering Ajith Almaraj at the Metro Park Sri Sendayan petrol station on July 1, 2020. The prosecution was conducted by DPP Mohd Hadi Hakimi Harun. – Bernama “The affidavit is critical. I require a short date, perhaps to a date I have consulted with my learned friend on April 17.” Senior federal counsel Ahmad Hanir Hambaly, who appeared for the respondents, did not object to the matter. Amarjeet then allowed the adjournment to April 17 and ordered the written submissions to be filed on April 15, Bernama reported. He also dismissed an application by counsel Abhilaash Subramaniam, who represented the Bar Council, to follow the proceedings as a watching brief on grounds that the leave has not yet been granted and is still an ex-parte application. However, Muhammad Shafee declined to reveal the identity of the crucial witness. Najib filed the leave application to the High Court on April 1 through Messrs Shafee & Co. The former Pekan MP named the home affairs minister, Prisons commissioner-general, attorney-general, Pardons Board for the Federal Territories of Kuala Lumpur, Labuan and Putrajaya, minister in the Prime Minister’s Department (Law and Institutional Reform), director-general of the Legal Affairs Division in the Prime Minister’s Department and the government as the first to seventh respondents. In the application notice, Najib sought a mandamus order directing either all respondents or one of them to respond and verify the existence of the addendum decree dated Jan 29. He also sought a mandamus order acknowledging the existence of the addendum decree and directing all or one of the respondents to enforce it immediately by transferring him from the Kajang Prison to his residence in Kuala Lumpur to serve the remainder of his prison sentence under house arrest.Najib, 70, has been serving his sentence at the Kajang Prison since Aug 23, 2022 after being convicted of misappropriating RM42 million from SRC International Sdn Bhd. He subsequently filed a petition for a royal pardon on Sept 2, 2022. The Pardons Board reduced his jail term from 12 years to six and a fine imposed on him from RM210 million to RM50 million. RTD to deploy 382 staff for Raya surveillance PETALING JAYA: A total of 382 officers and staff of the Selangor Road Transport Department will be deployed to monitor and ensure compliance with traffic rules in a special operation in conjunction with Hari Raya Aidilfitri from April 1 to 20. Its director Azrin Borhan said the operation was launched to ensure a smooth journey for road users returning to their hometowns and to facilitate the safety of public transport services. He said during the operation, the department would increase patrols and monitor main roads and locations prone to road crashes. “Strict enforcement measures will be carried out for nine major offences, including exceeding the speed limit, running red lights, using mobile devices while driving, queue-cutting and driving in an emergency lane. “We will also conduct technical inspections of buses at the depot to ensure safety,” he told reporters after checking on a roadblock at the PJS 2 Toll Plaza on the New Pantai Expressway on Wednesday. – Bernama
FRIDAY | APR 5, 2024 6 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ KUALA LUMPUR: The Management and Science University (MSU) recently hosted a zakat (tithe) distribution and iftar (breaking of fast) event through Yayasan MSU (YMSU) and its student and career development department, for 200 residents from 20 charitable homes and orphanages in the Klang Valley. The event was held at the MSU Chancellor Hall in Shah Alam and YMSU presented RM120,000 in cash to the residents, orphanages and charitable homes. Each resident received RM100 as duit Raya from MSU president Tan Sri Prof Dr Mohd Shukri Ab Yajid, who was accompanied by MSU vice-chancellor Puan Seri Prof Dr Junainah Abd Hamid and MSU endowment and communication senior vice-president Datuk Rosli Yusof. The orphanages and charitable homes each received RM5,000. The orphanages and homes were Pusat Jagaan Telaga Kasih Nur Muhammad, Pusat Jagaan Darul Imtinan, Rumah Kasih Harmoni, Pertubuhan Kebajikan Anak Yatim Al-Nasuha, Rumah Kebajikan dan Bimbingan At-Taqwa, Rumah Anak-Anak Yatim dan Asnaf As-Solihin, Rumah Amal Cahaya Kasih Bestari, Rumah Kasih Sayang (Khidmat Baitul Mahabbah), Rumah Amal Siraman Kasih, Rumah Perlindungan dan Anak Yatim Safiyyah, Pusat Jagaan Amal Asyura, Madrasah Anak Yatim dan Tahfiz Quran Hashimiah, Pusat Jagaan Baitul Hidayah, Pertubuhan Amal dan Kebajikan Anak-anak Tersisih Selangor, Pertubuhan Pusat Jagaan Rumah Amal Titian Bati Al-Jannah, Pertubuhan Kebajikan Ehsan Ash-Shakur, Rumah Amal Limpahan Kasih, Pertubuhan Kebajikan dan Pendidkan Al-Mahabbah, Persatuan Kebajikan Anak Yatim Al-Munirah and Rumah Amal Budi Bistari. MSU said classical components of the “Ihya Ramadan” programme include breaking fast and distributing tithes and duit Raya. “In Islamic finance, a compulsory contribution of a proportion of one’s annual wealth to charitable causes is referred to as zakat (tithe). “The implementation of zakat by the university not only demonstrates the institution’s dedication to social and economic welfare, but also nurtures a spirit of generosity and appreciation that stretches beyond the campus community.” In his speech at the event, Mohd Shukri said: “We are delighted to welcome new orphanages this year. MSU is dedicated to providing ongoing support and we look forward to collaborating with these homes to nurture the well-being of the children. “As I have always emphasised, our commitment to social responsibility extends beyond Ramadan. Together, we can create a sustainable and lasting positive impact.” JELEBU: Pineapple tarts made by Narcotics Addiction Rehabilitation Centre residents have been gaining popularity in the run up to Hari Raya. The delicious taste, fluffy texture and self-grown pineapples make the tarts a popular choice at Bakeri Titi Gold. Noraini Zamani, 38, lives near the centre and said she fell in love with the tarts after receiving some as a gift last year. “I am not a big fan of pineapple tarts, but I found them so delicious that I could not stop eating. The filling is generous, thick and has a very strong pineapple taste. This year, I will not look for other (bakeries). I will order from them,” she said. Pineapple tart enthusiast and private sector worker Siti Azura Azam, 45, said the tarts are truly different and in a class of their own because the pastry is not brittle or oily and the price is fair. “Considering the premium taste, I feel the price (is very reasonable). It is really worth it. Although I know it is made by centre residents, I will continue to support their products, indirectly giving them a second chance when they leave the centre,” she said. A resident, who asked to be known only as Fadil, 34, said it took him a week to truly master making the tarts, guided and supervised by centre staff to ensure the recipe remains unchanged and maintains its quality. Fadil, who is from Terengganu, was once trapped in a three-year methamphetamine addiction cycle due to peer influence. He said although the work may seem easy, it needs to be meticulous, especially when ensuring the consistency of the filling. “Alhamdulillah, if I had not been placed in the centre, I might not have recovered. The programmes here really help. It might be difficult to rehabilitate outside because we are alone and could fall back into recidivism at anytime. “I never thought I would make tarts. Usually, it is women who do it. But we have several projects at the centre and I chose to make tarts. I wanted to learn something new with skills I could use when I leave. Demand for tarts during the festive season is high and we work six days a week,” said Fadil, who has been at the centre for a year. Centre director Norasiken Ahmad said orders received for Aidilfitri this year increased by almost 80% compared with last year and sales exceeded RM32,000, indicating the trust and positive response of the community. The money was deposited into the centre’s trust account, Bernama reported. “There are normally only eight residents in the bakery but as Aidilfitri is around the corner, we have increased it to 15 due to the high volume of orders. They work from 7.30am to 5pm or 6pm. They are overwhelmed fulfilling orders (but happy). “Apart from using premium ingredients, the specialty of these pineapple tarts is the filling made from MD2 pineapples grown here. The price is also affordable, at only RM30 per box of 50 pieces,” she said, adding that orders are received online and through mail and corporate programmes. Bakeri Titi Gold also sells blueberry, roselle, nyonya, dahlia and strawberry tarts, as well as red velvet and chocolate chip cookies, pineapple juice and ice cream. Norasiken expressed hope to get more publicity for the new farming projects at the centre, such as growing cocoa and bananas. The goal is to make chocolate a main product. Bitter to sweet switch for rehab residents oPineapple tarts produced by former addicts at bakery operated by centre receive accolades from community University hosts 200 underprivileged children at Ramadan event Mohd Shukri (centre), Junainah and Rosli presenting duit Raya at the event.
FRIDAY | APR 5, 2024 7 Helicopter plucks six miners to safety HUALIEN: A helicopter plucked six miners to safety from a Taiwan quarry yesterday as rescuers worked to free scores of people trapped in highway tunnels after the island’s biggest earthquake in a quarter of a century. Nine people were killed and more than 1,000 injured in Wednesday’s magnitude-7.4 quake, but strict building regulations and widespread public disaster awareness appear to have staved off a major catastrophe on the island. Dozens of residents of the worsthit city spent a night outdoors rather than in apartments still being shaken by aftershocks, and a massive operation was under way to fix damaged roads and prop up tilting buildings. Dramatic video released yesterday by the island’s Central Emergency Operation Centre showed a helicopter flying two sorties to pluck six miners trapped in a gypsum quarry in Hualien county, near the epicentre of the quake. Rescuers knew the whereabouts of dozens more people trapped in a network of strongly built tunnels in the county, a feature of the roads that cut through the scenic mountains and cliffs leading to Hualien City from the north and west. “I also hope that we can use today’s time to find all people who are stranded and unaccounted for and Emergency workers assisting a survivor in New Taipei City yesterday. – AFPPIC oQuake rescuers work to free scores in highway tunnels help them settle down,” Premier Chen Chien-jen said after a briefing at an emergency operation centre in Hualien. The island has been shaken by over 300 strong aftershocks since the first quake, and the government warned people to be wary of landslides or rockfalls if they ventured to the countryside for Qingming, a two-day public holiday that began yesterday. Families traditionally visit the tombs of their ancestors on the holiday to clean the gravesites and burn offerings. “Do not go to the mountains unless necessary,” warned President Tsai Ing-wen in a late-night message. The latest figures from the national disaster agency said nine people had been killed and 1,050 injured in the quake. Authorities were in contact with 101 people trapped in tunnels or cutoff areas, but had lost touch with another 46, although they were believed to be safe. In Hualien, a glass-fronted building now tilting at a 45-degree angle after half of its first floor pancaked has become something of a symbol of the quake. “When the earthquake happened, we immediately evacuated the guests ... and urged them to leave,” said Wang Zhong-chang, the proprietor of a nearby Hualien hotel. “I stayed in this area the whole time, I haven’t left. There’s not much to fear. I’ve experienced it before ... but this time was more severe.” He was referring to the magnitude-7.6 quake of 1999 that killed 2,400 people, the deadliest natural disaster in the island’s history. Over 100 people chose to sleep outdoors in tents at a shelter set up in an elementary school on Wednesday night as the aftershocks continued. “Our worry is when the big aftershocks happen it might be really hard for us to evacuate one more time, especially with the baby,” said Indonesian Hendri Sutrisno, 30, a professor at Donghua University. He and his wife hid under a table with their infant when the earthquake struck before fleeing their apartment. “We have all the necessary stuff, blankets, toilet and a place to rest,” he said. Social media was awash with video and images from around the island shared by people who experienced the quake. In one clip, a man struggles to get out of a rooftop swimming pool as the water swirls violently. In another, a webcam catches three cats running amok as an apartment shakes from side to side. China was “paying close attention” to the quake and “willing to provide disaster relief assistance”, Xinhua news agency said. The White House said the US was prepared to provide “any necessary assistance”. – AFP Rebels claim military base attacked by drones YANGON: A military base in the capital of army-ruled Myanmar came under attack by drones yesterday, the shadow government and media said. Reuters could not independently confirm the information and the military government could not be reached for confirmation. The National Unity Government (NUG), an alliance of anti-junta groups formed to undermine military rule in the wake of a 2021 coup, said the attack was carried out in Naypyitaw, but provided no details on the drones or weapons used, or whether the base sustained any damage. State-controlled media outlets carried no news of the incident. If confirmed, the incident could be a major blow to the credibility of a military that is facing its biggest test since first taking power of the former British colony in 1962. The military government has been fighting on multiple fronts to contain uprisings around the country and stabilise an economy that has wilted since the coup. Naypyitaw is the seat of power for the military government and home to much of its defence hardware, built in a remote area of central Myanmar about two decades ago by the previous military government that had ruled for more than two decades. A spokesperson for the NUG’s affiliate in Naypyitaw, the People’s Defence Force (PDF) said it carried out the attack under the instruction of the NUG’s Defence Ministry and said it took place in two locations, one of which was an air force base. The NUG’s Defence Ministry could not immediately be reached for details of the alleged attack and other NUG sources referred Reuters to the group’s initial statement. Myanmar is locked in a civil war between the military on one side and, on the other, a loose alliance of ethnic minority rebels and so-called PDF, a movement spawned out of the military’s bloody crackdown on anti-coup protests. Its military-installed president last year said the country was at risk of breaking apart, while its ruling general in a national address last week called for unity among the people and military to fight armed groups with foreign backing who were seeking to destroy the country and derail plans to hold an election. Citing unnamed military and security personnel, news outlets BBC Burmese and Khit Thit reported the runway of the air force base had been closed to remove munitions. The runway is connected to the city’s civilian airport. News outlet Mizzima said, without providing a source, that 16 drones were used to attack the military base and 13 were used in an attack on the air force base. Reuters could not independently verify the information. Myanmar landmine, unexploded ordnance casualties nearly triple BANGKOK: Landmines and unexploded munitions killed or wounded almost three people every day in Myanmar last year, the UN said yesterday, an almost threefold increase from the previous year as the civil conflict rages. The military’s ouster of Aung San Suu Kyi’s government in 2021 sparked renewed fighting with ethnic rebel groups as well as with pro-democracy “People’s Defence Forces” in areas previously untouched by conflict. More than 2.5 million people have since been displaced by the fighting. The UN Children’s Fund, Unicef, reported 1,052 verified civilian casualties from landmines or unexploded ordnance during 2023. That figure was nearly triple the 390 incidents recorded in 2022. Over 20% of the victims were children, it said. The Southeast Asian nation is not a signatory to the UN convention that prohibits the use, stockpiling or development of anti-personnel mines. Myanmar’s military has been repeatedly accused of atrocities and war crimes during decades of internal conflict. All sides in the conflict were using landmines “indiscriminately”, Unicef said. More than one-third of casualties were reported in northern Sagaing region, an area that was largely peaceful before the coup but has since emerged as a hotspot of resistance to military rule. In recent months the military government has lost swathes of territory in border areas and analysts say it is relying more on air and artillery strikes to support its embattled troops. In 2020, the year before the coup, there were 254 landmine casualties nationwide, according to Unicef. More than 6,000 people have been killed by anti-coup fighters and allied ethnic rebels since the coup, according to the government. A local monitoring group says the military’s crackdown on dissent has killed more than 4,800 people and jailed more than 26,000. – AFP B R I E F SALICE SPRINGS CURFEW MAYBE UNLAWFUL SYDNEY: A curfew imposed on Alice Springs to curb rising unrest may be unlawful, the Northern Territory Police Association said. Politicians in the town introduced a two-week curfew on March 27 and deployed additional police after a reported spike in crime. Since then residents aged under 18 have been forced off the streets between 6pm and 6am. The town has a large indigenous population and problems with underemployment, poverty and other social issues. Critics say the curfew is an example of politicians wanting to appear tough on crime, while doing little to address problems. Supporters argue it was needed a “circuit breaker”. – AFP FERRY CATCHES FIRE OFF RESORT ISLAND SURAT THANI: A fire broke out on a night ferry, transporting passengers and cargo, while heading to Koh Tao resort from a pier in Surat Thani province. The ferry set sail from mainland Surat Thani on Wednesday and was scheduled to arrive at the island yesterday. The fire started in the ship’s engine room and quickly spread. At the time of the incident, the ship was about 4.82km off the coast of Koh Tao. Authorities and private ship operators successfully evacuated all passengers and crew members safely, although some suffered from smoke inhalation. Emergency rescue teams promptly transported the affected individuals to nearby hospitals. – Bernama
FRIDAY | APR 5, 2024 8 READ OUR HERE /thesun Malaysian Paper Venezuela says US building ‘secret’ bases CARACAS: Venezuelan President Nicolas Maduro on Wednesday accused the United States of building “secret military bases” in Essequibo, an oil-rich region of Guyana that Caracas claims as its territory. “We have information proving that in the territory of Guyana Essequibo, temporarily administered by Guyana, secret military bases of the (US) Southern Command ... a body of the CIA, have been installed,” Maduro said. He said the bases are an “aggression” against the people of southern and eastern Venezuela and were built “to prepare for an escalation against Venezuela”. Maduro’s provocative remarks came as parliament held a ceremony commemorating a law laying out the defence of Guyana Essequibo, four months after a controversial, non-binding referendum overwhelmingly approved the creation of a Venezuelan province in the disputed region, sparking fears of a military conflict. He also claimed that his counterpart, President Irfaan Ali, “does not govern Guyana” and that “Guyana is governed by the Southern Command, the CIA and ExxonMobil”. Southern Command, part of the Department of Defence, maintains a US Security Cooperation Office in Guyana. The office serves as a military consultant to the Guyana Defence Force, coordinating “security cooperation engagement activities” and providing military support and training. The dispute over Essequibo – which makes up about two-thirds of Guyana’s territory and has been administered by Guyana for more than a century – intensified in 2015 after the discovery of oil deposits by US-based energy giant ExxonMobil. Tensions soared after December’s referendum. Days later, US forces held joint USGuyana military exercises. Both countries pledged last year not to use force to settle the border dispute, which is before the International Court of Justice in The Hague. – AFPB R I E F SCRUISE SHIP HELD OVER FORGED VISAS MADRID: A cruise ship was prevented from continuing its journey from Barcelona due to forged visas among some passengers. There were 69 Bolivians on the Armonia whose Schengen visas had been falsified, MSC Cruises said. The group of Bolivians had embarked in Brazil for the journey. But, following visa checks, they were not allowed to leave the ship. Schengen visas allow their holders to travel among nearly 30 European countries. The Armonia had planned to continue its journey on Tuesday but has been held up in Barcelona pending the investigation. Relatives of the Bolivians on board who live in Spain told Spanish media that the people had been victims of a scam. They said an agency in South America had offered the passage and visas online and charged up to US$10,000 (RM47,500) per person. – Bernama MERCURY CONTAMINATION FOUND IN BRAZIL TRIBE RIO DE JANEIRO: Indigenous people from nine villages in Brazil’s Yanomami territory were found to be contaminated by mercury, with those living closer to illegal gold mining sites presenting higher levels of contamination, a study found. The study by Brazil’s state-run Fiocruz institute collected hair samples from about 287 indigenous people in October 2022. They all tested positive for mercury, with around 11% of the samples presenting high levels of the heavy metal, which is used by wildcat miners in Brazil to separate gold from ore and earth. The Yanomami, estimated to number about 28,000, live in Brazil’s largest indigenous reservation, in the northern states of Roraima and Amazonas. They face a humanitarian crisis due to the invasion of their lands by illegal miners that has caused malnutrition and deaths. – Reuters ‘Staunch friend of Taiwan to be top diplomat in Taipei’ TAIPEI: A staunch friend of Taiwan will this summer take over as the top US diplomat in Taipei, three sources briefed on the matter said, roughly coinciding with the island’s new president taking office at a time of rising tensions with China. The sources, who spoke on condition of anonymity as they were not authorised to speak to the media, said that Raymond Greene, deputy chief of mission at the US embassy in Tokyo, will replace Sandra Oudkirk as director of the American Institute in Taiwan, or AIT. AIT handles relations between the United States and Taiwan in the absence of official relations. Career diplomat Greene, who was deputy head of AIT before going to Japan, will be the de facto US ambassador in Taipei. AIT referred questions to the US State Department, which did not respond to a request for comment. “Greene is viewed here as a staunch friend of Taiwan and knows Taiwan well,” one source said. A second source said Greene, who speaks both Japanese and Mandarin, would also be able to serve as a useful conduit between Taiwan and Japan, given Tokyo’s concerns about possible Chinese military action against the island. Greene will be assuming his new role as Taiwan’s new president, Lai Ching-te, takes charge. Lai, who won election in January, will be inaugurated in May. He is detested by China which views him as a separatist and has rebuffed his offers of talks. Lai says only Taiwanese can decide their future, and rejects Beijing’s sovereignty claims. It was not clear exactly when Greene would take up his role, but the sources said it would be this summer when Oudkirk’s term is up. She took the role in July 2021. Greene was previously the US consul general in the southwestern Chinese city of Chengdu and Japan’s Okinawa, home to a US military base that lies not far from Taiwan. “The United States no longer sees Taiwan as a ‘problem’ in our relations with China, we see it as an opportunity to advance our shared vision for a free and open Indo-Pacific and also as a beacon to peoples around the world who aspire for a more just, safe, prosperous, and democratic world,” said Greene. China considers Taiwan the most sensitive and important topic in its relations with the United States. – Reuters Angry Korean voters turn to fledgling party SEOUL: Fed up with South Korea’s government and seeing little hope in the opposition, Cho Young-moon says she’ll cast a protest vote in next week’s elections for a month-old party led by a disgraced politician facing jail. Cho, a 48-year-old dentist, is one of a growing number of South Koreans indicating they plan to vote for former justice minister Cho Kuk’s Rebuilding Korea party and its fiercely anti-government platform on April 10. President Yoon Suk Yeol’s approval ratings have been stuck in the low 30% range for months, driven by a litany of scandals and voter dissatisfaction with rising inflation, a lagging economy and a doctors’ strike. While Cho Kuk’s party is offering few substantive policies of its own, polling data shows it neck-and-neck with the ruling party, and analysts say its appeal to voter anger could see it win enough seats to play kingmaker in the next parliament. For Cho Kuk, however, the goal may be more simple – revenge. Once a rising political star, Cho Kuk was tipped to run for president before an academic admissions scandal in 2019 engulfed his family. Yoon lead the investigation. Accused of forging documents to get his children into university, Cho’s wife spent more than three years in jail, his daughter was forced to renounce her medical licence, and Cho himself is facing two years behind bars if the Supreme Court rejects his appeal. Yoon’s prosecution of the scandal propelled him onto the national stage, and he went on to win the 2022 presidential election despite never having held elective office. But two years later, Cho’s story is now serving to amplify his anti-Yoon message among voters who polls show are increasingly disenchanted with both the president and his administration. “I am going to make President Yoon first a lame duck, then a dead duck,” Cho said. The fact that a party set up only weeks ago is polling so strongly highlights widespread dissatisfaction with both Yoon and the opposition Democratic Party, which controls parliament, experts say. “What we are seeing with Cho’s party is the Cho Kuk takes a selfie with a supporter in Seoul yesterday. – AFPPIC oGovt reeling from scandals, lagging economy utter failure of the two major parties to respond to voters’ demands,” said Yoo Junghoon, a political commentator. Yoon has notably not held an open press conference since August 2022. Cho’s party is polling at nearly 30% approval, which means if those numbers bear out next week he could end up with 15 lawmakers in the 300-seat parliament. Thanks to South Korea’s unique proportional representation system, 15 seats could be enough to form a coalition that prevents Yoon’s PPP from taking control of parliament for the first time since 2016. “Cho’s party is largely running on a single issue, that this election should be a stern referendum on Yoon – and it is winning so much support,” Yoo said. Yoon is constitutionally allowed only a single five-year term, and his party is desperate to win control of parliament so they can move on his socially conservative agenda. But scandals, notably over First Lady Kim Keon Hee’s acceptance of a Dior bag – seen in a widely circulated video – and involvement in a stock manipulation scandal, have fuelled public discontent with his administration. Cho says prosecutors have been “lenient” with Yoon and his family, in sharp contrast with their pursuit of his own, which “endured harsh trials for years”. He is calling for direct elections for prosecutors to put an end to what he calls political bias and credits his party’s support to discontent with the status quo. “There is pent-up disappointment and anger at the government, but no parties or politicians to fully represent such sentiment,” he said. Cho’s personal story is helping galvanise voters unhappy with both major parties, political analyst Yum Seung-yul said. “He is seen as the most damaged” by Yoon, due to the aggressive prosecution his family faced, Yum said, adding he wouldn’t be surprised if the party were to win big. But even if he does win, Cho may not keep his seat in parliament. If the Supreme Court rejects his final appeal, he will be jailed for two years. At a rally in central Seoul last week, hundreds of Cho’s supporters chanted his name and his party’s slogan – “Three years is too long!” – a reference to Yoon’s remaining term in office. Dentist Cho said: “Cho is different. He has told us what he will actually do to keep Yoon in check.” – AFP
FRIDAY | APR 5, 2024 9 US opposes Palestinian bid for full UN membership Security council fails to condemn strike on embassy NEW YORK: The United States, Britain and France on Wednesday opposed a Russiandrafted UN Security Council statement that would have condemned an attack on Iran’s embassy compound in Syria, which Tehran has blamed on Washington’s ally Israel. Press statements by the 15-member council have to be agreed by consensus. Diplomats said the US, backed by France and Britain, told council colleagues that many of the facts of what happened on Monday in Damascus remained unclear and there was no consensus among council members during a meeting on Tuesday. “This serves as a clear illustration of the double standards employed by the Western ‘troika’ and their actual, rather than declarative, approach to legality and order in the international context,” Russia’s deputy UN Ambassador Dmitry Polyanskiy said on X. The UN Security Council has issued statements in the past condemning attacks on diplomatic premises. The European Union on Wednesday condemned the strike – saying the inviolability of diplomatic and consular premises and personnel must be respected – and called on countries to show restraint. The US says it has not confirmed the status of the building struck in Damascus, but that it would be concerned if it was a diplomatic facility. Israel has not claimed responsibility for the attack, which destroyed a consular building next to the main embassy complex, killing seven members of Iran’s Revolutionary Guards. Iran has accused Israel of violating the founding UN Charter, international law, and also cited several conventions. The 1961 Vienna Convention governing diplomatic relations and 1963 Vienna Convention on Consular Relations define premises as buildings, parts of buildings and land – regardless of ownership – used for the purposes of the diplomatic or consular mission, including the head of the diplomatic mission. Those conventions state that the diplomatic or consular premises “shall be inviolable”. But they also say the premises should “not be used in any manner incompatible” with the diplomatic and consular functions. Iran also cited the 1973 Convention on the Prevention and Punishment of Crimes Against Internationally Protected Persons, including Diplomatic Agents – suggesting those killed were covered by these rules. – Reuters Israel’s explanation not good enough, says Australia PM Palestinians shelter in a makeshift tent amid the rubble of their home near Gaza’s Al-Shifa hospital. – AFPPIC B R I E F SBRITISH JUDGES URGE HALT TO ARMS SALES LONDON: Three former Supreme Court justices have joined more than 600 members of the British legal profession in calling for the government to halt arms sales to Israel, saying it could make Britain complicit in genocide. Echoing the growing number of politicians who have called for a halt to British arms sales, the three justices joined other barristers, former judges and legal academics in urging Prime Minister Rishi Sunak to change policy. Sunak has faced growing political pressure after seven aid workers were killed by an Israeli airstrike. “The provision of military assistance and material to Israel may render the UK complicit in genocide as well as serious breaches of International Humanitarian Law,” they said in a letter. “Customary international law recognises the concept of ‘aiding and assisting’ an international wrongful act.” Israeli Prime Minister Benjamin Netanyahu called the allegations of genocide “outrageous”, and said Israel has an “unwavering commitment to international law”. – Reuters RIGHTS COUNCIL TO CONSIDER ARMS RESOLUTION GENEVA: The UN Human Rights Council is set to consider today a draft resolution calling for a cessation of arms sales to Israel. If the text is adopted, it would mark the first time that the body has taken a position on the war. The draft resolution circulated on Wednesday condemns the “use of starvation of civilians as a method of warfare in Gaza” and demands Israel “uphold its legal responsibility to prevent genocide”. The draft resolution was brought forward by Pakistan on behalf of 55 of the 56 UN member states in the Organisation of Islamic Cooperation – the exception being Albania. The text is cosponsored by Bolivia, Cuba and the Palestinian mission. The draft demands Israel end its occupation and “lift its blockade and all other forms of collective punishment”. –AFP NEW YORK: The Palestinian delegation to the United Nations is pushing for a vote to be recognised as a full member state next month, Ambassador Riyad Mansour said Wednesday, a move opposed by the United States. “We are seeking admission. That is our natural and legal right,” Mansour said, adding that he was pushing for an April 18 vote at the Security Council. “Everyone is saying ‘two-state solution’, then what is the logic of denying us to become a member state?” he said. Any request to become a UN member state must first pass a vote by the Security Council – where Israel’s ally the United States and four other countries wield vetoes – and then be endorsed by a two-thirds majority in the General Assembly. Palestinian President Mahmud Abbas originally launched the statehood application in 2011. It was not considered by the Security Council, but the General Assembly the following year granted a more limited observer status to the “State of Palestine”. The Palestinian Authority submitted a letter to UN Secretary-General Antonio Guterres asking for the Security Council to reconsider on Tuesday. Mansour’s comments came as the United States earlier on Wednesday voiced its opposition for full Palestinian membership, saying it backed statehood but after negotiations with Israel. “We support the establishment of an independent Palestinian state,” said State Department spokesman Matthew Miller. “That is something that should be done through direct negotiations through the parties, something we are pursuing at this time, and not at the United Nations,” he said, without explicitly saying that the US would veto the bid if it reaches the Security Council. Miller said that Secretary of State Antony Blinken has been actively engaged in establishing “security guarantees” for Israel as part of the groundwork for a Palestinian state. oAgrees to support statehood after talks President Joe Biden’s administration has increasingly signalled support for a Palestinian state, with a reformed Palestinian Authority in charge in the West Bank and Gaza, as it looks for a way to end the war in which Israel is seeking to eliminate Hamas. Israeli Prime Minister Benjamin Netanyahu has for decades resisted a Palestinian state and leads a far-right government with members hostile to the Palestinian Authority, which holds limited autonomy in sections of the West Bank. Under longstanding US legislation, the United States is required to cut off funding to UN agencies that give full membership to a Palestinian state. The law has been applied selectively. The United States cut off funding in 2011 and later withdrew from the UN cultural and scientific agency Unesco, but rejoined last year under President Joe Biden. Robert Wood, the US deputy representative to the UN, said that recognition of a Palestinian state by the world body as a whole would mean “funding would be cut off to the UN system, so we’re bound by US law”. – AFP SYDNEY: Israel’s explanation for the deaths from an air strike in Gaza of seven aid workers, including Australian woman Zomi Frankcom, was “not good enough”, Australian Prime Minister Anthony Albanese said yesterday. Israel said on Tuesday it mistakenly killed workers of charity World Central Kitchen, drawing widespread condemnation from the United States and several allies. The dead included citizens of Australia, Britain and Poland as well as Palestinians and a dual citizen of the US and Canada. “We need to have accountability for how it has occurred, and what is not good enough is the statements that have been made, including that this is just a product of war,” Albanese said. He seemed to be referring to comments from Israeli Prime Minister Benjamin Netanyahu in a video message on Tuesday in which he said that “this happens in war” as the Israeli military promised an independent investigation. Celebrity chef Jose Andres, the founder of World Central Kitchen, said on Wednesday that the Israeli attack had targeted his workers “systematically, car by car”. He said the World Central Kitchen workers in Gaza had clear communication with the military, which knew their movements. Albanese said Frankcom was travelling in a vehicle clearly identified as an aid vehicle and it should not have been at risk. He demanded full accountability on a call with Netanyahu on Wednesday. “They have committed to a full and proper investigation. I want that to be transparent and I want those findings to be made public so that we find out how exactly this can occur.” – Reuters
10 FRIDAY | APR 5, 2024 Prioritising family time over dinner Q: Our family schedules has always been hectic but the past year they have become worse. Whether I am working from home or at the office, I often do not finish until at least 6pm. Then, I have to prepare dinner while the hungry crew waits impatiently or do their own thing. How can we make family meals a priority in our busy schedules? Focus on the Family Malaysia: Start by acknowledging that as a working mum with a busy family, you are not positioned to serve up the kind of family dinners your greatgrandmother produced, and that is okay. Do not give up – consider changing your strategy and approaching the problem from a different angle. Remember that shared meals do not have to occur during dinner time or your hectic work week. Sometimes, this is not feasible. Aim to manage three family meals a week. You can achieve this by adjusting your plans to include weekends and other mealtimes. A little creativity and ingenuity can compensate for your lack of time. One way to do this is to prepare a large number of meals beforehand. Numerous cookbooks and websites offer practical tips for planning and preparing meals in bulk, such as the Once-A-Month Cooking series by Mary Beth Lagerborg and Mimi Wilson. You can also subscribe to services offering customised meal plans, recipes and corresponding shopping lists, thus reducing the stress of meal preparation and allowing you to prioritise the relational aspect of mealtimes. If you are not keen on planning too far ahead, consider simplifying your approach to dinner. The evening meal does not have to be elaborate. The goal is simply to carve out some family time around the table. Q: My wife is a beautiful woman. While I believe she does not need makeup, when we go out, I feel she wears too much, which hides her innate beauty. I have tried to drop subtle hints that she is prettier with less but she does not seem to get it. Should I keep my mouth shut or be more direct? Focus on the Family Malaysia: My friend, you would be wise to tread carefully here. Matters of appearance are highly personal – for men and women – and they are tied closely to our sense of identity. Furthermore, while honesty is essential in a marriage, it is also critical to respect boundaries and your spouse’s feelings. When dealing with delicate issues such as this, first determine what the real issue is. In your case, that means you need to examine your motives carefully. Is the energy here about your preferences or how your wife’s appearance makes you feel? Or are you truly seeking her best interest: trying to encourage her in how she feels about herself or helping her understand how others may misperceive her? If an honest assessment points the finger back at you, I strongly recommend that you keep your opinions to yourself – unless your wife asks for or invites them. If she does, limit your feedback to positive reinforcement, highlighting those things about her appearance that you appreciate. On the other hand, if she shares some doubts or insecurity about her clothes or makeup, you may gently offer some suggestions – again, primarily affirming the things she already does that you find attractive. Make sure to compliment her when she is not wearing makeup. If she expresses an interest in a session or two with a beauty consultant, gladly foot the bill as your unconditional gift to her. Bottom line: value and guard the beauty of your wife’s heart above all else. This article is contributed by Focus on the Family Malaysia, a non-profit organisation dedicated to supporting and strengthening the family unit. It provides a myriad of programmes and resources, including professional counselling services, to the community. For more information, visit family.org.my. Comments: letters@thesundaily.com THE renowned writer Arthur Koestler warned a decade ago that Israel risked becoming “a nasty little Sparta”. Ten years later Israel, grown rich on US military and financial aid, has become a very nasty big Sparta. Pat Buchanan, President Richard Nixon’s close aide, wrote “Capitol Hill has become Israeli-occupied territory”. He has been exiled to the political wilderness for this heresy. The current Gaza conflict tells us how much Israel dominates Congress and the Democratic Party, which gets a likely 50% of its funding from pro-Israel donors. Moderate pro-Israel groups have been marginalised. Those in the media have been sidelined or fired. It is the McCarthyism of the 21st century. As the great Mark Twain said, if you do not read the US media you are uninformed. If you do follow America’s media, you are misinformed. Britain, Canada and Australia fall into the same media prison. The old Soviet media, as I remember, was freer in its opinions and more robust in its criticism. None of this is new, just worse. Over 20 years ago, the Palestinian refugee prison of Gaza tried to build a small seaport and airport. Both were denied by Israel. As a result, even modest food aid for starving Palestinians has been blocked. The US, which has been supplying Israel with 2,000lbs bombs and targeting information has resorted to the public relations stunt of air-dropping stale sandwiches to the famine-stricken Palestinian refugees. No one in the tightly controlled US media or the Rothschilddominated British Conservatives party dares bring up the fact that the Warsaw Ghetto ravaged by the Nazis had 50,000 people as compared with Gaza’s 2.1 million trapped people. Egypt, almost as guilty as Israel and the US, keeps Palestinians locked in the open-air prison. The Mideast’s biggest police states are Egypt, Jordan, Tunisia and Morocco. Add Algeria, Oman, Saudi Arabia and the Gulf States. We still know next to nothing about the Oct 7 attack on Israelis that triggered this conflict. I will not call it a war since it pits only lightly armed civilians against the mighty, US-supplied and directed Israeli armed forces. The lines of burned-out cars around where the initial Hamas attacks occurred look very much like the result of air attacks. We need to know more. The infamous arms dealer Basil Zaharoff retorted to criticism in the British parliament: “Who cares about that little jabber house.” The same applies today to the US Congress. Even President Joe Biden dare not confront Israel’s Benjamin Netanyahu. Biden and State Secretary Anthony Blinken cannot even tell Netanyahu to end his massacre. Israel always knows it can get away literally with murder before the US elections. Israel’s far-right coalition, whom the illustrious journalist Uri Avnery calls “Jewish Nazis”, appears firmly in power. Netanyahu has so far avoided criminal proceedings by stoking the war in Gaza. Killing Arabs is still popular in Israel. Polls show almost 80% of Israelis support the savaging of Gaza. Most honourable Israelis and their foreign supporters are silent in the face of a massive propaganda campaign that runs on lurid reports about raped women and burned babies worthy of World War I British propaganda over Belgium. While Palestinians are being slaughtered or starved, Israel is busy trying to goad Iran into a major war. This past week alone, Israel destroyed the Iranian consulate in Damascus, killing two Iranian generals who were advising resistance forces. The US has been waging a mediumintensity war against Iran, which threatened America’s Mideast empire and which I call “the American Raj”. Netanyahu is provoking war with Iran to divert attention from the Gaza massacre and his legal problems. Israel has long coveted southern Lebanon up to the Litani River and more Syrian land next to the Israeli-occupied Golan Heights. I was with the invading Israeli Army in 1982 when it attacked Lebanon and I have walked the strategic Golan Heights. Israel is also hungry for large offshore oil deposits near the Gaza prison. It wants the Palestinians out and access to the oil and gas. America has become the champion of Israeli expansionism. The Israeli tail continues to wag the bumbling American dog. Instead of engineering a cease-fire, Washington has blocked all efforts at the United Nations to stop the mass murder in Gaza. The rest of the world will remember this. The writer is a syndicated columnist. Comments: letters@thesundaily.com UNDER ONE ROOF █ BY ERIC S. MARGOLIS Troubling influence of Israeli lobby as US supports expansionism Besides women and children, journalists and media workers have also died in the Gaza war. – REUTERSPIC “If you do not read the US media, you are uninformed. If you do follow America’s media, you are misinformed. – Mark Twain
LYFE LYFE FRIDAY | APR 5, 2024 12 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM Coconut pancakes Turn up your breakfast game with fluffy and indulgent coconut pancakes. By incorporating shredded coconut or coconut milk into the batter, these pancakes acquire a hint of tropical sweetness and a delightful chewiness. Whether topped with fresh fruit, maple syrup or a dollop of whipped cream, coconut pancakes are a delightful treat that is sure to brighten your morning. Coconut ice cream Creamy, dreamy, and utterly irresistible, coconut ice cream is a dairy-free alternative that is perfect for vegans and lactose-intolerant individuals. Made from coconut milk, sugar and flavourings such as vanilla or chocolate, coconut ice cream boasts a rich and velvety texture that is reminiscent of its dairy-based counterpart. Whether enjoyed in a cone, a bowl, or sandwiched between two cookies, coconut ice cream is a decadent dessert that’s sure to satisfy your sweet tooth cravings. Coconut macaroons Simple yet delightful, coconut macaroons are sweet treats that are loved by many around the world. Made from shredded coconut, egg whites and sugar, these confections are baked until golden and crispy on the outside while remaining soft and chewy on the inside. Whether dipped in chocolate, drizzled with caramel, or enjoyed plain, coconut macaroons are a classic dessert that’s perfect for any occasion. Coconut water smoothie Stay hydrated and refreshed with a tropical coconut water smoothie. Blend together coconut water, frozen fruits such as pineapple or mango, and a handful of spinach or kale for added nutrients. The result is a delicious and nutritious beverage that is bursting with flavour and packed with vitamins, minerals and electrolytes. Perfect for a post-workout refreshment or a midday pickme-up, coconut water smoothies are a healthy and delicious way to enjoy the natural goodness of coconut. Coconut cookies Crisp on the edges, chewy in the centre and packed with coconut flavour, coconut cookies are a delightful treat for cookie lovers everywhere. These cookies typically include shredded coconut in the dough, which adds texture and a hint of sweetness. Whether enjoyed with a cup of tea or as a standalone snack, coconut cookies are a comforting indulgence that is perfect for any time of day. Coconut-crusted fish Coconut-crusted fish, a dish that combines the delicate flavours of fresh fish with the tropical crunch of shredded coconut. To prepare this dish, fillets of white fish such as cod or tilapia are coated in a mixture of breadcrumbs and shredded coconut before being baked or fried until golden and crispy. The result is a flavourful and satisfying meal that is sure to impress dinner guests. In conclusion, coconut is a versatile ingredient that lends its unique flavour and texture to a wide range of culinary delights. Whether you are craving something savoury or sweet, there is a coconut-based dish to satisfy every palate. So why not incorporate this tropical fruit into your next culinary adventure and discover the irresistible allure of coconut-infused cuisine? BRING a taste of the tropics to your culinary creations by adding coconutbased ingredients. It is no stranger to Malaysian palettes as the coconut is a versatile fruit that not only offers a delightful taste but also boasts numerous health benefits. From savoury dishes to sweet treats, coconut finds its way into a wide array of culinary creations across the globe. Here are 10 delicious coconut-based foods that are sure to tantalise your taste buds. Coconut curry Santan galore! A staple in Southeast Asian cuisine, coconut curry is a flavourful dish that combines the creamy richness of coconut milk with an aromatic blend of spices. Commonly prepared with vegetables, meat, or seafood, coconut curry offers a perfect balance of sweetness and heat. Whether it is Thai, Indian, or Malaysian cuisine, coconut curry never fails to deliver a satisfying and comforting dining experience. Coconut rice A popular side dish in many tropical regions, coconut rice is a simple yet delicious recipe that pairs perfectly with a variety of main courses. Made by cooking rice in coconut milk instead of water, this dish boasts a subtly sweet flavour and a creamy texture. Coconut rice can be enjoyed alongside spicy curries, grilled meats, or even as a standalone dish garnished with shredded coconut and fresh herbs. Coconut shrimp Crispy, succulent and bursting with tropical flavour, coconut shrimp is a mouthwatering appetiser that is hard to resist. To make this dish, shrimp are coated in a mixture of shredded coconut and breadcrumbs before being fried to golden perfection. The result is a delightful combination of crunchy coconut coating and tender shrimp, often served with a tangy dipping sauce for added zest. Coconut chutney A popular condiment in South Indian cuisine, coconut chutney is a refreshing accompaniment to dosas, idlis, and other savoury snacks. Made from freshly grated coconut, green chillies, ginger, and spices, coconut chutney offers a burst of flavour that perfectly complements spicy dishes. It is also incredibly versatile and can be customised with ingredients like cilantro, mint or roasted peanuts for added depth of taste. Delightfully elightfully tropical ropical o10 delicious coconut dishes to tickle the palate Coconut curry is made with santan, spices and various vegetables or meats. – YOUTUBEPIC Coconut rice is an aromatic rice dish often served alongside spicy main dishes. – FREEPIKPIC █ BYTHASHINE SELVAKUMARAN Coconut ice cream is made with santan, often featuring chunks or grated fruit. – FREEPIKPIC Coconut smoothie is a refreshing, creamy beverage. – FREEPIKPIC Coconut shrimp, fried to golden perfection. – PEXELSPIC Coconut chutney is a tangy and spicy condiment. – YOUTUBEPIC Fluffy pancakes offer a tropical twist to the breakfast classic. – PEXELSPIC These macaroons are filled with a coconutflavoured buttercream – YOUTUBEPIC Coconut cookies are simply bursting with flavours. – FREEPIKPIC Enjoy pieces of coconut crusted fish with a side of any spicy sauce. – YOUTUBEPIC
FRIDAY | APR 5, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: sunbiz@thesundaily.com Advertising T: 03-7784 8888 E: advertise@thesundaily.com SCAN ME Malaysia’s semiconductor exports set to rise in 2024 competition, nevertheless, Wong said. Vietnam, Thailand, the Philippines and India are also cashing in on the relocation, taking advantage of the US-China trade tensions by getting into the chip business. But Wong said Malaysia has stood out well due to the big names that have invested here. Intel has made known its intention to invest to the tune of US$7 billion (RM33 billion), AT&S €1.7 billion (RM8.7 billion), and Infineon €5 billion. This excludes companies with smaller investments of between RM1 billion and RM2 billion each, he said. Austrian semiconductor firm AT&S opened its plant in Kulim, Kedah, in January producing integrated circuit substrates for next-generation microchips. Intel has announced two fabrication plants in Ohio, two in Arizona and another in Germany. Taiwan Semiconductor Manufacturing Co has announced plans for a fabrication plant in Arizona, its second one there and it inaugurated its first plant in Japan this year. Wong said Samsung and Chinese companies also announced plans to build mid- and highend fabs. Semiconductor companies are increasing their capacities in anticipation of growth as “everybody is trying to capture a piece of the pie”, he said. The US, European Union, South Korea, Japan and China are putting money behind it to position themselves to capitalise on this growth, Wong added. – Bernama Export tocotrienol products to China, palm oil players urged KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) has urged palm oil industry players to grasp the golden opportunity to export palm tocotrienol products to China after obtaining approval to register the product in the republic recently. Following the approval received on March 13, palm tocotrienol (Vitamin E) is now authorised for export and use in food applications within China. MPOB director-general Datuk Dr Ahmad Parveez Ghulam Kadir said the approval also gave the opportunity to industry players to capitalise on the potential to significantly strengthen their market presence and revenue in one of the world’s largest markets. “This approval is one of the best gifts awarded by the Chinese government to the Malaysian oil palm industry in conjunction with the 50th anniversary celebration of the diplomatic ties between Malaysia and China, symbolising a strong and enduring friendship as well as mutual respect and cooperation,“ he said in a statement. Additionally, the approval underscores the commitment and relentless pursuit of excellence by the Malaysian palm oil sector in adhering to international health and safety standards. It also exemplifies the strategic collaboration between government bodies and industry players in navigating the complexities of global market access and regulatory approvals. The approval of the palm tocotrienol products registration not only opens new avenues for the Malaysian palm oil industry to penetrate the Chinese market but also has the potential to bring significant positive impacts to Malaysia’s economy, said MPOB. “The increased export of tocotrienols to China could lead to a substantial boost in the nation’s revenue, contributing to economic growth and sustainability in the agricultural sector.” MPOB added that the agency together with industry players remain committed to leveraging the opportunity to enhance the visibility and acceptance of Malaysian palm oil products in China and beyond, ensuring the continued growth and sustainability of the industry. – Bernama Miti, Kuskop working to boost Bumiputera firms’ participation in manufacturing sector KUALA LUMPUR: The Investment, Trade and Industry Ministry (Miti), through its agencies, is working with the Entrepreneur and Cooperatives Development Ministry (Kuskop) to address the issue of Bumiputera companies’ low participation in the manufacturing sector. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said among the main challenges is the lack of access to financing facilities for Bumiputera companies as well as small and medium enterprises. “Therefore, in the New Industrial Master Plan (NIMP) 2030, an allocation was provided to Miti to strengthen local companies. The Budget 2024 announcement earmarked a fund of RM200 million to implement NIMP 2030. “In terms of access to financing, the government gives local banks the opportunity to be more proactive in helping SMEs, which represent the country’s largest group of employees and employers,” he said during the question-and-answer session in the Dewan Negara yesterday. He was replying to a supplementary question from Senator Datuk Husain Awang who wanted to know the government’s initiatives to expose Bumiputera startup companies to alternative sources of financing such as equity crowdfunding. Tengku Zafrul said limited access to financing is not the only major issue; another is capacity building. “We have to share our experience and knowledge, and this is being carried out through SME Corporation and other related agencies,” he said. The third challenge is to ensure market access to their products, the minister said, adding that Malaysia External Trade Development Corporation is playing its role to ensure the companies can compete at the global level. – Bernama Fund declares 2.50 sen interim income distribution KUALA LUMPUR: Amanah Hartanah Bumiputera (AHB) has declared an interim income distribution of 2.50 sen per unit for the six-month period ending March 31, 2024, payable on April 15. AHB, Pelaburan Hartanah Bhd (PHB) and Maybank Asset Management Sdn Bhd (MAM) said in a joint statement yesterday that this distribution includes a basic income payment of 2.20 sen per unit and an additional bonus dividend of 0.30 sen per unit. The bonus payment is paid by PHB, AHB’s sponsor, and is payable to the first one million units held by each unitholder, they said. “AHB will pay out a total of RM116.6 million to about 80,000 unitholders for this income distribution. Unitholders’ income is not only tax-free but also net of zakat,” they added. PHB group managing director and CEO Mohamad Damshal Awang Damit said the distribution demonstrates the group’s robust investment strategies in managing its real estate portfolio. “We are strategically building AHB portfolio to RM20 billion by 2030 by selectively acquiring income-producing properties and participating in property development in target sectors like healthcare, industrial and education,” he said. Meanwhile, Mohamad Damshal revealed that the one billion extra units of AHB announced by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim in October 2023 were almost entirely subscribed, underlining the importance of a stable and reliable income fund to investors, especially in planning their overall investment portfolio. – Bernama KUALA LUMPUR: Semiconductor exports this year will be “better” than the RM575 billion sales in 2023, thanks largely to the relocation and investments in Malaysia by renowned global companies. Malaysia Semiconductor Industry Association (MSIA) president Datuk Seri Wong Siew Hai said 20% of exports are shipped to the United States ... easily making Malaysia its largest supplier. Rated sixth in the world for semiconductor exports, Malaysia reportedly has 7% of the global market share. The local semiconductor sector showed its tenacity last year when exports dropped only 3% from RM595 billion in 2022 when global industry sales dipped 8.2%. “For Malaysia to maintain this position, it needs to ship RM1.2 trillion worth of exports by 2030 ... which is nearly double (from RM575 billion in 2023) as everybody is building wafer fabrication plants globally,” Wong said. A wafer in electronics is a thin slice of semiconductor while wafer fabrication involves repeated sequential processes to produce complete electrical or photonic circuits on semiconductor wafers. There is no denying that Malaysia faces Rated sixth in the world for semiconductor exports, Malaysia reportedly has 7% of the global market share. – AFPPIC oSales will exceed the RM575 billion posted in 2023, thanks to relocation and investments by major global companies: MSIA
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 14 March steel, cement prices unchanged from February KUALA LUMPUR: The month-onmonth unit price indices of steel and cement remained unchanged for most areas in Peninsular Malaysia, Sabah and Sarawak in March 2024 compared to February 2024, said the Department of Statistics Malaysia (DoSM). Chief Statistician Datuk Seri Mohd Uzir Mahidin said the average price per unit of steel, oHowever, Building Cost Material Index (with steel bars) for all categories up slightly in most areas of Peninsular Malaysia Proton posts sales of 12,666 vehicles in first quarter KUALA LUMPUR: Proton Holdings Bhd achieved vehicle sales of 12,666 units in March, bringing its total sales to 39,150 for the first quarter of 2024 (Q1’24), while its export sales rose by 63% yearon-year. In a statement yesterday, the national automaker said its market share is estimated at 19.3% – the second highest among all automotive brands, adding that the total industry volume (TIV) for the Malaysian automotive market is estimated to be at 202,492 units in Q1’24. Proton Edar CEO Roslan Abdullah said Q1’24 ended positively for Proton. “With no external factors encouraging sales growth this year, the numbers achieved offer a more accurate reading of market demand,” he said. The automotive industry in Malaysia continues to be buoyant, and this is evident by the overall growth in TIV. “For the rest of the year, Proton will look for continued sales growth by working closely with our vendors to produce more units of our best-selling models, such as the Proton Saga and Proton S70, while continuing to build our export sales volume. “We are confident of meeting our growth targets while also working towards our other commitments such as the development and introduction of our own EV model in the future,” he said. Proton sold 18,247 units of Proton Saga in Q1’24, its strongest first-quarter performance in 12 years. It said 5,906 Proton Saga units were sold in March, including 93 units for the export market, placing the model second in the competitive A-segment sedan market. Meanwhile, the Proton S70 saw 2,072 units sold in March, including 35 units for the export market, bringing its total sales for Q1 to 5,828 units. During the same month, 1,626 units of Proton X50 were sold, while sales of Proton X70 rose by 35.5% over the previous month with 603 units sold. The company’s first new energy vehicle, the Proton X90, maintained its strong showing in the D-segment SUV market with 326 units delivered to customers in March. At the same time, sales of Proton Persona and Proton Iriz stood at 1,665 units and 468 units, respectively. Meanwhile, Proton has launched Proton X50 and Proton X90 in Trinidad and Tobago, which will boost demand and brand visibility in the West Indies nation. “This is another step in Proton’s efforts to boost export sales growth as we look to raise the contribution of export sales to our annual sales volume,” said Roslan. – Bernama Boustead Heavy Industries to sell 20.8% stake in Lunas for RM334.7m KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd’s (BHIC) indirect wholly owned subsidiary Perstim Industries Sdn Bhd (PISB) has proposed to dispose of 27,000,001 ordinary shares in Lumut Naval Shipyard Sdn Bhd (Lunas) to Ocean Sunshine Bhd (OSB) for RM334.73 million cash. In a Bursa Malaysia filing, BHIC said the proposed disposal is designed to support the government’s decision to ensure the completion of the Littoral Combat Ship (LCS) project. “On May 29, 2023, BHIC announced that its board had acknowledged receiving a letter from the Minister of Finance Incorporated (MOF Inc) stating its intention to acquire, through OSB (an indirectly owned company), 20.8% of BHIC’s total equity interest in Lunas, which is held via PISB. “The terms of the proposed acquisition are still subject to negotiations between the parties,” it said. BHIC said this initiative is also a part of the company’s operational and organisational restructuring, aiming to streamline and realign entities within the company and its relevant subsidiaries. Additionally, it said that introducing a new strategic shareholder, OSB, aligns with Lunas’s plans to enhance its business and operations, particularly in the construction, repair and maintenance of naval and commercial ships. “The restructuring ensures that Lunas can complete the construction and delivery of the LCS to the Royal Malaysian Navy within the agreed timeframe, as stipulated in the LCS contract,” it said. Barring any unforeseen circumstances and subject to all relevant approvals being obtained, the proposals are expected to be completed by the second quarter of 2024. – Bernama consisting of mild steel round bars and Mycon 60 high tensile deformed bars, was RM3,683.51 per tonne, recording a slight increase of 0.1% in March, compared to RM3,679.54 per tonne in February. However, there was a slight increase in the unit price index of steel in the Kota Kinabalu area (0.2%) and Sandakan (1.1%) in March. Besides that, he said, the average price of cement (Ordinary Portland) recorded a slight increase of 0.2%, with an average price of RM23.01 per 50kg bag in March compared to RM22.97 in February. However, there was a slight decrease of 0.3% in the cement price index for March in Terengganu and Kelantan. “The annual comparison of the average price per unit of steel recorded a slight decrease of negative 0.2% in March 2024 compared to RM3,690.90 per tonne in March 2023. “Whereas, the average price per unit of cement increased by 2.7% in March 2024 compared to RM22.41 per 50kg bag in March 2023,” Mohd Uzir said in a statement yesterday. He said an annual comparison for March 2023 and March 2024 showed that the unit price index of cement increased between 0.9% and 7.7% for all areas in Peninsular Malaysia, Sabah and Sarawak, but the unit price index of the materials registered a slight decrease in Kota Kinabalu (-0.7%) and Kuching (- 0.1%). “Apart from that, an annual comparison for price index per unit of steel showed a decrease between negative 0.8% and negative 4.9% for March 2024 as compared to the corresponding month of the previous year. “However, only Johor recorded an increase in the price index per unit of steel (2.1%),” he added. According to DoSM, starting from January 2024, the Building Cost Material Index (BCI) by building category and region was rebased to January 2023 equals 100 (January 2023 = 100). The department said the monthon-month of the BCI (with steel bars) for all building categories in March 2024 grew between 0.1% and 0.2% for almost all areas in Peninsular Malaysia, with a slight decrease recorded for BCI (with steel bars) for timber building and timber piling in Terengganu and Kelantan (-0.6%, respectively). It said the BCI (with steel bars) in Sabah was also higher at between 0.1% and 0.5% for almost all building categories. – Bernama
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 15 PUBLICATION DATE 3 May 2024 (Friday) BOOKING DEADLINE 26 April, 2024 (Friday) MATERIAL DEADLINE 29 April, 2024 (Monday) The Sun invites your esteemed organisation to subscribe to our latest education bulletin in response to the upcoming SPM results to be released. The Bulletin to be published on Friday May 3rd 2024 provides a variety of choices for SPM school leavers on the various pathways available, to pursue their studies. DON’T MISS THIS OPPORTUNITY, COME JOIN US! PUBLICATION DATE 3 May 2024 (Friday) BOOKING DEADLINE 26 April, 2024 (Friday) MATERIAL DEADLINE 29 April, 2024 (Monday) Contact theSun's Sales & Marketing team to book your advertising space. 03-7784 6688 advertise@thesundaily.com Malaysian Paper Pikom unveils framework for ethical AI development, use PETALING JAYA: Pikom, the national tech association of Malaysia, yesterday launched a policy paper outlining a comprehensive framework for ethical AI development and usage. The framework, known as the Pikom “7 by 7” Policy and Characteristic (P&C) framework, emphasises risk management and strong governance practices to ensure responsible AI deployment. “Pikom is committed to fostering a thriving and responsible AI ecosystem in Malaysia,” said chairman Ong Chin Seong, adding that their new P&C framework equips stakeholders in the local technology industry with practical guardrails and policies to ensure ethical AI development. The framework outlines seven core policies to guide ethical AI development including fairness, reliability, safety, privacy, security, inclusivity, accountability, transparency and pursuit of human benefits. Each policy is accompanied by a clear rationale that explains its importance and how it mitigates specific risks. The framework also advocates seven key characteristics to be embedded within organisational risk and governance frameworks. The characteristics include informed consent, continuous monitoring, collaboration, environmental impact assessment, human oversight, education and awareness, and checks and balances. Ong said Pikom has proposed the establishment of independent third-party reviews to ensure adherence to the outlined policies. These third parties can function similarly to financial auditors, upholding standards and certifications. “The framework acknowledges the evolving nature of AI technology and emphasises the need for periodic review and revision of the policies and guidelines to maintain relevance and effectiveness,” he added. Pro-Net gets RM200m from CIMB for green mobility KUALA LUMPUR: Proton New Energy Technology Sdn Bhd (Pro-Net), a wholly owned subsidiary of Perusahaan Otomobil Nasional Sdn Bhd, has obtained RM200 million in financing from CIMB Bank Bhd for funding its green mobility initiative and the import and distribution of the smart #1 premium electric vehicles (EVs) in Malaysia. Pro-Net is the exclusive authorised importer and distributor for smart vehicles in Malaysia and Thailand. The smart #1 is the first model sold by Pro-Net and is built on Geely’s Sustainable Electric Architecture and styled by Mercedes-Benz. With a comprehensive ecosystem spanning 13 dealer locations, aftersales services, as well as a userfriendly digital app known as “Hello smart” to provide access to over 70% of the public charging network, Pro-Net offers a holistic electric mobility solution together with the reassurance of a robust customer service plan. The company is also charged with fulfilling national carmaker Proton’s commitment to its EV agenda and is set to play a pivotal role as it leads the transition towards the production of New Energy Vehicles (NEV) and the development of the Automotive High Tech Valley in Tanjong Malim. Pro-Net board member Roslan Abdullah said, “CIMB’s recognition of market opportunities and their proactive approach to support our expansion initiatives exemplify the kind of partnership we value at Pro-Net. We express our gratitude to CIMB for the oCompany will lead Proton’s EV agenda in driving the shift to NEV and developing the Automotive High Tech Valley opportunities afforded to Pro-Net and Proton in expanding our offerings and providing a diverse selection of EV models to meet the evolving needs of our customers. This not only accelerates our growth but also reinforces customer confidence and facilitates the transition toward increased adoption of EVs.” He added they will utilise this financing to enhance their digital ecosystem and supply chain in EV infrastructure and expand their network for a seamless retail experience as this will facilitate the rising demand for EVs. CIMB Group wholesale banking Co-CEO Novan Amirudin said, “We are honoured to support Pro-Net in advancing its green mobility initiative. The transaction underscores CIMB’s commitment in supporting clients across diverse industries to advance their ESG agendas. This aligns with CIMB Group’s ambition to become a leading focused Asean bank and sustainability leader in the region, as outlined in our Forward23+ strategic plan.” Muhibbah set to secure more contracts, says Rakuten Trade KUALA LUMPUR: Rakuten Trade is confident that Muhibbah Engineering Bhd will be able to leverage its balance sheet to secure more contracts moving forward and at the same time reward shareholders. In a note yesterday, the research firm said Muhibbah is poised to win more contracts within the oil and gas services and public infrastructure segments as both sectors are entering their upcycles. It said Muhibbah also stands to benefit from its associate’s earnings recovery via its airports in Cambodia as tourist traffic continues to recover. “As at fourth quarter of 2023 (Q4’23), Muhibbah’s net gearing stood at 0.05 times. Given that Muhibbah has US$63 million (RM299 million) of cash compensation in the associate from the surrendering of Siam Reap airport, a repatriation of its share of cash compensation of more than RM60 million will reduce its net gearing further. – Bernama
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 16 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Investors eye properties linked to Vietnam fraud S’pore convicts second man in S$3b money laundering case SINGAPORE: A court in Singapore yesterday convicted a second defendant in its biggest-ever money laundering probe, news outlet The Straits Times reported, a case that has seen the seizure or freezing of S$3 billion of assets. Defendant Su Haijin admitted to one charge of resisting arrest and two money laundering charges, the report said, adding that another 11 charges would be taken into consideration for his sentencing. The Cypriot national was one of 10 foreigners arrested in Singapore in August last year in simultaneous raids. The assets seized or frozen include cars, luxury properties, cash and jewellery. Su had faced 14 charges that included possessing S$2.4 million suspected to have been earned from illegal remote gambling, two charges of resisting arrest and three charges of conspiring to use forged financial statements. The report said those charges would be taken into consideration for his sentencing. Su had jumped from a second-floor balcony of a bungalow to try to evade arrest, the police said in August last year. His conviction followed that of Cambodian Su Wenqiang, who was sentenced to 13 months in jail for two counts of money laundering on Tuesday. Court cases against the other defendants are ongoing. The investigation prompted authorities to set up an interministerial panel to review antimoney laundering measures and inspect financial institutions suspected of involvement. Government agencies are also reviewing tax incentives for family offices and looking into whether high-value assets such as luxury cars and bags should be subject to regulation. – Reuters India gives US$1b in incentives to private firms A logo of Saigon Joint Stock Commercial Bank is seen in front of an under-construction building in Ho Chi Minh City. – REUTERSPIC HANOI: Hong Kong developer CK Asset Holdings and some other foreign investors have expressed interest in properties worth billions of dollars linked to Vietnam’s biggest financial fraud, letters written to a court showed. Prosecutors have accused real estate tycoon Truong My Lan of being the architect of a scheme of loans to shell companies that siphoned off 304 trillion dong (RM57 billion) from one of Vietnam’s largest private banks by assets, Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through proxies. SCB was bailed out by the central bank in late 2022 after a run on deposits spurred by Truong’s arrest, and since then Vietnamese authorities have sought foreign investors’ interest in the lender. A key hurdle for any deal has been the valuation and legal status of assets held by Truong’s property firm Van Thinh Phat (VTP) and used as collateral for loans or bonds. Investigators said assets used by VTP and its affiliates as collateral for the loans they took from SCB had a book value of US$48 billion (RM227 billion) before Truong’s arrest but analysts have said the value could have been inflated. Dozens of people are under trial in the financial fraud case, which is underway at the People’s Court of Ho Chi Minh City. Truong risks the death penalty. Some of her business partners wrote to the court to emphasise her role in attracting investments in Vietnam while some expressed interest in the assets, according oCK Asset, others write to court to indicate interest in tycoon’s real estate portfolio to three letters seen by Reuters. One of them is signed by CK Asset executive director Justin Chiu, who in the letter addressed to the court said his group began talks in 2022 with Truong for a potential investment in the real estate portfolio held by her property firm. “I urge the court and the government of Vietnam to consider creating favourable conditions for interested investors to continue their negotiations with all relevant parties to prepare for the next steps of any possible investment,” he wrote, adding he considered Truong a trustworthy partner. CK Asset, which is owned by Hong Kong billionaire Li Ka-shing and is run by his son Victor, did not reply to a request for comment about its interest in VTP’s assets. Among firms that sent letters to the court is Lifestyle International Holding, a major Hong Kong retailer which owns the Sogo department store in the city. In his letter, Lifestyle International executive director Kamsen Lau praised Truong’s work in talks before the Covid-19 pandemic over the Hong Kong company’s possible investments in Vietnam’s property sector and department stores. Talks were suspended during the pandemic, but he said the company continued to believe in Vietnam’s potential and saw “ample opportunity to expand” there. In its letter, Singapore asset manager Vantage Point proposed to cooperate “in providing comprehensive solutions for SCB-related assets”, including developing strategies to maximise their value and pursuing interest from global institutional investors. The Vietnam court has not yet accepted the letters as documents for the trial. A court official declined to comment about the reasons for not accepting the letters. During the trial, the judge said the letters, which are not public, needed consular authentication, according to state media. – Reuters NEW DELHI: India has paid US$1.02 billion (RM4.8 billion) as incentives to boost local manufacturing, following over US$13 billion in investments from private firms under a scheme introduced in 2020, a top government official said on Wednesday. The 1.97 trillion rupee (RM113 billion) production-linked incentive scheme (PLI) is India’s key industrial policy and covers 14 sectors ranging from electronic products to drones. Critical to Prime Minister Narendra Modi’s plans to promote India as a global manufacturing hub, the scheme has drawn participation from large global and Indian firms including Apple, Foxconn, Samsung Electronics, Hindustan Unilever Ltd and Reliance Industries. It has also helped push mobile phone exports to a record US$15 billion in the fiscal year that ended March 31, according to industry estimates. “The scheme has had a good impact and incentive disbursements have also picked up,” Rajesh Kumar Singh, top bureaucrat at India’s Department for Promotion of Industry and Internal Trade, told Reuters. India has exported goods worth three trillion rupees to 3.5 trillion rupees under the PLI scheme, the official said. Production in sectors such as mobile phones, electronics and food processing has “moved faster”, while that in white goods and drones has also picked up, he said. Still, textile and specialty steel sectors are seeing some lag and the incentives for those may require tweaks, said the official, whose department oversees the scheme’s implementation. India regularly reviews the scheme’s uptake. There are no “immediate plans” to expand the incentives to other sectors, the official said. – Reuters SpaceX applies for Indonesia ISP permit JAKARTA: Billionaire Elon Musk’s SpaceX has applied to Indonesia’s government for an internet service provider (ISP) permit for its Starlink satellite unit, the Communications Ministry said yesterday. The application is a sign of Starlink’s expansion in Southeast Asia after Malaysia issued it a license to provide internet services in the country last year and a Philippine-based firm signed a deal with SpaceX in 2022. Indonesia’s Communications Minister Budi Arie Setiadi said, “what’s important is that we have to have a fair business, with a level-playing field”. He added Starlink will have a trial in Nusantara, Indonesia’s new capital that is under construction in the jungles of Borneo island, sometime this year. SpaceX’s Starlink, which owns around 60% of the roughly 7,500 satellites orbiting earth, is dominant in the satellite internet sphere. It did not immediately respond to a request for comment yesterday. Starlink has built a hub but has not fulfilled all the requirements to apply for an ISP permit, ministry official Wayan Toni Supriyanto said. – Reuters
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 17 TOKYO: The Bank of Japan (BOJ) cut its economic assessment for most regions yesterday but signalled its confidence that wage hikes were broadening, leaving scope for another hike in the country’s still-low interest rates. In a quarterly report on regional economies, the central bank said there was hope that smaller firms would hike wages by the same amount as last year or more, after bumper pay hikes were offered to employees by their bigger counterparts. “With strong wage hikes sustained for two straight years, companies are changing their behaviour to cope with rising labour costs,” such as boosting investment to streamline operations, the BOJ said. “As wage hikes broaden, many regions saw a steady increase in the number of firms that were passing on labour costs or were considering doing so.” The BOJ’s regional report will be among factors the board will scrutinise in producing fresh quarterly growth and inflation forecasts at its next rate review on April 25 and 26. The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy last month, making a historic shift away from its focus on reflating growth with decades of massive monetary stimulus. While the decision was driven partly by hefty wage hikes offered by big firms, the pace of further interest rate increases will likely be swayed by whether pay rises will spread to smaller firms in regional areas of Japan, analysts say. Japan’s intensifying labour shortage was keeping firms under pressure to hike wages, or prepare for an era where they need to keep raising pay to attract talent, said Takeshi Nakajima, the BOJ’s branch manager overseeing the Kansai western Japan region. “When I ask companies what they see as future business challenges, they immediately talk about labour shortages.” Japanese firms have agreed to raise wages by 5.24% this year, a third survey by labour umbrella Rengo showed yesterday, roughly unchanged from the second survey that showed the biggest rise under comparable data since 2013. The third survey covers a larger number of firms, including smaller ones, than the first and second surveys. In the regional report, the BOJ cut its assessment for seven of Japan’s nine regions. The downgrades were mostly due to the hit to consumption from unusually warm weather during the winter and slumping output due to auto production disruptions, the report said. Japan’s factory output unexpectedly fell in February due to production and shipment disruption at Toyota Motor and its small-car unit, which could weigh on the broader economy due to their huge presence in the country’s manufacturing sector. “The region’s auto output clearly fell at the start of this year. But it’s likely to recover to fairly high levels soon,” said Tetsuya Hiroshima, the BOJ’s branch manager overseeing the Tokai central Japan region that is home to Toyota and many parts suppliers. While the BOJ’s report said factors weighing on consumption and output were temporary, some branch managers warned of other risks such as the fallout from China’s economic slowdown. “Exports aren’t doing so well mainly due to weak IT-related shipments to China, and the drag is lasting longer than many firms had expected,” said BOJ Osaka branch manager Nakajama. – Reuters EU probes Chinese solar panel firms BRUSSELS: The European Union on Wednesday announced investigations targeting two Chinese-owned solar panel manufacturers suspected of receiving subsidies as trade tensions heat up between Brussels and Beijing. Brussels has in the past year taken stronger action to defend European industry against growing threats from China and the United States – but the EU also faces a dilemma. The 27-nation bloc wants to build up its renewable energy as it races to reach net zero greenhouse gas emissions by 2050, but at the same time move away from excessively relying on cheaper Chinese wind and solar technology. Chinese state subsidies are already in the EU’s crosshairs. In September last year, Brussels started a probe into Chinese electric car subsidies that could lead to punitive tariffs on vehicles it believes are unfairly sold at a lower price. Beijing at the time warned it would harm trade relations, and raised fears the EU was risking a trade war. Wednesday’s probes were launched under new rules that came into force in July last year and seek to prevent foreign subsidies from undermining fair competition in the EU. Under investigation are two consortiums, one of which includes the Enevo group in Romania and a German subsidiary of Chinese parent company Longi Green Energy Technology. Longi is the world’s biggest solar panel manufacturer. The second consortium is made up of two subsidiaries both fully owned and controlled by Chinese state-owned Shanghai Electric group. “The (European) Commission will assess whether the economic operators concerned did benefit from an unfair advantage to win public contracts in the EU,” the bloc’s powerful antitrust regulator said. The China Chamber of Commerce to the EU accused the bloc of abusing its new powers. “We express our serious dissatisfaction with the abuse of the new tool by the relevant EU authorities and the use of the Foreign Subsidies Regulation as a new tool of economic coercion,” it said in a statement. – AFP Bank of Japan offers bleaker view on economy oDowngrade due to one-off weakness in consumption, output Yellen heads to China to raise ‘overcapacity’ concerns WASHINGTON: US Treasury Secretary Janet Yellen headed to China yesterday for her second visit in under a year, hoping to further stabilise ties while raising concerns about spillover effects from Beijing’s “massive investments” in certain industries. The trip begins in the major southern city of Guangzhou, where she will speak with representatives of American firms and hold meetings with Chinese officials, including Vice-Premier He Lifeng and Guangdong province governor Wang Weizhong. Yellen will then head to Beijing for talks with Premier Li Qiang, Finance Minister Lan Fo’an and central bank governor Pan Gongsheng, according to the Treasury Department. Among the topics to be discussed is the “massive investment in China in a set of industries that’s resulting in overcapacity”, Yellen told reporters traveling with her. “We’re concerned about the spillovers that Chinese subsidies to these industries are having on the United States and other countries as well,” she said. Yellen cited solar cells, electric vehicles and batteries as sectors the United States is trying to “nurture” domestically, by providing tax subsidies to support their growth. When asked if she would raise the possibility of trade barriers such as tariffs if China did not address excess capacity, she said: “I wouldn’t want to rule out other possible ways in which we protect them.” Yellen’s trip to China comes just eight months since her first visit as treasury secretary, seeking to stabilise turbulent relations between the world’s two biggest economies. The July 2023 foray helped restart dialogue after a period of heightened tensions, notably over Taiwan, and culminated in the launching of bilateral working groups on economic and financial policy. Both groups will meet again during the International Monetary Fund and World Bank Spring Meetings later this month, the secretary said. Treasury officials said ahead of Yellen’s trip that she intends to press counterparts on “unfair trade practices”. A flood of Chinese goods has previously impacted American firms and workers, Treasury under secretary for international affairs Jay Shambaugh told AFP. “It is not something we intend to just watch,” he said in an interview. “We’d like to see shifts across a number of things, whether it’s macro policy, industrial support, setting production targets that kind of exceed what the global market can bear.” – AFP Nomura to boost US credit portfolio TOKYO: Nomura Holdings aims to expand its US credit portfolio to US$50 billion (RM237 billion) within 10 years and may seek small acquisitions to beef up its private credit business, the top Japanese investment bank’s American asset management chief said. The goal is line with Nomura’s strategy to increase investments in private markets and diversify sources of revenue to cushion the impact from wild fluctuations in the performance of its global trading business. “We want to definitely grow this (US credit) business collectively, quite substantially over the next five to 10 years to US$50 billion or more” in assets under management, Robert Stark, who heads the American asset management business, told Reuters in an interview. Nomura Capital Management (NCM) currently has US$35 billion assets under management, the vast majority of which is a high-yield bond portfolio, according to Stark, who is also the chief executive of the 80-member unit. Nomura last month created NCM to combine its 33-year-old high-yield bond business and a private credit business that it launched just two years ago. On the private credit side, the entire build-up had been purely organic as it hired 25 people over the last two years, but it is “more likely that we do more significant moves in terms of team lift-outs or small acquisitions”, Stark said. “It’s time for the next phase.” He said the unit’s focus will remain the same, on more niche areas such as asset-based lending and real estate lending instead of large sponsor-backed deals. – Reuters A man walking past an electronic board displaying Nikkei 225 stock prices in Tokyo yesterday. – AFPPIC
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 18 Disney wins proxy battle against activist investors NEW YORK: Disney’s leadership prevailed on Wednesday in a high-profile and costly proxy contest against activist investors who had sought to shake up the company’s board over concerns about successorship planning. The entertainment giant said its full slate of 12 company nominees had been re-elected by a “substantial margin”, turning back efforts by Trian Fund Management and Blackwells Capital. “I want to thank our shareholders for their trust and confidence in our board and management,” longtime chief executive Bob Iger said in a press release. “With the distracting proxy contest now behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.” oEntertainment giant says its full slate of 12 nominees re-elected Apple engineers explore making personal robots SAN FRANCISCO: Apple engineers are working on making personal robots, a report said on Wednesday, just weeks after the iPhone-maker abandoned its efforts to develop an electric car. The tech titan has people working on a robot that would follow people around at home and be helpful, according to Bloomberg that cited unnamed people familiar with the situation. The project was in a nascent stage and it was unclear whether it would lead to a product sold by Apple, the report indicated. Apple did not reply to a request for comment. The California-based company has been looking for new ways to make money beyond its iPhones and the digital content and services it sells to users. Apple recently abandoned its ambitions to produce an electric car, according to American media reports, ending a struggling decade-long project. It has never publicly disclosed its EV plans, despite a steady drip of media leaks over the years. Apple is reported to have transferred employees from the shuttered car division to generative artificial intelligence projects. The robot project is being overseen by Apple’s hardware engineering division and its AI and machine learning group, Bloomberg said. The report came as analysts are keen to hear what progress Apple is making with AI at the company’s annual WWDC developers gathering at its Silicon Valley campus in June. Around the world, major tech companies including Google, Microsoft, Meta and Amazon are rapidly pursuing the development and deployment of AI products. – AFP Paramount in exclusive merger talks with Skydance NEW YORK: Paramount Global has entered exclusive talks with Skydance on a potential merger instead of a proposed US$26 billion (RM123 billion) takeover offer from Apollo, US media reported on Wednesday night. The negotiations mean entertainment giant Paramount will not speak with Apollo or other prospective acquirers for 30 days, while it aims for a transaction to be bought by Skydance, according to The Wall Street Journal, which cited unnamed sources. Shares of Paramount, which owns television networks CBS and MTV and whose chairman is Shari Redstone, surged 15% on Wednesday. Paramount declined comment while Skydance did not respond to a request from AFP. Investment giant Apollo Global Management told Paramount that it would offer more than US$26 billion for Paramount, including debt, but Paramount chose not to engage because of the Skydance talks, the New York Times reported. Paramount’s studio division has long been eyed for purchase, with streaming television titan Netflix among companies that have expressed interest in the operation. Paramount and Skydance jointly produced Top Gun: Maverick, the Tom Cruise blockbuster. Formerly known as ViacomCBS, Paramount Global’s holdings also include Nickelodeon and Comedy Central. Privately held Skydance Media is led by David Ellison, the son of billionaire Oracle co-founder Larry Ellison. – AFP Led by billionaire investor Nelson Peltz, Trian had blasted the Disney board over botched leadership planning after Iger, who stepped down as CEO in 2020, was reinstated following his successor’s firing in November 2022. Peltz has nominated himself and former Disney chief financial officer Jay Rasulo to the board – provoking a big fight with Iger and other Disney brass. Trian, which had urged shareholders to withhold votes from two other board members – Michael Froman and Maria Elena Lagomasino – took the high road after they were re-elected with Disney’s other hand-picked board. While “disappointed” with the vote, Trian said it was “proud” of its impact. “Since we re-engaged with the company in late 2023, Disney has announced a host of new operating initiatives and capital improvement plans. The board has been refreshed with two new directors,” Trian said. “We will be watching the company’s performance and be focusing on its continued success.” Peltz launched the campaign late last year, pointing to Disney’s sub-par profit margins in its streaming and overall media businesses and poor corporate governance. “The root cause of Disney’s underperformance ... is a board that is too closely connected to a long-tenured CEO and too disconnected from shareholder interests,” Trian said in December. In more recent communications, Trian, which holds 32.4 million shares, or almost 2% of Disney, softened its criticism of Iger personally, while spotlighting Disney’s clumsy efforts to identify a new chief. In November 2022, Disney fired Iger’s hand-picked successor Bob Chapek and reinstated Iger in a move that shocked Hollywood. Last July, the company extended Iger’s contract through the end of 2026, giving him two more years for an assignment that had originally been envisioned as a two-year gig. In a separate but parallel effort, another hedge fund, Blackwells Capital, had nominated three board members, saying the current board is too close to Iger. The Wall Street Journal has estimated that the overall battle could cost more than US$70 million (RM331 million), which would make it the priciest shareholder fight ever. – AFP Cutting rates too soon could be ‘disruptive’: Powell WASHINGTON: The US Federal Reserve’s high benchmark rate is “doing its job” against elevated inflation, chairman Jerome Powell said on Wednesday, warning that lowering it too soon could be “quite disruptive” for the American economy. The US central bank has held interest rates at a 23-year high of between 5.25% and 5.50% as it seeks to bring inflation firmly down to its long-term target of 2%. Last month, Fed policymakers penciled in three rate cuts for this year, staying the course despite a recent uptick in inflation which has disrupted recent progress against rising prices. Powell told a conference in California that the current risks to the US economy were “two-sided,“ with negative consequences for the economy if policymakers moved to cut rates too fast or too slow. “The risk, though, of moving too soon, really is that inflation does move up,” he said, adding it “would be quite disruptive if we were to have to then come back in”. But if the US economy continues to evolve as expected, most Fed participants still expect it will be “appropriate to begin lowering the policy rate at some point this year”, he said. Powell spoke shortly after Atlanta Fed President Raphael Bostic, who also sits on the central bank’s rate-setting committee, told CNBC he now thinks policymakers should make just one rate cut this year, in the final quarter of 2024. Bostic has been on a journey about the timing of cuts in recent months, moving from expressing reservations about early cuts to voicing cautious support for starting them by summer. But the first few months of the year have seen an uptick in inflation, while both the economy and the labour market have shown signs of resilience, leading him to change his outlook once more. “I’ve gone back to where I was before, because we’ve seen inflation kind of become much more bumpy in its trajectory,” said Bostic, one of just 12 policymakers on the 19-person committee with a vote on monetary policy this year. “We’re just going to have to watch and wait and see how things evolve.” If the economy continues to develop as expected, Bostic said it would be “appropriate” for the Fed to start cutting rates in the final quarter of this year. “My outlook right now is that inflation is just really just going to drop incrementally through the course of 2024,” Bostic said, adding he did not expect the Fed to hit its long-term target of 2% before early 2026. – AFP Powell and finance professor Arvind Krishnamurthy speaking during the Stanford Business, Government and Society Forum in California. – AFPPIC
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) MPI 31.7 -0.3 1,018 PETDAG 21.86 -0.16 3,162 PMETAL-C97 0.065 -0.135 1,720 NIKKEI-HC 0.605 -0.105 9,366 FAREAST 3.5 -0.1 518 LHI-C16 0.06 -0.09 300 UNISEM 3.73 -0.09 10,754 ALLIANZ-PA 21.48 -0.08 12 GESHEN 3.68 -0.07 1,678 NIKKEI-CC 0.26 -0.07 10,000 MTEC 1.06 -0.06 77,094 MSM 3.55 -0.06 33,363 SUNCON-C12 0.09 -0.06 550 TONGHER 2.3 -0.06 359 AJIYA 1.57 -0.05 1,036 CHINHIN 4.4 -0.05 810 D&O 3.22 -0.05 3,524 KMLOONG-WB 0.74 -0.05 1 AIRPORT 9.7 -0.05 51,339 TSH-C9 0.1 -0.05 499 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME TWL 0.03 - - 2,025,035 VELESTO 0.305 +0.010 +3.39 990,242 ZANTAT 0.53 +0.045 +9.28 800,477 FITTERS 0.055 - - 633,426 TDM 0.325 +0.040 +14.04 624,156 ALPHA 0.345 +0.015 +4.55 622,186 WIDAD 0.08 +0.010 +14.29 408,386 SNS 0.38 +0.010 +2.70 388,401 GLXT 0.235 -0.005 -2.08 340,223 NCT 0.535 -0.01 -1.83 325,794 SPSETIA 1.43 -0.01 -0.69 319,976 BPURI 0.08 - - 308,650 VELESTO-WA 0.02 +0.005 +33.33 294,750 SSB8 0.355 -0.005 -1.39 289,303 ARMADA 0.6 +0.005 +0.84 284,893 TCS 0.19 +0.015 +8.57 270,164 PERDANA 0.35 +0.010 +2.94 268,882 CLOUDPT 0.655 +0.010 +1.55 267,213 YTLPOWR 4.02 +0.040 +1.01 261,918 SPSETIA-PC 0.625 - - 251,943 SUNBIZ presents a summary of the day’s trading activity on Bursa Malaysia and other markets in an easy to digest format. MARKET ROUND-UP: APRIL 4 [ Sources: Bursa Malaysia, Bernama, shareinvestor.com and websites DISCLAIMER: The data and reports are provided as a service to investors. Sun Media Corporation Sdn Bhd shall not be liable or responsible for any consequences resulting from usage of the information. INDEX CHANGE FBMEMAS 11,688.90 +104.10 FBMKLCI 1,553.24 +16.23 CONSUMER PRODUCTS 582.08 +2.62 INDUSTRIAL PRODUCTS 183.12 +3.21 CONSTRUCTION 223.31 +0.74 FINANCIAL SERVICES 17,295.70 +143.90 ENERGY 980.73 +14.69 TELECOMMUNICATIONS 593.79 +0.65 HEALTH CARE 1,985.45 +9.38 TRANSPORTATION 1,015.68 +7.65 PROPERTY 1,004.11 +7.47 PLANTATION 7,406.49 +95.33 FBMSHA 11,822.00 +108.20 FBMACE 4,996.55 +41.80 TECHNOLOGY 64.69 -0.21 TURNOVER: 3.361 bil VALUE: RM2.683 bil Top 20 Actives Top 20 Losers (By RM) Bursa Indices INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 39,127.14 -43.1 -0.11 S&P 500 (US) 5,211.49 5.68 0.11 NASDAQ (US) 16,277.46 37.01 0.23 NYSE (US) 18,146.64 39.11 0.22 EURO STOXX 50 (EUR) 5,077.04 7.79 0.15 FTSE 100 (UK) 7,971.32 33.88 0.43 DAX (GER) 18,383.64 15.92 0.09 NIKKEI 225 (JPN) 39,773.14 321.29 0.81 TOPIX INDEX (JPN) 2,732.00 25.49 0.94 HANG SENG INDEX (HK) 16,725.10 -206.42 -1.22 CSI 300 (CHN) 3,567.80 -12.88 -0.36 MSCI ASIA PACIFIC 176.55 0.9 0.51 SHANGHAI SE COM (CHN) 3,069.30 -5.66 -0.18 KOSPI INDEX (SK) 2,742.00 35.03 1.29 SENSEX INDEX (IND) 74,293.56 416.74 0.56 ASX 200 (AUS) 7,817.34 34.8 0.45 ALL ORDINARIES INDX (AUS) 8,072.45 38.85 0.48 FBM KLCI 1,553.24 16.23 1.06 STRAITS TIMES INDEX (S’PORE) 3,235.01 12.35 0.38 WTI (US$/BBL.) 85.41 -0.02 -0.02 BRENT (US$/BBL.) 89.28 -0.07 -0.08 GOLD (COMEX) (US$/T OZ) 2,312.40 -2.6 -0.11 SILVER (COMEX) (US$/T OZ) 27.2 0.14 0.52 PLATINUM (US$/T OZ) 940.16 -0.05 -0.01 COPPER (COMEX) (US CENTS/LB.) 424.6 5.2 1.24 COPPER 3MO (LME) (US$/MT) 9,262.50 271.5 3.02 CORN (US CENTS/BU.) 434.75 3 0.69 WHEAT (US CENTS/BU.) 561.5 5.5 0.99 SOYBEAN OIL (CBOT) (US CENTS/LB.) 48.88 0.03 0.06 COCOA (ICE) (US$/MT) 9,242.00 -282 -2.96 RUBBER (S’PORE) (US CENTS/KG) 164.7 0.5 0.3 World Stocks/Commodities as at 5pm, April 4 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) PMETAL-C97 0.065 -67.50 1,720 HSI-HSV 0.005 -66.67 210 VITROX-C3 0.005 -66.67 500 LHI-C16 0.06 -60.00 300 AAX-C23 0.005 -50.00 500 AZRB-WA 0.005 -50.00 63,659 BORNOIL 0.005 -50.00 44,092 EDUSPEC-WB 0.005 -50.00 4,000 HSI-CTV 0.005 -50.00 3,000 HSI-HSP 0.005 -50.00 200 JOE-WA 0.01 -50.00 1,316 SUNCON-C12 0.09 -40.00 550 AXIATA-C97 0.08 -36.00 1,690 FBMKLCI-CI2 0.055 -35.29 400 GENETEC-CB 0.04 -33.33 2,100 GTRONIC-C29 0.01 -33.33 5,950 TALAMT 0.01 -33.33 4,850 TSH-C9 0.1 -33.33 499 MRCB-C95 0.055 -31.25 491 EKOVEST-C39 0.025 -28.57 32,970 Top 20 Losers (By %) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) DLADY 33.34 +0.700 476 NESTLE 120.6 +0.600 1,573 F&N 30.74 +0.440 2,045 AMWAY 7.5 +0.400 308 PANAMY 19.6 +0.360 541 PMETAL 5.12 +0.350 231,641 ALLIANZ 20.36 +0.340 483 YOCB 2.19 +0.280 25,905 UTDPLT 23.42 +0.220 3,512 KSL 1.67 +0.210 86,077 TENAGA 11.5 +0.200 62,963 PMBTECH 2.79 +0.190 5,950 CHGP 1.85 +0.150 40,107 PIE 3.69 +0.150 3,453 SIMEPLT 4.5 +0.150 49,041 HLBANK 19.46 +0.140 944 MBMR 4.88 +0.140 5,379 PGF-PA 1.03 +0.130 314 BKAWAN 20 +0.120 993 GCB 2.49 +0.120 109,500 Top 20 Gainers (By RM) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) PMETAL-C93 0.08 +220.00 60,256 FITTERS-WC 0.01 +100.00 23,766 HIBISCS-C55 0.01 +100.00 2,000 MERIDIAN-WC 0.01 +100.00 1,113 MOBILIA-WA 0.01 +100.00 35,579 PMETAL-C92 0.085 +70.00 65,450 PMETAL-C96 0.065 +62.50 5,380 PMETAL-C95 0.11 +57.14 45,591 PMETAL-C98 0.055 +57.14 49,688 KSL-CI 0.105 +50.00 13,608 SIMEPLT-C18 0.03 +50.00 1,360 XOX 0.015 +50.00 1,030 PMETAL-C99 0.13 +44.44 18,381 SPRING-WA 0.065 +44.44 41,788 MTRONIC 0.02 +33.33 5,405 PENTA-C39 0.04 +33.33 5,055 PMETAL-C94 0.04 +33.33 21,000 SINARAN-WB 0.02 +33.33 1,420 VELESTO-WA 0.02 +33.33 294,750 FFB-CV 0.045 +28.57 100 Top 20 Gainers (By %) 1,553.24pts April 4, 2024 Bursa rebounds strongly in swift recovery of losses BURSA Malaysia rebounded strongly to end higher yesterday, making a swift recovery of its losses from the previous session, supported by mostly upbeat regional markets, said an analyst. At 5pm, the FBM KLCI surged 16.23 points, or 1.05%, to 1,553.24 from Wednesday’s close of 1,537.01. The benchmark index, which opened 1.97 points better at 1,538.98, moved between 1,537.25 and 1,554.33 throughout the trading session. Gainers thumped decliners 656 to 352, with 475 counters unchanged, 835 untraded and nine others suspended. Turnover narrowed to 3.36 billion units valued at RM2.68 billion compared with 4.26 billion units worth RM2.87 billion on Wednesday. Apex Securities Bhd head of research Kenneth Leong said the improved market sentiment was mainly driven by the dovish stance from the US Federal Reserve chairman Jerome Powell last night, while the stronger crude palm oil prices also lifted plantation giants yesterday. “Moving forward, we expect the positive momentum to extend in view of the absence of negative developments. Still, investors will be focusing on the US jobs data today to gauge the health of the world’s largest economy,” he told Bernama. Among the heavyweights, Press Metal Aluminium climbed 35 sen to RM5.12, Sime Darby Plantation gained 15 sen to RM4.50, Sime Darby added 5 sen to RM2.74, Tenaga garnered 20 sen to RM11.50, Telekom rose 10 sen to RM6.12, and YTL Corporation edged up 4 sen to RM2.66. Among the actives, Fitters was flat at 5.5 sen, TDM improved 4 sen to 32.5 sen, Alpha IVF added 1.5 sen to 34.5 sen, while Widad and SNS Network Technology rose 1 sen each to 8 sen and 38 sen respectively. Participation 21.07 49.56 29.37 100.00 Retail Institutions Foreign Bought RM m 519.58 1368.41 795.87 2683.86 Sold RM m 611.42 1291.81 780.63 2683.86 Net RM m -91.84 76.59 15.24 0.00 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 4/4/2024
BIZ & FINANCE BIZ & FINANCE FRIDAY | APR 5, 2024 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information. WE came away from a recent engagement with ANCOMNY feeling a tad cautious on its near-term outlook but remaining positive on its long-term prospects. A less toxic alternative to Paraquat, MSMA Latin and North American sales are helping to offset softer Thai demand where current dry weather has reduced farmers’ need to apply MSMA. More importantly, Brailizian usage of MSMA extending beyond sugarcane to include soyabean is progressing well with possible contribution from FY25 onwards. Indonesia has also approved an MSMA-variant but it is a new MSMA market and Paraquat is still allowed in Indonesia, so meaningful contributions will take time to emerge. Robust timber preservative offtake. Talks with a longstanding US buyer for a sizeable supply contract are now in advanced stages. The agreement is for (i) a 3-year period, with (ii) quarterly price reviews and will comprise half the group’s future timber preservative sales. Newer agri-chemicals Bromacil and Ester sales are slower than expected. Targeted at the pineapple and cereal markets, demand is decent but overall contribution is small. Recent selling prices are also under some pressures, hence ANCOMNY is emphasising more on other new active ingredients until Bromacil and Ester markets become more active. Latest agri-chemical addition, active ingredient no. 7 or AI “T”, should start selling soon after a half-year delay. However, to improve stability and consistency, ANCOMNY is adding another manufacturing step into the process. We cut our FY24F net profit forecast by 11% but maintain our TP of RM1.50 and OUTPERFORM call. AS of end January, Taiwan jobs made up RM4.5 billion (spread across six contracts), or 19% of Gamuda’s RM24 billion outstanding orderbook. Out of the six ongoing jobs in Taiwan – the rail related projects are the ones with a completion rate of 1% and below; indicating that major works such as tunnelling may not have commenced. The related rail projects are the Kaohsiung MRT (RM3 billion with an 88% effective share) secured in Oct 2023 and the TaoYuan City Underground Railway project (RM1.3 billion with 60% effective share) clinched in Oct 2022. Other jobs in Taiwan comprise mainly of structures such as sea wall reclamation, marine bridges and its extensions which are 75-90% complete as of January. Location wise, the construction sites of the Gamuda’s projects are far away from Hualien County (at least 200km from the epicentre). As such, there was no major impact coming from the said earthquake as the respective sites of Gamuda only felt a 4-4.5 magnitude on the Richter scale which is considered to be a light earthquake which can be felt but generally causes no damage. Re-rating catalysts include faster-than-expected rollouts anticipated for Malaysia and Australia projects, particularly the Mass Rapid Transit 3 (which we expect to be in Q4 CY24) (base case scenario) and the Suburban Rail Loop East tunnelling package (likely to be known by July). Icing on the cake would be consistent wins for data centre jobs within the Klang Valley area as Gamuda had completed the 8MW AIMS Cyberjaya data centre within a period of nine months. Keep BUY and SOP-based RM6.30 TP, 20% upside and c.2% FY24F (July) yield. RCE Capital provides personal financing, the ultimate customers being civil servants. With a gross financing balance of just RM2.1 billion, we estimate that its market share is only 2%. In the past, RCE had always guided that it plans to grow financing receivables in tandem with the banking industry loans growth (CY23: +5.3%). That said, we understand that this target may be difficult to achieve in the near future (MIBG CY24 forecast: +4.6%). RCE stated that demand for its financing products have been robust but the credit quality of new applicants has not been ideal due to higher cost of living. Thus, it is declining financing applications more frequently recently. In addition, we understand that non-performing financing receivables (NPF) ratios are creeping up. After a spike in NPF ratios in Q1 FY3/23 due to the mass resignation of academicians and healthcare workers followed by a gradual easing until Q2 FY3/24, we understand that NPF ratios have been creeping up again due to more resignations and early retirements. Thus, allowance for impairment loss on receivables (credit costs) will likely remain elevated in the near term. Being a non-bank financial institution (NBFI), RCE does not have a large environmental footprint. That said, we opine that it has a large social footprint by way of responsible financing. RCE is guided by Bank Negara Malaysia’s guidelines for responsible financing. As per our ESG assessment, RCE has an established framework, internal policies, and tangible mid/long-term targets. RCE’s overall ESG score is 71, which makes its ESG rating above average in our view. Upgrade to HOLD with lower TP of RM2.44 (-6%). FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.8040 4.6710 4.6610 1 Australian Dollar 3.1740 3.0490 3.0330 1 Brunei Dollar 3.5630 3.4620 3.4540 1 Canadian Dollar 3.5500 3.4570 3.4450 1 Euro 5.2160 5.0510 5.0310 1 New Zealand Dollar 2.9020 2.7980 2.7820 1 Singapore Dollar 3.5630 3.4620 3.4540 1 Sterling Pound 6.0870 5.8990 5.8790 1 Swiss Franc 5.3060 5.1870 5.1720 100 UAE Dirham 132.4400 125.6500 125.4500 100 Bangladesh Taka 4.4630 4.1740 3.9740 100 Chinese Renminbi N/A N/A N/A 100 Danish Krone 71.6900 66.0000 65.8000 100 Hongkong Dollar 62.0700 59.0100 58.8100 100 Indian Rupee 5.8600 5.5000 5.3000 100 Indonesian Rupiah 0.0312 0.0283 0.0233 100 Japanese Yen 3.1740 3.0750 3.0650 100 New Taiwan Dollar N/A N/A N/A 100 Norwegian Krone 46.0300 42.3600 42.1600 100 Pakistan Rupee 1.7600 1.6500 1.4500 100 Philippine Peso 8.6500 8.1500 7.9500 100 Qatar Riyal 133.3400 126.5800 126.3800 100 Saudi Riyal 129.6400 123.0700 122.8700 100 South Africa Rand 26.6800 24.1000 23.9000 100 Sri Lanka Rupee 1.6500 1.5200 1.3200 100 Swedish Krona 46.5800 42.4500 42.2500 100 Thai Baht 13.7200 12.1700 11.7700 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit ends higher as dollar retreats on selling activities THE ringgit ended higher against the US dollar yesterday as the greenback retreated on selling activities after the US ISM purchasing managers’ index for services report showed that price pressures are easing, said an analyst. At 6pm, the ringgit rose to 4.7380/7425 against the US dollar from Wednesday’s close of 4.7545/7575. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit gained some good ground yesterday following weak outturn in the US ISM index for the services sector to 51.4 points in March which has been on a downward spiral from as high as 69.1 points on December 2021. “Such data points support the view that the Federal Reserve will commence its monetary easing this year. It is a question of the timing for the eventual rate cut which continues to affect market sentiments,” he told Bernama. At the close, the ringgit was also traded lower against a basket of major currencies except the Japanese yen. It depreciated against the euro to 5.1445/1494 from 5.1192/1224 at Wednesday’s close, weakened vis-a-vis the British pound to 6.0002/0059 from 5.9769/9807, but was better versus the Japanese yen at 3.1222/1254 from 3.1329/1351 previously. The ringgit was traded higher against Asean currencies except for the Singapore dollar. The local note was higher versus the Thai baht to 12.9048/12.9223 from 12.9519/12.9653 on Wednesday and improved vis-a-vis the Indonesian rupiah to 298.1/298.5 compared to 298.6/298.9 previously. It was also higher versus the Philippine peso at 8.40/8.41 from 8.42/8.43 at yesterday’s close but slipped against the Singapore dollar to 3.5172/5208 from 3.5159/5183 previously. HLIB upbeat on construction sector, cites infra projects KUALA LUMPUR: Hong Leong Investment Bank (HLIB) is optimistic about the construction sector driven by the rollout of various infrastructure projects nationwide. According to its research note yesterday, this includes the Penang LRT which is worth more than RM10 billion, Pan Borneo Sabah Phase 1B (RM15.7 billion), flood mitigation packages (RM11.8 billion), Sabah-Sarawak Link Road (RM7.4 billion), the reinstatement of LRT3 (RM4.7 billion), the Kuching Urban Transportation System-Green Line, and water-related projects. “There are also other basic infrastructure projects, funded by a development expenditure of about RM90 billion,” it said. These projects should help drive contract flows in 2024. The research house said industrial projects and the construction of data centres remain highly robust with Johor being touted as the fastest-growing data centre market in Southeast Asia. “We anticipate further developments on the Johor LRT (RM20 billion) and the Kuala Lumpur-Singapore high-speed rail in the coming months. “The Johor LRT serves as a critical dispersal system for the incoming rapid transit system (RTS) link project between Johor Bahru and Singapore which will be fully operational in 2027,” it added. HLIB said it is overweight on the sector and expects a strong private sector job flow from data centres, factories/warehouses and commercial/residential projects to drive contract awards beyond RM20 billion per annum. The research firm said sector valuations remain reasonable, trading at price-to-earnings (P/E) and price-to-book (P/B) multiples of 14.1 times and 0.9 times, respectively. – Bernama RCE Capital Bhd Hold. Target price: RM2.44 Gamuda Bhd Buy. Target price: RM6.30 Ancom Nylex Bhd Outperform. Target price: RM1.50 Source: Kenanga Research Source: RHB Research April 4, 2024: RM5.33 Source: Maybank Investment Bank April 4, 2024: RM1.00 April 4April 2 , 2024: , 2024: RM2.64RM0.81
LYFE LYFE FRIDAY | APR 5, 2024 21 Best Ramadan bazaars in Selangor MALAYSIA is known as a food haven and Ramadan is one of the most awaited time for its splendour of bazaars. In Selangor, there are many Ramadan bazaar options, so it will be a challenge to choose your dishes for iftar! Here are eight best Ramadan bazaars this year that are intriguing, distinctive and can pique the curiosity of locals and tourists. Gombak Ramadan Bazaar in Bandar Baru Selayang People who live in the Gombak area can check out the Ramadan bazaar in Bandar Baru Selayang. Open from 3pm until 8pm and situated close to the Selayang Municipal Council Stadium, the Ramadan bazaar here features a large number of stalls selling a range of popular foods, including putu bambu, tepung pelita, ayam bakar and murtabak. Kuala Langat Ramadan Bazaar in Langat Murni One of the main bazaars in Kuala Langat during Ramadan is this at Taman Langat Murni. With so many stalls to explore, this bazaar provides fair prices to its customers. We can acquire a variety of foods here, including popia goreng, nasi ambeng ayam kicap, mozarella corndog and apam balik. Open at 3.30pm, you should not miss the chance to visit the bazaar during Every Ramadan, residents in Klang look forward to the Taman Sri Andalas Ramadan Bazaar. – ALL PICS COURTESY OF TOURISM SELANGOR oIndulge in scrumptious local food at these recommended places The popular Shah Alam Ramadan bazaar, located near SACC Mall and Plaza Alam Sentral, opens as early as 3pm. This Ramadan bazaar in Selayang includes a large number of stalls selling a variety of popular foods. The USJ 4 Ramadan Bazaar is a must-see for Subang residents. Sabak Bernam Ramadan Bazaar in Sungai Besar. Stadium Shah Alam Baazar is one of the most famous bazaars in Selangor. get mouth-watering dishes to break fast. Perkarangan Stadium Shah Alam Ramadan Bazaar One of the most famous bazaars in Selangor is at the Stadium Shah Alam in Section 13. This bazaar, which is next to the Aeon shopping mall and Giant supermarket, welcomes customers with an affordable selection of food. There are many choices here, like grilled lamb, fresh watermelon juice, flavoured doughnut cakes and cendol. International cuisines are also available such as sushi, mac & cheese. Mandy Rice prepared by Chef Ammar is also available at this bazaar. Subang Jaya Ramadan Bazaar at USJ 4 The Ramadan bazaar at USJ 4 is a must-visit bazaar for residents of the Subang area. A wide range of foods, including roti John, nasi lemak and mango ice cream float, are offered by up to 160 stalls in this bazaar every year, which opens as early as 3 pm. Located next to the SMK USJ 4, the bazaar is visibly seen from the roadway. Kelana Jaya Ramadan Bazaar on Jalan SS6/1 One of the major bazaars during Ramadan, particularly for students from Unitar and residents of Kelana Jaya, is the one at SS6. With 231 stalls, this bazaar, located near Giant Supermarket, has a variety of food to choose from, such as nasi ambeng, ikan bakar and this Ramadan. Shah Alam Ramadan Bazaar at Kompleks PKNS Starting at 3pm, this Ramadan bazaar is one of the most popular in Shah Alam, just close to SACC Mall and Plaza Alam Sentral. Different varieties of food are available here, like lamb shank briyani rice, tomato rice, nasi kerabu, ayam percik and many more. Visitors can park at both SACC Mall and the PKNS Complex building. Klang Ramadan Bazaar in Taman Sri Andalas One of the most awaited Ramadan bazaars by Klang residents is the Taman Sri Andalas Ramadan Bazaar. Ayam golek madu, nasi lemak and various types of kuih are also available here. Definitely one of the bazaars where you can visit to coconut shake. Sabak Bernam Ramadan Bazaar in Sungai Besar The Ramadan bazaar at Sungai Besar, Sabak Bernam is one of the most popular bazaars in this districts. They bring together unique iftar specialties including roti John, tepung pelita, kebab and ayam panggang that are popular during Ramadan. Additionally, you may enjoy traditional Javanese dishes like pecal and nasi ambeng. It opens from 3.00pm to 7.30pm but visitors are recommended to come early because this bazaar gets rather packed with visitors during the month of Ramadan. Ramadan bazaars are popular among Malaysians and this is the best time for us to support local small businesses.
LYFE LYFE FRIDAY | APR 5, 2024 23 Noodle delights oSimple satisfaction of local comfort food dishes MALAYSIAN cuisine boasts a rich variety of noodle dishes, each offering a unique blend of flavours, textures and cultural influences. Here are four iconic noodle recipes that most Malaysians will be familiar with: mee kari, prawn mee, pan mee and laksa, each with its own distinct characteristics and ingredients. Mee kari Mee kari is a Malaysian dish that features egg noodles bathed in a flavourful curry broth. This dish is a fusion of Chinese and Indian culinary influences, resulting in a harmonious blend of spices and textures. The broth is typically made with a medley of aromatic spices such as turmeric, cumin and coriander, simmered with coconut milk for that thick creamy richness. Ingredients 0 Egg noodles 0 Curry powder 0 Coconut milk 0 Chicken or vegetable broth 0 Protein of choice (chicken, shrimp, tofu) 0 Vegetables (potatoes, carrots, cabbage) 0 Boiled eggs 0 Fried tofu 0 Crispy shallots Method 1. Cook the egg noodles according to package instructions and set aside. 2. In a pot, heat oil and sauté curry powder until fragrant. 3. Add coconut milk and chicken or vegetable broth and bring to a simmer. 4. Add protein of choice and vegetables and cook until tender. 5. Serve the curry broth over cooked egg noodles and garnish with boiled eggs, fried tofu and crispy shallots. Prawn noodle Prawn mee is a popular noodle soup with roots in both Malaysia and Singapore. This dish with Hokkien origins features a rich and savoury broth made from simmering prawn heads and shells, along with various aromatics such as garlic, shallots, and dried shrimp. The broth is then strained to achieve a smooth consistency before being ladled over yellow noodles and rice vermicelli. Ingredients 0 Yellow noodles 0 Rice vermicelli 0 Prawn heads and shells 0 Garlic 0 Shallots 0 Dried shrimp 0 Bean sprouts 0 Hard-boiled eggs 0 Fresh prawns 0 Chopped scallions Method 1. Boil prawn heads and shells to make a broth. Strain and set aside. 2. In a pot, sauté garlic, shallots, and dried shrimp until fragrant. 3. Add prawn broth and bring to a simmer. 4. Add yellow noodles and rice vermicelli and cook until tender. 5. Serve the noodle soup hot, garnished with bean sprouts, hardboiled eggs, fresh prawns and chopped scallions. Pan mee Pan mee is a Malaysian noodle dish characterised by its handmade flat noodles served in a clear broth or dry with sauce. The noodles are traditionally made by kneading wheat flour and water until a smooth dough is formed, which is then flattened and torn into irregular shapes. The noodles are cooked until tender and then served with a savoury broth or tossed in a flavourful sauce. Ingredients 0 Wheat flour 0 Water 0 Minced chicken 0 Mushrooms 0 Leafy greens (choy sum or spinach) 0 Soy sauce 0 Sesame oil 0 Chilli paste Method 1. Knead wheat flour and water into a smooth dough. Roll out thinly and tear into irregular shapes. 2. Cook the handmade noodles in boiling water until tender. Drain and set aside. 3. In a separate pan, sauté minced chicken and mushrooms until cooked. 4. Toss the cooked noodles with soy sauce, sesame oil and chilli paste. 5. Serve the noodles with minced chicken, mushrooms and blanched leafy greens. Laksa Laksa is a popular spicy noodle soup that is widely enjoyed across Southeast Asia, particularly in Malaysia, Singapore and Indonesia. It features a fragrant and c r e a m y coconut Mee kari is just comfort in a bowl. – 123RFPIC █ BYTHASHINE SELVAKUMARAN Prawn noodle is a dish with Hokkien roots. – YOUTUBEPIC Pan mee is a popular breakfast dish for Malaysians. – YOUTUBEPIC Laksa is immediately recognisable by its extra pungent broth. – YOUTUBEPIC milk broth infused with a blend of spices such as lemongrass, galangal, and chilli. There are various regional variations of laksa, with the two main types being curry laksa and asam laksa. Curry laksa typically includes ingredients like shrimp, tofu puffs, and hard-boiled eggs, while asam laksa is known for its tangy tamarindbased broth and addition of fish and mint leaves. Laksa is often served with rice noodles and garnished with fresh herb. Ingredients 0 Rice noodles 0 Coconut milk 0 Lemongrass 0 Galangal 0 Chilli 0 Shrimp or fish 0 Tofu puffs 0 Hard-boiled eggs 0 Fresh herbs (cilantro, mint) 0 Lime wedges 0 Sambal chilli paste Method 1. In a pot, simmer coconut milk with lemongrass, galangal and chilli to make the laksa broth. 2. Add shrimp or fish and tofu puffs to the broth and cook until seafood is done. 3. Cook rice noodles according to package instructions and divide into serving bowls. 4. Ladle the laksa broth over the noodles and garnish with hardboiled eggs, fresh herbs, lime wedges and sambal chilli paste. These four Malaysian noodle dishes offer a tantalising array of flavours, textures and cultural heritage. Share these delicious dishes with friends and family for a truly memorable dining experience.
SCAN ME powered by Contributing Editor Keshy Dhillon / keshy@piston.my Editorial T: 03-7784 6688 F: 03-7785 2625 E: lifestyle@thesundaily.com Advertising T: 03-7784 8888 E: advertise@thesundaily.com FRIDAY | APR 5, 2024 PROTON has come a long way since the launch of the first-generation Proton Saga back in 1985. They have evolved and adapted to current trends to ensure their survival in the ever-changing automotive market. How? Well, we all know Proton’s collaboration with Geely to introduce models that can compete with other manufacturers. But does it stand out from the rest? We recently got to test Proton’s latest model, the Proton S70. which is claimed to be a CSegment sedan. This means the S70 is competing with the Toyota Corolla Altis and Honda Civic. However, the S70 is a rebadge of the Geely Emgrand, which is a B-Segment sedan. So we don’t think that the S70 belongs in the C-Segment and it should actually be competing with the Honda City and Toyota Vios. But even then, is the S70 better than the two? Visually, the car looks pleasing. It has a sporty yet elegant design with refined lines and curves. The LED taillights are something we really love because of their striking light bar that does a little dance when you unlock and lock the car. The front grille is adorned with chrome pin inserts and LED projector headlamps, which also does a little dance. If you’re getting the Flagship X, which is the variant we drove, you get a sunroof. Not ideal for our Malaysian weather, but it looks cool. It also comes with 17-inch 10-spoke wheels wrapped in Goodyear Assurance TripleMax 2 tires. There was nothing not to like about the S70’s visual cues because it is a pretty good-looking car. We were given the one in Teal Bayou Green, which is one of the best options because it brings out the elegance in the car. We managed to turn some heads too! However, the more popular choice is Marine Blue but it has a threemonth waiting period. Moving on to the interior. This is where we have some complaints. The S70 measures 4,638mm long, 1,820mm wide, and 1,460mm tall and has a wheelbase of 2,650mm. This makes it slightly smaller than the Emgrand but larger than the Proton Preve. This writer has owned a Preve before and would like to point out that the Preve had more legroom than the S70. For the driver, it’s no issue to adjust the seat to whatever you’re comfortable with. However, if you’re a rear-seat passenger, you may struggle as the rear legroom space is very poor. For it to be a family car or a “C-Segment” sedan, this should not be an issue. We took our family for a drive, and they struggled to get in and out of the car. The driver and front passenger had to get out of the car and push the seats to the front to allow the rear-seat passengers to get out. If the ones sitting at the back are elderly and tall, they might struggle a bit more. So we were very disappointed with the interior spacing. If it’s just the driver and a front passenger, it’s fine because you have the luxury of pushing your seats back. S70 is Proton’s first sedan in a while, and they have got it right, almost █ BY TIMOTHY PRAKASH SPECIFICATIONS Engine: 1.5 litre turbocharged inline-three Transmission: wet dual-clutch Seven-speed Power: 150PS Torque: 226Nm Price (as tested): RM94,800 Looks, Feel and Price. Lack of space, infotainment system, and choppy throttle. Sedan done right one right Eye-catching light bar and LED taillights 1.5L turbocharged inline-three.
MOTORING MOTORING FRIDAY | APR 5, 2024 25 Now on to the infotainment system. The S70 comes with a 10.3-inch instrument cluster and a 12.3-inch infotainment touchscreen. Decent sizing compared to the TV screens that some cars nowadays get. The biggest flaw is that it does not have Apple CarPlay or Android Auto. If this were integrated, it would have made life so much easier. But not to worry, Proton has stated that these features will soon be added with a simple software update needed. Unless you own older models, then a hardware upgrade will be needed. Adding to the frustration, the positioning of the infotainment screen on the S70 is rather annoying. We feel it is too close to the air conditioning vents. If you are the type of person who relies on using your phone for Google Maps or Waze, it’s going to be an issue because the only option you have for a phone holder is the one with the suction cup that sticks to the windshield. Although it can be done, it will leave a mark on the windshield. This writer personally uses the one that clips onto the air conditioning vent and that was a hassle because the pop-out buttons below the vent were in the way. And because the infotainment screen was bulging out a bit, the clip could not fully be latched on. So we had no choice but to use the driver-side air conditioning vent. Which meant that the said vent was useless, other than cooling down the phone. Yes, we know that there are many options when it comes to phone holders, but it is still a hassle to find one that suits this car perfectly. Sometimes, physical buttons are the best way to go. But some some things were not taken into consideration – such as switching the drive modes, adjusting the air conditioning temperature, and operating the sunroof. You must go through the infotainment screen to do so. The integrated GPS can be a little iffy as it stopped halfway while we were using it. But thankfully Proton’s voice command worked well so we were able to set the GPS again without messing around with the screen. Now let’s talk power. The Geely Emgrand is powered by a 1.5-liter naturally-aspirated inlinefour petrol engine that puts out 102PS and 142Nm of torque. Proton S70 has a 1.5-liter turbocharged inlinethree which is also found in the Proton X50. This pushes the power a little bit higher to 150PS and 226Nm of torque. It’s paired with a seven-speed wet dual-clutch transmission. The S70 struggles a little bit when you hit the throttle because the power only kicks in after a few seconds. Only when it gets going, you feel the power. We find it to be just enough. If you need a little bit more kick, you can switch it to Sports mode which sharpens the throttle response and the brakes become a bit more sensitive in a good way. However, the throttle can feel a little choppy at times but it takes getting used to. The auto-hold function works perfectly fine and you can play around with it to see which suits you best. Another thing that we noticed is that the engine sound can get a bit loud especially if the car is idling. Inside, you won’t hear it that much unless you floor it, but when standing outside, it is very noticeable. The flat-bottomed steering wheel feels comfortable and gives us the confidence to take corners and because of the front MacPherson struts and a rear torsion beam, the S70 takes corners like a champion. On the highway, Sports mode is the way to go, unless you’re stuck in traffic, then we suggest switching it to Eco mode but around the city, Comfort mode would be the better choice. When we picked up the car, we had a full tank and a total driving range of 777km. After all the driving and testing, we still had around 250km left. So it is safe to say that there will be no range anxiety when it comes to the S70. For a car that is priced at RM94,800 (OTR without insurance), it comes with a decent amount of safety features. The ones that we used often were the Lane Departure Warning and Lane Departure Prevention. And if anything were to happen, the S70 comes with six airbags. The S70 1.5T Executive is priced at RM73,800, the Premium at RM79,800, the Flagship at RM89,800 and the Flagship X at RM94,800. We were amazed by how low the prices were when Proton first announced them. The Honda City’s pricing starts from RM84,900 to RM111,900 and the Toyota Vios is from RM89,600 to RM95,500. So the S70’s prices are more affordable compared to the two competitors. The question now is, would buyers go for the S70? If you were willing to sacrifice legroom space, not having Apple CarPlay or Android Auto, then perhaps you just might. Air condition settings. 12.3” Floating touchscreen monitor. Flagship X sunroof. Pop-out buttons. 10.3” high definition display. Flat-bottom steering wheel. Rear air conditioning vents with USB Type-A and C ports. Wireless charger. Ergonomic T-Design shift lever with auto hold and e-handbrake functions.
MOTORING MOTORING FRIDAY | APR 5, 2024 26 Chery Tiggo 7 Pro available now CHERY MALAYSIA has previewed their second model to be introduced in Malaysia this year, the Chery Tiggo 7 Pro. Chery Malaysia is set for an exciting year, after successfully launching Chery’s first electric vehicle, the Omoda E5 earlier this month. The Chinese automotive brand previewed the highly anticipated, Tiggo 7 Pro to members of the media and dealer-partners. The Tiggo 7 Pro will be offered alongside the larger Tiggo 8 Pro in Malaysia, expanding Chery’s Tiggo family lineup. The Tiggo 7 Pro boasts a robust 1.6L Turbocharged engine, generating 197HP and 290Nm of torque. Paired perfectly with a 7-speed Dual Clutch Transmission (DCT), this combination ensures seamless power delivery and exceptional efficiency, all while maintaining competitive fuel consumption at 7.0L/100km. It also features 18-inch Parametric wheels. The Tiggo 7 Pro comes equipped with a panoramic sunroof, adding a touch of fun and functionality to your driving experience. Whether you’re cruising through the city or embarking on a weekend getaway, the sunroof provides a wide view of the sky, creating a sense of spaciousness within the cabin. Setting itself apart from the traditional infotainment systems, the Tiggo 7 Pro comes with a sleek 24.6” Integrated Dual Screen. This innovative design combines two screens into one seamless display, providing a modern and sophisticated look to the car’s interior. The Tiggo 7 Pro ensures your phone is quickly charged with its in-car wireless 50W charger, featuring an active cooling system that effectively reduces the phone’s temperature during the wireless charging process. Experience never-ending drives filled with music in the Tiggo 7 Pro, equipped with the premium Sony Audio System – 8 speakers. The interior ambient of the Tiggo 7 Pro can be uniquely tailored with a palette of 64 colours, enhancing its already elegant design. Safety is a top priority for the Tiggo 7 Pro which is equipped with the latest generation of the Advanced Driver Assistance System 2.5 (ADAS 2.5) system. Ideal for road trips and outdoor adventures, the Tiggo 7 Pro is designed with high-quality leatherette upholstery on all seats, offering a luxurious feel that’s also easy to maintain. The front seats provide additional comfort with their ventilation feature. The generous 475L – 1672L boot capacity ensures you have plenty of room for all your belongings. The Chery Tiggo 7 Pro will be offered in four colours; Bloodstone Red with Black Roof, Carbon Black, Vanilla Blue and Khaki White with Black Roof with an estimated price of RM130,000. Tiggo 7 Pro orders started on March 25, with the SUV available for viewing at all Chery showrooms nationwide from April 2024 onwards. Customers can look forward to receiving their new Tiggo 7 Pro by the end of May 2024. Off-road icon gets mildly electric THE all-new Mercedes-Benz G-Class continues the success story of the model series that was established in 1979. The off-road icon continues to rely on tried-and-tested ladderframe construction, three mechanical differential locks and low range off-road reduction as well as a rigid rear axle and independent front suspension. While retaining its iconic boxy design, the new G-Class receives mild electrification and a host of enhanced features, setting the stage for the upcoming EQG EV slated for release later this year. At the heart of the base G550 lies a new turbocharged 3.0-litre inline-six engine with mild-hybrid technology, replacing the traditional V-8 powertrain. This configuration delivers 443hp and 560Nm of torque, with an integrated starter generator contributing an additional 20hp and 200Nm. Despite the downsized engine, the G550 maintains formidable off-road capabilities, aided by standard allwheel drive with a 40-60 torque split and three mechanical differential locks. Mercedes introduces an Off-Road Cockpit function within the MBUX infotainment system, offering vital off-road information such as vehicle positioning, altitude, and steering angle on the 12.3-inch touchscreen. Additionally, the “Transparent Hood” feature allows drivers to visualise obstacles with the help of a 360° overhead camera. The base G550 also boasts a suite of safety technologies, including adaptive cruise control, blind-spot monitoring, and traffic sign recognition, while the parking package enhances manoeuvrability with the camera. For those seeking even more performance, the G63 variant retains its twin-turbo 4.0-litre V-8 engine with 577hp and 850Nm of torque, accelerating from 0 to 100kph in 4.2 seconds. Visually, both the G550 and G63 receive subtle updates for 2025, with the latter offering a new paint option, adaptive LED headlights, and a refreshed bumper design. Optional features include the AMG Active Ride Control, enhancing on- and off-road performance with hydraulic roll stabilisation and adjustable adaptive damping. Mercedes has not disclosed pricing details for the 2025 G-Class lineup. Mercedes-Maybach EQS 680 SUV launched for European markets THE Mercedes-Maybach EQS 680 SUV has been made available in Germany and across European markets, setting a new benchmark in electric mobility. With its elegant design, featuring iconic Maybach elements like the emblem and radiator grille, this SUV presents a distinctive appearance. Customers can personalise their vehicles with signature two-tone paintwork options and the Night Series package for a darker aesthetic. Upon unlocking, passengers are greeted by meticulously designed lighting elements, while automatic comfort doors enhance convenience. Inside, the atmosphere resembles an upscale lounge, offering customised lighting, Maybach-specific fragrances, and a Burmester 4D surround sound system for a tranquil experience. Acoustic comfort is maximised, especially in the rear, and the suspension is tailored for exceptional comfort, including a special MAYBACH driving program. The Mercedes-Maybach EQS SUV features a digital vehicle key compatible with select Apple devices, allowing key sharing with up to 16 individuals. Pre-installed in markets with Mercedes me Connect services, this key requires a personal Mercedes me ID. Performance-wise, the EQS 680 SUV boasts an impressive 649hp with 950Nm of torque. This allows the SUV to accelerate from 0-100kph in just 4.4 seconds. According to the WLTP, it has a range of up to 612km. Standard 4MATIC allwheel drive ensures optimal traction while charging times for a 10-80% charge at DC fast-charging stations are provided. The Mercedes-Maybach EQS 680 SUV combines luxurious design, advanced technology, and exceptional performance, offering discerning customers an unparalleled electric vehicle experience. KIA has taken the wraps off its latest offering, the all-new 2025 K4 compact four-door sedan, at the 2024 New York International Auto Show. As the fourthgeneration compact sedan from Kia, the K4 is poised to deliver a blend of sportiness, advanced technology, and enhanced performance to global markets. Under the hood, the K4 offers two powertrain options to cater to diverse preferences. The standard configuration boasts a 2.0-litre four-cylinder engine, generating 147hp and 178Nm of torque, mated to a continuously variable transmission. For those seeking more exhilarating performance, an optional turbocharged 1.6-litre four-cylinder engine is available, delivering 190hp and 264Nm of torque, paired with an eight-speed automatic transmission featuring paddle shifters. Despite its compact classification, the K4 sets itself apart by offering generous interior space, making it the largest sedan in its segment, along with a capacious trunk offering 413 litres of cargo space. Embracing Kia’s “Opposites United” design philosophy, the K4 showcases bold styling cues, including a fastback roof design and distinctive vertical LED headlights and taillights inspired by the EV9 concept. Inside the cabin, the K4 boasts a modern and tech-centric environment, highlighted by a sprawling 30-inch screen dominating the dashboard. The sedan offers a range of interior colour options and upgrades, including a Harman Kardon audio system for audiophiles. While the starting price of the K4 remains undisclosed, Kia’s latest offering is poised to make waves in the compact sedan segment, offering a compelling blend of style, performance, and advanced technology. Kia unveils all-new 2025 K4
322 Notices PERISYTIHARAN JUALAN DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PERMOHONAN UNTUK PERLAKSANAAN NO: PA-38-1025-12/2023 Dalam perkara mengenai Seksyen 256 dan 257 Kanun Tanah Negara, 1965 Dan Dalam perkara mengenai Gadaian Perserahan No: 0799SC2013021837 (bertarikh : 23/05/2013), ke atas semua bahagian tanah yang dipegang di bawah Hakmilik Strata No. Hakmilik Geran 99373/M1B/23/251, Lot 808, Mukim Bandar Jelutong, Seksyen 4, Daerah Timor Laut, Pulau Pinang Dan Dalam perkara mengenai Aturan 83 Kaedah-Kaedah Mahkamah, 2012 ANTARA Public Bank Berhad (No. Syarikat : 6463-H) ... PLAINTIF DAN Mohd Izwan Bin Masdokhi Wakil diri kepada Harta Pusaka Zaini Binti Abdul Wahab, simati (No. Kad pengenalan : 540406075676) Mohd Izwan Bin Masdokhi (No. Kad Pengenalan : 780216075571) ...DEFENDAN Menurut Perintah Mahkamah Tinggi Malaya di PULAU PINANG mengenai Perintah Jualan dan Perintah bertarikh 27 September 2023 dan 22 Februari 2024, adalah dengan ini diisytiharkan bahawa Timbalan Pendaftar/Penolong Kanan Pendaftar Pusat Operasi e-Lelong di Kuantan AKAN MENJUAL SECARA LELONG AWAM Pada Hari Selasa, 23 April 2024, Pada Jam 11:00 pagi, SECARA ELEKTRONIK Dl LAMAN WEB e-LELONG, PUSAT OPERASI e-LELONG, KOMPLEKS MAHKAMAH KUANTAN, PAHANG DARUL MAKMUR NOTA: Bakal pembeli adalah dinasihatkan agar membuat carian Hakmilik secara rasmi di Pejabat Tanah dan memeriksa semua tanggungan, bebanan serta mengenal pasti dengan tepat hartanah tersebut sebelum jualan lelongan dijalankan. Sila layari https://elelong.kehakiman.gov.my/bidderweb BUTIR-BUTIR HAKMILIK: No. Hakmilik : Hakmilik Strata No. Hakmilik Geran 99373/ M1B/23/251 No. Lot : Lot 808 Mukim/Daerah/Negeri : Bandar Jelutong, Seksyen 4/ Timor Laut / Pulau Pinang Pegangan : Hakmilik Kekal No. Petak/No. Tingkat/No. : 251/23/M1B Bangunan : Keluasan Tanah : 614.0000000000 kaki persegi : 57.0000000000 meter persegi Pemilik Berdaftar : Mohd Izwan Bin Masdokhi Wakil diri kepada Harta Pusaka Zaini Binti Abdul Wahab, simati, Mohd Izwan Bin Masdokhi Syarat Nyata : Petak ini hendaklah digunakan untuk tujuan rumah pangsa sahaja Sekatan Kepentingan : Charge to PUBLIC BANK BERHAD vide Presentation No. 0799SC2013021837 registered on 26 June 2013 Bebanan / Lain-Lain : Kawasan Rizab : Kaveat : LOKASI DAN PERIHAL HARTANAH : Hartanah tersebut adalah A unit of flat yang beralamat pos di Unit No. 1-22-09, Lintang Madrasah, Jelutong Park, 11600, Jelutong, Pulau Pinang. HARGA RIZAB : Hartanah tersebut akan dijual atas “sepertimana sedia ada” tertakluk kepada satu harga rizab sebanyak RM 280,000.00 (RINGGIT MALAYSIA: DUA RATUS LAPAN PULUH RIBU SAHAJA) dan kepada syarat-syarat jualan yang dilampirkan. Pembida yang berminat hendaklah mendepositkan 10% daripada harga rizab dalam bentuk Bank Draf di atas nama PUBLIC BANK BERHAD 1 HARI BEKERJA sebelum tarikh lelong awam. Baki harga belian hendaklah dibayar oleh pembida yang berjaya kepada PUBLIC BANK BERHAD dalam tempoh seratus dua puluh (120) hari dari tarikh jualan. Untuk butir-butir selanjutnya, sila berhubung dengan:- Firma Guaman : WONG-CHOOI & MOHD NOR Alamat : NO. 27, 1ST FLOOR JALAN MAJU JAYA PUSAT PERNIAGAAN MAJU JAYA, 14000 BUKIT MERTAJAM, PULAU PINANG No. Telefon : 04-5398855 No. Fax : 04-5395855 No. Rujukan : WCMN(BM)/PBB-HL/2023-141/ZAW(RS/j) IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF YIK CHENG CONSTRUCTION SDN. BHD. (Registration No.: 200601028743/748499-A ) (IN MEMBERS’ VOLUNTARY WINDING-UP) Notice is hereby given pursuant to Section 292(2) of the Companies Act, 2016 that the Special Resolution set out below was duly passed by members of the Company on 2nd April 2024. 1. THAT the company be woundup voluntarily and that Mr. Lau Theng Chim of No. 7079, Tingkat 1, Jalan Kampung Gajah, 12200 Butterworth, Pulau Pinang be appointed as Liquidator to act for the purpose of the aforesaid winding-up. PHUAH TAT SEONG Director Dated this 5th April 2024 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF YIK CHENG CONSTRUCTION SDN. BHD. (Registration No.: 200601028743/ 748499-A) (IN MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed company which is being wound up voluntarily are required on or before 4th May 2024 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said Company; and if so required in writing from the said, are by their solicitors or personally to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any distribution made such before debts are proven. Dated this 5th April 2024 LAU THENG CHIM Liquidator No. 7079, Tingkat 1, Jalan Kampung Gajah, 12200 Butterworth, Pulau Pinang. 322 Notices IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF LEEDEN WELDING SDN. BHD. REGISTRATION NO.: 198001004175 (57958-P) (In Members’ Voluntary Winding Up) At a General Meeting of the Company duly convened and held electronically via video conferencing at Level 5, Tower 8, Avenue 5, Horizon 2, Bangsar South City, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur on 3 April 2024, the following special resolutions were duly passed: RESOLVED:- 1. THAT the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act 2016 and that Wong Mee Kiat (NRIC No. 800429-14-5284) of No. 9, Jalan SJ16A, Taman Selayang Bahagia, 68100 Batu Caves, Selangor Darul Ehsan be and is hereby appointed as the liquidator for the Company for the purpose of winding up of the Company. 2. THAT the liquidator be authorised pursuant to Section 456 of the Companies Act 2016 to exercise the powers laid down in Eleventh Schedule of the Companies Act 2016. 3. THAT the liquidator be authorised to distribute either in cash, specie or in kind any surplus assets of the Company as she thinks fit to the contributory of the Company in accordance with her respective rights and interests therein. The Board of Directors Dated this 5th day of April 2024 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF LEEDEN WELDING SDN. BHD. REGISTRATION NO.: 198001004175 (57958-P) (In Members’ Voluntary Winding Up) NOTICE IS HEREBY GIVEN THAT the Creditors of the abovementioned Company which is being wound up voluntarily are required, to send in their names and addresses on or before 5 May 2024, with particulars of their debts or claims and their names and addresses of their solicitors (if any) to:- The Liquidator LEEDEN WELDING SDN. BHD. Registration No.: 198001004175 (57958-P) (In Members’ Voluntary Winding Up) Level 5, Tower 8, Avenue 5, Horizon 2, Bangsar South City, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur and if so required by notice in writing from the said Liquidator, or by their solicitors or personally, to come in and prove their debts and claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts and claims are proved. WONG MEE KIAT Liquidator Dated this 5th day of April 2024 IN THE HIGH COURT OF MALAYA IN KUALA LUMPUR IN THE FEDERAL TERRITORY OF KUALA LUMPUR COMPANIES (WINDING UP) NO.: WA-28NCC-192-02/2024 IN THE MATTER OF SECTIONS 465(1)(e) & (h) AND SECTION 466 OF THE COMPANIES ACT 2016 AND IN THE MATTER OF EXELLE MEDICAL SDN. BHD. (Company No.: 201301001518 [1031355-M)]) BETWEEN INTERMEDECO SDN. BHD. (Company No.: 201901025452 [1334781-P]) … PETITIONER AND EXELLE MEDICAL SDN. BHD. (Company No.: 201301001518 [1031355-M]) … RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a petition for the winding-up of the above-named company by the High Court was, on the 27th day of February 2024, presented by INTERMEDECO SDN. BHD. And that the said petition is directed to be heard before the court sitting at the High Court of Malaya at Kuala Lumpur at 9.30 o’clock in the morning, on the 15th of May 2024; and any creditor or contributory of the said company desiring to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or contributory of the said company requiring the same from the undersigned on payment of the regulated charge for the same. The petitioner’s address is at L-1-3, Jalan Sri Hartamas 1, 60, Plaza Damas Sri Hartamas, Taman Sri Hartamas, 50480 Wilayah Persekutuan Kuala Lumpur. The Petitioner’s solicitor is Messrs. Amar Syiimir Izzat & Sham, whose address of service is at C-09-06, Plaza Mont Kiara, No. 2 Jalan Kiara, Mont Kiara 50480 Kuala Lumpur. t.t …………………………… Messrs. Amar Syiimir Izzat & Sham Petitioner’s solicitor Any person who intends to appear on the hearing of the said petition must serve on or send by post to the above-named petitioner or his advocate or solicitor, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above-named not later than twelve o’clock noon of the 14th May 2024 (the day before the day appointed for the hearing of the petition). [Ref No.: ASIS/2024-13 322 Notices IN THE MATTER OF ASIA HILL SDN BHD 199101014055(224367-M) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN THAT at an Extraordinary General Meeting of members of the Company held at No 32B, Jalan Pingai, Taman Pelangi, 80400 Johor Bahru, Johor on the 3rd day of April, 2024 the following Special Resolutions were duly passed:- 1. That the Company be liquidated by way of members’ voluntarily winding up pursuant to Section 439(1)(b) of the Companies Act, 2016. 2. That Tay Kay Beng of No 32B, Jalan Pingai, Taman Pelangi, 80400 Johor Bahru, Johor be appointed as liquidator to act for the purpose of winding up of the Company’s affairs and distributing its assets. TAY KAY BENG (LS 000267) PC No. 201908000118 Company Secretary Johor Bahru Dated this 05 April 2024 DALAM MAHKAMAH TINGGI MALAYA DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN, MALAYSIA (BAHAGIAN KELUARGA) PETISYEN PERCERAIAN NO: WA-33-28-01/2024 Dalam Perkara Seksyen 53 dan 88 Akta Membaharui Undang-Undang (Perkahwinan dan Perceraian) 1976; ANTARA TOH SAW CHAN (P) (No. K/P: 730207-14-5472) …PEMPETISYEN DAN YEOH TIANG LENG (No. K/P: 730131-14-5221) …RESPONDENT NOTIS Kepada: YEOH TIANG LENG A-7-9, Blok A, Bayu Tasik 2 Condo, Jalan Permaisuri 5, Bandar Sri Permaisuri, 56000 Cheras, Kuala Lumpur. AMBIL PERHATIAN bahawa suatu tindakan telah dimulakan terhadap kamu dalam Mahkamah Tinggi Kuala Lumpur dalam Guaman WA-33-28-01/2024 oleh Pempetisyen yang beralamat di A-7- 9, Blok A, Bayu Tasik 2 Condo, Jalan Permaisuri 5, Bandar Sri Permaisuri, 56000 Cheras, Kuala Lumpur yang mana tuntutan Pempetisyen adalah seperti berikut: 1. Bahawa perkahwinan tersebut dibubarkan menurut Seksyen 53 Akta Membaharui Undang-Undang (Perkahwinan dan Perceraian) 1976; 2. Bahawa YEOH TIANG LENG dikehendaki untuk menandatangani kesemua instrumen dan dokumen yang diperlukan atas permintaan TOH SAW CHAN (P) untuk memindahmilik kesemua hakmiliknya di satu unit parcel apartment yang dikenali sebagai Parcel No. A-07-09 yang berkeluasan 86.06 meter persegi di Tingkat 7 Bangunan Blok A termasuk tempat letak kereta parcel No. 621, yang kesemuanya beralamat postal A-7- 9 Blok A, Bayu Tasik 2 Condo, Jalan Permaisuri 5, Bandar Sri Permaisuri, 56000 Cheras Kuala Lumpur dan dibina atas sebahagian daripada tanah yang dipegang di bawah Hakmilik Induk (Master Title) HS(D) 87614, PT No. 4432, Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan kepada TOH SAW CHAN (P) atau secara alternatifnya kepada GORDON YEOH KAI HERN (No. K/P: 031128-14-0937) ; 3. Bahawa sekiranya YEOH TIANG LENG gagal dan/atau enggan untuk menandatangani kesemua instrument dan dokumen yang diperlukan untuk memindahmilik kesemua bahagian hakmiliknya pada Hartanah tersebut kepada TOH SAW CHAN (P) selepas dihendaki oleh TOH SAW CHAN (P) untuk membuat demikian, Penolong Kanan Pendaftar atau Timbalan Pendaftar Mahkamah Tinggi Malaya diberikuasa untuk menandatangani kesemua instrument dan dokumen yang diperlukan bagi YEOH TIANG LENG; 4. Bahawa YEOH TIANG LENG dan TOH SAW CHAN (P) tidak perlu saling membayar nafkah di antara satu sama lain; 5. Bahawa Mahkamah perintahkan YEOH TIANG LENG untuk memberi 10% kredit KWSPnya dari tarikh perkahwinan hingga ke tarikh Dekri Nisi kepada TOH SAW CHAN (P) atau secara alternatif, jumlah sebanyak Ringgit Malaysia Lima Puluh Ribu (RM50,000), yang mana lebih tinggi, menurut Seksyen 53A Akta KWSP 1991; 6. Bahawa kos guaman ini ditanggung oleh Pempetisyen sahaja; dan 7. Lain-lain relif yang disifatkan adil dan sesuai oleh Mahkamah Yang Mulia ini. Jika kamu ingkar apa-apa kehadiran yang demikian maka suatu penghakiman boleh dibuat terhadap kamu. Bertarikh pada ............................................ PEGUAMCARA BAGI PEMPETISYEN NOTIS ini difailkan oleh Tetuan Low & Partners, Peguamcara bagi Pempetisyen yang mempunyai alamat penyampaiannya di No.5, Jalan SS 21/23, Damansara Utama, Petaling Jaya, 47400, Selangor Darul Ehsan. Tel No.:03 – 7729 5293 Fax No.:03 – 7729 5298 Ruj. Kami: LP/DV/13406/11/23/LHY/CAS_UDS If you feel you have what it takes, to join us in the interesting media industry, send your resume (together with a photo of you) via email to hr@thesundaily.com You can call us at +603 7784 6688 theSun is published by Sun Media Corporation Sdn Bhd Lot 6, Level 4, Jalan 51/217, 46050 Petaling Jaya, Selangor. MARKETING EXECUTIVE Responsibilities 1. Handle both local & outstation Agents and Vendors. 2. Handle sales of newspaper-corporate sales e.g.: Hospital, Hotels, etc. 3. Actively engage in outbound sales activities to acquire new newspaper subscribers. Requirements 1. Minimum Diploma in Business, Marketing, Communications, or related field with at least 2 years of experience. 2. Proven experience in sales, preferably in the media or publishing industry would be an advantage 3. Ability to work independently and as part of a team. 4. Excellent selling, communication and negotiation skills. Malaysian Paper MEDIA SALES REPRESENTATIVE / AGENT (FREELANCE) Requirements 1. Minimum 1 year sales experience in newspaper bulk sales and digital advertising 2. Attractice commision package and incentive 3. Able to start immediately 4. Central, Nothern, Southern, East Coast and Sabah/Sarawak CHEAH THEAN TEE SDN. BHD. (Company No. 69320-P) (UNDER MEMBERS’ VOLUNTARY WINDING-UP) NOTICE OF FINAL MEETING UNDER SECTION 459 (1) OF THE COMPANIES ACT, 2016 NOTICE IS HEREBY GIVEN that a Final Meeting of the Company will be held at 65, Irving Road, 10400 Georgetown, Penang on 6th May 2024 at 10am. AGENDA 1. To receive and consider the Liquidators account of receipts and payment and statement of distribution among the contributories and any explanations arising there from. 2. To decide under Section 518(3)(b) of the Companies Act, 2016, the manner in which the books, accounts and documents of the company may be destroyed. Dated this 5th of April 2024. LAI WOOI HEAN Liquidator 65, Irving Road, 10400 Georgetown, Penang. PERISYTIHARAN JUALAN DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PERMOHONAN UNTUK PERLAKSANAAN NO: PA-38-111-02/2024 Dalam perkara mengenai Seksyen 256 dan 257 Kanun Tanah Negara, 1965 Dan Dalam perkara mengenai Gadaian Perserahan No: 0799SC2015016561 ( bertarikh 19/05/2015) ke atas semua bahagian tanah yang dipegang di bawah Geran No. Hakmilik Strata Pajakan Negeri 3305/M1/29/511, Lot 774, Seksyen 4, Mukim Bandar Jelutong, Daerah Timor Laut, Pulau Pinang Dan Dalam perkara mengenai Aturan 83 Kaedah- Kaedah Mahkamah, 2012 ANTARA OCBC BANK (MALAYSIA) BERHAD (No. Syarikat : 295400-W) ...PLAINTIF DAN SABRINA SUSANA A/P ANTHONYSAMY (No. Kad Pengenalan : 870812-35-5552) ...DEFENDAN Menurut Perintah Mahkamah Tinggi Malaya di PULAU PINANG mengenai Perintah Jualan dan Perintah bertarikh 14 Mac 2022 dan 1 Mac 2024, adalah dengan ini diisytiharkan bahawa Timbalan Pendaftar/Penolong Kanan Pendaftar Pusat Operasi e-Lelong di Kuantan AKAN MENJUAL SECARA LELONG AWAM Pada Hari Khamis, 25 April 2024, Pada Jam 11:00 pagi, SECARA ELEKTRONIK DI LAMAN WEB e-LELONG, PUSAT OPERASI e-LELONG, KOMPLEKS MAHKAMAH KUANTAN, PAHANG DARUL MAKMUR NOTA: Bakal pembeli adalah dinasihatkan agar membuat carian Hakmilik secara rasmi di Pejabat Tanah dan memeriksa semua tanggungan, bebanan serta mengenal pasti dengan tepat hartanah tersebut sebelum jualan lelongan dijalankan. Sila layari https://eIelong.kehakiman.gov.my/bidderweb BUTIR-BUTIR HAKMILIK: No. Hakmilik : Geran No. Hakmilik Strata Pajakan Negeri 3305/ M1/29/511 No. Lot : Lot 774, Seksyen 4 Mukim/Daerah/Negeri : Bandar Jelutong / Timor Laut / Pulau Pinang Pegangan : Hakmilik Pajakan No. Petak/No. Tingkat/No. : 511 / 29 / M1 Bangunan : Keluasan Tanah : 0.0000000000 kaki persegi : 0.0000000000 meter persegi Pemilik Berdaftar : SABRINA SUSANA A/P ANTHONYSAMY Syarat Nyata : RUMAH PANGSA Petak ini hendaklah digunakan untuk tujuan rumah pangsa sahaja Sekatan Kepentingan : Tanah yang diberimilik ini tidak boleh dipindah milik, dicagar, dipajak, pajakan kecil atau dilupuskan tanpa kebenaran daripada Pihak Berkuasa Negeri Bebanan / Lain-Lain : Tiada Kawasan Rizab : Kaveat : LOKASI DAN PERIHAL HARTANAH : Hartanah tersebut adalah seunit Rumah Pangsa dengan aksesori parsel yang beralamat pos di 2A-29-12, Blok 2A, Lorong Hajjah Rehmah, Mutiara Heights, 11600, Jelutong, Pulau Pinang. HARGA RIZAB : Hartanah tersebut akan dijual atas “sepertimana sedia ada” tertakluk kepada satu harga rizab sebanyak RM 279,000.00 (RINGGIT MALAYSIA: DUA RATUS TUJUH PULUH SEMBILAN RIBU SAHAJA) dan kepada syarat-syarat jualan yang dilampirkan. Pembida yang berminat hendaklah mendepositkan 10% daripada harga rizab dalam bentuk Bank Draf di atas nama OCBC BANK (MALAYSIA) BERHAD 1 HARI BEKERJA sebelum tarikh lelong awam. Baki harga belian hendaklah dibayar oleh pembida yang berjaya kepada OCBC BANK (MALAYSIA) BERHAD dalam tempoh seratus dua puluh (120) hari dari tarikh jualan. Untuk butir-butir selanjutnya, sila berhubung dengan:- Firma Guaman : GHAZI & LIM Alamat : 19TH FLOOR, PLAZA MWE NO 8, LEBUH FARQUHAR, 10200, PG, MY No. Telefon : 04-2633688 No. Fax : 04-2633188/2627433 No. Rujukan : 078/19/JB/LJL/SZ CHEAH THEAN TEE SDN. BHD. (Company No. 69320-P) (PEMBUBARAN SECARA SUKARELA OLEH AHLI – AHLI) NOTIS BAGI MESYUARAT TERAKHIR DI BAWAH SECTION 459 (1), AKTA SYARIKAT 2016 NOTIS Mesyuarat terakhir bagi CHEAH THEAN TEE SDN. BHD. akan diadakan pada 6hb Mei 2024, 10 pagi di alamat 65, Irving Road, 10400 Georgetown, Penang. AGENDA 1. Untuk meluluskan dan membincang tentang Penyata Penyelesai penerimaan dan pembayaran termasuk pembahagian aset di antara pemegangpemegang syer. 2. Membuat keputusan cara-cara menghapuskan buku, akaun dan dokumen menurut Section 518(1)(3) (b), Akta Syarikat 2016. Bertarikh pada 5hb April , 2024. LAI WOOI HEAN Liquidator 65, Irving Road, 10400 Georgetown, Penang. T: 03-7784 6688 F: 03-7785 2625 SCAN ME E: classifieds@thesundaily.com FRIDAY APR 5, 2024
SPORTS SPFRIDAY | APR 5, 2024 28 DALAM MAHKAMAH TINGGI DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN KUALA LUMPUR, MALAYSIA PETISYEN PENGGULUNGAN SYARIKAT NO.: WA-28NCC-109-11/2024 Dalam Perkara IVANS TECHNOLOGY MALAYSIA SDN BHD (No. Syarikat: 202101014209 [1414509-K]) DAN Dalam Perkara Seksyen 465(1)(h) dan (k) Akta Syarikat 2016 DAN Dalam Perkara Kaedah – Kaedah (Penggulungan) Syarikat 1972 ANTARA NELLIE KHOO KOOI LEE (NO. K/P: 851104145198) …PEMPETISYEN DAN IVANS TECHNOLOGY MALAYSIA SDN BHD (NO. SYARIKAT: 202101014209 (1414509-K)) …RESPONDEN PENGIKLANAN PETISYEN NOTIS ADALAH DENGAN INI DIBERI bahawa suatu Petisyen untuk Penggulungan Syarikat yang dinamakan di atas pada 30 Januari 2024 dikemukakan oleh Nellie Khoo Kooi Lee yang beralamat di B33-09 PETALZ RESIDENCES @ OLD KLANG ROAD, NO. 2 JALAN 1/132A OFF JALAN KLANG LAMA 58000 KUALA LUMPUR. DAN bahawa Petisyen tersebut telah diarahkan supaya dibicarakan di hadapan Mahkamah Tinggi Kuala Lumpur yang bersidang di negeri Wilayah Persekutuan Kuala Lumpur 07 Mei 2024 jam 9.00 pagi hari Selasa. DAN mana-mana pihak pemiutang dan penyumbang syarikat tersebut yang ingin menyokong atau menentang satu Perintah mengikut Petisyen tersebut boleh hadir dengan tujuan itu secara peribadi atau melalui peguamcaranya pada masa perbicaraan. Salinan Petisyen tersebut akan dibekalkan oleh pihak yang bertandatangan di bawah ini kepada mana-mana pemiutang atau penyumbang syarikat tersebut yang memintanya dengan membuat bayaran yang ditetapkan. Alamat Pempetisyen adalah di alamat B33-09 PETALZ RESIDENCES @ OLD KLANG ROAD, NO. 2 JALAN 1/132A OFF JALAN KLANG LAMA 58000 KUALA LUMPUR. Peguamcara Pempetisyen ialah Tetuan Low & Partners yang beralamat di 5, Jalan SS31/23, Damansara Utama, 47400 Petaling Jaya, Selangor. T.T. ............................... Bertarikh pada 01 April 2024 Tetuan Low & Partners Peguamcara Pempetisyen Peringatan — Sesiapa yang ingin hadir pada perbicaraan Petisyen tersebut hendaklah menyampaikan atau menghantar dengan pos kepada Peguamcara Pempetisyen yang dinamakan diatas suatu notis bertulis tentang niatnya sebegitu. Notis tersebut mestilah menyatakan nama dan alamat pihak atau firma berkenaan atau alamat firma, dan mestilah ditandatangani oleh pihak atau firma berkenaan atau Peguamcaranya sekiranya ada. Notis hendaklah disampaikan atau jika dihantar dengan pos, hendaklah dihantar dalam jangka masa mencukupi supaya sampai kepada pihak yang dinamakan di atas sebelum jam dua belas (12) tengah hari pada 06 Mei 2024. 322 Notices THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF KGS KIM GUAN SENG ENGINEERING SDN. BHD. 201801029799 (1291825-X) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016 that the Final Meeting of the Members of the Company will be held at 65, Jalan Gan Chai Leng, Taman Chai Leng, 13700 Perai, Pulau Pinang on the 9th day of May 2024 at 11.00 a.m. for the following purposes: 1) To receive an account from the Liquidator showing the manner in which the winding up has been conducted and to hear any explanation that may be given by the Liquidator. 2) To resolved that under Section 518(3)(b) of the Companies Act, 2016, the books, accounts and documents of the Company and of the Liquidator thereof be destroyed three (3) months after the Company had been dissolved. 3) To discharge the Liquidator OOI KEAN TEONG Liquidator No. 34, Lebuh Aston, Taman Aston, 14000 Bukit Mertajam, Pulau Pinang Dated: 5 April 2024 322 Notices Bullish Ferrari … but Verstappen ready to bounce back at Suzuka MAX VERSTAPPEN will be aiming to bounce back from his rare retirement in Australia with a statement win in Sunday’s Japanese Grand Prix but Ferrari are confident they can take the fight to him at Suzuka. Red Bull’s triple Formula One world champion has won from pole position on his last two visits to the figure-of-eight circuit owned by engine partner Honda, and both times by a considerable margin after a previous setback. In 2022, when Suzuka returned after a two-year absence following the Covid-19 pandemic, Verstappen beat teammate Sergio Perez by 27 seconds in a rainshortened race to secure his second drivers’ title. He had finished only seventh in the previous race in Singapore, won by Perez. Last year, Verstappen was fifth in a Singapore Grand Prix won by Ferrari’s Carlos Sainz – Red Bull’s sole defeat of the season – and he then dominated at Suzuka, with fastest lap, to beat McLaren’s Lando Norris by 19 seconds. This time he turns up after suffering his first retirement since 2022, ending a run of nine successive wins, with Sainz going on to win in Melbourne in a Ferrari one-two with Charles Leclerc. Both of Verstappen’s Japanese wins came much later in the year, with Suzuka moving from a September/October title-deciding slot to peak tourist season, but Red Bull hope the story remains the same. “Unfortunately we had a retirement in Australia so we want to come here and show that we are quick again,” Verstappen said at a fan event in Tokyo. “For the last two years, but especially last year, for me Suzuka was a great place, so hopefully we can do something similar.” Suzuka’s fast and flowing lines, with the awesome 130R corner, make it a very different challenge to the three races so far in Bahrain, Saudi Arabia and Melbourne but the sinuous circuit could also play to Red Bull’s strengths. The champions are also rumoured to be bringing a significant car upgrade, with attention focusing on aerodynamic modifications to the sidepods. Ferrari have emerged as Red Bull’s closest rivals, with Leclerc now only four points adrift of Verstappen. “Everybody is very, very tight and each weekend we will need to start from scratch and push again and again and again,” said Ferrari team boss Fred Vasseur at the fan event. “Last year we didn’t perform very well (in Suzuka) but I think we took a step forward in this kind of very high-speed corner. We are in a much better shape compared to one year ago. “I’m convinced that Red Bull will be very strong in Japan, it will be difficult, but it’s open and I think it’s a good motivation the fact that we won last week.” McLaren, Aston Martin and Mercedes can also expect to be in the mix although the latter team are in danger of dropping to fifth overall as they again struggle to unlock performance from their car. Japanese fans will have two home drivers to cheer in first practice, with Ayumu Iwasa replacing Australian Daniel Ricciardo alongside Yuki Tsunoda at Red Bull-owned RB. Haas’s Japanese team boss Ayao Komatsu will also be making his home debut since taking on the role in January. Williams will be back to full strength after racing in Australia with one car after Alex Albon crashed and was handed teammate Logan Sargeant’s. – Reuters Kim sets the pace at LPGA Match Play KIM SEI-YOUNG birdied six of the first 10 holes on her way to a six-under par 66, grabbing a one-stroke lead after yesterday’s opening day of the LPGA Match Play tournament. The 31-year-old South Korean has not won an LPGA title since the November 2020 Pelican Championship, which came a month after her lone major win at the Women’s PGA Championship. A revamped format for this year’s event at Shadow Creek in Las Vegas features three rounds of stroke play with the top eight advancing to weekend match play. Kim, ranked 39th, opened with a birdie, added another at the third hole and reeled off three in a row ending at the par-3 eighth. “It’s a change, the format (of) first three rounds, and feels like a lot of things going on,” Kim said. “It works today. The front nine I didn’t expect I would play… this well. I was just like, some holes, par is best, so I kind of play very smart. That’s what I wanted to do, so pretty solid round. I’m very happy with that.” Kim, who won her first of 12 career LPGA titles in 2015, has adopted a more cautious tone with her game rather than attacking the pins. “But now I don’t follow anymore because if you follow the hole it can be the water, so just kind of very safely play this week.” Rose Zhang, who began on the back nine, birdied her last four holes to seize a share of second with fellow American Danielle Kang on 67. “I felt like I was just really patient out there,” Zhang said. “I had a really good game plan coming in. You can’t really go at pins on this golf course, so making sure that I have my targets and iron play was pretty exceptional. I really gave myself many opportunities out there.” Kang, who also started off the 10th tee, birdied four of her last seven holes to finish on 67. “I played well. I had some really good putts,” Kang said. Sharing fourth on 69 were Japan’s Yuka Saso, Australian Minjee Lee and Sweden’s Anna Nordvist. – AFP WEST INDIES’ Sunil Narine smashed 85 to lead Kolkata Knight Riders (KKR) to the second-best ever IPL total of 272-7 in a crushing 106-run victory over Delhi Capitals yesterday. The mammoth score came just a week after Sunrisers Hyderabad posted the highest ever innings total of 277-3. Kolkata, IPL champions in 2012 and 2014, remain unbeaten from three matches this season after they bowled out Delhi for 166 in 17.2 overs to top the 10-team table. Delhi skipper Rishabh Pant made 55 off 25 balls, his second successive fifty, and Tristan Stubbs hit 54 but the rest of the batting flopped. The venue was Delhi’s adopted home ground due to the upcoming general elections in India but Narine and Kolkata made it their own. “Cricket is all about batting, so to contribute with the bat is pleasing but I also enjoy my bowling,” Narine, an allrounder more renowned for his bowling who returned figures of 1-29 with his spin, said after being named man of the match. “On a good wicket like that, we bowled well and were on the money, so a total team effort from us tonight.” KKR’s pacer Mitchell Starc was a relieved man yesterday after he finally got among the wickets to help his team to a thumping away win over Delhi Capitals in the Indian Premier League. Starc’s US$2.98 million (RM14.1m) deal with Kolkata made him the most expensive player in league history but he struggled to get going in his first two matches, going wicketless and bleeding a combined 100 runs. But the 34-year-old redeemed himself against Delhi by claiming 2-25 in three overs with fellow Australians David Warner and Mitchell Marsh as his victims. “You move on pretty quickly, because the games come thick and fast,” Starc said after the match in Visakhapatnam. “Yeah, probably not the start I wanted, but we’ve been winning games, so that’s what it’s about. “We’re three-nil. And tonight, with bat and ball, we were pretty good, I think. “It can be brutal at times, particularly on the bowlers,” Starc said of the format. “I think we’ve seen on some of the grounds, some of the scores… so yeah, you take a little bit of luck here and there. “We’re three-nil at the start of the season, and tonight we were pretty clinical with bat and ball. “Personal stuff aside, the team’s start has been fantastic.” – AFP/Reuters Narine powers Kolkata to third IPL win arine powers Kolkata to third IPL win PIN HIGH Thomas, Mackay part ways JUSTIN THOMAS announced his split with caddie Jim “Bones” Mackay yesterday, eight days before he tees it up at the Masters. Thomas, a two-time major champion and 15-time PGA Tour winner, hired Mackay in 2021 following the latter’s lengthy run on the bag with Phil Mickelson. “While incredibly difficult for me to say, Bones and I have parted ways,” Thomas wrote on social media. “I’m going to be forever thankful for him joining me on the bag in 2021. The things we’ve been able to accomplish together – the PGA Championship in 2022, the Presidents Cup, the Ryder Cups were all unforgettable experiences,” Thomas said. “His wisdom on and off the course has been a blessing during a tough stretch of my career and he was there every step of the way. I know there are great things coming for both of us down the road. I wish him the best of luck and will always count him and his family amongst my friends.” Rahm gets emotions out DEFENDING Masters champion Jon Rahm hopes that his early return to the scene of his triumph at Augusta National will reduce the emotion of next week’s tournament. Last week he travelled to Augusta and, as well as playing the course, took some time to take in the scene of his second major triumph. “I wanted to go back at least once before Masters Week. I didn’t want the first time back at Augusta National to be the tournament week, I wanted to get a lot of the emotions out of the way, and also see the course and see if they’ve done any changes,” he added. “I was trying to see the golf course, and learn a few new things, and learn what they’ve changed,” said Rahm. “But mainly, in my mind, it was just kind of getting to experience those emotions, and being back, going to the champions locker-room, seeing my name up there,” he said. Kolkata Knight Riders’ Sunil Narine plays a shot during the Indian Premier League (IPL) cricket match against Delhi Capitals. – AFPPIX