CEOMorningBrief FRIDAY, MARCH 15, 2024 ISSUE 734/2024 theedgemalaysia.com SC CONFIRMS RAID ON SOME LISTED FIRMS OVER SUSPECTED ABUSE OF FUND-RAISING ACTIVITIES p2 HOME: Rehda defends urban redevelopment law, says it is not for developers to seize land for profit p4 Putrajaya to review minimum wage order this year, says Sim p6 Bermaz Auto adds China EV maker XPeng’s distributorship to its portfolio p9 WORLD: Former Treasury Secretary Mnuchin putting together investors to buy TikTok, CNBC reports p15 An US$80 bil crash in India’s small caps flashes warning signs p20 Govt ordered to pay Awantec RM231.55 mil over SKIN termination, one-third of damages claimed Report on Page 3. MACC confirms summoning Singaporean businessman for questioning, with more to be called up soon Report on Page 2.
friday march 15, 2024 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] SC confirms raid on some listed firms over suspected abuse of fund-raising activities MACC confirms summoning Singaporean businessman for questioning, with more to be called up soon KUALA LUMPUR (March 14): The Securities Commission Malaysia (SC) has confirmed that the premises of certain public listed companies have been raided over the suspected abuse of fund-raising activities. The SC said this in an email response to The Edge, but did not elaborate, saying it was not able to provide further details on the raids as “investigations are ongoing”. Earlier on Thursday, The Star reported, citing sources, that the regulator had kicked off the investigations following complaints and tip-offs from the public on alleged fraud, and the potential false or misleading disclosure by several public listed companies in their fund-raising exercises, including private placements, employee share option schemes and rights issues. According to the news report, the raids were said to have been conducted around the Tropicana area in Petaling Jaya. KUALA LUMPUR (March 14): The Malaysian Anti-Corruption Commission (MACC) confirmed that a prominent Singaporean businessman and property developer has been summoned to assist in an “ongoing investigation of a high profile individual in Malaysia”. “The businessman has also been ordered to declare his assets and the financial holdings of his family. I can confirm that more people are expected to be called for questioning in the near future in relation to this investigation,” its Anti-Money Laundering (AML) Division director Datuk Mohamad Zamri Zainul Abidin told The Edge. home by Justin Lim theedgemalaysia.com by Justin Lim theedgemalaysia.com the edge file photo the edge The MACC did not name the businessman, but Channel News Asia (CNA), quoting sources, reported earlier on Thursday that 83-year-old tycoon Akbar Khan had been temporarily detained by the MACC for questioning last week, after raiding his home and business premises in Kuala Lumpur. It also reported that Akbar, who is the main shareholder of BRDB Developments Sdn Bhd, had had his personal and business accounts frozen, and that the MACC had ordered him to declare his assets and his family’s financial holdings. Akbar is expected to be summoned for further questioning in the coming days, along with other former close associates, it added. The latest development came after former finance minister Tun Daim Zainuddin was charged in late January for failing to declare ownership of certain assets, including companies and properties, to the MACC. His wife Toh Puan Na’imah Khalid was also charged with failing to comply with an MACC notice to declare her assets. Akbar is known to be a close associate of Daim, who is still being investigated by the MACC for allegedly using his position for corrupt practices and money laundering. According to CNA, the MACC is scrutinising Akbar’s acquisition of Multi-Purpose Holdings Bhd in 1999 and the complex structure of the deal. Akbar is also, together with some associates, known to have played a crucial role in the repatriation of frozen shares valued at US$4 billion that were previously listed in the Central Limit Order Book (CLOB), Singapore’s now-defunct overthe-counter market that traded mostly in Malaysian shares. Akbar’s office reportedly declined to comment on the investigation when contacted by CNA, saying their “primary focus is on ensuring a fair investigation”.
FRIDAY MARCH 15, 2024 3 THEEDGE CEO MORNING BRIEF HOME Minister confirms MyCC is probing alleged rice cartel activities Govt ordered to pay Awantec RM231.55 mil over SKIN termination, one-third of damages claimed BY SYAFIQAH SALIM theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com KUALA LUMPUR (March 14): Awanbiru Technology Bhd (Awantec or formerly known as Prestariang Bhd) has won its legal suit against the government over the termination of the RM3.5 billion National Immigration Control System (SKIN) project. However, shares of Awantec dropped as much as 16.7% to an intraday low of 42.5 sen on Thursday following the High Court’s ruling, which awarded only onethird of the company’s RM733 million claim in relation to the project termination. At market close, the stock was down 6.5 sen or 12.75% to 44.5 sen, giving it a market capitalisation of RM348.06 million. Its trading volume surged to 39.56 million shares — the highest since Aug 23, 2023 — more than six times the 5.69 million shares recorded on Wednesday. The dispute dates back to April 2019 when Awantec’s wholly owned unit Prestaring Skin Sdn Bhd (PSKIN) claimed RM733 million from the government for the termination of the SKIN project, which had a 15- year contractual agreement. Despite several rounds of negotiations, both parties failed to reach a consensus on the quantum to be paid by the government, leading PSKIN to seek recourse through the legal system. However, the High Court ordered the government to pay a judgement sum of RM231.55 million, plus legal costs incurred by PSKIN during the litigation process, for which the court has directed a payment of Awanbiru Technology Bhd 0 20 40 60 80 100 Feb 22, 2023 March 14, 2024 0 20 40 60 Vol (mil) Sen 44.5 sen 36 sen *As at market close on March 14, 2024. Source: Bloomberg KUALA LUMPUR (March 14): The Malaysia Competition Commission (MyCC) has launched an investigation into cartel activities within the country’s rice industry, Minister of Domestic Trade and Consumer Affairs Datuk Armizan Mohd Ali said. This move comes in response to information and complaints received by MyCC from various parties, including the Padi and Rice Regulatory Division under the Ministry of Agriculture and Food Security. “I can confirm that MyCC has commenced an investigation into the allegations of a rice cartel’s existence, following the receipt of this information. The case will be investigated under the Competitions Act 2010,” Armizan said in parliament while concluding the debate on the royal address on Thursday. Previously, several news reports have suggested that rice cartels control over 60% of the country’s rice production, resulting in issues concerning rice seedlings and supply. The cartel has also faced accusations of involvement in unRM80,000, subject to the final legal fees. Additionally, the government has been instructed to pay post-judgement interest of 5% per annum on the judgement sum. Judge Datuk Seri Latifah Mohd Tahar delivered the decision on Thursday. PSKIN was represented by Messrs Lim Chee Wee Partnership, Awantec said in a bourse filing. Awantec sees closure after the suit win In response to the High Court’s decision, Awantec chief executive officer Azlan Zainal Abidin said, “There is closure for the matter.” “This will allow us to continue to focus on growing the company and business as we have recently won MyGovUC3.0 and Water Research Institute of Malaysia (NAHRIM) projects. My team and I are fully committed to delivering a better result for this year,” he told The Edge. PSKIN secured the RM3.5 billion SKIN project in August 2017 from the previous Barisan Nasional government under Datuk Seri Najib Razak’s administration to replace the Malaysian Immigration System (myIMMs). A year later in December 2018, the then Pakatan Harapan government helmed by Tun Dr Mahathir Mohamad decided to scrap the project in favour of a new system that would save government funds. authorised mixing of local and imported rice, which is prohibited under the law. Presently, the country’s rice industry is regulated by the Padi and Rice Regulatory Division through the Control of Padi and Rice Act 1994. The Ministry of Agriculture and Food Security has refuted allegations of a cartel dictating rice and paddy seed prices in the country. On Feb 14, Syed Abu Hussin Hafiz Syed Abdul Fasal, chairman of the National Cost of Living Action Council’s Food Prices Committee, announced the government’s plan to introduce Malaysia Madani white rice priced at RM30 for a 10kg sack. However, the Madani white rice initiative has raised concerns, with some arguing that it will only serve to benefit the cartel. Prime Minister Anwar Ibrahim has directed the Ministry of Agriculture and Food Security to engage in further discussions with relevant stakeholders before presenting the findings to the Cabinet.
FRIDAY MARCH 15, 2024 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 14): The Real Estate and Housing Developers’ Association (Rehda) has found that a majority of its members faced construction challenges in the second half of 2023 (2H2023), with a little over half remarking that costlier building materials critically impacted their business operations. In its Rehda Property Industry Survey for 2H2023 and Market Outlook for 2024 released on Thursday, the association revealed that 56% of the respondents comprising Rehda members admitted that they face construction challenges in 2H2023, as they see shortage of supply and inconsistent supply as moderate issues while low-quality products are deemed a minor issue. The construction challenges, Rehda president Datuk NK Tong said, are an ongoing issue that has been exacerbated by the Covid-19 pandemic, and is not showing signs of going away in the near future. “Ultimately, increase in [prices of] building materials means higher construction costs, which will end up hurting the rakyat. We hope that this issue will be addressed effectively, and that all industry players will play their roles to ensure Malaysians are not further affected by the increase,” he told reporters at a media briefing. The respondents reported more than 10% annual increase in average price for sand and concrete as at Dec 31, 2023. Looking ahead, the respondents are expecting an average increase of 15% in construction costs in the first half of 2024, which inevitably will result in higher property prices. Besides that, Rehda’s survey also found that overall residential launches and performance in 2H2023 experienced a downward turn compared to the first half of the year, but sales perforCostlier building materials a critical issue for property developers — Rehda KUALA LUMPUR (March 14): The Real Estate and Housing Developers’ Association (Rehda) Malaysia has defended the proposed Urban Redevelopment Act, which is currently being drafted by the Ministry of Housing and Local Government (KPKT), saying it is not to enable property developers to seize land for profit. Its president Datuk NK Tong said the insinuation that the Act is proposed for that is “completely misplaced”. “As responsible developers, Rehda members have plenty of other options to acquire development lands elsewhere which can be developed easily as compared to the redevelopment of existing buildings,” he told a media briefing on Thursday. “However, as a strategic initiative, Rehda Malaysia applauds KPKT’s vision through the minister to continue to enhance the urban fabric of cities to ensure they remain competitive and attractive globally for the benefit of the rakyat,” Tong added. KPKT minister Nga Kor Ming said last week that there would be 139 potential redevelopment sites within Kuala Lumpur that developers can bid for once the proposed law is in place. Nga said the proposed law will allow for the redevelopment of existing buildRehda defends urban development law, says it is not for developers to seize land for profit BY EMIR ZAINUL theedgemalaysia.com BY EMIR ZAINUL theedgemalaysia.com ings to increase their economic value and create more jobs and investment opportunities. However, the National House Buyers Association (HBA) suggested that the proposed redevelopment legislation is meant for developers to exploit land for profit. Tong said the proposed law will not only benefit the residents of properties affected by providing them with new and better housing, but is also for the overall betterment of the city. “The developers don’t need this but the city does. We have to let market forces decide whether it is time for an old project to be redeveloped or not. “If it’s an old project that is very well kept and is doing well, it will be too expensive anyway for anyone to redevelop it. But if it’s old, dilapidated and degrading, and pulling down the urban fabric in Kuala Lumpur, then perhaps it is more strategic for a redevelopment,” he said. mance reported a marginal increase. The findings reported 4,627 out of 12,017 sold units were new launches in 2H2023, while the remaining 61.5% were from unsold units launched before the period under review. Survey results also disclosed a higher number of unsold completed units in the RM300,001–RM400,000 category, which is considered to be within the affordable homes range, at 11% in 2H2023 compared to 3% in 1H2023. “As much as this could be a sign of unaffordability among the B40 and lower M40 categories, this is also affecting developers who have taken up the cross-subsidy method to build these houses. Not only that the sales of their open market units are affected due to the higher price, but so are the sales of their affordable units that they had to cross-subsidise for,” Tong said. Rehda president Datuk NK Tong: the proposed Urban Redevelopment Act will allow for the redevelopment of existing buildings to increase their economic value and create more jobs and investment opportunities. CONTINUES ON PAGE 5 SHAHRIN YAHYA/THE EDGE
FRIDAY MARCH 15, 2024 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 14): Malaysia has come third among selected Asian countries to witness significant growth in its population of ultra-high-net-worth individuals — those with a net worth of US$30 million (RM140.43 million) or more — from 2023 to 2028, according to global real estate consultancy Knight Frank. Based on Knight Frank’s wealth sizing model, Malaysia is projected for a substantial 34.6% growth in the population of ultra-high-net-worth individuals. India has led the list with 50.1%, followed closely by China at 47%. Other Southeast Asian regional peers which are included in the analysis are Indonesia with a growth rate of 34.1%, Vietnam at 30%, Singapore at 15.7%, and Thailand at 14.7%. “With the mobility of wealth increasing all the time, a key question is whether future growth remains within these and other high-growth markets, or whether there is a leakage of talent to Europe, Australasia or North America,” said Knight Frank in its latest wealth report. The wealth sizing model, created by Knight Frank’s data engineering team, measures the size of high-net-worth individuals (whose net worth hits US$1 million or more), ultra-high-net-worth individuals, and billionaire cohorts in more than 200 countries and territories. Globally, Knight Frank expected the number of wealthy individuals to rise by 28.1% during the five years, with Asia leading the growth. “Outside Asia, strong growth is focused on the Middle East, Australasia and North America, with Europe lagging and Africa and Latin America likely to be the weakest regions,” it added. The global rate of expansion, while positive, remained relatively slower than the Malaysia third fastest-growing in Asia for ultrahigh-net-worth population from 2023 to 2028 — Knight Frank BY HEE EN QI theedgemalaysia.com Rising number of ultra-rich individuals in select Asian countries Country/Territory % Change 2023 2028 2028 vs 2023 India 13,263 19,908 50.1 Chinese mainland 98,551 144,897 47.0 MALAYSIA 754 1,015 34.6 Indonesia 1,479 1,984 34.1 Vietnam 752 978 30.0 South Korea 7,310 9,470 29.5 Hong Kong SAR 5,957 7,290 22.4 Taiwan 7,640 9,174 20.1 Singapore 4,783 5,535 15.7 Thailand 889 1,020 14.7 Japan 21,710 24,502 12.9 Source: Knight Frank’s 18th Edition Wealth Report Ultra-High-Net-Worth Individual Population 44% increase during the five years leading up to 2023. It said the global economy will likely be impacted by higher inflation in the medium term, leading to a lower growth outcome compared to the historical trends. Delving into Asia’s real estate landscape, Knight Frank’s head of Asia-Pacific research Christine Li pointed out that Southeast Asia, especially Thailand and Malaysia, has fallen out of favour with Chinese buyers. She said Chinese buyers have become much more selective following the slowdown in consumer and investor confidence due to the liquidity crisis in China’s property companies. “In contrast, Japan and UAE have seen increased Chinese purchases, while Australia maintains its position as the top choice for overseas property purchases,” she added in the report. Touching on the Malaysian front, Knight Frank Malaysia’s group managing director Keith Ooi said there has been a notable shift in investor sentiment with the living sector topping the investor wishlist for the first time in four years. “This surge in interest resonates globally, with strong investor enthusiasm emanating from Europe, the Middle East, North America, and Asia, signifying a remarkable opportunity for Malaysia’s real estate sector to attract diverse investment,” he said in a statement on Thursday. FROM PAGE 4 Stable OPR positive for property sector Meanwhile, Tong said that a stable overnight policy rate (OPR) by Bank Negara Malaysia (BNM) is positive for the property sector as it alleviates uncertainties for property developers to operate in a stable business environment. On top of that, the currently steady and low benchmark interest rate also contributes to a more positive homebuyers’ sentiment, he said. “Obviously it’s very good for the sentiment of buyers as they pay less in terms of the interest for loans, so that is positive for the property industry and I think [it is] positive for a country that has home-ownership aspirations for the rakyat,” Tong said. BNM on March 7 announced that the OPR would remain unchanged at 3%, a level it has maintained since July 2023. Following that, economists also maintained their initial projection that the OPR will be kept intact at 3% for the rest of the year. While the low OPR compared against the US Federal Reserve rates have been attributed to be the reason for the weaker ringgit, Tong opined that keeping the OPR unchanged is favourable for the industry in the near term. “As far as the government is concerned, I think they have been very measured in what they did and they have been very considerate in thinking about the cost burden for the rakyat by not jacking up interest rates as aggressively as they have in the US. “Unfortunately, they have been punished by certain quarters that claim that a weak ringgit shows a poorly run government. Actually no, a weak ringgit as a result of not jacking up interest rates so fast shows a very caring government to the people,” he added.
FRIDAY MARCH 15, 2024 6 THEEDGE CEO MORNING BRIEF HOME Govt seeks RM23.48 bil from Consolidated Fund for additional expenditure Putrajaya to review minimum wage order this year, says Sim Assessment of HSR proposals to focus on minimising govt’s financial input, says transport minister BY CHOY NYEN YIAU theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com KUALA LUMPUR (March 14): The federal government will conduct a review of the minimum wage order this year, said Human Resources Minister Steven Sim. The move, Sim said, is in accordance with the National Wages Consultative Council Act 2011 (Act 732), which mandates the National Wages Consultative Council to review the minimum wages order at least once every two years. “We will take into account the views of all parties, including employers and employees, and refer to socioeconomic reports such as the Bank Negara report,” Sim said in Parliament during his ministry’s winding-up speech on the royal address debate. The most recent minimum wage order, implemented on May 1, 2022, set a monthly minimum wage of RM1,500 applicable to all sectors nationwide for employers with five or more workers. Companies with fewer than five employees were granted an exemption until Jan 1, 2023, which was later extended to July of the same year. In November 2023, the government proposed a progressive wage policy (PWS), which was meant to complement existing policies such as the minimum wage policy and the Productivity Linked-Wage System, according to the Economy Minister Rafizi Ramli. The PWS, which involves gradually increasing pay for workers based on their skills, experience and performance, will commence in June 2024 and involve 1,000 companies under a pilot project. KUALA LUMPUR (March 14): The Supplementary Supply (2023) Bill 2024 was tabled for first reading in Dewan Rakyat on Thursday, paving the way for the federal government’s request for RM23.48 billion from the Consolidated Fund to accommodate additional expenditure. According to the bill, it involves the disbursement of an amount not exceeding RM23.48 billion from the Consolidated Fund for additional expenditure for services and purposes specified in the Schedule for the year 2023 that were not allocated or fully provided for by the Supply Act 2023 (Act A1679). The additional expenditure will involve 10 services, with the largest allocation going to Treasury General Services amounting to RM14.49 billion, followed by the allocation to the Contribution to Statutory Fund (RM4.2 billion) and the Ministry of Education (RM1.97 billion). Meanwhile, the Ministry of Domestic Trade and Cost of Living is allocated RM1.17 billion, followed by the Ministry of Health (RM687.89 million), the Ministry of Defence (RM410.53 million), the Election Commission (RM300 million), the Public Service Department (RM153.26 million), the Ministry of Local Government Development (RM56.91 million), and the Ministry of Youth and Sports (RM32 million). Last year, the federal government tabled a RM60.17 billion supplementary budget for the year 2022. In addition, the federal government has also tabled a second bill, the Supply (Reallocation of Appropriated Expenditure) Bill 2024, in the Lower House, to reallocate RM648.54 million to facilitate the restructuring of the Cabinet following Prime Minister Anwar Ibrahim’s first Cabinet reshuffle in December 2023. The biggest reallocation was RM340.1 million for the Ministry of Energy Transition and Water Transformation, which was split from the Ministry of Natural Resources, Energy, and Climate Change. The second biggest reallocation was RM182.26 million for the Ministry of Digital, followed by the Prime Minister’s Department (RM64.91 million), the Ministry of Communications (RM37.38 million), the Public Service Department (RM21.67 million), the Ministry of National Unity (RM1.43 million), and the Ministry of Entrepreneur and Cooperative Development (RM783,700). Both bills were tabled by Deputy Finance Minister Lim Hui Ying and will be debated in this current Parliament session. KUALA LUMPUR (March 14): The Transport Ministry will be examining concept proposals for the Kuala Lumpur-Singapore high-speed rail (HSR) project with a focus on minimising financial implications for the government. Transport Minister Anthony Loke confirmed that he has received the preliminary report from MyHSR Corp Sdn Bhd for the HSR project, saying the assessment has yet to be finalised at the ministry level. “After we finalise the evaluation, it will be taken up to the prime minister and deputy prime minister to decide the direction of the HSR project,” Loke said during ministerial question time in Dewan Rakyat on Thursday. Loke was responding to Khairil Nizam Khirudin (PN-Jerantut), who enquired about the status of the HSR project and whether the project would be funded by the government. Loke reiterated that the government’s intention for the HSR project is to be led by the private sector without any injection of government funds. “Among the main decisions that the government has made is that the project will not involve the injection of government funds, and it must be funded by the private sector. However, whether it is fully funded or any component will involve financial implications (from the government), we will have to see,” Loke said. Malaysia and Singapore signed a bilateral agreement for the 350km rail project back in 2016. It was supposed to be completed in 2026 and targeted significantly reduced travel time between Kuala Lumpur and the island republic of just 90 minutes. However, the railway project was cancelled on January 1, 2021 by the Perikatan Nasional-led government, resulting in Malaysia having to pay RM320 million in compensation to Singapore as part of the bilateral agreement. Read the full story
FRIDAY MARCH 15, 2024 7 THEEDGE CEO MORNING BRIEF I n an era when the demands of the affluent are becoming more diverse, HSBC, leveraging its strength in international and wealth management services, has launched Premier Elite, a new addition to its elevated suite of services that caters to the evolving needs and aspirations of the growing wealth segment, specifically high net worth individuals in Malaysia, paired with lifestyle solutions that go beyond traditional banking offerings. In 2022, the total liquid assets of affluent individuals in Malaysia (with assets exceeding US$100,000) stood at US$307 billion, with the high-net-worth category (those with balances exceeding US$1 million) accounting for over half of the figure1 . Premier Elite is an elevated service aimed at high-net-worth customers, with bespoke structured investments, dedicated bond services, wealth and legacy preservation, and international banking services. It also provides exclusive concierge services through HSBC’s partnerships, including worldwide medical assistance, global dining and travel privileges, as well as international tax advisory support. HSBC Bank Malaysia CEO Datuk Omar Siddiq noted the acceleration in Malaysia’s growth trajectory, driven by the government’s initiatives to attract more significant foreign direct investments and catalyse the domestic direct investment flows under the Madani Economy framework and the New Industrial Master Plan. He added that these efforts will benefit the economy, bolster Malaysia’s wealth narrative and support the country’s transition to a high-income nation. “As a leading international bank with a 140-year presence in Malaysia, we have always sought to support the needs of our customers and clients to continue to open up a world of opportunity for them. “Our Premier Elite service is in line with HSBC’s commitment to continuously strengthen our offers to meet the evolving needs and aspirations of Malaysia’s growing wealth segment while also expanding our wealth business in the country,” said Omar. Meanwhile, HSBC Malaysia country head of wealth and personal banking Linda Yip highlighted the shift in the wealth paradigm in Malaysia, with affluent customers now spanning a wider range of generations and personas. “At HSBC, we are harnessing our international strengths and leading wealth capabilities to deliver a solution to address the desires of this ever-expanding wealth segment. Premier Elite has something for everyone to meet their individual needs across their different stages of life and has been skilfully craftHSBC Premier Elite: Meeting the evolving demands of Malaysia’s affluent ed to provide all-round wealth, lifestyle and health services, and privileges to our highnet-worth customers,” she said. Premier Elite is open to new HSBC and HSBC Amanah Premier customers with a total relationship balance or TRB of at least RM3 million with the bank, while existing Premier customers currently maintaining this TRB level will be converted to Premier Elite customers. In conjunction with the launch, HSBC Premier Elite customers will stand a chance to be rewarded with a limited edition HSBC 999.9 Pure Gold Banknote when they place a minimum of RM3mil in investment and/or insurance/takaful or combination of both2 . The bank offers its Premier Elite customers Priority Product Preview for the latest wealth solutions, wealth insights exclusively curated by HSBC’s chief investment officer, bespoke structured investments across multiple asset classes, access to newly issued bonds, sukuk and private placements, diverse mutual fund choices, and ease of access to available liquidity via wealth portfolio lending. Premier Elite customers are afforded access to international tax advisory support from EY. They can also manage all their accounts from one place and make zero-fee transfers between accounts with HSBC Global View and HSBC Global Transfers. Furthermore, they can open their international accounts before leaving their home country and enjoy access to any HSBC Premier Centre in Malaysia and other cities worldwide. Premier Elite customers are entitled to Elite Concierge Privileges, including lifestyle benefits that feature priority booking and complimentary refreshments or desserts at Michelin-starred and top-ranked restaurants in Asia, two complimentary airport limousine services at selected airports locally and overseas, 12 complimentary access to exclusive airport lounges worldwide, and enhanced Air Miles accumulation with the HSBC Premier Travel Mastercard Credit Card. Additionally, Premier Elite customers can benefit from exclusive vehicle and private jet charter discounts. Premier Elite ensures peace of mind for customers with 24/7 global medical assistance, worry-free hospitalisation at selected medical institutions, and comprehensive medical evacuation and repatriation services. Protective health privileges extend to comprehensive medical coverage with a high annual limit and no lifetime limit, including an option for outpatient specialist visits and daily cash benefits during hospitalisation. Moreover, Premier Elite accords priority services with round-the-clock access to Personal Premier Elite Assistance, support from dedicated Premier Relationship Managers and the expertise of a team comprising senior wealth specialists who are able to develop a global perspective. 1 GlobalData (https://www.globaldata.com/) 2 HSBC/HSBC Amanah Wealth 999.9 Gold Notes Promotion Terms and Conditions apply. Actual product specifications may vary from the visual shown above and for illustration purpose only. (From left) Daniel Lim, Head of Distribution, HSBC Malaysia, Heather Goh, Head of Customer & Marketing, HSBC Malaysia, Kai Zhang, Head of Wealth and Personal Banking, South Asia HSBC, Linda Yip, Country Head of Wealth and Personal Banking, HSBC Malaysia, Raja Amir Shah Raja Azwa, CEO of HSBC Amanah Malaysia and Jon Chivers, Head of Wealth Management, HSBC Malaysia. Limited Edition HSBC 999.9 Pure Gold Banknote
FRIDAY MARCH 15, 2024 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 14): CTOS Digital Bhd on Thursday said its wholly owned unit CTOS Data Systems Sdn Bhd (CDS) has applied for a stay of execution of a High Court judgement after CDS was ordered to pay damages to its client over inaccurate negative credit rating. Prior to filing the stay of execution, CTOS said on Monday that CDS had lodged a notice of appeal to the Court of Appeal over the High Court’s judgement. According to the judgement dated March 7, the High Court ordered CDS to pay businesswoman Suriati Mohd Yusuf RM200,000 in damages, along with RM50,000 in costs, for an inaccurate negative credit rating. Suriati alleged that CDS had given her a negative credit rating based on inaccurate information, leading to personal and business losses. She also alleged that CDS had breached its purported duty of care, impacted her ability to obtain bank loans, and further claimed that the credit reporting agency had defamed her. CTOS, however, said that CDS has a good chance of success in its appeal as there is no duty of care to protect its client’s reputation. “Reputational loss must be made the subject of a claim in defamation. The High Court did not find that CDS had defamed the plaintiff (Suriati). It found, instead, that CDS had breached its duty of care to the plaintiff,” CTOS said in a bourse filing on Thursday. It also stressed that there was no evidence (before the High Court) that CDS’ credit score reports were published to any third parties, which could lead to defamation claims. Meanwhile, on the High Court decision that CDS and other credit reporting agencies are not legally empowered to formulate a credit score, CTOS noted that it was not raised by the plaintiff in her claim; thus, CDS did not have the opportunity to explain the requirements of the regulatory framework and its full compliance. “To the extent that it can be said that the observation of the learned judge regarding the absence of any provision under the Credit Reporting Agency (CRA) Act empowering CDS to formulate a credit score was a finding where CDS did not have the benefit of natural justice as it was not part of the plaintiff’s claim and CDS had thus not been afforded a full opportunity to be heard,” it explained. “In this regard, it was not in evidence that the plaintiff had lodged a complaint with the registrar under the CRA Act against CDS for it having acted in contravention of the said statute,” it added. CTOS seeks stay of execution of High Court’s judgement over inaccurate credit rating KUALA LUMPUR (March 14): In light of the ongoing trade war between the US and China, Malaysia has emerged as a surprising victor in the global semiconductor industry, the Financial Times (FT) and New York Times (NYT) reported. As rival manufacturers from the two global powerhouses face constraints, manufacturers in Malaysia are harnessing the chance to upscale their operations and extend their global market footprint. According to FT, the Southeast Asian country is leveraging its history of working with multinationals and improving its commercial ecosystem to rise in the sector. Escalating tensions between the US and China present multinational chipmakers with the challenge of supply chain diversification, and Malaysia is ready and able to meet this demand. Home to operations from the likes of Intel and STMicroelectronics, Malaysia has strategically upgraded its semiconductor capabilities in recent years. NYT highlighted Malaysia’s fortuitous trade links, as well as its focus on talent development in areas such as artificial intelligence (AI) and machine learning (ML), as it positions itself to attract businesses looking for alternatives to China and the US. Furthermore, the domestic investment agency Mida plans to offer additional incentives for companies investing in automation and AI. It recognises the importance of encouraging innovation to attract more global businesses. Malaysia emerges as winner in semiconductor industry amid US-China trade war — reports Operational flexibility and practical risk management have also bolstered Malaysia’s semiconductor industry. A survey conducted by FT cited the country’s manufacturing strength and logistic advantages as crucial factors helping these businesses thrive while reducing risk. Volatile geopolitics has forced multinational companies to rethink their reliance on China for semiconductor production, and with the US placing restrictions on exports to China, businesses are looking for options. According to NYT, it’s not just about finding a cheaper manufacturing alternative; it’s about finding a strategically suitable location lying outside the remit of geopolitical tensions. While Washington and Beijing continue to battle, Malaysia is reprising its role as a global manufacturing hub and is set to take a lead role in the rapidly evolving semiconductor industry. In addition, the country’s mature electronics ecosystem, combined with the Putrajaya’s forward-leaning approach to attract further investors, strengthens its position. The US-China trade war has undoubtedly caused turbulence in the global markets, but it seems to have drawn a surprising victor to the forefront. If its strategic initiatives and operational flexibility continue to attract multinational companies, Malaysia may very well secure a bright future in the global semiconductor industry, both FT and NYT concluded. BY ISABELLE FRANCIS theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com REUTERS
FRIDAY MARCH 15, 2024 9 THEEDGE CEO MORNING BRIEF HOME SMI files judicial review against SC on complaint it made nearly a year ago Bermaz Auto adds China EV maker XPeng’s distributorship to its portfolio BY CHESTER TAY theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com KUALA LUMPUR (March 14): South Malaysia Industries Bhd (SMI) has filed a judicial review against the Securities Commission Malaysia (SC) to compel the capital markets regulator to come up with a decision on a complaint it made nearly a year ago. SMI is seeking a mandamus order to compel the SC to conform with the rules of natural justice “in giving due consideration to and conduct of a proper hearing” on the group’s complaint dated March 23 last year. The complaint was regarding an alleged breach of the Capital Markets and Services Act 2007 by SMI’s substantial shareholders Honsin Apparel Sdn Bhd and HIQ Media Sdn Bhd and other parties acting in concert (PACs) with them. The leave application has been fixed for hearing on April 29 this year, said SMI in a stock exchange filing on Thursday. Honsin is wholly owned by Techbase Industries Bhd, formerly known as Prolexus Bhd, which also owns 51.91% in HIQ. In March 2023, SMI filed a complaint to the SC, alleging that Honsin and the PACs had taken control of over 33% of the company’s shareholdings without making a mandatory takeover offer. Honsin has made several attempts to wrest control of SMI’s board, but to no avail so far. According to its filing on Thursday, SMI is also seeking an order from the court to compel the SC to make a proper and definitive decision on its complaint, in accordance with proper procedures, and to communicate it to the group, with the basis and reason for its decision set out. Earlier this week, Honsin, which owns a direct 7.5% stake in SMI, filed a notice to express its intention to appoint Hong Zheng Hong and Tan Eng Gooi as directors in SMI’s annual general meeting (AGM) on March 27. Another shareholder, Chong Fu Shen, also expressed intention to appoint himself, Lum U-Jun, Chong Fu Chih and Loo Choo Hong as directors in the upcoming AGM. Fu Shen holds 0.7% interest in SMI, which makes him one of the group’s largest 30 shareholders. SMI said its board of directors will convene an emergency board meeting next Monday (March 18) and seek legal advice on the notices from Honsin and Fu Shen. SMI’s largest shareholder is Asian PAC Holdings Bhd, which owns a direct 2.25% and an indirect 9.3% stakes. Mah Sau Cheong, who is Asian PAC’s single-largest shareholder with a 32% stake, also owns a direct 7.65% interest in SMI. SMI, which has been loss-making since 2019, is involved in managing carparks, manufacturing assorted wires, and property development, none of which are profitable. As of its second quarter ended Dec 31, 2023 (2QFY2024), SMI’s deposits, bank and cash balances stood at RM9.76 million, with short-term borrowings of RM8.9 million and long-term borrowings of RM6.48 million. It is worth noting that the group owns Menara SMI, a 15-storey office tower situated along Lorong P Ramlee here. The group also owns and operates 2,230 car park bays in Kelana Square and 1,227 car park bays in Zenith Corporate park in Kelana Jaya. According to SMI’s 2QFY2024 balance sheet, it has total assets worth RM154.61 million, 59% or RM90.58 million being investment properties. SMI shares closed half a sen or 0.8% lower at 63 sen on Thursday, giving it a market capitalisation of RM132.26 million. KUALA LUMPUR (March 14): Bermaz Auto Bhd has secured the rights to sell XPeng’s vehicles and spare parts in Malaysia, and to provide after-sales services for the Chinese electric vehicle (EV) marque. Bermaz Auto currently has distributorship rights for two other automotive marques — Mazda and Kia — after automotive giant Stellantis decided to take over the sales and distribution of Peugeot vehicles in Malaysia from Bermaz Auto from March 1 this year. The XPeng distributorship was awarded by Shenzhen Xiaopeng Motors Supply Chain Management Co Ltd (Shenzhen XPeng) and Guangzhou Xiaopeng Motors Trading Co Ltd (Guangzhou XPeng), Bermaz Auto said in a statement. Shenzhen XPeng and Guangzhou XPeng oversee the distribution and sale of XPeng’s smart EVs, sale of spare parts and merchandising, and the provision of after-sales services globally, according to Bermaz. Both Shenzhen XPeng and Guangzhou XPeng are affiliates of Guangzhou Xiaopeng Motors Technology Co Ltd (XPeng Motors), the manufacturer of the XPeng marque smart EVs that is headquartered in Guangzhou, China, with offices in California, US and Munich, Germany. XPeng Motors’ stock is publicly traded on the New York Stock Exchange and the Hong Kong Stock Exchange. “This new distributorship will complement our group’s existing EV business and will bring positive synergistic benefits to all parties. It is also in line with our group’s sustainability initiatives to manage and minimise our environmental footprint by introducing more green vehicles and technologies,” said Bermaz Auto chief executive officer Datuk Francis Lee Kok Chuan. “XPeng group intends to expand its business operations over the next three years. Artificial intelligence is the key area of investment, designed to make our smart EVs more efficient, convenient, and accessible to appeal to the large and growing base of technology-savvy middle-class consumers. Our mission is to drive smart EV transformation with technology, shaping the mobility experience of the future and to optimise our customers’ mobility experience,” said XPeng founder and chief executive He Xiaopeng in the same statement. Bermaz Auto shares dipped seven sen or 2.8% to close at RM2.41 on Thursday, giving it a market capitalisation of RM2.82 billion. Year to date, the stock has climbed 3.43%. THE EDGE FILE PHOTO
FRIDAY MARCH 15, 2024 10 THEEDGE CEO MORNING BRIEF HOME NEWS IN BRIEF Exsim says property business won’t be injected into Pan Malaysia Holdings KUALA LUMPUR (March 14): Exsim Development Sdn Bhd said on Thursday that its property development business will not be injected into Pan Malaysia Holdings Bhd (PMHB). The company clarified in a statement that it is not related to Exsim Hospitality Holdings Sdn Bhd, which was acquiring a 65.9% stake in PMHB even as both companies have the same group of shareholders. “It is not the intention of the shareholders to inject the property development business of Exsim into PMHB,” Exsim Development added. Exsim Development’s statement came after Exsim Hospitality, owned by Lim’s brothers — Lim Aik Hoe, Lim Aik Kiat, and Lim Aik Fu, completed the acquisition of a 65.9% stake in PMHB for RM36.73 million. The company bought the shares at six sen apiece from three companies linked to tycoon Tan Sri Khoo Kay Peng, with Exsim Hospitality obliged to extend an unconditional offer for the remaining shares in PMHB under Malaysian takeover rules. Further, Exsim Development said that it will continue to develop properties while Exsim Hospitality focuses on hospitality management. — by Syafiqah Salim Public portion of Prolintas Infra Business Trust’s IPO oversubscribed by 3.59 times KUALA LUMPUR (March 14): The public portion of Prolintas Infra Business Trust’s initial public offering (IPO) of 27.5 million units was oversubscribed by 3.59 times after receiving a total of 7,211 applications for 126.17 million units, with a total value of RM119.9 million. Under the allocation for the Malaysian public, the Bumiputera portion received a total of 2,881 applications for 32.34 million units, representing an oversubscription rate of 1.35 times, while 4,330 applications for 93.83 million units were received under the other Malaysian public portion, representing an oversubscription rate of 5.82 times, said Prolintas in a statement on Thursday (March 14). The IPO was priced at 95 sen per share, valuing the highway concession owner at RM1.05 billion. Meanwhile, Prolintas Infra said the institutional offering, which comprises 422.95 million units made available to institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti), has been fully subscribed. — by Chester Tay Coastal Contracts acquires 82% stake in developer of overwater resort in Sabah KUALA LUMPUR (March 14): Energy infrastructure and marine services provider Coastal Contracts Bhd has ventured into the tourism industry by acquiring an 82% equity interest in a company undertaking an overwater resort in Sabah for RM18.98 million. The group said it acquired the stake in Jewel of Mabul Development Sdn Bhd (JOMD) by acquiring 100,000 shares in the company from Richard Christopher Barnes and subscribing for another 1.72 million shares. JOMD owns 31.15 hectares of land in Pulau Mabul in Sabah’s Semporna district on which the company is developing an overwater bungalow resort. Certain piling works for the land has been partly completed by the company, said Coastal Contracts in a filing with Bursa Malaysia. KK Soho House Sdn Bhd — owned by Barnes and existing JOMD director Lo Ming Leong — holds the remaining 18% stake in JOMD. The group said it will inject RM50 million in the form of share subscription in JOMD to develop Phase 1 of the resort project. — by Anis Hazim Econpile bags RM83 mil contract for earthwork-related jobs KUALA LUMPUR (March 14): Piling and foundation specialists Econpile Holdings Bhd has secured a contract worth RM83 million to undertake the sub-contract works consisting of earthworks, retaining structure, piling, and road deck and ancillary works, among others. In a filing to Bursa Malaysia on Thursday, Econpile said its wholly owned subsidiary Econpile (M) Sdn Bhd had accepted the letter of award from BRDB Developments Sdn Bhd and the project is set to be completed within 18 months from March 1, 2024. The sub-contract works are for the proposed development of 146 units of villa residences, including common facilities and club house in Taman Duta, Bukit Tunku, Kuala Lumpur. — by Luqman Amin BHIC secures contract extension from Mindef worth RM3.5 mil KUALA LUMPUR (March 14): Boustead Heavy Industries Corp Bhd (BHIC) has received a contract extension from the Ministry of Defence Malaysia (Mindef) worth RM3.5 million. In a filing with Bursa Malaysia on Thursday, BHIC said its wholly-owned subsidiary BHIC Submarine Engineering Services Sdn Bhd (BSES) had on Feb 26 received the Letter of Award dated Feb 14 for the extension of the submarine facilities upkeep contract for the Royal Malaysian Navy. The extension is for a contract period of 45 days from Jan 1 until Feb 14. “A formal contract between the government of Malaysia and BSES will be finalised and executed at a later date,” BHIC said. — by Emir Zainul HeiTech Padu sees emergence of another new substantial shareholder KUALA LUMPUR (March 14): HeiTech Padu Bhd saw Datuk Farhash Wafa Salvador emerge as a new substantial shareholder with an indirect interest of 15.9% or 16.1 million shares acquired earlier this week. Farhash was formerly political aide to Prime Minister Datuk Seri Anwar Ibrahim and PKR’s Perak chief. He was appointed as executive chairman of Excel Force MSC Bhd in May last year, and group executive chairman of Apex Equity Holdings Bhd in December 2022. HeiTech told Bursa Malaysia that Farhash has deemed interest in the company via a private vehicle Rosetta Partners Sdn Bhd, which bought 9.69 million shares on Tuesday (March 12) and 6.16 million shares on Monday. The acquisition was done via a direct business transaction, according to HeiTech’s stock exchange filing on Thursday. The acquisition price was not disclosed, but according to Bloomberg data, there were 9.69 million HeiTech shares crossed off market at RM2.15 apiece on Tuesday, a 27% discount versus the stock’s closing price of RM2.95 on the same day. — by Chester Tay
FRIDAY MARCH 15, 2024 11 THEEDGE CEO MORNING BRIEF
FRIDAY MARCH 15, 2024 12 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (March 14): The Court of Appeal has upheld the High Court’s conviction and sentence on pathologist Col (Rtd) Dr R Kunasegaran and five others for the murder of deputy public prosecutor (DPP) Datuk Kevin Morais nine years ago. In a unanimous decision read out by judge Datuk Hadhariah Syed Ismail, the three-person bench dismissed the appeal by Kunasegaran, money-lender S Ravi Chandaran, along with R Dinishvaran, S Nimalan, AK Thinesh Kumar, and M Vishwanath. “The bench found that the murder was planned carefully and the murder case is out of the ordinary. The High Court’s decision is correct. “The conviction and sentence of death by hanging is correct. That is the appropriate sentence in this gruesome case. The conviction and sentence is maintained,” judge Hadhariah said. Hadhariah sat with judges Datuk Ahmad Zaidi Ibrahim and Datuk Azmi Ariffin. She passed the conviction and sentence without hearing mitigation from lawyers representing the six accused, despite courts in death sentence cases being given the discretion to commute the sentence to life imprisonment. Kunasegaran’s counsel Datuk N Sivananthan said since the court had already decided on the conviction and sentence, without hearing mitigation, then the parties would not mitigate. Sivananthan when met outside the court said this is the first time that he had been deprived of the opportunity to mitigate the sentence, and especially considering that the government had passed laws last year giving judges the discretion on such death penalty cases. “After seeing the grounds of judgment, we will appeal the matter to the Federal Court,” he said. The Federal Court, which is the apex bench, is the final level of appellate appeals. The High Court had convicted all six on July 10, 2020, with murdering Morais somewhere along the way from Jalan Dutamas Raya, Sentul, to No 1, Jalan USJ1/6D, Subang Jaya, between 7am and 8pm on Sept 4, 2015. Morais’ body was found in a cement-filled drum which had been thrown into a swamp in Subang Jaya. His body was found in a foetal position inside a gunny sack that had been placed in a steel drum filled with cement. Five of the accused, with the exception of Kunasegaran, were involved with hitting Morais’ Proton Perdana vehicle after he left his home and then abducting the DPP. Hadhariah, who read her brief grounds, said five of the accused had planned the crime, as they met at 5.30am and went together to the victim’s house in two cars. She said one of the accused’s cars, a Mitsubishi Triton, had hit Morais’ car and the others in a different Proton Perdana car took the victim into their car. “Morais’ car was found 100% burnt at a palm oil farm in Hutan Melintang, Perak and his personal belongings were thrown into a river,” judge Hadhariah added. Not just one person involved in murder The judge ruled that there was a common motive to kill Morais as Kunasegaran had problems with a corruption case where Morais was the DPP. “The murder could not have been committed by a single person only, as evidence shows that the five accused had travelled down from Kedah to Kuala Lumpur to commit the crime as they were hired by Kunasegaran,” she said. BY HAFIZ YATIM theedgemalaysia.com Appellate court upholds conviction, sentence against six over Kevin Morais’ murder The judge said that a former co-accused, G Gunasekaran, who was the 54th prosecution witness, had testified in detail over their involvement from the accident, the disposing of Morais’ vehicle, and the buying of the cement and the steel drum in which to place the body. Hadhariah said while the accused defence claimed that Gunasekaran’s testimony could not be trusted, the court ruled and agreed with the High Court judge that his (Gunasekaran) testimony was supported by evidence, and his testimony was safe. “The court finds there is much evidence from Gunasekaran’s testimony that supports the High Court’s findings that found the guilt of all six accused. Hence, there is no need to disturb the findings by the High Court,” she said. She added that Kunasegaran admitted in his defence testimony that he had shown a picture of Morais’ burnt car to Gunasekaran as was testified by the witness (Gunasekaran), and this is recognised as a fact. The defence by the other five accused that they did not have a motive and did not know the victim was considered as an afterthought. For these reasons, the appellate court found the conviction of the six accused to be safe and the conviction is upheld. Deputy public prosecutors Datuk Mohd Dusuki Mokhtar and Mohd Fuad Abdul Aziz appeared for the prosecution.
FRIDAY MARCH 15, 2024 13 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 14): Datin Seri Rosmah Mansor’s application to rope in the police and the government as third parties in a US$14.57 million (RM68.3 million) lawsuit over 40-odd ‘missing’ pieces of jewellery has been set for hearing on May 29. Rosmah’s counsel Rajivan Nambiar confirmed the matter with The Edge on Thursday, adding that the matter will be heard before High Court judge Ong Chee Kwan. This is part of Lebanese jeweller Global Royalty Trading SAL’s lawsuit against former prime minister Datuk Seri Najib Razak’s wife for breach of contract over 43 pieces of jewellery which are allegedly missing following a raid by the authorities in 2018. As part of her defence, Rosmah had contended that if the 43 pieces of jewellery were lost, the police or the Malaysian government should be made responsible for the losses. She also claimed that the pieces of jewellery were in the possession of the authorities at all material time. Among others, Rosmah is asking for the police and the government to compensate and/or contribute to the reliefs sought by the jeweller. A defendant can initiate this against a third party who is not part of the main suit, in order to claim contribution, indemnity or any remedy which is claimed by the plaintiff. The firm, which boasts A-list clientele like Oprah Winfrey and Angelina Jolie, had refiled the US$14.57 million suit in April last year for the pieces of jewellery which were despatched to Rosmah in February 2018. In her statement of defence, Rosmah had said there were companies like Global Royalty which sought publicity for their products, and wanted her to be their customer. She added that items would be sent to her to attract buyers and she was not obligated to purchase them. In reply, the firm had said that it was a “well-established and renowned jeweller” operating internationally and did not need additional publicity from Rosmah. Previously, the High Court had also dismissed the international jeweller’s application for a summary judgement against Rosmah. Ong had ruled that there were triable issues in the case which needed to be ventilated in a full trial. The court had also allowed Rosmah’s security for cost application and fixed security cost at RM75,000 to be paid by the Beirut-based firm. Rosmah filed the security for cost application, arguing that if she was successful in the lawsuit, she would have trouble seeking costs from Lebanese-based Global Royalty as it is outside the jurisdiction of the Malaysian courts, and Malaysia does not have a reciprocal enforcement judgement in Lebanon. Rosmah had sought for the jewellery company to pay the security costs of US$1 million or its equivalent in Malaysian ringgit within 14 days of the court order. Rosmah’s bid to rope in police, govt in Lebanese jeweller lawsuit to be heard in May PUTRAJAYA (March 14): Two Court of Appeal (COA) judges are expected to rise to the Federal Court level next Monday (March 18) to fill vacant posts. This follows the retirement of Chief Judge of Malaya Tan Sri Mohamad Zabidin Md Diah earlier this year, and another vacancy at the Federal Court. A source confirmed with The Edge the proposed elevation of the two judges, as invitations have been sent out to several media (including The Edge) on Thursday for the event on Monday afternoon. The two judges are expected to receive their instruments of appointment before the His Majesty Sultan Ibrahim, King of Malaysia, on Monday morning, and take their oath before Chief Justice Tun Tengku Maimun Tuan Mat later. At the moment, there are five senior appellate court judges out of a lineup of 27 COA judges that could be selected, namely Datuk Hanipah Farikullah, Datuk Seri Kamaludin Md Said, Datuk Lee Swee Seng, Datuk Azizah Nawawi and Datuk Vazeer Alam Mydin Meera. However, the elevation of judges is not necessarily bound by seniority. The Court of Appeal is the final avenue of appeal for cases that originate from the Magistrates and Sessions courts. It can accommodate up to 32 judges, although five positions are currently vacant. With the elevation of the two COA judges on Monday, there will be seven vacancies at the appeals court level. Meanwhile, at the same event, two judicial commissioners from Sabah and Sarawak, and one from Peninsular Malaysia, are expected to be confirmed as High Court judges. Two COA judges to be elevated to Federal Court next Monday, says source BY HAFIZ YATIM theedgemalaysia.com BY TARANI PALANI theedgemalaysia.com ZAHID IZZANI/THE EDGE
FRIDAY MARCH 15, 2024 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 14): The Sessions Court on Thursday proposed an amicable resolution to the lawsuit between Datuk Seri Dr Dzulkefly Ahmad and Datuk Dr Asyraf Wajdi Dusuki regarding a Twitter post allegedly defaming the Health Minister. Lawyer Mohamed Shahrul Fazli Kamarulzaman, representing Dr Asyraf, who is Umno secretary-general, said that Judge Norakhmar Mohd Sani proposed an amicable resolution during the proceedings in chambers in the presence of counsel Jaden Phoon Wai Ken, representing Dr Dzulkefly. “The judge said the parties can reach a settlement before the trial scheduled for Jan 20 to 24, 2025,” he told reporters here. Mohamed Shahrul Fazli said the trial was supposed to be on Thursday, but it was postponed because Dr Dzulkefly was not feeling well. On April 12, 2022, Dr Dzulkefly filed a lawsuit against Dr Asyraf for allegedly posting defamatory content on his Twitter account on Aug 24, 2020, which was also shared on the defendant’s Facebook. In the statement of claim, the plaintiff alleged that the post suggests he engages in cronyism and nepotism, specifically referring to the appointment of his daughter as an Amanah Ikhtiar Malaysia (AIM) board member, implying misuse of power and position as Health Minister for personal and family benefits. Dr Dzulkefly asserted that the defamatory statements are baseless because when his daughter was appointed, AIM Court suggests amicable settlement for Dr Dzulkefly’s defamation suit against Dr Asyraf CYBERJAYA (March 14): The government has no plans to create a specific act for the purpose of regulating social media platforms, said Communications Minister Fahmi Fadzil. He said the government has never announced any intention for the drafting of such an act. “I have never heard of a social media platform regulation act, this is my first time hearing it. At this time, the ministry and the government have no plans to create a new law to regulate social media platforms,” he said after launching the Penyelesaian e-Farmasi mobile application here on Thursday. Previously, the Malaysian Communications and Multimedia Commission (MCMC) was reported to be in the process of preparing a framework to enable all social media platform providers to register with the commission to facilitate the regulation of such platforms in the country. Meanwhile, Fahmi said MCMC has been asked to expand its methods to identify parties involved in online gambling promotions and to deactivate the accounts involved. “Each of these social media platforms has its own community guidelines. Generally, abusing the platform to engage in illegal activities or violate the laws of the country can result in their accounts being affected and possibly unable to access those accounts. “So, I suggest not jeopardising the use of these platforms just for the sake of a little money or reward because there are several steps that can be taken to impose drastic restrictions, especially against those involved in unauthorised activities such as online gambling,” he said. Fahmi: No plans to create a new law to regulate social media platforms Bernama Bernama According to Fahmi, any action against users will be based on existing laws, and the most effective measure is deactivating their accounts. Earlier, while launching the e-Farmasi application by Telekom Malaysia (TM), Fahmi said it aimed to accelerate the digitalisation of healthcare service providers, especially micro, small, and medium enterprises (MSMEs), focusing on e-prescription solutions through teleconsultation. He said the initiative was a continuation of the cooperation between MCMC and the Malaysian Pharmacists Society (MPS) during the PEDi Madani Conference held last November. The initiative aligns with the government’s efforts to ensure a connected healthcare system, gathering industry expertise, regulatory standards, platforms, and user-friendly services. “This solution also reflects a significant step forward by channelling technology to segments such as pharmacists, empowering them to provide pharmaceutical services to more people, especially rural communities,” he said. Fahmi said the Madani MSME Digital Grant (GDPM) offered by the government provides incentives for accessing technology and improving operational efficiency, productivity, and services to the people. He said qualified pharmacies and healthcare centres have the opportunity to receive grants of up to 50% for connectivity services and e-Pharmacy solutions. was overseen by a Board of Trustees appointed by the government, which at the time was the Barisan Nasional administration. Furthermore, he highlighed that he was not a minister, and the Pakatan Harapan political party was not in power at that time. “In making the appointment, my daughter’s merit and qualifications were objectively evaluated. In addition, the Ministry of Health issued a media statement confirming its non-involvement in my daughter’s appointment,” Dr Dzulkefly said in his statement of claim. As such, he is seeking compensation for general damages, aggravated damages and exemplary damages as well as an injunction to prevent the defendant from reposting or spreading the defamatory content and a written apology to be published either on the defendant’s Twitter account or in a local newspaper of the plaintiff’s choice. Meanwhile, Dr Asyraf, in his defence statement, said that the post was not made with any malicious intent to harm the plaintiff’s reputation or integrity. BERNAMA
friday march 15, 2024 15 The E dge C E O m o rning brief world US retail sales rebound in February; weekly jobless claims fall Former Treasury Secretary Mnuchin putting together investors to buy TikTok, CNBC reports Gasoline, food boost US producer prices in February Reuters by Lucia Mutikani Reuters by Lucia Mutikani Reuters (March 14): Former US Treasury Secretary Steven Mnuchin is putting together an investor group to try to buy TikTok, he told CNBC on Thursday. His comment comes just a day after the US House of Representatives passed a bill that would give the short-video app’s Chinese owner ByteDance about six months to divest the US assets or face a ban. TikTok had called the bill a “ban” and urged senators to listen to their constituents before taking any action. “I think the legislation should pass and I think it should be sold,” Mnuchin told CNBC’s “Squawk Box” on Thursday. “It’s a great business and I’m going to put together a group to buy TikTok,” he said. TikTok CEO Shou Zi Chew said on Wednesday that the company will exercise its legal rights to prevent a ban. WASHINGTON (March 14): US retail sales rebounded in February, driven by increases at auto dealerships and gasoline service stations, but consumer spending is slowing as households grapple with inflation and higher borrowing costs. Retail sales rose 0.6% last month, the Commerce Department’s Census Bureau said on Thursday. Data for January was revised lower to show sales tumbling 1.1% instead of 0.8% as previously reported. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rising 0.8% in February. Sales were held down in January in part by frigid temperatures and difficulties adjusting the data for seasonal fluctuations. With those factors largely out of the way, sales are reverting to a more normal pattern. Retail sales excluding automobiles, gasoline, building materials and food services were unchanged in February. This so-called core retail sales measure corresponds most closely with the consumer spending component of gross domestic product (GDP). Core sales for January were revised to show them decreasing 0.3% instead of 0.4% as previously reported. Consumer spending is cooling in the first quarter after helping to fuel economic growth in the October-December quarter. Spending, however, remains supported by a fairly tight labour market. Economists see no imminent recession. The Atlanta Federal Reserve is forecasting GDP increasing at a 2.5% annualized rate in the first quarter. The economy grew at a 3.2% pace in the fourth quarter. Consumer spending is holding up despite higher inflation, though households are increasingly focusing on essentials and cutting back on discretionary spending. The Federal Reserve has raised interest rates by 525 basis points to the current 5.25%-5.50% range since March 2022. The US central bank is expected to start cutting rates by June. A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 209,000 for the week ended March 9. Economists had forecast 218,000 claims in the latest week. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 17,000 to 1.811 million during the week ending March 2. The government revised the data for both initial and continuing claims from 2019 through 2023. It also implemented new models to seasonally adjust both initial claims and continued claims this year and the revised seasonal factors for both series from 2019 through 2023. WASHINGTON (March 14): US producer prices increased more than expected in February amid a surge in the cost of goods like gasoline and food, which could fan fears that inflation was picking up again. The producer price index (PPI) for final demand rose 0.6% last month after advancing by an unrevised 0.3% in January, the Labor Department’s Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI climbing 0.3%. A 1.2% jump in the prices of goods accounted for nearly two-thirds of the increase in the PPI. Goods prices were driven by energy products, which surged 4.4% after declining 1.1% in January. Goods prices had edged down 0.1% in January. In the 12 months through February, the PPI shot up 1.6% after advancing 1.0% in January. Government data on Tuesday showed consumer prices increasing strongly for a second straight month in February. But economists largely shrugged off the rise, arguing that difficulties adjusting the data for price increases at the start of the year continued to exert an upward bias on inflation. Wholesale gasoline prices rose 6.8% last month. There were also increases in the prices of diesel and jet fuel. But prices for hay, hayseeds, and oilseeds fell as did those for iron and steel scrap and asphalt. Food prices rose 1.0%, amid increases in the costs of eggs and beef. Excluding food and energy, goods prices rose 0.3%, matching January’s gain. This suggests that goods deflation, the major driver of lower inflation, was drawing to an end and services would need to pick up the slack in easing price pressure. Read the full story Read also: US business inventories unchanged in January
FRIDAY MARCH 15, 2024 16 THEEDGE CEO MORNING BRIEF WORLD (March 14): US mortgage rates dropped back below 7% for the first time in a month, spurring an increase in applications for home purchases. The contract rate on a 30-year fixed mortgage decreased 18 basis points, the biggest decline in nearly three months, to 6.84% in the week ended March 8, according to Mortgage Bankers Association data released Wednesday. The MBA’s index of mortgage applications for home purchases increased 4.7% to a four-week high of 147.7. Though mortgage rates are down from their peak in October, when they reached the highest levels since 2000, they are still more than twice as high as in 2021. While housing demand has stabilised, a sustained drop in rates would help bring more prospective buyers off the sidelines. The MBA’s overall index for mortgage applications, which tracks both home purchases and refinancing, climbed 7.1% last week to a four-week high. The measure for refinancing rose 12.2%, the most in five weeks. The MBA survey uses responses from mortgage bankers, commercial banks and thrifts and has been conducted weekly since 1990. The data cover more than 75% of all retail residential mortgage applications in the US. US 30-year mortgage rate drops below 7%, spurring home purchases (March 14): US Treasury Secretary Janet Yellen said it’s “unlikely” that market interest rates will return to levels that prevailed before the Covid-19 pandemic triggered a wave of inflation and higher yields. Asked why White House projections released Monday showed markedly higher expectations for interest rates in coming years compared with projections a year ago, Yellen said the new numbers were in line with private sector forecasts. “I think it reflects current market realities and the forecasts that we’re seeing in the private sector — that it seems unlikely that yields are going to go back to being as low as they were before the pandemic,” Yellen told reporters Wednesday in Elizabethtown, Kentucky. The yield on 10-year US Treasury notes averaged 2.39% in the decade through 2019 — low by historical standards. It spiked above 5% last October after the Federal Reserve raised rates aggressively to combat inflation, and now sits just below 4.2%. A considerable debate has emerged among economists over whether, in the long run, rates would return to pre-pandemic levels or settle higher. The Treasury chief said “it’s important that the assumptions that we built into the budget are reasonable and consistent with thinking of the broad range of forecasters.” Yellen has hinted in recent weeks that her own views on the issue had shifted. In January 2023, she indicated it was more likely that low rates would return. But this January she said “the jury’s still out” on the question. The new White House projections were part of President Joe Biden’s US$7.3 trillion (RM34.2 trillion) fiscal 2025 budget proposal. They assume now that the average rates on three-month and 10-year US BY VINCE GOLLE Bloomberg Read also: Goldman Sachs to resume bets on US property, other investors warn of more pain A considerable debate has emerged among economists over whether, in the long run, rates would return to prepandemic levels or settle higher. Treasury bills and notes will be markedly higher over the next three years than they anticipated a year ago. Higher forecast The three-month rate, for example, will average 5.1% this year, up from the 3.8% projected last March, White House officials said. The 10-year yield projection rose to 4.4% from 3.6%. The 10-year yield projection might have been even higher but for the intervention of Lael Brainard, director of the National Economic Council, according to people familiar with the matter prior to the release. Higher rates on the growing burden of US debt add significantly to the overall deficit and debt figures. Under the current assumptions, the White House expects the US to spend about US$890 billion, or 3.1% of gross domestic product, on net interest expenses this year. Yellen spoke as she traveled to Kentucky to tout the Biden administration’s economic policy record, part of her stepped up efforts this year to address domestic audiences in the run-up to the 2024 elections. Yellen says rates ‘unlikely’ to return to pre-Covid levels BY VIKTORIA DENDRINOU & CHRISTOPHER CONDON Bloomberg REUTERS BLOOMBERG
friday march 15, 2024 17 The E dge C E O m o rning brief world (March 14): Gold is the number one pick in commodities markets for JPMorgan Chase & Co and the price has the potential to reach US$2,500 (RM11,720) an Gold is JPMorgan’s top pick in commodities with price eyeing US$2,500 LONDON (March 14): The International Energy Agency (IEA) on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping, though it remains far less bullish than producer group Opec. 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 supply. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecast a slight supply deficit this year after Opec+ members extended cuts, from a surplus previously. Brent crude oil rose as much as 80 cents a barrel towards US$85 after the IEA report was released, touching its highest since November. “Quite a bullish report, with upward revisions on demand growth, and lower supply growth estimates,” said UBS analyst Giovanni Staunovo. The IEA had initially forecast 2024 demand growth of 860,000 bpd in June 2023. Demand rose by 2.3 million bpd last year. “The slowdown in growth, already apparent in recent data, means that oil consumption reverts towards its historical trend after several years of volatility from the post-pandemic rebound,” the IEA said. Opec on Tuesday kept its demand growth forecast unchanged at 2.25 million bpd, meaning the views of Opec and IEA remain nearly one million bpd apart, representing almost 1% of daily world demand. Dovish signals from central banks indicated a path out of economic doldrums, the IEA said, but subdued economic data in China remains a concern. (March 14): US President Joe Biden plans to express concern over Nippon Steel’s proposed US$14.9 billion (RM69.8 billion) purchase of US Steel, a person familiar with the matter said on Wednesday, pushing the US company’s stock nearly 13% lower on bets the deal could face greater political opposition. The issue has the potential to overshadow an April 10 summit between Biden and Japanese Prime Minister Fumio Kishida aimed at boosting the long-standing security alliance between their countries in the face of growing Chinese strength. In December, Nippon Steel clinched a deal to buy the 122-year-old iconic US IEA raises oil demand outlook again but still lags Opec Biden to raise concern over Nippon Steel’s deal for US Steel — Reuters by Noah Browning & Alex Lawler Reuters by Trevor Hunnicutt & David Brunnstrom Reuters by Yvonne Yue Li & Tope Alake Bloomberg ounce this year, according to the bank’s global head of commodities research. “We believe that US$2,500 is a possibility” after bullion reached an all-time high of US$2,195.15 on Friday, Natasha Kaneva said during a Bloomberg TV interview. “Because the market tends to get overexcited.” To achieve that price target, “we need a confirmation from continued moderation in the inflation and in the jobs numbers as well and the confirmations that the Fed indeed is cutting,” said Kaneva. The Fed’s long-anticipated pivot to looser monetary policy is widely expected to boost gold’s appeal compared with yield-bearing assets like bonds. Policymakers have said they needed to see more evidence that inflation is headed toward its 2% target before lowering borrowing costs. steelmaker for a hefty premium, betting that US Steel would benefit from the spending and tax incentives in Biden’s infrastructure bill. However, several Democratic and Republican US senators have criticised the deal, citing national security concerns or raising questions about why the two companies did not consult US Steel’s main union ahead of the announcement. Donald Trump, Biden’s rival in the November US presidential election, has said he would block the acquisition of US Steel if elected. The White House said in December the deal needed to be carefully scrutinized given US Steel’s core role in producing a material that is critical to national security. The White House declined to comment on Wednesday, but a person familiar with the matter said Biden would issue a statement about the planned acquisition before Kishida arrives for his state visit. US officials and lawyers have drafted the statement and the White House has privately informed the Japanese government of Biden’s decision, according to the Financial Times, which first reported the news. Read also: Commodities get pulled into the global short-volatility trade reuters Read the full story
FRIDAY MARCH 15, 2024 18 THEEDGE CEO MORNING BRIEF WORLD TAIPEI (March 14): Apple supplier Foxconn reported on Thursday a 33% rise in fourth-quarter profit, beating estimates, thanks to booming demand for AI servers and strong sales during the peak year-end holiday season. The world’s largest contract electronics maker also forecast a slow start to 2024, but that the year would end with a significant revenue increase. The Taiwanese company said net profit for the October-December quarter rose to T$53.14 billion (RM7.9 billion) from T$40 billion in the same period the previous year. The profit beat a T$43.52 billion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. In the fourth quarter, consumer electronics including smartphones accounted for 58% of its revenue while cloud and networking products, including servers, contributed 20%. Foxconn said it expects revenue for the first quarter to slightly decline from a year earlier, with revenue for smart computer electronics also likely to drop for the period. The company, formally called Hon Hai Precision Industry Co Ltd, has said it expects slowness in this year’s first quarter to be similar to the same period of the previous three years. Still, it sees 2024 revenue increasingly significantly year-on-year, it said. Apple last month reported sales and profit that beat Wall Street estimates, powered by growth in its iPhone business though its China sales missed analysts’ targets. Apple supplier Foxconn’s 4Q profit jumps 33% y-o-y, beats forecasts BEIJING (March 13): China should rely more on structural reforms and less on economic stimulus to drive economic growth this year, Liu Shijin, a policy adviser to the central bank, said on Wednesday. Liu, a member of the People’s Bank of China monetary policy committee, said the economy can achieve its growth target of around 5% this year but that more effort is needed on both stimulus and structural reforms. “There is no issue with macroeconomic policies becoming moderately loose and more proactive, but there is a tendency to focus solely on macroeconomic policies and not even remember how to promote some structural reforms,” Liu told a forum. “The relationship between macro policies and structural reforms may need to be straightened out.” Investors and analysts are closely watching out for new reforms from Beijing to address deep-seated economic imbalances. China’s economy can potentially grow about 5%, with only one percentage point coming from the effect of policy, with the rest from “basic conditions and institutional policy environment”, suggesting reforms are more important, he said, adding that some reforms could aid growth immediately. “Some structural reform policies can also have immediate effects, which may be faster than some macroeconomic policies,” Liu said, amid concerns that reforms may not yield quick economic benefits and that some changes may hurt growth. Liu has been calling for reforms to widen migrant workers’ access to public services enjoyed by city dwellers, as well as policies that bolster private entrepreneurship. At the beginning of the annual parliament meeting last week, Premier Li Qiang announced an ambitious 2024 economic growth target of around 5%, and unveiled modest stimulus measures. (March 14): A group of massive pension funds will dominate Australia’s retirement system in the coming decades as increasing mergers and rivalry leave just a handful of powerhouse investors. That’s according to a new report from Mercer, which predicts industry assets topping A$13.6 trillion (RM42.2 trillion) by 2048, up from A$3.6 trillion currently. It sees a dozen funds controlling more than A$100 billion each by 2028, driven by mergers, organic growth and investment performance. There are currently just five funds overseeing at least that amount. At the same time, the number of funds will shrink as regulators pressure smaller and under-performing players to merge. Mercer forecasts the total falling from 107 funds to 77 over the next five years, and halving in the next decade. Australia’s pensions system is the fourth largest in the world, with its rapid growth being fuelled by the compulsory contributions of 11% of workers’ wages, rising to 12% in 2025. AustralianSuper and Australian Retirement Trust are currently the only funds with more than A$200 billion. The pace of growth, however, is expected to slow over the next 25 years as baby boomers move into retirement and draw down on their savings. Demographics such as immigration and declining birth rates are shaping forecasts of the amount of money flowing in and out of the system. Mercer said a gap in Australia’s system was that some workers didn’t have pension accounts — particularly the self-employed — meaning the system only covered 78.5% of the working age population. That compared with other developed nations which had 90% coverage. PBOC adviser calls for structural reform to spur 2024 growth Australian mega funds seen controlling US$9 tril of BY KEVIN YAO pensions Reuters BY AMY BAINBRIDGE Bloomberg BY YIMOU LEE & FAITH HUNG Reuters REUTERS
FRIDAY MARCH 15, 2024 19 THEEDGE CEO MORNING BRIEF WORLD (March 14): A cash crunch at Thailand’s largest construction company is fueling concern among investors, regulators and rating agencies already unnerved by a series of local corporate scandals and debt defaults. Italian-Thai Development Pcl confirmed on Wednesday reports that it is in talks with banks for new loans to tide over the liquidity crisis that led to delayed payments to some workers and contractors. Trading of shares in Italian-Thai, which had total liabilities of 108 billion baht (RM14 billion) including bonds, loans and trade credit as of Sept 30, was suspended this month after the contractor missed the deadline for submitting its full-year 2023 financial statement. The contractor posted a cumulative loss of about 6 billion baht from 2020 to 2022 as it took on engineering projects in places including India, Taiwan and Myanmar — where imposition of military rule led to delays, shutdowns and write-downs. The financial squeeze has forced the company to explore the sale of a mining unit and extend the maturity period of about 15 billion baht worth of bonds by two years. Italian-Thai shares have halved since a a 2023 high of 1.69 baht, giving the firm a market value of 4.5 billion baht. “The market is nervous about the banks that are owed and how much loan exposure they have,” said Narongsak Plodmechai, chief executive officer of SCB Asset Management Co., which oversees about US$36 billion of assets. “It just adds more noise to the already weak market sentiment.” Italian-Thai had total revenue of 47 billion baht in the first nine months of 2023. It swung to a loss of 45 million baht in the July-September quarter. The company has requested the stock exchange to extend the financial statement filing deadline until March 29, citing ongoing information processing and reviews by its auditor. “We have been in close discussion with related parties about Italian-Thai,” Pornanong Budsaratragoon, secretary general of Thailand’s Securities and Exchange Commission, said on March 11. “The impact will probably be much greater than other cases if the company really has financial trouble given its size.” The regulator is stepping up supervision of risky bond issuers to boost payment safeguards and investor confidence. Demand for high-yield debt in Thailand has waned after series of payment delays and corporate scandals, including one related to Stark Corp. The SEC plans to tighten rules on new bond sales and disclosure norms, it said on Thursday. Key proposals include the requirement for clear specification of highrisk bonds and disclosure of financial covenant breaches. Italian-Thai’s revenue from construction projects is insufficient to cover overall expenses and some employees have not been paid their full salaries, it said in an exchange filing Wednesday in response to media reports about its liquidity status. It expects to resolve the cash flow problem in two to three months. Thai contractor faces US$3 bil debt crunch as some overseas projects fail SINGAPORE(March 14): Economists have upgraded Singapore’s 2024 growth forecast, according to a survey by the country’s central bank published on Wednesday, with better-than-expected external growth seen as the top upside driver for the economy. The median forecast of 23 economists surveyed by the Monetary Authority of Singapore is for the economy to grow 2.4% this year, up from a forecast of 2.3% in December’s survey. The trade ministry expects gross domestic product (GDP) for 2024 to be at 1.0% to 3.0%. The economists surveyed also cut their inflation forecast, with headline inflation and core inflation expected to come in between 3.0 and 3.4%. In the December survey, they had assigned the highest probability to the 3.5 to 3.9% range for headline inflation and 3.0 to 3.4% for core inflation. MAS projects core inflation to ease to an average of 2.5–3.5% for 2024. The survey was conducted in mid-February, after the government released fourth quarter GDP results for last year that were slower than first estimates. Economists upgrade Singapore 2024 growth forecast, survey shows GDP rose 2.2% on a year-on-year basis in the fourth quarter, lower than an advance estimate of 2.8%. Majority of survey respondents do not expect the central bank to change monetary policy in the April 2024 review. MAS had kept monetary policy settings on hold in January as inflation pressures continued to moderate and growth prospects improved. It also left monetary policy unchanged in April and October last year, reflecting growth concerns, having tightened policy at five consecutive reviews prior to that. MAS has a new review schedule this year with policy announcements every quarter instead of semi-annually. Read also: Singapore’s UOB aims to double private wealth assets by 2026 Singapore Airlines readies 10-year dollar bond issuance, term sheet shows BY XINGHUI KOK Reuters BY ANUCHIT NGUYEN Bloomberg BLOOMBERG BLOOMBERG
FRIDAY MARCH 15, 2024 20 THEEDGE CEO MORNING BRIEF WORLD (March 14): Manipal Health Enterprises Pvt is looking to acquire a smaller India hospital chain — its fourth buyout since 2020 — that can propel the Temasek Holdings Pte-backed firm to being the country’s No 1 healthcare provider, toppling Apollo Hospitals Enterprise Ltd. The Bengaluru-based closely held firm, in which Temasek owns 51% equity, is in talks to buy a hospital firm in the eastern part of India, Dilip Jose, Manipal’s chief executive officer said in an interview, adding that there would be clarity on the deal in six weeks. He didn’t specify the target or the deal size. Local news website MoneyControl reported earlier this week that Manipal was in the final leg of discussions to acquire Kolkata-based Medica Synergie, which will bring in 1,200 beds. The eastern parts of India “continue to be under-penetrated and undeserved,” he said, adding that the company wanted to expand its presence in the region. The transaction, if closed, will propel Manipal’s current 9,500-bed capacity past Apollo’s 10,103 beds, underscoring the heated competition in India’s burgeoning healthcare sector as its 1.4 billion-plus population wrestles with limited access to healthcare services despite having one of world’s largest disease burden in diabetes and cardiovascular ailments. The Indian healthcare market is expected to nearly double to US$320 billion (RM1.5 trillion) by 2028, up from US$180 billion last year, Bain & Co said in a March 6 report. It’s also chronically under-penetrated by healthcare services, with only 16 beds and 7.3 physicians for every 10,000 people as of 2021, according to the World Health Organization. Temasek-backed Manipal Health vying for top Indian healthcare spot with acquisitions (March 14): A sharp correction in smallcap stocks portends souring risk appetite on the broader Indian market, which is now an underperformer in Asia Pacific after a multi-year rally. An index of small-cap stocks lost more than US$80 billion (RM375 billion) in market value in less than two weeks through Wednesday after authorities flagged risks of overheating and guided funds to limit purchases. Small- and mid-cap stock gauges of the Bombay Stock Exchange rebounded Thursday after plunging more than 4% each in the prior session. As sentiment weakens, investors are pulling money out of richly valued larger shares as well. The MSCI India Index is now lagging behind MSCI’s Asia Pacific index for a second straight month, with markets such as Taiwan and South Korea more in favour due to their exposure to chip shares and the artificial intelligence (AI) boom. Some investors anticipate losses will deepen. “The regulatory actions against small cap stocks are testimony to the valuation froth in India,” said Nitin Chanduka, a strategist at Bloomberg Intelligence. “India could continue to underperform Asia going into the national elections in the next few weeks and amid the chip rally in other markets in the region.” MSCI’s India gauge is trading at 22.7 An US$80 bil crash in India’s small caps flashes warning signs BY ASHUTOSH JOSHI & CHIRANJIVI CHAKRABORTY Bloomberg BY ADVAIT PALEPU Bloomberg Apollo, meanwhile, is also expanding, implying the country’s two largest hospital operators will keep vying for the pole position in the years to come. It plans to add more than 2,000 beds over the next four years at a cost of 30 billion rupees (RM1.7 billion), Apollo said in a recent earnings call. Actively scouting Manipal is also looking to expand into smaller Indian towns besides scouting for deals in Hyderabad and Mumbai, according to Jose, who sees no need for fund raising through an initial public offer. It’ll also add another 1,100 beds across four new hospitals in Bengaluru and Raipur by 2026, he added. Since 2020, Manipal has acquired three hospital chains — 11 hospitals owned by Malaysia’s Columbia Asia Hospitals Group, a high-end tertiary care hospital in Bengaluru and last September, AMRI Hospitals Ltd — adding nearly 2,750 beds to its network. In April, Temasek increased its stake in the company and last month, the Singapore-based private equity giant sold a part of it to Mubadala Investment Company, Novo Holdings, and others. times its one-year forward earnings, which is at a premium of 58% to a similar gauge for Asian stocks, according to data compiled by Bloomberg. The Securities and Exchange Board of India has been concerned about large flows into small- and mid-cap stocks amid an outsized rally in the riskiest area of the nation’s US$4.3 trillion market over the past year. Late last month, it asked funds to come up with measures to moderate inflows into related plans and safeguard investors from sudden redemptions. “It may not be appropriate to allow bubbles to keep building because when they burst, they impact investors adversely,” Chairwoman Madhabi Puri Buch said earlier this week. Sebi is open to allowing money managers to hold more large-cap stocks in their small-cap portfolio to manage risk, she said. Buch further said the regulator has observed “patterns of price manipulation” in new listings taking place on platforms for tiny companies. The souring mood is affecting debuts in India this week, with the three latest initial public offerings declining as much as 16% in their first trading days versus an average gain of 20% this year through Wednesday. Read the full story BLOOMBERG
friday march 15, 2024 21 The E dge C E O m o rning brief world LONDON (March 14): A total of 134 countries representing 98% of the global economy are now exploring digital versions of their currencies, with over half in advanced development, pilot or launch stages, a closely-followed study on Thursday showed. The research by the US-based Atlantic Council think tank highlighted that all G20 countries with the exception of Argentina are now in one of those far-along phases although, notably, the US is falling increasingly behind. While still inching forward on a banks only “wholesale” digital dollar, one for the wider US population now looked “stalled” the report said, with Federal Reserve chief Jerome Powell saying this month, “nothing like that is remotely close to happening”. US President Joe Biden ordered officials to look into a digital dollar in 2022 but it has become a divisive political issue with Biden’s Republican rival in this year’s US election race, Donald Trump, vowing not to allow it. “The biggest headline here is that the divergence between the world’s largest central banks over CBDCs (Central Bank Digital Currency) is growing,” the Atlantic Council’s Josh Lipsky said pointing to how much further ahead China, Europe and Japan were. Supporters say digital currencies will allow new functionality and provide an alternative to physical cash, which seems in terminal decline. But they have also fuelled protests in a number of countries over the potential for government snooping. The risk of the US lagging behind was “a more fractured international payments system” Lipsky added, saying Washington could also lose some of its global finance clout if other countries press on and set the new standards around CBDCs. Some 36 pilot projects are now underway including China’s e-CNY which is being trialled with 260 million people across 25 cities, and in Europe where the European Central Bank (ECB) is six months into digital euro “preparation” work. The Bahamas, Jamaica and Nigeria already have theirs fully up and running although the Eastern Caribbean Currency Union (ECCU) — consisting of eight countries — recently become the first to switch one off after problems left users unable to access digital wallets. Divided world The report also showed how work on wholesale CBDCs had doubled since Russia’s 2022 invasion of Ukraine and subsequent G7 sanctions response. Thirteen cross-border wholesale projects are currently underway, including one named “mBridge” which connects China, Thailand, the UAE and Hong Kong, and will expand to 11 more currently undisclosed countries this year. All BRICS member states — Brazil, Russia, India, China and South Africa — are at advanced stages and Lipsky predicted there would be a further push by the bloc this year at a summit in Russia for alternative payment systems to the dollar. They could all be part of an avalanche of major launches by 2027 as could the ECB, whose current pilot scheme is viewed as a potential blueprint for other leading major economies. China’s digital yuan is still the largest and most advanced pilot though having been trialled in various scenarios from public transport tickets and Covid checks to buying oil and precious metals. When will China fully launch the e-CNY? “That is the question,” Lipsky said. “Not this year, but 2025 or 2026? It’s hard to say.” Countries closing in on digital currencies but US lagging, study shows (March 14): Rishi Sunak’s government is working to ban foreign states from controlling or influencing UK newspapers and news magazines in a move that threatens a United Arab Emirates (UAE)-linked group’s deal for the Telegraph newspaper. Speaking in the House of Lords, Culture Minister Stephen Parkinson said the country would amend its laws to rule out newspaper and magazine deals that involve “ownership, influence or control by foreign states.” He said the target is explicitly “foreign state ownership” and therefore would not rule out foreign companies, such as Rupert Murdoch’s News Corp, from continuing to own UK papers. The proposal, which is still subject to a vote in the House of Lords and House of Commons before it becomes UK law, comes amid growing disquiet in Parliament about the takeover of the nearly 170-year-old Daily Telegraph newspaper and the Spectator magazine by investment vehicle RedBird IMI. The investor is backed by the UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan, who’s made a number of acquisitions in the UK in recent years. UK curbs on foreign media control threaten Telegraph deal Parkinson declined to comment explicitly on the Telegraph takeover, which is currently being considered by the government. He also said the ban on foreign state ownership would not apply to broadcasters or digital media. “We are extremely disappointed by today’s development. To date, RedBird IMI has made six investments across the UK and US, and we believed the UK’s media environment was worthy of further investment,” RedBird IMI said in an emailed statement. “We will now evaluate our next steps, with commercial interests continuing to be the sole priority.” RedBird IMI agreed to buy UK TV production house All3Media in February, and Sheikh Mansour also owns a majority stake in Manchester City Football Club. A representative for the Telegraph declined to comment. The Telegraph, which consistently endorses the UK Conservatives and has close ties with its leadership, is widely considered a party mouthpiece. The prospect of a new owner linked to a foreign government has caused an uproar and a slew of peers criticised the deal in the chamber on Wednesday. by Lucy White & Kitty Donaldson Bloomberg by Marc Jones Reuters Britain’s Culture Minister Stephen Parkinson said the country would amend its laws to rule out newspaper and magazine deals that involve ‘ownership, influence or control by foreign states’. bloomberg
friday march 15, 2024 22 The E dge C E O m o rning brief world (March 14): Less than a year ago, investors were gaming out what would happen when billions of dollars of bonds reached maturity dates, leaving borrowers potentially crushed by costly refinancings. Now, those fears are fizzling away, with companies rushing to sell debt to a buoyant market. The implied cost of refinancing junk-rated bonds is now at its lowest since May 2022, based on global corporate bond indexes compiled by Bloomberg. For investment-grade firms, it’s the cheapest since the summer of 2022, when a series of central bank interest rate hikes was just beginning. Those falling costs have spurred a wave of corporate bond sales and, in turn, pushed back the so-called maturity wall of debt coming due. The turnaround has come as rate cuts are built into forecasts for the summer, lowering underlying borrowing costs and creating a risk-on mood among investors — many of whom have piles of cash to put to work. And companies are seizing on the ebullience while it lasts, with the new supply of corporate bonds globally now running almost 30% ahead of last year and — by a narrow margin — the fastest pace in more than a decade, based on data compiled by Bloomberg. “The ‘refinancing penalty’ is still high, but significantly lower than it was last year. In the short term that makes supply more likely,” said Viktor Hjort, global head of credit strategy and desk analysts at BNP Paribas. Refinancing rates are no longer at the level that would have destabilized businesses, he said. Corporate bond rush is breaking down a maturity wall that everyone feared (March 14): Harvard University economics professor Kenneth Rogoff said both President Joe Biden and his predecessor and challenger Donald Trump risk sending US debt levels into dangerous territory as Washington fails to grasp that the era of ultra-low interest rates won’t come back. “Washington in general has a very relaxed attitude towards debt that I think they’re going to be sorry about,” Rogoff said on Bloomberg Television’s Wall Street Week with David Westin. “It’s just not the free lunch that Congress and perhaps the two presidential candidates have gotten used to.” While an exact “upper limit” for the federal debt cannot be known — it’s estimated by the Congressional Budget Office to climb to 116% of US gross domestic product by 2034 from 99% today — Rogoff warned that there will be challenges as the level increases. The former International Monetary Fund chief economist said the escalating borrowing load will create volatility in inflation and interest rates, and encourage political pressures on the Federal Reserve. Current CBO projections also leave “a lot of room for accidents” that drive debt even higher. “You’re taking bigger and bigger risks,” Rogoff said. “We will feel that.” Both candidates may favor policies that will drive borrowing higher, he said. “Biden’s speech suggested blowing up the debt,” he said — even after the president in his State of the Union address last week proposed tax hikes to help to pay for spending priorities. “We have really no idea what Donald Trump will do, but that’s what he did last time he was president — good guess he will do it again,” Rogoff said, referring to widening fiscal deficits when Trump was president 2017-21. In the post-global financial crisis era, ultra-low interest rates helped to limit the impact of US deficits. But the post-pandemic period is different, Rogoff said. The real benchmark interest rate is more likely to be 1.5% to 2% rather than 0%, he said. Fed policymakers’ most recent projections imply a real, or inflation-adjusted, policy rate of 0.5%. The Harvard economist also said that Trump and Biden are “certainly the two most protectionist presidents in a long time.” Trump levied tariff hikes on China as well as US allies during his term. Biden has maintained the higher tariffs on China, and Rogoff characterised his clean-energy legislation as highly protectionist in its preference for US-made products. Rogoff says Biden, Trump favour ‘blowing up’ US debt by Christopher Anstey Bloomberg by Tasos Vossos Bloomberg Washington in general has a very relaxed attitude towards debt that I think they’re going to be sorry about. It’s just not the free lunch that Congress and perhaps the two presidential candidates have gotten used to.” Rogoff differed from Nobel Prize-winning economist Paul Krugman in his analysis of Trump’s suggested 10% universal tariff on US imports. Krugman said last month that it would impose limited damage on the economy. “It’s one thing to talk about over a 50- year horizon,” where the impact would be limited, Rogoff said. A sudden imposition is “very dislocating to the economy. I think it would tend to be very recessionary, inflationary.” Introducing “10% tariffs would I think push up inflation, they push up interest rates,” he said. Read the full story
FRIDAY MARCH 15, 2024 23 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) HONG SENG CONSOLIDATED BHD 486.70 0.000 0.015 -40.00 76.6 EVERSENDAI CORP BHD 188.90 -0.060 0.330 100.00 257.7 TWL HOLDINGS BHD 85.70 0.000 0.035 16.67 192.5 PAN MALAYSIA HOLDINGS BHD 81.20 0.005 0.205 115.79 190.4 HUBLINE BHD 65.60 0.000 0.040 0.00 171.6 CTOS DIGITAL BHD 56.80 0.000 1.280 -9.22 2,956.8 MUDAJAYA GROUP BHD 54.10 0.020 0.155 -6.06 290.8 FITTERS DIVERSIFIED BHD 50.10 -0.005 0.050 0.00 117.1 GDB HOLDINGS BHD 41.00 0.025 0.255 37.84 239.1 AWANBIRU TECHNOLOGY BHD 39.60 -0.065 0.445 14.10 350.7 MICROLINK SOLUTIONS BHD 35.10 -0.035 0.420 -52.27 450.4 ZELAN BHD 32.20 0.010 0.070 -12.50 59.1 ISKANDAR WATERFRONT CITY BHD 31.90 0.020 0.775 6.16 713.9 EKOVEST BHD 30.70 0.010 0.480 -2.04 1,423.4 BORNEO OIL BHD 30.30 0.000 0.010 -33.33 119.9 HE GROUP BHD 30.10 0.040 0.525 0.00 231.0 CIMB GROUP HOLDINGS BHD 29.30 0.000 6.700 14.53 71,456.2 SP SETIA BHD GROUP 28.50 0.000 1.020 27.50 4,540.3 GFM SERVICES BHD 28.20 0.010 0.325 16.07 246.8 PUBLIC BANK BHD 28.20 0.010 4.230 -1.40 82,107.2 Data as compiled on Mar 14, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) EA HOLDINGS BHD 0.010 100.00 558.0 0.00 64.5 KEY ALLIANCE GROUP BHD 0.010 100.00 614.5 0.00 36.8 MLABS SYSTEMS BHD 0.015 50.00 360.0 0.00 21.7 METRONIC GLOBAL BHD 0.020 33.33 17.3 33.33 30.6 MYTECH GROUP BHD 0.655 31.00 4,112.4 87.14 146.6 SANICHI TECHNOLOGY BHD 0.025 25.00 0.5 0.00 35.1 XIDELANG HOLDINGS LTD 0.030 20.00 703.1 20.00 63.5 BSL CORP BHD 0.030 20.00 2,333.0 -33.33 57.9 XOX NETWORKS BHD 0.030 20.00 219.8 -14.29 34.1 REACH ENERGY BHD 0.030 20.00 1,772.3 -25.00 63.9 ZELAN BHD 0.070 16.67 32,243.3 -12.50 59.1 NEXGRAM HOLDINGS BHD 0.035 16.67 1,234.3 -22.22 25.1 EUPE CORP BHD 1.060 16.48 7,659.7 21.14 150.1 MUDAJAYA GROUP BHD 0.155 14.81 54,060.4 -6.06 290.8 DESTINI BHD 0.040 14.29 1,276.7 -33.33 83.2 VIZIONE HOLDINGS BHD 0.045 12.50 199.8 -25.00 92.1 PDZ HOLDINGS BHD 0.045 12.50 211.0 -10.00 26.5 MARINE & GENERAL BHD 0.225 12.50 9,077.7 0.00 162.9 GREEN PACKET BHD 0.045 12.50 90.6 12.50 89.8 SERN KOU RESOURCE BHD 0.910 12.35 1,721.1 21.33 981.1 Data as compiled on Mar 14, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) XOX BHD 0.010 -33.33 723.7 -33.33 51.9 EVERSENDAI CORP BHD 0.330 -15.38 188,922.8 100.00 257.7 HEITECH PADU BHD 2.430 -15.03 5,107.1 176.14 246.0 FLEXIDYNAMIC HOLDINGS BHD 0.195 -13.33 671.1 -2.50 58.4 JAG BHD 0.300 -13.04 27,383.3 0.00 184.5 AWANBIRU TECHNOLOGY BHD 0.445 -12.75 39,561.3 14.10 350.7 CLASSITA HOLDINGS BHD 0.040 -11.11 5,758.2 -11.11 49.3 SAPURA ENERGY BHD 0.040 -11.11 5,155.5 -11.11 735.0 PERMAJU INDUSTRIES BHD 0.045 -10.00 45.6 -10.00 87.6 WMG HOLDINGS BHD 0.185 -9.76 1,803.2 85.00 82.2 FITTERS DIVERSIFIED BHD 0.050 -9.09 50,122.0 0.00 117.1 GRAND CENTRAL ENTERPRISES 0.330 -8.33 9.0 -5.71 65.0 KEN HOLDINGS BHD 0.620 -8.15 1.7 -3.88 111.2 MICROLINK SOLUTIONS BHD 0.420 -7.69 35,071.9 -52.27 450.4 OMESTI BHD 0.185 -7.50 1,447.3 -36.21 100 LUSTER INDUSTRIES BHD 0.065 -7.14 2,007.4 -7.14 196.5 MINETECH RESOURCES BHD 0.135 -6.90 18,942.2 -6.90 240.9 META BRIGHT GROUP BHD 0.150 -6.25 2,489.1 -25.00 375.8 MYMBN BHD 0.150 -6.25 329.6 -21.05 57.9 RENEUCO BHD 0.075 -6.25 6,858.4 -65.91 84.1 Data as compiled on Mar 14, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HEITECH PADU BHD 2.430 -0.430 5,107.1 176.14 246.0 NESTLE MALAYSIA BHD 119.800 -0.200 261.2 1.87 28,093.1 AMWAY MALAYSIA HOLDINGS BHD 7.110 -0.180 174.7 20.92 1,168.8 MALAYAN CEMENT BHD 4.980 -0.150 1,653.7 17.73 6,530.8 SUNGEI BAGAN RUBBER CO MALAYA 4.600 -0.130 0.7 41.54 304.4 ALLIANZ MALAYSIA BHD 19.260 -0.120 32.0 4.45 3,427.7 GE-SHEN CORP BHD 3.230 -0.110 205.6 178.45 394.2 BINTULU PORT HOLDINGS BHD 5.750 -0.100 3.3 11.87 2,645.0 MESINIAGA BHD 1.520 -0.080 5.5 10.14 91.8 TA ANN HOLDINGS BHD 3.950 -0.080 521.2 7.92 1,739.8 COMINTEL CORP BHD 1.700 -0.070 1,761.2 22.30 769.3 BERMAZ AUTO BHD 2.410 -0.070 6,119.7 2.12 2,813.9 YTL POWER INTERNATIONAL BHD 3.600 -0.070 20,972.1 41.73 29,171.4 SAM ENGINEERING & EQUIPMENT 4.720 -0.070 195.8 18.24 3,195.4 AWANBIRU TECHNOLOGY BHD 0.445 -0.065 39,561.3 14.10 350.7 EVERSENDAI CORP BHD 0.330 -0.060 188,922.8 100.00 257.7 KEN HOLDINGS BHD 0.620 -0.055 1.7 -3.88 111.2 HAP SENG CONSOLIDATED BHD 4.500 -0.050 64.8 -1.10 11,203.5 NEGRI SEMBILAN OIL PALMS BHD 3.700 -0.050 23.4 18.21 259.7 REXIT BHD 1.110 -0.050 2,125.9 28.32 192.3 Data as compiled on Mar 14, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) MALAYSIA AIRPORTS HOLDINGS 9.000 0.350 4,083.6 22.28 15,017.0 APOLLO FOOD HOLDINGS BHD 5.750 0.270 130.3 -0.17 460.0 HONG LEONG INDUSTRIES BHD 10.640 0.240 73.5 15.53 3,399.2 MALAYSIAN PACIFIC INDUSTRIES 29.900 0.200 55.5 6.03 5,948.0 PPB GROUP BHD 15.300 0.180 838.5 5.66 21,765.8 HONG LEONG BANK BHD 19.260 0.170 967.4 1.90 41,750.2 KUALA LUMPUR KEPONG BHD 21.980 0.160 1,942.9 0.73 24,099.0 MYTECH GROUP BHD 0.655 0.155 4,112.4 87.14 146.6 EUPE CORP BHD 1.060 0.150 7,659.7 21.14 150.1 PARAGON UNION BHD 3.630 0.100 20.1 30.11 304.3 SERN KOU RESOURCE BHD 0.910 0.100 1,721.1 21.33 981.1 SUNWAY CONSTRUCTION GROUP 2.700 0.090 5,739.4 39.18 3,481.3 PETRONAS DAGANGAN BHD 21.340 0.080 705.2 -2.29 21,200.3 MISC BHD 7.500 0.080 2,801.3 2.88 33,478.1 BATU KAWAN BHD 19.880 0.080 30.2 -3.50 7,817.7 FCW HOLDINGS BHD 1.100 0.070 2.8 6.80 275.0 UNITED MALACCA BHD 5.050 0.070 6.0 -0.20 1,059.3 DAYANG ENTERPRISE HOLDINGS 2.350 0.060 9,909.6 46.88 2,720.8 SIME DARBY PLANTATION BHD 4.390 0.060 2,247.5 -1.57 30,360.0 TELADAN GROUP BHD 1.060 0.060 238.4 3.92 858.9 Data as compiled on Mar 14, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 39,043.32 37.83 0.10 S&P 500 * 5,165.31 -9.96 -0.19 NASDAQ 100 * 18,068.47 -150.65 -0.83 FTSE 100 * 7,772.17 -0.54 -0.01 AUSTRALIA 7,713.63 -15.82 -0.20 CHINA 3,038.23 -5.60 -0.18 HONG KONG 16,961.66 -120.45 -0.71 INDIA 73,097.28 335.39 0.46 INDONESIA 7,433.32 12.11 0.16 JAPAN 38,807.38 111.41 0.29 KOREA 2,718.76 25.19 0.94 PHILIPPINES 6,967.96 2.45 0.04 SINGAPORE 3,186.40 25.68 0.81 TAIWAN 19,937.92 9.41 0.05 THAILAND 1,394.93 10.42 0.75 VIETNAM 1,264.26 -6.25 -0.49 Data as compiled on Mar 14, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 4,291.0096.00 OIL US$ 84.680.65 RM/USD 4.6860 RM/SGD 3.5179 RM/AUD 3.1042 RM/GBP 6.0053 RM/EUR 5.1270
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Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 FRIDAY MAR 15, 2024 SCAN ME No. 8480 PP 2644/12/2012 (031195) Nursery owners need to evaluate staff, conduct mental health assessments to ensure safe environment for children: Expert Report on — page 3 Report on — page 4 Three-judge panel unanimously dismisses appeal to set aside conviction by High Court on July 10, 2020 for murdering Datuk Anthony Kevin Morais nine years ago. Report on — page 5 FESTIVE FARE ... Two committee members of Masjid India in Kuala Lumpur preparing bubur lambuk, that is cooked with more than 10 types of spices, for free distribution yesterday. – ADIB RAWI YAHYA/THESUN Report on — page 2 Flip side to flexi hours Reducing women’s salaries as trade-off for flexible working times will reinforce traditional gender roles, deepen existing wage gap and restrict opportunities for women’s personal and professional growth: Sisters in Islam ‘Hire qualified childminders to curb abuse’ Buttered dates recipe sets tongues wagging Death sentence of six in DPP case upheld Ramadan ‘discovery’ catches attention of Muslims, while nutritionists say combination of fibre in dates and butter slows down absorption of sugar and renders smaller spike in blood insulin and glucose.
FRIDAY | MAR 15, 2024 2 PETALING JAYA: Reducing women’s salaries as a trade-off for flexible working hours will deepen the existing gender wage gap in the country and reinforce traditional gender roles, said Sisters in Islam communications officer Aleza Othman. “Prime Minister Datuk Seri Anwar Ibrahim’s suggestion to introduce flexible working hours for female civil servants aims to address work-life balance challenges. “While his intention is good, it unfortunately narrows the focus on women as the primary beneficiaries, and risks reinforcing traditional gender roles.” Aleza said it would also restrict opportunities for women’s personal and professional growth as they prioritise family well-being, and lead to unequal distribution of responsibilities, with women burdened with caregiving duties and men pressured to fulfil breadwinning roles. She said Anwar’s suggestion also perpetuates the notion that women’s work is inherently worth less than men’s and solidifies the gender pay gap. “Women are disproportionately affected by such arrangements due to societal expectations and norms. Associating such flexibility with reduced compensation reinforces stereotypes about women’s commitment and competence in the workplace. “Consequently, reducing women’s salaries in exchange for flexible hours will affect their financial stability as well.” Aleza said focusing only on women overlooks the diverse needs and responsibilities of individuals irrespective of gender, and potentially impedes the progress of achieving greater gender equality. “It is important to also consider the needs of single fathers to ensure inclusivity and fairness as it boosts efforts towards achieving true gender equality. “By acknowledging and accommodating the needs of single fathers, the proposal can better address the diverse caregiving responsibilities that individuals have, regardless of gender.” Universiti Malaya senior lecturer and coordinator for its gender studies programme Dr Lai Suat Yan said the suggestion is deficient as it perpetuates the stereotype that caregiving is solely a woman’s responsibility. “Despite being promoted as innovative, the initiative is regressive as flexible working hours come with reduced pay. This approach fails to address the existing gender pay gap. “Flexible working hours typically entail precarious conditions with less job security and lower salaries. It is disappointing that such a proposal is made on the occasion of International Women’s Day.” Lai said there is a need for diverse working models that are tailored to different job requirements. She advocated flexibility in work schedules, remote work options and compressed working hours. “The gender wage gap in Malaysia remains a significant concern, with the country ranking 102nd among 146 countries assessed by the World Economic Forum’s Global Gender Gap 2023 report. “Therefore, it is crucial to develop the ‘care economy’ to support working parents and ensure adequate representation of women in higher management positions, rather than worsening gender inequality and the gender pay gap.” Lai said addressing structural issues such as unequal pay, financial instability and limited career advancements is crucial to achieving genuine gender equality in the workforce. “Advocating a holistic approach that promotes shared caregiving responsibilities, supports working parents and challenges gender stereotypes can achieve genuine gender equality.” Agenda to empower Bumiputera economy KUALA LUMPUR: The Bumiputera Economic Congress 2024, which took place from Feb 29 to March 2, has successfully presented an agenda to empower the Bumiputera economy without marginalising other ethnic groups in the country, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. He said it encompasses various parties in the interest of the national economy, involving not only chambers of commerce representing Malays, Muslims and other Bumiputeras such as the Kadazandusun, Dayaks and Ibans but also Chinese and Indian chambers of commerce as well as various NGOs. “There is no agenda to marginalise aid to other ethnic groups in this country. There is no agenda to not implement development. Instead there will be more (comprehensive) economic growth through the involvement of all Bumiputera groups besides meeting the needs of other races in the country,” he said in an interview at Parliament House. Giving his assurance that the interests of other races would also be given attention by the government, Ahmad Zahid said they would also be given various assistance to operate their businesses. On government action after the congress, he said he would chair a coordination meeting this week on the 82 resolutions made at the congress. He said a permanent secretariat would be established with the Rural and Regional Development Ministry under which is Mara, and the Economy Ministry, which has the Economic Planning Unit. “The source of its power is the Bumiputera Economic Council of which Prime Minister Datuk Seri Anwar Ibrahim is the chairman and I am the deputy chairman. The 82 resolutions involve 10 clusters covering various fields. There may be some areas not covered that we will plan through the council, and address some issues that have not been included.” Ahmad Zahid, who is also the rural and regional development minister, said the congress is the third one organised by the government, with the first being in 1965 and the second in 1968. “After that, there were many more congresses organised by NGOs and several parties, but they were not by the government but rather proposals to the government.” He said Anwar had asked him to chair the steering committee for the Bumiputera Economic Council as its implementation involves various ministries and agencies. “There are three committees for the Bumiputera Economic Congress 2024, namely the main committee to deal with policy issues, the steering committee for policy issues for implementation, and the third, the working committee chaired by Economy Minister Rafizi Ramli to look at the expenditure that will be incurred and implementation delays.” – Bernama Call to rethink flexible working hours plan for women oReducing salaries as trade-off will widen existing gender wage gap, says NGO Selangor Sultan receives RM10.8m in business tithes SHAH ALAM: The Sultan of Selangor Sultan Sharafuddin Idris Shah received business tithe contributions totalling RM10.8 million from four corporate companies during an iftar event here on Wednesday. The four companies are Kumpulan Perangsang Selangor Berhad and its subsidiaries (RM5.05 million), Worldwide Holdings Berhad (RM2.82 million), Menteri Besar Selangor Incorporated (RM1.91 million) and Selangor Agricultural Development Corporation (RM1 million). The contributions were the companies’ business tithe payments for the financial year ending 2023. Also in attendance at the event held at the Sultan Salahuddin Abdul Aziz Shah Mosque were the Tengku Permaisuri of Selangor Tengku Permaisuri Norashikin and the Raja Muda of Selangor Tengku Amir Shah. The Sultan also distributed Raya contributions to 430 recipients from the Petaling district comprising the needy and hardcore poor as well as new Muslim converts. They received RM500 each, totalling RM215,000. Sultan Sharafuddin signed a Diamond Jubilee plaque to commemorate the anniversary of the establishment of the Selangor Zakat Board. In a statement, the board announced a significant increase in tithe collection in Selangor, from RM15.9 million in 1994 when it was established, to RM1.07 billion in 2022, reflecting a 17.7% annual increase rate. Zakat distribution over 30 years also surged to RM1.05 billion in 2022 compared with RM16.3 million three decades ago. The Selangor Zakat Board has collected and distributed over RM10.5 billion over the past 30 years to alleviate the burden of tithe recipient groups. Also present were Selangor Islamic Religious Council chairman Tan Sri Abdul Aziz Mohd Yusof, the board’s chairman Tan Sri Syed Anwar Jamalullail, deputy chairman Tan Sri Ambrin Buang and CEO Mohd Sabirin Mo. – Bernama █ BYSIVANISVARRY MORHAN [email protected] ONLINE HEALTH FACILITY ... Communications Minister Fahmi Fadzil, accompanied by its secretary-general Datuk Mohamad Fauzi Md Isa (left), being briefed on the TM e-Pharmacy health service, at the TM Digital Academy at Multimedia University in Cyberjaya yesterday. – BERNAMAPIC
FRIDAY | MAR 15, 2024 3 ‘Employ qualified minders to curb child abuse’ Govt considering leasing transport assets KUALA LUMPUR: The government is considering a new model by using the leasing method for products and assets for transport services, such as trains to maximise their lifespan. Transport Minister Anthony Loke said through this method, the government no longer focuses on buying new assets, but leasing them where the lessor will also be responsible for maintenance. “We don’t need to buy new assets, but we lease the product and the facility. “This is because many transport sectors, especially airlines, don’t buy aircraft, they lease the aircraft. “If we lease, the deal also includes maintenance, as the lessor is also responsible for maintenance and ensuring that the asset can be used to the maximum at all times,” he said during the Minister’s Question Time in the Dewan Rakyat yesterday. Loke was responding to a supplementary question from Khairil Nizam Khirudin (PN-Jerantut) regarding maintenance of trains, which is estimated to cost about RM250 million to avoid technical problems during festive seasons. Loke, in acknowledging that maintenance is a big issue in railway services, said the matter will be discussed with the Finance Ministry and the Economy Ministry to see the suitability of the model in maximising transport services. In response to a supplementary question from Wong Shu Qi (PH-Kluang) regarding additional stations along the Gemas-Johor Bahru Double Track Project, Loke said the ministry encouraged public-private partnership in collaboration with the Railway Asset Corporation and Keretapi Tanah Melayu Behad (KTMB). “The station is not necessarily built by the government. For example, in areas where there is a housing development, one of the things we can implement before approving the development plan is to get the developer to build an additional station with the cost to be borne by them (private).” He said the availability of a train station connecting a residential area could increase the value of development and real estate in the area. Responding to Wong’s original question about the completion of Gemas-Johor Bahru Twin Track Project, Loke said the 192km-long project is scheduled to be completed on April 21, 2025. He said KTMB also has plans to introduce KTM Komuter services in the southern sector for the Gemas-Paloh-Johor Bahru route. The ministry, through the Railway Asset Corporation, is working on an initiative to procure new electric train sets on a lease basis to be used for KTM Komuter services. – Bernama Higher rate of hardcore poor in Sabah: Minister KUALA LUMPUR: Economy Minister Rafizi Ramli highlighted that the rate of hardcore poverty in Sabah stands at 1.2% in stark contrast to the national rate of 0.2%. The Household Income and Expenditure Survey 2022 report showed the rate of hardcore poverty in eight Sabah districts was higher than the national rate, with Tongod being the highest at 5.9%. “It is followed by Beluran at 5%, Pitas at 4.8%, Kinabatangan at 4.6%, Kota Marudu at 4%, Tuaran at 2.6%, as well as Ranau and Lahad Datu at 2.4% each,” he said during the questionand-answer session in the Dewan Rakyat yesterday. He was addressing a query from Datuk Seri Mohd Shafie Apdal (Warisan-Semporna), who wanted to know the total number of hardcore poverty cases in Malaysia, particularly in the eight districts of Sabah classified as the poorest in the country, along with the initiatives and assistance available for them. Rafizi said the disparity was significant, considering that the national hardcore poverty rate had decreased from 1% in 2020 to 0.2%, equivalent to 18,445 households in 2022. The government has initiated the Central Database Hub to accurately identify those eligible for assistance, as well as discussed the matter with the Sabah state government to facilitate this process. “Upon the completion of the database initiative and the comprehensive mapping of previously overlooked areas, numerous hardcore poor families in Sabah and beyond will have access to assistance. This aid encompasses not only financial support but also programmes tailored for their children, such as Technical and Vocational Education and Training.” He added that the focus in Sabah is on creating job opportunities through integrated farming, for example, through the Farmer Entrepreneur Initiative project. – Bernama INTERACTIVE FUN ... Visitors experiencing a light show yesterday at the ‘Immersive Hong Kong’ exhibition at a shopping mall in Bukit Jalil, Kuala Lumpur. – ADIB RAWI YAHYA/ THESUN PETALING JAYA: Each day from 2018 to June 2023, more than one child became a victim of abuse in childcare centres in the country, said the Bukit Aman Women and Children Sexual Investigation Division, which recorded 3,233 such cases involving 3,666 children. Malaysia Association of Registered Early Child Care and Development president Anisa Ahmad told theSun: “The actual number of child abuse or neglect cases involving nurseries and babysitters might be higher as many cases go unreported.” She said of the cases recorded by police thus far, 3,264 suspects were identified and 964 of them were nannies, nursery nannies and/or their husbands, guardians, and housekeepers. Last week, a three-month-old baby died, reportedly due to choking on milk on the first day he was sent to a childcare centre in Setia Alam. In January, police arrested two nannies at a childcare centre in Semenyih, Hulu Langat for abusing and neglecting an 11-month-old autistic baby while under their care, causing the infant to suffer soft tissue injuries. Anisa said all childcare centre owners need to start evaluating their minders and early educators, as well as conduct regular mental health assessments on them. “This process will help ensure that those entrusted with childcare have the necessary qualifications, training and mental capacity to provide a safe and nurturing environment for the children. “Conducting regular mental health checks serves to emphasise the importance of the emotional and psychological well-being of childcare staff. “It will also help identify issues that may impact their ability to care for children.” Anisa said from her observation, most cases of child abuse and neglect involved babysitters in unregistered childcare centres. “The government should monitor such illegal centres as they also fail to follow the standards that are required by the Social Welfare Department.” She said the government should also offer a strong support system to the registered ones, and provide more childcare centres as there are fewer than 4,000 of them in the country, which indicates a significant shortage. “Parents need to take responsibility to ensure they do not send their children to unregistered childcare centres just because the fees are lower. “Section 33 of the Child Act 2001 mandates an obligation on parents to ensure their children are placed in a safe environment,” Anisa said. Taska Al Husna owner Haliza Karim said child abuse and neglect happen in childcare centres when the Usual work hours for Penang civil servants GEORGE TOWN: The Penang state executive council meeting has decided that civil servants will continue to work regular working hours until 4pm daily during the month of Ramadan. Chief Minister Chow Kon Yeow said this was decided because civil servants in the state work flexible hours during Ramadan. “Regarding the issue of whether Penang will follow Pahang, it was decided during the meeting that the current arrangement would be maintained,” he said on Wednesday. It was reported that the Pahang government had agreed to reduce the working hours on Fridays till 12.30pm for its civil servants. – Bernama █ BYQIRANA NABILLA MOHD RASHIDI [email protected] oNursery owners need to evaluate staff, conduct mental health assessments to ensure safe environment for children: Expert number of children exceeds capacity, and fails to comply with the required ratio of caregivers to children that has been mandated. “Based on the department’s minimum standard for childcare centres, the number of caregivers to children is adequate only when there is a ratio of one caregiver to three children under one year old. “For children aged between one and three, a ratio of 1:5 is mandated while for those between three and four, the ratio is 1:10.” Haliza said failing to maintain appropriate caregiver-to-child ratios can compromise the safety and well-being of children at such facilities, and increase the risk of accidents, injuries, and incidents of neglect or abuse. With her 20 years of experience in running a nursery, Haliza said every employer should ensure that childminders possess skills in early childhood education that cover aspects such as nurturing and teaching. “However, the inability to provide suitable salaries due to low daycare fees and the difficulty in recruiting them are reasons unqualified staff are often employed.”
FRIDAY | MAR 15, 2024 4 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Ministry to monitor sale of dates from Israel KUALA LUMPUR: The Domestic Trade and Cost of Living Ministry will continue to monitor the sale of dates suspected to originate from Israel, which are allegedly available in the market, including those sold online. Its minister Datuk Armizan Mohd Ali said the ministry will continue monitoring through various laws, especially the Trade Description Act 2011, to prevent the dates from being offered to consumers. “We have immediately included in the standard operating procedure and terms of reference of ‘Op Pantau’, which we have launched especially for Ramadan and Aidilfitri, to monitor the alleged sale of Israeli dates. “We hope for cooperation from the whole community and public complaints through the official platforms which exist at the ministry,” he said during the Ministers’ Question Time in the Dewan Rakyat yesterday. He was responding to a supplementary question from Datuk Rosol Wahid (PN-Hulu Terengganu), who wanted to know the government’s actions regarding the sale of Israeli dates online and whether the government needs to amend existing laws to ensure that Israeli products cannot easily enter the country. Armizan said the ministry views the issue seriously and will take stern action against any irresponsible parties who try to mislead consumers. “Under Section 5 of the Trade Description Act 2011, any party found guilty can be subject to penalties such as being fined up to RM100,000 or imprisonment not exceeding three years, or both, while companies can be fined up to RM250,000,” he said. On Wednesday, the Customs Department announced at a press conference that it seized 73 packets of dates suspected to originate from Israel in a raid at a food storage warehouse in Klang, Selangor on March 12. Meanwhile, regarding Op Pantau 2024 in conjunction with Ramadan and Aidilfitri, Armizan said within two days, the ministry had inspected 3,099 premises, with 11 cases recorded, including six cases of profiteering. Armizan was replying to a supplementary question from Aminolhuda Hassan (PH-Sri Gading), who raised the issue of food prices at Ramadan bazaars that were posted on social media, apart from wanting to know the developments related to Op Pantau 2024. – Bernama Benefits of consuming dates with butter revealed PETALING JAYA: A recent trend of consuming dates with butter has made its rounds on X, thanks to former minister in the Prime Minister’s Department (Religious Affairs) Datuk Seri Dr Zulkifli Mohamad Al-Bakri. In his post, Zulkifli promoted the recipe for Ramadan as it is said to be one of Prophet Muhammad’s favourite foods. It has since drawn the attention of Muslims in the country, with many eager to try the combination as it is said to keep hunger at bay until iftar. Nutritionist Naim Sufi said the fats in butter slow down the “gastric emptying process”, which is a complex physiological process, during which the stomach empties its contents into the small intestine for further digestion and absorption. “The fibre in the dates slows down the absorption of sugar and when combined with the butter, it also causes a smaller spike in blood insulin and glucose after eating.” oCombination said to slow down sugar absorption while rendering smaller spike in blood insulin, glucose after eating █ BYNUQMAN ADAM [email protected] TB cases at Johor flat sporadic, says Health Dept JOHOR BAHRU: All eight cases of tuberculosis (TB), with one death, at Flat Tasek 64 in Masai last year were sporadic and not epidemiologically linked, said the Johor Health Department. State Health Director Dr Mohtar Pungut@Ahmad said the reported death involved a patient who sought treatment late and had complications of TB infection. “The Johor Health Department is committed to addressing the spread of infectious diseases and ensuring optimal treatment for patients, he said in a statement. The statement was issued following a news report on March 11 that 10,000 residents of the flat were at risk of contracting the disease after the area was identified as a TB hotspot. Mohtar said TB can be prevented with a minimum treatment period of six months but can be fatal if not given early or the treatment is incomplete. Therefore, he reminded the public to seek treatment promptly if they experiencing prolonged cough symptoms. “In addition, TB patients also need to be committed to complying with the treatment regimen to avoid treatment failure and the occurrence of drug-resistant TB bacteria, which can prolong the treatment period and cause the disease to spread to others.” – Bernama ‘Video of dirty beaches from old recording’ KOTA BHARU: A video of dirty beaches in Pasir Puteh, Kelantan that were shared recently is an old one, said state Tourism, Culture, Arts, and Heritage Committee chairman Datuk Kamaruddin Md Nor. He alleged that the issue was deliberately played up by irresponsible parties to tarnish the image of the state, which is currently having Visit Kelantan Year 2024. “The video was circulated by an influencer who led an NGO to clean a beach. What we know is that there are other parties who have reposted the old video as if they wanted to tarnish the reputation of the individual involved. “We have conducted checks at the beaches and it appears that the video is false,” he said. – Bernama COOLING OFF ... A farmer getting doused with water by a colleague in Kepala Batas, Penang amid the current heatwave sweeping the country. – MASRY CHE ANI/THESUN Naim said the presence of proteins and fats signals the receptors in the intestines to produce a hormone called cholecystokinin, which contributes to quicker feelings of satiation after eating. Then, hormones such as glucagon-like peptide-1, oxyntomodulin, peptide YY and pancreatic polypeptide are secreted and function to slow down “gastric emptying”. “This is why nutritionists, dietitians and health practitioners are also promoting the combined consumption of dates and butter, especially in a world full of processed foods, added sugars and excessive calorie intake.” However, he advised the public to consume the combination moderately, with no more than three buttered dates in a sitting. “Butter can quickly build calories, so I suggest taking them with some protein, fruits and vegetables to round up the macronutrients since dates and butter do not provide enough protein.” Meanwhile, Universiti Kebangsaan Malaysia public health specialist Prof Dr Sharifa Ezat Wan Puteh recommended that those who are fasting drink enough water during sahur and when breaking fast. “Ramadan this year seems to be hotter and people need to stay hydrated, shelter from the heat and be in places with good ventilation. Maintaining proper hydration throughout the fasting month is essential to avoid dizziness, headaches and fatigue.” Sharifa Ezat said people need to consume two litres of water daily, with at least 500ml taken during sahur . She also suggested eating plenty of fruits and vegetables to prevent constipation during Ramadan and stressed focusing on whole, unprocessed fruits and vegetables rather than relying on juices or processed foods, which have lower fibre and nutritional benefits. “Limit your intake of salt, carbonated drinks, high-sugar beverages, greasy foods and caffeine during Ramadan, as these can contribute to dehydration and increase urine output, leading to quicker dehydration. “Be sure to include protein-rich foods such as chicken, fish and eggs in your diet, as protein provides and sustains energy levels, and helps stave off hunger.” She also advised those fasting to consume complex carbohydrates, such as noodles and rice, which provide sustained energy and keeps one full for more hours as they take longer to digest. Security guard from Sabah wins RM13.4m Toto jackpot PETALING JAYA: A security guard from Sabah struck gold when he won RM13.4 million in the Toto Jackpot 1 game on March 2. The 53-year-old, who has been a guard for over 20 years, informed STM Lottery Sdn Bhd that he combined his birth date and car registration number to come up with the winning numbers – 1203 and 1227. “I bought these two numbers, which only cost me RM2.60, to be rich,” he said, adding that he initially thought of working until his retirement. However, after considering the interest he would earn, that would be sufficient for his expenditure, he decided he would no longer need to work. The winner also said his wife cried tears of joy when he told her the good news, adding that their dream of building a house big enough to accommodate their entire family will finally come true. “Being an indigenous Sabahan, I can now make a difference for my people, I want to go back and help to develop my village,” NST quoted him as saying. He won RM13,403,860.25 from the total jackpot of RM14,962,901.80. The balance RM1,559,041.55 was split between two i-System winners from Kuala Lumpur and Sabah. – by Rittika Choudhury
FRIDAY | MAR 15, 2024 5 Duo sought over cop extortion claim JOHOR BAHRU: Police have sought assistance from the Singapore consulate office to trace the owner of the Facebook account “Sage” and one Irene Teo regarding allegations of extortion involving two traffic police officers at the Sultan Iskandar Building. Johor police chief Comm M. Kumar said Teo was allegedly instructed to pay S$142 (RM499) to both police officers to avoid fines for entering the truck lane at checkpoint 8A from Johor Bahru to Singapore at about 8.15pm last Sunday. He said a post that detailed the incident was circulated on social media platforms and subsequently, an article about the incident was published on a Singaporean website on March 11. “We have not received any report from the duo. An official request was made to the Singapore consulate office to track down the owner of the Facebook account to facilitate the investigation,” he said, adding that the investigation was being conducted under Section 384 of the Penal Code. He also requested those with information to contact the South Johor Bahru district police headquarters at 07-218 2323, Insp Suhana Abdullah Sadali at 019-885 3599 or Insp Nizam Ramon at 011-1608 6119. – Bernama Man gets five years, caning for raping teen MUAR: The Sessions Court here yesterday sentenced a lorry attendant to a total of five years in prison and three strokes of the cane for the sexual assault and rape of a teenage girl last month. Judge Abu Bakar Manat handed down the sentence on Muhammad Syazwan Akmal Mohd Hanafadil, 27, after the accused pleaded guilty to two charges against the victim, who was then 15 years old. Muhammad Syazwan Akmal was sentenced to two years’ jail and one stroke of the cane for sexual assault, and three years’ jail and two strokes for rape. However, he only has to serve three years in prison after the court ordered the sentences to run concurrently from the date of his arrest on March 8. He was charged with committing sexual assault on the girl in a room at a hotel on Feb 20. On the second count, he was charged with raping the girl in a hotel room in Jalan Kampung Tengah, Muar at about 8am on Feb 23. – Bernama 17 illegal immigrants detained in raid KUALA LUMPUR: Police detained 17 illegal immigrants and rescued two teenagers believed to be victims of forced labour, who were exploited at a factory processing electrical components in Teluk Panglima Garang, Selangor. Bukit Aman Criminal Investigation Division Anti-Trafficking in Persons and Anti-Smuggling of Migrants Unit D3 principal assistant director SAC Soffian Santong said both teenagers are from Myanmar, aged 17, and were rescued by a police team that raided the factory on Wednesday. He said the 17 illegal immigrants detained were from China, Myanmar and Bangladesh. “Initial investigations revealed the factory did not have a business license and has been operating for about 18 months and paid the workers RM1,200 to RM1,300 a month. “Their movements were controlled and the workers need to work six days a week from 8am to 9pm. They were also not allowed to leave the premises.” Soffian added that the two teenagers and illegal immigrants would be detained at the Kuala Langat police headquarters for investigations. – Bernama Esscom determined to reduce cross-border crime KUALA LUMPUR: The Eastern Sabah Security Command (Esscom) has vowed to reduce the prevalence of cross-border crime plaguing the Eastern Sabah Security Zone (ESS Zone). Its commander Datuk Victor Sanjos said Esscom’s primary mission is to prevent invasions and cross-border crime in ESS Zone. “In addition to safeguarding security, Esscom also pledges to reduce cross-border crime. While kidnappings or invasions may be eliminated altogether, cross-border crime poses a greater challenge. “We want residents living along the coastline to be our allies, so they can act as guards and provide information,” he said as a guest on Bernama TV’s Apa Khabar Malaysia programme yesterday. Esscom CEO Datuk Dr Jamaluddin Mohd Ali, who was also a guest on the programme, said during celebrations or major events in Malaysia or at the border, demand for subsidised goods often becomes “hot items” to be smuggled to neighbouring countries. “I hope the government will introduce unmanned aerial vehicles in open sea areas. I believe criminals who see the presence of such aircraft will surely flee.” Jamaluddin also said the Madani government allocated a total of RM40 million in July last year to upgrade the team’s facilities. “We have made acquisitions, namely 60 housing units in Lahad Datu for Esscom personnel. “Part of the allocation also went towards purchasing offices currently used in Lahad Datu.” – Bernama Death sentence of six in Morais case upheld PUTRAJAYA: The Court of Appeal yesterday upheld the death sentence of six men convicted of murdering DPP Datuk Anthony Kevin Morais (pic) nine years ago. They are former pathologist Kol Dr R. Kunaseegaran, 61, money lender S. Ravi Chandran, 53, and four unemployed individuals R. Dinishwaran, 32, A.K. Thinesh Kumar, 31, M. Vishwanath, 34, and S. Nimalan, 31. A three-judge panel comprising Datuk Hadhariah Syed Ismail, Datuk Ahmad Zaidi Ibrahim and Datuk Azmi Ariffin unanimously dismissed the appeal filed by the six to set aside the decision of the High Court on July 10, 2020. Another individual, G. Gunasekaran was initially accused of murdering Morais but the charge was later withdrawn after he pleaded guilty in the Sessions Court to a charge of disposing of the victim’s body and was sentenced to two years in prison for the offence. The prosecution then called Gunasekaran as a prosecution witness in the trial against all the accused. oAppeals Court panel finds High Court judge did not err in law and facts Hadhariah said after examining all grounds of judgment by the High Court judge and the evidence presented in court, the Court of Appeal found the High Court judge did not err in terms of law and facts, Bernama reported. “The conviction imposed by the High Court was correct. The murder was carefully planned and the condition of the body when it was found showed the cruelty of all the accused. “If killing the victim was not enough, the car of the deceased was also burned and his personal belongings were disposed. “This murder incident is categorised as extraordinary from an ordinary murder incident. Therefore, in our opinion, the punishment that commensurates the offence committed is (death by hanging).” She also said when the body of the victim was found, it was fully clothed (but) without shoes and the hands were tied behind his back with a necktie. “There were seven pressure marks or compressions on the chest, shoulders and back of the body, which was placed in a sack in a foetal position. The sack was tied with wire and then put into a drum. Then, cement was poured into the drum, which was then dumped into a swamp,” she said, adding that forensic experts testified the cause of death was due to suffocation. The judge also said there was a common intention among all the accused to kill Morais because Ravi Chandran, Dinishwaran, Thinesh Kumar, Vishwanath and Nimalan were together during a deliberate collision between their vehicle and the car driven by the deceased. Hadhariah said Kunaseegaran was also involved based on the fact that he only smiled and advised Gunasekaran to keep calm and not to interfere in the affairs of the other accused when Gunasekaran told him about blood flowing from the drum. “Kunaseegaran also showed a picture of the deceased’s burning car on his mobile phone to Gunasekaran and Kunaseegaran also said he would bear the legal fees of the other accused because all the problems stemmed from him.” She said Kunaseegaran had motive to kill Morais and the other accused were his accomplices. On July 10, 2020, the High Court sentenced the six men to death after finding them guilty of killing Morais. They were charged with killing Morais, 55, at a location along Jalan Dutamas Raya Sentul and Jalan USJ 1/6D, Subang Jaya between 7am and 8pm on Sept 4, 2015. Morais was reported missing on the date in question and was last seen leaving the condominium in a car from Menara Duta in Kuala Lumpur to his office at the Attorney-General’s Chambers in Putrajaya. His body was found in a drum filled with cement at Persiaran Subang Mewah in Subang Jaya on Sept 16 the same year. UNLAWFUL BUSINESS ... Penang Domestic Trade and Cost of Living director S. Jegan checking a pump used to transfer fuel to a storage tank after confiscating 14,600 litres of illegal diesel worth RM32,000 from an unlicensed store in Bukit Mertajam yesterday. – BERNAMAPIC
FRIDAY | MAR 15, 2024 6 Education remains an important pillar of Malaysian society; it equips students with the skills needed to become productive and useful members of society. We invite you to showcase the best of education and the difference your institution has brought to the education landscape. Education matters so join us in 2024! Contact us now for special deals on digital, video and print advertising. Malaysian Paper 03-7784 6688 [email protected] GEORGE TOWN: The Penang Island Paddlez Club (PIPC) held its open day on March 10 at the Tanjong Tokong Tua Pek Kong seafront, during which it hosted a membership drive and invited the public to try rowing a dragon boat. Its president Aaron Lim said PIPC was aiming to attract more women paddlers, in conjunction with International Women’s Day. “We have 60 active members aged between 18 and 64, of which 22 are women. At the open day, we managed to attract 56 new members to try out rowing and 19 were women. “After the experience, we hope they discover the joy of the sport and decide to become part of our club.” Lim said PIPC has three dragon boats – two new ones that are international competition graded and made from fibreglass and one that is older and made from a mix of fibreglass and wood. “We have up to 20 paddlers on a team, including a steerer and a drummer who serves as the leader of the boat. The leader beats the drum to synchronise rowing and strategises the team’s strokes during the race. “Team unity is also important both on and off █ BYT.C. KHOR [email protected] Dragon boat club welcomes new members the boat. We encourage members to engage in social activities together to cultivate a sense of harmony and cohesion,” he said. On rowing strategies, Lim shared the team leader needs to consider the distance of the race, water conditions and their opponents before deciding on a plan. “During the race, we may use various drum beats to signal different rowing techniques. This not only serves as a form of guidance but also acts as motivation for our rowers by pumping them up as they approach the finish line,” he said. The team practises sea rowing every Sunday from 7.30am to 10.30am and every Thursday from 7.30pm to 9pm. “Apart from these two days, we also work out at our sponsor’s gymnasium in Farlim. Additional sessions are carried out as race dates approach. “We usually participate in two international races and four local races annually. The main race will always be the Penang International Dragon Boat Regatta,” he said. The regatta will be in its 45th edition this year and will be held from Nov 23 to 24 at the Teluk Bahang Dam. At the open day, the club’s former team manager Joseph Chow, who was with his 12-year-old son Ian, said: “Although he is still too young to join, I hope this rowing experience would inspire him to become a paddler in the near future.” PIPC veteran member and previous captain of its women’s team Annie Lim, 64, was also at the open day to mentor and advise young women. “I shared with them rowing techniques and health tips to keep their body strong,” she said. Those interested to join PIPC are encouraged to try rowing several times before signing up. For details, please contact Lim at 012-486 8996 or Kath at 016-486 1123. oRecruitment efforts to focus on female paddlers, in conjunction with International Women’s Day An instructor giving visitors to the PIPC open day an introduction to dragon boat racing. – MASRY CHE ANI/THESUN
FRIDAY | MAR 15, 2024 7 ICC has no authority to probe Philippines, says Marcos MANILA: Philippine President Ferdinand Marcos Jr told German Chancellor Olaf Scholz the Haguebased International Criminal Court (ICC) has no authority to investigate his predecessor’s deadly war against drugs. Marcos discussed the ICC’s investigation during a bilateral meeting with Scholz on Tuesday in Germany where he was on a working visit, according to a readout from the Philippine presidential office published late on Wednesday. Former President Rodrigo Duterte officially withdrew from the international tribunal in 2019 after questioning its power to investigate his anti-narcotics campaign, which had killed thousands. Marcos said Philippine courts continue to function and police are investigating the killings. “It is very difficult for the Philippines to accept that an outside court will, shall I say, dictate to our policemen who they will investigate, who they will arrest,” Marcos said. The readout did not say how Scholz responded to Marcos’ position. Germany is one of the biggest backers and contributors to the ICC. Marcos separately told reporters the drug campaign has “completely changed” to prevention and rehabilitation, a claim the Human Rights Watch has questioned, saying the killings have continued. “He cannot claim progress because the impunity persists,” said Human Rights Watch Asia Deputy Director Bryony Lau. The Hague-based tribunal rejected last year an appeal from Manila and allowed the resumption of an investigation into the drug war killings and other suspected rights abuses. Police say they killed 6,200 suspected dealers who resisted arrest during anti-drug operations. Rights groups say the toll could be much higher. In November, Marcos said he was studying a possible return to the ICC’s fold. Months later, he said the Philippines will not “lift a finger” to help in any ICC investigation. – Reuters Thaksin visits hometown for first time since 2006 ouster BANGKOK: Thailand’s former prime minister Thaksin Shinawatra arrived by private jet yesterday to visit his northern hometown of Chiang Mai for the first time since fleeing the country after a military coup in 2006. The influential billionaire has loomed large over Thai politics for two decades, during which his family-backed Pheu Thai party has won nearly every general election and is now in power. In August he made a dramatic return from 15 years of self-imposed exile to dodge jail for alleged abuse of power. After just six months in a prison hospital, Thaksin received parole in February despite not having spent a single night in jail for a sentence commuted by the king to one year from eight. Thaksin, wearing a mask and a neck brace, was flanked by his daughter Paetongtarn Shinawatra, Agriculture Minister Thammanat Prompao and dozens of officials on his arrival for a three-day visit, but he did not speak to media. “Missed you,” one supporter told the former premier on his first stop at a park, where he met a crowd of dozens with his palms joined together in a traditional gesture of greeting, before she took a selfie picture with him. “Prime Minister of our hearts,” read the caption under a picture of Thaksin accompanied by his daughter Paetongtarn greets well-wishers in Chiang Mai. – AFPPIC oJustice minister says former PM sought permission for visit Taiwan, China join rescue mission near sensitive islands TAIPEI: Taiwan and China dispatched teams on a rare joint mission to rescue a boat that capsized near Taiwan-controlled Kinmen islands yesterday, amid heightened tensions in the sensitive Taiwan Strait. Authorities from both sides dispatched rescue boats after a Chinese fishing vessel capsized early yesterday, Taiwan’s coast guard said in a statement. Two people were found dead, two were rescued and two were still missing, it said. Taiwan dispatched coast guard boats to join the rescue after Chinese authorities asked them for help, according to a senior Taiwan official who requested anonymity due to the sensitivity of the matter. China’s coast guard last month began regular patrols around the Kinmen islands, which are close to China’s coast, after two Chinese nationals died trying to flee Taiwan’s coast guard after their boat entered prohibited waters. The Chinese fishing boat capsized around 1.07 nautical miles west of Taiwan’s Dongding Island, Taiwan’s coast guard said. Taiwan’s armed forces stationed on the island were also involved in the rescue, it added. Taiwan dispatched four coast guard boats and their Chinese counterparts sent in six boats for the rescue, it said. Taiwan’s top China policy-making body urged China last week not to change the “status quo” around waters there by sending coast guard boats into restricted areas, saying tension should be “controllable”. – Reuters B R I E F SNORTH KOREA’S KIM ‘DRIVES’ NEW TANK SEOUL: North Korean leader Kim Jong Un guided a military demonstration involving a new battle tank, state media KCNA reported yesterday, in the latest show of force as South Korea and the United States wrapped up joint drills. Kim expressed “great satisfaction” that the new type of main battle tank successfully demonstrated its striking power in its first performance display on Wednesday. The 105th Tank Division, which was declared the winner of the mock battle, was the unit which occupied the South Korean capital Seoul during the Korean War. Kim’s appearance at the demonstration comes after he guided an artillery firing drill by the Korean People’s Army. The mock battle comes as joint drills involving South Korea and the US ended yesterday. North Korea has long condemned such military drills as rehearsals for war, while Seoul has portrayed the exercises as purely defensive. – Reuters BALI LANDSLIDE KILLS TWO TOURISTS BADUNG: Two foreign tourists including an Australian woman have been killed in Bali after heavy rain triggered a landslide that swept away their villa. The wooden villa in Jatiluwih village on the island was hit by the landslide early yesterday after a downpour the previous night, said local disaster mitigation agency official I Nyoman Srinadha Giri. The intense rain eroded water canals used for irrigation that sit above the villa and triggered the landslide. “There were two victims, a man and a woman in one bed,” he said. The female victim, 47, was born in Australia and had a US permanent residence permit, while the male victim’s nationality and identity remained unknown. The bodies were transferred to a hospital in Denpasar. Landslides in Indonesia have been aggravated in some places by deforestation, with prolonged torrential rain causing flooding in some areas. Landslides and floods triggered by intense rains on Sumatra island last week killed at least 27 people. – AFP PROBE BEGINS AFTER 7 KILLED IN EXPLOSION BEIJING: Local government officials in China’s Sanhe county, near Beijing, said yesterday they had started an investigation into the cause of a massive explosion at a shop selling fried chicken that left seven dead and 27 injured. Officials said that 14 people had been discharged from the hospital, and that the initial indications were that a gas leak had caused the blast. Last year, President Xi Jinping ordered a safety overhaul across China, calling on all regions to rectify safety risks and “hidden dangers” after 31 people died in a gas explosion at a barbecue restaurant. The explosion on Wednesday at a fried chicken shop, in the town of Yanjiao in China’s northern province of Hebei, caused a massive orange fireball. The force ripped off the fronts of several buildings, crumpled cars on surrounding streets and left large pieces of debris on fire. On-site rescue work has ended, cleanup at the scene is still ongoing and an investigation has begun, officials said in a statement. – Reuters Thaksin emblazoned on a jacket. At the time of his release, an official had described him as being “truly ill”, needing a wheelchair and wearing his arm in a sling. Justice Minister Tawee Sodsong said Thaksin had sought permission for the visit to seek alternative medical advice and pay respects to his ancestors. Critics have complained about Thaksin’s lenient treatment. Spokesman for the royalist Democrat party Ramet Rattanachaweng said the public would be watching closely to see if Thaksin is being given special treatment. “He is on parole. If he gets something beyond regular regulations, the probation and corrections departments will have to explain themselves,” Ramet said. Thaksin is widely seen as still wielding great influence with Pheu Thai, and on his release last month, Prime Minister Srettha Thavisin said that “everyone in the government is ready to listen” to the veteran leader. Srettha is due to visit Chiang Mai on his return from Germany and France, and said in Paris he would meet Thaksin “if opportunity and time allow”. Pheu Thai spokesman Danuporn Punnakanta on Tuesday urged the party’s MPs not to go and see Thaksin, saying they should be in parliament. – AFP/Reuters
FRIDAY | MAR 15, 2024 8 UK unveils new extremism definition oMeasure aims to protect democracy US House easily passes TikTok ban Bill WASHINGTON: The US House of Representatives overwhelmingly approved a Bill on Wednesday that would force TikTok to sever ties with its Chinese parent company or be banned in the United States. The legislation is a major setback for the video-sharing app, which has surged in popularity while causing nervousness about its Chinese ownership and its potential subservience to the Communist Party. The lawmakers voted 352 in favour of the proposed law and 65 against, in a rare moment of unity in politically divided Washington. The warning shot against the app caught many by surprise as both Republicans and Democrats risked the wrath of TikTok’s young users in an election year when the youth vote will be key. “Today’s bipartisan vote demonstrates Congress’ opposition to Communist China’s attempts to spy on and manipulate Americans, and signals our resolve to deter our enemies,” said Republican House Speaker Mike Johnson. “I urge the Senate to pass this bill and send it to the president so he can sign it into law.” But the fate of the Bill is uncertain in the more cautious Senate, where some are apprehensive about making a drastic move against an app that has 170 million US users. President Joe Biden will sign the bill, known officially as the Protecting Americans from Foreign Adversary Controlled Applications Act, into law if it comes to his desk, the White House has said. “This process was secret and the bill was jammed through for one reason: it’s a ban,” said a TikTok spokesperson in a statement. “We are hopeful that the Senate will consider the facts, listen to their constituents, and realise the impact on the economy, seven million small businesses, and the 170 million Americans who use our service.” After the vote, TikTok CEO Shou Zi Chew urged the app’s users to speak out and share their stories, including with their senators. “This Bill gives more power to a handful of social media companies. It will also take billions of dollars out of the pockets of creators and small businesses,” Chew said in a video. China Foreign Ministry spokesperson Wang Wenbin said: “Although the US has never found evidence that TikTok threatens US national security, it has not stopped suppressing TikTok.” TikTok denies any ties to the Chinese government and has restructured the company so the data of US users stays in the country with independent oversight. – AFP One dead, 29 rescued after gold mine collapse B R I E F S SYDNEY: Search teams pulled a body from the rubble of a collapsed gold mine yesterday, after a major rescue operation earlier freed 29 trapped workers. A crew of 30 miners was working deep inside the Ballarat Gold Mine in the state of Victoria when it caved in on Wednesday. While 29 of the workers were rescued within hours, a 37-year-old man was pinned by the tumbling rocks. Emergency services toiled through the night to dig the man from the debris, some three kilometres from the mine entrance. His body was pulled from the mine early yesterday. Union officials have raised questions about the mine’s safety record – there was a previous collapse in 2007 when another company owned the mine – and the site’s owner now faces a major workplace safety investigation. Australian Workers Union state secretary Ronnie Hayden said the union would push state authorities to pursue a case under “industrial manslaughter” legislation. Victoria police said the “rockfall” at the mine also injured a 21-year-old man, who was airlifted to hospital in a “serious condition”. Twenty-eight workers took refuge in a safety pod, they said. Ballarat Gold Mine said yesterday that it had “no statement at this time”. – AFP BONE DRY ... A Colombian man and his dogs walk at the El PenolGuatape Reservoir in Guatape, 62km east of Medellin that has been dried out by drought. – AFPPIC AUSTRALIA RULES OUT US-STYLE TIKTOK BAN SYDNEY: Australia’s prime minister said yesterday his government has no plan to copy a move by US legislators to ban TikTok unless it agrees to divest from its Chinese owner. The US House of Representatives approved legislation threatening to exclude TikTok from the US but the bill still needs the support of the Senate. “We will take advice but we have no plans to do that,” Prime Minister Anthony Albanese told a radio interviewer when asked if Australia would follow suit. “You’ve always got to have national security concerns front and centre. But you also need to acknowledge that for a whole lot of people, this provides a way of communicating and so we have not got advice at this stage to do that.” Australia banned TikTok from government devices in April 2023 - the last member of the secretive Five Eyes security alliance do to so after the US, Britain, Canada and New Zealand. – AFP MOVEMENT OF PILOT SEAT FOCUS OF PROBE SANTIAGO: The movement of a flight deck seat is a key focus of the probe into a sudden mid-air dive by a LATAM Airlines Boeing 787 plane that left more than 50 people injured, aviation industry publication The Air Current reported. The plane, which was heading from Sydney to Auckland on Monday, dropped abruptly before stabilising, causing those on board to be thrown about. It was understood the seat movement was “pilot induced, not intentionally”, the report said, citing a senior airline safety official. “The seat movement caused the nose down” angle of the aircraft, it said, citing another source. Boeing declined to comment. LATAM said it was not appropriate to comment on speculation. – Reuters LONDON: Britain unveiled a new definition of extremism yesterday in response to an eruption of hate crimes since the Oct 7 attacks in Israel, although critics said the change risked infringing on freedom of speech. Earlier this month, Prime Minister Rishi Sunak warned that Britain’s multi-ethnic democracy was being undermined, and more needed to be done to tackle the problem. “Today’s measures will ensure that government does not inadvertently provide a platform to those setting out to subvert democracy and deny other people’s fundamental rights,” said Michael Gove, the communities minister who heads the department that produced the new definition. “This is the first in a series of measures to tackle extremism and protect our democracy,” Gove said. Extremism was earlier defined as “the vocal or active opposition to our fundamental values” such as “mutual respect and tolerance”. The new definition states that extremism “is the promotion or advancement of an ideology based on violence, hatred or intolerance”, that aims to destroy fundamental rights and freedoms; or undermine or replace the UK’s liberal parliamentary democracy; or intentionally create an environment for others to achieve those results. Britain already bans groups which it says are involved in terrorism, and supporting or being a member of these organisations is a criminal offence. Hamas is among the 80 international organisations that are banned. Groups which will be identified as extremist following a “robust” assessment over the next few weeks will not be subject to any action under criminal laws and will still be permitted to hold demonstrations. But the government will not provide them with any funding or any other form of engagement. No groups have been officially defined as extremist using the former definition which has been in place since 2011. Gove said in an interview on Sunday that some recent large-scale pro-Palestinian marches in central London had been organised by “extremist organisations”, and people might choose not to support such protests if they knew they were giving credence to those groups. Even before the new definition was announced, critics warned it could be counter-productive. The Archbishop of Canterbury Justin Welby, head of the global Anglican communion, has warned that the new definition risks stoking division. Welby and his de facto deputy in the Church of England, Archbishop of York Stephen Cottrell, said in a joint statement on Tuesday that the new definition “risks disproportionately targeting ... communities, who are already experiencing rising levels of hate and abuse”. Welby on Wednesday told BBC radio that there was a danger “of hollowing out the centre ... and driving people to one extreme or the other”, adding that this was “very, very dangerous”. “The problem with a top-down definition of extremism is that it catches people who (we) don’t want to catch. “It may accidentally inhibit what we have very preciously in this country, an extraordinarily robust freedom of speech and ability to disagree strongly.” – Reuters/AFP
FRIDAY | MAR 15, 2024 9 Putin asks voters to do their duty MOSCOW: President Vladimir Putin appealed yesterday to voters, including in annexed parts of Ukraine, to be united in determining Russia’s future by casting ballots in this week’s presidential election which he is all but certain to win. “It is vital to underscore our cohesion and resolve and move forward together. Every vote you cast is valued and meaningful,” Putin said in a video address first shown in the Russian far east and reported by national news agencies. “I therefore ask you in the coming three days to exercise your right to vote.” Putin, 71, and in power as president or prime minister since 2000, faces three challengers in three days of voting beginning today. None of the challengers has criticised him. Opinion polls show he is supported by a majority of Russians, with one survey last month giving him 75% support. Two candidates who had hoped to run on a platform of calling for an end to the war in Ukraine, officially described by Russia as a “special military operation”, were ruled ineligible. In his video remarks, Putin said all voters wanted to see a strong, prosperous and free Russia “in order to raise living standards and the quality of life. And that is how it will be.” The very act of voting, Putin said, was a “demonstration of patriotic feeling”. And this, he said, was particularly felt in areas of eastern and southern Ukraine now held by Russian forces - some since the launch of the February 2022 invasion, others taken over by Russian-backed separatists in 2014. Putin sent tens of thousands of troops over the border into Ukraine in February 2022 and, after an unsuccessful initial attempt to move on the capital Kyiv, Moscow’s forces have concentrated their efforts on eastern and southern Ukraine. Ukraine recaptured large chunks of territory in late 2022, but well dug-in Russian troops have been holding their own and last month seized the eastern town of Avdiivka. Putin said the patriotic choices were clear to residents of areas in Donbas in eastern Ukraine and Novorossiya – a term for parts of southern Ukraine – who had voted for annexation by Russia in 2022 referendums denounced by Western countries as illegal. – Reuters B R I E F SAUSTRIA EXPELS TWO RUSSIAN DIPLOMATS VIENNA: Austria has declared two diplomats from the Russian embassy personae non grata for actions “incompatible with their diplomatic status”, ordering them to leave the country within a week. The move brings to 11 the number of Russian diplomats Austria has expelled since 2020. “Two diplomats from the Russian embassy have acted in a manner that is incompatible with their diplomatic status,” Austria’s Foreign Ministry said. Russia’s Foreign Ministry called the decision “groundless”. “As in previous episodes of expulsions, this time we have not been presented with the slightest evidence, let alone proof of any violation of the Vienna Convention on Diplomatic Relations.” – Reuters NO SIGN NUKES BEING READIED FOR USE ABOARD AIR FORCE ONE: The White House said it had seen no indications Moscow was ready to use a nuclear weapon in Ukraine, after President Vladimir Putin said he was ready to deploy them if Russia’s sovereignty was threatened. Russia’s rhetoric on the subject of nuclear arms has been “reckless” ever since it invaded Ukraine in February 2022, Press Secretary Karine Jean-Pierre said. “We have not seen any reasons to adjust our nuclear posture, nor any indication that Russia is preparing to use a nuclear weapon in Ukraine,” she said. Putin appeared to be “restating Russia’s nuclear doctrine” after he was asked during an interview about using the weapons, she told reporters travelling with President Joe Biden. – AFP Israeli tank strike killed ‘clearly identifiable’reporter ISTANBUL: An Israeli tank killed Reuters reporter Issam Abdallah in Lebanon last year by firing two 120mm rounds at a group of “clearly identifiable journalists” in violation of international law, a UN investigation into the Oct 13 incident has found. The investigation by the UN Interim Force in Lebanon (Unifil), summarised in a report seen by Reuters, said its personnel did not record any exchange of fire across the border between Israel and Lebanon for more than 40 minutes before the Israeli Merkava tank opened fire. “The firing at civilians, in this instance clearly identifiable journalists, constitutes a violation of UNSCR 1701 (2006) and international law,” the report said, referring to Security Council resolution 1701. The seven-page report dated Feb 27 said further: “It is assessed that there was no exchange of fire across the Blue Line at the time of the incident. The reason for the strikes on the journalists is not known.” Under resolution 1701, adopted in 2006 to bring an end to the war between Israel and Lebanese Hezbollah fighters, UN peacekeepers were deployed to monitor a ceasefire along the 120km demarcation line, or Blue Line, between Israel and Lebanon. As part of their mission, UN troops record violations of the ceasefire and investigate the most egregious cases. Besides killing Abdallah, the two tank rounds also wounded six other journalists at the scene. Israel Defence Forces (IDF) spokesperson Nir Dinar said Hezbollah had attacked the IDF near the Israeli community of Hanita on Oct 13. It responded with artillery and tank fire to remove the threat and subsequently received a report that journalists had been injured. “The IDF deplores any injury to uninvolved parties, and does not deliberately shoot at civilians, including journalists,” Dinar said. “The IDF considers the freedom of the press to be of utmost importance while clarifying that being in a war zone is dangerous.” He said the General Staff’s Fact Finding and Assessment Mechanism, which is responsible for reviewing exceptional events, will continue to examine the incident. For its investigation, Unifil sent a team to visit the site on Oct 14, and also received contributions from the Lebanese Armed Forces and from an unnamed witness who was present on the hill when the strikes occurred. Unifil said in its report that it sent a letter and a questionnaire to the IDF requesting their assistance. The IDF replied with a letter but did not answer the questionnaire. Reuters has not seen a copy of the IDF letter, the contents of which were summarised in the Unifil report. – Reuters Aid ship slowly heads for Gaza GAZA STRIP: A first boat loaded with 200 tonnes of food aid was making slow progress towards the Gaza Strip yesterday as efforts grew to bring more humanitarian assistance to the Palestinian territory besieged by Israel. The main UN aid agency in Gaza said an Israeli strike a day earlier hit one of its warehouses in the southern city of Rafah, killing an employee, although Israel later said a Hamas fighter was killed in the rocket strike. Donor nations, aid agencies and charities pushed on with efforts to rush food to the territory of 2.4 million people, where famine looms after more than five months of war. Mediation efforts have so far failed to secure a new truce in the war triggered by the Oct 7 attack on Israel, and Defence Minister Yoav Gallant vowed again that Israeli forces “will reach every location” in their mission to destroy the group. Israeli forces have carried out a relentless campaign of air strikes and ground operations in Gaza, killing at least 31,272 people, most of them civilians, according to the territory’s Health Ministry. The Spanish charity vessel Open Arms left Cyprus for Gaza on Tuesday, towing a barge with 200 tonnes of aid in the first voyage along a planned maritime corridor to Gaza. It was moving slowly south off the coast of Israel, according to specialist website Marine Traffic. However, airdrops and efforts to open a maritime corridor were “no alternative” to Palestinians wait to receive food in Rafah on Wednesday. – REUTERSPIC oDesperate Palestinians wait for arrival of Open Arms boat land deliveries because they could only provide a fraction of the aid needed, 25 organisations, including Amnesty International and Oxfam, said in a statement on Wednesday. In Gaza City, desperate Palestinians were awaiting the arrival of the Open Arms aid boat. “They send aid, but when this aid arrives, there’s no entity to distribute it,” said Gaza City resident Eid Ayub, adding that aid by sea and air “is not enough”. Cypriot Foreign Minister Constantinos Kombos said on Wednesday a second aid ship “with bigger capacity” was being prepared in Larnaca. Kombos also hosted a virtual meeting on Wednesday with US Secretary of State Antony Blinken and senior ministers and officials from Britain, the United Arab Emirates, Qatar, the European Union and the United Nations to discuss the maritime corridor. “The ministers agreed that there is no meaningful substitute to land routes via Egypt and Jordan and entry points from Israel into Gaza for aid delivery at scale,” they said in a joint statement. They also called on Israel to open the port of Ashdod, north of Gaza, for aid deliveries. Senior officials will gather in Cyprus on Monday for “in-depth” briefings on the corridor, the statement said. The Israeli military said the UN’s World Food Programme had also sent an initial six aid trucks along an alternative land route from southern Israel through a gate in the security fence into northern Gaza on Tuesday. – AFP
10 FRIDAY | MAR 15, 2024 Navigating social media concerns for children Q: I feel my children are old enough to have social media accounts but I am apprehensive about it. Do you have any advice? Focus on the Family Malaysia: We have all heard stories of individuals posting offensive comments on social media and losing their jobs, young individuals encountering explicit content online and grappling with pornography, teenage girls facing bullying on platforms such as Facebook and Instagram, and numerous other incidents. One foolish mistake on social media can haunt a person for years. All it takes is one insensitive comment, a misinterpreted Instagram picture or an unguarded moment captured on Snapchat. None of us want to see our children in these situations. However, we live in a media-driven world, and the internet is here to stay. By talking openly with your children and putting in place sensible safeguards, they can learn to navigate the web safely and responsibly. Begin by instilling in your children the importance of a good reputation. As the classic proverb goes: “A good name is to be chosen rather than great riches”, a sentiment particularly relevant in today’s digital era. It takes hard work to earn the respect of others, and only one brief, lapse in judgement to lose it all. Furthermore, it is crucial to be involved in your child’s online activities. As parents, we need to repeatedly talk with our children about the potential risks of the internet, and reaffirm their awareness of the ramifications of what they post online. Beyond issuing warnings, parents should set age-appropriate boundaries around online time, begin talking at an early age about discernment and install filters that will block objectionable content. Lastly, parents should be aware of the social networks their children are involved in. You may even consider requesting access to their passwords, especially with younger teenagers, to ensure their safety online. Q: When should I tell my parents and siblings that my marriage is on the rocks? My wife and I have been struggling for a long time. We are seeing a counsellor and we want the relationship to work but so far things are not getting any better. Focus on the Family Malaysia: Generally speaking, secrets are a bad thing whereas confidentiality is good. When someone who needs to know something does not, that is keeping a secret. On the contrary, when the people who need to know are informed and the rest of the world are unaware, healthy confidentiality is maintained. However, when information spreads to everyone, regardless of who they are, it transforms into gossip, and this is not in anyone’s best interest. In this context, the general rule of thumb is to dispense information only on a need-toknow basis. If a physical change in your living arrangements is imminent, then immediate family members are going to have to know about it sooner or later, and it would be best if they hear it from you first. This does not mean that you have to share all the details with them. Discuss your deepest concerns only with people you trust implicitly and regard this as thoroughly healthy and safe. Everybody needs a strong support system to turn to in times of trouble. Ideally, we all want our family to be in that network. However, family members can sometimes be overly emotional and biased, making it challenging to maintain an objective perspective. If you trust that your family members can listen with compassion and genuinely aim to provide you with solid, objective and impartial advice, it may be worthwhile to share your thoughts and feelings with them. This article is contributed by Focus on the Family Malaysia, a non-profit organisation dedicated to supporting and strengthening the family unit. It provides a myriad of programmes and resources, including professional counselling services, to the community. For more information, visit family.org.my. Comments: [email protected] Monitor govt spending for Ramadan IN conjunction with the holy month of Ramadan and approaching Aidil Fitri celebration, the government, especially the Public Service Department, should closely monitor the spending of all its departments, including public schools and public institutions of higher learning in the country. Ramadan is supposed to be a month of devotion for Muslims, but it can also become a month of feasting and wasteful spending if we are not cautious. Islam enjoins its followers to avoid gluttony, waste and extravagance at all times. There is concern that some government departments will spend extravagantly on office decoration, organise grand breaking of fast meals in offices and plan huge and lavish Aidil Fitri functions, activities and programmes. As the country and its people are still facing issues over the high cost of living and economic uncertainty, it is not wise for these departments to spend lavishly. Everyone needs to understand and respect the main objective of Ramadan, which is a month of minimalism and reduction. Moreover, it is a month of being more purposeful with our resources. There is no room for extravagance and wastefulness. Islam also strictly forbids wastefulness. As stated in the Quran: “Surely the wasteful are like brothers to the devils. And the Devil is ever ungrateful to his Lord”. Important to note, that the calls for minimalism and moderation should not be confined to Ramadan only, they should be practised at all times. Government departments should take this issue more seriously as they are using public money for their operations, and it should be spent prudently at all times. The government needs to strictly enforce the Financial Procedure Act 1957 Ramadan is supposed to be a month of devotion for Muslims but it can also become a month of feasting and wasteful spending if we are not cautious. – SUNPIC Local councils should value properties fairly FLASH flooding has become a recurring phenomenon in certain areas of Johor Bahru, especially in the Kolam Air area since 2006. Naturally, property values in these affected areas have plummeted. Even renting out properties ethically requires full disclosure of the associated risks, which results in lower rental rates. Despite numerous appeals and communications, the Johor Bahru City Council lacks any effective ideas to address the problem. We understand that perhaps this is just another manifestation of climate change, in which case the council should openly acknowledge this and act accordingly in the interest of public health and safety. However, what is more galling is that at the end of 2023, the city council proposed to hike the value of these properties to illogical levels. The council valued a single-storey bungalow along the banks of the constantly overflowing Cat River at RM1,080,000 whereas professional valuers have placed a maximum value of RM600,000. The council organised an appeal session on Dec 4, 2023, during which photographic evidence of the flash floods over the past few years as well as the numerous unsold vacant properties in the neighbourhood was presented. The officers assured us that our points would be taken into consideration and the result of the appeal would be released in late January 2024. On Dec 6, 2003, Johor Bahru was again affected by flash floods to levels not previously seen. Needless to say, additional damage was sustained by the affected properties and more of them were abandoned. The council’s installation of tidal flap gates in the preceding months had absolutely no effect on the flooding. Many of them may have been torn away by the raging waters, as depicted in the online images. Finally, to add insult to the many injuries, a month later the council announced that after consideration they had decided to maintain their valuation, demanding that the new assessment rate of RM864.00 per annum be forwarded immediately. We understand that councils require revenue to provide their services, but in this case, the service is seriously lacking and the rates have been determined unrealistically and without consideration for the property owners under their jurisdiction. I hope that the decisionmakers in this matter can see it in their hearts to take another look at the issue. N. Sathesh Johor Bahru COMMENT by Dr Muzaffar Syah Mallow LETTERS [email protected] UNDER ONE ROOF to deal with the problem. If the breach is more serious, action should also be taken against the official under any criminal offences, including the Penal Code. All government departments and agencies should take heed of the instructions issued by the government recently. According to the chief secretary, to ensure optimal government spending, the organisation of events, ceremonies, meetings, seminars and workshops is restricted to programmes deemed necessary. This was stated in the Ministry/Department Public Expenditure Control Directive circular to all secretaries-general and heads of departments and agencies. It was also suggested that such events be held at public premises or public training institutes. Meetings are encouraged to be held online or via video conferencing to reduce logistical costs, optimise time and decrease claims on expenses. The directive also highlighted the optimal use of utility resources, such as electricity, water and office equipment, while promoting the avoidance of food and beverage during meetings and events. In addition to early planning and encouraging the use of corporate credit cards, booking flight tickets should be done after comparing the best prices to get value for money. The directive also stated that controlling officers must comply with the rules for official travel abroad as stipulated in the Cabinet Secretary’s Directive. It involves attending meetings, scheduled or periodic discussions or conferences that have been approved in the annual budget or by the Cabinet and are deemed essential and have significant impacts on national interest. Prime Minister Datuk Seri Anwar Ibrahim when tabling Budget 2024 touched on aspects of saving and avoiding the wastage of public financial resources. Stern action should be taken against any government departments or agencies that fail to follow the rules. Public money should be spent on activities that will benefit the people and the country. The writer is an associate professor at the Faculty of Syariah and Law at Universiti Sains Islam Malaysia. Comments: [email protected]
LYFE LYFE FRIDAY | MAR 15, 2024 12 ALTHOUGH seasonal, durian seems to be available all year round now. Attacking the fruit fresh is how purists and connoisseurs would recommend for enjoying the thorny wonder. Given its unique texture, flavour and pungent aroma, there are many ways one can savour the fruit. So why limit yourself? Here are some other ways to enjoy the king of fruits. Durian ice cream Beat the heat with a scoop of durian ice cream. This frozen treat combines the lusciousness of durian with the coolness of ice cream, creating a refreshing dessert perfect for hot days. Whether you make it at home or find it at a specialty store, durian ice cream offers a delightful way to experience the fruit’s unique taste in a new form. Best of all, you can stock up and keep it frozen, thus being able to enjoy the unique taste of durian even off-season. Durian pancakes Elevate your breakfast game by incorporating durian into pancakes. Simply mix chopped durian flesh into your pancake batter before cooking. The creamy texture of durian blends seamlessly with the fluffy pancakes, adding a subtle sweetness and aroma. Serve with a drizzle of honey or maple syrup for an irresistible morning treat. Durian smoothie Blend up a tropical delight by making a durian smoothie. Combine ripe durian flesh with coconut milk, ice cubes, and a touch of honey in a blender. Blend until smooth and creamy, then pour into glasses and garnish with a sprinkle of toasted coconut flakes. This creamy and indulgent smoothie is a perfect way to start your day or refuel after a workout. Durian custard tart Impress your guests with a decadent durian custard tart. Prepare a buttery tart crust and fill it with a velvety custard made from blended durian flesh, eggs, sugar, and a hint of vanilla extract. Bake until the custard is set and the crust is golden brown. Let it cool before slicing into elegant portions. Each bite offers a perfect balance of buttery crust and creamy durian filling. Durian sticky rice Experience the harmonious combination of durian and sticky rice in this classic Thai dessert. Cook glutinous rice until tender, then top it with a generous serving of ripe durian flesh. Drizzle with coconut cream and sprinkle with toasted sesame seeds for added texture and flavour. The sweet, nutty taste of sticky rice complements the creamy richness of durian, creating a truly indulgent dessert. Durian cheesecake Indulge in the creamy goodness of durian cheesecake. The rich and creamy filling of traditional cheesecake is enhanced with the addition of durian puree, resulting in a decadent dessert that is both smooth and flavourful. Each bite is a heavenly blend of tangy cream cheese and sweet durian, making it a dessert to remember. Durian chips Experience the irresistible crunch of durian chips. Thin slices of durian are dried until crispy, creating a delightful snack that is perfect for munching on the go. The natural sweetness of durian is intensified through the drying process, resulting in a snack that is both satisfying and addictive. Durian mochi Enjoy a delightful fusion of flavours with durian mochi. These chewy rice cakes are filled with a sweet durian paste, creating a perfect balance of textures and tastes. Whether enjoyed as a snack or dessert, durian mochi offers a unique and satisfying treat for durian lovers. Whether you prefer it sweet or savoury, in a dessert or a snack, there are no shortage of ways to enjoy the exquisite taste of durian. So go ahead, explore these diverse creations and discover your favourite way to savour the king of fruits! @thesundaily FOLLOW ON TWITTER Malaysian Paper Durian delicacies Fresh fruit is not the only exclusive method of enjoying durian. – 123RFPIC oNine delicious ways to savour ‘king of fruits’ █ BYTHASHINE SELVAKUMARAN Keep cool wih durian ice cream. – NTUCPIC Durian pancake is a beloved dessert in Southeast Asia. – NONAPIC Durian smoothie is the perfect concoction for durian fans. – NTUCPIC Durian custard tarts are filled with durian paste, perfect for snacks. – CAROUSELLPIC Durian sticky rice is a common street food in Thailand. – DURIANPIC Durian mochi is a Japanese dessert given a Malaysian twist. – SIFT SIMMERPIC Durian cheesecakes are intensely creamy and pungent in flavour. – PINTERESTPIC Durian chips are a highly addictive snack. – YEAR OF THE DURIANPIC
FRIDAY | MAR 15, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME BAuto posts higher nine-month pre-tax profit of RM358.6 million PETALING JAYA: Bermaz Auto Bhd (BAuto) reported lower group revenue and profit before tax of RM896.5 million and RM95.1 million respectively for its third quarter ended Jan 31, 2024 (Q3’24), compared to the preceding year’s RM976 million and RM115.5 million, respectively. The lower group revenue of RM79.5 million, a decrease of 8.1%, was mainly due to lower sales volume and change in sales mix from the domestic operations of its Mazda marque. In line with the decrease in group revenue and lower profit contribution from its associate company, Mazda Malaysia Sdn Bhd, due to lower production volume, the group’s profit before tax fell by RM20.4 million or 17.7% compared to the preceding year’s corresponding quarter. For the nine-month period ended Jan 31, 2024, the group reported higher revenue and profit before tax of RM2.99 billion and RM358.6 million respectively, compared to RM2.48 billion and RM281.7 million respectively in the preceding year’s corresponding period. The increase in group revenue of RM516.9 million, a jump of 20.9%, was mainly attributable to higher sales volume from the domestic operations of its Mazda marque, especially the Mazda CX30 CKD model, which continued to register high sales volume since its launch in March 2023. The group’s profit before tax improved by RM76.9 million or 27.3% compared to the preceding year’s corresponding period mainly due to higher sales volume from the domestic operations of its Mazda marque. BAuto’s board has approved and declared a third interim dividend of 4.25 sen single-tier dividend per share in respect of the financial year ending April 30, 2024 (preceding year’s corresponding quarter ended Jan 31, 2023: 4.5 sen single-tier dividend per share). The entitlement date is April 18, 2024 and is payable on May 3, 2024. This brings the total dividend declared for the financial period ended Jan 31, 2024 to 14.25 sen, compared to 11 sen in the previous year’s corresponding period. Barring any unforeseen circumstances, the board anticipates the performance of the group to remain positive for the financial year ending April 30, 2024. Developers confident property market will improve in H2’24 KUALA LUMPUR: Developers are largely still confident that the Malaysian property market will improve in the second half of the year (H2’24), on the back of a more optimistic outlook for the domestic economic environment, according to Rehda Property Industry Survey for H2’23 and Market Outlook for 2024. Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk NK Tong said the optimism is despite the expected higher property prices, as developers are likely to raise prices with building material costs having increased. “Considering the challenges that the industry faces, the higher optimism for the second half of the year shows that respondents and developers at large are still confident that the market will improve. An impression shows that consumer purchasing power is slowly getting better,” he told reporters at a media briefing yesterday. Some 56% of the survey respondents said that they faced construction challenges in H2’23, with a little over half of them remarking that high prices of building materials were critically impacting their business operations. Tong said this is an ongoing issue that has been exacerbated by the Covid-19 pandemic, and is not showing signs of going away in the near future. “Ultimately, increase in building Tong speaking at Rehda’s media briefing. oRehda says, however, prices are expected to go up as building material costs have increased █ BYHAYATUN RAZAK [email protected] materials (prices) means higher construction costs, which will end up hurting the rakyat. We hope that this issue will be addressed effectively, and that all industry players will play their roles to ensure Malaysians are not further affected by the increase,” Tong said. The Property Industry Survey recorded that respondents are neutral towards business and property industry outlooks for H1’24. In H2’23, overall residential launches and performance experienced a downward turn compared to the first half of the year, but sales performance reported a marginal increase. The findings reported 4,627 out of 12,017 sold units were new launches in H2’23, while the rest were from unsold units launched before the period under review. Tong said there is strong demand for housing from the rakyat, especially for apartment/condominium units and two or three-storey terrace homes. While not all projects launched are captured in this survey, he said, it provides a useful snapshot of the direction of property development in the country today. “Despite new unit launches experiencing a setback due to the current industry landscape, it is heartening to see that Malaysians still see the value of residential property as a long-term investment, and as a place they and their families can call home,” remarked Tong. However, the survey results also showed a higher number of unsold completed units in the RM300,001- RM400,000 category at 11% compared with 3% in H1’23. They find it particularly concerning that homes considered to be within the affordable range experience such a high number unsold when these houses are much needed by the lower income groups. “As much as this could be a sign of unaffordability among the B40 and lower M40 categories, this is also affecting developers who have taken up the cross-subsidy method to build these houses. Not only that the sales of their open market units are affected due to the higher price, but so are the sales of their affordable units that they had to cross-subsidise for,” Tong noted. On the proposed Urban Redevelopment Act and remarks made by some quarters to Local Government Minister Nga Kor Ming during a media briefing, Tong commented, “The insinuation that this is to enable developers to seize land for a profit is completely misplaced.” As responsible developers, he said, Rehda members have plenty of options to acquire land which can be developed easily compared to redevelopment of existing buildings. However, as a strategic initiative, Rehda applauds KPKT’s vision through the minister to continue to enhance the urban fabric of cities to ensure they remain competitive and attractive globally for the benefit of the rakyat, Tong said. “We are awaiting more specific details to be able to engage KPKT, but we believe that they have carefully studied similar models in the region that have operated well for many decades,” Tong added. UCrest to digitalise, deploy IoMT in Mediprima Healthcare’s clinics, services PETALING JAYA: UCrest Bhd and Mediprima Healthcare (M) Sdn Bhd have inked a business partnership agreement to digitalise and inject Internet of Medical Things (IoMT) technology into the latter’s clinics and medical services. Mediprima will deploy iMedic in their 18 clinics offering telemedicine, preventive care programmes, chronic disease management and digital health screening programmes. The combination of advanced technology and medical expertise, will be offered to its patients nationwide. “Our partnership with Mediprima ... they will become the first private clinic chain in the country which will use our system in a big way to manage their patients and hopefully From left: UCrest assistant director Evelyn Liew, digital health director Viva Shaik, Eg, Dr Anbalagan, Mediaprima Healthcare general manager Jeffrey Lam and assistant general manager Dr Mohd Aidid Rizal. █ BYGLORIA HARRY BEATTY [email protected] with the technology, they are able to scale up their business beyond the physical boundary of a clinic,” said UCrest Bhd CEO Eg Kah Yee during a joint press conference yesterday. “This partnership with Mediprima marks the beginning of the digital health era in the country with the use of IoMT technology in providing healthcare services. The synergy is strategic and instrumental in elevating the primary care services from reactive medical service to proactive management of the health of patients. “With the use of technologies in healthcare, healthcare service providers are able to improve productivity significantly and to provide more affordable services nationwide easily,” he added. Eg shared that it is in talks with the government on implementing IoMT in its hospitals as well as further training for medical personnel on its usage, However, he did not elaborate. Recently, he said the group had signed a partnership agreement with Universiti KL, which involves technology accessibility and training for its medical personnel, staff and students. Meanwhile, Mediprima Healthcare director Dr Anbalagan Kailasan said its group plans to open 10 clinics by yearend. To date, it has opened four clinics in Klang Valley. He said it targets to set up clinics outside Klang Valley, such as in Seremban or Ipoh. By 2029, it expects to open 100 clinics nationwide should there be any opportunities for expansion. “We will look into wherever there is a need because we’re doing primary healthcare … We are more structured now, we have more staff, manpower and our financial (stability) will help us open more clinics,” he said.
BIZ & FINANCE BIZ & FINANCE FRIDAY | MAR 15, 2024 14 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper CMM lays foundation for SMEs to raise funds, scale up oElevate Programme supports small and medium businesses in accessing financing, meeting governance needs and instilling innovation mindset Maxis, Huawei to work on 5G-Advanced acceleration PETALING JAYA: Maxis Bhd and Huawei Technologies (Malaysia) Sdn Bhd have inked a memorandum of understanding (MoU) to work on a 5G-Advanced (5.5G) acceleration programme. This includes various areas to drive commercialisation and adoption in Malaysia, spanning use cases, key technologies, technology evolution and the ecosystem. The MoU was formalised at the Mobile World Congress 2024 in Barcelona, Spain, in the presence of Communications Minister Fahmi Fadzil and Malaysian Communications and Multimedia Commission chairman Tan Sri Mohamad Salim Fateh Din. Maxis and Huawei will work with solution providers to drive applications and ecosystem innovation. They will explore initiatives to promote adoption and facilitate migration, further accelerating the technology’s acceptance. Maxis and Huawei will also showcase the benefits of end-to-end 5.5G versatility, security and robustness via trial and testing. At the same time, both companies will utilise network insights to identify opportunities for business solutions and optimisation enabled by 5G and 5.5G, focusing on consumers and businesses, including small and medium enterprises. This includes exploring opportunities in key technologies related to digital operations, network slicing and network programmability. “As Malaysia’s leading integrated telecommunications provider, we look forward to developing impactful solutions that take advantage of existing 5G capabilities, as well as B R I E F S Fahmi (centre) with Goh and Sun at the MoU signing ceremony held at Malaysia Pavilion during Mobile World Congress 2024 in Barcelona, Spain. MAYBANK IB ESTIMATES 4% GDP GROWTH FOR MALAYSIA IN JANUARY KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has estimated a firmer monthly gross domestic product (GDP) growth of 4% year-onyear (y-o-y) for Malaysia, accentuated by favourable base effects. The research firm said in a note that January 2024 saw a rebound in the Industrial Production Index to 4.3% yo-y (December 2023: - 0.3%) and crude palm oil output at +1.6% (December 2023: -4.2%) while the Distributive Trade Index sustained growth momentum at 3.5% (December 2023: + 3.4%). Based on the above performances, which constitute 52% of GDP, the research firm said its monthly GDP tracker has estimated that the country’s economy grew 4% y-o-y in January 2024.. “Together with other indicators like the rise in manufacturing purchasing managers' index and January’s export rebound after 10 straight months of decline amid the global tech cycle recovery, these green shoots of economic growth pickup are supportive of our 2024 GDP growth forecast of 4.4% (2023: 3.7%),” it added. – Bernama RM1B APPROVED FOR FOREST PLANTATION DEVELOPMENT SCHEME KUALA LUMPUR: The Ministry of Plantation and Commodities (KPK), via Malaysian Timber Industry Board (MTIB), approved funding of RM1.02 billion for the Forest Plantation Development Programme (PPLH) until Dec 31, 2023. Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said MTIB’s wholly owned unit, Forest Plantation Development Sdn Bhd, is responsible for implementing PPLH by providing soft loan financing to eligible private companies, cooperatives and government agencies. He said 108 PPLH loan agreements, comprising 91 companies and government agencies have been approved to develop 144,077 hectares of forest plantations. – Bernama AIRASIA X COMMENCES DIRECT FLIGHTS TO ALMATY, KAZAKHSTAN SEPANG: AirAsia X has commenced its foray into Central Asia with the launch of its direct flight to Almaty, Kazakhstan, yesterday. Transport Minister Anthony Loke said the new route not only improves connectivity but also fortifies cultural and economic bonds between Kazakhstan and Malaysia. Loke said this during the AirAsia X Kuala Lumpur-Almaty sendoff ceremony at Kuala Lumpur International Airport Terminal 2 here. AAX will operate four weekly flights to Almaty, offering more than 95,000 seats annually, with competitive fares starting from RM599 or US$169 all-in one-way. Bernama PETALING JAYA: Capital Markets Malaysia (CMM), an affiliate of Securities Commission Malaysia (SC), welcomes high-growth small and medium enterprises to its Elevate Programme, aimed at enabling businesses to raise funds through the capital market and prepare for the next stage of growth. Launched with the support of the SC and Bursa Malaysia, the programme lays the foundation for businesses to meet governance requirements and prepare organisations for the nuances of fundraising through the capital market, including potentially listing on the Main or ACE Market, which requires them to be more structured and visible to potential investors and financial intermediaries. It is further intended to prepare senior leadership to inculcate an innovation mindset, to strengthen their business models and to learn to articulate a vision of growth. CMM chairman and SC executive chairman Datuk Seri Dr Awang Adek Hussin said, “The SC recognises the importance of SMEs to Malaysia’s economy and the need to address the supplydemand gap in financing. The capital market is well positioned to foster investor confidence and attract capital to support further growth of our high potential small businesses.” CMM’s programme, he added, is designed to meet the needs of businesses looking to scale up, raise capital or embark on their IPO journey. “Against the backdrop of an increasingly competitive global marketplace, our aim is to accelerate the advancement of Malaysia’s highgrowth SMEs,” he said. The programme is one of several initiatives driven by the SC and its affiliates to support SME access to capital market financing. In 2023 the SC signed a memorandum of understanding with SME Corp aimed at building a strong pipeline of capital-market ready MSMEs and to boost access to financing for this important segment of the economy. CMM board member Brahmal Vasudevan said CMM’s goal is to support high-growth Malaysian businesses and their leadership with the knowledge and network for their fundraising needs and advancement. The executive leadership programme is tailored for SMEs and mid-tier companies (MTC) with an annual revenue above RM 5 million and is fully funded by CMM. The programme covers vital focus areas including design-thinking, branding, and marketing strategies as well as environmental, social and governance considerations. The 10-day programme spanning four months culminates in an investors’ roadshow and opportunities for participating companies to network with and present to investors, venture capital and private equity firms. The programme was introduced in 2020 for MTC preparing to enter the capital markets. the speed, massive connections and latency improvements afforded by 5.5G to deliver useful solutions and an even better customer experience,” said Maxis CEO Goh Seow Eng. Huawei Malaysia CEO Simon Sun said, “Banking on our world-renowned capabilities in Research and Development and innovative technologies, we are excited to work alongside Maxis to expand the commercial horizons of 5.5G. This will show the world that Malaysia leads the region in digital infrastructure, proving its enabling environment and digital facilities are one of the best to attract and retain foreign investments.” As key ecosystem players, Maxis and Huawei will also study future technology and spectrum evolution and provide recommendations in line with business cases and ecosystem readiness. These will be aligned with Malaysian Government policy to support the advancement of 5.5G in the country. The MoU is a result of Maxis’ and Huawei’s prior technology association. Most recently, both companies successfully showcased the first 5.5G or 5G-Advanced technology trial in Malaysia and Southeast Asia. The trials included a single-user live speed test to demonstrate 5.5G capabilities to achieve ultra-fast peak speeds of up to 8Gbps, in line with the promise of 5G-Advanced technology. SC to launch initiatives to broaden digital innovation ecosystem KUALA LUMPUR: The Securities Commission Malaysia (SC) will roll out a series of initiatives to deepen engagement with the industry and the broader digital innovation ecosystem. Chairman Datuk Seri Dr Awang Adek Hussin said the initiatives include innopolicy roundtables, pitch and match sessions and a financial technology (fintech) summit to further fintech development. “From innopolicy roundtables to pitch and match sessions, as well as a big fintech summit at the end of the year, that will bring the industry together to raise awareness on fintech development. “Recognising the importance of cybersecurity and technological risks, we are also organising capacity-building activities through our TechTrek programme,” he said in his virtual keynote address at the SCxSC Views from the Top’ Digital Leaders’ Dialogue on Emerging Tech’ yesterday. Awang Adek said that over the past three decades, the Malaysian capital market has demonstrated a remarkable embrace of technology, from the introduction of electronic trading platforms to the emergence of online booking systems. “The Covid-19 pandemic served as a catalyst, accelerating the pace of digitalisation. “It has also given rise to new digital players, as well as forcing traditional incumbents to undergo transformation to stay relevant and meet the demands of a rapidly evolving market,” he added. Therefore, Awang Adek said countries that embrace cutting-edge technologies like blockchain, artificial intelligence (AI) and machine learning are more likely to attract foreign investment. “As technology continues to advance, staying at the forefront of innovation will be crucial for maintaining a competitive edge in the global market,” he said. – Bernama
BIZ & FINANCE BIZ & FINANCE FRIDAY | MAR 15, 2024 15 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ KUALA LUMPUR: IHG Hotels & Resorts has reached 1,012 open hotels in Asia-Pacific (Apac) – a major milestone for the global hospitality company as it accelerates its growth across the region. IHG has welcomed guests at many outstanding new properties in Apac over the past year, with stand-out openings across many of its brands including Holiday Inn Hotels & Resorts, InterContinental Hotels & Resorts, Regent Hotels & Resorts, Hotel Indigo, Vignette Collection, voco hotels and Crowne Plaza Hotels & Resorts. Rajit Sukumaran, SVP & managing director, East Asia & Pacific, IHG Hotels & Resorts, said, “To hit 1,000 open hotels in Asia Pacific – including more than 700 in Greater China – is a fantastic achievement for IHG in one of the most dynamic regions in the world. We’re seizing the great longterm opportunities by investing in our brands, delivering great returns for our owners, and driving growth in our markets.” He added they are achieving this by maintaining their industry-leading position in the mainstream segment through their much-loved Holiday Inn and Holiday Inn Express brands, which make up more than half of IHG’s existing portfolio and half of its pipeline in Apac. “We’re also investing in our six luxury & lifestyle brands, which account for 22% of our global pipeline, around twice the amount five years ago. We have built up a strong presence in this segment in the region, with 45% of the global luxury & lifestyle pipeline in Apac. The Apac region is poised to see the most rapid growth in passenger traffic globally over the long term and newly relaxed travel arrangements – including visa-waiver agreements between countries, and the creation of new flight routes and new airlines– are boosting demand for hotel stays in Apac. IHG is ideally placed to grasp this opportunity, thanks to an expanding pipeline of 705 hotels in 22 countries across 13 brands, with nine hotels in the pipeline for Malaysia, supported by its IHG One Rewards loyalty programme, which has grown rapidly to have over 130 million members around the world. Business travel bookings including for groups and meetings, are also on the up with Apac accounting for the largest share of global business travel spend and poised to reach US$800 billion (RM3.7 trillion) by 2027. TM enables e-prescriptions via e-Pharmacy Solution IHG hits 1,000 hotels milestone in Asia-Pacific oRegion poised for rapid passenger traffic growth, with relaxed travel boosting demand Honda Malaysia sets sales target of 95,000 units for 2024 PETALING JAYA: Honda Malaysia, in its 2024 business direction underpinned by a positive outlook, aims to achieve this year’s set sales target of 95,000 units with 12.8% market share. With its strategic plan for 2024, which includes launching two new models, the company is ready to continue embracing the evolving automotive landscape. Honda Malaysia managing director and CEO Hironobu Yoshimura said, “2024 will continue to be a challenging year for the automotive industry. Nevertheless, Honda Malaysia remains committed to driving success to new heights this year, built on the back of our remarkable achievements in 2023. That includes our latest milestone of retaining the No.1 position in the non-national passenger vehicle segment for the 10th consecutive year since 2014. On top of that, we achieved last year’s sales target of 80,000 units despite the challenges in 2023. These remarkable achievements are attributable to the introductions of the WR-V, City and All-New CRV, all of which garnered strong market acceptance upon their respective launches.” He added that further strengthening their presence in the market was the e:HEV technology, one the most relevant technologies. Its popularity is evidenced by a 28% contribution to the 2023 overall hybrid sales in Malaysia. CYBERJAYA: Telekom Malaysia Bhd (TM), via its Unifi Business segment, yesterday unveiled its latest digital business offering called the e-Pharmacy Solution, a mobile application that enables eprescriptions via teleconsultation for pharmacists and their walk-in patients. Bundled with Unifi Business’ fixed broadband plans from 100Mbps up to 2Gbps, this offering in collaboration with Teleme Technologies, Malaysia’s leading telemedicine platform, includes access to over 500 licensed professionals for teleconsultation, e-prescriptions, customised digital signature, e-health articles and a repository for patients’ medical records. Harnessing TM’s networks and its approximately 600 nationwide Unifi Business consultants, the offering aims to help pharmacists dispense essential medications and pharmaceutical services especially among rural and underserved communities. Through eprescriptions, these communities will be able to access prescribed medications seamlessly, enhancing adherence and improving health outcomes. This offering is also eligible for the government’s Geran Digital PMKS Madani, ensuring pharmacists from the micro, small and medium enterprise segment receive the support they need to embrace digitalisation and enable a more inclusive healthcare system for all Malaysians. TM group CEO Amar Huzaimi Md Deris said that by integrating connectivity and technologies into patient care, their e-Pharmacy Solution aims to support healthcare professionals and the government in providing efficient and beneficial services for all Malaysians, especially among communities where healthcare access remains a challenge. “This new offering also reflects TM’s continuous efforts towards becoming a digital powerhouse by 2030, leading industry growth through digitalisation and sustainability, and strengthening our digital ecosystem to benefit communities and businesses,” Amar added. Malaysian SMEs to join China fair KUALA LUMPUR: Malaysian small and medium enterprises (SMEs) are set to participate in the upcoming 19th China International Small and Medium Enterprises Fair (CISMEF) to be held in Guangzhou, China from June 27-30. In a statement, the Malaysia External Trade Development Corporation (Matrade) said Malaysia will be the co-host country for CISMEF this year to accelerate local SMEs’ market access in China. For the event, Matrade is collaborating with China’s Ministry of Industry and Information Technology, the CISMEF bureau as well as Quantum Atlas Sdn Bhd, the official agent and event manager for the Malaysia Pavilion in CISMEF 2024. More than 40 countries participated in the event last year, which saw over 100,000 public and trade visitors. Exhibitors in CISMEF 2023 clinched deals worth more than RMB10 billion (RM6.5 billion) in direct procurement, financing, industrial collaborations, and investment agreements. Matrade said the targeted sectors for the Malaysia Pavilion include intelligent manufacturing, F&B, fashion as well as halal products and services. – Bernama IHG has 705 hotels in the pipeline across 22 countries with 13 brands, including nine in Malaysia, supported by its IHG One Rewards loyalty program. – IHG WEBSITE
BIZ & FINANCE BIZ & FINANCE FRIDAY | MAR 15, 2024 16 Security cameras are placed on a Nio battery swapping station in Shanghai. – REUTERSPIC UOB aims to double private wealth assets by 2026 Singapore is seen as a magnet in attracting wealth from its Southeast Asian neighbours, helped by the city-state’s policies including tax perks that incentivise the setting up of wealthy family offices, according to Knight Frank. Chew said UOB’s private wealth assets grew 14% last year. He declined to give details. More than half of UOB’s total assets was contributed by Singapore, with the rest mainly from Malaysia, Thailand, Indonesia, Vietnam and North Asia, according to Chew. North Asia includes Hong Kong, Taiwan, China and Japan, he added. UOB managed to bolster its Southeast Asia presence after the acquisition of Citigroup’s Southeast Asia retail business in early 2022 for S$5 billion. “We also scale up cross segment collaborations with other business units within the bank, to maximise cross sell opportunities and increase penetration rate of our clients,” Chew added. – Reuters A view of an UOB building in Singapore. – REUTERSPIC oAUM of Southeast Asia’s third biggest lender rises to record S$176 billion Foreigners pile into Japanese bonds TOKYO: Foreign investors significantly increased their purchases of Japanese bonds last week amid growing expectation that Japan may soon end its long-standing negative interest rate policy and start increasing rates this year. They acquired a massive ¥1.15 trillion (RM37 billion) of long-term Japanese bonds on a net basis last week, the largest weekly net purchase since early-April 2023, data from the Ministry of Finance showed. Japanese short-term debt securities drew a net ¥2.22 trillion in overseas capital last week after ¥2.75 trillion of net purchases in the prior week. The Bank of Japan will debate ending its negative interest rate policy next week if Friday’s preliminary survey on big firms’ wage talks outcome yields strong results, sources said, marking a landmark shift away from its decade-long stimulus programme. Yields on one-year Japanese treasury bills, which traded sideways through 2023, are up a relatively sharp 8 basis points in 2024 to a near almost decade high of 0.067%, while six-month yields, negative for eight years, leapt above zero last week. Bond yields rise when prices fall. Higher yields can attract new investors. Meanwhile, overseas investors were net buyers of Japanese equities for a second consecutive week, securing ¥198.35 billion in stocks, even as shares pulled back from record highs. The Nikkei share average shed about 0.56% last week, snapping its five-weeks-long winning streak. Foreign investors bought cash equities and derivative contracts of about ¥176.39 billion and ¥21.96 billion, respectively, on a net basis last week. Japanese investors, meanwhile, secured about ¥1.58 trillion of long-term foreign bonds, logging the largest weekly net purchase since Jan 12. They also poured about ¥6.6 billion into short-term debt instruments. Conversely, domestic investors pulled roughly ¥616.5 billion out of foreign equities as they extended net selling into a second consecutive week. – Reuters Nio, CATL partner on developing batteries with longer life BEIJING: Chinese electric vehicle maker Nio yesterday signed an agreement with battery giant CATL on a partnership to develop batteries with a longer life as part of efforts to lower overall EV costs. The partnership will leverage battery technologies from each company seeking to lower the so-called “full life circle” costs of batteries, key for the operating costs of Nio’s thousands of battery swapping and charging stations, Nio founder and CEO William Li told reporters in Beijing. Li said the goal was to extend battery usage beyond eight or 10 years. Nio also announced a cut to monthly rental fees for batteries by up to 33% for Nio users, which works to lower EV purchase costs by as much as 128,000 yuan (RM83,300). After receiving more than US$3 billion from Abu Dhabi investor CYVN Holdings last year, Nio has strived to turn profitable sooner by trimming its workforce and deferring long-term investments to improve efficiency. The company, however, said it would still keep investing in developing core technologies such as batteries on its own. It has commercialised 150 kilowatt hour semi-solid-state batteries for its EVs, manufactured by Beijing Welion New Energy, which have a range of up to 1,000km. Nio has also invested heavily in infrastructures for battery charging and swapping. It currently has 2,382 battery swapping stations and 21,652 public charging stations, according to Li, adding that the charging has turned profitable for Nio while it is still losing money for the battery swapping services. Swapping could help to ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. While some have criticised battery swapping stations as a costly investment, Nio argues they can be both a quicker solution to powering up EVs and an energy storage facility to improve grid stability. – Reuters Paramount Global selling stake in India TV venture Viacom18 NEW YORK: US film and television giant Paramount Global announced on Wednesday it would sell its stake in Indian media venture Viacom18 to another Indian entertainment firm, Reliance. The US$517 million (RM2.4 billion) deal would transfer Paramount’s entire 13% stake to Reliance, according to filings with the Securities and Exchange Commission, a US regulator. Completion of the transaction remains subject to regulatory approval, as well as the finalisation of a transaction announced last month between Reliance, Viacom18 and Disney, Paramount said. Last month, Disney and Reliance agreed to merge their Indian media businesses, creating an US$8.5 billion entertainment giant in the world’s most populous nation. That plan envisions Disney merging its Indian television subsidiary with Viacom18, with Reliance helming that joint venture. Disney will hold a 36.8% stake in the project, Reliance will hold 16.3% while Viacom18 will have 46.8%. Viacom18 is a subsidiary of TV18, owned by Reliance, which means Reliance will therefore hold, directly or indirectly, a majority stake in the joint venture – a position that increases further following the Paramount transaction. Disney has so far struggled to succeed on its own in India’s massive media market. The joint venture will also help both Reliance and Disney stave off competition from traditional rivals such as India’s Zee Entertainment and Japan’s Sony, as well as streaming competition from Amazon and Netflix. According to documents submitted by Reliance to the National Stock Exchange of India, the sale would increase Reliance’s stake in Viacom18 to just over 70%. Paramount will continue to license content to Viacom18, according to the SEC filings. – AFP SINGAPORE: Singaporean lender United Overseas Bank (UOB) is planning to double its private wealth assets under management over the next couple of years as it bets on increased wealth inflows into the city-state and Southeast Asia, a top executive said. Total assets under management (AUM) at UOB, Southeast Asia’s third biggest lender by assets, rose to a record S$176 billion (RM619 billion) as of end-December. Assets from its private wealth clients – affluent individuals with assets worth at least S$2 million – account for more than half of the total AUM, said UOB’s head of private bank Chew Mun Yew. “With the increased wealth flow opportunities into Asean region and the strong organic growth within Singapore, we believe there will be continued strong growth momentum in the wealth management space.” Singaporean wealth managers have seen a surge in inflows in recent years from China, Hong Kong, and elsewhere, as economic slowdown and geopolitical tension resulted in setting up of family offices and trusts in the city-state. Southeast Asia is also a key wealth growth driver in the region. Malaysia, Vietnam and Indonesia are set to see their ultra high net worth population growing by 34.6%, 34.1% and 30%, respectively, by 2028 from 2023, outpacing the estimated 28.1% growth globally, according to a wealth report by Knight Frank.
BIZ & FINANCE BIZ & FINANCE FRIDAY | MAR 15, 2024 17 UK to ban foreign states from owning newspapers oGovt may stop UAE-linked bid for ‘The Telegraph ‘ Germany is only halfway through property crisis: CEO PARIS: Germany is midway through a four-year real estate crisis that will lead to more losses and distressed sales of unwanted properties, the head of Commerzbank’s real estate business told Reuters. The euro zone’s largest economy is in the grip of its worst property slump since at least the 2008/2009 global financial crisis, after a sharp rise in borrowing costs and a higher proportion of riskier lending tipped the sector into one of Europe’s biggest downturns. “We believe we are at half-time right now, after two years of crisis, with two years of crisis in front of us,” Commerz Real chief executive Henning Koch said at this week’s MIPIM property conference in the French Riviera city of Cannes. Koch expects more investors to pull cash from the sector and more property owners to become forced sellers. “We are still seeing a hard, long way to go,” he said. Commerz Real, a fully owned subsidiary of Commerzbank, is a major owner of German real estate and has around €34 billion (RM173 billion) of property assets globally. The wave of distress working through the German real estate industry has provided the firm with buying opportunities, Koch said, adding he was tracking the planned sales of multiple projects owned by the collapsed Austria-based property group Signa. “We clearly look at those situations. You want to buy out of insolvency because you have a safe legal haven and framework,” he said, but added that pricing needed to reflect market realities. European Central Bank supervisors again warned this week that commercial real estate was “particularly vulnerable” to recent rate rises. Analysts say that big banks’ exposure in the United States and Europe is manageable and most have provisioned for a bigger deterioration in their property loan books. However, investors have put some specialist lenders under the microscope. Germany’s Deutsche Pfandbriefbank (PBB) has seen its shares and bonds tumble over concerns about its property exposure, including to the United States where office vacancy rates have jumped since the pandemic. PBB made big writedowns on its property loans last week. Gerhard Meitinger, PBB’s head of real estate finance Germany, told Reuters in Cannes that he believed office prices in less-desirable “secondary” locations may have a further 10% to fall in Germany, but that the market was “close to the bottom”. Meitinger said the lender was extending more loans to help property owners cope, with the proportion of extended loans rising to 50%, up from 30% prior to the pandemic. The bank, he said, is less exposed than alternative lenders such as asset managers and insurers that undertook more risky lending. – Reuters AstraZeneca to buy Amolyt to boost rare-disease portfolio LONDON: Drugmaker AstraZeneca said yesterday it would acquire rare endocrine diseases-focused firm Amolyt Pharma for US$1.05 billion in cash, in a bid to boost its rare diseases portfolio. Amolyt, backed by investors including Danish drugmaker Novo Nordisk’s parent firm Novo Holdings and EQT Life Sciences, is currently in the late-stage development of a therapy for hypoparathyroidism. The deal, which includes an US$800 million upfront payment and additional contingent payment of US$250 million on achieving a specified regulatory milestone, is expected to close by the third quarter of this year. In almost a decade since AstraZeneca fended off a takeover by US rival Pfizer, CEO Pascal Soriot has rebuilt the Anglo-Swedish drugmaker’s pipeline, which includes 13 blockbuster medicines – those that generate more than US$1 billion in annual sales. The deal for Amolyt comes amid a string of acquisitions including a licensing deal late last year that gave AstraZeneca an entry into the booming anti-obesity drug market. Revenue from the company’s rare diseases portfolio, boosted by the US$39 billion acquisition of Alexion in 2021, have also swelled in recent years, clocking nearly US$7.8 billion in 2023. – Reuters LONDON: Britain’s government outlined plans on Wednesday to stop foreign states from owning newspapers, potentially giving ministers the power to block Abu Dhabi-backed RedBird IMI’s bid to buy The Telegraph. The battle over one of Britain’s most famous newspapers has raised questions about the independence of the media and the role of foreign investors acquiring ownership of politically influential assets. The Telegraph has close connections with Britain’s governing Conservative Party and the political struggle for ownership of the 168-year-old newspaper is as much about power and influence as it is about money. Stephen Parkinson, the culture minister in the House of Lords, said the government would make changes through an amendment to legislation going through Parliament to prevent foreign states from having ownership of British newspapers. “We will amend the media merger regime explicitly to rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states,” Parkinson told the Lords. The proposed changes to the law would in effect block the Telegraph takeover bid by RedBird as currently structured, one government official said. The group also planned to buy The Spectator news magazine. RedBird IMI, run by former CNN boss Jeff Zucker and with the majority of its funding from Abu Dhabi, said it was extremely disappointed and would now evaluate its next steps. The deal is already under a separate investigation based on existing laws, but the new plan is more explicitly targeted at preventing foreign state control. The right-leaning Daily Telegraph is nicknamed the “Torygraph” for its longstanding support for the Conservative – or Tory – Party. Former Conservative prime ministers such as Winston Churchill and Boris Johnson have written for it. The contest for ownership of the Telegraph is playing out against the backdrop of an unpopular Conservative Party, led by Prime Minister Rishi Sunak, that is set to lose the next election expected later this year, according to polls. Pressure had been building on the government after Tina Stowell, a former Conservative leader in the Lords, proposed an amendment to the Digital Markets, Competition and Consumer Bill that would give Parliament a veto on foreign governments taking over British media organisations. Her amendment had won the support of more than 100 members of Parliament who cited concerns including the possibility of editorial interference and censorship. Having forced the government to come up with their own plan, Stowell withdrew her amendment. The new ban on foreign control is expected to be put to a vote in the House of Lords in the next few weeks. It would have to be passed there and in the lower House of Commons before the new rules would come into force. Parkinson said the new measures would create a new obligation for the government to refer any relevant media merger to the Competition and Markets Authority (CMA) watchdog. If the CMA determined that the merger “has resulted, or would result, in foreign state ownership, influence or control over a newspaper enterprise”, then the government would be legally required to order the merger be blocked or unwound. – Reuters View of the construction site of the Elbtower building, partially owned by a Commerzbank subsidiary, in Hamburg, Germany. – REUTERSPIC Entain examines possible sale of overseas gambling brands LONDON: British gambling firm Entain has hired advisers to oversee the possible sale of several of its overseas brands, the Financial Times reported yesterday. The brands include Netherlands-based BetCity, which the gambling firm had bought last year, the newspaper added. The Netherlands last year proposed a plan for tighter deposit limits from the second quarter, which is expected to hit Entain’s annual revenue and profit, the company said earlier this month. A local offshoot of Ladbrokes in Australia, Sweden-based Enlabs and Georgia-based CrystalBet are other brands that are not integrated into Entain’s main tech platform and under review, the report said. Wall Street boutique advisory Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell, it added. Entain, like other gambling firms, gained from a rise in online betting during the pandemic, but stiffer regulations in its main markets have hurt its bottom line. The UK, the gambling firm’s largest market, is expected to put out a review this year, which is said to include a stake cap on slots at £5 (RM30) and increased affordability checks. Entain expects its core profit to incur a £40 million hit this year from the regulatory moves in the UK and Netherlands. – Reuters Copies of The Telegraph on a rack in a supermarket in London. – REUTERSPIC
BIZ & FINANCE BIZ & FINANCE FRIDAY | MAR 15, 2024 18 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper AUSTIN: At South by Southwest – the gargantuan Texas festival for cinema, music and tech – artists this year embraced virtual reality as a way to better connect with humanity, not escape it. VR and augmented reality are often associated with video gaming, or the groundbreaking hardware races underway between tech titans like Apple and Meta – though with little in the way of mass adaptation. But for inventor Niki Smit, VR is an avenue for humans to express their emotions and explore their mental health, including through the normally explicitly tactile experience of art therapy. After donning the usual headgear, the user of Smit’s Soul Paint programme is invited to “paint” their virtual body, using colours and lines to explore and express their inner reality. “When I’m stressed, I clench my teeth – so I draw this pulsating red thing near my jaws,” Smit said, demonstrating the software. “What we’ve been making here is an invitation to dive into yourself, to explore yourself.” In a massive hall dedicated to VR, demonstrations invited conferencegoers to watch films and test video games, faces pressed against the VR headset. But at Smit’s stand, users emerged looking visibly moved, having smeared their virtual stomachs in sickly green or their heads in gray, and dancing to free themselves from downbeat emotions. “VR is not an extension of film. VR is not an extension of video games. We’re starting to find out it is a medium about your own human body,” he said. Victor Agulhon makes VR documentaries on topics ranging from top chefs to the Kennedy assassination. “I can’t see myself working in any other medium. “For me it’s really this technology, specifically, that enables unprecedented things in terms of understanding and empathy.” “There’s an insatiable desire by humans to use storytelling as a way to understand our experience in this world ... and you want it to be more immersive with higher interactivity,” said Vince Kadlubek, during a panel on the future of entertainment. Kadlubek is one of the founders of Meow Wolf, an artist collective that now specialises in giant art installations. From video games to immersive art, a key way to win over audiences is through giving them more interaction and control, he said. “I don’t want to just go into somebody else’s world and not have the ability to build something in it, that’s so confined,” he said, mentioning TikTok and Minecraft as examples of platforms making strides in that area. For Voyelle Acker, too, immersion is key. Her studio, Small Creative, develops virtual reality experiences for small groups, in particular to “bring culture to audiences who are sometimes far removed in terms of education or geography”. “Today, we can program anything we want,” she said, but “it takes human intelligence to be artistic, to find the right connections”. Creators are in high demand. French automotive giant Valeo came to the conference, known as SXSW, to encourage them to invent the future of in-car entertainment. Executives introduced a video game for passengers, which uses sensors, cameras and radar to recreate the vehicle’s environment in real time – but for play. “We can imagine interacting with passengers in other cars, involving them in an experience, like sharing music,” said Valeo’s chief technology officer Geoffrey Bouquot. “What can the magical feather dress do?” asked a computer in a mini-cinema showing an endless movie called The Golden Key. In this work, generative artificial intelligence continuously produces images, narration and voice, but viewers influence the result by answering questions. “The magical feather dress transcends time and space – woven from loose plastic floating in the ocean, the cosmic turtle repurposed this for good in the world,” wrote an audience member. The innovations on display in Austin, Texas, come as the rise of content-generating AI worries many artists, who fear being replaced by machines. But Melissa Joyner, director of Reimagined Volume III: Young Thang, does not think AI would have been able to produce her VR-bound animated film, inspired by a Nigerian tale. Generative AI can be part of the process, but it “is not going to tell you I disagree, it’s not another person you respect” , she said. – AFP Oracle adding generative AI features to software lineup AUSTIN: Oracle said yesterday it is adding generative artificial intelligence features across its corporate software lineup, intensifying competition with Microsoft and other technology firms to sell the technology to businesses customers. Oracle’s cloud-based software offerings are central to many businesses in running their finances, supply chains and human resources departments, and the Austin, Texas-based company said that the new features are designed to save time for those people by generating reports, summarising complicated data or drafting job descriptions, among other tasks. For Oracle, a late comer to the cloud computing market, the features are a core part of its efforts to catch up to corporate software rivals such as Microsoft, which is also trying to woo business with its “Copilot” AI features. Oracle has spent billions of dollars on Nvidia chips and partnered with Cohere, an AI start founded by ex-Google employees. Unlike consumer apps such as ChatGPT where users simply type requests directly to a chatbot, Oracle has identified about 50 different features where the AI system has been tuned to handle specific tasks, such as writing up a product description in a catalog based off data in a company inventory system, or summarising a long chain of back-and-forth price negotiations with a supplier. In all cases, a human employee reviews the AI-generated information before it becomes final. Steve Miranda, executive vice-president of applications development at Oracle, said the approach was meant to avoid some of the pitfalls of current AI technology, such as the tendency to make up inaccurate information, while still providing productivity improvements. “We think we’ve got a broad set of use cases we think we brought on market quickly. That’s going give us some great feedback, but it’s very much in a controlled fashion to avoid some of the issues.” Miranda said that Oracle does not plan to charge extra for the new features. – Reuters oSome see technology as avenue for humans to express emotions Yellen says US economy unlikely to see ‘stagflation’ WASHINGTON: The US economy is not expected to see stagflation, Treasury Secretary Janet Yellen said in an interview broadcast on Wednesday, adding that most forecasters expect inflation to cool as housing costs move lower. “In many parts of the country, rental prices for new apartments have actually declined overall,” Yellen told Fox Business in an interview. Her comments came after JPMorgan Chase CEO Jamie Dimon recently refused to rule out the chance of stagflation, a dreaded scenario where economic stagnation meets rising costs. Housing costs are the single biggest contributor to the country’s ongoing inflation, Yellen told Fox Business while on a trip to Kentucky to highlight President Joe Biden’s efforts to boost economic growth. Yellen stressed that she has “every expectation” housing costs will move down this year, easing price pressures. When asked, Yellen also said she regretted previously saying that US inflation was “transitory,“ as it has taken much longer than a few weeks or months for price increases to cool. Consumer inflation has fallen from a peak in 2022 but accelerated unexpectedly in February to 3.2%, underscoring the bumpy path to bringing prices lower. Although some consumers are spending more on credit cards, having depleted a portion of savings, Yellen said she sees this as “normalisation rather than a disturbing new trend”. On the dollar’s reserve currency status, Yellen said: “There really is no rival in terms of the depth of US financial markets, the liquidity of US Treasuries, the institutional and legal structure underpinning the use of the dollar.” In Kentucky, Yellen turned the spotlight on investments in clean energy and manufacturing, saying Biden’s key policies have helped bring more of such funds into communities that traditionally relied on industries like coal, among others. Since the start of the Biden administration, “companies have announced almost US$650 billion in investments in clean energy and manufacturing across the country”, she said. Speaking at an Advanced Nano Products factory in Elizabethtown, she added that the Treasury Department will boost outreach efforts to raise cities’ awareness on benefits like tax credits from the Inflation Reduction Act. – AFP OpenAI partners with Le Monde, Prisa SAN FRANCISCO: OpenAI on Wednesday announced partnerships with French daily Le Monde and Spanish conglomerate Prisa Media, saying it intends to develop news-related uses of its ChatGPT artificial intelligence tool. OpenAI will be able to use content from Le Monde and Prisa Media publications including El Pais, Cinco Dias and El Huffpost to train the models powering its artificial intelligence, the San Francisco-based company said in an online post. “In partnership with Le Monde and Prisa Media, our goal is to enable ChatGPT users around the world to connect with the news in new ways that are interactive and insightful,” OpenAI chief operating officer Brad Lightcap said in the post. In the coming months, ChatGPT users will be able to get summaries of news content from the publishers along with links to original articles, according to OpenAI. “This partnership with OpenAI allows us to expand our reach and uphold our commitment to providing accurate, verified, balanced news stories at scale,” Le Monde chief executive Louis Dreyfus said in the post. He described Le Monde as France’s leading news outlet with 600,000 subscribers. Prisa Media chief executive Carlos Nunez called the OpenAI alliance a “step toward the future of news”. – AFP Joyne posing in front of attendees watching her VR animated movie at SXSW in Austin. – AFPPIC Artists embrace virtual reality at Texas festival
LYFE LYFE FRIDAY | MAR 15, 2024 22 READ OUR HERE /thesun Malaysian Paper Eight fascinating species of fish to keep as pets BRINGING the serene beauty of the aquatic world into your home can be an enriching experience. Fishkeeping offers a glimpse into a mesmerising underwater world, replete with vibrant colours, graceful movements and unique personalities. If you are considering diving into the world of fishkeeping, here are eight species that make excellent aquatic companions. Betta Fish (Betta splendens) Commonly known as Siamese fighting fish, Bettas are renowned for their dazzling array of colours and flowing fins. Despite their territorial nature, Bettas can thrive in small tanks or even desktop aquariums. Their striking appearance and relatively low maintenance make them popular choices for beginner aquarists. With proper care, these majestic fish can live for several years, adding a splash of colour to any living space. Neon Tetra (Paracheirodon innesi) Neon Tetras are prized for their iridescent blue and red stripes, which create a stunning visual spectacle in any aquarium. These small, peaceful fish are schooling species, thriving in groups of six or more. Their peaceful demeanour and compatibility with a wide range of tank mates make them ideal for community tanks. Neon Tetras are relatively hardy and adaptable, making them suitable for both novice and experienced aquarists alike. Goldfish (Carassius auratus) Goldfish have long been cherished as popular pets, beloved for their bright colours and distinctive personalities. Available in a variety of breeds, including the classic Comet, fancy Oranda, and elegant Ryukin, goldfish can add charm and elegance to any Betta fish is a solitary, labyrinth fish with vibrant colours and flowing fins, known for their territorial nature. – PINTERESTPIC oDive into aquatic companionship █ BYTHASHINE SELVAKUMARAN Neon Tetra is a schooling fish with iridescent blue and red stripes. – PINTERESTPIC Goldfish comes in various colours and shapes. – PINTERESTPIC Guppy is a small fish that is ideal for beginners due to their easy care and breeding. – PINTERESTPIC Angelfish are often kept in pairs or groups in spacious tanks due to their territorial behaviour. – AQUARIAM CO-OPPIC Swordtail fishes are available in various colours and patterns. – WIKIPEDIAPIC aquarium. Despite their reputation for being low-maintenance, goldfish require spacious tanks with adequate filtration to thrive. With proper care, these resilient fish can live for decades, becoming cherished members of the family. Guppy (Poecilia reticulata) Guppies are renowned for their dazzling array of colours and intricate patterns, making them a favourite among aquarists worldwide. These prolific breeders are perfect for beginners, as they are hardy, adaptable and easy to care for. Guppies thrive in heavily planted tanks, where they can explore and interact with their surroundings. With their playful demeanour and vibrant hues, guppies bring joy and vitality to any aquarium. Corydoras Catfish (Corydoras spp) Corydoras catfish are beloved for their endearing appearance and quirky behaviour, making them popular additions to community tanks. These bottom-dwelling fish are renowned for their habit of scavenging for food along the substrate, helping to keep the tank clean. Corydoras catfish are peaceful and sociable, often forming tight-knit groups with their own kind. With their charming antics and gentle disposition, Corydoras catfish add a touch of whimsy to any aquarium. Zebra Danio (Danio rerio) Zebra Danios are lively and energetic fish, known for their distinctive black and white striped patterns. These hardy and resilient fish are perfect for beginner aquarists, as they can tolerate a wide range of water conditions. Zebra Danios are schooling fish, thriving in groups of six or more, where they engage in playful chasing and darting behaviour. With their dynamic personalities and vibrant colours, Zebra Danios bring vitality and excitement to any aquarium. Angelfish (Pterophyllum scalare) Angelfish are prized for their graceful appearance and elegant finnage, adding a touch of sophistication to any aquarium. These majestic fish are known for their unique triangular shape and striking colouration, which can range from silver to black to marbled patterns. Angelfish are relatively peaceful but may exhibit territorial behaviour, especially during breeding. With their regal demeanour and captivating beauty, Angelfish make stunning centrepieces for medium to large-sized tanks. Swordtail (Xiphophorus hellerii) Swordtails are renowned for their distinctive sword-like extensions on their tails, which lend them a unique and striking appearance. These lively and sociable fish are perfect for community tanks, where they coexist harmoniously with a variety of tank mates. Swordtails are prolific breeders, so be prepared for an expanding population if kept in a mixed-gender tank. With their vibrant colours and playful demeanour, Swordtails add energy and vibrancy to any aquarium. These aquatic companions offer endless opportunities for exploration, observation and enjoyment. With proper care and attention, your aquarium can become a thriving underwater oasis, brimming with life and beauty. So dive in and discover the wonders of fishkeeping firsthand.
LYFE LYFE FRIDAY | MAR 15, 2024 23 I F the durian delicacies on page 12 whetted your appetite, here are five dessert recipes you can try at home. Making your own durian-infused delicacies will allow you to enjoy the rich, pungent flavours over an extended time instead of gorging the fruits in one sitting. Nothing wrong with that but here are some options using this unique one-of-akind ingredient. Durian mousse cake The airy sponge cake serves as a harmonious blend of textures and flavours in this decadent durian mousse cake, creating a dessert that is both light and luxurious. 0 Ingredients Sponge cake 1 cup all-purpose flour 1 teaspoon of baking powder 4 eggs 1/2 cup of sugar 1/4 cup of milk Durian mousse 2 cups durian pulp, fresh or frozen 1 cup of heavy cream 1/4 cup of powdered sugar 1 teaspoon of vanilla extract 0 Instructions 1, Preheat the oven to 350°F (175°C) and grease a nine-inch round cake pan. 2. In a mixing bowl, sift together the flour and baking powder. 3. In another bowl, beat the eggs and sugar until pale and fluffy. 4. Gradually add in the flour mixture and milk, alternating between the two and mix until well combined. 5. Pour the batter into the prepared cake pan and bake for 25-30 minutes. 6. Meanwhile, prepare the durian mousse by blending durian pulp until smooth. 7. In a separate bowl, whip heavy cream with powdered sugar and vanilla extract until stiff peaks form. Gently fold the durian puree into the whipped cream until well incorporated. 8. Once the cake has cooled, spread the durian mousse over the top evenly. 9. Refrigerate for at least two hours to set. 10. Garnish with fresh durian slices or chocolate shavings before serving. Durian pancakes Start your day with a delightful twist by indulging in these fluffy durian pancakes. Bursting with the unique flavour of durian, these pancakes offer a delightful combination of sweetness and richness that is sure to satisfy your morning cravings. 0 Ingredients 1 cup all-purpose flour 1 tablespoon of sugar 1 teaspoon baking powder 1/4 teaspoon salt 1 egg 3/4 cup of milk 1 cup durian flesh, chopped Butter or oil for cooking Maple syrup or whipped cream for serving Durian pancake is made with durian pulp mixed into the batter. – NEWSWEBPIC █ BYTHASHINE SELVAKUMARAN 0 Instructions 1. In a mixing bowl, combine flour, sugar, baking powder and salt. 2. In another bowl, whisk together the egg and milk until well combined. 3. Gradually add the wet ingredients to the dry ingredients, stirring until just combined. 4. Gently fold in the chopped durian flesh. 5. Heat a lightly greased skillet or griddle over medium heat. 6. Pour 1/4 cup of batter onto the skillet for each pancake. 7. Cook until bubbles form on the surface, then flip and cook until golden brown on the other side. 8. Serve the pancakes warm with maple syrup or whipped cream. Durian ice cream Beat the heat with the cool, creamy goodness of homemade durian ice cream. Bursting with the rich flavour of durian and laced with sweetened condensed milk, this frozen treat is a refreshing delight on a hot day. 0 Ingredients 2 cups durian pulp, fresh or frozen 1 can of sweetened condensed milk 2 cups of heavy cream Optional toppings: chopped nuts, chocolate chips 0 Instructions 1. In a blender, combine durian pulp and sweetened condensed milk. Blend until smooth. 2. In a separate bowl, whip heavy cream until stiff peaks form. 3. Gently fold the durian mixture into the whipped cream until well combined. 4. Pour the mixture into a shallow dish and cover with plastic wrap. 5. Freeze for at least four hours or until firm. 6. Serve scoops of durian ice cream in bowls or cones with your favourite toppings. Five durian dessert recipes to try Durian ice cream is made from fresh durian pulp. – THE SPRUCE EATSPIC oEnjoy the ‘king of fruits’ as cooking and baking ingredient Layers of durian-infused mousse on a light sponge base. – MELVADOSPIC Durian cheesecake Creamy and luscious, this dessert is a celebration of all things durian. With each creamy bite, you will be transported to dessert heaven, leaving you craving for more. 0 Ingredients 1 1/2 cups crushed biscuits 1/4 cup of unsalted butter, melted I packet of cream cheese, softened 1 cup of granulated sugar 2 cups durian pulp, fresh or frozen 1 teaspoon of vanilla extract Whipped cream for garnish 0 Instructions 1. Preheat the oven to 350°F (175°C). 2. In a bowl, mix crushed biscuits with melted butter. 3. Press the mixture into the bottom of a pan to form the crust. 4. In a separate bowl, beat the cream cheese and sugar until smooth. 5. Add durian pulp and vanilla extract to the cream cheese mixture, and beat until well combined. 6. Pour the mixture over the crust and smooth the top. 7. Bake for 45-50 minutes, or until the edges are set and the centre is slightly jiggly. 8. Let the cheesecake cool completely, then refrigerate for at least four hours or overnight. 9. Garnish with whipped cream before serving. Durian sticky rice Combining the sweetness of sticky rice with the creamy richness of durian and coconut milk, this traditional dessert is a beloved favourite in Southeast Asia. 0 Ingredients 2 cups glutinous rice, soaked for four hours or overnight 1 cup of coconut milk 1/2 cup of sugar 1/4 teaspoon of salt 2 cups durian pulp, fresh or frozen 0 Instructions 1. Rinse soaked glutinous rice and drain well. 2. In a steamer, steam the rice for 20-25 minutes, or until cooked through. 3. In a saucepan, heat the coconut milk, sugar, and salt until the sugar is dissolved. 4. Transfer the cooked rice to a bowl and pour the coconut milk mixture over it. 5. Mix well to coat the rice evenly. 6. Allow the rice to cool slightly, then add the durian pulp and gently mix. 7. Serve durian sticky rice warm or at room temperature. Each of these durian desserts offers a unique and delightful way to experience the rich and creamy flavour of the king of fruits. So go ahead, gather your ingredients and have the wonderful aroma linger in your kitchen. Durian sticky rice is a traditional dessert that is hugely popular among aficionados of the fruit. – DURIANPIC Smooth cheesecake with durian blended is almost the perfect combo. – DECORATED TREATSPIC
VEHICLE safety is undeniably an essential aspect of modern transportation, encompassing a wide array of measures designed to minimize the risk of accidents and injuries on the road. From advancements in structural engineering such as crumple zones, to the integration of innovative technologies such as collision avoidance systems and airbag deployment mechanisms, proving that the safety of occupants and pedestrians alike remains a paramount concern for automakers, regulatory bodies, and consumers worldwide. Volvo needs no introduction and has long been heralded as a pioneer and advocate for automotive safety, with a legacy that dates back to the invention of the three-point safety belt by engineer Nils Bohlin in 1959. What set Volvo apart from the rest of the world is not just the creation of this lifesaving device, but their decision not to patent it, instead opting to share the technology with other automakers for the greater good. This altruistic gesture fundamentally changed the landscape of vehicle safety, as the three-point seatbelt became a standard feature in cars worldwide, saving countless lives over the years. Volvo’s commitment to safety extends beyond technological innovation; it embodies a philosophy deeply rooted in the belief that protecting human lives on the road is not just a responsibility but a moral imperative. Just like the older “tank” models, modern Volvo cars are equipped with an array of cutting-edge safety features that embody the company’s unwavering commitment to protecting occupants and pedestrians alike. These include advanced driver assistance systems such as collision avoidance technology, pedestrian detection, and lane-keeping assistance. Additionally, Volvo’s models boast robust structural designs engineered to withstand and dissipate impact forces, along with comprehensive airbag systems strategically placed throughout the cabin. Models such as the C40 Recharge, XC60 and XC90 have all received five-star ratings in the Euro NCAP tests. Just recently, although Volvo did not have to do it, but did it anyway, Volvo Car Malaysia (VCM) organised its first-ever Safety Driving Experience as part of its “For Life” campaign in Sungai Besi, at the country’s iconic first airstrip. What is the “For Life” campaign? The campaign was a marketing initiative launched by Volvo Cars to emphasise the brand’s commitment to safety, sustainability, and innovation. Introduced in the early 2000s, the campaign aimed to highlight Volvo’s holistic approach to automotive design, focusing not only on building safe vehicles but also on creating a better future for people and the planet. The Volvo “For Life” campaign goes beyond emphasising the importance of passive and active safety systems within vehicles; it also delves into the psychological aspect of safety while driving. SCAN ME powered by Contributing Editor Keshy Dhillon / [email protected] Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] FRIDAY | MAR 15, 2024 Never-ending quest for safety Volvo’s commitment to protecting human lives █ BY TIMOTHY PRAKASH SPECIFICATIONS VOLVO XC60 RECHARGE Engine: 2.0 litre turbocharged four-cylinder Petrol Engine/Rear electric motor Power: 455hp Torque: 709Nm Transmission: Eight-speed automatic Top Speed: 180kph 0-100kph: 4.8 seconds Electric-Driving Range: 81km Price (as tested): RM355,888 Old and New Volvo models on display.
MOTORING MOTORING FRIDAY | MAR 15, 2024 25 Recognising factors like fatigue, distractions, and absent-mindedness can contribute to road incidents, Volvo Cars urges drivers to reconsider their approach to safety. The Safety Driving Experience focused more on how one should be aware of their surroundings when driving. So, activities during the event included the “brake, swerve, avoid” exercise to build drivers’ confidence in handling unexpected obstacles on the road as well as training reflexes for challenging situations like sudden lane changing without braking to avoid head-on collisions. We were given the Volvo XC40 to carry out the braking and swerving exercise. At speeds of 70kph, a braking point was placed and the end of the stretch which gave us enough time to slam as hard as we could on the brakes, which activated the ABS system, to show us how efficient the system is. Anti-Braking System, which is what ABS stands for, works by grabbing and releasing the brakes in rapid sequence. Most of us would have felt a pulsating brake pedal during emergency braking, that is just the ABS working. By grabbing and releasing the brakes, this allows the driver to steer the car under heavy braking. A wheel that is locked up cannot be turned, hence why cars without ABS tend to skid when the wheels are locked. For the swerve exercise, at speeds of 70-80kph, a cone was placed in the middle of the track. Without hitting the brakes, we were required to swerve without hitting the cone and then hit the brakes. Our cone survived, though some cones did not fare as well. According to Volvo, the reason some drivers hit the cones was because of the position of their hands on the steering wheel. Most of us like to use the “one-handed” driving position, which is not ideal. The best position is to have both your hands on the wheel at the “9” and “3” positions. This makes it easier for a driver to get a full turn without struggling. Next off, Volvo showed us some of the neat features that the XC60 Recharge has, such as the Cross-traffic alert with auto brake, Autonomous driving (Lead Car Follow System) and the Surround view camera which gives drivers a 360° bird’s eye parking view. Now to the fun part. We were handed the cars mentioned above on a 1.8km-long runway so we did what any car enthusiast would do - we floored it. Reaching speeds of 180kph, putting 462PS and 709Nm to all four wheels and hitting the brakes at the end. Of course, without a doubt, the cars handled it very well. We also did a slalom run to test the handling and stability of the XC60 Recharge. We were surprised by how a 2170kg SUV handled those tight turns at high speed. Volvo also had a little challenge set for us. The fastest time around the slalom course would win a decent-sized display model of the XC90. Sadly, we finished three seconds behind the winning time. Fun and games aside, these exercises were just a glimpse of what could happen in a real-world situation such as braking when there is a sudden obstacle on the road. Or when the vehicle in front of you hits the emergency brakes. With Malaysia’s questionable road conditions and naive drivers, we need to do our part and be aware of our surroundings at all times to ensure the safety of ourselves and others. Because as Volvo puts it, “When you feel safe, you can be truly free.” SPECIFICATIONS VOLVO XC40 RECHARGE PURE ELECTRIC Engine: Two electric motors Power: 402hp Torque: 660Nm Top Speed: 180kph 0-100kph: 4.9 seconds Driving Range: 438km Price (as tested): RM278,888 Safety briefing. Lineup at the KL Base, Sungai Besi on 1.8km long runway. Volvo C40 Stability test. Volvo XC40 swerve test. Volvo XC60 top speed test.
MOTORING MOTORING FRIDAY | MAR 15, 2024 26 GWM Malaysia previews Ora 07 GREAT WALL Motor Malaysia (GWM) introduced the GWM Ora 07, a groundbreaking electric vehicle (EV) that sets new standards in mobility, during its Media Preview event. The car leads GWM’s ambitious 2024 lineup, paving the way for subsequent releases like the GWM Haval H6 HEV in Q2 and the GWM Tank 300 in Q3 of 2024. The Ora 07, a sleek electric coupe, has a dynamic and sophisticated design but slightly resembles a Porsche Panamera. A fusion of retro and modern elements, including a closed grille and oval-shaped headlights, positions the car firmly in the future while evoking a sense of nostalgia. Inside, the 07 boasts a supercar-inspired cockpit with premium leather, a T-shaped hollow centre console with rotating panels, and ergonomic seats with massage features for the driver and front passenger. A sporty tri-dashboard complements the multifunctional steering wheel. A 1.7m2 domestyle panoramic sunroof and a smart air conditioning system that delivers a threedimensional flow enhance the luxurious interior ambience. Available in sophisticated grey, purple, and white, the Ora 07 offers both Long Range and Performance variants, highlighting superior performance and versatility. Powered by an advanced 83.499kWh ternary lithium battery, the Long Range variant delivers 204PS of power, 340Nm of torque, and a range of 640km. The Performance model offers 408PS and 680Nm of torque, with a range of up to 550km. The Ora 07 also prioritises safety with innovative technology and intelligent systems. Rigorous testing, including China’s EV Rollover Challenge and Intersection Collision Challenge, ensures robustness against real-life scenarios. Advanced sensors, surround cameras, and a cage-style high-strength body set the standard in safety, offering top-notch security for every journey. The introduction of the GWM Ora 07 marks the beginning of GWM’s journey in 2024. With upcoming launches like the GWM Haval H6 and GWM Tank 300, GWM reaffirms its commitment to enriching the Malaysian automotive landscape with inspiring, high-performing, and safe vehicles. Luxury masterpiece INTRODUCING the Rolls-Royce Droptail Arcadia, the latest addition to the esteemed lineage of bespoke roadsters. Crafted with meticulous attention to detail, this extraordinary car represents the pinnacle of luxury and exclusivity, reserved for only the most discerning clientele. Named after the idyllic paradise of Greek mythology, the Droptail Arcadia embodies the essence of heavenly luxury. Commissioned as a serene retreat for its owner, this opulent roadster offers a sanctuary of relaxation amidst the hustle and bustle of daily life. Distinguished by its unique white exterior, the Droptail Arcadia features a special paint formulation that incorporates aluminium and glass particles, lending a mesmerising shimmer to the body under the light. Unlike its predecessors, this bespoke commission sees the exposed carbon-fibre elements elegantly finished in a custom silver hue, adding to its allure. The rear decklid, adorned with a curved, wood-covered panel, adds a touch of timeless elegance to the exterior aesthetic. Inside the cabin, the Droptail Arcadia exudes luxury and sophistication at every turn. Exquisite wood trim envelops the cabin. Remarkably, over 8,000 hours were dedicated to crafting the various wooden elements, attesting to the brand’s unwavering commitment to perfection. One of the most captivating features of the Droptail Arcadia is the intricately designed dashboard clock, which took over two years to develop and five months to assemble. With 119 facets on its machined face and a double R logo crafted from billet stainless steel, this exquisite timepiece is a testament to RollsRoyce’s dedication to luxury craftsmanship. Each hour marker is meticulously hand-painted, requiring the precision of a magnifying camera for application. Recently delivered to its fortunate owner in Singapore, the Droptail Arcadia is a testament to Rolls-Royce’s bespoke excellence. Configured with left-hand drive for global usability, this exceptional roadster exemplifies the brand’s unwavering dedication to fulfilling the unique desires of its discerning clientele, wherever they may roam. Maserati unveils 2024 GranCabrio MASERATI has unveiled the 2024 GranCabrio sports car, albeit six months later than scheduled due to a series of new-model delays. Set to arrive in European showrooms later this year, the GranCabrio is the convertible counterpart to the GranTurismo coupe introduced 18 months ago, marking Maserati’s first all-new model in 14 years. Unlike its predecessor, which featured non-turbo Ferrari V8 power and ceased production in late 2019, the new GranCabrio debuts with a twinturbo V6 petrol engine. Initially, it will be offered with this powertrain, with an electric version likely to follow. Distinguishing itself from the coupe variant, the GranCabrio boasts a softtop roof available in five colours – black, blue, grey, ‘greige,’ and garnet red. The roof operates swiftly, opening in 14 seconds and closing in 16 seconds at speeds of up to 50kph. Controlled via a touchscreen menu, the roof also includes a neck warmer and a folding “wind stopper” for added comfort. Externally, the GranCabrio mirrors its coupe counterpart, featuring an evolutionary design inherited from its predecessor dating back to 2007. Under the hood, the GranCabrio is powered by a 3.0-litre twin-turbo petrol “Nettuno” V6 engine developed by Maserati, delivering 535hp and 650Nm of torque in Trofeo trim. Power is channelled to all four wheels via an eight-speed automatic transmission, enabling a 0-100kph acceleration time of 3.6 seconds, 0- 200kph in 12.2 seconds, and a top speed of 316kph. Equipped with adaptive air suspension, sizable brakes, large wheels, and advanced driver aids, the GranCabrio promises dynamic performance and precise handling. It offers four drive modes – Comfort, GT, Sport, and Corsa – along with a full ESC Off setting for enthusiasts. Inside, the GranCabrio boasts luxurious appointments, including a head-up display, a digital interpretation of Maserati’s traditional clock, premium leather, aluminium finishes, and a highend sound system. Advanced safety features such as adaptive cruise control, lane-centring assist, autonomous emergency braking, and a 360° camera enhance safety and convenience for occupants. Despite sharing design elements with the GranTurismo, Maserati claims a 100kg weight increase for the GranCabrio. Nevertheless, it promises an exhilarating driving experience coupled with unparalleled luxury and comfort. 2024 Dodge Charger Daytona officially debuts THE all-electric 2024 Dodge Charger Daytona has officially debuted, boasting a 400-volt system and a 100.5kWh battery capable of generating up to 670hp. Set to go on sale later this year, the electric muscle car promises impressive performance metrics, including a 0– 100kph acceleration in 3.3 seconds and a quarter-mile (400m) time of just over 11 seconds. Gone are the traditional V8 engines, replaced instead by dual electric motors and a unique feature: external speakers that produce a simulated engine noise. Dodge’s foray into electric vehicles has been anticipated since the unveiling of the Charger Daytona SRT concept nearly two years ago. Despite some industry hesitance towards electric vehicles, Dodge remains committed to its electrification plans, as announced by CEO Tim Kuniskis three years ago. The electric Charger will be available in two trims: R/T and Scat Pack, with both two-door coupe and four-door sedan versions. Additionally, Dodge plans to release a refreshed internalc o m b u s t i o n engine Charger next year, alongside a performance variant of the electric Charger Daytona called the Banshee.
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Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE Hatters survival blow Luton boss Edwards admits remarkable loss tough to take ROB EDWARDS says his Luton players must quickly pick themselves after becoming the first Premier League side in over 20 years to lose after being three goals up. Antoine Semenyo scored twice as Bournemouth produced a remarkable second-half showing to win 4-3 after trailing 3-0 at halftime. Defeat dented Luton’s survival hopes and the Hatters face a huge relegation clash with Nottingham Forest on Saturday (11pm). Edwards insists he will not allow them to feel sorry for themselves after a torrid night on the south coast. “We put ourselves in such a good position to win a Premier League game of football and to be sat here talking about a defeat is tough,” he said. “Huge game on Saturday. Losing is difficult anyway but in that manner it does hurt but if we can’t pick ourselves up for a huge Premier League game then there’s something wrong.” Luton were rampant in the first half and their opening goal came as early as the ninth minute after Jordan Clark stood up a sumptuous cross for Tahith Chong to head in at the far post. They scored a brilliant second after 31 minutes as an incisive one-two between Chong and Alfie Doughty saw the latter cross low to Chiedozie Ogbene, who rounded off a superb team move. Edwards must surely have thought his team had sealed their third away win of the season when Issa Kabore drove upfield to pick out the excellent Ross Barkley, who powerfully fired the ball high into the net to give the Hatters a considerable cushion going into the break. But after making two substitutions during the interval, Bournemouth hit back dramatically, scoring three times in 14 minutes at the start of the second half. The first was a stunning piece of individual brilliance from top scorer Dominic Solanke. The second came after Illia Zabarnyi headed in from close range and two minutes later the Vitality Stadium erupted when Semenyo fired his shot powerfully into the near post to level the scores. Bournemouth claimed all three points when Semenyo scored his second goal of the game seven minutes from time. “The important thing is that the players showed a strong personality because it is easy to hide when you are losing 3-0 at home,” said Andoni “It was important to have the precedent of the last game (when Bournemouth came back from two goals down against Sheffield United). “The key was to score early. I think Dom’s goal made us believe and the players showed a lot of character.” – The Independent JURGEN KLOPP has described Michael Edwards as the “top solution” for Liverpool’s next chapter but insisted the new chief executive of football made no attempt to convince him to stay as manager. Klopp and Edwards have spoken since the latter’s return in a more prominent role under Fenway Sports Group, which has tasked the 44-year-old with shaping Liverpool’s future and leading its acquisition of a second club. The pair’s close relationship cooled towards the end of Edwards’s time as Liverpool sporting director in 2022 but Klopp believes the appointment is perfect for the club he is leaving behind. “I’ve said a few times that I want to see the club in the best possible place after I’ve left,” Klopp said. “I think it is a top solution, honestly, and our conversation was great. “We spoke about a lot of things, about what I think about different things, players, situations in the club because I was here all the time when he was not, what did change and what might have to change. It was a really good talk, and it’s top news for the club.” Edwards is expected to install Richard Hughes as Liverpool’s sporting director and, along with Bournemouth’s outgoing technical director, hire Klopp’s replacement. He did not, according to Klopp, broach the subject of a possible U-turn by the manager over his future. “No, because, and it’s very important in his job, he’s not dumb,” Klopp said. “That was not a subject to talk about. Can you imagine if I changed my mind now? Of course not. “It would be like when I said I’d never move to another club in England and next year I signed for our neighbours or a club who needs a coach. I don’t say these things without thinking about them before. “It would mean I realise only now how great this club is – I have known about it all the time. For me it is the best club in the world and I am still leaving anyway. “I just want this club to do as well as somehow possible, and I’m really sure (that can happen) if we create a good basis with the right people in charge and Michael is a top choice.” – The Independent Klopp addresses U-turn after Edwards’ return Bournemouth’s Antoine Semenyo celebrates scoring the fourth goal against Luton Town. – AFPPIX