TheEdge & Sun - 13 October 2023

HOME: Goldman Sachs’ suit against govt ‘premature’ as parties still in good faith talks over 1MDB settlement, says asset recovery taskforce chairman Johari Ghani p2 IJM unit secures RM1.1 bil contract for JB-Singapore RTS Link project p7 KNM sues former exec directors Flavio Porro, Terence Tan for RM17 mil p8 WORLD: Fed to keep rate hike on table this year after services prices rise p17 KPMG hit with record fine for ‘textbook failure’ in Carillion audits p18 CEOMorningBrief FRIDAY, OCTOBER 13, 2023 ISSUE 652/2023 theedgemalaysia.com FEAR GRIPS GLOBAL GAS MARKET FACING WINTER SUPPLY THREATS p16 Broker X Smart Choice to Trade Bursa, Hong Kong & U.S. Markets Report on Page 5. Loke tells Mavcom to act after MYAirline goes off radar Report on Page 4. Govt to take over Boustead Naval Shipyard that failed to build six littoral combat ships THE EDGE FILE PHOTOS

FRIDAY OCTOBER 13, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe 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] Goldman Sachs’ suit against govt ‘premature’ as parties still in good faith talks over 1MDB settlement, says asset recovery taskforce chairman Johari Ghani KUALA LUMPUR (Oct 12): Goldman Sachs Group Inc’s move to sue the Malaysian government over a multi-billion dollar settlement for its role in the 1Malaysia Development Bhd (1MDB) debacle is “premature and without due consideration of necessary prerequisites”, said 1MDB Taskforce (Asset recovery) chairman Datuk Seri Johari Abdul Ghani. In a statement on Thursday, he said the parties are still in the middle of amicable good faith discussions following four extensions granted by the government to Goldman Sachs to settle a dispute involving an interim payment of US$250 million by the bank to Malaysia. “The 1MDB Taskforce Committee is quite surprised at the conduct of Goldman Sachs as parties are still in the stage of good faith discussions to resolve any dispute amicably. “However, in light of recent events, the Government of Malaysia will be preparing to respond to this matter and ensuring that this process is done diligently and in accordance with the established legal frameworks while ensuring that the interest of the Malaysian people is safeguarded,” he said. The interim payment is part of a US$1.4 billion asset recovery guarantee by Goldman Sachs, which together with a US$2.5 billion cash payment forms the settlement agreement signed on Aug 18, 2020. “Under the US$1.4 billion asset recovery guarantee by Goldman Sachs, if the Government of Malaysia did not recover the sum of US$500 million by Aug 18, 2022 (two years from the signing of the settlement agreement), Goldman Sachs would be required to pay US$250 million as interim payment to the Government of Malaysia. “On Aug 18, 2022, the accounting provided by the Government of Malaysia to HOME BY LAM JIAN WYN theedgemalaysia.com Scan here for our coverage on the upcoming national budget Budget 2024: Where we’re at, and what to expect Goldman Sachs showed that it had not recovered US$500 million and hence the Government of Malaysia is entitled to the interim payment of US$250 million. This was disputed by Goldman Sachs. “The settlement agreement allowed parties to engage in amicable good faith discussions for the period of three months if a dispute relating to the settlement agreement arose,” he said. According to Johari, the government had granted a three-month extension sought by Goldman Sachs on Sept 8, 2022, that expired on Dec 8, 2022. This was followed by another threemonth extension that expired on Feb 8, 2023, and a subsequent one that expired on May 8, 2023. “The last extension was given on Aug 8, 2023, and this is set to expire on Nov 8, 2023... and if a settlement is not reached between the parties by this deadline, the Government of Malaysia can commence arbitration proceedings in respect of the interim payment of US$250 million. “Goldman Sachs’ action of initiating arbitration proceedings also appears to be an attempt to detract and divert attention away from their obligation to adhere to the interim payment of US$250 million requirement under the settlement agreement. Nevertheless, in relation to these proceedings, the Government of Malaysia will respond to this matter accordingly,” said Johari. Goldman Sachs sued the Malaysian government in the London Court of International Arbitration for “violating its obligation to appropriately credit assets against the guarantee provided by Goldman” it its settlement agreement, and to recover other assets, a spokesperson told Reuters. Prosecutors said the bank helped 1MDB to raise US$6.5 billion through bond sales and earned US$600 million in fees. Read also: Putrajaya denies breaching US$3.9 bil 1MDB settlement agreement with Goldman Sachs 1MDB Taskforce (Asset Recovery) chairman Datuk Seri Johari Abdul Ghani said the parties are still in the middle of amicable good faith discussions following four extensions granted by the government to Goldman Sachs to settle a dispute involving an interim payment of US$250 million by the bank to Malaysia. THE EDGE

FRIDAY OCTOBER 13, 2023 3 THEEDGE CEO MORNING BRIEF

FRIDAY OCTOBER 13, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 12): The first of the littoral combat ships (LCS) vessels is expected to be completed by August next year, before undergoing two tests, namely the Harbor Acceptance Test and the Sea Acceptance Trial, according to Deputy Defence Minister Adly Zahari. Adly stated that the construction of the LCS had resumed last month, following the signing of the sixth supplementary agreement (SA6) on May 26 this year, after the Cabinet approved the continuation of the troubled project. “Therefore, the first vessel is expected to be completed by August next year, before undergoing the Harbor Acceptance Test and Sea Acceptance Trial conducted by the Royal Malaysian Navy (TLDM) over the course of two years. A total of five vessels will be handed over to TLDM in phases, starting from 2026 and concluding in 2029,” he said during the oral question and answer session in Dewan Rakyat on Thursday. Adly was responding to a question from First LCS vessel is expected to be completed by August next year, says deputy defence minister KUALA LUMPUR (Oct 12): The government is in negotiations to take over the entire stake in Boustead Naval Shipyard Sdn Bhd (BNS), which is in the midst of completing the long-delayed littoral combat ship (LCS) project for the Malaysian navy. This is different from the initial plan for the Ministry of Finance’s (MOF) indirectly-owned special purpose vehicle (SPV) Ocean Sunshine Bhd to acquire only a 20.77% stake in financially-stressed BNS from Boustead Heavy Industries Corp Bhd (BHIC) for RM1. The takeover is to “ensure the issue of trust deficit is addressed”, the Ministry of Defence (Mindef) had said in June, according to the Public Accounts Committee (PAC) report on the progress of the LCS project for the period of October 2022-May 2023. As part of efforts to salvage the project and address BNS’ tight cash flow, nine banks involved in financing BNS agreed to restructure RM624 million worth of BNS’ debt, according to the PAC report. Mindef proposed for the restructuring to be done after BNS is fully taken over by Ocean Sunshine, the report said. The PAC report quoted Mindef’s deputy chief secretary (development) Datuk Shahrazat Ahmad as saying that the “MOF together with the nine banks have not started negotiations”. “The plan is for the transfer (of BNS stake) to the SPV to be done first, then only negotiations, or the terms, or the restructuring, can be started extensively,” Shahrazat was quoted as saying. BNS is a unit in the Boustead group. Its largest shareholder is Boustead Holdings Bhd holding a 68.85% stake, followed by Govt to take over Boustead Naval Shipyard that failed to build six littoral combat ships BY ADAM AZIZ theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com BHIC (20.77%) and the Armed Forces Fund Board (LTAT) (10.38%). LTAT is currently the sole shareholder of Boustead Holdings after the privatisation exercise early this year. Both Boustead Holdings and LTAT also own 65% and 8.16% stakes in BHIC respectively. On Oct 11, Prime Minister Datuk Seri Anwar Ibrahim said in a parliamentary reply that Ocean Sunshine completed the acquisition of 10.38% BNS stake from LTAT. “The balance 68.85% and 20.77% stake owned respectively by Boustead Holdings Bhd and Perstim Industries Sdn Bhd are now in negotiations to undergo a transfer of ownership, and is expected to be finalised latest by 4Q2023,” Anwar said. Perstim Industries is wholly-owned by BHIC. Anwar [PH-Tambun] in his reply to questions by Member of Parliament Jamaludin Yahya [PN-Pasir Salak], did not elaborate on the price expected for Ocean Sunshine’s proposed takeover of the 89.62% stake in BNS. BNS has been in the spotlight for years of delays and cost overruns in the proposed development of six LCS for the navy. This was despite the company having spent RM6 billion for the project. The initial deadline was for the first vessel to be delivered by 2019. After the government stepped in, the project was downsized to building five LCS instead of six, with the costs expected to escalate to RM11.22 billion from RM9.128 billion originally planned. The five LCS are expected to be delivered in Aug 2026, April 2027, Dec 2027, Aug 2028 and April 2029, the report added. BNS was supposed to deliver the first ship in April 2019 and the sixth combat ship this year, according to the timeline under the original contract that was awarded in 2013. Jamaludin Yahya (PN-Pasir Salak), who inquired about the recent status of the LCS construction work. The LCS project, considered Malaysia’s largest defence procurement in history, faced intense scrutiny after the Public Accounts Committee (PAC) revealed last year that none of the six ships had been completed, despite the government having paid RM6.08 billion. In May this year, Defence Minister Datuk Seri Mohamad Hasan announced the establishment of a special-purpose vehicle (SPV) by the Finance Ministry to acquire Boustead Naval Shipyard Sdn Bhd (BNSSB), to complete the delayed LCS project. Shareholding structure of Boustead Naval Shipyard (as at Oct 2, 2023) 68.85% One golden share 10.38% 100% 20.77% 8.16% 65% Boustead Naval Shipyard Sdn Bhd Lembaga Tabung Angkatan Tentera Boustead Holdings Bhd Ministry of Finance Boustead Heavy Industries Corp Bhd Sources: Bursa Malaysia, Ministry of Finance Read the full story

FRIDAY OCTOBER 13, 2023 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 12): Malaysia’s debt-laden low-cost carrier MYAirline Sdn Bhd, which halted all of its flight operations on Thursday until further notice due to “deep financial constraints”, has apologised to affected passengers stranded at airports for not providing ample notice. “At present, MYAirline is exploring all avenues to reactivate its operations and fly the skies again. We respectfully ask for patience from all stakeholders while we evaluate all options. MYAirline will continue to issue further updates when they are available,” it said in a statement on Thursday. According to Malaysia Airports Holdings Bhd (MAHB), its operational data showed that a total of 39 flights servicing local destinations and one international route to Don Muang Airport (Bangkok), as well as about 5,000 passengers are affected up until Oct 12. In the statement, MYAirline board of directors said: “We acknowledge the anger and frustration faced by our passengers and all affected parties. MYAirline unequivocally admits its responsibility for this fiasco which was caused by our abrupt notice. Our board and the entire MYAirline team humbly apologises to all our passengers, the Ministry of Transport Malaysia, MAHB, Airports of Thailand, the Malaysian Aviation Commission (Mavcom), the Civil Aviation Authority of Malaysia (CAAM), the Civil Aviation Authority of Thailand (CAAT) and all affected parties for this turn of events.” MYAirline apologises to passengers over suspension, says exploring all avenues to reactivate ops KUALA LUMPUR (Oct 12): Transport Minister Anthony Loke has criticised MYAirline Sdn Bhd over its abrupt suspension of its flight operations, saying the low-cost carrier’s action is “irresponsible” and “completely unacceptable” and may affect the country’s image. “We were caught by surprise, and even Mavcom (Malaysian Aviation Commission) was caught by surprise. We only learned late [Wednesday] night that they would suspend all their services. They didn’t even inform Mavcom officially,” Loke said at a news conference in Parliament on Thursday. He added: “They simply disappeared. They stopped their operations, and not only were their planes grounded, but their staff were also nowhere to be found at the airport. “Therefore, the Ministry of Transport will take this issue seriously, and I have already instructed Mavcom to take whatever action they deem necessary, and that action must be taken.” Loke said he had contacted Mavcom executive chairman Datuk Seri Saripuddin Kasim, who confirmed that MYAirline had come forward to discuss the possibility of a takeover by another party or a change in shareholding. “However, they never informed us that failing that, it would result in the suspension of their operations. What’s worse, there was no official notification to Mavcom as of late [Wednesday] night,” he added. Loke confirmed that he received a courtesy call from a director of MYAirline a few months ago, and he personally knew a few of the directors who were familiar with the Ministry of Transport, such as the former director general of the Civil Aviation Authority of Malaysia, Datuk Seri Azharuddin Abdul Rahman. However, he stressed that he did not personally know any of the air operator’s shareholders. Loke said he did not want to speculate on the airline’s possible takeover or changes in ownership, as these are purely commercial decisions. But he stressed that as a licensed air operator, MYAirline’s first responsibility is to the passengers. “When you collect money, you must provide the service. If you can’t provide the service, you need to have mechanisms in place to refund the passengers and notify them accordingly,” Loke said. MYAirline announced on Thursday that it is suspending its flight operations immediately until further notice. In recent weeks, rumours have swirled that MYAirline was facing serious financial trouble, including allegations of unpaid staff wages, late payment of service providers’ dues, and difficulty in raising funds for new aircraft leases. According to various news reports, MYAirline had also approached Sarawak Premier Tan Sri Abang Johari Tun Openg’s son, Abang Abdillah Izzarim Abang Abdul Rahman Zohari, to become an investor. However, Abang Johari has denied that his son would become a new investor in Loke tells Mavcom to act after MYAirline goes off radar BY CHOY NYEN YIAU theedgemalaysia.com theedgemalaysia.com Read also: Mavcom to probe complaints against MYAirline over unpaid staff payments, among others Read also: Thirty-nine flights, 5,000 passengers affected by MYAirline suspension up till Oct 12, says MAHB the airline and dismissed the reports about the possibility of MYAirline becoming a Sarawak-owned airline. 125,000 passengers affected involving ticket sales worth RM20 million Loke said he has instructed Mavcom to establish a task force specifically to handle matters related to refunds for affected MYAirline passengers. He said the suspension has affected 125,000 passengers who had already purchased RM20 million worth of tickets until March 2024. “MYAirline had committed to refunding all affected passengers. Therefore, I have asked Mavcom to establish a task force to collaborate with Bank Negara and facilitate the refund process for all passengers.” He said the majority of passengers used credit cards to purchase flight tickets, and since the service was not provided, the task force will need to determine the method for refunding directly to the cardholders. “For passengers who did not use credit cards to buy flight tickets, we will also ensure that the refund process is expedited,” Loke said. Confirming that MYAirline holds a valid air service licence until Nov 14, Loke said Mavcom will call for an emergency meeting to decide on the status of the licence. He said the licence was issued to MYAirline on Nov 15, 2022, and the company currently has eight operating aircraft and 900 staff. It provides flight services to eight domestic destinations and one international destination. “Due to the deep financial constraints that we are facing at present, we are unable to offer the affected passengers at the airports any immediate service recovery options,” it added. All affected MYAirline passengers are urged to contact its representatives at [email protected] (from 7am to 12 midnight) to initiate their refund process. MYAirline also extended its gratitude to AirAsia, Batik Air, Malaysia Airlines Group and MAHB for assisting the airline’s affected passengers in the meantime.

FRIDAY OCTOBER 13, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUCHING (Oct 12): Sarawak Premier Tan Sri Abang Johari Tun Openg has denied a recent media report that said his son Abang Abdillah Izzarim would become a new investor of MYAirline Sdn Bhd, the carrier which has suspended its operations due to financial problems from Thursday. Speaking to reporters here on Thursday, Abang Johari said the report by the media outlet might be due to the presence of Abang Abdillah in the company’s dialogue event in Kuala Lumpur recently. “No. What happened was that my son went there with his friend, and he attended the town hall session at that time. So they (the media) speculated [after] seeing [him] there. “My son is put in a difficult position. All his [movements] are being scrutinised by the people. I think this is not fair,” he said. Abang Johari also dismissed the report on the possibility of MYAirline becoming a Sarawak-owned airline, insisting that the state government is still focused on negotiations to acquire MASwings Sdn Bhd, a wholly-owned subsidiary of Malaysia Aviation Group Bhd. “We are focused on [the acquisition of] MASwings. [The takeover is] under negotiation now, and it is just about the details. That’s all,” he added. Abang Johari denies news report of his son’s MYAirline takeover bid KUALA LUMPUR (Oct 12): Low-cost carrier MYAirline Sdn Bhd was seen as a promising airline, filling the void left by incumbent players which were forced to quickly shrink, cut routes and ground hundreds of planes during the Covid-19 pandemic. Starting with three Airbus A320s in December 2022, it had outlined ambitious plans to grow its fleet to more than 50 planes in five years. Fast forward 10 months, MYAirline announced on Thursday that it is suspending its flight operations effective immediately until further notice, citing “significant financial pressures”. More importantly, this is the first time that it publicly acknowledged that it was cash-strapped amid rumours in recent weeks that MYAirline was in serious financial trouble over allegations of unpaid staff wages, late payment of services providers’ dues, and difficulty in raising funds for new aircraft leases. Who are the people behind MYAirline? Companies Commission of Malaysia (SSM) data showed that its director and businessman Datuk Allan Goh Hwan Hua is the airline’s single largest shareholder. SSM data previously showed that international trade consultant Zillion Wealth Bhd has an 88% equity interest in MYAirline, Trillion Cove Holdings Bhd, a money lending and financing company, a 10% stake. Both Zillion Wealth and Trillion Cove named Goh as a director of the companies. The airline’s former chief executive officer (CEO) Rayner Teo Kheng Hock, meanwhile, had owned the remaining 2% of the airline’s shares. It is worth noting that in May this year, Trillion Cove was involved in a money laundering case where former Malaysia Automotive Robotics and loT Institute (MARii) CEO Datuk Mohamad Madani Sahari was charged with 12 counts of money laundering totalling RM1.038 million at the Alor Setar Sessions Court in Kedah. Madani has pleaded not guilty to all of the charges. For the first 10 charges, Madani was reportedly charged with indirectly engaging in transactions involving proceeds of unlawful activities through his lawyers, Norizan & Associates’s Hong Leong Islamic Bank account, amounting to RM1 million. As for the remaining charges, Madani was accused of receiving fees through illegal transactions amounting to RM19,000 from Trillion Cove Holdings Bhd, on each charge, accrued from the purchase of RM1 million worth of Redeemable Preference Shares-i. Meanwhile, Goh is also linked to payment gateway company i-Serve Online Mall Sdn Bhd, one of seven companies Who is the co-founder and major shareholder of MYAirline, which has suspended flights after 10 months? BY KANG SIEW LI theedgemalaysia.com Bernama that were compounded a total of RM50 million by Bank Negara Malaysia (BNM) last month, for accepting deposits without a licence. BNM had said that its investigation revealed that between June 2018 and September 2021, the seven entities had accepted deposits from the public and had consequentially engaged directly in transactions that involved proceeds of such illegal deposit-taking activities. SSM data revealed that Goh held a 31.75% stake in i-Serve Online Mall as at Sept 13, 2023. The other three shareholders were Datuk Seri Dr Mohd Khairi Aseh (31.75%), QA Smart Partnership PLT (20.63%) and Bong Soon Heng (15.87%). Shareholding changes at MYAirline Latest records as at Aug 30, 2023 from SSM found that MYAirline now has 15 shareholders, of which the top five included Goh and Teo. Zillion Wealth’s shareholding in MYAirline has been reduced to 39.7% from 88% previously, while Trillion Cove now holds a 25.25% stake from 10% previously. Goh also holds a direct stake of 0.94% or 750,000 shares in MYAirline. Teo’s shareholding is now down to 0.05% from 2% previously. The other shareholders include Nawal Aeida Asarudin with a 7.5% stake, DAG Express Sdn Bhd (7.5%), Jalex Sdn Bhd (3.75%), Tee Chin Tiam (3.75%) and Ling Ai Lee (2.81% stake). On Sunday (Oct 8), MYAirline announced that it was “in advanced stages of finalising strategic partnerships” amid talks at the time that the carrier was already facing a financial crunch. On Thursday, Malaysian Aviation Commission (Mavcom), which regulates economic and commercial matters relating to civil aviation, said it is currently investigating the airline based on internal reviews and complaints received regarding the airline’s unpaid statutory payments to its employees, among others. FACEBOOK

FRIDAY OCTOBER 13, 2023 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 12): OpenSys (M) Bhd has secured an RM105 million contract from Malayan Banking Bhd (Maybank) to process the bank’s outward cheque clearing for all branches nationwide. According to a bourse filing on Thursday, the solutions provider for the financial services industry accepted a letter of award from Maybank for the project “outsourcing of outward cheque clearing at Maybank branches in Malaysia”. “The contract sum is RM105 million excluding 6% sales and service tax,” the company said, noting that it will span a seven-year period from Jan 1, 2024, to Dec 31, 2030. “The contract has no provision for automatic renewal,” it added. OpenSys said the contract is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2024 (FY2024), until the contract’s expiry. Shares in OpenSys ended half a sen or 1.43% higher at 35.5 sen, giving the company a market capitalisation of RM158.63 million. OpenSys bags RM105 mil job from Maybank to process outward cheque clearing KUALA LUMPUR (Oct 12): IJM Corp Bhd announced on Thursday that its wholly-owned subsidiary IJM Construction Sdn Bhd has accepted a RM1.1 billion contract from Malaysia Rapid Transit System Sdn Bhd (MRTS) for the construction of an immigration, customs and quarantine complex (ICQC) for the Johor Bahru–Singapore Rapid Transit System (RTS) Link in Bukit Chagar, Johor Bahru. The construction group said IJM Construction has signed the letter of acceptance in respect of the proposed design, construction and completion of Packages 2A and 2B of the ICQC project, which is part of the Johor Bahru–Singapore RTS Link project. The award also includes a KUALA LUMPUR (Oct 12): SAM Engineering & Equipment (M) Bhd plans to inject another RM200 million into its equipment business in Thailand in its current financial year ending March 31, 2024 (FY2024) and the following year. According to the minutes of the group’s annual general meeting conducted on a virtual basis on Sept 27, SAM said that as it continues to win more projects, it may require additional investment. The minutes were filed with Bursa Malaysia on Thursday. “We have several options to fund our investment, including from internal funds, bank borrowings and raising funds from the public market,” the group had said in response to a shareholder’s question during the meeting. According to its 2023 annual report, SAM’s capital expenditure in FY2023 stood at RM222.9 million, which it noted was “mainly for capacity expansion of its equipment business in Thailand”. SAM has three plants in Thailand, two of which are in the Rojana Industrial Park, and the other in Ban Bueng. One plant in Rojana has already been in operation for two years, while the other two plants are scheduled to commence mass production sometime in FY2024. In response to a separate question concerning the advantages of its Thailand plants versus its plants in Penang, SAM said it addresses the concerns of the group’s customRM155 million provisional sum, according to IJM. “Barring any unforeseen circumstances, the RTS Link project is expected to IJM unit secures RM1.1 bil contract for JB-Singapore RTS Link project SAM Engineering to invest another RM200 mil in Thai equipment business BY SULHI KHALID theedgemalaysia.com BY IZZUL IKRAM theedgemalaysia.com BY IZZUL IKRAM theedgemalaysia.com contribute to the future earnings of IJM Group,” it said. The RTS Link project is expected to be completed by December 2026. The four-kilometre RTS Link will cross the Straits of Johor, linking the Bukit Chagar Station in Johor Bharu to the RTS Link Woodlands North Station in Singapore. The RTS Link project is expected to pull in 35% of the 350,000 people who travel across the Johor Causeway daily. Shares in IJM closed six sen or 3.24% higher at RM1.91, giving it a market capitalisation of RM6.97 billion. Since the beginning of the year, the stock has climbed 21.66%. ers on placing all manufacturing activities in one place, which would limit its ability to ensure supply to customers. “The manufacturing facilities in Thailand mitigates this single-location risk, and allow the company to continue its operations under different conditions,” the group said. “Apart from that, Penang as a semiconductor hub is also facing certain bottlenecks for growth, particularly on skilled manpower supply. Training and developing skillful manpower will be done but will take time. “Operating in a different geographical area enables the company to tap into a different talent pool, which is important for the company,” it added. SAM’s total borrowings more than doubled to RM479.5 million as at end-March this year, up from RM211.0 million a year ago, which it mainly attributed to financing the purchase of property, plant and equipment for the expansion in Thailand as well as working capital requirement to support business growth. Its equipment business in Thailand is operated under its wholly-owned subsidiary SAM Precision (Thailand) Ltd, which manufactures dies, jigs, parts and cutting tools for disk drives, electronics, semiconductors and assembly of modular or complete machines and equipment. Besides its equipment business segment, SAM operates another business segment of manufacturing parts for the aviation industry, namely aircraft engine casings, nacelle beams and aero structure products. It is worth noting that in September, SAM announced that it plans to buy aircraft structure parts and precision engineering components manufacturer Aviatron (M) Sdn Bhd for US$43.4 million (RM203.44 million) cash in a related party transaction (RPT). Read the full story

FRIDAY OCTOBER 13, 2023 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 12): Eversendai Corp Bhd said it has submitted active tenders for more than RM15 billion worth for structural steel projects in Saudi Arabia which are highly complex, befitting Eversendai’s technical capabilities. In a statement to the bourse on Thursday, the company said the projects in the pipeline, when awarded, will contribute positively to the group. Eversendai said it has 27 years of presence in the Gulf and 24 years in Saudi Arabia, executing highly complex structures with connection design, engineering, fabrication and installation of high-profile projects using innovative erection methodology to complete projects. The company said it has a 200,000-tonne annual fabrication capacity in Malaysia, Singapore, India, United Arab Emirates (UAE) and Qatar, and is now in the process of establishing a 60,000-tonne annual fabrication capacity factory near Riyadh, Saudi Arabia. Due to the magnitude of the upcoming mega projects in Saudi Arabia and in order Eversendai bidding tenders worth RM15 bil in Saudi Arabia for structural steel projects KUALA LUMPUR (Oct 12): KNM Group Bhd and its indirect wholly owned subsidiaries Deutsche KNM GMBH and Borsig GMBH have sued Flavio Porro and Terence Tan Koon Ping, after KNM called off the disposal of Borsig to Vorsprung Industries GMBH for €220.8 million (RM1.107 billion) in December 2022. In a Bursa Malaysia filing on Thursday, KNM said the plaintiffs filed the writ action against the duo, who were former executive directors (EDs) of the group, at the Kuala Lumpur High Court on Wednesday (Oct 11). The plaintiffs are seeking for the defendants to pay €3.44 million (RM17.26 million, based on a conversion rate of RM5.01 to €1), or any other sum determined by the court, within 14 days of the date of the order. In the event that the defendants fail to pay up, the plaintiffs are seeking for their assets and properties to be traced and paid to KNM sues former exec directors Flavio Porro, Terence Tan for RM17 mil BY ANIS HAZIM & LAM JIAN WYN theedgemalaysia.com BY SURIN MURUGIAH theedgemalaysia.com to secure and execute these mega projects, Eversendai has signed a memorandum of understanding (MOU) with Algihaz Holding Construction, an established firm in Saudi Arabia, to form a new joint venture company, the statement said. At midday break on Thursday, Eversendai rose 3.57% or 0.5 sen to 14.5 sen, with 113,900 shares traded. CJ Century founder emerges as substantial shareholder of Kumpulan Kitacon with 14% stake BY IZZUL IKRAM theedgemalaysia.com KUALA LUMPUR (Oct 12): Founder of CJ Century Logistics Holdings Bhd (formerly known as Century Logistics Holdings Bhd) Datuk Phua Sin Mo has emerged as a substantial shareholder of Kumpulan Kitacon Bhd with a 14% stake. According to a bourse filing on Thursday, Phua acquired the stake, comprising 70 million shares, via a married deal — a pre-agreed transfer of shares — with Kumpulan Kitacon director Teow Choo Hing. A separate filing showed that Teow disposed of the shares at a mere 10 sen per share — an 84.96% discount to Thursday’s close of 66.5 sen. Based on back-of-the-envelope calculations, Phua forked out RM7 million for the 70 million share block. Teow’s stake in Kumpulan Kitacon was slashed to 14.91% after the disposal. Teow remains the construction group’s second-largest shareholder, behind managing director and co-founder Tan Ah Kee with a 43.48% stake — 35.11% of which is held under his vehicle, Suan Neo Capital Sdn Bhd. Shares in Kumpulan Kitacon ended half a sen or 0.76% higher at 66.5 sen on Thursday, giving the group a market capitalisation of RM332.5 million. Kumpulan Kitacon was listed on the Main Market of Bursa Malaysia in January. Against its initial public offering price of 68 sen, the counter is down 2.21%. Phua exited CJ Century in 2016, after he disposed of his 31.44% stake or 120.54 million shares in the company he founded at RM1.45 per share to South Korea’s largest total cargo delivery company CJ Korea Express Asia Ptd Ltd. them, in lieu of the amount initially sought. They are also seeking general damages to be assessed, exemplary and aggravated damages, and a post-judgement interest rate of 5% per annum on the total sum awarded by the court from the date of judgement until the amount is settled in full, among others. Porro is also part of a group of individuals who have been proposed to replace the current board of directors, which includes the company’s largest shareholder and chairman Tunku Datuk Yaacob Khyra, who holds a 9.5% indirect stake or 384.2 million shares held via Melewar Industrial Group Bhd. An extraordinary general meeting to replace the directors was applied for by German billionaire Andreas Heeschen, who had recently upped his stake in KNM to 8.249%, following the acquisition of a further 13.6 million shares or a 0.336% stake in the open market. “The matter is now fixed for case management on Oct 25, 2023,” the filing stated. On Monday (Oct 9), MAA Group Bhd, which holds an 8.55% equity stake in KNM, expressed its concerns over Porro’s candidacy to replace KNM’s current board. MAA, a flagship of Yaacob, claimed that Porro was the ED of KNM when the group defaulted on Thai bonds of 2.78 billion baht (RM354 million) on Nov 18, 2021. At 2.33pm, KNM, which was among the top active stocks, rose half a sen or 4.55% to 11.5 sen, giving the group a market capitalisation RM465.28 million. The stock has declined by 34.29% in the past five days.

FRIDAY OCTOBER 13, 2023 9 THEEDGE CEO MORNING BRIEF HOME (Oct 12): Budget carrier AirAsia, a part of the Capital A Bhd group, is seeking a US$400 million (RM1.8 billion) loan, half of it from private credit funds, to refinance debt, according to people familiar with the matter. The loan will be in the form of a revenue bond, with investors to be paid out of ticket sales from ten AirAsia flight routes, the people said, declining to be identified because the matter is private. A representative of the company declined to comment. Capital A is no stranger to private credit. An engineering and maintenance subsidiary Asia Digital Engineering in April secured a US$100 million investment from private-credit provider OCP Asia Ltd., according to a statement at the time. Asia still accounts for a small percentage of the US$1.5 trillion global private credit market, but major players such as Blackstone Inc are targeting growth in the region. With global airline capacity returning to levels seen before the pandemic and industry earnings rebounding, the aviation industry has become a target for private credit lenders. Capital A seeks US$200 mil from private credit for loan KUALA LUMPUR (Oct 12): Wasco Bhd (formerly known as Wah Seong Corporation Bhd)’s indirect wholly-owned subsidiary, Wasco AgroTech Sdn Bhd, has disposed of a piece of freehold land in Klang, Selangor for RM40 million. In a Bursa Malaysia filing on Thursday, the group said it has entered into a sale and purchase agreement with Array Metal (M) Sdn Bhd for the proposed disposal on Oct 12. According to the group, Array Metal is principally engaged in manufacturing of cable support system, perforated steel material and flexistrut channel metal framing. “The rationale for the disposal of property is to realize the value of the land and strengthen the group’s liquidity and financial position,” it said. Following the disposal, Wasco is expected to have a one-off net gain of RM31.8 million. The group intends to use most of the proceeds for its working capital and debt repayment. Meanwhile, Wasco said that the proposed disposal is expected to be completed by the first quarter of next year (1Q2024). Shares in Wasco settled unchanged at 98 sen, giving it a market capitalization of RM759.39 million. Year to date, the stock has climbed by 53.12%. Read also: Propel Global to acquire land in Pahang for RM14.7 mil for proposed commercial development KUALA LUMPUR (Oct 12): HIL Industries Bhd has proposed to acquire a company that owns land near the Shah Alam-Klang border that has been earmarked for residential development, in a related party transaction. The moulded plastic products maker and property developer said it is acquiring Broadwise Corporation Sdn Bhd (BCSB) via its wholly owned subsidiary, Amverton Prop Sdn Bhd, for RM46 million. The vendors are Puan Sri Catherine Yeoh Eng Neo, Datuk Milton Norman Ng Kwee Leong and Konsep Kekal Sdn Bhd. Yeoh is the wife of HIL Industries executive chairman Tan Sri Ng Boon Thong, who is also a major shareholder of HIL Industries and BCSB, and Milton is his son. Milton is also a director of Konsep Kekal, which is involved in the installation and maintenance of billboards. BCSB’s freehold land, measuring 7.4 acres, is located within the Kota Kemuning area and has a market value of RM64.2 million. HIL Industries said it has been continuously looking out for opportunities to obtain more development land within the Klang Valley to ensure the continuous growth of its property business. “Hence, the proposed acquisition is in line with the group’s aim to expand its property business whose focus of development is centred in Klang Valley,” it said in a filing with Bursa Malaysia on Thursday. HIL Industries said it will fund the acquisition via internally generated funds and/or bank borrowings, noting that the group has cash and bank balances as well as fixed deposits of RM89.8 million as of the financial year ended Dec 31, 2022. The proposed share acquisition is expected to be completed by the first quarter of next year. HIL Industries shares finished one sen or 1.04% lower to 95 sen, giving it a market capitalisation of RM315.7 million. Wasco sells land in Klang for RM40 mil to fund working capital, debt repayment HIL Industries to buy property firm for RM46 mil in related party deal BY SULHI KHALID theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com BY MEGAWATI WIJAYA Bloomberg REUTERS

Friday OCTOber 13, 2023 10 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 12): Charger point operators (CPOs) have been given a two-year period to submit applications for existing completed and operational electric vehicle charging bays (EVCBs) to local authorities, as announced by Minister of Local Government Development Nga Kor Ming. Nga said the programme aims to ensure that CPOs adhere to the planning and fire safety guidelines provided by PLANMalaysia and the Malaysian Fire and Rescue Department (JBPM). “As of Aug 30, 2023, 1,246 EVCBs have been constructed, with 1,007 being alternating current (AC) type devices and 239 being direct current (DC) type devices, which are operational in shopping malls, car showrooms, hotels, and resorts for public use,” he said during a news conference in Parliament on Thursday. According to Nga, the National Physical Planning Council approved the Electric Vehicle Charging Bay Planning Guidelines (EVCB GPP) and the application procedures on Sept 18 this year. The guideline has outlined four initiatives, as Nga stated, to expedite and simplify the application procedures. First, for CPOs planning to install EVCBs in existing buildings, a pre-consultation with utility providers, such as Tenaga Nasional Bhd (TNB), is necessary. The approval process typically takes seven to 14 days, depending on factors such as the type of device, design, and location (whether it’s outdoors, indoors, or on an open rooftop). The departments in local authority, like the Building Control Department or Engineering Department, will be authorised to provide certification. Additionally, the ministry will also implement a self-regulation or self-assessment method, overseen by a certified consultant,” said Nga. Nga also urged CPOs to prioritise the development of EVCBs at outdoor locations. Furthermore, the ministry, through PLANMalaysia, has introduced the National Electric Vehicle Charging Station Dashboard, which has successfully identified 10,596 suitable locations for EVCB installations, thus saving time for investors and industry players. Concerning the EVCB GPP, Nga explained that it offers planning and design guidance for the establishment of EVCBs in both existing and new developments, taking into account the type of charging device. These guidelines include aspects like the location and placement of the EVCBs, the required quantity of EVCBs, the size of each EVCB, the provision of a main electrical isolation switch, and fire safety requirements. Nga also shared that the government has set a target of installing 10,000 EVCBs nationwide by 2025. Read also: Sime Darby Motors joins hands with Petronas’ Gentari to build EV charging infrastructure Local Govt Ministry sets two-year deadline for operators to submit applications for existing EV charging bays PUTRAJAYA (Oct 12): The Federal Court has granted permission to the Petaling Jaya City Council (MBPJ) to have the merits of its appeal be heard over the success of a residents’ association (RA) in the Court of Appeal, which decided that non-paying members in a residential area can remove the boom gates to the entrance there themselves without the security guards’ assistance. The RA in question is the Parkville residents’ association. A three-member bench led by Chief Judge of Malaya Tan Sri Mohamad Zabidin Mohd Diah on Wednesday granted leave to the city council based on three questions of law posed by the bench that also consisted of Federal Court judges Tan Sri Nallini Pathmanathan and Datuk Abdul Karim Abdul Jalil. The questions of law to be decided are: • Whether local authorities can enact guidelines, regulations and/or impose conditions when regulating guarded community schemes in residential areas to ensure that there are no impediments to the rights of residents (including the aged, retirees, and the infirm) in these areas when they access their homes? • Whether it is permissible for an RA to restrict the rights of non-paying members of the RA and non-members of the RA to use public roads in the residential area by requiring these persons to operate the boom gates leading into the residential area on their own? • Whether a local authority like MBPJ can balance the rights of residents who live within a residential area who want a guarded community scheme, and those who do not want such a scheme, by prohibiting those in favour of the scheme from restricting the rights of those not in favour of the scheme to use public roads leading into the residential area? The outcome of Wednesday’s matter was confirmed by lawyer Abraham Au, who appeared with counsel Datuk Dr PJ City Council gets leave to appeal over resident payments in residential areas Gurdial Singh Nijar, while Datuk Malik Imtiaz Sarwar and Surendra Ananth represented the RA. The Shah Alam High Court last year found MBPJ’s refusal to allow the RA to impose the condition was legal, rational and reasonable. The Court of Appeal, however, on April 17 reversed the High Court decision by allowing the RA’s appeal, as it ruled that the condition was reasonable, and decided that the non-paying members can operate the boom gates themselves. The appellate court decided that the condition was reasonable based on the Federal Court decision in Au Kean Hoe v D’Villa Equestrian, where the apex court held that the construction of a guardhouse and boom gates did not amount to an “obstruction” under Section 46(1) (a) of the Street, Drainage and Building Act 1974. The Parkville RA filed the judicial review through its chairman, seeking a declaration that the RA is entitled to impose a rule that non-paying owners and residents or non-members of the RA would operate the boom gates themselves without the assistance of the security guards. This followed MBPJ’s rejection of the RA’s application for permission to impose the condition on March 30, 2021. by Hafiz Yatim theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com

Friday OCTOber 13, 2023 11 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 12): A police investigating officer testified in the High Court that during the investigation into the charges against Datuk Seri Najib Razak related to 1Malaysia Development Bhd (1MDB), the former prime minister had allegedly used over RM22 million of illicit funds derived from 1MDB, which were transferred into his private accounts. Testifying as the 48th prosecution witness in the 1MDB-Tanore trial, investigating officer ACP Foo Wei Min, 48, who was reading from his prepared witness statement, said that Najib had used RM22.65 million involving illegal money from 1MDB’s subsidiary 1MDB Global Investments Ltd (1MDB GIL), which went to Tanore Finance Corp, and eventually ended up in Najib’s AmBank account (ending “694”). Foo testified that based on his “First in First out” analysis on Najib’s bank account there were five transactions (totalling RM22.65 million) involving the use of illegal money from 1MDB GIL at the Tanore level through cheques issued from the account to various entities, including RM20 million to Umno. “All the cheques in question were signed by Najib himself,” ACP Foo testified. He testified that: • Umno received RM20 million on Aug 2, 2013 • Umno Batu Kawan division received RM100,000 on Aug 7, 2013 • An individual named Lim Soon Peng received RM246,000 on Aug 7, 2013 • ORB Solutions Sdn Bhd received RM2 million on Aug 12, 2013 • Semarak Konsortium Satu Sdn Bhd received RM303,000 on Aug 14, 2013. The witness testified that the money received by Umno was confirmed by then Umno treasurer, Datuk Seri Ahmad Husni Mohamad Hanadzlah. The money received by Umno Batu Kawan division was confirmed by Datuk Mohd Noor Ahmad, then Umno head of Batu Kawan division, Penang who also stated that he had received the cheque from Najib himself and the money was used for political purposes in the area. ACP Foo testified that ORB Solution’s director was Datuk Amhari Efendi Nazaruddin, Najib’s former aide. The company had offered Najib “publicity services” online through social media and other online outlets like Najib’s private blog. The money received was to build and maintain Najib’s online presence. Najib funnelled RM22 mil 1MDB funds to Umno and others, police officer tells court by Timothy Achariam & Tarani Palani theedgemalaysia.com As for Semarak Konsortium, the owner was Datuk Mohd Omar Mustapha, who had previously testified in this trial. “The amount of illegal money from 1MDB GIL Tanore level used by Najib was RM22,649,000,” ACP Foo testified. Earlier, Foo had walked the court through his investigations and process of tracking down 1MDB funds. He said he started by tracing money to Najib’s AmBank account which had received funds from Tanore. Foo testified that he had only investigated the money laundering charges brought against Najib which amounted to 21 charges which fell under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). “This is because for the purposes of the trial under section 4(1) of the AMLATFAPUAA against Najib, it only involves the financial sources channeled by Tanore,” he said. He then explains that he traced the financial source of the funds through documents related to the ‘Tanore phase’ — the third charge — which was obtained from a bank abroad through an application by the Attorney General based on the Mutual Assistance In Criminal Act 2002 Matters Act 2002 (MLA Act 2002). Foo: A total of US$681 million (RM2.08 billion) entered Najib’s account from Tanore Foo testified that the monies involving AMLA in Najib’s account (AmPrivate Banking-MR, account ending ‘694’) were from the 1MDB GIL US$1.59 billion bond issuance. The monies were transferred from March 20 to 21, 2013 to three offshore investment funds. The funds were: • Cistenique Inv (Cistenique) which received a total of US$530.3 million, • Enterprise Emerging Markets Fund (EEM) which received US$414.14 million, and • Devonshire Capital Growth Fund (Devonshire) which received US$646.46 million Foo testified that Devonshire then transfered US$430 million to Granton Property on March 21, 2013 and US$210 million on the same date to Tanore. Both Granton and Tanore were owned by Eric Tan, a close associate of fugitive-financier Low Taek Jho. The witness added that Granton then transferred the sum to Tanore as well on March 21, 2013. From March 22 to 25, 2013, EEM and Cistenique had transfered US$250 million and US$375 million respectively to Tanore. “The investigation found that on March 21, 2013 there was a transfer of the proceeds of illegal activities from Tanore’s Falcon Bank Account to an AmIslamic Bank Berhad account in the name of AmPrivate Banking-MR [account ending ‘694’] amounting to US$620 million, which was in six transactions,” he said. He added: “On March 25, 2013, there was another transfer from Tanore to AmBank Account 694 totaling US$61 million in three transactions. According to AmBank official, Yap Wai Keat, it was in nine transactions to avoid interference with the national currency if too large a sum of funds entered Malaysia”. These transactions were also laid out in the prosecution’s opening statement when the trial began in 2019. Foo: US$620 million returned to Tanore Finance Corp from Najib’s accounts When the trial resumed after lunch, Foo testified that there was a transfer of money from 1MDB (at the Tanore level) received by Najib in five transactions between August 2, 2013 to August 23, 2013 totaling RM2,034,350,000 (US$620 million). Testifying as the 48th prosecution witness in the 1MDB-Tanore trial, investigating officer ACP Foo Wei Min, 48, who was reading from his prepared witness statement, said that Najib had used RM22.65 million involving illegal money from 1MDB’s subsidiary 1MDB Global Investments Ltd, which went to Tanore Finance Corp, and eventually ended up in Najib’s AmBank account (ending ‘694’). Shahrin Yahya/The Edge continues on Page 12

Friday OCTOber 13, 2023 12 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 12): Malaysia’s manufacturing sector saw its sales value fall 3.3% year-on-year (y-o-y) to RM152.3 billion in August 2023, mainly due to the petroleum chemical, rubber and plastic sub-sector, which shrank 12.1%, said the Department of Statistics Malaysia (DOSM). In a statement on Thursday, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the decline in August was also attributable to a contraction in the food, beverages and tobacco sub-sector by 6.6%, and the wood, furniture, paper products and printing sub-sector by 0.1%. Month-on-month (m-o-m), he said the sales value rebounded by 5.8%, versus a 2.4% contraction previously. On export-oriented industries, Mohd Uzir said the sales value, which accounted for 72.7% of total sales, decreased 6.7% in August from a contraction of 7% in July, mainly owing to lower sales for the manufacture of coke and refined petroleum products (-19.7%), manufacture of vegetable and animal oils and fats (-15.1%), and manufacture of rubber products (-8.8%). On the domestic-oriented industries, he said the sales value grew 7.2% in August, versus 9.1% in the previous month. For the first eight months of 2023, Mohd Uzir said the sales value of the manufacturing sector stood at RM1.2 trillion, up 1.7% from a year earlier. In terms of the number of employees, he said the manufacturing sector engaged 2.36 million persons in August, up 2% y-o-y from 2.31 million persons. “In line with the increase in employment, salaries and wages paid in the manufacturing sector grew 3% y-o-y, amounting to RM8 billion in August 2023,” he said. M-o-m, Mohd Uzir said salaries and wages increased 0.9%, from RM7.9 billion recorded in July. August manufacturing sales value down 3.3% to RM152.3 bil — DOSM KUALA LUMPUR (Oct 12): Malaysia’s wholesale and retail trade recorded sales value of RM142.5 billion in August, an increase of 6.7% year-on-year (y-o-y), said the Department of Statistics Malaysia (DOSM). Month-on-month (m-o-m), sales value grew 2.0%, it added. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the increase of 6.7% y-o-y in wholesale and retail trade was attributed to the wholesale trade sub-sector, which rose 6.2% or RM3.7 billion to RM63.9 billion. “Retail trade also expanded by 6.3% or RM3.6 billion to RM60.5 billion, followed by motor vehicles, which grew 9.7% or RM1.6 billion to RM18.1 billion,” he said in a statement on Thursday. Meanwhile, the 2.0% or RM2.8 billion increase m-o-m was contributed by motor vehicles, with an increase of RM1.2 billion or 7.1%, while retail trade recorded a positive growth of 1.4% or RM0.9 billion. Additionally, wholesale trade rose 1.2% or RM0.8 billion m-o-m, he said. Looking at the performance across sub-sectors, Mohd Uzir said that the growth of 6.2% y-o-y in wholesale trade was attributed to other specialised wholesale, which rose RM1.5 billion or 6.2% to RM25.0 billion. Commenting further on the retail trade sub-sector, he said the increase of 6.3% y-o-y was supported by retail sales in non-specialised stores, which grew 9.2% or RM1.9 billion to RM23.0 billion. “The y-o-y growth of 9.7% in the motor vehicles sub-sector was fuelled by sales of motor vehicles parts and accessories, which grew 20.7% or RM0.8 billion to RM4.7 billion. This was followed by sales of motor vehicles (6.2%), and maintenance and repair of motor vehicles (21.6%). “For monthly comparison, this sub-sector rose 7.1%, driven by sales of motor vehicles (13.2%), sales of motor vehicles parts and accessories (1.6%), and maintenance and repair of motor vehicles (1.8%),” said Mohd Uzir. The index of retail sales over the internet recorded a 1.0% y-o-y growth in August, versus 0.4% in July, he said. “For seasonally adjusted value, the index went up 3.9% against the previous month,” he added. DOSM: August wholesale, retail trade sales up 6.7% to RM142.5 bil Bernama Bernama Read also: MACC waiting for police to complete probe against Roger Ng before deciding if it will launch its own — Azam Baki Give cops room to conduct thorough probe on Roger Ng, says IGP Besides this, there were two money transfer transactions from the same source to a new personal account at AmBank ending ‘880’ belonging to Najib on Aug 27, 2013 and August 30, 2013 amounting to RM162,436,711.87. “The investigation found that an amount of RM2,034,350,000.00 (US$620 million) was returned to Tanore Finance Corporation, Singapore, through five transactions starting on August 2 2013 and ending on August 23 2013. “The Malaysian Ringgit money that was transferred in the form of US$620 million into the Falcon Private Bank account in Singapore belonging to Tanore Finance Corporation [...],” the ACP testified. Najib instructed the closure of the ‘694’ account after money was transferred to his ‘880’ account The RM162.4 million Najib transfered was to his AmPrivate Banking — 1MY account (account ending ‘880’) in two transactions. Following the transfer, Najib instructed the bank to close his Amprivate Banking — MR (account ending ‘694’). ACP Foo said that based on documentation it can be confirmed that the withdrawal or transfer transaction amounting to RM150 million was done on Aug 27, 2013 while the final transaction for this account was on Aug 30, 2013 whereby RM12.4 million was transferred from Ambank (account ending ‘694’). The final balance after this transaction was RM0. Based on the evidence, Ambank (account ending ‘694’) was closed on the same date. “Najib had transferred proceeds from illegal activities amounting to RM150,000,000 and RM12,436,711.87 from Ambank [account ending ‘694’] belonging to Najib to [Ambank] account [ending ‘880’] belonging to Najib himself,” he said. Apart from the 21 money laundering charges, Najib is facing four counts of abuse of power for using his position as prime minister, finance minister and 1MDB board of advisers’ chairman to receive gratification worth RM2.28 billion. from Page 11 Read also: August industrial production index down by 0.3%, says DOSM

Friday OCTOber 13, 2023 13 The E dge C E O m o rning brief home SHAH ALAM (Oct 12): Communications and Digital Minister Fahmi Fadzil on Thursday launched Malaysia’s first 5G-powered Artificial Intelligence (AI) Autonomous Inventory Management System powered by CelcomDigi Bhd in collaboration with DHL Supply Chain Malaysia. Supported by CelcomDigi’s 4G LTE network and 5G connectivity at DHL’s Integrated Logistics Centre here, the warehouse is equipped with the latest AI and robotic solutions for optimised and efficient inventory management. Fahmi said the synergy between CelcomDigi and DHL which utilises the real value of 5G technology and solutions, together with AI and robotics is commendable and on the right track for driving the growth of the nation’s digital ecosystem. “Aligned with the government’s digital aspiration, Malaysia has the potential to be the Asian Digital Tiger as collaborations such as today’s will potentially expand and significantly enhance the efficiency, innovation, technology adoption in Malaysian enterprises and the nation’s digital economy,” he said when officiating at the launch. Fahmi noted that the warehousing and logistics industry has the potential to be reimagined and transformed into a “lights-out” warehouse, being able to operate around the clock by utilising 5G technology and AI solutions. “I am also pleased to note that this implementation will not stop here and both organisations are committed to expanding the adoption of 5G technology and solutions across DHL warehouses nationwide as well as potentially collaborating with organisations from other industries. “With innovation and technology being utilised within and across industries, I look forward to more digital transformation initiatives such as those implemented today,” he added. CelcomDigi’s collaboration with DHL leverages 5G technology and AI solutions for robotic inventory management systems, providing an enhanced and efficient multi-story warehouse management at optimum standards. The solution will enable efficient stock counting operations, achieving up to 20 times efficiency with up to 100% precision and accuracy, enhancing space utilisation within the warehouse and reducing daily electricity consumption. Fahmi said DHL is currently working on 25 warehouses across the country and is building a warehouse in Bayan Lepas, Penang that will operate fully automated using the latest 5G technology. “I hope more companies will identify and understand the benefits of 5G technology to their respective industries to help improve business efficiency and productivity,” he added. Read also: DNeX partners with Strateq to tap into big data and analytics opportunities Fahmi launches Malaysia’s first 5G-powered AI warehouse powered by CelcomDigi and DHL Supply Chain KUALA LUMPUR (Oct 12): National oil company Petroliam Nasional Bhd’s (Petronas) private 5G deployment adds momentum to Malaysia’s digital transformation, according to BMI, a Fitch Solutions company. In a report on Wednesday, the firm said private 5G networks will be critical enablers of the digital transformation of large enterprises in many different industries across Southeast Asia over the next five years. It said that in Malaysia, for the most part, these will pivot around collaborations between enterprises and licensed mobile network operators, as the spectrum is currently tied to the individual operators (3G/4G), and the state-owned 5G platform (Digital Nasional Bhd). “In this regard, we believe that if more enterprises were to deploy private 5G networks, this would make the planned second state-owned 5G platform more commercially viable than it would otherwise be, and provide the government with a direct pipeline to all industries looking to leverage 5G for their technological transformation. “In this respect, we believe that the first steps being made by a large and economically important company like Petronas is crucial in encouraging other enterprises — public and private — in following suit,” it said. The firm, however, highlighted that 5G is only one of many wireless connectivity BMI: Petronas’ 5G deployment adds momentum to Malaysian digital transformation technologies available to enterprises, and alternatives such as Wi-Fi 6 or Wi-Fi 7, as well as low-power wide-area network (LPWAN) solutions can also be used to facilitate many of the applications and solutions that Petronas and others will want to implement over the next decade. It said these can be used in tandem with 5G or as stand-alone platforms in different parts of the business. It said this opens up the sector to specialised solution providers, rather than making an enterprise dependent on the existing public mobile network operators. BMI said private 5G networks will support the advancement of automation and control, increasing operational efficiencies through applications such as remote logistics and fleet management, enhanced safety and location-specific workflow processes for workers, the use of low-latency critical infrastructure through smart sensors, and so on. “We believe enterprises in industries as diverse as agribusiness, infrastructure, healthcare provision, manufacturing, logistics, heavy industries and education will be looking to adopt wireless technologies to support their evolution over the coming years; a successful deployment by Petronas could well stimulate demand across these sectors, particularly if the government actively encourages and supports its use,” it said. by Surin Murugiah theedgemalaysia.com Bernama

Friday OCTOber 13, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 12): AMMB Holdings Bhd’s (AMMB) subsidiary, AmBank (M) Bhd, has received the nod from the Bank Negara Malaysia (BNM) to establish the AT1 and Tier 2 Subordinated Notes Programme that complies with Basel III regulations. In a filing on Thursday, the group said it received the central bank approval on Tuesday (Oct 10), and submitted the necessary documents concerning the programme to the Securities Commission Malaysia on Wednesday (Oct 11). The Subordinated Notes Programme conforms to the Capital Adequacy Framework (Capital Components) issued by BNM on Dec 9, 2020 (with any amendments made thereafter). It has a perpetual tenor. RAM Rating Services Bhd has assigned the programme a long-term rating of AT1 Notes — A2/stable; Tier 2 Notes — AA3/ stable. AmInvestment Bank Bhd, the investment banking subsidiary of AMMB, is the principal adviser, lead arranger, lead manager, and facility agent for the programme. AmBank gets Bank Negara nod to establish AT1 & Tier 2 bonds programme KUALA LUMPUR (Oct 12): Battersea Power Station in London will see its office further expanding in 2023 with the completion of 50 Electric Boulevard, a 200,000 sq ft office building designed by Foster + Partners, according to a statement dated Oct 11. 50 Electric Boulevard is a BREEAM Outstanding rated workplace. It has been designed with a focus on well-being and smart tech, as well as a 1,800 sq ft communal urban roof garden and a 4,000 sq ft amenity pavilion with trees and sky lights. Battersea Power Station’s existing 565,000 sq ft of office space has been occupied by Apple, SharkNinja and The Engine Room — a coworking space by IWG. Meanwhile, the Grade II listed building has since welcomed more than 11 million visitors and opened over 35 new shops, eateries and leisure venues since it opened to the public for the first time in history on Oct 14, 2022, the statement said. Battersea Power Station Development Company Ltd chief executive officer Simon Murphy said in the statement: “The opening of the Power Station and Electric Boulevard in October 2022 after a decade of careful transformational restoration was an extraordinary achievement, and a testament to the commitment of our shareholders. “It has been amazing to witness Battersea Power Station become the vibrant and thriving riverside neighbourhood it is today, and we are proud to have reached the milestone of welcoming over 11 million visitors. We never stand still and will continue to expand what this new town centre has to offer in the coming months and years.” New openings at the riverside neighbourhood since last October include the 24,000 sq ft Arcade Food Hall, Apple Battersea, Bounce Ping Pong, LEGO®, The Cinema in the Power Station, ME+EM, Scamp & Dude, MALIN+GOETZ, Arc’teryx, Office Shoes, M&S Foodhall, A.P.C., NOCI Pasta, Jigsaw, Penhaligon’s and Under Armour. Openings still to come at Battersea Power Station in 2023 include the UK’s first tashas — a cafe concept that started in South Africa; Searcy’s Champagne Bar, following its pop-up inside the Power Station; and Borough Kitchen Cook Shop & Cook School. Boots will also debut its first beauty-only store at the Power Station later this year. Koa at Electric Boulevard’s 204 apartments designed by Foster + Partners is also due to complete by the end of 2023. This will grow the community of over 2,500 residents who already live at Battersea Power Station, said the statement. Battersea Power Station to see office space expansion in 2023 ROHM-Wako expects to fulfil demand as new facility begins operations by Chai Yee Hoong theedgemalaysia.com by Isabelle Francis theedgemalaysia.com KOTA BHARU (Oct 12): ROHM-Wako Electronics (Malaysia) Sdn Bhd (RWEM), a major Japanese electronics manufacturer, is confident of meeting the demand for gate driver integrated circuits (GDIC) and transistor components due to its Kelantan facility expansion. RWEM president Hideki Hashimoto said the expansion involved a three-storey building, called “Building B”, which was completed in August this year. “In this building, we plan to manufacture GDICs and transistors. Production capacity will continue to grow in Kelantan due to the advancement of technology such as electric cars, self-driving cars and the Internet of Things. “This is because the users of our products will continue to increase along with the production of new products in the future,” he said at the opening ceremony of the new building in Pengkalan Chepa, here on Thursday. The ceremony was inaugurated by Kelantan Menteri Besar Datuk Mohd Nassuruddin Daud. Hashimoto said with the opening of the new building, RWEM is expected to be able to offer more job opportunities to the people of Kelantan. “With the full operational capacity of Building B, we will be able to offer jobs to more local residents. “We will work together to develop this company and contribute to the progress of Kelantan and Malaysia in the future,” he said. In March last year, RWEM expanded its electronic component facility in Kelantan with an investment worth RM910 million. It was reported that the investment would also create more than 340 highly skilled jobs. Bernama

Friday OCTOber 13, 2023 15 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 12): The construction sector must embrace the disruption of technologies, such as the industrialised building system (IBS), building information modelling (BIM) and automation, to meet the demands of the modern world, said Works Minister Datuk Sri Alexander Nanta Linggi. Speaking at the opening ceremony of the Malaysia International Construction and Infrastructure Technology Exhibition (MBAM OneBuild 2023) organised by the Master Builders Association Malaysia (MBAM) at the Kuala Lumpur Convention Centre (KLCC) this Wednesday to Friday, Nanta emphasised the need for the construction industry to gear towards full-scale digitalisation. “Embracing these trends and technologies will not only lead to more efficient and cost-effective construction processes, but also contribute to a more environmentally responsible and resilient built environment,” he noted. He added that the stakeholders would have to recognise that the actions today will have lasting consequences for the generations to come. “While we continue building impressive buildings and infrastructures, we must also build a more sustainable and liveable world for the future generations.” Highlighting the exhibition’s theme — “Shaping the Future of Construction” — Nanta said that MBAM OneBuild is in line with the ministry’s goal to facilitate a highly sustainable and productive construction sector. “The introduction of the National Construction Policy 2030 in 2022 demonstrated our constant efforts in guiding the construction industry to continuously evolve with the country’s development goals and international trends,” he shared, adding that the policy recognises the importance of digitalisation within the construction sector, and embraces the requirements of the Fourth Industrial Revolution to ensure regional and global growth. Similarly, MBAM president Oliver HC Wee pointed out that the unprecedented rate of digitalisation is a sign for industry players to embrace the trend soon. “The major question is whether we as industry players will be resistant to change, or [whether] we will revolutionise the way things work in the construction and infrastructure industry.” He elaborated that the change includes prioritising sustainability, as embracing these trends and technologies will not only lead to more efficient and cost-effective construction processes, but also contribute to a more environmentally responsible and resilient-built environment. Works minister urges construction sector to embrace technology disruption SHAH ALAM (Oct 12): A discussion involving the Ministry of Communications and Digital (KKD), Malaysian Communications and Multimedia Commission (MCMC) and TikTok will be held next week, said Communications and Digital Minister Fahmi Fadzil. He said this was being scheduled following his meeting with the social platform’s top management, led by TikTok global vice president Helena Lersch, on Wednesday after finding the platform’s compliance with Malaysia’s laws was still unsatisfactory and needed to be rectified immediately. “… we also touched on Tiktok Shop and I have requested additional information from TikTok Shop which will be examined by KKD in these coming weeks,” he told reporters here to on Thursday. Fahmi said the situation in Malaysia is different from Indonesia, which has banned e-commerce transactions on TikTok, adding that the government must consider several factors before making any further decisions. “I have requested some information from TikTok Shop to fully understand the situation including matters mentioned by President Jokowi such as predatory pricing, data sharing and data sovereignty. “We have conveyed it to TikTok Shop and they will provide feedback. We will examine this feedback and will act afterwards, if necessary,” he said. On Budget 2024, which will be tabled by Prime Minister Datuk Seri Anwar Ibrahim on Friday, Fahmi said he believes several issues, such as cost of living and food security, will be the primary focus. “For KKD, we hope there will be good news regarding 5G which we have been working on, such as special packages that can help more people to benefit from the technology. “I was told that there will be several announcements… we wait for some good news then,” he added. PUTRAJAYA (Oct 12): The government has not withdrawn or revoked the concession agreement with Padiberas Nasional Bhd (Bernas) that was signed for a 10-year period from Jan 11, 2021 till Jan 10, 2031, the Agriculture and Food Security Ministry said in a statement on Thursday. In refuting claims which went viral on Whatsapp that the concession agreement had been revoked, the ministry said a complaint has been lodged with the Malaysian Communications and Multimedia Commission (MCMC) for a thorough investigation to be carried out. “The ministry advises the public not to believe the fake message and to stop the spread of the misleading information,” said the statement. On Dec 3, 2020, the government announced the extension of Bernas’ concession TikTok to meet MCMC, communications ministry next week — Fahmi Govt has not revoked Bernas’ concession agreement — Ministry Bernama Bernama by Afaaf Adam theedgemalaysia.com for rice distribution in the country for another 10 years beginning from Jan 11, 2021, after the earlier agreement expired a day earlier. With the extension, the concession was improved with several new terms which included an increase in the number of social obligations from five to 10, which included managing a stockpile, purchasing padi at a guaranteed minimum price (GMP) decided by the government, acting as the buyer of last resort as well as managing the disbursement of subsidies to farmers. On claims over the lack of enforcement, the ministry said the Local White Rice Integrated Operation (OP BPT) was ongoing and so far two factories have been sealed and were being investigated under the Control of Padi and Rice Act 1994 (Act 522). The operation first conducted on Aug 16 was led by Deputy Minister of Agriculture and Food Security Datuk Chan Foong Hin. The operation which focused on inspecting and enforcing regulations on commercial rice mills and rice wholesalers was held in collaboration with various agencies including the enforcement division of the Ministry of Domestic Trade and Cost of Living, and the police.

Friday OCTOber 13, 2023 16 The E dge C E O m o rning brief world (Oct 12): Mounting threats to gas supply are sending most global fuel prices higher as fear takes hold of the market just ahead of the first signs of winter. Natural gas in Asia and Europe jumped this week, with the latter hitting the highest level in seven months, driven by the Israel-Hamas war, potential strikes at key export plants and infrastructure vulnerabilities, including a leak in a Baltic Sea pipeline where sabotage is suspected. The US stands apart, and price swings there have been much more muted thanks to ample domestic production. The multiple risks highlight the fragility of other markets, in particular Europe, which is starting its second winter without much of the pipeline gas flows from Russia that it once took for granted. The continent’s benchmark futures continued their rally Thursday, adding as much as 13%. The good news is the gas market is in a much better place now than this time last year. Inventories are high, industrial demand is down, and several new import facilities have been added. In addition, some forecasts suggest Europe will have a relatively warm winter, which should reduce gas needs. But the energy crisis is still far from over, and a cold snap is set to hit Europe in the coming days. Any hint of disruptions to global gas flows could send shockwaves through the market, particularly as households crank up the heat. “Somehow the risk of something going wrong vastly outweighs the reality that everything has gone right,” said Ira Joseph, a global fellow at the Center on Global Energy Policy at Columbia University. “The fear of being short of supply and the potential for another price spike is overpowering, even if stocks are high and demand is weak.” Markets on edge It’s true that global gas supply and demand is delicately balanced. Russia’s invasion of Ukraine last year upended the market, significantly cutting Moscow’s pipeline deliveries to Europe and forcing Europe to depend far more on liquefied natural gas (LNG). Underpinning that new reliance, France this week signed a long-term agreement with Qatar for LNG, but deliveries aren’t expected to start until 2026. In the meantime, with so little spare capacity, any events that suggest a risk to supply can cause price spikes. And over the last week, multiple incidents sparked fresh rallies: by Stephen Stapczynski, Anna Shiryaevskaya & Ruth Liao Bloomberg Fear grips global gas market facing winter supply threats • Australian workers unions gave notice that strikes at Chevron’s LNG export plants in Australia will begin next week. • Then, a leak at an undersea pipeline linking Finland and Estonia was discovered. The nations, which border Russia, are on alert that this was a deliberate act. That’s fuelled concern about the safety of Europe’s infrastructure, particularly after explosions last year on the Nord Stream pipelines from Russia to Germany. • The conflict in Israel and the Gaza Strip forced Chevron Corp to shut an offshore gas field which supplies Egypt, a move that may affect that nation’s LNG exports to Europe. The combined effect sent European gas prices up about 40% since late last week. Dutch front-month futures, the region’s benchmark, traded 12% higher at €51.55 (RM256.46) a megawatt-hour by 4.26pm Amsterdam on Thursday. “Military conflicts spook markets,” said Toby Copson, head of energy APAC at Marex. “Market participants are taking positions now as the potential for supply disruptions in the Middle East could affect flows both in shipping and volume.” Part of the issue is that more and more financial players are entering the European gas futures market, lured by its extreme volatility, and the region has for the last year dictated global prices. Derivatives traders might be piling into purchase contracts before unexpected further price rises, said Copson. To be sure, there are factors that will help to keep prices in check. Apart from brimming inventories in Europe and forecasts for a warm winter, China’s gas demand has been slow to fully rebound. Europe will add even more floating LNG import terminals this winter. Meanwhile, the region’s desire for fuel is proving a boon for gas exporters vying to take a slice of the market once held by Russian giant Gazprom PJSC. France’s LNG deal with Qatar runs beyond 2050, past the country’s net zero targets, showing how high energy security is on the political agenda. Big deals The US is also lining up deals to finance its expanding production. It’s been the top global LNG exporter this year, outpacing Australia, Qatar and Russia, according to BloombergNEF data, and has accounted for a majority of supply to Europe since the invasion of Ukraine in early 2022. Companies pushing to expand or build new US LNG projects saw a surge in interest for long-term contracts in the wake of the war in Ukraine and have raced with other countries to sign up buyers from Europe. The renewed threat to European gas infrastructure could see global importers double down on the need to secure supply, delivering more business for the US and other suppliers. And as for Russian supply, traders are on alert and monitoring remaining gas flows via a pipeline across Ukraine to Europe, and LNG deliveries. Some politicians have said Europe must restrict LNG imports, though finding enough alternative supply would be an issue, at least for now. “Europe’s energy landscape is fraught with challenges,” said Leslie Palti-Guzman, head of market intelligence at SynMax, a satellite data analytics company in Houston. “The geopolitical undercurrents are intensifying, amplifying Europe’s supply security vulnerabilities.” Somehow the risk of something going wrong vastly outweighs the reality that everything has gone right,” said Ira Joseph, a global fellow at the Center on Global Energy Policy at Columbia University. “The fear of being short of supply and the potential for another price spike is overpowering, even if stocks are high and demand is weak.” reuters

FRIDAY OCTOBER 13, 2023 17 THEEDGE CEO MORNING BRIEF WORLD LONDON (Oct 12): The gap between two leading oil forecasters’ views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group Opec stuck to expectations for buoyant China-led growth. The Organization of the Petroleum-Exporting Countries (Opec) and the IEA, which represents industrialised countries, have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. In a monthly report on Thursday the IEA lowered its forecast for growth in oil demand in 2024 to 880,000 barrels per day from one million bpd, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. By contrast, in its latest report Opec stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts — 1.37 million bpd — is equivalent to more than 1% of daily world oil use. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. It also forms part of the backdrop for supply policy decisions by Opec and its allies, known as Opec+. “In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption,” Opec said in a monthly report. Both forecasters are on roughly the same page for demand this year. The IEA raised its figure for this year’s growth to 2.3 million bpd, bringing it closer to Opec’s forecast of 2.44 million bpd which it left unchanged on Thursday. IEA, Opec predictions of 2024 oil demand growth diverge further (Oct 12): The latest signs of persistent inflation suggest the Federal Reserve will keep the door open to another interest-rate hike this year, even as central bankers emphasise patience ahead of their next meeting. The so-called core consumer price index, which excludes food and energy costs, increased 0.3% last month, Bureau of Labor Statistics data showed Thursday. Economists favour the core gauge as a better indicator of underlying inflation. The overall CPI climbed 0.4%, higher than expected, boosted by energy costs. Both increases are consistent with an annual pace well above the Fed’s 2% goal. “This will keep the Fed open to another rate hike, though admittedly the market might end up doing the tightening for them,” said Kathy Bostjancic, chief economist at Nationwide Mutual Insurance Co. Bostjancic was referring to a recent surge in long-term Treasury yields. That’s prompted some policymakers to suggest they may hold off on another hike when they meet on Oct 31-Nov 1, as they parse the reasons behind the run-up. Treasury yields rose following the latest price report, as traders saw roughly 50-50 chances of a hike by year’s end. Fed policymakers agreed last month that policy should remain restrictive for some time, while noting that the risks of overtightening now had to be balanced against keeping inflation on a downward path toward 2%, according to minutes of the September meeting released Wednesday. The CPI report showed a step-up in prices for services, which has been a particular concern of Fed officials led by chair Jerome Powell, because they see the sector’s inflation as driven in part by a tight labour market. Excluding housing and energy, services prices climbed 0.6% from August, the most in a year, according to Bloomberg calculations. “It boils down to services,” said Jay BryFed to keep rate hike on table this year after services prices rise BY STEVE MATTHEWS Bloomberg son, Wells Fargo & Co chief economist. “The last mile to get us back down to 2% on a sustained basis, that is tough. That is why the Fed will remain restrictive for quite some time to make sure that does come down.” Fed officials are trying to decide whether they need to hike their benchmark lending rate again after raising it by more than five percentage points over the last 19 months. They left the rate unchanged at their last policy meeting in September, though 12 out of 19 officials signalled they would support another rate increase this year, according to projections released at the meeting. Yet central bankers’ emphasis on patience means it will take additional data to persuade the majority of the need for another hike. “They’re pretty set on proceeding carefully and letting patience guide their thinking, so I wouldn’t count on a fourth-quarter hike unless the urgency ramps up with more data,” said Derek Tang, an economist with LH Meyer/Monetary Policy Analytics. Read also: US consumer prices rise on surge in rents; underlying inflation cools Demand destruction The IEA said in its report it was seeing signs of demand being hit by rising prices and rising electric vehicle sales. Crude rose close to US$100 a barrel in September before falling on economic concerns, only to jump on Monday on concern the clashes between Israel and Palestinian Islamist group Hamas could escalate and disrupt supply. “There has been some evidence of large-scale demand destruction, especially in lower-income countries like Nigeria, Pakistan and Egypt, and signs of accelerating declines within some OECD markets including the US,” the IEA said. Opec still expects oil demand in Organisation for Economic Co-operation and Development (OECD) countries to rise in 2024, while the IEA sees it entering “what is likely to be a permanent decline”. Gasoline demand, the IEA said, is expected to fall next year by 250,000 bpd in OECD countries. It cited factors including efficiencies and electric car sales weighing on driving demand. Oil demand forecasters often have to make sizeable revisions given changes in the economic outlook and geopolitical uncertainties, which this year included China’s lifting of coronavirus lockdowns and rising interest rates. BY ALEX LAWLER & NATALIE GROVER Reuters REUTERS

Friday OCTOber 13, 2023 18 The E dge C E O m o rning brief world (Oct 12): US speculative-grade companies are facing heightened refinancing and default risks amid higher-for-longer interest rates and limited credit market access, according to Moody’s Investors Service Inc. Junk-rated firms have US$1.87 trillion (RM8.81 trillion) of debt maturing between 2024 and 2028, an Oct 12 report by the credit grader shows. That marks a 27% jump from the US$1.47 trillion anticipated between 2023 and 2027 in last year’s study, wrote analysts including Botir Sharipov. “The increase — reflecting higher maturities for revolving credit facilities, loans and bonds — comes amid weak macroeconomic and credit conditions, raising companies’ refinancing and default risk,” noted the analysts. A default wave among junk borrowers has become a concern for analysts and investors after the Federal Reserve embarked on its aggressive rate-hiking cycle last year, with 11 raises baked in so far. Moody’s expects the US speculative-grade default rate to peak at 5.6% in January 2024 before easing to 4.6% by August. Companies rated B2 and below — that is, five or more notches deep into junk territory — will have to deal with US$206 billion of debt coming due in 2024 and 2025, Moody’s data shows. That figure swells to about US$1.1 trillion over the period between 2024 and 2028. Firms rated B3 and B2, several of which are private equity-owned, struggled to refinance existing debt and issue fresh debt toward the end of 2022 and during 2023, according to Moody’s. “Higher borrowing costs, slowing economic growth and tighter lending standards make this group particularly vulnerable to downgrades, restructurings and distressed exchanges,” reads the report. These borrowers could turn to the private debt market for funding, wrote the analysts. “Companies are also resorting Moody’s sees trouble for over US$1 tril of maturing junk debt LONDON (Oct 12): Britain’s accounting regulator on Thursday fined KPMG a record £21 million (RM122.6 million) for a “textbook failure” in audits of Carillion, the builder that imploded in 2018 and prompted a root and branch review of auditing standards. The collapse of Carillion, a major government contractor building hospitals and other infrastructure, in January 2018, along with the collapse of retailer BHS two years earlier, led to three government-backed reviews of auditing markets and standards. The Financial Reporting Council (FRC) said the number, range, and seriousness of the deficiencies in the audits of Carillion were exceptional, resulting in the watchdog’s highest ever fine. “The collapse of Carillion had a significant and painful impact on employees, pensioners, investors, critical infrastructure projects, local communities and taxpayers,” FRC CEO Richard Moriarty said in a statement. “Our investigation concludes this was a textbook case study in failure,” Moriarty added. Failures included not challenging Carillion management, and loss of objectivity. On occasions, KPMG audit partner Peter Meehan told his team to record his review of working papers without having done a review, the FRC said. Meehan, no longer with KPMG, was fined £350,000 after a discount to reflect his cooperation and admission of failures. The total fine for KPMG, one of the world’s “big four” auditors with PwC, KPMG hit with record fine for ‘textbook failure’ in Carillion audits by Huw Jones Reuters by Michael Tobin Bloomberg Deloitte and EY, relates to two sets of investigations in the audits of Carillion from 2013 to parts of 2017. It would have been £30 million, but was discounted due to admissions and cooperation by the auditor. Jon Holt, chief executive and senior partner of KPMG in the UK, said the FRC findings were damning, adding the auditor had cooperated fully with the investigation and accepted its conclusions and the sanctions. “I am very sorry that these failings happened in our firm,” Holt said. “It is clear to me that our audit work on Carillion was very bad, over an extended period... Since this audit work was undertaken, we have done an enormous amount to improve controls and oversight across our firm, to ensure that these failings could not take place today,” Holt said. A parliamentary report in 2018 said the collapse of Carillion exposed the “toothlessness” of the FRC. One of the three reviews into auditing recommended replacing the FRC with a more powerful watchdog, though legislation has yet to be tabled to do this. Moriarty said primary responsibility for Carillion’s collapse was with its directors, but the case also shone a light on the need to modernise audit regulation, and the FRC had made significant changes within its existing powers to improve supervision. KPMG was fined £14.4 million last year after providing false and misleading information to the FRC during spot checks on audits of Carillion and outsourcing firm Regenersis. to strategies such as extending loans or issuing new debt with pay-in-kind interest, often at onerous rates that raise debt and add to future default risk,” they added. The ratings firm also sees challenges among distressed borrowers. “Companies rated Caa and lower will likely find it difficult to refinance maturities at an interest rate they can afford,” the analysts noted. Debt issued by these firms makes up 19% of maturities in 2024 and 2025, up from 16% due in the first two years of last year’s study, according to Moody’s. Moody’s methodology Moody’s report includes debt rated by the firm, denominated in dollars and issued by US-domiciled non-financial companies and non-US subsidiaries (excluding public utilities and traditional real estate investment trusts). This is the first time Moody’s has included the debt of non-US subsidiaries in its study, which accounts for US$37 billion or 2% of the 2024-2028 maturities. Moody’s analysis includes 2,956 junk-rated debt instruments that mature between 2024 and 2028. The data is from August 2023. It is clear to me that our audit work on Carillion was very bad, over an extended period... Since this audit work was undertaken, we have done an enormous amount to improve controls and oversight across our firm, to ensure that these failings could not take place today.” — KPMG UK chief executive and senior partner, Jon Holt.

Friday OCTOber 13, 2023 19 The E dge C E O m o rning brief world (Oct 12): Former Barclays Plc boss Jes Staley has been fined £1.8 million (US$2.2 million) and banned from the UK financial services industry after “recklessly” misleading regulators and the bank about his relationship with financier and sex offender Jeffrey Epstein. The Financial Conduct Authority said Staley privately described Epstein as one of his “deepest” and “most cherished” friends. Yet he allowed Barclays to send a letter to the watchdog that distanced him from the financier, incorrectly stating that he’d ceased contact before joining the bank in 2015, according to the FCA. “While Mr Staley did not draft the letter there was no excuse for his failure to correct the misleading statements,” the regulator said in a statement. “Mr Staley recklessly misled the FCA and acted with a lack of integrity.” Staley, who resigned from the British lender in 2021 over the probe, is appealing the regulators’ findings at a tribunal. “If I had known who JE really was, there is absolutely no doubt that I wouldn’t be in the position I am in today,” Staley said in a statement provided by his lawyers. “I am very disappointed by the FCA’s decision and I will continue to challenge it.” Barclays said in a separate statement that Staley should forfeit a number of awards including his bonus for 2021. Lapsed awards under the long-term incentive plan and forfeited deferred compensation were worth a total of £17.8 million, based on Monday’s share price, it said. Ex-Barclays boss Staley fined, banned after Epstein probe (Oct 12): Formula One mogul Bernie Ecclestone pleaded guilty to a criminal tax fraud charge and was handed a suspended prison sentence for failing to tell British authorities about assets held in a Singapore bank of around £400 million (RM2.3 billion). In a dramatic reversal, just weeks before the 92-year-old was due to stand trial, Ecclestone agreed to a £652 million tax settlement that covers an 18 year period. He faced the single charge for failing to declare the overseas account following an investigation into his finances by His Majesty’s Revenue and Customs. Judge Simon Bryan handed the tycoon, who was standing in court, a sentence of 17 months, suspended for two years. He said he’d taken Ecclestone’s age and health conditions into account when deciding to hold off immediate imprisonment. Ecclestone previously told investigators that he’d established a single trust in favor of his two daughters, prosecution lawyers said, but had no other overseas trusts. F1 mogul Ecclestone pleads guilty to criminal tax fraud by Jonathan Browning Bloomberg by Jonathan Browning Bloomberg But when asked by tax officers at a meeting in July 2015 if he had any other overseas trusts beyond the one for his daughters, he replied that he didn’t. The Singapore bank account tied to two trusts was held by Bank Julius Baer. “He bitterly regrets the events that have led to this criminal trial,” his lawyer Clare Montgomery said. “It was an impulsive lapse of judgment.” The tycoon used the Singapore account to buy and sell foreign currency, according to prosecutor Richard Wright. The annual losses and gains typically ran into the tens of millions of US dollars, he said. Bryan said in his ruling that Ecclestone didn’t know the full tax position but had previously met with the relationship manager responsible for the Singapore account. At the July 2015 meeting, prosecutors said Ecclestone had wanted to draw a line under the tax investigations, which had been running since 2012. He’d previously offered to settle the tax investigation for some £70 million. The civil settlement included some £330 million in penalties. ‘Uncomfortable truths’ The FCA’s decision comes after years of scrutiny over Staley’s ties to Epstein when he worked for JPMorgan Chase & Co, and what he told Barclays about the relationship when he joined. Barclays disclosed news of the regulators’ probe to investors in February 2020, but Staley was allowed to continue in his role until November 2021, when the bank were made aware of the FCA’s preliminary conclusions. “It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr. Epstein,” Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said in a statement on Thursday. In 2008, Epstein was convicted of procuring a minor for prostitution by a Florida state court, and was arrested again in July 2019 on federal charges relating to, among other things, the sex trafficking of minors. The FCA “made no findings that Mr Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes.” The Bank of England’s Prudential Regulation Authority said in a separate statement it supported the FCA’s decision. “It is imperative that senior managers act with integrity and are open and cooperative with the regulators,” a PRA spokesperson said. reuters Former Barclays boss Jes Staley

Friday OCTOber 13, 2023 20 The E dge C E O m o rning brief world BEIJING (Oct 12): China said on Thursday that European Union (EU) plans to investigate its steelmakers over subsidies will disrupt global supply chains and fly in the face of international trade norms. Brussels is reportedly planning anti-subsidy investigations of steelmakers producing excess in countries such as China, as part of a pact with the US. In return, the US will not re-impose Trump-era tariffs on EU steel and aluminium. “The Chinese side believes that the abovementioned actions of the Europan Union will disrupt the order of international trade,” said a spokesperson of China’s commerce ministry, He Yadong. “The EU’s practices push up downstream production costs, affecting the interests of consumers, and are not conducive to the stability of global industrial and supply chains.” On Tuesday, the Financial Times said the bloc planned to announce the probe when US President Joe Biden hosts European Commission president Ursula von der Leyen and European Council president Charles Michel on Oct 20. During trade talks in Beijing last month, China’s economy tsar, He Lifeng, asked Valdis Dombrovskis, the EU trade commissioner, to “exercise restraint in the use of trade remedy measures”. The European Commission recently launched an investigation to decide whethChina warns EU steel probe will push up costs (Oct 12): China is scouring the globe for wheat, with annual imports on track to hit record levels, as buyers scoop up cheap supplies after heavy rains damaged the domestic crop. Following a splurge on Australian wheat earlier in the year, large quantities have been booked this month from some of the other main exporters, including the US, Canada and France, according to traders, who declined to be identified discussing private business. The buying spree comes after international wheat prices dropped to a three-year low at the end of September. Although that signals supplies are ample for now, China’s growing appetite adds an element of uncertainty to supply chains that have become increasingly vulnerable to war and protectionist trade policies. “China’s wheat imports will be strong going forward, and for sure they will exceed the annual quota,” said Darin Friedrichs, co-founder of Sitonia Consulting Co. “It seems like China’s bought up all of the easily exported supplies from Australia and is now needing to go further afield.”Beijing uses quotas to manage imports of staples like wheat. It allows 9.636 million tonnes a year of the grain at a 1% tariff, with 90% of the allocation going to government firms. Above that cap, the tariff rises to 65%, a level usually out of reach for private buyers but not for the state-owned giants. For years, the quota was never used up. But that changed in 2020 as Beijing’s trade deal with the Trump administration boostChina scours the world for wheat after heavy rains damage its crop by Hallie Gu Bloomberg by Joe Cash Reuters ed purchases from the US. Last year, total imports hit a record 9.96 million tonnes as buyers swapped in wheat for other ingredients in animal feed, and Chinese citizens eat more bread. China now vies with Egypt as the world’s top importer. Overseas purchases in the first eight months of 2023 have already hit 9.56 million tonnes, with more than 60% sourced from Australia. Buyers are surveying the southern hemisphere nation’s upcoming harvest for future supplies, as well as watching crop conditions in alternative origins like Kazakhstan, the traders said. Food security Ever mindful of ensuring food security for its one billion-plus population, Beijing is keen to build up its grain stockpiles, particularly against the backdrop of the war in Ukraine — another big exporter — and increasingly frequent bouts of extreme weather as the planet warms. China’s recent buying activity is largely tied to the weather problems it experienced as this year’s crop approached harvest, said Arlan Suderman, chief commodities economist at StoneX Financial Inc. He estimated that persistent rains reduced the quality of 30 million tonnes to 40 million tonnes of wheat, leaving it suitable for livestock feed but not human consumption. “That increased the need for China to buy higher-quality milling wheat from the world market, to blend with its own wheat to meet its goals for food quality,” Suderman said. China’s summer wheat crop, which makes up the bulk of the harvest, fell 0.9% to 134.53 million tonnes this year, according to official data. That’s the first decline in seven years. er to impose punitive tariffs to protect EU producers against cheaper Chinese electric vehicle imports that it says also benefit from state subsidies. Beijing has also objected to EU plans for a Carbon Border Adjustment Mechanism that will set tariffs of 20% to 35% on goods with a high carbon price, such as steel and iron ore. “We firmly oppose unilateralism, trade protectionism and the abuse of trade remedies,” He said. “We will closely monitor the follow-up actions of the European side.” The EU has already put punitive tariffs on 20 grades of Chinese steel and stainless steel products and has set import quotas in moves to safeguard its market until mid-2024. China’s shipments have fallen steadily since 2018 to less than a tenth of EU steel import volumes, compared to 2015, when they made up a quarter, according to EU steelmakers federation Eurofer.

Friday OCTOber 13, 2023 21 The E dge C E O m o rning brief world HONG KONG/SINGAPORE(Oct 12): Courier startup J&T Global Express, which mainly operates in Southeast Asia and China, will launch a Hong Kong initial public offering on Monday that will value it at about US$13 billion (RM61.3 billion), three people with direct knowledge of the matter said. The valuation is lower than the US$20 billion J&T achieved in a 2021 funding round, but in line with the amount achieved during its most recent funding round in May, the sources said. All three sources declined to be named as the IPO details remain confidential. J&T declined to comment. The company, which started out in Indonesia and has since expanded across Southeast Asia and China, is seeking to raise US$500 million in the IPO, half of what it had hoped to raise before it downgraded the amount after talks with investors, one of the sources said, saying that the market sentiment was “pessimistic”. Chinese courier giant SF Holding bought 26.14 million shares, or 1.54%, in J&T’s most recent funding round, according to J&T’s IPO filings lodged with the Hong Kong Stock Exchange. J&T raised US$2.5 billion in 2021 from investors including Boyu Capital, Hillhouse Capital Group and Sequoia Capital China and Chinese gaming and internet giant Tencent Holdings, Reuters has reported, citing people familiar with the matter. Weak consumer sentiment globally has meant a drop in sales at many of J&T’s biggest e-commerce clients since the pandemic drove a surge in online shopping. These include Sea Ltd’s platform Shopee, which went on a stringent cost-cutting drive that impacted suppliers. Launched in Indonesia in 2015 by two former executives at Chinese electronics firm OPPO, J&T quickly became the largest e-commerce delivery service in Southeast Asia. The company bought Alibaba-backed Best Inc’s express delivery business in China in 2021 in a deal valued at about US$1.1 billion and that launched an aggressive China expansion. The startup, now headquartered in Shanghai, is one of the top five courier services in China. It also operates in Latin America and the Middle East since 2021. J&T’s IPO is expected to be the second largest share sale in Hong Kong in 2023, after Chinese spirits maker ZJLD Group raised US$675.2 million in April. J&T Global Express seen valued at US$13 bil in Hong Kong IPO — sources Byju’s lenders move to put Singapore unit in receivership (Oct 12): Uniqlo owner Fast Retailing Co forecast operating profit ahead of analysts’ projections for the current fiscal year, citing robust sales in both home and overseas markets. Operating profit for the period through August 2024 will reach ¥450 billion (RM14.26 billion), compared with the ¥423 billion average estimate by analysts, the apparel maker said in a statement on Thursday. Sales are seen at ¥3.05 trillion, in line with projections. Asia’s largest apparel maker is entering a new expansion phase, seeking to eventually reach founder Tadashi Yanai’s goal of reaching ¥10 trillion in sales to become “a true global player”. The company expects to reach half of that in about five years. Bolstering that scenario, international revenue for Uniqlo, Fast Retailing’s most important brand, made up more than half of Uniqlo owner’s profit view tops estimates on overseas growth group revenue for the first time. “I see our path to achieve ¥5 trillion in sales with our current way of doing business by placing flagship stores in major cities around the world,” Yanai said in a briefing. “I don’t think it’s tremendously difficult to double the scale to achieve ¥10 trillion.” by Kanoko Matsuyama Bloomberg by Kane Wu, Fanny Potkin & Scott Murdoch Reuters by Reshmi Basu, Anto Antony & Megawati Wijaya Bloomberg Fast Retailing relies on Japan and China for the majority of its revenue, and is shifting its focus to markets such as North America, Europe and other parts of Asia. The stock has climbed about 26% this year, roughly in line with the benchmark Topix Index. Fast Retailing’s operating profit rose 28% to ¥381 billion for the year ended August, on sales of ¥2.77 trillion, with both reaching a record. Dividends were raised by ¥40 to ¥330 for the current year. “We are steadily diversifying our earnings pillars,” said chief financial officer Takeshi Okazaki. “Uniqlo’s business in North America, Europe, Southeast Asia entered growth stage and continues to expand its customer base. Business in greater China have recovered in the second half, returning to expansion phase.” (Oct 12): A lender-appointed receiver has taken steps to assume control of a Byju’s unit in Singapore following months of failed negotiations with what was once one of India’s hottest tech startups, according to people with knowledge of the matter. The receiver, Kroll Pte Ltd, said in a statement that it appointed two restructuring experts “to safeguard the charged assets” of Great Learning Education Pte Ltd and Byju’s Pte Ltd. Lenders to the online tutoring firm were told this week that Kroll placed the professional training and higher education platform into receivership in Singapore and replaced certain Byju’s board members with representatives from Kroll, the people said, asking not to be named because the matter is private. Great Learning, which Byju’s bought for US$600 million (RM2.8 billion) in 2021, may now be sold. Byju’s and its creditors have been mired in a prolonged restructuring conflict after the firm breached covenants continues on Page 22

Friday OCTOber 13, 2023 22 The E dge C E O m o rning brief world (Oct 12): Elon Musk’s X said it scrubbed or labelled tens of thousands of posts including “illegal” content since the Israel-Hamas war erupted, responding to warnings to stem the spread of fake news around the conflict. Chief executive officer Linda Yaccarino posted her formal response after European Commissioner Thierry Breton urged Silicon Valley’s social media players to throttle disinformation. He said X, the platform formerly known as Twitter, was hosting illegal content and called on Musk to take quick action. X had assembled a dedicated group to assess the situation and removed hundreds of accounts linked to Hamas, Yaccarino said in a four-page response to the commissioner. Apart from wiping problematic content, the Community Notes feature — through which people append context — helped millions of users share and understand posts, she wrote. Hours after Hamas gunmen surged into Israel, unverified photos and videos of air strikes, homes being destroyed and other posts depicting military violence proliferated on social media platforms including X, prompting criticism of their response to the conflict. Hamas is designated a terrorist group by the US and the European Union. Musk himself recommended that users follow accounts known for spreading false or misleading information, in a post on Sunday that’s since been deleted. Under his ownership, X made changes to its content policies and the consequences are surfacing in a moment of geopolitical crisis, researchers say. Over the past year, it loosened rules, cut trust-and-safety employees after previously saying it would expand the team, reinstated once-banned accounts and allowed people to pay for a checkmark on the social network. Musk and Breton built up a relationship over the past year in part through a common interest in chips and satellites. The commissioner paid a visit to X during his tour of Silicon Valley in June and greeted Yaccarino — then less than three weeks on the job. In a sign that relationship may be fraying, on Wednesday, Breton opened an account on Bluesky, writing “feels less crowded — yet more human — without all those bots.” Musk’s X rebuffs accusations of Israel-Hamas war disinformation (Oct 12): Global financial markets are discounting the risk of a “massive conflict throughout the Middle East for now,” economist Nouriel Roubini said. Investors expect Israel “has no choice but go into Gaza and get rid of Hamas,” Roubini told Bloomberg’s Francine Lacqua on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Marrakech, Morocco. Roubini says markets discounting risk of major Mideast conflict by Dayana Mustak Bloomberg by Vlad Savov & Edwin Chan Bloomberg from Page 21 on a US$1.2 billion loan. The company decided to miss an interest payment on the term loan, one of the largest by a startup globally. The standoff marks a reversal for the firm’s eponymous founder Byju Raveendran, whose ascent from tutor to the leader of a US$22 billion company captivated investors. As business boomed during the pandemic, Byju’s went on an acquisition spree to expand globally, acquiring Singapore-based Great Learning. But demand for online tutoring dropped off as schools reopened. Byju’s board members have resigned and many teaching centers are nearly empty. Byju’s has been looking to sell units, including Great Learning, to raise funds as part of a broader turnaround plan. Kroll said it appointed Cosimo Borrelli and Jason Aleksander Kardachi to oversee the assets “as part of the secured Markets are pricing in a baseline scenario in which “Israel occupies Gaza, it’s going to get ugly, but the conflict remains contained.” But Roubini said there is a “downside scenario” in which Iran and Lebanon get involved, risking conflict between Israel and Iran. “If that were to be the case, of course the supply of oil from the Gulf gets disrupted and you get a spike in oil prices and the economic impact would be huge,” he said. “It’s not the baseline scenario, but it’s a risk.” If oil prices do rise, it would be a “stagflationary shock” and a “huge dilemma for central banks,” he said. Roubini, also a professor of economics and international business at New York University’s Stern School of Business, is known for bearish pronouncements that earned him the moniker “Dr Doom.” He correctly warned of disaster before the 2008 financial crisis and is followed for his often counter-conventional views. lenders’ exercise of their security rights following defaults by BYJU’s Alpha Inc.” Borrelli serves as Kroll’s global co-head of restructuring, while Kardachi leads the company’s restructuring work in Singapore and Southeast Asia. Mohan Lakhamraju, the founder and chief executive officer of Great Learning, is continuing to lead the company, according to Kroll’s statement. Lakhamraju had no further comment, his representative told Bloomberg. A representative for Byju’s said the firm was working with partners, including Great Learning management and creditors, “for a potential divestment of the company at optimal value.” “This, we believe, will allow Great Learning’s future growth as an independent company,” the email said. A representative for Byju’s lenders referred Bloomberg to Kroll’s statement. A representative for Glas Trust didn’t respond to requests for comment. Reuters An Israeli soldier sits on a tank near Israel's border with the Gaza Strip, in southern Israel October 12, 2023.

Friday OCTOber 13, 2023 23 The E dge C E O m o rning brief world SINGAPORE (Oct 12): In the ballroom of the five-star Shangri-La Singapore hotel, Anthony Tan celebrated a triumph for the country’s up-and-coming tech scene. “Today we shine a spotlight on Southeast Asia!” he told the adoring crowd. His company, Grab, the region’s answer to Uber, was about to make its stock market debut. Tan had launched Grab Holdings Ltd in 2012, just as ride-hailing companies were taking off. Masayoshi Son, the billionaire founder of Japan’s SoftBank Group Corp, one of Uber’s venture capital backers, was also behind Grab. Other investors included BlackRock, Fidelity, Morgan Stanley and Temasek, the Singapore state investment firm. Not since the first internet boom of the 1990s had there been such hunger for unprofitable startups. Before it started publicly trading, Grab was valued at US$40 billion (RM188.72 billion), almost as much as American Airlines, Delta Air Lines and United Airlines combined. Tan, only 39 at the time, was on track to become a billionaire. Even the date of Grab’s listing seemed auspicious. It read the same backward and forward: 12 02 2021. An eight-digit palindrome date will happen only 12 times this century. At 9.30am New York time, Tan and his co-founder, Tan Hooi Ling, rang the Nasdaq opening bell remotely from the ShangriLa. A blizzard of confetti showered the room. The Queen song We Are the Champions blasted out. But almost before the confetti hit the floor, Tan’s luck turned. The stock plunged 21% by the close of the trading day. Then it fell more. Even after a recent bounce, Grab is still down almost 70%. The market’s cold appraisal raised questions about Grab’s future and Son’s investing acumen. It also hastened the demise of Wall Street’s latest mania. Grab had raised money in a complicated manoeuvre involving a corporate structure called a special purpose acquisition company, or SPAC. It was, and remains, the biggest SPAC deal in history. Grab’s stock slump represented a blow to its home base: Singapore. Since its independence in 1965, the city-state of 5.9 million has prospered because it welcomes and supports industry and trade, ultimately becoming a hub for commodities and finance. Why not tech, too? In 2011 the entrepreneurial arm of Singapore’s national university, along with a state-linked telecommunications company’s venture capital firm and a government agency for media development, started a tech incubator. Called Block71, it’s by Yoolim Lee Bloomberg Grab’s 70% tumble shows the limits of Singapore’s tech dream based in a dilapidated industrial building that had been slated for demolition. More than 1,100 companies have been nurtured through the centre, which has outposts throughout Asia and in the US. The area surrounding Block71 has attracted companies such as Canon and Fujitsu, as well as Grab, which has a nine-storey headquarters there. Two other Singapore-based companies are neighbours: Razer, which makes computergaming laptops, mice and headsets, and Sea, which developed the hit battle royal game Free Fire and whose Shopee e-commerce site competes against Amazon. com. (Razer Inc also has a California headquarters.) Sea Ltd was once the world’s hottest stock, surging more than 24-fold from its New York listing in 2017 through its peak in October 2021, reaching a market value of more than US$200 billion. But all three of Singapore’s biggest tech hopes have stumbled. Sea’s shares have fallen almost 90%; it laid off thousands to cut costs. Razer, which struggled as a public company, went private. Devadas Krishnadas, director of local consultant Future-Moves Group, says startups need to do more than burn investor capital and tout their growth potential. “Singapore’s aspirations for tech-powered growth have been predicated more on promise than performance,” he says. The three Singapore tech companies are still very much in operation, and their stories remain to be told. Tan and other Grab executives have voiced confidence in the company’s future. “The feedback from our investors has been positive on the progress we are making toward profitability and balancing sustainable growth,” the company said in a statement. I’ve also been part of Grab’s story. I’ve been covering the company for seven years, ever since investors started taking notice of its growth. Friendly and informal, Tan always greeted me with a hug. Then I had my own frightening experience with its service, which I reported in a first-person account that discussed the safety of Grab and other ride-hailing services. (More on that later.) I’ve followed Grab’s progress ever since and believe that its arc may help explain why tech has struggled in the region and why some venture capitalists were premature in calling Singapore the Silicon Valley of Asia. Tan grew up in Malaysia and started his business in a storage room 11 years ago. In the country’s capital, Kuala Lumpur, his company, then called MyTeksi, let customers summon a taxi with a smartphone. Tan comes from a family of entrepreneurs. His grandfather made a fortune in the auto industry, co-founding Tan Chong Motor Holdings Bhd in 1957 to assemble and sell Nissan cars in Malaysia. His father is president of the publicly traded company. Like many elite Asians, Tan pursued his higher education in the US, studying economics and public policy at the University of Chicago before getting his MBA from Harvard University. Two years after starting his company, Tan met in Tokyo with Son, the SoftBank founder and chief executive officer. Son had earned renown for his wildly successful bet on Alibaba Group Holding Ltd, China’s Amazon. SoftBank committed US$250 million to Tan’s business. In 2014 the company moved to Singapore and later changed its name to Grab as it prepared to accelerate its expansion across the region. (In 2020 the company opened a second headquarters, in Jakarta.) But all three of Singapore’s biggest tech hopes have stumbled. Sea’s shares have fallen almost 90%; it laid off thousands to cut costs. Razer, which struggled as a public company, went private. Devadas Krishnadas, director of local consultant FutureMoves Group, says startups need to do more than burn investor capital and tout their growth potential. Bloomberg Read the full story

Friday OCTOber 13, 2023 24 The E dge C E O m o rning brief world (Oct 12): Caroline Ellison, the former chief executive officer of Alameda Research, outlined for a New York jury Wednesday how she worked with Sam Bankman-Fried to deceive lenders and customers to build his multi-billion dollar cryptocurrency empire — and their failed attempts to prevent a spectacular collapse. In her second day of testifying against Bankman-Fried, the FTX co-founder and her former boss, Ellison described how they falsified Alameda balance sheets, discussed bribe payments in China and lied about the financial health of the companies. Ellison, a former Jane Street trader and math whiz from Standford University, has already pleaded guilty and is cooperating with prosecutors. At one point, Ellison cried on the witness stand as she described what she said was the “worst week” of her life, as FTX and Alameda headed toward bankruptcy in November 2022. “It was something I had been dreading for several months,” she told a silent courtroom. Ellison joined Alameda in March 2018 and later began an offand-on relationship with Bankman-Fried, which they chronicled in a dating diary that she described for the jury. Here are some of the most revealing details Wednesday from Ellison, who is set to return for cross-examination on Thursday: “Seven Balance Sheets”: In June 2022, as crypto prices spiraled and Alameda’s lenders were calling in their loans, Ellison said she prepared seven “alternative balance sheets” that would conceal Alameda’s large borrowing from FTX customers, in response to a request for financial information from one of its lenders, Genesis. Alameda had borrowed around US$10 billion from FTX customers and had loaned around US$5 billion to FTX executives and affiliated entities. “He suggested I should prepare some alternative ways of presenting the information and send it to him,” she said. “I understood him to be directing me to come up with ways to conceal things in our balance sheet we both agreed would look bad.” Bankman-Fried told her to send Genesis her Alternative 7 — which didn’t disclose money taken from FTX customers. It cut Alameda’s liabilities from US$15 billion to around US$10 billion. She testified that the document was “dishonest.” “Utilitarian”: Ellison testified that Bankman-Fried’s cavalier attitude toward rules against lying or stealing helped pave the way for her to commit crimes. As a “utilitarby Yueqi Yang, Chris Dolmetsch & Bob Van Voris Bloomberg FTX bribes, dating diary, false records: Co-founder Ellison’s testimony ian,” his philosophy was that the only rule that mattered was doing whatever created the greatest good, she said. That attitude “made me more willing to do things like lie and steal,” she said. The philosophical approach known as utilitarianism is similar to some of the arguments that propelled the Effective Altruism movement, of which Bankman-Fried was a visible proponent. “When I started working at Alameda, I don’t think I would have believed if you told me I would be sending false balance sheets to our lenders or taking customer money,” she said. “But over time it was something I felt more comfortable with.” Dating Diary: Ellison talked about a private Google document file in which she and Bankman-Fried expressed feelings about their relationship. She discussed unhappiness about their situation and difficulties posed by their overlapping personal and professional relationships. “It made me feel like sort of an unequal partner in our relationship,” she said. Ellison also recounted how Bankman-Fried blamed her for Alameda’s problems after their relationship ended in the spring of 2022. By August of that year, during a conversation at the penthouse they shared in the Bahamas, he brought her to tears. “Sam started saying that he thought Alameda should have hedged way more earlier in the year, that it was a big mistake, that it was my fault and I was largely responsible for the financial situation,” she said. Bribes in China: Ellison disclosed several discussions with Bankman-Fried and other FTX and Alameda employees about what she believed was a “large bribe” they paid to Chinese officials in November 2021 to get the government to unfreeze US$1 billion in Alameda funds that had been caught up in a money-laundering investigation. Ellison said FTX executives first explored various ways to access the funds, but none proved successful. She said Bankman-Fried grew frustrated over the issue, at one point yelling at a trader who objected to the bribe idea to “shut the f—— up.” Binance crackdown: Jurors were shown a note Ellison wrote at Alameda that listed the “things Sam is freaking out about.” Fourth on the list was “getting regulators to crack down on Binance,” the largest crypto exchange and an FTX competitor. Bankman-Fried believed a crackdown on Binance would be the best way for FTX to gain market share, she said. ‘Eccentric’ image: Ellison told jurors Bankman-Fried wanted to “cultivate an image of himself as a very smart, competent, somewhat eccentric founder.” Bankman-Fried told her he considered his curly black hair to be “very valuable” and believed it contributed to higher bonuses when they worked at Jane Street. Both of them initially drove luxury cars when they moved to the Bahamas, but eventually switched to less valuable vehicles. “He said he thought it was better for his image to be driving a Toyota Corolla,” she said. Saudi Crown Prince: As Ellison and Bankman-Fried discussed ways for Alameda to improve its financial position in the fall of 2022, she said he raised the possibility of asking Saudi Arabia’s Crown Prince Mohammed bin Salman to buy shares in FTX. The FTX co-founder had dinner with the prince in Riyadh in late October when visiting for a conference, arranged by financier Anthony Scaramucci. “The rationale was to decrease our risk from further cryptocurrency down-moves,” Ellison said, adding the prince was considered a primary target for fresh funding. “We would raise capital by selling FTX equity.” Caroline Ellison.

Friday OCTOber 13, 2023 25 The E dge C E O m o rning brief world (Oct 12): Women working for Japan’s top banks earn little more than half the amount of their male colleagues in a stark example of the country’s entrenched gender divide. While Japan has a relatively high labour participation rate for women, many of the positions they occupy are part-time and have little prospect of better pay or career development. That point was reiterated Monday by Claudia Goldin, who the same day won the Nobel Prize in economics for her research into the factors behind the pay and employment gaps between men and women, in comments picked up by Japanese media. Female workers earned on average 54.9% of what male workers were paid at the five largest banks in the benchmark Topix index, according to their latest annual statements. The figure came to light after Japan made gender pay gap disclosure mandatory from last year. Overall, Japan has one of the worst gender pay gaps among nations in the Organization for Economic Cooperation and Development, with the banking sector among the worst offenders, according to an analysis of 2,800 companies by advisory firm WTW and others. Japan’s ingrained gender norms have resulted in female representation in positions of power in business or in politics significantly lagging other advanced economies. Japan comes 125th out of 146 countries, doing particularly badly in economic participation and political empowerment, according to the World Economic Forum’s 2023 gender gap report. Experts say that more transparency by itself is unlikely to bring pay between the genders to parity in Japan. “If it’s just disclosure it’s almost meaningless,” said Yumiko Murao, an associate professor specialising in labour markets and gender at Toyo University. She cited past disclosure of the numbers for women in leadership positions as a move that failed to bring about major change. “Firms have to analyze the data, make concrete plans for improvement, execute them and check progress.” The banks said that women have much lower pay largely because they have less representation in the firms’ managerial ranks. They also have a tendency to take roles that are paid less in Japanese companies’ twotrack hiring system for regular workers. Read the full story Japan’s top banks pay women about half of what men earn (Oct 12): The US$25 billion international network of foundations started by George Soros is shuttering offices around the world as it prepares to cut more than 40% of its staff. Employees of the Open Society Foundations’ Africa operations received correspondence last week detailing the next steps of the process, which includes closing half a dozen offices on the continent in addition to its Baltimore and Barcelona locations, according to a copy of the emails seen by Bloomberg. “With the decision by the board in June to cut the staff by more than 40%, our staffing size and footprint by necessity needs to diminish,” Binaifer Nowrojee, OSF’s vice president of programs, said in one of the emails. “We no longer have the bandwidth to operate multiple small offices, and thus the decision to further reduce our locations.” The hedge fund titan’s charity doles out more than US$1 billion in grants annually, including over US$100 million in Africa. The locations where OSF will no longer have staff include Addis Ababa, Ethiopia; Kampala, Uganda; Cape Town; Kinshasa, Democratic Republic of the Congo; Abuja, Nigeria; and Freetown, Sierra Leone, according to an email from Africa Executive Director Muthoni Wanyeki. Offices in Nairobi, Kenya; Dakar, Senegal; and Johannesburg will remain open. “I’m very sorry that it’s turned out this way,” Wanyeki wrote to staff in an email seen by Bloomberg. “It’s obviously not what any of us expected and I’m also very sorry that I didn’t have the information on this earlier,” she added, saying the changes aren’t what leadership “committed to two years ago.” The Barcelona and Baltimore closures were announced earlier this year and the Africa offices “have been in varying stages of transition to close or merge into one regional entity” since 2021, an OSF spokesperson said in an email. Many of the satellite offices are set to close by the end of 2023, the spokesperson added. The emails to staff come after Inside Philanthropy reported in July that OSF had Soros closes offices across US$25 bil philanthropy empire removed more than a dozen offices across Africa and Asia from a list on its website. Official successor OSF is now in the hands of Soros’ 37-yearold son Alex, who became the organization’s chairman in December 2022 and was announced as official successor to his father in June. The nonprofit is going through restructuring for the second time in three years in an attempt to make it more “nimble,” according to a September interview with Mark Malloch-Brown, the foundations’ president. After the changes, OSF will have fewer than 500 people on payroll, compared with almost 1,700 in 2021. Part of the restructuring plan involves shifting priorities from due diligence before grants are made to a bigger focus on the impact the gifts have, which will require a smaller staff, Malloch-Brown said. “The huge bureaucratic process preceded the grant and then it was much lighter thereafter,” he said in a September interview. “We’re reversing that balance.” Staffing reductions will hit hardest those who do active work like grant making, according to two people with knowledge of the matter. Programming staff outside the US is being cut to about 150 people from 450, the people said, asking not to be identified because they weren’t authorized to speak. US programming will remain in place until after next year’s presidential election, one of the people said. Read the full story by Sophie Alexander Bloomberg by Yuko Takeo & Taiga Uranaka Bloomberg Business magnate George Soros

FRIDAY OCTOBER 13, 2023 26 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) CLASSITA HOLDINGS BHD 222.45 -0.005 0.070 -80.82 86.3 MMAG HOLDINGS BHD 168.56 0.005 0.015 -40.00 36.3 SSF HOME GROUP BHD* 148.35 0.015 0.265 NULL 212.0 BSL CORP BHD 104.89 0.005 0.040 -40.83 77.3 NETX HOLDINGS BHD 73.94 0.015 0.185 208.33 170.1 MALAYSIAN RESOURCES CORP BHD 67.61 0.030 0.490 66.10 2189.1 VELESTO ENERGY BHD 64.14 0.000 0.260 73.33 2136.1 KANGER INTERNATIONAL BHD 62.14 0.015 0.115 187.50 74.7 WIDAD GROUP BHD 61.24 0.005 0.545 26.74 1687.6 KNM GROUP BHD 54.91 0.010 0.120 140.00 485.3 SARAWAK CONSOLIDATED 53.39 0.000 0.515 255.17 329.7 UEM SUNRISE BHD 50.45 -0.010 0.845 231.37 4274.4 MY EG SERVICES BHD 41.15 0.015 0.815 -5.27 6081.2 YTL POWER INTERNATIONAL BHD 30.90 0.000 2.020 182.52 16366.4 YTL CORP BHD 29.57 0.000 1.490 156.90 16336.5 SAPURA ENERGY BHD 29.25 -0.005 0.050 42.86 799.0 ECONPILE HOLDINGS BHD 29.16 0.025 0.390 129.41 552.8 BINA PURI HOLDINGS BHD 29.20 0.005 0.050 25.00 168.5 AT SYSTEMATIZATION BHD 25.71 0.005 0.015 0.00 101.8 TANCO HOLDINGS BHD 25.13 0.000 0.565 68.66 1125.9 Data as compiled on Oct 12, 2023 *Newly listed this year Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) PEGASUS HEIGHTS BHD 0.010 100.00 2,390.0 0.00 108.2 AT SYSTEMATIZATION BHD 0.015 50.00 25,714.6 0.00 101.8 MMAG HOLDINGS BHD 0.015 50.00 168,564.3 -40.00 36.3 G3 GLOBAL BHD 0.025 25.00 72.0 -16.67 94.3 TALAM TRANSFORM BHD 0.025 25.00 2,110.1 66.67 107.4 ASDION BHD 0.035 16.67 1,433.7 -63.16 15.7 KANGER INTERNATIONAL BHD 0.115 15.00 62137.7 187.50 74.7 BSL CORP BHD 0.040 14.29 104,891.6 -40.83 77.3 KOMARKCORP BHD 0.040 14.29 954.9 -27.27 46.2 TA WIN HOLDINGS BHD 0.045 12.50 14,947.4 -18.18 154.6 BINA PURI HOLDINGS BHD 0.050 11.11 29,119.7 25.00 168.5 HONG SENG CONSOLIDATED BHD 0.050 11.11 1,094.5 -77.27 255.4 REACH ENERGY BHD 0.050 11.11 2,234 11.11 106.4 EVERSENDAI CORP BHD 0.155 10.71 3,221.6 0.00 121.1 CITRA NUSA HOLDINGS BHD 0.055 10.00 100.1 -15.38 39.5 DATAPREP HOLDINGS BHD 0.165 10.00 9,511.1 -26.67 121.8 HSS ENGINEERS BHD 0.925 9.47 9,334.7 115.12 458.8 CONCRETE ENGINEERING PRODUCTS 1.080 9.09 2.3 2.86 80.6 KNM GROUP BHD 0.120 9.09 54,909.8 140.00 485.3 MERIDIAN BHD 0.120 9.09 563.4 0.00 27.1 Data as compiled on Oct 12, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) FINTEC GLOBAL BHD 0.005 -50.00 210.0 -50.00 29.6 GREEN OCEAN CORP BHD 0.010 -33.33 1396.9 -50.00 21.1 WAJA KONSORTIUM BHD 0.055 -15.38 19791.7 -38.89 61.3 INDUSTRONICS BHD 0.035 -12.50 50.8 -53.33 24.8 MINETECH RESOURCES BHD 0.045 -10.00 332 -18.18 68.8 SECUREMETRIC BHD 0.145 -9.38 7788.4 45.00 83.7 PINEAPPLE RESOURCES BHD 0.800 -9.09 0.5 -11.11 38.8 SAPURA ENERGY BHD 0.050 -9.09 29,250.7 42.86 799.0 PARLO BHD 0.120 -7.69 1,495.8 0.00 72.1 PNE PCB BHD 0.065 -7.14 200.0 18.18 36.4 CLASSITA HOLDINGS BHD 0.070 -6.67 222,454.2 -80.82 86.3 FLEXIDYNAMIC HOLDINGS BHD 0.150 -6.25 154.9 -33.33 42.7 TSR CAPITAL BHD 0.300 -6.25 870.0 50.00 52.3 DXN HOLDINGS BHD 0.625 -6.02 8,577.7 0.00 3,115.6 GREENYIELD BHD 0.180 -5.26 10.0 -10.00 97.6 MATANG BHD 0.090 -5.26 562.1 5.88 215.0 MHC PLANTATIONS BHD 0.885 -4.84 103.3 -9.55 173.9 SCANWOLF CORP BHD 0.495 -4.81 1,130.2 -1.00 98.4 APPASIA BHD 0.100 -4.76 130 -4.76 106.1 SINMAH CAPITAL BHD 0.100 -4.76 65.9 -9.09 39.2 Data as compiled on Oct 12, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) KUALA LUMPUR KEPONG BHD 21.500 -0.380 583.7 -3.85 23,186.4 PPB GROUP BHD 14.780 -0.280 674.9 -15.25 21,026.0 HONG LEONG FINANCIAL GROUP 17.260 -0.200 293.7 -7.20 19,766.9 HEXTARTECHNOLOGIES SOLUTIONS 24.260 -0.120 2.5 42.20 3,121.0 AEON CREDIT SERVICE M BHD 11.800 -0.115 238.1 -6.20 3,012.6 SHL CONSOLIDATED BHD 1.990 -0.090 33.6 8.15 481.8 PINEAPPLE RESOURCES BHD 0.800 -0.080 0.5 -11.11 38.8 SCIENTEX BHD 3.680 -0.050 328.5 14.29 5,707.9 MHC PLANTATIONS BHD 0.885 -0.045 103.3 -9.55 173.9 AME REAL ESTATE INVESTMENT 1.250 -0.040 0.9 6.84 653.6 DXN HOLDINGS BHD 0.625 -0.040 8,577.7 0.00 3,115.6 GLOBETRONICS TECHNOLOGY 1.450 -0.040 2,147.9 26.14 973.5 DAYANG ENTERPRISE HOLDINGS 1.830 -0.030 2,508.6 39.69 2,118.7 DIALOG GROUP BHD 2.120 -0.030 2,324.5 -13.47 11,962.3 PENTAMASTER CORP BHD 5.210 -0.030 148.8 17.61 3,706.0 PETRON MALAYSIA REFINING 4.520 -0.030 31.7 4.39 1,220.4 PLB ENGINEERING BHD 1.000 -0.030 13.5 -13.04 106.6 SAM ENGINEERING & EQUIPMENT 4.350 -0.030 14.5 -11.76 2355.9 WESTPORTS HOLDINGS BHD 3.180 -0.030 1,730.1 -16.32 10,843.8 ENGTEX GROUP BHD 0.610 -0.025 25.6 -8.5 269.2 Data as compiled on Oct 12, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) FRASER & NEAVE HOLDINGS BHD 26.080 0.720 137.5 20.85 9565.6 RAPID SYNERGY BHD 26.000 0.720 306.500 62.9 2779.3 HEINEKEN MALAYSIA BHD 25.200 0.660 222.3 2.69 7612.9 NESTLE MALAYSIA BHD 123.000 0.400 61.3 -12.14 28843.5 CARLSBERG BREWERY MALAYSIA 20.040 0.340 175.5 -12.41 6127.2 AYER HOLDINGS BHD 7.190 0.190 2.3 8.94 538.2 MALAYSIA AIRPORTS HOLDINGS 7.390 0.130 2,289.3 12.65 12330.6 HAP SENG CONSOLIDATED BHD 5.120 0.130 2,699.4 -20 12747.1 LPI CAPITAL BHD 11.880 0.120 62.7 -6.01 4732.8 PETRONAS GAS BHD 17.140 0.120 604.0 0.12 33915.5 MASTER-PACK GROUP BHD 2.890 0.100 106.0 22.98 157.9 YNH PROPERTY BHD 5.100 0.100 43.3 20.57 2695.3 APOLLO FOOD HOLDINGS BHD 5.500 0.090 305.2 42.49 440 AURELIUS TECHNOLOGIES BHD 2.690 0.090 821.7 46.99 1059.9 CONCRETE ENGINEERING PRODUCTS 1.080 0.090 2.3 2.86 80.6 MALAYAN BANKING BHD 8.990 0.090 8,990.0 3.33 108421.5 PRESS METAL ALUMINIUM 4.860 0.090 1972.1 -0.41 40044.5 HSS ENGINEERS BHD 0.925 0.080 9,334.7 115.12 458.8 SUNWAY BHD 1.990 0.080 12,902 22.84 9859.8 UMS HOLDINGS BHD 2.000 0.080 1.5 1.04 81.4 Data as compiled on Oct 12, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,804.87 65.57 0.19 S&P 500 * 4,376.95 18.71 0.43 NASDAQ 100 * 15,241.12 109.60 0.72 FTSE 100 * 7,620.03 62.81 0.82 AUSTRALIA 7,090.98 2.56 0.04 CHINA 3,107.90 28.95 0.94 HONG KONG 18,238.21 345.11 1.93 INDIA 66,408.39 -64.66 -0.10 INDONESIA 6,935.15 3.40 0.05 JAPAN 32,494.66 558.15 1.75 KOREA 2,479.82 29.74 1.21 PHILIPPINES 6,263.06 9.10 0.15 SINGAPORE 3,218.69 25.82 0.81 TAIWAN 16,825.91 153.88 0.92 THAILAND 1,450.75 -5.24 -0.36 VIETNAM 1,151.61 0.80 0.07 Data as compiled on Oct 12, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,554.00-11.00 OIL US$ 87.18-0.47 RM/USD 4.7177 RM/SGD 3.4616 RM/AUD 3.0299 RM/GBP 5.7954 RM/EUR 5.0060

PETALING JAYA: In recent years, an alarming trend has emerged in the housing market, with a significant increase in the number of unoccupied residential units. In June last year, Statistics Department Director-General Datuk Seri Mohd Uzir Mahidin said 1.9 million houses out of 9.6 million that were purchased nationwide from 2010 to 2020 continued to be unoccupied in 2022. He said the data, which was collected as part of the 2020 Malaysia Census, also showed there was an increase of 700,000 unoccupied houses in the country between 2010 and 2020. “The statistics showed 18% of the houses purchased in Pahang were unoccupied while 30% were unoccupied in Malacca. “Factors that contributed to this state of affairs include housebuyers treating their houses as weekend homes. Others were turned into homestays as the owners worked o‘Govt should discourage speculative buying to reduce number of unoccupied residential units’ █ BY SIVANISVARRY MORHAN [email protected] 1.9m houses vacant 4 page INSIDE Chiropractic approach to self-healing TELLING IT AS IT IS ON FRIDAY OCTOBER 13, 2023 No. 8371 PP 2644/12/2012 (031195) www.thesundaily.my A row of vacant houses in Felda Koyan, Pahang, where 18% of residential units bought between 2010 and 2020 remained unoccupied last year. – SUNPIC should make firm decisions on housing policies to correct this situation and discourage speculative buying,” she said. A 43-year-old Penangite who owns a property in Masai, Johor, and wishes to be known only as Natalie, said she too feels the effects of the growing number of unoccupied houses. “The issue should not be ignored. I bought my second house in Johor six years ago as an investment. The units were affordable, which made some of the buyers book more than one in the hope of selling them for a profit.” Natalie said she assumed her investment would provide her with a good return. However, she said the demand for her house or even using it as a homestay turned out to be low due to its non-strategic location. Turn to — page 3 MYAirline told to stop ticket sales KUALA LUMPUR: The Malaysian Aviation Commission (Mavcom) has instructed MYAirline Sdn Bhd to immediately discontinue the sale of flight tickets on booking platforms until further notice, following the carrier’s surprise announcement that it has suspended operations effective yesterday. The civil aviation regulator said the airline will still be liable to refund individuals who have purchased tickets with the airline but are unable to travel, Bernama reported. “The commission is in close communication with MYAirline in addressing this issue,” Mavcom said in a statement yesterday. “Meanwhile, the commission is investigating the airline based on internal reviews and complaints received regarding its unpaid statutory payments to its employees, among others.” Mavcom also said it will provide further developments with regard to MYAirline’s operations in due course, adding that it has instructed MYAirline to immediately manage those affected, which include notifying them of the suspension and disseminating the notification on the airline’s communication channels. Mavcom urged those who have made bookings with MYAirline for flights on Oct 12 onwards to contact its dedicated complaint channel ([email protected]) for information and assistance. The commission said it has put in place several hotlines and channels to assist those affected – consumer hotline at 1800-18-6966 (within Malaysia) or +603-7651 2777 (outside Malaysia), e-mail at [email protected], FlySmart complaint webform (https://flysmart.my/make-a-complaint/) and the FlySmart mobile app. Transport Minister Anthony Loke said it was very irresponsible for the airline company to “disappear” without a formal notice to Mavcom or the Transport Ministry and called for MYAirline to issue a public apology to the 125,000 passengers affected by its abrupt suspension of operations. “I would like to go on record regarding this issue that we (Transport Ministry and Mavcom) were caught by surprise and shocked by what has happened,” Loke told a press conference at the Parliament building. “Not only did the passengers fail to board their flights, even the airline staff on ground were not present at the airport.” See also — page 9 out of town,” he said. Investors, landlords and housing agents have expressed concern over the issue, as they are grappling with the consequences. Property sales adviser Nur Fazlin Shakina Afendi said the growing number of unoccupied residential units could also be attributed to other factors. “I see the main cause of unoccupied houses as a result of speculative buying by investors. Some of them just purchase properties without carrying out a proper study or survey and often leave them vacant. “This trend has not only resulted in a waste of precious housing resources but also driven up prices, making it even harder for first-time homebuyers to enter the market.” Nur Fazlin said the situation further worsens the already severe housing shortage in many parts of the country. She said stakeholders should find sustainable solutions that will promote a balanced and inclusive housing market for the benefit of the community. “Policymakers and local governments 3 page Huge leap for vegetarian lifestyle

2 theSUN ON FRIDAY | OCTOBER 13, 2023 NEWS WITHOUT BORDERS /theSunMedia FOLLOW ON YOUTUBE SCAN ME Govt ‘surprised’ by Goldman Sachs suit KUALA LUMPUR: The government will respond to Goldman Sachs’ filing for arbitration against Malaysia in the 1Malaysia Development Bhd (1MDB) settlement dispute, while ensuring that the interests of the Malaysian people are safeguarded. “The 1MDB Taskforce Committee is quite surprised at the conduct of Goldman Sachs, as parties are still in the stage of good faith discussions to resolve any dispute amicably. “The Malaysian government will be preparing to respond to this matter, and ensuring that this process is done diligently and in accordance with the established legal frameworks while ensuring that the interests of the Malaysian people are safeguarded,” 1MDB Taskforce chairman (asset recovery) Datuk Seri Johari Abdul Ghani said in a statement yesterday in response to news of the suit. Bloomberg reported that Goldman Sachs Group Inc is suing Malaysia in a United Kingdom court amid festering disagreement over a o1MDB Taskforce says parties still in amicable talks while US bank claims ‘violation of obligations’ MCMC blocks 3,150 errant online posts KUALA LUMPUR: A total of 3,150 social media posts containing elements of fraud and phishing were blocked by the Malaysian Communications and Multimedia Commission (MCMC) from Jan 1 to Sept 30, the Dewan Rakyat was told yesterday. Deputy Communications and Digital Minister Teo Nie Ching said the action involved 1,471 posts on websites, 2,871 on Facebook, 254 on WhatsApp, 13 on Instagram, 11 on Telegram and a TikTok video. “MCMC may have limited powers to investigate fraud cases, but it has the authority to delete or take down any fraudulent content when it receives information from police. “MCMC will always work closely with police to ensure that we can provide immediate assistance to fraud victims,” she said in response to a question from Datuk Seri Dr Wan Azizah Wan Ismail (PH-Bandar Tun Razak) during the Question for Oral Answer session. Wan Azizah wanted to know the law enforcement measures in place to combat cyber threats, as cyber criminals are currently employing artificial intelligence to hack passwords, leak information and deceive users, resulting in data breaches and financial losses. As a proactive step to address cyber threats, Teo said the Communications and Digital Ministry, through the Personal Data Protection Department, was looking into amending the Personal Data Protection Act (Act 709). She said among the proposed amendments to Act 709 to combat cyber threats were requiring data users to appoint a data protection officer, reporting data leakage incidents to the personal data protection commissioner and increasing the penalties for data users and data processors. “At the same time, the department is planning to develop artificial intelligence guidelines to control and minimise the rate of access or use of AI related to personal data.” Teo also said the National Cyber Security Agency is in the midst of drafting a cyber security Bill that aims to implement measures against cyber crime, in line with the Communications and Multimedia Act 1998 or the Criminal Procedure Code. – Bernama settlement tied to its role in the 1MDB scandal. “We filed for arbitration against the government of Malaysia for violating its obligations to appropriately credit assets against the guarantee provided by Goldman Sachs in our settlement agreement and to recover other assets,” the report quoted a spokesman for the New York-based bank as saying. Johari said Goldman Sachs’ action of initiating arbitration proceedings also appears to be an attempt to detract and divert attention from the bank’s obligation to adhere to the interim payment of US$250 million (RM1.18 billion) requirement under the settlement agreement. To ensure that the public is fully informed of the current situation, Johari provided the following sequence of events that have taken place regarding the Goldman Sachs settlement agreement. The Goldman Sachs Settlement Agreement was signed on Aug 18, 2020, consisting two parts – cash payment of US$2.5 billion (RM11.8 billion) 10 days from signing of the settlement agreement, and asset recovery guarantee of US$1.4 billion (RM6.59 billion) by Goldman Sachs within five years from the date of the settlement agreement. Under the asset recovery guarantee, if the Malaysian government did not recover the sum of US$500 million (RM2.36 billion) by Aug 18, 2022 (two years from the signing of the settlement agreement), Goldman Sachs would be required to pay US$250 million as interim payment to the government. On Aug 18, 2022, the accounting provided by the government to Goldman Sachs showed that it had not recovered US$500 million and hence was entitled to the interim payment of US$250 million. This was disputed by Goldman Sachs. The settlement agreement allowed parties to engage in amicable good faith discussions for a period of three months if a dispute relating to the settlement agreement arose, Bernama reported. Separate extensions were granted by the Malaysian government to Goldman Sachs on the expiry of the initial Aug 18, 2022 deadline to try and amicably settle the dispute. Johari said the four extensions that were given are as follows: (a) Goldman Sachs requested for extension of time of three months on Sept 8, 2022, which expired on Dec 8, 2022 (first extension); (b) on Dec 8, 2022, a further extension was given and this extension expired on Feb 8, 2023 (second extension); (c) on Feb 8, 2023, another extension was given, and this expired on May 8, 2023 (third extension); and (d) the last extension was given on Aug 8, 2023, and this is set to expire on Nov 8, 2023 (fourth extension). Johari said if a settlement is not reached between the parties by the Nov 8, 2023 deadline, the government can begin arbitration proceedings in respect of the interim payment of US$250 million. “At this juncture, and as mentioned above, parties are still considered to be in the amicable good faith discussions stage and therefore as an aggrieved party, the 1MDB Taskforce views Goldman Sachs’ initiation of arbitration proceedings as premature and without due consideration of necessary prerequisites,” he added. Move to evacuate M’sian spouse of Gaza resident KUALA LUMPUR: The Foreign Ministry is in the process of evacuating a Malaysian woman who is married to a Palestinian from the West Bank, in view of the current clashes in Palestine involving Hamas, the ruling authority in Gaza, and the Israeli regime. Foreign Minister Datuk Seri Dr Zambry Abd Kadir said the woman, identified as Dr Nurul Ain Latif from Kota Bharu, Kelantan, was reported to be in a safe place. “We are working to evacuate her and so far, we have obtained the cooperation of the Philippine Embassy to evacuate her family, along with eight Indonesians who are in the area,” he told the Dewan Rakyat during the Minister’s Question Time yesterday. Zambry was responding to a supplementary question from Tan Hong Pin (PH-Bakri), who wanted to know about government assistance to ensure the safety of Malaysians, especially those in the West Bank, following the current clashes in Palestine. He said apart from Nurul Ain, there were four other Malaysian passport holders in the West Bank, a mother and three children. – Bernama Zambry presenting a RM1 million donation to Palestinian ambassador to Malaysia Walid Abu Ali at the Parliament building yesterday. – BERNAMAPIC Do not play games, says Speaker KUALA LUMPUR: Dewan Rakyat Speaker Tan Sri Johari Abdul urged all MPs not to “attack” or question his decisions during the Parliament sitting. “The attack on the Speaker would not serve any purpose. I was not elected by any political party but selected under the Federal Constitution. “If you do not like me, submit a motion. That’s all. Get me out of here. But as long as I am here, where there are Standing Orders, listen to them. Do not play games. I do not play any political games. “I beg you, don’t argue with the Speaker because you will not gain anything,” he said after Datuk Seri Shahidan Kassim (PN-Arau) questioned the Speaker’s ruling to allow a motion from Dr Mohammed Taufiq Johari (PH-Sungai Petani) to the Special Chamber first, even though Shahidan had tabled his motion earlier than Dr Mohammed Taufiq. – Bernama Social media law compliance being studied KUALA LUMPUR: The Communications and Digital Ministry is currently assessing the necessary steps to strengthen compliance with the law on social media platforms. Its minister Fahmi Fadzil said this follows a statement by the Asean Parliamentarians for Human Rights (APHR) calling for social media platforms to be held accountable for hate speech and divisive content. He said several engagement sessions with major social media platforms and operators such as TikTok, Telegram, Meta and X have been held to ensure better compliance, Bernama reported. “We hope to be able to make a substantial and substantive announcement soon. I have also met APHR, and this is one of the things which I raised as well. On the part of the government, we see today that oftentimes, content that goes viral is usually unverified. “I have also read the report from Al-Jazeera about the ongoing Palestine-Israel conflict and how a lot of fake news is taking place on social media. Unfortunately, they highlighted Malaysia as a prime example of fake news,” he said after the Malaysian Communications and Multimedia Commission (MCMC) Capacity Development Awards Night on Wednesday. Following the Al-Jazeera report, Fahmi said MCMC has been told to look into the matter. “It’s very unfortunate that Malaysia has been called out on an international stage for spreading fake news about the Palestine-Israel conflict. But with regard to what APHR said, the ministry and regulators will definitely be assessing this matter. “As we know, none of the social media platforms are registered or licensed by MCMC. We need to make sure everything is in order. So give us a little bit of time and we’ll make an announcement soon.”

3 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 13, 2023 KUALA LUMPUR: ProVeg International, a UN-recognised international NGO, has expanded its operations to Malaysia through a virtual office. Its founder president Sebastian Joy said it will work with various stakeholders to replace 50% of animal products with plant-based and cultivated foods by 2040. “Through ProVeg Malaysia, which is ProVeg International’s flagship office in Southeast Asia, we will promote vegetarian fare as a replacement for animal products. “It is unfortunate that only one in 20 Malaysians consume the recommended daily intake of fruits and vegetables, which is five servings per day,” he said. “This is based on the National Health and Morbidity Survey 2019, published by the Ministry of Health. Poor consumption of fruits and vegetables contributes to the increase of chronic diseases such as obesity to diabetes.” Joy added that what is chosen for consumption daily has a profound impact on personal health and that of the planet, and food choices and the agricultural system also impact the environment. “Globally, agriculture accounts for about one-third of greenhouse emissions, with nearly 20% of it coming from animal agriculture. “Choosing a more plant-based diet is good for the individual and the planet. Having correct information and making the right food choices can make a difference,” he said. ProVeg Malaysia country director Faisal Mansor said he is engaging the government, businesses and local NGOs to drive the shift to healthier and more sustainable food systems. “ProVeg has gotten almost one million students in the UK and Germany consuming more plant-based options in their schools. “We wish to promote a similar programme in Malaysia and are discussing it with the Education Ministry and looking into how we can do this. “With our policy work, outreach to institutions and engagement with the public and media, we hope to raise awareness on the importance of plant-based foods for better health.” ProVeg Malaysia will also be introducing to the local market V-Label, the world’s leading certification for vegetarian and vegan products. The Nestle Malaysia Harvest Gourmet line of products has received V-Label certification, while Berjaya Times Square Hotel is in the process of being recognised as Southeast Asia’s first five-star hotel to have 100% certified plant-based food. ProVeg International director Martin Ranniger said with V-Label certification, Malaysian food manufacturers of plant-based products will be able to certify the quality of their products and build their brands for domestic and export markets. “Berjaya Group founder Tan Sri Vincent Tan and Top Glove founder Tan Sri Dr Lim Wee Chai are pioneers in promoting a plant-based lifestyle for the well-being of Malaysians. “In appreciation of their tireless efforts, they have been recognised as honorary advisers of ProVeg Malaysia,” Ranniger said. Tan said the world will have enough food for everyone if there is less cattle farming. “Land for cattle and water used in cattle farming can be diverted to growing food. When the world has enough food for everyone, nobody will be hungry and we can have a kinder world. “We will be kinder to animals and there will be fewer wars and less fighting. We know how much war hurts mankind, the world and most of all, the environment,” he added. ‘Unwise to leave units unoccupied’ She said the Covid-19 pandemic made it harder for landlords like her to find suitable tenants, and that also impacted her. “Covid-19 affected me. It doubled the cost of internal and external renovations, regular cleaning, maintenance and inspections, which ensure my house is safe and in good order,” she said. Veteran property investor Lee Zhu Kuan said: “Leaving properties empty is detrimental to the neighbours and the investor. Unoccupied units generate no income but incur costs for maintenance, property taxes and insurance. “Instead of leaving properties empty, it is better to rent them to any organisations or companies that want to turn them into staff hostels, for instance. “Landlords and investors should remember that it is not always about the money. One must invest responsibly, so property owners should consider alternatives such as renting out their units or engaging in community initiatives to provide affordable housing. “By actively contributing to the rental market or participating in affordable housing programmes, investors can make a positive impact while still ensuring their financial goals are met,” he said. Large stride for promotion of vegetarian lifestyle oGlobal NGO makes presence in Malaysia to boost adoption of plant-based fare, certification of products N. Sembilan on track to achieve RM5b investments SEREMBAN: Negeri Sembilan is likely to achieve total investments amounting to RM5 billion through several projects in the state based on the projections of Invest NS as of September, said Menteri Besar Datuk Seri Aminuddin Harun. He said the projects currently in negotiation with the Malaysian Investment Development Authority (Mida) to be registered as new investments include the Fraser & Neave Holdings Bhd (F&N) dairy project in Gemas and the data centre project, each of which amounts to RM1 billion. “The state government constantly promotes investment opportunities at the international level through various methods and platforms, including distributing Invest NS leaflets to Mida offices abroad as well as investment promotion missions held at international expositions. “We also supervise and improve the investment process in the state. Therefore, as a result of this work and promotions, 89 projects were approved from January to June with an investment value of RM1.5 billion,” he said when wrapping up the motion of thanks for the royal address at the Negeri Sembilan State Legislative Assembly sitting yesterday. Aminuddin, who is also chairman of the state Investment, Infrastructure, Utilities and Public Facilities Action Committee, said the renewable energy sector is also a targeted sector in Negeri Sembilan’s industrial development. He added that the state government, through Invest NS, intends to establish a Corporate Green Power Programme (CGPP) in collaboration with the private sector to help investors in the state reduce their carbon footprint and comply with the environmental, social and governance standards for the export market. “The proposed CGPP site is in Bahau, on 200 acres, for the development of a solar power plant. On Sept 7, the proposal for this programme was presented to seven major companies at Techpark Enstek.” Aminuddin said the state government will ensure the exploration of rare earth elements is carried out in a planned manner to avoid any long-term pollution and societal issues. He added that the related standard operating procedure (SOP) will be made based on the SOP issued at the federal level and will be improved and adapted according to the needs of the state. – Bernama Move to expand padi cultivation SEREMBAN: The Negeri Sembilan government will expand padi cultivation at Londah in Gemas by about 20ha as a longterm measure to increase yield, the state assembly was told yesterday. State Agriculture, Food Security and Cost of Living Committee chairman Datuk Seri Jalaluddin Alias said the state government will also establish more rice seed-producing areas to improve quality. “We acknowledge that there is a shortage of local white rice, not only domestically but in some other countries too due to several factors, including rice export restrictions from India. “Following that, we have put forward short, medium and long-term intervention measures to deal with the lack of local white rice supply in the future.” He was responding to a supplementary question from Mohamad Hanifah Abu Baker (PN-Labu), who wanted to know whether the state government has a strategic plan to open up more rice-growing areas and to ensure that locals were given priority to purchase local white rice. Meanwhile, Jalaluddin said between Sept 20 and 26, the Federal Agricultural Marketing Authority (Fama) received 130 metric tonnes of local white rice, which was distributed to five Fama outlets throughout the state. – Bernama █ BYALLEN WONG [email protected] RM14m bridge to be ready by year end JOHOR BAHRU: Construction of a bridge at Kampung Perigi Aceh in Pasir Gudang is expected to be completed according to schedule by the end of the year, said Johor Public Works, Transport and Infrastructure Committee chairman Mohamad Fazli Mohamad Salleh. He said work on the project, costing RM14 million and involving the construction of a new bridge and road upgrading, started in 2019 and has achieved 75% progress. “The bridge project, carried out by the State Public Works Department, will be completed as scheduled despite the collapse of an adjacent utility service bridge on Aug 17,” he told a press conference yesterday after visiting the site on Wednesday. Mohamad Fazli said the new 85m bridge was built to replace the old one that collapsed in 2016, adding that a study will be carried out by the Public Works Department to identify the cause of the collapse of the utility service bridge. – Bernama Tan flanked by Joy and Faisal at an event to announce the arrival of ProVeg in Malaysia. – AMIRUL SYAFIQ/THESUN From front page

4 theSUN ON FRIDAY | OCTOBER 13, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON INSTAGRAM SCAN ME Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Programmes to boost interest in space tech KUALA LUMPUR: A total of 465 individuals graduated from Aerospace Engineering programmes at public institutions of higher learning between 2020 and 2023, the Dewan Rakyat was told yesterday. Science, Technology and Innovation Minister Chang Lih Kang said of the total, 462 graduated with a Master’s degree and below, while the other three had a doctorate degree. He added that to ensure that the country has sufficient human resources and to reach the goal of creating 5,000 jobs in the space industry by 2030, the Malaysian Space Agency is stepping up its efforts to implement various programmes and initiatives that will boost interest in the field of space technology. The initiatives included providing research facilities for industrial training in the fields of science, technology and space applications. “During their placement at the headquarters, students will be exposed to research and development of applications in various space technology-based fields. Students will also be exposed to the utilisation of instrumentation and methods for performing astronomical observations at the Langkawi National Observatory,” he said during Minister’s Question Time. He was replying to Syerleena Abdul Rashid (PH-Bukit Bendera) on the government’s measures to ensure that the country has a sufficient number of graduates in aerospace engineering and mechanisms in place to ensure the development of space exploration that are on par with the National Aeronautics and Space Administration, Japan Aerospace Exploration Agency (Jaxa) and European Union Aviation Safety Agency. Chang also said the ministry has implemented a strategic collaboration network programme with international agencies to provide school and university students with exposure to microgravity research conducted on the International Space Station. “Among the programmes that have been implemented since 2010 are the Space Seeds for Asian Future programme, which has drawn 67,000 students worldwide, and the Kibo Robot Programming Challenge, which involves 44 Malaysian students. Both programmes are organised by Jaxa. “Students’ knowledge and skills in robotics programming, as well as space science and technology, have improved after participating in these programmes,” he said. – Bernama Chiropractic approach to self-healing KUALA LUMPUR: Chiropractic care has become a popular alternative in the country due to its potential for self-healing and its unique approach to healthcare. Chiropractor Dr Andre Abader, who runs his clinic at Wisma Lifecare in Bangsar South, said chiropractic care is a sought-after option for patients seeking relief from musculoskeletal issues. Abader started his chiropractic business in 2007 to help people heal without the need for drugs or surgery. “Most chiropractic clinics offer a comprehensive range of services to help patients address musculoskeletal issues and promote overall wellness. “Services like chiropractic adjustments, posture correction and pain management form a holistic approach to musculoskeletal health, making chiropractic care a valuable and natural option for individuals seeking non-invasive solutions to various health concerns. “It addresses a wide range of conditions, including back and neck pain, headaches, migraines, joint pain, sciatica, sports injuries, poor posture and arthritis,” he said. Abader uses a blend of traditional chiropractic methods with the latest techniques and technology, which provides effective care for patients. “While the core principles of chiropractic care remain consistent, the field has evolved, incorporating advancements in technology and innovative techniques,” he said. “When traditional manual skeletal manipulative techniques are combined with modern tools, such as X-rays and advanced imaging technologies, we can gain a comprehensive understanding of a patient’s condition. Abader treating a patient at his clinic. – ADIB RAWI YAHYA/THESUN oValuable and holistic option for individuals seeking non-invasive relief from musculoskeletal issues, says expert █ BYQALIF ZUHAIR [email protected] “These diagnostic aids enable chiropractors to make more accurate assessments and tailor treatment accordingly.” Abader stressed that chiropractic care is often a long-term solution rather than a one-time fix to ensure that any discomfort or adverse reactions are promptly addressed, and adjustments to the treatment plan are made if necessary. “Chiropractors focus on addressing the root causes of musculoskeletal problems, such as misalignment in the spine and joints. This misalignment can be caused by a variety of factors, such as poor posture, injuries or repetitive strain.” Abader said chiropractic adjustments take time to correct spinal misalignments. This allows the body to heal, so chronic conditions may require multiple sessions for significant improvement. “While some patients may experience significant relief after just a few sessions, others may need to continue seeing a chiropractor regularly to maintain their results. Patients need not worry because treatment is personalised to ensure the techniques applied are appropriate and safe for a particular condition. “Chiropractors obtain informed consent from patients before initiating any treatment as the process involves explaining the proposed treatments, potential risks and expected outcomes.” Abader said patients are encouraged to ask questions, ensuring they fully understand the procedures and can make informed decisions about their care. He added that chiropractors would typically conduct a thorough assessment of each patient before starting treatment, which includes reviewing their medical history, performing a physical examination, and ordering diagnostic tests if necessary. Association of Chiropractic Malaysia (ACM) president Dr Wong Yi Kai said while the non-profit organisation is dedicated to promoting chiropractic care in the country, it also ensures high standards of professionalism and patient care among practitioners. “Chiropractors are required to comply with registration requirements set by the Traditional and Complementary Medicine (TCM) Council. Chiropractic education in Malaysia is overseen by the TCM Council of the Health Ministry, and ACM maintains a membership of qualified and experienced chiropractors who have met rigorous education, licensing and practice standards.”

5 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 13, 2023 Council allowed to appeal decision on boom gates PUTRAJAYA: The Petaling Jaya City Council has obtained leave from the Federal Court to appeal against a Court of Appeal’s decision that a residents association in the city council area impose a condition for non-paying members to operate the boom gates themselves without the assistance of security guards. A three-member bench comprising Chief Judge of Malaya Tan Sri Mohamad Zabidin Mohd Diah and Federal Court Judges Tan Sri Nallini Pathmanathan and Datuk Abdul Karim Abdul Jalil granted the leave to the council yesterday. Mohamad Zabidin, who chaired the bench, said the council fulfilled the threshold requirements under Section 96 of the Courts of Judicature Act 1964 and that the matter required further argument on three legal questions. The first legal question is whether local authorities can enact guidelines, regulations and/or impose conditions when regulating guarded community schemes, Bernama reported. The second legal question is whether it is permissible for residents associations to restrict the rights of non-paying and non-members of the residents association to use public roads in its residential area by requiring these persons to operate the boom gates leading into their residential areas on their own. The third legal question is whether a local authority such as the council can balance the rights of residents who live within a residential area and who want a guarded community scheme. The previous chairman of Parkville residents association Chow Hau Mun had filed for a judicial review on behalf of the association seeking a declaration that the residents association is entitled to impose a rule that non-paying owners and residents, or non-members of the association in the residential area have to operate the boom gates by themselves without the assistance of security guards. Cops optimistic about return of 1MDB assets KUALA LUMPUR: Malaysia’s request for the repatriation of misappropriated 1Malaysia Development Bhd (1MDB) assets worth RM93.2 million linked to former 1MDB lawyer Jasmine Loo Ai Swan has received positive response from authorities in Singapore and the US. Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said police were optimistic that the assets could be returned to the country. He said the request to bring back the assets also came from Loo herself. “The request to bring back the assets has been sent to the relevant authorities in the countries involved including Singapore and the US,” he told a press conference after the launch of the CCID Anti-Scam Kapcai Ride at the Kuala Lumpur Police Training Centre yesterday. Loo, the former 1MDB group strategic executive director who is said to be a close associate of fugitive Jho Low, was arrested on July 7 to assist investigations into the company’s misappropriation of funds. Regarding the police investigation into former Goldman Sachs banker Roger Ng Chong Hwa, Ramli said it was still at an early stage. Ng, who was sentenced to 10 years in prison in New York for helping to embezzle billions of dollars in 1MDB funds, was brought back to Malaysia by police to assist investigations into the scandal. On Dec 19, 2018, Roger Ng claimed trial to four charges of conspiring with Goldman Sachs, in relation to the sale of 1MDB bonds worth US$6.5 billion (RM30.63 billion) by omitting material facts and making false statements. On Jan 9 this year, the High Court here granted him a discharge not amounting to acquittal over four charges of abetting Goldman Sachs. – Bernama ‘US$681 million deposited into Najib’s account’ KUALA LUMPUR: A senior police officer told the High Court yesterday that Datuk Seri Najib Abdul Razak’s AmBank account received US$681 million in illicit funds from Tanore Finance Corporation (Tanore). Anti-Money Laundering Criminal Investigation Division (CID) assistant director ACP Foo Wei Min said he applied the “First In, First Out” (FIFO) investigation method to determine whether the money that went into the AmBank account ending with the number 694 belonging to the former prime minister was illicit or clean money. The 48th prosecution witness said based on the results of his investigation, the account held by Tanore – which is registered in Singapore – was opened at Falcon Private Bank on Nov 2, 2012, and the authorised persons and the beneficial owner named was Tan Kim Loong, who is an associate of fugitive businessman Low Taek Jho or Jho Low. “Through this method of investigation, receipt of Tanore’s illicit money of US$681,000,000 into o‘First In, First Out’ investigation method used to confirm funds were proceeds of unlawful activities involving Singapore firm: Witness Increase in commercial crime cases KUALA LUMPUR: Commercial crime has shown an increasing trend, with 30,992 cases and losses amounting to RM1.6 billion recorded in the first nine months of this year alone. Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said fraud-related cases recorded the highest losses at RM1.24 billion followed by breach of trust (RM310.18 million) and cyber crimes (RM31.14 million) between January and September this year. In the same period, Ramli said, online scams recorded 19,220 cases with losses of RM687.6 million and the highest loss involved non-existent investments at RM277.2 million. “Due to the current economic issues, the number of commercial crime cases this year may surpass the 31,388 cases recorded in 2021,” he told a media conference yesterday at the Kuala Lumpur Police Training Centre. As such, he said members of the public are advised to be careful before making any investment, especially those that promise lucrative returns. “Bank slips that are claimed as investment dividend payments can also be forged, so people need to be careful, check with the authorities first before investing to find out whether such an investment exists or not, is valid or not.” – Bernama Auditor loses RM1.48m in scam NIBONG TEBAL: A company auditor lost RM1.48 million after being deceived into investing in a company stock which did not exist. Sourth Seberang Perai district police chief Supt Ng Ah Thiam said the 43-year-old woman, who works in Sungai Bakap, claimed she saw the advertisement by the New Yorkbased company on Facebook on May 2. “She followed the advertisement link and subsequently got an explanation about the stock investment and then made payments in several transactions amounting to RM1.48 million into several accounts provided by the syndicate. “However, after the money was deposited, she claimed she did not get the profit as promised but was asked to increase her investment to enable her to withdraw the money,” he said in a statement yesterday. Ng added that the woman lodged a report last Monday after realising that she had been cheated. – Bernama PRIM AND PROPER ... InspectorGeneral of Police Tan Sri Razarudin Husain inspecting a guard of honour in conjunction with the 76th anniversary of Marine Police Day in Batu Uban, Penang yesterday. – BERNAMAPIC AmBank Account 694 can be separated with money from other sources as well as money already in the account. “I took into account the inflow of money from the date the account was opened. Then I deducted the amount with the money used by Datuk Seri Najib based on transactions in the statement of AmBbank account 694. It was deducted until the money that was first entered into the account was used up,” he added. He was referring to the statement of Najib’s account 694 and confirmed proceeds of unlawful activities involving 1MDB Global Investment Limited (1MDB GIL) amounting to US$681 million was received from Tanore through nine transactions between March 22 and April 10, 2013, Bernama reported. Foo said this when reading out his witness statement during the examination in chief by deputy public prosecutor Kamal Baharin Omar in Najib’s trial involving the alleged misappropriation of RM2.3 billion of 1MDB funds. “The clean money is funds that actually existed in the account or from other sources not related to 1MDB. If there were other transactions of money entries not from Tanore after that, then the subsequent withdrawal will reject the latest money received. “The principle of the benefit of the doubt has been given to bank account holders with this FIFO method because every transaction that is identified as illicit money is illicit fund. “Therefore, based on the FIFO that I prepared, the entire amount of money in the account before the money from Tanore was used, was used up on Aug 2, 2013. The money used after the date is considered using money obtained from Tanore, which was from Aug 2, 2013.” He said based on account statement 694, there were several transactions on the use of money received from Tanore, namely five different cheques dated between Aug 2 and Aug 14, 2013, totaling RM22,649,000. “The results of the FIFO analysis on account 694 found that a total of five transactions involving the use of illicit money from 1MDB GIL through checks drawn from account 694 and all the checks were signed by Datuk Seri Najib himself,” he added. Najib, 70, faces four charges of using his position to obtain bribes amounting to RM2.3 billion belonging to 1MDB and 21 charges of money laundering involving the same amount. The trial before Judge Datuk Collin Lawrence Sequerah continues.

6 theSUN ON FRIDAY | OCTOBER 13, 2023 NEWS WITHOUT BORDERS /thesuntelegram FOLLOW ON TELEGRAM SCAN ME Tokyo seeks to dissolve Unification Church TOKYO: The Japanese government said yesterday it was seeking to strip official recognition from the Unification Church, the influential sect under intense scrutiny since the assassination of former prime minister Shinzo Abe. Prime Minister Fumio Kishida last year ordered a probe into the church after it emerged that Abe’s alleged killer was motivated by resentment against the group. oMinister says request to be filed in court as early as today It has been accused of pressuring its followers into making hefty donations and blamed for child neglect among its members. If granted, the court dissolution order sought by the government would see the church lose its status as a tax-exempt organisation but still be allowed to continue its religious practices. “In view of the extensive damage caused, we find that it falls under the Former Indonesian minister named in corruption probe SEOUL: A former government minister in Indonesia has been named as a suspect in a corruption probe and accused of pocketing 13.9 billion rupiah (RM4.2 million) of public money, a week after resigning his post. Syahrul Yasin Limpo, who until recently led the Agriculture Ministry, is the sixth minister investigated over corruption since President Joko Widodo took office in 2014. Graft remains rampant in the massive archipelago nation, where politicians are widely seen as among the most corrupt. Syahrul regularly took “illegal levies from civil servants at the Agricultural Ministry to pay for his and his core family’s personal needs”, Corruption Eradication Commission (KPK) deputy chief Johanis Tanak told a press conference on Wednesday. The politician was accused of forcing ministry officials to send him money from the state coffers monthly, to a total of 13.9 billion rupiah, and used the cash to pay credit card bills and instalments on a luxury car. Two high-ranking officials have also been named and one of them, ministry secretary-general Kasdi Subagyono, has been detained. Kasdi has also been accused of manipulating the job promotion process at the ministry. Syahrul, of the National Democratic Party, resigned from his post last week when the KPK announced it was looking into a corruption case involving him and his ministry. He could face life in prison if found guilty. Local media reported that the former minister was in his hometown of Makassar, South Sulawesi province, when he was named as a suspect. He landed back in Jakarta yesterday morning. “So far, we have not questioned him (Syahrul) as a suspect and regarding the arrest, it is up to the investigators,” said KPK spokesman Ali Fikri. – AFP grounds for ordering dissolution as stated in the religious corporations law,” Education Minister Masahito Moriyama told reporters after a panel of experts unanimously agreed with the decision. The church “forced a number of people to contribute donations and buy items ... in a way that restricted their free decision-making and sabotaged their sound judgement”, he added. The minister said the request would be filed to the Tokyo District Court as early as today, once “preparations are complete”. Abe was gunned down in broad daylight last year while giving a New Zealand ruling party braces for tough election fight WELLINGTON: New Zealand’s centre-left Labour government heads into tomorrow’s general election facing an uphill struggle to secure a third term in office after losing charismatic leader Jacinda Ardern. The 43-year-old stepped down in January, leaving Chris Hipkins to take over as Labour party leader and prime minister. Despite a reputation for political nous, dry humour and a deep fondness for sausage-based snacks, Hipkins has struggled to keep up support in the face of a cost of living crisis and multiple Cabinet scandals. Hipkins has admitted to a “messy” few months in government, during which a quartet of ministers either resigned or were sacked. He is also battling a sense that, after two terms in office, New Zealand may be ready for a change. According to pre-election opinion polls, Labour is lagging behind the conservative National party and barely cracking 30% of the vote. “It’s been a tough three years for New Zealand,” Hipkins admitted early in the campaign, as the Covid-19 pandemic’s aftermath was still being felt and inflation hit 6%. “We go into this campaign as the underdog. We’re going to turn this around and we’re going to win.” But Hipkins has struggled to emulate Ardern’s popularity, which gave the party a landslide victory in 2020. Opposition leader Chris Luxon, a former airline executive, is waiting in the wings to take over. His National party could win enough seats to form a coalition government with the ACT party, although recent polls suggest they may also need the support of more populist New Zealand First. – AFP campaign speech in the western Nara region. The suspect, Tetsuya Yamagami, is said to have resented the sect over large donations his mother made that bankrupted his family. He could face the death penalty if convicted. Investigations after Abe’s death revealed close ties between the church and many conservative ruling lawmakers in Japan. Four of Kishida’s ministers have since stepped down over allegations of financial irregularities or links to the church. Abe was not a member of the church but had addressed an affiliated group, as have other well-known speakers including Donald Trump. Founded in South Korea in 1954 by Sun Myung Moon, the church, whose members are colloquially known as “Moonies”, rose to global prominence in the 1970s and ’80s. Japan has since become a key financial hub for the church, which teaches Japanese believers they need to atone for their country’s wartime occupation of Korea. – AFP B R I E F SBIRTHS IN CHINA LOWEST ON RECORD BEIJING: The number of births in China tumbled 10% last year to hit their lowest level on record – a drop that comes despite a slew of government efforts to support parents. China had just 9.56 million births in 2022, according to a report published by the National Health Commission. It was the lowest figure since records began in 1949. Last year, the population also fell for the first time in six decades, dropping to 1.41 billion people. That caused domestic demographers to lament that China will get old before it gets rich, slowing the economy as revenues drop and government debt increases due to soaring health and welfare costs. – Reuters FORMER FIJI PM FOUND NOT GUILTY IN TRIAL SUVA: Fiji’s former prime minister Frank Bainimarama was found not guilty of perverting the course of justice by a court yesterday. The charges related to a police investigation into staff at Fiji’s University of the South Pacific in July 2020, when Bainimarama was prime minister. A highranking university official told the court how staff had initially tried to blow the whistle after stumbling across an allegedly suspicious web of bonus payments, promotions, and pay rises within the university. But once those claims reached police, it was alleged that Bainimarama used his influence to sideline the investigation. He was voted out last year. – AFP IN DISARRAY ... Damaged carriages lie strewn near Raghunathpur railway station in the Indian state of Bihar yesterday. At least four people were killed and an unknown number injured after the express train derailed. – AFPPIC South Korea names panda twins ‘treasures’ SEOUL: South Korea got its first up-close look at its new pair of baby giant pandas yesterday at a name-revealing ceremony that doubled as an early celebration of the 100 days since their birth. The female cubs – named Rui Bao, or “wise treasure”, and Hui Bao, “shining treasure” – were born at the Everland theme park near the capital on July 7. Some half a million panda lovers helped choose their names via online voting, the zoo said, with a handful of lucky fans invited to the ceremony yesterday. Lee Da-young, a 20-year-old university student in attendance, said it was her third visit to the zoo in two months to see the pandas. “They are even cuter in real life than they appear on screen.” The zoo has posted videos documenting the pandas’ growth on its YouTube channel that have garnered millions of views. “I feel healed whenever I watch their videos,” said 31-year-old office worker Jung Hyun-ye, who regularly watches the twice-weekly clips. – AFP

7 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 13, 2023 Salvadoran troops besiege two cities SAN SALVADOR: With rifles, helmets and bulletproof vests, about 4,000 soldiers and police yesterday encircled sections of two Salvadoran cities as part of a massive crackdown on gang activity. President Nayib Bukele imposed a state of emergency in March last year that has seen tens of thousands of alleged gang members rounded up – a move popular among the people but which has alarmed rights groups. “Since this morning, 3,500 soldiers and 500 police have established three security perimeters” in parts of Apopa and Soyapango, cities which abut the capital San Salvador, Bukele wrote on social media on Wednesday. Soldiers guarded entry points to the neighbourhoods to block anyone trying to flee, while police went house-to-house asking for identity documents and even rental contracts – as many gangsters seize houses from locals. Some officers even took up positions in a small church, while others checked passing vehicles, an AFP journalist observed. Gangsters are often identified by their tattoos or IDs if they have police records. Locals typically know who they are too, and might tip off the police. Defence Minister Rene Francis Merino said the operation “is a response to a call from the population indicating that there are some gang members trying to reorganise” in the area. “We are not going to stop until we capture the last remaining terrorist (gang member). We will not allow small remnants to regroup and take away the peace that has cost us so much,” said Bukele. The new anti-gang raid came as Congress approved later that same day a nineteenth extension of the country’s state of emergency. Bukele imposed the state of emergency, which allows arrests without a warrant, after a particularly bloody weekend in March 2022 left 87 civilians dead at the hands of gang members. Since then, about 73,000 alleged gang members have been arrested. – AFP Kenya court dismisses GM crops challenge NAIROBI: A Kenyan court yesterday dismissed a lawsuit challenging a government decision to allow the importation and cultivation of genetically modified (GM) crops to help combat its food crisis. In October last year, the government lifted a decade-old ban on GM crops in response to dwindling food security following the worst drought to ravage the Horn of Africa region in 40 years. Kenyan lawyer Paul Mwangi swiftly launched a court challenge, arguing the decision was unconstitutional as there were concerns over the safety of the crops. But environment court judge Oscar Angote ruled yesterday that there was no evidence to show any harm to nature or human health. “As a country, we need to trust the institutions that we have in place and call them to order when they breach the law,” Angote said, making reference to government bodies that regulate GM foods. “We should be confident that our health is in good hands.” Kenya, like many other African nations, banned GM crops over health and safety concerns and to protect smallholder farms, which account for the vast majority of rural agricultural producers in the country. – AFP Ex-F1 boss admits fraud in UK court LONDON: Former Formula One supremo Bernie Ecclestone yesterday pleaded guilty in a UK court to charges of failing to declare a multi-million-pound trust in Singapore to the British tax authorities. The 92-year-old, wearing a dark suit and grey tie, told London’s Southwark Crown court: “I plead guilty.” Ecclestone was charged last year over an alleged failure to declare more than £400 million (RM2.1 billion) of overseas assets to the UK government in 2015, and was due to stand trial in November. The British businessman, whose financial net worth has been estimated at some US$3 billion, is widely credited with transforming F1 commercially. His control of the sport developed from the sale of television rights in the 1970s and he was chief executive of Formula One Group until January 2017. The Crown Prosecution Service, which brings charges in England and Wales, said it brought the case for “fraud by false representation” after a “complex and worldwide” investigation by HM Revenue and Customs. – AFP B R I E F SREPUBLICANS NOMINATE SCALISE FOR SPEAKER WASHINGTON: Republicans nominated Steve Scalise as their candidate for speaker of the US House of Representatives on Wednesday as they sought to heal bitter internal divisions. The party has been in a tailspin since a handful of hardliners forced out Kevin McCarthy eight days ago, leaving the Republican-controlled lower chamber of Congress unable to respond to mounting international and domestic challenges. Scalise, McCarthy’s longtime deputy, pipped firebrand Judiciary Committee chairman Jim Jordan to the nomination by 113 votes to 99 – dealing a blow to Republican presidential frontrunner Donald Trump, who had endorsed the defeated Ohioan. – AFP UKRAINE SAYS IT IS HOLDING OFF RUSSIAN ATTACKS KYIV: Ukraine’s armed forces said yesterday they were withstanding Russian attacks on the eastern town of Avdiivka, after Moscow said it had improved its position there. The Donbas town is symbolically and strategically important to Kyiv. It is close to the Russian-controlled city of Donetsk, seized by separatist forces in 2014. “Our defenders are courageously holding the defence: they have repelled more than 10 enemy attacks in the Avdiivka area,” said General Staff of the Armed Forces of Ukraine spokesman Andriy Kovalev. – AFP ‘No water, fuel for Gaza until Israeli hostages freed’ TEL AVIV: Israeli Energy Minister Israel Katz vowed yesterday his country would not allow basic resources or humanitarian aid into Gaza until Hamas released the people it abducted during its surprise weekend onslaught. “Humanitarian aid to Gaza? No electric switch will be turned on, no water tap will be opened and no fuel truck will enter until the Israeli abductees are returned home,” he said in a statement. Around 150 Israelis, foreigners and dual nationals were abducted to the Gaza Strip by Hamas fighters as part of the Saturday attack that killed more than 1,200 people in towns and communities around the enclave. Israel has in turn launched a withering air campaign against Hamas fighters in the blockaded Gaza Strip, killing around 1,200 people. In recent days, Israel announced a Smoke plumes billowing during Israeli air strikes in Gaza City yesterday as raging battles between Israel and Hamas continue for the sixth consecutive day. – AFPPIC oTears and trauma as Thai evacuees return home “complete seige” on Gaza, cutting off water, fuel and electricity supplies. The Palestinian territory’s sole power plant shut down on Wednesday after running out of fuel. Meanwhile, the first flight of Thai evacuees fleeing the conflict landed in Bangkok yesterday, with several recounting harrowing escapes as they were reunited with tearful family members. Worried families gathered at the airport hours before the arrival of a flight carrying 41 Thais, including 15 evacuees, who were flown out with assistance from their country’s diplomats. Around 30,000 Thais work in Israel, mostly in the agriculture sector, according to Bangkok’s Labour Ministry. Two returning workers were in wheelchairs, their faces tired after the long journey home. “I thought to myself I wouldn’t survive. They shot continuously like in a film,” Katchakorn Pudtason told reporters at the airport. “The fighting was so intense that my employer let us take shelter at his home. “He told me the situation was easing and when I tried to escape, I heard the gunshots behind me and I realised that I was shot in the knee”. The number of Thais killed in the conflict has risen to 21, Prime Minister Srettha Thavisin said yesterday. Fears are mounting over the fate of 16 others who have been taken hostage by Hamas, the Foreign Ministry said. “I have lost 10 of my colleagues,” said Kittipong Chaikow. “I am so happy to be back in Thailand.” Many of those being repatriated are farm workers from the poor northeast who had gone to Israel in search of vastly higher wages. More than 5,000 Thais are trying to return to the kingdom with diplomats exploring potential sea and overland evacuation options. Further Thai repatriation flights are due to leave Israel on Sunday and Wednesday next week. Sawiang Paelin, 69, said her son was able to support his entire family by working abroad but was grateful that he was returning. “No amount of money is more important than a person’s life.” – AFP

8 theSUN ON FRIDAY | OCTOBER 13, 2023 SPEAK UP Teaching children resilience Q: My approach to parenting has been to allow my children to try out an activity, and if they do not like it, we move on to something else. However, some of my friends disagree. What is your view on this? Focus on the Family Malaysia: Children have an aversion to disappointment, and they will do anything to avoid it. However, parents need to be mindful of this behaviour as it will shape how their children learn to react when things do not go their way – a skill that can impact them throughout their lives. Think about it; do you know any adults who struggle with maintaining jobs or sustaining relationships? More often than not, you can trace much of this behaviour to their childhood. They were allowed to quit too easily when faced with challenges. Consider the scenario when you are playing chess or Monopoly with your children, and when the game takes a turn they do not like, they start complaining. Or when your children express a desire to quit a sport before giving it a fair chance, or perhaps during a 30-minute hike when they break into tears about walking back. These moments are crucial opportunities for children to learn how to handle disappointment, and to develop the perseverance necessary to face things they do not necessarily enjoy. It is essential not to rescue your children from every challenging situation because many of these experiences can teach them resilience. The point is that perseverance, whether on a football field or in activities at home, lays the foundation for your children to develop the tenacity needed to excel in various aspects of life, whether running a business, pursuing an education or building a strong marriage. The ability to stay committed even when the desired outcome requires hard work is an invaluable lesson, especially because the stakes will only increase as they grow older. We all must learn to persevere. Q: My husband and I appear to be stuck in a repetitive cycle in our marriage. We recognise the need for change, yet we continue to engage in the same actions and reactions. I am waiting for him to initiate change, but do you have any recommendations for breaking this pattern? Focus on the Family Malaysia: What you are going through is common in many marriages. It often involves recurring and predictable patterns that can wear on us over time. We often find ourselves hoping for our spouse to make the necessary adjustments. However, it is essential to remember that the only person you have control over changing is yourself, and that is where you should begin. To illustrate this, let us think of it like a game of ping pong. Imagine you and your spouse continually hitting the ball back and forth in the same way, game after game. There is no variation in your shots, and the pattern remains constant. It becomes monotonous and, at times, frustrating. Now, picture adding just a slight spin to the ball or directing it to the left corner instead of the right. This subtle change requires your spouse to adapt to return the ball. As a result, the way you respond also shifts, altering the entire game. Before you know it, both of you are more engaged, enjoying the game more and playing it in an entirely new way. The point is that marriage is never static. It is an ever-evolving system of action and reaction. Making even small adjustments in how you interact within your relationship can influence your spouse to make positive changes as well. The article is contributed by Focus on the Family Malaysia, a non-profit organisation dedicated to supporting and strengthening the family unit. For more information, visit family.org.my. Unlock the secrets to building a resilient and enduring marriage by joining us at the Journey to Us Marriage Conference on Nov 25, featuring Dr Greg and Erin Smalley from Focus on the Family US. Register at family.org.my/JTUMC. Comments: [email protected] Hamas attack proves surprise still possible in AI era ON Sept 27, barely a week before Hamas fighters launched the largest surprise attack on Israel since the 1973 Yom Kippur War, Israeli officials took the chair of the Nato’s (North Atlantic Treaty Organisation) military committee to the Gaza border to demonstrate their use of artificial intelligence (AI) and high-tech surveillance. Israeli officials publicly spoke of using such technology in their last major war in Gaza in 2021, and its best AI and drones are doubtless in helping select and destroy targets in the territory. However, the failure of those systems to deliver advanced warning of the latest Hamas attack represents a failure of intelligence likely to be studied and discussed for years. Multiple forward Israeli military positions and communities near Gaza were overrun, in many cases apparently with no or little warning, while the scale of Hamas missile launches overwhelmed Israel’s sophisticated Iron Dome defences. The US and allied intelligence agencies that congratulated themselves on their early warning of Russia’s February 2022 invasion of Ukraine also appear to have been taken by surprise. They will also likely be examining what happened for lessons to avoid the same thing happening with the potential conflict that now preoccupies Washington most: any Chinese invasion of Taiwan. “There will have been warning signs”, one former Western intelligence official said on condition of anonymity. “Hamas were able to do this without leaving a data trail, or the clues were there but not interpreted from the data.” From drones overhead utilising face recognition software to border checkpoints and electronic eavesdropping on communications, Israeli surveillance of Gaza is widely viewed among the most intense and sophisticated anywhere. According to a Nato statement, Dutch Admiral Robert Bauer was visiting Israel last month in part to learn from the expertise of Israel’s “seek out innovative military capabilities”. In May, Israeli Defence Ministry Director General Eyal Zamir said the country was on the brink of becoming an AI “superpower”. Events last weekend suggest Israeli authorities were already becoming overconfident in those abilities. That may be a warning for other governments, increasingly turning to a range of AI contractors, who promise to be able to deliver incisive analysis and early warning. Such techniques can prove invaluable for synthesising huge volumes of data, especially in technical areas, such as sonar or radar. However, they are only as good as their sources of material – and human activity in a congested urban environment, such as Gaza, is rarely simple to interpret. Israel’s ongoing air and ground offensive into Gaza will be seen as a chance to avenge the attack, but also reassert the reputation of the Israeli security state and high-tech industry that supports it while Israeli officials argue that any resultant civilian casualties remain the fault of Hamas. Israeli officials say each of their previous wars and operations in Gaza has utilised even more precise intelligence and strikes but its 2021 attacks still killed almost 350 Palestinians. Hiding in plain sight? In concealing their attack, Hamas will have been helped by the conditions of the Gaza Strip, where Hamas seized power in 2007 and some 2.3 million people are hemmed in behind a 51km border. The densely populated and built-up nature of Gaza would have helped Hamas position equipment close enough to the fenced border to be used at speed, and presumably without using communications suspected to be monitored. To what extent fighters were pre-warned by commanders of plans for the assault remains unclear, but given Israel’s reputation for recruiting human sources, Hamas leaders may have kept their plans extremely tight. Even a warning may have made a difference to shocked Israeli troops and civilians living close to the border with Gaza. The final moments before the assault – when movements could have been tracked – may have been missed over the Sukkot religious holiday as well as earlier training, including that of paraglider-flying militants. The other major question for Israel and the world is what other nations and their proxies may have known in advance. According to former Israeli military spokesman Jacob Dallal writing in the Times of Israel, Israeli intelligence believed a much greater threat was an attack from Iranianbacked Hezbollah, launched from Lebanon. Israel may still fear the Hamas assault from Gaza is a precursor to that. Hezbollah said last Sunday it had fired rockets and artillery into three points in Israel “in solidarity” with the Palestinian people. Israel is also likely to be more sceptical now of Egypt, which had pledged to secure its Gaza border, and Qatar, which houses a Hamas political headquarters, which had brokered a deal between the group and Israel to reopen the Israel-Gaza crossings at the end of September after a two-week shutdown. As Israel looks to recover hostages, those two nations may yet be among the best avenues for negotiation. However, with rumours that █ BY PETER APPS UNDER ONE ROOF multiple US and other foreign citizens may also have been killed or taken, Hamas may also find itself on the receiving end of the US and, perhaps, wider military action with all the intelligence resources that come with it. Complex regional relations Hamas described its weekend operation as an effort to “liberate” Jerusalem’s Al Aqsa mosque, scene of mounting confrontation between religious nationalist Jews and Palestinian protesters. In doing so, they look to be hoping to exploit pre-existing widespread regional antipathy to Israel and Prime Minister Benjamin Netanyahu’s government in particular. That – and anger at Israel’s massive military response in Gaza – may complicate an imminent US-negotiated deal between Saudi Arabia and Israel, building on a similar accord with the United Arab Emirates. Blocking that would clearly benefit Iran. Immediate statements of support from Tehran for the attacks by Hamas – as well as what Israel says is a long-running effort to ship weapons to both Hamas and Hezbollah – will also intensify Israeli suspicions that Iran was involved directly in the weekend assault. Israel’s border with Syria is also unpredictable, controlled in some areas by Islamic State. So is the situation within Syria itself, where Russia, China and Iran have all quietly stepped up support for the Assad government. Other forces also remain in Syria, with the US last week taking the unusual step of shooting down a Turkish drone they said appeared to threaten their own forces and Kurdish allies. All point to increasingly messy regional dynamics following the invasion of Ukraine. The US and Western officials have pressured Israel to reduce its ties with Russia, and persuading the government and its tech firms to pull back on financial ties with China. Last month, Mossad chief David Barnea told a conference that Israel was worried Russia may sell Iran weaponry in return for drones. Hamas leaders said earlier in the year they had met Russian Foreign Minister Sergey Lavrov in Moscow. Since the Hamas attack, Russia has reasserted its support for an independent Palestinian state and called for a ceasefire while Israeli officials have criticised China directly for failing to condemn Hamas. For Moscow or Beijing to have encouraged Hamas to take the actions this week would have been a major and perhaps unlikely risk. However, officials will be watching events closely, learning every lesson they can for their current and future confrontations. – Reuters The failure of high-tech surveillance systems to deliver advanced warning of the latest Hamas attack represents a failure of intelligence likely to be studied and discussed for years. – REUTERSPIC

1 3 O C T O B E R 2 0 2 3 F R I D A Y For the love of For the love of chocolate Satisfy your sweet tooth S4 & S5 Dolphins have names for one another S3 I N S I D E The best care for your furbaby S2

2 theSun LYFE ON FRIDAY | OCTOBER 13, 2023 Pet care PETS bring boundless joy and companionship to our lives, making it crucial for us to reciprocate with the best possible care. Whether you have a lovable canine, a curious feline, a chirpy bird, or any other furry or feathered friend, these five essential pet care tips will help you ensure their well-being and happiness. Proper Nutrition A balanced diet is the cornerstone of your pet’s health. Different animals have different dietary needs, so it is essential to research and provide the right food for your specific pet. Consult your veterinarian to determine the best diet plan, taking into account their age, breed, size and any specific health concerns. For dogs and cats, high-quality commercial pet foods often provide a well-rounded diet, but always check the ingredients and ensure the food meets their nutritional requirements. Avoid feeding them table scraps, as some human foods can be toxic to pets. Maintain a consistent feeding schedule and portion control to prevent obesity, a common issue among pets. Fresh water is equally important. Ensure that your pet has access to clean water at all times. Regularly clean and refill their water bowl to keep them hydrated and healthy. Exercise and mental stimulation Physical activity and mental stimulation are essential for your pet’s overall well-being. Dogs, for example, need daily exercise to stay fit and mentally engaged. Regular walks, playtime and interactive toys can help keep them active and happy. Cats require mental stimulation as well, so provide toys, scratching posts and opportunities to explore their surroundings. Birds benefit from flying and social interaction, so allow them to stretch their wings and spend time with you outside of their cages. Remember that each pet has its own unique needs, so tailor their exercise and stimulation to their breed and personality. A well-exercised and mentally stimulated pet is less likely to develop behavioural issues and is more likely to lead a happy, healthy life. Regular veterinary care Preventive veterinary care is vital Regularly groom your pet to keep their coat clean and healthy, preventing matting and skin issues. – PICS BY PEXELS oHere are five essential tips for happy and healthy companion █ BYTHASHINE SELVAKUMARAN Provide a balanced diet and ensure access to fresh water to maintain your pet’s overall well-being. Exercise and playtime are crucial for your pet’s physical and mental health. Schedule routine veterinary check-ups to monitor your pet’s health. to catch and address health issues early, ensuring a longer and healthier life for your pet. Schedule regular check-ups with your veterinarian as per their recommendations, which often depend on your pet’s age and health status. Stay up-to-date with vaccinations, flea and tick prevention and dental care. Dental health is often overlooked but crucial for pets; regular brushing and dental check-ups can prevent painful dental problems. Be vigilant for any changes in your pet’s behaviour, appetite, or appearance, as these could be signs of underlying health issues. Promptly address any concerns with your veterinarian to ensure timely treatment. Grooming and hygiene Proper grooming and hygiene are not only essential for your pet’s comfort but also for their overall health. Regular brushing helps remove loose fur, prevents matting, and strengthens the bond between you and your pet. For dogs, regular baths help maintain healthy skin and coats, while for cats, their self-grooming habits usually suffice. Keep your pet’s ears and eyes clean and trim their nails to avoid overgrowth, which can lead to discomfort and difficulty walking. Maintain a clean living environment for your pet by regularly cleaning their bedding, litter boxes and cages. Good hygiene practices can prevent infections and make your pet more comfortable in their home. Love and attention Finally, never underestimate the power of love and attention in your pet’s life. Your pet is not just a responsibility but also a beloved family member. Spend quality time with them, offer affection and provide a safe and nurturing environment. Understanding your pet’s body language and needs is crucial. Recognise signs of stress or discomfort and make adjustments accordingly. Socialise your pet with other animals and people to ensure they develop into welladjusted, happy companions. Responsible pet ownership involves more than just providing food and shelter. By following these five essential pet care tips, you can ensure your furry or feathered friend enjoys a happy and healthy life as a cherished member of your family. Always remember that a well-cared-for pet will reward you with unconditional love and loyalty for years to come.

theSun LYFE ON FRIDAY | OCTOBER 13, 2023 3 Cancer June 21 - July 21 You connect with your shadow side as Pluto goes direct in your sign for the last time in this lifetime. This may reveal your connection to the cycles of life and death and prompt a shift in your drive and life force. With Mars and Saturn harmonising, it is easier to focus on long-term goals and eliminate distractions. A new moon eclipse in your fame and public reputation sector may lead to shedding parts of your public image and career that no longer align with who you have become. Leo July 22 - Aug 22 Discover why you are like this as Mars enters your personal sector, prompting soul-searching.Mars harmonises with Saturn, aiding in shedding fears. A new moon eclipse in your communication sector marks a fresh mindset and improved ability to express ideas. Virgo Aug 23 - Sept 22 Reality hits in your relationships as Venus confronts Saturn. Determine your sacrifices for happiness. Emotions and transits pass - prioritise your feelings. Efficiently express critical ideas with Mars and Saturn’s help. A new moon eclipse in your money and resources sector over the next year and a half prompts decluttering and leaning into your support network and collaborations. @thesundaily FOLLOW ON TWITTER SCAN ME Libra Sept 23 - Oct 22 Evaluate your responsibilities and sacrifices as Venus confronts Saturn. Prioritise alone time for task management. Pluto retrograde prompts deep self-reflection. A new moon eclipse in your sign initiates a new phase of personal growth. Over the next year and a half, your identity and relationships undergo transformation, shedding old layers. Scorpio Oct 23 - Nov 21 Feel more like yourself as Mars enters your sign, enhancing your strength and integrity. Take action to manifest positive changes in your life and others’. Mars harmonises with Saturn, allowing for sustained efforts. A new moon eclipse in a private chart area clears negativity. Bid farewell to the haters and bad vibes making their graceful exit now. Good riddance. Sagittarius Nov 22 - Dec 20 Consider sacrifices for appearances as Venus confronts Saturn. Avoid selling out - prioritise authenticity. The Mars and Saturn connection reveals deeper aspects of your identity and psychology. A new moon eclipse in your hopes and dreams sector prompts letting go of incompatible goals. Over the next year and a half, your future vision evolves to embrace the present. Capricorn Dec 21 - Jan 19 Pluto going direct in your sign connects you with your shadow side for the last time in your lifetime, prompting revelations about life and death cycles and shifts in your drive and life force. Mars harmonising with Saturn emphasises long-term focus and eliminating distractions. A new moon eclipse in your fame and public reputation sector may lead to shedding parts of your public image and career that no longer align with your true self. Aquarius Jan 20 - Feb 17 Mars enters your career and public reputation sectors, empowering your leadership. Embrace your strengths. Mars harmonising with Saturn sustains your initiatives for the long run. The key is having backup plans. A new moon eclipse in your higher knowledge and travel sector prompts shedding old beliefs. You have grown wiser. Pisces Feb 18 - March 20 Avoid comparing yourself to others. Use conflicts for selfgrowth. Embrace your limits with Venus and Saturn. Trust the process as Mars harmonises with Saturn, learning to surrender gracefully. A new moon eclipse in a transformative sector brings lessons in impermanence and financial responsibility in the next year and a half. Aries March 20 - April 20 Global economic issues impact you as Pluto ends its retrograde in a significant chart area. Mars, your planetary ruler, enters your transformation house, deepening trust. You become a source of support. Mars and Saturn encourage you to transcend limitations with emotional intelligence. The new moon eclipse in your relationships sector signals a year and a half of transformative connections, leading to personal growth. Taurus April 21 - May 1 Balance enjoyable and necessary relationships. Venus challenges Saturn, pushing you to network. New relationships and work opportunities arise as Mars enters your relationship chart, with a new moon eclipse in your routine and lifestyle sectors. Keep an eye on these eclipse events in the next year and a half. Gemini May 21 - June 20 Balance duty and pleasure as Venus confronts Saturn. Mature relationships, evolving aesthetics Mars and Saturn promote a sustainable pace. A new moon eclipse in creativity and friendships brings a year and a half of artistic pursuits, along with letting go of disinteresting hobbies and social activities. Your weekend horoscope 11 random facts you never knew 1. People used to say “prunes” instead of “cheese” when getting their pictures taken. In the 1840s, a cheesy grin was seen as childish, so a London photographer told people to say “prunes” to keep their mouths tight. Now you know why people never smiled in old photos. 2. Blue whale tongues can weigh as much as an elephant. Their hearts can also weigh almost a tonne and only need to beat once every 10 seconds. Blue whale’s tongue heavier than elephant. The late Queen Elizabeth II. Dolphins call each other by name. There are many varieties of bananas. ‘Nurdle’ of toothpaste. 3. Queen Elizabeth II had a standin to make sure the sun would not get in her eyes. Ella Slack was a similar height to the late Queen, so she would rehearse big events beforehand to make sure everything would be comfortable for the monarch. However, she was not allowed to sit on the throne, so she had to squat above it. 4. There is an ant species unique to New York City called “ManhattAnts”, biologists found them in a specific 14-block strip of the city. 5. There is only one Shell garage that is actually shaped like a Shell. There were actually eight built in the 1930s, but only one remains in North Carolina. 6. The shortest commercial flight in the world is in Scotland. Regional airline Loganair flies between the islands of Westray and Papa Westray. The journey is just 1.7 miles (2.3km)and takes 90 seconds. 7. Dolphins have names for each other. According to National Geographic, dolphins use a unique whistle to distinguish between different members of their pod. 8. The blob of toothpaste on a toothbrush has a name. It is called a “nurdle” and there was once a lawsuit over which toothpaste company had the right to portray it. 9. One part of Istanbul is in Europe and the other is in Asia. Part of it neighbours Greece and Bulgaria (therefore sitting in Europe) and the other part neighbours Syria, Iran and Iraq beyond Turkey’s borders (therefore classifying as Asia). The Bosphorus Strait runs between them — a narrow body of water that connects the Black Sea to the Mediterranean Sea via the Sea of Marmara. 10. There are more than 1,000 types of bananas growing in the world. These can then be divided into 50 categories.

4 theSun LYFE ON FRIDAY | OCTOBER 13, 2023 █ BYTHASHINE SELVAKUMARAN CHOCOLATE, often referred to as the “food of the gods”, has been captivating our taste buds for centuries. Its irresistible allure knows no bounds and when it is transformed into decadent desserts, it becomes the stuff of dreams. Whether you are a passionate chocoholic or someone who enjoys occasional indulgence, these 10 decadent chocolate desserts will have you weak in the knees. From rich and f u d g y Decadent chocolate oHere are 10 desserts you would not be abrownies to creamy chocolate mousse, get ready to embark on a journey through the world of chocolatey delights that will satisfy your sweet tooth in the most delightful way possible. Molten chocolate lava cake A classic favourite that never goes out of style, the molten chocolate lava cake is a true showstopper. With a gooey, warm chocolate centre that oozes out when you cut into it, this dessert is pure chocolate magic. It is the perfect balance of a slightly crispy exterior and a molten, velvety interior. Triple chocolate brownies Brownies are a beloved treat, but when you make them triple chocolate, they take on a whole new level of decadence. Dark chocolate, milk chocolate chips and white chocolate chunks come together in perfect harmony. Each bite is a symphony of chocolate flavours, with a dense and fudgy texture that is simply irresistible. Chocolate fondue Dive into a pool of chocolatey delight with a fondue pot filled with melted chocolate. This communal dessert is not only delicious but also interactive and fun. Dip strawberries, marshmallows and chunks of pound cake into the velvety chocolate for a taste sensation like no other. It is the ultimate dessert for sharing with friends and family. Chocolate tiramisu A chocolatey twist on the classic Italian dessert, chocolate tiramisu features layers of chocolate-soaked ladyfingers, mascarpone cheese and a dusting of cocoa powder. It is pure bliss for coffee and chocolate lovers. The rich, creamy layers are both comforting and indulgent, making it a perfect dessert for any occasion. Chocolate banana bread Take your traditional banana bread to the next level by adding rich cocoa powder and chocolate chips. It is a moist and tender loaf with a deep chocolate flavour and a hint of Chocolate banana bread – WELL PLATED BY ERIN Chocolate-covered strawberries – PEXELS Chocolate mousse – PEXELS Chocolate crepes – PEXELS

theSun LYFE ON FRIDAY | OCTOBER 13, 2023 5 banana sweetness. Whether enjoyed as a breakfast treat or an afternoon snack, chocolate banana bread is a delightful way to satisfy your chocolate cravings. Chocolate-covered strawberries Few things are as elegant and indulgent as chocolate-covered strawberries. Dip ripe strawberries into melted chocolate, let them set, and enjoy the contrast of the juicy fruit and the crisp chocolate shell. It is a dessert that is as visually appealing as it is delicious, making it ideal for special occasions and romantic moments. Chocolate mousse Silky, smooth and incredibly luxurious, chocolate mousse is a dessert that whispers sophistication. The airy texture of whipped chocolate combined with the richness of cream creates a harmonious flavour profile that is hard to resist. Top it with a dollop of whipped cream and a sprinkling of chocolate shavings for extra decadence. Chocolate tarts Mini chocolate tarts are a bitesized delight that packs a big punch of chocolate flavour. The buttery, flaky crust holds a luscious chocolate ganache filling that will leave you craving more. These petite treats are perfect for serving at gatherings or as a delightful snack whenever your chocolate craving strikes. Chocolate crepes For a dessert that feels like a fancy French patisserie, whip up some chocolate crepes. Fill them with chocolate hazelnut spread, fresh berries and a drizzle of chocolate sauce for a delightful treat. The delicate, thin crepes contrast beautifully with the richness of the chocolate, creating a flavour combination that is nothing short of divine. Chocolate cheesecake Creamy and velvety, chocolate cheesecake is a dessert lover’s dream come true. Whether you prefer it plain, with a chocolate cookie crust, or swirled with caramel, this dessert will have you savouring every bite. The marriage of smooth cream cheese and decadent chocolate results in a slice of heaven on a plate. The beauty of these decadent chocolate desserts lies not only in their irresistible taste but also in the joy they bring. Whether you are celebrating a special occasion or simply indulging in a well-deserved treat, these chocolate creations will never fail to satisfy your cravings. So go ahead, embrace the decadence, and indulge in the world of chocolatey delights. Your taste buds will thank you and you will find yourself immersed in a world of pure chocolate bliss, one delectable dessert at a time. delights able to resist Molten chocolate lava cake – PREPPY KITCHEN Triple chocolate brownies – PEXELS Chocolate fondue – FOOD WINE Chocolate tiramisu – PEXELS Chocolate tarts – ONCE UPON A CHEF Chocolate cheesecake – KING ARTHUR BAKING

ON FRIDAY OCTOBER 13, 2023 ► Contributing Editor: KESHY DHILLON / [email protected] ► Tel (Editorial): 03-7784 6688 / +6012-580 3470 ► To advertise email: [email protected] Lightning fast Audi e-Tron GT has looks to stop traffic and performance to leave them standing still With a full charge, the e-Tron has a range of about 500km.

GLOBAL warming supposedly is said to have peaked in 1988. That is when it became a political agenda and a point of discussion for many, giving rise to environmentalist in the process. However, climate change, as global warming is known now, did not truly take the world stage until 2006 – thanks to one Al Gore. The former vice president of the United States became one of the most vocal environmental activists and his film The Inconvenient Truth can be credited as opening the eyes of the world to the devastation of climate change. However, it is not all Al Gore of course. The European and American governmental agencies such as the Environmental Protection Agency as well as the European Environment Agency too played a pivotal role in introducing regulations that directly affected car makers. The work of the agencies and environmentalists forced automotive conglomerates to take action, and this inadvertently gave rise to the era of the Electric Vehicles (EV). One could argue that EVs have been around for nearly a century, but it is undeniable that they have never been as popular as they are now. And there are all kinds of EV’s; small scooters, cheap ones from China and on the other end of the economic spectrum, we have EVs such as the one we see here, the Audi e-Tron GT. Besides being environmentally friendly, the great thing about EVs is that designers can practically throw out the rule book and do just about whatever they want. Regular rules don’t apply – there’s no longer a need for large vents as there is no engine to keep cool, the coefficient of drag also means that an EV needs to be as sleek as possible to maximise range. This just means that designers can come up with some of the most visually striking cars ever made, and the Audi e-Tron GT is one of those cars. The world first caught glimpse of it in The Avengers movie when Tony Stark drove it to his Malibu mansion. Stark aka Iron Man, the character played by Robert Downey Jr, is an eccentric gazillionaire that builds specialised weaponry and drives exotic Audis. The e-Tron GT made the transition from the big screen to the real world about two years after the movie. We got to drive it around the Sepang International Circuit which proved to be the ideal place to experience its unbelievable power. EVs and great power seem to be counter productive since EV’s are supposed to be the halo cars, the answer to all of our automotive problems. – that is what car makers would like us to believe at least. But on the contrary, EV’s produce power more naturally than internal combustion engine. Unlike the latter, the problem with EV’s is not producing power but managing it, and power is available as easily and as immediately as turning on a light switch. During the recent track day, there were two models to drive, the Audi RS e-Tron GT and the standard e-Tron GT. We could only drive one model through a lucky draw system which basically meant you had to drive whatever car that was parked ahead of you, and by sheer luck we were invited into the cockpit of the most powerful of them all – the RS e-Tron GT. The standard e-Tron is already a force to be reckoned with. It offers 476PS and 630Nm of torque, but it has a trick up its sleeve called a boost mode. When activated, power is hiked to 530PS and 640Nm, and this allows the car to accelerate from zero to 100kph in an eye watering 4.1 seconds – which is astonishing for a car that weighs about 2,300kg. If you think that is impressive, the RS version is the mad sibling. Compared to its sedate sibling, the RS has 646PS and scarcely believable 830Nm of torque. It weighs about the same as the standard e-Tron but it sees off the charge to 100kph in a claimed 3.3 seconds. We managed to hit 100kph in just three seconds, and there are rumours that it can do it in 2.8 seconds. That type of performance figures are usually reserved for hypercars like Bugatti and Koenigsegg, so the fact that you can experience it in a car that costs under RM800,000 is quite amazing. And the Audi is not all about its sexy design and stratospheric performance, it is also one that cocoons you in an interior that is a blend of new world tech and old-world quality. A familiar smell greets you as soon as you step inside the e-Tron. All Audis smell the same thanks to a dedicated team called “the nose team”. First set up in 1985, the nose team has a singular purpose of ensuring that every Audi smells the same. Ahead of you a flat-bottomed steering wheel waits in command with two shifters right behind it. The shifters are part of the two-speed automatic transmission system. Yes, this Audi has a transmission just like the Porsche Taycan, which is not surprising since both cars are pretty much the same and share the same platform, electric motors and internals. Only the shell and the interiors are different, but more on that later. The two-speed transmission lets the e-Tron hit a top speed of 250kph (245kph for the non RS). Most EV’s do not have a transmission system with the electric motors feeding power directly to the wheels. This limits the top speed. So by using a two-speed transmission, the Audis (and the Porsches) have a higher top speed which is very much in line with their brand values – performance! Besides that, there are twin digital monitors aft of the steering wheel. One doubles up as the meter panel and gives you all the usual vehicles telemetries while another is the usual infotainment system and such. You will notice that the is no gear knob in the traditional sense, but rather it has been replaced by a gear switch which you slide up and down to select your desired movement. The sports seats are finished in fine Nappa leather while the interior is dowsed in Dinamica microfiber finishing that feels soft and supple. Despite sharing platforms with the Porsche Taycan, somehow the e-Tron feels bigger, which makes it feel more comfortable especially in the back seats. It can still feel a little tight for taller passengers, especially over longer distances. The big question when it comes to EV’s is the amount of time it needs to recharge and how far can it go on a single charge. But yet again, the Audi does not disappoint. Packing a 84kWh battery, the e-Tron runs on a 800 volt platform that allows it to provide such high system outputs and yet reduce charging time. When it comes to range and provided you don’t floor the pedal at every opportunity you get (which is admittedly difficult to do), Audi says the e-Tron will be able to travel 488km. And when it needs a juicing up, and provided you have access to a DC charger, the e-Tron needs just 22.5 minutes to recharge from 5% up to 80% state of charge. Audi did not disclose how long it will take to recharge with an AC charger but simply said that such a charger is better suited for overnight charging. The Audi e-Tron GT is one of the most electrifying EV’s in Malaysia yet. And priced at RM587,990 to RM792,990, depending on the variant and specifications, the real question here is, should Porsche be worried that the e-Tron might steal some sales from the Taycan? Judging from looks alone, we think it might. █ KESHY DHILLON 7 OCTOBER 13, 2023 The cockpit of the e-Tron offers new world tech with old world quality. The flat-bottomed steering wheel adds a sporty touch to the e-Tron. Charging takes just 22 minutes with a DC fast charger. The lights of the Audi are a show stopper by themselves. The e-Tron runs on 20” wheels while the RS e-Tron rolls on 21”. Audi sport seats are wrapped in fine Nappa leather SPECIFICATIONS Motors: Twin-electric motors Power: 646PS (RS model in Boost Mode) Torque: 820N (RS model in Boost Mode) Transmission: Two-speed automatic Weight: 2,345kg without driver Charging Time: 22.5 minutes with DC charger (5% - 80% SOC) Good looks, mad performance. We can’t afford it.

8 OCTOBER 13, 2023 BERJAYA SOMPO, a leading insurance provider known for its commitment to environmental, social, and governance (ESG) values, has unveiled its latest brand campaign, “The Good Policy”. The campaign highlights the company’s dedication to addressing ESG challenges and safeguarding its customers and the future of Malaysia through innovative initiatives. As part of the campaign, Berjaya Sompo introduces “The Good Bengkel” initiative, demonstrating its commitment to the wellbeing of Malaysians. Through this initiative, Berjaya Sompo will subsidise RM250 to repair 200 cars belonging to the B40 community (selected models and year of manufacture), enhancing their quality of life by ensuring the safety and reliability of their vehicles. Tan Sek Kee, chief executive officer of Berjaya Sompo, expressed the company’s enthusiasm for “The Good Policy” campaign, emphasising the belief that a responsible insurance provider should actively contribute to the betterment of the communities it serves. “The Good Policy’ campaign is a testament to our dedication to positive change, and ‘The Good Bengkel’ initiative demonstrates our commitment to improving the lives of those in need,” Tan said. ‘The Good Policy’ campaign This campaign reflects the company’s mission to uphold ESG values and ensure a sustainable environment and society for future generations. The campaign focuses on initiatives that address environmental concerns, promote social well-being, and uphold strong governance practices, with the goal of inspiring positive change and contributing to a brighter future for Malaysia. ‘The Good Bengkel’ initiative This initiative exemplifies Berjaya Sompo’s commitment to taking action. By subsidising RM250 for car repairs, the company directly assists individuals in the B40 segment who may face financial challenges in maintaining their vehicles. This initiative promotes inclusivity and empowers individuals to enjoy safe driving with well-maintained cars. Berjaya Sompo invites individuals, community organisations, and stakeholders to join in embracing ‘The Good Policy’ campaign and supporting ‘The Good Bengkel’ initiative. Through collective efforts, the company aims to create a lasting impact on the lives of Malaysians and contribute to a thriving society. █ TIMOTHY PRAKASH smart #1 Brabus variant now available smart Malaysia recently made the formal announcement that reservations for the smart #1 were now available. It is available in the Malaysian market in three distinct models: Pro, Premium, and Brabus. These models are designed to cater to different preferences and needs of consumers in Malaysia. The Brabus model stands out as the sporty variant within the lineup, showcasing distinctive design elements. These include an aero kit comprising a vented bonnet, an aggressive front bumper, and a rear spoiler. It features 19” ‘Dynamo’ alloys, exclusive model badging, and eye-catching red brake callipers, further accentuating its sporty appeal and performance-focused design. Step inside, and you’ll see that the centre infotainment screen, which is 12.8” in size regardless of version, controls practically everything. It has Qualcomm’s Snapdragon 8155 processor, a CPU and chipset built for the gaming sector, and its home screen is loaded with visuals and information. Unlike some of the Chinese models and Teslas, we get Android Auto and Apple CarPlay. The smart #1 Brabus model is designed with high-performance enthusiasts in mind. It boasts a bold exterior design and a vibrant interior, perfectly reflecting the electric pulse performance that this model offers. This variant is tailored to appeal to those who are passionate about powerful and exhilarating electric driving experiences. This variant focuses on high performance, boasting a 0-100kph acceleration time of 3.9 seconds. It features a 422hp and 543Nm of torque Dual-motor All-Wheel-Drive powertrain, delivering great handling and traction, with a practical WLTP Range of 400km. In terms of the powertrain and charging capabilities, the Brabus variant is equipped with a 66kWh Nickel Manganese Cobalt (NMC) battery. This battery enables an impressive WLTP range of 400km, reflecting its efficiency. When it comes to charging, it supports AC charging at 22kW, allowing for a 10-80% charge in approximately three hours. For faster charging, the DC charging capacity is 150kW, facilitating a 10-80% charge in just 29 minutes. New Porsche Cayenne officially launched LAST MONTH, Porsche Malaysia announced that the new Porsche Cayenne, designed exclusively for the Malaysian market, was available for online ordering through a streamlined digital platform. Now, the new Cayenne is officially launched. It has emerged with a striking blend of design enhancements and advanced technologies, elevating its presence and performance. Let’s delve into the key features that make this luxury SUV an exciting prospect for automotive enthusiasts. The Cayenne’s front end undergoes a significant redesign, showcasing more pronounced wings, a refreshed hood, and technically appealing headlights that add to the SUV’s commanding presence. The rear design is marked by threedimensionally designed taillights, clean surfaces, and an integrated number plate holder. The standard inclusion of 20-inch Cayenne Design wheels adds to the sporty appeal. Matrix LED headlights, now a standard feature, bring a notable lighting upgrade. These adaptive headlights use data from the SUV’s speed, camera, and navigation systems to optimise illumination. The high beam area is divided into segments, enabling precise lighting control to prevent dazzling other vehicles, a technology known as matrix beam. Under the hood, the Cayenne houses a potent V6 turbo engine, producing 353PS and 500Nm of torque. The power is seamlessly channelled through an 8-speed Tiptronic S transmission, propelling the SUV from 0-100kph in just 5.7 seconds, with a top speed of 248kph. The Cayenne promises an improved driving experience with its adaptive air suspension, ensuring a smoother ride, stability on diverse terrains, and better handling. The suspension system offers distinct driving modes for a customised experience, catering to varied driving preferences. Inside the cabin, Porsche focuses on enhancing comfort and air quality. The air quality system employs predictive navigation data to activate air recirculation when approaching tunnel entrances. An optional sensor efficiently filters fine dust particles, and an ioniser helps maintain a cleaner cabin environment. Introducing the Porsche Driver Experience, inspired by the Porsche Taycan, the redesigned cockpit features a fully digital 12.6” instrument cluster and a standard 12.3” central Porsche Communication Management display. The interface balances modern technology with tactile interfaces for optimal usability and aesthetics. Customers can personalise their Cayenne with various customisation options, including a choice of wheels and rear-seat entertainment systems. The Cayenne’s pricing starts from RM599,999, offering exceptional value for the range of features and advancements it brings. AMG CLA 45 S 4MATIC+ Coupe unveiled Berjaya Sompo’s Good Policy Tan MERCEDES-BENZ Malaysia has unveiled the formidable MercedesAMG CLA 45 S 4MATIC+ Coupe, amplifying its position as a trendsetter in the compact performance segment with a range of innovative enhancements. This model is more than just a performance car; it’s a statement of power and style. It boasts a distinctive AMG-specific radiator grille adorned with vertical slats, emphasising its brand affiliation. Its front apron has been reshaped, complemented by a round badge featuring the iconic AMG emblem. The inside of the headlights showcases the Multibeam LED technology, further enhancing its visual appeal. The car comes standard with 19” AMG 5- twin-spoke light-alloy wheels in a striking matte black finish with a high-sheen rim flange, accentuated by red painted brake callipers. Customers also have the option to choose 19” AMG cross-spoke forged wheels or 19” AMG 5- twin-spoke light alloy wheels. Under the hood lies the heart of the AMG CLA 45 S. This propels the Coupe from 0 to 100kph in just 4.1 seconds, with a top speed limited to 270kph. There is also a special limited edition offered: the AMG Street Style Edition with mountain grey Magno paintwork and distinctive side foiling. The sporty appearance is further highlighted by vibrant fluorescent orange colour accents. The recommended retail price for the AMG CLA 45 S is RM527,888 with a 10% sales tax. For the special AMG Street Style Edition, the price is RM557,888. These prices are “on the road” and do not include insurance cost.

KLCI 1,443.82 7.33 STI 3,218.69 25.82 HANG SENG 18,238.21 345.11 SCI 3,107.90 28.95 NIKKEI 32,494.66 TSEC 16,825.91 153.88 KOSPI 2,479.82 S&P/ASX200 7,091.00 2.60 FRIDAY OCTOBER 13, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES October 12, 2023 STOCK VOL CLSG (sen) +/– (sen) CLASSITA 222,454,200 7.0 -0.5 MMAG 168,564,300 1.5 +0.5 SSF 148,349,900 26.5 +1.5 BSLCORP 104,891,500 4.0 +0.5 NETX 73,938,000 18.5 +1.5 EXCHANGERATES OCTOBER 12, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.7840 4.6500 4.6400 1 AUSTRALIAN DOLLAR 3.0890 2.9650 2.9490 1 BRUNEI DOLLAR 3.5100 3.4100 3.4020 1 CANADIAN DOLLAR 3.5180 3.4250 3.4130 1 EURO 5.0920 4.9290 4.9090 1 NEW ZEALAND DOLLAR 2.8910 2.7850 2.7690 1 SINGAPORE DOLLAR 3.5100 3.4100 3.4020 1 STERLING POUND 5.9010 5.7170 5.6970 1 SWISS FRANC 5.2970 5.1750 5.1600 100 UAE DIRHAM 131.8700 125.0700 124.8700 100 BANGLADESH TAKA 4.4240 4.1360 3.9360 100 CHINESE RENMINBI 65.7000 63.2000 N/A 100 HONGKONG DOLLAR 61.8700 58.8100 58.6100 100 INDIAN RUPEE 5.8500 5.5000 5.3000 100 INDONESIAN RUPIAH 0.0316 0.0286 0.0236 100 JAPANESE YEN 3.2150 3.1130 3.1030 100 NEW TAIWAN DOLLAR 16.0000 N/A N/A 100 PAKISTAN RUPEE 1.7400 1.6300 1.4300 100 PHILIPPINE PESO 8.5600 8.0600 7.8600 100 QATAR RIYAL 132.8000 126.0700 125.8700 100 SAUDI RIYAL 129.0600 122.5200 122.3200 100 THAI BAHT 13.7500 12.2000 11.8000 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 12, 2023 INDICES CHANGE FBMEMAS 10,696.31 +57.46 FBMKLCI 1,443.82 +7.33 CONSUMER PRODUCTS 553.93 +1.94 INDUSTRIAL PRODUCTS 174.04 +1.83 CONSTRUCTION 190.51 +2.99 FINANCIAL SERVICES 16,278.52 +97.97 ENERGY 875.45 -3.06 TELECOMMUNICATIONS 574.49 +3.54 HEALTH CARE 1,674.39 +11.59 TRANSPORTATION 927.80 +6.75 PROPERTY 880.83 +11.25 PLANTATION 6,846.77 -26.87 FBMSHA 10,920.77 +42.43 FBMACE 5,177.77 +1.06 TECHNOLOGY 62.60 +0.24 TURNOVER VALUE 3.383 BIL RM2.029 BIL 5 TOP GAINERS October 12, 2023 STOCK VOL CLSG (RM) +/– RM F&N 137,500 26.08 +0.72 RAPID 306,500 26.00 +0.72 HEIM 222,300 25.20 +0.66 NESTLE 61,300 123.00 +0.40 CARLSBG 175,500 20.04 +0.34 5 TOP LOSERS October 12, 2023 STOCK VOL CLSG (RM) +/– RM IHS046000824 10 100.80 -0.50 KLK 583,600 21.50 -0.38 PPB 674,900 14.78 -0.28 HLFG 293,700 17.26 -0.20 HSI-HSG 79,800 0.435 -0.125 Embrace tech disruption, construction industry told KUALA LUMPUR: The construction sector must embrace disruption of technologies and adopt new mechanism and processes in responding to modern demands, said Works Minister Datuk Seri Alexander Nanta Linggi (pic). He said that as the world faces challenges with the dynamics of technology, so must the construction sector, and the country must be prepared for it. “I’m glad to note that Malaysia’s construction industry is very much into embracing science and technology not just in terms of physical but also software including artificial intelligence,” he told reporters after launching the ninth edition of the Malaysia International Construction and Infrastructure Technology Exhibition (MBAM OneBuild) here yesterday. Nanta acknowledged the lack of foreign manpower in the industry, saying that there are problems that still persist. oAdopt new mechanisms and processes to meet modern demands, says works minister Manufacturing sales value slips 3.3% on-year in August KUALA LUMPUR: Malaysia’s manufacturing sector saw its sales value fall 3.3% year-onyear (y-o-y) to RM152.3 billion in August 2023, mainly due to the petroleum chemical, rubber and plastic sub-sector which shrank 12.1%, said the Department of Statistics Malaysia. In a statement yesterday, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the decline in August was also attributable to the contraction in the food, beverages and tobacco sub-sector by 6.6% and the wood, furniture, paper products and printing sub-sector by 0.1%. On a monthly basis, the sales value in August rebounded to 5.8% versus a 2.4% contraction in July. For export-oriented industries, Mohd Uzir said the sales value, which accounted for 72.7% of total sales, decreased 6.7% in August from a contraction of 7% in July, mainly owing to the lower sales in the manufacture of coke and refined petroleum products (-19.7%), manufacture of vegetable and animal oils and fats (-15.1%) and the manufacture of rubber products (-8.8%). For domestic-oriented industries, he said the sales value grew 7.2% in August versus 9.1% in the previous month. For the first eight months of 2023, the sales value of the manufacturing sector stood at RM1.2 trillion, up 1.7% compared with the same period in the preceding year. MYAirline asks affected passengers to contact representatives for refunds PETALING JAYA: Low-cost carrier MYAirline has requested all affected passengers to contact its representatives at [email protected] (from 7am to 12 midnight) for refunds. In a statement yesterday, MyAirline also apologised for not providing ample time to passengers who have been stranded at airports. It said that due to “deep financial constraints” it is facing, it is unable to offer affected passengers at airports any immediate “service recovery options”. Meanwhile, three airlines – AirAsia, Batik Air and Malaysia Airlines – have extended a lifeline to passengers and employees affected by the suspension of MYAirline’s operations. In a statement, AirAsia announced a special offer of a 50% discount on base fares exclusively for MYAirline passengers. The special offer is applicable to all MYAirline passengers with confirmed flight bookings to and from Kuala Lumpur, Langkawi, Penang, Tawau, Kota Bharu, Kuching, Kota Kinabalu, Kota KinabaluTawau, and Don Mueng-Bangkok and Suvarnabhumi-Bangkok from yesterday until Nov 30. The 50% base fare is for one-way fare excluding airport tax, Malaysian Aviation Commission fee, fuel surcharge and other applicable fees. Other terms and conditions are applicable. To redeem the offer, affected passengers can present their confirmed MYAirline flight bookings at AirAsia sales counters at KL Sentral in Kuala Lumpur, Kuala Lumpur International Airport (Terminal 2) in Sepang, Langkawi International Airport, Penang International Airport, Sultan Ismail Petra Airport (Kota Bharu), Kuching International Airport, Tawau Airport, Kota Kinabalu International Airport, Don Mueng International Airport and Suvarnabhumi Airport in Bangkok. “We are also pleased to consider hiring eligible and qualified individuals from MYAirline ... we encourage affected MYAirline staff to reach out to us and explore the possibilities of joining our Allstars family,” said AirAsia Aviation Group Ltd CEO Bo Lingam. Similarly, low-cost airline Batik Air is lending a hand to MYAirline passengers by offering one-way trips from Penang at RM129, Langkawi RM159, Kuching RM199, Don Mueang (Bangkok) and Kota Kinabalu RM299. These one-way, all-inclusive special fares are available until Nov 20 and are subject to the availability of seats. Bookings can be made at [email protected]. 558.15 29.74 However, the situation has improved over the last few months, especially in terms of the time period in securing foreign workers. “With a new system that has been put in place, we are overcoming the problem together with the Human Resources Ministry and the Home Ministry,” he said. Commenting on Budget 2024 that will be tabled today in Parliament, Nanta said his ministry has put forth its requests and recommendations to ensure that the construction sector’s role will be enhanced in advancing the growth and development of the nation’s economy. “We hope most of our requests (made to the Finance Ministry) would be positively answered. “We have received some indication that the budget will be quite good in terms of rejuvenating the industry as it plays a crucial and integral part of the economy and nation building,” said the minister. Master Builders Association Malaysia president Oliver HC Wee said MBAM OneBuild features 220 exhibition booths, with delegations from 15 countries including Malaysia, South Korea, China, Germany, and the United States. Themed “Shaping the Future of Construction”, the three-day event which began on Wednesday features talks and seminars that highlight current and future landscape of digital construction in Malaysia as well as efforts to shape the future of industrialisation and sustainability in the construction sector. The previous edition of the event was held in 2019. – Bernama Participation 27.2 44.4 28.4 100.0 Retail Institutions Foreign Bought RM m 522.9 870.4 636.0 2029.3 Sold RM m 581.0 930.3 518.0 2029.3 Net RM m -58.1 -59.9 118.0 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 12/10/2023

10 theSUN ON FRIDAY | OCTOBER 13, 2023 SUNBIZ Wholesale, retail trade sales climb to RM142.5b in August PETALING JAYA: Malaysia’s wholesale and retail trade recorded sales value of RM142.5 billion in August, up 6.7% compared with the same month in 2022. On a month-on-month comparison, the sales value grew 2%. In a statement yesterday, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “The increase of 6.7% year-on-year for wholesale and retail trade in August 2023 was attributed to the wholesale trade sub-sector, which rose 6.2% or RM3.7 billion to RM63.9 billion. “Retail trade expanded by 6.3% or RM3.6 billion to RM60.5 billion, followed by motor vehicles with an increase of 9.7% or RM1.6 billion to RM18.1 billion.” Meanwhile, the 2% or RM2.8 billion increase from the previous month was contributed by motor vehicles with an increase of RM1.2 billion or 7.1%. In the same period, oIncreases of 6.7% year-on-year and 2% month-on-month Sabah Development Bank, Bank Pembangunan in deal to fund RM12b worth of projects KOTA KINABALU: Sabah Development Bank Bhd (SDB) and Bank Pembangunan Malaysia Bhd (BPMB) have signed a strategic cooperation framework agreement to jointly fund targeted development projects in Sabah for up to a total of RM12 billion. The agreement was signed in Kota Kinabalu by SDB CEO Patricia Ubing and BPMB Group CEO Roni Abdulwahab, witnessed by State Minister of Finance Sabah Datuk Seri Panglima Masidi Manjun and SDB executive chairman Datuk Seri Panglima Lim Haw Kuang. Masidi said, “This collaboration will be an opportune platform to explore ways to finance sound development projects for the benefit of Sabah. This will act as a catalyst to boost Sabah’s economic and social development, with many From left: Lim, Patricia, Roni, Masidi at the signing ceremony retail trade recorded a growth of 1.4% or RM0.9 billion, while wholesale trade rose 1.2% or RM0.8 billion compared with the month before. Mohd Uzir said the growth of 6.2% year-on-year in wholesale trade was attributed to other specialised wholesale which rose RM1.5 billion or 6.2% to RM25 billion. This was followed by wholesale of food, beverages and tobacco (8.1%); household goods (5.4%); agricultural raw materials and live animals (7.9%); non-specialised trade (6.3%); wholesale on a fee or contract basis (10.3%); and machinery, equipment and supplies (1.0%). On a monthly comparison, wholesale trade rose 1.2%, mainly attributable to other specialised wholesale (1.8%); household goods (2.2%); and machinery, equipment and supplies (1.1%). In retail trade sub-sector, the increase of 6.3% year-on-year was supported by retail sales in nonspecialised stores which grew 9.2% or RM1.9 billion to RM23 billion. Other groups in this sub-sector also recorded positive growth, namely retail sales in specialised stores (5.7%); automotive fuel (8.9%); food, beverages and tobacco (13.3%); household goods (1.9%); sales in stalls and markets (7.1%); cultural and recreation goods (0.5%); and sales not in stores, stalls or markets (1.3%). On aonth-on-month basis, sales of this sub-sector edged up 1.4%, supported by retail sales in nonspecialised stores (1.3%), specialised stores (2.4%) and automotive fuel (2.3%). Mohd Uzir Mahidin said, “The year-on-year growth of 9.7% for the motor vehicles sub-sector in this month was fuelled by sales of motor vehicles parts and accessories which accelerated 20.7% or RM0.8 billion to record RM4.7 billion. This was followed by sales of motor vehicles (6.2%) and maintenance and repair of motor vehicles (21.6%). For monthly comparison, this sub-sector rose 7.1%, driven by sales of motor vehicles (13.2%), motor vehicles parts and accessories (1.6%) and maintenance and repair of motor vehicles (1.8%).” positive economic multiplier effects for the people.” Patricia said, “Co-financing between SDB and BPMB will be focused on hydrocarbon and transition energy, water supply and social infrastructure eco-systems initially.” Meanwhile, Roni said, “Over the last 50 years, BPMB has always played a pivotal role in spearheading numerous development projects. As a leading DFI, our strategic collaboration with SDB aligns with our purpose in delivering impact capital for national development. “Today, we evaluate all our activities using our assessment framework called Measuring Impact on National Development to make sure all our projects deliver socioeconomic and environmental impact. We are happy to partner and explore potential opportunities with SDB to further develop and spur the economy of Sabah in line with the state’s Sabah Maju Jaya Development Plan as well as the 12MP.” The three-year collaboration will see SDB and BPMB identifying opportunities for funding collaborations as well as sharing of local knowledge for the development of Sabah. SDB has been mandated by the Sabah government to focus on economically and socially meaningful and environmentally responsible development projects in Sabah only. Higher indirect tax a viable mechanism for increasing govt revenue: Economist PETALING JAYA: The government should focus on viable tax mechanisms, such as indirect tax, to raise revenue. Barclays Corporate and Investment Bank senior Southeast Asia economist (director) Brian Tan said government revenue can be further increased via indirect taxation, such as sales and services tax as well as goods and services tax. He pointed out that one of the ways to prevent the rich or the T20 income group from avoiding or evading tax is through indirect taxation because this tax is tied to spending. “If you spend, you get taxed, it’s very difficult to avoid that …. (when) the higher income group spend more on luxuries, then that consumption is taxed. “That is one big advantage of (indirect taxation). Of course, the problem is that it also affects the lower income groups,” Tan said during the recent MARC360: Pre-Budget 2024 Views Series 2 – Malaysia’s Long Story of Fiscal Consolidation webinar. He noted that higher taxes or the introduction of new taxes does not resonate well with taxpayers, particularly with the poor or the B40 income group. However, he said that for new measures to be accepted, government could offer cash handouts to offset the effects of higher taxes. According to Tan, the message the government should convey to taxpayers is that the primary aim of raising indirect taxes is for the rich to pay more. Even though the poor will be affected by the rise, the impact of higher taxes will be softened by cash handouts. He said it is possible that the B40’s take-home pay could be higher under a new indirect tax regime than previously as income collected would be more than sufficient to pay for higher cash handouts. “Ultimately, it will ensure that there is a little bit of redistribution, the (indirect tax) actually makes you better off, not worse off, and if you explain the math to people, they will understand”, he added. The government has implemented cash handout schemes such as the Household Living Aid and Bantuan Keluarga Malaysia to assist the B40 group overcome the high cost of living due to increases in the prices of goods. █ BYGLORIA HARRY BEATTY [email protected] Pikom expects digital economy to contribute 24% to GDP this year PETALING JAYA: Malaysia’s digital economy is anticipated to contribute 24.4% to gross domestic product (GDP) in 2023 and rise further to 25.5% next year, the National Tech Association of Malaysia (Pikom) said. Deputy chairman Alex Liew said the momentum will hold its strength amid the national economy forecast to grow 4.5% in 2024. “The robust escalation of the digital economy, even amid global economic upheavals, has cemented its position as a crucial pillar of Malaysia’s economic structure,” he said at a press conference on Malaysia’s Digital Job Market and Economic Outlook 2023/2024 here yesterday. On the employment front, he said the digital job market has witnessed double-digit growth in tech salaries, mirroring an economy that is judiciously harnessing technology for heightened efficiency and productivity. Pikom adviser and research chair Woon Tai Hai said the technology sector has experienced a notable year-on-year salary growth of 13.9% in 2023, a stark contrast to the 2% percentile range growth observed in the previous two years. “Pikom is projecting a 4.13% salary growth for 2024 in the sector, and an average annual growth rate of 6.45% over the next decade,” he said. Woon attributed this to the intensified competition for talent, the repatriation of skilled professionals post-pandemic, a weakening ringgit, accelerated digital transformation in the private sector and forwardthinking government policies. Pikom CEO Ong Kian Yew said benchmarking technology salaries is pivotal as it serves as a lens through which Malaysia’s competitive standing within the global and regional tech landscapes can be viewed, thereby nurturing innovation and informing policy-making. – Bernama Eversendai bidding for Saudi structural steel jobs worth RM15b PETALING JAYA: Eversendai Corporation Bhd, a structural steel design and engineering firm, has signed a memorandum of understanding with Algihaz Holding Construction to establish a joint venture company, Eversendai Algihaz Structures LLC. According to Eversendai’s filing with Bursa Malaysia yesterday, the move aims to tap into the booming construction market in Saudi Arabia. Eversendai has submitted tenders for more than RM15 billion worth of structural steel projects in Saudi Arabia. The company said it has a 200,000- tonne annual fabrication capacity in Malaysia, Singapore, India, United Arab Emirates and Qatar, and is in the process of establishing a 60,000-tonne annual fabrication capacity factory near Riyadh, Saudi Arabia.

11 * SUNBIZ theSUN ON FRIDAY | OCTOBER 13, 2023 KUALA LUMPUR: The additional RM100 million allocation by the government to SME Corporation Malaysia (SME Corp Malaysia), specifically for micro-enterprises, indirectly recognises the agency’s role and contribution in spearheading the development of micro, small and medium-sized enterprises (MSME). CEO Rizal Nainy said the substantial allocation for micro-enterprises is highly pertinent because of the group’s significance in helping achieve a more inclusive, sustainable and balanced growth vision within the framework of the Madani Economy. “I express my deep appreciation and gratitude to Prime Minister Datuk Seri Anwar Ibrahim and the Ministry of Entrepreneur Development and Cooperatives (Medac) for this additional allocation. “The new economic framework announced by the prime minister themed “Madani Economy: Empowering the People’ is very positive in supporting the development of MSMEs,” he told Bernama. Rizal said the additional funds allocated under the Micro Madani Programme are specifically for micro-enterprises, which are enterprises with annual sales of less than RM300,000 or fewer than five employees. He said SME Corp Malaysia aimed to benefit more than 20,000 micro-enterprises under this programme. “I call on and recommend microentrepreneurs to seize these opportunities and for associations and business councils to disseminate information about this programme and assist their members in applying for various initiatives and incentives offered,” he said. On challenges faced by MSMEs, Rizal said access to financing is the most challenging aspect for micro-enterprises because of the difficulty to obtain financing from banks due to weak credit and financial accounts, lack of business advancement and limited banking support. Therefore, he said SME Corp Malaysia introduced the Micro Madani Strengthening Program (Micro Madani), which provided financial facilities to micro-enterprises in the form of grants and loans through five main initiatives – Micro Business Grant (GPM), Micro Biz Financing (MBF), Geran Perniagaan Belia Mikro@TUBE (Tunas Usahawan Belia Bumiputra), Bumiputra Enterprise Enhancement Programme (BEEP) Plus Sabah and Sarawak and Voucher Incentive for MSMEs status registration. Rizal said GPM provided matching grants up to 70% of project costs or a maximum of RM200,000 for micro-enterprises to enhance their capabilities and capacities through product packaging improvements, equipment and machinery procurement, ICT and ecommerce implementation, business premise rental and promotional activities to increase sales and branding. On Geran Perniagaan Belia Mikro@TUBE initiative, he said that 262 TUBE Madani participants who have completed basic entrepreneurial training are now undergoing a 12-month monitoring period and have the opportunity to receive business grants of up to RM30,000. On BEEP Plus Sabah and Sarawak initiative, he said it is specifically implemented for MSMEs in Sabah and Sarawak, particularly indigenous bumiputra entrepreneurs, through integrated assistance, including matching grants up to a maximum of RM250,000 for capacity development. Besides that, he said the MBF scheme implemented by SME Corp Malaysia in collaboration with the Malaysian Industrial Development Finance Bhd provided loans ranging from a minimum of RM50,000 to a maximum of RM200,000, with an annual profit rate as low as 2% for micro-enterprises to finance working capital. He said the MBF financing also provided financing margins of up to 100% of the eligible expenditure for a maximum of five years. Additionally, he said SME Corp Malaysia also provided financial assistance in the form of RM100 vouchers for the exemption of the MSME status application processing fee applied under SME Corp Malaysia. “As of September 2023, SME Corp Malaysia has approved the registration of 27,054 applicants with MSME status,” he said. IPI dips in August, led by manufacturing segment’s contraction PUTRAJAYA: Malaysia’s Industrial Production Index (IPI) dipped 0.3% in August 2023 as manufacturing export-oriented industries declined while domestic-oriented industries continued to expand. According to Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin, “The IPI turned downward in August 2023, declining by 0.3% year-on-year as against a positive 0.7% recorded in the previous month. “The decrease in August 2023 was attributed to contraction in the manufacturing sector with negative 0.6% as compared to the negative 0.2% registered in July 2023. The mining sector grew marginally by 0.1% (July 2023: 4.2%) while the electricity sector expanded by 1.9% (July 2023: 1.5%). As compared to the previous month, the IPI increased by 2.8%, contrasting the negative growth of 1.8% recorded in July 2023.” He said the deterioration in manufacturing output was primarily influenced by the continuous decline in export-oriented industries, which dropped by 2.6% in August 2023 (July 2023: -2.7%). The contraction, he added was mainly due to decreases in the manufacture of coke & refined petroleum products (-7.5%); and the manufacture of computer, electronics & optical products (- 3.8%). These declines mirrored the country’s export performance, which had been trending down since March 2023 and recorded an 18.6% decrease in August 2023. On the contrary, he said the domesticoriented industries continued to expand, albeit at a moderate rate of 4.2% as compared to 6% registered in the previous month. “The increase was spearheaded by the manufacture of fabricated metal products, except machinery & equipment (7.2%); and the manufacture of food processing products (5.7%). In comparison with the preceding month, the production of the manufacturing sector rebounded to 5.1% as against the negative 4.3% registered in July 2023,” he added. Mohd Uzir said, “The output in the mining sector grew marginally by 0.1% in August 2023 as against 4.2% recorded in July 2023. The increase was propelled by a 2.6% upward momentum in natural gas production (July 2023: -0.8%) during the month. In contrast, crude oil & condensate output declined by 3.3% after a strong growth of 11.8% recorded in July 2023. As compared to the previous month, the mining index dropped by 5.4% as compared to the positive 8% registered in July 2023.” Similarly, the electricity output advanced further by 1.9% in August 2023 after registering 1.5% growth in the previous month. In comparison to the preceding month, the electricity index grew 0.3% as against 1.8% in July 2023. SME Corp gets RM100m boost for MSME development oAdditional funds allocated under the Micro Madani Programme specially for enterprises with annual sales of less than RM300,000 or fewer than five employees Bumi Armada partners Pexco to exploit Indonesia oil block KUALA LUMPUR: Bumi Armada Bhd (BAB) has entered into a Joint Operating Agreement (JOA) to form a joint venture consortium to exploit the Akia Production Sharing Contract (Akia PSC) in Indonesia. In a statement to Bursa Malaysia yesterday, the offshore energy facilities and services provider said its wholly owned subsidiary Armada Akia B.V (AABV) (as operator with 51% participating interest in the Akia PSC) and Pexco Tarakan N.V. (Pexco) (with 49% participating interest in the Akia PSC) have entered into the JOA to form a joint venture consortium on a 50:50 economic basis. It said the JOA was a related party arrangement where Objektif Bersatu Sdn Bhd (OBSB), a wholly owned subsidiary of Usaha Tegas Sdn Bhd (UTSB), has a direct 34.61% interest in BMB. Tatparanandam Ananda Krishnan is a major shareholder of BAB (by virtue of his deemed interest through inter alia UTSB and OBSB), and also holds a 100% indirect interest in Pexco. BAB had on Sept 25 announced that AABV and Pexco had signed a PSC with the Ministry of Energy and Mineral Resources of Indonesia for the Akia PSC in the Tarakan Basin, North Kalimantan Province. The Akia PSC covers an area of 8,394 sq km and contains the Aster and Tulip oil and gas discoveries. The Tulip discovery has an estimated recoverable resource of 860 bcf of gas and 60 mmboe of oil and condensate. DNeX, Strateq in pact to deepen capabilities in big data, analytics CYBERJAYA: Dagang NeXchange Bhd (DNeX) has signed a memorandum of understanding (MoU) with Strateq Sdn Bhd to collaborate in exploring opportunities in information technology (IT) namely big data and analytics. Both parties will work together to pursue projects in these areas as well as artificial intelligence (AI), data governance and relevant large-scale IT projects in both the public and private sectors. The MoU was formalised in Cyberjaya yesterday where DNeX was represented by executive chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, and Strateq by group managing director Datuk Tan Seng Kit. Also present at the event were DNeX group COO Azhar Othman, Dagang Net Technologies Transformation Sdn Bhd transformation management director Mahzan Miskan, Innovation Associates Consulting Sdn Bhd acting CEO Mazlan Tuhiman. According to Syed Zainal Abidin, this is part of efforts to expand services offerings of DNeX’s IT business unit, leveraging on its track record in implementing large scale digitalisation projects in both the public and the private sectors. “With new capabilities and a strong partnership, we look forward to opportunities to offer big data and analytics, as well as related services in the local and international markets,” he said. He added that the synergy between DNeX and Strateq can serve as a springboard to accelerate the adoption of advanced digital technologies, capitalising on capacity building and capabilities in digital technologies from both entities. “This collaboration is timely as we move in tandem with the fast-paced technological evolvement that will pave the way for digital transformation. Working with a strategic partner such as Strateq is in line with our pursuit to continue delivering innovative solutions for customers, and in this case, big data and analytics and related technologies,” he said. DNeX is a reputable IT player with an established track record in implementing projects that drive digitalisation to the public and private sector. Notable completed projects include the Integrated Government Financial and Management Accounting System for Finance Ministry and Hasil Integrated Taxation System for Inland Revenue Board of Malaysia, amongst others. Commenting on the partnership, Tan said, “The signing of this MoU between Strateq and DNeX reflects our shared vision for a dynamic and technologically advanced future. As we embark on this collaborative journey, we are determined to create new possibilities and elevate industry standards. Our partnership sets an example for innovation, creating value and unlocking opportunities for all stakeholders. Most importantly, we are committed to the responsible governance of AI, ensuring that our technological advancements benefit society at large.” “Moving forward, Strateq and DNeX will start strategising on the go-to-market approach with data and AI solutions. Both organisations are to work on account mapping and develop project timelines for implementation as well as allocation of resources and sharing of data for clear communications flow and ownership,” he added. Strateq is a global multi-disciplinary technology enabler powering digital strategies for healthcare, energy, utility, financial services and public sector with endto-end digital capabilities. From left: Azhar, Syed Zainal, Tan and Strateq enterprise software group senior director Chin Kok Loon.

12 theSUN ON FRIDAY | OCTOBER 13, 2023 SUNBIZ China tightens investment rules to curb capital outflows HONG KONG: China has for the first time issued a notice prohibiting domestic brokerages and their overseas units from taking on new mainland clients for offshore trading, according to an official document seen by Reuters and confirmed by four sources. New investments by existing mainland clients are also to be “strictly monitored” to prevent investors from bypassing China’s foreign exchange controls, said the notice. The news was first reported by Reuters. The actions, which will restrict capital outflows, come as faltering growth for the world’s secondoLocal brokerages and overseas units banned from accepting new mainland clients for offshore trading largest economy has spurred investment overseas, weighing on the yuan and prompting authorities to ramp up efforts to stabilise the currency. The yuan, one of Asia’s worstperforming currencies, has weakened 5.5% this year as China’s post-pandemic recovery quickly lost steam and the dollar climbed due to interest rate differentials and geopolitical uncertainty globally. That has forced authorities to unveil a slew of measures in recent months to stem its decline. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. It was not clear when the new directive was effective, but the sources said they believed the regulator meant effective immediately. An end-October deadline has been set for the removal of apps and websites soliciting mainland clients, the notice also said, adding that offline channels for opening accounts should also be shut down. For brokerages such as stateowned Citic Securities , CICC and Haitong Securities , offshore trading services are a key source of revenue for their Hong Kong units. The ban on offshore investments via domestic brokers comes after two online brokerages – Futu Holdings Ltd and UP Fintech Holding Ltd – in May announced the removal of apps in China amid Beijing’s sharpened focus on data security and capital outflows. The CSRC last December said the two brokerages had operated cross-border securities businesses involving domestic investors without regulatory consent. A few months later, Shanghai brokerage Guotai Junan received similar informal instruction, a source with knowledge of the matter told Reuters. Some Hong Kong units of Chinese brokerages had also stopped opening accounts for mainland clients following informal guidance from the CSRC aimed at discouraging illegal money outflows, state media reported in February. – Reuters B R I E F SCITIGROUP’S BOARD TO MEET IN S’PORE FOR FIRST TIME SINCE 2011 SINGAPORE: Citigroup Inc said yesterday that its board of directors will meet in Singapore for the first time since 2011 as a show of commitment to the city state. The meeting will be held next week, and Citi’s board and executive management team will meet with clients, staff and regulators during their visit to the Asian financial hub, the bank said in a statement. Singapore has been one of Citi’s largest markets globally and is home to one of the bank’s four wealth hubs, with staff amounting to some 8,500 in the city-state. – Reuters HONDA, MITSUBISHI IN PACT TO OPTIMISE EV BATTERY USE TOKYO: Japanese automaker Honda Motor and trading house Mitsubishi Corp have signed a pact to explore new businesses using electric vehicle (EV) batteries, the companies said yesterday. The move comes as car makers worldwide embrace battery-driven electric vehicles, but struggle with questions such as tackling the environmental impact after the batteries run out. Under their memorandum of understanding, the firms look to set up a business in monitoring usage of Honda’s mini-EV model battery and transferring the auto battery to stationary energy storage, they said. – Reuters EASYJET ANNOUNCES DEAL WITH AIRBUS WORTH NEARLY US$20B LONDON: British no-frills carrier EasyJet yesterday said it has reached a deal worth close to USUS$20 billion (RM94 billion) for 157 Airbus planes and alterations to a previous order. It will allow “fleet modernisation and growth to continue beyond 2028 while providing substantial benefits including cost efficiencies and sustainability improvements”, EasyJet CEO Johan Lundgren said in a statement, adding there was an option for 100 more jets. The announcement comes as the aviation sector is in recovery mode after posting huge losses during Covid lockdowns. – AFP J&T GLOBAL EXPRESS SEEN VALUED AT USUS$13B IN HK IPO HONG KONG: Courier startup J&T Global Express, which mainly operates in Southeast Asia and China, will launch a Hong Kong initial public offering (IPO) on Monday that will value it at about US$13 billion (RM61 billion), three people with direct knowledge of the matter said. The valuation is lower than the US$20 billion J&T achieved in a 2021 funding round. – Reuters Japan must focus on wage growth ahead of inflation: BOJ official TOKYO: Japan must focus on improving wage growth to pave the way for sustainable inflation, Bank of Japan (BOJ) board member Asahi Noguchi said yesterday, signalling that the central bank must retain its monetary easing policy for the time being. Noguchi, known for his reflationist views, made the remarks in a speech to business leaders in Niigata, north of Tokyo, calling the more than 3% wage hike rise agreed upon earlier this year, the highest in 30 years, as “significant”. “The biggest focus now is whether this (wage growth) momentum will be maintained or not from now on as well,” he said. “The BOJ’s mission for the time being is to realise it through patient monetary easing.” Analysts said his comments were neither dovish nor hawkish. “Noguchi followed the consensus view among the board members,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “His emphasis on wage growth probably meant the BOJ will retain its easy policy until wage hikes are firmly in place following the labour talks next March.” Japan’s wage trends, which have been largely flat over the past three decades since the asset-bubble burst, are closely watched by global financial markets as the BOJ has emphasised that sustainable pay hikes is a prerequisite for dismantling its massive monetary stimulus. Noguchi said household inflation expectations are steadily rising, but if wage growth lags behind price hikes, consumers would have no choice but to reduce their spending. He said consumer inflation would slow towards the latter half of this fiscal year in line with the fading impact of high import bills. Under its yield curve control (YCC) policy, the BOJ sets a -0.1% target for short-term interest rates and caps the 10-year bond yield around 0% to reflate growth and inflation. With inflation exceeding its target for more than a year, market speculation is rife that the BOJ may tweak YCC, after the central bank widened the allowance band set around the 10-year yield target, most recently in July. At his previous speech in June, Noguchi said he saw no need to make operational tweaks to YCC for the time being, saying there were no clear distortions in the shape of the yield curve. – Reuters Sluggish UK economy stages partial bounceback in August LONDON: Britain’s economy partially recovered in August after a sharp drop in July but the bigger picture remained one of only sluggish growth after last year’s surge in inflation and 14 back-to-back interest rate hikes by the Bank of England (BoE). Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. But July’s drop, when rainy weather and strikes by teachers and other workers hit the economy, was estimated to have been steeper than first thought, falling by 0.6% rather than the initial estimate of 0.5%. The last time the economy shrank by more than that on a month-on-month basis was in June last year which reflected the impact of a one-off holiday to mark the late Queen Elizabeth’s 70 years on the throne. The International Monetary Fund this week forecast Britain would have the slowest growth among the Group of Seven nations in 2024. The signs of a slowdown prompted the BoE to refrain from raising borrowing costs again last month. “The UK economy is holding up but remains in a precarious state,” said David Bharier, head of research at the British Chambers of Commerce. “Our research is clear about the issues UK firms are facing – three years of economic shocks, high inflation and interest rates, skills shortages, and trade barriers with the European Union.” Nonetheless, August’s growth reduces the possibility of a recession starting as early as the JulySeptember period. The ONS said the economy would need to grow by 0.2% in September to avoid a contraction in the third quarter, excluding other factors. The data showed Britain’s huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Over the three months to August, the economy grew by 0.3%, a performance the ONS described as modest and helped by car manufacturing and sales as well as construction. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. A survey published earlier yesterday showed the housing market remained in the doldrums in September after the climb in borrowing costs although the halt in the BoE’s run of rate hikes raised hopes of a return to growth in sales in a year’s time. A survey published earlier this week showed consumers were holding off on much of their nonessential spending as rising motor fuel prices added to the broader cost-of-living squeeze. Britain’s economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said. The agency recently revised up its estimate of the size of economic output since the pandemic, putting Britain’s recovery in the middle of the pack among similar economies and no longer the laggard. – Reuters Source: International Monetary Fund © GRAPHIC NEWS GLOBAL GROWTH FORECAST, 2023 (%) -0.6 1.5 0.7 0.1 0.6 0.3 1.8 1.4 0.7 5.2 6.1 UK Canada France Germany Italy Japan U.S. EU China India Russia The International Monetary Fund says the UK will be the only one of the advanced and emerging economies to shrink in 2023 IMF forecasts UK recession

13 * SPORTS theSUN ON FRIDAY | OCTOBER 13, 2023 NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnership Act 2012) Notice is hereby given that HSE SYNERGY PLT (LLP No. 0022442-LGN) will be making an application the Registrar of Limited Liability Partnership for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF CREATOR CAPITAL BERHAD REGISTRATION NO.: 201601023842 (1194781-P) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the members of the Company will be held at 11 Jalan Puteri 12/1, Bandar Puteri, 47100 Puchong, Selangor on Friday, 3 November 2023 at 10.30 a.m. for the following purposes:- 1. To receive the Liquidators’ Statement of Accounts showing the manner in which the winding up has been conducted and to hear any explanations thereof. 2. To determine by ordinary resolution the manner and period within which all the books and documents of the Company and of the Liquidators, shall be disposed of. Dated: 12 October 2023 LIM TENG HEONG Liquidator Unit 20-05, Level 20, Q Sentral 2A Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF HWEE TECK SDN. BHD. (Registration No. 197001001001 (10290-X)) (In Member Voluntary Liquidation) NOTICE IS HEREBY GIVEN that at the Extraordinary General Meeting of the Company duly convened and held at C-11-8-B, KL Trillion, No. 338, Jalan Tun Razak, 50400 Kuala Lumpur on 10th October 2023 the following Special Resolution was duly passed THAT the Company be wound up by way of a Member Voluntary Winding Up AND THAT Cheong Hock Theam of 33, Jalan Pekeliling, 27000 Kuala Lipis, Pahang Darul Makmur be appointed as Liquidator of the Company and to act for the purpose of winding-up the Company’s affairs and its assets and to distribute either in cash, specie or in kind any surplus of the Company. CHEONG HOCK THEAM Director Dated this 13th October 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF HWEE TECK SDN. BHD. (Registration No. 197001001001 (10290-X)) (In Member Voluntary Liquidation) NOTICE IS HEREBY GIVEN that the creditors of the abovementioned Company which is being voluntarily wound up, are required, on or before the 12th November 2023 to send in their names and addresses and full particulars of their debts or claims and the names and addresses of their solicitors (if any), to the undersigned Liquidator at care of C-11-8-B, KL Trillion, No. 338, Jalan Tun Razak, 50400 Kuala Lumpur and if so required by notice in writing from the said Liquidator, either personally or by their solicitors to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts and claims are proved. CHEONG HOCK THEAM Liquidator Dated this 13th October 2023 $'9(57,6,1* 0$5.(7,1* (;(&87,9(&/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPHWRJHWKHU ZLWKDSKRWRRI\RXYLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN DALAM MAHKAMAH TINGGI DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN, MALAYSIA GUAMAN NO. WA-22NCVC-366-07/2023 ANTARA 1. MUGILAN KRISHNARAJAH (NO. K/P : 670929-10-5335) 2. KAVIRY AMAH @ RAJESWARY A/P MUTHIAH (NO. K/P : 451112-10-5708) 3. KRISHNARAJAH A/L M. K. ARUMUGAM (NO. K/P : 390721-10-5301) …PLAINTIF-PLAINTIF DAN 1. BALBEER SINGH A/L HARDIAL SINGH (NO. K/P : 670808-05-5315) 2. TW SECURE FORCE SDN. BHD. (NO. SYARIKAT : 200501033067 [715207-U]) ...DEFENDAN-DEFENDAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, BALBEER SINGH A/L HARDIAL SINGH (NO. K/P : 670808-05-5315) 31.14.3, Bangsar Heights Off Jalan Kaloi, 59100 Kuala Lumpur. Dalam perkara Writ yang dikeluarkan pada 10 haribulan Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Writ telah dikeluarkan terhadap Defendan Pertama dalam Mahkamah Tinggi di Kuala Lumpur dalam Guaman No. WA-22NCVC-366-07/2023 oleh Mugilan Krishnarajah (No. K/P : 670929-10-5335) (“P1”), Kaviry Amah @ Rajeswary A/P Muthiah (No. K/P : 451112-10-5708) (“P2”) dan Krishnarajah A/L M. K. Arumugam (No. K/P : 390721-10-5301) (“P3”) di mana tuntutan Plaintif-Plaintif ialah untuk (a) Deklarasi bahawa Defendan Pertama (“D1”) dan Defendan Kedua (“D2”) telah memungkiri perjanjian antara P1 dengan D1 untuk menyelesaikan fasiliti dan/atau menggantikan Hartanah tersebut dengan hartanah milikan D1 selepas P1 meninggalkan khidmat D2 dan apa-apa kos berkaitan dengan proses ini ditanggung oleh Defendan-Defendan sepenuhnya; (b) Untuk pengarah-pengarah D2 memenuhi apa-apa syarat yang ditetapkan oleh RHB Bank Berhad untuk melepaskan Gadaian diatas Hartanah tersebut dan untuk pengarahpengarah D2 diarahkan menandatangani segala dokumen pelepasan (“discharge documents”) bagi membolehkan RHB Bank Berhad untuk melepaskan Hartanah tersebut dalam masa 14 hari dari tarikh penghakiman; (c) Jika pengarah-pengarah D2 gagal berbuat demikian, Pendaftar Mahkamah Tinggi Kuala Lumpur diberi kuasa sepenuhnya untuk menandatangani apa-apa dokumen berkaitan pelepasan Hartanah tersebut; (d) Bahawa pengarahpengarah D2 diarahkan untuk menyerahkan secara diri hakmilik asal Hartanah tersebut setelah diterima daripada pihak RHB Bank Berhad kepada peguamcara Plantif-Plaintif dalam tempoh 14 hari dari tarikh penerimaan hakmilik asal Hartanah tersebut; (e) Gantirugi Am; (f) Gantirugi Teruk; (g) Faedah ke atas apa-apa Gantirugi pada kadar 5% setahun dikira dari tarikh penghakiman sehingga ke tarikh penyelesaian sepenuhnya; (h) Kos; (i) Lain-lain relif yang dianggap adil dan sesuai oleh Mahkamah yang Mulia ini dan adalah diperintahkan bahawa sesalinan Writ dan Pernyataan Tuntutan keduaduanya bertarikh 10/7/2023 disampaikan kepada kamu melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Writ dan Pernyataan Tuntutan tersebut di Papan Notis Mahkamah Tinggi Kuala Lumpur, ditinggalkan di alamat Defendan Pertama di 31.14.3, Bangsar Heights Off Jalan Kaloi, 59100 Kuala Lumpur (selepas ini “alamat Defendan Pertama”) dan mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Defendan Pertama tersebut empatbelas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut. Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Tinggi Kuala Lumpur pada 31/10/2023 (secara E-Review), jam 10.00 pagi. Sekiranya kamu gagal berbuat demikian maka Penghakiman Ingkar boleh diberikan terhadap kamu. Bertarikh pada 13 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif-Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif-Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/KRISHNARAJAH/ZAINAL/1874/2023/SA) 322 Notices 302 Jobs 302 Jobs CALL TO PLACE CLASSIFIED ADS KLANG VALLEY PENANG | KEDAH PERAK | PERLIS | PAHANG | KELANTAN TERENGGANU MS. Shoba TEL: 03-7784 8888 FAX: 03-7784 4424 MALACCA | N.SEMBILAN MR. Rajah TEL: 012-628 2844 FAX: 06-764 2051 JOHOR BAHRU MS. Anne Lim TEL: 013-770 6699 FAX: 07-355 5549 NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnership Act 2012) Notice is hereby given that HSE SYNERGY PLT (LLP No. 0022442-LGN) will be making an application the Registrar of Limited Liability Partnership for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF CREATOR CAPITAL BERHAD REGISTRATION NO.: 201601023842 (1194781-P) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the members of the Company will be held at 11 Jalan Puteri 12/1, Bandar Puteri, 47100 Puchong, Selangor on Friday, 3 November 2023 at 10.30 a.m. for the following purposes:- 1. To receive the Liquidators’ Statement of Accounts showing the manner in which the winding up has been conducted and to hear any explanations thereof. 2. To determine by ordinary resolution the manner and period within which all the books and documents of the Company and of the Liquidators, shall be disposed of. Dated: 12 October 2023 LIM TENG HEONG Liquidator Unit 20-05, Level 20, Q Sentral 2A Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF HWEE TECK SDN. BHD. (Registration No. 197001001001 (10290-X)) (In Member Voluntary Liquidation) NOTICE IS HEREBY GIVEN that at the Extraordinary General Meeting of the Company duly convened and held at C-11-8-B, KL Trillion, No. 338, Jalan Tun Razak, 50400 Kuala Lumpur on 10th October 2023 the following Special Resolution was duly passed THAT the Company be wound up by way of a Member Voluntary Winding Up AND THAT Cheong Hock Theam of 33, Jalan Pekeliling, 27000 Kuala Lipis, Pahang Darul Makmur be appointed as Liquidator of the Company and to act for the purpose of winding-up the Company’s affairs and its assets and to distribute either in cash, specie or in kind any surplus of the Company. CHEONG HOCK THEAM Director Dated this 13th October 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF HWEE TECK SDN. BHD. (Registration No. 197001001001 (10290-X)) (In Member Voluntary Liquidation) NOTICE IS HEREBY GIVEN that the creditors of the abovementioned Company which is being voluntarily wound up, are required, on or before the 12th November 2023 to send in their names and addresses and full particulars of their debts or claims and the names and addresses of their solicitors (if any), to the undersigned Liquidator at care of C-11-8-B, KL Trillion, No. 338, Jalan Tun Razak, 50400 Kuala Lumpur and if so required by notice in writing from the said Liquidator, either personally or by their solicitors to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts and claims are proved. CHEONG HOCK THEAM Liquidator Dated this 13th October 2023 $'9(57,6,1* 0$5.(7,1* (;(&87,9(&/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPHWRJHWKHU ZLWKDSKRWRRI\RXYLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN DALAM MAHKAMAH TINGGI DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN, MALAYSIA GUAMAN NO. WA-22NCVC-366-07/2023 ANTARA 1. MUGILAN KRISHNARAJAH (NO. K/P : 670929-10-5335) 2. KAVIRY AMAH @ RAJESWARY A/P MUTHIAH (NO. K/P : 451112-10-5708) 3. KRISHNARAJAH A/L M. K. ARUMUGAM (NO. K/P : 390721-10-5301) …PLAINTIF-PLAINTIF DAN 1. BALBEER SINGH A/L HARDIAL SINGH (NO. K/P : 670808-05-5315) 2. TW SECURE FORCE SDN. BHD. (NO. SYARIKAT : 200501033067 [715207-U]) ...DEFENDAN-DEFENDAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, BALBEER SINGH A/L HARDIAL SINGH (NO. K/P : 670808-05-5315) 31.14.3, Bangsar Heights Off Jalan Kaloi, 59100 Kuala Lumpur. Dalam perkara Writ yang dikeluarkan pada 10 haribulan Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Writ telah dikeluarkan terhadap Defendan Pertama dalam Mahkamah Tinggi di Kuala Lumpur dalam Guaman No. WA-22NCVC-366-07/2023 oleh Mugilan Krishnarajah (No. K/P : 670929-10-5335) (“P1”), Kaviry Amah @ Rajeswary A/P Muthiah (No. K/P : 451112-10-5708) (“P2”) dan Krishnarajah A/L M. K. Arumugam (No. K/P : 390721-10-5301) (“P3”) di mana tuntutan Plaintif-Plaintif ialah untuk (a) Deklarasi bahawa Defendan Pertama (“D1”) dan Defendan Kedua (“D2”) telah memungkiri perjanjian antara P1 dengan D1 untuk menyelesaikan fasiliti dan/atau menggantikan Hartanah tersebut dengan hartanah milikan D1 selepas P1 meninggalkan khidmat D2 dan apa-apa kos berkaitan dengan proses ini ditanggung oleh Defendan-Defendan sepenuhnya; (b) Untuk pengarah-pengarah D2 memenuhi apa-apa syarat yang ditetapkan oleh RHB Bank Berhad untuk melepaskan Gadaian diatas Hartanah tersebut dan untuk pengarahpengarah D2 diarahkan menandatangani segala dokumen pelepasan (“discharge documents”) bagi membolehkan RHB Bank Berhad untuk melepaskan Hartanah tersebut dalam masa 14 hari dari tarikh penghakiman; (c) Jika pengarah-pengarah D2 gagal berbuat demikian, Pendaftar Mahkamah Tinggi Kuala Lumpur diberi kuasa sepenuhnya untuk menandatangani apa-apa dokumen berkaitan pelepasan Hartanah tersebut; (d) Bahawa pengarahpengarah D2 diarahkan untuk menyerahkan secara diri hakmilik asal Hartanah tersebut setelah diterima daripada pihak RHB Bank Berhad kepada peguamcara Plantif-Plaintif dalam tempoh 14 hari dari tarikh penerimaan hakmilik asal Hartanah tersebut; (e) Gantirugi Am; (f) Gantirugi Teruk; (g) Faedah ke atas apa-apa Gantirugi pada kadar 5% setahun dikira dari tarikh penghakiman sehingga ke tarikh penyelesaian sepenuhnya; (h) Kos; (i) Lain-lain relif yang dianggap adil dan sesuai oleh Mahkamah yang Mulia ini dan adalah diperintahkan bahawa sesalinan Writ dan Pernyataan Tuntutan keduaduanya bertarikh 10/7/2023 disampaikan kepada kamu melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Writ dan Pernyataan Tuntutan tersebut di Papan Notis Mahkamah Tinggi Kuala Lumpur, ditinggalkan di alamat Defendan Pertama di 31.14.3, Bangsar Heights Off Jalan Kaloi, 59100 Kuala Lumpur (selepas ini “alamat Defendan Pertama”) dan mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Defendan Pertama tersebut empatbelas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut. Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Tinggi Kuala Lumpur pada 31/10/2023 (secara E-Review), jam 10.00 pagi. Sekiranya kamu gagal berbuat demikian maka Penghakiman Ingkar boleh diberikan terhadap kamu. Bertarikh pada 13 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif-Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif-Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/KRISHNARAJAH/ZAINAL/1874/2023/SA) 322 Notices 302 Jobs 302 Jobs CALL TO PLACE CLASSIFIED ADS KLANG VALLEY PENANG | KEDAH PERAK | PERLIS | PAHANG | KELANTAN TERENGGANU MS. Shoba TEL: 03-7784 8888 FAX: 03-7784 4424 MALACCA | N.SEMBILAN MR. Rajah TEL: 012-628 2844 FAX: 06-764 2051 JOHOR BAHRU MS. Anne Lim TEL: 013-770 6699 FAX: 07-355 5549 DeChambeau ‘sad’ LIV denied rankings points IF the leaders of the Official World Golf Ranking won’t allow LIV Golf players to earn ranking points to qualify for major championships, 2020 US Open champ Bryson DeChambeau is urging officials to come up with an alternative. “We would love to find another way to be integrated into the major championship system since I think we have some of the best players in the world,” DeChambeauu said yesterday in Jeddah, Saudi Arabia, where he’s playing in LIV’s final regularseason tournament of the year. What would he suggest? “Top 12 on the list, the money list at the end of the year, or the points list at the end of the year would be, I think, obvious for the major championships to host the best players in the world at those four events each year,” said DeChambeau. DeChambeau, 30, called the OWGR decision “sad” but didn’t seem to have regrets about leaving the PGA Tour last year for the fledgling Saudi Arabia-funded LIV. “This is an amazing opportunity for every one of us,” he said of playing on the big-money LIV circuit, funded with Saudi Arabian cash. “I think we’ve told that narrative quite a bit, and we want to continue to change and grow the game in places like Saudi Arabia, like Singapore, like Australia, numerous places we’ve all been throughout this year, and we’re going to continue to do so over the course of time. I think that’s what’s needed, I think it’s what’s necessary, and I think we are doing a solid job of it so far, and it’s only going to get better.” Thompson’s mere presence ‘a success’ NO matter what happens for Lexi Thompson (pix) at this week’s PGA Tour Shriners Children’s Open at Las Vegas, her drive off the first tee today will make it a win in the eyes of her fellow competitors. Thompson will be the seventh woman to compete on the PGA Tour, when she participates in the third event of the FedEx Cup Fall series. It’s the first appearance for an LPGA player since Brittany Lincicome in the 2018 Barbasol Championship. “It’s everything,” PGA Tour member Luke List said yesterday when asked what Thompson’s participation means to young females looking up to her as a role model. “I know (Thompson) will handle it well,” List said. “Just crossing those barriers is really important and I think that just the tournament being progressive, and giving her the opportunity, is really cool.” Thompson agrees with List’s assessment. “If I can inspire one individual, I would feel like I’m making progress,” she said. “Of course, yes, I want to play good. That’s a whole other story. There is more to life than performing well. That’s what I want, to inspire others.” PIN HIGH

14 theSUN ON FRIDAY | OCTOBER 13, 2023 SPORTS READ OUR HERE /thesundaily SCAN ME India issue early warning Rohit’s brilliance shows just how dangerous hosts can be WORLD CUP hosts India cantered to their second successive win of the tournament after captain Rohit Sharma’s incendiary century set up their eight-wicket thrashing of Afghanistan on Wednesday. Rohit belted 131 off 84 balls, clobbering five sixes and 16 fours, as twice champions India chased down a 273- run victory target with 15 overs to spare at the Arun Jaitley Stadium. Virat Kohli made 55 not out, sealing the easy win with a boundary as the tournament hosts maintained their red-hot form ahead of tomorrow’s much-anticipated clash against arch-rivals Pakistan in Ahmedabad. Electing to bat after winning the toss, Afghanistan were 63-3 in the 14th over before skipper Hashmatullah Shahidi (80) and Azmatullah Omarzai (62) combined in a 121-run stand to frustrate India. A total in the vicinity of 300 looked within their reach but Afghanistan lost a clutch of wickets towards the end to settle for a total which proved inadequate against India’s formidable batting lineup. Rohit brought the nearly packed house to its feet with his century off 63 balls to go past Tendulkar’s record of six tons in World Cups. “Special to get a World Cup 100. Very happy about that. Don’t want to think about records too much because I know there’s a long way to go,” Rohit said after being named man of the match. “I know it’s my responsibility to give the team a good start and put the team in a good position as much as possible. It’s something I’ve done for a while and love.” Rohit’s century was also the fastest by an Indian in a World Cup, quicker than Kapil Dev’s hundred in 72 balls against Zimbabwe in 1983. “It was a good pitch to bat. I was backing myself to play my natural game,” Rohit said. Jasprit Bumrah (4-39) drew first blood when he had Ibrahim Zadran caught behind for 22. While Mohammed Siraj served the occasional freebies, Bumrah stifled the Afghan batters in his impeccable first spell which read 4-0-9-1. Following the dismissal of Rahmanullah Gurbaz and Rahmat Shah, Hashmatullah forged a 121-run partnership with Omarzai to arrest their slide and frustrate India. Hardik Pandya hit the top of Omarzai’s off-stump and Kuldeep Yadav removed Hashmatullah to trigger a mini-collapse denying the Afghans a late flourish that could have taken them nearer to the 300- mark. Rashid Khan was Afghanistan’s best bet against a rampaging Rohit but the spinner was introduced in only the 15th over with India sitting pretty at 125 for no loss. Rohit raced to a 63-ball hundred, taking a single off Mohammad Nabi, but Rashid struck in his third over dismissing Ishan Kishan (47) to break the 156-run opening stand. Rohit treated Rashid with disdain, hitting him for back-to-back fours and following it with a six, but the spinner eventually had his revenge. Rohit lost his stumps to Rashid attempting a slog-sweep, but Kohli stayed put to guide India home. – The Independent Four key IndiaPakistan battles at the World Cup Rohit vs Shaheen India skipper Rohit Sharma has struggled against Shaheen Shah Afridi’s left-arm pace in the few outings the two teams have had in recent times. Shaheen rattled Rohit’s off stump in their first Asia Cup match in Pallekele last month when the opener’s lack of footwork saw him bowled for 11. The duel began at the T20 World Cup in 2021 when Shaheen trapped Rohit lbw for a duck in the first over in Dubai with his pace and swing. But Rohit came back prepared when the rivals next met in Colombo and remained cautious against the quick despite hitting a six off his first over. Virat vs Rauf The stakes were high when Virat Kohli came up against Haris Rauf in a challenging chase at the T20 World Cup in Melbourne last year. India needed 31 off the last 18 balls while chasing 160 when Virat held his nerve to smash Rauf for two sixes to bring the house down at a packed MCG. The first was a length ball which Virat dispatched straight down the ground and he flicked the next to over fine-leg en route to victory. Virat later said the sixes were “instinctive”, but it began a great battle with the Pakistan quick which awaits another showdown in Ahmedabad. Azam vs Jasprit Jasprit Bumrah experienced the Pakistan captain’s ability at the 2021 T20 World Cup in the United Arab Emirates. Babar Azam took on the Indian attack including Bumrah, a yorker king, with ease as he and Mohammad Rizwan steered the team to a 10-wicket victory in Dubai. But two years later Jasprit and company seemed to have learnt their lessons when they bowled out Pakistan for 128 in a crushing 228- run win in an Asia Cup Super Four clash. Jasprit beat the bat of Babar on a few occasions in Colombo before Hardik Pandya got the prized wicket. Iftikhar vs Kuldeep Iftikhar Ahmed is a middle-order batsman who can play anchor or go after the bowling with equal ease but at the Asia Cup last month, India spinner Kuldeep Yadav cut short the batsman’s knock, taking a smart catch off his own bowling. Kuldeep, a left-arm wrist spinner, claimed 5- 25 in that game as India claimed a 228-run win. Iftikhar’s task on Saturday will be to tackle the spinners in the middle overs and also accelerate the scoring. AFP AFGHANISTAN lost their second successive World Cup game on Wednesday after an eightwicket defeat by India but coach Jonathan Trott says they are making progress and have got to grips with conditions in Delhi where they play England next. Afghanistan, who lost their tournament opener to Bangladesh in a low-scoring encounter, won the toss and batted first again, posting a total of 272-8 in 50 overs before a century from Rohit Sharma helped the hosts to a comfortable victory. Trott said it was a brave decision to bat first but admitted they were well short on a “350- 360 wicket”. “We thought it was the right decision to bat first, all the results pointed towards batting first as a bit of an advantage with the fact that the outfield is sort of sprayed and there’s not much dew,” he told reporters. “We thought our spinners could come into the match towards the end on a wicket that we thought might keep a little bit low in spin. But credit to India and they played really well.” Trott said his players would have benefited from having the match at the same venue where they play defending champions England on Sunday. “So a good run out for our boys, a good lesson in how to play cricket here in Delhi and look forward to the England game,” he added. Afghanistan are playing at their third World Cup and have now lost 16 of their 17 matches, their only victory coming against Scotland in 2015. But Trott said there were encouraging signs, especially when the middle order stepped up at 63-3 with Afghan skipper Hashmatullah Shahidi (80) and all-rounder Azmatullah Omarzai (62) sharing a 121-run stand. “Azmat played really well, stepping up to number five and showing the talent and the pedigree that he’s got as an all-rounder,” Trott said. “There are parts of the game we got right and there’s parts of the game that we need to get better if we want to compete against sides like India and England. “So those are the things we’re looking to get right going forward and get ready for England.” – Reuters Trott sees progress despite second defeat Virat, Naveen bury IPL hatchet INDIA superstar Virat Kohli and Afghanistan fast bowler Naveen-ulHaq put an ugly IPL episode behind them with a warm embrace during their World Cup clash on Wednesday. Naveen ran up to Virat for a hand shake in the middle of India’s successful chase at New Delhi’s Arun Jaitley Stadium and the two hugged and smiled. Commentator Ravi Shastri joked on air, saying, “whatever happens, Naveen has to go back to the Virat Kohli pavilion (at the Delhi ground).” The Delhi-born Virat was also seen gesturing to the crowd to stop taunting Naveen, who was booed by during India’s eight-wicket win. Virat and Naveen were involved in a heated on-field exchange during a tense Indian Premier League match between Virat’s Royal Challengers Bangalore and Lucknow Super Giants early this year. Mummy’s boy Boom Boom plays down run rate ploy INDIA’S eight-wicket victory over Afghanistan came with 15 overs to spare but pace spearhead Jasprit Bumrah denied it was a planned ploy to boost their net run-rate in the World Cup group stage. The hosts are only the third team to win their first two games and they are sandwiched between New Zealand and Pakistan at the top of the standings. Net runrate could come into play later in the tournament, but Jasprit denied it was a factor in India’s performance against Afghanistan. “Not at all. We are not looking at it from the beginning (of the tournament. (Besides) we did not know that Rohit will give us such a headstart,” Jasprit told reporters. Meanwhile, Bumrah says seeing his mother again takes priority over Saturday’s clash. “I’ve been away for a while now. I’ll be happy to see my mother at home,” said Bumrah. Bumrah was raised by his school principal mother Daljit after his father died suddenly just before he turned five. “I’m going to see her. That’s the first basic thing for me.” Woods, Timberlake enrage St Andrews residents TIGER WOODS and Justin Timberlake are teaming up to open a sports bar in St Andrews, but their bold plans have enraged local residents. Woods and Timberlake have embarked on a gastropub business called T-Squared Social and recently opened their first unit in Manhattan, New York. They have submitted plans to Fife Council for a second site, close to St Andrews Old Course, which would see a 1930s cinema converted into a sports bar. The New Picture House on North Street would be transformed into a dining venue featuring golf simulators and giant screens to watch sport. Local residents are critical of the plans, with one telling The Courier that the proposal to alter an “iconic” building is “disrespectful”. “This town has been very good to Tiger Woods and this is not the way to repay residents. An American bar is completely out of keeping. It will be full of American golfers with nothing left in the town for children at all,” said Neil Dobson, of St Andrews community council. Nadal keeps AO guessing RAFAEL NADAL has not confirmed whether he will be ready to return to tennis for the Australian Open, despite claims from its tournament director Craig Tiley, but the 22-time grand slam champions says he is “working hard every day” to be ready for the first grand slam of the year. The 37-year-old, who has strongly indicated that the 2024 season will be his last, has been sidelined due to injury since his second-round defeat to Mackenzie McDonald at the Australian Open last January. Nadal underwent surgery on his hip in June and following reports earlier on Wednesday, the Spaniard took to Twitter/X to say: “I appreciate the vote of confidence from the Australian Open… I am practising every day and working hard to come back asap.” It comes after Tiley appeared to confirm Nadal’s participation in next year’s Australian Open during a TV interview. “We can reveal exclusively here that Rafa will be back,” Tiley said on morning TV show Today on Wednesday. BRIEFS India’s captain Rohit Sharma plays a shot during the 2023 ICC Men’s Cricket World Cup against Afghanistan. – AFPPIX