CEOMorningBrief FRIDAY, OCTOBER 6, 2023 ISSUE 648/2023 theedgemalaysia.com OIL’S SLUMP DEEPENS BELOW US$85 WITH DEMAND UNDER THE MICROSCOPE p18 HOME: BPlant rebounds over 10% after LTAT proposes takeover as KLK deal falls through p8 Oil subsidy rollback set to help region-beating Malaysian bonds p10 WORLD: Fed’s bid to avoid recession tested by yields nearing 20-year highs p20 Citigroup outlines layoff process, reassignments in overhaul — memo p23 Germany’s property meltdown claims its first big victims p25 VECTEEZY.COM Why analysts are looking past these companies’ falling revenues Report on Page 3. Report on Page 6. Maybank hit by profit-taking after shares reach record high
FRIDAY OCTOBER 6, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Asean foodsupplying countries pledge commitment to prioritise export to member states SHAH ALAM (Oct 5): Asean food-supplying countries have pledged their commitment to prioritise the export of food commodities to member countries facing shortages. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the commitment was one of the important decisions reached during the ongoing 45th Asean Ministers of Agriculture and Forestry (AMAF) Meeting. “We discussed the issue of food security; for example, if there is a shortage among Asean countries, we hope that other Asean countries can quickly step in to provide support.” Mohamad Sabu said this to reporters after visiting the Shah Alam National Botanical Garden with the meeting delegations, which include Japan and South Korea as members of the Asean Plus 3, as well as Timor Leste as an observer of Asean. The minister said his Thai counterpart had also given Thailand’s commitment to supply rice and chicken to Malaysia more quickly if necessary, HOME and according to its capabilities. “If we want to get supplies from Brazil, it might take some time, but with Thailand, we can get chicken in less than a week if we need it, and the same goes for rice. “The (Thai) minister said that as long as they have the capacity, they will continue to sell their rice to Malaysia; and Vietnam, as a rice producer, has also expressed their prioritisation of Asean countries,” Mohamad Sabu said. On the visit to the Shah Alam National Botanical Garden (TBNSA), the minister said the relevant parties need to intensify promotion to attract more local and foreign tourists to the garden. The botanical garden is located within the Bukit Cherakah Permanent Forest Reserve area and has been designated for federal purposes. Currently, about 200 hectares have been developed for conservation, research, education, exploration, and agrotourism purposes, managed by TBNSA under the purview of the Ministry of Agriculture and Food Security. KUALA LUMPUR (Oct 5): Bank Negara Malaysia (BNM) will be refining several aspects of the Digital Insurers and Takaful Operators (DITO) Framework, based on the feedback on the consultation paper on the exposure draft of the licensing and regulatory framework for DITOs published in November last year. The central bank said this includes enhancements to provide clarity for emerging and innovative business models, such as embedded insurance and insurance-as-a-service. “This aims to encourage wider participation from players in the insurance and takaful value chain that can deliver the intended policy outcomes of the DITO Framework. “BNM plans to finalise the framework by the first half of 2024,” the central bank said in a statement on Thursday. The exposure draft outlines the proposed framework to facilitate the entry of DITOs in Malaysia that can offer strong value propositions to realise the policy outcomes of inclusion, competition, and efficiency. It said feedback from more than 50 stakeholders was received during the consultation period, which ended on April 28, 2023. In the months that followed, the central bank continued to engage various stakeholders extensively to consider the feedback, particularly in relation to alternative business and operational models, as well as on the approach to the foundational phase. “The input and feedback received have been insightful in providing additional perspectives, including market trends, to shape the final version of the policy document,” added BNM. BNM to refine several aspects of Digital Insurers and Takaful Operators Framework Bernama Bernama ASEAN.ORG THE EDGE FILE PHOTO
FRIDAY OCTOBER 6, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 6): Companies’ earnings for the first half of 2023 has been a mixed bag. Almost half or 48% of the 660 companies listed on Bursa Malaysia with a market capitalisation of at least RM100 million experienced revenue declines in the first half of the year. Among these 316 companies, 182 (excluding newly listed firms) saw their revenues fall by 15% or more. Interestingly, the semiconductor sector that was adored by investors not too long ago appeared to be the worst performer in 1H2023, with many in the sector reporting both weaker revenues and profits, as slower demand continues to plague the industry. A common refrain among the companies reporting their earnings is that the economic landscape has been challenging as rising inflation has taken a toll on business activities, thereby weighing on their performance for the first half of the year. Still, 33 or 18% of those 182 companies managed to improve their bottom lines despite the revenue contraction, with disposal gains, higher foreign exchange (forex) gains and lower operating expenses among the reasons cited for the improvement. Among these 33 are a few standouts that analysts still favour despite their falling revenues. Falling revenues but better bottom lines Sarawak-based KKB Engineering Bhd’s core business is in steel fabrication. For the six months ended June 30, 2023 (1HFY2023), KKB Engineering saw better contribution from its steel fabrication division, which aided the jump in its net profit to RM13.29 million from RM4 million previously. The increase in net profit came despite revenue dropping 18.8% to RM164.86 million from RM203.1 million previously, due to lower revenue recognition from its civil construction division. The 1HFY2023 net profit came within analysts’ expectation. In a note dated Aug 21, RHB Research maintained its ‘buy’ call on the counter and upped its target price to RM1.90 from RM1.80 previously, on the back of stronger earnings prospects for the second half of this year, backed by higher recognition of its engineering projects. The research house also lifted its earnings forecast for the group for the financial year ending Dec 31, 2023 (FY2023) by 11% to RM28 million, and for FY2024 by 6% to RM32 million, and for FY2025 by 4% to RM36 million. KKB Engineering’s net profit came in at RM11.71 million for FY2022. “A medium-term catalyst would be the rollout of the second phase of Sarawak Water Supply Grid Programme (SWP) in 1Q2024. KKB Engineering had secured RM200 million worth of jobs under the first phase of SWP,” it added. According to Bloomberg, KKB Engineering’s 12-month consensus target price stood at RM1.74, implying an upside of 23% over its closing price of RM1.41 on Sept 27 (Wednesday). Year to date (YTD), the stock has risen by 5%. Similarly, Pantech Group Holdings Bhd’s earnings have been resilient despite sliding revenue. While revenue dropped 10% to RM244.77 million from RM270.68 million in the first quarter ended May 31, 2023 (1QFY2024), its net profit remained steady at RM26.98 million, compared with RM26.4 million previously. Pantech, a specialist in the manufacturing and trading of pipes, valves and fittings and other components for the oil and gas sector, said its prospects will be backed by robust oil price as increased spending in facilities maintenance and upgrading activities in the oil and gas industry improve the demand for the group’s products in both domestic and international markets. Notably, it declared its first interim dividend of 1.5 sen per share for FY2024, in conjunction with the release of its quarterly result. In its FY2023 ended Feb 28, 2023, PanBY JUSTIN LIM theedgemalaysia.com Why analysts are looking past these companies’ falling revenues tech paid an annual dividend of six sen per share, which translated into a dividend yield of 6.8% based on its last closing price of 88.5 sen on Sept 27. This beat the 5.35% dividend declared by the Employees Provident Fund for its conventional savings’ members in 2022. In FY2022, it paid shareholders four sen worth of dividends, up from FY2021’s 2.3 sen. Over in the plantation sector, despite moderating crude palm oil (CPO) prices, United Plantations Bhd and Keck Seng (Malaysia) Bhd stood out among their peers as they bucked the trend of both declining revenues and net profits by recording improved net profits. United Plantation’s cumulative net profit grew by 11% to RM271.11 million for the six months ended June 30, 2023 (1HFY2023) from RM244.33 million, lifted by higher other operating income, interest income, lower operating expenses and income tax expense. This was despite revenue shrinking 31% to RM930.06 million from RM1.34 billion. As for Johor-based palm oil producer Keck Seng, its improved bottom line was due to its diversified business portfolio — which includes a hotel and resort division as well as a property development segment — which shielded the group from weak CPO prices, while higher forex gains added to earnings. Keck Seng’s net profit rose 13% to RM110.11 million in the six months ended June 30, 2023 (1HFY2023), up from RM97.7 million a year before while revenue contracted 32% to RM691.66 million from RM1.01 billion. In the property sector, developers UEM Sunrise Bhd and Eco World International Bhd (EWI) stood out for similar achivements, as higher forex gains and lower expenses cushioned their earnings. It is worth nothing that RHB Research has a ‘buy’ call and a target price (TP) of 92 sen for UEM Sunrise as it believes the group remains the best proxy for the Johor thematic play and that it should benefit from greater commercial activities and population flow with more job opportunities expected to be created in Forest City in the future, given its sizeable exposure to the state’s property market. Inari, IOI Corp have the most ‘buy’ calls Among the 182 companies with significantly lower revenues (down 15% or more) and a market cap of at least RM100 million, Inari Amertron Bhd has the most number of ‘buy’ calls, a total of 12, with six ‘hold’ calls and one ‘sell’, and an average TP of RM3.39. CONTINUES ON PAGE 4 Companies with at least RM100m market cap that saw revenue declines -0.1% to -10% -10% to -15% -15% to -30% lower than -30% 0 20 40 60 80 100 120 82 46 84 104 Source: Bloomberg
FRIDAY OCTOBER 6, 2023 4 THEEDGE CEO MORNING BRIEF HOME While some analysts are still rather pessimistic on the semiconductor sector’s near-term prospects due to ongoing demand weakness in consumer electronics that could pose downside risks to their earnings on top of unappealing valuations, Inari stood out with the dozen buy calls it has gained from analysts. Inari’s average TP of RM3.39 implies an upside of 21.9%, based on its closing price of RM2.78 on Thursday. TA Securities upgraded Inari to ‘buy’ from ‘hold’ with a higher TP of RM3.50 (from RM3.15 previously) on improved optimism on the group’s core radio frequency (RF) segment and the group’s progress in some new projects. TA Securities’ TP for Inari is based on a price-earnings (PE) multiple of 30 times, premised on its FY2024 earnings per share which is close to parity with the stock’s five-year mean. It deemed this as fair, given Inari’s growth prospects catalysed by the FROM PAGE 3 CONTINUES ON PAGE 5 TABLE SAMPLE FONT/COLOUR Top 30 companies by market cap with over 15% revenue drop Name Revenue Y-o-Y Net Y-o-Y YTD Analysts coverage Closing Market 1H2023 change profit/loss change share price Cap (RM mil) (%) 1H2023 (%) price Consen- (RM, (RM mil) (RM mil) change Buy sus TP as at (%) call Total (RM) Oct 5, 2023) Sime Darby Plantation Bhd 8374.0 -15.99 449.0 -70.65 -7.96 3 17 4.34 4.270 29530.10 IOI Corp Bhd 4611.1 -41.14 234.6 -75.38 -1.73 8 19 4.26 3.930 24380.53 Kuala Lumpur Kepong Bhd 11162.6 -16.35 274.9 -75.12 -4.29 7 20 23.50 21.420 23100.10 Inari Amertron Bhd 574.5 -17.51 123.7 -30.01 11.11 12 19 3.39 2.780 10407.62 IOI Properties Group Bhd 1231.1 -15.31 350.8 -0.41 56.60 7 7 1.95 1.670 9195.26 Batu Kawan Bhd 11661.6 -16.13 202.9 -67.32 -9.51 0 0 N/A 20.200 7946.30 United Plantations Bhd 930.1 -30.81 271.1 10.96 10.86 1 1 17.40 16.480 6835.66 Vitrox Corp Bhd 282.7 -24.54 70.7 -30.31 -2.75 4 9 8.32 7.170 6777.93 Top Glove Corp Bhd 1148.6 -60.58 -295.3 -387.10 -14.36 1 21 0.72 0.785 6286.41 Malaysian Pacific Industries 954.3 -22.01 -9.7 -105.99 -4.52 1 7 25.30 26.740 5318.49 Unisem (M) Bhd 732.7 -17.53 33.8 -86.83 18.12 0 8 2.56 3.200 5161.85 FGV Holdings Bhd 9087.4 -31.57 -0.8 -100.11 5.30 0 9 1.35 1.380 5034.45 UWC Bhd 139.7 -16.49 23.8 -55.71 -7.46 3 5 4.19 3.780 4164.30 UEM Sunrise Bhd 604.7 -22.61 40.1 0.83 231.37 2 9 0.60 0.785 3970.90 Kossan Rubber Industries 782.3 -38.74 -27.6 -120.24 20.00 2 17 1.19 1.360 3470.20 Boustead Plantations Bhd 401.0 -40.43 -0.3 -100.06 126.36 1 2 1.55 1.400 3136.00 Lotte Chemical Titan Holding 3829.3 -31.33 -538.2 1183.76 -18.31 1 5 1.09 1.140 2596.41 Sarawak Oil Palms Bhd 2382.4 -15.88 92.3 -73.59 -1.15 2 4 2.68 2.560 2279.17 WCE Holdings Bhd 247.1 -23.77 133.0 -630.53 154.10 0 0 N/A 0.755 2255.72 Far East Holdings Bhd 208.3 -51.49 21.8 -82.91 0.00 0 0 N/A 3.700 2197.20 Supermax Corp Bhd 399.1 -43.63 -47.1 -202.23 -4.60 0 7 0.90 0.835 2151.06 Kim Loong Resources Bhd 758.5 -24.63 68.1 -2.94 2.70 0 3 1.87 1.900 1844.37 SKP Resources Bhd 914.9 -19.41 37.7 -58.98 -38.20 7 9 1.17 1.000 1562.36 Pertama Digital Bhd 3.0 -52.42 -6.3 -224.21 92.61 0 0 N/A 3.480 1524.97 Keck Seng (Malaysia) Bhd 691.7 -31.63 110.1 12.70 17.32 0 0 N/A 4.210 1512.67 Hap Seng Plantations Holdings 328.7 -32.78 32.8 -80.52 -3.09 4 10 2.03 1.890 1511.41 Ta Ann Holdings Bhd 735.8 -35.56 82.2 -58.17 -10.85 5 8 3.78 3.310 1457.93 Dagang Nexchange Bhd* 551.7 -32.13 -192.3 -190.61 -13.73 2 2 0.65 0.430 1357.22 Kretam Holdings Bhd 376.5 -26.87 27.4 -68.91 -4.17 0 0 N/A 0.585 1348.16 TSH Resources Bhd 506.9 -33.46 40.0 -74.00 -7.48 2 9 1.07 0.975 1345.67 Note: * change in financial year Net profit to net loss Net loss widened Net loss to net profit Net loss narrowed Source: Bloomberg 5G theme, traction with customer diversification efforts, above-industry average profitability, expansion plans, and robust balance sheet. Behind Inari in terms of the number of ‘buy’ calls is IOI Corp Bhd. IOI Corp has eight ‘buy’ calls, nine ‘hold’ calls and two ‘sell’ calls, with an average TP of RM4.26; its property arm IOI Properties Group Bhd has seven ‘buy’ calls, with an average TP of RM1.93. IOI Properties’ average TPs stands at RM1.93, implying an upside of 16% compared to its closing price of RM1.67. In its report dated Aug 29, TA Securities shared that the property sector is experiencing renewed investor optimism due to a number of factors, including the anticipated end of Bank Negara Malaysia’s overnight policy rate hike cycle, potential land value enhancement from major infrastructure projects such as high speed rail, rapid transit system (RTS), the mass rapid transit line three (MRT3) as well as the establishment of special financial/economic zones and the possibility of homeownership-friendly policies. This upbeat outlook is anticipated to continue, which could result in ongoing gains for property stocks, it said. As such, TA Securities upgraded its recommendation for IOI Properties to ‘buy’ from ‘hold’, with a higher TP of RM1.88, from RM1.19. It may also come as a surprise that the plantation sector, which has been on a downtrend in line with weaker CPO prices, has received the most ‘buy’ calls from analysts. Apart from IOI Corp Bhd, Kuala Lumpur Kepong Bhd got seven ‘buy’ calls with an average TP of RM23.5, followed by Ta Ann Holdings Bhd with five ‘buys’ and an average TP of RM3.78. Hap Seng Plantations Holdings Bhd and Sime Darby Plantations Bhd follow close behind, with four ‘buy’ calls and three ‘buy’ calls, respectively. The average TPs for Hap Seng Plantations is RM2.03, while Sime Darby Plantations’ is RM4.34.
FRIDAY OCTOBER 6, 2023 5 THEEDGE CEO MORNING BRIEF HOME FROM PAGE 4 TABLE SAMPLE FONT/COLOUR Companies with biggest bottom line improvement despite falling revenue Name Revenue Y-o-Y Net Y-o-Y YTD Closing Market 1H2023 change profit/loss change share price Cap (RM mil) (%) 1H2023 (%) price (RM, (RM mil) (RM mil) change as at (%) Oct 5, 2023) XL Holdings Bhd 25.6 -50.86 4.9 1547.33 12.34 0.865 213.85 Maxim Global Bhd 40.3 -52.97 8.1 568.32 -1.32 0.375 275.64 Reneuco Bhd 32.3 -53.98 4.8 470.59 -45.21 0.200 124.75 Appasia Bhd 9.6 -79.77 1.4 232.15 -4.76 0.100 106.10 KKB Engineering Bhd 164.9 -18.83 13.3 231.97 4.48 1.400 404.22 MUI Properties Bhd 29.2 -29.79 37.1 177.61 2.70 0.190 140.77 KUB Malaysia Bhd 234.8 -19.48 18.7 145.12 1.85 0.550 306.06 DKLS Industries Bhd 68.6 -22.59 9.7 51.06 -3.21 2.110 195.60 Pasdec Holdings Bhd 10.3 -20.16 1.6 46.39 -2.78 0.350 140.13 Hexza Corp Bhd 28.7 -21.19 4.0 37.46 22.29 0.960 192.36 Sunzen Biotech Bhd 42.8 -23.79 2.0 29.21 0.00 0.200 140.97 FACB Industries Inc Bhd 22.6 -23.90 5.1 25.77 7.89 1.230 103.18 YX Precious Metals Bhd 124.4 -17.68 5.5 25.52 17.78 0.265 98.62 Keck Seng (Malaysia) Bhd 691.7 -31.63 110.1 12.70 17.60 4.210 1512.67 United Plantations Bhd 930.1 -30.81 271.1 10.96 9.79 16.480 6835.66 Umedic group bhd 23.8 -35.34 4.9 7.39 7.35 0.730 272.95 HHRG Bhd 63.2 -18.99 10.8 7.07 -51.58 0.230 199.13 Pantech Group Holdings Bhd 442.0 -16.26 50.6 6.88 18.18 0.845 701.04 CSC Steel Holdings Bhd 778.2 -20.15 30.6 5.22 0.85 1.180 435.79 JKG Land Bhd 46.7 -57.51 17.0 2.51 0.00 0.100 227.49 UEM Sunrise Bhd 604.7 -22.61 40.1 0.83 207.84 0.785 3970.90 WCE Holdings Bhd* 247.1 -23.77 133.0 630.53 147.54 0.755 2255.72 Toyo Ventures Holdings Bhd* 41.8 -19.46 3.0 602.02 47.96 1.450 155.15 Ewein Bhd* 15.3 -16.46 1.3 324.20 253.62 1.220 367.94 Imaspro Corp Bhd* 27.6 -15.85 0.8 109.24 -3.59 5.640 451.20 TWL Holdings Bhd* 16.4 -57.84 1.5 106.17 -14.29 0.030 140.43 Ahmad Zaki Resources Bhd** 230.2 -18.02 -12.9 77.77 36.36 0.225 134.20 Eco World International Bhd** 45.1 -45.25 -35.4 56.86 -7.69 0.360 864.00 Jentayu Sustainables Bhd** 20.4 -53.12 -12.5 55.85 31.72 0.955 401.31 Salcon Bhd** 58.8 -44.68 -1.6 32.77 -17.55 0.185 187.30 Note: Net loss to net profit Net loss narrowed Source: Bloomberg The second half of this year (2H2023), outlook for the plantation sector should improve on the back of better output and lower unit costs, as well as benefits from firmer soy pricing, said MIDF Research analysts. “Going forward, planters are hoping for volumes to pick up in 2H2023, on restocking and switching activities. CPO is now trading at a significant US$605/tonne discount to soybean oil, which should make palm oil products more attractive to buyers,” MIDF Research’s report dated Sept 12 read. The research house’s top picks are IOI Corp, Ta Ann and Sarawak Oil Palms Bhd. It expects CPO prices to stay at RM3,900 per tonne for both 2023 and 2024, and to drop to RM3,800 for 2025. Significant upside potential among the beaten down Cold chain logistic company Tasco Bhd’s average TP is RM1.47, implying a huge upside of 84% over its closing price of 80 sen on Thursday. The stock has dropped 22% from this year’s peak of RM1.02 recorded in February. The stock has four ‘buy’ calls. Among those with a ‘buy’ on Tasco is RHB Research, which is expecting stronger earnings quarters ahead for Tasco on improved trade activities amid global growth recovery in 2H2023. On top of that, it anticipates maiden contributions from Tasco’s new warehouses, which would yield a better margin compared to its currently rented warehouse and provide the group with a lower effective tax rate. In terms of valuation, the research house said Tasco’s current valuation of 7.34 times its price-earnings is well below local and regional peers’ average of 13 times and 19 times, respectively, which justifies the ‘buy’ call. It has pegged Tasco’s TP at RM1.70. Dagang NeXchange Bhd (DNeX), whose stock has fallen 37.2% to 43 sen from this year’s peak of 68.5 sen in February, also offers substantial upside potential of over 50% based on its average TP of 65 sen. The stock has two ‘buy’ calls. BIMB Securities Research is of the opinion that DNEX remains attractive given its long-term prospects as the group is set to ride on strong demand growth in semiconductors, leveraging on the potential of the new fabrication plant deal with iPhone’s manufacturer Foxconn. Electrical & electronics plastics contract manufacturer SKP Resources Bhd, whose share price has depreciated 35% YTD to RM1.04 on Sept 27, has seven ‘buy’ and two ‘hold’ calls from analysts, with an average TP of RM1.17. TA Securities, in a note dated Aug 28, said it remained sanguine on the group’s medium-to-longer term prospects, supported by its customer’s new model launches and product portfolio expansion, along with opportunities from the China Plus One strategy — a business strategy that encourages companies to diversify their operations by expanding outside of China while maintaining a presence in the country.
FRIDAY OCTOBER 6, 2023 6 THEEDGE CEO MORNING BRIEF HOME Maybank hit by profit-taking after shares reach record high BY CHESTER TAY theedgemalaysia.com Malayan Banking Bhd Source: Bloomberg Dec 30, 2022 Oct 5, 2023 RM 7.5 8.0 8.5 9.0 RM8.13 RM8.76 TABLE SAMPLE FONT/COLOUR Malaysia’s five largest banks’ cost-to-income ratio (%) Calendar quarter Maybank CIMB Public Bank RHB Bank Hong Leong Bank 2Q2023 46.8 45.1 34.2 50.2 45.1 1Q2023 48.3 46.9 33.1 44.9 40.1 4Q2022 49.4 47.5 28.5 44.5 36.7 3Q2022 45.8 45.5 31.1 43.9 36.0 2Q2022 45.9 46.0 33.8 45.0 37.4 1Q2022 45.5 47.0 33.2 45.1 38.4 4Q2021 46.9 51.6 31.5 47.4 37.4 3Q2021 45.9 49.2 31.8 44.4 36.8 2Q2021 47.3 46.6 31.3 43.1 40.0 1Q2021 41.3 47.2 31.8 46.0 37.0 Staff costs (RM bil) Calendar quarter Maybank CIMB Public Bank RHB Bank Hong Leong Bank 2Q2023 2.004 1.497 0.794 0.579 0.335 1Q2023 1.783 1.395 0.788 0.506 0.302 4Q2022 2.037 1.399 0.749 0.592 0.280 3Q2022 1.948 1.385 0.770 0.586 0.285 2Q2022 1.657 1.391 0.766 0.522 0.297 1Q2022 1.623 1.364 0.759 0.518 0.288 4Q2021 1.693 1.356 0.699 0.526 0.283 3Q2021 1.683 1.322 0.716 0.531 0.286 2Q2021 1.710 1.330 0.731 0.529 0.292 1Q2021 1.723 1.419 0.751 0.552 0.289 Staff costs growth (%) Calendar quarter Maybank CIMB Public Bank RHB Bank Hong Leong Bank 2Q2023 21.0 7.6 3.6 10.8 13.0 1Q2023 9.9 2.3 3.8 -2.3 4.9 4Q2022 20.3 3.1 7.2 12.6 -0.9 3Q2022 15.8 4.8 7.6 10.3 -0.4 2Q2022 -3.1 4.6 4.9 -1.2 1.7 1Q2022 -5.8 -3.9 1.0 -6.3 -0.2 Sources: Banks quarterly reports KUALA LUMPUR (Oct 5): After Malayan Banking Bhd’s share price hit a record high last month, investors appear to be taking profit against the country’s largest public-listed company amid growing concerns over the group’s rising costs while expectations of “higher and longer” global interest rates weigh on risk appetite towards the capital markets. The stock’s adjusted closing price, which reached its highest of RM8.93 on Sept 18 after climbing 9.8% since the start of the year, has since pared some of these gains. On Thursday, the bank, largest in the country by asset size, closed at RM8.76, three sen or 0.3% higher than the day before, but 1.9% lower than its recent high. The latest valuation gave Maybank a market capitalisation of RM105.65 billion, still the most valuable stock on Bursa Malaysia, followed by its other large banking peers — Public Bank Bhd with RM78.42 billion and CIMB Group Holdings Bhd with RM57.7 billion. Maybank’s recent share price weakness raises the question of whether a longer term downtrend has come, marking a more affordable entry-point into a famous dividend payer. The bank recently declared its first interim dividend of 29 sen per share for the financial year ending Dec 31, 2023 (FY2023), more than the 28 sen it distributed a year ago. Analysts are mixed on Maybank’s prospects. Bloomberg shows the stock has eight ‘buy’ ratings, 10 ‘hold’ recommendations and one ‘sell’, with target prices ranging between RM8 and RM10.50 for a consensus of RM9.38. “CIMB used to incur a higher cost-toincome ratio (CIR) than Maybank. But in recent quarters, we noticed it has been the other way round. And if you look into their staff costs, not only is Maybank the highest among its peers, it is also growing at a higher pace,” said an analyst who declined to be named. For the second quarter ended June 30, 2023 (2QFY2023), Maybank recorded a CIR of 46.8%, down from 48.3% in 1QFY2023 and 49.4% in 4QFY2022. This compares to CIMB’s CIR of 45.1% in 2QFY2023, 46.9% in 1QFY2023 and 47.5% in 4QFY2022. The most recent quarter when CIMB had a higher CIR than Maybank was in 2QFY2022. “Maybank’s cost is rising even when they push back some of their scheduled investments from M25+, so we are expecting a more elevated cost level in the following years,” the analyst added. Under its multi-year corporate strategy M25+, Maybank will invest between RM3.5 billion and RM4.5 billion within a five-year period, mainly to boost the group’s technology in banking infrastructure. CONTINUES ON PAGE 8
FRIDAY OCTOBER 6, 2023 7 THEEDGE CEO MORNING BRIEF
FRIDAY OCTOBER 6, 2023 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): A day after the Armed Forces Fund Board (LTAT) announced its intention to privatise its 68.01%-controlled Boustead Plantations Bhd (BPlant), BPlant’s share price rebounded by 13 sen or 10.24% to close at RM1.40 on Thursday, though still 10.7% off the armed forces fund board’s RM1.55 buyout offer. Prior to this, BPlant’s counter had sunk by as much as 24 sen to RM1.22 at the start of the week, amid speculation that the proposed equity disposal of 33% plus one share by LTAT and Boustead Holdings Bhd to Kuala Lumpur Kepong Bhd (KLK) had fallen through, before being placed on trading suspension for two days. On Wednesday (Oct 4), right after KLK confirmed that the 33% stake buy had been called off, LTAT stepped in with its offer to take BPlant private. The move pulled some investors back towards the plantation group’s stock on Thursday, which now gives the group a market capitalisation of RM3.14 billion, and pushed it up Bursa Malaysia’s top gainers and most actives lists for the day. Shares in KLK, meanwhile, ended six sen or 0.28% lower at RM21.42, giving the group a market capitalisation of RM23.16 billion. Under the initial deal, KLK — after acquiring the 33% plus one share in BPlant —had planned to extend a mandatory general offer at RM1.55 per share to privatise the plantation group, with KLK controlling a 65% stake, and LTAT the other 35%. KLK had planned to fork out RM1.15 billion for the stake buy, and another RM1.11 billion under the mandatory offer to buy up the remaining 31.99% in BPlant. Now, LTAT is making a general offer on BPlant rebounds over 10% after LTAT proposes takeover as KLK deal falls through its own at the same price point by paying RM1.11 billion for the 31.99% stake in BPlant, despite currently facing liquidity issues. Boustead, the group that LTAT privatised just earlier this year, needs RM800 million by year end to meet its debt obligations, Defence Minister Datuk Seri Mohamad Hassan previously said. At the time of writing, it still remains unclear what caused the KLK deal to be called off, or what drove LTAT’s decision to extend its own general offer after the former happened. Regardless, Kenanga Research views LTAT’s buyout offer positively, given that the maintained offer price of RM1.55 per share is still a premium in the plantation sector — and valued BPlant at 82 times its price-to-earnings ratio for the financial year ending Dec 31, 2024 (FY2024), and 1.3 times its price-to-book value ratio. The research house maintained its recommendation for shareholders to “accept the offer” at RM1.55 a share, as it would allow them to exit at a better valuation than the equity market would have been ready to offer. LTAT holds a direct 10.59% stake in BPlant, while it controls another 57.42% via Boustead. Besides LTAT and Boustead, BPlant has no other substantial shareholders. It is worth noting that while KLK’s bid was in progress, the group had accrued a 3.09% stake or 69.29 million shares in BPlant, valued at RM107.4 million, under the RM1.55 per share offer price. According to Bloomberg, the group’s other largest shareholders included Chong Yiew On with a 0.89% stake, Dimensional Fund Advisor LP with 0.59%, Lei Shing Hong Sec Ltd with 0.52%, and Teachers’ Retirement System of the City of New York with 0.4%. BY IZZUL IKRAM theedgemalaysia.com BPlant shares close at RM1.40 0 30 60 90 120 Sept 13, 2022 Oct 5, 2023 0.5 1.0 1.5 2.0 Vol (mil) RM/sen RM1.40 65.7 sen *As at market close on Oct 5, 2023 Source: Bloomberg LTAT's offer price: RM1.55 BPlant shares risewith LTAT’s RM1.5share buyout bid 0 30 60 90 120 Sept 13, 2022 Vol (mil) 65.7 sen *As at 11.03am on Oct 5, 2023 Source: Bloomberg LTAT's offer price: RM1.55 MIDF Research analyst Samuel Woo, who has Maybank on ‘neutral’ with a TP of RM9.28, said the bank’s costs could come in lower-than-expected for FY2023, as its allocation for M25+ this year may not be fully used. “Fundamentally, Maybank is intact — asset quality should not be too much of an issue, loan growth prospects in the second half are better and good non-interest income contribution should persist,” he told The Edge when contacted. “[Management] said there is upside to Singapore loan growth, and there should be better corporate [loan] pipeline post-election, as with other banks,” he noted. Hong Leong Investment Bank analyst Chan Jit Hoong, however, was more doubtful on Maybank’s prospects, though he noted its share price performance has been more resilient than its peers. “Maybank’s 2QFY2023 [financial] performance was supported by NOII (non-interest income), driven by their treasury business, but it is unclear whether they can sustain, given the rising risk-free rate. Asset quality-wise, if cost of living continues to go up, [further] writebacks [of provision] can be quite far fetched in 2024,” he said. Year to date, Maybank has gained 7.7%, compared with CIMB’s 1.4% decline and Public bank’s 3.5% drop; RHB Bank is up 1.3% while Hong Leong Bank has fallen by 4.6%. FROM PAGE 6
FRIDAY OCTOBER 6, 2023 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): Sunway Bhd has clarified that there was no valuation made by independent registered valuer on the 559-acre prime industrial land in Batu Kawan, Penang which it acquired from Penang Development Corp (PDC). The clarification came in response to Bursa Securities’ query, following a previous article published by The Edge on Oct 4 which outlined Penang Chinese Chamber of Commerce (PCCC) concerns regarding the land sale. While there was no valuation made by independent registered valuer, Sunway said that based on market available information to them, the market price for undeveloped freehold industrial land in the Batu Kawan area ranged between RM21 and RM35 per square feet. “Given that the land is leasehold land and undeveloped with a lot of land filling and infrastructure work to be undertaken by Umech Land, the implied price of RM27 per square foot was deemed to be a fair price,” it said. On Oct 3, PCCC president Datuk Seri Hong Yeam Wah pointed out that industrial land in BKIP2 was made available on the open market at RM80 per square foot where parcels were as small as five acres each. In this regard, Hong questioned whether the selling price of RM26.53 per square foot by PDC to Sunway was reasonable. Meanwhile, Sunway also clarified with the stock regulators that UMech Land Sdn Bhd is a subsidiary of the group despite not being listed in its Annual Report 2022. Earlier, The Edge in its Frankly Speaking column had questioned the RM646 mil Batu Kawan land deal between Sunway’s unit, UMech Land Sdn Bhd and DC as little was known about the background of this Sunway unit. According to the group, its wholly-owned subsidiary, Sunway Bukit Gambier Sdn Bhd (SBG) subscribed to 23.33 million ordinary shares worth RM1 a piece after UMech Land issued 23.33 million shares, representing 70% of the enlarged share capital to SBG. Sunway says no valuation carried out by independent registered valuer on RM646 mil Batu Kawan land deal KUALA LUMPUR (Oct 5): Sunway Construction Group Bhd’s (SunCon) joint venture (JV) with construction firm Kajima (M) Sdn Bhd has won a RM595.38 million contract to design and build a distribution centre warehouse for Daiso Malaysia Group Sdn Bhd in Pulau Indah, Selangor. The Kajima-SunCon JV inked a letter of acceptance with Daiso for the proposed design and construction of the Daiso global distribution centre (GDC) warehouse, according to a bourse filing on Thursday. The contract will span a period of 34.5 months and is expected to be completed by the second quarter of 2026. The contract is valued at RM595.38 million. The JV is unincorporated, but SunCon said its wholly owned subsidiary Sunway Construction Sdn Bhd (SCSB) will enter into a detailed JV agreement with Kajima with an equal equity split, with Kajima positioned as the JV’s lead. Separately, the Japanese household items supplier also announced that it will be investing RM1 billion in making the GDC as a global distribution hub for Daiso to launch logistics operations for the entry of Daiso’s products from Japan and China, SunCon JV secures RM595 mil distribution centre construction job; unit wins RM190 mil data centre contract BY IZZUL IKRAM theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com including distribution to 22 countries in Asia and the Middle East. According to Daiso Malaysia Group Sdn Bhd chairman Tan Sri Khairul Adib Abd Rahman, the GDC, with an area of 130,000 square feet, is expected to commence development in May 2024 and be completed in May 2026, and commence its operation in January 2027. Meanwhile, SunCon also announced that SCSB secured a job from K2 Strategic Infrastructure Malaysia Sdn Bhd to develop a data centre in Johor valued at RM190 million. “The project is for a period of approximately 14 months and [is] expected to be completed in phases, with the final phase to be completed by the fourth quarter of 2024,” it said in a separate filing. The group noted that both projects are expected to contribute positively to its earnings for the financial year ending Dec 31, 2023, onwards. SunCon noted that the total new projects it has secured year-to-date amounts to RM2.2 billion. Shares in SunCon ended seven sen or 3.8% higher at RM1.91 on Thursday, valuing the group at RM2.47 billion. This, in turn, indirectly put UMech Land as a subsidiary of Sunway. To recap, on Sept 27, the group announced that its 70%-owned Umech Land Sdn Bhd had signed a joint development agreement with PDC to develop a 559- acre prime industrial land in Batu Kawan, Penang, in exchange for a land entitlement of RM646.02 million. PDC will receive a land entitlement that consists of a RM64.6 million deposit, with the remaining RM581.42 million to be paid via four instalments. Both parties will collaborate on the development of the land, which will be known as “Batu Kawan Industrial Park 2”. “Following Sunway’s subscription to ordinary shares in Umech Land, Umech Land made the deposit payment of RM64.6 million to PDC in accordance with the terms of the joint development agreement (JDA). “After the payment of the deposit, the cash and bank balances of Umech Land as at 4 October 2023 was RM130,848.89,” the group told Bursa Malaysia on Thursday. Meanwhile, the group also stressed that UMech Construction is not a subsidiary or affiliated to Sunway and it has no equity interest in UMech Construction. Shares in Sunway finished one sen or 0.52% higher at RM1.95, giving it a market capitalization of RM9.75 billion. SUNWAYCONSTRUCTION.COM.MY
FRIDAY OCTOBER 6, 2023 10 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): The Bank for International Settlements (BIS) and its central bank partners, including Bank Negara Malaysia (BNM), have launched Project Mandala, which aims to explore the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a unified protocol for a wide range of cross-border applications, such as foreign direct investment, borrowing, and payments. A joint collaboration between BIS Innovation Hub (BISIH) Singapore Centre, Reserve Bank of Australia (RBA), Bank of Korea (BOK), BNM and the Monetary Authority of Singapore (MAS), the proof-of-concept Project Mandala’s central objective is to mitigate the compliance burden that has been one of the primary challenges hindering smooth and efficient cross-border payments. This will be achieved by automating compliance procedures, introducing real-time transaction monitoring, and enhancing transparency regarding country-specific policies. The project builds upon insights gleaned from “Project Dunbar”, a previous endeavour that focused on developing an experimental platform for multiple central bank digital currencies (mCBDC), according to a joint statement from the partners on Thursday. The proposed “compliance-by-design” architecture holds the potential to facilitate more efficient cross-border transfers of digital assets, including Central Bank DigBIS collaborates with central banks, including Bank Negara on Project Mandala to streamline crossborder transactions SINGAPORE (Oct 5): Malaysian bonds beat all their regional peers last quarter, as rising oil prices bolstered the government’s coffers. The expected rollback of oil subsidies in next week’s budget announcement may provide another updraft. Bonds of the oil-exporting nation returned a relatively small loss of 0.7% in the three months through September, amid a torrid period for global debt markets. In comparison, their counterparts in Indonesia slid 3.6%, while in Thailand, they tumbled 5.7%. The Malaysian government has been talking about plans to lower oil subsidies for some time to reduce its budget deficit. The Budget 2024 announcement on Oct 13 will reveal a “concrete move” away from the current blanket subsidy system, Economy Minister Mohd Rafizi Ramli said on Bloomberg Television this week. The decision may generate savings of at least US$1 billion (RM4.73 billion) to US$2 billion a year, he said. A smaller budget deficit would open up the prospect of a reduction in debt issuance. Net bond supply is expected to be RM86 billion in 2024, versus a forecast RM91 billion this year, said Winson Phoon, the head of fixed-income research at Maybank Securities Pte Ltd in Singapore. Some targeted fuel subsidies “may be confirmed in Budget 2024 to compliment fiscal consolidation”, he said. Oil subsidy rollback set to help region-beating Malaysian bonds BY MARCUS WONG Bloomberg BY CHOY NYEN YIAU theedgemalaysia.com ital Currencies (CBDCs) and tokenised deposits. It could also serve as the foundational compliance framework for both established and emerging wholesale or retail payment systems. “The measures could include quantifiable and configurable foreign exchange rules, as well as anti-money laundering and countering the financing of terrorism (AML/ CFT) measures,” the statement read, adding Project Mandala aligns seamlessly with the Financial Stability Board’s 2023 priority actions for achieving G20 targets for enhancing cross-border payments in the area of promoting an efficient legal, regulatory and supervisory environment for cross-border payments while maintaining their safety, security and integrity. “BNM is committed to making cross-border payments more efficient. Project Mandala could pave the way for more seamless cross-border transactions in the future while ensuring that regulatory compliance and transaction security are maintained. We welcome its potential, not only for Malaysia but also for the global community,” said BNM assistant governor Dr Norhana Endut. For every US$10 a barrel increase in oil prices, the government receives an estimated RM8 billion in revenue, while having to spend around RM6 billion in its blanket fuel subsidies, according to a note from Maybank this week. Faltering demand A reduction in bond supply would be good news, as demand in recent auctions has been faltering. The average bid-to-cover ratio at the sales of five-year Islamic notes and 30-year conventional bonds last month was a combined 1.93 times, versus the 2023 average of 2.11. An auction of 2042 conventional notes on Thursday drew a cover of only 1.77 times. Bond supply issues have dogged other Southeast Asian debt markets in recent months. Thai 10-year yields have jumped more than 60 basis points since the end of July, largely on concern new stimulus measures will require greater bond issuance. Indonesia’s yields jumped this week, after the government announced a significantly larger debt supply this quarter than a year earlier. There may be one potential downside from any Malaysian decision to scale back fuel subsidies — faster inflation. Still, Malaysian consumer prices rose just 2% in August year-on-year, down from 3.8% at the end of 2022, meaning there’s plenty of room to absorb a bit more inflationary pressure without unsettling debt markets. SHAHRILL BASRI/THE EDGE
FRIDAY OCTOBER 6, 2023 11 THEEDGE CEO MORNING BRIEF No. 119 Jalan Maarof, Taman Bangsar, 59000 Kuala Lumpur +603-2284 8618 | Whatsapp +6012-239 9029 | suenjewellers.com Exclusively available at AD CO-OP Suen - The Edge Malaysia.indd 1 21/09/23 10:50
FRIDAY OCTOBER 6, 2023 12 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): Bursa Malaysia Bhd has launched the national voluntary carbon market (VCM) handbook to guide local professionals and stakeholders in generating carbon credits that adhere to international standards recognised by the Bursa Carbon Exchange. Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said as Malaysia shifts towards becoming a lower carbon economy, the VCM handbook is a relevant guide designed to assist entities keen on participating in carbon market project development and Malaysia’s voluntary carbon market. He said the handbook defines the roles and functions of key entities in Malaysia’s carbon market operations, serving as a reference point for market players. “With the increasing prominence on carbon offsets and carbon markets globally, it is imperative that Malaysia acts on the nation’s untapped potential by developing its VCM ecosystem and implementing high-quality carbon projects. “This VCM handbook is a critical step in ensuring Malaysia’s VCM can truly support the country’s net zero journey,” he said at the inaugural Malaysia Carbon Market Forum 2023 here on Thursday, in conjunction with the International Greentech & Eco Products Exhibition and Conference Malaysia. The VCM handbook is a collaborative effort between Bursa Malaysia and the Malaysian Green Technology and Climate Change Corporation (MGTC), which was initiated through a memorandum of collaboration signed on Feb 20, 2023. The VCM handbook was developed in consultation with the Ministry of Natural Resources, Environment and Climate Change (NRECC) and various ecosystem participants. Muhammad Umar also shared that one of Malaysia’s nature-based projects, the Kuamut Rainforest Conservation Project in Sabah, is nearing its first issuance. “Soon enough, (it is hoped that) our carbon ‘supermarket shelves’ will be stocked with Malaysian products,” he said. Pursuant to the above, NRECC minister Nik Nazmi Nik Ahmad said Bursa Malaysia is getting ready to auction carbon credits from the Kuamut Rainforest Conservation Project. The auction date will be announced once Verra, the world’s leading standards setter for climate action and sustainable development, has issued Kuamut’s carbon credits. “This project is commendable, as it is being verified for a triple gold labelling under Verra’s co-benefit standard of climate, community and biodiversity,” he said. Nik Nazmi also said the government needs nature-based solutions (NbS), which can provide up to 30% of the mitigation required by 2030 to keep the 1.5°C target in reach. He noted that the VCM would help mobilise public sector finance towards NbS, particularly in the Global South where it is most urgently needed. He said many state governments have reached out to his ministry for alignment of carbon policies for forest carbon assets, and the NRECC is doing its best to ensure that these discussions take place. “I wish to also reiterate that our National Carbon Policy is expected to be ready for implementation this year. It will provide, among other things, guidance on carbon trading at the state level,” he said. Bursa Malaysia launches national voluntary carbon market handbook KUALA LUMPUR (Oct 5): Former international trade and industry minister Datuk Seri Mohamed Azmin Ali has commended Miti — now called the Ministry of Investment, Trade and Industry — on the launch of the National Industry Environmental, Social and Governance (I-ESG) Framework, and described the initiative as a deliberate departure from conventional thinking and the business-as-usual approach. He said I-ESG was initiated in 2021 during his tenure in Miti, and he had personally overseen its development, ensuring that the framework’s elements played a pivotal role in shaping the National Investment Aspirations. “I personally led Miti’s trade and investment mission to Japan and South Korea in April 2021. Subsequently, the framework was extensively discussed with industry stakeholders, resulting in the identification of four main areas as the lynchpin of the framework. These include ESG standards, capacity-building, especially for small and medium enterprises to incorporate ESG practices within their companies, the provision of financing and taxation incentives for companies to implement ESG practices, and market support mechanisms, including carbon credit trading to offset carbon emissions,” he said in a statement on Thursday. Furthermore, he highlighted that the establishment of the I-ESG Framework had served as a catalyst for other initiatives, including the creation of the Sustainable Aviation Energy Task Force within Miti in 2022. “Moving forward, I am hopeful that Miti will continue to prepare itself to face global headwinds, not only by intensifyAzmin commends launch of I-ESG Framework as catalyst for sustainable growth ing existing work programmes, but also by embarking on new initiatives that will make Malaysia stand out as an attractive destination for investments,” he added. Azmin also believes that with the recent appointment of Hairil Yahri Yaacob as the new secretary general of Miti, the ministry will be well positioned to grow even stronger. On Monday, Miti launched the I-ESG Framework, with the aim of accelerating the country’s progress towards achieving sustainable development goals, and facilitating the transition towards sustainable practices among manufacturing companies. The framework is a key enabler of the push towards the net-zero mission, aligning with Malaysia’s commitment to reducing greenhouse gases by 45% by 2030, and achieving carbon neutrality (net zero emissions) by 2050. The framework consists of four pillars, namely standards, financing, capacity building, and market mechanisms. These components are supported by six key enablers, namely stakeholder engagement, human capital and capabilities, digitalisation, technology, financing and incentives, as well as policies and regulations. BY CHOY NYEN YIAU theedgemalaysia.com Bernama
FRIDAY OCTOBER 6, 2023 13 THEEDGE CEO MORNING BRIEF HOME NEWS IN BRIEF PetDag to install more EV charging hubs at petrol stations, says COO KUALA LUMPUR (Oct 5): Petronas Dagangan Bhd (PetDag) has reiterated its commitment to installing more electric vehicle (EV) charging hubs at its petrol stations nationwide, with the number depending on demand and the number of EVs hitting the road. Its chief operating officer Khalil Jaffri Muhammad Muri said that to date, there are 25 EV charging hubs at its petrol stations, mainly along the East Coast Expressway and North-South Expressway. “Most EV owners will charge their cars at home, and only use the charging hubs at petrol stations or shopping malls for longdistance driving. “So we will be looking at the balance between charging on the three premises, alongside the number of EVs in Malaysia, to equip more EV charging hubs at the petrol stations,” he said after launching the new cardless Mesra Rewards Loyalty Programme here on Thursday. — Bernama Capital A seeks extension to submit regularisation plan for the third time KUALA LUMPUR (Oct 5): Financially distressed Capital A Bhd has requested to further extend the deadline for the company to submit its regularisation plan — which is due on Oct 7 — to Dec 31, 2023. In a bourse filing, Capital A said that it had filed said request with Bursa Securities on Thursday. This marks the third time that Capital A has requested an extension deadline from Bursa Securities. The original deadline on Jan 7, 2023 had been extended twice — first to July 7 and then Oct 7. In January, Capital A chief executive officer Tan Sri Tony Fernandes was quoted saying that the group is optimistic of exiting Practice Note 17 (PN17) status by the end of this year. But in June, he was then quoted saying that exiting PN17 status was almost as big a challenge as restarting the airline. Capital A slipped into PN17 status in January 2022 after its external auditor Messrs Ernst & Young PLT raised material concerns about the airline’s ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2019 and its shareholders’ equity fell below 50% of its share capital. Capital A’s shares fell one sen or 1.03% to 96.5 sen on Thursday, valuing the group at RM4.05 billion. The stock has climbed 48.46% since the beginning of this year. — by Anis Hazim Petronas, Idemitsu in deal to develop sustainable aviation fuel KUALA LUMPUR (Oct 5): Malaysian state oil company Petroliam Nasional Bhd (Petronas) and Japan’s secondbiggest oil refiner Idemitsu Kosan signed a preliminary agreement to collaborate on the development and distribution of sustainable aviation fuel, the companies said on Thursday. They will focus on a feasibility study to “scale-up bio feedstock possibilities, production cost analysis and security in ensuring a steady and efficient supply chain for the sustainable development of sustainable aviation fuel,” they said in a statement. The two companies will also aim to establish a sales and distribution network to ensure accessibility to airlines, they added. — Reuters Cypark inks MOU with Trina Solar to explore RE opportunities in Malaysia and cross-border KUALA LUMPUR (Oct 5): Cypark Resources Bhd unit Cypark Renewable Energy Sdn Bhd has signed a memorandum of understanding (MOU) with Trina Solar Development Pte Ltd to explore business opportunities in the renewable energy (RE) segment in Malaysia and cross-border. Under the MOU, Cypark and Trina Solar have agreed to conduct joint marketing, and work in tandem to unlock new opportunities, the companies said in a statement. Both parties will cooperatively collaborate to drive sustainability initiatives and “promote the adoption of renewable energy in Malaysia, as well as cross-border electricity supply to Singapore”, the companies said. The MOU was signed at the 14th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) 2023 at the Kuala Lumpur Convention Centre on Thursday. “This MOU signifies a deeper, strategic and more comprehensive partnership between Cypark and Trina Solar,” the companies said. — by Adam Aziz CRBENV.COM REUTERS Infomina bags technology application and infrastructure operation job worth RM35 mil KUALA LUMPUR (Oct 5): Infomina Bhd has secured a contract valued at RM35.4 million from Bangkok Bank Pcl for the provision of technology application and infrastructure operation services. In a bourse filing on Thursday, the IT support services provider said its 99.99%-owned subsidiary Infomina (Thailand) Co Ltd has inked a software subscription agreement (SSA) with the bank. “The SSA is for the provision of technology application and infrastructure operations, maintenance and support services to Bangkok Bank, over a period of three years commencing March 31, 2023, to March 30, 2026. “The value for the SSA is approximately US$7.5 million (equivalent to RM35.4 million) (excluding value-added tax) for the entire period,” it added. Infomina said the job is expected to contribute positively to the group’s earnings over the job’s three-year period. At 2.33pm, Infomina’s shares were down one sen or 0.64% at RM1.54, valuing the group at RM925.92 million. Infomina listed on the ACE Market back in November 2022 with an initial public offering (IPO) price of 40 sen. Against its IPO price, the counter has risen 285%. — by Izzul Ikram PETRONAS .COM
FRIDAY OCTOBER 6, 2023 14 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (Oct 5): The Federal Court on Thursday upheld the RM42 million Mareva injunction (asset-freezing order) imposed by the High Court on March 22, 2022 in the suit filed by SRC International Sdn Bhd and its subsidiary, Gandingan Mentari Sdn Bhd against former premier Datuk Seri Najib Razak. A three-member apex court bench led by Federal Court judge Tan Sri Nallini Pathmanathan unanimously dismissed Najib’s motion for leave for the matter to be heard on its merits and a chance to revisit several old case laws in relation to the granting the Mareva injunction. Najib’s counsel Tan Sri Muhammad Shafee Abdullah cited the Lakatamia Shipping Company Ltd vs Toshiko Morimoto 2019 case at the English Court of Appeal, but Nallini said it does not alter the test in the granting of the injunction. The three criteria in granting a Mareva injunction, as decided previously, were the plaintiff having a strong arguable case, the assets being within jurisdiction, and that there was a real risk of dissipation of assets. “This court is not satisfied that we should restate the principles on the basis of [the] Lakatamia [case]. The application of the test propounded in S&F International Ltd vs Trans-Con Engineering Sdn Bhd, will vary from case to case. “It appears to us that the (High Court) judge (in granting the Mareva injunction) appreciated this difference and applied it accordingly by the lack of probity dealing from complex factual matrix as being sufficient to go into the heart of the question of dissipation of assets. Accordingly, the revisiting of the test is not warranted. For these reasons, this court dismissed the motion,” Nallini said. Nallini, who sat with Federal Court judges Datuk Nordin Hassan and Datuk Abu Bakar Jais, ordered Najib to pay RM30,000 costs to both SRC International and Gandingan Mentari. Najib’s failure to get leave to appeal means that the Mareva injunction to freeze his assets is in line with the suit filed by the two companies. Last week, the High Court also dismissed Najib’s application to set aside a US$681 million (RM3.2 billion) Mareva injunction in a suit involving 1Malaysia Development Bhd and another 1MDB subsidiary. Although the US$681 million Mareva injunction was first granted to 1MDB in February, the RM42 million Mareva injunction granted to SRC International and Gandingan Mentari was the first to go on appeal at the Court of Appeal, then the Federal Court. In civil cases, permission for the appeal to be heard on its merits must be obtained, based on questions of law which are considered to be new, novel, and of public interest, according to Section 96 of the Courts of Judicature Act. High Court judge erred in granting injunction based on alleged past conduct During the hearing on Wednesday, Shafee had posed six questions of law to be considered by the Federal Court, and they all hinge on revisiting the S&F International Ltd case decided in 1985, as opposed to the Lakatamia case which was decided in 2019. The senior counsel argued that the High Court judge had erred in granting the injunction nine months after the suit was filed, as no evidence of dissipation of assets had been produced by the two companies. He said although the dissipation of assets was one of the grounds in granting the injunction, the companies must show proof that the former prime minister had done this. “There is not an iota of evidence to show evidence of dissipation of assets. Furthermore, besides this suit, he is also faced with a civil claim for income tax prior to this and in granting this relief, there must be evidence of asset dissipation. “Here in the suit by SRC, the allegation is on breach of fiduciary duty, dishonesty and criminal breach of trust and this purBY HAFIZ YATIM theedgemalaysia.com Apex court upholds RM42 mil asset freeze order against Najib ported (past) conduct was used as a basis by the companies to ask for the Mareva injunction,” Shafee said. Najib’s lawyer argued that in the Lakatamia case, the English Court of Appeal found there was an attempt to dissipate the asset in question, resulting in the court granting the injunction. This recent Lakatamia case, Shafee argued, warranted a revisit of the S&F International case. Lack of honesty on Najib’s part, claimed by SRC SRC and Gandingan Mentari counsels Datuk Lim Chee Wee and P Gananathan said the lack of probity on Najib’s part was the main reason why the High Court judge was right to grant the Mareva injunction. “The lack of probity leads to the inference on the presumption (on the possibility) of the dissipation of assets. Those allegations of lack of probity or dishonesty were unrebutted. They argued that it is not necessary to adduce further evidence of possible dissipation of assets as an inference could be drawn that the two companies have a good arguable case. During the period between the filing of the suit and the application for the injunction by the two companies, Najib had not filed his defence to the suit, which Shafee claimed was due to his ongoing SRC International criminal case. Najib is currently serving a 12-year jail sentence at the Kajang Prison and has been fined RM210 million, after the apex court found him guilty of all seven charges of abuse of power, criminal breach of trust and money laundering involving RM42 million of SRC International funds. Earlier, Najib’s side, through Wan Mohammad Arfan Wan Othman, tried to apply for an adjournment to the case as original counsels Harvinderjit Singh and Muhammad Farhan Shafee were unwell. However, Nallini said the bench had read all the written submissions and noted that the firm Shafee & Co has a large pool of lawyers, giving Wan Mohammad Arfan time to find someone senior from the firm to file the submissions or do so himself. It was then at 10.45am, that Shafee was roped in and informed the court that he had to adjourn a 2019 drug case to submit on this matter and Nallini replied “Glad to see you”. Prior to this appeal, the Court of Appeal had on Dec 6 also dismissed Najib’s bid to set aside this Mareva injunction. PATRICK GOH/ THE EDGE
FRIDAY OCTOBER 6, 2023 15 THEEDGE CEO MORNING BRIEF Saturday, 7 october 2023 8.30aM — 1.00PM Mandarin oriental, Kuala luMPur The way forward retirement planning is no longer what it used to be. changing demographics and the new normal in the postpandemic economy are forcing a rethink and a shake-up. this is exacerbated by continued market volatility, black swans and rising cost of living. RetiRement Reimagined foRum 2023 FIRESIDE CHAT Datuk Wira Ismitz Matthew De Alwis Executive Director / Chief Executive Officer, Kenanga Investors Bhd Bryan Lin Chief Executive Officer, Subang Jaya Medical Centre Moderators: Kuek Ser Kwang Zhe Editor, Wealth, The Edge Malaysia Pathma Subramaniam Editor, Digital Edge, The Edge Malaysia The State of Retirement in Malaysia Datuk Seri Amir Hamzah Azizan Chief Executive Officer, Employees Provident Fund Are Malaysians Prepared for Retirement? Tan Sri Dr Noor Hisham Abdullah Former Director General, Ministry of Health of Malaysia Safeguarding Wealth Transfer and Distribution: A Holistic Approach to Retirement and Estate Planning Nor Fazlina Mohd Ghouse Chief Executive Officer, Maybank Trustees Bhd Partner Happening TomorroW!
FRIDAY OCTOBER 6, 2023 16 THEEDGE CEO MORNING BRIEF HOME BENTONG (Oct 5): DAP secretary general Anthony Loke has denied an allegation that the Chinese community, especially in Telemong and Kampung Baru here, will not go out to vote in the Pelangai state by-election this Saturday. He said the DAP machinery has been working hard to ensure voters in the constituency go out to fulfil their responsibility to ensure victory for Barisan Nasional (BN). Telemong is an area in the Pelangai constituency where the majority of the population are non-Malays. There are about 4,000 non-Malay voters in the area. “This Saturday we will make sure the (DAP) votes we have, we will transfer them to BN. With this formula I am confident that we will help BN win with a comfortable majority,” he told reporters after attending the Telemong Tang Lung Festival here Wednesday night. The by-election is held following the death of incumbent assemblyman Datuk Seri Johari Harun, 53, in a plane crash in Shah Alam, Selangor, on Aug 17. In the last 15th General Election (GE15), Johari, who represented BN, won with a majority of 4,048 votes, defeating Perikatan Nasional (PN) candidate Kasim Samat who obtained 3,260 votes, Ahmed Wafiuddin Shamsuri of Pakatan Harapan (2,031 votes) and Pejuang candidate Isa Ahmad (65 votes). Loke shoots down claim Chinese community to abstain from voting at Pelangai poll this Saturday KUALA LUMPUR (Oct 5): The enforcement of the Insolvency (Amendment) Act 2023 (Act A1695) will take effect from Friday, said Minister in Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She said the enforcement of Act A1695 demonstrates the government’s concern to give bankrupt individuals a second chance to live a better life, and then contribute to the country’s economic development. “The enforcement of Act A1695 reflects the government’s commitment to ensuring that no one is left out in the national development,” she said in a statement on Thursday. On March 10, the Cabinet agreed with the proposed amendment to the Insolvency Act 1967 (Act 360) following discussions with stakeholders, including the Attorney General’s Chambers, Office of the Chief Registrar of the Federal Court, Finance Ministry, Bank Negara Malaysia, Inland Revenue Board, Employees Provident Fund, Credit Counselling and Debt Management Agency, and Association of Banks in Malaysia. The key amendment involved in Section 33C of the law is aimed at assisting bankrupt individuals to be discharged automatically between three and five years from the date on which the debtors submit their declarations of assets. Azalina said that in line with the objectives of the second chance policy, the amendments to Section 33C and Subsection 33B (2A) of Act 360 are enforced Insolvency (Amendment) Act 2023 comes into force on Friday, says Azalina Bernama Bernama According to Loke, he had, since the beginning of the campaign period, instructed Pahang DAP to carry out its campaign earnestly to support BN in terms of morale, resources and manpower. He said the formula of shifting votes of the Chinese community and DAP supporters to BN had proven successful in helping BN win in Tioman. The scheduled polling for Tioman on Nov 19, 2022 was cancelled due to the unfortunate passing of PN candidate Md Yunus Ramli, on the same day. The new date for the election was then rescheduled for Dec 7 that same year. Meanwhile, Loke said that the biggest challenge facing the party now is to ensure registered voters, who are residing elsewhere, return to the constituency to exercise their voting rights this Saturday. The Pelangai by-election will witness a three-cornered contest between BN candidate Datuk Amizar Abu Adam, Kasim (PN) and Independent candidate Haslihelmy DM Zulhasni. retrospectively to bankruptcy cases administered before the enactment of Act A1695. “The second chance policy aims to discharge up to 130,000 bankrupt individuals within a year after Act A1695 comes into effect. The number represents half of the cases being administered by the Insolvency Department,” she said. According to her, the amendment to the Insolvency Act has added two new categories of individuals who can be discharged through the issuance of a certificate from the director general of the Insolvency Department, without going through debtors’ objections under Section 33B (2A). The inclusion of the two categories, namely individuals who cannot manage their personal affairs due to mental illness as defined in the Mental Health Act 2001 and those aged 70 and above who, according to the Insolvency director general’s discretion, are incapable of contributing to the bankruptcy administration. To protect the welfare of bankrupt individuals, Azalina said the law also amended the value limit of bankruptcy assets that can be exempted from division among creditors, and the value limit for the purpose of case eligibility to be administered in a simple administrative manner. Through the enforcement of the law, the bankruptcy administration is being improved by allowing the use of remote communication technology for meetings with creditors, and incorporating the ability to send notices via electronic communication, Azalina said. She added that the mandatory first meeting of creditors had since been abolished, as an initiative to expedite the administration process. BERNAMA
FRIDAY OCTOBER 6, 2023 17 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): A businessman has claimed trial on Thursday to one charge of cheating a man of RM2.45 million. Johnathan Wong Futt Po, 39, was accused of committing the crime from May 23, 2022 to Aug 3, 2022 in Brickfields here. He had allegedly duped the man into making investments in Ris Firearm Sdn Bhd and Colindale International (MM2H) Sdn Bhd and deliberately encouraged him to make a payment of RM2.45 million — deposited into Wong’s crypto wallet — which he would not have done had he not been misled. The charges were framed under Section 417 of the Penal Code which carries a punishment of imprisonment up to five years, or a fine, or both. Deputy public prosecutor Akmazatul Mohd Nawi appeared for the prosecution while Wong was represented by lawyers Devanandan S Subramaniam and Muralee Menon. During the brief proceedings on Thursday, Akmazatul suggested a bail of RM200,000 and additional conditions, namely for Wong’s passport to be impounded and for him to report to the closest police station once a month. However, while arguing for a lower bail, Devanandan said that his client has six dependents, including his unemployed wife and five children. He added that the oldest of the children was 19-years-old and studying in university while the youngest is six-months-old. “He is a businessman with irregular income especially after the Covid-19 pandemic,” Devanandan said, adding that there is no evidence to show that his client is a flight risk. He also said that his client has other pending civil suits, where a mareva injunction has been issued against Wong. A mareva injunction is a court order which essentially freezes the defendant’s assets to prevent any transfer of said assets that a plaintiff is seeking to recover. Following this, Judge Mohd Kafli Che Ali set bail at RM100,000 without any additional conditions and set Nov 7 as the next case management. Businessman charged with cheating man of RM2.5 mil over ‘investments’ KUALA LUMPUR (Oct 5): The High Court on Thursday ordered freelance preacher Ahmad Dusuki Abd Rani to file his statement of defence by Oct 20, to a lawsuit brought by Communications and Digital Minister Fahmi Fadzil. The Lembah Pantai Member of Parliament (MP), as the plaintiff, filed a suit against Ahmad Dusuki on Sept 5 for allegedly accusing him of giving a political talk in a mosque in Rawang, Selangor. Lawyer Asheeq Ali Sethi Alivi, representing Fahmi, said the court also ordered the plaintiff to file a reply to defence before or on Nov 17, and fixed Nov 27 for next case management. “The writ and statement of claim have been served on the defendant (Ahmad Dusuki), and a memorandum of appearance has been filed by the defendant through his lawyer from Messrs Srihana Mohamad & Partners,” said Asheeq Ali when contacted after the case management via e-review before senior assistant registrar Nur Shasha Hidayah Nor Azahar on Thursday. Regarding another lawsuit filed against the owner of the Facebook account “N13 Kuang”, Mohd Fauzan Madzlan, involving the same issue, Asheeq Ali said the court fixed Oct 31 for further case management. “We are still in the process of submitting the writ and statement of claim against the defendant (Mohd Fauzan),” said the lawyer. Based on the statement of claim, Fahmi said the two defendants had published defamatory words by accusing him of abusing Ahmad Dusuki ordered to file defence in Fahmi Fadzil’s lawsuit by Oct 20 Fahmi claimed that the defamatory words were posted on Mohd Fauzan’s Facebook account and Ahmad Dusuki’s Facebook and Instagram accounts on July 31. According to Fahmi, the slanderous statements were baseless and the Selangor Islamic Religious Council had confirmed that he did not give any political speech as accused by the defendants. He also claimed that the defamatory statements were made with the aim of defaming his good name in order to gain cheap publicity, or create a sensation in the national political arena, as well as to tarnish his reputation as an MP and a Cabinet minister. Bernama BY TARANI PALANI theedgemalaysia.com THE EDGE FILE PHOTO a place of worship, which is a mosque, to campaign for an election, and had acted contrary to the orders of the Sultan of Selangor. Communications and Digital Minister Fahmi Fadzil
FRIDAY OCTOBER 6, 2023 18 THEEDGE CEO MORNING BRIEF WORLD (Oct 5): Global goods trade will grow at less than half the pace predicted six months ago, the World Trade Organization said, citing inflation in the US and Europe, a prolonged war in Ukraine and China’s sluggish recovery. The Geneva-based institution said it expects the volume of merchandise trade in 2023 to increase 0.8% from last year, compared with its April forecast for a 1.7% gain, according to a report released Thursday. That’s well below the average of 2.6% annual growth registered since the global financial crisis. “The trade slowdown appears to be broad-based, involving a large number of countries and a wide array of goods, specifically certain categories of manufactures such as iron and steel, office and telecom equipment, textiles, and clothing,” the WTO said. “Inflation, high interest rates, US dollar appreciation and geopolitical tensions are all contributing.” After growth of 3% last year, goods trade in the first half of 2023 was down 0.5% from a year earlier, today’s report said, with only a “modest pickup” expected in the months through December. One exception is passenger vehicles, which saw surging sales so far in 2023. “The projected slowdown in trade for 2023 is cause for concern, because of the adverse implications for the living standards of people around the world,” WTO Director-General Ngozi Okonjo-Iweala said. “Global economic fragmentation would only make these challenges worse.” For 2024, the WTO’s forecast for goods trade growth is of 3.3%, nearly unchanged from April. This would outstrip an expected expansion in global gross domestic product of 2.5%. The risks to the current outlook are “considered to be evenly balanced,” the WTO said in Thursday’s report, a change from April when it said “risks to the forecast are tilted to the downside.” While there were some initial signs of economic fragmentation — reflected in a declining share of intermediate goods in world trade — the WTO said that the shift doesn’t indicate a dramatic shift toward deglobalization. WTO cuts global goods trade forecast citing broad-based slowdown SINGAPORE/LONDON (Oct 5): Oil fell again on concerns that a slowdown in global growth will erode consumption a day after the market posted its biggest decline in more than a year. The global Brent benchmark fell below US$85 for the first time since late August, before paring some losses, while West Texas Intermediate slid below US$84. Crude’s drop followed a plunge in gasoline, after US data showed stockpiles surged in the US and a measure of demand fell. Oil also tumbled through key technical levels on Wednesday, with both Brent and WTI plunging below their 50-day moving average for the first time since July. Volatility also surged during the rout, roiling options markets. After rallying strongly in the third quarter — with the US benchmark topping US$95 a barrel near the end of September — crude’s upsurge has faltered. While the gains had fuelled speculation that a return to US$100 oil was on the cards, others remained skeptical, with notable bear Citigroup Inc making the case that prices were on course to reverse as the market returned to a surplus. Oil’s sharp retreat has come against a backdrop of rising worries about elevated interest rates and the state of the global economy that have rattled equity and bond markets in recent weeks. If sustained, it will help to cool inflationary pressures, as central bankers including those at the Federal Reserve, debate whether they’ve hiked borrowing costs enough. Monthly US jobs data Friday will be scrutinised for clues on the economy’s health. “The current rates environment along with the USD strength has only provided Oil’s slump deepens below US$85 with demand under the microscope BY ELIZABETH LOW & ALEX LONGLEY Bloomberg BY BRENDAN MURRAY Bloomberg stronger headwinds to the market,” said Warren Patterson, head of commodities strategy at ING. Prices • WTI for November delivery dropped 0.84% to US$83.51 a barrel at 1:52 p.m. in London. • Brent for December settlement was 0.76% lower at US$85.16 a barrel. Crude’s tumble came despite announcements from Saudi Arabia and Russia that voluntary production cuts would remain in place through the end of the year. In addition, an Opec+ committee recommended no change to collective curbs. The rally in oil has reversed as “bond markets have been signalling economic weakness, and US gasoline demand continues to lag,” Citi analysts including Francesco Martoccia and Ed Morse said in a note. “Collapsing prices likely informed the Opec+ decision to stay the course on output cuts to year-end.” Read also: Gold set to break longest losing streak in seven years as bond selloff cools
FRIDAY OCTOBER 6, 2023 19 THEEDGE CEO MORNING BRIEF is your company one of them? honouring Malaysia’s outstanding corporate performers TM Main Sponsor Official Car Supporting Sponsor
FRIDAY OCTOBER 6, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (Oct 5): Global bonds are doomed to keep falling unless a sustained slump in equities revives the appeal of fixed-income assets, according to Barclays Plc. “There is no magic level of yields that, when reached, will automatically draw in enough buyers to spark a sustained bond rally,” analysts led by Ajay Rajadhyaksha wrote in a note. “In the short term, we can think of one scenario where bonds rally materially. If risk assets fall sharply in the coming weeks.” The rout in Treasuries has sent shockwaves through the global bond market in recent months, as investors position for borrowing costs to stay higher for longer. While the selloff abated on Wednesday, traders are on high alert for a resurgence in volatility — especially if US non-farm payrolls data on Friday come in stronger than expected. The US central bank is unlikely to ease up on its so-called quantitative tightening programme, which makes it a net seller of Treasuries, according to the Barclays analysts. Additionally, the increase in bond supply due to the rising deficit is also driving up the term premium, they said. Only an equities crash can rescue the bond market, Barclays says (Oct 5): The Federal Reserve may be putting its hoped-for soft landing of the economy at risk by tacitly accepting a run-up in long-term interest rates to the highest levels since 2007. The surge — 10-year Treasury yields rose more than half a percentage point the past month to surpass 4.7% — heightens the danger in the near-term of a financial blowup akin to the regional bank breakdown in March. Longer run, it threatens to undercut the economy by markedly raising borrowing costs for consumers and companies. “Ultimately, the feedback effect starts to fuel fears that you’re going to have a hard landing,” said RJ Gallo, a senior portfolio manager for Federated Hermes, with about US$669 billion (RM3.1 trillion) in assets under management. What may have a particularly strong impact is the rise in so-called real rates, which remove the impact of inflation. Yields on 10-year inflation-linked Treasuries have soared in recent weeks to levels rarely seen over the past two decades. Fed leadership has so far not shown much, if any, inclination to resist the rise in long-term rates. While New York Fed president John Williams suggested last week the US central bank may be finished raising rates, he also said policymakers would keep them high “for some time” to bring inflation down to their 2% goal. “Fed officials have had a chance at various appearances — and they’ve not really taken that opportunity to push back against this,” former vice chair Richard Clarida said on Bloomberg Television on Wednesday. The rise in yields “actually does some of the Fed’s job for it” by slowing economic growth and helping to contain inflation, added Clarida, who is now a global economic adviser for Pacific Investment Management Co. The danger is the leg up in long-term rates does more damage than the Fed expects. The collapse of Silicon Valley Bank in March came in the wake of a rise in bond yields that was partly driven by tough talk on Fed policy by chair Jerome Powell. Fed’s bid to avoid recession tested by yields nearing 20-year highs BY RICH MILLER Bloomberg BY GARFIELD REYNOLDS Bloomberg Demand will be weak as net buying by foreign central banks slows, the analysts wrote. Japanese investors, the largest overseas holders of Treasuries, are likely to favour domestic debt, as yields will rise when the Bank of Japan adjusts its accommodative policy stance. All this means the bond market’s fate lies in the hands of stocks, according to Barclays. The 5% or so drop in the S&P 500 Index over the past three months is well short of what’s needed to trigger a rebound in fixed income, the analysts wrote. “The magnitude of the bond selloff has been so stunning that stocks are arguably more expensive than a month ago, from a valuation standpoint,” they wrote. “We believe that the eventual path to bonds’ stabilising lies through a further re-pricing lower of risk assets.” Other headwinds “There’s a potential near-term disruptive effect to worry about,” said Bruce Kasman, chief economist for JPMorgan Chase & Co. The rise in rates is also occurring at a time when the economy is already facing a number of headwinds — from a resumption of student loan payments to a strike by autoworkers. Indeed, Bloomberg Economics chief US economist Anna Wong says the US economy is probably on the verge of tipping into a recession. Market participants have identified a variety of triggers for the surge in yields — which moderated slightly Wednesday. Among them: investor concern about burgeoning US budget deficits, slackening demand for Treasury securities from foreign investors including China and expectations that Japan will exit its ultra-loose monetary policy in coming quarters. Some economists and investors have also cited what they see as a muddled message from the central bank regarding its stance on real interest rates. Real rates “We’ve gotten conflicting signals from the Fed,” MacroPolicy Perspectives LLC founder and former central bank economist Julia Coronado said. In an environment where bond yields were already rising, that “basically just gave the market permission to keep marching higher.” What’s puzzling investors is how exactly policymakers define real rates. Fed officials have sometimes cited gauges that are based on past inflation and sometimes those tied to prospective inflation rates. Read the full story The rise in rates is also occurring at a time when the economy is already facing a number of headwinds — from a resumption of student loan payments to a strike by autoworkers. Indeed, Bloomberg Economics chief US economist Anna Wong says the US economy is probably on the verge of tipping into a recession. REUTERS
FRIDAY OCTOBER 6, 2023 21 THEEDGE CEO MORNING BRIEF WORLD BENGALURU (Oct 5): Belgium’s intelligence service has been monitoring the main logistics hub in Europe of China’s Alibaba Group Holding over concern about possible espionage, the Financial Times (FT) reported on Thursday. Referring to the company’s logistics centre at the cargo airport in the city of Liege, the security service said it was working to detect “possible espionage or interference activities” by Chinese entities including Alibaba, the newspaper said. Alibaba denied any wrongdoing, it added. Alibaba and the Belgian State Security Service (VSSE) did not immediately respond to requests for comment. Alibaba signed an agreement with the Belgium government in 2018 to open an e-commerce trade hub, run by its logistics arm Cainiao, that would include investment in logistics infrastructure. The newspaper, citing people familiar with the matter, said the Belgian security service was monitoring the company’s operations “following intelligence assessments”, with one area of scrutiny being the introduction of software systems that collate sensitive economic information. The Belgian security agency told the FT that the presence of Alibaba “constitutes a point of attention” for it because of legislation forcing Chinese companies to share their data with Chinese authorities and intelligence services. Alibaba last month filed to list Cainiao on the Hong Kong stock exchange, which would make the unit the first to be separated since the Chinese e-commerce giant said this year that it would restructure and split its business into six units. Belgian intelligence service monitors Alibaba hub over ‘espionage’ worry — FT (Oct 5): US Commerce Secretary Gina Raimondo said reports of a chip breakthrough by Huawei Technologies Co are “incredibly disturbing”, and emphasised that her department needs more ways to enforce its export-control regime. “We need different tools,” she told a Senate Commerce Committee hearing. “We need additional resources around enforcement.” Raimondo pointed to a stalled legislative proposal that would expand her department’s authority over technology transactions that are found to pose national security risks, as well as an alternative framework to mitigate risk in the tech supply chain proposed by Senator Maria Cantwell. Raimondo declined to comment on progress in the Commerce Department’s probe into a new Huawei smartphone powered by an advanced seven-nanometre chip. Raimondo said she was proud that earlier this year, her department imposed the largest-ever fine in history on an American company for selling items to Huawei without a licence. “We’re tough as we need to BY JYOTI NARAYAN Reuters Read also: Taiwan to probe suppliers helping Huawei with chip plants in China be, but we need more resources,” she told the committee. The hearing marked her second appearance before lawmakers since she travelled to China in late August, a trip designed to improve diplomatic relations between Washington and Beijing after months of high tensions. The Huawei phone, which went on sale while she was in China, has set off a debate in Washington over the effectiveness of US attempts to curb China’s technological advancement, with Raimondo caught in the crosshairs. Raimondo said during House testimony last month that she sees no evidence China can develop advanced seven-nanometre chips at scale, but she’s still facing intense political pressure from Republicans in Congress to tighten controls — and quickly. At the same time, the administration is trying to improve ties with Beijing, and pave the way to a potential meeting between President Joe Biden and Chinese leader Xi Jinping in a November meeting of the Asia-Pacific Economic Cooperation forum in San Francisco, a difficult balancing act as they decide whether and when to expand controls announced in October last year. BLOOMBERG BLOOMBERG US commerce secretary says Huawei chip shows need for ‘different tools’ BY MACKENZIE HAWKINS & JAMIE TARABAY Bloomberg
FRIDAY OCTOBER 6, 2023 22 THEEDGE CEO MORNING BRIEF WORLD Tata said to be in advanced talks for Temasek’s Tata Play stake Vietnamese EV maker VinFast’s thirdquarter revenue more than doubles SYDNEY (Oct 5): Infrastructure developer Morrison & Co has begun talks with possible strategic partners for a mega-sized battery project in Indonesia, aimed at weaning Singapore off natural gas. The New Zealand-based fund has hired advisers for discussions it hopes to close in the next 12 months, for partners with experience in the region to take a stake in its multibillion-dollar Vanda RE project, Vimal Vallabh, Morrison’s global head of energy, said in an interview in Sydney. The venture between Morrison’s Gurin Energy Pte Ltd and a unit of Malaysia’s Petroliam Nasional Bhd (Petronas) is one of five developments that last month won approval to supply Singapore with two gigawatts of renewable energy from Indonesia. The city-state is seeking to import four gigawatts of renewables by 2035 — or about a third of its current, mainly gas-fired capacity — as part of its emissions-reduction plans. Vanda RE is still finalising the exact technologies it will use, but requires at least a two-gigawatt solar plant and a Singapore’s renewable developer seeks partners for massive battery project BY HARRY BRUMPTON Bloomberg BY BAIJU KALESH & PR SANJAI Bloomberg BY PHUONG NGUYEN & CHAVI MEHTA Reuters MUMBAI (Oct 5): Tata Group is in advanced talks with Temasek Holdings Pte to buy back a stake in its entertainment content distribution platform at a valuation of more than US$1 billion (RM4.7 billion), according to people familiar with the matter. The Indian conglomerate and the Singaporean state investor are in the final stages of discussions around the interest of about 20% in Tata Play Ltd, the people said, asking not to be identified as the information isn’t public. Tata Group could potentially cement its grip on the platform, formerly known as Tata Sky, as it’s considering buying a stake held by its flagship private equity fund Tata Opportunities Fund, the people said. Discussions are ongoing and there’s no certainty that Temasek and Tata Play will proceed with a deal, the people said. A Tata Group representative didn’t offer any immediate comment, while a Temasek spokesperson declined to comment. Tata Group was considering making an offer to buy back Temasek’s stake of about 20% of the content distribution platform, Bloomberg News reported in July. The conglomerate was weighing delaying a potential initial public offering for Tata Play, despite receiving the green light from regulators to proceed, people familiar with the matter said at the time. A joint venture between Tata Group and Walt Disney Co’s Twenty-First Century Fox Inc, Tata Play provides pay television via set-top boxes and over-the-top video streaming through its app, according to the conglomerate’s website. It has a pan-India footprint of 23 million connections. 4.5 gigawatt-hour battery, said Vallabh, who is also chairman of Gurin. Gurin is only offering part of its own 75% stake in the venture, he said. That capacity would make the battery larger than any currently operating, although smaller than others at more advanced stages of development, BloombergNEF data show. “People talk about it being fanciful just because of the size of the project, but my first wind farm project was 30 megawatts in 2003, and that was big,” Vallabh said. “Today, we’re doing 500 megawatts or gigawatts — it’s just evolution.” Singapore is aiming to decarbonise its power mix but faces limits on building solar and wind farms because of its lack of available space. Authorities aim instead to import about 30% of electricity by 2035, and in March, also gave conditional approval to get one gigawatt of renewable capacity from Cambodia. Infratil, the Morrison-backed company behind Gurin, said in September that Vanda would not require any specific financial commitment from Infratil. (Oct 5): Vietnamese electric-vehicle (EV) maker VinFast on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the US. In the filing, VinFast also said it would launch an assembly facility in India, the world’s third biggest car producing nation, to take advantage of the South Asian government’s incentives for EVs. VinFast, which is backed by Vietnam’s largest conglomerate Vingroup, is gearing up to strengthen its foothold overseas. However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the US. The company delivered 10,027 EVs in the third quarter ended Sept 30. Revenue was 8.25 trillion Vietnamese dong (RM1.5 billion), while net loss widened to 15 trillion Vietnamese dong. REUTERS BLOOMBERG
FRIDAY OCTOBER 6, 2023 23 THEEDGE CEO MORNING BRIEF WORLD (Oct 5): Billionaire entrepreneur Bill Gates declared in March that “the Age of AI has begun.” At least one of his investments is betting on the ways AI will help people choose their entertainment. Likewise, an early-stage startup backed by Gates’s private office, is launching a chatbot Thursday that offers users personalized recommendations for books, movies, TV shows and podcasts. The chatbot, called Pix, runs on OpenAI’s natural-language processing technology and will learn users’ preferences over time. It will be free to users. The Gates-backed startup plans to use its 600 million consumer data points to distinguish its media-recommendation platform from the one-size-fits-all chatbots that are already available. Unlike the recommendation software available within streaming services, Pix will suggest content across platforms to users who text, email or ask it questions via its app. “That personal agent aspect is going to be a big part of what we see people doing in the next couple years,” said Ian Morris, chief executive of Likewise. “That’s something we’re looking to really define.” Since OpenAI’s launch of ChatGPT almost a year ago, some of the biggest names in tech have joined the race to develop the technology. Microsoft invested billions in OpenAI to get early access to the startup’s generative artificial-intelligence technology, which can create text and images in response to prompts. Likewise faces the tough task of gaining traction with consumers who have been inundated this year with talk of new AI tools. And it will have to show that its technology works. Some chatbots have been known to make up answers or share facts that aren’t real, something that is called hallucinating. Morris said Pix will be subject to the same problems. Bill Gates-backed startup launches AI chatbot for personalized movie, book picks — WSJ NEW YORK (Oct 4): Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganisation in decades, according to a global memo to staff on Wednesday seen by Reuters. “Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated,” Sara Wechter, the bank’s chief human resources officer, wrote in the memo. “This next layer of change is scheduled to be announced in November.” Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. The contents of the memo have not previously been reported. Citi declined to comment on the global memo. Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Executives addressed the measures outlined in Wechter’s memo, one of people said. Bankers had 15 minutes advance notice about the meeting, which lasted only 30 minutes, the source said. Citigroup also declined to comment on the managing directors’ meeting. Last month, Citi chief executive officer Jane Fraser announced a sweeping reorganisation to simplify the bank’s structure after divesting from non-core markets and focusing on profitable areas. Fraser’s memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. “We’ll be saying goodbye to some very talented and hard-working colleagues,” Fraser wrote at the time. Citi had 240,000 employees at the end of the second quarter. That compares with headcounts of about 216,000 at Bank of America and 234,000 at Wells Fargo, the second and fourth-largest US lenders respectively. Fraser has increasingly toughened the message to staff. “We don’t have room for Citigroup outlines layoff process, reassignments in overhaul — memo BY LANANH NGUYEN, TATIANA BAUTZER & SAEED AZHAR Reuters BY MEGHAN BOBROWSKY Bloomberg bystanders, we don’t have room for people who want to stand on the sidelines,” she said in a TV interview last week. Consultations in the UK The bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. “We are updating colleagues on our next steps to align our structure with our strategy, and consulting with the London Consultation Forum about roles currently under review, some of these roles may change, while others will remain largely the same,” the bank said in a statement Wednesday. Citi hopes the overhaul will revive its share price, which has lagged peers, and will give the CEO more direct control over its businesses. Reuters has reported that cuts will focus on support areas with overlapping teams such as compliance and risk management, and spare profit-making units. Citigroup will report third quarter earnings on Oct 13. In the second quarter, net income tumbled 36% to US$2.92 billion (RM13.79 billion), beating analyst expectations. Read also: Ex-Citi banker sues firm for firing during ‘dishonest’ decade Read also: Meta expands generative AI tools to boost effectiveness of ads “We’re going to have those same challenges and I think that’s something that is going to be part of any of these AI services for a while,” Morris said. Gates, who co-founded Microsoft in 1975 and left the board in 2020, has been a proponent of developing AI and has met with OpenAI since 2016. After watching ChatGPT ace a college-level biology exam last fall ahead of its launch, he said his interest skyrocketed. “I knew I had just seen the most important advance in technology since the graphical user interface,” he wrote in the blog post in March. In addition to efforts from Microsoft, Google and Meta to incorporate the technology into their product offerings, Elon Musk, an early investor in OpenAI, created a new startup called xAI. Bret Taylor, a former chairman at Twitter, announced earlier this year that he was working on an AI-related startup without sharing details. And big-time Silicon Valley investor Reid Hoffman recently scaled back his role at venture-capital firm Greylock to pursue AI efforts.
FRIDAY OCTOBER 6, 2023 24 THEEDGE CEO MORNING BRIEF WORLD (Oct 5): Oyo Hotels is in talks with Apollo Global Management Inc to refinance a US$660 million loan as the once-high-flying startup seeks more time to cut debt following a delay in its initial public offering, according to people with knowledge of the matter. Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said, asking not to be named as the negotiations are private. A decision could be reached as early as next month, another person said. The discussions with Apollo come after the Softbank Group Corp-backed firm reported its first ever annual profit, and Fitch Ratings sees earnings improving as travel recovers. Oyo was the first Indian unicorn to raise debt from foreign institutions and, at the time, it had offered generous terms and maintenance covenants — a usual practice by firms deemed risky by investors. Due to an “increase in profits, we regularly get approached for cheaper financing options, but the company’s board hasn’t approved anything, including prepaying some portion,” a spokesperson for Oyo said in an email. A representative for Apollo declined to comment. There is no final decision on the refinancing terms, the people said. Oyo’s loan traded at 101.50 cents on the dollar Thursday, according to data compiled by Bloomberg. Oyo’s wait for the IPO has proved to be longer than expected. Proceeds could have helped the lodging-booking company pare its debt instead of seeking refinancing, the people said. The firm’s founder Ritesh Agarwal has been trying for years to push through an IPO for the startup, which is 47% owned by Softbank. Airbnb Inc is also one of its backers. The startup had announced filing of fresh documents for the IPO on April 1, without disclosing the amount it was seeking, the name of advisers or other financial details. Oyo — once valued around US$10 billion and seen as India’s Airbnb-equivalent — had filed to raise 84.3 billion rupees (US$1 billion) in its original effort to go public in 2021 before technology valuations plunged and gutted startups worldwide. Oyo talking to Apollo for US$660 mil refinance as IPO delayed HONG KONG/SEOUL/SINGAPORE (Oct 5): Doosan Robotics Inc nearly doubled in its trading debut in Seoul after raising 421 billion won (US$312 million) in South Korea’s largest initial public offering this year. Shares of the robot maker closed their first day 98% higher at 51,400 won, after surging as much as 160% intraday. The company, with Seoul-listed Doosan Co. as its biggest shareholder, last month sold 16.2 million shares at 26,000 won each, the top of a marketed price range. The debut signals strong investor appetite for the sector in tech-savvy South Korea, which is the world’s top robot adopter, employing 10 manufacturing workers for every industrial robot. Shares in robotics makers were among the country’s most sought after this year as the government and local companies, including Samsung Electronics Co., stepped up investments. These beer-serving robots are driving South Korea’s biggest IPO this year — $312 million to be exact. Doosan Robotics’ shares surged as much as 160% in Seoul after its trading debut. @yoolimleenews has the latest pic.twitter.com/5MUfgreKe8 — Bloomberg (@business) October 5, 2023 Shares in parent Doosan Co, which had jumped in the run up to the unit’s much-awaited listing, plunged 19% on Robot maker doubles in debut after biggest 2023 South Korea IPO Thursday, the most since March 2020. Its stake in Doosan Robotics fell to 68.2%, from 90.9% before the IPO. Kosdaq-listed startup Rainbow Robotics and stocks of other robotics companies that had surged recently on domestic demand, also dropped Thursday. Companies that raised at least US$100 million in new share sales in South Korea over the past five years jumped by an average 57% in their first day of trade, data compiled by Bloomberg show. Apart from Doosan Robotics, Fadu Inc is the only other company to have raised more than that amount this year through an initial public offering in Seoul. “The local IPO market is definitely seeing a recovery,” said An Hyungjin, a fund manager at Billionfold Asset Management. “There were expectations that the stock would at least double as the robotics theme was getting a huge attention.” Founded in 2015, Doosan Robotics specialises in making robotic arms that work alongside humans on tasks beyond factory floors. The machines have been deployed in a wide range of services from making coffee and deep-fried chicken, to serving beer and handling luggage at an airport. Doosan Robotics plans to use the IPO proceeds for strategic acquisitions and overseas expansion, chief executive officer Ryu Junghoon said in an interview. It’s considering buying a firm with technology that could give robots mobility, he added. The company garnered sales of 45 billion won in 2022 from customers including Hyundai Motor Co and LG Electronics Inc. Mirae Asset Securities Co Ltd and Korea Investment & Securities Co Ltd are lead-managers of the IPO. BY FILIPE PACHECO, YOUKYUNG LEE & YOOLIM LEE Bloomberg BY ANTO ANTONY Bloomberg BLOOMBERG
FRIDAY OCTOBER 6, 2023 25 THEEDGE CEO MORNING BRIEF WORLD (Oct 5): In July this year, Nuremberg’s mayor celebrated the final beam being placed atop the redeveloped Quelle building, a monumental 1950s symbol of postwar Germany’s economic revival. Revamped with offices, shops and homes, a big part of the giant complex was slated to open in 2024. In recent weeks, however, the site’s developer Gerch Group, which has €4 billion (US$4.2 billion) of projects under construction, has filed for insolvency proceedings, along with one of its project companies linked to the development. The opening date’s now in doubt. It’s yet another blow to a property market that’s reeling from the end of the cheap-money era, but it also shows who’s most vulnerable to the shakeout. While investor fears during the current real estate crisis have centered on landlords, the travails of Gerch and its ilk show that developers — the firms that own the building projects — are the ones in imminent danger. “Project developers are struggling with the increased construction costs, increased interest rates and the drop in prices,” says Marlies Raschke, cohead of restructuring and insolvency at law firm Noerr. “We’ve seen several of them filing for insolvency in the last weeks and we expect more.” Alongside Gerch, Munich’s Euroboden, which touts star architects such as David Chipperfield among its collaborators, is in preliminary insolvency proceedings. Project Immobilien Group also filed for insolvency in August along with many of its project companies, with some of the work being tendered for new contractors, according to a spokesperson for the preliminary administrator. The three firms didn’t respond to requests for comment. Developers around the world face similar woes. In Australia, Porter Davis is among homebuilders that have gone into liquidation this year after surging costs and falling demand. In Sweden, a rise in bankruptcies has been driven by a construction slump, while in Finland housing starts could plunge to levels not seen since the 1940s, according to the country’s construction lobby. It’s a rapid change in fortunes after the years of rock-bottom interest rates, when money poured into property as investors hunted for yield. Developers like Gerch could comfortably load up projects with cheap debt and sell into a market where prices just kept rising. The mood’s very different now. German real estate transactions for offices are at their lowest point on a 12-month rolling basis since at least 2014, according to property firm Savills. Vonovia SE, a big landlord, warned in its financial results that new construction developments are “barely viable.” “The speed of correction is significant,” says Henning Koch, boss of Commerz Real, one of Germany’s biggest property investors. “The recession in the German real estate market started one and a half years ago and now in the last 2-3 months we’ve seen more and more developers go bust.” Developers are particularly vulnerable because of a collapse in land values, which makes projects riskier. As interest rates have soared, investors have demanded higher rental yields to compensate, which in turn pushes down the price they’ll pay for a finished site. Construction costs are also spiraling and developers are having to put more money aside for unexpected expenses. Taken together, all these factors depress the underlying value of developer land. It upends the economics of property development, too, with the price drop meaning some companies may lose money just by finishing a building. In one example Aggregate Holdings SA, the diminished real estate empire run by Cevdet Caner, had to hand over the keys of Berlin’s QH Track project to creditor Oaktree Capital Management. Hit by cost BY LIBBY CHERRY & JACK SIDDERS Bloomberg Germany’s property meltdown claims its first big victims overruns, it tried to negotiate with lenders to fund the project through to completion but the talks failed. Unfinished state Germany’s development boom was fueled in part by mezzanine lenders including Corestate Capital who were willing to make chunky loans to developers with little equity. That worked when part-built or yet-to-start projects could be forward sold to pension funds happy to pay ahead for a completed site. The market correction has left developers without agreed forward sales in limbo, saddled with pricey debt and runaway costs. “Normally we’re looking for fresh money from the existing financing parties — from shareholders, investors — to try to complete the project,” says Christoph Morgen at Brinkmann & Partner, who’s acted as an insolvency administrator for some smaller developers. “It usually causes a loss of time, it interrupts the building process. And all the time, it’s getting more expensive.” Creditors are taking note. One senior German banker says their bank is trying to establish ties to some of the country’s stronger developers, so it can tap them to take over if a building runs into trouble. Grandiose developments in an unfinished state can also become civic eyesores, and a political problem if left dormant too long. In Nuremburg the mayor’s office says it’s “confident” the Q project will continue, after receiving positive noises from the various owners of the different parts of the vast complex. “The owners want to realize their projects without consideration of Gerch Group’s insolvency,” the mayor’s office says in a statement. “On the city’s side, we support by continuing all planning and administrative processes.” Pensioner pain The exposure of retail investors and smaller pension funds, who piled into real estate during the boom times, adds another awkward political dimension. Their involvement can make negotiations complicated, especially if new money’s needed. Noerr’s Raschke says German pension funds — such as those for doctors, lawyers or dentists — may be limited in providing more liquidity for regulatory reasons. Read the full story The recession in the German real estate market started one and a half years ago and now in the last 2-3 months we’ve seen more and more developers go bust.” — Henning Koch, boss of Commerz Real, one of Germay’s biggest property investors.
FRIDAY OCTOBER 6, 2023 26 THEEDGE CEO MORNING BRIEF WORLD Hong Kong to pause selling commercial land as market falters (Oct 5): Hong Kong’s government will refrain from selling commercial sites in land tenders this quarter as the office market continues to suffer from high vacancy rates. “It’s reasonable for us to pause” on the sale of commercial plots in the fiscal third quarter ending Dec 31, Secretary for Development Bernadette Linn told reporters on Wednesday. “We see that the vacancy for commercial space is on average at 10% or more.” The office market downturn has left Hong Kong’s government in a dilemma. On the one hand, selling land now will only fetch a low price given developers’ pessimism. But holding onto the sites until the market recovers will deprive the city of revenue from land sales as it tries to repair finances that remain strained due to a weak economy. Even though leasing demand slightly improved in the three months to September, the vacancy rate citywide remains close to a historical high at 15.8%, according to CBRE Group Inc. That’s put pressure on Grade A office rents, which have slipped 3.6% since the beginning of the year. The government last auctioned commercial land in March, when Sun Hung Kai Properties Ltd won a site in Mong Kok for HK$4.7 billion (RM2.8 billion), much lower than its previous valuation of more than HK$20 billion in the previous year. — Bloomberg India wants Canada to cut number of diplomats as tensions simmer (Oct 5): India said Thursday it wants parity with Canada on diplomatic presence, indicating that Ottawa should reduce the number of its officials in the country amid tensions over the killing of a Sikh separatist leader. Both countries are still in discussions “on the modalities of achieving this,” Arindam Bagchi, a spokesperson for India’s Ministry of External Affairs, told reporters in New Delhi. “We have sought parity in diplomatic presence,” he said. “Canadian diplomatic presence is very much higher. We would assume that there would be a reduction.” The development follows comments on Tuesday from Canadian Foreign Minister Melanie Joy, who underlined the need for a strong diplomatic footprint in India during times of conflict. Joy said Canada is in “constant cooperation and dialogue with India” to address the issue. The Financial Times reported earlier this week that Prime Minister Narendra Modi’s government told Canada it must repatriate 41 diplomats — out of 62 currently in India — by Oct 10. The Canadian government has an embassy in New Delhi and consulates in Bengaluru, Chandigarh and Mumbai. — Bloomberg Read the full story Philippines inflation rate quickens for second month on rice gains MANILA (Oct 5): Consumer prices in the Philippines rose for a second month in September, increasing the pressure on the central bank to resume raising interest rates. A double-digit gain in the price of rice drove annual inflation to accelerate by 6.1% last month, its fastest pace in four months, according to data from the Philippine Statistics Authority released on Thursday. That was higher than August’s 5.3% rate and above the 5.3% forecast in a Reuters poll. The increase will make the central bank’s 2%-4% target for the year harder to reach. The country’s economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted the cap on rice prices. With the supply of rice adequate, Marcos has pinned the blame on the increase in the cost of the national staple on hoarders, smugglers and price manipulators. Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10.0% food inflation rate for the month. — Reuters Read the full story NEWS IN BRIEF Hong Kong tightens scrutiny of crypto exchanges after JPEX blowup (Oct 5): Hong Kong’s securities regulator and police force set up a task force to assist with the detection of suspicious activity at crypto exchanges, intensifying oversight of the industry after the blowup at the JPEX platform. The working group comprised of the city’s Securities and Futures Commission and law enforcement officials will “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,” the financial watchdog said in a statement late Wednesday. The tie-up comes as Hong Kong grapples with the fallout from JPEX. Authorities allege the unlicensed crypto platform defrauded investors of HK$1.6 billion (US$204 million) and have arrested at least 20 people as part of a probe. The saga threatens to complicate Hong Kong’s push to develop a global home for the digital-asset industry in a bid to restore its image as a cutting-edge financial center. The city’s reputation has been hurt by claims of decreased autonomy from China as well as memories of prolonged Covid-related curbs. — Bloomberg Read the full story Musk strips headlines out of news organisations’ posts on X (Oct 5): Elon Musk has made good on a promise to strip out headlines from news organisations’ posts on the X Corp platform, formerly known as Twitter. The change, which began rolling out on Wednesday, means some users will now only see the post and lead image associated with the story it links to. To access the story itself, users have to click on the image shown. Musk said in August the move would “greatly improve esthetics”. The change is the latest in a long line for the platform Musk took over in 2022. Two weeks ago, he floated making all users pay a monthly subscription fee in a bid to thwart bot operations. — Bloomberg BLOOMBERG REUTERS
FRIDAY OCTOBER 6, 2023 27 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) KNM GROUP BHD 277.00 0.010 0.175 250.00 707.7 SARAWAK CONSOLIDATED 87.80 0.020 0.495 241.38 316.9 EKOVEST BHD 81.20 0.005 0.540 58.82 1601.3 BOUSTEAD PLANTATIONS BHD 79.30 0.130 1.400 117.05 3136.0 UEM SUNRISE BHD 61.20 -0.035 0.785 207.84 3970.9 WIDAD GROUP BHD 48.30 0.005 0.525 22.09 1625.6 EVERGREEN MAX CASH CAPITAL 46.52 -0.010 0.450 40.63 501.7 MY EG SERVICES BHD 40.80 -0.010 0.785 -8.76 5858.9 MQ TECHNOLOGY BHD 39.50 0.000 0.030 -40.00 41.4 SEALINK INTERNATIONAL BHD 38.50 0.005 0.230 130.00 115.0 KGW GROUP BHD 37.30 -0.010 0.210 0.00 101.4 MLABS SYSTEMS BHD 34.90 0.000 0.015 -25.00 21.7 PERDANA PETROLEUM BHD 32.30 -0.010 0.230 84.00 510.6 UCREST BHD 32.00 0.005 0.175 40.00 129.8 REVENUE GROUP BHD 31.60 0.005 0.220 -67.41 121.6 YTL CORP BHD 31.30 -0.030 1.400 141.38 15349.7 CLASSITA HOLDINGS BHD 29.20 0.000 0.065 -82.19 80.1 BUMI ARMADA BHD 28.50 -0.010 0.530 10.42 3139.0 TA WIN HOLDINGS BHD 27.00 0.005 0.045 -18.18 154.6 CIMB GROUP HOLDINGS BHD 24.90 0.010 5.410 -6.72 57698.2 Data as compiled on Oct 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) COMPUGATES HOLDINGS BHD 0.015 50.00 810.0 50.00 82.5 MMAG HOLDINGS BHD 0.015 50.00 3,153.9 -40.00 36.3 TIMBERWELL BHD 0.630 44.83 33.6 21.15 56.1 BCM ALLIANCE BHD 0.020 33.33 11.2 -20.00 40.7 SANICHI TECHNOLOGY BHD 0.020 33.33 5,354.7 -20.00 28.1 ZELAN BHD 0.040 33.33 361.9 -42.86 33.8 SMTRACK BHD 0.030 20.00 9840.0 -40.00 36.4 LANDMARKS BHD 0.180 20.00 1,346.6 -7.69 120.9 ALDRICH RESOURCES BHD 0.035 16.67 202.5 16.67 39.0 KOMARKCORP BHD 0.040 14.29 171.1 -27.27 46.2 ECONPILE HOLDINGS BHD 0.315 12.50 24,375.1 85.29 446.5 GREEN PACKET BHD 0.045 12.50 6,698.7 -18.18 89.8 TA WIN HOLDINGS BHD 0.045 12.50 26,957 -18.18 154.6 CITRA NUSA HOLDINGS BHD 0.050 11.11 182.0 -23.08 36.0 BOUSTEAD PLANTATIONS BHD 1.400 10.24 79,333.1 117.05 3136.0 BARAKAH OFFSHORE PETROLEUM 0.055 10.00 627.1 120.00 55.2 SARAWAK CABLE BHD 0.055 10.00 759.0 -15.38 21.9 FLEXIDYNAMIC HOLDINGS BHD 0.165 10.00 51.5 -26.67 47.0 IBRACO BHD 0.610 9.91 0.1 2.52 333.1 STELLA HOLDINGS BHD 1.010 9.19 432.1 1.51 67.7 Data as compiled on Oct 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) FINTEC GLOBAL BHD 0.005 -50.00 1,616.0 -50.00 29.6 FOCUS DYNAMICS GROUP BHD 0.010 -33.33 262 -50.00 63.7 GREEN OCEAN CORP BHD 0.010 -33.33 160 -50.00 21.1 TECHNA-X BHD 0.015 -25.00 3907.9 -40.00 33.2 CME GROUP BHD 0.030 -14.29 93.5 0.00 31 PUC BHD 0.035 -12.50 12727.7 0.00 63.7 SC ESTATE BUILDER BHD 0.035 -12.50 45.0 -22.22 37.6 PINEHILL PACIFIC BHD 0.395 -12.22 486.7 1.28 59.2 HARVEST MIRACLE CAPITAL BHD 0.125 -10.71 16,809.2 4.17 153.1 MTOUCHE TECHNOLOGY BHD 0.045 -10.00 355.7 -10.00 41.7 PERMAJU INDUSTRIES BHD 0.045 -10.00 175.3 0.00 87.5 TFP SOLUTIONS BHD 0.045 -10.00 71.8 -30.77 26.3 PAN MALAYSIA HOLDINGS BHD 0.050 -9.09 124.9 -28.57 46.4 ABLEGROUP BHD 0.105 -8.70 65.0 -22.22 27.7 EDUSPEC HOLDINGS BHD 0.065 -7.14 17,308.4 -35.00 69.3 SOUTHERN STEEL BHD 0.535 -6.96 47.0 -8.55 319.0 SENTORIA GROUP BHD 0.070 -6.67 2,646.8 -22.22 42.9 ENRA GROUP BHD 0.575 -5.74 112.6 -7.26 77.6 WMG HOLDINGS BHD 0.090 -5.26 21.3 -5.26 40.0 HANDAL ENERGY BHD 0.090 -5.26 906.3 -41.94 24 Data as compiled on Oct 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HEXTARTECHNOLOGIES SOLUTIONS 24.800 -0.640 0.7 45.37 3,190.5 NESTLE MALAYSIA BHD 127.000 -0.500 110.3 -9.29 29,781.5 PANASONIC MANUFACTURING 18.040 -0.460 92.0 -21.22 1,095.9 FRASER & NEAVE HOLDINGS BHD 25.180 -0.400 58.6 16.68 9,235.5 RAPID SYNERGY BHD 25.280 -0.100 206.2 58.40 2,702.3 MASTER-PACK GROUP BHD 2.740 -0.090 431.4 16.60 149.7 CHIN HIN GROUP BHD 3.900 -0.080 1,783.8 20.74 6,900.7 PRESS METAL ALUMINIUM 4.660 -0.080 5,664.6 -4.51 38,396.6 VITROX CORP BHD 7.170 -0.080 261.7 -6.27 6,777.9 TONG HERR RESOURCES BHD 2.450 -0.070 8.8 -20.45 376.1 CELCOMDIGI BHD 4.230 -0.060 2,398.1 5.75 49,624.3 COMINTEL CORP BHD 1.330 -0.060 292.3 64.20 508.7 GENETEC TECHNOLOGY BHD 2.440 -0.060 1,950.0 2.09 1,846.3 HEINEKEN MALAYSIA BHD 24.120 -0.060 30.4 -4.29 7,286.6 KUALA LUMPUR KEPONG BHD 21.420 -0.060 930.3 -4.2 23100.1 PINEHILL PACIFIC BHD 0.395 -0.055 486.7 1.28 59.2 EWEIN BHD 1.220 -0.050 1,634.4 253.62 367.9 UCHI TECHNOLOGIES BHD 3.400 -0.050 251.9 5.57 1,552.4 ICAPITAL.BIZ BHD 2.590 -0.050 50.0 32.82 363.0 BRITISH AMERICAN TOBACCO 9.260 -0.040 107.3 -17.47 2644 Data as compiled on Oct 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) KESM INDUSTRIES BHD 7.570 0.220 0.9 7.83 325.6 AJINOMOTO MALAYSIA BHD 15.300 0.200 10.3 16.97 930.2 TIMBERWELL BHD 0.630 0.195 33.600 21.2 56.1 BOUSTEAD PLANTATIONS BHD 1.400 0.130 79333.1 117.05 3136.0 PPB GROUP BHD 15.400 0.100 583.1 -11.70 21908.0 QUALITY CONCRETE HOLDINGS 1.290 0.090 24.4 -2.27 74.8 STELLA HOLDINGS BHD 1.010 0.085 432.1 1.51 67.7 CARLSBERG BREWERY MALAYSIA 19.700 0.080 28.6 -13.90 6023.2 CITAGLOBAL BHD 1.500 0.080 1941.4 3.45 626.4 HONG LEONG BANK BHD 19.420 0.080 2,966 -5.54 42097.1 GAMUDA BHD 4.470 0.070 3918.6 19.2 12054.8 GREATECH TECHNOLOGY BHD 4.260 0.070 184.8 -11.98 5340.2 HAP SENG CONSOLIDATED BHD 4.800 0.070 2,770.6 -25.00 11950.4 HARRISONS HOLDINGS MALAYSIA 8.500 0.070 3.6 28.21 582.0 SUNWAY CONSTRUCTION GROUP 1.910 0.070 373.9 22.44 2462.7 APB RESOURCES BHD 2.200 0.060 110.8 46.67 243.9 UEM EDGENTA BHD 1.060 0.060 1282.4 -7.02 881.5 KERJAYA PROSPEK GROUP BHD 1.370 0.060 2572.8 17.09 1727.6 RIVERVIEW RUBBER ESTATES BHD 3.260 0.060 0.2 -5.39 211.4 TEO GUAN LEE CORP BHD 1.210 0.060 7.2 10 101.0 Data as compiled on Oct 5, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,129.55 127.17 0.39 S&P 500 * 4,263.75 34.30 0.81 NASDAQ 100 * 14,776.25 210.63 1.45 FTSE 100 * 7,412.45 42.02 0.57 AUSTRALIA 6,925.49 35.24 0.51 CHINA 3,110.48 3.16 0.10 HONG KONG 17,213.87 18.03 0.10 INDIA 65,631.57 405.53 0.62 INDONESIA 6,874.83 -11.75 -0.17 JAPAN 31,075.36 548.48 1.80 KOREA 2,403.60 -2.09 -0.09 PHILIPPINES 6,178.60 -119.60 -1.90 SINGAPORE 3,155.10 7.71 0.24 TAIWAN 16,453.52 180.14 1.11 THAILAND 1,452.55 1.30 0.09 VIETNAM 1,113.89 -14.78 -1.31 Data as compiled on Oct 5, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,607.00-108.00 OIL US$ 85.67-0.14 RM/USD 4.7277 RM/SGD 3.4460 RM/AUD 2.9950 RM/GBP 5.7317 RM/EUR 4.9680
PETALING JAYA: The next time you scan a quick response (QR) code when paying for food or other items, beware that it could have been pasted over the original by a scammer. An e-security report by CyberSecurity Malaysia, the national cyber security specialist agency under the Communications and Digital Ministry, said last year that 648 malicious codes were reported in the country between January and November 2021. “This was an increase of 9.3% from 593 cases reported in 2020,” said its spokesman. Internet security company Kaspersky Southeast Asia general manager Yeo Siang Tiong said overall from June to August this year, his company detected 8,878 phishing emails containing fake QR codes. “Such activities peaked in June with 5,063 emails. Some cyber criminals send emails allegedly from delivery companies and ask victims to pay Customs duties by scanning a QR code, purportedly to allow delivery of the items. “Many of them were scam messages in the likeness of emails sent from genuine delivery companies. However, the QR code redirected victims to a fake bank card data entry page.” He said aside from the financial losses suffered by the victims, cyber criminals also focus on identity theft as well as spread malware to the devices of the victims and their contacts. He said this could lead to valuable information, such as bank and credit card details, being stolen and misused. “Cyber criminals bait unsuspecting people to scan QR codes by making them believe they have received an email from the authorities about payments, summonses or compounds.” Yeo said small businesses are more vulnerable to phishing and fake QR code scams due to their lack of financial resources and manpower to prevent cyber threats. “Generally, consumers are the target of QR code scams, but employees can also be tricked oCases of fraudsters placing malware embedded bogus code images online and in public places on the rise: Experts █ BYLEE KIAN SENG [email protected] QR scan scam INSIDE TELLING IT AS IT IS ON FRIDAY OCTOBER 6, 2023 No. 8366 PP 2644/12/2012 (031195) www.thesundaily.my A customer scanning a QR code to make payment at an eatery in Kuala Lumpur. – SYED AZAHAR SYED OSMAN/THESUN so that cyber criminals can break into the network of an enterprise.” To ensure the QR codes presented are not malicious, Yeo and his experts at Kaspersky suggest people install a QR scanner code app that will display the destination of the code. The company also advised the public not to scan QR codes from obviously suspicious sources, be wary of shortened links of websites and conduct quick physical checks to ensure the original QR code has not been pasted over. However, Yeo said advancements such as embedding a unique watermark into the QR code have been made to thwart cyber criminals. “The government is also actively addressing fake QR codes and other scam-related incidents through the National Scam Response Centre (NSRC), a factchecking website called sebenarnya.my and Semak Mule under the police Commercial Crime Investigation Department.” KUALA LUMPUR: The enforcement of the Insolvency (Amendment) Act 2023 (A1695) will take effect from today, said Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She said the enforcement of Act A1695 demonstrates the government’s seriousness to give bankrupt individuals a second chance to live a better life and contribute to the country’s economic development. “The enforcement of Act A1695 reflects the government’s commitment to ensure that no one is left out in national development,” she said in a statement yesterday. On March 10, the Cabinet agreed with the proposed amendment to the Insolvency Act 1967 (Act 360) following discussions with stakeholders, including the Attorney-General’s Chambers, Office of the Chief Registrar of Federal Court, Finance Ministry, Bank Negara Malaysia, Inland Revenue Board, Employees Provident Fund, Credit Counselling and Debt Management Agency and the Association of Banks in Malaysia. The key amendment involved in Section 33C of the law is aimed at assisting bankrupt individuals to be discharged automatically between three to five years from the date on which the debtors submit the declaration of assets, Bernama reported. Azalina said in line with the objectives of the second chance policy, the amendments to section 33C and subsection 33B (2A) of Act 360 are enforced retrospectively to bankruptcy cases administered before the enactment of Act A1695. “The second chance policy aims to discharge up to 130,000 bankrupt individuals within a year after Act A1695 comes into effect. The number represents half of the cases being administered by the Insolvency Department,” she said. Turn to — page 2 Turn to — page 3 Spaying to reduce stray 5 population page ‘Increase use of technologies to 4 curb disasters’ page Insolvency (Amendment) Act 2023 comes into force today
2 theSUN ON FRIDAY | OCTOBER 6, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON TWITTER SCAN ME Yeo said as more businesses are focusing on digital payments, public awareness and education about cyber threats and the risks associated with them are crucial to prevent the proliferation of such scams. A waiter at a cafe here, who asked to be known as Jacob, said his employer often came across fake QR codes being pasted over the cafe’s original ones. “We put QR codes on the tables for customers to scan and place orders. Lately, we have been getting complaints that our QR codes are taking customers to websites that are not even closely related to our webpage. “When we checked the QR codes on our tables, we noticed that fake ones were pasted over our originals.” Jacob said the issue has been cropping up at the cafe almost every week since July when it implemented the QR code for placing orders. “It does not help that we don’t know who is placing these fake QR codes at our cafe since it could be our customers doing so during peak hours when we are busy. “We filed a complaint through the NSRC and it said it will look into the matter. However, as of now, there has not been any feedback, so it is up to us to be very careful.” ‘Fake codes pasted over originals’ Two Parliamentary Acts to be adopted soon KUALA LUMPUR: Senate president Tan Sri Dr Wan Junaidi Tuanku Jaafar said the government will reintroduce the Parliamentary Service Act and the Houses of Parliament (Privileges and Powers) Act soon. In his paper, “20 Years of the Latimer House Principles on the Separation of Powers: Is it Working?”, presented at the 66th Commonwealth Parliamentary Conference in Ghana on Wednesday, he said the two Acts would be introduced at the parliamentary meeting this month, according to a statement issued by the Office of the Senate President. “These Acts will equip Parliament, as the legislature branch, with the legal, procedural and administrative infrastructure to fully realise its functions and duties as one of these branches of separated powers in the enactment of the Federal Constitution. “Whilst the Federal Constitution was drafted by members of the Reid Commission who were foreigners, their impartiality, legal training and experience in Commonwealth Parliamentary traditions and oLaws will equip Parliament with legal, procedural, administrative infrastructure to realise its functions fully, says Senate president Preserve arts and crafts legacy: Queen KUALA LUMPUR: The Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah yesterday expressed hope that the legacy of Malaysian arts and crafts would continue. She said if society does not take any action to preserve national arts and crafts, they would likely become extinct over time. “We should be proud of what we have. We have, from Peninsular Malaysia to Sabah and Sarawak, so many different kinds of arts and crafts (from a variety of cultures),” she said at the launch ceremony of CIMB Artober. Tunku Azizah thanked the government, especially the Malaysian Handicraft Development Corporation. “Without the support of the corporation, we will not be where we are today. “The corporation is (like) teachers for every different type of craft in the country, helping to preserve what we Tunku Azizah watching how songket is woven at the event in Kuala Lumpur yesterday. – BERNAMAPIC have in Malaysia.” – Bernama constitutions had provided the best draft for execution,” said the statement. It said Wan Junaidi had explained that the Chapters and Articles of the Federal Constitution are arranged in a unique and systematic manner to cater to the diverse needs of the nation itself as well as a clear separation of powers for the three branches of the government which are intertwined and connected with one another. “As much as the concept of separation of powers is demonstrated in the different sections of the articles, Wan Junaidi pointed out that the machinery is still not being put in place and fully activated and the novelty concept of Latimer Principles in Malaysia’s Federal Constitution needs more education and awareness,” the statement said. The conference this year, themed “The Commonwealth Charter 10 Years On: Values and Principles for Parliaments to Uphold”, marks the 10th anniversary of the Commonwealth Charter, which outlines the principles and values of the Commonwealth. Hosted by the Parliament of Ghana and the Commonwealth Parliamentary Association Ghana Branch in Accra, the conference, which started on Sept 30, ends today. Meanwhile, in a separate statement, the office said the Senate president also held a bilateral meeting with Australian Senate President Senator Sue Lines on Wednesday. The meeting was also attended by National Unity Minister Datuk Aaron Ago Dagang, Senator Datuk Dr Mohd Hatta Md Ramli, Senator Isaiah D Jacob and Parit Sulong MP Datuk Seri Dr Noraini Ahmad, Bernama reported. “Wan Junaidi informed the meeting of the upcoming study tour in the third week of October by Senate deputy president Datuk Nur Jazlan Mohamed to the Australian Parliament. “He gave a comprehensive briefing on the purpose of the trip, which is to learn about the Australian Committee System, the Parliamentary process of keeping Cabinet accountability, monitoring of Executive action and other relevant parliamentary laws, rules of the House and ethics for conduct of the members of Parliament in meetings.” The statement added that this is the first meeting between the two Houses of Senate since the appointment of Wan Junaidi as the Malaysian Senate president on June 19 this year, and the constructive discussions during this meeting will continue to strengthen the relationship between Malaysia and Australia. Competitions to help pupils master Bahasa Melayu KUALA PERLIS: The mastery of the Malay language by pupils from national-type Chinese (SJKC) and Tamil (SJKT) schools can be improved through oratory and storytelling competitions, said Deputy Education Minister Lim Hui Ying. She said such competitions could not only improve the Malay language proficiency of the pupils but also instil a love for the language and the spirit of unity. She added that the competitions would demonstrate that pupils from national-type schools are not only proficient in their native tongues, but also in Bahasa Melayu. “I believe that (through the competitions) the audience will be able to see our children’s potential in using the national language to convey stories and deliver speeches.” She was speaking at the closing ceremony of the nationallevel Perpaduan Perdana Menteri Cup SJKT and SJKC Malay Language Oratory and Storytelling competition 2023 on Wednesday. At the event, S. Thaaranii of SJKT Kamunting, Perak, and Ray Ong Kaa Rui of SJKC Batu Sebelas Cheras, Selangor, were named the winners of the storytelling and oratory categories respectively, while Kuala Lumpur was crowned the overall champion of this year’s competition. During a media conference held after the event, Lim said the Education Ministry would work with the Communications and Digital Ministry to realise the education digitalisation agenda in the national education system. “We will work closely with the ministry to ensure that all schools have good internet access,” she said. “The Communications and Digital Ministry has already taken a number of measures and obtained the data of schools that need attention. “We hope to be able to resolve this issue soon.” Last Tuesday, Education Minister Fadhlina Sidek was reported to have said that the education digitalisation agenda in the national education system would be among the focus of Budget 2024. – Bernama Service awards for ministry staff KUCHING: A total of 84 staff from departments and agencies under the Communications and Digital Ministry in Sarawak received the 2022 Excellent Service Award yesterday. Ministry secretary-general Datuk Mohamad Fauzi Md Isa presented the awards at a ceremony held at Kuching RTM’s P. Ramlee Auditorium. The ceremony saw 45 recipients from RTM, 36 from Japen, two from Finas and one from Bernama receive the awards. Mohamad Fauzi said the ministry’s staff should continue to practise mutual respect and tolerance along with a commitment to serve with integrity. “This will, in turn, be the most important factor in creating an advanced society that places a strong emphasis on knowledge, etiquette, culture and the spirit of love for the country,” he said. – Bernama From front page Anti-graft strategic partnership SHAH ALAM: The Selangor State Development Corporation has established a strategic partnership with the Malaysian Anti-Corruption Commission (MACC) to prevent, detect and overcome corruption as well as promote integrity in the administration and management of the corporation. The collaboration was sealed by its CEO Datuk Mahmud Abbas via the submission of a Notice of Strategic Partnership between the corporation and MACC to Selangor MACC director Datuk Alias Salim at an integrity conference yesterday. Mahmud said the partnership is to strengthen the integrity of the group’s employees to practise zero tolerance towards all forms of corruption, abuse of power and embezzlement. “This collaboration with MACC proves the group’s commitment to practising transparency, accountability, openness, honesty and ethics in carrying out administrative operations and daily business activities.” – Bernama
3 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 6, 2023 BENTONG: DAP secretary-general Anthony Loke has denied allegations that the Chinese community, especially in Telemong and Kampung Baru here, will not go out to vote in the Pelangai state by-election tomorrow. He said the DAP machinery has been working hard to ensure voters in the constituency fulfil their responsibility to ensure victory for Barisan Nasional (BN). Telemong is an area in the Pelangai constituency where the majority of the population are non-Malays (about 4,000), Bernama reported. “We will make sure the (DAP) votes we have will be transfered to BN. With this formula, I am confident that we will help BN win with a comfortable majority,” he said after attending the Telemong Tang Lung Festival on Wednesday. The by-election is being held following the death of incumbent Datuk Seri Johari Harun, 53, in a plane crash in Shah Alam on Aug 17. Johari, who represented BN in the 15th general election, won with a majority of 4,048 votes, defeating the Perikatan Nasional (PN) candidate Kasim Samat, who obtained 3,260 votes, Ahmed Wafiuddin Shamsuri of Pakatan Harapan (2,031 votes ) and Pejuang candidate Isa Ahmad (65 votes). Loke said since the beginning of the campaign period, he has instructed Pahang DAP to carry out their campaign earnestly to support BN in terms of morale, resources and manpower. He added that the formula of shifting the votes of the Chinese and DAP supporters to BN has been proven to be successful in helping BN win, as it was in the state election in Tioman. Polling for Tioman on Nov 19, 2022, was postponed due to the death of PN candidate Md Yunus Ramli the same day. Balloting was then rescheduled to Dec 7. Meanwhile, Loke said the biggest challenge facing the party now was ensuring the return of registered voters who were residing elsewhere. The Pelangai by-election will feature a three-cornered contest between BN candidate Datuk Amizar Abu Adam, Kasim and an independent candidate, Haslihelmy D.M. Zulhasni. Jail proposed for subsidy abusers ALOR GAJAH: The government has been urged to reconsider the penalties imposed on any party or cartel that abuses the subsidies provided to the people by manipulating rice supply in the country. Umno Youth chief Dr Muhamad Akmal Saleh said stricter punishments such as whipping or imprisonment should be imposed on such irresponsible parties to serve as a deterrent to others. “If we look at the current maximum penalty, it is only in the form of fines, and the offenders can still afford to pay the fine up to RM100,000. “Imposing a heavier penalty is not just about punishment but more about sending a warning to them so that no one abuses the subsidy while the people are struggling to obtain rice,” he said in Kampung Gangsa yesterday. In a related development, Muhammad Akmal, who is also state Rural Development, Agriculture and Food Security Committee chairman, said Malacca received an additional 300 tonnes of local rice and another 200 tonnes would arrive by next week. – Bernama oDAP working hard to ensure community turns up to support BN candidate, says party sec-gen Perak to build rare earth element lab Two new sections to protect bankrupts According to her, the amendment to the Insolvency Act 1967 has added two new categories of individuals who can be discharged through the issuance of a certificate from the Insolvency director-general without going through debtors’ objections under Section 33B (2A). The inclusion of the two categories, namely individuals who cannot manage their personal affairs due to mental illness as defined in the Mental Health Act 2001 and those aged 70 and above who, at the discretion of the Insolvency director-general, are incapable of contributing to the bankruptcy administration. To protect the welfare of bankrupt individuals, Azalina said the law also amended the value limit of bankruptcy assets that can be exempted from division among creditors and the value limit for the purpose of case eligibility to be administered in a simple administrative manner. She said through the enforcement of the law, the bankruptcy administration is being improved by allowing the use of remote communication technology for meetings with creditors and incorporating the ability to send notices via electronic communication. She added that the mandatory first meeting of creditors have since been abolished as an initiative to expedite the administration process. From front page ‘No truth in rumours on Pelangai Chinese voters’ FRIGHT FEST ... Participants of a Halloween themed event greeting visitors at the Lost World of Tambun theme park on Wednesday night. – BERNAMAPIC Prohibition on leasing of low-cost homes GEORGE TOWN: Owners of affordable low and medium-cost public housing in Penang are not allowed to lease out their houses, either to foreigners or locals, said State Housing and Environment Committee chairman Datuk Seri S. Sundarajoo. He said the units are heavily subsidised and are only meant for those who cannot afford expensive homes, hence the need for buyers to not misuse the opportunity of home ownership provided by the government. “So, it is important for the authorities to be more strict in ensuring that these highly subsidised housing units are not misused, including being rented out as dormitories. “I am currently preparing a paper to be tabled to the state government regarding enforcement action to be taken,” he said yesterday after opening the two-day 2023 State Housing Symposium, which was attended by representatives from nine states, including Sarawak, Selangor, Malacca, Pahang, Terengganu and Johor. – Bernama IPOH: During the National Mineral Council meeting on Monday, the Perak government received approval from the Natural Resources, Environment and Climate Change Ministry to build a laboratory for non-radioactive rare earth elements (NR-REE), or lanthanides. The matter was revealed on Wednesday by Perak Menteri Besar Datuk Seri Saarani Mohamad during his speech at the Perak Federation of Malaysian Manufacturers (FMM) annual dinner in conjunction with its 55th anniversary. “The laboratory will be built together with Perak’s investment arm, Menteri Besar Incorporated, the Perak State Agriculture Development Corporation and Perbadanan Kemajuan Negeri Perak. “So, we will be a pioneer in the construction of the first laboratory in Malaysia that conducts tests involving rare earth elements. Any parties from other states who do exploration and want to carry out tests will have to come to Perak to use our laboratory,” he said. Also present at the event were FMM president Tan Sri Soh Thian Lai and Perak FMM chairman Chua Kay Lin as well as the state government executive council line-up. Saarani said at the meeting, the state government requested that Perak explore the opening of factories producing intermediate and downstream NR-REE materials (end products). “The ministry also agreed to allow Perak to expand the operations of the NR-REE mining area as we requested before. In fact, we want to respond to Prime Minister Datuk Seri Anwar Ibrahim’s suggestion that all minerals be processed in the country before being exported. So, we asked to further develop prospects in downstream products.” Saarani said as of July, the NR-REE mining pilot project operations in Mukim Kenering near Gerik managed to generate almost RM16 million in royalties for the state government through the export of rare earth carbonate. He added that the pilot project proved that rare earth elements were not radioactive, and extraction through the “in situ leaching” method was the best option, as it does not pollute the environment. – Bernama 2,300 troops in five nation military exercise KUALA LUMPUR: More than 2,300 military personnel from the Five Power Defence Arrangements (FPDA) countries, namely Australia, Malaysia, New Zealand, Singapore and the United Kingdom, are participating in the Bersama Lima 2023 (BL23) exercise from Oct 2 to 20. The Public Affairs Division of the Joint Force Headquarters said in a statement the opening ceremony was officiated by Singapore Chief of Defence Force Vice-Admiral Aaron Y.C. Beng at the Joint Warfare Centre in Camp Al-Sultan Abdullah at the Joint Force Headquarters in Kuantan yesterday. “This exercise is being carried out as a field training exercise in Peninsular Malaysia and Singapore, including the waters and air space of Malaysia’s Exclusive Economic Zone in the South China Sea. It is an annual joint exercise of the FPDA Armed Forces.” According to the statement, Malaysian Chief of Defence Force Jen Tan Sri Mohammad Ab Rahman was given the honour of pinning the BL23 badge on the Armed Forces representatives of the FPDA countries. “The pinning of the badge marks the official start of BL23, which involves seven warships, 40 aircraft of various types and several land assets belonging to FPDA countries,” it said, adding that Brig-Jen Muhammad Taha Hamdan has been appointed as director of the exercise. The exercise is carried out yearly by the armed forces of Malaysia and Singapore on a rotational basis, to hone the capabilities of FPDA defence forces in organising, planning and conducting operations at the Combined Joint Task Force level, specialising in tactical integration in a multi-threat environment. Also present at the opening ceremony were the Australian Chief of Defence Force Gen Angus John Campbell, New Zealand Chief of Defence Force Air Marshal Kevin R. Short, United Kingdom Vice-Chief of Defence Staff Gen Gwyn Jenkins and Malaysian Army Chief Jen Datuk Muhammad Hafizuddeain Jantan. – Bernama
4 theSUN ON FRIDAY | OCTOBER 6, 2023 NEWS WITHOUT BORDERS /thesundaily FOLLOW ON FACEBOOK SCAN ME Contact theSun's Advertising & Marketing team to book your advertising space. 03-7784 6688 [email protected] Celebrate World Vegan Day with us! Discover the myriad benefits of a plant-based lifestyle, from improved health to a lighter environmental footprint. Explore how adopting a vegan diet not only supports personal well-being but also contributes to substantial financial savings in healthcare costs. Advertise with us on World Vegan Day on Nov 1, 2023 PUBLICATION DATE 1 NOVEMBER, 2023 (Wednesday) BOOKING DEADLINE 18 OCTOBER, 2023 (Wednesday) Hi-tech usage needed to curb disasters PETALING JAYA: In the face of climate-related disasters such as floods, droughts, landslides and wildfires, Malaysia needs to urgently increase its use of advanced technologies in disaster preparedness. In a special report, the Statistics Department said last year, Malaysia suffered RM622.4 million in losses due to floods. Terengganu and Kelantan accounted for nearly 60% of the losses, which was equivalent to 0.03% of the country’s gross oAdvanced tools prove invaluable in preparedness and allow authorities to mobilise resources more effectively: Expert █ BYSIVANISVARRY MORHAN [email protected] domestic product. The department also said the figure was a significant decrease compared with the RM6.1 billion in losses suffered in 2021. A drone technology developer at an international company, Wan Ainul Nazirah Wan Abdul Rashid, said technology has become an indispensable option in disaster preparedness and response efforts. “It has proven to be invaluable in identifying vulnerable areas and minimising casualties in many developed countries. “From data analytics to remote sensing, Malaysia has made technological advances in many fields, including disaster preparedness and management. “One example is the Survey and Mapping Malaysia Department, which has put a lot of effort into collecting Light Detection and Ranging (LiDAR) data from 2016 to 2019.” Wan Ainul said utilising LiDAR technology and high-resolution satellite imagery has allowed for detailed slope profiling and hazard maps. The survey department is now able to identify high-risk areas and implement protective measures such as reinforced barriers and stabilisation techniques. Big Data solutions provider Statista Q reported Malaysia’s risk index scores for natural disasters such as tsunamis, floods, epidemics, drought, tropical cyclones and earthquakes in March 2023. According to the company, the risk index for tsunami was 7.1/10, flooding 6.6/10 and epidemics 5.6/10, while those for drought, tropical cyclones and earthquakes were 3.3/10, 2.9/10 and 2.3/10 respectively. On the National Disaster Management Agency, Wan Ainul said it has budgeted a total of RM174 million this year for the potential year-end floods. She said investing more in various advanced technologies for disaster prediction and monitoring would allow the authorities to mobilise resources more effectively, with accurate predictions. Emphasising the importance of collaboration and investment from the public and private sectors, Wan Ainul said integrating technology with human expertise would help build more resilient communities. A Civil Defence Department operational disaster management division officer, Ashraf Farizan, said in Kelantan, Terengganu, Kedah and Pahang, landslides and floods were the most frequent compared with other disasters. “Forest fires are now becoming more frequent and intense in Terengganu, Sarawak and some districts in Selangor. “Over the past two years, slash and burn incidents have caused significant environmental problems and health hazards due to fires that were started. They also contributed to the haze.” Ashraf said by utilising advanced technology to reduce the risk of disasters, mitigation and rescue efforts would become easier for police, civil defence and fire and rescue departments. “Malaysian cities are beginning to deploy smart and sustainable technology through their respective local authorities. Several urban areas such as Kuala Lumpur, Johor Bahru, Cyberjaya and Putrajaya would be developed into smart cities.” No decision yet on loan discount to students PUTRAJAYA: The decision on whether the discount on the repayment of the National Higher Education Fund Corporation study loan will be continued in the 2024 Budget depends on the approval of the Finance Ministry, said Higher Education Minister Datuk Seri Mohamed Khaled Nordin. The loan repayment discount period, which ended on May 31 as announced by Prime Minister Datuk Seri Anwar Ibrahim during the tabling of the 2023 Budget last February, has not been extended, he said after launching the National Academia Day and Academia Month 2023 here on Wednesday. “So far, we are no longer continuing with it (discounts for repayment),” he said when asked if there was any good news for borrowers in Budget 2024 regarding loan repayment discounts. When tabling Budget 2023, Anwar, who is also finance minister, said the government had agreed to give discounts of up to 20% on loan repayments for three months starting March 1. There are four categories eligible for the initiative, namely a 20% discount on the remaining debt for full settlement of the loan, a 15% discount for the settlement of at least 50% of the total outstanding debt, a 15% discount for repayments through salary deduction or direct debit and a 5% discount for repayment through the myPTPTN app. The government also agreed to defer repayment for borrowers with a monthly income of RM1,800 and below for a period of six months. Mohamed Khaled said the ministry would also focus on three items under Budget 2024, namely digitalisation, research and innovation and student housing. “We hope the government will support our application to implement and apply digitalisation to make the management of the higher education ecosystem in the country a success.” – Bernama Concern over mysterious Disease X PUTRAJAYA: The transmission of disease X may stem from various sources, including zoonotic transmission, which means infection from animals to humans, said Health Director-General Datuk Dr Muhammad Radzi Abu Hassan. He said although the characteristics of disease X have yet to be identified, and the timing of its occurrence is unknown, health experts have expressed concerns over its impact. The rate of disease X transmission will increase with increasing contact between humans and animals, Muhammad Radzi added. “Compared with Covid-19, disease X is expected to spread easily and may pose a life-threatening risk, similar to Ebola,” he said in a statement yesterday. Disease X is a name coined by the World Health Organisation in 2018 for an unknown pathogen with the potential to cause a global outbreak. – Bernama BLURRY SKIES ... Haze blankets the city centre in Kuala Lumpur as an Air Pollution Index reading of 93 was recorded yesterday. – ADIB RAWI YAHYA/THESUN
5 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 6, 2023 Unregistered medical items worth RM500,000 seized CYBERJAYA: The Medical Device Authority of the Health Ministry seized various unregistered medical items valued at more than RM500,000 in five operations conducted in the Klang Valley, Johor and Kedah this year. Its chief executive P. Muralitharan said yesterday the most common items were disposable gloves, blood pressure monitors, condoms and contact lenses. He added that 16 companies had their licences suspended, two others had their licences revoked and nine had their licences returned after they were found to be in compliance with the law. He said during a Sept 13 operation, a company in Sentul was found to have repeatedly committed the offence of distributing unregistered medical items. “Its licence was suspended in July after the company was found to be distributing unregistered medical items in the market. But based on intelligence reports, it was found that the company failed to comply with (the suspension).” Seven boxes of disposable gloves, 33 boxes of syringes without needles, 90 boxes of blood lancets, 146 boxes of wooden tongue depressors, 1,098 spandex crepe bandages, disposable needle waste and nine sets of sales documents valued at about RM10,000 were seized at the premises. The case was investigated under Section 25(1) of the Medical Devices Act 2012, which carries a fine of not more than RM200,000, imprisonment of up to three years, or both. – Bernama Spaying to reduce stray population on streets PETALING JAYA: An animal society is advocating neutering dogs and cats as a way to reduce the stray population. “Neutering could also reduce aggressive behaviour and prevent certain types of cancers,” said Hulu Langat-based Second Chance Animal Society (SCAS) president Yeoh Saik Kim. She added that SCAS is currently home to 500 injured, abused or abandoned animals. “Our ‘Adopt, Don’t Buy’ and ‘Neuter, Don’t Multiply’ concept serves to imprint the idea that neutering and spaying are the best ways to control and reduce the stray population.” She said the society was set up in 2009 by oAnimal society promoting ‘Adopt, Don’t Buy’ and ‘Neuter, Don’t Multiply’ concept to alleviate problem █ BYQALIF ZUHAIR [email protected] Man claims trial to cheating charge KUALA LUMPUR: A businessman pleaded not guilty in the Sessions Court yesterday to cheating a man of RM2.45 million in a non-existent cryptocurrency investment scheme last year. Johnathan Wong Futt Po, 39, was charged with cheating Adrian Sim Kwang Kai over investments in Ris Firearm Sdn Bhd and Colindale International (MM2H) Sdn Bhd, prompting Sim to transfer the sum into a crypto wallet account belonging to the accused. The offence was allegedly committed at Menara Prestige in Jalan Pinang between May 23 and Aug 3, 2022. The charge, framed under Section 417 of the Penal Code, carries a maximum sentence of five years’ imprisonment, a fine, or both. Judge Mohd Kafli Che Ali allowed Wong bail of RM100,000 in one surety and fixed Nov 7 for mention. DPP Akmalzatul Mohd Nawi prosecuted, while lawyer Devanandan S. Subramaniam represented the accused. – Bernama Couple escape gallows, jailed 30 years for murder of five-year-old PUTRAJAYA: The Court of Appeal yesterday commuted the death sentence imposed on a couple for the murder of the woman’s five-year-old son in 2014, to 30 years’ jail. A three-member panel, comprising judges Datuk Vazeer Alam Mydin Meera, Datuk Ahmad Zaidi Ibrahim and Datuk S.M. Komathy Suppiah, ordered R. Saravanan Kumar, 33, and T. Gayathry, 39, to serve the prison sentence from the date of their arrest. Saravanan was detained on Sept 27, 2014, while Gayathry was arrested two days later. “The appeal against the conviction is dismissed. The death sentence imposed by the George Town High Court is set aside and commuted with 30 years’ imprisonment,” said Vazeer Alam and ordered Saravanan to also be given 12 strokes of the cane. – Bernama GROWING INCOME ... An Orang Asli entrepreneur harvesting oyster mushrooms yesterday at a farm in Kampung Kuala Lah, Kelantan. – BERNAMAPIC Najib fails to lift injunction in SRC lawsuit PUTRAJAYA: The Federal Court yesterday dismissed former prime minister Datuk Seri Najib Abdul Razak’s application for leave to appeal to set aside a Mareva injunction obtained by SRC International Sdn Bhd and its subsidiary, restraining him from transferring or dissipating any of their assets up to the value of RM42 million. A three-member panel comprising justices Tan Sri Nallini Pathmanathan, Datuk Nordin Hassan and Datuk Abu Bakar Jais also ordered him to pay RM30,000 in costs to SRC International and Gandingan Mentari Sdn Bhd. Nallini said the case law relied on by courts over the past 40 years is clear in regard to the test to be considered by a High Court judge before granting a Mareva injunction. She said there was no necessity for the Federal Court to revisit the test laid down for “real risk of dissipation”, which had been satisfactorily set out in the case law S&F International Ltd and Trans-Con Engineering Sdn Bhd. In civil cases, litigants are required to obtain leave before they can proceed with appeals to the Federal Court. Following Najib’s failure to obtain leave to appeal, the Mareva injunction granted by the High Court to the two companies stands. On March 24 last year, the High Court granted the Mareva injunction to SRC International and Gandingan Mentari and directed Najib not to remove, dispose, deal with or diminish the value of any of their assets in and outside Malaysia up to the value of RM42 million, pending the final determination of the lawsuit filed against him. The former Pekan MP is only entitled to withdraw up to RM100,000 per month for his living expenses and for payment of legal fees. The Court of Appeal dismissed Najib’s appeal on Dec 6 last year, prompting him to file the application for leave to appeal. A Mareva injunction is a temporary order that restrains the defendant from disposing assets until the determination of the case between the plaintiff and defendant. SRC International and Gandingan Mentari filed the lawsuit against Najib in 2021, claiming that he had committed a breach of trust, misused his power, misappropriated and benefited personally from SRC International funds. The suit is pending at the Kuala Lumpur High Court. Najib, 70, is serving 12 years’ imprisonment after the Federal Court upheld in August last year his conviction, jail sentence and RM210 million fine for misappropriating RM42 million in SRC International funds. He was represented by Tan Sri Muhammad Shafee Abdullah and Mohammad Arfan Wan Othman, while Lim Chee Wee and P. Gananathan represented the companies. – Bernama animal lovers to provide care for strays roaming the streets, but members have felt disheartened over the years as the population continued to grow. “We have rescued thousands, but if you look at the streets today, there are many stray dogs and cats. It is very sad because we are helpless with our limited resources.” Yeoh also said a volunteer contributed a 0.6ha plot of land for the shelter, which has since become too small to house more strays. “We raised funds to build the shelter, but we can only accommodate 500 strays. There are many more on the streets that we cannot take in as we are struggling with those we have.” She added that running an animal shelter is expensive, with food and medical care as the two biggest expenditures, which SCAS relies on donations to cover. “We need roughly RM40,000 a month to cover food, salaries, utilities and veterinary costs. Food alone costs us about RM1,000 for 120kg of kibble per day.” SCAS secretary Lim Mei Leng said the shelter has a no-kill policy as remaining humane is of great importance to its members. “If a stray is terminally ill, we prefer that its life ends naturally because we don’t practise euthanasia.” She said one such example is Kenzo, a four-month-old dog found by volunteers that contracted distemper, a highly contagious viral disease. “This particular virus destroys nerves, causing him to keep twisting and twitching. We took him for acupuncture treatment and rehabilitation, but it didn’t work.” Lim said the society also has dogs that suffer from paralysis and blindness, and its volunteers and workers take care of them and monitor their progress. However, despite its struggles, the society is thankful to the public who have helped it remain open. “We do not have corporate sponsorships or government aid, and whatever donations we get from the public goes straight to expenses for the animals. “People can also volunteer their time or adopt a pet from us. We believe all animals deserve a chance to live happy and healthy lives, and we are committed to providing them with the care they need.” Those keen to assist SCAS may send donations to its Maybank account at 562852104418.
6 theSUN ON FRIDAY | OCTOBER 6, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON INSTAGRAM SCAN ME 102 missing in India after glacier lake bursts NEW DELHI: Indian rescue teams searched yesterday for 102 people missing after a devastating flash flood triggered by a high-altitude glacial lake burst killed at least 10, officials said. Violent flooding from glacier lakes dammed by loose rock has become more frequent as global temperatures rise and ice melts, with climate scientists warning it poses an increasing danger across the wider Himalayan mountain range. “At least 10 people were killed and 102 others reported missing,” oAuthorities say roads severely damaged, 14 bridges washed away Prabhakar Rai, director of the Sikkim state disaster management authority, told AFP a day after a wall of water rushed down the mountainous valley in northeastern India. Authorities said roads had been “severely” damaged and that 14 bridges had been washed away. Rescuers were battling to help those hit by the flood, with communications cut across large areas and roads blocked. “Floodwaters have caused havoc in four districts of the state, sweeping away people, roads, Four arrested for selling gun to Thai mall shooter BANGKOK: Thai police yesterday arrested four men suspected of illegally selling a modified firearm to the teenager who opened fire in a luxury mall in Bangkok this week, killing two and wounding five. Two of the four were arrested in the Thai capital and two in the southern province of Yala on suspicion of selling a modified blank gun to the 14-year-old, who has been charged with premeditated murder and illegal possession of a firearm. “There was also livestreaming equipment,” police official Samran Nuanma told reporters outside the home of one suspect, adding that he suspected that sales took place on social media. The men also had illegal firearms, tools to modify pistols and narcotics in their possession, the official added. Mass shootings are rare in Thailand, but gun violence and gun ownership is common. Ownership rules are strict, but firearms can be modified and obtained illegally, many smuggled from abroad. The government also began closing legal loopholes regarding online sales in a bid to control the spread of weapons. “The Digital Ministry will be shutting down websites selling blank guns,” Deputy Foreign Minister Jakkapong Sangmanee told a separate briefing. The government plans to ban imports of blank guns, BB guns and imitation firearms, its deputy spokesman Karom Phonphonklang said in a statement. It will also stop issuing additional permits for gun imports and permits for possession. – Reuters bridges,” said Indian Army spokesman Himanshu Tiwari. Twenty-two soldiers are among the missing, the army said. One previously missing soldier was rescued. The army was working to reestablish telephone connections and provide “medical aid to tourists and locals stranded”, it said in a statement. The water surge came after intense rainfall burst the high-altitude Lhonak Lake, which sits at the base of a glacier in peaks surrounding the world’s third-highest mountain Kangchenjunga. Himalayan glaciers are melting faster than ever due to climate change, exposing communities to unpredictable and costly disasters, according to the International One dead in wake of Taiwan typhoon TAIPEI: Typhoon Koinu left at least one person dead yesterday as it grazed Taiwan’s southern tip, lashing the island with the strongest winds it has ever recorded and knocking out power to hundreds of thousands of homes. Koinu made landfall on the island’s southernmost Cape Eluanbi yesterday morning and was weakening as it moved into the Taiwan Strait by 3pm, according to the Central Weather Administration. Authorities said an 84-year-old woman died in her home in western Taichung city after she was injured by glass shattered due to the gales. Pan Huang Kui-chun, a temple keeper in southern Pingtung county – the typhoon’s epicentre – said it was “terrifying” watching powerful winds bring down power poles. “It nearly dismantled my house,” he told AFP. Authorities closed schools and offices yesterday in anticipation of Koinu’s impact. Rain-drenched streets were deserted yesterday in Taiwan’s southern Taitung and Pingtung counties, with strong winds knocking over street signs and tearing off metal roofing. Nearly 300 people were injured, the government said without providing any further details. Local media said some injuries were caused by falling trees. Across Taiwan, nearly 330,000 homes temporarily lost power. Downed electricity lines littered the roadside in Pingtung as work crews attempted to bring in fresh poles by truck. – AFP Centre for Integrated Mountain Development (Icimod) research group. Water powered downstream, adding to a river already swollen by monsoon rains, damaging a dam, sweeping away houses and bridges, and causing “serious destruction”, the Sikkim state government said. Damage was recorded more than 120km downstream, and Prime Minister Narendra Modi has promised “all possible support” for those affected. Lhonak Lake shrunk by nearly two-thirds in size, an area roughly equivalent to about 150 football pitches, satellite photographs released by the Indian Space Research Organisation showed. “Intense rain has led to this catastrophic situation in Sikkim where the rain has triggered a glacial lake outburst flood and damaged a dam, and caused loss of life,” said Miriam Jackson, a scientist specialising in ice who monitors Himalayan regions with the Nepal-based Icimod. “We observe that such extreme events increase in frequency as the climate continues to warm and takes us into unknown territory.” – AFP B R I E F SCHINA CONDEMNS RESUPPLY MISSION BEIJING: China has condemned a mission by four Philippine ships to re-supply troops on a disputed South China Sea atoll, saying the vessels had entered its waters in the Spratly Islands without its permission. The Philippines said on Wednesday it had successfully sent supplies to its troops stationed on a World War II-era transport ship-turned-military outpost on the atoll despite attempts by China’s coast guard to block it. “Philippine supply ships and two coast guard ships entered the waters in Nansha Islands without permission from the Chinese government,” China Coast Guard spokesman Gan Yu said a post on its website, using Beijing’s name for the Spratly Islands. – Reuters MEKONG DELTA MAY RUN OUT OF SAND HANOI: Vietnam’s Mekong Delta may run out of sand by 2035, a report warned yesterday, as sand-mining and dams strip the “rice bowl” region. The delta, a biodiversity hotspot where the Mekong empties into the South China Sea, provides food and livelihoods for tens of millions of people. Hydropower dams further up the Mekong are reducing the flow of sand downstream, playing a major role in the rapid decline of sand under the riverbed that is critical to the delta’s resilience. At the current extraction rate, “the exploitable stock under the riverbed can only last a decade”, warned the Sand Budget for Viet Nam Mekong Delta report. – AFP Army personnel conducting a search operation for the missing soldiers in north Sikkim. – INDIA MINISTRY OF DEFENCE/AFPPIC Japan begins second round of wastewater release TOKYO: Japan began releasing the second batch of treated wastewater from the Fukushima nuclear plant yesterday, an incremental step in a decades-long process that has drawn strong condemnation from China. The discharge, a small portion of the 1.34 million tonnes of wastewater built up since a tsunami struck the facility in 2011, began at 10.18am (9.18am in Malaysia), said a spokesman for operator Tepco. While Japan has insisted the treated water poses no health risks – a view backed by the UN’s nuclear watchdog – Beijing has repeatedly criticised the release and banned all Japanese seafood imports in response. As with the initial release that began on Aug 24, about 7,800 tonnes of water is expected to be discharged over 17 days. Tepco said the water has been filtered of all radioactive elements except tritium, which is within internationally recognised safe levels. “It has been confirmed that the first release has been conducted as planned and in a safe manner,” government spokesman Hirokazu Matsuno told reporters, stressing no abnormalities had been detected. The government will “continue to communicate, both domestically and internationally, results of monitoring data in a highly transparent manner”, Matsuno said. Japan is also urging China to “immediately scrap import bans on Japanese food, and act based on scientific justifications”, he said. – AFP
7 NEWS WITHOUT BORDERS theSUN ON FRIDAY | OCTOBER 6, 2023 Fraud trial of disgraced crypto king opens WASHINGTON: Two visions of Sam Bankman-Fried, the disgraced crypto king, clashed in a New York courtroom on Wednesday in the opening arguments of his blockbuster trial for fraud. SBF, as he is known, “had wealth and power”, but it was all “built on lies”, prosecutor Thane Rehn said in his opening remarks. For the prosecution, the former crypto darling committed “massive fraud” by stealing money from the accounts of customers of his FTX exchange platform and using them for his own account, Rehn added. The 31-year-old was charged with seven counts of fraud, embezzlement and criminal oSBF pleads ‘good faith’, blames former girlfriend Biden fears US chaos could hit Ukraine aid WASHINGTON: President Joe Biden admitted on Wednesday he was worried that political turmoil in Washington could threaten American aid to Ukraine, urging Republicans to stop their infighting and back “critically important” assistance for Kyiv. Biden added that he would soon be giving a major speech on the need to support Ukraine’s fight against the Russian invasion after the chaos in Washington alarmed US allies. “It does worry me,” Biden told reporters when asked whether the ousting of Republican House speaker Kevin McCarthy by hardliners in his own party could derail more funds for Ukraine’s war effort. “But I know there are a majority of members of the House and Senate of both parties who have said that they support funding Ukraine.” A last-gasp deal in Congress to avoid a US government shutdown at the weekend contained no fresh funding for Ukraine, and hopes for a quick solution have been further complicated by McCarthy’s exit on Tuesday. The contenders to replace him hold a range of views but among them is hard-right Republican Jim Jordan, who has been notably sceptical on funding Ukraine. The timing is critical, with the White House warning that aid could run out within months just as Ukraine tries to push forward its slow-moving offensive against Russia before winter sets in. Biden indicated there was “another means by which we may be able to find funding” without congressional approval, but would not give further details. The president will get a briefing on Ukraine from his national security team today, the first to feature the new top US military officer, General Charles “CQ” Brown, the White House added. The president’s comments reflected a change of tone, as Biden had told allies in a call on Tuesday that he was “confident” of getting fresh aid passed, according to the White House. Without new aid being approved, the funding could run out in a “couple of months”, said National Security Council spokesman John Kirby. In a statement on Wednesday, the US military said it had given Ukraine’s armed forces more than one million rounds of seized Iranian ammunition. – AFP X strips headlines from news links PARIS: Elon Musk’s social media platform X has stripped headlines from news articles shared by users, in a move likely to further worsen relations with media groups. The tycoon has long railed against the “legacy media” and claims X, formerly Twitter, is a better source of information. He said the latest change was for “aesthetic” reasons – news and other links now appear only as pictures with no accompanying text. Musk has banned – and reinstated – various journalists with mainstream outlets including the Washington Post and CNN, as well as appearing to delay posts from accounts including the New York Times. Some media groups have stopped posting to X altogether. When the changes to links were first mooted in August, Musk posted: “This is coming from me directly. Will greatly improve the esthetics.” The most recent changes appear to have been introduced gradually this week. Instead of seeing a headline along with a picture, users now see only a picture with a small watermark. Some users have already commented that it is now difficult to distinguish between news and other kinds of information, which is likely to raise questions about the trustworthiness of the site. – AFP Dealer gets 30 years for multiple drug deaths WASHINGTON: The leader of a drug delivery service in New York that was responsible for the death of three people from fentanyl poisoning on the same day was sentenced on Wednesday to 30 years in prison, prosecutors said. Billy Ortega, 37, ran a service that in March 2021 delivered fentanyl-laced cocaine to three customers, said US Attorney Damian Williams of the southern district of New York. The victims – a lawyer, a stock trader and a social worker – died on the same day. “Ortega was fully aware that a customer had previously overdosed from the deadly fentanyl Ortega laced into his product yet continued sending the drugs to his victims,” Williams said. “Ortega’s callous and remarkably evil conduct rightly deserved a significant sentence.” Ortega ran his drug operation from 2015 to 2022, employing relatives and friends. He was convicted in a trial in January this year, and a federal judge sentenced him on Wednesday, according to Williams. Ortega’s defence team has indicated he plans to appeal the decision, US media reported. The US is facing an epidemic of deaths caused by fentanyl, a synthetic opioid that is 50 times more powerful than heroin and much easier and cheaper to produce. – AFP B R I E F SFRENCH ARMY TO PULL OUT OF NIGER ‘THIS WEEK’ PARIS: French troops will begin withdrawing from Niger “this week”, Paris said yesterday, after falling out with the military junta in power since a July coup. “We will begin our disengagement operation this week, in good order”, the military headquarters said. The announcement comes a week after France’s ambassador to Niamey returned home under pressure from the regime. President Emmanuel Macron had announced on Sept 24 the withdrawal of 1,400 French troops “by the end of the year”. The soldiers were in Niger as part of a wider fight against militants across the Sahel region. – AFP TURKISH STRIKES KILL TWO IN SYRIA: MONITOR DAMASCUS: Turkish strikes on Kurdish targets killed two people in northeastern Syria yesterday, a monitoring group said. One of the strikes on the Kurdish-controlled region of Hasakeh hit a car, killing two people, said the Syrian Observatory for Human Rights. A spokesman for a Kurdishdominated coalition that is backed by the US confirmed a car had been targeted. In another strike, “Turkish drones targeted a factory north of Hasakeh, injuring three workers”, said Farhad Shami, spokesman for Kurdish-led Syrian Democratic Forces. – AFP conspiracy and if convicted, he could face more than 100 years in prison. In November last year, his cryptocurrency exchange platform imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of FTX’s funds had been committed to risky operations by Alameda, Bankman-Fried’s personal hedge fund. “Sam didn’t defraud anyone,” countered Mark Cohen, one of the defendant’s lawyers. “There was no theft.” His lawyer acknowledged that FTX funds had been used by Alameda, but assured that it was simply a matter of investing the money, not embezzling it. On several occasions, he evoked “good faith” to describe his client’s behaviour when he was at the helm of FTX. FTX was a start-up and SBF had to take “hundreds of decisions a day”, he said. “As a result, some things got overlooked,” Cohen said. As expected, the Bankman-Fried defence team pointed the finger at Caroline Ellison, his former girlfriend, who SBF had placed at the head of Alameda. According to Bankman-Fried, she failed to follow his suggestions to hedge against a possible slide in the cryptocurrency market. However for the prosecution, SBF acts “as if he was no longer in charge of Alameda ... when this is false ... Ellison was merely a front”. Ellison pleaded guilty in December to seven charges and agreed to cooperate with the Manhattan federal prosecutor. Prosecutor Rehn indicated on Wednesday that she would testify at the trial and recount how “she and the defendant stole money from FTX customers”. The trial is expected to last six weeks. – AFP RAGING FLAMES ... A firefighter standing near a fire at Drava International Factory near the Croatian city of Osijek. – REUTERSPIC
8 theSUN ON FRIDAY | OCTOBER 6, 2023 SPEAK UP Helping children cope with grief Q: We recently learned that my elderly mother has only a few months to live. This has affected the entire family, but I am especially worried about how to help my young children understand that their grandmother is dying. Please advise. Focus on the Family Malaysia: Coping with a loved one’s terminal illness is challenging for everyone involved. Unfortunately, the emotional needs of young children are often overlooked. It is easy to assume that they are less affected by sickness and death due to their limited understanding, but even young children can experience fear and confusion in such situations. To support your children when someone they know and love is dying, keep these in mind: Firstly, prepare your children for what is coming. Use age-appropriate language. Introduce them to the concept of death before your loved one passes away. Drawing on examples from nature can help them grasp the idea, providing them with an opportunity to make sense of the situation. Secondly, be honest and keep it simple. Keep your explanations straightforward. Some parents may attempt to soften the reality of death by saying things like “grandmother went on a long journey” or “grandpa became an angel”. However, in the long run, a soft approach will not help children grapple with the reality of death. This is also a good time to discuss your faith and the spiritual aspects of this situation. Finally, prepare your children for the emotions they may observe in others. They may wonder why everyone is crying and upset. Help them understand that death often brings sadness, and it is completely normal for them to feel sad as well. Encourage your children to ask questions and talk about what they are feeling. Supporting children through the process of understanding and coping with the impending loss of a loved one requires sensitivity, honesty and open communication. By addressing their emotional needs and offering guidance, you can help them navigate this difficult time with more understanding and support. Q: My men colleagues and I meet up for breakfast every week, and we are all married. Can you advise us on how we can strengthen our marriages? Focus on the Family Malaysia: Here is an analogy. When you drive on highways, there are grooves along the sides to alert you when you have veered out of your lane, making a loud noise to grab your attention. These rumble strips can save lives, and they can also play a crucial role in preserving your marriage. Boundaries are like those rumble strips, helping you manage vital aspects of your relationship, such as finances, conflicts and friendships with individuals of the opposite sex. For example, when it comes to finances, it is beneficial to have open discussions about budgeting and credit card usage with your spouse. Implementing boundaries can help you both manage how, where and when you spend money. Boundaries are equally essential for handling conflicts in a healthy manner. Practise fair and respectful communication during disagreements; avoid name-calling or belittling each other. Listen attentively to what your spouse has to say. It is also wise to have clear boundaries in interactions with individuals of the opposite sex. Establish safeguards with colleagues of the opposite sex at work and in community gatherings. Do not overlook other areas of your relationship that can benefit from well-defined boundaries, such as your social media interactions or the amount of quality time you allocate to your spouse. Above all, prioritise the protection of your marriage. Set up these “rumble strips” in your relationship to help keep it on the right track before it veers too far off course. The article was 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] Domestic violence merits serious attention DOMESTIC violence is a widespread and profoundly distressing issue affecting millions of people worldwide. It impacts people across various social classes, genders, ethnicities and education levels. However, this problem is often swept under the rug in Malaysia due to cultural and social stigmas. Victims frequently endure their sufferings in silence, fearing judgement and retaliation. The prevalence of domestic violence is alarming, with many cases going unreported. According to the police, domestic violence cases increased significantly from 5,620 in 2020 to 7,568 in 2021, with the highest number of cases reported in Selangor. As such, it is imperative to ascertain the root causes of domestic violence to nip it in the bud. Factors such as traditional gender roles, financial strains and cultural norms that tolerate or perpetuate violence within families contribute to this wrongdoing. Additionally, limited access to resources for victims, such as shelters and counselling services, can make it challenging for individuals to escape abusive situations. In recent years, violence among children and teenagers has come to the fore, not only harming victims but having far-reaching consequences for society. Violence includes various behaviours, from physical aggression and bullying to emotional abuse and cyberbullying. It is more common than we like to admit, affecting children across different age groups, socioeconomic backgrounds and cultural settings. Understanding the reasons behind children’s engagement in violent behaviour is essential to tackling this issue effectively. Several factors can contribute to violence among children, including exposure to violence at home, a lack of proper role models, peer pressure and even the influence of media and video games that glorify aggression. The consequences of domestic violence are devastating, leading to physical injuries, emotional trauma and even loss of life. Those who witness and experience domestic violence may suffer long-term psychological scars, perpetuating a cycle of abuse across generations. Moreover, the economic impact cannot be underestimated as survivors often face challenges, especially in education and employment due to their experiences. The government and civil societies have recognised the urgency of addressing domestic violence. In recent years, there have been significant strides in raising awareness and supporting survivors. Helplines and shelters have been established to offer assistance, and legal reforms have been implemented to strengthen protection for victims. Education and community engagement programmes also challenge cultural norms perpetuating violence. Schools and parents play a crucial role in promoting a safe and supportive environment. This includes educating their youngsters about empathy, conflict resolution and respectful communication. Domestic violence in Malaysia is a pressing issue that demands collective action. While progress has been made in acknowledging and addressing this crisis, much work still needs to be done to eliminate the root causes, reduce the stigma and provide comprehensive support to victims. By continuing to shed light on this hidden epidemic and working together, Malaysians can build a society where domestic violence can become an unfortunate chapter of the past rather than a painful reality of the present. The writers are from the Faculty of Business and Communication at Universiti Malaysia Perlis. Comments: [email protected] The consequences of domestic violence are devastating, leading to physical injuries, emotional trauma and even loss of life. – REUTERSPIC Balancing medical and social spending RECENTLY, Prime Minister Datuk Seri Anwar Ibrahim highlighted the need for increased funding for healthcare infrastructure, support services and facilities in the upcoming Budget 2024. While the expansion of healthcare infrastructure is essential to addressing the issue of overcrowding in government hospitals, we cannot solely focus on the supply side. The prime minister acknowledged that the issue of overcrowding in government hospitals has led to prolonged queues and frustrating wait times for patients in need of medical attention. However, channelling resources into constructing more facilities and training additional medical staff is not the only solution. We must broaden our perspective beyond the confines of hospital walls. When formulating a Budget, it is crucial not only to ensure that our hospitals and clinics can accommodate the growing demand for medical services but also to establish a robust policy framework and strategy for awareness and educational programmes and initiatives. We must not limit our focus to physical infrastructure alone; a multifaceted approach is necessary. To improve our healthcare system, we need to empower Malaysians to take control of their health and well-being. This entails educating them about preventive measures and the importance of a healthy lifestyle. We need to emphasise the importance of regular exercise, good nutrition and routine health check-ups. These measures can help prevent conditions such as high blood pressure, diabetes, high cholesterol and obesity. It is all about individuals taking responsibility for their health to alleviate the strain on the healthcare system. The policy healthcare message in the Budget should be clear and concise: “Take proactive steps to maintain your health and prevent future health issues.” The government must allocate sufficient funds for awareness and educational programmes. Additionally, we should provide financial support to non-governmental organisations and foundations, such as the Heart Foundation of Malaysia, whose efforts in disseminating information and empowering Malaysians to take proactive measures for their health are of paramount importance. Finally, let us also not forget our senior citizens. Organisations, such as SeniorsAloud, play a pivotal role in organising programmes and activities that promote the health and activities of our elderly population. These initiatives contribute to ensuring that seniors can lead fulfilling lives after retirement. A balanced approach to healthcare involves not only funding infrastructure and facilities but also investing in the future of a healthier Malaysia by providing Malaysians with the tools and knowledge necessary to assume control of their health. Dr Pola Singh Former officer at the Economic Planning Unit Prime Minister’s Department COMMENT by Dr Faiz Masnan and Prof Madya Dr Mohd Shahidan Shaari LETTERS [email protected] UNDER ONE ROOF
6 O C T O B E R 2 0 2 3 F R I D A Y Life companions Furry and feathered friends that bring joy S2 Ten glorious breakfasts from around the world S4 Harry Styles has four nipples S3 I N S I D E
2 theSun LYFE ON FRIDAY | OCTOBER 6, 2023 Life companions Sugar glider – FREEPIK █ BYTHASHINE SELVAKUMARAN African Pygmy Hedgehog – FREEPIK Rabbit – FREEPIK Betta fish – PEXELS Cockatiel – PEXELS Guinea pig – PEXELS Miniature Schnauzer – PEXELS Cavalier King Charles Spaniel – PEXELS Budgerigar (budgie) – PEXELS Chinchilla – PEXELS PETS have been cherished companions of humans for centuries, providing love, comfort and joy to their owners. While dogs and cats are the most common choices, there is a wide array of adorable animals that make wonderful additions to any household. Read on to explore 10 adorable animals that are not only cute but also great as pets. These creatures offer unique personalities and companionship, each with its own special charm. Sugar glider These are tiny marsupials known for their endearing appearance and social nature. These small, tree-dwelling creatures are named for their love of sweet foods and their gliding ability. They form strong bonds with their owners and can be affectionate companions. To keep them happy and healthy, provide a spacious cage and a balanced diet consisting of fruits, vegetables and specialised sugar glider food. African Pygmy Hedgehog With their small size, cute faces and charming personalities, African pygmy hedgehogs make unique and lovable pets. They are relatively lowmaintenance, requiring a cosy enclosure with hiding spots, a wheel for exercise and a balanced diet. Be prepared for occasional huffs and prickles, but with proper care and socialisation, they can be affectionate companions. Rabbit Rabbits come in various breeds, each with its own unique charm. Known for their soft fur and twitching noses, rabbits are gentle and can be littertrained, making them ideal indoor oTen adorable animals that make great pets pets. Ensure they have ample space to hop around and provide a wellbalanced diet of hay, vegetables and pellets to keep them happy and healthy. Betta fish Also known as Siamese fighting fish, they are small, colourful and relatively low-maintenance pets. They can thrive in small aquariums or decorative bowls. However, it is essential to maintain a clean environment and provide proper water conditions. Betta fish come in various stunning colour varieties, making them a visually appealing addition to your home. Cockatiel These birds are charming parrots known for their playful nature and ability to mimic sounds. They thrive on social interaction and can form strong bonds with their owners. To ensure their well-being, provide them with a spacious cage, toys for mental stimulation and a varied diet that includes pellets, fresh fruits and vegetables. Guinea pig These are gentle and sociable rodents that make great companions. They enjoy being handled and can form strong bonds with their owners. To keep them happy and healthy, provide fresh vegetables, hay and a roomy cage with hiding spots. Regular social interaction and grooming are essential to their wellbeing. Miniature Schnauzer If you are looking for a canine companion, consider the Miniature Schnauzer. These intelligent and loyal dogs adapt well to apartment living, making them an excellent choice for urban pet owners. They require regular exercise and grooming to maintain their distinctive beards and eyebrows. Cavalier King Charles Spaniel Known for their affectionate nature, Cavalier King Charles Spaniels are excellent family pets. They love cuddling and enjoy being part of a loving household. Regular walks and playtime are essential to their happiness and health. With their friendly disposition, they get along well with children and other pets. Budgerigar (budgie) These birds, commonly referred to as budgies, are small parrots with vibrant plumage and cheerful personalities. They are known for their ability to mimic words and sounds, making them entertaining and engaging pets. Provide them with a spacious cage, toys for mental stimulation and a balanced diet consisting of seeds, pellets and fresh vegetables. Chinchilla These are adorable, fluffy and nocturnal rodents that are highly entertaining to watch. Their soft fur is incredibly soft to the touch. Chinchillas require a dust bath to maintain their coat health and should be kept in a spacious cage with platforms for climbing and exploring. Ensure they have access to fresh hay and pellets for a well-rounded diet. When considering any pet, it is crucial to research their specific needs, including diet, housing and social requirements. Additionally, always acquire your pet from reputable breeders or adoption centres to ensure their well-being and ethical treatment. Remember that owning a pet is a long-term commitment and you should be prepared to provide love and care for the entire lifespan of your furry or feathered friend. Ensure you invest time and effort in understanding and meeting their needs to create a happy and healthy environment for your beloved pet.
theSun LYFE ON FRIDAY | OCTOBER 6, 2023 3 /theSunMedia FOLLOW ON YOUTUBE SCAN ME Your weekend horoscope Libra 24 Sept – 23 Oct You will be thinking optimistically this week. You might be reflecting on the bigger picture in life and you may feel very connected to your spiritual beliefs. You may also be travelling, or you could be researching or reading about a particular subject. Whatever information you are learning now may be helping to shape your sense of identity and you could be thinking a lot about what you want for yourself in the future. In addition, you might be speaking with greater confidence and sharing more of your unique personality. Scorpio 24 Oct – 23 Nov You will be a bit introspective this week. You might be reflecting on how you can react differently within your relationships, or you could be thinking about why you have certain behaviours. You may also be spending more money or looking for ways to save or invest your income. You may be analysing your emotions, or you might be interested in reading and speaking about topics related to mental health, spirituality or loss and grief. Activities like journaling or meditation may help you calm your mind. Sagittarius 24 Nov – 21 Dec You will be focused on your close relationships this week. You might be going on a date or spending quality time with your partner. You could have to be there to support someone as well, or you might be reflecting on how to best address any relationship problems. You might also be socialising in group settings and you could want to turn to other people for advice. On the other hand, you may be thinking about your future and what you want to work towards next. Capricorn 22 Dec – 19 Jan Work will be busier this week. You might have a long to-do list of small tasks that you need to take care of, or you could be met with new responsibilities at your job. On the other hand, you may feel called to take care of your body through exercise and healthy eating. You might be thinking about what is next in your career and you could want to be strategic about your long-term goals. You may even be having an important conversation with your boss. Aquarius 20 Jan – 19 Feb You will be finding ways to relax this week. Work may not be as demanding and you could be organising social plans or preparing to go on a date. You may also have the urge to express yourself creatively and share more of your true personality with people. You might be hit with inspiration for writing or teaching work, or you could be preparing to speak publicly. You may also want to research different cultures and spiritualities, or you could be brushing up on your foreign language skills. Pisces 20 Feb – 20 March You will be sticking close to home this week. You might be cleaning your living space, or you could be connecting with family members or friends who feel like family. You could also be a bit emotional about family dynamics or childhood memories. You may be interested in talking or learning about topics that are not openly discussed, like sexuality, finances or mortality. You may want to have deeper conversations with people, where you open up emotionally, or you may be reflecting on how you can be smarter with your money. Aries 21 March – 19 April You will be eager to pick up new information this week. You might be reading or researching more than usual, or you could be motivated to write or share your ideas with others. You may also be travelling or handling communication tasks like calls, emails or presentations. You might be having important relationship conversations about the future with someone, or you could be talking to a new romantic interest. You may want to turn to your partner, family member or close friend for advice as well. Taurus 21 April – 21 May You will be developing work projects this week. You might be asserting your ideas at your job or reflecting on business plans you want to get started on. You could also be spending more money, and you may want to shop or treat yourself to a nice outing. You may be handling numerous small tasks at your job, or writing and speaking may be playing heavily into what you are doing at work right now. In addition, you might be researching health practices you can add to your daily routine. Gemini 22 May – 21 June You will be doing important self-reflection this week. You might be figuring out what personal goals you want to develop next, or you may be thinking about what image you want to put forth. You could also receive attention from people or get approached about positive opportunities. Your love life may be more active and you could be talking to someone new and going on dates. On the other hand, you could be hit with creative inspiration for a new project or hobby. Cancer 22 June – 22 July You will be keeping to yourself this week. You may be a little emotional or need some space to be alone. You could also be reflecting on mindsets and behaviours that are holding you back, or you may have a greater interest in spiritual practices like meditation, astrology, or journaling. You might be having important conversations with family or a roommate. You could be thinking about your living situation and where you want to live in the future, or you might be nostalgic about your childhood. Leo 23 July – 22 Aug You will feel supported by people this week. You may have friends reaching out and wanting to see you, or you could feel like you are part of a bigger community. You may also be thinking about your future and the dreams you envision for yourself. You might be doing a lot of reading, or you could be teaching yourself practical new skills. You could also have more inspiration to write or do speaking-related work. In addition, you might be organising travel plans, even if it is just a short-day trip somewhere. Virgo 23 Aug – 23 Sept You will be prioritising your career this week. You may have bigger job projects that you are tending to, or you could hear about new work opportunities. You may also be thinking about what you want to work towards in the long term in your career. You may be reflecting on your personal finances and how you can keep better track of your spending habits. You may also be coming up with business ideas and ways to boost your income, or you are contemplating various purchases you want to make. 20 random fun facts you never knew 1. Ketchup was once sold as medicine. The condiment was prescribed and sold to people suffering from indigestion back in 1834. 2. The world’s longest walking distance is 14,000 miles (22,530km). You can walk from Magadan in Russia to Cape Town in South Africa. It requires no flying or sailing – just bridges and open roads. 3. The moon has “moonquakes”. They happen due to tidal stresses connected to the distance between the moon and the Earth. 4. Humans are the only species that blush. Apparently, we are also the only living things that experience embarrassment. This is because it is a complex emotion that involves understanding the opinions of others. 5. All the clocks in Pulp Fiction were set to 4.20. It looks like we are going to have to rewatch the film to find out. 6. Kim Kardashian has a “glam clause” in her will. It states that if she is ever in a position where she cannot get ready herself, cannot communicate, or is unconscious, someone has to make sure her hair, nails and makeup are all perfect. 7. An ostrich’s eye is bigger than its brain. This could be why the birds often run around in circles when trying to escape predators, despite their fast running speed. 8. A jiffy is an actual unit of time. It is 1/100th of a second. 9. You cannot hum if you hold your nose. Hands up if you just tried it. 10. Vatican City is the smallest country in the world. It is 120 times smaller than the island of Manhattan. 11. Japan has over 200 flavours of Kit Kats. Its Vatican City oBrain tickling information Styles has two extra nipples. Pigs cannot look up. exclusively created for different regions, cities and seasons. There are some tasty-sounding ones like banana, blueberry cheesecake and Oreo ice cream, as well as some very questionable ones like baked potato, melon and cheese, wasabi and vegetable juice. 12. Harry Styles has four nipples. They stem from a common condition called polythelia. 13. A crocodile cannot stick its tongue out. They have a membrane that holds their tongue in place on the roof of their mouth, so it cannot move. 14. Pigs cannot look up at the sky. The anatomy of their spine and neck muscles limits their movement and restricts their head from being able to look upwards. 15. Kim Kardashian knows the alphabet in sign language. Apparently, she used it to cheat on tests with her friends at school. 16. In the course of an average lifetime, you could eat around 70 different insects and 10 spiders while sleeping. 17. Everyone’s tongue print is different. Like a fingerprint, it has unique features that differ from person to person. 18. It would take 19 minutes to fall to the centre of the earth. Scientists have worked this out, but they have not tried it in real life. 19. The Night Watch cloaks in Game of Thrones were made from Ikea rugs. The show bought the rugs, shaved them down and then dyed them to make the cloaks. 20. The iCarly high school set was also used for Saved by the Bell and That’s So Raven. That is why it looks so familiar.
4 theSun LYFE ON FRIDAY | OCTOBER 6, 2023 oTen iconic morning meals from around the world BREAKFAST, often hailed as the most important meal of the day, showcases a world of culinary diversity. Each corner of the globe boasts its own iconic breakfast, characterised by unique flavours, ingredients and cultural significance. Let’s embark on a flavorful journey to explore ten quintessential breakfasts from ten different countries, celebrating the rich tapestry of global cuisine. Full English breakfast (UK) The hearty full English breakfast reigns supreme in the United Kingdom. This morning feast includes fried eggs, crispy bacon, sausages, grilled tomatoes, mushrooms, baked beans and buttered toast. Some variations may feature black pudding and hash browns. This substantial breakfast exemplifies British culinary tradition, promising a robust start to the day. Croissant and café au lait (France) In the heart of France, breakfast is a simple yet exquisite affair. A buttery croissant, served alongside a steaming cup of café au lait (coffee with milk), is a hallmark of French morning rituals. The flaky layers of the croissant complement the creamy coffee, offering a harmonious marriage of textures and flavours. Dim sum (China) In China, breakfast transforms into a social and culinary spectacle with dim sum. These small, flavorful dishes, including dumplings, buns, spring rolls and rice rolls, are meant for sharing and are traditionally accompanied by Chinese tea. Dim sum breakfasts provide an opportunity to savour diverse flavours and textures. Chilaquiles (Mexico) Mexico embraces the bold and spicy flavours of chilaquiles for breakfast. This dish features lightly fried tortilla chips bathed in red or green salsa, topped with cheese, sour cream and sometimes, eggs. A garnish of cilantro and a side of refried beans complete this fiery and satisfying breakfast. Masala dosa (India) In the southern regions of India, the beloved masala dosa takes centre stage at breakfast. A crispy, paper-thin rice crepe envelops a spiced potato filling, accompanied by coconut chutney and sambar, a zesty lentil-based vegetable stew. This breakfast offers a delightful contrast of textures and flavours. Acai bowl (Brazil) Brazilian mornings are greeted with the acai bowl, known for its nutrition and flavour. A thick, purple acai berry puree is adorned with granola, sliced fruits such as bananas and berries, and a drizzle of honey. Acai bowls not only tantalise the taste buds but also pack a punch of antioxidants and energy. Shakshuka (Middle East and North Africa) The Middle East and North Africa offer delectable █ BYTHASHINE SELVAKUMARAN Full English breakfast Masala dosa Acai bowNasi lemak Global breakfasts Arepa
theSun LYFE ON FRIDAY | OCTOBER 6, 2023 5 cucumber slices. The symphony of flavours and textures makes nasi lemak a Malaysian breakfast treasure. Khao tom moo (Thailand) Thailand’s breakfast scene showcases khao tom moo, a comforting rice porridge with pork. This soothing dish consists of rice cooked in a flavorful broth with minced pork, garlic and ginger. It is often garnished with cilantro, sliced scallions and crispy fried garlic. Khao tom moo is a warm and nourishing way to start the day in Thailand. Arepa (Venezuela and Colombia) The iconic arepa graces breakfast tables in both Venezuela and Colombia. A thick, round cornmeal cake is split open and filled with a variety of ingredients, such as cheese, ham, eggs, avocado or beans. Arepas are cooked to achieve a crispy exterior and a soft interior, resulting in a customisable and gratifying morning meal. These ten iconic breakfasts from around the world represent a delicious tapestry of global cuisine, each reflecting the unique culture, traditions and flavours of their respective regions. Breakfast offers not just nourishment but a journey of taste and culture. It is a reminder that food transcends borders, bringing people together to share in the joy of diverse morning rituals. shakshuka for breakfast. Poached eggs nestle in a spicy tomato, pepper and onion sauce, infused with fragrant spices like cumin, paprika and cayenne pepper. This hearty dish is best enjoyed with crusty bread to soak up every flavorful bite. Nasi lemak (Malaysia) Malaysia offers the delightful nasi lemak for breakfast. This beloved dish features fragrant rice cooked in coconut milk and pandan leaves, served with a medley of accompaniments. These may include sambal (spicy chilli paste), fried crispy anchovies, peanuts, hard-boiled or fried eggs a n d Croissant and café au lait Chilaquiles wl Shakshuka Dim sum
Sportier Cross YOU can’t go wrong with a Toyota, that is the general conception of the Japanese brand. And it is quite true as Toyotas are known to be able to survive just about anything. Remember that popular British car show that threw a first-generation Hilux off a building? Despite being completely wrecked, the engine of that particular Hilux still started. We are not here to talk about the Hilux but the Corolla Cross – an SUV that sits between the B and the C-Segment and goes up against the likes of the Honda HRV, Mazda CX-30, Proton X50 and even the Proton X70. It has plenty to offer those who are looking for a reliable SUV with space for the family. And the one thing that it excels at best is comfort. It is undeniably one of if not the most comfortable SUV’s in its segment with seats that would make an armchair lover never want to get out. The Corolla Cross was undoubtedly built with comfort and practicality in mind. It shares its underpinnings with the Corolla sedan, the CH-R and even the Lexus UX, and in terms of sizing, the Cross sits in between the CHR and the RAV4. So, it is quite comfortable for a family of four or anyone wanting a fuss-free SUV. For those looking for something that offers a higher vantage point, the Cross sits 161mm above ground, which when compared to the Honda HRV that sits at 196mm and the Proton X70 with its 200mm of ground clearance, is not exactly that much. So, if you are looking for an SUV that offers decent ground clearance, the Cross may not be ideal. But it makes up for it with undeniable conveniences. Because it sits so close to the ground when compared to other SUV’s, getting in and out of the Cross is as easy as it gets. It is neither too tall where you will need to step on the side sill, risking dirtying or SUV balances comfort and practicality with GR look and feel █ KESHY DHILLON ON FRIDAY OCTOBER 6, 2023 ► Contributing Editor: KESHY DHILLON / [email protected] ► Tel (Editorial): 03-7784 6688 / +6012-580 3470 ► To advertise email: [email protected] The 1.8L engine produces 139PS and 172Nm of torque which is ideal for everyday practicality. The SUV boasts 440L of booth space, one of the biggest in its class. SPECIFICATIONS Engine: 1.8L, four-cylinder, DOHC with VVT-i Power: 139PS @ 6400rpm Torque: 172Nm @ 4000rpm Transmission: Suspension: 7-speed CVT with stabiliser (Front) / Torsion MacPherson strut Beam with stabilizer (Rear) Comfort and practicality. Not very sporty despite the GR emblems.
scratching it, neither is it too low. The other good thing about the ground clearance is that you do not have to carry items too high up to place it in the 440L boot, so it is quite ideal for parents or for the elderly. On the point of boot space, it must be said that the Cross has one of the biggest boots in its segment. While the Honda HRV and Proton X50 have just 335L, the CX-30 has a slightly smaller one at 430L. Only the Proton X70 has a comparatively gargantuan boot space measuring in at 515 litres. That’s another point on practicality for the Cross. Inside though, it is typically Toyota. It is quite sedate and uninspiring but feels like it will last decades. As already mentioned, it has the best seats in the segment (yes better than the Proton since the Cross has better thigh support) and the level of recline of the back seats means that the passengers will find long distance drives to be quite manageable. But this is no regular Corolla Cross, it is the Corolla Cross GR model. GR stands for Gazoo Racing much like Honda’s Type R or Nissan’s NISMO, but while Honda reserves the Type R moniker for cars that have been specifically produced for performance, Toyota and Nissan are more generous with their sporting brands and place them on just about every model they can. The Corolla Cross GR stands out from its lesser siblings with unique design touches and a stiffer suspension to give it sportier handling. With the GR variant, you get 18-inch wheels, a GR radiator grille, a GR rear bumper with a lower garnish and an air diffuser for sportier aesthetics. This theme also continues inside with the GR and GR sport emblem generously placed everywhere such as the start button, the floor mats and is even embossed onto the headrest. While these touches are great and undoubtedly look good, they do not turn the Corolla Cross into a fire-breathing performance machine. It is still very much a comfort and practical oriented Toyota. To get in, you don’t need to fiddle around to find your keys anymore as the Cross comes with a smart entry and start system that lets you get in and start the car with the keys in your pocket or your bag. A feature that is not exactly new and is available in almost all modern cars. Inside, your eyes will immediately catch the large nine-inch infotainment system. Toyotas of old had rather unfriendly entertainment software that were quite annoying to use, but it has to be said that the software for the Cross is quite intuitive. To top that, you also get Apple CarPlay and Android Auto. Music is fed into the cabin via six speakers, but audio quality will not impress hardcore audiophiles. However, those that appreciate a well put together cabin will also appreciate the general quality of the interior. Even on the move, the Cross does well at isolating the cabin from the outside world – giving passengers a quiet ride even at highway speed. Ride quality is also notable, but rear passengers may find it a little unbecoming. While the front suspension is made up of MacPherson struts with stabilisers, the rear however makes do with a torsion beam with stabiliser bars set up. Though functional and perhaps even necessary for an SUV with a tall ride height at this price point, it does compromise on passenger comfort. However, it needs to be said that the model tested here is the Corolla Cross GR variant, and it does come with a stiffer suspension set up. The GR version is the sportier of the Cross variants and a stiffer suspension is supposed to give the driver better control of the car. Powering the Cross is a 1.8-litre, four-cylinder, 16-valve with Dual VVT-I engine. Power is rated at 139PS and 172Nm of torque which is sent to the front wheels via a seven-speed CVT transmission. While the numbers may not be very GR, power is decent enough for your daily commute and even for highway cruising, which is what the Cross is ultimately about. It also has an impressive array of features that assist with everyday driving as well – such as a pre-collision warning system that alerts the driver in the event of an imminent collision so that appropriate steps can be taken. There is also Lane Departure Alert which is handy during long distance drives and in this particular Cross, the system also comes with Steering Assist that aids to keep the car in its lane by gently tugging on the steering. Some may find this annoying, but there is no doubt it is helpful. Particularly helpful for long distance drives is the Dynamic Radar Cruise Control that brakes and accelerates the car automatically according to the set speed limit and also according to traffic conditions. There is more though, such as Blind Spot Monitoring, Rear Cross Traffic Alert, Hill-Start Assist, not forgetting the passive safety systems such as the seven airbags. The Cross is undoubtedly impressive and with its many GR emblems generously placed, you never forget that you are driving a unique model that not only has the comfort and convenience of a regular Cross, but also matches the sporting character of your personality, but don’t expect it to be sporty. 7 The interior of the Corolla Cross OCTOBER 6, 2023 is undoubtedly well built. Even the start-stop button gets a GR emblem The leather steering wheel has a high quality feel that everyone will appreciate. The 9” infotainment screen comes with Apple CarPlay and Android Auto. Power is sent to the front wheels through a 7-speed CVT transmission. The handbrake is remarkably footoperated, just like older cars. Sport GR emblems on headrests. The rear seats are comfortable and spacious. Front seats are impressively comfortable with 8-way electronic adjustability, but only for the driver. Rear passengers get their own air-conditioning vents and two Type C USB ports. The GR variant gets a powered tailgate.
8 OCTOBER 6, 2023 LONDON, renowned as the nation’s epicentre for high-end automobiles, is facing a growing concern as a recent surge in thefts targeting supercars has placed owners on edge. In recent weeks, criminals armed with sophisticated methods have been specifically targeting Ferraris, prompting a citywide frenzy to secure these prized possessions. For the past decade, London has been a sought-after summer destination for ultra-highnet-worth individuals, who transport their private supercar collections to the city for leisure. However, over the last three months, a notable escalation in high-value vehicle thefts is posing a threat to supercar ownership in London, as reported by Windrush Car Storage, a discreet sanctuary offering top-tier security for exclusive vehicles. Earlier this year, Windrush was inundated with phone calls from anxious owners seeking secure locations for their cherished vehicles, responding to a flurry of reports on stolen Ferraris across the city. Among the stolen vehicles were high-value models like the 812 Superfast, 488, and Pista. Alastair Main, the general manager of Windrush, highlighted the urgency and distress exhibited by owners, especially those with Italian luxury brands, as they hurried to safeguard their vehicles from the rising theft wave. He noted that social media posts from owners, urging the public to be on the lookout and even offering rewards, triggered a surge in vehicles being brought into their secure facility. Reports suggest that stolen vehicles are being shipped to Russia due to a shortage of new cars, a concerning trend reported to car insurers in the region. On online platforms like Reddit, disillusioned Londoners share their frustrations about the lack of police intervention and investigations into these thefts, exemplified by a friend’s stolen Ferrari case. In response to the escalating thefts, Ferrari stated their awareness of the situation and their commitment to collaborating with local authorities to enhance security measures. Windrush’s secret storage facility has seen not only private clients but also professional chauffeurs and hire fleets seeking refuge for their vehicles, underlining the gravity of the situation. The rise in luxury motor theft initially targeted Range Rovers but has now escalated to brazen thieves targeting the most expensive supercars, later flaunting their exploits by sharing videos of reckless driving online. Incidents like a thief using a jammer to steal a Ferrari and showcasing it online have added to the growing concerns. Earlier this year, a ransomware attack on Ferrari’s IT systems resulted in a string of thefts, although Ferrari and the police deny any direct link between the two. As London grapples with this supercar theft epidemic, law enforcement has assured the public of their efforts, conducting patrols and operations to address concerns over catalytic converter thefts and keyless car thefts, utilising ANPR (Automatic number-plate recognition) technology to identify stolen motor vehicles and apprehend offenders. With luxury SUV owners also facing tire damage due to environmental campaigns, London’s automotive landscape is undergoing a series of unprecedented challenges. █ TIMOTHY PRAKASH Porsche 911 GT3 R Rennesport collectors edition IN THE realm of exceptional and exclusive collector’s items, the Porsche 911 GT3 R Rennsport stands tall, limited to a mere 77 units, it’s a beacon of distinctive design and raw performance. A fusion of high-performance competition aesthetics and modern design elements, the Rennsport pays homage to Porsche’s rich motorsport history without being confined to a retro look. Built on the fundamental performance factors of the original GT3 model, the 911 GT3 R Rennsport continues to prioritise function while captivating the senses in an exceedingly emotional and attractive manner. Crafted by Grant Larson and Thorsten Klein from the Style Porsche team, it exhibits a powerful presence. Larson states that this model is a logical successor to the modern Porsche 935, drawing on the current 911 GT3 R of the 992 generation. Although elements like the bonnet and roof are shared with the standard GT3 R, nearly all other body components have been meticulously redesigned. The visual enhancements include a widened stance, a lower profile with beautifully designed wheels, and meticulous attention to proportions to create a spectacular visual appeal. The distinct design elements of it begin at the front, where aerodynamically optimised geometry meets striking aesthetics. However, it’s at the rear where modifications truly shine. The massive rear wing takes center stage, reminiscent of the legendary Brumos Porsche 935/77 that triumphed at the 24 Hours of Daytona in 1978. Powered by a 4.2L six-cylinder boxer engine revving up to 9,400rpm, the car offers an exhilarating experience. With enhanced engine power and reduced weight, the Rennsport’s power output reaches up to 620PS, setting new standards for a naturally aspirated GT racing car. Porsche Motorsport is offering the limited edition 911 with a starting price of €951,000 (RM4.7 million), plus country-specific VAT and options. This exclusive offering encapsulates the essence of Porsche’s racing heritage, reimagined for the modern-day discerning collector. THE Toyota Gazoo Racing (TGR) Festival has undoubtedly cemented its reputation as the premiere one make race series in Malaysia. Over six seasons, TGR has provided fans with thrilling wheel to wheel racing where professionals, celebrities as well as amateur drivers compete to be crowned champion of the series at the end of the season. The series requires teams to compete in a race spec Toyota Vios with all cars having the same state of tune. To level the playing field, drivers who are particularly quick are required to have weight ballasts that slow down their cars. In the six seasons of racing, the Toyota Vios has been the mainstay of the series. Teams fork out about RM100,000 to buy a race prepared Toyota Vios and this also gives the access to two seasons of racing. As season six draws to a close, UMW Toyota Motors took the opportunity to officially unveil next season’s race car. Based on the latest generation Toyota Vios, the new race car shares the same concept as the old – with a stripped out interior and a sixpoint roll cage that not only offers safety for the driver but also adds stiffness to the car that gives it more agile handling. Besides the roll cage, the new Vios also sports a new platform that adds further rigidity. This combined with new aerodynamic enhancements make the Vios more planted in corners, improves responsiveness and also provides faster lap times as compared to the previous generation race car. The new Vios challenger is still powered by the same 1.5L engine producing 106PS and 138Nm of torque. The power figures are the same as the street car but the biggest difference is the transmission. While the road going model uses a CVT gearbox, the race car sends power to the front wheels through a 5-speed manual transmission. The Vios also includes a new race exhaust manifold, exhaust mid-section and muffler, a limited slip differential and race tuned suspension. Season seven of the Toyota Gazoo Racing Festival will continue next year and interested parties can get in touch with the management of the series at 60163673300. ABT unleashes 810hp Lamborghini Urus IN A bold endeavor, renowned tuner ABT Sportsline set its sights on Lamborghini, and has now unveiled its latest creation – the ABT Urus Scatenato, aptly named for its promise of unleashed, raging performance. Limited to a mere 99 units, this exclusive offering marries power and exclusivity in a breathtaking display of automotive prowess. Taking its expertise from enhancing VW Group vehicles, ABT begins its transformation with the performanceoriented Lamborghini Urus, adding a remarkable boost of power and subtle design refinements. The base model Urus Performante already boasts an impressive 666hp from its twin-turbocharged 4.0L V8 engine. However, ABT’s Power R technology elevates this figure to an astonishing 810hp, a remarkable addition of 144hp. Aerodynamics play a crucial role in channeling this newfound power effectively. The design philosophy of subtle enhancements continues in the extensive use of carbon fiber throughout the Urus Scatenato. Furthermore, the exhaust system, equipped with ABT 4-pipe titanium tailpipe tips, delivers a symphonic soundtrack that perfectly complements the V8 engine’s performance, offering an auditory experience to match its visual prowess. Drawing parallels to the Audi RS Q8 Signature Edition ABT developed previously, which shares a platform with the Urus, the Urus Scatenato promises performance akin to the Q8. The shared platform utilises a variation of the 4.0 twin-turbo V8 engine, boasting a staggering 790hp. The power surge propels the Urus Scatenato from 0 to 100kph in a mere 3.2 seconds. With sufficient runway, it can reach a top speed of 315kph, a significant enhancement over the stock RS Q8. While ABT Sportsline has not disclosed specific performance numbers for the Urus Scatenato, it’s evident that this raging version of the Urus will undoubtedly exhibit similar, if not superior, enhancements, promising an exhilarating and dynamic driving experience. London’s supercar theft raises alarm New Toyota Vios race car formally announced
KLCI 1,415.60 STI 3,155.10 7.71 HANG SENG 17,213.87 18.03 SCI NIKKEI 31,075.36 2.09 TSEC 16,453.52 180.14 KOSPI 2,403.60 CLOSED S&P/ASX200 6,925.50 35.30 FRIDAY OCTOBER 6, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES October 5, 2023 STOCK VOL CLSG (sen) +/– (sen) KNM 276,961,500 17.5 +1.0 SCIB 87,765,400 49.5 +2.0 EKOVEST 81,208,300 54.0 +0.5 BPLANT 79,332,300 140.0 +13.0 UEMS 61,248,400 78.5 -3.5 EXCHANGERATES OCTOBER 5, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.7940 4.6580 4.6480 1 AUSTRALIAN DOLLAR 3.0530 2.9310 2.9150 1 BRUNEI DOLLAR 3.4960 3.3940 3.3860 1 CANADIAN DOLLAR 3.4850 3.3910 3.3790 1 EURO 5.0480 4.8830 4.8630 1 NEW ZEALAND DOLLAR 2.8490 2.7430 2.7270 1 SINGAPORE DOLLAR 3.4960 3.3940 3.3860 1 STERLING POUND 5.8290 5.6450 5.6250 1 SWISS FRANC 5.2180 5.0980 5.0830 100 UAE DIRHAM 132.1500 125.2800 125.0800 100 BANGLADESH TAKA 4.4340 4.1430 3.9430 100 CHINESE RENMINBI N/A N/A N/A 100 HONGKONG DOLLAR 61.9300 58.8400 58.6400 100 INDIAN RUPEE 5.8600 5.5000 5.3000 100 INDONESIAN RUPIAH 0.0318 0.0287 0.0237 100 JAPANESE YEN 3.2260 3.1230 3.1130 100 NEW TAIWAN DOLLAR N/A N/A N/A 100 PAKISTAN RUPEE 1.7200 1.6100 1.4100 100 PHILIPPINE PESO 8.5900 8.0900 7.8900 100 QATAR RIYAL 133.0000 126.2600 126.0600 100 SAUDI RIYAL 129.3200 122.7700 122.5700 100 THAI BAHT 13.5800 12.0400 11.6400 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 5, 2023 INDICES CHANGE FBMEMAS 10,493.79 -0.05 FBMKLCI 1,415.60 -0.24 CONSUMER PRODUCTS 549.99 +1.08 INDUSTRIAL PRODUCTS 169.91 -0.20 CONSTRUCTION 184.18 +2.25 FINANCIAL SERVICES 15,863.67 +31.54 ENERGY 849.27 -8.78 TELECOMMUNICATIONS 568.54 +0.58 HEALTH CARE 1,679.21 +3.14 TRANSPORTATION 920.84 +3.57 PROPERTY 853.51 -3.83 PLANTATION 6,837.61 +11.78 FBMSHA 10,780.24 -1.84 FBMACE 5,111.64 -8.78 TECHNOLOGY 61.51 +0.01 TURNOVER VALUE 3.107 BIL RM2.257 BIL 5 TOP GAINERS October 5, 2023 STOCK VOL CLSG (RM) +/– RM KESM 900 7.57 +0.22 AJI 10,300 15.30 +0.20 TIMWELL 33,600 0.63 +0.195 BPLANT 79,332,300 1.40 +0.13 PPB 583,100 15.40 +0.10 5 TOP LOSERS October 5, 2023 STOCK VOL CLSG (RM) +/– RM HEXTECH 700 24.80 -0.64 NESTLE 110,200 127.00 -0.50 PANAMY 92,000 18.04 -0.46 F&N 58,500 25.18 -0.40 RAPID 206,200 25.28 -0.10 BNM to refine Digital Insurers and Takaful Operators Framework KUALA LUMPUR: Bank Negara Malaysia (BNM) will refine several aspects of the Digital Insurers and Takaful Operators Framework (Dito Framework), based on feedback in the consultation paper on the Exposure Draft on Licensing and Regulatory Framework for Dito published in November last year. BNM said this includes enhancements to provide clarity for emerging and innovative business models, such as embedded insurance and insurance-as-a-service. “This aims to encourage wider participation from players in the insurance and takaful value chain that can deliver the intended policy outcomes of the Dito Framework. “BNM plans to finalise the framework by the first half of 2024,” the central bank said in a statement yesterday. The exposure draft outlines the proposed framework to facilitate the entry of digital insurers and takaful operators into Malaysia that can offer strong value propositions to realise the policy outcomes of inclusion, competition, and efficiency. BNM said feedback from more than 50 stakeholders was received during the consultation period, which ended on April 28. After that, the central bank continued to engage with stakeholders to consider the feedback, particularly in relation to alternative business and operational models, as well as on the approach to the foundational phase. Accumulated fixed asset investment increases PETALING JAYA: The Gross Capital Stock (GKS) or the accumulated investment in the country’s fixed assets, increased by 2.8% to RM5.4 trillion in 2022 and the Net Capital Stock (NKS), which symbolises Malaysia’s economic wealth, was RM3.4 trillion, according to Capital Stock Statistics 2022. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “NKS grew by 2.4% in 2022, compared with 1.8% in the previous year. This is in line with the recovery of Gross Fixed Capital Formation (GFCF), which rebounded to 6.8% in 2022, after a marginal decrease of 0.8% in the previous year. Overall, all economic sectors recorded positive growth except for mining & quarrying, which experienced a marginal 0.02% contraction, an improvement from the previous year’s negative 0.3%.” On NKS performance by kind of economic activity, the value of fixed assets in the services sector was the highest among other economic activities, with RM2.3 trillion, which contributed 68.6% in 2022. This sector’s growth accelerated to 3% supported by increases in wholesale and retail trade; food and beverage and accommodation and utilities, which recorded 7.5%, 7.3% and 7.1% growth, respectively. NKS for the manufacturing sector amounted to RM395.2 billion and expanded by 2.7% (2021: 1.5%), driven by the subsector of food, beverages and tobacco which increased 6.1% (2021: 4.1%). Furthermore, net capital stock in the construction sector grew to 3.4% from 3.5% in the preceding year, while net capital stock in the agriculture sector moderated to 0.6% from 0.9% in 2021. The moderation of NKS in the agriculture sector is in line with the performance of fixed asset investment in the agriculture sector, which showed a decline of 8.9% (2020) and 3.8% in 2021, followed by a slight increase of 0.2% in 2022. Mohd Uzir said the acquisition of fixed assets by asset type, led by structure, contributed 80.9% and recorded a growth of 2.7% in 2022 (2021: 2.5%). This was followed by machinery and equipment assets, which contributed 10.9%, indicating an increase of 1.5% compared to a decline of 1.9% in the previous year. The 12th Malaysia Plan (12MP), he said, emphasises the goal of improving economic sustainability to achieve sustainable growth through increased productivity. “Productivity growth can be achieved by increasing output. It is imperative that the government could encourage investment in fixed assets that can contribute to productivity growth,” he added. Malaysia set to become regional RE industry leader KUALA LUMPUR: Malaysia’s Hydrogen Economy and Technology Roadmap (HETR) was launched yesterday, pushing the country to the forefront of energy transition and to becoming a regional leader in the renewable energy (RE) industry. The HETR was launched by Deputy Prime Minister Datuk Seri Fadillah Yusof during the opening ceremony of the 14th International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2023). Fadillah, who delivered the opening keynote address on behalf of Prime Minister Datuk Seri Anwar Ibrahim, said the successful implementation of the HETR will enable Malaysia to tap into the global green hydrogen market, estimated to be worth at least US$189 billion (RM824 billion) by 2050. “The HETR implementation alone is anticipated to have prospects of generating up to RM12.1 billion in revenue with an estimated contribution of between RM49 billion and RM61 billion to gross domestic product by 2030, generating over 45,000 job opportunities over the same period. “With the implementation of initiatives Fadillah (centre) officiating at the opening of IGEM 2023 at the Kuala Lumpur Convention Centre yesterday. – BERNAMAPIC oEnergy transition picks up momentum with launch of Hydrogen Economy and Technology Roadmap 548.48 0.24 under the recently unveiled National Energy Transition Roadmap (NETR) and (now) the HETR, Malaysia is set to be at the forefront of becoming a regional leader in the energy transition and renewable energy industry,” he said. He said IGEM 2023, which ends today could play a decisive leadership role in accelerating and delivering the region’s net zero and energy transition agenda. The event, which opened on Wednesday and ends today, is organised by the Ministry of Natural Resources, Environment and Climate Change and co-organised by Malaysian Green Technology and Climate Change Corporation. Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad noted that as Southeast Asia’s leading trade event for green technologies and eco solutions, IGEM has an impressive track record of having delivered over RM30 billion in business leads and over 530,000 visitors from more than 112 countries since 2010. IGEM 2022 recorded about RM4.25 billion in business leads, with 33,000 visitors and 370 exhibition booths. “This year, we are confident that we can surpass last year’s achievement of RM4.25 billion business leads and we expect 40,000 visitors from 40 countries. “The government’s energy transition intent under the NETR augurs well with my ministry’s current effort to decarbonise the power sector through accelerated deployment of RE capacity in our power installed capacity from the existing 25% to 70% in 2050,” he added. – Bernama Participation 23.2 40.3 36.5 100.0 Retail Institutions Foreign Bought RM m 513.7 1126.1 617.5 2257.3 Sold RM m 536.3 692.9 1028.1 2257.3 Net RM m -22.6 433.2 -410.6 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 5/10/2023
10 theSUN ON FRIDAY | OCTOBER 6, 2023 SUNBIZ Great Eastern proposes to acquire AmMetLife Insurance, AmMetLife Takaful KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Berhad (GELM) and Great Eastern Takaful Berhad (GETB), both of which are subsidiaries of Great Eastern Holdings Limited (GEH), had on Oct 2, 2023 entered into an Implementation Agreement with AMAB Holdings Sdn Bhd (AMAB), a wholly owned subsidiary of AMMB Holdings Berhad (AMMB) and MetLife International Holdings LLC (MetLife), in relation to: 0 the proposed acquisition by GELM of 100% of the shares in AmMetLife Insurance Berhad (AML); and 0 the proposed acquisition by oLife insurer enters into Implementation Agreement with AMAB Holdings and MetLife International Holdings GETB of 100% of the shares in AmMetLife Takaful Berhad (AMT). from AMAB and MetLife (the Proposed Acquisition). Upon completion of the Proposed Acqusition, GELM will hold 100% of the shares in AML and GETB will hold 100% of the shares in AMT. In addition, the Proposed Aquisition will see GELM, together with AML, and GETB, together with AMT, entering into an exclusive 20- year bancassurance and bancatakaful agreement for the distribution of life insurance and family takaful products through the distribution network of AMMB’s banking subsidiaries, AmBank (M) Berhad and AmBank Islamic Berhad, across Malaysia. The Proposed Acquisition is subject to regulatory approvals from Bank Negara Malaysia and/or the Minister of Finance, Malaysia, and the Monetary Authority of Singapore. Upon receipt of these regulatory approvals and satisfaction of certain other conditions, AMAB, MetLife, GELM and GETB will enter into a definitive sale and purchase agreement in accordance with the terms of the Implementation Agreement. Great Eastern Group CEO Khor Hock Seng said, “We look forward to partner with AmBank (M) Berhad and AmBank Islamic Berhad to offer our comprehensive range of life insurance and takaful solutions to the bank’s three million customers. “This opportunity will provide both GELM and GETB with an expanded distribution network to serve Malaysians better, and further reinforce our commitment to increase the penetration rate of life insurance and family takaful industry in Malaysia.” The statement added that further announcements in relation to the Proposed Acquisition will be made at the appropriate time. Step up your participation in carbon credit trading, Bursa CEO tells Corporate Malaysia KUALA LUMPUR: Bursa Malaysia Bhd and the Ministry of Natural Resources, Environment and Climate Change (NRECC) are disappointed with Corporate Malaysia’s level of participation in trading of carbon credits. Bursa Malaysia CEO Umar Swift said that he was “disappointed” by the low participation of listed companies and “would have liked to see more companies participate in the auction and initial trading of carbon credits”. From left: NRECC undersecretary Dr Hartini Mohd Nasir, Umar, Nik Nazmi, Malaysian Green Technology & Climate Change Corp group CEO Shamsul Bahar Mohd Nor and Bursa Malaysia market operations director Tay Yu Hui. █ BY GLORIA HARRY BEATTY [email protected] “Corporate Malaysia, do step up and show your interest to purchase or to produce carbon credits,” he said in his speech at the Malaysia’s Voluntary Carbon Market Forum 2023. He said Bursa Carbon Exchange (BCX) had carried out its first carbon credit auction with 15 buyers from various industries acquiring a total of 150,000 Verraregistered (Verified Carbon Standard) carbon credits. In September, the BCX trading platform functionality for continuous trading and off-market transaction went live, with 16,500 units of carbon credits traded by 10 companies by the end of the second trading day. “While we are happy to have hit these milestones, I must reemphasise that the advancement of the (Voluntary Carbon Market) VCM relies heavily on early participation from Corporate Malaysia,” he added. NRECC Minister Nik Nazmi Nik Ahmad echoed Umar’s sentiments and urged for more participation from Corporate Malaysia in supporting the government’s environmental, social, and corporate governance efforts. “Similarly, when we increased our green electricity tariff (programme) this year, we also saw many companies that talked a lot about climate change, environment and sustainability suddenly dropped out from the programme. “So I share this sentiment in urging Corporate Malaysia to put your money where your mouth is and support our efforts towards sustainability because for a country like Malaysia with the size of our market, without strong support from Corporate Malaysia, we will not be able to grow (and) scale,” Nik Nazmi said. He said the carbon markets can emerge as one of the financial enablers to support the levers, including the VCM, which “will be very important for Malaysia moving forward”. “The success of this carbon market will require deep collaboration among many stakeholders,” he added. In August, the government, through the Ministry of Economy, launched the National Renewable Energy Roadmap, which is anchored on six levers, to accelerate energy transition. Umar also announced that one of Malaysia’s nature-based projects – the Kuamut Rainforest Conservation Project in Sabah – is nearing its first issuance and will be ready to auction carbon credits. “Soon enough, we hope our carbon ‘supermarket shelves’ will be stocked with Malaysian products,” he said. The auction date will be announced once BCX’s Verra has issued Kuamut’s carbon credits. Malaysia’s VCM handbook was launched at the forum, held in conjunction with the International Greentech & Eco Products Exhibition and Conference Malaysia 2023. Airbnb guests in Malaysia spent RM7 billion in 2022 PETALING JAYA: Airbnb guests in Malaysia spent about RM7 billion in the country in 2022, across areas such as purchases in restaurants, retail stores, and on transport, said a new research from independent global advisory firm Oxford Economics, in a study commissioned by Airbnb. The platform’s activities also contributed over RM5 billion to gross domestic product and supported almost 57,000 jobs. A significant majority of Airbnb guests’ spending came on top of their accommodation spending, with spending on the nonaccommodation category being more than six times than the Airbnb guest spending on accommodation. The top five states and territories that benefitted the most from Airbnb’s activities were Kuala Lumpur, Selangor, Johor, Penang and Sabah. Notably, in Selangor, Airbnb guest spending grew to about RM1 billion in 2022, up 85% from 2019. In 2022, a significant majority of Airbnb guests were domestic travellers, who made up 81% of total guests, up from 63% in 2019. As domestic travel grew, domestic Airbnb guest spending in 2022 totalled almost RM4 billion. This accounted for about 58% of total Airbnb guest spend in Malaysia, up from 35% in 2019. The report also explored two profound changes in travel behavior since the pandemic – the dispersal of tourism away from urban areas, and long-term stays driven by the emergence of flexible work arrangements. Selangor aims to become hub for trade, logistics in Southeast Asia SETIA ALAM: Selangor has set an ambitious goal to establish itself as the hub for trade and logistics in Southeast Asia, driven by its strong economy, diverse workforce, and high per capita purchasing power. Selangor Menteri Besar Datuk Seri Amirudin Shari said Selangor’s robust economy, diverse workforce, and high per capita purchasing power make it an ideal choice for global businesses seeking growth opportunities in the region. “Selangor now contributes more than one quarter of Malaysia’s entire gross domestic product at 25.5% in 2022 (which reinforces its position as a key driver of the nation’s economic growth). Due to this increase, the Malaysian Investment Development Authority announced that more than 50,000 jobs, including more than 10,000 high-income employment opportunities, have been created in the manufacturing (sector) alone,” he said during the partnership announcement of the development of Daiso Global Distribution Centre (GDC) in Malaysia valued at RM1 billion yesterday. Daiso Malaysia Group Sdn Bhd has partnered with the Kajima-Suncorn joint venture, represented by Kajima (Malaysia) Sdn Bhd and Sunway Construction Sdn Bhd, for the development of a new GDC in Port Klang, which will be its biggest warehouse in the world. “This partnership aligns with our vision to elevate Selangor’s position as Southeast Asia’s hub for trade and logistics. It reflects our commitment to attracting high-value investments that drive economic growth and create quality employment opportunities for the people of Selangor,” said Amirudin. The new GDC will serve as a global distribution hub for Daiso, facilitating the inbound logistics of Daiso products from countries such as Japan and China, for the outbound distribution to 22 countries across Asia and the Middle East. It stated that the move will enhance the availability of Daiso products in these regions. The construction of the 130,000 square metre GDC is scheduled to begin in May 2024, with an expected completion date in May 2026. The GDC will be integrating Automated Storage and Retrieval System technology into its operations, in collaboration with Murata Electronics (Malaysia) Sdn Bhd. █ BYHAYATUN RAZAK [email protected]
11 * SUNBIZ theSUN ON FRIDAY | OCTOBER 6, 2023 READ OUR HERE /thesundaily SCAN ME AHB investors to receive final income distribution of 2.5 sen a unit SHAH ALAM: Pelaburan Hartanah Berhad (PHB) and Maybank Asset Management Sdn Bhd (MAM) yesterday announced the final income distribution for Amanah Hartanah Bumiputera (AHB), totalling 2.5 sen a unit for the six-month period ended Sept 30, 2023. This distribution consists of a basic income distribution of 2.25 sen a unit and an additional bonus distribution of 0.25 sen per unit. The bonus distribution is funded by PHB, AHB’s sponsor and is distributed for the first 500,000 units held by a unitholder. This brings the total income distribution to 5.0 sen a unit equivalent to 5.0% per annum, with a total distribution of RM215 million for the 12-month period ended Sept 30, 2023 after PHB and MAM declared an interim income distribution of 2.20 sen a unit with a bonus distribution of 0.30 sen per unit for the sixmonth period ended March 31, 2023 in April. PHB group managing director/ CEO Mohamad Damshal Awang Damit said in a statement, “PHB is actively pursuing ESG goals through various initiatives towards net-zero carbon target. One of PHB’s current green initiatives involves optimising our energy usage in building operations. The company has already obtained Green Building Index (GBI) certification for several assets, with the highest achieving a provisional Gold Rating. The goal is to make at least half of our assets Green Building compliant by 2030.” AHB will pay out a total of RM112 million to approximately 73,000 unitholders for this income distribution. Income received by unitholders is not only tax-free, but also net of zakat. The unitholders can expect the income to be credited directly into their bank account or AHB unit trust account on Oct 31, 2023. PHB is the sole operating arm of Yayasan Amanah Hartanah Bumiputera, a trust institution under the purview of the Malaysian government. AHB is a Shariah compliant realestate backed trust fund with a fixed price of RM1 per unit. It invests primarily in the beneficial ownership of commercial properties in prime locations in Malaysia with the aim of providing bumiputra investors with a regular and consistent income stream while preserving their investment capital. Petronas, Idemitsu in pact to enhance SAF supply chain Khazanah, Italy’s CDP Group to explore investment opportunities KUALA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional Bhd and Cassa Depositi e Prestiti Group (CDP Group) have signed a memorandum of understanding (MoU) to identify areas for investment and cooperation opportunities, primarily in Malaysia and Italy. The first of its kind between Italy and Malaysia, the MoU is set to strengthen economic, trade and industrial relations between Italy and Malaysia, promoting investments between the two countries by supporting the entry and presence of Khazanah and its subsidiaries in the Italian market. It will also support Italian companies interested in expanding their business in the Asean region, the parties said in a joint statement yesterday. The non-binding four-year agreement was signed for the CDP Group by its subsidiaries namely CDP Equity, Fondo Italiano di Investimento SGR, CDP Venture Capital SGR and Simest at the 7th edition of the high-level dialogue on Asean Italy Economic Relations on Oct 3-4 in Bangkok, Thailand. Among other things, the MoU stipulates that Khazanah is open to evaluate potential investment opportunities in companies in CDP Equity’s portfolio, as well as to cooperate with Fondo Italiano d’Investimento SGR and CDP Venture Capital SGR to analyse potential collaboration opportunities with Italian companies and/or groups with significant businesses in Europe or in Malaysia. “CDP and Khazanah will mainly focus on analysing potential investment opportunities in Malaysian subsidiaries of Italian companies and/or groups. “This signifies the Italian business network’s readiness to strengthen economic relations with Asean nations including Malaysia, by exploring investment opportunities in the country,” the parties said. Khazanah managing director Datuk Amirul Feisal Wan Zahir said Khazanah is honoured to be a part of the strategic alliance with the CDP Group, which will significantly boost two-way relations between Italy and Malaysia. “Through this partnership, we are able to jointly facilitate and establish further opportunities for Italian enterprises currently investing or willing to invest in Malaysia, and vice versa, enhancing the economic strength and resilience of both nations,” he said. Meanwhile, CDP Investment director and CEO of CDP Equity Francesco Mele said the MoU represents an important milestone in the process of strengthening relations with international institutional investors, fostering the potential growth of Italian companies in Southeast Asia. – Bernama Batik Air to start non-stop flights to Tashkent on Dec 8 KUALA LUMPUR: Budget airline, Batik Air, will soon introduce non-stop flights to Tashkent, Uzbekistan. Commencing on Dec 8, there will be two flights per week. Flight OD751 will depart from Kuala Lumpur every Wednesday and Friday at 7.30pm to arrive at Tashkent (TAS) at 9.55pm. Meanwhile, the return flight OD752 will depart TAS at 11.25pm and arrive at Kuala Lumpur International Airport at 9.45am the next day. The new expansion aligns with the airline’s commitment to offering diverse and exciting travel experiences to passengers, said Batik Air and Lion Group strategy director Datuk Chandran Rama Muthy in statement yesterday. Fares start at RM2,553 for economy class and RM4,003 for business class for all-inclusive oneway fares on Batik Air’s brand-new A330 aircraft. Both companies will also work on establishing a robust SAF sales and distribution network to ensure SAF accessibility to airlines. – BERNAMAPIX BIS and central bank partners launch Project Mandala KUALA LUMPUR: The Bank for International Settlements (BIS) and central bank partners have launched Project Mandala, which aims to automate compliance procedures, provide real-time transaction monitoring and increase transparency, and visibility around countryspecific policies. The project explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases such as foreign direct investment, borrowing and payments. Bank Negara Malaysia (BNM) said disparate policy and regulatory frameworks between different jurisdictions are among the chief obstacles to smooth and efficient crossborder payments. “They contribute to the regulatory compliance burden across the payment chain, increase the time for cross-border transactions and introduce uncertainties among stakeholders,” the central bank said in a statement yesterday. Project Mandala is a joint collaboration between the BIS Innovation Hub (BISIH) Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, BNM, the Monetary Authority of Singapore and financial institutions. It seeks to ease policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring and increasing transparency and visibility around country-specific policies. BNM assistant governor Dr Norhana Endut said BNM is committed to making crossborder payments more efficient. “Project Mandala could pave the way for more seamless cross-border transactions in the future while ensuring that regulatory compliance and transaction security are maintained. We welcome its potential, not only for Malaysia but also for the global community,” she added. – Bernama KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Idemitsu Kosan Co Ltd (Idemitsu) signed a memorandum of understanding (MoU) to enhance capabilities across the supply chain and optimise the route to market for sustainable aviation fuel (SAF), marking a significant step in both companies’ ongoing commitment to producing lower carbon energy solutions for customers worldwide. Under the terms of the MoU, Petronas and Idemitsu will focus on a feasibility study to scale up bio feedstock possibilities, production cost analysis and security in ensuring a steady and efficient supply chain for the sustainable development of SAF. This includes exploring the supply potential of non-edible oil feedstock trees suitable to produce SAF, such as Pongamia and Jatropha. In addition, both companies will also work on establishing a robust SAF sales and distribution network to ensure SAF accessibility to airlines. Petronas executive vice-president and CEO of Downstream Datuk Sazali Hamzah said, “Our partnership with Idemitsu builds on a legacy of almost five decades of shared ambition to address the everchanging energy needs worldwide. In the latest collaboration, our valued partner will continue to have access to our distinctive advantage, enabling us to collectively deliver impactful outcomes for the benefits of our end customers. “This is the standard of value we consistently offer to our business-tobusiness customers.” Idemitsu director and managing executive officer Masahiko Sawa said, “As the two companies have overcome various challenges together, we expect this new initiative will contribute to the achievement of carbon neutrality in the aviation industry through the early implementation and deployment of SAF in society. Idemitsu is engaged in the development of various raw materials and marketing for SAF, and we will utilise and further develop them in this joint study.” With ongoing endeavours in the space of cleaner energy solutions, Petronas will soon have the capacity for large scale production of SAF and other types of biofuels by 2026 through its biorefinery in Pengerang, Johor and co-processing in Melaka. This will enable Petronas to capture markets beyond aviation to include transportation as well as Formula One and its logistics team. Petronas also boasts strong global presence which the partnership is able to tap in order to access a broader range of feedstocks while seizing market growth opportunities within the expanding SAF sector worldwide. Idemitsu’s expertise resides in its technologies to produce SAF from non-fossil renewables to help create a competitive future for the aviation industry. This is exemplified by its ATJ and HEFA technologies, which convert ethanol and waste cooking oils respectively into SAF. oMoU on sustainable aviation fuel reflects their commitment to producing lower carbon energy solutions
12 theSUN ON FRIDAY | OCTOBER 6, 2023 SUNBIZ Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ /thesuntelegram FOLLOW ON TELEGRAM SCAN ME European regulators crack down on Big Tech GDANSK: European regulators have launched a series of probes against Big Tech. In the latest one, Britain’s media regulator asked the country’s antitrust authority to investigate US tech giants Amazon and Microsoft’s dominance of the UK cloud market. Here are some of the actions taken by European watchdogs to keep a tab on big technology companies: European Union Microsoft said in August it would unbundle chat and video app Teams from its Office product in a bid to avoid a possible EU antitrust fine, a month after the European Commission oAmazon and Microsoft likely to be investigated by UK regulator over cloud market dominance in the country launched an investigation into its Office and Teams tie-up. In December 2022, Amazon settled three antitrust probes after it addressed the EU’s concerns over its use of sellers’ data. In September, the EU picked out 22 so-called “gatekeeper” services run by Alphabet, Amazon, Apple, Meta, Microsoft and TikTok-owner ByteDance, giving them six months to comply with the provisions of its wide-ranging Digital Markets Act. Britain Britain’s media regulator on Oct 5 asked the country’s antitrust authority CMA to investigate Amazon and Microsoft’s dominance of the UK cloud market, citing features that made it more difficult for businesses to switch or mix and match cloud providers. France The French competition authority said in July it was aware of OpenAI CEO Sam Altman’s Worldcoin crypto project and that the legality of its biometric data collection “seems questionable as do the conditions for storing biometric data”. Germany A German data watchdog has been investigating Worldcoin since late 2022. Worldcoin, which launched in July 2023, requires users to give their iris scans in exchange for a digital ID and, in some countries, free cryptocurrency. Italy Italy’s antitrust agency said in May it had opened a probe into Apple for alleged abuse of its dominant position in the apps market. OpenAI’s ChatGPT chatbot was temporarily banned in Italy in March over concerns by the national data protection authority, but was made available to users again in April. Netherlands The Dutch competition regulator on Oct 2 said it had rejected Apple’s objections against fines of €50 million (RM248 million) it had given the company over failure to comply with regulations aimed at limiting the dominant position of Apple’s App Store. Poland A Polish watchdog said in September it was investigating OpenAI over a complaint that ChatGPT breaks EU data protection laws. Poland’s competition and consumer protection authority in February accused Amazon’s European arm of misleading sales and delivery practices. Spain Spain’s antitrust watchdog in July fined Amazon and Apple for colluding to limit the online sale of devices from Apple and competitors in the country. – Reuters B R I E F SBELGIUM MONITORS ALIBABA HUB OVER ‘ESPIONAGE’ WORRY B E N G A L U R U : B e l g i u m ’ s intelligence service has been monitoring the main logistics hub in Europe of China’s Alibaba Group Holding over concern about possible espionage, the Financial Times (FT) reported yesterday. The newspaper, citing people familiar with the matter, said the Belgian security service was monitoring the company’s operations “following intelligence assessments”, with one area of scrutiny being the introduction of software systems that collate sensitive economic information. – Reuters APPLE MULLS SWITCHING TO DUCKDUCKGO FROM GOOGLE FOR SAFARI BENGALURU: Apple held talks with DuckDuckGo to replace Alphabet’s Google as the default search engine for the private mode on Apple’s Safari browser, the Bloomberg News reported on Wednesday. Last month, the US Department of Justice in a landmark US trial argued Google, which has some 90% of the search market, illegally paid US$10 billion (RM47 billion) annually to smartphone makers such as Apple and wireless carriers like AT&T and others to be the default in search on their devices in order to stay on top. – Reuters PHILIPPINE READY TO RESUME TIGHTENING AS INFLATION SOARS MANILA: The Philippine central bank said yesterday it was ready to resume tightening monetary policy after consumer prices rose for a second month in September because of rising food costs. The central bank’s statement followed the release of data from the Philippine Statistics Authority showing a double-digit gain in the price of rice drove the inflation rate last month to accelerate to 6.1% compared to a year ago, its fastest pace in four months. The central bank, which kept interest rates steady at 6.25% at its last four meetings, said it “stands ready to resume monetary policy tightening as necessary to prevent the renewed broadening of price pressures.” – Reuters Citigroup outlines layoff process, reassignments in overhaul NEW YORK: Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganisation in decades, according to a global memo to staff on Wednesday seen by Reuters. “Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated,” Sara Wechter, the bank’s chief human resources officer, wrote in the memo. “This next layer of change is scheduled to be announced in November.” Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. Citigroup also convened a meeting of its managing directors on Wednesday. Last month, Citi CEO Jane Fraser announced a sweeping reorganisation to simplify the bank’s structure after divesting from non-core markets and focusing on profitable areas. Fraser’s memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. Citi had 240,000 staff at the end of the second quarter. That compares with headcounts of about 216,000 at Bank of America and 234,000 at Wells Fargo, the second and fourth-largest US lenders respectively.– Reuters Evergrande crisis tests Beijing’s fallout management HONG KONG: As developer China Evergrande Group lurched from one crisis to another over the past two years, Beijing avoided directly intervening to rescue what was not too long ago considered one of the country’s “too big to fail” enterprises. With the world’s most indebted developer now standing at the precipice after authorities launched a criminal investigation into its billionaire founder, some creditors, investors and analysts are now betting on authorities stepping in to manage the fallout. A messy collapse of the property giant could rip through the alreadysputtering economy, with hundreds of thousands of unfinished homes across the country and roughly US$300 billion (RM1.4 trillion) worth of liabilities at home in China alone. Despite a growing number of Chinese property developers having defaulted on debt obligations since a liquidity crisis hit the sector in 2021, Beijing has not directly stepped in to bail out any firm so far. The prospects of Evergrande’s offshore debt restructuring plan, key to its survival, as well as its overall business have been clouded by the criminal investigation into founder and chairman Hui Ka Yan. The probe suggests debt revamp efforts led by Hui have been rejected by the central government, which will now step in to take control and formulate new plans, said Xin Sun, senior lecturer in Chinese and East Asian Business at King’s College London. “The investigation into Hui clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande,” he said. Even before the probe into Hui was made public, Evergrande’s debt restructuring plan was clouded by its disclosure that it was unable to issue new debt due to an investigation into its main China unit. Late last month, it said it would have to reassess the terms of the proposed restructuring as home sales were not meeting expectations. – Reuters
13 * SPORTS theSUN ON FRIDAY | OCTOBER 6, 2023 Biryani on Babar’s mind THE biryani in Hyderabad has lived up to Babar Azam’s expectations but the Pakistan captain is worried the contest between bat and ball at the 50-overs World Cup may not be as spicy because of short boundaries in most Indian venues. Pakistans will launch their bid for a second 50-overs World Cup title at the same southern Indian city against the Netherlands today (4.30pm). “I think the hospitality has been quite nice – we were not expecting this,” Babar said. “It’s been a week in Hyderabad, and it is not like we are in India. It is like we are at home.” He was less impressed by the short boundaries at some Indian venues though, which, he feared, might reduce bowlers to cannonfodder over the next six weeks. “The boundaries are small. There is no margin for the bowlers,” he said. “If the bowling is a little bit off, the batsman utilises it. So, there will be high scores.” All eyes on Shakib BANGLADESH captain Shakib Al Hasan leads his side into their World Cup opener against Afghanistan in Dharamsala tomorrow (1pm) with Tigers fans again looking to the all-rounder for matchwinning heroics. In the corresponding fixture four years ago, Shakib produced one of the best individual displays in men’s World Cup history, which dates back to 1975. His runs and wickets helped power the Tigers to convincing wins over West Indies and South Africa, although there was a sense of what might have been for Bangladesh following narrow defeats by New Zealand and India. And it was the memory of those losses that clearly still weighed heavily on Shakib’s mind when he spoke at the pre-tournament captains’ press conference. “Now it’s time for us to put on a good show,” he said. “Our team is ready, and the country is expecting a little more than what we did previously.” Proteas renew bittersweet adventure SOUTH AFRICA take a winning momentum into their World Cup opener against Sri Lanka desperate to escape the tag of big-time chokers. Since South Africa returned from the apartheid-era wilderness, their relationship with the tournament has been bittersweet at best, cursed at worst. In 1992, they were handed a rain-revised and mathematically impossible target of 22 runs off one ball to defeat England in the semifinal. Eleven years later, they misread the rain rules in a tied match with Sri Lanka and exited their own tournament. At the 1999 event, they conjured defeat from certain victory in a farcical finish in their semifinal with Australia. “I genuinely believe that we’re not chokers,” key batsman David Miller told ESPNcricinfo. “How that tag affects people is an individual thing, but it’s never, ever bothered me. Obviously there’s been history… but I would never say the ‘chokers’ tag applies to us, although that’s what everyone says.” IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF TNT PLANTATION SDN. BHD. (Company No. 200601029684 (749441-V)) (In Members’ Voluntary Winding-Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 459 of the Companies Act 2016 that a Final General Meeting of the Members of the Company will be held at 4th Floor, Acctax Corporate Centre, No. 2, Jalan Bawasah, 10050 Georgetown, Penang on 6th day of November, 2023 at 2.00 p.m. AGENDA 1. To consider and, if thought fit, adopt the final account of the Liquidator showing the manner in which the winding-up has been conducted and the property of the Company has been disposed of; and 2. To resolve under Section 518(3)(b) of the Companies Act 2016 that after the expiration of three (3) months from the date of Final General Meeting, the books, accounts and documents of the Company and of the Liquidator be destroyed. Dated this 6th day of October, 2023 Neoh Chin Wah Liquidator Notes: 1. A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy and vote in his stead. The proxy may but need not be a member of the Company. 2. The instrument appointing a proxy must be deposited at the Liquidator’s Office at 3rd Floor, Acctax Corporate Centre, No. 2, Jalan Bawasah, 10050 Georgetown, Penang, not less than 48 hours before the time for holding the meeting or any adjournment thereof. IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF TIARA EMAS MOTOR & HIRE PURCHASE SDN. BHD. [Co. No. 197601003186 (029144 - H)] (In Members’ Voluntary Winding Up) At an General Meeting of the Company duly convened and held at B-03-15, Jalan Ekoflora 7/1, Pusat Perdagangan Ekoflora, Taman Ekoflora, 81100 Johor Bahru, Johor on 04 October 2023 the following Special Resolutions were duly passed:- 1. THAT the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act, 2016. 2. THAT Mr. Chin Kok Feng of 50, Jalan Molek 2/6, Taman Molek, 81100 Johor Bahru, Johor be and is hereby appointed as Liquidator of the Company for the purpose of such winding up. Dated this 06 October 2023 TEO NAM KIONG Director IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF TIARA EMAS MOTOR & HIRE PURCHASE SDN. BHD. [Co. No. 197601003186 (029144 - H)] (In Members’ Voluntary Winding Up) NOTICE IS HEREBY GIVEN THAT the creditors of the Company, which is being voluntarily wound up, are required on or before 06 November 2023 to send in their names and addresses with the particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the undersigned, the Liquidator of the Company, and if so required by notice in writing from the said Liquidator, are by their solicitors or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they shall be excluded from the benefits of any distribution made before such debts or claims are proved. Dated this 06 October 2023 CHIN KOK FENG Liquidator B-03-15, Jalan Ekoflora 7/1, Pusat Perdagangan Ekoflora, Taman Ekoflora, 81100 Johor Bahru, Johor 322 Notices MAHKAMAH TINGGI SEREMBAN DALAM NEGERI SEMBILAN DARUL KHUSUS PETISYEN PENGGULUNGAN SYARIKAT NO. NA-28NCC-37-08/2023 In the matter of Section 464, 465(1) (e) and 466(1)(a) of the Companies Act, 2016 AND In the matter of the Company (Winding Up) Rules 1972 AND In the matter of MAKEWAY HOUSING SDN BHD (1029471-V) BETWEEN GREAT FORMWORK SDN BHD (Company No: 1217648-V) … PETITIONER AND MAKEWAY HOUSING SDN BHD (Company No: 1029471-V) … RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the abovenamed Company by the High Court at Seremban on the 23rd August 2023 presented to the said Court by GREAT FORMWORK SDN BHD (No. Syarikat: 1217648-V) of No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. And that the said Petition is directed to be heard before the Court sitting at Seremban High Court at 9.00 o’clock in the morning on the 31st October 2023; and any Creditor or Contributory of the said Company desiring to support or opposes the making of an Order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or Contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. The Petitioner’s Solicitors is Messrs. Goh, Cheah & Chong of E-1-23A, IOI Boulevard, Jalan Kenari 5, Bandar Puchong Jaya, 47170 Puchong, Selangor. sgd …………………………………. Messrs Goh, Cheah & Chong Solicitors for the Petitioner Note:- Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Solicitors GOH,CHEAH & CHONG, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than twelve o’clock noon on the 30th day of October 2023 (the day before the day appointed for the hearing of the Petition). (Ref No: CKM/L20083/PZESB-MSTSB) 322 Notices DALAM MAHKAMAH TINGGI MALAYA DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN, MALAYSIA GUAMAN SIVIL NO.: WA-24NCVC-4439-12/2022 Dalam Perkara Aturan 15 Kaedah 16 Kaedah- Kaedah Mahkamah 2012; DAN Dalam Perkara Seksyen 40 dan Seksyen 41 Specific Relief Act 1950; DAN Dalam Perkara Jadual Seksyen 25(2) (16) Akta Mahkamah Kehakiman 1964; DAN Dalam Perkara hartanah yang terletak di bawah HSD 55819 PT 43524 Mukim Kajang - Kawasan Maju, Bandar Kajang, Negeri Selangor Darul Ehsan (dahulunya dikenali sebagai HS(D) 6415 & 6416, PT No. 1154 & 1155 Mukim of Kajang, Daerah Ulu Langat, Negeri Selangor Darul Ehsan ANTARA NATARAJA A/ L PALANI (No. K/P : 550702-08-6547) ...PEMOHON DAN KAMALA A/P ANNAMALAI (No. K/P : 610509-08-6272) ...RESPONDEN NOTIS PENYAMPAIAN GANTI Kepada : KAMALA A/P ANNAMALAI (NO. K/ P : 610509-08-6272) E-3-9, PANGSAPURI KOS RENDAH, JALAN 30/146, BANDAR TASIK SELATAN, 57100 KUALA LUMPUR W. PERSEKUTUAN (KL) Penyampaian sesalinan Afidavit Tambahan bertarikh 13 Julai 2023 (selepas ini dirujuk sebagai ‘dokumen tersebut terhadap Responden dilakukan secara penyampaian ganti iaitu dengan cara pengiklanan di dalam akhbar “The Sun” dan penampalan di papan kenyataan Mahkamah Tinggi Kuala Lumpur dan di alamat terakhir Responden yang diketahui iaitu di E-3-9, Pangsapuri Kos Rendah, Jaan 30/146, Bandar Tasik Selatan, 57100 Kuaa Lumpur W. Persekutuan (KL) menurut Perintah Mahkamah bertarikh 27 September 2023. Pengiklanan dan penampalan tersebut akan dianggap sebagai penyerahan sempurna bagi dokumen tersebut kepada Responden dalam masa empat belas (14) hari dari tarikh penyampaian tersebut dilakukan. DAN SILA AMBIL PERHATIAN bahawa Saman Pemula ini ditetapkan untuk Pendengaran pada 17 Oktober 2023 jam 9.30 pagi di Mahkamah Tinggi Sivil NCVC 11 dan kamu dikehendaki memasukkan kehadiran dalam masa empat belas (14) hari dari penyampaian terhadap kamu. Notis ini diperiksa oleh kamu atas permintaan di Mahkamah Tinggi Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur. Bertarikh pada 04 Oktober 2023 ............ T.T. ............ Penolong Kanan Pendaftar Mahkamah Tinggi Kuala Lumpur NOTIS PENYAMPAIAN GANTI ini difailkan oleh Tetuan Sharif & Khoo, Peguam bagi Pemohon yang beralamat di No. 6, Jalan Tuanku Hassan,70000 Seremban, Negeri Sembilan Darul Khusus. No. Tel : 06-761 1257 No. Faks : 06-763 5431 Emel : [email protected] No. Ruj : SK/CA/1234/21/ A IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF SEA MASTER INTERNATIONAL SDN BHD [Reg. No. 201201015076 (988593-T)] (In Member’s Voluntary Winding-Up) At a Meeting of Members of the abovenamed Company duly convened and held at Level 18, Menara Boustead Penang, 39 Jalan Sultan Ahmad Shah, 10050 George Town, Penang on Monday, 2nd day of October 2023 at 9.30 a.m. the following Special Resolution was duly passed:- MEMBER’S VOLUNTARY WINDING-UP RESOLVED THAT the Company be wound-up voluntarily and that Ms Loh Sau Mun of Level 18, Menara Boustead Penang, 39 Jalan Sultan Ahmad Shah, 10050 George Town, Penang, who has given her consent to act, be and is hereby appointed as Liquidator for the purpose of the winding up. Dated this 6th day of October 2023 Ng Kee Hong Director IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF SEA MASTER INTERNATIONAL SDN BHD [Reg. No. 201201015076 (988593-T)] (In Member’s Voluntary Winding-Up) NOTICE TO CREDITORS NOTICE is hereby given that the Creditors of the abovenamed Company which is being voluntarily wound-up, are required on or before 6th November 2023 to send in their names and addresses with particulars of their debts or claims, and the names and addresses of the solicitors (if any) to the undersigned Liquidator at Level 18, Menara Boustead Penang, 39 Jalan Sultan Ahmad Shah, 10050 George Town, Penang and if so required by notice in writing from the said Liquidator, either personally or by their solicitors to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. Dated this 6th day of October 2023 Loh Sau Mun Liquidator 322 Notices NOTICE IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF LA DREAM RENOVATION SDN. BHD. (Company No. 201001002982 (887563-D)) (In Members’ Voluntary Winding-Up) By a Written Resolution of the Members of La Dream Renovation Sdn. Bhd. duly passed on the 2nd October 2023, the special resolutions set out below were duly passed. THAT the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act 2016 and that Mr. Neoh Chin Wah of Insol-i Corporate Recovery PLT, 3rd Floor, Acctax Corporate Centre, No. 2, Jalan Bawasah, 10050 Georgetown, Penang be appointed as Liquidator to act for the purpose of the winding-up. Dated this 6th October 2023 Sgd__________ Law Teik Kooi Director IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF LA DREAM RENOVATION SDN. BHD. (Company No. 201001002982 (887563-D)) (In Members’ Voluntary Winding-Up) Notice is hereby given that the creditors of the abovenamed Company are required on or before 6th November 2023 to prove their debts or claims and to establish any title they may have to priority by delivering or sending through the post to the Liquidator at the undermentioned address and affidavit verifying their respective debts or claims. In default they will be excluded from the benefit of priority, if any, and from objecting to any such distribution. Form of proof may be obtained from the Liquidator at the address shown below. Dated this 6th October 2023 Sgd__________ Neoh Chin Wah, Liquidator c/o Insol-i Corporate Recovery PLT 3rd Floor Acctax Corporate Centre No. 2, Jalan Bawasah 10050 Georgetown Penang IN THE MATTER OF THE COMPANIES ACT 2016 and IN THE MATTER OF PARTNERS IN ENTERPRISE (MALAYSIA) Registration No. 199501016750 (345953-T) NOTICE OF FIRST CREDITORS’ MEETING NOTICE IS HEREBY GIVEN pursuant to Section 449 of the Companies Act 2016, that the First Meeting of Creditors of the Company will be held at Wisma Goshen, 2nd Floor, 60, 62 & 64 Jalan SS 22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan on Monday, 30 October 2023 at 10.15 a.m. or immediately following the conclusion or adjournment (as the case may be) of the Meeting of Members which is scheduled to be held at the same venue and on the same date at 10.00 a.m., whichever is later, for the purposes mentioned in Sections 449 and 450 of the Companies Act 2016: - AGENDA 1. To note the Statement of Affairs of the Company and a list of the creditors and the estimated amount of their claims. 2. To nominate and appoint a liquidator. 3. To consider the appointment of a Committee of Inspection. BY ORDER OF THE BOARD, Lam Lee San (MAICSA 7048104) Secretary Petaling Jaya 6 October 2023 NOTES A creditor of the Company who is entitled to attend and vote may appoint a proxy to attend and vote instead of him. If the appointor is a corporation, the form of proxy must be under its common seal or under the hand of some officer or attorney duly authorised. This form of proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of that power or authority, together with the Proof of Debt must be deposited at the office of the Liquidator not less than 48 hours before the time fixed for holding the meeting or adjourned meeting. CHG (MALAYSIA) SDN. BHD. Company No. 201001036543 (920466-P) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING UNDER SECTION 459 OF THE COMPANIES ACT, 2016 NOTICE IS HEREBY GIVEN that a Final Meeting of the Company will be held at 36 (2nd Floor), Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 84000 Muar, Johor on Friday, 10 November 2023 at 10.00 a.m. AGENDA 1. To receive and consider the Liquidators’ account showing the manner in which the winding up has been conducted and to receive any explanation thereon. 2. To resolve that under Section 518(3)(b) of the Companies Act, 2016, the books, accounts and documents of the Company be destroyed after the expiration of one (1) year from the date of the final meeting. 3. To approve and accept the resignation of Liquidator under Section 513(3) of the Companies Act, 2016. Dated this: 6 October 2023 LIM YING KHOO SSM Practicing Certificate No: 201908000327 MIA 24294 Liquidator Muar INSIDE EDGE ‘I know what’s at stake’ Rohit not worries by weight of expectation I NDIA skipper Rohit Sharma yesterday said he appreciates “what’s at stake” but will not get bogged down by the weight of expectation on his team to win another World Cup title at home. The hosts begin their campaign against five-time champions Australia in Chennai on Sunday as cricket-crazy India looks to the team to end a long world title drought stretching back to the 2013 Champions Trophy. India last won the 50-over World Cup at home in 2011 under MS Dhoni to add to their 1983 triumph in England. “I know what’s at stake, and so do the team members, the guys who are part of this team also know what’s at stake,” Rohit said at a captains’ press conference in Ahmedabad. “So, for us, it’s just about taking everything out now and just focusing on what we want to do as a team. Not worry about the expectation because that’s always going to be there.” He added: “Not worry about who we’re playing and not worry about what is happening elsewhere. Because it’s time now for us to just be secluded a little bit, and then focus on what we want to do as a team.” Former captain and superstar batsman Virat Kohli took the team to great heights before he was replaced as the white-ball captain. Critics had often slammed Kohli for not winning a world crown. Rohit played down the pressure of leading a team followed by millions of home fans. “All these guys are quite used to going through that pressure, whether it’s playing in India or away from India,” said Rohit. “Pressure is something that is not going to leave a sportsman. As long as you are playing sport the pressure is always going to be there. Keep that aside, focus on the job at hand.” The last three editions of the showpiece event witnessed the home team taking the trophy in India (2011), Australia (2015) and England (2019). “Not thinking too much about that,” said Rohit “It has happened in the last three editions of the World Cup, but all I can say is that we are going to try our best, give out best and enjoy the tournament.” – AFP New Zealand’s Kane Williamson (left) and India’s Rohit Sharma during the captain’s day. – REUTERSPIX