TheEdge & The Sun -20 December 2023

TOKYO PROSECUTORS RAID RULING PARTY GROUPS ON MONEY SCANDAL p17 CEOMorningBrief WEDNESDAY, DECEMBER 20, 2023 ISSUE 689/2023 theedgemalaysia.com HOME: Anwar says Look East Policy now includes China p2 MyCC probe provisionally finds seven firms involved in rigging Mindef tenders p8 Exports set to rebound in 2024, economists say after November’s drop p9 Court grants Anwar injunction barring Sanusi from repeating defamatory remarks p14 WORLD: Thailand budgets US$970 mil to renew electric vehicle hub push p21 Report on Page 4. Post-3Q earnings reveal steep discounts, growth potential in semiconductor, RE sectors VECTEEZY.COM

wednesday december 20, 2023 2 The E dge C E O m o rning 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 Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] 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 [email protected] KUALA LUMPUR (Dec 19): A more extensive logistics network covering land and sea transport will strengthen trade relations between Malaysia and China, especially Chongqing. Transport Minister Anthony Loke said Malaysia and China play important roles as logistics hubs for each other and other Asean countries. “They (Chongqing) want to utilise our transport network, rail and maritime, so goods can be traded between regions faster. Our logistics must be well equipped. “Malaysia is an important logistic hub as well for Asean, and we intend to have more trade between Malaysia and China, especially Chongqing,” he told reporters after officiating the China (Chongqing)-Malaysia International Land-Sea Trade Regional Cooperation and Exchange Conference here on Tuesday. Loke said Chongqing is not only interested in Malaysian durians but also Malaysian palm oil to be used as edible oil for health and food purposes. He explained that the demand for Malaysian palm oil from China, especially Chongqing, is high and is expected to continue to increase. “Chongqing is important for Malaysian companies to explore the untapped market because most trade between Malaysia and China focuses on the coastal part of China like Guangzhou, Shanghai and Beijing. “This is another important region in China, the western part of the country, where 50% of their population is in that region. We can have more products from Malaysia going into Chongqing, so we have to utilise full logistic strength to increase exports from Malaysia to Chongqing,” Loke said. He said Malaysia, through Keretapi Tanah Melayu Bhd (KTMB), is also drawing up a railway connection from Malaysia to Laos for cargo goods. “From Malaysia straight to Laos. If you can get to Laos, that means you can get to China because the two countries share a border. Extensive logistics network will strengthen Malaysia-China trade relations — Loke KUALA LUMPUR (Dec 19): Prime Minister Datuk Seri Anwar Ibrahim said Malaysia, which has long looked to Japan and South Korea as models for economic development, is now also interested in learning from China. “We need to be open to revise any policy that has been in place for 40 years,” he told Asahi Shimbun in an interview in Tokyo on Sunday. He was referring to the Look East Policy that former prime minister Tun Dr Mahathir Mohamad introduced in 1982 to learn economic modernisation strategies, primarily from Japan and South Korea. “I wouldn’t say ‘East’ (in this policy) means Japan and South Korea minus China. Now, when we say ‘Look East,’ it’s East (including China)”, he was quoted as saying by Japanese newspapers. Anwar said that because digital technologies, cybersecurity and other issues are changing the world, Malaysia needs to expand on the decades-old policy while continuing its aspects that remain beneficial. Anwar undertook a five-day working Bernama “This is being worked on by KTMB and we hope for more cooperation in this railway sector,” he said. Meanwhile, Federation of Chinese Associations Malaysia president Tan Sri Goh Tian Chuan said the government should expedite the assessment and implementation of the Kuala Lumpur-Singapore High-Speed Rail (KL-Singapore HSR) project. He also hoped that the government would plan for another high-speed rail project to connect Kuala Lumpur and the northern part of peninsular Malaysia to enable seamless north-south connectivity. On the Singapore-Kunming Rail Link (SKRL), better known as the Pan-Asia Railway Network which connects China, Singapore and all countries of mainland Southeast Asia, Goh said the government should seize the opportunity to implement modern high-speed rail systems to strengthen the connection with China and its Asean peers. “This interconnectedness benefits all parties involved,” he added. Anwar says Look East Policy now includes China Bernama visit to Tokyo from Dec 15 to attend a summit celebrating the 50th anniversary of the friendship and cooperation between Japan and the Association of Southeast Asian Nations (Asean). Malaysia advocates a “fiercely independent” foreign policy, and Anwar said the country will deal with China depending on Malaysia’s interests. Anwar said when he visited the US (during Apec 2023 recently), he was asked why Malaysia is tilting towards China. He replied: “Because they’re investing more”. But Anwar said Malaysia will firmly negotiate with China over territorial disputes in the South China Sea and not allow any unilateral action by Beijing. The prime minister also described Japan as a “very important strategic partner”, adding that Malaysia’s relationship with Japan should be expanded under the Look East Policy, to share Japanese work ethic and technologies. According to Asahi Shimbun, Japan announced last Saturday that it would provide equipment for warning and surveillance activity worth ¥400 million (RM13.2 million), including rescue boats and drones, to the Malaysian military under the official security assistance programme. Anwar emphasised that the defence equipment is designed to help Malaysia protect its territorial waters and does not include any submarine or large aircraft. “(The assistance is) mainly for our own security needs, not for offensive or aggressive means,” it quoted Anwar said. During the visit, Malaysia and Japan elevated their bilateral relations to Comprehensive Strategic Partnership. home

WEDNESDAY DECEMBER 20, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Dec 20): As the third quarter (3Q) corporate earnings season concludes, a reassessment of valuations of stocks on Bursa Malaysia suggests a recovery in the semiconductor sector, while the renewable energy (RE) sector, with its deeper discounted valuations and growth forecast potential, could continue to entice investors next year. Of the 14 sectoral indices on Bursa Malaysia, the Energy Index has the largest discount of 46% in its forward price-toearnings ratio (PER) compared to its historical average, followed by the Technology Index at 12%, as per Bloomberg data as of Dec 19, 2023. These two sectors are also forecasted to have relatively larger implied year-onyear earnings per share (EPS) growth — 20% for the Energy Index and 57% for the Technology Index — in 2024. Applying the same two metrics — comparison of forward-to-historical PER and projected EPS to trailing 12-month EPS — on selected sub-sectors reveals significant discounts in several RE sector stocks, as per analyst coverage. These include 59% for Samaiden Group Bhd, 38% for Solarvest Holdings Bhd, and 16% for Pekat Group Bhd. In terms of EPS growth over the next BY CHESTER TAY theedgemalaysia.com Post-3Q earnings reveal steep discounts, growth potential in semiconductor, RE sectors 12 months, Samaiden is predicted to see an increase of over 140%, Solarvest 62%, and Pekat 19%. Among the semiconductor-related stocks, Frontken Corp Bhd holds the most significant forward PER discount of 67% TUESDAY MARCH 2, 2021 4 THEEDGE CEO MORNING BRIEF TABLE SAMPLE FONT/COLOUR Bursa Malaysia sectoral indices’ valuations Indices Forward- ForecastedPE (times) to-historical EPS (sen) to-actual- (%) forward historical PE (%) forecasted actual EPS (%) 1-month return YTD return (Trailing 12 months) Energy 10.25 18.85 -45.62 79.35 66.26 19.75 -3.40 7.01 Technology 32.43 37.03 -12.43 1.95 1.24 56.61 0.47 0.08 Transportation & Logistics 18.09 20.59 -12.13 51.25 52.96 -3.23 -1.40 11.22 Financial services 10.44 11.70 -10.76 1582.86 1587.08 -0.27 0.93 5.22 KLCI 14.69 15.37 -4.41 99.72 110.50 -9.75 0.52 2.11 Consumer products & services 17.82 17.82 0.00 31.22 33.52 -6.86 -0.33 -1.59 REIT 16.25 15.70 3.47 48.08 45.32 6.10 -0.17 7.41 Utilities 14.16 13.14 7.73 90.47 78.35 15.47 0.92 55.62 Telecommunications & media 23.13 20.41 13.32 24.27 66.57 -63.55 -0.68 -0.34 Plantation 23.19 17.47 32.72 303.23 449.87 -32.60 0.30 2.90 Industrial products and services 23.67 17.53 35.01 7.28 4.80 51.75 -1.00 -3.29 Construction 18.93 13.43 41.00 9.91 4.02 146.67 0.60 26.56 Property 13.96 9.10 53.42 60.68 537.38 -88.71 -0.43 39.90 Healthcare 59.88 18.84 217.81 32.45 121.82 -73.36 8.39 13.12 *As at Dec 19, 2023 Source: Bloomberg compared to its historical average, followed by D&O Green Technologies Bhd. D&O, however, is projected to see an EPS growth of 282%, which is significantly greater than Frontken’s 66%. Malaysian Pacific Industries Bhd’s forward PER stands at a 30% discount to its historical average and forecasts a nearly 900% EPS growth. The widespread discounted valuations on a majority of semiconductor stocks, coupled with their projected high earnings, could signal an expected chip recovery in 2024, following the sector’s downturn this year. Fortress Capital Asset Management chief executive officer Thomas Yong said despite the mixed 3Q results for the electrical and electronic (E&E) sector in 2023, many local semiconductor and technology-related companies are gearing up for the next upcycle. “These firms are actively expanding capacity and boast resilient balance sheets, capable of withstanding prolonged downturns. Investors may consider picking up local E&E counters with exposure to the Chinese smartphone market as there are signs of recovery,” he told The Edge when contacted. CONTINUES ON PAGE 5

WEDNESDAY DECEMBER 20, 2023 5 THEEDGE CEO MORNING BRIEF HOME Construction and industrial stocks trading at a premium, growth already priced in As the Malaysian economy continues to bounce back from global disruptions, Bursa Malaysia indices like Construction and Industrial Products and Services are forecasted to exhibit stronger EPS growth. However, the market seems to have already accounted for this growth, evidenced by their premium trading compared to their historical average PER. In contrast, the Healthcare Index shows the highest forward PER relative to its historical average, possibly skewed Breakdown of oil & gas stocks valuations* Velesto Energy 13.82 -95.88 1.70 0.07 2,328.57 2.17 56.67 -10.55 -101.16 Wasco 11.18 -63.82 8.90 3.22 176.39 -0.50 60.48 94.14 -36.61 Coastal Contracts 6.46 -62.66 25.70 60.91 -57.81 -14.87 -29.96 113.14 413.30 Dayang Enterprise Holdings 8.83 -59.26 18.00 12.15 48.15 -11.72 23.96 NA -914.22 Hibiscus Petroleum 5.08 -55.14 49.80 52.13 -4.46 -2.69 -2.54 -38.66 210.40 Uzma 5.88 -48.22 13.00 11.65 11.59 -5.56 45.71 627.04 246.83 Yinson Holdings 9.61 -46.70 25.70 24.48 4.97 2.06 2.88 46.88 103.97 Gas Malaysia 11.70 -34.87 27.60 29.16 -5.35 -0.62 6.32 56.05 49.98 T7 Global 7.91 -26.73 5.50 4.03 36.48 -7.45 31.82 92.74 141.83 Petron Malaysia Refining & Marketing 4.52 -24.08 100.00 77.50 29.03 -2.16 10.00 26.05 -4.86 Petronas Dagangan 21.41 -20.72 103.30 91.30 13.14 -1.84 0.40 46.60 88.20 Dialog Group 18.33 -19.06 10.80 9.16 17.90 -6.40 -17.74 0.50 -1.61 Deleum 8.58 -18.25 11.30 11.16 1.25 0.52 13.94 146.90 219.98 Bumi Armada 3.89 -8.63 13.10 11.97 9.44 -4.67 6.25 27.58 18.00 Petronas Gas 18.28 6.41 96.40 90.49 6.53 3.91 7.42 -17.27 -12.21 Petronas Chemicals Group 18.23 29.42 38.90 26.00 49.62 -1.80 -14.73 -13.94 -64.09 *Only those with available forward and historical PE **NA due to swings between profit & loss/chg of FY As at Dec 19, 2023 Source: Bloomberg Stocks Forward Forward- EPS (sen) Forecasted Share price Earnings PE to- forecasted actual to-actual changes (%) growth (%)** (times) historical (Trailing EPS (%) 1-month YTD past 1 year past 3 years PE (%) 12 months) FROM PAGE 4 CONTINUES ON PAGE 6 by glove sector constituents in the index. The four largest glove stocks in Malaysia currently trade at high valuations relative to their historical average PER, displaying limited EPS potential after experiencing negative earnings growth in the past three years. Other healthcare-related players are generally trading at a discount to their historical average PER, and some, such as UMediC Group Bhd, anticipate nearly 60% EPS growth. However, the EPS outlook for larger entities is less optimistic, with a projected contraction of 28% for IHH Healthcare Bhd and a slight 0.6% decline for KPJ Healthcare Bhd. Kotra Industries Bhd, despite having the most significant discount of 56% among peers, may only see an 8.2% EPS growth, as per analysts’ estimates. Distinct opportunities also lie in different sub-sectors. For instance, Genting-related hospitality stocks are trading at a discount and are projected to recover earnings next year. DRB-Hicom Bhd’s EPS may register growth, despite the anticipated contraction in profitability for pure automotive plays. Dayang Enterprise Holdings Bhd and Uzma Bhd stand out among oil and gas peers. TUESDAY MARCH 2, 2021 4 THEEDGE CEO MORNING BRIEF TABLE SAMPLE FONT/COLOUR Breakdown of glove stocks valuations* Hartalega Holdings 47.86 361.36 5.60 -11.12 NA 14.04 57.65 NA -107.18 Kossan Rubber Industries 44.88 406.66 4.10 0.44 828.86 16.46 71.11 -94.49 -99.65 Top Glove Corp 34.81 450.09 2.70 -11.56 NA 19.75 3.87 NA -112.00 Supermax Corp 39.00 778.82 2.50 -5.61 NA 7.14 16.74 NA -104.06 *Only those with available forward and historical PE **NA due to swings between profit & loss/chg of FY As at Dec 19, 2023 Source: Bloomberg Stocks Forward Forward- EPS (sen) Forecasted Share price Earnings PE to- forecasted actual to-actual changes (%) growth (%)** (times) historical (Trailing EPS (%) 1-month YTD past 1 year past 3 years PE (%) 12 months) TUESDAY MARCH 2, 2021 4 THEEDGE CEO MORNING BRIEF TABLE SAMPLE FONT/COLOUR Breakdown of gaming stocks valuations* Genting Malaysia 16.36 -40.94 16.50 -3.47 NA 6.30 6.38 45.08 -85.55 Genting 10.27 -38.62 45.20 15.86 184.99 7.16 7.16 78.10 -150.24 Magnum 9.40 -0.30 11.70 8.82 32.69 -3.50 -10.45 54576.63 -306.68 Sports Toto 8.99 13.80 16.90 15.68 7.78 2.01 -1.41 40.05 120.02 *Only those with available forward and historical PE **NA due to swings between profit & loss/chg of FY As at Dec 19, 2023 Source: Bloomberg Stocks Forward Forward- EPS (sen) Forecasted Share price Earnings PE to- forecasted actual to-actual changes (%) growth (%)** (times) historical (Trailing EPS (%) 1-month YTD past 1 year past 3 years PE (%) 12 months)

WEDNESDAY DECEMBER 20, 2023 6 THEEDGE CEO MORNING BRIEF HOME Opportunities in blue chips Looking at blue-chip opportunities, over twothirds of the 30 constituents in KLCI are trading at a forward PER lower than their historical average, with discounts ranging from 3.87% to 62%. Two YTL-related stocks stand out here, as they are trading at discounts of above 61% to their historical average PER, despite a yearto-date rally of over 200%. YTL Corp Bhd is projected to see an 11% EPS increase, while YTL Power International Bhd’s EPS is expected to drop by 4.1%. Right behind them are Press Metal Aluminium Holdings Bhd, with a 59.4% discount and a predicted EPS growth of 44%, and QL Resources Bhd, with a 42% discount and a forecasted EPS rise of 14%. Year-to-date, the KLCI has slipped by 1.99%. While this performance isn’t as dismal as its counterparts in Hong Kong (down 16.56%) and Thailand (down 16.41%), it falls short compared to benchmark indices in Japan (up 27.3%) and Indonesia (up 4.92%). Among the 30 KLCI constituents, telecommunications stocks appear to trade at a premium. Both CelcomDigi Bhd and Maxis Bhd have forward PER higher than their historical averages, with Axiata Group Bhd claiming the highest forward PER valuation among them, at 33 times. This trend is reflected in Bursa Malaysia’s sectoral indices as well. The TelecommuniFROM PAGE 5 cations & Media Index displays a forward PER higher than its decade-long average, with a Bloomberg poll of analysts predicting lower EPS than its trailing 12-month EPS. Malaysia’s economic growth to drive continuous corporate earnings improvement Commenting on the local corporate outlook, Fortress Capital’s Yong said for the upcoming one to two quarters, earnings for general retailers and food and beverages retailers might pick up, amid the festive seasons. “The recent relaxation of visa entry for China, India and certain Middle East citizens should see a pick-up in tourist arrivals, and benefit the tourism-related sectors. Investors may also look at sectors that are domestically oriented as they are somewhat shielded from external volatility, for example, the local construction industry. With the anticipation of numerous infrastructure projects being rolled out in 2024, the industry is poised to see a meaningful recovery in the coming quarters,” he said. Yong said recent market performances are largely affected by external factors such as the US inflation data and the Federal Reserve’s guidance, which signalled that the tightening cycle is likely to have ended, and interest rates will be lowered next year. “We think that the market has largely digested the recent 3Q earnings, which signalled a stabilisation in the economy despite weak exports. At the moment, the KLCI is trading at TUESDAY MARCH 2, 2021 4 THEEDGE CEO MORNING BRIEF TABLE SAMPLE FONT/COLOUR Breakdown of renewable energy stocks valuations* Samaiden Group 16.97 -58.63 6.60 2.73 141.71 -2.61 39.69 -15.52 52.00 Solarvest Holdings 21.36 -38.31 5.90 3.64 62.09 -0.79 47.37 184.68 94.35 Pekat Group 18.26 -15.71 2.30 1.94 18.64 -6.67 -6.71 -20.72 -2.91 Advancecon Holdings 28.50 353.64 1.00 -3.59 NA -1.72 14.00 NA -526.28 *Only those with available forward and historical PE **NA due to swings between profit & loss/chg of FY As at Dec 19, 2023 Source: Bloomberg Stocks Forward Forward- EPS (sen) Forecasted Share price Earnings PE to- forecasted actual to-actual changes (%) growth (%)** (times) historical (Trailing EPS (%) 1-month YTD past 1 year past 3 years PE (%) 12 months) TUESDAY MARCH 2, 2021 4 THEEDGE CEO MORNING BRIEF TABLE SAMPLE FONT/COLOUR Breakdown of semiconductor stocks valuations* Frontken Corp 26.36 -66.56 11.80 7.13 65.50 -3.12 1.81 17.98 14.09 D&O Green Technologies 36.39 -66.14 9.70 2.54 281.89 1.73 -17.52 -33.02 -67.34 Oppstar 22.33 -40.85 6.00 3.55 69.05 -11.84 107.20 22.39 57.97 Inari Amertron 25.47 -33.59 11.70 8.10 44.44 1.09 17.51 -17.24 -17.71 Malaysian Pacific Industries 22.29 -29.52 125.60 12.65 892.89 5.66 -1.37 -81.35 -91.56 QES Group 14.85 -24.71 3.40 2.56 32.81 -4.72 -20.46 39.17 29.51 Unisem 30.93 -19.92 10.80 7.35 46.94 4.05 24.20 94.85 -40.93 Elsoft Research 22.29 46.61 2.40 5.67 -57.66 -1.83 -2.01 292.32 1815.60 Globetronics Technology 29.29 50.45 5.60 4.77 17.40 5.81 45.53 -14.14 -38.44 KESM Industries 68.80 295.93 10.00 -1.70 NA -3.10 -1.13 NA -104.78 *Only those with available forward and historical PE **NA due to swings between profit & loss/chg of FY As at Dec 19, 2023 Source: Bloomberg Stocks Forward Forward- EPS (sen) Forecasted Share price Earnings PE to- forecasted actual to-actual changes (%) growth (%)** (times) historical (Trailing EPS (%) 1-month YTD past 1 year past 3 years PE (%) 12 months) an attractive valuation of 14 times 2024 PER, when compared to the historical average of about 16 times. We expect corporate earnings to improve, underpinned by stronger economic growth. Hence, we see further upside for Malaysian stocks moving into 2024,” he said. “Generally, we think most sectors are likely to improve. However, given that interest rates and inflation might prevail at high levels for some time despite the expectation of easier monetary policy going forward, we would prefer to look for companies with sound cash flow and balance sheets. Also, we prefer companies with exposure to domestic demand rather than external demand,” he added. In a research note last Friday (Dec 15), RHB Research said the main drivers for equity markets in 2024 will centre on macroeconomic conditions. “We expect investors to refocus on fundamentals while easing inflation data, a peaking monetary tightening cycle, the potential for easier liquidity conditions, softer US Dollar Index trends and the pace of recovery in China’s macroeconomic conditions will be the key positive influences. “The fundamental upside for equity markets will also be determined by the ability of corporates to meet earnings growth expectations — considering corporate Malaysia’s poor recent track record in this regard,” it said. See all related charts

WEDNESDAY DECEMBER 20, 2023 7 THEEDGE CEO MORNING BRIEF

wednesday december 20, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 19): The Ministry of Investment, Trade and Industry (Miti) has secured a total of RM29.6 billion in potential investment and RM2.8 billion in potential exports from two investment missions to Japan since June this year. In a statement on Tuesday, Miti said it achieved RM6.6 billion of potential foreign direct investment (FDI) and RM700 million of potential exports via its recent trade and investment mission to Japan. “Facilitated by Miti’s agencies, the Malaysian Investment Development Authority [Mida] and the Malaysian External Trade Development Corporation [Matrade], this mission was held concurrently with the Asean-Japan Commemorative Summit where Malaysia’s delegation was led by Prime Minister Datuk Seri Anwar Ibrahim. “Miti and its agencies also arranged for a round table meeting between the prime minister and 25 Japanese captains of industry as well as one-to-one meetings with ROHM Wako, NEC Corp and Mitsui & Co Ltd,” it said. It said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz also conducted one-to-one meetings with Miyoshi Oil and Fat Co Miti secures RM29.6 bil investment, RM2.8 bil exports from 2 successful missions to Japan KUALA LUMPUR (Dec 19): An investigation by the Malaysia Competition Commission (MyCC) has provisionally found seven enterprises to have colluded in their bid submissions for four tenders issued by the Ministry of Defence for provision of goods and services worth about RM20.8 million. Its investigations also revealed that the firms had engaged in bid rigging through the exchange of information, facilitation of tender submission and subcontracting as a kickback, said the commission in a statement on Tuesday. According to the commission, it had issued a proposed decision against the companies. “It is important to highlight that MyCC’s findings are provisional and it should not be assumed that any enterprise has infringed the Competition Act 2010 at this stage,” it said. The commission added that all these enterprises can submit their written representation within 30 days from the date of service of the proposed decision. “They also have the option to present their response orally at a later date, which will be determined after receiving their written submissions,” it said. According to the statement, the enterprises that were implicated by their participation in the tenders were: MyCC probe provisionally finds seven firms involved in rigging Mindef tenders by Luqman Amin theedgemalaysia.com Bernama Ltd, Marubeni Corp, Nichicon Corp and Itochu Corp. “What is equally important is that many of these new investments are from our target sectors, including renewable energy, electrical and electronics, chemical and digital economy, in line with our New Industrial Master Plan’s [NIMP2030] missions and intended outcomes. “We attract investments that will support our missions to embrace technology and digitalisation to drive innovation, enhance productivity and create new opportunities for economic growth as well as decarbonise the manufacturing sector,” the minister said. He said Miti is also determined to ensure these investments are realised quickly to bring about more opportunities for the country’s small and medium enterprises and better-paying jobs for Malaysians. “To that end, various investment approvals, at the federal and state levels, have been expedited through the Investment and Trade Action Coordination Committee [ITACC], and the Investment Coordination Committee Meeting [ICCM],” Tengku Zafrul added. • Agenda Ekslusif Sdn Bhd • Nekad Waja Resources • Star Apax Enterprises • Prospectrum Sdn Bhd • Spectron Sdn Bhd • Teknokrat Makmur Enterprise • NK Panorama Enterprise MyCC chief executive officer Iskandar Ismail said the authority is firmly committed to collaborating with the government to eliminate bid-rigging cartels, in tandem with the aspiration of the government. “We deem cartel activities as the supreme evil in competition law. MyCC remains dedicated to our ongoing investigations into bid-rigging cartels and anticipates releasing more decisions in the coming months,” Iskandar said. “MyCC’s dedicated team of investigators have been working tirelessly to uncover and dismantle these harmful bid-rigging cartels. Their extensive research and meticulous analysis have led to the investigation of cases involving more than 500 companies for tenders’ worth over RM2 billion. We would like to thank the Ministry of Defence for their openness and excellent cooperation,” Iskandar added. the edge the edge

wednesday december 20, 2023 9 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 19): Shares in Apollo Food Holdings Bhd spiked to a seven-year high of RM5.78 on Tuesday’s morning trade session after it announced that Scoop Capital Sdn Bhd, the franchisee of Baskin-Robbins, is acquiring a controlling stake in the company. The counter pared its gains to end the day 37 sen or 6.9% higher at RM5.77, making it the fifth top gainer on Bursa Malaysia. Year to date, the share price has risen 48.70%. At RM5.74, its market capitalisation stood at RM459.2 million or RM5.80 per share. On Monday, Apollo said that Scoop Capital is acquiring a controlling 51.31% stake or 41.05 million shares in Apollo for RM238.08 million cash. Scoop Capital is purchasing the 41.05 million Apollo shares from Keynote Capital Sdn Bhd — the investment vehicle of Singaporeans Liang Chiang Heng and his younger brother Liang Kim Poh — at RM5.80 per share, a 7.4% premium to the last closing price, before the takeover announcement, of RM5.40. While Scoop Capital is obliged to extend an unconditional mandatory takeover offer to acquire all the remaining 48.49% Apollo hits sevenyear high after Baskin-Robbins’ franchisee acquires controlling stake KUALA LUMPUR (Dec 19): Malaysia’s exports are set to rebound to positive territory in 2024, supported by a re-acceleration in the global technology cycle as well as better economic prospects of major trade partners, despite the November export data coming in worse than consensus expectations, according to economists. RHB economists said there is potential for export data to turn positive by the first quarter of 2024 (1Q2024), following a smaller contraction in export data during 4Q2023 compared with the first half of the year. “We have begun to see more evidence of improvement in trade activities by regional economies in recent months. Further out, the global growth is envisaged to accelerate in 2024 as rate normalisation may materialise in 2H2024 with [the US] Federal Funds Rate peak in 1Q2024, inflation risks to dissipate over the same period and China’s economic recovery by 2024,” the economists said in a note on Tuesday. The note was issued after the Department of Statistics Malaysia (DOSM) reported that the country’s exports decreased 5.9% to RM122.1 billion in November, due mainly to lower demand for electrical and electronic products. The contraction was worse than Bloomberg consensus estimate of a 5.2% decline, and RHB’s projection of a 4.0% decline. The November export performance was worse than expected due to weakness in electrical and electronic shipments as well as a sharper fall in exports to major destinations like China and the US. Meanwhile, overall trade saw a moderate decrease of 2.4% year-on-year (y-o-y) to RM231.79 billion in November, said the Ministry of Investment, Trade and Industry. However, Malaysia maintained its trade surplus during the month, valued at RM12.41 billion, making it the 43rd Exports set to rebound in 2024, economists say after November’s drop by Emir Zainul theedgemalaysia.com consecutive month of trade surplus since May 2020, albeit the smallest surplus in the three and a half years. MIDF Research expects the momentum for external trade recovery to continue into 2024, following an upside bias in 4Q2023. It maintained its forecast that exports and imports will recover next year, a pickup from projected declines of 7.6% for exports and 7.0% for imports y-o-y, in 2023. “Nevertheless, factors such as significant slowdown in final demand from the advanced economies, worsening of geopolitical and trade tensions and elevated price pressures, could adversely affect global trade outlook,” the research house contended. Similarly, UOB expects an export growth rebound of 3.5% in 2024, reinforced by signs of a further recovery in the global tech cycle, an expected improvement in China’s economy and a projected soft landing in the advanced economies with gradual monetary policy loosening going into next year. “That said, a potential escalation in geopolitical tensions (particularly Middle East conflicts and US-China tech war) and tighter-than-expected financial and monetary conditions are wildcards to our export growth outlook. “Many key countries are also due to hold their presidential or general elections next year including the US (on Nov 5), Russia (March 17) and Taiwan (Jan 13). The election results will then shape the future geopolitical landscape and trade ties around the world,” the bank’s economists said in a note. Apollo Food Holdings Bhd As at 5pm, Dec 19, 2023 Source: Bloomberg Dec 19, 2022 Dec 19, 2023 RM5.77 RM3.40 RM 3 4 5 6 stake in the group, it intends to maintain the listing status of Apollo on the Main Market of Bursa Malaysia. Scoop Capital is 90%-owned by Datuk Cheah See Yeong, with the remaining 10% owned by his spouse Datin Soon Gock Lan. by Emir Zainul theedgemalaysia.com

wednesday december 20, 2023 10 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 19): IGB Real Estate Investment Trust (IGB REIT) announced the passing of its joint chief operating officer Daniel Yong Chen-I on Tuesday, due to a sudden cardiac arrest. Yong, a law graduate from the University of Bristol, England, had been an integral part of Mid Valley City Sdn Bhd (MVC) since 1999, initially joining as a member of the pre-opening retail development team. He was later appointed as the executive director of MVC in 2003 and served as its chief executive officer, responsible for overseeing the management and operations of Mid Valley Megamall. Additionally, Yong was also involved in the design and pre-opening of The Gardens Mall from 2004 to 2007. In a statement, IGB REIT expressed its deepest condolences to Yong’s family, requesting privacy during this difficult time. “We kindly request that the privacy of the family be respected as they mourn the untimely loss of their loved one,” the statement read. NEW DELHI (Dec 19): Malaysian palm oil futures rose for a fourth straight session on Tuesday, fuelled by lower inventories and mounting concerns over dry weather conditions shrinking output in top producing countries. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange had climbed RM37, or 0.99%, to RM3,782 by midday break. “The two major factors that continue to impact prices are prospects of lower production and falling stocks,” said a Mumbai-based dealer. Malaysia’s palm oil stocks at the end of November fell for the first time in seven months as production slumped more than exports, data from industry regulator showed last week. Indonesia, the world’s biggest palm oil producer, exported 3.00 million metric tonnes of palm oil products in October, down 31% from the same month last year, data from the Indonesian Palm Oil Association (Gapki) showed on Tuesday. Exports of Malaysian palm oil products in the first half of December fell 13.6% month-on-month to 591,490 metric tonnes, cargo surveyor Intertek Testing Services said on Friday. Soyoil futures on the Chicago Board of Trade were down 0.14%. Indonesia plans to set its crude palm oil reference price at US$767.51 per metric tonne for the Dec 16-31 period, down from US$795.14 in the first half of the month. India’s palm oil imports in November jumped to a near three-month high, up nearly 23% from October as refiners preferred the tropical oil over rival soyoil and sunflower oil due to steep discounts, a leading trade body said. Palm oil may bounce more into a range of RM3,813-RM3,835 per metric tonne, as it has briefly pieced above a resistance zone of RM3,775-RM3,781. Meanwhile, oil prices rose as attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels. IGB REIT joint COO Daniel Yong passes away Palm gains on mounting concerns over production KUALA LUMPUR (Dec 19): Dataprep Holdings Bhd (DHB) has proposed to acquire a 70% stake in DACS Network Solutions Sdn Bhd (DNS) for a total purchase consideration of RM10.5 million. The group told Bursa Malaysia on Tuesday that its unit, Solisnet Sdn Bhd (SSN) has acquired the stake in DNS from Cloudaron Group Bhd. It added that the purchase consideration will be satisfied via issuance of 82.68 million shares in the group, at an issuance price of 12.7 sen per share. “The proposed acquisition provides the group with an opportunity to expand its business offerings, whilst simultaneously enabling DHB to derive synergistic benefits through the acquisition of the 70% equity interest in DNS. “Upon completion of the proposed acquisition, given the similarity in business nature, DHB may leverage on DNS’ extensive knowledge in the telecommunication industry and capitalize on DNS’ existing customer base. “The proposed acquisition may help DHB to enhance its cost efficiency through synergies and economies of scale. The proposed acquisition allows for the streamlining of operations, reduction of redundant costs and optimised resource allocations,” it said. According to the group, DNS is principally involved in the provision and management of network connectivity services, operating as a telecommunications industry dealer. Separately, the group proposed a private placement of up to 316.27 million new DHB Shares, representing 30% of the enlarged total number of issued DHB Shares based on the number of issued DHB Shares of 737.97 million as at Dec 15. Based on the illustrative issuance price of 12.7 sen, the proposed private placement is expected to raise RM40.17 million. The group intends to use most of the proceeds to finance its working capital and repay its bank borrowings. Shares in Dataprep closed unchanged at 14 sen, giving it a market capitalization of RM110.83 million. Year to date, the stock has fallen by 37%. Dataprep to buy 70% of DACS Network, plans RM40.17 mil private placement by Sulhi Khalid theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com by Mayank Bhardwaj Reuters Low Yen Yeing/The Edge

WEDNESDAY DECEMBER 20, 2023 11 THEEDGE CEO MORNING BRIEF Mercedes-Benz Malaysia Sdn Bhd (Reg.no. 200201028433 (596096-H)) Customer Care Center: 1-800-88-1133 [email protected] www.mercedes-benz.com.my Mercedes-Benz Services Malaysia Sdn Bhd (Reg.no. 201201027083 (1011573-P)) [email protected] www.mercedes-benz.com.my/financial KUALA LUMPUR • Cycle & Carriage Bintang Berhad (7378-D) (Cheras) Tel: 1800-22-8000 • Hap Seng Star Sdn Bhd (659844-H) (Jalan Sultan Ismail) Tel: 03-2116 9228 • Hap Seng Star Sdn Bhd (659844-H) (Jalan Ipoh) Tel: 03-6250 1388 • Hap Seng Star Sdn Bhd (659844-H) (Kinrara) Tel: 03-8073 3891 • NZ Wheels Sdn Bhd (329033-V) (Bangsar) Tel: 03-2287 3999 • SELANGOR • Cycle & Carriage Bintang Berhad (7378-D) (Petaling Jaya) Tel: 1800-22-8000 • Cycle & Carriage Bintang Berhad (7378-D) (Mutiara Damansara) Tel: 1800-22-8000 • Cycle & Carriage Bintang Berhad (7378-D) (Glenmarie) Tel: 1800-22-8000 • NZ Wheels Sdn Bhd (329033-V) (Klang) Tel: 03-3341 3333 • Hap Seng Star Sdn Bhd (659844-H) (Balakong) Tel: 03–8947 9688 • Hap Seng Star Sdn Bhd (659844-H) (Bukit Tinggi) Tel: 03-3318 0308 • Hap Seng Star Sdn Bhd (659844-H) (Setia Alam) Tel: 03-3362 1068 • KEDAH & PERLIS • Asbenz Motors Sdn Bhd (639691-H) (Sungai Petani) Tel: 04-431 7000 • Asbenz Stern Sdn Bhd (1267419-A) (Langkawi) Tel: 04-961 0988 • Cycle & Carriage Bintang (Northern) Sdn Bhd (114255-P) (Alor Setar) Tel: 1800-22-8000 • P.PINANG • Cycle & Carriage Bintang (Northern) Sdn Bhd (114255-P) (Georgetown) Tel: 1800-22-8000 • Cycle & Carriage Bintang (Northern) Sdn Bhd (114255-P) (Juru) Tel: 1800-22-8000 • PERAK • Cycle & Carriage Bintang (Perak) Sdn Bhd (1554-H) (Ipoh) Tel: 1800-22-8000 • N.SEMBILAN • Minsoon Star Sdn Bhd (21760-X) Tel: 06-851 2882 • TERENGGANU • Asbenz Stern Sdn Bhd (1267419-A) Tel: 09-626 1200 • MELAKA • Hap Seng Star Sdn Bhd (659844-H) Tel: 06-281 3638 • JOHOR • Cycle & Carriage Bintang Berhad (7378-D) Tel: 1800-22-8000 • NZ Wheels Sdn Bhd (329033-V) Tel: 07-355 7218 • BR Jaya Sdn Bhd (357552-H) (Batu Pahat) Tel: 07-434 1199 • PAHANG • Asbenz Stern Sdn Bhd (1267419-A) Tel: 09-516 3355 • KELANTAN • Mofaz Exotic Car Sdn Bhd (182538-P) Tel: 09-747 4100 • SABAH • Hap Seng Star Sdn Bhd (659844-H) Tel: 088-275 766 • SARAWAK • Hap Seng Star Sdn Bhd (659844-H) (Kuching) Tel: 082-356 611 Terms and conditions apply. Service 5 Packages Years 5 5 Warranty Star Experience Embrace joy this season with the Mercedes-Benz Holiday Celebration. Unbox a special holiday gift for your EQB and make it a distinguished December. Visit your preferred Mercedes-Benz showroom today. EQB with Love.

wednesday december 20, 2023 12 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 19): TA Securities has revised upward its target price for United Malacca Bhd to RM4.53, based on 16-times calendar year 2024 earnings per share (EPS), after incorporating the higher-than-expected results for the second quarter of financial year 2024 (2QFY2024). In a note on Tuesday, the research firm maintained its ‘sell’ recommendation on the plantation company’s stock, citing better oil palm age profile and crop recovery surrounding United Malacca’s operation in Indonesia. “We revise upward our FY2024 and FY2025 earnings projections by 46.5% and 4.9% respectively, after incorporating the higher-than-expected 2QFY24 results, higher fresh fruit bunches (FFB) production growth and margins” TA Securities said. The research house also introduced its FY2026 earnings forecast for United Malacca at RM70 million. “Going forward, management would remain focused on improving labour productivity, mechanisation initiatives and cost efficiency, as well as increasing oil yield,” TA Securities said. Earlier, United Malacca reported its core net profit for 2QFY2024 decreased by 3.4% year-on-year (y-o-y) to RM16.2 million, mainly due to lower palm oil prices and FFB production from its Malaysian operations. However, the results came in above the research house’s estimate, but within consensus estimate, due to better-than-expected FFB production growth and margins. At Monday’s close, shares of the group settled four sen or 0.8% lower to RM4.93, giving it a market capitalisation of RM1.03 billion. Year to date, the stock has fallen 8.7%. TA Securities raises FY2024 and FY2025 earnings projections for United Malacca KUALA LUMPUR (Dec 19): RHB Investment Bank Research has maintained its ”buy” rating on Kotra Industries Bhd at RM4.67 with a revised target price of RM5.40 (from RM5.60), saying the company should be a major beneficiary of pent-up consumer demand for nutraceutical products amid the recent resurgence of Covid-19 cases. In a note on Tuesday, the research house said Kotra’s over-the-counter (OTC) products (circa 60% of its topline) offer immunity benefits to consumers at different stages of life. “The stock is trading at 10x FY24F P/E, in line with its historical mean. “We trim our ESG score to 3.1 from 3.2, after revisiting the metrics for all three pillars,” it said. RHB said the increase in health awareness among consumers in terms of boosting immunity against Covid-19 and other non-communicable diseases (NCD) should be a near-term re-rating catalyst that will propel the growth of the consumer healthcare product market. “Our TP is based on 12x CY24F PE, or 0.8SD above its pre-pandemic 5-year historical mean of 11x, as the pick-up in consumer discretionary spending could boost the demand for neutraceutical products next year. “Our TP incorporates a ESG premium of 2% as Kotra’s ESG score is a notch above the country median,” it said. KUALA LUMPUR (Dec 19): Hong Leong Investment Bank (HLIB) Research has downgraded the media sector to “underweight” (from neutral), citing flattish advertising expenditure (adex) growth — -0.2% year-on-year (y-o-y) — in 9M2023. In a note on Tuesday, the research house said that as expected, it witnessed a sustained declining trend of traditional advertising platforms as advertisers allocated more budget towards digital advertising, evident by its +3.5% y-o-y uptick. HLIB said that macro wise, prospects are looking bleak with both Malaysian Institute of Economic Research consumer sentiments index (78.9 points; -19.5 percentage points [ppt] y-o-y) and Business Continuity Institute (79.7 points; -20.1ppt y-o-y) having registered weak numbers below the optimism thresholds of 100 points. “We anticipate media sector’s outlook to remain lacklustre with (i) decrease in government adex spend with the conclusion of state elections; (ii) advertisers cutting back on ad spend in view of weaker consumer sentiment caused by higher interest rates and cost of living; and (iii) stiff competition from globally well-known and developed digital platforms. “As a result, we anticipate subdued earnings for stocks within our coverage with Sell calls for both Astro Malaysia Holdings Bhd (TP: 31 sen) and Media Prima Bhd (TP: 31 sen),” it said. HLIB said Media Prima’s 3Q2023 sales were dragged by contractions in all of its major revenue generators, namely Omnia, broadcasting and home shopping, while Astro’s 3QFY2024 revenue was hit by declines in both TV and radio segments. “TV was down on the back of the decrease in subscription and advertising revenue, while radio moderated from a high base from festive season coupled with softer consumer sentiment. “We reckon that the outlook for both remain lacklustre with Media Prima still struggling with fierce competition as more digital avenues are being introduced with new social media platforms, coupled with streamers introducing cheaper ad-supported tiers to consumers,” it said. Kotra potential beneficiary of spike in Covid-19 cases — RHB IB HLIB downgrades media to ‘underweight’, sees subdued earnings for Astro, Media Prima by Surin Murugiah theedgemalaysia.com by Surin Murugiah theedgemalaysia.com by Luqman Amin theedgemalaysia.com Kotra Industries Bhd Forecasts and valuation June-22 June-23 June-24F June-25F June-26F Total turnover (RM mil) 208 242 257 272 288 Recurring net profit (RM mil) 59 64 62 64 76 Recurring net profit growth (%) 148.9 8.2 (4.1) 4.2 17.9 Recurring P/E (x) 11.62 10.74 11.20 10.75 9.12 P/B (x) 2.8 2.5 2.3 2.1 1.9 P/CF (x) 10.15 9.26 14.49 9.10 8.06 Dividend yield (%) 5.5 5.5 4.5 4.7 5.5 EV/Ebitda (x) 8.40 7.70 7.11 6.44 5.30 Return on average equity (%) 27.6 25.3 21.5 20.2 21.5 Net debt to equity (%) net cash net cash net cash net cash net cash Sources: Company data, RHB

wednesday december 20, 2023 13 The E dge C E O m o rning brief home news In brie f Advance Information’s rights issue oversubscribed by 32.9% KUALA LUMPUR (Dec 19): Advance Information Marketing Bhd’s three-forone rights issue with free warrants has been oversubscribed by 32.9%. In a bourse filing on Tuesday, the group said it received valid acceptances and excess applications for a total of 388.94 million rights shares, in respect of the 292.66 million shares available for subscription. “The excess rights shares with warrants have firstly been allocated to minimise the odd lots held by each applicant,” the group said, adding that the balance shares were distributed to those who had applied for excess rights shares. The rights shares are expected to be listed on the ACE Market of Bursa Securities on Dec 28. Shares in Advance Information closed unchanged at 12 sen, giving the group a market capitalisation of RM46.9 million. — by Sulhi Khalid Group CFO Shafiq Abdul Jabbar leaving Astro for AMMB Holdings KUALA LUMPUR (Dec 19): Shafiq Abdul Jabbar is set to leave as group chief financial officer (CFO) of pay-TV provider Astro Malaysia Holdings Bhd to assume the same post at AMMB Holdings Bhd, effective Feb 15, 2024. Shafiq will take over AMMB’s CFO post from incumbent Jamie Ling Fou-Tsong, who was appointed to succeed Datuk Sulaiman Mohd Tahir as the bank’s chief executive officer last month, according to AMMB’s filing on Tuesday (Dec 19). Ling is to step down from the bank’s CFO post for Shafiq’s appointment, effective Feb 15. Hence, Shafiq will step down Astro’s CFO — a position he has held for nearly seven years — on Jan 1. Before his time at Astro, Shafiq had served as group and financial controller and Malaysian CFO at CIMB Group Holdings Bhd. Astro’s group chief operating officer (COO) Dr Grace Lee Hwee Leng will take over the post he vacates. Lee rejoined Astro as COO in August after serving as CFO at AEON Co (M) Bhd for one year and nine months. — by Izzul Ikram Veteran lawyer Sulaiman Abdullah passes away PETALING JAYA (Dec 19): Senior lawyer and former Malaysian Bar president Datuk Sulaiman Abdullah passed away Monday evening. The news was confirmed by his son Huzir Sulaiman, who was present at his bedside. Sulaiman, 77, had previously represented Datuk Seri Anwar Ibrahim in his abuse of power and sodomy cases. He had also appeared in the Perak constitutional crisis case of Datuk Seri Mohd Nizar Jamaluddin vs Datuk Seri Dr Zambry Abdul Kadir. Sulaiman was supposed to lead the prosecution of former prime minister Datuk Seri Najib Razak in the SRC International case. However, following his ill-health, Datuk V Sithambaram took over in leading the prosecution. In the media statement over Sulaiman’s appointment, then attorney general Tan Sri Tommy Thomas wrote that Sulaiman was one of the country’s leading barristers, having substantial experience in criminal law, including white collar crime. “His eloquence is unmatched and his intellect is second to none. Datuk Sulaiman has impeccable integrity and is a principled lawyer,” Tommy wrote. Sulaiman was Malaysian Bar president from 2000 to 2001. In his more recent cases, he represented Tan Sri Jamaludin Jarjis’s wife Puan Sri Kalsom Ismail in her family matrimonial asset or faraid dispute at the shariah court. Huzir wrote in a text message that despite his father’s many health challenges, particularly in the last decade, his sharp mind and dry wit remained. “The funeral rites will take place on Tuesday December, 19, in accordance with Islamic practice, at the Masjid Jamek Sultan Abdul Aziz, Jalan Templer, Petaling Jaya, at 1.10pm, following zohor prayers. “I will also organise an online memorial service in a few weeks, open to all. Should the legal community also wish to organise a memorial, I would welcome that,” he added. — by Hafiz Yatim bernama Continuous rain warning for East Coast, Johor, Sabah — MetMalaysia KUALA LUMPUR (Dec 19): The Malaysian Meteorological Department (MetMalaysia) has issued an alert-level continuous rain warning for several areas in Pahang, Johor and Sabah on Tuesday. It said in a statement that continuous rain until Thursday (Dec 21) is expected to occur in Rompin, Pahang as well as Kluang, Mersing, Kulai, Kota Tinggi and Johor Bahru in Johor. Meanwhile, the areas set to be affected in Sabah are Kota Kinabalu, Tuaran, Ranau and Kota Belud on the West Coast as well as Telupid, Beluran, Sandakan and Kudat. MetMalaysia also forecasts alert-level continuous rain in the whole of Kelantan and Terengganu as well as several areas in Pahang, namely Jerantut, Kuantan and Pekan, from Thursday (Dec 21) until Dec 25. — Bernama Poh Kong posts stronger 1Q profit as gold prices climb KUALA LUMPUR (Dec 19): Poh Kong Holdings Bhd’s net profit for the first quarter ended Oct 31, 2023 (1QFY2024) rose 21.29% to RM19 million from RM15.67 million in the previous year’s corresponding quarter despite lower revenue, largely driven by an uptrend in gold prices. Quarterly revenue dipped 3.88% to RM355.98 million from RM370.36 million on lower demand for gold jewelry products amid weaker market sentiment. Compared with the immediate preceding quarter, the group’s net profit is about four times the RM4.98 million it made in 4QFY2023 while revenue climbed 12.77% from RM315.66 million. Moving forward, the group noted that the Malaysian economy is expected to strengthen in 2024, and stronger and more dynamic trade activities will translate into greater demand for gold and gold products. “An optimistic outlook must at the same time take cognisance of market corrections and global uncertainties. The group will continuously monitor the impact of the current uncertainties on our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis,” it said. “Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for FY2024 ending July 31, 2024,” it added. Shares in Poh Kong closed 0.5 sen or 0.59% lower at 84.5 sen, valuing the group at RM347 million. — by Sulhi Khalid Astro Malaysia Holdings Bhd CFO Shafiq Abdul Jabbar is set to leave the pay-TV provider to assume the same post at AMMB Holdings Bhd. Sam Fong/The Edge

wednesday december 20, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 19): Two subsidiaries of Prolexus Bhd, who collectively own 10.01% in South Malaysia Industries Bhd (SMI), are suing SMI and its board of directors for allegedly violating their rights as shareholders after SMI sought for more time to hold its annual general meeting. The suit was filed after the Companies Commission of Malaysia (CCM) granted SMI until March 31, 2024 to hold its 52nd AGM, from the previous cut-off date of Dec 31, 2023, following an application from SMI to extend the deadline. This is not the first time the two Prolexus units — its wholly-owned Honsin Apparel Sdn Bhd and 51.91%-owned HIQ Media (M) Sdn Bhd — are suing SMI. The two filed a lawsuit against SMI earlier this year for blocking an extraordinary general meeting that they had requisitioned to remove SMI’s entire board of directors and replace them with two of their nominees. In their latest lawsuit, the Prolexus units are seeking a court declaration to state that their rights have been violated and that SMI’s directors had failed to use their powers for “proper purpose and in good faith” in requesting for the extension of time. The units are also seeking a declaration that the application to CCM was sought by the defendants to “further strengthen their control” over the company’s board, and they want the court to invalidate, nullify and void the time extension granted by CCM. Also named as defendants in the suit are Asian PAC Holdings Bhd and its board of directors, and Asian PAC’s single largest shareholder, Mah Sau Seong. Both Asian PAC and Mah are substantial shareholders in SMI. Mah owns 32.33% in Asian PAC as well as 7.648% in SMI, while Asian PAC holds 11.56% in SMI. In response to the legal action, SMI said in a bourse filing that its board views the suit as “frivolous and vexatious” as the plaintiff’s allegations contain “errors of fact”. It also said the issue of holding an AGM is the management’s prerogative. As such, the company plans to apply to strike out of the suit. As to the earlier EGM that Honsin and HIQ requisitioned to be held on March 24, the Prolexus units wanted SMI’s board to be replaced by Lee Boon Siong and Tan Eik Huang. Both Lee and Tan sit on the board of YB Ventures Bhd, which owns a 17.72% stake in Prolexus. According to SMI, the two Prolexus units also wanted the EGM to be held on a fully virtual basis, and to limit the EGM to only shareholders whose names appear on the record of depositors as at Feb 20 — both conditions that SMI said were against its constitution. SMI also said the basis for holding the EGM fully virtual out of Covid-19 health concerns was no longer applicable. SMI then applied to court for a declaration that the proposed EGM was unlawful and unconstitutional, which the court dismissed. Honsin and HIQ, in response, sought a court order to compel the EGM be allowed to be held, with the court ruling in their favour. However, SMI appealed this decision and managed to obtain a stay on execution, pending the hearing of the full appeal. In the midst of all this, SMI lodged a complaint with the Securities Commission Malaysia that the two Prolexus units had worked together with over 20 parties and acquired over 33% stake in the company without making a mandatory general offer, as required under the capital market rules once the threshold is breached. Prolexus, whose units bought their stake in SMI in February this year, had denied the accusation. The SC, in meantime, said they were looking into SMI’s complaint. SMI shares closed 3.5 sen or 5.22% lower at 63.5 sen on Tuesday, giving the group a market capitalisation of RM133.31 million, while Prolexus shares dipped 1.5 sen to close at 33 sen for a market cap of RM91.32 million. YB Ventures closed half a sen or 1.96% lower at 25 sen, valuing the company at RM72.85 million. Boardroom tussle at SMI: Prolexus units sue for alleged rights violation KUALA LUMPUR (Dec 19): Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor is still barred from making any defamatory statements against Prime Minister Datuk Seri Anwar Ibrahim in relation to an ongoing civil suit between the two. The Alor Setar High Court granted Anwar an interim injunction against the PAS central committee member after an inter partes (both parties) hearing, Anwar’s lawyer Datuk Sankara Nair said in a message to the media after the court delivered its decision on Tuesday. An earlier ex parte (single party) injunction, which was granted in July, was opposed by Sanusi, leading to the inter partes hearing on Oct 16 before judge Mahazan Mat Taib. “After hearing submissions from both parties, the court allowed [Anwar’s] application and granted an interim injunction (restraining order) against [Sanusi] until the disposal of the suit,” Sankara said. Anwar was also represented by Jaden Phoon while Yusfarizal Yussoff and Adam Luqman Amdan appeared for Sanusi. The injunction concerns Anwar’s legal action over Sanusi’s election campaign speech last November where he allegedly made comments linking the PKR chief to “immoral behaviour”. Anwar, who is suing Sanusi in his personal capacity, alleged that the PAS leader’s Court grants Anwar injunction barring Sanusi from repeating defamatory remarks comments referred to the prime minister’s two sodomy convictions. Anwar also alleged that the statements implied that he was not a good Muslim and had abused his power in his political party to obtain a royal pardon. Anwar sought an injunction to stop Sanusi from repeating his alleged defamatory comments, besides seeking general, aggravated and exemplary damages. After spending more than three years in prison over his second sodomy conviction, Anwar was granted a pardon by then Yang di-Pertuan Agong Sultan Muhammad V in May 2018. The PKR leader was released about a week after the Pakatan Harapan coalition took over the government. Anwar has always claimed that the charge was politically motivated. He was earlier jailed for six years on an abuse of power charge, and was released in 2004, after his first sodomy conviction was set aside by a majority decision that same year. by Tarani Palani theedgemalaysia.com by Izzul Ikram theedgemalaysia.com

WEDNESDAY DECEMBER 20, 2023 15 THEEDGE CEO MORNING BRIEF

wednesday december 20, 2023 16 The E dge C E O m o rning brief world (Dec 19): Liquefied natural gas (LNG) tankers are diverting their routes from the Red Sea as violence linked to the Israel-Hamas war threatens longer journeys and delays of the super-chilled fuel. At least five ships have changed course since Friday away from waters off the coast of Yemen, an unavoidable waypoint for ships using the Suez Canal that links Europe and Asia, according to ship-tracking data compiled by Bloomberg. It isn’t immediately clear if all ships were diverted due to the tensions. Companies that transport natural gas, including BP plc and Norway’s Equinor ASA, are choosing to avoid the Red Sea after Iran-backed Houthi militants stepped up attacks in support of Hamas. Shipments from Qatar, one of the world’s largest LNG producers and a key supplier to Europe, continue to transit the Red Sea towards the Suez Canal, according to shiptracking data. The diversions are also happening at a time when the world’s other vital ocean-toocean waterway for LNG, the Panama Canal, is being severely restricted by drought. That means more US LNG shipments to Asia may need to take longer routes around southern Africa. European natural gas prices jumped 7% on Monday amid growing fears of disruptions to energy flows. Still, North Asia, home to the biggest LNG importers, is well stocked for winter and buyers aren’t rushing to find alternative supplies yet, according to traders. LNG vessels begin to reroute away from Red Sea on rising tension CAIRO/GAZA (Dec 19): Israel kept pounding the shattered Gaza Strip on Tuesday while Yemen’s pro-Palestinian Houthi movement vowed to defy a US-led naval mission and keep hitting Israeli targets in the Red Sea. Israel’s campaign to eradicate Hamas militants behind an Oct 7 massacre has left the coastal enclave in ruins, brought widespread hunger and homelessness, and killed nearly 20,000 Gazans, according to a Palestinian tally. Under foreign pressure to avoid killing innocents, Israel’s Prime Minister Benjamin Netanyahu says the war will not stop until a remaining 129 hostages are freed and Hamas is obliterated after its fighters’ slaying of 1,200 Israelis. The conflict has spread beyond Gaza into the Red Sea where Yemen’s Iran-aligned Houthi group has been attacking vessels with missiles and drones. That has prompted the creation of a multinational naval operation to protect commerce in the area, but the Houthis said they would carry on anyway. “Our position will not change in the direction of the Palestinian issue, whether a naval alliance is established or not,” Houthi official Mohammed Abdulsalam told Reuters, saying only Israeli ships or those going to Israel would be targeted. “Our position in support of Palestine and the Gaza Strip will remain until the end of the siege, the entry of food and medicine, and our support for the oppressed Palestinian people will remain continuous.” Announcing the naval operation, US Defense Secretary Lloyd Austin said in Bahrain joint patrols would be held in the southern Red Sea and Gulf of Aden which encompass a major East-West global shipping route. “This is an international challenge that demands collective action,” he said. (Dec 19): Russia’s war in Ukraine has made the now-treacherous waters of the southern Red Sea a vital global trade corridor for oil — especially Moscow’s own exports. As Europe has shunned Russian barrels, it has increasingly relied on cargoes from the Middle East. Meanwhile, Moscow has boosted flows to Asia as it seeks outlets for its exports. That’s raised the movement of oil through the Red Sea, both northbound and southbound, by around 140%, to 3.8 million barrels a day. The surge highlights the vulnerability of a key chokepoint for oil flows as global powers redraw the world’s energy trade map. In recent days, a major escalation of attacks on merchant ships by Yemen-based Houthi militants has caused companies including BP plc and Equinor ASA to halt shipments and reroute vessels, with oil prices initially rising on the news. The incidents have prompted the US and its allies to establish a task force in the region to counter the attacks. But the strikes on shipping have also drawn attention to just how much oil is moving through the Red Sea and Suez Canal. In the two months prior to its attack on Ukraine, Russia sent about 120,000 barrels a day of crude from its western ports to markets east of Suez, tanker-tracking data compiled by Bloomberg show. In the past six months, that figure has averaged 1.7 million barrels a day. Over the same period, crude shipments from the Middle East to European countries have jumped from about 870,000 barrels a day to 1.3 million barrels a day. Shipments of petroleum products through the Suez Canal have more than doubled since Russia began its invasion of Ukraine, according to information from analytics firm Kpler, compiled by Bloomberg. Read the full story Read also: Shippers mask positions, weigh options amid Red Sea attacks Israel pounds Gaza, Houthis vow more Red Sea attacks Russia’s war in Ukraine revives the Red Sea as a vital oil route by Nidal al-Mughrabi & Bassam Masoud Reuters by Julian Lee & Jack Wittels Bloomberg by Ruth Liao, Anna Shiryaevskaya & Stephen Stapczynski Bloomberg The aftermath of an Israeli strike on a house in Rafah, Dec 17, 2023. reuters

wednesday december 20, 2023 17 The E dge C E O m o rning brief world (Dec 19): Australian Prime Minister Anthony Albanese praised the passage of legislation to facilitate the Aukus security pact through the US Congress as “historic”, in a foreign policy speech that placed Canberra’s security focus squarely in the Indo-Pacific region. The measure will allow the transfer of US Virginia-class nuclear-powered submarines to Australia and reshape “the way our technology, research and defence industries cooperate”, Albanese said on Tuesday. The gains from Aukus will transform Australia’s ability to contribute to regional stability, he said. “Australia’s future security and prosperity will be defined by the strength and success of our engagement in the region we call home,” the prime minister told an event hosted by the Lowy Institute think tank in Sydney. The speech ranged across a world convulsed by war, the rise of powers like India and Indonesia and challenges to the global order. Australia’s biggest trading partner and the Asia-Pacific’s hegemon, China, and key strategic ally, the US, are currently jostling to forge a new relationship that acknowledges their superpower competition while avoiding a spiral into conflict. In the past 12 months, Albanese became the first Australian leader in several years to meet with President Xi Jinping and visit China, while maintaining the two nations would disagree “where we must”. On Tuesday, he reiterated that China aims to make the world “more accommodating of its ambitions and its interests” as a revisionist power. “Yet it is always important to make the point that China’s extraordinary and unparalleled economic achievements have been made possible by our region’s commitment to peace, freedom of navigation and respect for sovereignty,” he said. Since coming to power in May 2022, Albanese has bolstered the Aukus agreement struck by the previous government, which will see Canberra field a fleet of nuclear-powered submarines by the 2030s, while working to nuance Australia’s foreign policy positions across a range of fronts. Albanese and Foreign Minister Penny Wong have repositioned the country away from a strict compliance with US foreign policy objectives as they try to balance ties with China and the broader region. Tuesday’s address came as the US has requested Australia’s assistance as part of a naval task force in the Red Sea to protect commercial shipping lanes from attacks by Houthi rebels in Yemen. Canberra seems unlikely to agree to join. Read also: Philippines president says diplomatic efforts with China heading ‘in poor direction’ UK demands consular access to Jimmy Lai as security trial starts China, Russia to enhance macroeconomic policy coordination — joint statement Australia’s PM hails Aukus win, says China aims to reshape world (Dec 19): Tokyo prosecutors raided the headquarters of two ruling Liberal Democratic Party (LDP) factions, Kyodo News said, as a slush fund scandal sent disapproval of Prime Minister Fumio Kishida’s government to the worst for a Japanese premier since 1947 in one major poll. The raids were widely reported across Japanese media, which had sent reporters to both sites. Domestic TV showed footage of people in dark suits entering the buildings on Tuesday. The two groups within the long-ruling LDP are suspected of breaking the law on political funding, NHK said, citing unidentified people related to the matter. Tokyo prosecutors declined to comment. Both factions involved issued statements of apology and said they would cooperate with authorities, without giving details. The step came after Kishida replaced four ministers last week who are among lawmakers accused of concealing income generated from fundraising events. All are members of the largest faction — once headed by the late prime minister Shinzo Abe. Tuesday’s raid also involved the faction headed by Toshihiro Nikai, indicating the investigation has spread further, worsening the headache for Kishida. No general election need be held until 2025 and the LDP is unlikely to be removed from government because the opposition is fragmented. Yet continued Tokyo prosecutors raid ruling party groups on money scandal failure to revive support will distract from Kishida’s policy agenda and could prompt the party to replace him. A survey conducted by the Mainichi Shimbun over the weekend found approval had fallen by five percentage points from last month to 16%, the lowest since 2011. The proportion saying they disapproved of the cabinet rose to 79%, the highest since the newspaper started conducting such polls more than seven decades ago. Read the full story by Isabel Reynolds & Yuki Hagiwara Bloomberg by Ben Westcott Bloomberg

wednesday december 20, 2023 18 The E dge C E O m o rning brief world NEW YORK (Dec 18): Four years after Goldman Sachs introduced a credit card with Apple, the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable. In searching for a buyer for its share of the partnership, Goldman will face pressure from bidders to reduce the value of its stake in order to make the price more attractive, according to two sources familiar with the matter who declined to be identified discussing potential talks. Goldman does not break out how much its stake is worth. The expected unwinding of the Apple-Goldman partnership is another blow for chief executive officer David Solomon’s consumer strategy, which aimed to broaden the bank’s revenue beyond its traditional mainstays of trading and investment banking. The potential writedown on the Apple card would be the latest in a string of losses from Goldman’s ill-fated foray into consumer banking, analysts said. Goldman does not break out the financial details of the card business in its results. Goldman Sachs declined to comment. Prospective bidders will likely push Apple to change the terms of the deal, the two sources said. They will likely seek access to Apple’s proprietary credit card data, two other sources familiar with the business, said. Apple cardholders’ data is not sold to third parties for marketing or advertising, according to its website. Credit card issuers such as Synchrony Financial, Citigroup and Capital One would be Goldman Sachs faces rocky exit from Apple credit card partnership (Dec 19): Alphabet’s Google has agreed to pay US$700 million (RM3.3 billion) and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with US states and consumers disclosed on Monday in a San Francisco federal court. Google will pay US$630 million into a settlement fund for consumers and US$70 million into a fund that will be used by states, the company said in a statement. Google was accused of overcharging consumers through unlawful restrictions on the distribution of apps on Android devices and unnecessary fees for in-app transactions. It did not admit wrongdoing. The settlement still requires a judge’s final approval. Lead plaintiff Utah and other states announced the settlement in September, but the terms were kept confidential ahead of Google’s related trial with Fortnite maker Epic Games. A California federal jury last week agreed with Epic that parts of Google’s app business were anticompetitive. Wilson White, Google vice president for government affairs and public policy, in a statement said the settlement “builds on Android’s choice and flexibility, maintains strong security protections, and retains Google’s ability to compete with other (operating system) makers, and invest in the Android ecosystem for users and developers.” The company said it was expanding the ability of app and game developers to provide consumers an alternative billing option for in-app purchases next to Play’s billing system. Google said it had piloted “choice billing” in the US for more than a year. As part of the settlement, Google said it would simplify users’ ability to download apps directly from developers. Epic next year will ask the judge hearing both cases, US district judge James Donato, to issue an order that could require Google to make changes to its Play store. Google faces other lawsuits challenging its search and digital advertising practices. It has denied any wrongdoing in those cases. Google to pay US$700 mil to US consumers, states in Play store settlement by Mike Scarcella Reuters by Saeed Azhar & Lananh Nguyen Reuters logical partners to take on the venture if terms are changed, according to the two sources and another source familiar with the situation. Synchrony declined to comment. Separately, its CEO Brian Doubles said at a conference this month that “you’ve got to have a really good risk-return equation” for card deals. Citigroup declined to comment. Capital One did not respond to Reuters’ requests for comment. Apple recently sent a proposal that would enable Goldman to exit the contract in the next 12 to 15 months, The Wall Street Journal reported last month, citing people briefed on the matter. Apple said it was focused on providing an “incredible experience” for customers, but declined to comment on the Goldman deal talks or terms. ‘Strategic alternatives’ After scaling back its retail ambitions last year, Solomon announced in February that Goldman was looking for “strategic alternatives” for its consumer unit. The bank began talks with Apple under former Goldman CEO Lloyd Blankfein, who left in 2018, to create a credit card that would tap into the tech giant’s enormous customer base. Stephen Scherr, who led Goldman’s consumer division and later became its finance chief, was among its lead negotiators. Solomon took the helm in late 2018 and the Apple card was introduced almost a year later. By 2022, the parties had renegotiated a deal that would last until the end of the decade, according to a person familiar with the situation. Solomon told analysts in October that the bank was trying to get rid of the “drag” on earnings from its credit card business, which also includes a partnership with General Motors. “Our partnerships with Apple and GM are long-term contracts,” Solomon said at the time. “And we don’t have the unilateral right to exit those partnerships.” Analysts interpreted his comments as a signal the card operations were losing money. When Apple first shopped the deal with potential partners, other banks including JPMorgan Chase passed because their potential cut of profits was too small, according to one of the sources familiar with the matter and a separate source who was also aware of Apple’s original proposal, who declined to be identified discussing private negotiations. JPMorgan declined to comment. Read the full story Read also: Apple plans rescue for US$17 bil watch business in face of ban reuters

wednesday december 20, 2023 19 The E dge C E O m o rning brief world PARIS (Dec 19): The lowering of interest rates should happen some time in 2024, said Bank of France governor and European Central Bank (ECB) member Francois Villeroy de Galhau on Tuesday. Villeroy also reaffirmed to France Inter radio that inflation should be back down to 2% by 2025 at the latest. “I am going to say this very clearly this morning — this is not just a forecast, this is a commitment. We will bring back inflation down to 2% between now and 2025 at the very latest,” said Villeroy. “Inflation has been the number one concern for French people, and that is starting to go back down,” he added. Last week, the ECB had pushed back against bets on imminent cuts to interest rates by reaffirming that borrowing costs would remain at record highs despite lower inflation expectations. It also left borrowing costs unchanged and did not even hint at a possible reduction. Seven people familiar with the matter also told Reuters last week that ECB policymakers do not expect to change their message on the need for high interest rates before their March meeting, making any rate cut before June difficult. “We had to raise interest rates to tackle the inflation disease .... Between this rise that, barren any surprise, is over, and the lowering that should occur some time in 2024, there is a plateau,” Villeroy said. The Bank of France had forecast earlier on Tuesday that French economic activity will only pick up in 2025. Villeroy said that while there was some element of a slowdown in the French economy, there was no recession. Read also: BofA sees four rate cuts from Fed next year ECB’s Villeroy: Lowering of interest rates should happen some time in 2024 BERN (Dec 19): Credit Suisse came close to imploding months before its eventual rescue, the Swiss financial regulator said on Tuesday in its first detailed account of the crisis, as it argued for stronger powers to oversee lenders in future. The regulator, FINMA, which has come under fire for its supervision of the bank, defended its role in the meltdown which eventually led to the biggest rescue of a bank since the global financial crisis of 2008-2009. The regulator said it took “far-reaching and invasive” measures to rectify the deficiencies it found at Credit Suisse as panicked customers withdrew huge chunks of cash after a string of losses and scandals. FINMA said that its measures in terms of liquidity were unable to avert the imminent failure of the bank in mid-March 2023. “FINMA used the full range of tools available to it, and identified the risk of possible destabilisation at Credit Suisse at an early stage,” said Thomas Hirschi, head of FINMA’s crisis unit. “Although its actions had an effect, they were unable to overcome the causes of the loss of confidence, such as shortcomings in strategy implementation and in risk management.” The regulator carried out 108 on site reviews at Credit Suisse from 2018 to 2022, and found 382 “points requiring Swiss financial watchdog calls for more powers after Credit Suisse crash by John Revill Reuters by Benoit Van Overstraeten Reuters Reuters Reuters Francois Villeroy de Galhau action” — 113 where the risk was seen as high or critical. “These figures and measures illustrate that FINMA exhausted its options and legal powers,” it said in its report. FINMA said it wanted stronger powers, including the ability to impose fines and the option to publish details of enforcement proceedings. To deal with liquidity crises, appropriate stress-testing processes must be available in future, it said in its report. FINMA will also increasingly focus on the bank’s liquidity plans and their feasibility. The Swiss regulator is also looking to implement a so-called senior managers regime, a set of rules that identify specific responsibilities for senior executives, mirroring the framework adopted in Britain. The report confirms details reported by Reuters on the extent of the bank’s frailty in the autumn of 2022. Looking back on the crisis, Credit Suisse came near to collapse in late 2022, with the embattled bank “very close on several occasions” to drawing on 50 billion Swiss francs (RM268.94 billion) in emergency liquidity support from the Swiss central bank, FINMA said. The cash crunch prompted the Swiss National Bank (SNB) at the time to weigh nationalising the lender and inject 50 billion francs into Credit Suisse to keep the bank afloat, Reuters reported, six months before Credit Suisse was eventually bought by UBS. The bank, which was later taken over by UBS, needed to take action after clients withdrew 138 billion francs during the fourth quarter, FINMA said. FINMA says it wants stronger powers, including the ability to impose fines and the option to publish details of enforcement proceedings. The Swiss National Bank (SNB) in Bern, Switzerland. The cash crunch prompted the SNB at the time to weigh nationalising the lender and inject 50 billion francs into Credit Suisse to keep the bank afloat, Reuters reported, six months before Credit Suisse was eventually bought by UBS.

wednesday december 20, 2023 20 The E dge C E O m o rning brief world TAIPEI (Dec 19): TSMC, the world’s largest contract chipmaker, said on Tuesday that its board had recommended that current CEO and vice chairman CC Wei succeed Mark Liu who will be retiring next year as chairman. Company veteran Liu became Taiwan Semiconductor Manufacturing Co’s chairman in 2018 after founder Morris Chang, who remains the senior statesman of Taiwan’s chip industry, retired. Liu, who joined TSMC in 1993, said he would like to put his “decades of semiconductor experience to other use, spend more time with my family, and start the next chapter of my life”, according to a company statement. “I am confident that TSMC will continue to perform outstandingly in the years to come.” The TSMC board’s Nominating, Corporate Governance and Sustainability Committee recommended that Wei succeed Liu, subject to the election of the incoming board in June 2024. Wei, who has a doctorate in electrical engineering from Yale University, has been on the company’s board since 2017 and joined TSMC in 1998. TSMC is a major supplier to companies like Apple and Nvidia. TSMC to promote from within after chairman retires next year (Dec 19): Chinese retail investors are turning their backs on mutual funds, disillusioned with their once-preferred investment vehicles’ performance and preferring to hoard cash. The amount of money that mutual funds raised this year has plummeted to the lowest in a decade, according to data from consultancy Z-Ben Advisors Ltd. The 152 billion yuan (RM98.5 billion) worth of new portfolios issued up to end-November is about half of last year’s total and marks a third consecutive annual drop. That’s a major shift from 2020, when retail investors rushed to hand over their savings to professional stock pickers. Households have been reluctant to take on more risk this year as post-Covid uncertainties over employment and declining property prices push them to prioritize early SEOUL (Dec 19): South Korea’s Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 roubles (US$77.67), a company official said on Tuesday, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a 287 billion won (US$219.19 million) loss on selling the plant, in which operations have been suspended since March 2022. The company said it was seeking to transfer its assets in the plant in St Petersburg to Russia’s Art-Finance and include a buyback option, adding that it plans to complete the deal by Dec 28. A Hyundai Motor official said it would receive 10,000 roubles in total for the sale of all its Russian assets. Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia before the war. Since then global players have pulled out with Chinese brands moving in to replace them. Hyundai Motor is following other major automakers that have sold their assets in Russia for a nominal fee and included buyback options that could one day allow them to return. In May, Volkswagen sold its shares in its Russian assets to Art-Finance, which is supported by the autodealer group Avilon. mortgage repayments and cash savings. At the same time, the benchmark CSI 300 Index is poised for an unprecedented third year of losses. Foreign funds have sold at levels unseen in the past, and government policies are deemed insufficient or ineffective. As of the end of November, aggregate household savings reached a fresh record 134.6 trillion yuan, including some 14.7 trillion yuan added this year. Still, the extent of the drop is revealing. The amount raised is on par with 2014, during the market doldrums that preceded the 2015 stock crash. But the onshore equity market is now nearly three times its size nine years ago. The amount through November is also less than a single-month total during more bullish years. Retail investors may also be more disillusioned with professional fund managers. A gauge of stock-focused mutual funds is down 16% this year, according to China Securities Index Co. That compares with a 14% drop in the benchmark gauge. At least a dozen mutual fund products failed to start this year after not meeting the target subscription amount, according to local media. A stock fund planned by Zheshang Fund Management Co fell through as it wasn’t able to raise the minimum 200 million yuan in a two-months span, according to a filing this month. Mutual fund companies can only do so much to improve the situation, said Wang Lu, analyst at the Funds Assessment and Research Center of Shanghai Securities Co. “Three years of losses in stocks are rare even in a global context, and unless there are market returns next year, the only way to address this issue is to improve market confidence,” Wang said. China flows into new stock funds plunge to lowest in decade Hyundai Motor to take US$219 mil hit on sale of Russian plant Bloomberg Reuters by Ben Blanchard Reuters Bloomberg

wednesday december 20, 2023 21 The E dge C E O m o rning brief world (Dec 19): Thai companies are set to snap up more assets overseas in the coming years as cash-rich large businesses look beyond a sluggish local economy to fuel future growth, according to one of the world’s largest law firms. Family-owned conglomerates and other listed companies are likely to increase outbound investments, particularly in energy, financial services, real estate, hospitality and retail sectors, said Waranon Vanichprapa, Thailand country managing partner at DLA Piper. Thai companies have announced deals worth about US$107 billion (RM502.3 billion) to acquire assets overseas since 2012, according to data compiled by Bloomberg. The acquisition spree, led by Chirathivat family’s Central Group, billionaire Dhanin Chearavanont’s Charoen Pokphand Group, Charoen Sirivadhanabhakdi’s TCC Group and state-owned PTT Pcl, has given Thai companies a foothold in retail, beverage and energy sectors from Vietnam to Europe and the US. “You can’t look at Thai conglomerates as Thai companies anymore. They’re global or regional companies,” said Waranon, adding that DLA Piper had recently helped local companies complete deals in Brunei, Vietnam, Mexico, the US and Germany. “Thai conglomerates have expanded overseas heavily in the past 15 years.” The push for overseas expansion comes amid a tepid recovery in Southeast Asia’s second-largest economy — clocking an average growth rate of about 1.9% in the past decade. Adding to the bleak outlook is a near-record high household debt and widening public debt amid the highest interest rate in a decade. A slumping local stock market, which entered a bear territory this month after foreign funds pulled more than US$5 billion this year, is clouding the outlook for businesses as well. Investors have dumped Thai stocks on concerns over a potential rise in government debt due to a populist cash handout plan by the new government of Prime Minister Srettha Thavisin. While Srettha has gone all out to woo foreign investors in sectors from electric vehicles to electronics and new energy, there have been few acquisitions by foreign firms in Thailand in recent years. Waranon sees the drop in foreign direct investment into Thailand as “a little bit worrying.” Global firms across industries such as energy, telecom and retail have either exited Thailand or merged their businesses with local companies in recent years. Tesco Plc sold its retail operations to CP Group, Exxon Mobil Corp sold its refining and retailing unit Esso (Thailand) Pcl to rival Bangchak Corp, while Telenor ASA merged its mobile phone service unit with CP Group’s True Corp. Citigroup Inc sold its retail banking unit in Thailand among other Southeast Asian markets to Singapore’s UOB Group. The exodus impacts non-Thai investors’ overall impression of Thailand, said Waranon, who’s also DLA Piper’s head of finance, projects and restructuring in Asia. “Except for the Chinese companies setting up their EV plants, we haven’t seen a lot of massive-value, giant deals coming to Thailand,” he said. “The departure of several large companies could cause investors to wonder why.” Thai tycoons seen ramping up overseas investments again (Dec 19): Thailand will allocate 34 billion baht (US$970 million or RM4.54 billion) through to 2027 to fund its ambition of becoming a major production hub for electric vehicles (EVs), renewing a flagship incentive program in the Southeast Asian nation. Foreign EV makers will be eligible to receive up to 40% cuts on import duties and a reduced excise tax rate of 2% for their completely-built electric cars brought into Thailand in 2024 and 2025, according to Narit Therdsteerasukdi, secretary-general of the Board of Investment. In return, EV makers will have to manufacture EVs locally in Thailand by 2027. “The EV 3.5 package will bolster more investments in Thailand’s EV industry and facilitate traditional players’ transition to EV,” he said in reference to the new scheme. “The package will also attract new EV makers to set up manufacturing bases in Thailand.” The new package renews the government’s EV ambitions to help Southeast Asia’s second-biggest economy achieve carbon neutrality by 2050. A longstanding auto manufacturing hub known as “Detroit of Asia”, Thailand wants to make 30% of its car output electric by 2030 to retain its status as a regional powerhouse in the age of EVs. Thailand budgets US$970 mil to renew electric vehicle hub push Since the first phase launched in 2022, Thailand has attracted a slew of Chinese EV makers such as BYD Co, Great Wall Motor Co, SAIC Motor and Changan Automobile. These Chinese players are fast challenging the dominance of legacy Japanese and western automakers, which have long been making and exporting internal combustion engine cars from Thailand. The new budget was approved in a cabinet meeting on Tuesday. The so-called EV 3.5 package will begin on Jan 2 after the current set of incentives expires at the end of this year. While the benefits offered are lower than the previous scheme, the government expects the new program to benefit 830,000 EVs in the next four years, including 454,000 electric passenger cars, according to Narit. The government approved an additional 7.1 billion baht budget to fund the current buyers incentive program, deputy government spokeswoman Rudklao Suwankiri told reporters. The extra allocation will support a rush of purchases during the year-end period, she said. Local EV buyers will be offered subsidies of up to 100,000 baht per vehicle from next year to 2025, lower than the current subsidy of 150,000 baht that expires on Dec 31. by Patpicha Tanakasempipat Bloomberg by Patpicha Tanakasempipat Bloomberg A longstanding auto manufacturing hub known as “Detroit of Asia”, Thailand wants to make 30% of its car output electric by 2030 to retain its status as a regional powerhouse in the age of EVs. reuters

wednesday december 20, 2023 22 The E dge C E O m o rning brief world (Dec 19): Dealmakers are coming to the end of their worst year for mergers and acquisitions in a decade, having seen hopes of any meaningful recovery choked off by reluctant lenders and geopolitical flare-ups. The value of M&A and related transactions is down roughly a quarter this year to US$2.7 trillion (RM12.6 trillion) going into the holiday period, data compiled by Bloomberg show. That’s the lowest annual total since 2013, which was also the last time deal values failed to hit US$3 trillion in a calendar year, the data show. The slump leaves investment bankers facing a bleak bonus season and more job cuts if things don’t improve in 2024. And with interest rates and geopolitical tensions still running high, challenges to dealmaking remain, according to Jay Hofmann, co-head of M&A for North America at JPMorgan Chase & Co, who likened current conditions to those experienced during the dot-com crash in 2001. “It has just been a lot harder to get things done this year and people have looked for reasons not to do deals. I don’t really see that changing very much right now,” Hofmann said. “People aren’t inclined to look past challenging issues to get deals through.” A lack of activity by private equity firms has again been one of the major drags on deal-flow in 2023. Buyout firms have spent 36% less on acquisitions this year, compared with 2022, amid struggles in securing debt financing for big deals and price disagreements with sellers — even when offering hefty premiums. While some major transactions, including KKR & Co’s long-trailed acquisition of Telecom Italia SpA for more than US$20 billion and GTCR LLC’s purchase of an US$11.7 billion majority stake in payments by Michelle F Davis, Ryan Gould & Crystal Tse Bloomberg Dealmakers to miss US$3 tril mark for first time in 10 years A lack of activity by private equity firms has again been one of the major drags on dealflow in 2023. Buyout firms have spent 36% less on acquisitions this year, compared with 2022, amid struggles in securing debt financing for big deals and price disagreements with sellers. firm Worldpay, have been announced, plenty of others have either stalled or run into hesitant sellers. “Private equity activity will pick up meaningfully once we have more alignment between buyers and sellers on valuation. That is starting to happen now but we think it will take another six months or so,” said Majid Ishaq, co-head of UK at Rothschild & Co. “Buyout firms continue to look at take-private opportunities but they are difficult deals to execute, notwithstanding public market valuations having fallen, given that debt has become more expensive.” Misplaced optimism There had been optimism about M&A moving into the final quarter of the year, on indications that markets were pricing in the end to rate-hiking cycles and banks were becoming more comfortable backing large buyouts. There was also a flurry of major deals across natural resources and health care, including the year’s two biggest transactions: Exxon Mobil Corp’s near US$60 billion purchase of Pioneer Natural Resources Co and Chevron Corp’s acquisition of Hess Corp for US$53 billion. But fresh uncertainty stemming from the war between Israel and Hamas dampened some of this new-found enthusiasm for dealmaking. “I felt differently about the market every few weeks,” said William Aaronson, M&A partner at law firm Davis Polk & Wardwell LLP in New York. “A flurry of new deals did not always result in a ramp-up of sustained activity and processes tended to be more erratic.” During the Covid-19 pandemic, company boards and private equity firms got out their check books and sent M&A values to record highs, driven in part by the belief that dealmaking in a downturn often yields the best results. This time around, there is less evidence that buyers are worried about letting bargains slip by, according to John Collins, global head of M&A at Morgan Stanley. “Unlike the go-go market of 2021, there’s not a great deal of FOMO (fear of missing out) among buyers,” Collins said. “Many buyers feel like they have a bit more time and are prepared to wait it out for things to stabilise further.” How long they will have to wait for that stability will depend in no small part on the decisions of central bankers and the voting public in 2024. Regarding interest rates, traders have been betting that the steepest global tightening cycle in a generation is over and monetary easing will begin from the middle of next year — something that will give buyers the confidence to start doing deals, said Melissa Sawyer, global head of law firm Sullivan & Cromwell LLP’s M&A group. “People are predicting that the central banks are not going to raise rates again so we seem to have reached the peak of the arc of rate increases,” Sawyer said. “As people have a sense that rates have stabilized, people will be ready to fire up the M&A engines again and get back to work.” Read the full story

wednesday december 20, 2023 23 The E dge C E O m o rning brief world (Dec 19): The European Union (EU) and the US will extend a truce on steel and aluminium imports, avoiding a possible return of billions of dollars in tariffs on transatlantic commerce. The European Commission, the EU executive’s arm, announced on Tuesday it will suspend retaliatory measures implemented during the Trump presidency for 15 months, until March 31, 2025. Brussels, however, did not convince Washington to improve its current tariff-rate quotas, or TRQs, above which duties are applied. The extension will result in EU steel and aluminium exporters saving approximately €1.5 billion (RM7.66 billion) in tariffs annually, according to a commission statement. The US has to complete its own procedure to extend its TRQ system for the same period as from January. The European bloc considers that quota system, which comprises quarterly quotas for 54 steel mill product categories and 16 aluminium mill product categories, too rigid and has been asking for improvements, including annual quotas for the European market. The commission said in a statement that “the EU will continue to engage constructively with the US to preserve its legal rights and remove US 232 tariffs on EU exports for good,” referring to a section of US law giving the president authority to place duties on certain imports for national security reasons. The announcement came as both sides are running out of time to conclude the so-called Global Arrangement on Sustainable Steel and Aluminum, or GSA. The deal is set to leave the tariff exemptions in place until after the upcoming US presidential election in November 2024. Read the full story EU, US pause steel tariff war until after elections (Dec 19): Nippon Steel Corp has defended the whopping 142% premium it’s paying for United States Steel Corp, as the Japanese company seeks to reinforce its position as a global titan, using expansion abroad to counter a weak domestic outlook. The US$14.1 billion (RM65.85 billion) acquisition, announced on Monday, creates the world’s second-biggest steel producer with plants stretching from Slovakia to Osaka and Pennsylvania. But it came as a surprise — the Japanese bidder hadn’t previously been considered a front runner, and the offer is more than double the level US Steel shares were trading at before it announced unsolicited proposals and a strategic review four months ago. Even dismissing the runup in US Steel’s stock, the US$55-a-share offer represents a 40% premium to last Friday’s (Dec 15) close. The deal is also all cash, with Nippon Steel paying significantly higher than the roughly US$33 a share offered by Cleveland-Cliffs Inc in August. “We want to complete a global network for a new era in the industry,” Eiji Hashimoto, Nippon Steel’s president, told the press in Japan on Tuesday, adding that the US is an economic leader. “We believe that there is sufficient economic rationale.” This is the boldest effort by Nippon Steel, Japan’s top producer, to shift focus abroad as demand at home dwindles. Japan’s crude steel manufacturing has been on a downward trend, with production falling to about 96 million tonnes in fiscal 2021 from about 122 million tonnes in fiscal 2007. The transaction provides a large foothold in the American steel industry, and Nippon Steel’s footprint doesn’t overlap with US Steel, according to Hashimoto. But it’s also a huge bet on growth — chiefly that US demand will benefit from rising infrastructure spending. There were no cost synergies detailed in the company’s presentation. “The acquisition of US Steel is a bigger move than all of Nippon Steel’s previous acquired capacities combined, building on the confidence over a subsidy-fuelled manufacturing renaissance in the US,” said Yuchen Huo, an analyst at BloombergNEF. Since the introduction of the Inflation Reduction Act, interest in clean-tech manufacturing in the US has shot up across electric vehicles, solar and wind components manufacturing, fuelling future demand for steel, she said. Still, the all-cash transaction will stretch Nippon Steel’s balance sheet, and could lead to impairments if the steel cycle deteriorates, according to analysts including Than Ha Pham at Jefferies. It may also require a capital raise. With earnings before interest, tax, depreciation and amortisation for this year expected at about US$2 billion, Nippon Steel’s price for the company — including debt — implies it is paying the equivalent of 7.4 times that. US Steel’s peer group, made up primarily of American companies including Cleveland-Cliffs, trades at around six times. Moody’s senior analyst Roman Schorr said the acquisition presents financial and execution risks, but noted that Nippon Steel has shown significant progress in improving profitability through cost cuts and price hikes. Read also: United Steelworkers Union says Nippon deal for US Steel won’t work Nippon Steel says global push justifies 142% US deal premium Bloomberg by Jorge Valero & Joe Deaux Bloomberg

wednesday december 20, 2023 24 The E dge C E O m o rning brief world (Dec 19): BlackRock has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, in a move which could help it secure an approval from the US Securities and Exchange Commission. A spate of filings for spot bitcoin and ether ETFs, including from traditional finance heavyweights, have revived the crypto market this year after a series of meltdowns in 2022. “The Trust issues and redeems baskets on a continuous basis. These transactions will take place in exchange for cash. Subject to the in-kind regulatory approval, these transactions may also take place in exchange for bitcoin,” BlackRock’s iShares Bitcoin Trust ETF said in a regulatory filing late on Monday. The SEC has so far denied all spot bitcoin ETF applications, citing potential for fraud, but market participants have been hopeful of an approval early next year. BlackRock, the world’s largest asset manager, had earlier sought to only redeem baskets to investors in bitcoin or ‘in-kind.’ A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without buying the currency. BlackRock updates spot bitcoin ETF proposal to allow cash redemptions (Dec 19): A new industry body aimed at improving socioeconomic diversity in the UK finance industry found that half of all senior finance jobs were held by white people from wealthy families. Affluent white men are 30 times more likely to be found in those top roles compared with working-class women from ethnic minority backgrounds, according to a report by Progress Together. In general, the report found that employees’ socioeconomic background had a much stronger effect on how quickly they could advance through a company compared with gender. “Those from higher socioeconomic backgrounds are hired disproportionately, they progress more quickly, despite no performance differential, and are much more likely to find themselves in the positions of greatest influence,” said Nik Miller, chief executive of the Bridge Group, who conducted the study for Progress Together. People from poorer backgrounds took about 15% longer — or 1.3 years — to progress from mid-level to senior roles than their peers from wealthy households. Females from poorer backgrounds took 20% longer to reach those top positions, compared to better-off counterparts of the same gender, the study showed. A bevy of financial firms joined together last year to form Progress Together as the industry continues to struggle with diversity. Man Group Plc, Fidelity International, and PricewaterhouseCoopers were among the 12 founding partners of the group, which has since grown to include 30 members. Bridge Group recommended that financial firms introduce targets for improving the socioeconomic diversity of their most senior ranks. Companies should also shortlist external candidates for top roles from a wider range of backgrounds, the report said. “There is a real drive for change, whether that’s because regulators, investors or employees are calling for it, or simply because it’s the right thing to do,” Sophie Hulm, chief executive officer of Progress Together, said in the report. “We know there is a progression challenge in UK financial services, and this year, we saw the highest-ever rate of job vacancies in the sector.” STOCKHOLM (Dec 19): The European Union is investigating social media company X over suspected breaches of obligations, partly relating to posts following Hamas’ attacks on Israel, its first probe under the Digital Services Act (DSA). The DSA came into force in November last year and requires very large online platforms and search engines to do more to tackle illegal content and risks to public security. The probe will focus on countering the dissemination of illegal content in the EU, and the effectiveness of measures taken to combat information manipulation, including the “community notes” system, the Commission said. Earlier this year X launched its “Community Notes” feature, which allows users to comment on posts to flag false or misleading content, in effect crowd-sourcing Rich, white men dominate top UK finance jobs, taskforce says EU targets Musk’s X in first illegal content probe by Irina Anghel Bloomberg by Supantha Mukherjee Reuters Reuters fact checking to users rather than a dedicated team of fact checkers. The probe will also examine different aspects of the company’s business including the data access which X provides to researchers. Social media researchers have canceled, suspended or changed more than 100 studies about X, formerly Twitter, as a result of actions taken by its owner Elon Musk that limit access to the platform, Reuters reported last month. “The step that we are taking today does not find X guilty of an infringement, or conclude that X has actually infringed the DSA but merely states that we have significant ground to investigate these areas in detail,” a senior EU official said. X remains committed to complying with the DSA and is cooperating with the regulatory process, it said in a statement on Monday. “It is important that this process remains free of political influence and follows the law,” it said. Musk, in a post on X, asked EU industry chief Thierry Breton if similar action was being taken against other social media platforms. Read the full story

wednesday december 20, 2023 25 The E dge C E O m o rning brief world (Dec 19): Battle lines are hardening in Switzerland’s Valais canton between an ageing billionaire heir to Europe’s biggest family fortune and his own charitable foundation. Nicolas Puech, a reclusive fifth-generation descendant of the founder of French luxury giant Hermes International SCA, wishes to cancel his inheritance contract with his Isocrates Foundation, the charity’s press office said in a statement. The organisation is publicly contesting the plan to sever ties. The move comes after Puech, 80, was reported to have begun administrative procedures to adopt his middle-aged gardener to whom he would bequeath at least some of his fortune. “From a legal standpoint, the abrupt and unilateral annulment of a succession agreement appears void and unfounded,” Isocrates said in the statement. “The foundation has opposed this move, while leaving the door open to discussion with its founder and president.” Puech’s lawyer, Jörn-Albert Bostelmann, declined to comment on specifics regarding his client, but said he may hold a press conference “to separate the fact from the fiction and to dispel some of the nonsense that has been reported in the media.” Hermes, meanwhile, declined to comment on the report or Puech’s stake in the company. The unusual dispute is shining a spotlight on one of the most secretive Hermes heirs who became a family outcast more than a decade ago over his role in a four-year corporate fight against rival LVMH Moët Hennessy Louis Vuitton SE, founded by tycoon Bernard Arnault. The stakes could potentially run into the billions of dollars because Puech, who isn’t known to have children, purportedly owns about 5.7% of Hermes. A post-pandemic boom in demand for Hermes’ leather handbags and colorful silk scarves has propelled the company’s market value to €211 billion (RM1.08 trillion), which would make Puech’s stake worth about €12 billion. The clan emerged this month as the world’s third wealthiest in Bloomberg’s annual ranking of family fortunes. Over the past decades, Puech has mostly remained under the radar, described in public documents as a French national with an education in the arts who resides in Orsieres in the Valais — an Alpine region bordering France and Italy known for chic ski resorts including Crans Montana and Verbier. The split within his foundation became public this month when Swiss newspaper Tribune de Geneve reported Puech was trying to adopt his gardener and make him an heir to the fortune. The Isocrates Foundation “isn’t in a position to judge the process or context” of Puech’s reported wish to adopt his household employee, the organisation said in its statement, adding that it will leave “the relevant authorities to rule on the subject.” The move by Puech would be a surprising twist in the long-running saga of the Hermes descendant, who was seen as betraying his family when he failed to join dozens of relatives led by his brother Bertrand Puech in pooling their Hermes shares to tighten control over the firm and repel LVMH, which had stealthily acquired a stake. The size of Puech’s holding and his role in the four-year corporate battle were among the biggest mysteries to emerge. Puech quit by Tara Patel Bloomberg Hermes billionaire’s charity fights his plan to cut inheritance the Hermes supervisory board in 2014 and didn’t add his shares to the two family holdings that have an iron-clad grip on the firm. Hermes stopped breaking out Puech’s holding in its 2016 annual report. The previous three years, the firm cited signed declarations indicating he owned 5.8% of the capital or 6.08 million shares, of which 900,000 were held by his Fondation Nicolas Puech, the former name of Isocrates created in 2011. The latest Hermes report shows a 5.7% stake is owned by unidentified family members outside of the pooled holdings. The scope of Puech’s foundation has also changed in recent years. Based in Sion with offices in Geneva, it initially backed a wide range of actions in “charitable, humanitarian, religious, medical or cultural areas, as well as in environmental science”, the Valais corporate registry shows. Last year, Isocrates adopted new statutes and shifted its focus to supporting public interest and investigative journalism, responsible digitalisation and a “healthy digital public space”. The foundation’s website, which has added details about its operations in recent months, lists more than a dozen grantees including organisations to defend media and democracy. Puech donated an initial 10 million Swiss francs (RM53.79 million) in seed money to Isocrates and it will rely in the future on the “fruits and revenues of his fortune” as well as subsidies, donations and government aid, accoding to the statutes. It’s not clear how much Puech previously gave to the organisation under its old name. “In no case can the foundation’s assets be returned to the founder, his heirs or to donors,” the statutes read. A post-pandemic boom in demand for Hermes’ leather handbags and colorful silk scarves has propelled the company’s market value to €211 billion (RM1.08 trillion), which would make Nicolas Puech’s stake worth about €12 billion. bloomberg

wednesday december 20, 2023 26 The E dge C E O m o rning 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) Top Glove Corp Bhd 129.3 -0.020 0.940 3.87 7,527.7 Careplus Group Bhd 109.4 0.000 0.465 -2.11 271.8 Leform Bhd 90.3 0.005 0.390 88.95 577.6 Widad Group Bhd 82.5 0.005 0.470 9.30 1,455.3 Iskandar Waterfront City Bhd 76.0 0.055 0.670 148.15 617.2 Velesto Energy Bhd 74.9 0.005 0.235 56.67 1,930.7 UEM Sunrise Bhd 69.9 0.050 0.820 221.57 4,148.0 Ekovest BHD 64.8 0.015 0.475 39.71 1,408.6 Sarawak Consolidated 59.7 0.010 0.855 489.66 547.4 Asdion Bhd 56.0 0.010 0.095 0.00 44.1 LKL International Bhd 52.1 -0.020 0.195 -32.48 75.7 HLT Global Bhd 46.1 0.005 0.260 8.33 201.6 Minetech Resources Bhd 45.1 -0.005 0.125 127.27 191.1 Bina Puri Holdings BHD 45.1 -0.005 0.090 125.00 303.5 KNM Group Bhd 42.3 -0.005 0.085 70.00 343.7 My EG Services Bhd 40.5 -0.005 0.830 -3.53 6,191.4 YTL Corp Bhd 40.4 0.070 1.930 232.76 21,161.3 ZEN Tech International Bhd 34.6 0.000 0.020 0.00 52.6 Nexgram Holdings Bhd 33.6 0.005 0.040 -42.86 26.0 Tanco Holdings Bhd 32.8 0.000 0.585 74.63 1,175.7 Data as compiled on Dec 19, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) G3 Global Bhd 0.030 50.00 7,104.9 0.00 113.2 TECHNA-X Bhd 0.015 50.00 131.5 -40.00 33.2 SC Estate Builder Bhd 0.035 16.67 285.0 -22.22 37.6 Tri-Mode System M Bhd 0.360 16.13 10.0 -7.69 59.8 Imaspro Corp Bhd 4.890 14.52 1,383.4 -16.41 391.2 Nexgram Holdings Bhd 0.040 14.29 33,594.8 -42.86 26.0 BSL Corp Bhd 0.040 14.29 349.9 -40.83 77.3 Aldrich Resources Bhd 0.040 14.29 785.1 33.33 44.5 Asdion Bhd 0.095 11.76 55,999.5 0.00 44.1 Mpire Global Bhd 0.150 11.11 288.1 -60.53 42.0 Classita Holdings Bhd 0.050 11.11 1,054.8 -86.30 61.6 DFCITY Group Bhd 0.355 10.94 9.3 -7.79 37.5 Bright Packaging Industry Bhd 0.220 10.00 1.0 12.82 45.2 Sin Heng Chan Malaya Bhd 0.385 10.00 10,114.4 20.31 112.8 Trive Property Group BHD 0.055 10.00 270.1 -21.43 69.5 PGF Capital Bhd 1.320 10.00 891.0 5.60 215.9 Citra Nusa Holdings Bhd 0.055 10.00 90.5 -15.38 39.5 JOE HOLDING BHD 0.120 9.09 1,879.8 -40.00 36.7 Oversea Enterprise Bhd 0.060 9.09 40.0 -24.21 136.1 Iskandar Waterfront City Bhd 0.670 8.94 76,011.0 148.15 617.2 Data as compiled on Dec 19, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Mlabs Systems Bhd 0.005 -50.00 500.0 -75.00 7.2 Key Alliance Group Bhd 0.005 -50.00 3,705.5 0.00 18.4 Compugates Holdings BHd 0.010 -33.33 50.0 0.00 55.0 Hong Seng Consolidated Bhd 0.020 -20.00 1,488.3 -90.91 102.2 TWL Holdings Bhd 0.030 -14.29 11,997.9 -14.29 147.8 Flexidynamic Holdings Bhd 0.200 -13.04 404.6 -11.11 56.9 Spring Art Holdings Bhd 0.215 -10.42 2,259.7 19.44 89.4 CSH Alliance Bhd 0.045 -10.00 259.5 12.50 62.2 LKL International Bhd 0.195 -9.30 52,077.7 -32.48 75.7 IGB Bhd 2.240 -8.57 332.0 46.06 3,020.3 Sarawak Cable Bhd 0.225 -8.16 24,056.0 246.15 89.8 OCR Group Bhd 0.060 -7.69 6,468.5 -40.00 83.2 S&F Capital Bhd 0.125 -7.41 144.3 47.06 68.8 Innity Corp Bhd 0.450 -7.22 24.7 8.43 62.7 Digistar Corp Bhd 0.065 -7.14 1,004.2 -7.14 30.2 Iconic Worldwide BHD 0.130 -7.14 18,799.1 0.00 73.1 Ageson Bhd 0.065 -7.14 1,544.0 -68.29 20.3 Bertam Alliance Bhd 0.135 -6.90 10.0 107.69 33.5 Mestron Holdings Bhd 0.425 -6.59 16,765.0 -5.56 423.8 Dolphin International Bhd 0.145 -6.45 2,784.7 -42.00 19.4 Data as compiled on Dec 19, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HextarTechnologies Solutions 21.800 -0.700 22.7 27.78 2,804.5 Malaysian Pacific Industries 28.000 -0.500 165.9 -2.64 5,569.1 IGB Bhd 2.240 -0.210 332.0 46.06 3,020.3 UWC BHD 3.400 -0.160 2,185.6 -15.42 3,745.7 Petronas Dagangan Bhd 22.120 -0.120 128.7 -3.19 21,975.2 Hume Cement Industries Bhd 2.110 -0.110 1,221.6 124.47 1,308.3 EG Industries Bhd 1.510 -0.100 3,708.7 179.63 679.8 Petronas Chemicals Group 7.090 -0.100 1,579.2 -17.56 56,720.0 Hong Leong Bank Bhd 19.480 -0.100 448.4 -5.25 42,227.1 Globetronics Technology BHD 1.640 -0.080 7,681.3 42.66 1,103.1 Ajinomoto Malaysia Bhd 15.820 -0.080 33.9 20.95 961.8 HAP Seng Consolidated Bhd 4.550 -0.070 551.8 -28.91 11,328.0 Hartalega Holdings Bhd 2.680 -0.070 12,814.7 57.65 9,147.5 PIE Industrial BHD 3.150 -0.060 78.9 21.89 1,209.7 D&O Green Technologies Bhd 3.530 -0.060 1,872.9 -17.52 4,371.2 Uchi Technologies Bhd 3.630 -0.060 442.8 12.71 1,667.5 Plenitude Bhd 1.330 -0.060 57.0 35.71 507.4 Kein Hing International Bhd 1.400 -0.050 100.0 -33.96 152.5 Scientex BHD 3.790 -0.050 414.8 17.70 5,879.3 LTKM BHD 1.310 -0.050 7.5 -7.75 187.5 Data as compiled on Dec 19, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Rapid Synergy Bhd 28.780 0.780 312.9 80.33 3,076.5 Imaspro Corp Bhd 4.890 0.620 1,383.4 -16.41 391.2 Nestle Malaysia Bhd 119.900 0.500 91.0 -14.36 28,116.6 Fraser & Neave Holdings Bhd 28.000 0.500 106.4 29.75 10,269.8 Apollo Food Holdings Bhd 5.770 0.370 4,488.3 49.48 461.6 Heineken Malaysia Bhd 23.040 0.260 212.1 -8.57 6,960.3 YNH Property Bhd 4.550 0.220 2,210.3 7.57 2,404.6 Scientex Packaging Ayer Keroh 2.250 0.130 12.0 -6.25 788.9 Petronas Gas Bhd 17.620 0.120 1,360.6 2.92 34,865.3 PGF Capital Bhd 1.320 0.120 891.0 5.60 215.9 Allianz Malaysia Bhd 18.820 0.120 112.2 32.91 3,349.4 Kotra Industries Bhd 4.790 0.120 6.7 -27.42 710.4 MCE Holdings Bhd 2.320 0.100 1,387.6 71.85 143.3 United Malacca Bhd 5.020 0.090 35.5 -8.73 1,053.0 YTL Power International Bhd 2.510 0.090 19,902.5 251.05 20,336.4 Sam Engineering & Equipment 4.080 0.090 94.0 -17.24 2,209.7 Chin Hin Group Bhd 3.490 0.090 2,551.6 8.05 6,175.3 Harrisons Holdings Malaysia 8.390 0.090 1.2 26.55 574.5 United Plantations BHD 17.600 0.080 1,350.7 20.20 7,300.2 YTL Corp Bhd 1.930 0.070 40,444.1 232.76 21,161.3 Data as compiled on Dec 19, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 37,306.02 0.86 0.00 S&P 500 * 4,740.56 21.37 0.45 NASDAQ 100 * 16,729.80 106.35 0.64 FTSE 100 * 7,614.48 -1.80 -0.02 AUSTRALIA 7,489.07 62.71 0.84 CHINA 2,932.39 1.59 0.05 HONG KONG 16,505.00 -124.23 -0.75 INDIA 71,437.19 122.10 0.17 INDONESIA 7,187.85 68.32 0.96 JAPAN 33,219.39 460.41 1.41 KOREA 2,568.55 1.69 0.07 PHILIPPINES 6,521.27 45.77 0.71 SINGAPORE 3,116.62 3.39 0.11 TAIWAN 17,576.55 -75.48 -0.43 THAILAND 1,394.90 1.49 0.11 VIETNAM 1,096.30 4.42 0.40 Data as compiled on Dec 19, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,733.0041.00 OIL US$ 76.24-0.31 RM/USD 4.6943 RM/SGD 3.5273 RM/AUD 3.1594 RM/GBP 5.9471 RM/EUR 5.1262

WEDNESDAY DECEMBER 20, 2023 3 THEEDGE CEO MORNING BRIEF

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 WEDNESDAY DEC 20, 2023 SCAN ME No. 8419 PP 2644/12/2012 (031195) Shelter home built on love Report on — page 2 Recently launched Hydrogen Economy and Technology Roadmap set to contribute RM1.5 trillion to GDP and create 200,000 jobs by 2050. Founder honours memory of late grandmother by providing accommodation, meals and medical care to abandoned, neglected senior citizens Fuel for economy Report on — page 4 Scam victims suffering in silence While role of law enforcement critical, public awareness and advanced digital safeguards equally important: Research expert Report on — page 6 Scale-model cars ace Pritivy Skandhaan wins Hot Wheels Challenge Accepted Southeast Asia Championship 2023 in Bangkok. Report on — page 3 MACABRE MESSAGE ... Activists march as they participate in a Global Strike for Gaza rally on Monday in New York City to demand an immediate ceasefire in Palestine. – AFPPIC Six-year-old does Malaysia proud

WEDNESDAY | DEC 20, 2023 2 Hydrogen technology to boost GDP by 2050 PETALING JAYA: The Malaysian economy is set for greater prosperity come 2050, with the Hydrogen Economy and Technology Roadmap (HETR) enabling the contribution of about RM1.5 trillion to the GDP and creating 200,000 new jobs, said Science, Technology and Innovation Ministry SecretaryGeneral Datuk Dr Aminuddin Hassim. He told theSun that Malaysia is already on track to become a green nation with low carbon emissions, thanks to the recently launched HETR. “Hydrogen is a clean-burning fuel that produces heat and electricity with only water vapour as a by-product. The HETR ties into the National Energy Policy 2022- 2040 and National Energy Transition Roadmap. “These policies lay the foundation for Malaysia to achieve net-zero greenhouse gas (GHG) emissions by 2050. Even before this, and by 2030, the country would have a GDP contribution of RM60 billion.” He said hydrogen could be made with renewable resources such as solar, wind and hydropower, which Malaysia is rich in. “Malaysia’s strategic landscape enables us to produce high oCountry on track to earn RM1.5 trillion, become green nation with low carbon emissions via clean burning fuel: Ministry █ BY ALLEN WONG [email protected] amounts of renewable electricity. This makes it suitable for producing hydrogen. “In Sabah and Sarawak, hydropower is abundant but in Peninsular Malaysia, solar photovoltaic and ocean energy such as wave and tidal energy could be used to generate it. The renewable electricity is used to power the process that produces hydrogen.” Aminuddin said Sarawak has taken the lead in implementing hydrogen-powered public transit and refuelling infrastructure in East Malaysia, by using the abundance of hydropower available to generate hydrogen. “Many of Sarawak’s local organisations, for instance Sarawak Economic Development Corporation (SEDC) Energy, are generating and using hydrogen. “SEDC Energy has signed agreements with other local organisations to accelerate the adoption of electrolysers, which use electricity to generate hydrogen. “It is currently planning to invest in a manufacturing plant and aims to mass produce electrolysers by 2024.” He said it has also opened a multi-fuel station in Kuching, which supplies hydrogen at the pump for hydrogen fuel cell-powered vehicles. Aminuddin added that Petronas via Petronas Technology Ventures Sdn Bhd, NanoMalaysia Berhad, UMW Berhad as well as Malaysian Green Technology and Climate Change Corporation are collaborating to establish and operate the first mobile green hydrogen refuelling station in Peninsular Malaysia. “This collaboration aims to increase hydrogen fuel cell vehicle usage and identify other fiscal and non-fiscal incentives to promote hydrogen vehicles in Malaysia, especially for heavy-duty and longrange use.” He said Tenaga Nasional Berhad (TNB) and Petronas are working together to build a green hydrogen ecosystem. He added that it would include the supply of green electricity, electrolysers, hydrogen compression, storage and transport. “TNB is exploring co-firing natural gas with green hydrogen for cleaner power generation in a repowered project at the Sultan Ismail Power Station in Paka, Terengganu. It is expected to be commissioned by 2030.” Aminuddin said there are also several other projects under way, which involve NanoMalaysia Berhad, a delivery agency under the Science, Technology and Innovation Ministry. “These projects include the conversion of buses to enable them to use hydrogen as a zero-emission range extender. These projects are expected to be completed between 2024 and 2025.” Aminuddin said there are many opportunities that Malaysia could explore in hydrogen production, and that the country’s current hydrogen efforts cover the entire supply and value chain. “We can achieve the goal of netzero GHG emissions by 2050 and also produce hydrogen and even equipment and technology for export to other countries. “Malaysia can lead the development of new hydrogen technologies along the value chain, such as in solid-state based technology.” Malaysia can also anticipate excellent economic growth as the hydrogen industry can bring significant economic value to the country. Toll waiver for Christmas expected KAJANG: The government, through the Finance Ministry and Works Ministry, is expected to announce an exemption of toll fees in conjunction with Christmas, said Deputy Works Minister Datuk Seri Ahmad Maslan. “I was told that there might be an announcement on Friday. Let’s wait,” he said after visiting the Malaysian Highway Authority yesterday. Ahmad added that on average, the government allocates RM21 million a day to highway concessionaires to implement free tolls. He said the government had paid about RM80 million this year in conjunction with Hari Raya Aidilfitri, RM42 million for Deepavali and RM41 million for Chinese New Year for implementing the toll-free initiative. – Bernama Ahmad at the Malaysian Highway Authority traffic management centre with its director-general Sazali Harun (right) in Kajang yesterday. – BERNAMAPIC King confers ‘Tan Sri’ title on chief judge KUALA LUMPUR: The Yang diPertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah conferred the Darjah Panglima Setia Mahkota award, which carries the title Tan Sri, on the Chief Judge of Malaya Datuk Mohamad Zabidin Mohd Diah. Mohamad Zabidin headed the list of 298 recipients of federal awards, honours and medals in conjunction with the King’s birthday at an investiture ceremony at Istana Negara yesterday. The Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah was also present. Al-Sultan Abdullah presented the Darjah Panglima Jasa Negara, which carries the title Datuk, to national laureate Assoc Prof Lim Swee Tin. The Darjah Johan Mangku Negara award was bestowed on 10 individuals, including Selangor Police Chief Datuk Hussein Omar Khan. Al-Sultan Abdullah awarded the Darjah Johan Setia Mahkota medal to 12 individuals, Bintang Kesatria Mangku Negara to 40, Bintang Kesatria Setia Diraja to one individual, Bintang Ahli Mangku Negara to 55, and the Pingat Pangkuan Negara medal to 178 people. – Bernama Look East Policy now includes China, says PM KUALA LUMPUR: Malaysia, which has long looked to Japan and South Korea as models for economic development, is now interested in learning from China, said Prime Minister Datuk Seri Anwar Ibrahim. “We need to be open to revising any policy that has been in place for 40 years,” he told the Asahi Shimbun newspaper in an interview in Tokyo on Dec 17. He was referring to the Look East Policy that former prime minister Tun Dr Mahathir Mohamad introduced in 1982 to learn economic modernisation strategies primarily from Japan and South Korea. “I wouldn’t say ‘East’ (in this policy) means Japan and South Korea minus China. Now, when we say ‘Look East,’ it’s East (including China)”, he was quoted as saying. He said because digital technologies, cybersecurity and other issues are changing the world, Malaysia needs to expand on the decades-old policy while continuing its aspects that remain beneficial. Anwar is on a five-day working visit to Tokyo from Dec 15 to attend a summit celebrating the 50th anniversary of the friendship and cooperation between Japan and Asean. He added that Malaysia advocates a “fiercely independent” foreign policy and the country would deal with China depending on Malaysia’s interests. Anwar said when he visited the United States (during the Apec 2023 recently), he was asked why Malaysia is tilting towards China. “Because they’re investing more,” he replied. He added that Malaysia would firmly negotiate with China over territorial disputes in the South China Sea and not allow any unilateral action by Beijing. Anwar described Japan as a “very important strategic partner”, adding that Malaysia’s relationship with Japan should be expanded under the Look East policy, such as sharing Japanese work ethics and technologies. – Bernama Army gets funds for equipment to face floods KUALA LUMPUR: The army, as the lead agency of Ops Murni, received a contribution of RM100,000 from the National Disaster Management Agency for the procurement of support equipment to be used during disaster operations and the post-flood phase. The Defence Ministry said in a statement that among the things already procured were adult life jackets, children’s life jackets, umbrellas and cleaning items such as shovels and rubber boots. “In March, the Malaysian Armed Forces received disaster operation mobility equipment for humanitarian assistance and disaster relief worth about RM10 million. A total of 995 officers and 16,094 members of various ranks from the army, navy and air force in the country are ready to face any eventuality. – Bernama

WEDNESDAY | DEC 20, 2023 3 Talks on local council elections to be held KUALA LUMPUR: Minister in the Prime Minister’s Department (Federal Territory) Dr Zaliha Mustafa will discuss a proposal for holding local council elections with the Local Government Development Ministry. Zaliha said she took note of the suggestion, especially for local council elections in the federal capital, but the matter needed to be discussed with the ministry. “But we know that local councils are under the ministry and I’m not rejecting its importance. I will discuss with my counterpart (Nga Kor Ming) to see how we can further study this matter,” said Zaliha after attending a welcoming ceremony and briefing at the Kuala Lumpur City Hall at Menara DBKL 1 here yesterday. Zalina was moved to the PM’s Department from the Health Ministry in a recent Cabinet reshuffle. Media reports had quoted Kuala Lumpur DAP chairman Tan Kok Wai as urging the government to introduce local council elections in the federal capital, which he said would strengthen democracy in the Federal Territory. Tan said holding local council elections in Kuala Lumpur would ensure sustainability and allow residents to choose their local councillors. Meanwhile, Zaliha said the Federal Territory Department would retain its functions as a department and its administration would come under the PM’s Department, although the federal capital was previously under a ministry of its own. – Bernama Do not share student’s fatal crash video: MCMC KUALA LUMPUR: The Malaysian Communications and Multimedia Commission (MCMC) issued a reminder to the public to not spread or share videos or photos of the fatal accident involving a Form Five student in Meru, Ipoh last Friday. The MCMC said such acts could be punishable under Section 233 of the Communications and Multimedia Act 1998. “The sharing of such content will not only hurt the feelings of the victim’s family but also violates basic principles and ethics. Every individual should consider things carefully and not spread such photos or videos,” the commission said in a statement. The MCMC also advised the public not to speculate over the matter as the case was still ongoing. The Form Five student was killed when he was hit by a car at Jalan Taman Jati near Sekolah Menengah Kebangsaan Jati in Meru, Ipoh believed to have been driven by a senior police officer with the rank of deputy superintendent. – Bernama Rahmah benefits for Kelantan residents GUA MUSANG: A total of 474,384 people in Kelantan have enjoyed over RM4.4 million in subsidies provided by the government through the Rahmah Sales Programme implemented by the Domestic Trade and Cost of Living Ministry since January. Its Kelantan director Azman Ismail said 679 Rahmah Sales Programme had been held in 14 parliamentary constituencies that focused on B40 areas, with a total sales value exceeding RM24 million. “This programme greatly benefits consumers, including residents in rural areas, because they can enjoy discounts of between 10% and 30%. “In Gua Musang alone, we have conducted 26 series of Rahmah Sales Programme involving RM270,000 in subsidies,” he said after attending the Gerakan Pengguna Daerah Gua Musang Appreciation Night at Taman Ethnobotani on Monday. – Bernama Fishermen urged not to sell housing project units KUANTAN: Recipients of houses under the Fisherman Resettlement Programme yesterday were told not to sell their property. Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail said the price of the houses is set at RM35,000 per unit and categorised as low-cost houses, with the owners exempted from stamp duty. “They are also given a reduction in the deposit payment for electricity and water metres. These houses are provided to help them own a house. So, they should not sell their units. “The state government will monitor it through the fishermen’s association,” he said after handing the house keys to 16 recipients of the Bunut Redang housing project here yesterday. The project involved the construction of 154 housing units, with a total of 126 recipients for phases one and two receiving their house keys last year and in 2020. Twelve others will receive their house keys next year. Several additional facilities are being built at the housing area, including a hall, futsal court, shop building, kindergarten and a fisherman’s store, which are expected to be completed next year. Zulkifli Abdullah, 45, who has three children, said he was grateful to be able to own a house after waiting for so long. “I am very happy. Now, my family and I are staying at my parents’ house and we are glad that we can finally move to our own house,” he said. Another recipient, Mohd Zulkifli Jusoh, 52, thanked the government for providing the opportunity for the less fortunate to be house owners. “Finally, at aged 50, I can own a house,” said the father of nine. – Bernama M’sian wins Hot Wheels SE Asia champ title PETALING JAYA: Six-year-old Pritivy Skandhaan made Malaysia proud by winning the Hot Wheels Challenge Accepted Southeast Asia Championship (Junior Category) in Bangkok, Thailand last month. Hot Wheels is an American brand of die-cast scale model cars created by American Elliot Handler in 1968, and has a global following, thanks to racing competitions. Pritivy, who is probably one of the youngest to win the championship, was placed among the top competitors from Malaysia in the qualifying round before achieving the title of Malaysia champion at the finals. The Southeast Asia 2023 champion also received the top prize of RM1,171 and RM702 worth of Hot Wheels products. The Hot Wheels competition featured three thrilling challenges for the young participants. First, precision was key as participants aimed to hit targets accurately with their Hot Wheels cars. The second challenge explored creativity and engineering skills as participants constructed intricate tracks. Finally, the speed challenge ramped up the excitement, with participants racing against the clock to showcase agility and speed. Pritivy’s mother Shobana Sandrasegaran said the experience of attending the competition was nothing short of exhilarating for her husband Praveein Balakrishnan and Pritivy. “The two are united by a shared passion for Hot Wheels that began when my son was just two years old. “Praveein’s love for Hot Wheels translated into cherished collections and memories. It started with building simple tracks, with the Hot Wheels cars becoming a shared hobby,” she said. When it comes to encouragement, Pritivy gets unwavering support from his parents in pursuing his Hot Wheels hobby. “His father actively engages in the hobby by buying new cars, building tracks and enjoying playtime with Pritivy whenever he can spare a moment. Pritivy celebrating his victory with his parents. oSix-year-old does country proud at scale model car competition in Bangkok, sets sight on US championships █ BY RAVEEN AINGARAN [email protected] “As his mother, I contribute to his emotional well-being, providing a different form of support.” Shobana said managing a hobby like Hot Wheels can incur costs, but she views it as an investment in her son’s passion and creativity. “While there are associated costs, the fundamental value of the hobby in nurturing our son’s interests and skills far outweighs the financial aspects. “It is now a very fulfilling and enriching experience for our family.” Pritivy said he is keen to participate in the US championships, with the ultimate goal of becoming a world champion. “I love Hot Wheels. The cars are so nice and it is exciting to race them,” he said. He also expressed a desire to transition to the senior category and continue competing at higher levels. Shobana said as parents, they are fully committed to supporting their son’s dreams. Whether it is providing financial backing, offering emotional encouragement or any other form of support. “We want to encourage his passion and enable him to reach new heights in the world of Hot Wheels competitions and the valuable lessons they bring.” Shobana said the joy of participating in the competition has been transformative, offering glimpses of focused determination, sparks of creativity and an outlet for imagination. “What makes these moments truly special is the synergy between Pritivy’s passion for Hot Wheels, the unwavering support of his father and the blessings that accompanied each step of the journey.”

WEDNESDAY | DEC 20, 2023 4 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ KUALA LUMPUR: Love for his grandmother prompted Low Jun Kiat, 26, to start a home for the elderly who have nobody to care for them. In 2021, he established Pertubuhan Kebajikan Kasih Sayang Alam Damai to provide shelter, meals and medical care and today, it is home to 13 residents. “I started the home because my grandmother was disabled and required special care. “When I was younger, my parents were often busy with work and hardly had time for me. So, my grandmother stepped up and looked after me. “She died some years ago and in her memory, I wanted to manifest the love and kindness she gave me throughout the years for others who do not receive it.” Low said many elderly people need special care and medical attention, but do not have access due to limited mobility. He was spurred to provide them with a home, cared for and provided with medical attention, adding that most of the residents were singles who could no longer care for themselves because their relatives either abandoned them or have passed on. “The residents are aged between 58 and 92 and the home provides daily meals, showers and medication as most of them suffer from various age-related ailments.” Low also said there were many benefactors who offer financial and other types of help to the home. However, with the rising cost of living, donations have been insufficient. “There are volunteers who visit each week to help with the residents and some organise activities to keep them entertained. The volunteers also provide company by talking to them, but the residents yearn for visits from their families.” He said he faced many challenges while establishing the home during the Covid-19 pandemic, adding that running it has become increasingly difficult due to financial constraints. “The home needs RM22,000 a month to cover operating expenses, including rent, utilities, staff salaries and basic medical care.” Low said he has been seeking help from friends, who made donations and provided supplies, to help the home get through difficult times. “But now, the cost of essentials has gone up and the monthly rental has been raised to RM2,400 since May.” He also said the biggest challenge he faces is raising money for surgery for some of the residents, adding that one individual had to have kidney stones removed, costing about RM5,000. Low said he usually reaches out to the public for funds during such situations, but it is still insufficient to cover the expenses. “When the home cannot raise enough money, I am forced to use emergency funds. Sometimes, I even have to delay other payments for a month or so because of sudden additional expenses.” Amid the hardships, Low remains committed to providing a loving and caring environment for the residents. “I learned from all the challenges faced that we can succeed if we do not forget where we came from,” he said, urging the people to spend time with their family members and cherish them while they are still alive. Those who are keen to help the home financially or donate essentials can contact Pertubuhan Kebajikan Kasih Sayang Alam Damai at 014-611 2253. Agro sale boon for village residents TAMPIN: Every time a Madani Agro Sale is held, Kampung Pondoi housewife Ropeah Mat Said, 53, would never miss the opportunity to take advantage of the promotions and discounts offered. With her children and grandchildren, they would go to the location at Masjid Jamek Tuanku Besar as early as 8am. “The prices offered reduces the burden of the high cost of living and helps me save on expenses,” she said, adding that she had been planning to go for the sale since the first time she heard about it. “I found out about this sale through the village WhatsApp group about two or three days ago and I am happy it is being held. “It helps me stock up on some items at home, like cooking oil, rice and eggs at a cheaper price. I can even buy vegetables for RM1 a bundle.” Zaili Shaari, 59, a retiree from Taman Bukit Tampin, said he did not want to miss the opportunity to buy sundries at the sale because the prices are cheaper and of better quality than supermarkets or grocery stores. The father of eight expressed hope the event would be held more often, at least twice or three times a month, to help the underprivileged cope with the rising cost of living. “By doing their marketing here, people from the low-income group also get to have meals with seafood such as prawns and squid, which are very expensive in the market. It is only sold at RM28 per kg here. “I bought local white rice for only RM26 for 10kg, while it is RM40 elsewhere.” He thanked the government for the initiative and hoped the Federal Agricultural Marketing Authority or the Agriculture Department would hold the event more often. Meanwhile, agriculture entrepreneur Zainah Yaakub, 50, described the event as a win-win situation because it does not only benefit consumers but also participating entrepreneurs. “This is because farmers could sell their produce directly to consumers without the need to go through middlemen, which will certainly increase their income and profit margin. “For consumers, they get fresh produce at a cheaper price,” he added. – Bernama Shelter home for elderly inspired by love oFounder honours late grandmother by providing board, meals and medical care to abandoned senior citizens █ BY ALLEN WONG [email protected] Residents at the home getting ready to enjoy a meal prepared by volunteers. – ADIB RAWI YAHYA/THESUN

WEDNESDAY | DEC 20, 2023 5 RM5 billion iIlegal gambling bane PETALING JAYA: The government is losing a staggering RM5 billion annually due to illegal gambling activities in the country. According to Ravi Balakrishnan, a chartered accountant, tax consultant and lecturer at a private university, illegal gambling – both physical and online – has many negative effects. “A few countries such as Japan are looking into legalising online gambling under specific rules and locations while increasing enforcement to stamp out illegal activities. “In Malaysia, controls are in place for “Number Forecast Operators”, which provide the government with revenue,“ he said, adding that there must also be active enforcement to eradicate illegal gambling operators, that are a bane to the country. “Tax leakage resulting from illegal gambling will affect the funding of crucial public services such as education and affordable housing, healthcare and infrastructure development. “Just imagine, with the RM5 billion being lost annually due to illegal gambling activities, the government could build 52 new schools, provide RM100,000 scholarships to 50,000 students and build 33 24-storey police stations to enhance safety and security in the country.” Monash University economics professor Dr Niaz Asadullah, who focuses on poverty and development studies, warned that the substantial leakage of funds could reduce the government’s capacity to invest in critical sectors. “Long regarded as a thorn in the side of the authorities, illegal gambling has now taken centre stage due to its impact on tax revenues. Illegal gambling is also a pervasive issue that goes beyond the realm of tax revenue.” Niaz said unofficial estimates suggest annual losses ranging from RM2 billion to RM5 billion, adding that on a global scale, trillions are expended annually in illicit betting markets, leading to substantial tax revenue loss for the countries concerned. According to him, the substantial financial losses from illegal gambling exacerbate the challenges faced by the government in sustaining necessary expenditures during the ongoing economic recovery phase. He also said the clandestine industry is weakening the economic stability of the country and poses threats to individual financial security, reputable business sectors and even Malaysia’s standing in the global arena. Elaborating on the consequences beyond mere loss of tax revenue, Niaz said illegal gambling operations exploit vulnerable segments of society, such as youths and retirees, through social media platforms. “The prevalence of illegal gambling platforms often intertwines with other (criminal) elements, including drug trafficking, human trafficking and the unlawful transfer of funds. “Retirees often find themselves losing substantial portions of their savings, while youths engage in gambling with borrowed funds, subsequently resorting to (criminal) activities to alleviate the accumulated debt burden.” Police operations have been effective against black market online gambling rings but the public must also play a part in eradicating the scourge. – BERNAMAPIC █ BY SIVANISVARRY MORHAN [email protected] oApart from depriving govt of tax revenue, syndicates also feeding conditions for growth of criminal activities Niaz said to compound the issue, many illicit gambling activities are facilitated by overseas syndicates operating through online platforms, leading to outflow of funds and loss of foreign exchange. While saying that estimating the overall economic impact of illegal gambling in Malaysia is complex, he added: “It is clear that beyond the visible loss of tax revenue, the country faces weakened foreign exchange reserves and increased vulnerability to capital flight. “The intertwining of illegal gambling with other illicit activities, such as the global trade in illegal cigarettes, also presents a reputational challenge for Malaysia as a top tourism destination and halal hub. “Factors contributing to the persistence of illegal gambling in Malaysia are weak regulatory capacity, lack of public awareness regarding legal and illegal gambling forms, and poor digital literacy. “This leads to people being susceptible to online scams related to gambling.” He said addressing the prevalence of illegal gambling requires comprehensive measures, while preventing tax revenue loss necessitates bringing all licensed gambling activities into the formalised sector. “This involves eradicating informal online and offline gambling operators and bolstering digital governance. We must also enhance literacy among groups vulnerable to gambling. “Public awareness campaigns are crucial to clarify the distinction between lawful and criminal gambling activities.” Niaz also said Malaysia could draw knowledge from successful international models and best practices in combating illegal gambling, adding that implementing stringent measures, effective regulations and public awareness campaigns have proven successful in curbing illegal gambling activities in several countries. He said as Malaysia stands at the crossroads, policymakers face the daunting task of balancing the need for stringent enforcement with proactive regulatory measures. “Crafting a comprehensive strategy to tackle the burgeoning illegal gambling industry requires the collaboration of law enforcement agencies and technology specialists. “Addressing the issue is not only vital for economic stability but also to preserve the social fabric.” Niaz said only through a concerted effort can Malaysia hope to curb tax revenue loss, protect its citizens from the social ills associated with illegal gambling and fortify the foundation of its economic future. Aid for creative industry community KUALA LUMPUR: The National Film Development Corporation Malaysia (Finas) will continue to take initiatives to support and assist the country’s creative industry and to ensure the welfare and affairs of those involved are taken care of. Finas chairman Datuk Kamil Othman said a committee chaired by Persatuan Seniman Malaysia (Seniman) president Rozaidi Abdul Jamil, who is also known as Zed Zaidi, will ensure the distribution of assistance in a systematic way. “Finas is aware of those in the creative industry who need assistance. We are aware that assistance was given on an ad-hoc basis. We want to provide assistance through a more organised and systematic way,” he said on Monday after launching a programme to contribute assistance to those in the creative industry. He said the committee would also work with Gabungan Persatuan Perfileman Malaysia (Gafema), which has 11 associations involved in the creative industry to channel and share information on the welfare of individuals, associations and related bodies that are involved in the creative industry to synergise the procedures. “The main objective of the committee is also to ensure those involved in the industry can be united, so the best option is to register with Finas. Once registered, it would ease the process of providing assistance.” Zed Zaidi said 100 creatve industry players have received assistance through the programme and the committee expects more assistance to be provided after receiving data and records from Gafema. “For 2024, we have plans to identify those offered assistance. Because in Finas, we are not only focused on artistes but also on crew, directors, producers and those involved in other categories under Finas,” he said, adding that the committee was ready to work with the Civil Defence Force to assist those in the creative industry affected by the Northeast monsoon. – Bernama Superhero attraction in Langkawi KUALA LUMPUR: Animonsta Studios (Monsta) is collaborating with cable car operator Panorama Langkawi Sdn Bhd (Panorama Langkawi) to screen a special edition of popular local animated series BoBoiBoy to entertain tourists during the school holidays. The special episode titled BoBoiBoy Journey to Space will be shown at the Langkawi SkyDome. It was produced in a 360-degree three-dimensional image projection format, employing 12 state-of-the-art projectors that immerse the audience in a visually stunning experience. Monsta CEO Nizam Abd Razak said the Langkawi SkyDome, a pioneer recreation centre in the region, promises an unparalleled and exhilarating show for visitors. He also said the collaboration signifies an innovative initiative to draw tourists to Langkawi as it combines the strengths of two local companies that appeal to families with children and also BoBoiBoy global fans. “The family-friendly character of BoBoiBoy is expected to promote the tourism sector in Malaysia by attracting more foreign tourists to visit our country. “We hope this collaboration will attract more tourists to visit Langkawi Island and also be a stepping stone for BoBoiBoy to become a Malaysian tourism icon.” He added that after 12 years in action, the local superhero character is a well-known brand in the region and expressed excitement when the company was approached by Panorama Langkawi, which accepted BoBoiBoy as its tourism icon. Visitors can ride a cable car decorated with BoBoiBoy stickers at Langkawi SkyCab, watch BoBoiBoy Journey to Space at Langkawi SkyDome and buy exclusive merchandise from Monsta and Panorama Langkawi at the tourist location. The latest series BoBoiBoy Galaxy Sori is available all over the Asian region through popular streaming platforms Netflix and Monsta YouTube Channel, as well as on the local television station TV9. – Bernama Prominent lawyer Sulaiman Abdullah dies KUALA LUMPUR: Prominent lawyer Datuk , who was involved in several high profile cases, passed away at the age of 77 on Monday. Actor and director Huzir Sulaiman said despite his father’s many health challenges, particularly in the last decade, his sharp mind and dry wit remained unaffected. The veteran lawyer, who was Malaysian Bar president from 2000 to 2001, was among Prime Minister Datuk Seri Anwar Ibrahim’s lawyers in court cases. Sulaiman also represented former Malaysian ambassador to the US Tan Sri Jamaludin Jarjis’s widow Puan Sri Kalsom Ismail in a family matrimonial asset or faraid dispute at the Syariah court. In 2018, Sulaiman was appointed lead prosecutor in the SRC International Sdn Bhd trial of former prime minister Datuk Seri Najib Abdul Razak. – Bernama

WEDNESDAY | DEC 20, 2023 6 Scam victims suffering in silence KUALA LUMPUR: A survey has revealed that less than 50% of scam victims in the country seek help. According to the Scams in Malaysia survey conducted by Ipsos Malaysia on 1,000 individuals, only 48% of 657 respondents who were victims and those who were almost duped reported to the authorities. Among the actions taken were contacting banks, seeking assistance from friends or family members, posting on social media, filing a complaint with consumer protection agencies and consulting a lawyer. Ipsos Malaysia country service line leader (creative excellence) Kuan Sawu Fang said in a statement yesterday a proactive and multifaceted approach is essential in tackling scams. “While the role of law enforcement is critical, empowering the public with education and advanced digital safeguards is equally important. The government decision to increase funding for the National Scam Response Centre is a promising step toward proactive measures. “We hope to see the government take decisive action to combat scams. By doing so, the security and stability of all Malaysians can be ensured, paving the way for a future in which our community is resilient against such threats.” The survey found most scam cases were reported to police, followed by the Malaysian Communications and Multimedia Commission, CyberSecurity Malaysia and Bank Negara Malaysia, Bernama reported. It also revealed phone and WhatsApp scams were the most common as the increase in digital connectivity facilitates the operations of scammers. According to the survey, the scams were encountered via phone calls, WhatsApp, Facebook, Telegram and SMS. oWhile role of law enforcement critical, public awareness and advanced digital safeguards equally important: Research expert An inundated road in Kampung Gual Tok Deh, Pasir Mas that has resulted in residents being cut off from surrounding areas. – BERNAMAPIC Three missing hikers found safe JOHOR BAHRU: Three local hikers, who are believed to have trespassed into the Gunung Pulai Permanent Forest Reserve and lost their way for nine hours, were found safe in Kulai on Monday. Johor Forestry Department director Datuk Salim Aman said the men, in their 20s and 30s, are believed to have entered the area through the Bandar Baru Kangkar Pulai Public Park at 9am and continued towards Sungai Emas to head to Tasik Biru Kangkar Pulai, but failed to find their way out. “The Kangkar Pulai police station received a report at 4pm from the hikers via a phone call, stating they were lost,” he said in a statement yesterday. Salim also said the hikers were found in the forest reserve at midnight after a search and rescue operation started at 4pm involving members of the department, police, Kangkar Pulai Fire and Rescue Department and forest guides. He said the hikers did not have a permit to enter the area without a ranger or guide and action will be taken under Section 47 of the Johor National Forestry Enactment (Adoption) 1995. He added that the department announced the closure of Gunung Pulai starting Nov 20 and advised the public to comply with the prohibition. – Bernama Water cut hits 200,000 Penang consumers BUTTERWORTH: More than 200,000 consumers in the Southwest district and Seberang Perai experienced water supply disruption after a pipe at the bottom of Sungai Perai burst on Monday. Penang Water Supply Corporation CEO K. Pathmanathan said in a statement underwater welding work to repair the pipe began yesterday. “We are implementing an emergency response plan to repair the damage to the pipe that runs across the riverbed, after it was found to be leaking at around 8am on Monday.” He added that a contractor based in Port Klang, Selangor has been appointed to conduct a probe into the incident. Sungai Perai is approximately 3.5m deep. Pathmanathan said commercial divers from Port Klang arrived on Monday and carried out an underwater inspection at 10.30pm, adding that valve controls were activated to reduce water flow to facilitate the inspection. “They found the pipe had ruptured, with a hole measuring 20cm x 30cm. The workers plan to weld a 60cm x 60cm steel plate onto the damaged section. “Since the welding must be done underwater, the contractor will determine the best time to start work based on visibility and river conditions for safety reasons. “We apologise for any inconvenience caused and will provide regular updates on our Facebook page. We will also announce the expected duration of the water supply disruption as soon as we receive information from the experts conducting the work.” – Bernama Flood situation eases in Kelantan, Selangor KUALA LUMPUR: The number of flood evacuees in Kelantan and Selangor declined yesterday, while the situation in Terengganu and Perak remained unchanged. In Kelantan, 5,087 individuals from 1,592 families were taking refuge at 14 Pasir Mas relief centres as of 9am, down from 5,164 involving 1,621 families. The Social Welfare Department Info Bencana portal reported 14 individuals from five families were housed at the SK Sultan Abdul Aziz Shah relief centre in Kuala Selangor, a slight drop from 15 recorded on Monday. Data from the Department of Irrigation and Drainage through its Public Infobanjir portal revealed Sungai Langat in Bukit Changgang had exceeded the alert level, with a reading of 3.3m. In Terengganu, the number of evacuees at four relief centres in three districts remained unchanged at 158 from 16 families. In Perak, 65 individuals from 18 families were accommodated at the Padang Tembak Multipurpose Hall relief centre in Teluk Intan. Sungai Bidor in Changkat Jong recorded a reading of 3.51m, which is at the danger point. – Bernama Cops investigate blogger over video KUALA LUMPUR: Police have started an investigation on Wan Muhammad Azri Wan Deris, who is also known as Papagomo, over an allegedly defamatory video on social media about Prime Minister Datuk Seri Anwar Ibrahim. Bukit Aman Criminal Investigations Department (Investigations/Law) deputy director Datuk Rusdi Mohd Isa said Papagomo posted a video titled “DSAI penyakit misteri tiada penawar AIDS” that was uploaded on YouTube on Dec 16. He added that the case was being investigated under the Minor Offences Act 1955, Section 504 of the Penal Code and Section 233 of the Communications and Multimedia Act 1998. “We would like to remind the public to refrain from any speculation that could disrupt investigations,” he said in a statement, adding that police will be uncompromising against parties using social media to manipulate issues on public order, moral principles or slander. – Bernama

WEDNESDAY | DEC 20, 2023 7 More than 110 dead in northwest China quake BEIJING: At least 111 people were killed when an earthquake collapsed buildings in northwest China, state media reported Tuesday, as rescue workers raced to start digging through rubble. About 100 were killed and scores more injured in Gansu province after the strong, shallow tremor struck, state broadcaster CCTV said, citing the provincial earthquake relief headquarters. According to CCTV, 11 others were killed and 100 injured in the city of Haidong in the neighbouring province of Qinghai. The quake caused significant damage, including collapsed houses, and sent people running into the street for safety, state news agency Xinhua said. Rescue work was under way early yesterday, with Chinese President Xi Jinping calling for “all-out efforts” in the search and relief work as well as ensuring the safety of the survivors Collapsed buildings seen after an earthquake in northwest China’s Gansu province yesterday. – AFPPIC oRescue work under way as President Xi calls for ‘all out efforts’ in ensuring safety of survivors and their property and their property. The quake, which was logged as magnitude 5.9 by the US Geological Survey (USGS), struck in Gansu near the border with Qinghai where Haidong is located. That epicentre is about 100km southwest of Gansu province’s capital, Lanzhou. Several smaller aftershocks followed the initial earthquake. Xinhua reported the quake, which was felt in Xi’an in northern Shaanxi province about 570km away, as magnitude 6.2. Power and water supplies were disrupted in some local villages, Xinhua said. CCTV showed images of emergency vehicles driving towards the scene with their lights flashing along snow-lined highways. Rescue workers dressed in overalls were pictured shoulder-toshoulder in the trucks, while other images showed them lining up in ranks to receive instructions. Other clips showed emergency personnel going through debris by torchlight, unfolding orange stretchers for the casualties. Temperatures have plunged to well below freezing across northern China and footage from one of the worst-hit areas on CCTV showed residents warming themselves by a fire while emergency services set up tents. Fallen ceilings and other debris could be seen in videos posted on social media. The earthquake struck at a depth of 10km according to the USGS, which revised the magnitude downward after initially reporting 6.0. Officials launched an emergency response and dispatched rescue personnel to the area just after the quake and provincial leaders were also en route, Xinhua reported. Earthquakes are not uncommon in China. In August, a shallow 5.4- magnitude earthquake struck eastern China, injuring 23 people and collapsing dozens of buildings. In September 2022, a 6.6- magnitude quake hit Sichuan province leaving almost 100 dead. A 7.9-magnitude quake in 2008 left more than 87,000 people dead or missing, including 5,335 school pupils. – AFP Diplomatic efforts with Beijing heading ‘in poor direction’ MANILA: Philippines President Ferdinand Marcos Jr. said a “paradigm shift” was needed in how his country approaches the South China Sea issue, as diplomatic efforts with Beijing were headed “in a poor direction”. Marcos, in an interview with Japanese media on Dec. 16, parts of which were shared with Philippine media on Monday, said traditional diplomatic efforts were being disregarded by China, according to a presidential palace release. “To this point, we have resorted to the traditional methods of diplomacy ... but we have been doing this for many years now, with very little progress,“ said Marcos, who was in Japan for Tokyo’s commemorative summit with the Association of Southeast Asian nations (Asean). “It’s time that the countries that feel that they have an involvement in this situation, we have to come up with a paradigm shift,” Marcos said, while reiterating the Philippines wants to avoid violent conflict. He added his government will continue talking to its partners and come up with a joint position stating their responsibilities as far as the West Philippines Sea is concerned. The Philippines refers to the part of South China Sea within its exclusive economic zone as the West Philippines Sea. Last week, Manila and Beijing traded accusations over a collision of their vessels near a disputed shoal in the South China Sea as tensions over claims in the vital waterway escalate. In addition to the Philippines, Asean members Vietnam, Malaysia and Brunei have overlapping claims with China in parts of the South China Sea, a conduit for more than $3 trillion of annual ship-borne commerce. The Permanent Court of Arbitration in 2016 said China’s claims had no legal basis, a ruling the United States supports but Beijing rejects. There was no immediate comment from the Chinese Embassy in Manila. – Reuters Taiwan reports another suspected weather balloon TAIPEI: A suspected Chinese weather balloon flew across the sensitive Taiwan Strait on Monday but stayed well north of Taiwan, the island’s defence ministry said yesterday, the third time this month Taipei has reported them nearby. The potential for China to use balloons for spying became a global issue in February when the US shot down what it said was a Chinese surveillance balloon. China said the balloon was a civilian craft that accidentally drifted astray. Taiwan is on high alert for Chinese activities, both military and political, ahead of Jan 13 presidential and parliamentary elections. Taipei has warned of Beijing’s efforts to interfere in the ballot to get voters to pick candidates China may prefer. Taiwan’s defence ministry said the single balloon was detected early Monday after crossing the strait’s median line 67 nautical miles (124km) northwest of the northern Taiwanese port city of Keelung. The balloon flew at an altitude of about 15,000 feet, headed east and disappeared later, the ministry added. The ministry said its initial judgement is that it was a weather balloon. – Reuters B R I E F SDIPLOMATIC PRESSURE BUILDS OVER TRIAL HONG KONG: International pressure was building over a landmark national security trial in Hong Kong for leading China critic Jimmy Lai, with British authorities calling for consular access to the jailed democrat as his trial entered its second day yesterday. Lai, 76, the founder of nowshuttered pro-democracy newspaper Apple Daily and one of the most prominent critics of China’s Communist Party leadership, faces several collusion with foreign forces charges under a China-imposed national security law that could see him jailed for life. The trial has become a diplomatic focal point and a key test for the financial hub’s judicial independence and freedoms, with diplomats including those from the US, UK, European Union, Canada and Australia in attendance. The British and US governments have called for Lai’s immediate release, saying the trial is politically motivated. “We’ll continue to press for consular access to Lai,” Anne-Marie Trevelyan, the UK minister of state for the Indo-Pacific, said in British parliament on Monday, while reiterating Lai is a British citizen. – Reuters BANGLADESH TRAIN BLAZE KILLS FOUR DHAKA: Protesters set a train ablaze in Bangladesh yesterday, killing at least four people amid a countrywide strike called by the opposition to press its demand for the government to resign ahead of an election next month. It was the latest strife sparked by antigovernment protests in which dozens of buses and vehicles have been set on fire, with at least six people killed since Oct. 28, when an opposition rally turned violent. “Strike supporters set fire to three compartments of an express train,” said fire service official Shahjahan Shikder. “Four bodies have been retrieved from a compartment.” It was not immediately clear how many were aboard the train, headed for the capital of Dhaka from the northern district of Netrokona, when passengers saw the flames a short distance from its destination, police said. – Reuters

WEDNESDAY | DEC 20, 2023 8 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Aid to Ukraine on verge of expiring, White House warns WASHINGTON: The White House warned on Monday that the US has only enough authorised funding for one more aid package to Ukraine this year before Congress would be required to greenlight new contributions to Kyiv. Washington has committed more than US$43 billion (RM201 billion) in military assistance to ally Ukraine since Moscow launched its deadly full-scale invasion of its neighbour in February 2022. But hardline US Republicans in Congress, who complain that the Biden administration is prioritising contributions to Kyiv over addressing domestic problems like border security, have all but blocked new funding. “We have one more aid package here before our replenishment authority dries up,” National Security Council spokesman John Kirby said, referring to the congressionally approved system by which the Pentagon replaces its donated weapons and equipment. Lawmakers recently approved a 2024 defence budget that allows release of US$300 million (RM1.4 billion) for Kyiv. But that is just half a percent of the US$61 billion (RM286 billion) sought by the White House, a package for arming Ukraine that is still being debated. Kirby said the Defence Department’s comptroller, Michael McCord, wrote lawmakers on Monday saying the administration has “allocated the remaining funding that’s available to restock US supplies and to replace what we’re sending to Ukraine”. A final package for 2023 is still expected later this month, although Kirby declined to put a dollar amount on it. – AFP B R I E F SVOLCANO ERUPTS IN SOUTHWEST ICELAND REYKJAVIK: A volcano in Iceland was erupting yesterday, with geysers of molten lava shooting into the pitch-black night sky after weeks of seismic activity had the region southwest of the capital on high alert. The eruption on the Reykjanes peninsula, just north of the fishing town Grindavik, began Monday after an earthquake swarm, the Icelandic Meteorological Office said, referring to a series of small shakes. “A Coast Guard helicopter will take off shortly to confirm the exact location and size of the eruption,” the meteorological office said, adding it could be seen via nearby webcams. Live-streamed footage of the eruption showed glowing orange jets of lava spewing from a gash in the ground, surrounded by billowing clouds of red smoke. “We hope for the best but it is clear this is a considerable eruption,” Prime Minister Katrin Jakobsdottir wrote on Facebook. For weeks, the Nordic country had been anticipating an eruption on the peninsula southwest of the capital after intense earthquake activity, which prompted authorities to evacuate thousands of people and close the Blue Lagoon geothermal spa famed for its turquoise waters. – AFP APPEAL VERDICT DUE IN SWEDEN TRIAL STOCKHOLM: A Swedish appeals court will announce its verdict in the trial of a former Iranian prison official handed a life sentence in a lower court for crimes committed during a 1988 purge of dissidents. The verdict could have repercussions on the fate of Swedish prisoners in Iran, including EU diplomat Johan Floderus who has been held for more than 600 days. Hamid Noury, 62, was arrested at a Stockholm airport in November 2019 after Iranian dissidents in Sweden filed police complaints against him. In July 2022, a Stockholm district court convicted him of a “serious crime against international law” and “murder”. – AFP Finland bolsters military ties with US after Putin warning WASHINGTON: Finland on Monday signed an agreement to enhance military cooperation with the US, saying it saw a long-term threat from Russia, a day after its giant neighbour issued a warning over Helsinki’s recent entrance into North Atlantic Treaty Organisation (Nato). The Defence Cooperation Agreement formalises greater ties with the US, including joint training of forces and military interoperability, in line with Finland’s accession to the Atlantic alliance in April. Signing the agreement in Washington with Secretary of State Antony Blinken, Defence Minister Antti Hakkanen hailed it as a “strong sign of US commitment to the defence of Finland and the whole northern Europe”. “We do not expect the US to take care of the defence of Finland. We continue to invest in our defence and share the burden in our area and beyond,” he said. “However, this agreement significantly enhances our ability to act together in all situations.” Finland, which fended off a Soviet invasion in the 1939 to 1940 Winter War, for decades steered clear of formally entering Nato for fear of antagonising its giant neighbour but changed course following Russia’s assault on Ukraine, which had tried unsuccessfully to enter the alliance. Russian President Vladimir Putin, in an interview with state television released on Sunday, charged that the West had “dragged” Finland into Nato, saying Russia had long ago settled 20th-century disputes with Helsinki. Putin announced the creation of a new district within Russia’s military near Finland, with which Russia shares a 1,340km border. Finnish Foreign Minister Elina Valtonen, speaking in Washington after the agreement signing, renewed accusations that Russia is trying to “weaponise migration” by sending people from developing countries through the border to the EU member. “During the past two years, we have seen that there are very few restraints for Russia’s aggressive behaviour,” she said at the Hudson Institute. “We see that Russia will remain a threat to global security for the foreseeable future,” she said. Russia, she said, is “trying to distract us from its illegal war of aggression and to sow discord”. – AFP N. Korea warns Washington after biggest ICBM launched SEOUL: North Korean leader Kim Jong Un has vowed to accelerate his country’s nuclear build-up and warned Washington against making a “wrong decision” after overseeing the launch of the country’s most powerful ballistic missile, state media said yesterday. Monday’s test launch of the solid-fuel Hwasong-18 came a day after the nuclearpowered submarine USS Missouri made port in Busan and followed a US-South Korea warning that a nuclear attack by Pyongyang would mean “the end of the Kim regime”. The two allies along with Japan yesterday activated a system to share real-time data on North Korean launches, part of their tightening security cooperation in response to Pyongyang’s growing nuclear threats. Kim said the launch of the missile capable of reaching US shores was “a clear signal to hostile forces” and showed the country’s options should Washington make “a wrong decision against it”, the Korean Central News Agency (KCNA) said. “A drill of launching (the) ICBM Hwasongpho-18 was staged as an important military action to clearly show the DPRK’s nuclear strategic forces’ overwhelming counteraction will and matchless strength to the enemies,” KCNA said of the Monday launch. The North Korean leader also “set forth some important new tasks for the development of the DPRK’s nuclear strategic forces,” KCNA added. The Hwasong-18, the largest in North Korea’s arsenal, flew just over 1,000km and reached a maximum altitude of around 6,000km it said, and demonstrated “the combat capability of ICBM unit”. South Korea’s military said Monday that the ICBM fired used solid fuel, which makes missiles easier to transport and faster to fire than liquid-fuelled versions. The launch marked the third time the North had tested a solid-fuel ICBM, after launches in April and July, which analysts said signalled consistent efforts to improve the technology. Japan’s defence ministry said the Hwasong-18 had a potential range of more The test launch of a Hwasongpho-18 intercontinental ballistic missile at an undisclosed location in North Korea on Monday. – AFPPIC oVows to accelerate development of republic’s nuclear strategic forces than 15,000km which would cover all of the US. Seoul and Washington have ramped up defence cooperation in the face of a recordbreaking series of weapons tests by Pyongyang this year. The conservative government of South Korean President Yoon Suk Yeol has also made a concerted effort to improve historically strained ties with Japan, the country’s former colonial ruler. The US and South Korea on Friday held the second meeting of their Nuclear Consultative Group in Washington, where they discussed nuclear deterrence options in the event of conflict with the North. On Saturday, they warned that any nuclear attack from Pyongyang on the US or South Korea would result in the end of the Kim regime. A spokesperson for North Korea’s defence ministry on Sunday slammed the allies’ plans to expand annual joint military exercises next year to include a nuclear operation drill, calling it “an open declaration on nuclear confrontation”. – AFP

WEDNESDAY | DEC 20, 2023 9 Red Sea patrol force to counter Houthi attacks oSeveral countries taking part in coalition to shoot down missiles, drones and provide assistance to ships JERUSALEM: Several countries have agreed to jointly carry out patrols in the southern Red Sea and Gulf of Aden to try to safeguard commercial shipping against attacks by Yemen’s Houthi rebels, who say they are supporting Palestinians under siege by Israel in the Gaza Strip. US Defence Secretary Lloyd Austin, on a visit to Bahrain, identified several countries taking part in an international force. It was unclear whether those countries are willing to do what US warships have done in recent days, shoot down Houthi missiles and drones, and rush to the aid of commercial ships under attack. “This is an international challenge that demands collective action. Therefore, I am announcing the establishment of Operation Prosperity Guardian, an important new multinational security initiative,” Austin said in a statement yesterday. It identified participating nations led by the US as including among others Bahrain, Britain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain. The Iran-backed Houthis have waded into the Israel-Hamas conflict by attacking vessels in vital shipping lanes and even firing drones and missiles at Israel, more than 1,600km from their seat of power in the Yemeni capital of Sanaa. Houthis attacked two commercial shipping vessels in the southern Red Sea on Monday, the US Central Command (Centcom) said in a statement. The chemical/oil tanker motor vessel Swan Atlantic was attacked by a drone and an anti-ship ballistic missile, it said. At about the same time in a separate incident, the bulk cargo ship MSC Clara reported an explosion in the water near its location, Centcom said. There were no injuries reported by either vessel. Houthi spokesperson Yahya Sarea on Monday identified the same vessels as being attacked and said drones were used because the crews failed to respond to calls from the group. The Houthis have threatened to target all ships heading to Israel, regardless of their nationality, and warned international shipping companies against dealing with Israeli ports. Mohammed al-Bukhaiti, a member of the Houthi politburo, told Al Jazeera on Monday his group would be able to confront any US-led coalition that could deploy to the Red Sea. US Secretary of State Antony Blinken, in a call with Saudi Arabian Foreign Minister Prince Faisal bin Farhan on Monday, condemned the Houthi’s attacks on commercial vessels, the State Department said. Meanwhile, Israel’s assault continued in Gaza where it has vowed to annihilate Hamas, the Islamist movement that, like the Houthis, is aligned with Iran. – Reuters US affirms support for Israel as calls mount for ceasefire TEL AVIV: The US vowed on Monday it would continue to arm Israel in its campaign against Hamas, even as it called for more humanitarian aid to Palestinians in the devastated Gaza Strip. Fighting raged on in the third month of the bloodiest-ever Gaza war, with the Hamas-run health ministry reporting another 110 people killed in strikes on the Jabalia camp near Gaza City. The UN Security Council in New York was set to vote on another call for a ceasefire in the besieged territory after previous bids were vetoed by Israel’s key ally the US. But the vote was postponed as negotiations continued over the text of the document, diplomatic sources at the United Nations told AFP. Visiting Israel, US Defence Secretary Lloyd Austin said, “We must get more humanitarian assistance in to the nearly two million displaced people in Gaza and we must distribute that aid better.” He confirmed Washington was “Israel’s greatest friend” and would continue to provide “critical munitions, tactical vehicles and air defence systems”. Austin added that his visit did not aim to “dictate timelines or terms” for the war. Austin is touring the Middle East as concerns grow over the war’s spread around the region, with Iranbacked Houthi rebels in Yemen attacking international shipping in the Red Sea in solidarity with Hamas. The attacks have disrupted global trade, driving up oil prices, with energy giant BP among the latest major firms to stop using the vital route that leads to the Suez Canal. International alarm has mounted over the plight of 2.4 million Gazans enduring daily bombardment, food and water shortages and mass displacement. Human Rights Watch charged that Israel “is using starvation of civilians as a method of warfare”. “Israeli forces are deliberately blocking the delivery of water, food and fuel, while wilfully impeding humanitarian assistance, apparently razing agricultural areas,” the New York-based organisation said. An Israeli foreign ministry spokesman said “Human Rights Watch has no moral basis to talk about what’s going on in Gaza”, charging that the group had ignored “the suffering and the human rights of Israelis”. The head of the UN agency for Palestinian refugees, Philippe Lazzarini, earlier said he “would not be surprised if people start dying of hunger, or a combination of hunger, disease, weak immunity”. Tel Aviv signals gradual shift in Gaza war TEL AVIV: Israel will gradually transition to the next phase of operations in Gaza, the country’s defence minister said on Monday following talks with US Defence Secretary Lloyd Austin about lower intensity combat and ways to reduce harm to civilians. Defence Minister Yoav Gallant said the local population would likely be able to first return to Gaza’s north, which was the most populated area of the Mediterranean enclave before Israel’s invasion on Oct 7, Reuters reported. Neither Austin or Gallant gave a timeline for a move to what Austin called “more surgical” operations. Most north Gaza residents followed Israel’s orders to evacuate to the south, where the military tells people to move on a regular basis amid relentless air strikes and gunfights with Islamist group fighters. “Soon we will be able to distinguish between different areas in Gaza,” Gallant said in a joint news conference in Tel Aviv. “In every area where we achieve our mission we will be able to transition gradually to the next phase and start working on bringing back the local population,” Gallant said. “That means that it can be achieved maybe sooner in the north rather than in the south.” International pressure for a ceasefire has increased on Israel over the more than 19,000 civilian casualties resulting from a massive bombing campaign and ground war aimed at destroying Hamas, which governs Gaza and fights guerrillastyle from a network of urban tunnels. While the US provides Israel with weapons and diplomatic support, and has resisted ceasefire calls, it hardened its tone towards Prime Minister Benjamin Netanyahu’s government recently. B R I E F STRUMP COULD CLINCH 2024 NOMINATION WEST PALM BEACH: Former President Donald Trump’s campaign team projects he could formally clinch the Republican presidential nomination by March 19, given his lead in polls in the early voting states, a senior campaign official said on Monday. The team believes Trump is on track to win 1,478 delegates by then, based on a mix of public and internal polls, said the official, who requested anonymity to discuss the campaign. Trump holds a commanding lead in the Republican primary ahead of the 2024 White House race. – Reuters CULTURAL EVENTS AXED IN GERMANY FRANKFURT: Artist Candice Breitz worked for several years to set up an exhibition in the German city of Saarbruecken, only for it to be cancelled over her stance on the Israel-Hamas war. In Germany, where politicians have voiced steadfast backing for Israel, a wave of cultural events and prize ceremonies have been axed after participants expressed views considered too anti-Israel. The trend has fuelled fears that artistic freedoms are being eroded, even as organisers defend their decisions as necessary to push back against any signs of antiSemitism, which has spiked in Germany since the start of the conflict in Gaza. – AFP MILITARY ASSAULT ... Smoke rises from damaged buildings amid the ongoing ground operation by the Israeli army against Hamas in the Gaza Strip. – REUTERSPIC

10 WEDNESDAY | DEC 20, 2023 @thesundaily FOLLOW ON TWITTER Malaysian Paper Contact theSun's Sales & Marketing team to book your advertising space. Malaysian Paper 03-7784 6688 [email protected] Advertise with us on Chinese New Year Special on JAN 26, 2024 Chinese New Year SPECIAL Let’s welcome the Year of the Dragon with us! In the Chinese culture, the dragon represents good luck, strength and health, and those are what we wish for you, while you check out our Chinese New Year supplement, to let yourself be aware of the current and upcoming festive sales, deals and promotions. PUBLICATION DATE 26 JANUARY, 2024 (Friday) BOOKING DEADLINE 12 JANUARY, 2024 (Friday) Fate of forest guardians in our hands MONKEYS form a diverse and sizable mammal category, encompassing the majority of primates. While humans, chimpanzees and other apes share a common ancestor with monkeys, they belong to a distinct primate group that diverged from monkeys millions of years ago. Monkeys generally are smaller than apes and usually possess tails, a feature absent in apes. It is important to note that lemurs, another branch of the primate family tree, reside in Madagascar and are not part of the monkey group. The world is home to many monkeys, each exhibiting distinct lifestyles. These creatures vary significantly in size, shape and colour, yet they share common traits of intelligence and sociability. Some, like the spider monkey, effortlessly swing through branches, while others, such as the capuchin, display remarkable problem-solving abilities. Their expressive faces and lively behaviours make them fascinating and endearing. Monkeys inhabit all continents except Australia and Antarctica, with a penchant for making their homes in trees within warm and humid tropical rainforests. Notable locations include the Amazon rainforest in South America and the Congo Basin in Central Africa. However, certain monkey species have demonstrated remarkable adaptability, thriving in challenging environments, such as arid savannas or snow-covered mountains. A prime example is the Japanese macaque, commonly known as the snow monkey, equipped with dense fur that aids their survival in the northern regions of Japan, where snow covers the landscape for a significant portion of the year. Nevertheless, a more serious reality lies beneath the surface of this enchanting world. Monkeys are facing numerous threats that put their existence at risk. Habitat loss, illegal wildlife trade and conflicts with humans are challenges they grapple with. Some species, such as the Javan langur, are on the verge of disappearing due to the relentless impact of human activities. The struggle becomes even more evident when we look at endangered species, such as the Tana River red colobus. These primates, once abundant in their habitats, are now critically endangered, pushed to the brink by deforestation, climate change and poaching. Their plight serves as a stark reminder of the delicate balance of our ecosystems and the urgent need for conservation action. Adding to these concerns is the involvement of monkeys in scientific experiments, raising ethical debates due to their genetic similarities to humans and worries about their welfare. While monkeys are utilised in research to enhance our understanding of human physiology and diseases, ethical concerns stem from the treatment of these intelligent and social creatures in laboratory settings. Critics argue that invasive procedures, isolation and potential harm to monkeys prompt ethical questions regarding the pursuit of scientific knowledge. The ongoing debate emphasises the need for increased transparency, enhanced welfare standards and the promotion of alternative research methods. This ethical dilemma highlights the importance of striking a careful balance between scientific progress and the compassionate treatment of animals, underscoring the urgency for comprehensive conservation efforts to ensure the well-being and survival of these remarkable creatures. However, in the face of these challenges, there is hope. Conservation efforts are underway across the globe, led by organisations committed to protecting monkey habitats, combatting illegal wildlife trade and involving local communities in sustainable practices. Initiatives such as the Gibbon Conservation Centre and the Pan African Sanctuary Alliance exemplify the dedication to safeguarding these primates and the ecosystems they call home. The Gibbon Conservation Centre focuses on the well-being and conservation of gibbons, working to rehabilitate and release them back into the wild. Similarly, the Pan African Sanctuary Alliance collaborates with sanctuaries to rescue and rehabilitate monkeys, providing them a haven from the threats they face. Yet, the road to conservation is not without its challenges. It requires not only the efforts of dedicated organisations but also the collective responsibility of individuals. Supporting eco-friendly practices, raising awareness about the importance of preserving natural habitats and rejecting products linked to wildlife exploitation are small yet impactful steps everyone can take. In the tapestry of life, monkeys play a vital role, adding colour and vibrancy to the natural world. Their survival is not just their concern, it is a shared responsibility for all of us. As we learn about the enchanting world of monkeys, we must recognise that their fate is intertwined with ours. The disappearance of these playful guardians will not only diminish the beauty of our planet but also reflect a failure in our role as caretakers of Earth. By supporting conservation initiatives, we contribute to the protection of not only monkeys but the rich biodiversity that sustains life on our planet. It is a call to action, urging us to appreciate and protect the wonders of the wild, ensuring that future generations can also marvel at the playful antics of these incredible creatures. The fate of monkeys is, in essence, a reflection of our commitment to preserving the delicate balance of nature, and by safeguarding them, we secure a brighter, more harmonious future for all living beings. The writer is the founder and chief executive officer of BioDB.com, a group tasked with collecting conservation data, raising awareness for biodiversity loss and fundraising. Comments: [email protected] “The disappearance of these playful guardians will not only diminish the beauty of our planet but also reflect a failure in our role as caretakers of Earth. Monkeys are facing numerous threats that put their existence at risk. – PIC COURTESY OF PEXELS/CC0 COMMENT by Assaf Levy

11 WEDNESDAY | DEC 20, 2023 Symbiosis of teaching and learning CONCERNS about the employability of young graduates in Malaysia stem from inadequate English proficiency and essential soft skills. Frequently, tertiary education institutions bear the blame for student shortcomings. However, higher education institutions are not tasked with initiating learning but serve to enhance the knowledge acquired during students’ formative schooling years. Skills, values and proficiency are qualities that should be cultivated from an early age. Education access is universal but achieving universal quality education (educational equity) is the primary responsibility of the national education system. This encompasses more than physical access, involving curriculum design, teacher training, infrastructure and policies that collectively ensure high-quality education to all (“Teaching quality as students’ course experience determinant: evidence from Malaysian higher education institutions”, Malaysian Online Journal of Educational Management, 2023). Malaysians expressed satisfaction with our 25th position out of 113 countries in the latest Education First English Proficiency Index, ranking us as the third-highest English proficiency country in Asia after Singapore and the Philippines. At first glance, our continental performance seems impressive. However, a closer examination of the data reveals a declining trend in our English proficiency, especially among the younger population compared with young adults and senior citizens. While declining English proficiency among the younger generation is common in other nations, our youths consistently demonstrated lower performance levels compared with other participating Asian countries. It is crucial to emphasise that the subpar performance of our youths in this assessment indirectly reflects Malaysia’s current education quality. In addition, the recent 2022 Programme for International Student Assessment (Pisa) results found that our students not just performed poorly but also scored below the average. Our 15-year-olds scored 388 in reading compared with OECD (Organisation for Economic Co-operation and Development) countries’ average of 476 points. Notably, our students’ performance on other tested dimensions was relatively better than their reading proficiency, yet fell way below the corresponding OECD averages: science – 416 points (OECD average is 485) and mathematics – 409 points (OECD average is 472). Another significant indicator revealed that Malaysian students in the top 25% socioeconomic bracket outperformed those in the bottom 25% by 82 score points in mathematics. This mirrors the average 93- point difference observed across OECD countries between these two groups. This highlights a stark socioeconomic disparity in Malaysia. Educators’ qualifications and art of teaching Malaysia tries to emulate successful education policies from high-performing countries judged by their exceptional education performance and sensible national outcomes. However, these efforts are not comprehensive. For example, Malaysia is moving toward decentralising the education system, offering educators more autonomy in student assessments. Decentralisation is a prevalent trend in successful national education systems worldwide. However, in successful education systems, decentralisation is paired with rigorous performance indicators for schools and educators. Furthermore, teachers often hold dual PhDs, one in education and one in their respective teaching fields, allowing them to adeptly experiment with best-suited methods while addressing local idiosyncrasies. This setup, seen in countries such as Finland, Japan, Netherlands and Singapore, gives them a winning edge and makes decentralisation highly effective. Therefore, a notable gap between Malaysia and these countries lies in the crucial area of training and hiring highly trained and highly qualified teachers. Meanwhile, we need to emphasise how educators’ professional competence and credentials profoundly impact their efficacy and students’ academic and non-academic achievements. Research on teaching quality among 1,366 experienced Malaysian teachers revealed that only 0.1% of them were PhD holders, followed by Masters (3.7%), degree holders (887 or 64.9%) and Diploma of Education (24.9%). Emir Research stresses the need for teachers at all school levels to hold at least a Master’s degree, aligning with the practice in many developed nations to integrate scientific principles into pedagogy. Consistently, a study involving 11,600 American elementary students found smaller class sizes and highly qualified as well as experienced teachers led to higher assessment scores. Paradigm shift towards quality The removal of UPSR (Ujian Pencapaian Sekolah Rendah) and PT3 (Pentaksiran Tingkatan Tiga) shifted focus to holistic and continuous in-class assessment, aligning with the global trend adopted by many nations, including Malaysia. However, our system has a flaw. The government faces challenges assessing school children’s performance due to an incomplete framework and a decentralised database system. Despite the almost decadelong imple-mentation of a comparable school-based assessment system, previously referred to as school-based assessments and now known as class-based assessments, recent Pisa test outcomes raise questions about its effectiveness due to our students’ subpar performance. What is required is not a more challenging syllabus or stricter curriculum. Instead, we need a “fewer topics, deeper understanding” approach prioritising strong foundations, mastery of subjects, critical thinking and ensuring a comprehensive grasp of vital topics beyond mere memorisation. Singapore’s Curriculum Planning and Development Division emphasises “Teach Less, Learn More” to enhance teaching quality and student learning by promoting indepth learning. While reinstating public examination is not the sole solution, Emir proposes the following recommendations to improve Malaysia’s education system: 1. More accessible early childhood education Preschool education is a critical foundation for a child’s overall development, which lays the groundwork for future academic success, fostering early cognitive, social, emotional and physical growth. Financial support programmes aid accessibility by removing financial barriers hindering families from enrolling children in preschool. As per an OECD report, students who attended one year or more of pre-primary or preschool education scored higher in mathematics at age 15 compared with those with no attendance or less than a year, even when socioeconomic factors were considered. 2. Enhanced teacher evaluation system Teacher evaluations are pivotal for an effective education system but concerns about their integrity persist. Ideally, these assessments must occur without prior notification. Surprise assessments reflect a teacher’s typical teaching methods, ensuring consistent high-quality education and discouraging temporary adjustments. Additionally, including peer evaluations, student feedback, classroom observations and student outcomes provide a more holistic view of a teacher’s abilities. 3. Transforming teaching into respected and competitive career The Education Ministry should engage foreign experts to train or facilitate knowledge exchange at the Teacher Education Institute, to enrich education with diverse perspectives. This training will enhance pedagogical skills, classroom management and subject understanding. Moreover, the Education Ministry should raise standards for becoming a teacher, implementing more stringent rules, qualifications and training to elevate teaching as an esteemed profession and not just a backup job for young unemployed graduates or contract teachers. This should be aligned with increased salaries, currently inadequate for the significant responsibilities the teaching profession bears. 4. Institutionalise input-output-outcomeimpact model The Education Ministry should consider infusing the current education framework with the organising framework by OECD that focuses on how to address the loopholes and enhance the effectiveness of policymaking within the education system. The framework aims to provide insights into the right educational inputs and outputs, in the form of operational dynamics, human and financial resources and others, that are robustly linked through data and science to sensible returns on education via high-quality graduates and intergenerational impacts for the nation. In summary, education represents a sustained investment in present and future benefits. The rise or fall of a nation is intricately linked to the quality of its education system as Nelson Mandela succinctly put it: “From the poorest of countries to the richest of nations, education is key to moving forward in any society.” The writer is a research assistant at Emir Research, an independent think tank focused on strategic policy recommendations based on rigorous research. Comments: [email protected] Beyond his musical genius, Pragasam embodied humility and passion, inspiring countless aspiring musicians. – BERNAMAPIC Remembering Lewis Pragasam’s legacy THE passing of Lewis Pragasam, a virtuoso behind the drum kit, leaves a void in the world of music. Renowned for his unparalleled rhythmic prowess and groundbreaking contributions to the art form, Pragasam transcended mere percussion, sculpting a legacy that resonates across generations. My encounter with Pragasam during my tenure as the Performing Arts Director at HELP University in early 2000s was nothing short of transformative. Being a drummer myself, I had the privilege of witnessing Pragasam’s electrifying performances, and I was awestruck by the sheer mastery and innovation he brought to every beat. Whether orchestrating intricate poly-rhythms or driving thunderous solos, Pragasam possessed an innate ability to infuse soul into each note, leaving an unforgettable imprint on audiences worldwide. Beyond his musical genius, Pragasam embodied humility and passion, inspiring countless aspiring musicians, including myself, to pursue their dreams relentlessly. As the final cymbal fades, Pragasam’s influence will continue to reverberate, immortalised through the timeless melodies and rhythms he gifted to the world. In honouring his legacy, we celebrate the life and immeasurable impact of a true drumming legend. R. Murali Rajaratenam LETTERS [email protected] “From the poorest of countries to the richest of nations, education is key to moving forward in any society. – Nelson Mandela COMMENT by Jachintha Joyce

ESG ESG WEDNESDAY | DEC 20, 2023 12 Organic farming’s crucial role in mitigating climate change I N THE developing world, about one billion people are grappling with food shortages and environmental deterioration due to unsustainable agricultural practices. There is potential for increased yields in these countries by transitioning to organic farming. Over the long term, organic farming is proving to be a more profitable option compared to conventional methods. Recently, Malaysians have been growing more conscious of the advantages of organic food and its potential benefits for human health. The adoption of organic food could play a role in achieving more sustainable food production and positively impacting national food security. According to the Department of Statistics Malaysia (2022), the country achieved a self-sufficiency rate of 65% in rice production in 2021, falling short of the 75% target set in the 12th Malaysia Plan (2021- 2025). In addition to its positive effects on the environment, organic farming has indirectly fostered job creation, income generation, the advancement of new technologies and local knowledge and the establishment of networks, all of which contribute to supporting rural development. The consumption of organic food in Malaysia is on the rise, primarily driven by a growing awareness of health concerns and the expansion of organic agriculture. The decision to purchase organic food, including rice, is significantly shaped by consumers’ perceptions of its environmental and health attributes. Many consumers consider Growing demand is propelling the expansion of organic farming and is gradually making such food more affordable and attainable for a wider audience. – AFPPIC oThe practice has significant potential to lower greenhouse gas emissions organic food to be healthier, more flavourful and more environmentally friendly than conventional options. Nonetheless, the quality of organic food does not significantly impact consumers’ purchasing decisions. Food quality is typically associated with factors such as freshness, food safety, nutritional value and costeffectiveness, with freshness emerging as the top consumer preference when buying vegetables and meat in Malaysia. Organic farming offers a range of advantages. First, organic farming is capable of yielding exceptionally nutritious and healthful food. Organic food boasts numerous health benefits, providing more nutrients compared to conventionally cultivated products. Second, organic farming has significant potential to lower greenhouse gas emissions. It uses less fossil fuel per unit of land and per unit of crop yield because it does not rely on synthetic fertilisers. Instead, organic farming emphasises the improvement of soil fertility and nitrogen provision through techniques such as cultivating leguminous plants, using crop residues and employing protection crops. Third, enhanced soil fertility leads to the preservation of soil organic matter and frequently results in the sequestration of CO2 in the soil. Consequently, this enhances the soil’s capacity to hold on to moisture, which, in turn, bolsters the resilience of organic farming when faced with unpredictable climate conditions characterised by higher temperatures and irregular rainfall patterns. Organic farming practices that prioritise the retention of soil carbon are better equipped to withstand climatic challenges, particularly in regions highly susceptible to the impacts of advancing climate change. Furthermore, organic farming effectively mitigates soil erosion, a significant source of CO2 emissions, thereby reducing its environmental impact. Fourth, organic farming can make a significant contribution to agroforestry production systems. Organic approaches demonstrate exceptional flexibility in response to climate change, mainly because they rely on traditional methods and the wisdom of farmers, soilenriching practices, and a significant focus on diversity. Moreover, numerous environmental changes manifest gradually over an extended period. Organic agriculture considers the enduring impact of agricultural practices on the agroecosystem, with a focus on achieving a harmonious ecological equilibrium to preclude issues related to soil fertility and pests. Instead of reacting to problems as they arise, organic agriculture adopts a proactive approach. Fifth, the contamination of groundwater streams resulting from the application of synthetic fertilisers and pesticides represents a significant issue. In organic agriculture, the use of these substances is forbidden, and instead, they are substituted with organic fertilisers. Additionally, the promotion of greater biodiversity enhances soil structure and water permeation. Organically managed systems that effectively retain nutrients significantly diminish the likelihood of groundwater pollution. In regions where pollution poses a substantial concern, transitioning to organic farming is strongly recommended as a remedial action. Sixth, organic farming reduces the consumption of non-renewable energy by reducing the use of agrochemicals. Furthermore, it aids in countering the greenhouse effect and global warming by its capacity to capture and store carbon in the soil. Seventh, organic farmers act as stewards of biodiversity at different levels, benefiting from and preserving it. On the genetic front, they give preference to conventional and adjusted seeds and breeds because of their heightened resilience against diseases and their capacity to endure climate-related difficulties. On the level of different species, the integration of various combinations of plants and animals amplifies the cycling of nutrients and energy, ultimately boosting agricultural productivity. At the ecosystem scale, preserving natural areas both within and surrounding organic fields, along with the lack of chemical inputs, fosters favourable environments for nature. Regularly using fewer common species helps to safeguard agrobiodiversity and, as a result, strengthens the genetic resources essential for future adaptation. The establishment of habitats that provide food and shelter, coupled with the avoidance of pesticide use, attracts previously absent or returning species to organic settings. This includes wild plants and animals, as well as organisms that contribute positively to the organic ecosystem, such as pollinators and natural pest controllers. Finally, it is important to highlight that while organic farming comes with its own set of difficulties, which may include the possibility of reduced yields, increased labour demands and occasionally higher prices for consumers, it remains a viable and eco-conscious approach to food production. Its advantages for both human well-being and the environment are numerous. As awareness of the benefits of organic food continues to spread, the demand for organic products is on the rise. This growing demand is propelling the expansion of the organic farming sector and is gradually making organic food more affordable and attainable for a wider audience. This article is contributed by Dr Rulia Akhtar, a research fellow at the Ungku Aziz Centre for Development Studies, Universiti Malaya. Straits Energy subsidiary in Terengganu reforestation project PETALING JAYA: Straits Energy Resources Bhd’s subsidiary, Benua Hijau Sdn Bhd, has signed a memorandum of understanding with the Terengganu State Parks Management Council and the Setiu Land Office, two bodies under the jurisdiction of the Terengganu state government, for a multi-year reforestation project to restore degraded forest areas in the Setiu Wetlands State Park, which is one of the largest natural wetlands in the East Coast region of Peninsular Malaysia. Benua Hijau, a 51%-owned unit of Bursa Malaysia-listed Straits Energy, is focused on the development and execution of environmental and social sustainability initiatives. As part of the reforestation project, Benua Hijau plans to plant 100,000 Pokok Gelam (Melaleuca trees) across 200 acres, the equivalent of about 113 football fields. The reforestation activities, which will take place over five years, will be focused on a designated area surrounding Tasik Berombak within Setiu Wetlands. Tasik Berombak is one of the largest freshwater lakes and Gelam ecosystems in Malaysia’s East Coast region. Benua Hijau will coordinate activities across this designated area, including the physical planting of the trees and community engagement activities. Benua Hijau will also invest in the setting up of a dedicated nursery and research centre to prepare Gelam saplings and study the Gelam ecosystem and value chain. Spanning more than 50,000 acres, Setiu Wetlands is made up of forests lining riverbanks, freshwater Pokok Gelam swamps, peat swamps, mangroves, brackish water lagoons with vegetated sand islands, seagrass beds and sandy beaches. It is the only wetland in Malaysia with nine interconnected, biodiverse ecosystems – sea, beach, mudflat, lagoon, estuary, river, islands, coastal forest and mangrove forest. While still at a preliminary stage of planning, the reforestation project is expected to address four of the United Nations Sustainable Development Goals (SDG) – namely; protecting and restoring life on land (SDG 15); taking action to combat climate change and its impact (SDG 13); promoting good health (SDG 3) by removing pollutants from the air; and creating economic growth opportunities (SDG 8) through potential business activities such as the sustainable production of honey, essential oil and wood. Solarvest to install rooftop PV systems at two Westports warehouses PETALING JAYA: Westports Malaysia Sdn Bhd has appointed clean energy expert Solarvest Holdings Bhd to install rooftop solar photovoltaic (PV) systems at two of its Port Klang warehouses. The appointment sees Solarvest leading the engineering, procurement, construction and commissioning of the 7.7-megawatt-peak (MWp) installation, adding to its growing solar PV portfolio in the logistics sector. The installation is projected to be completed in mid-2024. Westports’ decision to incorporate solar power into its operations comes at a time when the port operator seeks to meaningfully lower its carbon emissions. This project alone is expected to offset about 6,500 tonnes of carbon dioxide for Westports per year. Furthermore, the company has set an environment, social and governance (ESG) target of net-zero carbon emissions by 2050, which aligns with Malaysia’s National Energy Transition Roadmap. Westports executive chairman and group managing director Datuk Ruben Emir Gnanalingam Abdullah said, “Westports is committed to achieving operational net zero emissions by 2050. The transition to cleaner energy stands as a significant pillar in our journey. As the National Energy Grid is unlikely to reach zero emissions in near future, we decided to pursue on our own plans to produce energy, with solar power being the first step in this direction. “The company will embark on this second project with Solarvest and looks forward to a long-term partnership.”

WEDNESDAY | DEC 20, 2023 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] RM29.6b investment, RM2.8b export potential from missions to Japan: Miti KUALA LUMPUR: The Ministry of Investment, Trade and Industry (Miti) has secured a total of RM29.6 billion in potential investment and RM2.8 billion in potential exports from two missions to Japan since June this year. In a statement yesterday, Miti said it achieved RM6.6 billion of potential foreign direct investment and RM700 million of potential exports via its recent trade and investment mission to Japan. “Facilitated by Miti’s agencies Malaysian Investment Development Authority and Malaysian External Trade Development Corporation, this mission was held concurrently with the Asean-Japan Commemorative Summit where Malaysia’s delegation was led by Prime Minister Datuk Seri Anwar Ibrahim. “Miti and its agencies arranged for a roundtable meeting between the prime minister and 25 Japanese captains of industry as well as one-to-one meetings with ROHM Wako, NEC Corporation and Mitsui & Co Ltd,” it said. It said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz also conducted one-to-one meetings with Miyoshi Oil and Fat Co Ltd, Marubeni Corporation, Nichicon Corporation and Itochu Corporation. “What is equally important is that many of these new investments are from our target sectors, including renewable energy, electrical and electronics, chemical and digital economy, in line with our New Industrial Master Plan’s missions and intended outcomes. “We attract investments that will support our missions to embrace technology and digitalisation to drive innovation, enhance productivity and create new opportunities for economic growth as well as decarbonise the manufacturing sector,” the minister said. Tengku Zafrul said Miti is determined to ensure these investments are realised quickly. “To that end, various investment approvals, at the federal and state levels, have been expedited through the Investment and Trade Action Coordination Committee, and the Investment Coordination Committee Meeting,” he added. – Bernama Good logistics network key to stronger trade ties with China KUALA LUMPUR: A more extensive logistics network covering land and sea transport will strengthen trade relations between Malaysia and China, especially Chongqing. Transport Minister Anthony Loke said Malaysia and China play an important role as logistics hubs for each other and other Asean countries. “They (Chongqing) want to utilise our transport network, rail and maritime, so goods can be traded between regions faster. Our logistics must be well-equipped. “Malaysia is an important logistics hub as well for Asean, and we intend to have more trade between Malaysia and China, especially Chongqing,” he told reporters after officiating the China (Chongqing)-Malaysia International Land-Sea Trade Regional Cooperation and Exchange Conference here yesterday. Loke said Chongqing is not only interested in Malaysian durians but also Malaysian palm oil to be used as edible oil for health and food purposes. He explained that the demand for Malaysian palm oil from China, oLoke: Chongqing wants to utilise Malaysia’s transport facilities, rail and maritime, so that goods can be traded between regions faster especially Chongqing, is high and is expected to continue to increase. “Chongqing is important for Malaysian companies to explore the untapped market because most trade between Malaysia and China focuses on the coastal part of China like Guangzhou, Shanghai and Beijing. “This is another important region in China, the western part of the country, where 50% of their population is in that region. We can have more products from Malaysia going into Chongqing, so we have to utilise full logistic strength to increase exports from Malaysia to Chongqing,” Loke said. He said Malaysia, through Keretapi Tanah Melayu Bhd (KTMB), is also drawing up a railway connection from Malaysia to Laos for cargo goods. “From Malaysia straight to Laos. If you can get to Laos, that means you can get to China because the two countries share a border. “This is being worked on by KTMB and we hope for more cooperation in this railway sector,” he said. Meanwhile, Federation of Chinese Associations Malaysia president Tan Sri Goh Tian Chuan said the government should expedite the assessment and implementation of the Kuala Lumpur-Singapore HighSpeed Rail (KL-Singapore HSR) project. He also hoped that the government would plan for another high-speed rail project to connect Kuala Lumpur and the northern part of Peninsular Malaysia to enable seamless northsouth connectivity. On the Singapore-Kunming Rail Link, better known as the Pan-Asia Railway Network which connects China, Singapore and all countries of mainland Southeast Asia, Goh said the government should seize the opportunity to implement modern high-speed rail systems to strengthen the connection with China and its Asea peers. “This interconnectedness benefits all parties involved,” he added. – Bernama M’sian economy tipped to post high growth in 2024 KUALA LUMPUR: Malaysia’s economy in 2024 is likely to register high growth, driven by improved performance in all sectors. According to Inter-Pacific Asset Management (IPAM) chief economist and independent fund manager Datuk Dr Nazri Khan, the local economy has performed significantly well across the board and expects the momentum to continue next year. “We are optimistic that the economy is going to grow between 4.5% and 5%, at the higher end of 5%. It could be one of the best economic growth that we have achieved for the last five years,” he told reporters during a press conference on IPAM’s market outlook 2024 yesterday. At present, Nazri said there are indicators that Malaysia’s global trade has improved, particularly for its exports and foreign direct investment (FDI), which have increased markedly. He added that private investments have continued to be sustained. “Across all sectors, the markets have also gone up, not only in the electrical and electronics (E&E) and technology sectors. Artificial intelligence (AI) will spill over into E&E products, technology products. The construction sector has boomed, while property has also boomed slightly. On the plantation sector, Nazri projects █ BY GLORIA HARRY BEATTY [email protected] crude palm oil prices to increase to RM4,000 per tonne next year, from the current range of RM3,000 to RM3,500. Touching on Bursa Malaysia, he is optimistic on the local equity market in 2024, underpinned by growing foreign participation. “We see signs of (stock) accumulation ... we can say that there are patterns on the stock market, that it may have bottomed. “We are optimistic on Bursa Malaysia as we see FDI come in and that foreign participation has gone up, which could be a sign that foreign investors are (interested to invest) on the exchange, maybe not so much on the initial public listing, but on the large gap stocks,” he added. Nazri pointed out that the FBM KLCI is currently in the 1,460 to 1,470 range, although he hoped that it will “break 1,500” within this month. He also hoped that it would reach a high of 1,900. He opined that, at the moment, the banking sector is the strongest sector in the stock market, followed by telecommunications. Moving forward, he reckoned that the technology sector will strengthen. Meanwhile, Nazri said IPAM will collaborate with a US company to introduce AI technology into its system in March next year, to help provide information on the stock market to investors. “Investors will be able to make more (informed) investment decisions, with the help of this upcoming AI system in identifying stocks that are trading low and predicting which stocks have the potential to rise in the future. “So this AI will let us know, it can read pattern charts, fundamental patterns … we won’t say this AI is accurate but technology can simplify our process to make the right investment process,” he said. Nazri also advised the public not to be deceived by illegal investment syndicates or online scams that use his name, pictures and videos. Nazri says currently banking is the strongest sector in the stock market. – ADIB RAWI YAHYA/THESUN Globetronics: APB Resources entry won’t affect shareholder value KUALA LUMPUR: Globetronics Technology Bhd (GTB) has assured its stakeholders that APB Resources Bhd’s proposed acquisition of a substantial stake in the company will not impact its operational continuity and shareholder value. In a statement, the company said the strategic transaction would involve APB Resources acquiring a 10.4% equity interest in GTB. This would include the transfer of 46.3 million shares from General Produce Agency Sdn Bhd and 23.7 million shares from Ng Kweng Chong Holdings Sdn Bhd, it said. “The change in major shareholders is not expected to substantially impact our daily activities. “We are focused on strengthening our existing business platform while strategically diversifying our customer base to exciting new growth areas such as automotive, medical and power devices in delivering healthy growth and consistent performance with our new strategic partner,” it said. GTB added that it is well-positioned within the expanding Malaysian electronics and electrical market and is actively exploring potential areas in advanced packaging to anchor the group’s business base. The group is engaging in the design and development of new products alongside customers, aiming to enhance revenue and move up the value chain, it said. “GTB remains committed to upholding operational excellence and boosting shareholder value. “The group is confident to successfully navigate the evolving market with resilience and strategic foresight, ensuring ongoing success and growth in a vibrant industry,” it said.

BIZ & FINANCE BIZ & FINANCE WEDNESDAY | DEC 20, 2023 14 Exports drop on lower demand for E&E products PUTRAJAYA: Modest global growth and vulnerability in external demand for goods from Malaysia led to a contraction in total trade, especially exports. Total trade shrank by 2.4% to RM231.8 billion and exports decreased 5.9% to RM122.1 billion. On the contrary, imports rebounded to note an increase of 1.7% to RM109.7 billion, year-on-year after eight consecutive months of decline. Trade balance fell by 43.1% to RM12.4 billion in November 2023. This was revealed in the Malaysia External Trade Statistics bulletin November 2023 which was released yesterday. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “Malaysia’s export performance reduced in November 2023 in line with the decline in domestic exports. Domestic exports worth RM95.9 billion, contributing 78.5% to total exports dropped by 7.4%. While, re-exports amounted to RM26.2 billion, grew marginally 0.1% as compared to November 2022. Imports in November 2023 worth RM109.7 billion, increased by 1.7% as compared to the same month last year.” Meanwhile, he added trade surplus was valued at RM12.4 billion – the 43rd consecutive month of trade surplus since May 2020. As compared to October 2023, he said the performance of exports, imports, total trade and trade balance recorded a contraction of 3.2%, 3.1%, 3.1% and 3.8%, respectively. From the perspective of the commodity group, 125 out of 257 export groups showed a decline, however 146 out of 258 import groups increased as compared to the same month of the previous year. Mohd Uzir explained that the slower exports was attributable to the decline mainly to Singapore (-RM3.7 billion) followed by Japan (-RM1.6 billion), China (- RM1.6 billion), Hong Kong (-RM1.2 billion) and the US (-RM1.2 billion). Meanwhile, higher imports was mainly contributed from Singapore (+RM2.4 billion) followed by Saudi Arabia (+RM1.4 billion), the US (+RM1 billion) and Thailand (+RM545.7 million). On exports, he said the fall was in line with the drop in electrical & electronic products (-RM7.3 billion); chemical & chemical products (-RM1.1 billion); and transport equipment (-RM1 billion). Meanwhile, the increase in imports was logged for transport equipment (+RM1.8 billion); crude petroleum (+RM1.1 billion) and petroleum products (+RM774.4 million). Mohd Uzir said, “The rise in imports by end use was in line with higher demand for capital goods and consumption goods. Imports of capital goods with a value of RM14.9 billion, rose by 53.3% as compared to November 2022, representing 13.6% of total imports. Consumption goods (8.9% of total imports), grew by 2.2% from RM9.5 billion in the previous year to RM9.7 billion. Intermediate goods (51.2% of total imports), valued at RM56.2 billion, registered a decrease of 5.2% or RM3.1 billion.” Accordingly, total trade, exports, imports and trade surplus for the period of January to November 2023 registered a reduction. Total trade fell by 7.5%, from RM2.6 trillion to RM2.4 trillion, in line with the declined in exports (-7.8%) as well as imports (-7.1%). At the same time, trade surplus decreased by 11.3% to post a value of RM202.5 billion. U Mobile’s U Home Fibre now available via Time partnership KUALA LUMPUR: U Mobile’s U Home Fibre home broadband plan (previously known as Ultra Unlimited Home Fibre Broadband) is now available to over 1 million more homes, especially those in high-rise buildings along the western coast of Peninsular Malaysia, by leveraging Time dotCom’s (Time) fibre infrastructure footprint. To mark the widening of its reach, U Mobile is also launching a new U Home Fibre plan which offers 300Mbps at RM139, expanding the existing portfolio of 100Mbps, 500Mbps and 1Gbps. Besides that, U Mobile is also making the monthly subscription fees of all its existing U Home Fibre broadband plans even more accessible. The 100Mbps plan will now be RM99 (previously RM129), 500Mbps is at RM159 (previously RM199) and 1Gbps is at RM289 (previously RM299). U Mobile is also celebrating its increased reach by providing a RM20 rebate off for the monthly fees of all its U Home Fibre home broadband plans for 24 months if the subscriber signs up between Dec 19, 2023 till March 31, 2024. Hence, if a subscriber signs up to U Home Fibre’s 100Mbps plan during the promotional period, it will cost only RM79 monthly, making it the plan with the best value in the market today. “U Mobile is known for innovating products that bring unbeatable value with our best-inclass quality features and accessible price points. We are delighted that this latest partnership with Time will enable more than 1 million additional households to have access to our attractive U Home Fibre plans. At U Mobile, we believe that we have broadband plans that meet all needs as apart from U Home Fibre, we also have our U Home 5G plan that cater to subscribers with different requirements,” said U Mobile chief marketing officer Navin Manian. “We’re happy to have this opportunity to further our partnership with U Mobile. We have always believed that gig-speed connectivity should be made available to as many Malaysians as possible. The expansion of our coverage footprint has enabled this and we will continue to improve on both our infrastructure and network footprint,” said Ganesh Sivasamboo, EVP Wholesale at Time. For more information about U Home Fibre, including promotional prices and coverage areas, visit u.com.my. Matrade will continue to pilot M’sian aerospace firms into global supply chain KUALA LUMPUR: Malaysia’s trade promotion agency, Malaysia External Trade Development Corporation (Matrade), will continue to boost Malaysian aerospace players into the global supply chain. This is consistent with the New Industrial Masterplan’s (NIMP) goal of increasing economic complexity while increasing aerospace revenues, as envisioned in the Malaysian Aerospace Industry Blueprint (MAIB). Malaysia’s aerospace exports continued its upward trend during the first 11 months of 2023 with a double digit increase or 10.1% to reach RM5.59 billion compared for same period in 2022. Matrade intends to increase aerospace product and service exports to Europe in 2024, as this region is Malaysia’s most important export destination for aerospace products and services. Between January and November 2023, aerospace exports to the European region totalled RM1.23 billion with the top five destinations being the UK, Ireland, Italy, France, and Germany. 50.1% of Malaysia’s aerospace exports to Europe were aircraft or helicopter parts. On Dec 14, Matrade Paris organised a business networking event which was attended by key aerospace industry players in France, including the Ministry of the Economy, Finance and Industrial and Digital Sovereignty of France; French Aerospace Industries Association; AStech Paris Region; Chamber of Commerce Paris; MalaysiaFrance Chamber of Commerce; EVOLEN; and firms such as Safran, SNECI and Daussan. Trade Commissioner of Matrade Frankfurt, Zuhaila Sedek said that during the recent Paris Airshow 2023 held in June, their Malaysia Pavilion became a top attraction among Asean countries with potential business opportunities of aerospace products and services as well as Malaysian hub establishments. “The growing interest in Malaysia reflects the good relationship Malaysia has as a regional aerospace hub, thanks to our credible aerospace and aviation companies as well as the Malaysian government’s progressive policies,“ she added. To strengthen existence in the European market in 2024, Matrade in collaboration with National Aerospace Industry Corporation will be coordinating the participation of Malaysian aerospace companies under the Malaysia Pavilion at Farnborough International Airshow (FIA) 2024, which will be held in the UK from July 22-26, 2024. The biennial international trade show is an iconic event that brings together aerospace giants such as Airbus, Boeing, Embraer, Bombardier, BAE Systems, GKN, Rolls Royce and Safran. oHowever, Malaysia’s imports in November rose 1.7% on-year to RM109.7b after eight consecutive months of falls

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Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour Subscribe now for Monday-Friday copies of theSun newspaper 6 month subscription (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) Nov 8 to Nov 10 Malaysian Paper www.thesun.my RM1 WEDNESDAY NOV 8, 2023 No. 8389 PP 2644/12/2012 (031195) SCAN ME Casino chip heist: Five more identified Police have detained a total of 10 suspects, including a Chinese national, in connection with the RM4.6m theft at Genting Highlands on Oct 28. Congratulations! You are holding the first edition A new sunrise of our new 32-page paper featuring more of the great content you have loved for the past 30 years. Copies will be free until Friday and will be available via subscription and at newsstands beginning Monday for only RM1. Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE Malaysia has trade surplus for 43rd consecutive month oFavourable balance of RM12.41 billion last month, RM202.49 billion to the good for January-November PETALING JAYA: Malaysia’s trade in November 2023 decreased at a moderate rate of 2.4% year-on-year (y-o-y) to RM231.79 billion, according to the Department of Statistics Malaysia (DoSM). It said exports reached RM122.10 billion, a contraction of 5.9% y-o-y while imports grew by 1.7% to RM109.69 billion. The trade surplus was valued at RM12.41 billion, making it the 43rd consecutive month of trade surplus since May 2020. Malaysia’s performance was in tandem with its key trading partners, notably Taiwan and Indonesia, which posted negative trade growth in November 2023 and a drop in global imports, it added. Compared with October 2023, trade, exports, imports and trade surplus fell by 3.1%, 3.2%, 3.1% and 3.8%, respectively. For the period of January to November 2023, trade declined by 7.5% to RM2.413 trillion compared to the same period last year. Exports decreased by 7.8% to RM1.308 trillion, imports was lower by 7.1% to RM1.105 trillion and trade surplus edged down by 11.3% to RM202.49 billion, respectively. In November 2023, exports of manufactured goods which accounted for 83.8% or RM102.38 billion of total exports contracted by 6.7% y-o-y as lower shipments was recorded for electrical and electronic (E&E) products, chemicals and chemical products as well as transport equipment. Despite the decrease, export expansion was recorded for petroleum products, machinery, equipment and parts, manufactures of metal, processed food as well as iron and steel products. As for major exports in November 2023, E&E products, valued at RM45.43 billion with a share of 37.2% of total exports, decreased by 13.8% compared to November 2022; petroleum products, RM13.34 billion, 10.9% of total exports, 8.2%; palm oil and palm oilbased agriculture products, RM6.07 billion, 5.0% of total exports, 10.9%; chemicals and chemical products, RM6.01 billion, 4.9% of total exports, 15.7%; nd liquefied natural gas (LNG), RM5.63 billion, 4.6% of total exports, 14.8%. On a month-on-month basis, exports of mining goods recorded a double-digit increase of 19.7% while exports of manufactured and agriculture goods shrank by 4.8% and 5.7%, respectively. Malaysian household disposable income rebounds PETALING JAYA: Malaysia’s gross disposable income posted RM1,497.1 billion in 2021 with household sector comprising RM903.1 billion, according to Chief Statistician of Malaysia, Datuk Sri Dr Mohd Uzir Mahidin. In disclosing this yesterday, he said household disposable income grew by 2.8% compared with a drop of 4.1% in the previous year. He added the growth was attributed to the higher receivables of social benefits and the improvement in the labour force participation rate. “This has resulted in final consumption or households spending gaining a momentum in 2021 by registering a growth of 3.7% (2020: -4.3%). Hence, Malaysian households saving rate was 8.3% (2020: 8.5%) of households’ disposable income (includes adjustment for the change in pension entitlements) in 2021,” said Mohd Uzir. He added gross national disposable income measures the income available to the total economy for final consumption and gross saving. Therefore, he said, gross national saving (GNS) recorded RM402.6 billion (2020: RM337.9 billion) in 2021, an increase of 19.1% from the previous year. In terms of institutional, the nonfinancial corporations sector recorded the highest gross saving with RM283.3 billion (share: 70.4%). This was followed by households with RM80.8 billion (share: 20.1%) and general government sectors with RM21.8 billion (share: 5.4%). The remaining gross saving was from financial corporations sector which amounted to RM16.7 billion or 4.1% of GNS. He said Malaysia’s economy was a net lender to the external sector with RM59.7 billion or 3.9% of gross domestic product in 2021. Kronologi Asia posts RM1m Q3 net profit PETALING JAYA: Kronologi Asia Bhd, a provider of hybrid and cloud enterprise data management technology and solutions in Asia, recorded RM1.01 million in net profit for the third quarter of fiscal year 2024 (FY24), compared with RM7.25 million in the corresponding period of the previous year. Its revenue decreased 15% to RM67.75 million in Q3’24 from RM87.65 million for the third quarter of FY23. For the nine-month financial period ended Oct 31, 2023, the group recorded a net profit of RM6.60 million and revenue of RM210.38 million. The group’s ebitda increased by 8% or RM2.681 million due to higher gross profit. The group’s cost of sales rose RM0.725 million mainly due to higher depreciation of property, plant and equipment. The group recorded a lower profit from operations and profit after tax mainly due to higher depreciation of property, plant and equipment, and partly from operating costs such as office rental and staff cost which included accrued staff commissions. A majority of the group’s revenue was recognised from Singapore and China (30% and 31.6% of total revenue respectively.

COMMUNITY COMMUNITY 16 WEDNESDAY | DEC 20, 2023 Bid to save Orang Asli language fGUA MUSANG: Her round eyes peering at her mobile phone, Ida Terang seems unperturbed by her noisy surroundings, her fingers swiftly typing on the screen. The 33-year-old religious education teacher has a new mission now, which is to prevent her mother tongue, the Mendriq language, from sinking into oblivion. Ida is among 20 villagers from the Mendriq Orang Asli community in Kampung Kuala Lah – about 180km from Kota Bharu – who are involved in a project to input Mendriq words and their meanings in Bahasa Melayu onto the online multilingual dictionary Wiktionary. The brainchild of Wikimedia Community User Group Malaysia (Wikimedia Malaysia), the initiative is aimed at preserving the Mendriq language. Wikimedia Malaysia organised a two-day programme in Kg Kuala Lah in October to input as many Mendriq words as possible onto Wiktionary. The Mendriq are a minority subgroup under the Negrito Orang Asli group (which is one of the three main Orang Asli groups in Peninsular Malaysia, the other two being Senoi and Proto-Malay). Over the years, it became increasingly challenging for the Mendriq elders to preserve their ancestral language as their tribe is dwindling in size with only about 600 of them left now. All of them are living in Kelantan in three locations – Kg Kuala Lah in Gua Musang and Kg Pasir Linggi and Sungai Tako in Kuala Krai. Another reason for the low usage of the native language is the younger generation’s preference for the Kelantanese Malay dialect. They are simply more comfortable speaking in the local Malay dialect. Language experts interviewed by Bernama previously said the Mendriq language could become extinct in 20 years if no serious efforts are taken to preserve it. Ida and her fellow villagers who took part in the two-day workshop – facilitated by 18 Wikimedia Malaysia and Islamic International University Malaysia (IIUM) volunteers – were not exactly smartphone-savvy but when it ended, they successfully listed a total of 340 Mendriq words and 107 audio pronunciations on Wiktionary. Some of the older villagers chose to jot down the words they knew on pieces of paper, while their children or grandchildren helped to type them on their phones. Wikimedia Malaysia volunteers jot down words and sentences used by the Orang Asli people of the Mendriq group in Kampung Kuala Lah, near Gua Musang. – BERNAMAPIC oWikimedia Malaysia holds programme to input as many Mendriq words as possible onto Wiktionary “I’m so happy (to be a part of the project) because I don’t think there are people out there interested in preserving our language. “This step (making Mendriq a part of Wiktionary) will not only allow our language to be accessed by our community but also by people around the world,” Ida, a mother of two, told Bernama, adding the online Mendriq dictionary can become a source of reference for future generations as well. She also said having participated in the two-day programme, she can now share her knowledge with other members of her community and help them to input even more words. Kampung Kuala Lah headman Ali Lateh said he still cannot believe that efforts are finally under way to safeguard the Mendriq language. “Certainly, we are delighted our language can now be accessed by people around the world who want to know more about it,” he said. Efforts to uphold and keep the Mendriq language alive started after Wikimedia Malaysia came across an exclusive article by Bernama on June 26 that highlighted the dying language. Wikimedia Malaysia treasurer Mohd Taufik Rosman said the workshop at Kampung Kuala Lah, the first of several initiatives to preserve the Mendriq language, received an overwhelming response from villagers. “The level of enthusiasm they showed was unexpected,” he said, adding the participants were taught how to use the Wiktionary platform as well as prepare short write-ups and upload photographs and audio Children of the Mendriq Orang Asli community attend a pre-school class in Kampung Kuala Lah. – BERNAMAPIC Ida Terang (right) with members of the Mendriq Orang Asli community during Raya KoKuala Lah. – BERNAMAPIC

COMMUNITY COMMUNITY 17 WEDNESDAY | DEC 20, 2023 from extinction Taarana’s celebration helps to foster ties between educators and parents Lim See Kin (right) encouraging his son, Ashton Lim Sung Chuan, at the games station. PETALING JAYA: The Taarana School for special education needs held its family day and Christmas celebration on Dec 9, bringing holiday cheer and emphasising the school’s value on its neurodiverse students and their families. The year’s culminating event for the children further solidified the collaborative relationship between Taarana’s educators and parents. This cooperation plays a pivotal role in ensuring a seamless application of the knowledge and skills acquired at Taarana within the home environment, creating a more integrated and supportive learning experience for the children. The festive ambience at the school was heightened by various station games designed to infuse an extra layer of fun and interaction into the occasion. The families seamlessly transitioned from one station to the next, engaging in various entertaining and prize-winning activities such as challenges, puzzles and other interactive games. The festive atmosphere prevailed as the children danced to lively songs, and a group of carollers delighted the crowd with Christmas melodies. To heighten the sense of connection and goodwill among the children, Santa Claus then presented them with gifts, culminating in a joyous and memorable experience for all. Taarana principal Dr Sunitha Sivakumaran expressed her appreciation for the efforts that made the event successful. “Our family day and Christmas celebration reflects the strong community we have built at Taarana,” she said. “Thank you, parents, for your cooperation over the past year. We eagerly anticipate continuing to work closely with you on your children’s educational journey in pronunciations of the words. “We divided them into small groups comprising young and old villagers and each group was assisted by Wikimedia (Malaysia) volunteers and IIUM students. “We wanted each group to have a combination of elderly and young people because some of the younger villagers can speak Mendriq but not fluently as they mix it with the language of the Temiar Orang Asli from a nearby village. So, they were guided by the older people when drawing up their list of Mendriq words,” he said, adding that most of the youngsters have limited vocabulary. Documenting Mendriq words for the purpose of inputting them onto Wiktionary was far from easy, declared Mohd Taufik, adding they faced various challenges including ensuring the correct spellings of some of the words. The process of entering the less complicated words into the online dictionary took them just two to three minutes but the others took much longer due to issues over their spellings, which can be problematic as Mendriq is a spoken language and has never been documented before. Thus, ensuring the accuracy of the spellings presented a significant challenge to the Wikimedia Malaysia team. Members of the team were, however, able to overcome it by consulting Assoc Prof Dr Fazal Mohamed Sultan, a lecturer at the Centre for Research in Language and Linguistics, Universiti Kebangsaan Malaysia, who also attended the programme at Kampung Kuala Lah. Mohd Taufik said Fazal has been researching the Mendriq language since 2007 and he can construct the spelling of a word by listening to its pronunciation. Among the words that were difficult to spell were kenmoh or kermoh (name), which is pronounced differently by the Mendriq people, and nes (mat) due to its nasal sound. “Each time we want to add a word to the (online) dictionary, it’s crucial for us to ensure its spelling is correct because it will serve as a reference for future generations. Hence, the spelling is something we cannot take lightly,” he said. Mohd Taufik also said the villagers were happy and satisfied with the efforts taken so far to preserve their language. “The excitement is more pronounced among the senior citizens who were earlier worried about the fate of their mother tongue,” he said, adding that the Wikimedia Malaysia team even visited the homes of the villagers who could not attend the two-day programme to “collect” more Mendriq words for Wiktionary. He said their enthusiasm remains strong to date as they are continuing to add more words to the dictionary. “The momentum is still there and we’ve been seeing positive developments with more new words being added to the dictionary concerned.” He said villagers were given the telephone numbers of volunteers whom they could contact in case they ran into difficulties whilst inputting words into Wiktionary. “This is a technology-related thing. If we don’t assist them, they may lose interest,” he added. Meanwhile, in response to the Bernama article on the Mendriq language in June, the Education Ministry (MOE) said in a statement it will work with the Orang Asli Development Department (Jakoa) to identify the Mendriq Orang Asli community so that their traditions and language can be preserved. According to the statement, the state (Kelantan) education department and the schools concerned also organise various activities, such as storytelling competitions in Mendriq as part of their co-curricular activities to preserve their language. “In 2020, MOE introduced the Jom Belajar programme, which includes a special programme for Orang Asli students and Chup Badui Sikulah, which is aimed at providing basic education and enhancing mastery of the 3Rs (reading, writing and arithmetic) for indigenous children who have never attended school.” MOE also said engagement sessions with Orang Asli parents, community leaders, village headmen and non-governmental organisations (NGO) are also held to raise awareness of the importance of education. For the record, as of June this year, a total of 153 students from the Mendriq community in Kuala Krai and Gua Musang have received education at primary and secondary schools. In 2011, Jakoa collaborated with Dewan Bahasa dan Pustaka to compile a dictionary featuring the three languages of the biggest Orang Asli groups – Proto-Malay, Negrito and Senoi. Jakoa director-general Datuk Sapiah Mohd Nor said although the publication of the dictionary for sale was deferred due to funding constraints, they remain committed to preserving and upholding the traditional knowledge and linguistic heritage of the Orang Asli. “Jakoa doesn’t have a special allocation for the preservation of the Mendriq language considering there are more than 18 other indigenous languages in Malaysia. “Jakoa always supports collaborations with NGO or other relevant government agencies interested in preserving the Mendriq indigenous language,” she added. the coming year.” Taarana, which means “awakening” in Sanskrit, was established in 2011 by RYTHM Foundation, the heart of social impact for the QI Group of Companies. The school addresses the urgent need for resources and support for children with developmental disabilities and their families. “Today’s celebration is a testament to the core values that underpin RYTHM Foundation’s commitment to fostering social transformation through education,” said foundation head Santhi Periasamy. “This event not only marks a joyful moment for the students and their families but also signifies the efforts invested in providing a holistic and supportive educational experience.” A critical mission of RYTHM Foundation is to raise awareness of the importance of special needs education. The foundation also advocates social inclusion to reduce the stigma associated with children with developmental challenges. Taarana School seeks to unlock every neurodiverse child’s ability through a personalised curriculum to empower them to become independent and contributing members of society, so they may face the future with conviction and confidence. orban in front of their home in Kampung Teacher Dickson Yu hugs pupil Md Faiyazur Rahman Fardin before presenting him with prizes.

BIZ & FINANCE BIZ & FINANCE WEDNESDAY | DEC 20, 2023 18 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Singapore’s Atomionics taps gravity, AI in hunt for critical minerals MELBOURNE: Singapore-based start-up Atomionics has rolled out its technology that uses gravity and artificial intelligence (AI) to define ore bodies to its first customer, which the company says could cut costs and speed the development of minerals projects. It has now signed contracts with three major mining companies as part of a strategy to pinpoint ore bodies of metals key to the energy transition, adding to work in Queensland state with New Hope unit Bridgeport Energy, CEO Sahil Tapiawala said. The mining majors are expected to finish collecting and analysing data using the “virtual drill” technology called Gravio early next year, he told Reuters. “We are actively deploying for critical minerals, so specifically copper, nickel, zinc,” Tapiawala said, adding the technology was being rolled out in Australia and the US. He declined to identify the miners for reasons of commercial confidentiality. The privately held firm is backed by a number of Singapore-based government agencies and strategic investors. Like many exploration technologies, Atomionics taps the gravity signatures of different minerals to pinpoint where they lie beneath the earth. It is able to do so more precisely than typical air-based survey techniques, and processes data in real time using artificial intelligence, speeding up the work of defining ore bodies, Tapiawala said. Drilling a single hole to search for a mineral can cost from A$10,000 to A$50,000 (RM31,488 to RM157,449). A lithium miner might need as many as 400 holes to prove up a resource, so building a more accurate virtual picture before drilling can slash costs. “The key challenge is that sometimes (drill holes) don’t actually hit the reserve,“ Tapiawala said. The company aims to cut these “empty” samples by at least half, he added. The mining industry uses various techniques to find minerals, including groundpenetrating radar and aeromagnetic surveys, but no one method guarantees success. KoBold Metals, a California-based startup whose backers include billionaires Bill Gates and Jeff Bezos, is also using AI to search for metals such as lithium. “The energy industry would traditionally defer to seismic data before undertaking any drilling project,“ Cameron Fink, Bridgeport Energy exploration manager, said in a statement. “With further development, Gravio can present as a low-cost alternative to traditional methods of exploration.” – Reuters B R I E F SHYUNDAI MOTOR TO SELL RUSSIA PLANT FOR TOKEN SUM, TAKES HIT SEOUL: South Korean automaker Hyundai Motor plans to sell its plant in Russia for a token 7,000 roubles (RM364), a company official said yesterday. Hyundai Motor also said in a regulatory filing that it will take a 287 billion won (RM1.02 billion) loss on selling the plant, which has suspended its operations since March, 2022. The automaker said in a statement that it is currently making final arrangements with Russia’s ArtFinance to agree a deal. – Reuters SPICEJET MULLS OFFER FOR BANKRUPT GO FIRST, SHARES JUMP BENGALURU: India’s SpiceJet is considering an offer for bankrupt carrier Go First, the cash-strapped airline said yesterday, days after it barely raised enough funds to get its grounded planes back in the sky. SpiceJet said it would make the offer – the details of which were not disclosed – after conducting due diligence on Go First’s resolution professional, the official involved in conducting the airline’s insolvency process. Shares of the carrier rose about 7% to hit more than a year high. “The bid that has come from SpiceJet is surprising,“ Prabhudas Lilladher analyst Jinesh Joshi said. “(SpiceJet) is venturing to revive a grounded airline at a time when it itself is battling a host of issues, including a funding crunch,“ he said. – Reuters TOTALENERGIES READY TO INVEST US$6B IN NIGERIA IN COMING YEARS ABUJA: French group TotalEnergies is ready to invest US$6 billion (RM28 billion) over several years in Nigeria’s oil and energy industry, especially in gas and offshore projects, the presidency said. Nigerian President Bola Ahmed Tinubu met with TotalEnergies chief executive Patrick Pouyanne for talks on Monday. According to the presidency statement, Pouyanne told Tinubu that Nigeria was “very important” for TotalEnergies, accounting for 8% to 10% of the company’s worldwide total production. “We are ready to invest US$6 billion in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain,“ he said. – AFP India’s IT firms accept tougher terms in scramble for contracts BENGALURU: India’s information technology firms are accepting tougher contract terms to win large deals from clients as they compete for fewer orders in an uncertain global economy, industry insiders and analysts say. The US$245 billion (RM1.14 trillion) sector, which gained immensely from the pandemicinduced boom in digital services, has struggled in recent quarters as clients slashed spending on discretionary projects amid inflationary pressures and recession fears. That is forcing companies including Tata Consultancy Services, Infosys and HCLTech to accept contract conditions such as guaranteeing minimum cost savings, billing the client only if certain goals are achieved and reviewing cost overruns. “Whenever economic challenges appear and demand recedes, it becomes a buyer’s market. The clients try to push more clauses including capping the pricing and asking for outcome-based deals,” said former Infosys CFO V Balakrishnan. “It was witnessed during 2008 when the global financial crisis happened, and in 2001 during the dot-com crash,” he said. Tata Consultancy Services and oUS$245 billion sector faces fewer orders as clients slash spending amid inflationary pressure and recession fears Infosys did not respond to Reuters’ requests seeking comment. HCLTech declined to comment on specific deal terms. More than 80% of more than 1,600 IT and business process management deals tracked in 2023 had some form of committed-savings clause, versus around 65% in 2019, data from IT research firm Everest Group showed. Such cost-saving clauses are either baked into the pricing, or companies risk a cut in fees if the savings are not achieved, Everest Group CEO Peter Bendor-Samuel said. Contracts with such clauses that were signed this year include HCLTech’s US$2.1 billion deal with Verizon and a US$454 million deal between Infosys and Danske Bank, a person familiar with the deal terms said. Under the Danske Bank deal, which runs for five years, Infosys will digitise the lender’s operations and take over its delivery centre in India, while the Verizon deal, which runs for six years, will see HCLTech become the US firm’s primary tech partner for network deployments, according to exchange filings. The tougher contracts are likely to add pressure on an industry that is already struggling. India’s secondbiggest software-services exporter by sales Infosys has already predicted its slowest annual sales expansion in at least a decade for the current financial year ending March 2024. The big IT firms classify contracts worth US$100 million or above as large deals and those above US$500 million as mega deals, which are typically struck when demand is low. TCS, Infosys and HCLTech have won seven mega deals since May, company disclosures show, while Wipro did not win any mega deals. Its chief growth officer Stephanie Trautman, who was leading the large deals team, resigned earlier this month. The tougher terms tied to the large IT deals are an attempt by clients to hedge against the global economic uncertainty, deal advisers said. “Clients are increasingly seeking predictable business outcomes and assurances to protect their interests in large deals that often span five years or more,” said Avinash Baliga, partner at deal advisor Avasant. The inclusion of committed-costsavings clauses in deal agreements has climbed to 50-60% presently versus 20% in the last decade, Baliga added. The clauses also reflect a rise in client maturity. “Customers have become much more aware of the possibilities and scenarios that could play out during a deal tenure,” said Ashutosh Sharma, vice-president and research director at Forrester India. “Now, clients are asking IT players too to share risks and rewards.” – Reuters Bank of Japan maintains ultra-loose policy TOKYO: The Bank of Japan (BOJ) maintained ultra-loose monetary settings yesterday in a widely expected move, underscoring policymakers’ preference to await more clues on whether wages will rise enough to keep inflation durably around its 2% target. The central bank also made no change to its dovish policy guidance, dashing hopes among some traders it would tweak the language to signal a near-term end to negative interest rates. BOJ governor Kazuo Ueda said while prices and wages appeared to be moving in the right direction, conditions remained uncertain. “The chance of trend inflation accelerating towards our price target is gradually heightening,” Ueda said in a press conference after the meeting. “But we still need to scrutinise whether a positive wage-inflation cycle will fall in place.” “I think rushing to change our policies is inappropriate.” At the two-day meeting that ended yesterday, the BOJ kept its short-term rate target at -0.1% and that for the 10-year government bond yield around 0%. It also left unchanged a loose upper band of 1.0% set for the 10-year yield. In the statement accompanying its decision, the BOJ repeated its commitment to take “additional easing steps if necessary,“ adding that uncertainty regarding the economy was “extremely high”. The yen fell broadly and Japanese stock futures jumped after the BOJ’s decision to hold off on phasing out stimulus. Japan has seen inflation hold above 2% for over a year and some firms have signalled their readiness to keep raising wages, increasing the chance of a near-term policy shift. “We expect ...(policy) change is very likely next year,” Katsutoshi Inadome, senior strategist at SuMi TRUST, said in a note ahead of the BOJ decision. “We believe it is likely the BOJ will raise interest rates in 2024” after the central bank gets “a clearer view of forthcoming wage increases” that are regarded as a key factor for achieving its inflation target, he said. “Looking at the increasing speculation on policy adjustments, January 2024 seems an appropriate time to begin policy modification,” he added. “The bank doesn’t want to start hiking at the same time the (United States) begins cutting, so ideally it wants to begin its own policy changes before the US switches its policy.” – Reuters, AFP Ueda speaking at a press conference after the Bank of Japan’s policy meeting in Tokyo yesterday. – REUTERSPIC

LYFE LYFE WEDNESDAY | DEC 20, 2023 22 THE holiday season has arrived, ushering in a flurry of festive gatherings, with the much-anticipated Christmas party taking centre stage. As invitations inundate us, it is time to redirect our focus from the daily hustle and bustle to the joyous celebrations that lie ahead. A crucial element in gearing up for these events is the careful selection of the perfect outfit. Whether attending a formal office soiree or a laid-back gathering with friends, this detailed guide on how to dress for a Christmas party ensures that you capture attention for all the right reasons. Embrace the festive colours Christmas is synonymous with lively and warm tones. To infuse the celebratory ambiance into your attire, opt for timeless shades such as deep red, forest green and rich navy. These colours radiate a festive charm, seamlessly integrating with the Christmas atmosphere. Whether you choose a cosy sweater, a sophisticated blazer or festive accessories, adding a hint of these spirited colours will establish the perfect mood for the festivities. Choose the right attire Understanding and interpreting the dress code holds paramount importance when crafting your attire. Complying with the specified dress code mentioned in the invitation is imperative. For a formal Christmas party, consider an enduring and sophisticated option like a well-fitted suit. Classic shades like black, navy, or charcoal, coupled with a pristine white shirt and a tie that exudes a festive vibe, create a timeless look. On the flip side, if the occasion leans towards a more relaxed atmosphere, a pair of sharply tailored trousers or chinos harmonised with a spirited jumper or a tasteful polo shirt may be precisely what you need to strike the right balance. Carefully select your accessories Accessories can enhance your outfit and give it a personal touch. Consider including a festive pocket square, a bold tie, or quirky socks to add a sense of holiday charm. If your attire is on the simpler side, let your accessories shine and initiate conversations. However, it’s important to be cautious and not go too far; finding the right balance between festive enthusiasm and Discover the ideal Christmas party outfit for men. – PINTEREST oMaking stylish statement at Christmas parties █ BY HAZIQUE ZAIRILL A combination of black and red is appropriate for a formal Christmas party. – PINTEREST Festive sweatshirts are great options. – PINTEREST Ties are among the most essential accessories. –TEMU Pay attention to your footwear selection. –HARRODS tasteful subtlety is key. Footwear matters Pay careful attention to your footwear selection, as it serves as the conclusive touch that harmonises your entire look. In formal settings, choose classic leather shoes in either black or brown to exude an air of timeless sophistication. Conversely, for events with a more relaxed dress code, contemplate the allure of stylish loafers or desert boots, particularly in festive hues that resonate with the celebratory atmosphere. Keep in mind that the condition of your s h o e s c o m m u n i c a t e s volumes about your meticulous attention to detail. Grooming is crucial The significance of personal grooming rivals that of your clothing choices. Guarantee that your appearance is well-maintained, with neatly trimmed hair and a cleanshaven visage or a well-kempt beard, in your own personal style. Elevate your overall presentation by introducing a subtle yet festive fragrance, thereby adding an extra layer of sophistication to your ensemble. Take note that the meticulous attention you devote to your personal grooming can significantly enhance the impact of your overall appearance. Venue consideration The venue significantly influences attire decisions. For a formal dinner party hosted at a swanky venue, opt for a polished look, perhaps donning your finest suit or tailored ensemble to match the sophistication of the surroundings. On the flip side, when the setting is a more casual gathering at a friend’s house, the dress code naturally leans towards a relaxed vibe. This allows you to adopt a more laid-back approach, such as smart casual wear or stylish separates. Confidence is the best outfit No matter what clothing you decide on, remember that confidence is your ultimate accessory. Embrace your chosen look with self-assurance, stand tall, and radiate positivity. A confident attitude has the power to elevate any outfit, positioning you as the most stylish individual in the room. Preparing for a Christmas party provides a unique opportunity to showcase your own style while immersing yourself in the festive spirit. Whether you lean towards the timeless elegance of a classic suit or opt for a more casual ensemble, meticulous attention to detail is key. Allow your unique personality to shine through in your choices. By making thoughtful wardrobe selections and presenting your style with confidence, you will be wellequipped to leave a lasting and stylish impression at every Christmas gathering this season. Here is to a celebration filled with both style and festive cheer. Captivating the season

LYFE LYFE WEDNESDAY | DEC 20, 2023 23 Threads of tradition AS the holiday season approaches, the enchanting sight of stockings adorning the mantlepiece takes centre stage, a timeless tradition woven into the tapestry of festive celebrations. This cherished custom, steeped in folklore and the benevolent spirit of Saint Nicholas, has evolved into a delightful fusion of tradition and fashion, captivating hearts and feet across generations. Saint Nicholas and the three sisters To truly grasp the significance of Christmas stockings, we must journey back to their humble origins, entwined in the tales of Saint Nicholas and the three poor sisters. Legend has it that Saint Nicholas, moved by the plight of sisters facing financial hardships, chose a discreet and heartwarming way to offer a helping hand. Under the cover of darkness, he dropped gold coins into the stockings the sisters had hung by the fireplace to dry. This act of kindness birthed the tradition of hanging stockings, symbolising the spirit of generosity and goodwill that defines the holiday season. Simple socks to ornate materials The early renditions of Christmas stockings were humble affairs, often nothing more than repurposed everyday socks. The journey from simplicity to opulence began during the Victorian era, known for its penchant for elegance and conspicous adornment. Victorian-era stockings marked a departure from utilitarian simplicity, adorned with lace and intricate embroidery. This era set the stage for the evolution of the Christmas stockings into the exquisite expressions of festive fashion gracing our homes today. Modern Christmas stockings, true to their rich history, are crafted from a kaleidoscope of materials. The choices range from sumptuous velvet to shimmering satin, reflecting the diverse personalities that put them up. Embroidered patterns, sequins, and faux fur cuffs introduce an extra layer of opulence, turning these stockings into bona fide fashion statements, each telling a story of elegance and style. Symbolic threads in Christmas stocking fashion The colour palette of Christmas stockings is far from arbitrary; it carries deep symbolism. Red, representing warmth and festivity, stands as a testament to the joy of the Christmas season. Green symbolises renewal and life, mirroring the evergreen spirit of the holidays, while white embodies purity and innocence. Delving into the symbolism adds depth to the fashion choices, transforming stockings into canvases that narrate the stories of the season through carefully chosen hues. In an era characterised by personalisation, Christmas stockings have transformed into canvases for individual expression. Whether adorned with monogrammed initials, family names, or playful symbols, these festive adornments have evolved into cherished heirlooms, blending tradition with contemporary personalisation trends. Each stocking becomes a unique reflection of its owner, an intimate Beyond the mantelpiece. oDeep dive into the history and fashion of Christmas stockings █ BYYASMIN ZULRAEZ Add colour and cheer with Christmas stockings.. expression of holiday joy and personal identity. Christmas stockings in contemporary fashion Venturing beyond the confines of mantelpiece displays, Christmas stockings have stepped into the limelight of celebrity fashion. Influencers and A-listers showcase their holiday spirit through stockings that mirror their glamorous lifestyles. From Kylie Jenner’s bedazzled stockings to David Beckham’s tailored holiday chic, these celebrities set the tone for a fashionable festivity, turning the act of hanging stockings into a highprofile event. For those with a penchant for DIY creativity, Christmas stockings present an opportunity for crafting ingenuity. Handmade stockings, adorned with patches, ribbons and eclectic fabrics, bring a touch of artisanal flair to holiday decor. The trend of DIY stockings has gained traction, underscoring the value of unique, personalised creations over mass-produced options. It reinforces the notion that the artistry of the individual holds significance that transcends the homogeneity of mass production. Beyond the mantelpiece The allure of Christmas stockings extends far beyond the warmth of the fireplace. Visionary designers have reimagined stockings as unconventional accessories, transforming them into legwear for festive ensembles. Whether paired with holidaythemed skirts or worn over leggings, these stockings have transitioned from traditional mantelpiece displays to dynamic fashion pieces, pushing the boundaries of what stockings can symbolise. In an unexpected turn, Christmas stockings have infiltrated corporate culture. Companies now embrace the festive spirit by incorporating Add a playful touch with these animal stockings. From office decor to legwear. Crafting holiday memories with Christmas stockings. Personalised festivity. The evolution of Christmas stocking fashion. stockings into office decor, fostering a joyful atmosphere. Employees, too, have embraced this trend, bringing their unique fashion sense to brighten up the workplace. This creates a festive fusion of professionalism and holiday cheer, blurring the lines between the traditional and the contemporary in the corporate realm. Unwrapping the enduring allure of Christmas stockings From their unassuming beginnings as simple socks to their status as elaborate fashion statements, Christmas stockings have woven themselves into the very fabric of festive traditions. The evolution of style, the embrace of symbolism, and the integration of stockings into contemporary fashion underscore their enduring allure. As we delicately hang these festive adornments, we not only celebrate the holiday season but also acknowledge the rich tapestry of fashion that envelops this cherished tradition. Each stocking, suspended with purpose and adorned with elegance, symbolises not just a tradition but a living, evolving expression of the festive spirit that has endured through generations. It is a celebration of generosity, joy and the timeless art of giving.

LYFE LYFE WEDNESDAY | DEC 20, 2023 24 oHere are our favourite picks of the best Christmas movies AS the festive season blankets the world in twinkling lights and joy, there is no better way to immerse yourself in the magic of Christmas than with heartwarming movies that capture the essence of the holidays. From animated wonders to timeless classics and modern tales of enchantment, our definitive list is curated to deliver a sleighful of cheer. So, grab a cup of cocoa, cosy up and let the season’s streaming commence. The Nightmare Before Christmas Step into the enchanting realm where Halloween and Christmas collide. The Nightmare Before Christmas follows Jack Skellington, the Pumpkin King, as he stumbles upon the true magic of Christmas in the foreboding Halloween Town. As Jack attempts to infuse festive cheer into the spooky holiday, the film weaves a mesmerising tale that combines whimsy, catchy tunes and a lesson about embracing the Home Alone. IN an exciting blend of traditions, the upcoming event “Christmas Borneo Night” promises to be a unique celebration, weaving together the tapestry of Borneo culture with the joy of Christmas. Set to take place this Friday from 5pm to 11pm at the SideLine Club in Petaling Jaya, this event is organised by Tammy Alwis and collaborates with William Sideline Sports Bar and Restaurant General Manager Clive Stone, adding an extra layer of expertise and excitement. This event aims to create a memorable experience for Borneo families who find themselves away from home during the holiday season. The brainchild of this gathering transcends a typical Christmas celebration by incorporating the cultural richness of Borneo. The venue itself, the SideLine Sports Bar, is poised to transform into a lively hub where families can come together, share traditions and revel in the festivities. The main highlights of the event include captivating Borneo cultural performances, showcasing the vibrant heritage of the region. Attendees will have the opportunity to witness traditional dances and other cultural expressions that make Borneo unique. The programme also features a delectable array of delicacies, offering a taste of Borneo’s culinary delights. Traditional Borneo foods will take centre stage, adding a flavorful twist to the Christmas celebration. One of the event’s key objectives is to provide a sense of belonging and connection for those who, for various reasons, cannot return to their Borneo hometowns during the holiday season. This event strives to bridge the gap and bring the warmth of Christmas to these families, fostering togetherness and creating cherished moments. So, mark your calendars for this cultural extravaganza that promises not only a unique celebration of Christmas but also an exploration of the rich traditions that define Borneo. Join this event for an evening filled with joy, cultural discovery and the spirit of unity as we embrace the fusion of Borneo culture and the magic of Christmas. A Merry Borneon Christmas awaits. Borneo festive fusion █ BY THASHINE SELVAKUMARAN Home Alone Kevin McCallister’s adventures in Home Alone bring laughter and heart to the holiday season. When McCallister is accidentally left behind as his family jets off for Christmas vacation, he finds himself defending his home from bumbling burglars using ingenious traps. Beyond the slapstick humour, the film explores themes of family, forgiveness and the unexpected sources of warmth that make the holiday season truly special. The Santa Clause 2 Tim Allen reprises his role as Santa Claus in this heartwarming sequel. Facing a new challenge, Santa must find a Mrs Claus to maintain the magic of Christmas. Juggling the responsibilities of being Santa with personal relationships, The Santa Clause 2 combines festive cheer with a thoughtful exploration of the complexities of balancing A Christmas Carol. Godmothered Christmas movie magic duty and love, making it a delightful addition to the holiday watchlist. Godmothered Godmothered offers a modern twist on the fairy godmother trope. Eleanor, a fairy godmotherin-training, attempts to revive her fading profession by granting a little girl’s Christmas wish leading to all sorts of chaos. In a world where traditional fairy tales collide with contemporary reality, the film delivers humour, heart and a message about finding magic in unexpected places. Godmothered is a whimsical journey that challenges and redefines the meaning of “happily ever after”. Dashing Through the Snow For those seeking to rediscover the magical feeling of Christmas, Dashing Through the Snow is a must-watch. Eddie Garrick, a social worker with a deep cynicism towards the festive season, embarks on an extraordinary escapade with Nicholas Sinter-Claus, the real Santa Claus on the run from a corrupt politician. Through a heartwarming tale woven with themes of friendship and family, Garrick rediscovers the wondrous magic of Christmas, rekindling his belief in the extraordinary. In the glow of these feel-good Christmas movies, let the spirit of the season envelop you. Whether you are seeking laughter, lessons or a sprinkle of enchantment, our curated list is a sleigh ride through the best of holiday cinema. May these films add an extra layer of warmth and joy to your festive celebrations. █ BY THASHINE SELVAKUMARAN unique traditions that make each holiday special. A Christmas Carol Join Ebenezer Scrooge on a transformative journey through time in this timeless classic. A Christmas Carol tells the tale of a miserly man visited by the ghosts of Christmas past, present and future. Through haunting revelations, Scrooge learns the true spirit of Christmas — one of generosity, compassion and the joy of connecting with others. This Dickensian masterpiece continues to resonate, reminding us that it is never too late for redemption. Dashing Through the Snow.

LYFE LYFE WEDNESDAY | DEC 20, 2023 25 WITH the final countdown to Christmas, shopping malls have transformed into winter wonderlands, decked with sparkly festive lights and decorations, before culminating in the New Year celebration to usher in the year of the dragon. Each year, the spectacle of shopping malls, dressed up in festive splendour has drawn hundreds of thousands of patrons, generating millions in revenue from festive and year-end sales. theSun has compiled some of the best malls and popular attractions in the Klang Valley that feature noexpense spared festive displays and to-die-for Christmas-themed culinary offerings. Festive cheer and aesthetics A major face of the city, Pavilion Kuala Lumpur has once again outdone itself with its Christmas celebration for 2023. Themed “Christmas Love and Magic”, the premiere shopping mall has transformed its centre court area into something resembling a fantasy. In its centre, dangling from the ceiling high above, are huge Christmas trees. The opulent sights above are rivalled by what is on the ground, such as a sleigh that takes shoppers on a virtual experience of flying through the skies, a carousel ride and a 10-foot tall polar bear right out of the North Pole. The mall also has Santa Claus showing up for meet-and-greets and children’s storytelling sessions. On the other side of the same coin, Pavilion Bukit Jalil is having its “Santa’s Big Christmas Celebration” Pavilion Kuala Lumpur’s hanging Christmas trees. - PICS BY AMIRUL SYAFIQ/THESUN oFestive bliss and culinary delights across Klang Valley █ BY MARK MATHEN VICTOR Da Men Mall goes all out with its festive deco for that perfect Instagram moments. Intermark Mall will have shows focussing on the spirit of Christmas. Tis the season for malls and eating campaign. Visitors can find the longest piano walkway in Malaysia, a Christmas market for shoppers, parades, performances and even workshops and activities that will run until Jan 1. Locals and tourists visiting the mall can enjoy a “Big Piano Performance” by dancers at 3pm daily, from Dec 25 right up to Jan 1. Meanwhile, on Dec 23 and 25, multicoloured Santas will kickstart a parade with a dance performance. Another option in the heart of KL is Intermark Mall, as they will have storytelling sessions, Christmas carolling and ornament-making workshops, among many other festive-themed activities. If ruining the Christmas cheer by driving into Kuala Lumpur and getting stuck in traffic during this holiday season is not your thing, you can head to Da Men Mall in Subang instead, as they will be celebrating a “Merry Berry Christmas” filled with bear and candy cane decor. The Christmas season is not only known for its extravagant, over-thetop decor, the season also comes with shopping and extensive promotions that enhane the experience. In Pavilion Kuala Lumpur, the top ten spenders will receive the latest iPhone 15 (256GB) phone, while shoppers with purchases over RM1,000 or RM3,000 in a single receipt with a Maybank Credit or Charge Card at specialty stores and food and beverage outlets can redeem a Hydro Flask Tumbler (355ml) or a Hydro Flask (532ml). In Da Men Mall, shoppers are eligible for a “Merry Beary Christmas” gift redemption with a minimum spend of RM180 in two combined receipts mall-wide or RM280 inclusive of a Jaya Grocer receipt. Among these gifts are scented candles, scented ceramic bears and teddy bear-themed bowls, with a maximum combination of two receipts per redemption and a maximum of two redemptions per customer per day. Shoppers that join Intermark Mall’s Christmas festivities can join the mall’s “Stamp Your Christmas” initiative by spending RM30 and above on a single receipt to redeem one stamp card as well as a specialty voucher. Those who spend RM200 and above on a single receipt can redeem one free beverage from Tsutaya Cafe, while shoppers that spend RM300 and above on a single receipt can redeem one RM20 Tsutaya cash voucher, and anything RM500 and above on a single receipt will allow shoppers redeem a beautifully crafted glass pitcher set. The scrumptious holiday season For those who are not interested or have already had their pictorial fill of Christmas decor and promotions, these are some of the places to head to for festive-themed delicacies to fill their tummies. ParkRoyal Collection Nestled in Bukit Bintang, Park Royal Collection’s Thyme restaurant will be offering culinary delights in line with the festive season. To usher in the big day, Thyme will be serving a huge seafood buffet dinner on Dec 24, which will see the restaurant serving seafood in the style of a huge array of cuisines from different cultures. This festive culinary buffet is priced at RM288 per adult. The restaurant will also be offering Yuletide Cravings, which consist of roasted US turkey, roasted chicken percik, roasted Australian lamb leg and slow roasted grass-fed beef prime ribs. See page 26