32% of e-commerce complaints on fake ads Fraudulent adverts becoming prevalent on e-commerce platforms such as Shopee, Lazada and TikTok Shop because scammers are getting more creative, using various tricks: National Consumer Complaints Centre. Report on hpage 4 Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 MONDAY FEB 26, 2024 SCAN ME No. 8466 PP 2644/12/2012 (031195) Grab a copy of newspaper @RM1 only to enjoy a special offer from Starbucks The 2% increase in Sales and Service Tax effective March 1 could make things more expensive for everyone, hitting particularly hard on those with lower incomes, says economist. MAJESTIC MOVES ... Two ‘dragons’ swirl against the backdrop of the iconic Sultan Abdul Samad Building in Kuala Lumpur during the Prosperity Walk to mark Chap Goh Mei or Lantern Festival at the end of the Chinese New Year celebration on Saturday night. – ADIB RAWI YAHYA/THESUN Pressure on ressure on wallet Decision on vernacular schools a relief: Educationists Report on hpage 3 If vernacular schools can fulfil parents’ desires then it is up to the parents to decide which school they want to send their children to. ‘Ex-PM to be quizzed if necessary’ Report on hpage 5 MACC chief commissioner Tan Sri Azam Baki does not deny the possibility Tan Sri Muhyiddin Yassin may be questioned regarding the award of contract on the supply and management of government vehicles. Report on hpage 2
MONDAY | FEB 26, 2024 2 Perak Sultan receives RM2.5m in business tithes for religious council IPOH: The Sultan of Perak Sultan Nazrin Shah received business tithes totalling RM2.54 million from six corporate companies on behalf of the Perak Islamic Religious and Malay Customs Council at Istana Kinta on Friday. The council said in a statement that Belati CEO Mohamad Solan Derani presented the company’s business tithes of RM190,000, while Felcra Berhad Perak Region, represented by its regional general manager Yusoff Razali, handed over RM714,234. Moccis Farm Sdn Bhd executive chairman Datuk Ahmad Sobri Wan Teh presented RM250,000, Millenia Aqua Services Sdn Bhd, represented by its chairman Datuk Hang Tuah Din, contributed RM163,000, while RM820,000 was received from Saiful Azzuan Aznam, who represented Puncak Emas Infra Sdn Bhd. “Royal College of Medicine Perak, represented by its CEO and campus head Hissamuddin Omar handed over a contribution of RM400,000,” the statement added. – Bernama Tax hike may impact all income groups: Expert PETALING JAYA: The proposed increase in Sales and Service Tax (SST) from 6% to 8% with effect from March 1 may have unintended consequences for all income brackets, said Malaysia University of Science and Technology economist and provost for research and innovation Prof Geoffrey Williams. He said while the government seeks to shore up its revenue through this tax hike, it could end up making things more expensive for everyone, especially people with lower incomes, putting extra pressure on their wallets. “Taxes like SST are essential for governments, providing funds for vital services and infrastructure. By taxing goods and services, governments can collect revenue to utilise it for education, healthcare, public transportation and social welfare. “However, increasing tax rates without considering the wider social and economic impacts could unintentionally slow down growth and hamper efforts to encourage competitiveness and innovation.” oBoosting govt revenue through 2% SST increase could make things more expensive for everyone, especially people with lower incomes █ BYSIVANISVARRY MORHAN [email protected] ALL’S GOOD ... Prime Minister Datuk Seri Anwar Ibrahim accompanied by Health Minister Datuk Seri Dr Dzulkefly Ahmad visiting a booth at the Cental Zone Madani Rakyat programme held at the Kuala Selangor Sports Complex yesterday. – BERNAMAPIC Putrajaya Ramadan bazaars to be monitored PUTRAJAYA: Ramadan bazaars will be monitored daily by the Putrajaya Corporation’s task force to ensure that hygiene and food safety are maintained, said the corporation’s president Datuk Fadlun Mak Ujud. He said 700 Ramadan bazaar traders would be given a briefing next week on food preparation to ensure that the food prepared is safe for consumption. He said if there are food safety concerns, the task force would warn errant traders or stop them from running their businesses immediately. “We will make sure that, in terms of the quality of food prepared, it is all good,” he said after officiating at the Putrajaya Lake Lantern Festival 2024 on Saturday. On April 15, 2022, a short video clip of a customer claiming that she found worms in noodles with cuttlefish which she bought for RM30 at a Ramadan bazaar was widely circulated on social media. The corporation then issued a warning to the stall operator and the Health Ministry ordered its closure through the Food Safety and Quality Division. Fadlun added that the Putrajaya Corporation would ensure that all Ramadan bazaar traders do not use plastic to wrap food and instead use packaging made from biodegradable materials, and at the same time encourage shoppers to bring their own containers. Muslims in the country are expected to observe the holy month of Ramadan from March 12. On the action that would be taken against traders who give or sell their business licences to others, he said the corporation would immediately revoke their licences. He expressed hope that such practices would be curbed this year as each trader has been given a pass displaying his or her photo, Bernama reported. “We will be able to detect (such practices) early as we are issuing passes with traders’ photos. We do not issue licences to any association, but only to individuals.” Fadlun said a total of seven Ramadan bazaar sites have been prepared this year, namely in Presint 9, Presint 11, Presint 14, Presint 16 and three locations in Presint 3. He added that in Presint 11 the Ramadan bazaar would be managed by the Resident Representative Council, to give opportunities to Putrajaya residents to engage in business. He said the Putrajaya Corporation is conducting a census to obtain the number of unlicensed traders who operate “car boot sales” in surrounding areas, especially in Dataran Putra. Fadlun said the corporation intends to provide them with food safety briefings, and ask them to take typhoid shots so that the food and drinks sold are safe. Mufti: Verify background of Islamic scholars GEORGE TOWN: Penang Mufti Datuk Seri Dr Wan Salim Wan Mohd Noor has urged Muslims not to become overly obsessed with those claiming to be the descendants of Prophet Muhammad. He also advised them to verify the facts and investigate the background of any scholar or group to avoid becoming easy targets for those with vested interests, adding that noble lineage has no benefit if an individual does not adhere to the teachings of Prophet Muhammad. “I support the advice of the Minister in the Prime Minister’s Department (Religious Affairs, Datuk Mohd Na’im Mokhtar) for society to avoid idolising someone who claims to be a descendant of Prophet Muhammad. “Such fanaticism leads to individuals’ minds being closed off from seeing the truth,” he said. Media outlets reported that police were monitoring the activities of a man claiming to be a Moroccan who is the 38th descendant of Prophet Muhammad known as “Mawla Amin”. – Bernama Williams said the recent depreciation of the ringgit against the US dollar adds another layer of complexity as import prices rise, and subjecting them (imports) to higher taxes would potentially worsen the financial strain on business owners and consumers. “The depreciation is expected to be temporary. During this period, the government could consider maintaining the current 6% SST rate, which could aid the economy by potentially stimulating growth and managing inflation. “However, any alterations should be approached cautiously to prevent adverse impacts on spending, investment and overall current economic stability.” Williams said numerous industries faced challenges in adapting and surviving during and after the Covid-19 pandemic, and the recent Israel-Palestinian conflict has exacerbated the situation. He said this has led to widespread closures, supply chain disruptions and shifts in consumer behaviour. “The SST increase would make it more expensive for businesses to operate, which might lower their profits and make it harder for them to grow. This could also raise prices for consumers and producers, especially for goods transported by trucks.” Williams said in the absence of targeted interventions like cash transfers and redistribution policies, the economic burden of the SST increase could disproportionately affect those least equipped to cope with it. He added that while targeted subsidies through the impending rollout of the Central Database Hub are on the horizon, uncertainties remain regarding immediate relief measures for the most affected individuals. He said SMEs might find it challenging to absorb the additional costs due to their narrower profit margins and limited resources. Williams said if transport companies struggle to pass on the additional costs to customers, the higher service taxes could directly affect drivers, potentially leading to wage cuts and job insecurity. “To alleviate the strain on lowincome households, the government must prioritise the implementation of measures funded by the increased SST revenue.” He stressed that proactive steps are needed to ensure that the burden of the tax hike is not unfairly shouldered by vulnerable groups. He emphasised the importance of concerted efforts to shield lowincome individuals and families from the SST hike’s adverse effects. Williams called for targeted and equitable policies to mitigate the impact on vulnerable segments of society, fostering a more inclusive and resilient economy for all.
MONDAY | FEB 26, 2024 3 Court decision on vernacular schools a relief: Educationists oDiversity should be celebrated and not suppressed, because it is what makes Malaysia’s social fabric so unique, says PAGE chief PETALING JAYA: Educationists have expressed their relief with the affirmation ruled by the Federal Court that Chinese and Tamil schools are legal and constitutional. Parent Action Group for Education Malaysia (PAGE) chairman Datin Noor Azimah Abdul Rahim said the decision respects parental choice as expressed in the Education Act 1996 that “pupils must be educated according to the wishes of their parents”. “Vernacular schools are here to stay. If vernacular schools can fulfil parents’ desires then it is up to parents to decide which school they want to send their children to. “Parents aspire that their children have a better quality of life. They do not want their children to live off subsidies but instead be financially independent. “Parents who send their children to vernacular schools are open to a diversity of cultures yet maintain a Malaysian identity,” she said, adding that diversity should be celebrated and not suppressed, because it is what makes the social fabric of Malaysia so unique. “Everyone is free to practise their own culture, language and religion and we as Malaysians should celebrate our diversity and support each other’s education path. “While Chinese schools are typically assumed to be Chinese dominant, they celebrate and respect other cultures too.” Noor Azimah urged grassroots organisations and community initiatives to continue supporting and investing in such schools to encourage young Malaysians from all walks of life to enrol in these vernacular schools. “Our education system is unique standing out as they have proven to excel in international science competitions,” she said, adding that parents are more discerning now compared with the past and are willing to take the opportunity to ensure their children can have the edge over others. Nonetheless, Noor Azimah said it is important to uphold Bahasa Malaysia as it is our national identity. “As Malaysians, we need to master our national language by speaking and writing it so that we may better understand one another. “What make us uniquely Malaysian are our spirit of unity and diversity, and by holding to that national spirit, we need to believe and have faith in Rukun Negara.” Education Service Provider LeapEd Services executive director Nina Adlan Disney said to keep pushing the issue of the constitutionality and legality of vernacular schools is deliberately provocative and is clearly intended to stoke unrest and disharmony. “It is pointless to challenge the situation legally as it is clearly a cherished and entrenched right that is politically protected. “Instead of opposing vernacular schools and their right to exist, we should instead understand the background and ask ourselves why the need exists in the first place” She said the most worrying trend is the growing polarisation of our education system, not just in terms of race and religion but also economically. “Economic polarisation can be seen with families who can afford it opting for private and international schools. There is also the issue of increasing popularity of faith-based schools and this polarisation is widening the socio-economic divide and has serious implications for national unity.” Elderly touched by free Qurans at Madani Rakyat event KUALA SELANGOR: Visitors to the central zone Madani Rakyat programme at the Kuala Selangor Sports Complex were touched and delighted to be able to exchange their old Quran copies for new ones, all at no cost. A check at the Home Ministry (KDN) booth found that visitors made a beeline for the KDN counter to exchange their Qurans, some of which had been in their possession for quite some time. Jaafar Abdul Hamid, 76, expressed deep gratitude as he received a free Quran from the KDN staff, even though he had not brought his old copy as he was unaware of the initiative. “I came from Sungai Besar. When I saw this Al-Quran, I wanted to buy it but they said it was only for exchange with an old one, not for sale. “Alhamdulillah, they gave it for free. I was almost moved to tears. Only Allah can repay their kindness ... the Madani government is the best,” he said. Malala Said, 11, who was delighted to receive the new Quran, shared that she and her siblings had been coming to exchange old Qurans since Saturday. “On Saturday, my sister exchanged two copies of the Quran. Yesterday, I exchanged one copy of the Quran that I have been reading for six years,” she said. Meanwhile, KDN Enforcement and Control Division assistant secretary Arnajid Jimy said a total of 500 copies of Quran were provided for free exchange throughout the Madani Rakyat event. He said as of this (Sunday) morning, more than 300 copies of Quran had been exchanged, including those without KDN certification. “Through this programme, we welcome the public to voluntarily hand over Qurans without KDN certification or those that are old and damaged, in exchange for new Qurans certified by KDN. “For Qurans with certification, there are two main features: firstly, they have a certification stamp from KDN on the last page of the Quran, and secondly, they have a hologram sticker on the front.” Arnajid said every copy of the Quran they own has been checked and certified by KDN to ensure the accuracy of every verse, line, and letter according to the Rasm Uthmani script. – Bernama 300 M’sian couples confirm marriages in Songkhla monthly YALA (THAILAND): About 250 to 300 couples from Malaysia come to confirm their marriage documents at the Consulate-General of Malaysia every month after getting married in Thailand. Malaysian Consul-General in Songkhla Ahmad Fahmi Ahmad Sarkawi said the couples are those who got married either in Narathiwat, Pattani, Yala, Satun or Songkhla. “There are also those who got married in Bangkok, but come to the Consulate-General Office here to get confirmation of their documents,” he told reporters after the opening of the 9th Melayu Day on Saturday. Also present were the Justice Minister of Thailand Tawee Sodsong, who is also the former secretarygeneral of the Southern Border Provinces Administrative Centre, Yala Governor Ampon Pongsuwan; ConsulGeneral of Indonesia Suargana Pringganu and Mayor of Yala Pongsak Yingchoncharoen. Ahmad Fahmi said it is important for Malaysian couples to confirm their marriage documents at the consulate to ensure they are valid and to avoid being conned by marriage syndicates. He said with the documents confirmed by the Consulate-General of Malaysia, the couple then can register their marriage in Malaysia. “Registration of this marriage is important, especially for the future of their children, including to avoid them becoming stateless children, when they want to get married and in inheritance cases,” he said. – Bernama Teacher Ho Lee Lin paying special attention to three non-Chinese pupils - (second from left, Muhammad Danial Hairulhazizal, Dhiieya Qistieyna Haizat and Iman Hadeef Haniz - during a Mandarin class at SJKC Aik Keow in Penang. – MASRY CHE ANI/THESUN and so is our geographic location as we are in the middle of economic superpowers such as Singapore, Indonesia, China, India, and Australia. Important subjects such as science, mathematics, and even Chinese language are best learnt as early as possible when the propensity is highest. “In fact, more Malay parents are sending their children to Chinese schools for the discipline, quality of teaching and to learn the Chinese language that are often seen as lacking in national schools. “Tamil schools, too, are now █ BYALLEN WONG [email protected] Amanah appoints 12 Awan state chiefs KUALA LUMPUR: Parti Amanah Negara (Amanah) announced the appointment of 12 Angkatan Wanita Amanah Negara (Awan) state chiefs involving a combination of incumbents and new figures. Awan national secretary Mashitah Ismail said the appointments will help strengthen the party machinery at all levels for the next general election and increase the people’s support for the unity government. “The appointment process adheres to the central tenet of the shura process, a cornerstone in the Awan national administration, taking into account the views of the grassroots at the regional level to ensure that the practice of democracy continues to thrive,” she said in a statement. She said the appointments were in line with the provisions of the Amanah Constitution (Amendment 2023). Following is a list of names appointed to hold the position of Awan state chiefs: Johor: Norhayati Bidin, Kedah: Siti Balkhis Husain, Kelantan: Dr Hafidzah Mustakim, Malacca: Mazenah Baharuddin, Negeri Sembilan: Zarinna Abu Zarin, Pahang: Sabrina Md Yusoff, Perak: Roos Lailawati Mat Johar, Perlis: Che Mazlina Che Yob, Penang: Aida Yusof, Selangor: Rawiyiah Zakaria, Terengganu: Wan Khairani Wan Husin, Federal Territory: Rafiza Shahean @ Askolani – Bernama
MONDAY | FEB 26, 2024 4 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Early RM2,000 ‘gift’ brings joy to civil servants KUALA LUMPUR: The RM2,000 early incentive payment is viewed as a timely “early gift” and has alleviated the concerns of many civil servants to prepare for their children’s schooling as well as the upcoming needs for Ramadan and Aidilfitri. In Kedah, police personnel Isma Ismail, 42, from Mergong, Alor Setar, said the money will be used to provide for schooling needs of his three children in primary school aged between nine and 12. “I have various expenses to think about. The school session starts at the beginning of March. I then have to prepare for Ramadan and Syawal,” Isma said. In Pahang, teacher Siti Mazura Shaikh Mustafa, 44, said apart from preparing for Aidilfitri, she would use some of the money to buy gifts as an “incentive” for her new pupils who are starting school for the first time. In Sarawak, general hospital assistant medical officer Nur Farlina Abdullah, 39, said the early incentive payment will help finance the needs of her five school-going children. Nur Farlina, who is a single mother, plans to save some of the money. In Sabah, assistant accountant Angie Everlyn Amau, 41, from Berunggis in Tuaran, said the incentive would help with the quantity and quality of school supplies, especially clothes and shoes for her four children. “Often, we opt for the cheapest items due to budget constraints. However, these low-quality items typically don’t last long, especially with frequent use. With a larger budget, we can invest in more durable brands and a variety of shoes, perhaps three pairs for rotation, to prolong their lifespan,” she said. In Malacca, a Community Development Department kindergarten teacher Norshamila Che Sabu, who teaches at Sebelong Dam, Telok Mas, said the early gift will bring joy especially to Year One or pre-school children. “This gift can cover a lot, especially during this very challenging economic time,” said Norshamila. – Bernama Initiative to address illegal power issues KOTA KINABALU: Sabah Electricity Sdn Bhd (SESB) is expanding the implementation of the independent power distributor (IPD) initiative with prepaid meters to address illegal electricity supply connections, especially in squatter settlements in the state. Chief executive officer Mohd Yaakob Jaafar said the latest IPD project will be implemented in the squatter settlement areas in Tawau, the second location after Kampung Forest in Sandakan. He said the project in Kampung Forest in October 2023 had succeeded in minimising the occurrence of electricity supply disruptions, vandalism and improve the quality of electricity supply in the surrounding area. Mohd Yaakob said SESB had recently started an initial survey to obtain information and scope of the project implementation in Tawau. He said the proposed implementation was shared with Tawau MP Datuk Lo Su Fui during the latter’s visit to Kampung Hidayat, Tawau on Feb 22. Also present was SESB chairman Datuk Seri Madius Tangau. “The proposed implementation will be submitted to the Energy Commission of Sabah (ECoS) to obtain an IPD licence and sales tariff rate. He said the SESB is also working with ECoS to ensure that electricity can be supplied to residents in several villages in Kota Belud. – Bernama Increasing online fraud cases a worrying trend PETALING JAYA: Up to 32% of consumer complaints on e-commerce are linked to fake advertisements, said a National Consumer Complaints Centre (NCCC) senior manager. Saral James Maniam told theSun from 2022 to 2024, complaints about scams increased from 14% to 19%, while complaints about misleading information or fake advertisement went up from 9% to 32% in the e-commerce sector. “Bukit Aman Commercial Crimes Investigation Department reported that e-commerce fraud cases increased by 37% from 23,608 to 32,366 in January to November last year, with the total losses rising by 46% to RM1.13 billion.” She said fake advertisements are becoming prevalent on e-commerce platforms such as Shopee, Lazada and Tik Tok Shop because scammers are getting more creative, using all sorts of tricks. “Individuals deceived by fraudulent advertisements often lose trust in both the platform and the associated brand, especially when scammers impersonate legitimate businesses or fail to deliver products as advertised. oFake adverts prevalent on e-commerce platforms as scammers get more creative, resulting in loss of sales, reputation and trust, says NCCC senior manager █ BYQALIF ZUHAIR [email protected] RUGGED SHOWCASE ... Visitors viewing a display at an exhibition held in conjunction with the Off The Grid fiesta at Malaysia Agro Expo Park in Serdang, Selangor. – ADIB RAWI YAHYA/THESUN “For businesses, the repercussions extend to loss of sales, contributing to reputational damage and loss of customer loyalty due to the proliferation of fake products. Sellers should focus on truthful product features and adhere to industry standards for transparency and ethical behaviour.” She said combating fake advertisements necessitates thorough screening of advertisers, and it is a challenge to continuously monitor advertisement content on e-commerce platforms. “Consumer Protection Act 1999, the Consumer Protection (Electronic Trade Transactions) Regulations 2012, and the Communications and Multimedia Act 1998, are aimed at combating fake advertisements on e-commerce platforms. “However, the dynamic nature of digital platforms, global jurisdictional complexities, hidden identities of scammers and inadequate resources for law enforcement agencies, make it harder to solve the issue.” Saral said despite the existing framework, the evolving landscape of e-commerce platforms needs a holistic approach involving legal, technological and educational efforts to effectively tackle fake advertisements. “This involves more than just telling consumers to exercise caution before making purchases or when they are interested in such products or services.” She said NCCC and the Federation of Malaysian Consumers Associations have to collaborate with the Domestic Trade and Cost of Living Ministry, the Malaysian Communications and Multimedia Commission and the Health Ministry to discuss guidelines specifically for online sellers. “Different ministries have different areas of jurisdiction where the e-commerce industry may have lost its focus. “However, the guidelines to combat fake advertisements on e-commerce platforms should ideally be comprehensive, covering a wider range of products and services beyond just one category, ensuring clarity and effectiveness in addressing all aspects of e-commerce and protecting consumers from falling for similar scams everyday.” Saral said Malaysia should explore Australia’s Co-Regulatory Approach where they proposed a draft exposure bill to combat harmful online misinformation. “The bill aims to shift from a voluntary to a mandatory co-regulatory model, similar to the European Union’s approach. “Under this model, platforms remain responsible for content, but stricter penalties are imposed for spreading disinformation. “This means major digital platforms like Facebook and Google must adhere to a government-backed industry code, developed in line with the Australian Communications and Media Authority.” Saral added that the eradication of fake advertisements not only yields substantial economic benefits but also enhances societal cohesion and trust in the marketplace. “According to The Department of Statistics Malaysia, the country’s e-commerce income grew by 5.4% year-on-year in the third quarter of last year to RM289.5 billion from RM274.6 billion in 2022. “By curbing deceptive practices, consumers are empowered to trust the authenticity of online offerings, leading to increased confidence and a thriving economy.” She said authentic advertising reduces information disparities between buyers and sellers, enabling informed decision-making and promoting resource efficiency as it fosters fair competition, stimulates economic growth and protects businesses from legal disputes arising from misleading advertisements, ensuring market stability.
MONDAY | FEB 26, 2024 5 Muhyiddin to be called for probe only if needed MERSING: Malaysian AntiCorruption Commission (MACC) chief commissioner Tan Sri Azam Baki said former prime minister Tan Sri Muhyiddin Yassin will only be called up to assist in investigations into the award of a government contract to Spanco Sdn Bhd (Spanco) if “there is a need to”. When asked by reporters earlier, Azam said he had not ruled out the possibility that the Pagoh Member of Parliament might be questioned regarding the award of the contract on the supply and management of government vehicles. “I only made that statement in response to questions about whether he (Muhyiddin) would be called up. I did not deny (the possibility) but it depends on the oNeed to question Pagoh MP over award of contract to Spanco for supply, management of govt vehicles not ruled out: MACC Chief Remand order for five men extended KUALA LUMPUR: The remand order against five men, aged 22 to 52, who were arrested over an attack that resulted in the death of a 42-year-old driver in an incident at Taman Pelangi Semenyih 2 on Feb 20, has been extended for another four days. Kajang district police chief ACP Mohd Zaid Hassan, in a brief statement, said all the suspects were remanded until Feb 29. On Feb 23, Selangor police chief Datuk Hussein Omar Khan said besides the five suspects, police also arrested two more men, aged 23 and 40, in Kajang who were believed to be involved in the incident and both were remanded for five days. It was reported that the victim was dragged from his car and was beaten up by a group of men. The incident is believed to have occurred after the victim was involved in an accident with a food delivery man and several other vehicles but refused to stop. The victim was said to have been chased by members of the public to Taman Pelangi Semenyih 2 before his car skidded and hit the fencing of a residential area. – Bernama Two women held for provoking, obstructing police KUALA LUMPUR: Police apprehended two local women for allegedly provoking police officers on duty, on Saturday night. Subang Jaya district police chief ACP Wan Azlan Wan Mamat said the 11.10pm incident occurred when police personnel were patrolling along Jalan SS15/4G in Subang Jaya, Selangor, and saw a car with two women inside behaving suspiciously. After introducing themselves as police officers by showing their authorisation cards and asking for identification for inspection, the two women refused to cooperate. “One of them pulled out a mobile phone, recording the exchange, and questioned police duties,” he said in a statement. The two women, aged 29 and 37, were arrested for provocation and attempting to obstruct the duties of police officers. The suspects were remanded for two days until yesterday and released on police bail. An investigation paper will be submitted to the Selangor Deputy Public Prosecutor for further instructions. – Bernama Kelantan MMEA nabs Vietnamese fishermen, two fishing vessels PASIR PUTEH: The Kelantan Malaysian Maritime Enforcement Agency (MMEA) arrested 23 Vietnamese fishermen and seized two fishing vessels with a total value of RM3 million in an operation conducted on Thursday. Its director Maritime Captain Erwan Shah Soahdi said the two boats were seized at 126 to 128 nautical miles off Tok Bali estuary after being spotted at 7.22am during an operation along the Malaysia-Vietnam maritime border. “The two boats initially did not cooperate and tried to flee to the border of the country’s waters when they were instructed to stop,” he said The 23 Vietnamese fishermen being held at the jetty. – BERNAMAPIC Plea bargain offers hope for Malaysians held in Guantanamo Bay KUALA LUMPUR: The release of the two Malaysians held in Guantanamo Bay detention camp is long overdue, as they have been in custody for 21 years in connection with the devastating 2002 Bali bombings that took 202 lives. The two Malaysians – Mohamad Farik Amin, 48, and Mohammed Nazir Bin Lep, 47 – were captured in Thailand in 2003 but never faced trial until 2024. In late January 2024, under a plea bargain, both men reached agreements with prosecutors at Guantanamo Bay to charges of being accessories to the terrorist attacks in Bali, where after a short trial US military judge Lt Col Wesley A. Braun gave the duo a five-year jail sentence. Both will have to testify against Encep Nurjaman a.k.a. Hambali, the former leader of the Jemaah Islamiyah movement – an affiliate of Al-Qaeda – and the mastermind of the Bali bombings. Mohammed Farik and Mohammed Nazir could be freed by 2029 or even earlier. Both have been held in confinement in the US at various Central Intelligence Agency (CIA) facilities since 2003 and in Guantanamo since 2006. An exclusive e-mail response provided to Bernama by Mohamad Farik’s lead counsel Christine Funk offered insights into the case and the ordeal that her client had been through. Mohamad Farik is known as “Inmate No. 21”, in the detention camp located on Guantánamo Bay Naval Base in southeastern Cuba. Funk said whe wants to see the end of the traumatic ordeal her client has endured since his capture and detention. He faced severe mistreatment, including beatings and torture, and was held incommunicado with his family or the Malaysian government for years. Funk went on to describe the harsh conditions Mohamad Farik endured, including being forced into “stress positions” for prolonged periods such as leaning against a wall with only his forehead touching it or squatting with a broomstick behind his knees. “He was left alone, deprived of a toilet, in complete darkness for days,” Funk said, detailing the dehumanising treatment of her client. “At times, he was placed on a tarp and held down by CIA operatives before being doused with ice-cold water, both on his body and into his nose and mouth, nearly to the point of drowning, a practice known as waterboarding. “His meals comprised Ensure protein drinks that were provided on an inconsistent and unpredictable basis,” she said, adding that such conduct toward her client has since been outlawed in the US. Both Malaysian detainees continue to be held in seclusion from other prisoners as they commence serving their sentences. Bernama also reached out to Mohammed Nazir’s lead counsel, Brian Bouffard, but has yet to receive any reply. MACC officers investigating the case. It is normal for us to make such statements. “That’s why I said two days ago that if there is a need, investigating officers will call him (Muhyiddin) just like how other witnesses, including a former finance minister, had been summoned,” he told a press conference after officiating the Mersing MACC office opening and anti-corruption pledge yesterday. In a Facebook post on Saturday, Muhyiddin denied that he was involved in any wrongdoing in connection with the award of the contract to Spanco, Bernama reported. On another matter, Azam said MACC would check on the application for a Red Notice against Muhyiddin’s son-in-law Datuk Seri Muhammad Adlan Berhan. He said federal police had applied to Interpol for the Red Notice against Muhammad Adlan, 48, and his lawyer Mansoor Saat, 69, in October last year. “I have not received an update on that. MACC will check again with Interpol. For now, we are waiting for him (Muhammad Adlan) to return to the country to face charges in court. “MACC has also applied to PDRM to list him as a wanted person by Interpol. MACC is still making efforts to track him and his lawyer down,” he said. Azam had earlier been reported as confirming that investigations against Muhammad Adlan had been completed but that he could not be located after having left the country since May last year. during a press conference at the Kelantan MMEA office in Tok Bali, yesterday. The MMEA vessels intercepted the first boat at 8.39am, followed by the second boat at 9.27am, he said. He added that inspections found that the first boat was manned by 17 crew members, including a skipper, while the second boat was operated by six crew members, including a skipper, all aged 19 to 63. Erwan Shah said MMEA also seized about 1,000kg of catch, fishing equipment, navigation and communication equipment, and supplies of 2,000 litres of diesel from the two boats. He said the process of towing the two boats took more than 24 hours before arriving at Kelantan Maritime jetty at 11am on Friday. Erwan Shah said the two fishing vessels were suspected of illegal fishing activities in the country’s waters and the case was being investigated under Section 15(1)(a) for failing to display fishing authorisation documents. He said the two boat captains were suspected of violating Section 16(3) of the Fisheries Act 1985 while the crew members were being investigated under Section 6(1)(c) of the Immigration Act 1959/63 for failing to display valid identification documents. – Bernama
MONDAY | FEB 26, 2024 6 @thesundaily FOLLOW ON TWITTER Malaysian Paper Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Mobile clinics for Orang Asli community oHealthcare services include diabetes screenings, blood pressure checks, prenatal and newborn examinations, and outpatient treatment GUA MUSANG: While a majority of the nation has easy access to healthcare in clinics and hospitals, the Orang Asli community in remote areas are still facing challenges. Amid these limitations, the Orang Asli Mobile Team (OAMT) are committed to bridging the healthcare gap by providing important services to those living in rural areas. Gua Musang Health Office’s OAMT medical officer Dr. Muhammad Aiman Aziz said navigating long distances, traversing uneven plantation and logging roads and enduring unpredictable weather conditions are some of the challenges they have endured while remaining dedicated to their mission. He said the Gua Musang OAMT team, comprising 24 members, is the largest healthcare service unit, Bernama reported. “Our mobile clinic offers essential healthcare services to the community such as diabetes screenings, blood pressure checks, prenatal examinations, newborn check-ups and outpatient treatment. and Pos Bihai are managed by support teams from the Tanah Merah, Bachok and Machang offices. “Every week, the Gua Musang OAMT unit, comprising one medical and two assistant medical officers, four nurses, one healthcare assistant, one pharmacist and three drivers, travels to an Orang Asli settlement. “Each mobile clinic operation could last for four days and three nights or five days and four nights. Unfavourable weather conditions may require them to extend their stay.” He said mobile clinics are set up in two to three villages each day based on the needs of the community and if required, they also see patients at night, adding that he has gained unique experiences in the past three years with the team. OAMT nurse Siti Nuraisyah Mohd Asri, 23, said she remembers the names of her patients but can also identify those who require treatment but might be absent when the unit provides healthcare services in the villages. Call to reinstate nicotine in Poisons Act GEORGETOWN: The Consumers Association of Penang (CAP) has urged the government to consider reinstating nicotine in the Poisons Act amid the rising trend of vaping among the Malaysian youth. CAP senior education officer and anti-smoking activist N.V. Subbarow pointed out the ineffectiveness of the Control of Smoking Products for Public Health Bill 2023, which was implemented in November 2023, adding that vape liquids are now easily purchased in physical and online stores due to weak implementation of the law. “If school children have access to vape devices, it shows the bill is grossly ineffective. “Since the passing of the bill, we find vape products even more accessible. Retail outlets are selling a wide range of vape liquid flavours in attractive packaging that are appealing to all age groups,” he told theSun. Subbarow said the absence of adopting “Generational End Game” elements in its entirety in the Tobacco Bill has led to a surge in underage vaping, adding that loopholes in the law allow easy access to these harmful substances, particularly among school children. “The root problem is the exemption of nicotine as a controlled substance under the Poisons Act in March 2023 as it means nicotine-based vape liquids are just like other ordinary consumer products that can easily be purchased without a prescription.” Refuting claims that nicotine is not a significant contributor to smoking-related diseases, he said nicotine is poison and highly addictive. “It is nicotine that smokers and vapers get addicted to and continue with their self-destructive habit,” he said, adding that nicotine also causes an increase in blood pressure and a host of other health problems. CAP also urged the government to maintain and enforce designated smoking zones, implemented since 2019, to protect non-smokers from secondhand smoke. The organisation supported initiatives like the Clean, Smoke-Free Premises Walkabout programme designed to ensure the cleanliness and safety of food premises, while promoting smoke-free environments. “We should align smoking area policies with international standards, particularly the World Health Organisation Framework Convention for Tobacco Control, to provide 100% smoke-free public and workplace to safeguard the health of non-smokers. “Smokers have to be at least 3m away from air-conditioned and non air-conditioned restaurants, coffee shops, open-air hawker centres and street stalls, where smoking is banned.” Terengganu declares Sundays as Batik Day KUALA TERENGGANU: The state government here has declared Sundays as Batik Day. State Tourism, Culture, Environment and Climate Change Committee chairman Datuk Razali Idris said in addition to state civil servants, private sector employees, self-employed individuals, entrepreneurs and Terengganu residents are all encouraged to wear batik on Sundays. “The state government supports the federal government’s (effort to encourage) the wearing of batik at any time, including the mandatory batik dress code (for civil servants) on Thursdays. “I see this as a good opportunity to revitalise Terengganu batik. “Hopefully, this initiative will promote Terengganu batik, renowned for its high quality, and play a role in boosting the economy of the local batik industry.” – Bernama “Every trip into the (Orang Asli settlements) includes carrying medical supplies, vaccines, equipment and treatment cards.” Muhammad Aiman, 30, said there are seven settlements in the district, including Pos Hau, Pos Gob, Pos Belatim and Pos Pasik, which are under the jurisdiction of the Gua Musang health office OAMT, while Pos Balar, Pos Simpor █ BY T.C. KHOR [email protected] A worker showing a variety of vape liquids available in a store at Sungai Dua, Butterworth. – MASRY CHE ANI/THESUN
MONDAY | FEB 26, 2024 7 Philippines accuses China of blocking another vessel MANILA: The Philippines yesterday accused the Chinese coast guard of attempting to block a Filipino government vessel delivering supplies to fishermen, the second such alleged incident near a disputed reef in two weeks. The BRP Datu Sanday was supplying fuel to fishermen near the Scarborough Shoal when it was harassed by a China Coast Guard vessel and three other Chinese ships on Feb 22, the Philippine Coast Guard said. Three of the four Chinese vessels came within 100m of Datu Sanday’s bow, it said in an incident report that also listed shadowing, vessel transponder jamming and other “dangerous manoeuvres”. “Despite these manoeuvres, the skipper of BRP Datu Sanday exhibited excellent seamanship skills and managed to evade the blocking attempts,” said Commodore Jay Tarriela, the Filipino coast guard spokesman on South China Sea issues. A week earlier, the Philippine Coast Guard said the BRP Datu Tamblot had a similar encounter in the area. Scarborough Shoal – a triangular China Coast Guard personnel onboard a rigid-hulled inflatable boat (centre right) shadowing a Philippine Bureau of Fisheries and Aquatic Resources inflatable boat (centre left) near Scarborough Shoal. – AFPPIC Hun Sen returns to frontline politics for Senate seat PHNOM PENH: Cambodian officials voted in a Senate election yesterday, setting the stage for ex-leader Hun Sen to officially return to politics after he stepped down as prime minister last year. After nearly four decades of hardline rule, Hun Sen handed power to his eldest son Hun Manet after national polls last July held without any significant opposition. Hun Sen at the time made it clear that despite his resignation, he still intended to wield influence. The 71-year-old lawmaker and oIntends to be president of the upper house Early bloom of cherry blossoms sparks concerns TOKYO: Cherry blossoms, Japan’s symbol of spring, have started blooming earlier this year amid hotter winter temperatures in February. Japan usually sees the peak cherry blossom season in March and April when the streets of its major cities are adorned by beautiful pink and white flowers, attracting millions of visitors. Some flowers, like Kawazu blossoms, bloom earlier in the season, usually by late February. But videos from Kawazu, a small town on the east coast of the Izu Peninsula after which the species is named, show the flowers were in full bloom by mid-February, according to Weather.com. Streets in Kawazu are seen covered with pink flowers that appear to be in the peak of their season, with fears that the flowers will begin to deflower sooner, before the cherry blossom festivals end. The flowers in Tokyo are also expected to bloom early this year again after a mild winter and warm spring this year in Japan amid recordbreaking temperatures around the world. Weather changes and urban warming have been impacting the flowering dates of cherry blossoms in Japan. In 2023, the iconic blossoms appeared 10 days earlier than usual and tied with an early record set in 2020 and 2021 for the earliest bloom date since the records began in 1950s. The weather changes and urban warming have pushed forward the “peak bloom” flowering period by 11 days, researchers from the Met Office in the United Kingdom and Osaka Metropolitan University in Japan said in a study in 2022. In Japan, forecasts for cherry blossom bloom are an integral part of the country’s spring celebrations. Average winter temperatures in Japan have increased by several degrees since pre-industrial times. Hundreds of monthly hightemperature records for February have been broken in Japan this year following several months of mild temperatures. “This is the most extreme event in 150 years of Japanese climatic history,” climate expert Maximiliano Herrera, who keeps tabs on global weather records via social media, said, talking about 480 stations recording extreme February temperatures. The milder winter in Japan comes amid a similar trend seen across the world. After 2023 was confirmed to be the hottest year ever, driven by heat generated from human-caused climate pollution and El Nino weather phenomenon, global average temperatures have remained higher in the first few weeks of 2024. – The Independent B R I E F SWALKOUT BY DOCTORS EXPECTED TO INTENSIFY SEOUL: A large-scale walkout by trainee doctors is expected to intensify in South Korea as new medical school graduates reportedly refused to take internships, joining an ongoing protest against the government’s plan to boost the number of medical students. The move by medical school graduates is likely to pile pressure on the government as thousands of intern and resident doctors in major general hospitals have walked off the job for the sixth consecutive day in opposition to the government’s plan to admit 2,000 more students to medical schools next year. Throughout the weekend, major hospitals experienced delays in their operating schedules, prompting even patients in critical condition to seek care at smaller medical facilities, Yonhap news agency reported. Some hospitals adjusted their intensive care unit schedules from three shifts to two due to the shortage of on-duty doctors. So far, 8,897 or 78.5% of the 13,000 trainee doctors from 96 major teaching hospitals in Seoul and elsewhere have submitted their resignations, with 7,863 of them not reporting for work, according to the Health Ministry. – Bernama-Yonhap SRI LANKA SCRAPS LONG-TERM VISA COLOMBO: Sri Lanka said yesterday it had ended long-term tourist visa extensions for thousands of Russians and Ukrainians using the policy to live on the island since Moscow’s invasion of Ukraine. “The government is not granting further visa extensions,” said Commissioner-General of Immigration Harsha Ilukpitiya, giving a March 7 deadline for departure. “The flight situation has now normalised and they have no difficulty in getting back.” Just over 288,000 Russians and nearly 20,000 Ukrainians have visited Sri Lanka in the past two years, according to official figures. It is not clear how many stayed longer than the usual 30-day tourist visa. But thousands of Russians and smaller numbers of Ukrainians are believed to have settled in Sri Lanka, some to avoid potential draft into the army. – AFP ONE KILLED, TWO HURT IN STORE STABBING TOKYO: One person has died and two more were injured yesterday in a stabbing incident in a convenience store in Sapporo on Japan’s northern island of Hokkaido. A Seicomart convenience store employee in the regional capital Sapporo told police a man was behaving aggressively with something looking like a kitchen knife early in the morning, NHK broadcaster reported. Three employees aged between 40 and 60 were stabbed and injured, with a man in his 40s taken to the hospital where he later died. Two others, a man and a woman, remained conscious, the broadcaster said citing local police. An unemployed 43-year-old local resident was arrested at the scene of the crime on suspicion of attempted murder. In January, three men were injured in a stabbing incident at the Akihabara tourist hotspot in Tokyo but public violence remains low in Japan. – Reuters chief of the ruling party cast his ballot near his home in Takhmao city yesterday for a seat in the Senate, the country’s upper house. Hun Sen has said that he intends to become president of the Senate, allowing him to act as head of state when the king is overseas. Councillor Chhim Vanarith, voting at the same polling station, welcomed the move. “If he leads the Senate, obviously our country will be further developed and peaceful,” he said. Four political parties, including Hun Sen’s ruling Cambodian People’s Party (CPP), the royalist Funcinpec Party and two small opposition parties are participating. Of the 62-seat Senate, 58 seats will be voted on by 125 MPs and more than 11,000 local administrators. King Norodom Sihamoni will appoint two senators, while the National Assembly will appoint two others. Most eligible voters are members of the CPP – who made a clean sweep of the Senate last election – making Hun Sen’s victory all but certain. “This is a sign of the Hun family’s further consolidation of power,” said Sebastian Strangio, author of “Hun Sen’s Cambodia”. “It is better to ensure that the position not fall into a potential rival’s hands.” Becoming president of the Senate would protect his son and prevent the family’s control being undermined, Strangio added. The National Electoral Committee is expected to take several weeks to publish official results. But voters in the capital Phnom Penh seemed keen to see Hun Sen back in a position of authority. “He has a lot of experience, so if he leads the Senate, our country will be prosperous,” said commune chief Oeu Siphon. The election follows lawmakers approving Hun Sen’s youngest son Hun Many as a deputy prime minister. The government now includes a number of Hun Sen’s relatives, with several children of his allies also holding top jobs. After coming to power in 1985, Hun Sen helped modernise a country devastated by civil war and genocide. But critics say his rule has also been marked by environmental destruction, entrenched graft and the elimination of nearly all political rivals. – AFP chain of reefs and rocks – has been a flashpoint between the countries since China seized it from the Philippines in 2012. Since then, Beijing has deployed patrol boats that Manila says harass Philippine vessels and prevent Filipino fishermen from accessing a fish-rich lagoon there. On social media, China’s state-run Global Times said on Saturday that the China Coast Guard had repelled the Datu Sanday “when the vessel illegally intruded into waters adjacent to China’s Huangyan Island”, using the Chinese name for the shoal. Scarborough Shoal, controlled by China, lies 240km west of the Philippines’ main island of Luzon and nearly 900km from the nearest major Chinese land mass of Hainan. China claims almost the entire sea and has ignored an international tribunal ruling that its assertions have no legal basis. Tense standoffs between China and the Philippines around disputed reefs last year saw collisions and Chinese ships blasting water cannon at Philippine boats. – AFP
MONDAY | FEB 26, 2024 8 READ OUR HERE /thesun Malaysian Paper Trump extends winning streak, beats Haley COLUMBIA (SOUTH CAROLINA): Donald Trump easily defeated Nikki Haley in South Carolina’s Republican contest on Saturday, extending his winning streak as he marches toward a third consecutive presidential nomination and a rematch with Democratic President Joe Biden. The former president had been widely favoured to win the southern state, despite his litany of criminal charges and Haley’s status as a native of South Carolina who won two terms as governor. The big win bolstered calls from Trump’s allies that Haley, his last remaining challenger, should drop out of the race. But Haley, who outperformed expectations based on opinion polls, insisted she would fight on at oMarches towards White House rematch with Biden Australia PM pledges to help state in wildfire emergency SYDNEY: Australia’s Prime Minister Anthony Albanese pledged yesterday to provide whatever support was needed to assist Victoria state in a days-long wildfire emergency that has razed homes after authorities warned extreme heat could fan the blazes this week. “We will provide whatever support is requested from Victoria,” Albanese told reporters in the city of Frankston, Victoria. “It’s a reminder of the need for us to be vigilant for us to continue to work and act on the threat that is climate change.” The emergency has killed livestock, destroyed six homes and forced more than 2,000 people to leave western towns and head to the city of Ballarat, 95km west of the state capital, Melbourne. Australia is in the grips of an El Nino weather pattern, which is typically associated with extreme phenomena such as wildfires, cyclones and droughts. More than 15 bushfires were burning in Victoria yesterday, with the most serious blaze, ranked at the second highest danger rating, near several remote towns, according to the state’s emergency authority. State authorities have said there are concerns about the weather this week particularly Wednesday into Thursday when extreme heat is forecast that could further fan the fires. Around 1,000 firefighters supported by more than 50 aircraft have battled the fires since they started. The last two bushfire seasons in Australia have been subdued compared with the 2019-2020 “Black Summer”, when bushfires destroyed an area the size of Turkey, killing 33 people and an estimated 3 billion animals. – Reuters Explosives bonanza ushers in good tidings MIAOLI: Donning only red shorts and protective eyewear, four men hoist a palanquin bearing an icon and walk through a bombardment of firecrackers. The unusual display is a Taiwanese celebration known as “The Bombing of Master Han Dan”, and has been held in northwestern Miaoli county’s Zhunan township for more than a century. Chen Chien-long, a ritual committee leader at the temple organising the festival, said the practice of hurling firecrackers at a icon started after a plague. “Master Han Dan descended from the heavens and told the people, ‘You have to bomb the plague with firecrackers’. The firecrackers also brought warmth to Master Han Dan, who was afraid of the cold weather,” Chen said. Since Master Han Dan is a God of Fortune, the explosives bonanza is also thought to usher in good tidings. “The more we bomb him with firecrackers, the more prosperous we will be. The explosion of firecrackers brings good fortune,” said Chen. The celebration is held on the 15th day of the Lunar New Year and this year it fell on a Saturday night, drawing hundreds of spectators who stood a safe distance away. They covered their ears to shield themselves from the loud explosions of the firecrackers, while trying to film on their smartphones. – AFP FESTIVE MAKE-UP ... Members of the Ba Jia Jiang group, dressed up as mythological characters, attend the Lantern Festival celebration in Taitung, Taiwan. – REUTERSPIC B R I E F SDOCUMENTARY ON LOOTED ART WINS PRIZE BERLIN: Dahomey, a documentary by Franco-Senegalese director Mati Diop probing the thorny issues surrounding Europe’s return of looted antiquities to Africa, won the Berlin film festival’s top prize. Kenyan-Mexican Oscar winner Lupita Nyong’o announced the seven-member panel’s choice for the Golden Bear award at a gala ceremony here. Diop said the prize “not only honours me but the entire visible and invisible community that the film represents”. South Korean arthouse favourite Hong Sang-soo captured the runner-up Grand Jury Prize for A Traveller’s Needs, his third collaboration with French screen legend Isabelle Huppert. Hong, a frequent guest at the festival, thanked the jury, joking “I don’t know what you saw in this film.” French auteur Bruno Dumont accepted the third-place Jury Prize for The Empire, an intergalactic battle of good and evil set in a French fishing village. Dominican filmmaker Nelson Carlo de los Santos Arias won best director for Pepe, his enigmatic docudrama conjuring the ghost of a hippopotamus owned by the late Colombian drug baron Pablo Escobar. Marvel movie star Sebastian Stan picked up the best performance Silver Bear for his appearance in US satire A Different Man. Stan plays an actor with a genetic disease, who is cured with a groundbreaking medical treatment. – AFP STREISAND BESTOWED LIFETIME AWARD LOS ANGELES: Actress, singer, movie director and producer Barbra Streisand was honoured on Saturday with the Screen Actors Guild (SAG) Life Achievement Award in recognition of her prolific career and humanitarian work. The 81- year-old Streisand received SAG’s highest award from Jennifer Aniston and Bradley Cooper. She was the 59th recipient of the award, which goes to an actor who fosters the “finest ideals of the acting profession”. Streisand recounted her dream of becoming an actress as a teenager in Brooklyn and being in awe of actor Marlon Brando in the 1955 film Guys and Dolls. “That make-believe world was much more pleasant than anything I was experiencing. I didn’t like reality. I wanted to be in the movies even though I knew I didn’t look like the other women on the screen. My mother said, ‘You better learn to type’, but I didn’t listen.” It was the first SAG award for Streisand, who has two Oscars, 10 Grammys, five Emmys and an honorary Star of the Decade Tony that put her in the elite EGOT club of stars who have won all those awards. Streisand won her first Oscar in 1969 for her leading role as entertainer Fanny Brice in the 1968 comedy Funny Girl. – Reuters least through “Super Tuesday” on March 5, when Republicans in 15 states and one US territory will cast ballots. Trump won with 59.8% support against 39.5% for Haley with 99% of the expected vote tallied, according to Edison Research. Statewide opinion polls before Saturday had given Trump an average lead of 27.6 percentage points, according to the tracking website 538. “Forty per cent is not some tiny group,” Haley said of her vote share. “There are huge numbers of voters in our Republican primaries who are saying they want an alternative.” Trump has dominated all five Republican primary contests thus far – in Iowa, New Hampshire, Nevada, the US Virgin Islands and now Haley’s home state – leaving Haley with no evident path to the Republican nomination. Trump gave his victory speech in Columbia, the state capital, minutes after the polls closed and did not mention Haley, claiming his party’s mantle as he looked ahead to November’s general election. “I have never seen the Republican Party so unified as it is right now,” he said. In recent days Haley had notably sharpened her attacks on Trump, questioning his mental acuity and warning voters he would lose the general election to Biden. But there is scant evidence that a majority of Republican voters is interested in any standard-bearer except Trump. Immigration, which Trump has made a focus of his campaign, was the number one issue for voters on Saturday, according to an Edison exit poll. Some 39% cited that issue, above the 33% who said the economy was their top concern. About 84% of voters said the economy is not so good or poor, highlighting a major potential weakness for Biden. Once again, however, exit polls also pointed to Trump’s own vulnerabilities. Nearly one-third of voters said he would be unfit to serve as president if he were convicted of a crime. Trump’s first criminal trial is scheduled to begin on March 25 in New York City. He is charged with falsifying business records to conceal hush money payments made to porn star Stormy Daniels during the 2016 campaign. He faces three other sets of charges, including a federal indictment alleging he conspired to reverse Biden’s election victory in 2020. Trump has pleaded not guilty in every case and claimed that the charges stem from a Democratic conspiracy to derail his campaign. Both Trump and Biden have already begun looking ahead to November, with the president characterising Trump as a mortal threat to US democracy. Before flying to South Carolina to watch primary returns on Saturday, Trump addressed conservative activists near Washington in a 90- minute speech that painted a dark picture of a declining America under Biden. He said if he beats Biden it will represent a “judgment day” for the US and “my ultimate and absolute revenge”. – Reuters
MONDAY | FEB 26, 2024 9 Gaza desperation deepens oNetanyahu sticks to Rafah assault plan JERUSALEM: After more than four months of shortages inside the besieged Gaza Strip, the World Food Programme said its teams had reported “unprecedented levels of desperation”, while the United Nations warned that 2.2 million people were on the brink of famine. In northern Gaza’s Jabalia refugee camp, bedraggled children held out plastic containers and battered cooking pots for what little food was available. Supplies are running out, with aid agencies unable to get into the area because of the bombing, while the trucks that do try to get through face frenzied looting. “The grown-ups can still make it, but these children who are four and five years old, what did they do wrong to sleep hungry and wake up hungry?” one man asked angrily. hostages, 130 of whom remain in Gaza, including 30 presumed dead, according to Israel. Israel’s retaliatory offensive has killed at least 29,606 people, mostly women and children, according to a tally from Gaza’s Health Ministry. The ministry said yesterday that another 98 people had been killed overnight, with the Hamas media office reporting strikes along the length of the territory, from Beit Lahia in the north to Rafah in the south. A reporter said there had been a number of air strikes on Saturday evening in Rafah, a city along the territory’s southern border with Egypt where hundreds of thousands of Gazans have fled to escape fighting elsewhere. The presence of so many civilians packed into the area has sparked concerns over Israeli plans for troops to finally push into the city, the last major urban centre they have yet to enter. Despite the concerns, including from key ally the United States, Netanyahu signalled on Saturday night that the expected push had not been abandoned, adding that “at the beginning of the week, I will convene the cabinet to approve the operational plans for action in Rafah, including the evacuation of the civilian population from there”. “Only a combination of military pressure and firm negotiations will lead to the release of our hostages, the elimination of Hamas and the achievement of all the war’s goals,” he added. Netanyahu last week unveiled a plan for post-war Gaza that envisages civil affairs being run by Palestinian officials without links to Hamas. It also says Israel will continue with the establishment of a security buffer zone inside Gaza along the territory’s border. The plan has been rejected by Hamas and the Palestinian Authority, and drawn criticism from Washington. – AFP US, UK launch new wave of strikes against Houthis WASHINGTON: American and British forces carried out a fresh wave of strikes against 18 Houthi targets in Yemen, following weeks of unrelenting attacks on Red Sea shipping by the Iran-backed rebels. The strikes “targeted 18 Houthi targets across eight locations in Yemen” including weapons storage facilities, attack drones, air defense systems, radars and a helicopter, a joint statement said. It was co-signed by Australia, Bahrain, Denmark, Canada, the Netherlands and New Zealand, who gave unspecified “support” to the new round of strikes, the second this month and fourth since the rebels began their attacks on ships in the region. “The Houthis’ now more than 45 attacks on commercial and naval vessels since mid-November constitute a threat to the global economy, as well as regional security and stability, and demand an international response,” it said. Houthi-run Al-Masirah television reported “a series of raids on the capital Sanaa”. “The United States will not hesitate to take action, as needed, to defend lives and the free flow of commerce in one of the world’s most critical waterways,” Pentagon chief Lloyd Austin said in a separate statement after the strikes. “We will continue to make clear to the Houthis that they will bear the consequences if they do not stop their illegal attacks, which harm Middle Eastern economies, cause environmental damage, and disrupt the delivery of humanitarian aid to Yemen and other countries.” Houthi military spokesman Yahya Saree was defiant, vowing that the rebels would “confront the American-British escalation with more qualitative military operations against all hostile targets in the Red and Arab Seas.” The UK Ministry of Defence said four Royal Air Force Typhoon FGR4s targeted “several very long-range drones, used by the Houthis for both reconnaissance and attack missions,” at a site northeast of Sanaa. Saturday’s operation comes after several merchant vessels were struck last week in the region. Apart from the joint operations with Britain, the United States has also carried out strikes against Houthi positions and weaponry in Yemen, and has downed dozens of missiles and drones. – AFP Zelensky presses for arms, vows triumph B R I E F STORIES SUSPEND MP FOR RACIST COMMENTS LONDON: Britain’s ruling Conservatives suspended on Saturday their former deputy chairman from the parliamentary party, after he refused to apologise for saying London’s Labour mayor Sadiq Khan was controlled by Islamists. “Following his refusal to apologise, the chief whip has suspended Lee Anderson,” a spokesperson for Tory lawmaker Simon Hart said. On the right-wing GB News channel, Anderson claimed “Islamists” had “got control” of Sadiq, who was the first Muslim mayor of a Western capital when first elected in London in 2016. “He’s actually given our capital city away to his mates,” added Anderson, the Tory MP for a seat in central England. – AFP ‘EXPOSE CAMPAIGN AGAINST JOURNALISTS’ ISTANBUL: The Information Ministers of the Organisation of Islamic Cooperation Member States called on all international news organisations and media outlets to expose the Israeli occupation’s human rights violations and campaigns against journalists. In the Final Communique of the one-day Extraordinary Session of the Islamic Conference of Information Ministers here, the ministers condemn the Israeli occupation’s systematic targeting of Palestinian journalists and stress this was part of a campaign to silence the voices of truthtellers. They also condemn that Israeli forces are unwilling to take even the most basic steps to ensure the safety of journalists. – Bernama KYIV: Ukrainian President Volodymyr Zelensky pressed his Western allies to step up military supplies and vowed victory over Russia, as Kyiv marked two years since Moscow’s invasion. The Ukrainian leader struck a defiant tone on Saturday with his troops in the east and south outgunned and outnumbered, and Russia having secured its first territorial gains in almost a year. Speaking to G7 leaders, Zelensky said their “vital support” would help his country prevail on the battlefield. “And you know perfectly well that we need all this in time, and we count on you,” he told the virtual G7 leaders’ summit, flanked by European Commission chief Ursula von der Leyen, Canadian Prime Minister Justin Trudeau and Italy’s Giorgia Meloni, who had all travelled to Kyiv. In a statement, the G7 called for additional cash to help Kyiv close its funding shortfall. As the war enters its third year, delays to a crucial US$60 billion (RM287 billion) US funding package have led to Ukrainian ammunition shortages, with Moscow trying to press its advantage following the important capture of Avdiivka. Kyiv signed security agreements with Ottawa and Rome on Saturday, with Canada saying it would provide a total of US$2.2 billion in financial and military support in 2024. Russia is attacking hard in the east after capturing the heavily fortified town of Avdiivka on Feb 17. – AFP A Palestinian boy sits amidst the ruins of a house destroyed by an Israeli strike in Rafah. – REUTERSPIC Residents have resorted to eating scavenged scraps of rotten corn, animal fodder unfit for human consumption and even leaves. The Health Ministry said that a two-month-old baby identified as Mahmud Fatuh had died of “malnutrition” in Gaza City. Save the Children said the risk of famine would continue to “increase as long as the government of Israel continues to impede the entry of aid into Gaza”. Israel has defended its track record on allowing aid into Gaza, saying that 13,000 trucks carrying relief supplies had entered the territory since the start of the war. The war began after the Oct 7 attack, which resulted in the deaths of about 1,160 people in Israel, mostly civilians, according to a tally of official figures. Hamas fighters also took
10 MONDAY | FEB 26, 2024 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Education remains an important pillar of Malaysian society; it equips students with the skills needed to become productive and useful members of society. We invite you to showcase the best of education and the difference your institution has brought to the education landscape. Education matters so join us in 2024! Contact us now for special deals on digital, video and print advertising. Malaysian Paper 03-7784 6688 [email protected] India, land of euphoria EVERY time I embark on a journey to India, I find myself immersed in a myriad of experiences that never fail to intrigue and inspire. The vastness of the country, teeming with 1.5 billion souls, presents a dichotomy of emotions within me, a love-hate relationship that oscillates between frustration at peculiar habits and awe at its breathtaking beauty. Yet, amid the chaos and contradictions, India’s allure remains undeniable, especially during my pilgrimages to its majestic temples. My recent sojourn led me to Chennai, a bustling metropolis pulsating with life and energy. Various personal matters beckoned my attention, among them, an MRI scan for my ailing knees. The decision to undergo the procedure in India was primarily driven by its affordability but what I discovered within the walls of the MRI room transcended mere cost considerations. Stripped of nonessentials, the facility offered a stark contrast to its Western counterparts. There was no need for cumbersome garb changes as I entered fully clothed, armed only with cotton balls to muffle the deafening noise of the machine. In case of an emergency, a primal scream would suffice, eliminating the need for sophisticated alert systems. When the scan was complete, I departed with a tangible film in hand, a relic of an analogue era in a digital age while the diagnostic report arrived promptly via WhatsApp, a testament to India’s seamless fusion of tradition and technology. As I navigated the complicated streets of Chennai, I found myself drawn to the timeless allure of print media. In an age dominated by digital headlines and fleeting attention spans, the prospect of holding a physical newspaper in my hands evoked a sense of nostalgia. And so, on a lazy Sunday morning, I indulged in the simple pleasure of leafing through the pages of a local English daily. What struck me most was not just the quality of journalism but the willingness to tackle sensitive issues with nuance and sensitivity. A column on cohabitation, penned by a courageous female writer, boldly challenged societal norms, while the story of a transgender individual ascending to senior ranks in Indian Railways spoke volumes about the changing tide of acceptance and inclusivity. Even the arrest of a coffee shop owner for serving coffee in a coconut shell to a lower cast man, seemingly trivial, shed light on the deep-rooted prejudices that continue to plague India’s social fabric, especially concerning caste-based discrimination. However, amid the weight of societal issues, there were moments of levity and laughter, especially as Valentine’s Day approached. Chennai, like many cities around the world, embraced the commercialisation of love with a playful spirit. The local newspaper, in a stroke of genius, employed artificial intelligence to craft Valentine messages in various literary styles, from Shakespearean sonnets to the verbose prose of Shashi Tharoor and the melodramatic lines of Bollywood icon Shah Rukh Khan. The result was a delightful fusion of tradition and modernity, humorously capturing the essence of love in its numerous forms. For those seeking inspiration amid the chaos of daily life, an article chronicling the journeys of Indian Institutes of Technology (IIT) dropouts offered a glimmer of hope. India’s prestigious engineering institutions, epitomised by IIT, are renowned for their rigorous academic programmes and excellent career opportunities. However, for some, the pressurecooker environment proves too stifling, leading them to forge their paths outside the hallowed halls of academia. These stories of resilience and determination serve as a reminder that success is not confined to traditional measures of achievement but rather defined by one’s ability to chart their own course in the face of adversity. In reflecting on my experiences in India, I am reminded of the country’s remarkable ability to embrace diversity and confront its challenges with resilience and grace. From the bustling streets of Chennai to the hallowed halls of academia, India’s diversity is woven with threads of tradition and innovation, resilience and adaptation. It is a land of contradictions and complexities, where the past coexists harmoniously with the present, and where every corner reveals a new facet of its rich cultural heritage. In a world that often seems fraught with division and discord, India’s story serves as a beacon of hope and a reminder that progress is not linear but rather forged through dialogue, understanding and a willingness to confront the uncomfortable truths that lie at the heart of our shared humanity. As we circumnavigate the intricacies of our modern world, may we draw inspiration from the resilience of the spirit of other countries and strive to build a future defined not by division and discord but by unity and compassion. Comments: [email protected] “In reflecting on my experiences in India, I am reminded of the country’s remarkable ability to embrace diversity and confront its challenges with resilience and grace. India’s story serves as a beacon of hope and a reminder that progress is not linear but rather forged through dialogue, understanding and a willingness to confront the uncomfortable truths that lie at the heart of our shared humanity. – REUTERSPIC
11 MONDAY | FEB 26, 2024 Navigating challenges in wage policy THE government is expected to pilot its progressive wage policy (PWP) programme in June. Aimed at increasing employees’ wages in parallel with their productivity, this incentivedriven voluntary opt-in programme has received mixed reactions. Workers have welcomed the move while employers have remained sceptical. Most experts agree that wages must rise to improve the quality of life, especially among the B40s, and reduce socioeconomic inequalities. Studies by Khazanah Research Institute and the Centre for Future Labour Market Studies indicate that higher wages can yield positive economic outcomes. For example, they can enhance productivity, mitigate brain drain, bolster Malaysia’s pursuit of high-income status and promote upskilling efforts. Nevertheless, raising wages may not be enough. While the introduction of a minimum wage has raised income levels, the share of Malaysia’s compensation of employees (CoE) to gross domestic product (GDP) for 2022 was 32.4%. This falls below the 45% benchmark observed in developed nations or the national target of 40% set for 2025. This points to the persistent presence of entrenched structural economic issues. Bank Negara’s Economic and Monetary Review 2020 report highlighted the prevalence of a low-cost production model, inadequate generation of high-skilled employment opportunities and significant skills mismatches as contributing factors to Malaysia’s stagnant wages. The 2022 report further attributed this trend to the relatively limited wage bargaining power of workers. There have been long-standing efforts to address these structural problems. The 2010 National Transformation Plan has endeavoured to raise income levels through a combination of strategic growth plans and major investments. Subsequent administrations have continued these efforts with policies and plans focusing on growth via the enhancement of science, technology adoption, human capital development and innovation. Under the Madani economic framework, new policies and plans such as the National Energy Transformation Roadmap, New Industrial Master Plan 2030 and the 12th Malaysia Plan mid-term review have been introduced to restructure the domestic economy and push Malaysia higher up the income ladder. Skills mismatch is another long-standing problem. Initiatives such as MyFutureJobs and Career Development Programme, along with various career carnivals organised by the Human Resources Ministry, strive to align the skills of jobseekers with industry demands. However, these efforts must be accompanied by robust collaboration among universities, industries and the government to effectively anticipate and address Malaysia’s future human resource demands. Pre-requisite reforms undertaken for the ratification of the Comprehensive and Progressive Trans-Pacific Partnership agreement include amendments to labour laws that will further uplift the welfare of workers and improve freedom of association. This is anticipated to improve the negotiating leverage of workers, especially within the national tripartite mechanism. The introduction of the PWP must be viewed within this broader context. The white paper outlining the proposal was presented in parliament in November 2023, proposing a model wherein salary increments would correspond with the rise in workers’ productivities. While beneficial for workers, there remain concerns that this will eventually hurt them by impacting the firm’s profitability and sustainability. According to the Finance Ministry, the proportion of gross operating surplus (GOS) to GDP (67% in 2022) remains higher than the share of CoE, indicating that a significant portion of profits is still directed towards capital owners or firms. When compared with the more advanced economies such as Korea (CoE 47.6%, GOS 42.2%), Australia (45.6%, 45.7%) and the US (53.0%, 40.6%), it is apparent that there is room to accommodate the increases. To ensure the long-term sustainability of the programme, there must be a pull and push factor. The pull factor will come if the PWP leads to increased productivity, stronger employee loyalty and enhanced firm competitiveness and profitability. The push factor will come from the impact of the PWP on the labour market. Although initially limited to 1,000 firms and confined to workers earning less than RM5,000 monthly (representing 66% of Malaysia’s total workers), theoretically it should still encourage some inter-firm competition that will push wages up and the effects eventually spilling over to other wage groups. There is no better time to initiate these changes than now. The unemployment rate remained steady at 3.4% as of October 2023. Delaying action may result in changing circumstances and conditions, making any necessary measures more challenging to implement and accept. The writer is the deputy head of centre at the National Institute of Public Administration. Comments: [email protected] “Studies by Khazanah Research Institute and the Centre for Future Labour Market Studies indicate that higher wages can yield positive economic outcomes. For example, they can enhance productivity, mitigate brain drain, bolster Malaysia’s pursuit of high-income status and promote upskilling efforts.” Most experts agree that wages must rise to improve the quality of life, especially among the B40s, and reduce socioeconomic inequalities. – ADIB RAWI YAHYA/THESUN Urging authorities to enforce peace and quiet for Penangites ONCE again at 3:30am on a Saturday, the disruptive pre-dawn noise and lack of civility plagued the residents of Penang along the Lebuhraya Tun Dr Lim Chong Eu road, especially around the popular hypermarket circuit adjacent to the notorious e-gate area. This recurring disturbance, orchestrated by organised groups with nefarious intentions, continues to infringe upon the peaceful rest of the community. In a scene reminiscent of a dark silent comedy, the familiar “cat-andmouse” game unfolds like clockwork. The flashing blue lights and brief siren sound shortly after the raucous motorbike and car gangs, with their roaring engines, have already disturbed the sleep of countless residents in the vicinity. Subsequently, these malevolent groups leisurely make their way towards the Penang Bridge and Bayan Lepas area. Their modus operandi is predictable, with their disruptive activities persisting almost every weekend at 3am. Unfortunately, the authorities are hampered in their efforts by a lack of resources to end this ongoing madness in Penang. The composition of these nightmarish groups is easily discernible through simple observation. Firstly, they typically show up between 2am and 4am. Secondly, they constitute a significant group, comprising more than 50 to 100 unmuffled motorcycles, often accompanied by a convoy of equally conspicuous cars serving as their escorts. For example, the recent ensemble included a striking bright yellow Honda Civic EG model with a black hood, accompanied by a fleet of other vehicles roaring in unison. Location plays a crucial role. Without fail, they disrupt the peace along the same stretch of Lebuhraya Tun Dr Lim Chong Eu, adjacent to the e-gate and a nearby popular hypermarket road. Unfortunately, the road encircling that hypermarket has gained notoriety for resembling a circular race track, despite being surrounded by residential apartments. The din and disturbance they create is unimaginable. Penangites have endured this malaise for some time, punctuated only by intermittent periods of respite following mild enforcement measures. Regrettably, these moments of tranquility are shortlived, as the disturbance inevitably resurfaces after a brief reprieve. These groups have no civicmindedness as it requires a seriously twisted mindset to deliberately emerge during unholy hours and disrupt the peace openly in residential neighbourhoods, blatantly disregarding what is clearly “quiet hours”. However, the most disheartening aspect of this is their unabated continuation of these actions, seemingly unperturbed by the lack of consequences. I have long advocated for the reinstatement of curfew hours along the Lebuhraya Tun Dr Lim Chong Eu road, with particular emphasis on key checkpoints at Jelutong, Lebuh Tunku Kudin, the junction leading towards Bayan Lepas and the Penang Bridge area in front of the Light residences. Implementing such checkpoints should effectively contain the issue. We must strive to restore some semblance of civility to Penang’s society and reinstate respect for the quiet hours, a fundamental social norm observed in most civilised societies worldwide. With these aspirations in mind, I extend my best wishes to all Penangites and hope this issue will be addressed for good. E. Yong Penang COMMENT by Peter Brian M. Wang Chee Keong LETTERS [email protected]
BANKING & INSURANCE BANKING & INSURANCE 12 MONDAY | FEB 26, 2024 Decoding payments in Apac for 2024 OVER the past decade, the payments landscape in Asia-Pacific (Apac) has witnessed significant transformation with the arrival of new technologies that have reshaped traditional, cash-centric systems. Visa, a global leader in digital payments, has identified emerging trends within the payments ecosystem that will shape the Apac payments landscape in 2024, driven by rapidly growing consumer demand for faster, seamless and secure payments. It is not just about how to pay, but when With digital payments, it is no longer only about offering the right solutions; it is about delivering them at the right moment in the customer journey. This is where segments like embedded finance come in, integrating financial services into non-financial platforms to offer customers seamless payment experiences within their daily digital activities. For example, e-commerce platforms now provide insurance at checkout, while Buy-Now-Pay-Later (BNPL) services enable split payments without leaving the app. The trend also extends to B2B payments. Visa found that embedded finance is projected to unlock more than US$242 billion (RM1.16 trillion) in market opportunities for financial providers in Apac by 2025, particularly benefitting small and medium businesses (SMB). The consumerisation of B2B payments It is estimated that Gen Zs and Millennials could make up more than 70% of the workforce in Malaysia by 2025. As they enter the workforce and take on decisionmaking roles, generational shifts, led by tech-savvy Gen Z and Millennial leaders who have grown up with easy, intuitive payments, will drive the “consumerisation” of B2B payments. In other words, B2B payments will become more userfriendly to suit these digital natives’ familiarity with seamless, technology-driven experiences. Visa has identified two important factors for this shift, beginning with interoperability, meaning how much different systems can work together seamlessly. This requires multiple players including developers, businesses, and governments, to collaborate and deploy open application programming interfaces (API) to enable different payment options in one platform. For instance, organisations in AsiaPacific can soon make payments seamlessly on SAP platforms with Visa corporate cards, without navigating a maze of payment options or leaving the ecosystem. The second factor is the accelerating demand for “all-in-one”, multi-capability B2B payment solutions that will aggregate services such as payment, lending, and invoice management, helping businesses complete essential tasks through a single interface, thus improving productivity and operational efficiency. Heightened, less conspicuous risks As the digital payments landscape continues to evolve, the potential for cyber threats also grows. In the first half of 2023, Malaysia observed a significant surge in cyber threats, primarily involving data breaches across different sectors. Cybercriminals are using generative AI to create fraudulent emails and phishing texts, making it harder for consumers to identify the real from the fake. Other security concerns include synthetic identity fraud, account takeovers, and more. To combat these potential advances, we must look beyond traditional methods of detection and prevention. New technologies are increasingly catching up, offering enhanced protection for consumers. Machine learning and artificial intellience-powered solutions, such as Visa’s Advanced Authorisation (VAA), which helps identify good and bad transactions. In 2021, VAA prevented US$26 billion in fraud. Helping SMB navigate change The small business sector in Malaysia will continue to experience substantial changes in 2024. SMB in Malaysia are confident about their growth prospects this year. While digitalisation has empowered them, SMB still face challenges such as rising costs that require smarter, cost-efficient adoption of new technologies, leading to SMB taking a more selective approach to adopting payment solutions. SMB will likely prioritise practical solutions that increase their reach to more customers, potentially turning to agile, flexible sources of capital, such as cards that specifically fit the needs of small businesses, as well as flexible access to micro sources of credit. As the payments landscape continues to innovate and evolve with speed, convenience, and security taking centre stage, it is important to stay ahead of the curve. Visa looks forward to collaborating across the payments ecosystem to create innovative solutions, advancing the payment landscape across Apac. This article is contributed by Visa, a global leader in digital payments. Only 12% of Malaysians consider themselves wealthy: HLB survey PETALING JAYA: A wealth perception survey conducted by Hong Leong Bank Bhd (HLB) which covered more than 1,000 respondents aged between 18 and 77 years old revealed that only 12% of Malaysians consider themselves wealthy. Despite this, 79% of Malaysians professed that they do not have an official/documented financial plan, largely due to the assumption that they do not have sufficient funds to start a formal wealth management plan. Out of the 327 respondents who indicated that they invest, 57% reported that they invest in stocks, closely followed by 56% who allocate funds to ASB/ASM schemes, and 54% who engage in gold investments. Additionally, 44% of respondents favoured fixed deposits as their primary investment approach. The survey findings underscore the significant trend of self-directed investing among Malaysians, with 83% of those who invest opting to manage their investments autonomously, without seeking input or guidance from a professional financial adviser. Notably, when devising a financial plan, nearly half of Malaysians (49%) seek financial advice on social media, while an equal percentage rely on input from family members. According to HLB’s managing director of regional wealth management Hor Kwok Wai (pic), the high percentage of self-directed investors suggests growing public preference for hands-on involvement in financial planning and investment strategies. Thus, there is a need for financial institutions such as HLB to provide robust resources and support to empower and educate investors in making informed and effective investment choices. PolicyStreet,Vircle team up to offer coverage for children PETALING JAYA: Looking back on the days of playground tumbles and bicycle crashes, we often do not think about how bumps and scrapes can translate into monetary difficulties for financially vulnerable parents. In line with its effort to enhance financial security for Malaysian families, PolicyStreet has partnered with neobanking service provider Vircle to introduce Vircle Club Protect – an exclusive embedded coverage for children available to all Vircle Visa prepaid card subscribers. “PolicyStreet’s collaboration with Vircle is not just about improving financial inclusivity, it’s about acknowledging the realities of starting a family. Accidents happen, and while they might not land children in the hospital, they sure land parents with unexpected outpatient costs. PolicyStreet’s embedded insurance coverage steps in to ease this burden, ensuring comprehensive protection for students engaging in the everyday adventures of childhood,” says Yen Ming Lee, PolicyStreet co-founder and group CEO. Parents who sign up for Vircle’s Visa prepaid card for their children, which is priced at RM5 per month, are entitled to enjoy Vircle Club Protect, the complimentary embedded protection for children, including an education allowance. This ensures uninterrupted schooling for the child in case of accidental death or permanent total disability of either parent. In addition, PolicyStreet reimburses parents in case of textbook loss or damage due to an accident. Furthermore, the coverage extends to compensation of school or tuition fees for two consecutive weeks if the child is unable to attend school due to an accident-related injury. Ensuring no aspect is overlooked in safeguarding the child’s well-being, Vircle Club Protect’s comprehensive coverage includes dental treatment arising from accident, kidnapping, permanent disability and accidental death. Vircle founder Gokula Krishnan Subramaniam said their partnership with PolicyStreet extends their leadership and commitment to nurturing financial literacy and inclusivity among Malaysians to include a safety net for children. In a move to narrow the protection gap beyond Vircle users, the fintech duo are extending personal accident insurance policies with education protection benefits to select Vircle partner schools in Klang Valley from as low as RM 2 a month per student. Maybank collaborates with The Makeover Guys PETALING JAYA: Malayan Banking Bhd (Maybank) has formed a strategic alliance with The Makeover Guys (TMOG), Malaysia’s foremost home renovation specialist, officially designating TMOG as the bank’s Preferred Home Renovator. Marking this collaboration, both parties have launched a campaign that offers participants the chance to win home makeovers worth up to RM1.1 million, with the aim of turning dream homes into reality for Malaysians. The campaign offers aspiring homeowners who sign up for Maybank home ownership solutions the exclusive opportunity to win cash rebates and cash vouchers, bringing them one step closer to realising their dream home makeover. Maybank home ownership solutions provide customers with holistic financing – beyond the financing of new or sub-sale properties. Maybank also offers financing for renovations, decorations, furnishings and fittings through the groundbreaking Maybank MyDeco and Maybank Home+Reno. A first-of-its-kind loan built to finance home interior design, Maybank MyDeco Financing is distinct in that it is a mortgage financing, and not a personal loan. The programme offers up to a 30% additional margin of financing or up to a combined total of 120% of property price/open market value (whichever is lower), or a maximum of RM250,000, whichever is lower, in a separate loan account to finance a home owner’s interior design expenses. Maybank MyDeco Financing allows for various interior transformation works for the From left: Liew, Maybank Islamic Bhd deputy CEO Nor Shahrizan Sulaiman and Zolkefli. home, including interior design and decor, furnishings and fittings. For more extensive full-fledged home renovations catered towards landed properties, Maybank offers Maybank Home+Reno Financing, which is a combined home financing and renovation facility, with the latter offering up to 120% of the property’s price or the latest open market value, whichever is lower. “The spirit of our collaboration with Maybank aligns with our vision of enabling people to enjoy better homes – to make them accessible and enjoyable for every Malaysian,” said Gavin Liew, founder and CEO of TMOG. “Now, with this innovative financing solution, we are excited to bring a new level of accessibility and ease to home makeovers for Maybank customers. This collaboration is more than just a partnership; it’s a promise to simplify the process, making it not only achievable but also delightful.” Zolkefli Awang, head of consumer finance for Maybank Community Financial Services Malaysia, said: “Maybank’s M25+ strategy prioritises customer-centricity, going beyond providing banking services to enrich the homeownership journey. We strive to be more than just a financial partner by offering innovative solutions that span the entire journey from foundation to furnishings, to cater to all your homeownership needs. This inaugural collaboration with The Makeover Guys elevates the experience to new heights, solidifying our commitment to exceed customer expectations.”
MONDAY | FEB 26, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME NCT: Foreigners keen to invest in M’sia but face challenges phase of NSIP is scheduled for completion in the first quarter of 2025. It is recognised as the first managed industrial park in Malaysia, the first industrial park with IR4.0 service facilities and the largest ‘Green RE’ Certified (environmental, social and governance) ESG Industrial Park. “We are targeting various industries and emerging markets for it, namely four major industries – semiconductor, electrical and electronics, smart logistics and transport – and 4IRinspired industries. We are also working closely with Invest Selangor and the Malaysian Investment Development Authority to broaden the industrial park’s exposure to potential investors. “Our project attracts interest from companies in other automated sectors, reflecting its appeal across various industries. Our priority is also the high-tech industries over labour-intensive ones to align with the advanced technological landscape and foster innovation-driven growth.: Furthermore, he said the group foresees demand from both local and international companies. Yap noted that local businesses are seeking to upgrade their facilities, including factories and offices, to accommodate increased capacity and demand. “Even in terms of financing, there is a growing number of options available, particularly for ESG-driven projects, as more banks are offering loans to support such initiatives. We have also received enquiries from foreign investors in United States, South Korea, China, Taiwan and Australia who are looking to expand their business in an ESG and IR 4.0 driven industrial park,” he disclosed. On the local industrial segment, Yap noted that, of late, the market trend has showed considerable interest towards industrial development, which aligns with the group’s focus. He said companies in general are reassessing their supply chains, considering the relocation of their operations or establishing new locations.He added that Chinese investors, especially, are exploring options to set up industrial operations in different locations. “The emergence of these trends suggests a promising outlook for industrial development, reflecting the evolving needs of businesses worldwide. During our recent business trip to Taiwan and Japan, we received positive feedback on NSIP from potential investors,” he said. Currently, its landbank stands at about 930 acres, of which the industrial park occupies 732 acres. The plots are located in Selangor, Genting Highlands and Penang. “We are open to exploring potential land acquisition opportunities in line with our strategic growth objectives. Currently, we are focused on completing our existing projects,” Yap said. On outlook, Yap said he is optimistic about the property industry in 2024 despite challenges, driven by opportunities for growth and innovation. “The property market is closely tied to the overall economic health globally. Assuming a stable economic environment, we foresee steady growth in the property sector. “However, we remain cautious about global economic uncertainties, such as geopolitical events, inflation rates and interest rate fluctuations, which could impact buyer sentiment and investment trends,” he added. ‘Speed up implementation of pro-market agenda’ PETALING JAYA: Any government indecision and lack of commitment to market-friendly reforms will cause the ringgit to decline further, said Center for Market Education CEO and Institute for Democracy and Economic Affairs Kuala Lumpur senior fellow Carmelo Ferlito. Ferlito urged the government to be more decisive on the implementation of market reforms and to implement those reforms that have been announced. “(For example) the more friendly Malaysia My Second Home policy, a more liberal labour policy and rationalisation of subsidies, all these things have been announced but we have not seen the implementation. So the government needs to speed up the implementation of a promarket agenda,” he said. Second, he proposed initiating discussions at Asean level to establish a system of free competition among currencies within the region. “This means that citizens in Asean should have the possibilities to choose which currency among the Asean currencies they can use for their daily transactions,” he explained. Ferlito said that this will create an incentive for both governments and central banks to have a strong currency, so to have responsible fiscal policies and monetary policies because citizens will choose to keep with them the currency that gives them the higher confidence of strength in the long run rather than using a weak currency that makes them poorer in the medium and long run. “I know this is an ambitious project, it was first represented by Nobel laureate Friedrich Hayek in 1976 in a book called The Nationalisation of Money. I think it’s something we should start discussing at international level because so far I think we have exhausted the bullets that we had available with the conventional wisdom. We need to go beyond the conventional wisdom and think out of the box,” he added. Meanwhile, World Bank lead economist for Malaysia Apurva Sanghi said the ringgit suffers mostly from long-term decline in the country’s competitiveness. “If you take care of this – which policymakers are attempting to do – the ringgit will take care of itself,” he said on X (formerly known as Twitter). He said the ringgit was stronger than Thailand’s baht and South Korea’s won in the immediate aftermath of the 1997-98 Asian Financial Crisis (AFC). However, this is no longer the case. Apurva said Thailand and South Korea were two countries that arguably implemented the most reforms after the AFC. They opted for short-term pain for long-term gain, unlike Malaysia, he said. “Malaysia’s investment-to-gross domestic product (GDP) ratio has been trending downwards since the AFC. Malaysia’s last fiscal surplus was pre-AFC. Exports as a percentage of GDP have shrunk from 120% in 1999 to 68% in 2023, and the 1MDB shock has also severely dented the ringgit,” he said. Ultimately, he said, a currency reflects a nation’s societal, economic and political vibrancy. Market-based financing critical in empowering SME innovation: ICMR PETALING JAYA: Market financing is critical to empower local small and medium enterprises in innovation as Malaysia evolves into a highincome economy, says the Institute for Capital Market Research Malaysia (ICMR). Based on its latest report Market-based Financing for SMEs in Malaysia: Issues, Challenges and Way Forward, the research house emphasised the growing need for a more diversified financing ecosystem to empower SMEs to thrive in new innovationdriven growth sectors. Market-based financing offers a range of funding options, including listing opportunities, venture capital, private equity, equity crowdfunding and peer-to-peer lending. By providing access to these diverse funding sources, market-based financing addresses the challenges posed by limited collateral and credit history, as well as reduces SMEs’ reliance on a single funding channel, thereby enhancing their financial resilience. “Market- based financing has a promising trajectory to support the needs of new economy, growth-driven and innovative SMEs, to achieve our national economic goals,” director Datin Azleen Osman Rani said during the launch of the report recently. The report said 64% of SMEs have experience with raising external finance, mostly opting for funding from the banking sector, mainly utilised to meet working capital needs, while market-based financing, primarily for business expansion, is the less utilised option. Among respondents with no experience in market-based financing, 61% were aware of its availability, while some 39% remained unaware. Out of those who were aware of marketbased financing, 85% expressed willingness to consider market-based financing. Azleen said: “64% is not too unique to Malaysia in terms of sources of external financing in general as companies, SMEs generally, will have quite a high percentage that actually uses internal sources of financing. “As we delved deeper, we understood that a lot of the SMEs in Malaysia right now are very much reliant on bank-based financing. That’s fine because market based financing plays a complementary role to bank-based financing and I think that awareness on the market-based financing is something that we’re trying to basically highlight in the report ... and the awareness has not reached a scale. So we need to push and grow the awareness reachability as well as scale.” Primary hurdles for SMEs adopting market-based financing include complex and lengthy procedures, stringent requirements, high funding costs, and a surprising lack of outreach by industry players. In addition, SMEs face a significant challenge due to the scarcity of data available to investors, financial institutions, and agencies providing grants and loans – which result in information asymmetries that lead to higher costs for monitoring and evaluating SMEs. The report acknowledged that financing alone cannot address all limitations within the SME ecosystem. In light of these findings, ICMR’s recommendations are anchored on two main perspectives, namely by narrowing funding gaps across SMEs’ life cycle; and going beyond pure financing to strengthen the SME ecosystem by leveraging financial technology, enhancing data infrastructure, and focusing on Islamic finance. - by Gloria Harry Beatty PETALING JAYA: Foreign investors have voiced out the challenges they face in obtaining timely approvals for certain licences in Malaysia, says a property developer. According to NCT Alliance Bhd executive director Yap Chun Theng (pic), among the main issues that have been raised by foreign investors with regard to its NCT Smart Industrial Park (NSIP) is the long time it takes for their applications to be approved by Malaysian authorities. He said most multinational companies understand that they have to adhere to regulations set by individual countries in order to do business; however, delays in approval could affect investors’ sentiments and business dealings. “The processing delay may impact their production timelines and ability to generate revenue efficiently,” Yap told SunBiz. In addressing these concerns, he said, NCT will be establishing a one-stop centre at NSIP to provide easier access to services from various stakeholders such as Invest Selangor, Human Resource Development Corporation, Social Security Organisation and Kuala Langat Council. Yap said he hopes this will support investors in the industrial park, in streamlining the approval process for business licensing, tax and incentive matters. Additionally, he said the group is very focused on the development of NSIP, which is located next to Kuala Lumpur International Airport. Yap said: “At this juncture, Phase 1A has been fully sold while Phase 1B is 40% sold. The first █ BYHAYATUN RAZAK [email protected] █ BYGLORIA HARRY BEATTY [email protected] Ferlito: Be decisive Apurva: 1MDB shock oExpert cautions that any govt indecision and lack of commitment will cause ringgit to decline further
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 14 ALL intercompany transactions for tax purposes must be conducted on an arm’s length basis (i.e. conducted on similar terms and conditions comparable to similar transactions undertaken between entirely unconnected third parties). The Malaysian Inland Revenue Board (IRB) requires such transactions to be transacted at an arm’s length basis because it wants to collect the correct amount of taxes in the appropriate companies or business enterprises. There is a frequent tendency for taxpayers to shift profits within the group to entities with tax incentives, losses, excess capital allowances, or to foreign jurisdictions with lower tax rates. The underlying theme in transfer pricing is comparing related party transactions versus third party transactions undertaken under similar circumstances, which is referred to under the transfer pricing terminology as “comparability analysis”. Purpose of transfer pricing methodology Transfer pricing methodology is used as a tool to either set the transfer prices, or to test whether the transfer prices meet the arm’s length test. In choosing the correct transfer pricing methodology, it is important to understand the business conditions under which the transactions are being undertaken and the business conditions under which the related parties are operating. Transfer pricing methodology is not cast in stone The Malaysian Transfer Pricing Guidelines and the Organisation for Economic Cooperation and Development transfer pricing guidelines recommend five common transfer pricing methodologies – Comparable Uncontrolled Price, Cost-Plus, Resale Minus, Profit Split and Transactional Net Margin (TNMM). Generally, taxpayers, tax advisers and tax authorities in the majority of instances take it for granted that they must try and use one of these five methods to prove that the transactions between the related parties are being carried out on an arm’s length basis. This rigid application of the methodologies without taking into account the business conditions and business circumstances in which the related parties operate will give the wrong results. Taxpayers have a choice in our transfer pricing rules and guidelines to choose to use either the five methods, or to use any other methods that reflect their business conditions. In the real business world, two unrelated parties transacting with one another will look at a whole host of factors before they arrive at the pricing of a transaction. This will basically focus on each party obtaining the best deal (i.e. supplier wants the highest price, and the buyer wants the lowest price). Among the issues that will be under consideration will be demand and supply, return on capital, payback period, competitor pricing, market conditions, barriers to entry, regulatory restrictions, financing options, available capacity, lifecycle of product, etc There is a danger that the tax preparers and the authorities fall into silos and end up arriving at the wrong arm’s length transfer prices. An example would be where a foreign party sets up a manufacturing entity in Malaysia and supplies goods back to the foreign owner who markets the product in that country. It is possible that the capacity set up in Malaysia is far in excess of the current demand overseas. However, in the longer run, it is anticipated that the capacity will be used up. In such a situation, it is likely that the Malaysian company which may be a contract manufacturer is experiencing losses due to excess capacity. There is a tendency for the tax authorities to take the position that the Malaysian subsidiary, which is a contract manufacturer, must make profits, and the methodology used here is cost-plus or the TNMM. Is this correct? Not necessarily. The reason could be the parent company based overseas may not be able to sell the products at a price that will be profitable to the group or the volume of sales is not able to recoup the total costs of the operations in the overseas country and in Malaysia. In that situation, applying a costplus methodology or a transactions net margin method from a one-sided perspective (i.e. Malaysia) is incorrect. In such a situation, the business conditions must be taken into account and perhaps a hybrid methodology that combines the costplus and the profit split methodology needs to be applied here. It is extremely important for all parties to be business orientated and flexible in applying the transfer pricing methodology. Trying to fit them into the five boxes will give you wrong results. This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com). Be practical in choosing transfer pricing methodologies TNB aims to replace 30% of vehicles in its fleet with EVs by 2030 KUALA LUMPUR: Utility giant Tenaga Nasional Bhd (TNB) is committed to a rapid and responsible energy transition, electrifying 30% of its operational fleet by 2030, totalling more than 1,000 vehicles. President and CEO Datuk Seri Baharin Din said the strategic move is in alignment with Malaysia’s ambitious goal of achieving carbon neutrality by 2050. “In a significant step towards realising this commitment, TNB is accelerating its transition to electric vehicles with the deployment of 98 new units, comprising 78 electric pickup trucks and 20 electric vans. “This brings the total number of EVs in the TNB fleet to 127,” he said in a statement yesterday. Baharin said this substantial commitment significantly contributes to the government’s target of having 20% EVs in total industry volume sales by 2030, in line with the National Automotive Policy 2020. He said the shift to EVs by TNB is projected to result in a yearly reduction of 2,200 to 4,833 tonnes of carbon dioxide, equivalent to approximately 88,000 to 193,320 trees as an offset by 2030. “The economic benefits of TNB’s EV adoption initiative are substantial, with anticipated cost savings ranging from 35% to 86% on repair and maintenance, and 25% to 70% lower energy costs compared to conventional fossil fuel vehicles. “TNB also anticipates an annual offset of approximately 6% to 12% in fossil fuel expenditure,” he said. Baharin also noted that TNB is not only dedicated to accelerating EV adoption by 2030 but also focuses on reskilling for the EV industry, building charging infrastructure, sponsoring EV-related studies, and fostering coalitions among EV sector players. “TNB’s EV training hub, established by TNB Ilsas, offers reskilling for the EV industry, focusing on fundamental knowledge such as basic battery storage and EV technology,” he said, adding that the training sessions are certified by international bodies. To bolster the growing EV ecosystem in Malaysia, Bahrain said TNB planned to expand its EV charging infrastructure with more than 500 charging points in 2025 across the country in support of the National Energy Transition Roadmap. – Bernama Axis-REIT to acquire industrial complex at Bukit Raja for RM49m PETALING JAYA: Axis Real Estate Investment Trust’s (Axis-REIT) trustee, RHB Trustees Bhd, has entered into a sale and purchase agreement to acquire an industrial complex from Amsteel Mills Sdn Bhd (AMSB) for a cash consideration of RM49 million. AMSB will lease back the industrial complex from Axis-REIT for six years at a starting rental of RM285,833.33 per month. The industrial complex, located in the Bukit Raja industrial area, is currently occupied by AMSB, which is involved in the manufacturing and marketing of steel bars and wire rods. The purchase price was based on the market value of RM50 million as appraised by independent registered valuer Savills (Malaysia) Sdn Bhd, in its valuation report dated Feb 22. The acquisition will be funded by existing bank financing, which will increase Axis-REIT’s financing ratio to 37.05% of audited assets as at Dec 31, 2022. This is still below the gearing limit of 50%, as prescribed by the Guidelines on Listed Real Estate Investment Trusts issued by Securities Commission Malaysia. Axis REIT Managers Bhd CEO/executive director Leong Kit May (pic) said the acquisition adds on to three existing properties that they already own in Bukit Raja, a prominent industrial area that is well connected to major highways. “This property is also adjoining Axis-REIT’s existing property, Axis Facility 2 @ Bukit Raja. We are confident this acquisition will contribute positively to Axis-REIT’s earnings once the acquisition is completed, which is targeted to be by third quarter of 2024,” she added. Yew Lee: Contribution from manufacturing segment rises in Q4 PETALING JAYA: Yew Lee Pacific Group Bhd, which is involved in the manufacturing of industrial brushes and trading of industrial hardware and machinery parts, reported that its manufacturing segment continued to perform strongly, contributing RM3.6 million in the fourth quarter ended Dec 31, 2023 (Q4’23), up from RM3.3 million in Q4’22. The trading segment faced fluctuations, largely due to competition within the markets that it operates in and price wars. Yew Lee is taking steps to streamline this segment, focusing on consolidation to enhance its cost efficiency. These adjustments are part of a broader strategy to ensure the trading segment is in alignment with the group’s efficiency and profitability goals. Yew Lee reported revenue of RM4.9 million for Q4’23, a slight decrease from RM5.3 million in the corresponding quarter of the previous year, attributed to variations in sales orders across markets. The quarter also saw a marginal increase in loss after tax, reaching RM1.4 million, up from RM1.1 million in Q4’22. This change reflects the impact of current market conditions and the strategic investments made by the company, including the costs associated with setting up a new subsidiary in Thailand. On a quarter-on-quarter basis, Yew Lee’s Q4’23 revenue decreased to RM4.9 million from RM5.6 million in the previous quarter, while loss after tax widened from RM100,000 to RM1.4 million. The share price of Yew Lee closed at RM 0.39 on Friday, representing a market capitalisation of RM208 million. FMM, Hungarian chamber in MoU to support industrial development PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) on Friday inked a memorandum of understanding (MoU) with the Hungarian Chamber of Commerce and Industry (HCCI) to establish a framework for collaboration to support industrial development in Malaysia and Hungary, and to strengthen mutual understanding and cooperation between the business communities. The MoU was signed by FMM president Tan Sri Soh Thian Lai and HCCI president László Parragh, in conjunction with the HCCI delegation’s visit to Malaysia from Feb 21 to 23. The signing was witnessed by Hungarian ambassador to Malaysia Dr Petra Ponevács-Pana. According to Malaysia’s Department of Statistics, trade between Malaysia and Hungary amounted to US$644 million (RM3 billion) in 2023 with exports of US$498 million and imports of US$146 million.
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Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE MR D.I.Y posts record earnings for Q4 PETALING JAYA: Malaysia’s largest home improvement retailer MR D.I.Y Group Bhd continues to report steady revenue and record earnings for the fourth quarter ended Dec 31, 2023 (Q4’23). Revenue for Q4’23 rose 7.6% to RM1.1 billion compared to the previous corresponding period (y oy), driven by a 16.8% growth in new stores. Transaction volume increased 16.7% in tandem, as the company continued to strategically expand its store network across its core brands from 1,080 stores in FY22 to 1,255 stores as of Dec 31, 2023. Gross profit (GP) margin for Q4 oHome improvement retailer declares dividend of RM94.4m for final quarter of 2024 FY23 rose 2.1 percentage points (p.p.) y-o-y to 45.8%. The improvement was mainly due to the normalisation of freight costs as well as the impact of the price adjustment exercises carried out in FY22. Consequently, GP increased 12.7% y-o-y to RM525.4 million. Profit before tax (PBT) for the period rose 12.3% y-o-y to RM212.2 million as a consequence of the higher GP. Net earnings (PAT) for Q4’23 increased 16.6% y-o-y to RM158.6 million, partially lifted by the absence of a one-off prosperity corporate tax of RM10.2 million in the corresponding period last year (Q4 FY22). Consequently, net earnings margin for Q4’23 was 13.8% compared to a normalised net earnings margin of 13.7% in the correspondingly quarter of FY22. The group registered cumulative revenue and PAT of RM4.4 billion and RM560.7 million respectively for the financial year ended Dec 31, 2023 (FY23), up 9.4% and 18.5% respectively compared to the financial year ended Dec 31, 2022 (FY22). MR D.I.Y.’s CEO Adrian Ong said, “We are very satisfied with our performance in Q4 FY23 and FY23, with the group continuing to deliver growth across all key indicators. Since our IPO in 2020, the group’s store network has grown by 111.6% from 593 to 1,255 as at the end of FY23. Revenue has grown by 70.3% from RM2.6 billion in FY20 to RM4.4 billion in FY23. More importantly, net earnings have grown by 66.3% from RM337.2 million in FY20 to RM560.7 million in FY23. This reflects the strength and resilience of our business model, underpinned by the value-for-money offering that resonates with Malaysians from all walks of life.” MR D.I.Y declared a dividend of RM94.4 million for Q4’23, taking the full year’s dividend payout to RM302.1 million, a 47.9% improvement compared to the previous year. The full year dividend is equivalent to a payout ratio of 54% of PAT. Trading value of issues over Malaysian shares doubles IT WAS an eventful week in the warrant space, marked by a notable surge of approximately 67% week-on-week (wo-w) in turnover to RM599.4 million, representing the highest weekly turnover recorded so far this year. This significant increase was primarily driven by active trading in warrants over the popular Hang Seng Index (HSI), which saw a 54.8% w-o-w increase to RM421.6 million, constituting 70.3% of the overall turnover. Warrants over Malaysian shares also continued to be in the spotlight amid the corporate earnings season, doubling in trading value to RM173.2 million. The Hong Kong benchmark index, HSI, has made a comeback post Lunar New Year, surging and trading above the psychological level of 16,000 last week. Despite opening the week with a 1.2% decline on Monday, the HSI futures staged a sharp rally from Tuesday via Thursday, rebounding by 3.8% before retreating 0.3% to close on Friday at 16,719. For the week, prices recorded their third weekly surge with gains of up to WARRANTS WATCH Top warrants by volume traded Warrant Volume Issuer Exercise Expiry date name (’mil) level HSI-HSL 456.2 Kenanga 15,000 29 Apr 2024 HSI-HPR 304.4 Macquarie 16,200 28 Feb 2024 HSI-CVE 267.2 Kenanga 18,000 29 Apr 2024 HSI-CVB 238.0 Macquarie 17,400 29 Apr 2024 HSI-HSD 230.3 Macquarie 13,800 27 Mar 2024 2.2% w-o-w. An equity strategist at a Shanghai-based independent research firm expressed views that market sentiment is evidently improving (SCMP, Feb 23). HSI put warrant, HSI-HPR (-77.4% wo-w), was among the most active with over 304.4 million units traded. This warrant will expire on Feb 28 with its last trading date on Feb 26. Investors should note that all structured warrants traded on Bursa Malaysia stop trading one business day before their expiry date, meaning the last day to trade a warrant is the second business day before its expiry date. Meanwhile, other warrants that were also active for the week were HSI-CVE and HSI-CVB which have the same expiry date on April 29, registering a combined traded value of up to RM123 million. On the local front, warrants over My E.G. Services (MYEG) and YTL Power (YTLPOWR) were the focus among investors. Notably, MYEG-C5X which was the top traded warrant in value among other MYEG warrants, while YTLPOWR-C42 recorded the highest turnover of RM16.2 million. MYEG’s share price declined 1.3% wo-w while YTLPOWR rebounded last week, jumping 5.2% w-o-w. To view full list of structured warrants available on Bursa Malaysia, visit malaysiawarrants.com.my. Provided for Malaysian residents’ information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance.
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 16 TOKYO: Taiwan Semiconductor Manufacturing Company (TSMC)’s new chip plant in Japan will help assure global supplies of the crucial hardware, the Taiwanese giant’s founder Morris Chang said on Saturday as the US$8.6 billion (RM41 billion) factory was officially opened. TSMC, which counts Apple and Nvidia as clients, produces half the world’s chips, used in everything from smartphones to satellites and increasingly to power AI technology. But TSMC’s customers, as well as governments concerned about supplies of semiconductors vital to their economies and defence, want the firm to make more chips away from the self-ruled island. China’s increasing assertiveness towards Taiwan – which it claims as its own territory and has not ruled out taking by force – has sparked worries about the world’s dependence on the island for chip production and pushed TSMC to diversify where it makes them. The factory on the southern Japanese island of Kyushu “will, I believe, improve the resiliency of chip supply for Japan and for the world”, Chang, 92, said at Saturday’s ceremony, in a rare public appearance. “It will also, I believe, start a renaissance of semiconductor manufacturing in Japan.” The new plant in Japan is “the most significant TSMC international investment to open in many years”, said Chris Miller, author of Chip War: The Fight for the World’s Most Critical Technology. “It will also solidify the political relationship between Taiwan and Japan at a time when Taiwan is looking to make sure it’s got powerful friends that can help it stand up to Chinese pressure,” he told AFP. TSMC’s new facility is also a coup for Japan as it vies with the United States and Europe to woo semiconductor firms with huge subsidies. Prime Minister Fumio Kishida told the opening ceremony that Japan was “now being positioned as an important foothold in TSMC’s world strategy”. “I have high hopes too that the economic exchange between Japan and Taiwan will be made more vibrant.” Firms like Toshiba and NEC helped Japan dominate in microchips in the 1980s but competition from South Korea and Taiwan saw its global market share slump from more than 50% to around 10%. Now Japan is making available up to ¥4 trillion yen (RM128 billion) in state sweeteners to help triple the sales of domestically produced chips to more than 15 trillion yen by 2030. The new TSMC plant in the town of Kikuyo, for which the government pledged more than 40% of the costs – Sony and Denso are also on board – is just the first. With “strong” Japanese government support, TSMC this month announced a second facility, to make more advanced chips, and is reportedly eyeing a third and even a fourth. Others getting state funds include Kioxia, Micron and Rapidus, an ambitious joint venture involving IBM and Japanese firms for advanced two-nanometre logic chips. TSMC is building a second factory in the US state of Arizona and plans another in Germany, its first in Europe. But Japan has the advantage of being geographically closer, has a wealth of experience in the sector and, for the Kikuyo plant at least, which took 22 months to build, construction was fast. By contrast, in the United States, which has announced subsidies of US$52.7 billion to boost its own sector, the Arizona plant has been delayed and has seen disputes with unions. “I have seen many factories being built by various companies, but TSMC was built with remarkable speed,” Taro Imamura, a local official in Kikuyo, told AFP. “Everyone in town, from children to the elderly, now knows the words ‘chips’ and ‘TSMC’,” Imamura said at Kikuyo’s town hall, where a banner reads “We welcome TSMC workers”. The Kumamoto area of Kyushu is already a hub for Japanese semiconductor companies, including makers of machines for chip fabs like Tokyo Electron that are doing brisk business with China. But as with other sectors in ageing Japan, there are worries about finding enough workers, particularly with local students either leaving or preferring other industries than chips. Graduates are “more interested in software”, said Kenichiro Takakura, associate professor at the National Institute of Technology’s Kumamoto College. – AFP Dior postpones HK fashion show HONG KONG: Dior has postponed a fashion show set to be held in Hong Kong next month, a city official confirmed on Saturday, dealing a blow to the financial hub’s ambitions to boost its economy through major events. Hong Kong is courting top international celebrities and brands in the hope of rebooting its reputation, which had been battered by years of social unrest and strict pandemic curbs. The Dior fashion show – meant to feature artistic director Kim Jones and the men’s autumn collection – was to be one of a number of “mega events” touted last month by Hong Kong’s culture, sports and tourism chief Kevin Yeung as part of the city’s drive to become an event capital. But a spokesman for Yeung’s office confirmed to AFP on Saturday that it had “just been notified” by organisers that the fashion show would not go ahead as scheduled on March 23. “Large-scale events are postponed from time to time, and we continue to welcome large-scale events to take place in Hong Kong.” Dior said the show had been “postponed indefinitely” without giving specifics, according to a company statement quoted by the South China Morning Post. According to the newspaper, the event was expected to cost about HK$100 million (RM61 million) and draw nearly 1,000 attendees. LVMH, the world’s largest luxury goods group and parent company of Dior and Louis Vuitton, last month posted record sales and profits in 2023 – though growth slowed in the second half. – AFP TSMC shifts away from Taiwan oNew plant in Japan will help assure global supplies of chips: Founder VinFast seeks India EV import duty cut MUMBAI: Vietnamese electric vehicle (EV) maker VinFast has asked India to reduce import duties on its cars for about two years so customers can get familiar with its products while a local manufacturing plant comes on stream, an executive said yesterday. VinFast has started building a factory in the southern state of Tamil Nadu and hopes to start production by the middle of next year, for domestic sales first and then exports, its India CEO Pham Sanh Chau told Reuters. VinFast and Tamil Nadu said last month they have agreed to work toward an investment of up to US$2 billion (RM9.6 billion), with an intended commitment of US$500 million for the first five years of the project. Like Tesla, VinFast has also asked for a reduction to India’s 100% import duty on fully-built EVs, which has been opposed by domestic automakers. India, the world’s third-largest vehicle market, has been considering the requests but has not made a decision, a government official said last month. A government spokesman did not immediately respond to a request for comment. “We proposed a reduction of import duty tax ... for instance by bringing it to 70% to 80% just for two years and for a very limited a number of cars in order for the customers to get used to our products,” Pham said at the sidelines of VinFast’s groundbreaking ceremony in Thoothukudi district. “The central government is still considering it,” he said. “But while waiting for the final decision of the central government, we move ahead with our construction of the manufacturing facility.” Electric models accounted for just about 2% of India’s car sales last year, but the federal government is targeting 30% by 2030 and is working on a programme to attract EV makers. The Tamil Nadu project would have a capacity of up to 150,000 vehicles annually, compared with 250,000 at its main plant in Vietnam, according to VinFast. Pham, a former Vietnam ambassador to India, said the company is already closely working with some 55 Indian dealers to have a sales network and could also look to later sell its two-wheeler models in the country. “As a startup company, we move fast,” he said. – Reuters Chang speaking during the opening ceremony for the Kikuyo plant. – AFPPIC Pham posing with the VinFast logo during the ground breaking ceremony of the company’s new EV manufacturing facility in Thoothukudi yesterday. – REUTERSPIC
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 17 Hawkish US approach on China to intensify oBoth Trump and Biden likely to expand technology controls WASHINGTON: In a shift from tit-for-tat tariffs and strong-arm tactics to tech restrictions and investment curbs, US policy towards China has become more targeted under President Joe Biden – though still hardline. Despite differences between Democrats and Republicans, analysts expect Washington’s approach to Beijing will only become tougher, whether Biden or former president Donald Trump wins another White House term. “I think the direction of pressure in Washington is absolutely in one direction, which is more hawkishness,” said Joshua Meltzer, senior fellow at Brookings Institution. Already, Biden has largely maintained Trump-era tariffs, rolled out export control restrictions to curtail Beijing’s ability to buy and make certain high-end chips, and unveiled an order to curb outbound investments to China. Officials are also seeking to boost self-reliance in key areas including clean energy supply chains, while further action on data flows is expected. “There is currently congressional pressure to do more,” Meltzer said. With citizen concerns over trade, business and manufacturing cutting across party lines, the preferred degree of toughness on China tends to be a policy rather than partisan divide, said Jamieson Greer, partner at law firm King & Spalding. Greer, formerly US Trade from a truce in the escalating tariffs war. Should Trump be elected, some expect to see higher tariffs targeting China, given his proposal of more than 60% levies on Chinese goods. The move could draw Chinese retaliation, stalling trade between the world’s top two economies. “I think we’d see a lot more return to tariffs, I think we’d also see a lot less cooperation with allies,” Meltzer said. “The US would be more isolated on some of these issues.” Biden has shown willingness to maintain existing measures on China while being narrow and focused in future moves, and this is unlikely to change, Greer added. A second Biden administration could also seek cooperation with China on issues like climate and have more room to engage – given reduced pressure to appear tough on Beijing to deflect criticism from Trump, analysts believe. Ongoing efforts to maintain a US lead in technology will probably continue, no matter who wins the election. But a Trump administration could show less support for onshoring advanced semiconductor manufacturing via initiatives like the Chips Act, or for major investments in onshoring electric vehicle and other critical mineral supply chains, said Paul Triolo, associate partner for China at Albright Stonebridge Group. “It is likely that regardless of who wins the White House in November, the administration would continue to implement existing technology controls, and expand controls into other technology sectors.” These include biotechnology, electric and smart vehicles. US Commerce Secretary Gina Raimondo warned last month that Chinese-made EVs bring security risks, given the vast amounts of data collected. The US would also likely tighten restrictions on transfers of certain types of data to firms and organisations in China, Triolo said. – AFP Real estate pain for regional American banks piling up NEW YORK: New York Community Bancorp (NYCB)’s exposure to commercial real estate has intensified investor scrutiny around regional banks, with some expecting more pain for those with office and multifamily property loans. Fears about the health of the smaller banks have escalated again a year after the collapse of Silicon Valley Bank in spring of 2023 triggered a regional banking crisis. NYCB’s recent earnings release which sparked a dive of about 60% in its shares has particularly focused investors on combing through portfolios of regional banks, as small banks account for nearly 70% of all commercial real estate (CRE) loans outstanding, according to research from Apollo. “As long as interest rates stay high, it’s hard for the banks to avoid problems with CRE loans,” said shortseller William C. Martin of Raging Capital Ventures, who decided to place a bet against NYCB after the bank’s disastrous Jan 30 earnings release which detailed real estate pain and led him to believe that shares could sink further on more real estate losses. Martin, who shorted Silicon Valley Bank last year before its collapse, said he shorted NYCB because he thought its earnings power would be diminished and that it might have to raise capital. NYCB said a capital increase is an option, but that it has no plan to do this “right at the moment”. The bank declined to comment on the short-seller’s view. “The regional banks (are) doubly more exposed to rates,” said Dan Zwirn, co-founder and CEO of distressed debt investment firm Arena Investors, who is avoiding real estate for the next year or two, citing in part higher risk of default. The KBW Regional Banking index is down around 11% since NYCB’s announcement. The CRE market has been hit by the repercussions of the Covid-19 pandemic. Delinquency rates on commercial mortgage-backed securities (CMBS) are expected to rise to 8.1% this year, according to Fitch, as many companies struggle to convert remote and hybrid-working employees. CMBS loan delinquencies in commercial multifamily – housing properties with more than five units – are expected to touch 1.3% in 2024 versus 0.62% in 2023. CRE has also faced pressure from higher interest rates where roughly US$1.2 trillion (RM5.7 trillion) in commercial mortgages are set to mature this year and next, Goldman Sachs research showed. Some have also assigned greater risk to commercial multifamily assets in New York City. Unique to NYCB is its role as a major lender to rent-stabilised landlords in New York City. More than half of its total multifamily loan portfolio is secured by properties in New York state, many of which are subject to rent regulation laws, the company has said. The default rate on New York’s rent-stabilised housing has historically been low, but has risen from 0.32% in April 2020 to 4.93% in December last year, impacted by the pandemic and a 2019 law limiting landlords’ ability to raise rents, said Stephen Buschbom, research director at real estate data provider Trepp. As banks start taking up provisions for their New York property more broadly, “you could have a possible next wave of the crisis that began unfolding last year”, said Nate Koppikar of Orso Partners, who is short banks that have outsized CRE exposure. Some investors are focused on those banks with high concentration of real estate loans. Martin said he was also short OceanFirst, and had been short Valley National , but he closed his position this month after pocketing gains. Both banks, as well as NYCB, have CRE holdings as a proportion of total risk-based capital above 300% according to data from Trepp. That level of 300% may indicate a lender is exposed to significant risk of CRE concentration, according to public guidelines from the Federal Deposit Insurance Corporation (FDIC). The FDIC did not respond to a request for comment. Valley’s CRE holdings as a proportion of its total risk-based capital was at 479% in the fourth quarter, while OceanFirst was at 447%, Trepp’s data showed. As of the third quarter, NYCB had a ratio of 468%. In total, nearly 1,900 banks with assets less than US$100 billion had CRE loans outstanding greater than 300% of equity, according to Fitch. Fitch, in a detailed report in December, also said if prices decline by approximately 40% on average, losses in CRE portfolios could result in the failure of a moderate number of predominately smaller banks. OceanFirst said it has a “widely diversified portfolio” with very low levels of concentration in central business district office and rent-stabilised multifamily and said short selling interest in the stock is low. NYCB did not immediately respond to a Reuters request for comment on the short selling and concentration risk. Valley’s deputy chief financial officer Travis Lan said the bank is “comfortable with our diverse and granular commercial real estate portfolio” and said the bank “prioritised balance sheet diversity”. Investors predict that some regional banks could be forced to sell loans at a loss or increase provisioning for losses. A distressed debt investor said some regional banks with exposure to New York City’s rent-stabilised multifamily loans have begun exploring sales of these and other assets. NYCB said recently options could include loan sales and that the bank “will be razor-focused on reducing our CRE concentration”. But selling loans may not be an optimal solution with properties now valued 50%-75% below their valuations at the time loans were struck, said Rebel Cole, a finance professor at Florida Atlantic University. “Loans that were done over the last five to seven years, a lot of those are challenged now,” said Ran Eliasaf, founder and managing partner of real estate investment firm Northwind Group, who is investing in the New York multifamily market. – Reuters Representative chief of staff during the Trump administration, believes there are currently two camps in Washington. One views China as an existential threat to the economy, national security or both, therefore justifying strong and broad protection measures. The other is cautious about overestimating the China threat, and concerned with imposing tough trade and economic measures. But both groups assume risks associated with China – a shift that became prominent nearly a decade ago. “It became big during the 2016 presidential election cycle, when candidate Donald Trump was very, very vocal about trade issues and China in particular,” Greer said. Trump gave voice to something many people “agreed with on both sides of the aisle” but were unwilling to say aloud, he added. But experts agree that a second Biden or Trump administration would diverge on policies. The Biden administration does not expect to “reach a deal with China, where they’re going to make these major reforms and changes”, Meltzer said. “It’s really about, how do you adjust to the reality of China? “How do you bring allies along?” There is a “notion of derisking from a security perspective as well”, he added. But the Trump administration favoured using US leverage to broker a deal changing China’s behaviour, Meltzer said, referring to the Phase One trade agreement culminating A trader working at the post where New York Community Bancorp stock is traded on the floor at the New York Stock Exchange. – REUTERSPIC
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 18 LONDON: Two years after Russia launched a full-scale invasion of Ukraine, prompting multiple rounds of Western sanctions, Moscow increasingly relies on a shadow fleet of ships to circumvent curbs on its oil exports. Experts say the so-called ghost fleet of tankers with opaque ownership or without proper insurance has allowed the Kremlin to keep exporting despite a Western-imposed embargo and oil price cap on its global sales. This has heightened concerns over the myriad risks it poses, as well as worries about the continued revenues generated for Russia’s war machine. In the latest attempt to crack down on the practice, the United States on Friday blacklisted 14 Russian tankers from the staterun shipping company Sovcomflot. Washington said it had 45 days to offload oil or other cargo from the 14 vessels before enforcement. The Kyiv School of Economics (KSE) defines a “ghost fleet” as commercial vessels that are neither owned by countries in the G7 coalition with the European Union, or that do not use protection and indemnity (P&I) insurance. The real ownership of such ships is often difficult to determine, due to the unclear origins of the parent companies and intermediaries used. The fleet has grown in prominence since Russia was slapped with an oil embargo, a price cap on Russian crude and a ban on providing services to ship oil by sea to stop it financing the war with Ukraine. In response Moscow has dramatically reduced its dependence on Western shipping services by buying or leasing the shadow tankers and offering its own insurance services. “Russia’s industrial scale sanctions-evasion programme is growing more complicated and sophisticated,“ Lloyd’s List Intelligence warned in December. This featured “an ever-expanding ‘dark fleet’ of subterfuge shipping and a shadowy network of brass plate companies and middlemen beyond the reach of Western interventions.”. In its January “Russian Oil Tracker” report, KSE estimated that 196 of these crude oilloaded tankers left Russian ports in December. It said UAE-based shipping companies “form the core” of Moscow’s shadow fleet, while the top three flags of its vessels carrying oil are Panama, Liberia and Gabon. Five new UAE-based shipping firms “with non-transparent organisational and ownership structure” have started to carry the Russian crude without P&I insurance since November, KSE noted. The cover is essential for commercial vessels facing war risks, collisions or environmental damage such as oil spills. Some 90 to 95 percent of the P&I insurance market is made up of insurers from the European Union and the UK, both of which have slapped sanctions on Russia. KSE said nearly three-quarters of the shadow tankers used by Moscow in December were built more than 15 years ago. It regularly warns that the ageing vessels pose “huge environmental risks”, in particular for the EU as the poorly maintained ships skirt the coastlines of several European countries. After several incidents involving the fleet, Elisabeth Braw, a senior fellow at the American Enterprise Institute, wrote on the Politico website last October that it was a major disaster waiting to happen. “The accidents aren’t just a result of these vessels being old and poorly maintained either,“ she said. Braw noted that to be “as dark as possible” the ships often turn off their automatic identification systems (AIS) -- a GPS-type signal that commercial vessels use to avoid collisions -- adding extra risk. “Imagine if the world’s roads were filled with uninsured vehicles that haven’t passed inspections and don’t use their lights -- that’s what’s happening on the world’s oceans,“ she added. – AFP Fears over Russia’s ‘ghost fleet’ bypassing sanctions oAgeing vessels pose risk of major disaster: Analyst @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM AT&T to give billing credits to consumers impacted by outage NEW YORK: AT&T will award billing credits to consumers impacted or potentially impacted earlier this week by a significant wireless outage because of the disruption, the company said late on Saturday. AT&T, whose 5G network covers around 290 million people across the United States, grappled with interruptions to its service for more than 10 hours on Thursday. AT&T restored wireless service late on Thursday, saying it believed the issue had been caused “by the application and execution of an incorrect process used as we were expanding our network.” AT&T said on Saturday it was crediting impacted consumers for the average cost of a full day of service. “We recognize the frustration this outage has caused and know we let many of our customers down,“ the company said. “We’re also taking steps to prevent this from happening again in the future.” A company spokesperson was unable late Saturday to offer an estimate of how many customers were impacted by the outage. The Federal Communications Commission said on Thursday it was investigating the incident, while the U.S. Cybersecurity and Infrastructure Security Agency is working with AT&T to understand the cause. AT&T said on Thursday it did not believe a cyber attack caused the outage. The outage impacted people’s ability to reach emergency services by dialing 911, according to posts on the X social media platform by government departments in several U.S. cities. Argentine provinces threaten oil supply cuts in dispute with Milei BUENOS AIRES: Argentina’s petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding reductions ordered by President Javier Milei. “Not a drop of oil will come out on Wednesday if they don’t respect the provinces once and for all and take their foot off our back,” Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday. Torres and counterparts from five other Patagonian provinces announced last Friday that “if the Economy Ministry does not deliver its (financial) resources to Chubut, then Chubut will not deliver its oil and gas”. The provincial leaders were angered by the austerity-minded Milei’s insistence on withholding from Chubut some 13.5 billion pesos (RM73 million) in monthly transfers of federal tax revenues. Economy Minister Luis Caputo argued on X, the former Twitter, that the cut was necessary to collect on unpaid debt from Chubut to the federal government – and that 10 other provinces also owe money. In a message on X, Milei denounced the southern leaders as “fiscal degenerates.” But one prominent analyst and pollster, Artemio Lopez, said Milei might have miscalculated. “This is an unprecedented conflict due to its reach. “There is a rebellion in the provinces, and a mistaken assessment by Milei about the level of conflict” the central government can engage in with various political actors, he said. For the president to pick a fight with a deeply unpopular Congress is one thing, Lopez said. “But it is not the same when confronting governors. “Most of them got a higher percentage of the vote than he did in the last election.” Argentina is the world’s 39th largest exporter of crude oil and the 20th largest of gas. The South American country imports refined fuels for internal consumption. Milei, who was flying to the United States to attend a conservative gathering to be addressed by Donald Trump, took to X – in scores of posts – to blast Torres by his nickname, denouncing “Nacho and his accomplices”. He reminded them of an article in the penal code providing for jail sentences of up to two years for anyone hindering energy supplies. A statement from the president’s office denounced “the waste of the provinces that refuse to reduce unnecessary expenses” and referred to the provinces’ opposition as “a Chavista threat”. Hours later, Torres responded: “I hope there is a channel for dialogue. The problem is that you don’t know who to talk to.” The dispute arises amid growing protests over price and fee increases as the new president promotes extensive deregulations and drastic fiscal adjustment. – AFP Demonstrators clashing with police as they protest against the government’s fiscal adjustment policy in Buenos Aires. – REUTERSPIC
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 19 Participation 23.0 47.6 29.4 100.0 Retail Institutions Foreign Bought RM m 695.3 1484.7 1029.2 3209.2 Sold RM m 782.0 1570.3 856.9 3209.2 Net RM m -86.7 -85.6 172.3 0.0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 23/2/2024 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) NESTLE 121.2 -0.41 996 KLK 22.48 -1.66 4054 AJI 17 -1.16 386 ALLIANZ-PA 19.8 -1 20 PETRONM 4.65 -3.53 5,614 RCECAP 2.67 -5.65 89,608 PCHEM 6.95 -2.11 25,134 TAANN 3.66 -3.43 15,652 GENTING 4.85 -2.41 179,504 CARIMIN 0.85 -10.99 52,179 JTIASA 1.22 -7.58 156426 KESM 6.68 -1.47 86 PTARAS 1.62 -5.81 1,750 HARTA 2.61 -3.33 21,336 BKAWAN 19.9 -0.4 127 CARLSBG 19.22 -0.41 319 MNRB 1.76 -4.35 35,353 SAM 4.26 -1.84 6,551 SHL 2.07 -3.72 40 DIALOG 2.23 -3.04 363,150 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) YTL 2.47 0.32 1,050,686 YTLPOWR 4.02 0.24 745,064 MCEMENT 5.04 0.21 22,584 DIN045801028 104 0.2 3 CANONE 2.64 0.19 4796 LTKM 1.6 0.18 32,825 PARAGON 3.68 0.18 2,242 PENERGY 1.21 0.18 48,831 PBA 2.39 0.15 40,166 PAM-A40M 1.69 0.14 30 CHINHIN 4.03 0.13 11,898 GESHEN 2 0.12 16,636 HLBANK 19.56 0.12 2,906 DAYANG 2.33 0.1 109130 DELEUM 1.23 0.1 44,707 KOTRA 4.9 0.1 132 MPI 28.88 0.1 4,075 NPC 1.85 0.1 5 PIE 3.39 0.09 1,326 SPRITZER 2.26 0.09 3,618 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME HONGSENG 4,186,093 0.02 - - PWRWELL 1,304,993 0.29 0.02 7.41 YTL 1,050,686 2.47 0.32 14.88 YTLPOWR 745,064 4.02 0.24 6.35 NOTION 678,962 0.44 -0.015 -3.3 HEGROUP 559,309 0.435 -0.05 -10.31 TWL 524,595 0.04 - - E&O 517,992 0.945 0.075 8.62 SIMEPROP 493,887 0.795 0.03 3.92 WIDAD 484,438 0.125 - - FITTERS 448,558 0.045 -0.005 -10 PUC 416,794 0.05 0.01 25 DNONCE 389,403 0.085 - - MINETEC 378,006 0.175 - - RGB 367,030 0.305 -0.015 -4.69 DIALOG 363,150 2.23 -0.07 -3.04 EKOVEST 337,104 0.495 - - RENEUCO 317,865 0.09 - - WENTEL 317,709 0.32 -0.015 -4.48 MYEG 300,933 0.785 - - SUNBIZ presents a summary of the day’s trading activity on Bursa Malaysia and other markets in an easy to digest format. MARKET ROUND-UP: FEBRUARY 23 [ Sources: Bursa Malaysia, Bernama, shareinvestor.com and websites DISCLAIMER: The data and reports are provided as a service to investors. Sun Media Corporation Sdn Bhd shall not be liable or responsible for any consequences resulting from usage of the information. INDEX CHANGE FBMEMAS 11,519.30 +7.38 FBMKLCI 1,549.11 +3.62 CONSUMER PRODUCTS 578.77 -0.48 INDUSTRIAL PRODUCTS 177.85 -0.68 CONSTRUCTION 209.90 -0.75 FINANCIAL SERVICES 17,345.30 +21.94 ENERGY 929.89 -4.34 TELECOMMUNICATIONS 610.57 -6.51 HEALTH CARE 1,949.00 -28.20 TRANSPORTATION 968.10 +1.27 PROPERTY 930.74 +3.73 PLANTATION 7,247.83 -85.20 FBMSHA 11,561.70 -40.80 FBMACE 4,885.89 -20.60 TECHNOLOGY 65.49 -0.16 TURNOVER: 4.068 bil VALUE: RM3.209 bil Top 20 Actives Top 20 Gainers (By RM) Top 20 Losers (By RM) Bursa Indices STOCKS CLOSING (RM) +/- (%) VOLUME (’00) CME-LA 0.015 50 1 SCBUILD 0.015 50 761 TALAMT 0.02 33.33 32,810 MQTECH 0.025 25 50,570 PUC 0.05 25 416794 INNITY 0.49 20.99 310 ALAM 0.03 20 1,573 PENERGY 1.21 17.48 48831 BERTAM 0.14 16.67 136 YTL 2.47 14.88 1050686 ENRA 0.685 13.22 99 LTKM 1.6 12.68 32,825 MCLEAN 0.16 10.34 24 KAMDAR 0.175 9.38 12108 ABLEGRP 0.12 9.09 1,422 PAM-A40M 1.69 9.03 30 THETA 0.795 8.9 29,241 DELEUM 1.23 8.85 44,707 TRIMODE 0.375 8.7 301 E&O 0.945 8.62 517,992 Top 20 Gainers (By %) STOCKS CLOSING (RM) +/- (%) VOLUME (’00) BIOHLDG-PA 0.005 -50 62 KGROUP 0.005 -50 7,291 PHB 0.005 -50 14,107 AGES-PA 0.015 -25 292 G3 0.025 -16.67 6,308 TWL-LA 0.025 -16.67 205,330 XOXNET 0.03 -14.29 826 CLASSITA 0.04 -11.11 11,557 CARIMIN 0.85 -10.99 52,179 SCABLE 0.215 -10.42 145,227 HEGROUP 0.435 -10.31 559,309 FITTERS 0.045 -10 448558 SMCAP 0.09 -10 1,678 RSAWIT 0.19 -9.52 85,348 AVI 0.05 -9.09 8,711 VINVEST 0.05 -9.09 666 SALUTE 0.64 -8.57 59976 VIZIONE 0.055 -8.33 200 OCB 0.73 -7.59 1,029 JTIASA 1.22 -7.58 156,426 Top 20 Losers (By %) INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 39,131.53 62.42 0.16 S&P 500 (US) 5,088.80 1.77 0.03 NASDAQ (US) 15,996.82 -44.8 -0.28 NYSE (US) 17,616.02 50.95 0.29 EURO STOXX 50 (EUR) 4,872.57 17.21 0.35 FTSE 100 (UK) 7,706.28 21.79 0.28 DAX (GER) 17,419.33 48.88 0.28 NIKKEI 225 (JPN) 39,098.68 836.52 2.19 TOPIX (JPN) 2,660.71 33.41 1.27 HANG SENG INDEX (HK) 16,725.86 -17.09 -0.1 CSI 300 (CHN) 3,489.74 3.07 0.09 SH SE COM (CHN) 3,004.88 16.52 0.55 KOSPI INDEX (SK) 2,667.70 3.43 0.13 MSCI ASIA PACIFIC 172.88 1.75 1.02 ASX 200 (AUS) 7,643.59 32.34 0.42 ALL ORDINARIES INDX (AUS) 7,899.18 33.88 0.43 SENSEX INDEX (IND) 73,152.60 -5.64 -0.01 FBM KLCI 1,549.11 3.62 0.23 STRAITS TIMES INDEX (S’PORE) 3,182.88 -40.06 -1.24 WTI (US$/BBL.) 76.49 -2.12 -2.7 BRENT (US$/BBL.) 81.62 -2.05 -2.45 GOLD (COMEX) (US$/T OZ) 2,049.40 18.7 0.92 SILVER (COMEX) (US$/T OZ) 23.19 0.19 0.81 PLATINUM (US$/T OZ) 901.91 0.2 0.02 COPPER (COMEX) (US CENTS/LB.) 390.05 -1.45 -0.37 COPPER 3MO (LME) (US$/MT) 8,567.50 -17 -0.2 CORN (US CENTS/BU.) 413.5 -5 -1.19 WHEAT (US CENTS/BU.) 569 -10.25 -1.77 SOYBEAN OIL (CBOT) (US CENTS/LB.) 44.6 -0.2 -0.45 COCOA (ICE) (US$/MT) 6,256.00 396 6.76 RUBBER (S’PORE) (US CENTS/KG) 161.8 2 1.25 World Stocks/Commodities as at 5pm, Feb 23 Buying momentum to remain intact this week KUALA LUMPUR: Sustained investor confidence is set to see buying momentum persist on Bursa Malaysia this week with market focus shifting towards banking counters as they prepare to unveil their fourth quarter results. Earnings in the banking sector in the quarter are expected to come in neutral to muted amid net interest margin pressure, higher operating expenditure and credit costs, among others. Head of wealth research & advisory, designated portfolio manager at UOB Kay Hian Wealth Advisors, Mohd Sedek Jantan, said, additionally, attention remains on China’s February purchasing managers’ index PMI, slated for release on Friday. “Given the pivotal role of PMI as a barometer of business profitability, both domestic and international stock investors are primed to closely track these figures, shaping market sentiment in the region throughout the week,” he told Bernama. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said despite a pullback following a strong recent 20- month rally, the FBM KLCI retains a position above all the Exponential Moving Averages. “The positive bias is further supported by the improving EMAs, indicating ongoing consolidation. As such, we anticipate the benchmark index will hover within the range of 1,540 to 1,570 for (this week), with immediate support at 1,534, followed by 1,520. “A notable subsequent resistance level is identified at 1,570 and a breakthrough above this level could signal further upward momentum,” he said. The market was mixed this week as healthy profit-taking dominated. On a Friday-to-Friday basis, the FBM KLCI gained 15.56 points to 1,549.11 from the previous week’s 1,533.55. 1,549.11pts Feb 23, 2024
BIZ & FINANCE BIZ & FINANCE MONDAY | FEB 26, 2024 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information. AXIATA’S FY23 core net profit of RM542 million exceeded our fullyear forecast by 35% and consensus estimate by 27%. AXIATA declared Q4’23 DPS of 5 sen which brings cumulative FY23 DPS to 10 sen (FY22: 14 sen). The variance versus our forecast was largely due to better-than-expected ARPU improvement at XL. Its FY23 core net profit excludes, amongst others, chunky exceptional items such as: (i) disposal gains on XL’s towers (RM84 million) and Celcom (RM402 million), (ii) disposal loss on NCell (RM356 million), and (iii) impairment of asset/goodwill/write off for Ncell as well as Edotco Myanmar and Pakistan (RM2.2 billion). YoY comparisons are not meaningful given that FY23 figures exclude Celcom (FY22: 11-month contribution), NCell and Edotco’s Myanmar operations. Nevertheless, for the unaffected subsidiaries, there was broad based normalized PATAMI growth in FY23 for the digital telcos except for Dialog. The expansion was underpinned by: (i) XL: due to ARPU uplift, savings in direct cost, and improved contribution from data and digital services, (ii) Robi: driven by subscriber growth and ARPU expansion, and (iii) Smart: underpinned by data growth and absence of one-off regulatory fees in FY22. On the other hand, FY23 normalized PATAMI was weaker for the infrastructure opcos due to: (i) Link Net: on the back of subscriber base contraction, higher opex, and spike in interest costs and depreciation (due to accelerated rollout of home passes), and (ii) Edotco: dragged by higher depreciation from towers at Philippines and Bangladesh, higher net finance cost and one-off taxation at Bangladesh. We continue to like AXIATA for: (i) its plans to deleverage and strengthen its balance sheet, (ii) growth prospects for digital telcos and tower assets at emerging markets, and (iii) strong asset monetization prospects for Edotco and its digital businesses. We maintain our forecasts, TP of RM3.10 and OUTPERFORM call. MAXIS’S FY23 core net profit of RM1.23b was below our expectations and consensus at 92% of our full-year forecast and 94% of the full year consensus estimate, respectively. The shortfall versus our forecast was largely attributed to accelerated depreciation charges recognized in Q4’23. It declared DPS of 4 sen in Q4’23, which brings cumulative FY23 DPS to 16 sen. Core net profit excludes exceptional items recognized in Q4’23 that include: (i) tax settlement (RM73 million) to the Inland Revenue Board for additional assessments, and (ii) write-off (RM161 million) for certain telecommunication equipment and software that were no longer in use. FY23 service revenue growth (+4.2% YoY) surpassed MAXIS’ guidance (low-single digit growth) and was mainly driven by the postpaid segment. This was on the back of subscriber base expansion (+7.6%) following the introduction of postpaid plans with lower entry price points (starting from RM30 per month). To a lesser extent, service revenues were also boosted by stronger segmental performances from: (i) enterprise: largely driven by 4-month contribution from provision of wholesale 4G MOCN, 4G and 2G domestic roaming services to TM, and (ii) consumer fiber: net adds were propelled by MAXIS’ proposition of fixed-mobile convergence. QoQ expansion in service revenue (+2.7%) was mainly driven by the postpaid and fiber segments as highlighted above. We continue to like MAXIS due to: (i) its sustained subscriber net adds in the high margin postpaid segment on the back of upselling and its convergence strategy, (ii) its ongoing 3-year cost optimization exercise that may potentially uplift margins, and (iii) expectation of a ramp-up in 5G monetization as enterprise clients intensify digitalization measures. We maintain our forecasts, TP of RM5.30 and OUTPERFORM call. YTLPOWR’S 1H FY24 core profit of RM1.74 billion came in at 60% and 61% of our full-year forecast and the full-year consensus estimate, respectively. However, we deem the results within expectations as we expect earnings to taper off in 2H FY24 as PowerSeraya’s earnings normalise. While its data centre project should start to contribute in Q4’24, the number will not be material given the small initial 8MW capacity. No dividend was declared as expected as it usually pays dividend in 2H of the year. YoY, its 1H FY24 revenue grew 15% on a broad-base improvement for all business segments, led by PowerSeraya (+10%) on higher retail and pool prices while investment holding’s revenue almost doubled as its new power plant Attarat Power Company (APCO) started contributing from Q4’23. Its 1H FY24 core net profit more than tripled as PowerSeraya continued to benefit from low gas cost coupled with sustained SGD strength against MYR. Meanwhile, its investment holding PBT soared more than 4x underpinned by maiden contribution from APCO as mentioned, partially offset by RM104.2 million pretax loss from Wessex Water (vs. a PBT of of RM9.3 million previously) due to higher interest accruals on index-link bonds of RM311 million (vs. RM186.2 million previously). QoQ. Its Q2’24 core profit contracted by 9% on a flattish top line as PowerSeraya’s quarterly profits plateaued while losses from Wessex Water doubled. Losses at YES narrowed (-8%) but remained sizeable. We continue to like YTLPOWR for: (i) its earnings stability backed by various regulated assets globally, (ii) the strong nearterm earnings prospects of PowerSeraya backed by gas inventory locked in at low prices, and (iii) its longer-term growth potential driven by its data centre and digital banking ventures. We maintain our forecasts, TP of RM4.10 and OUTPERFORM call. FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.8410 4.7070 4.6970 1 Australian Dollar 3.1930 3.0680 3.0520 1 Brunei Dollar 3.6060 3.5030 3.4950 1 Canadian Dollar 3.5880 3.4930 3.4810 1 Euro 5.2510 5.0820 5.0620 1 New Zealand Dollar 3.0130 2.9030 2.8870 1 Singapore Dollar 3.6060 3.5030 3.4950 1 Sterling Pound 6.1390 5.9490 5.9290 1 Swiss Franc 5.4870 5.3610 5.3460 100 UAE Dirham 133.4600 126.5800 126.3800 100 Bangladesh Taka 4.4980 4.2050 4.0050 100 Chinese Renminbi 67.8000 64.9600 N/A 100 Danish Krone 72.2000 66.4600 66.2600 100 Hongkong Dollar 62.6000 59.5000 59.3000 100 Indian Rupee 5.9400 5.5800 5.3800 100 Indonesian Rupiah 0.0322 0.0291 0.0241 100 Japanese Yen 3.2240 3.1230 3.1130 100 New Taiwan Dollar N/A N/A N/A 100 Norwegian Krone 47.3300 43.5400 43.3400 100 Pakistan Rupee 1.7600 1.6500 1.4500 100 Philippine Peso 8.8300 8.3200 8.1200 100 Qatar Riyal 134.3600 127.5500 127.3500 100 Saudi Riyal 130.6400 124.0200 123.8200 100 South Africa Rand 26.2100 23.6700 23.4700 100 Sri Lanka Rupee 1.6000 1.4700 1.2700 100 Swedish Krona 48.4000 44.0800 43.8800 100 Thai Baht 14.0800 12.5000 12.1000 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit expected to trade at prevailing level against dollar THE ringgit ended lower against the US dollar on Friday as risk sentiments for the local note remained fragile following higher US Treasury yields, said an economist. At 6pm, the ringgit depreciated to 4.7750/7795 versus the greenback compared with Thursday’s close of 4.7710/7800. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit versus the US dollar lingered between RM4.7725 and RM4.7850, while the US Dollar Index (DXY) rose 0.073% to 104.30 points. Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim said the government is not ignoring or taking the ringgit’s decline lightly, and it is making continuous efforts to address the issue while simultaneously assuring Malaysia’s investment figures remain intact. He said the central bank has been assigned to monitor the ringgit closely, and on the government’s side, relevant ministries and authorities, including the investment council, are conducting daily meetings to tackle the issue. At the close, the ringgit was traded higher against a basket of major currencies. The local currency was higher vis-a-vis the Japanese yen at 3.1677/1709 from 3.1764/1826 at Thursday’s close, increased against the British pound to 6.0437/0494 from 6.0468/0582 yesterday and rose versus the euro to 5.1656/1705 from 5.1775/1873 previously. At the same time, the ringgit rose against other Asean currencies. It advanced versus the Thai baht to 13.2198/2381 compared with 13.3105/3404 at Thursday’s close, improved against the Singapore dollar to 3.5489/5525 from 3.5578/5648 and gained versus the Philippines’ peso at 8.54/8.55 from 8.56/8.58 yesterday. – Bernama TM posts higher FY23 profit, sustains resilient performance KUALA LUMPUR: Telekom Malaysia Bhd (TM), announced its financial results for the year ended Dec 31, 2023 (FY23), with the group reporting higher revenue and profitability compared to FY22. This performance reaffirms the group’s resilience in the competitive market landscape. During the year under review, the group registered a higher revenue of RM12.26 billion compared to RM12.1 billion in FY22 propelled by the strong performance of Unifi and TM Global. Specifically, Unifi’s fixed broadband subscriptions experienced a 3.1% growth, reaching 3.13 million, while TM Global’s revenue grew from heightened demand for domestic and international data services. The group’s earnings before interest and tax remained flat at RM2.09 billion in FY23 due to higher operational costs. Meanwhile, the group’s profit after tax and non-controlling interest rose 63.6% from RM1.14 billion to RM1.87 billion due to a lower net finance cost and tax impact. The group’s capital expenditure in FY23 stood at RM1.9 billion, or 15.9% of its revenue. These investments were primarily aimed at expanding the Group’s network infrastructure nationwide and regional submarine cable system. TM declared a 2nd interim dividend and final dividend totalling 15.5 sen per share amounting to approximately RM594.9 million, demonstrating its commitment to delivering shareholder value. TM’s group CEO Amar Huzaimi Md Deris said 2023 marked the completion of their initial three-year transformation phase during which they have further solidified their position in the local and global telecommunication landscape. YTL Power International Bhd Outperform. Target price: RM4.10 Maxis Bhd Outperform. Target price: RM5.30 Axiata Group Bhd Outperform. Target price: RM3.10 Source: Kenanga Research Source: Kenanga Research Feb 23, 2024: RM3.78 Source: Kenanga Research Feb 23, 2024: RM2.77 Feb 23, 2024: RM4.02 Feb 23, 2024: RM2.77 Feb 23, 2024: RM3.78 Feb 23, 2024: RM4.02
The next he next chapter chapterbegins Final Fantasy VII Rebirth exclusive inal Fantasy VII Rebirth exclusive preview - P22 review - P22 WEEKLY FOCUS MONDAY Discover cuttingedge world of Gaming and Tech TUESDAY Ultimate guide to Travel and Leisure WEDNESDAY Latest in Fashion and Beauty sense THURSDAY Inside the world of Social Media Influencers FRIDAY Culinary delights and Beverage trends MONDAY | FEB 26, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME INSIDE p 23 A new era unfolds p 24 Revolutionising gameplay p 25 Suspense meets emotion p 26 Dive into madness
LYFE LYFE MONDAY | FEB 26, 2024 22 Countdown to Rebirth LAUNCHING at the end of this week, Final Fantasy VII Rebirth is going bigger than its previous game, with Square Enix pulling out all the stops to make sure the game makes an even heavier impact than its prequel, 2020’s Final Fantasy VII Remake. To recap theSun’s coverage of the two games over the past month, Final Fantasy VII (FF7) was a hugely successful game from 1997 that went on to form a crucial part of the gaming zeitgeist that endures to this day. Remake was a game that remade the first five hours of FF7 and Rebirth will be even longer, as it contains a bigger, more crucial bulk of FF7 and as such, provides much more content. This article will explore just what gamers can expect from Rebirth. A bigger cast In the 2020 game, there were only four playable characters and an extra one in the side content that was exclusive to the PlayStation 5 (PS5). For Rebirth, the game will include seven playable characters. Six will be the main cast and the seventh is the brief moment players will spend controlling the series’ main villain, Sephiroth, in the game’s opening. The diverse cast will lead to more experimentation in how players plan their “teams” and go into battles, as there are more options than before, from weapons, individual abilities, enemy exploitation and synergy abilities unique to which characters are in a team, among many others. Beyond Midgar As previously mentioned, Remake only contained the first five hours of FF7. Players spent time in roughly six locations in the city of Midgar. These locations were in the different sectors — imagine the different districts in Petaling Jaya — of Midgar. So while the locations had different enemies, maps and art designs, they were still part of the same core location. In Rebirth, the game picks up where Remake ended, with the main characters escaping Midgar and going into the bigger world of FF7. According to PlayStation’s State of Play released on Feb 6, Rebirth will have different, bigger regions to explore. First off will be the grasslands south of Midgar, the first area in the game. Sephiroth (right) is only playable in the game’s opening. - PICS BY SQUARE ENIX oFinal Fantasy VII Rebirth launches this weekend █ BY MARK MATHEN VICTOR Sprawling locations like Cosmo Canyon will have their own story and quests. Players will have the freedom to pick and pair characters in battles, allowing for experimentation. Cait Sith is one of the three new playable characters. There is also the city of Junon, which, like Midgar, has different “sectors”. Players will also find themselves getting lost in the region of Corel, which has several locations. These include the Corel Mountain, the beach town Costa del Sol, the amusement park Gold Saucer (imagine Genting Highlands in a video game) and the Corel Prison. The other regions are Gongaga, Cosmo Canyon, Nibel and the Meridian Ocean. World-building and adding value through content Each region and the locations within them in Rebirth play a pivotal role in expanding each of the main character’s stories while propelling the bigger narrative towards the game’s climax. These places will also contain numerous activities unique to each specific location for players to try. Like Remake, performing and doing well in these minigames and sidequests will greatly reward players with items, equipment, magic and so on for them to use and tailor their gameplay experience as they make their way through the game. The developers have made it clear that the minigames in Rebirth far outnumber the ones that were in FF7. For instance, the Gold Saucer will have all the classic minigames from the original game, along with a few new ones, such as playing soccer with one of the iconic creatures from Final Fantasy, the chocobo birds. There will also be a card game called Queen’s Blood, which was not in the 1997 game, as card games were first introduced to the series with Final Fantasy VIII in 1999. On top of the aforementioned, each area will have odd jobs for players to engage in if they choose to. Doing so will not only help lead character Cloud Strife’s bond with the other main characters, but it will also expand the lore behind the world. As these are optional, players are free to choose if they want to engage with the content, with Rebirth director Naoki Hamaguchi saying, “This freedom to experience the story however you want is one of Rebirth’s greatest strengths”. Final Fantasy VII: Rebirth launches exclusively on the PlayStation 5 on Thursday.
LYFE LYFE MONDAY | FEB 26, 2024 23 Unveiling Samsung Galaxy S24 Ultra I N the dynamic realm of smartphones, the Samsung Galaxy S24 Ultra emerges as a true standout, perfectly fusing state-of-the-art technology with an elegant design. This review embarks on a journey through its features, burrowing not only into its technical capabilities but also the delightful user experiences that distinguish this device from the rest. Titanium elegance and ergonomic brilliance The Galaxy S24 Ultra redefines sophistication with its significantly thinner body and introduces a titanium frame, a first in the Galaxy series. The colours — Titanium grey, Titanium black, Titanium violet and Titanium yellow — offer a vibrant array to suit diverse preferences. The device promises a more comfortable grip, ensuring a better on-the-go experience. The front display, fortified with Corning Gorilla Armour, not only enhances durability but also reduces glare by up to 75%, elevating visibility across varied lighting conditions. Elevating everyday interactions The Galaxy S24 Ultra introduces lifeenhancing features, promising to make your daily interactions more smooth. Live Translate, Circle to Search with Google, Chat Assist, Note Assist, Transcript Assist, Browsing Assist and Interpreter collectively form a suite that redefines user convenience. The Live Translate feature stands out, breaking down language barriers effortlessly, making it a valuable asset for globetrotters or those engaging in multilingual conversations. Creativity unleashed For creative minds, the Galaxy S24 Perfectly fusing state-of-the-art technology with an elegant design. - PICS BY SAMSUNG oDiscover the next level of innovation, performance and style █ BYYASMIN ZULRAEZ Everything runs smooth and clear. Bringing a level of realism previously unseen in mobile gaming. Ultra boasts a ProVisual Engine, pushing the boundaries of visual excellence. The AI Zoom and Quad Tele System redefine photography, providing unparalleled precision in capturing distant subjects. Nightography takes low-light photography to new heights, capturing vivid details in challenging conditions. The camera system is a playground for photography enthusiasts, offering features like Instant Slow-motion, Edit Suggestions, Generative Edit, Super HDR and Third-Party App Integration. Camera mastery Having explored the camera’s capabilities extensively, it is safe to say that the Galaxy S24 Ultra lives up to the hype. The ProVisual Engine truly enhances the visual experience, making each shot a work of art. Nightography exceeded expectations, transforming low-light scenarios into opportunities for stunning captures. The plethora of editing options opens a realm of creativity, allowing users to personalise their visual stories. Samsung has undoubtedly set a new standard for smartphone photography with the S24 Ultra. A symphony of technologies Game enthusiasts, brace yourselves for an immersive experience. The Galaxy S24 Ultra introduces ray tracing, a vapour chamber and a display that collectively elevate gaming to new heights. The amalgamation of these technologies ensures smooth gameplay, realistic graphics and efficient heat dissipation, making it a device of choice for mobile gaming aficionados. Gaming nirvana As a gaming enthusiast, the inclusion of Ray Tracing and Vapour Chamber is a game-changer. The graphics are not just visually stunning but also bring a level of realism previously unseen in mobile gaming. The device handles resourceintensive games with finesse, making every gaming session a joy. The 120Hz display refresh rate adds fluidity to the gaming experience, making the S24 Ultra a formidable choice for those who demand top-notch gaming performance from their smartphones. Where intelligence meets intuition The Galaxy S24 Ultra’s AI features transcend mere functionality — they border on intuitive. From suggesting edits to interpreting languages immaculately, the AI integration is designed to enhance user experiences. The Chat Assist, Note Assist and Transcript Assist collectively form a powerful suite, making day-to-day tasks more efficient. The Browsing Assist and Interpreter features add an extra layer of convenience, showing Samsung’s commitment to integrating AI for a smarter, more intuitive smartphone experience. AI, your intelligent companion Exploring the AI features left a lasting impression. The smooth integration of AI into everyday tasks is not just a gimmick, it genuinely adds value. Chat Assist, in particular, became a handy tool, simplifying communication. The AI’s ability to understand the context and provide relevant suggestions showcases Samsung’s commitment to creating a smartphone that learns and adapts to its users. It is not just artificial intelligence — it is a genuinely intelligent companion. The final verdict The Samsung Galaxy S24 Ultra stands as a testament to Samsung’s commitment to innovation. From the powerful camera system to the gaming prowess and the intelligent AI features, this device harmonises technical excellence with a usercentric approach. The design is not just aesthetically pleasing but also ergonomically sound, promising a comfortable and enjoyable user experience. As someone who values both technical prowess and the joy of using a smartphone, the Galaxy S24 Ultra exceeds expectations and sets a new benchmark for what a flagship device can achieve. Whether you are a photography enthusiast, a gaming aficionado or someone who values a smart, intuitive companion in a smartphone, the Samsung Galaxy S24 Ultra caters to your needs. It is not just a phone — it is an experience that harmoniously integrates into your lifestyle, making every interaction, every capture and every gaming session a moment to savour. The Galaxy S24 Ultra is not just a device, it’s a symphony of innovation, and in the orchestra of smartphones, it plays the lead with finesse.
LYFE LYFE MONDAY | FEB 26, 2024 24 Navigate avigate Arrakis with ease rrakis with ease MICROSOFT has introduced the g r o u n d b r e a k i n g “Floating Xbox Controller” to mark the debut of Dune: Part 2. Teaming up with Warner Bros and Legendary Entertainment, the gaming giant has curated an array of immersive experiences tied to the film’s premiere this Friday. Microsoft celebrated Dune: Part 2 with an array of new tools. – PICS BY XBOX oDune 2 has a floating Xbox controller from Microsoft █ BYHAZIQUE ZAIRILL Fly an Ornithopter in the free Dune expansion for Microsoft Flight Simulator. TikTok shop raises fees BY July this year, TikTok shop will be charging its US sellers a commission of 8%, a quadruple increase in fees over the current 2%. First broken exclusively by The Information, the exact timeline for the change will see the current 2% plus US$0.30 (RM1.39) fee increase to a 6% fee on April 1. Effective July 1, it will reach 8% per transaction for most items. The increase comes after TikTok passed US$10 billion (RM46 billion) in global consumer spending last month. Hitting the milestone, TikTok is the first non-mobile gaming app to do so. The information also claims that TikTok has started reducing certain subsidies for sellers on its e-commerce platform. It is currently unclear if TikTok will expand these changes to countries outside the US. - BY MARK MATHEN VICTOR TikTok shop will be charging its US sellers 8% commission. - TIKTOK ALTHOUGH there was strong speculation that the follow-up to the Nintendo Switch would release this year, recent reports by gaming news outlets based on their individual sources are pointing to Nintendo releasing their new console next year instead. Initially, Brazilian journalist Pedro Henrique broke the news on X (formerly Twitter) and on the X O do Controle podcast on Feb 16 that five of his sources from three different continents had told him that the Nintendo Switch 2 would only launch early next year. After the news was picked up by Eurogamer and Video Games Chronicle (VGC), different sources reached out to both outlets, substantiating what Henrique had claimed. According to VGC’s sources, third-party game companies were briefed on an internal delay with the launch of Nintendo’s nextgen console, moving from the previous time frame of late 2024 to early next year. VGC then claimed that Nintendo shifting the release to next year would align with the current Switch’s release, where it was released in March 2017 after being officially announced in October 2016. Following the updates by VGC, Eurogamer corroborated what the latter had reported, alleging that the launch of the Switch successor was moved to 2025 so that it could launch with a bigger line-up of games. As always, these are mere conjectures, allegedly from strong sources and things will change, especially as Nintendo comes closer to the end of its current fiscal year. If the company decides to reveal anything substantial, it will more than likely come after July this year. - BY MARK MATHEN VICTOR Nintendo Switch’s successor pushed to 2025 The Nintendo Switch 2 launch will likely miss 2024’s end of the year holiday season. - PIC BY NINTENDO The standout feature of this announcement, as revealed on Xbox Wire, is the innovative floating Xbox controller, which creates the captivating illusion of levitating above vast sand dunes. Technically, the floating Xbox controller does not actually float independently — it is placed on a stand that achieves the floating effect. “A specially designed console holder inspired by the Ornithopter captures the vibrant colours of Arrakis’ sun, planets and sand,” as described in the post on the tech giant’s website. Alongside this remarkable feature is a specially designed Xbox Series S console holder inspired by the Dune universe. Described as a “Custom Xbox Series S” and a genuine collector’s item for enthusiasts, this visually striking design, inspired by the Ornithopter, will complement any living room decor. Furthermore, the popular aviation game Microsoft Flight Simulator is venturing into new territory by offering players a unique experience navigating the challenging atmosphere of Arrakis, which began on Feb 13. For those unfamiliar with it, an Ornithopter is a nimble helicopterlike machine propelled by four precisely tuned oscillating wings. The Royal Atreides model, featured in the game, represents a special ultra-performance variant of this craft. Renowned for its lightning acceleration, blazing speeds and precision manoeuvrability, it becomes especially formidable under the control of skilled pilots who possess the fortitude to navigate the harsh environment of the planet. The free expansion comes equipped with three tutorials covering take-off, landing and freefall. Once players have mastered the basics, they can progress to the six activities included in the package. These activities consist of fivetime trials and a daring rescue mission where aviators must save their flight instructor before a massive sandstorm engulfs him. Similar to previous instances of innovative Xbox controllers from Microsoft, this exclusive hardware collection is available through competition. Fans interested in acquiring this unique set can participate by following Xbox on X (formerly Twitter) and retweeting the official Xbox sweepstakes post from Feb 13 to March 25.
LYFE LYFE MONDAY | FEB 26, 2024 25 Casts of A Killer Paradox. – PICS BY INSTAGRAM/@NETFLIXKR Riteish to direct movie about historical king ACTOR Riteish Deshmukh will direct a film on an Indian ruler and the founder of the Maratha Empire, Chhatrapati Shivaji Maharaj. He is also poised to play the title role. Awardwinning cinematographer and film director Santosh Sivan will do the cinematography. Shivaji’s birthday date or Shiv Jayanthi, which falls on Feb 19, is a public holiday in the state of Maharashtra. The mythical figure’s 394th birthday was celebrated on a grand scale in the state recently. Riteish made his debut as a director with a Marathi movie titled Ved, which became a blockbuster. Riteish felt it was an honour to do the movie on such an important historical figure. “As we celebrate Shiv Jayanthi, this is the perfect time to announce Raja Shivaji, who’s based on the life of Shri Chhatrapati,“ stated the 45-year-old actor, whose movies include Housefull. Riteish made his debut as an actor in Tujhe Meri Kasam opposite Genelia D’Souza, whom he later married. Riteish’s father was a former Chief Minister of Maharashtra, while his two brothers are state assemblymen in the state of Maharashtra and his sisters are in the film industry. - S. TAMARAI CHELVI Actress Genelia (left) and Riteish. - INSTAGRAM/@RITEISHD Prankster crashes Bafta presentation AMID all the glitterati, it was a social media prankster who stole the limelight at the 77th BAFTA Awards ceremony on Feb 18. Calm, cool and collected, the prankster picked the night’s biggest award for best film to make his splash. Joining the cast and producers on stage, the prankster stood quietly beside the winners as the acceptance speeches were given. It was only after the assembled guests left the stage did the event security notice the interloper, who was detained and then unceremoniously ejected from the venue. BAFTA said in a statement: “A social media prankster was removed by security last night after joining the winners of the final award on stage. We are taking this very seriously and don’t wish to grant him any publicity by commenting further.” The prankster was identified on social media as a YouTuber using the name Lizwani — the same user posted on Instagram that police had Bafta security did not notice a prankster (in brown cap) joining Oppenheimer cast and producers on stage. - YOUTUBE Dramatic revelations oA Killer Paradox cast reveals behind-the-scenes insights I N a recent exclusive interview with theSun, the cast of the highly anticipated series A Killer Paradox gathered to discuss the intricacies of their roles and the compelling narrative that drives the show. At the centre of this intense drama is Lee Tang, portrayed by Choi Woo-shik, an ordinary college student with a dark past and a seemingly calm demeanor. However, when faced with a series of unfortunate events, Lee Tang finds himself inadvertently entangled in a web of crime and mystery, leading to unintended consequences and moral dilemmas. Woo-shik, known for his versatility as an actor, shared his initial attraction to the series, citing his admiration for the emotional depth portrayed in the original webtoon. He found the opportunity to explore the extremes of his character’s emotional spectrum to be both challenging and exhilarating, presenting a unique opportunity for growth and exploration as an actor. Alongside him, Son Suk-ku, who portrays the determined detective Jang Nan-gam, reflected on the dynamic interplay between their characters and the captivating energy they brought to their scenes together. The cast also shed light on the various challenges and rewards of their respective roles. Lee He-joon, tasked with the transformation into a much older character, highlighted the meticulous process of makeup and prosthetics, which not only added depth to his portrayal but also provided valuable insights into the character’s psyche. Director Lee Chang-Hee’s visionary approach to storytelling was also praised, with the cast commending his ability to █ BYTHASHINE SELVAKUMARAN This series is adapted from an award-winning Naver webtoon. taken some of his footage away. Lizwani has a history of infiltrating awards ceremonies, including the Fifa Ballon d’Or and Brit Awards in 2022. - BY MARK MATHEN VICTOR balance realism with creative expression, ultimately elevating the series to new heights. As the series explores themes of justice, morality and the complexities of human nature, the actors acknowledge the emotional toll of their roles. Woo-shik, in particular, discussed the mental challenges of portraying a character embroiled in intense situations, yet found solace in the supportive environment fostered by his co-stars and crew. Despite the weighty subject matter, the cast emphasised the camaraderie and sense of fun that permeated the set, providing a welcome reprieve from the intensity of their on-screen performances. With its gripping storyline, stellar performances and thought-provoking themes, A Killer Paradox promises to be a must-watch for audiences craving both suspense and emotional depth. Now available for streaming on Netflix, viewers can immerse themselves in the riveting world crafted by this talented ensemble, where moral ambiguity and unexpected twists await at every turn.
LYFE LYFE MONDAY | FEB 26, 2024 26 Leave logic behind oMadame Web is a must-watch for fans of outlandish entertainment M ADAME Web is the kind of movie that makes you question if you have stumbled into a parallel universe where logic took a permanent vacation. From its convoluted plot to its overthe-top action sequences, every moment of this film is a testament to the sheer audacity of its creators. But here is the kicker, it is so bad that it is actually kind of fun — in a cult classic way. Plot twists that defy all reason The plot or lack thereof, starts with a classic tale of betrayal in the jungles of Peru, where there are mystical spiders with strange magical healing properties and a protagonist who gains incredible psychic powers after a close shave with the Grim Reaper. If you add a villain who can peek into the future and whose decision-making process tells him random acts of murder are the best course of action, audiences will be forgiven for scratching their collective skulls in bewilderment. Questionable decision-making 101 Bad decision-making seems to be a recurring theme throughout the movie. The fearless heroine Cassie, decides the best way to protect the three women targeted by the baddies is by seeking refuge in a perilous forest full of wild animals and other unseen hazards. No, the city or civilisation itself is not a safe hiding place, nor is it worth calling the cops for help, it would appear. Action sequences straight out of a cartoon For audiences looking for realistic fight scenes and well-choreographed stunts, this is the wrong movie. Madame Web delivers action sequences that would not be out of place in a Saturday morning cartoon. Spoiler alert — the protagonist lures the villain to a condemned firework factory, sets up elaborate traps and ultimately defeats him with a welltimed sign falling from the sky. It is ridiculous, it is absurd and it is glorious. Think Danny Trejo and the Machete series and audiences should get a pretty accurate idea of the type of action sequences on offer. Embrace the absurdity Madame Web is a movie that defies all expectations and invites audiences to leave logic at the door. It is a wild ride from start to finish, for sure. So grab some popcorn and embrace the chaos, because sometimes the best way to enjoy a movie is to just sit back, relax and let the madness unfold. █ BYYASMIN ZULRAEZ (From left) Merced, Johnson, Sweeney and O’Connor on the run in the movie. Leave brain at home - Madame Web is pure, mindless fun. WATCH as tradition and innovation come together in RXP.KL’s latest exhibition, which showcases two creations by worldrenowned Danny Rose Studio and the Temple of Light — Piying Dream and Matter of Painting. In Piying Dream, witness the fusion of ancient Chinese shadow puppetry with cutting-edge digital animation techniques. Dive into a world filled with iconic characters and mythical beings, meticulously crafted from over 3,000 shadow puppets spanning centuries of history. Audiences can immerse themselves in the Unesco-listed art form and discover the vibrant colours and intricate designs that define Chinese cultural heritage. Matter of Painting presents a contemporary exploration of art, drawing inspiration from action paintings of 1950s New York City. Watch as the walls of RXP.KL’s theatre transform into a dynamic canvas, where digital artistry takes centre stage. Experience the evolution of colours and textures in realtime, as the invisible digital artist creates captivating visuals that challenge conventional perceptions of painting. Through these g r o u n d b r e a k i n g showcases, RXP.KL aims to push the boundaries of artistic expression and redefine the art-going experience in Malaysia. This one-hour exhibition will run 10am to 9pm daily from Feb 9 onwards. Tickets for this one-hour exhibition start at RM30 for children and RM60 for adults. Discounted tickets at RM42 each are available for students, senior citizens and disabled persons. - BY THASHINE SELVAKUMARAN For more information and ticket Simulation of Piying Dream purchases, visit rxpkl.com. exhibition. 0Cast: Dakota Johnson, Sydney Sweeny, Isabela Merced, Celeste O’Connor 0Director: S.J. Clarkson E-VALUE 8 ACTING 6 PLOT 3 (Below) Johnson is the lead protagonist in Madame Web. - PICS BY COLUMBIA PICTURES/SONY The exhibition is a collaboration between Danny Rose Studio and the Temple of Light. - PICS BY RXP.KL Experience the future of art
SPORTS SPORTS MONDAY | FEB 26, 2024 27 TRAMLINES SCAN ME T: 03-7784 6688 F: 03-7785 2625 E: [email protected] MONDAY | FEB 26, 2024 Item Reg No Make Model Price 1 SYT4324 2021 AVETA RX110 1300 2 VKG5502 2023 HONDA DASH 125 6000 3 PQD4981 2022 HONDA RS-X FS150FA ABS 6000 4 SWD6742 2021 HONDA BEAT 4000 5 PQP6172 2022 HONDA RS-X FS150FA ABS 6000 6 VFY8783 2020 HONDA RS150R REPSOL 4000 7 AMB7806 2021 HONDA RS150R TRICO 5000 8 PPM5086 2020 HONDA RS150R REPSOL 5000 9 WWM8571 2012 PERODUA MYVI 1.3EZ (A) 17000 10 JSG8582 2017 PERODUA ALZA 1.5SE 35000 11 W654C 2013 PROTON PERSONA 1.6L (A) 14000 12 PMG2516 2015 PROTON PREVE 1.6L CVT 20000 13 VGD6867 2021 PERODUA ARUZ 1.5AV 60000 14 BMH2703 2013 PROTON EXORA FL 1.6L CVT 18000 15 JNP707 2012 FORD FIESTA 17000 16 W1176V 2014 NISSAN SYLPHY 24000 17 WC5093W 2016 PROTON IRIZ 19000 18 WD3490A 2016 PROTON PERDANA 2.4L (A) TBC For more information contact us at 016-6999170 | 012-5553727 (WhatsApp) www.pickles.my | [email protected] Scan QR to download Pickles Auctions App PICKLES ASIA SDN BHD Lot 19391, Batu 8 ½, Jalan Klang Lama, Taman Desaria, 46000 Petaling Jaya, Selangor. Bank Repossessed bikes and cars for sale by auction. All auctions are conducted via eBidding on Wednesday 28 February at 9.30am (bikes) and 11.00am (cars). All are invited to join our PUBLIC AUCTION. Viewing and inspection on every Tuesday from 9.30am - 5.30pm. Download Pickles Auctions app to view all auction listings or visit www.pickles.my IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF ISBA KLEENER SDN. BHD. Company No: 199401021656 (307335-W) (IN MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that in pursuant to Section 459 of the Companies Act, 2016 a Final Meeting of the abovenamed Company will be held at 12A (Room 2), Medan Bendahara 2, Medan Bendahara, 31650 Ipoh, Perak on the 28th day of March 2024 at 10.00 a.m. for the following purposes: - 1. To receive and consider the Liquidator’s final statement of accounts showing the manner in which the winding-up has been conducted and to receive any explanations arising therefrom. 2. To resolve that under Section 518(3)(b) of the Companies Act, 2016, the books, accounts and documents of the Company and the Liquidator, be destroyed after the expiration of three months from the date of the final meeting. Dated this 26th February 2024 Chew Choon Seong Liquidator 322 Notices 322 Notices NOTICE OF APPLICATION FOR VOLUTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that BUDDYY VISION SEAFOOD PLT (No. 202204002050 (LLP0032334-LGN)) will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. IN THE HIGH COURT OF MALAYA AT SHAH ALAM IN SELANGOR DARUL EHSAN, MALAYSIA ORIGINATING SUMMONS NO: BA-24NCC-58-05/2023 In the matter of Bina Puri Sdn Bhd (Company No.: 197501001598 (23296-X)); And In the matter of the proposed scheme of arrangement and compromise for Bina Puri Sdn Bhd and its creditors; And In the matter of Sections 365, 366, 368 and 369 of the Companies Act 2016; And In the matter of Order 7, 28, 88 and 92 Rule 4 of the Rules of Court 2012 BINA PURI SDN BHD COMPANY NO.: 197501001598 (23296-X)) …APPLICANT BEFORE THE JUDICIAL COMMISSIONER ZAHARAH BINTI HUSSAIN ON 24 JANUARY 2024 IN CHAMBERS THROUGH VIDEO CONFERENCING PLATFORM VIA ZOOM ORDER (Enclosure 14) UPON THE APPLICATION of the above Applicant which was fixed for hearing today AND AFTER READING the Notice of Application (for the sanction of the Scheme of arrangement and compromise) dated 13 September 2023, the Affidavits and the Applicant’s Submissions which are all filed here AND AFTER HEARING Chan Kheng Hoe (Jaslyn Saw Wei Wen and Wong Sheng Wei with him), solicitors on behalf of the Applicant, THEREFORE IT IS ORDERED THAT: 1. The Applicant’s Scheme of Arrangement and Compromise as attached herein as Appendix A be allowed and approved by this Honorable Court and binds the Applicant and the scheme creditors as stated therein; 2. This Sanction Order is effective immediately; 3. An office copy of this Order be submitted to the Companies Commission of Malaysia; 4. Pursuant to section 366(7) of the Companies Act 2016, the Applicant must attach a copy of this Order (not including Appendix A) in the Applicant’s constitution, if applicable, for a period of one (1) year from the date this Order is submitted to the Companies Commission of Malaysia; 5. This Order shall be deemed to have been validly served through advertising once in an English newspaper and once in a Malay newspaper respectively (“Advertisement”) and this Order shall be deemed to have been served on each scheme creditor one day after the Advertisement; and 6. The Applicant is free to apply for an Order or further instructions, including for the rejection or extension of the time period determined by the Order given in these proceedings. Dated this 24th day of January 2024 t.t. ……………………………… Deputy Registrar High Court of Malaya Shah Alam This ORDER is filed by Messrs Chong + Kheng Hoe, solicitors for the Applicant with an address for service at A3-3-6, Block A3, Solaris Dutamas, No. 1 Jalan Dutamas 1, 50480 Kuala Lumpur. [Ref: 22031502; Tel: 03-6205 3928; Emel: [email protected]] NOTE:Anyone who wishes to obtain a copy of the Applicant’s Scheme of Arrangement and Compromise attached as Appendix A in the above order should give a formal notice to Messrs Chong + Kheng Hoe at A3-3-6, Block A3, Solaris Dutamas, No. 1 Jalan Dutamas 1, 50480 Kuala Lumpur. DIGITAL MARKETING SENIOR EXECUTIVE / ASSISTANT MANAGER Job Description: • Design and develop online marketing strategies, digital roadmap and creative campaign that align with the business goals and directions. • Provide creative ideas for content marketing. • Manage all digital marketing channels. • Plan and manage social media platforms. • Able to create content & produce graphics for social media posts. Requirement: • Diploma / Degree in Marketing, Digital Marketing or equivalent. • At least 3 years experience in digital marketing. • Excellent understanding of digital marketing concept and best practices. • Required skill(s): Google Analytics, SEO/SEM, social media marketing and optimisation. • Team player and great communication skills. ADVERTISING SALES & MARKETING EXECUTIVE / SENIOR EXECUTIVE Job Description: • Building and sustaining strong working relationship with advertising clients. • Plan and executive new, creative, exciting and innovative marketing campaigns for the company. • Develop and continuously improve marketing material, product/services presentations and proposals. • Passionate in serving client accounts to improve sales revenue. Requirement: • Diploma or Bachelor’s degree in business, marketing or other related fields. • At least 2 years of sales and marketing experience in media industry. • Good communication, presentation, problem-solving and organisational skills. • Possess own transport and willing to travel. • Able to start work immediately. Submit your CV with your photo via e-mail to: [email protected] Office based in Petaling Jaya (5-day week) WE ARE HIRING Manager – Finance and HR Job Description: • To handle full set of accounts, month-end closing, year - end closing, audit schedules, tax, stock control, etc. • Responsible for management, statutory and group reporting, development of business plans, budget and cash flow forecast. • Oversee recruitment, manage payroll system, staff benefit, yearly performance and appraisal. • Develop & implement HR policies to support company business objectives and compliance with law and regulatory requirements. • To handle legal and disciplinary matters including staff counselling in compliance with local Labour Law. • Other administration duties where required and part of job scope. • Any other duties as assigned by the superior / management from time to time. Requirements: • Candidate must possess at least Professional or Degree in Finance/Accountancy or equivalent. • At least 5 years managerial/supervising of working experience in audit, financial accounting and HR. • Familiarity with Accpac, ERP Accounting & HR software would be added advantages. • Computer literate and skillful in Ms Excel, Word & PowerPoint. • Good command of written and spoken English. Proficiency in Bahasa Malaysia & Mandarin will be added advantages. 302 Jobs IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF KAI SIK LATEX PRODUCTS SDN. BHD. 198401006461 (118976-K) (In Member’s Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 459 of the Companies Act, 2016, the Final Meeting of the Company will be held at Suite I, 2nd Floor, Wisma Lister Garden, 123 Jalan Macalister, 10400 George Town, Pulau Pinang on Friday, 29 March 2024 at 10.00 a.m. for the following purposes: 1. To receive and consider the Liquidators’ Statement of Accounts showing the manner in which the winding up has been conducted and of hearing any explanation that may be given by the Liquidators. 2. To resolve under Section 518(3)(b) of the Companies Act, 2016 the manner in which the books, accounts and documents of the Company and of the Liquidators shall be destroyed. 3. To approve and accept the resignation of the Liquidators in accordance with Section 513(3) of the Companies Act, 2016. Dated this 26th day of February, 2024 Tan Gnear Eng Yeoh Hon Lin Liquidators IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF PROFESSIONAL INNOVATORS SDN. BHD. Registration No. 200101025907 (561665-D) (In Member’s Voluntary Winding Up) At an Extraordinary General Meeting of the Member of PROFESSIONAL INNOVATORS SDN. BHD. duly convened and held at 10-2B, Jalan Puteri 2/3, Bandar Puteri, 47100 Puchong, Selangor on 19 February 2024 at 10.00 a.m. the following Special Resolution was duly passed:- SPECIAL RESOLUTION “THAT the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act 2016 and that CHEW HOOI CHONG of 10-2B, Jalan Puteri 2/3, Bandar Puteri, 47100 Puchong, Selangor be and is hereby appointed as Liquidator for the purpose of such winding up with all powers given by Section 456 of the Companies Act 2016.” Dated this 26 February 2024 CHEW HOOI CHONG Director IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF PROFESSIONAL INNOVATORS SDN. BHD. Registration No. 200101025907 (561665-D) (In Member’s Voluntary Winding Up) NOTICE IS HEREBY GIVEN that the Creditors of PROFESSIONAL INNOVATORS SDN. BHD., which is being voluntarily wound up, are required on or before 26 March 2024 to send in their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator at 10-2B, Jalan Puteri 2/3, Bandar Puteri, 47100 Puchong, Selangor and if so required by notice in writing from the said Liquidator, are by their solicitors or personally to come and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any distribution made before such debts or claims are proved. Dated this 26 February 2024 CHEW HOOI CHONG Liquidator Address: 10-2B, Jalan Puteri 2/3, Bandar Puteri, 47100 Puchong, Selangor DALAM MAHKAMAH TINGGI MALAYA DI SHAH ALAM DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA WRIT NO.: BA-23NCvC-51-10/2023 ANTARA BERJAYA LAND BERHAD (No. Syarikat: 199001010193 (201765-A)) ...PLAINTIF DAN MURRAY HUNTER (No. Pasport No: E1006520) ... DEFENDAN NOTIS Kepada : MURRAY HUNTER (No. Pasport No: E1006520) Ladang Tea Tree, Off Jalan Kaki Bukit, Batu 9, Beseri, 02400 Arau, Perlis. AMBIL PERHATIAN bahawa suatu Writ bertarikh 05.10.2023 dan Pernyataan Tuntutan bertarikh 05.10.2023 telah dikeluarkan terhadap anda dalam Mahkamah Tinggi di Shah Alam Guaman No.: BA-23NCvC-51-10/2023 Berjaya Land Berhad yang beralamat di Lot 13-01A, Level 13 (East Wing), Berjaya Times Square, No.1 Jalan Imbi, 55100 Kuala Lumpur dan alamat penyampaian di pejabat peguamcaranya iaitu Tetuan Pierre Chuah & Associates, Level 6, Lot 06- 27 (West Wing), Berjaya Times Square, No. 1 Jalan Imbi, 55100 Kuala Lumpur, dan Mahkamah telah memerintahkan bahawa Writ dan Pernyataan tersebut diserahkan kepada anda secara penyampaian ganti melalui iklan ini. Jika kamu berhasrat untuk membela dalam tindakan tersebut, kamu mestilah dalam masa 14 hari dari tarikh tersiarnya iklan ini, termasuk hari penyiaran itu, memasukkan kehadiran di Pejabat Pendaftaran Mahkamah. Jika ingkar apa-apa kehadiran yang demikian maka penghakiman boleh dibuat terhadap kamu. Bertarikh pada 9 Februari 2024. ...............t.t............... Peguamcara Plaintif Tetuan Pierre Chuah & Associates NOTIS ini difailkan oleh Tetuan Pierre Chuah & Associates, Peguambela & Peguamcara yang beralamat di Tingkat 6 (West Wing), Lot No. 06-27, Berjaya Times Square, No. 1, Jalan Imbi, 55100 Kuala Lumpur, Malaysia, peguamcara bagi Plaintif yang dinamakan di atas. [Ruj: PCA/P/B/1025/23] Tel/ Fax No.: 603-28590271 E-mel: [email protected] 322 Notices Navone downs Norrie in Rio DEFENDING champion Cameron Norrie crashed out of the ATP Rio Open clay court tournament yesterday, slumping to a straight sets semifinal defeat against Argentinian qualifier Mariano Navone. British No.1 Norrie – aiming to win back-to-back titles in Rio after defeating Carlos Alcaraz in last year’s final – struggled in hot and humid conditions before sliding to a 6- 4, 6-2 defeat. “It’s incredible, my first final,” Navone said after the win. “I played so good all week. Today was very hot and humid, it’s tough to play in these conditions. But I’ve played six matches in a row so I feel pretty good.” Navone’s victory set up an all-Argentina clash in the final on the Quadra Guga Kuerten showcourt after Sebastian Baez defeated compatriot Francisco Cerundolo in yesterday’s other semifinal. Baez saved three set points in the first set of his clash with Cerundolo before going on to win 7-5, 6-0. “We know each other too much, I think, more than I want,” Baez said after his semifinal win. “All matches are different. Today it’s going to my side.” Paolini defeats Kalinskaya to win Dubai Championship ITALIAN Jasmine Paolini fought back from a set down to beat qualifier Anna Kalinskaya 4-6, 7- 5, 7-5 in the final of the Dubai Tennis Championships yesterday to secure her second WTA singles title. Kalinskaya, the Australian Open quarterfinalist, had been on a giant-killing run in Dubai, having stunned world No. 1 Iga Swiatek in the semifinals after knocking out Grand Slam champions Coco Gauff and Jelena Ostapenko in the previous rounds. “It was really tough. I tried to stay focused on every point to believe it. I’m really proud of myself,” Paolini said in her post-match interview. Paolini reached the finals after overcoming top-25 ranked opponents Sorana Cirstea, Maria Sakkari and Beatriz Haddad Maia. She becomes just the second Italian champion in Dubai after Sara Errani. Khachanov ends Mensik’s dream KAREN KHACHANOV ended Jakub Mensik’s bid to become the 10th youngest ATP champion with a straight sets win in the Qatar Open final yesterday. The 17th-ranked Russian won 7-6 (14-12), 6-4 to claim a sixth career title against 18-year-old Mensik, the youngest finalist at a tour event since Carlos Alcaraz at Umag in 2021. “Every title is a special one,” Khachanov, who didn’t drop a set all week, said on court. “Every time, you want to win. We play around 22 tournaments per season and at the end of the day, you compete every week. For sure here in Doha it is one of the nicest trophies.”
SPORTS SPORTS MONDAY | FEB 26, 2024 28 XAVI’S rejigged Barcelona side thrashed Getafe 4-0 yesterday to climb to second in La Liga with recalled duo Joao Felix and Raphinha getting on the scoresheet. The defending champions climbed above Girona and have 57 points from 26 games. Leaders Real Madrid have 62 points and play their game in hand at home to Sevilla overnight. Joao Felix and Raphinha missed the midweek Champions League 1-1 draw at Napoli and their return paid dividends. “We knew which spaces to attack and opened them up on several occasions and that’s where the goals came from. It’s a victory which gives us a little more peace of mind,” said Xavi. Brazilian forward Raphinha broke the deadlock on 20 minutes latching onto a deep pass with a well-timed run and slick shot into the bottom corner. Raphinha was involved in the build-up to the second goal as Felix doubled the lead with a far post tap in after 53 minutes, just after Getafe had hit the post. Robert Lewandowski thought he’d made it 3- 0 just before the hour but was ruled off-side. The Pole has netted nine goals in his last 13 appearances, but was also twice denied by good saves on Saturday. Dutch midfielder Frenkie De Jong did make it 3-0 just after the hour with a well struck shot from outside the box before Fermin Lopez tapped home a rebound in time added on. Barça have now picked up 13 points from a possible 15 in the league since Xavi announced he will leave in the summer, with fans chanting his name throughout the second half of the Getafe win. Asked in a news conference when asked if he regretted his decision given the team’s upturn in results since, Xavi said: “No, the opposite. “I think it is absolutely the correct call. The team have stepped forward since I made it and the players have shown level they have (against Getafe) and in previous games. “I am really grateful the fans chant my name, but I am convinced my decision is the correct one for the club. The fans have always been on my side and, from the heart, I really appreciate it.” In later matches, bottom side Almeria twice came from behind to hold Atletico Madrid to a 2-2 draw. The stalemate left the hosts winless this season after 26 matches. Atletico, who lost 1-0 in the Champions League last 16 first leg tie at Inter Milan in midweek, remain fourth, 10th points off leaders Real Madrid. Angel Correa volleyed Diego Simeone’s side into a second minute lead, with AC Milan loannee Luka Romero levelling for Almeria before the half hour mark. Rodrigo de Paul restored Atletico’s lead on 57 minutes only for Romero to earn the hosts a well earned draw shortly after following a slick onetwo with Jonathan Viera. – AFP/Agencies Barca up to second Catalans thump Getafe as Atletico held by Almeria Verstappen eyes fourth title as rivals face ‘brutal’ reality MAX VERSTAPPEN looks set to cruise to a fourth consecutive drivers’ title with Red Bull as the dominant team again this year when the curtain rises on Formula One’s longest-ever season in Bahrain. Whatever the outcome of an independent investigation into allegations of controlling behaviour by team boss Christian Horner, Red Bull have built a crushing level of momentum and a stunning car that oozed potential in pre-season testing. With stable unchanged regulations and no changes to the driver line-ups, a year of deja vu is in prospect as the F1 circus embarks on a daunting and unprecedented run of 24 race weekends stretching to early December. Verstappen’s mental strength, the team’s well-oiled winning habit, the design genius of Adrian Newey and an overall sense of ambition and hunger for more success are unlikely to be affected by a leadership change. After sweeping to a record 21 wins in 22 races last year, with Verstappen claiming a record 19, plus 12 poles and nine fastest laps as he accumulated a staggering total of 575 points, Red Bull have every reason to believe they can stay on top. In such a demanding calendar, much will depend on the form of Verstappen’s Red Bull teammate Sergio Perez, who won twice last year before fading, if the team hope for a clean sweep this time. After his imperious form in 2023, the 26-year-old Dutchman has every reason to begin this year with a swagger, but he will need help from the Mexican for the team to smash all their own records in an invincible season. “It’s a team that operates at its best when they are winning,” said former Red Bull race winner Daniel Ricciardo. “When they’re winning, it’s like they just want to crush the competition completely. It’s not like ‘ok, now we’re winning, let’s go on holiday’. It’s like ‘let’s really put our feet down.” Ferrari, entering a second season under the guidance of Frederic Vasseur as team principal, who has recruited seven-time champion Lewis Hamilton to replace Carlos Sainz in 2025, will be aiming to improve on their one triumph last year. They believe they have a more reliable car that will transfer qualifying speed into race performance, but as Charles Leclerc admitted after he topped the times on the final day of testing, they have some way to go to catch the runaway Red Bulls. – AFP HARRY KANE said Bayern Munich “will never give up, will never stop” after scoring a brace to help break a three-match losing streak with a 2-1 win over RB Leipzig. The win helped Bayern keep eight points behind league leaders Bayer Leverkusen with 11 games to play, after Xabi Alonso’s side beat Mainz by the same scoreline on Saturday. Bayern are on a run of 11 straight league titles but are in danger of their first title-less season since 2012. Bayern on Wednesday announced coach Thomas Tuchel would leave the club at the end of the season after the club lost three matches in a row for the first time since 2015. With England coach Gareth Southgate sitting in the stands, Kane added two goals to his tally. The Three Lions captain now has 27 goals in 23 league games this season since moving from Tottenham in the summer. Kane, who famously has not won a team trophy despite several individual honours during more than a decade at the top level, told reporters “there’s still a lot of football to be played.” “We have to push Leverkusen. We need to keep doing what we’re doing. “It was good to win this game and we need to go on a run until the end of the year.” Bayern’s barren run has been mirrored by an uncharacteristically poor few games for Kane. Kane missed several chances in Bayern’s losses to Lazio and Bochum, along with two clear-cut opportunities in the first half against Leipzig. Tuchel, who admitted after the match he wanted to stay at Bayern beyond the summer, said he was “never worried about Harry”. “He’s been doing it for 14 years. He whacks in plenty of goals every season and that won’t change. It’s like mathematics.” “Today he had a good mix between being focused and relaxed. We don’t need to worry about Harry.” Bayern will need to overturn a 1-0 deficit at home against Lazio in March to progress past the Champions League last 16. Tuchel said “today felt a bit weird” to sit in the dugout again after the announcement was made but said the “performance was good (like) nothing had changed.” Bayern captain Manuel Neuer, who produced several important saves, said Tuchel’s departure “put the players in a bad light” and said “every player should have a guilty conscience”. – AFP We’ll never give up, says Kane BRIEFS ‘My bag’s packed,‘ jokes Tuchel OUTGOING Bayern Munich coach Thomas Tuchel joked “my bag is packed” after watching his side’s 2-1 win over RB Leipzig while sitting on a silver-coloured suitcase yesterday. With the match scoreless in the first-half, Tuchel dragged a silver box from the Bayern dugout, sitting on it to watch the game from the sidelines. Tuchel took in the action with his arms crossed, reminiscent of Argentinian manager Marcelo Bielsa, who regularly watched while sitting on a cooler box or even a bucket. Asked by reporters after the win why he had sat on the box seemingly for the first time, the outgoing manager hit back with a joke. “I specially brought it from home. It’s an aluminium suitcase, all my things are inside, it is already packed.” Camara keeps Brest on course MAHDI CAMARA scored a hattrick as Brest defeated Strasbourg 3-0 yesterday to remain second in Ligue 1 and stay on course for an unlikely appearance in the Champions League. Camara opened the scoring after 33 minutes when he pounced on uncertainty in the Strasbourg defence to stroke the ball past Moroccan goalkeeper Alaa Bellaarouch. Seven minutes later, the 25-year-old midfielder made it 2-0 converting a cross from Martin Satriano. He completed the first hattrick of his career by tucking away a penalty on the hour mark following a handball in the Strasbourg area. Brest are now undefeated in their last 12 Ligue 1 games with their last loss coming back on Nov 5. Strasbourg, coached by French World Cup winner Patrick Vieira, have lost their last four games. Australia win rain-hit third T20 A “CLINICAL” Australia beat New Zealand by 27 runs in the rain-shortened third Twenty20 in Auckland yesterday to complete a clean sweep of the series. Responding to Australia’s 118-4 from 10.4 overs, New Zealand scored 98-3, falling short of a target adjusted to 126 off 10 overs under the Duckworth-Lewis-Stern method. The required run rate grew quickly after the home side lost two quick wickets before Glenn Phillips posted their top score for the second straight game, finishing on 40 not out off 24 balls. Australian pace bowler Spencer Johnson impressed in his first appearance of the series taking 1-10 off his two overs. “Our bowlers were unbelievable today, the way they came out and executed. It was as clinical a bowling effort as I’ve seen from an Australian outfit,” said skipper Matthew Wade. Formula One has a long road ahead of it in 2024, with a record 24-race calendar criss-crossing the globe from this weekend’s season-opener in Bahrain to Abu Dhabi in December: F1 CALENDAR March 2: Bahrain Grand Prix, Sakhir March 9: Saudi Arabian Grand Prix, Jeddah March 24: Australian Grand Prix, Melbourne April 7: Japanese Grand Prix, Suzuka April 21: Chinese Grand Prix, Shanghai May 5: Miami Grand Prix May 19: Emilia Romagna Grand Prix, Imola May 26: Monaco Grand Prix June 9: Canadian Grand Prix, Montreal June 23: Spanish Grand Prix, Barcelona June 30: Austrian Grand Prix, Spielberg July 7: British Grand Prix, Silverstone July 21: Hungarian Grand Prix, Budapest July 28: Belgian Grand Prix, SpaFrancorchamps Aug 25: Dutch Grand Prix, Zandvoort Sept 1: Italian Grand Prix, Monza Sept 15: Azerbaijan Grand Prix, Baku Sept 22: Singapore Grand Prix Oct 20: United States Grand Prix, Austin Oct 27: Mexico Grand Prix, Mexico City Nov 3: Brazilian Grand Prix, Sao Paulo Nov 23: Las Vegas Grand Prix Dec 1: Qatar Grand Prix, Lusail Dec 8: Abu Dhabi Grand Prix, Yas Marina Barcelona’s Raphinha celebrates scoring his team’s first goal during yesterday’s La Liga match against Getafe. – AFPPIX
SPORTS SPORTS MONDAY | FEB 26, 2024 29 ASTON VILLA boss Unai Emery was pleased to return to home comforts after registering a first Premier League win at Villa Park in 2024 with a 4-2 success over Nottingham Forest. Villa had lost back-to-back games to Newcastle and Manchester United but put that right against Forest to strengthen their grip on a top-four place. Ollie Watkins and Douglas Luiz’s double saw them cruise into a 3-0 first-half lead only for Forest to scare them with goals either side of halftime through Moussa Niakhate and Morgan Gibbs-White. But Leon Bailey struck on the hour to give Villa breathing space and they saw it out to give themselves a cushion over the chasing pack. Emery said: “We were very excited and very motivated after we lost two matches at home after a long time in a row winning matches here, and feeling comfortable and strong and connected with our supporters and being confident. “But after we lost two matches a home we could have lost a little bit of our confidence and could have lost something tactically. “But we were planning the same matches that we played against Newcastle and Manchester United, even though we lost. “We reacted well in Sheffield (United) and reacted well against Fulham and we were focused on getting confirmation we reacted well at home. “Firstly playing with personality and second trying to control the game with our style. First half we did fantastically and I was very happy, I was feeling comfortable and confident. “When they scored the goal it was the only chance we conceded in the first half and we started the second half with some doubt and they scored a goal but our reaction was fantastic as well, like we did before in other matches. “After some doubt we reacted and were again playing with personality and trying to control the game.” Nottingham Forest boss Nuno Espirito Santo was left to rue “a bad performance”. “We started really, really bad, the beginning of the game was bad. We started the second half really well at 3-2, we had a good chance for 3-3, the game was there for us. “Then again a bad situation that put Villa 4-2 and it was game over. To sum up, a bad performance.” – The Independent /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Maguire slams ‘naive’ Devils Shock Fulham defeat major blow to top four hopes for United HARRY MAGUIRE admitted “naive” Manchester United paid the price for being too attacking in the final minutes of their shock 2-1 defeat against Fulham yesterday. Erik ten Hag’s side suffered a major blow to their hopes of a top four finish in the Premier League as Alex Iwobi snatched Fulham’s winner seven minutes into stoppage-time. United defender Maguire looked to have rescued a point when his close-range finish in the 89th minute cancelled out Calvin Bassey’s 65th minute opener. But United were caught throwing players forward in search of all three points as Iwobi capped a counter-attack to seal Fulham’s first victory at Old Trafford since 2003. “Overall on the balance of play we didn’t do enough in the first 60 minutes or so. We started the game not great,” Maguire said. “The first half was pretty even, but when you’re not playing at your best you have to do the basics right. “To be a goal behind, I thought our reaction was brilliant especially in the last 30 minutes and when we equalised probably only one team was going to win it. “We were probably naive in the end by throwing too many bodies forward and getting done on the counter attack.” Sixth placed United are now eight points adrift of fourth placed Aston Villa in the race to qualify for next season’s Champions League. United could have no complaints after Fulham dominated with a display that punctured the optimism around Old Trafford following the confirmation of Jim Ratcliffe’s purchase of a 25% stake in the club last week. Maguire claimed United were hampered by the absence of Denmark striker Rasmus Hojlund, who had been in fine form before suffering an injury this week. “We got hit by the injury to Rasmus, who has been big focal point for us. But it is up to us to find the solutions and the areas we need to improve on,” Maguire said. “We can play into him, he holds it up, he starts the press really well, not only that but Marcus (Rashford) has been playing really well on the left. “It’s the story of our season, we’ve been injury hit, as other teams have, and we need to find a solution quick.” Manager Erik Ten Hag dismissed the suggestion his team’s Champions League hopes had been dented and highlighted the overall picture. “After these two months I can’t go with that approach. We have gone lately very good but now we have some setbacks,” the Dutchman said. “Today we could have won this game. We should have won this game as the team showed great character. “We had two slow starts in both halves, definitely. It was a big loss to lose Casemiro (to injury), we lost some stability in the team and conceded a goal that is very avoidable, but then fought back in the game. “I have to credit the team – they showed great character. We went for the win but by the end we let them slip away. “But after one defeat you have to see the bigger picture and the bigger picture looks very good.” – AFP/The Independent Day to remember for new Palace boss Glasner NEW Crystal Palace boss OIiver Glasner demanded his side stay “humble” after moving eight points clear of the relegation zone with a 3-0 home victory over 10- man Burnley in his first match in charge. The Austrian, who only led his first training session on Wednesday, had declared himself “no magician” and warned there would not be too many changes implemented ahead of the Clarets’ trip to Selhurst Park. Still, there seemed to be a clear brightening of spirits both in the stands and on the pitch after goals from Chris Richards, Jordan Ayew and a Jean-Philippe Mateta’s spot-kick lifted Palace to victory in front of an elated crowd, whose support moved the first-time Premier League manager. Glasner said: “The players from the beginning, the players who came into the game, and also the bench, you can feel this. “There was a good spirit. You are more often than me at Selhurst, but for me it was ‘wow.’ “Before the game in the locker room, what kind of spirit the players showed, what kind of power they showed, and for me it was ‘wow’ again when I entered the stadium before the game. “In such an environment you’re able to show your best performance. I don’t think it was our best performance, but it was OK for the start. “We know this is something we can build up our ideas, we can work the next weeks, and it’s also important to stay humble now. We know it was a very good performance, but they could also see many things we could improve and we will continue working on it.” Burnley set themselves an unwelcome and ultimately insurmountable challenge after goalkeeper James Trafford’s weak back pass was intercepted by Jefferson Lerma and Josh Brownhill’s reacted by bringing the midfielder down to earn his 35th-minute sending-off. The result was a bitter blow for Burnley, who remain eight points adrift of safety. “It’s difficult to play in a game of this magnitude, and it’s really not something we could afford today, and it happened, and then after that it’s difficult to summarise what we’ve seen today,” Clarets boss Vincent Kompany said. “It’s one of them where you’ve got to pick yourself up again, because this one hurts, but the overall riding disappointment is on the fact that we had such a key event in a game where we couldn’t afford it.” – The Independent Home comfort for Emery’s Villans █ BY JONATHAN VEAL Dunk earns Brighton draw with Everton LEWIS DUNK’S stoppage-time header condemned Everton to another Premier League draw as 10- man Brighton salvaged a point at Amex Stadium. Both goals came from central defenders as Dunk headed home Pascal Gross’ cross five minutes into time added on to cancel out Jarrad Branthwaite’s superb opener. Branthwaite had produced a forward’s finish to break the deadlock, arrowing a first-time shot into the top corner from 15 yards when a free-kick fell at his feet. It seemed Everton were on course for a vital victory in their battle to avoid relegation when Brighton’s Billy Gilmour was then sent off for a studsup lunge on Amadou Onana’s ankle. But Dunk’s header extended the Toffees’ winless League run to nine games and they sit just a point above the relegation zone, having played a match more than 18th-placed Luton. Brighton, meanwhile, remain seventh but have several rivals for European qualification breathing down their necks. “We are playing with a lot of – too many – injuries, especially in attack, so we are losing a lot of important points and places in the table,” said frustrated Brighton boss Roberto de Zerbi. “Our table could be different if you analyse how many chances we created in respect of the opponent – today was like Fulham, Burnley, Sheffield United and we lost another two points.” The Toffees “smash and grab” plan seemed to have worked when Branthwaite produced a sumptuous strike to put them ahead. But they were left to rue substitute Beto blazing over a decent chance to seal the points. “These are the defining moments and we haven’t quite found them over the past run of games,” Dyche said of Beto’s opportunity. “It’s an easy thing to say, why aren’t your strikers scoring, why don’t you make them score? If it was that easy we’d all have strikers who are scoring 25 a season wouldn’t we?” – Agencies Aston Villa’s Ollie Watkins (left) in action with Nottingham Forest’s Murillo Action on Sunday. – REUTERSPIX
SPORTS SPORTS MONDAY | FEB 26, 2024 30 CARDIFF CITY ended their horrible home form as they held on for a 2-1 home win against relegation threatened Stoke. Cardiff, who had not scored a home league goal since Boxing Day, raced into a 2-0 lead thanks to Kion Etete’s header and Karlan Grant’s firm effort. Stoke responded before the interval as Bae Junho tapped home to score his first Potters goal on 41 minutes. The visitors were the better side after the interval but defeat sees them slip into the Championship’s bottom three. The Bluebirds will feel delighted to have shaded this contest as they finally showed a clinical touch in front of goal at home. “Our last win at home was a long time ago and so the confidence has not been the best in the team for many days,” Cardiff boss Erol Bulut told BBC Sport Wales. “I said after the last game that we drew at home (against Blackburn) that today was a day we needed to get our confidence back. “This game was important to build our confidence, it was a must to get three points today. “I am really satisfied with the team. In the situation where we are right now, the first half was really good… and we fought to the end to not concede a second goal.” Elsewhere, Ipswich stepped up their bid for promotion to the Premier League with a 3-1 win over Birmingham, while Southampton crashed to a damaging 2-1 defeat against Millwall. After Leeds consolidated second place with a PEP GUARDIOLA hailed his Manchester City “supermen” after they closed the gap to Premier League leaders Liverpool to one point with an unconvincing 1-0 win at Bournemouth. The champions had to contend with local fireworks, a misfiring Erling Haaland and a second half onslaught from the hosts before they left the south coast with a 15th victory from their last 17 matches. Phil Foden’s first half tap-in proved enough for City, who took advantage of Liverpool being in Carabao Cup final action but were again not at their fluent best after a narrow 1-0 win over Brentford in midweek. “They are supermen,” Guardiola insisted. “What can I say? The demands for the calendar, for everything, for the expectations, they are so high. “What they have done many, many years with a lot of games, many things and always you believe they will fall down, not continue to do it and they surprise me every time. “I tell them so that is not normal. For many, many years every three days and Bournemouth have seven days to prepare for one game. “Seven days dreaming every second of their one week to beat the best team in the world and we have three days to prepare for that. “It is a lot of competitions, but still we are there and I love it, I love it, I like it. Still we are there. “I don’t know how much longer we arrive in all competitions but still, we are there. Knowing where we come from, it’s unbelievable.” City started brightly at Vitality Stadium and Haaland fired wide in the ninth minute, the first of a succession of squandered opportunities from the division’s current leading marksmen. Haaland’s next opportunity was saved by Bournemouth goalkeeper Neto after Mateo Kovacic’s lofted pass, but Foden was on hand to stroke home Bournemouth boss Andoni Iraola praised his players and also doffed his hat to champions City, who remain firmly in the hunt to clinch a sixth Premier League title in seven seasons. “I am happy because we showed today we are able to compete with one of the best teams in the world, if not the best,” Iraola admitted. “Obviously you cannot ask much more of the players, effort wise. “I think it is really difficult what they (City) do. It is really difficult. It is really demanding for the players to play every three games, very competitive games but they are used (to it) and have the experience. “They can use different players and the level is more or less the same. They also, I think, have learned when to peak during the season. “You know they know when they have some level and then when they need the top level, they will be there. “They will be at the top level because they have learned during the seasons, learned when winning.” – The Independent 5766/2024 25/02/2024 (SUN) 8517 2663 3273 8246 6635 8097 5253 9959 6030 0104 4835 2161 4694 8747 5562 5971 0257 6289 0706 6665 2240 0962 3410 12,385,248.37 8517 8517 8517 3273 3273 2663 3273 3273 2663 2663 8517 2663 233,223.54 8517 2663 3273 DOG 52628 97960 7960 960 24281 6 0 7 6 081276 81276 1276 276 08127 0812 081 0 8 6,851,757.29 3,827,451.07 1 3 23 30 46 48 544,123.33 17 18 34 36 44 46 7 21 27 31 41 42 4 32,189,602.03 RM223,022 RM12,835 won on 24/02/2024 ! 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Pep hails City’s ‘supermen’ Foden’s 16th goal of season closes gap to Liverpool Cardiff end dreadful home form █ BY GEORGE SESSIONS vital 3-1 victory against leaders Leicester on Saturday, Ipswich had no margin for error as the promotion race heats up. Kieran McKenna’s side accepted the challenge as they brushed aside Birmingham at Portman Road to move back level on points with Leeds. Ipswich led through Conor Chaplin’s flicked effort just past the half-hour mark before Jordan James equalised in first-half stoppage time. Jeremy Sarmiento put Ipswich back ahead in the 81st minute and fellow substitute Omari GiraudHutchinson added a third in stoppage-time to clinch the hosts’ fourth successive victory. Neil Harris made a winning start to his second spell as Millwall boss, securing a crucial win for his struggling side at fourth placed Southampton. Southampton are five points adrift of Leeds in the battle to secure one of the two automatic promotion places. Ending a four-match losing run, Millwall moved one point clear of the relegation zone in their first match since the sacking of Joe Edwards after just 19 games in charge. – AFP/Agencies Cardiff City’s Kion Etete (centre) in action against Stoke on Saturday. – cardiffcityfc.co.uk
SPORTS SPORTS MONDAY | FEB 26, 2024 31 All jackpot amounts stated above are for this Draw. Subject to T&Cs of the Scheme. Please visit to www.magnum4d.my for more info. THE BIGGER PLAY IS TO PLAY RESPONSIBLY 003/24 25/02/2024 2363 1646 2473 0547 0569 1163 7458 3498 7690 9567 1652 7687 3559 1862 1345 9167 2417 7576 9128 8173 5085 7468 1177 RM8,500,699.23 RM701,597.47 2363 + 1646 1646 + 2363 2473 + 2363 2363 + 2473 1646 + 2473 2473 + 1646 14 15 16 21 25 31 33 35 12 36 RM5,442,046.03 RM100,000.00 6 3 4 6 7 3 6 3 4 6 7 3 4 6 7 3 6 3 4 6 4 6 7 3 6 3 4 6 7 3 6 3 7 3 4 6 0 3 Golden pursuit Mohamad Yusof comes out tops in Delhi NATIONAL para track cyclist, Mohamad Yusof Hafizi Shaharuddin continued his brilliant performance at the 2024 Asian Track Cycling Championships (ACC) in New Delhi by winning his fourth gold medal from the men’s C1 (physical impairment) individual pursuit on Saturday. In the competition held at the Indira Gandhi Sports Complex, Mohamad Yusof defeated his closest rival Mohammaed Almarri from Saudi Arabia to add his fourth goal of the championships in India, after having won the mixed team sprint event C1-5 with Zuhairie Ahmad Tarmizi and Muhammad Hafiz Jamali yesterday and two more gold medals from the men’s individual scratch C1 and men’s C1 time trial. Emulating Mohamad Yusof’s brilliant performance was Muhammad Adi Raimie Amizazahan who claimed the men’s individual pursuit gold after beating Indonesia’s Tifan Abid Alana (silver) while Rashed Alahmari from Saudi Arabia took home the bronze. In the men’s individual C5 pursuit, the Malaysian para cycling contingent added a silver and bronze through Zuhairie and Muhammad Hafiz while Indonesian Sufyan Saori raced away with the gold. Malaysia also dominated the men’s and women’s Tandem B pursuit when Mohd Khairul Hazwan who was assisted by Muhd Arfy Qhairant Amran beat fellow countrymen Ahmad Ahlami Mohamad who was assisted by Muhammad Khairul Adha. In the women’s race, Nur Azlia Syafinaz Mohd Zais who was assisted by Farina Shawati Mohd Adnan lost to Thailand’s Watcharobon Boonmalert and Kanyarat Kesthonglang in the gold medal race while Nur Suraya Muhamad Zamri who was assisted by Nurul Suhada Zainal came in third for the bronze. – Bernama Razlan wins KLCA presidency FORMER Sepang International Circuit (SIC) chief executive officer Datuk Razlan Razali secured the presidency of the Kuala Lumpur Cycling Association (KLCA) uncontested during their annual general meeting yesterday. Taking over from Datuk Saniboey Ismail, the former CryptoDATA RNF Racing MotoGP team principal will hold the top position at KLCA for two terms until 2026. Upon assuming the role of KLCA’s new leader, Razlan pledged to leverage his extensive experience in motorsports to secure corporate sponsorships as he aimed to restore the association to its former glory of the 1980s. “So the first thing that I will focus on is to get the sponsorship for KLCA to be financially stable and sustainable. That’s the biggest challenge for me, and I’m ready for it. “A lot of potential sponsors and companies are in Kuala Lumpur. I will try to connect brands to KLCA, and increase the awareness of the cycling community,” he told reporters after the meeting in Kuala Lumpur. Razlan said developing young talents will also become his immediate priority to ensure that Kuala Lumpur will produce good cyclists ahead of the 2024 Malaysia Games (Sukma) in Sarawak, this August. In another development, Razlan said he will have talks with the developer, Dupion Development Sdn Bhd, which is also the owner of the land of Kuala Lumpur Velodrome in Cheras, for future plans of the iconic venue. “Datuk Ng Joo Ngan (Kuala Lumpur cycling coach) still uses the velodrome as a training base. In terms of direction of where it’s going, I’m not sure just yet… so I will have a meeting with that party and see how we can improve on it in terms of maintenance and so on,” he said. Based on previous media reports, Kuala Lumpur City Hall (DBKL) had sold the 4.8-hectare area to the developer and the last time a competition was organised at this venue was in March, 2017 before it was closed for demolition to make way for the construction of commercial projects. – Bernama Time running out for clubs to pay salaries KUALA LUMPUR CITY (KL City) FC and Kedah Darul Aman FC have been given the deadline by First Instance Body (FIB) to submit their settlement documents pertaining to salary arrears before the end of this week. Malaysian Football League (MFL) chief executive officer Datuk Stuart Ramalingam said that KL City had already submitted certain documents in terms of the pathway of settlements recently while FIB is still waiting for Kedah to do so. “I hope these teams (KL City and Kedah) will comply with whatever is decided by FIB,” he said when met after the Back to School 2024 programme, organised by MFL and the official sponsor of the Malaysian League (MLeague), AEON BIG, in Kuala Lumpur yesterday. On Friday, Kuala Lumpur Football Association (KLFA) president Khalid Abdul Samad said that KL City players and coaches are owed two months’ salary, namely for October and November last season. Kedah, on the other hand, was reportedly owed its players four months’ salaries from last season. MFL can take punitive action such as point deductions and reject national licences to compete in the Super League should the problem persist. In the past, clubs such as Melaka United FC, Sarawak United FC and Perak FC were punished with point deductions before the start of the season. Meanwhile, Ramalingam hoped that the National Football Awards (ABK) would be held before the new season of the Malaysian League (M-League) raises its curtain this May. He admitted that they still cannot hold ABK 2023 due to several factors such as some players being tied with national duty for the 2023 Asian Cup in Doha last month while clubs are currently having a pre-season. “It needs to follow the suitability and availability of the players involved… we will announce the appropriate date soon (before the new season starts),” Ramalingam added. – Bernama ENGLISH PREMIER LEAGUE: Arsenal 4 (Botman 18-og, Havertz 24, Saka 65, Kiwior 69) Newcastle 1 (Willock 84), Aston Villa 4 (Watkins 4, Luiz 29, 39, Bailey 61) Nottingham Forest 2 (Niakhate 45+5, Gibbs-White 48), Bournemouth 0 Manchester City 1 (Foden 24), Brighton 1 (Dunk 90+5) Everton 1 (Branthwaite 73), Crystal Palace 3 (Richards 68, Ayew 72, Mateta 79-pen) Burnley 0, Manchester United 1 (Maguire 89) Fulham 2 (Bassey 65, Iwobi 90+7). P W D L F A Pts Liverpool 26 18 6 2 63 25 60 Man City 26 18 5 3 59 26 59 Arsenal 26 18 4 4 62 23 58 Aston Villa 26 16 4 6 56 35 52 Tottenham 25 14 5 6 52 38 47 Man Utd 26 14 2 10 36 36 44 Brighton 26 10 9 7 49 41 39 Newcastle 26 11 4 11 54 45 37 West Ham 25 10 6 9 36 44 36 Chelsea 25 10 5 10 42 41 35 Wolves 25 10 5 10 39 40 35 Fulham 26 9 5 12 36 42 32 Crystal Palace 26 7 7 12 31 44 28 Bournemouth 25 7 7 11 33 47 28 Brentford 25 7 4 14 35 44 25 Nottm Forest 26 6 6 14 34 48 24 Everton 26 8 7 11 28 34 21 Luton 25 5 5 15 35 51 20 Burnley 26 3 4 19 25 58 13 Sheff Utd 25 3 4 18 22 65 13 CHAMPIONSHIP: Blackburn 1 Norwich 1, Cardiff 2 Stoke 1, Hull 1 West Brom 1, Ipswich 3 Birmingham 1, Middlesbrough 0 Plymouth 2, QPR 2 Rotherham 1, Sheffield Wednesday 2 Bristol City 1, Southampton 1 Millwall 2, Sunderland 1 Swansea 2, Watford 1 Huddersfield 2. TOP 6 P W D L F A Pts Leicester 34 25 3 6 70 29 78 Leeds 34 22 6 6 64 27 72 Ipswich 34 21 9 4 68 45 72 Southampton 34 20 7 7 65 42 67 West Brom 34 16 8 10 49 32 56 Hull 34 16 7 11 50 43 55 LA LIGA: Barcelona 4 (Raphinha 20, Joao Felix 53, de Jong 61, Lopez 90+1) Getafe 0, Alaves 1 (Benavidez 76) Real Mallorca 1 (Nastasic 88), Almeria 2 (Romero 27, 64) Atletico Madrid 2 (Correa 2, de Paul 57), Granada vs Valencia (postponed). TOP 6 P W D L F A Pts Real Madrid 25 19 5 1 53 16 62 Barcelona 26 17 6 3 56 34 57 Girona 25 17 5 3 54 32 56 Atletico 26 16 4 6 52 28 52 Bilbao 25 14 7 4 45 23 49 Sociedad 26 10 10 6 35 26 40 SERIE A: Sassuolo 2 (Pinamonti 54-pen, Ferrari 77) Empoli 3 (Luperto 11, Niang 64- pen, Bastoni 90+4), Salernitana 0 Monza 2 (Maldini 78, Pessina 83), Genoa 2 (Retegui 36, Bani 40) Udinese 0. TOP 6 P W D L F A Pts Inter Milan 24 20 3 1 59 12 63 Juventus 25 16 6 3 38 17 54 AC Milan 25 16 4 5 49 31 52 Bologna 26 13 9 4 39 23 48 Atalanta 24 14 3 7 47 23 45 Roma 25 12 5 8 45 30 41 BUNDESLIGA: Bayern Munich 2 RB Leipzig 1, Union Berlin 2 Heidenheim 2, Werder Bremen 1 SV Darmstadt 1, Stuttgart 1 Cologne 1, B. Moenchengladbach 5 Bochum 2 . TOP 6 P W D L F A Pts Leverkusen 23 19 4 0 59 16 61 B. Munich 23 17 2 4 63 26 53 Stuttgart 23 15 2 6 52 29 47 Dortmund 22 11 8 3 44 27 41 RB Leipzig 23 12 4 7 49 30 40 E.Frankfurt 22 8 9 5 34 28 33 FRENCH LIGUE 1: Lorient 0 Nantes 1, Strasbourg 0 Brest 3. TOP 6 P W D L F A Pts Paris SG 22 16 5 1 53 18 53 Brest 23 12 7 4 34 18 43 Nice 22 11 6 5 22 15 39 Lille 22 10 8 4 32 17 38 Monaco 22 11 5 6 41 32 38 Lens 22 10 6 6 28 21 36 RESULTS & STANDINGS Razlan. – BERNAMAPIX
theSun is published and printed by Sun Media Corporation Sdn Bhd (221220-K) of Lot 6, Jalan 51/217, 46050 Petaling Jaya, Selangor. Tel: 03-7784 6688 • Tel (Editorial): 03-7784 6688 Fax: 03-7785 2625 Email: [email protected] • Tel (Advertising): 03-7784 8888 Email: [email protected] SCAN ME MONDAY | FEB 26, 2024 or download app from the App Store or Google PlayTM . www.thesun.my Free access to iPaper PDF Download SCAN ME Malaysian Paper Read iPaper at Malaysian Paper Malaysian Paper Maguire slams ‘naive’ Devils -Story on page 29 Imperious Gunners Arteta loves Arsenal’s attacking mentality during ruthless goalscoring run MIKEL ARTETA insists there is no secret to Arsenal’s recent success as he praised his side following victory over Newcastle. The Gunners eased to a 4-1 win at the Emirates Stadium on yesterday night to move two points off the top of the Premier League summit. A Sven Botman own goal set them on their way before goals from Kai Havertz, Bukayo Saka and Jakub Kiwior rounded off another fine display from Arteta’s men, although the returning Joe Willock’s late header ruined another clean sheet. Arsenal may have laboured to a narrow 1-0 defeat in the first leg of their Champions League last 16 tie in Porto on Wednesday – but their domestic form has been imperious. Asked what has clicked in a run that included 6-0 and 5-0 away wins at West Ham and Burnley, respectively, before beating Newcastle, Arteta said: “We’re in a good moment. Players are performing individually, it is not any secret. “Things are flowing. We’re scoring goals in different ways and especially we want more. When we score one, we want two, or three, or four. I love that mentality from the team. “We train every day the best possible way and look after ourselves. First of all though, belief. Belief in yourself that you can improve and always get better. Also getting players back. “The more players we have back, the more competition there will be in the team, the more alternatives to impact the game. Especially we have to make sure we believe we can do it.” Jorginho returned to the Arsenal side for the game against the Magpies and put in a man-of-thematch display. The Italy midfielder has impressed in most outings this season, but was only on the bench in Portugal. “He’s a top player,” added Arteta. “Especially when opponents have certain behaviours and set-ups, the way I imagine the game, he was going to have a big impact. “After, you have to do it at this level. When he’s not playing consistently, credit to him because he was magnificent again.” Arsenal captain Martin Odegaard said the squad are loving the title fight. “We are living the dream, we have all dreamed of being here,” Odegaard said. “You see every week how competitive it is and that is where we want to be – we want to fight for trophies. “I try to lead by example and do the right things I am always pushing the players around me. I understand that every player is different, but I still try to get the best out of everyone. “The year before we missed Champions League and came back stronger. Last season we missed a title and now is the time to show we have learned – every time we play we are so excited. “We just wanted to come here and make a good game and give the fans a good game.” N e w c a s t l e were not at the races and have now shipped 23 goals in their past eight L e a g u e games. “It is a concern,” m a n a g e r Eddie Howe c o n c e d e d when asked about the recent defensive record. “Of course, we are working on things behind the scenes, but that probably was not evident in today’s performance. “It is a combination of things, we didn’t do well from corners, knew how good they are in those situations and the third goal as well. “We were the dominant team and we’d have been right back in the game if we’d got that goal, so difficult moments defensively. “I don’t think we truly got going in the first half, they put us under pressure, I thought that would be just the start of the game, but at no stage did we really come out of that moment. “We did not compete well enough which is not like us. It is something to learn from.” – The I n d e p e n d e n t / E x p r e s s Newspapers/Agencies -Story on page 31 Razlan wins KLCA presidency Kai Havertz (left) celebrates scoring Arsenal’s second goal with Jakub Kiwior yesterday. – REUTERSPIX