THE EDGE MALAYSIA 08-March-2023

CEOMorningBrief WEDNESDAY, MARCH 8, 2023 ISSUE 534/2023 www. theedgemarke ts. com CHINA WARNS US RISKS CATASTROPHE WITH MOVES TO ‘CONTAIN’ BEIJING p15 HOME: Anwar: Unity govt will survive until end of term p6 Govt backbencher calls for investigation into Pharmaniaga p12 After US$15 bil award, ‘heirs’ of the former Sulu Sultan target Malaysian properties in Paris p14 WORLD: Meta plans thousands more lay-offs as soon as this week — sources p19 Australia central bank raises rates to more than decade high, tempers hawkishness p20 Report on Page 2. Over 70% of 1MDB’s assets, funds have been recovered — MACC EU deforestation rules may hurt palm oil exports beyond Europe, warns minister Report on Page 3. REUTERS

WEDNESDAY MARCH 8, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Fadillah: National Biomass Action Plan to be completed in July Over 70% of 1MDB’s assets, funds have been recovered — MACC PUTRAJAYA (March 7): Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki said that more than 70% of 1Malaysia Development Bhd’s (1MDB) assets and funds, equivalent to about RM28.93 billion, have been successfully recovered so far. “As for the 30% balance, we want to recover as much as possible of this. Tracing of these assets is still ongoing, including in several places abroad,” he said, adding that the commission is one of the main agencies involved in recovering all of 1MDB’s assets and funds. Azam said the MACC also played a role in the successful recovery of RM8.06 billion involving the International Petroleum Investment Company (IPIC). On Feb 27, it was reported that Minister of Finance Inc (MOF Inc) and 1MDB had reached a settlement regarding their dispute with IPIC and Aabar Investments PJS (Aabar PJS) pertaining to legal proceedings in the London Court of International Arbitration and the London High Court. In this regard, IPIC and Aabar PJS from Abu Dhabi had agreed to pay US$1.8 billion (RM8.06 billion) to MOF Inc and 1MDB. In another development, Azam said the MACC has established a forensics unit to study the suspected elements of corruption and embezzlement involving RM157 million losses suffered by Universiti Teknologi Mara (UiTM) Holdings Sdn Bhd. He said the matter is still under investigation, taking into account all aspects, so that the investigation will be fair to all parties. HOME Bernama “We will announce the findings of the investigation once it is ready,” he said. A press report entitled “UiTM Holdings loses RM157 million” claimed that the total loss is based on the calculation of accumulated pre-tax losses for four years — 2017, 2018, 2019 and 2021. UiTM Holdings is an investment holding company wholly owned by UiTM that manages eight companies in the energy, healthcare, technology and creative sectors. Earlier, Azam attended the signing ceremony of a memorandum of understanding (MOU) involving the MACC, UiTM and the Malaysian Institute of Accountants (MIA) here. In his speech, he said the MOU will enable integrated action to be taken in improving the enforcement and effectiveness of existing regulations towards better governance. He also said that the MOU between the MACC and UiTM involves cooperation, among them in the aspects of negotiation services, development of training modules, awareness programmes and anti-corruption education, while the cooperation with the MIA covers information-sharing activities and expertise as well as technical investigations in the field of accounting and finance to combat corruption, misuse of power and money laundering. KUALA LUMPUR (March 7): The development of a National Biomass Action Plan that includes five sectors, namely plantation, agriculture, livestock, fisheries and forestry, is expected to be completed in July 2023, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Fadillah, who is also the plantation and commodities minister, stated his hopes for collaboration between his ministry, Bursa Malaysia and relevant agencies to garner more useful data for the plan. “My aspiration is to have a sustainable circular economy within these sectors by the systematic use and processing of biomass into high-value added products which can generate additional income to the industry as a whole,” he said on Tuesday (March 7) at the 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023). “One of the high-impact projects that will be embarked by the Malaysian Palm Oil Board within the 12th Malaysia Plan will be the production of lignocellulose from biomass that can be utilised in various sectors such as the food, pharmaceutical and cosmetic industries,” Fadillah said, adding his ministry is currently charting an implementation plan for carbon as a commodity. BY HAILEY CHUNG theedgemarkets.com Malaysian Anti-Corruption Commission chief commissioner Tan Sri Azam Baki BERNAMA

WEDNESDAY MARCH 8, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): Market participants must be prepared to capitalise on heightened price volatility brought about by the challenging operating environment and markets, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar said. This is given the likelihood that global macroeconomic headwinds will persist in 2023, he said. According to him, in times of market volatility, both producers and consumers of commodities might find exchange-traded derivatives effective risk-mitigation tools that could also preserve their portfolio values. “As the global hub for palm oil price discovery, Bursa Malaysia Derivatives remains steadfast in developing a sustainable marketplace by improving our ecosystem and enhancing our products as reliable hedging instruments against price volatility,” he said in his opening remarks at the Palm and Lauric Oils Conference and Exhibition (POC2023) here on Tuesday (March 7). POC2023, which ends Wednesday, is organised by Bursa Malaysia. Citing an example, Abdul Wahid said Bursa Malaysia recently launched the Alternative Delivery Procedure (ADP) in September 2022 for its main contracts, namely crude palm oil futures (FCPO), East Malaysia crude palm oil futures (FEPO), and crude palm kernel oil futures (FPKO). Market participants must be prepared to capitalise on price volatility — Bursa chairman KUALA LUMPUR (March 7): The implementation of the European Deforestation-free Regulation (EUDR) is expected to reduce palm oil exports to the European Union. Deputy Prime Minister and Plantation and Commodities Minister Datuk Seri Fadillah Yusof said the EUDR was introduced by the EU in November 2021 as part of the its Green Deal, to limit deforestation caused by the consumption of agricultural commodities and products from around the world. It listed palm oil as one of the commodities that drive forest degradation through the expansion of agricultural land. The EU bloc imported a total of 1.47 million metric tonnes of Malaysian palm oil in 2022, with an export value of RM8 billion. However, the import recorded a 10.5% decline compared to the same period of 2021. “As a result, the implementation of EUDR is expected to significantly impact the use of palm oil in the EU, and create a negative image of Malaysian palm oil, which will lead to a reduction in exports to the EU and possibly globally. “Needless to say, we are not taking the issue lightly, and the government and industry are working hand in hand to counter this negative campaign and unfair narrative, which we view as nothing less than an attempt at creating another trade barrier for palm oil,” the minister said in his keynote address at the 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023) on Tuesday (March 7). Palm oil targeted despite more efficient land use compared with other edible oil crops The EUDR, which is expected to be implemented this year by the EU, has so far included palm oil and soy in its list of commodities linked with deforestation and forest degradation. Other commodities that were targeted include cocoa, cattle and timber. The deforestation regulation would require companies to produce a due diligence report with “verifiable” information that they were not grown on land deforested after 2020. However, sunflower and rapeseed were noticeably absent from the EUDR list, leading to some palm oil industry participants arguing that this was a form of non-tariff barrier and discrimination imposed by the EU. According to research published by the Malaysian Palm Oil Council (MPOC), oil palm is the most efficient oil-bearing crop in the world, requiring only 0.26 hectares of land to produce one tonne of oil. EU deforestation rules may hurt palm oil exports beyond Europe, warns minister BY PRIYATHARISINY VASU & HAILEY CHUNG theedgemarkets.com Bernama In contrast, soybean, sunflower and rapeseed would require 2.22, 2, and 1.52 hectares, respectively, to produce the same amount of oil, which indicates replacing palm oil with other crops could further accelerate deforestation. “The palm oil industry has met its fair share of sceptics and debates,” the minister said at the conference. He had previously criticised the regulation as a deliberate act by the EU to block market access for Malaysia and to protect the EU’s domestic oilseeds market which is inefficient and cannot compete with the cost of palm oil. He added Malaysia has joined forces with other palm oil producing countries to ensure that its palm oil is not grossly misrepresented. Malaysia and Indonesia, which together account for 80% of the world’s palm oil production, have been at loggerheads with international NGOs and the EU over palm oil production practices due to concerns over deforestation. “That said, the Malaysia palm oil industry must continue its ongoing efforts in ensuring that palm oil production does not negatively impact environmental well-being. It is important for palm oil producing nations to highlight the measures we have taken in order to achieve that goal,” he added. He urged the Malaysian palm oil industry participants to continue to produce sustainable palm oil to meet the world’s stringent demands. As of Jan 31, 97% of oil palm planted areas and more than 98% of palm oil mills in Malaysia have been MSPO certified. In 2022, Malaysia produced 18.45 million metric tonnes of crude palm oil, an increase of 1.9% from 2021 at 18.12 million metric tonnes. The total revenue of palm oil and other palm-based products in 2022 stood at RM135 billion, higher by 24.4% as compared to RM108.52 billion in 2021 due to higher export prices in 2022. CONTINUES ON PAGE 4 Plantation and Commodities Minister Datuk Seri Fadillah Yusof said Malaysia has joined forces with other countries to ensure that its palm oil is not grossly misrepresented. PATRICK GOH/THE EDGE

WEDNESDAY MARCH 8, 2023 4 THEEDGE CEO MORNING BRIEF HOME “The ADP facility enables sellers and buyers to make and take delivery of contracts on terms other than those specified by the exchange, or to re-negotiate delivery terms that are more compatible with their physical business operations,” he said. On the outlook of the industry, Abdul Wahid said the Malaysian palm oil industry is expected to maintain its robust standing and demonstrate strong growth despite the ongoing global economic uncertainty and recession fears in 2023. He said crude palm oil production is expected to increase by three per cent to 19.0 million tonnes in 2023, up from the 18.45 million tonnes recorded in 2022, due to the expansion of mature planted areas, KUALA LUMPUR (March 7): FGV Holdings Bhd proposes the government look into consolidating fragmented palm oil smallholders from Federal Land Development Authority (Felda), Felcra Bhd and Rubber Industry Smallholders Development Authority (Risda) under one entity so that they can meet international standards and increase profit amid increasing demand for sustainable tropical oil. FGV Group CEO Datuk Mohd Nazrul Izam Mansor said Malaysian smallholders could be at risk with increased regulation, especially amid new European Union’s Deforestation-free Regulation (EUDR). Under the new regulation smallholders will have to ensure the traceability of their products and prove supplies do not come from deforested land, which will lead to higher administrative costs. “The ultimate goal is for FGV to buy sustainable oil palm fruits from smallholders so that we can sell at a premium price. These premiums are then given back to smallholders so that it improves their livelihood. However, for us to get a premium price, we have to ensure our smallholders are certified according to international standards. “If the government can manage the smallholders more effectively through FGV calls for consolidation of smallholders from Felda, Felcra and Risda for sustainable palm oil production consolidation or economy of scale that is more sustainable, then it will ensure more sustainably produced palm oil,” Nazrul told the media at the sidelines of 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023) on Tuesday (March 7). FGV has played a significant role as an off-taker for smallholders by purchasing fresh fruit bunches (FFB) produced by smallholders. Based on the group’s fourth quarter ended Dec 31, 2022, some 1.12 million tonnes (28%) of FFB processed were produced internally, 1.82 million tonnes (44%) were sourced from Felda settlers, and the remaining 1.17 million tonnes (28%) were received from third parties. “When the fragmented smallholders from these three separate government agencies for smallholders consolidate, it will be a lot more organised. As such, it will be easier for them to meet the requirements of the Malaysian Sustainable Palm Oil (MSPO) and Roundtable on Sustainable Palm Oil (RSPO) certifications. Once they are certified, they can produce FFB that hold premium value,” he added. Currently, only RSPO certified palm oil that has strong traceability to the manner it was produced gets premium in the marketplace. He also highlighted Malaysian palm oil planters are still lagging behind in gaining premium for their production, due to lack of good agricultural practices. “If we (FGV) could include Felcra and Risda smallholders into our system, they can successfully produce sustainable palm oil. Our aspiration is to take more FFB from sustainable smallholders,” he added. There are over 440,000 smallholders in Malaysia with total oil palm planted areas of 1.48 million hectares. BY PRIYATHARISINY VASU theedgemarkets.com FROM PAGE 3 particularly in Sarawak as well as Peninsular Malaysia, given favourable weather conditions and improved labour situation. “In tandem with this projection, the Malaysian Palm Oil Board anticipates that exports of Malaysian palm oil to increase by 3.7% to 16.30 million tonnes in 2023, up from 15.72 million tonnes in 2022, owing primarily to continued demand from importing countries,” said Abdul Wahid. Meanwhile, CME Group executive director of agricultural products Nelson Low said it has become even more imperative for producers, processors, and end-users to manage price risks using futures and options amid the unpredictability around palm oil due to policy changes and price movements of related oils as they compete for a share of the global vegetable oil markets. “In mid-January this year, we saw Malaysian palm oil futures retreat from a one-month high as traders took profit, and as losses in rival edible oils due to higher-than-expected US supplies added pressure,” he added. Last December, the European Union agreed on a new law that makes it an obligation for companies to ensure that commodities sold in the EU do not come from forested land. “This has sparked a response from the Council of Palm Oil Exporting Countries led by Malaysia and Indonesia, with the possibility of stopping exports to Europe,” he noted.

WEDNESDAY MARCH 8, 2023 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): Sime Darby Plantation Bhd (SDP) plans to employ 100% local workers by the end of 2027 with a minimum wage of RM3,000. According to SDP’s group managing director Mohamad Helmy Othman Basha, this move would help the plantation company reduce its dependency on foreign workers and propel it towards increasing mechanisation and automation on the ground. “The end game is to reduce manpower as much as possible. For Malaysia, we want to recruit our locals. We want to have 100% local workers. I know it’s a lofty target , but it is where we are moving by the end of 2027 with a minimum wage of RM3,000,” said Mohamad Helmy at the 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023) on Tuesday (March 7). He added that prior to the Covid-19 pandemic, the integrated palm oil producer hired 75% of foreign workers to work on the estates, while 25% represented local hires. “We are now only 60% foreign workers and 40% local.We want to change the prevailing perception of the plantation sector as a dirty, dangerous and difficult industry. We want to make the job easier and not laborious. Of course at the same time, cost and productivity is important,” said Mohamad Helmy. He added that SDP aims to increase its land-labour ratio for oil palm plantations to one worker for every 17.5 hectares, from one worker for every 15 hectares currently. SDP is actively involved in accelerating its automation and mechanisation targets in several areas of its business, including rolling out mechanisation initiatives in its upstream operations, and software and hardware development for automation and robotics initiatives. He added that SDP also has set up a new Mechanisation Transformation Unit (MTU) and Robotics Centre at its Research and Development complex at Carey Island. It is the centre for mechanisation and robotics design, fabrication and testing. SDP is currently advancing works in innovative harvesting machines for the future, including unmanned ground vehicles (UGV), drones, robotics arms, and detection systems to be used in its plantations. Sime Darby Plantation aims to have 100% local workers in its estates by end-2027 More stringent management could yield palm oil companies 10% more, says KLK CEO He stressed that there is also a need for transformational research and suggested industry players look deeper into the use of microbes, which could reduce the use of fertilisers by 20%. IOI Corporation Bhd’s group managing director and chief executive Datuk Lee Yeow Chor — a fellow panellist alongside Oi Hian in the session titled “Future Proofing Malaysian Palm Oil” — suggested the Malaysian palm oil industry expand further downstream due to land limitation in the upstream segment. “Malaysian companies have suffered a bit of stigma for being regarded as a commodity-based industry. My vision is that if we can transform the downstream, we can transform the industry to a more stable and multisectoral based industry,” he said. Currently, Yeow Chor said much of the downstream segment involves the production of basic commodities such as cooking oil, margarine, soap and fatty acids. He urged the industry to look into the production of high-value niche products and to partner with other industries to provide offtake certainty for the products. “The development of the downstream economies can help Malaysian companies go global,” he said. HAILEY CHUNG theedgemarkets.com BY PRIYATHARISINY VASU theedgemarkets.com Kuala Lumpur Kepong Bhd chief executive officer Tan Sri Lee Oi Hian PATRICK GOH/THE EDGE REUTERS “If we just tighten our management, most plantation companies including KLK can easily get a 10% increase in yield,” Oi Hian said in the event organised by Bursa Malaysia at Shangri-La Hotel Kuala Lumpur which attracted a registration of about 2,000 delegates. “Palm oil has always been touted as a wonder crop, which is able to produce eight times soy oil in terms of per hectare. But the reality of it is that palm oil production per hectare all these years has been declining, whereas the competing oils like soy, rapeseed and sunflower have made great progress in the production of oils in terms of per hectare.” KUALA LUMPUR (March 7): Most oil palm plantation companies in Malaysia could easily increase their yield by 10% through more stringent management, said Kuala Lumpur Kepong Bhd (KLK) chief executive officer Tan Sri Lee Oi Hian. At the 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023) on Tuesday (March 7), Oi Hian urged local upstream players to “get out of their comfort zone” and improve their competitive edge.

WEDNESDAY MARCH 8, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): At least 10 major Malaysian companies are looking into the possibility of making major investments in development projects in Indonesia’s new capital of Nusantara, the Dewan Rakyat was told. Prime Minister Datuk Seri Anwar Ibrahim said nine major companies from Peninsular Malaysia, and one from Sarawak, are seriously studying the possibility of making the investments. “In our recent discussions with the Indonesian government, several other companies were involved, such as TNB (Tenaga Nasional Bhd) and Telekom [Malaysia Bhd]...at least 10 companies were there. “But in this context, I told Sarawak Premier [Datuk Patinggi Abang Johari Tun Openg] that because Sarawak is nearer [to Nusantara] and has taken the lead, this effort will be coordinated with the Sarawak government, so that we can benefit more.” Anwar said this in reply to a supplementary question from Yusuf Abd Wahab (Gabungan Parti Sarawak-Tanjong Manis) on how far Malaysian companies are involved in the development projects in Nusantara and industrial areas in Kalimantan during the minister’s question time on Tuesday (March 7). Meanwhile, in reply to a separate question from Datuk Mumtaz Md Nawi (Perikatan Nasional-Tumpat) on the government’s preparedness to engage the local communities in Sabah and Sarawak in the development plan in Nusantara, Anwar said the government is also looking into the possibility of forging cooperation with universities, the youth, Islamic organisations, state government and non-governmental organisations in the areas involved. “There have yet to be a more active plan, but I believe that based on the progress of the Nusantara development project, we have to look into that possible cooperation,” he said. The PM said the synergy of cooperation between Malaysia and Indonesia regarding the development of Indonesia’s new capital would benefit both countries. “President Jokowi (Joko Widodo) has also informed me that among the Asean countries, Malaysia is among the leading and active participants in this cooperation,” he added. At least 10 Malaysian companies keen to invest in Indonesia’s new capital, says Anwar PUTRAJAYA (March 7): Prime Minister Datuk Seri Anwar Ibrahim is confident that the unity government, which he helms, will get to serve its full term. While addressing over 100 diplomatic officers here on Tuesday (March 7), Anwar appeared unperturbed by PAS president Tan Sri Abdul Hadi Awang’s claims of toppling the current government. “Whatever is being said by the PAS president, I’m confident that this coalition will survive until the end of its term,” he said. Abdul Hadi reportedly said that no parties would be able to stop Perikatan Nasional’s (PN) plans to topple the unity government, saying that politics is dynamic, and such practice is considered normal in a democratic country. At the session, Anwar said in order to bring the country to its past glory, Malaysians, including government officers, must not only uphold good governance but must also be ready to make changes. “I’m sending a strong message to Malaysia that we have to chart a different course. We must do this and effect this change, which is extremely necessary to save this country from the mess that we have been in.” “It is not a matter of choice, it is imperative and morally imperative,” he said. Anwar called on the heads of diplomatic missions to do better for the country, and it was vital for Malaysian officers and diplomats overseas to set an example of what it meant to be a good competent leader. “Why do you serve and observe the principles of good governance where ethics and values are pertinent? “It is setting the priority to serve the nation, which means you have a duty to encourage people to come as tourists and investors in order to bring light and hopes to Malaysians,” he said. Read also: Hadi’s statement on toppling unity govt ‘irresponsible’, says Loke Anwar: Unity govt will survive until end of term PM wants MOF to be feared for strict governance Bernama Bernama Bernama PUTRAJAYA (March 7): Prime Minister Datuk Seri Anwar Ibrahim wants the Ministry of Finance (MOF) to uplift its dignity and be feared for strict principles of governance. Speaking at the ministry’s monthly assembly here on Tuesday (March 7), Anwar, who is also the finance minister, said staff of the ministry should carry out their tasks strictly, including terms of procurement and distribution of allocation. The MOF staff, he said, should not allow any malpractice to happen, like cheating and taking advantage of contracts for personal gains. “The MOF needs to be feared because of strict governance,” he added. Also present at the assembly were Deputy Finance Minister Datuk Seri Ahmad Maslan and Treasury secretary general Datuk Johan Mahmood @ Johan Mahmood Merican. “I hope the MOF can emerge as a strong ministry in terms of governance, intelligence and commitment,” he said. Anwar said the MOF should be firm in carrying out its tasks in line with the government’s mission of fighting power abuse and corruption. “The issue of ‘governance’ is serious because if it is not done firmly, the country will fail,” he said, adding that the unity government under his leadership is determined to develop the country to be a great nation in the region and the world. Read also: Moratorium for flood victims: Anwar says govt will hold talks with banks

WEDNESDAY MARCH 8, 2023 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): The Greening Value Chain (GVC) programme would enable suppliers to access Bank Negara Malaysia (BNM)’s RM2 billion Low Carbon Transition Facility (LCTF) to fund small and medium enterprises’ (SMEs’) working capital or capital expenditures related to low-carbon practices at an affordable rate, Kossan Rubber Industries Bhd said. Group managing director and chief executive officer Tan Sri Lim Kuang Sia said the programme is aimed at assisting and incentivising carbon emission management among Kossan SME suppliers, making them the strategic SME suppliers of Kossan. “This programme is a win-win relationship for our strategic suppliers and Kossan, which also benefits the environment,” he said in his opening speech at the official rollout of GVC programme titled “Pioneering the alliance for sustainable supply chains in Southeast Asia” here on Tuesday (March 7). Lim said the manufacturing industry’s environmental impact accounted for approximately 13% of national carbon emissions or about 32.5 million tonnes of carbon dioxide produced yearly. Hence, he said it required commitment, cooperation and participation from all entities to achieve the goal of becoming a carbon-neutral nation by as early as 2050. “With that being said, our GVC programme is a significant step in our continuous efforts to be greener but this is only one step out of many more to come in Kossan’s sustainability journey. “We are committed to being a carbon-resilient company and we extend our Green DNA investment to our strategic supply chain partners under the GVC programme,” he said. Meanwhile, Bank Negara Malaysia (BNM) assistant governor Suhaimi Ali in his speech said as an exporting nation, Malaysia must also prepare for tightening climate-related regulations that the country’s trading partners might impose. “SMEs that form 37.4% of Malaysia’s economy are the most susceptible to this development. “According to the report findings by the Sustainable Finance Institute Asia 2022, SMEs stand to lose RM292 billion in revenue due to non-ESG compliance,” he said. Suhaimi said without the necessary support, the ambition to achieve net zero would be a tall order for SMEs. He said SMEs need to be nurtured and equipped with the right tools and skill sets to kickstart their sustainability journey on the right footing. “The GVC rollout is a testament to the bank’s commitment to ensure SMEs have access to the necessary support to implement long-term impactful changes,” he added. The programme, launched by BNM in conjunction with the Finance Day at COP27 in Egypt in November last year, is an initiative of Kossan, Pantas Software Sdn Bhd and the Malaysian Green Technology And Climate Change Corporation, and is supported by BNM. Read also: Amazon waited for political stability in Malaysia before finalising investment, says Anwar Greening Value Chain programme allows SMEs to access BNM’s RM2 bil facility, says Kossan KUANTAN (March 7): The East Coast Economic Region Development Council (ECERDC) aims to achieve RM9.5 billion in committed investments for Pahang this year, an increase of more than 40% compared with the RM5.5 billion achieved last year. Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail said potential investments in the manufacturing, agribusiness, tourism, oil, gas and petrochemical sectors, as well as renewable energy are expected to create more new jobs and entrepreneurial opportunities for the people of the state. Wan Rosdy said that the ECERDC, through intensive promotional efforts in collaboration with the state government, ministries and related agencies, has achieved RM2.07 billion in committed investments in Pahang in the first two months of this year. “I am confident that ECERDC will maintain the investment momentum and increase its investment promotional activities to attract more quality and high-value investments to Pahang. “Strategic projects and initiatives planned by the ECERDC for Pahang, such as infrastructure upgrades and human capital development programmes carried out in conjunction with investment promotion efforts, will help strengthen Pahang’s position as a preferred investment destinaECERDC aims to draw RM9.5 bil committed investments to Pahang in 2023, says MB tion,” he said in a statement after chairing the Pahang East Coast Economic Region (ECER) Implementation and Coordination Committee (ICC) meeting in Putrajaya on Tuesday (March 7). Wan Rosdy said the economic corridor authority is currently working on the “Creating Destinations” initiative to boost the tourism sector and drive the local economy at Pantai Hiburan, Rompin, including the construction of entrances, lookout towers, gazebos, ticket counters, and other public facilities. Pantai Hiburan has also been identified as the location for the first recreational vehicle (RV) park in the ECER region. Wan Rosdy said that the state ICC was briefed on the status of the RV industry development initiatives in Malaysia. This included top management visits of German RV manufacturers, RV component manufacturers and caravan trade fair organisers to the Pahang Automotive Park (PAP) and Pahang Technology Park (PTP), to explore investment potential in RV installation and manufacturing early last month. In addition, other ECERDC projects in Pahang, such as upgrading works for the Kampung Salang jetty on Tioman Island, Rompin, and water distribution pipes from Kemaman, Terengganu to Gebeng, Kuantan, were presented at the meeting, he said. Bernama Bernama

WEDNESDAY MARCH 8, 2023 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): Cape EMS Bhd, which is slated to list on the Main Market of Bursa Malaysia on Friday (March 10), has reported a 40.42% climb in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) to RM8.93 million from RM6.36 million a year earlier, on the back of increased sales of higher margin products. The electronics manufacturing services (EMS) provider’s revenue rose 17.34% to RM118.2 million from RM100.74 million in 4QFY2021, driven by higher sales from wireless communication equipment and e-cigarettes. “The increase in revenue was moderated by a decrease in sales from EMS of point of sales terminals and household appliances, as well as a decrease in sales from die casting and machining operations,” the company said in a bourse filing on Tuesday. For the full financial year, Cape EMS posted a net profit of RM33.54 million, 27.7% higher than the RM26.26 million reported for FY2021, as cumulative revenue leapt 27.19% to RM437.95 million from RM344.33 million. Likewise, the stronger full-year earnings was on the back of higher sales of wireless communication equipment and e-cigarettes. Besides providing EMS, Cape EMS is also involved in aluminium die cast manufacturing and supply of electronic products. Cape EMS managing director and group CEO Tee Kim Chin said that despite the global macroeconomic headwinds looming ahead, such as the interest rate upcycle, persistent US-China trade tension and global semiconductor component shortages, the company remains optimistic of its business. “At this juncture, we are still experiencing strong order flow from our customers and we will continue to monitor the latest EMS market developments while increasing the company’s efficiency and competitiveness to remain relevant in the market in the long run,” she added. Read the full story Cape EMS posts 40% rise in quarterly profit ahead of listing KUALA LUMPUR (March 7): Global semiconductor industry sales fell 18.5% year-on-year in January to US$41.3 billion from US$50.7 billion a year earlier. In a statement last Friday (March 3), the US-based Semiconductor Industry Association (SIA) said the figure was 5.2% lower than the December 2022 total of US$43.6 billion. Monthly sales are compiled by the World Semiconductor Trade Statistics (WSTS) organisation and represent a three-month moving average. SIA president and CEO John Neuffer said despite record-high sales in 2022, the global semiconductor market cooled considerably during the second half of the year, and that trend continued during the first month of 2023. “Despite the current short term cyclical downturn, the long term outlook for the semiconductor market remains strong due to the ever increasing role of chips in powering the critical technologies of today and tomorrow,” he said. SIA said that regionally, month-tomonth sales increased slightly in January in Europe (0.6%), but decreased in Japan (2.1%), Asia Pacific/All Other (2.7%), the Americas (7.9%), and China (8.0%). Year-to-year sales ticked up in Europe (0.9%) and Japan (0.7%), but fell in the Americas (12.4%), Asia Pacific/All Other (19.5%), and China (31.6%). SIA: Global semicon sales fell 18.5% y-o-y in January ACE Marketbound Oppstar shares oversubscribed by 77 times BY SURIN MURUGIAH theedgemarkets.com BY IZZUL IKRAM theedgemarkets.com KUALA LUMPUR (March 7): Oppstar Bhd’s initial public offering (IPO) has been oversubscribed by 77.05 times by the Malaysian public ahead of its listing on the ACE Market of Bursa Malaysia on March 15. The 31.81 million IPO shares made available for the Malaysian public received a total of 39,103 applications for 2.48 billion IPO shares, valued at RM1.56 billion, representing an overall oversubscription rate of 77.05 times, said Oppstar in a statement on Tuesday (March 7). For its Bumiputera category, a total of 17,257 applications for 749.26 million IPO shares were received, representing an oversubscription rate of 46.11 times. For the other Malaysian public category, a total of 21,846 applications for 1.73 billion IPO shares were received, representing an oversubscription rate of 108 times. “The 22.27 million IPO shares made available for application by eligible directors, employees, and business associates who have contributed to the success of Oppstar and its subsidiaries were fully subscribed,” said the group. Affin Hwang Investment Bank Bhd confirmed that 31.88 million IPO shares made available for application by way of private placement to selected investors were fully taken up, and 79.53 million shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry were also fully subscribed. Oppstar is targeting to raise RM104.25 million in its public share sale of 165.5 million new shares or 26% of the enlarged issued share capital upon listing, which will be 636.2 million shares. The shares were priced at 63 sen apiece. Through its subsidiaries, Oppstar is principally engaged in the provision of integrated circuit (IC) design services covering frontend design, back-end design and complete turnkey solutions. Oppstar’s IC designs can be used for end-products in industries such as telecommunications, industrial electronics, automotive and consumer electronics. Affin Hwang Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO. BY SUFI MUHAMAD theedgemarkets.com

WEDNESDAY MARCH 8, 2023 9 THEEDGE CEO MORNING BRIEF subscribe.theedgemalaysia.com *Prices indicated are for the Klang Valley only. Collection PRINT & DIGITAL PACKAGE PRICE 1 YEAR SUBSCRIPTION RM270* DIGITAL ONLY PACKAGE PRICE 1 YEAR SUBSCRIPTION RM200 Subscription THE EDGE MALAYSIA 1 PRINT + 3 DIGITAL ACCESS THE EDGE SINGAPORE 1 DIGITAL ACCESS THE EDGE MALAYSIA 3 DIGITAL ACCESS THE EDGE SINGAPORE 1 DIGITAL ACCESS

wednesday M A rch 8, 2023 10 The E dge C E O m o rning brief home news In brie f UMW Toyota Motor’s Feb sales up 37% m-o-m KUALA LUMPUR (March 7): UMW Toyota Motor sold a total of 9,297 vehicles in February, some 37% more than the 6,786 units sold in the prior month. This is the company’s highest-ever month-on-month sales performance. On a year-on-year basis, the sales growth was even more impressive at 45%. Year-to-date, the company’s sales stood at 16,083 units, a 15% increase compared with the corresponding period a year prior. In a statement on Tuesday (March 7), UMW Toyota Motor president Datuk Ravindran K said the group’s February 2023 sales numbers are a testament to the dedication and hard work of the team at UMW Toyota Motor, which is a subsidiary of UMW Holdings Bhd. “By continuously listening to our customers and adapting to their needs, we have been able to maintain our position as a topperforming player in the automotive industry,” he said. — by Justin Lim StanChart expects BNM to maintain OPR KUALA LUMPUR (March 7): Bank Negara Malaysia (BNM) is expected to keep the overnight policy rate (OPR) unchanged at 2.75% in the upcoming Monetary Policy Committee (MPC) meeting on Thursday, said Standard Chartered Bank (Singapore) Ltd. In a global research note on Tuesday, the bank said that with subsidies still in place, January inflation moderating slightly, and with only one month of data since the January pause, BNM is likely to maintain its wait-and-see stance to assess the impact of cumulative past OPR adjustments. However, it noted that while BNM paused the rate hike in January, the tone of the accompanying monetary policy statement was not dovish, and the central bank had a positive assessment of the domestic economy and left the window open to further hikes. “We will watch for how BNM’s assessment of the domestic growth and inflation outlook has evolved over the past month,” it said. — Bernama Teladan Setia buys Negeri Sembilan land for RM24 mil KUALA LUMPUR (March 7): ACE Marketlisted property firm Teladan Setia Group Bhd is acquiring freehold land in Negeri Sembilan for RM24.12 million in cash. The land, measuring 70,020 sq m, is planned for mixed development, said Teladan Setia in a bourse filing on March 7 (Tuesday). “This proposed acquisition is in line with our strategy of replenishing our land bank at locations with strong growth potential and to scale up our property development activities to generate long-term sustainable income,” it added. — by Justin Lim Read the full story Green Packet sells loss-making Labuan IB for RM23 mil KUALA LUMPUR (March 7): Loss-making Green Packet Bhd said it is selling its whollyowned Labuan investment banking business Oasis Capital Investment Bank Ltd (OCIB) for RM23 million. Green Packet said it is selling its entire equity interest in OCIB to WKJ Capital Equity Sdn Bhd, which is 35%-owned by Tan Wei Sun, and 30% each by Aeriel Huang and Wisen Soon, with the remaining 5% by Wisun Soon. The group said the RM23 million consideration was agreed on a “willing-buyer willing-seller” basis taking into consideration OCIB’s net assets of RM9.21 million as at Dec 31, 2022, and investment banking licence from the Labuan Financial Services Authority. OCIB was issued the licence on Jan 3, 2022, to carry out Labuan investment banking business as defined under the Labuan Financial Services and Securities Act 2010. — by Izzul Ikram Read the full story Serba Dinamik posts narrower loss of RM90 mil in 2Q KUALA LUMPUR (March 7): Serba Dinamik Holdings Bhd, which is embroiled in audit disputes with its former auditor and regulators, posted a net loss of RM89.67 million in its second quarter ended Dec 31, 2022 (2QFY2023), lower than RM290.33 million in the previous corresponding quarter. However, the financially ailing company’s quarterly revenue shrank by 40.3% to RM105.80 million from RM177.14 million a year ago. Serba Dinamik attributed the fall in revenue to the reduction in activities in all segments. Its engineering, procurement, construction and commissioning division, a core division, recorded zero revenue in 2QFY2023, according to its filing to Bursa Malaysia. — by Sufi Muhamad Read the full story Icon Offshore plans capital reduction and share consolidation KUALA LUMPUR (March 7): Icon Offshore Bhd has proposed to undertake a capital reduction to eliminate its accumulated losses as well as a five-to-one share consolidation to reduce the volatility of its share price. According to a bourse filing on Tuesday (March 7), the offshore support vessel (OSV) outfit intends to reduce its share capital to RM317.32 million from RM1.15 billion, an RM830 million adjustment which will be utilised to eliminate its unaudited accumulated losses of RM822.41 million as at Dec 31, 2022. Meanwhile, Icon Offshore has also proposed a five-to-one share consolidation exercise, which would see its share base shrink from 2.71 billion shares at a closing price of 11.5 sen as at Feb 13, 2023, to 541.31 million consolidated shares at a theoretical adjusted reference price of 57.5 sen per share. — by Izzul Ikram Read the full story Read also: MARC Ratings maintains AA+ rating for Top Glove but revises outlook to ‘negative’ PavREIT seeks shareholders’ nod to buy Pavilion Bukit Jalil mall Maybank appoints new COO Catcha Digital concludes RM44 mil acquisition of iMedia BNM’s international reserves at US$114.3 bil as at Feb 28 KUALA LUMPUR (March 7): Bank Negara Malaysia’s (BNM) international reserves amounted to US$114.3 billion (RM511.21 billion) as at Feb 28, 2023. The reserves position is sufficient to finance five months of imports of goods and services, and is one times total short-term external debt. In a statement on Tuesday (March 7), the central bank said the main components of the international reserves were foreign currency reserves (US$102.2 billion), the International Monetary Fund reserves position (US$1.4 billion), Special Drawing Rights (SDRs) (US$5.7 billion), gold (US$2.3 billion), and other reserve assets (US$2.7 billion). — Bernama Read the full story

WEDNESDAY MARCH 8, 2023 11 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): RHB Investment Bank Bhd named KPJ Healthcare Bhd as its top pick in the healthcare sector due to its robust patient growth trajectory, lower impact from nurse shortages, and successful disposal of its loss-making Indonesian unit in the first quarter of 2023 (1Q2023). The research house remains upbeat on the outlook of healthcare service providers, and believes that KPJ’s greater domestic focus offers better earnings visibility, it said in a note on Tuesday (March 7). RHB has a “buy” rating on the stock, with a target price of RM1.50. KPJ’s share price has risen 15% yearto-date. At the time of writing on Tuesday, the stock was trading up one sen or 0.88% at RM1.14 a share, giving it a market capitalisation of RM5.16 billion. Overall, RHB maintained its “overweight” call for the healthcare sector. Aside from KPJ, which delivered a 2.3% year-on-year (y-o-y) increase in patient growth rate in 4Q2022, RHB noted that IHH Healthcare Bhd also reported a 33.1% y-o-y rise buoyed by an increase in local and foreign patient visits due to the lifting of movement restrictions in April last year. “2022 ended with the KPJ and IHH Healthcare tourism divisions recovering RHB keeps ‘overweight’ on healthcare sector, KPJ remains top pick KUALA LUMPUR (March 7): Foreign shareholdings of Malaysian equities fell 0.2 percentage points (ppts) month-on-month to 20.4% at end-February 2023 (versus 20.6% at end-December 2022). In a strategy note on Monday (March 6), CGS-CIMB Securities said the declining trend in foreign shareholdings started in May 2018, specifically after the 14th general elections (GE14) on May 9, 2018, when Pakatan Harapan (PH) won a simple majority in Parliament, heralding the first change in government in Malaysia’s history. The research house said since then, the foreign shareholding level has fallen 4.1 ppts from its peak of 24.2% in March 2018 to a trough of 20.1% in August 2022, due to political uncertainty. “Foreign shareholdings have recovered slightly after the 15th general elections (GE15) on Nov 19, 2022 and stood at 20.4% at end-February 2023. “Year-to-date as at March 3, 2023, foreign investors have net sold RM686 million of Malaysian equities (against net buys of RM4.4 billion in 2022),” it said. Financial services the largest sector by market capitalisation CGS-CIMB said Bursa Malaysia splits the 985 companies listed on the stock exchange into 14 broad sectors. Foreign shareholding of local equities dipped to 20.4% at end-Feb, says CGS-CIMB BY SURIN MURUGIAH theedgemarkets.com BY SYAFIQAH SALIM theedgemarkets.com Read also: Fitch Solutions upgrades RHB Bank to ‘outperform’ It said the performances of the companies listed on the main market in same-sector classifications are captured under the Bursa Malaysia Sectorial Index Series. The inclusion of a company in a sector depends on the company’s main source of operating revenue, it said. “For our sectorial fund flow analysis in this report, we examine all companies listed on the stock exchange, not just those listed on the main market. “To provide some perspective, the top three largest sectors in Bursa Malaysia by market cap on March 3, 2023 were financial services (23.3% of total), consumer products and services (16.2%), and industrial products and services (13.3%). “As of March 3, 2023, the three sectors with the highest number of constituents were industrial products and services (28.2% of total), consumer products and services (20.9%), and technology (11.2%),” it said. The research house said local institutional investors were the largest net buyers and they net bought Boustead Holdings Bhd and CIMB Group Holdings Bhd. It said retail investors were the second largest net buyers last week, net buying Malayan Banking Bhd and Hartalega Holdings Bhd. “We expect the market to remain rangebound due to concerns about earnings risk,” it said. and private sectors and a surge in export sales also benefited pharmaceutical players under its coverage, namely Duopharma Biotech Bhd and Kotra Industries Bhd. According to RHB, Duopharma’s 2022 results beat its expectations, mainly due to an increase in export sales, and robust demand for drug restocking activities from the private and public sectors. Meanwhile, Kotra’s results for the second quarter ended Dec 31, 2022 (2QFY2023) were boosted by sustained demand for prescriptive drugs as well as a notable pickup in export sales. “Despite concerns of active pharmaceutical ingredient prices spiking in late-2022, both Duopharma and Kotra continued to demonstrate resilient margin performances, which we think can be largely attributed to the drug-makers’ timely average selling price adjustment. “We [also] expect the drug restocking momentum, especially with consumer healthcare and over-the-counter products, to normalise in the second half of 2023, as concerns regarding drug shortages dissipate,” RHB added. to pre-pandemic levels — aided by the reopening of international borders. Moving forward, revenue intensity is expected to normalise, as patients who previously deferred their procedures are expected to return for elective surgeries,” it said. In addition, the research house said, robust procurement activities from the public

WEDNESDAY MARCH 8, 2023 12 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): Putrajaya should review its decision of implementing a luxury goods tax as international tourists may stop shopping in Malaysia, resulting in lower tourism receipts, said former prime minister Datuk Seri Ismail Sabri Yaakob. Ismail Sabri (Umno-Bera) told the Dewan Rakyat on Tuesday that shopping activities contributed to 30% of the country’s international tourism receipts of RM86.1 billion in 2019, as Malaysia is deemed a shopping haven for tourists. “Imposing this tax would cause them to spend in neighbouring countries. Our neighbouring countries are already racing to attract tourist arrival, and to build their countries as a shopping hub,” he said in his debate on the revised Budget 2023. “The government needs to be careful in the implementation of this tax. For example, the retail sector in the UK was hit hard when the government introduced a tax on luxury goods,” he added. Ismail Sabri said Malaysia’s weak ringgit is an advantage over neighbouring countries in attracting tourists to shop in the country, and maintaining a low tax rate could help sustain the nation’s position as a shopping paradise. Luxury goods tax may weigh on govt tourism receipts, warns former PM Ismail Sabri KUALA LUMPUR (March 7): Pharmaniaga Bhd’s RM644.39 million net loss for the fourth quarter ended Dec 31, 2022 (4QFY2022) has caught the attention of the Dewan Rakyat as a government backbencher urged authorities to launch investigation into the pharmaceutical group given that it involves the financials of the Armed Forces Fund Board (LTAT). “Regarding the issue of Pharmaniaga, MP for Ketereh (Datuk Khlir Mohd Nor)... often talks about LTAT, Pharmaniaga comes under LTAT, but I have never heard friends on the other side mentioned about the losses incurred by Pharmaniaga that are over RM600 million,” said Mohd Sany Hamzan [Amanah-Hulu Langat]. “I urge the police and MACC (Malaysian Anti-Corruption Commission) to immediately launch investigation [into Pharmaniaga], because this involves LTAT’s monies, we cannot compromise on matters related to misappropriation, breach of trust and corruption that plague our country,” he said in his debate on the revised Budget 2023 on Tuesday (March 7). Pharmaniaga is 52%-owned by Boustead Holdings Bhd, which in turn is 59.42%-owned by LTAT. LTAT, which is in the midst of privatising Boustead at 85.5 sen per share, also owns 8.6% direct interest in Pharmaniaga. Pharmaniaga slipped into the red in 4QFY2022, versus a net profit of RM85.47 Govt backbencher calls for investigation into Pharmaniaga BY CHESTER TAY theedgemarkets.com million in 4QFY2021, despite a 21% growth in revenue to RM862.72 million from RM711.72 million over the same period. Over the weekend, local media reported that the group is seeking ways to clear its Covid-19 vaccine inventories, including exporting them to African nations and utilising them for possible mandatory booster shots for foreign workers in Malaysia. Pharmaniaga’s losses were attributed to inventory write-down, no thanks to slow-moving inventories on Covid-19 vaccines of RM552.3 million. Apart from Pharmaniaga, Mohd Sany also urged the government to have a predetermined date for the next general election, allowing both the public and civil servants to plan ahead. “I also want to ask the government regarding the date for the general election, if possible, in this country, let’s have it determined and announce it early to the nation so as to make it easier to plan ahead not just for the people, but also for civil servants,” he said. Shares of Pharmaniaga, which took a steep dive after recent quarterly results, closed 2.5 sen or 8.8% higher at 31 sen on Tuesday, giving it a market capitalisation of RM406.16 million. Boustead, meanwhile, settled half sen or 0.6% lower at 85.5 sen, valuing it at RM1.73 billion. Repeat call for EPF withdrawals Ismail Sabri also repeated calls for the government to allow withdrawal of Employees Provident Fund on a targeted basis for those in need. Although the government’s move to credit RM500 into the EPF accounts of the B40 community is commendable, contributors will only be allowed to withdraw upon retirement, said the Umno vice president. “If the contributor is 40 years old, withdrawal will only happen 15 years later. What the government wants to do is good, but the difficulties that the people need to address are now, not 15 years later,” he said. “The difficulties they face are now; their houses are up for auction, their children are entering university, or about to be declared bankrupt, it is all happening now. Not that we don’t understand, we understand [about the retirement crisis], but implement it in a targeted manner with conditions set by the government. “I hope the government will consider it one more time. I hope there will be good news for EPF contributors during the finance minister’s winding up speech,” he added. BY CHESTER TAY theedgemarkets.com

WEDNESDAY MARCH 8, 2023 13 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): Conventional media organisations in the country were told to review and re-coordinate several aspects of their business models to make them compatible and meet the needs of current times. Communications and Digital Minister Fahmi Fadzil said this is important to ensure there is no negative impact on media organisations, especially the broadcasting industry, with the shrinking advertising expenditure and the shift to digital platforms. “I have met and discussed with various parties. This is a big issue because, in terms of advertising expenditure, which used to be very helpful for the operation of media companies, it is shrinking now,” he told reporters after opening the Asia-Pacific Broadcasting Union’s (ABU) Digital Broadcasting Symposium (DBS) 2023 here on Tuesday (March 7). Fahmi said he would not treat differently private and public media organisations in the issue as both play an important role in ensuring the process of checks and balances, as well as accurate reports, reaching the people. Meanwhile, he said the government is also looking into improving and amending several laws, including the Communications and Multimedia Act 1998 and the Malaysian National Film Development Corporation (FINAS) Act 1981 to meet current needs. However, he said any amendment to the laws should take into account several aspects, such as public safety, freedom of speech and freedom of the media. “The way we look at the concept of content, we need to translate it into law. When these laws were enacted before, there was no talk about content, but now this [content] is the reality,” he said and expressed the hope that amendments to the laws concerned could be tabled in the Dewan Rakyat in June or October this year. Regarding the ABU 2023 symposium, Fahmi said he hopes that all participants could discuss the changes taking place in the field of broadcasting, including changes in the business model or devices used by the media industry today. The symposium also featured exhibitions by 225 broadcasting organisations from 53 countries. Fahmi: Media organisations should review, re-coordinate business model KUALA LUMPUR (March 7): The government has allocated half of the RM97 billion development expenditure in the revised Budget 2023 to the six poorest states in the country, including those controlled by the Perikatan Nasional (PN) coalition. Economy Minister Rafizi Ramli told the Dewan Rakyat on Tuesday (March 7) that these states are Sabah, with an absolute poverty rate of 19.5%, followed by Kelantan (12.4%), Sarawak (9.0%), Kedah (8.4%), Perak (7.3%) and Terengganu (6.0%). Hence, Rafizi [PKR-Pandan] said, the matter of the government neglecting development in PN-controlled states does not arise. “My hope for PN MPs, especially those who represent these states, is for them to be receptive to the government’s effort in helping these poor families. Don’t just make noise on TikTok, but make an effort to work together with the government to fight poverty,” he said. Rafizi was responding to a question by Muhammad Fawwaz Mohamad Jan [PAS-Pematang Pauh] on the government’s effort to close the income inequality gap between the poorest and richest states. “Allocations are focused on poor households regardless of where they are, and it happens that a big portion of this B40 group reside in states that are controlled by PN,” said Rafizi. The PKR deputy president also mentioned that although the government made allocations for the poverty aid programme, reception from PN-controlled states is still very low. “Therefore, I urge Permatang Pauh that it is better to work with the government’s effort, because allocation is made, and the programme is there. “It is time for leaders at state governments, especially those controlled by PN in Kelantan, Terengganu and Kedah, to ensure that economic planning at state level are equally good, and not just keep on asking for allocations, because allocations have been made, 50% [of development expenditure in Budget 2023] to states with the highest poverty rate,” he explained. KUALA LUMPUR (March 7): Dewan Rakyat proceedings were temporarily paused on Tuesday (March 7) due to a lack of quorum. The insufficient number of Members of Parliament in attendance was noted during the debate on the revised Budget 2023, as Wong Kah Woh [DAP-Taiping] was delivering his speech. Wong was stopped by Jamaludin Yahya Rafizi: Half of Budget 2023 development expenditure for six poorest states in Malaysia Dewan Rakyat proceedings temporarily paused due to insufficient quorum BY CHESTER TAY theedgemarkets.com BY CHESTER TAY theedgemarkets.com Bernama [PAS-Pasir Salak], who raised a point of order on the ongoing meeting. Jamaludin invoked Section 13(1) of the Dewan Rakyat’s Standing Orders, which requires a quorum of at least 26 MPs for the meeting to continue. Deputy Speaker Alice Lau Kiong Yieng ordered a count and found that only 24 out of the 222 MPs were present in the House at the time. “Secretary please ring the bell,” said Lau, resulting in MPs coming back. The quorum requirement was subsequently fulfilled, and proceedings then resumed. RSN Rayer [DAP-Jelutong] and Chong Zhemin [DAP-Kampar] subsequently lamented that Jamaludin was being insensitive as many MPs were performing prayers. “Don’t cause an issue, please be sensitive Pasir Salak,” said Rayer. “We are supposed to abide by the standing orders,” Jamaludin responded, before Lau muted the duo’s microphone and ordered Wong to continue his speech. ZAHID IZZANI/THE EDGE

WEDNESDAY MARCH 8, 2023 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 7): French bailiffs attempted to enforce a seizure order on three Paris properties owned by the Malaysian government in a case linked to a US$15 billion court award to descendants of a former sultan, according to the [purported] heirs’ lawyers and court documents seen by Reuters. The bailiffs tried to assess the properties on Monday following a court-issued seizure order in December, but Malaysian officials at the Paris embassy turned them away, the lawyers and the Malaysian government said. The Filipino [purported] heirs of the last Sultan of Sulu are seeking to enforce a US$14.9-billion award granted to them by a French arbitration court last year to settle a dispute with the Malaysian government over a colonial-era land deal. Malaysia, which did not participate in the arbitration, maintains the process was illegal and has obtained a stay on the ruling in France. The Paris properties are only the third set of Malaysian assets that the [purported] heirs have publicly acknowledged going after. They have secured a seizure order for Luxembourg units of state oil firm Petroliam Nasional Bhd (Petronas) and have sought permission from a Dutch court to seize assets in the Netherlands. The award is enforceable globally against most Malaysian assets, aside from diplomatic premises, under a UN convention on arbitration. Despite the stay, a French judge in December last year granted the [purported] heirs’ request to seize three Malaysian government properties in Paris to settle a debt of €2.3 million (US$2.46 million) that they said was owed to them, according to court documents shared by the [alleged] heirs’ lawyers. The seizure attempt in Paris has not been reported previously. Malaysia had been ordered to pay the [purported] heirs the sum under a preliminary arbitration award granted to them in Spain, which was not bound by the stay in France, the lawyers said. The Malaysian law ministry did not respond to a request for comment on the preliminary award. The French judge also found that the properties, located in the 16th arrondissement near the Malaysian embassy in Paris, did not qualify as diplomatic premises, according to the court documents. Unlike the embassy, they bore no official signage and were not subject to French tax exemptions, the judge said. On Monday, French bailiffs attempted to evaluate the three properties in preparation of a sale, the lawyers said. The proceeds of the sale would go to the [purported] heirs. A Malaysian law ministry spokesperson said the bailiffs appeared at the Malaysian embassy in Paris but were turned away. They declined to comment further. Malaysia’s foreign ministry and its embassy in Paris declined to comment. Reuters could not establish if the bailiffs attempted to enter all three properties subject to the seizure order. Paul Cohen, a lawyer for the [purported] heirs, said the court order was “unambiguous” in its directive to seize the properties and that it would be up to the court to decide the next steps. “To the extent that Malaysians blocked entry to the bailiffs, they are in open defiance of a French court order,” Cohen said. The Malaysian government did not immediately respond to requests for comment. A court official from the Tribunal Judiciaire de Paris declined to comment specifically on the case. But the official said seizures of property belonging to foreign states in France must be authorised by a judge in Paris, “to which it is then possible to request to retract their decision”. BY ROZANNA LATIFF & JOHN IRISH Reuters After US$15 bil award, ‘heirs’ of the former Sulu Sultan target Malaysian properties in Paris Last month, Luxembourg court bailiffs issued fresh seizure orders for two units of Petronas in a similar effort. Petronas has said the [purported] heirs’ actions were baseless and that it will continue to defend its legal position. Malaysia has previously vowed to take all legal measures to protect its assets worldwide. The dispute stems from a deal signed in 1878 between two European colonists and the Sultan of Sulu for use of his territory in present-day Malaysia — an agreement that independent Malaysia honoured until 2013, paying the monarch’s descendants a token sum annually. Kuala Lumpur stopped the payments after a bloody incursion in 2013 by supporters of the former sultanate who wanted to reclaim land from Malaysia. The [purported] heirs of the sultan, who once controlled a territory spanning rainforest-covered islands in the southern Philippines and parts of Borneo island, say they were not involved in the incursion and sought arbitration over the suspension of payments. More court stories: Wan Saiful’s officer charged in court for obstructing MACC investigation June 26 hearing for Isa Samad’s appeal against conviction, sentence for corruption Najib: Former deputy minister’s visit to NZ during MCO not ‘morally right’

WEDNESDAY MARCH 8, 2023 15 THEEDGE CEO MORNING BRIEF WORLD (March 7): China’s new foreign minister warned that soaring US-China tensions risk blowing past any guardrails in the relationship, showing that divisions between the world’s biggest economies are becoming more entrenched. “The US claims that it seeks to outcompete China but does not seek conflict,” Foreign Minister Qin Gang said on Tuesday at his first news briefing since taking office late last year. “Yet in reality, its socalled competition aims to contain and suppress China in all respects and get the two countries locked in a zero-sum game.” Washington’s approach toward Beijing “is a reckless gamble with the stakes being the fundamental interests of the two peoples and even the future of humanity”, he added. Qin, who was previously ambassador to the US, blamed Washington for a wide range of problems in geopolitics and the global economy. He accused the US of creating a crisis over Taiwan, criticised the use of sanctions in Russia’s war in Ukraine and said Federal Reserve rate hikes caused capital outflows that have worsened debt problems in some countries. Qin also pointed to America’s Indo-Pacific strategy, which he said is intended to “encircle China”. “The US Indo-Pacific strategy, which purportedly aims at upholding freedom and openness, maintaining security and promoting prosperity in the region, is in fact an attempt to gang up to form exclusive blocs to provoke confrontation by plotting an Asia pacific version of NATO,” Qin said. “No Cold War should be reignited and no Ukraine-style crisis should be repeated in Asia.” The remarks — coming with China’s most senior officials gathered in Beijing for the annual National People’s Congress legislative session — signal that tensions will likely continue to sour ties between the nations. While a meeting between Presidents Joe Biden and Xi Jinping in November initially put relations on a steadier footing, with hopes that more senior-level talks would soon get underway, the balloon crisis in February ensured that rapprochement didn’t last. The incident prompted Secretary of State Antony Blinken to postpone a planned trip to China, with no new date set. When Blinken met his counterpart, Wang Yi, in Germany last month, the two traded barbs over issues including Taiwan, North Korea and potential Chinese support for Russia’s war in Ukraine. Biden Bloomberg China warns US risks catastrophe with moves to ‘contain’ Beijing has since said he intends to speak with Xi, but no date for that has been announced. The US has stepped up its efforts in recent months to deny China advanced technology. National Security Advisor Jake Sullivan last year said the US was looking to maintain “as large a lead as possible” over competitors in certain technologies like advanced computer chips, noting that export controls “can be a new strategic asset in the US and allied toolkit to impose costs on adversaries, and even over time degrade their battlefield capabilities”. Qin also touched on other hotspot issues in his presentation. Ukraine-Russia In remarks that will be parsed in Washington, Kyiv and other capitals, Qin praised the country’s partnership with Russia and said those ties could become increasingly important if the world becomes more unstable. “China and Russia have found the path of major country relations featuring strategic trust and good neighbourliness,” Qin said. Qin said China-Russia ties aren’t aimed at any third country and he criticised the “Cold War mentality” of other nations who see it as a threat — repeating a frequent criticism of the US. He didn’t respond to a question about whether Xi plans to visit Moscow, as Russian state-controlled media have reported. Qin hit back at US warnings that Chinese companies have provided dual-use technology to Russia or that the government is considering military aid to Moscow. “Between fanning the flames and lowering the temperature, we choose the latter,” Qin said. “China did not create the crisis, it is not the party to the crisis, and has not provided weapons to either side of the conflict, so why on earth the blame of sanctions and threats against China? This is absolutely unacceptable.” Taiwan Qin repeated that Taiwan is a red-line for China: “No one should ever underestimate the firm resolve, strong will and great capability of the Chinese government and people to safeguard its national sovereignty and territorial integrity,” Qin said. He went on to directly link US actions toward Taiwan with Russia’s war in Ukraine. “Why does the US talk about respecting sovereignty and territorial integrity on Ukraine, while disrespecting China’s sovereignty on Taiwan,” Qin said. Tensions over Taiwan surged last year when China launched unprecedented military drills around the island following the visit of then-US House Speaker Nancy Pelosi. US officials have said Xi wants his military to have the capability to take over Taiwan by 2027. China has been recalibrating its hardline approach to the self-governing island more recently, relaxing some travel and trade restrictions while seeking to forge closer ties with the main opposition party. A government work report delivered to the national legislature on Sunday largely kept Taiwan related language unchanged, suggesting Xi is maintaining his policy even as global tensions increase. Another potential flashpoint in US-China tensions over Taiwan may have been kicked down the road. The Financial Times on Tuesday reported Taiwanese President Tsai Ing-wen persuaded House Speaker Kevin McCarthy to meet in the US, after Pelosi’s successor vowed to travel to Taipei after taking office. Read the full story REUTERS Read also: China says Ukraine crisis driven by ‘invisible hand’ Australia’s sovereign wealth fund wary of China-US fallout Trudeau orders new probes into alleged election interference by China Kim Jong Un’ sister threatens action on US-South Korea drills

WEDNESDAY MARCH 8, 2023 16 THEEDGE CEO MORNING BRIEF WORLD (March 7): China’s exports and imports continued to decline in the first two months of the year, clouding the outlook for the economy as it gradually begins recovering from Covid-19 restrictions and infection waves. Exports fell 6.8% in January and February from the same period last year, official data showed on Tuesday, improving from December’s drop of 9.9% and a better outcome than the 9% drop predicted by economists. Imports contracted 10.2% in the first two months of 2023 from a year earlier, far higher than the 7.5% decline in December and economists’ forecasts of a 5.5% drop. The trade surplus for the two months of this year was US$117 billion (RM523.87 billion). Economists said the sharp decline in imports was largely a result of weaker commodity prices and a stronger dollar, rather than a sign of muted domestic demand. Trade data for the first two months of the year is typically combined to avoid distortions from the Lunar New Year holiday. “China’s trade figures for the first two months of 2023 were mixed while the general trend remains weak,” said Zhou Hao, China’s exports extend declines, adding pressure to economy (March 7): China plans to strengthen oversight of its US$60 trillion financial system by setting up an enlarged national regulator while taking some duties away from the central bank. The new body will absorb its banking and insurance watchdog and oversee all financial sectors except the securities industry, according to a plan announced at the National People’s Congress on Tuesday. It will take over functions including oversight of financial holding companies such as Ant Group Co from the central bank. “The purpose of the new regulatory body is to make sure that it encompasses some of the blind spots in regulating illicit practices in finance, and under one umbrella to make sure that there’s no room for shrugging off responsibilities,” said You Lanqiang, a fund manager at Pingtan Strategic Asset Management Co. The shake-up will give the Communist Party a firmer grip on the sector and centralise key policy decision-making under President Xi Jinping in his precedent-defying third term. It marks the latest development in a decade-long effort to push for consolidation — or at least greater cooperation — among China’s financial regulators, and follows an earlier merger of the banking and insurance watchdogs. The China Banking and Insurance Regulatory Commission will cease to exist after the overhaul, while the China Securities Regulatory Commission will be elevated to become a government agency directly under the State Council, according to the plan. The moves are aimed at “solving the long-standing conflicts and issues in the financial area”, according to the plan. The new authority will be focused on stepping up oversight of financial institutions and cracking down on violations, it said. The fact that the CSRC remains independent shows “that the authorities see the size of the stock market and its role in the economy rising in the years to come as the pool to absorb household assets, taking over the baton from property in the coming years”, said You. Other key points include: • CSRC takes oversight of corporate bond issuance from the National Development and Reform Commission • The PBOC will cut its county-level branches • Staff at regulators including PBOC and the new authority will be paid on par China overhauls financial regulatory regime to control risks Bloomberg Bloomberg Read also: Mobius’s bank headache highlights scrutiny of China outflows China shakes up technology, data regimes to counter US curbs Germany plans to ban some Chinese 5G components, Zeit says Read the full story with the nation’s public servants • The number of employees at central government departments will be slashed by 5% Beijing pledged to effectively prevent and defuse major economic and financial risks this year, according to the government work report delivered by outgoing Premier Li Keqiang on Sunday. Authorities will continue to deepen financial reforms, step up regulation and make sure all parties involved assume the full responsibilities to guard against both regional and systemic financial risks, according to Li. Last year at the annual Central Economic Work Conference, Xi called for deepening financial reforms and the strengthening of the Communist Party’s “centralised and unified” leadership over financial work. The Chinese leader in 2018 gained more direct control over the levers of money and power after he launched a sweeping government restructuring plan that saw the merger of China’s banking and insurance regulators. Overall risk in the financial system is controllable, PBOC governor Yi Gang told a press conference last week. The number of financial institutions rated as high risk has more than halved from the peak, according to the latest data from the central bank, with the total assets of highly risky institutions accounting for just 1% of the total. the chief economist of Guotai Junan International Holdings. Chinese stocks extended declines on Tuesday afternoon when trading resumed following the release of the the customs data. The benchmark CSI 300 Index had fallen 1.1% as of 2.13pm local time led by Foxconn Industrial Internet Co — a Shanghai-listed arm of iPhone maker Foxconn Technology Group. China’s purchases of edible oil, coal and rare earths jumped the most by volume among all goods bought in the first two months of the year, while those of semiconductor parts and steel products saw the biggest declines, customs data showed. Year-on-year, imports of crude oil fell 1.3%, while natural gas was down by 9.4%. Global demand for Chinese goods started falling in late 2022 as soaring inflation in the rest of the world and higher interest rates took a toll on consumer spending. Exports had been a key pillar of China’s economic growth over the last two years, helping to offset a slump in domestic spending as Covid-19 restrictions curbed business and consumer confidence.

WEDNESDAY MARCH 8, 2023 17 THEEDGE CEO MORNING BRIEF WORLD (March 7): Grab Holdings Ltd on Monday said it prepaid US$600 million in debt ahead of a 2026 maturity, taking advantage of excess cash on its balance sheet. The Singapore-based ride-hailing and delivery company completed the transaction last week, bringing its debt under an outstanding term loan to US$517 million, down from the previous balance of US$1.117 billion. Grab also has about US$200 million in other bank debt. “Grab is taking advantage of our healthy cash position to reduce our gross debt balance and generate interest savings, given the macroeconomic environment,” said chief financial officer Peter Oey. “The cost of capital is getting very expensive,” Oey said, pointing to recent interest-rate increases by the Federal Reserve and other central banks. Grab recently took out a US$500 million hedge with an interest-rate cap that gives the company full protection against rate changes within a certain range, and partial protection for anything above that, Oey said. Nasdaq-listed Grab, which has a US investor base but generates all of its revenues in Southeast Asia, is bracing for rates to go higher at the Fed’s next meeting later this month, the CFO said. “Every month that goes by, the interest rate could go up,” Oey said. The company declined to comment on what its ideal amount of debt would be. “At this point, we do not have plans for further debt repurchases or prepayment,” Oey said, adding that Grab will continue to monitor the cost of capital. The company doesn’t have outstanding bonds. Grab Holdings retires US$600 mil in 2026 debt with extra cash (March 7): Billionaire Gautam Adani and his family prepaid US$902 million worth of borrowings backed by shares as the ports-to-power conglomerate seeks to pare all sharebacked loans by March end to allay investor fears. The founders’ early payment, that comes on top of last month’s US$1.1 billion prepayment, will help release 36 million shares in Adani Transmission Ltd, the group said in a statement on Tuesday. As many as 155 million shares of Adani Ports & Special Economic Zone Ltd will be released along with 11 million shares of Adani Green Energy Ltd and 31 million shares of Adani Enterprises Ltd, according to the statement. Adani is seeking to restore confidence in his sprawling conglomerate’s financial health through debt prepayments and a worldwide roadshow after a scathing short seller attack in late-January wiped out as much as US$150 billion from the group’s stock market value and sent bond prices plunging. The latest date of maturity for the US$902 million prepaid was April 2025, according to the statement. Shares of the Indian conglomerate rebounded last week after US investment firm GQG Partners invested 154.5 billion rupees (US$1.89 billion) by purchasing shares from a family trust, or founders. Still, prices for Adani companies’ shares and bonds remain well below Jan 24 levels, when the short-seller report was released. Adani Group founders prepay US$902 mil share-backed loans BY PR SANJAI Bloomberg BY NINA TRENTMANN Bloomberg Read the full story Grab, during its latest earnings call in February, said it would bring forward its goal to break even to the fourth quarter of 2023, from the second half of 2024. Efforts to rein in spending, reduce headcount in certain regional corporate functions and increase operational efficiencies are paying off, the company’s CFO said. Grab is targeting losses for adjusted earnings before interest, tax, depreciation and amortisation of between US$275 million and US$325 million for 2023, compared with an adjusted ebitda loss of US$793 million in 2022. It reported a loss for the year of US$1.74 billion, down from US$3.55 billion at the end of 2021. Shares of Grab are down 2.5% this year, trailing a 12% increase in the Nasdaq Composite Index. The company’s net cash holdings, at US$5.1 billion at the end of December, are sufficient to cover any funding needs, CFO Oey said. Paying down more of its floating rate term loan should help the company reduce cash flow volatility, which is important at a time of rising interest rates, Nathan Naidu, an analyst at Bloomberg Intelligence, said in an email. “Grab’s move suggests it has excess funds and paying down the term loan will save interest costs, which will help speed the path to profitability by saving on cost,” said Angus Mackintosh, an analyst at Smartkarma. Some of the company’s peers are doing the opposite, Mackintosh said, to “extend runways of available liquid funds”. Uber Technologies Inc, the US-based ride hailing leader, said last week in a filing that it had borrowed US$1.75 billion under a term loan agreement. Uber didn’t immediately respond to a request for comment. Grab Holdings Ltd CFO Peter Oey GRAB HOLDINGS LTD VIA BLOOMBERG REUTERS Read also: Sri Lanka rupee soars most since 1989 on IMF hope, stocks surge JPMorgan expects another busy year for dealmakers in India

WEDNESDAY MARCH 8, 2023 18 THEEDGE CEO MORNING BRIEF WORLD SHANGHAI (Feb 13): Slashed prices have given Tesla’s China sales a pop, but analysts, and even fans, warn the US automaker needs to up its long-term game to avoid choking on the dust of fast-moving rivals in the world’s biggest electric vehicle market. Most immediately, Tesla’s January price cuts drove deliveries of its China-made vehicles up 18% from December. Tesla’s thick profit margins have put it in a position to take a price war to competitors in China and beyond, analysts say. But they say Tesla has lagged competitors in China in introducing new models, improving navigation systems and adding luxe interior touches or white-glove customer service to serve the developing range of consumer preferences for EVs. “Tesla’s facing a serious problem of a very limited product mix,” said Cui Dongshu, the secretary general of the China Passenger Car Association (CPCA). “Its slowness to respond to Chinese consumers’ preferences has led to a very passive positioning for Tesla to rely on few means such as price cuts to stay competitive.” Even Tesla chief executive officer Elon Musk himself has conceded that China is where his firm could face its toughest competition. Tesla did not respond to Reuters’ request for comment on its China business. Grace Tao, Tesla’s vice-president in charge of external communications in China, said previously the price cuts in China reflected engineering innovation and answered Beijing’s call to encourage economic development and consumption. China’s Association of Automobile Manufacturers expects sales of EVs and plug-in hybrids to surge by 35% in 2023 to nine million vehicles — nearly a third of China’s total new vehicle sales. While Tesla has increased sales in China, its second-largest market, it has also lost share. From 15% in 2020, its share of the China EV market fell by a third to just 10% in 2022, according to data from the CPCA. Tesla offers two models in China, the Model 3 sedan and the Model Y crossover. That keep-it-simple approach has driven scale and driven down costs. After the latest price cuts, the Model 3 starts at about US$34,000 and the Model Y at US$38,000. But Chinese car shoppers, back out in showrooms this year after the end of China’s tough Covid-19 curbs, are being courted by competitors offering a broad range of alternatives. Read the full story Read also: BYD to build US$1.2 bil EV battery plant in central China — website EV maker Nio to build 1,000 batteryswap stations in China in 2023 China’s ex-industry minister advises extending ‘new energy vehicle’ tax break — media In China, Tesla could win electric vehicle price battle — but lose the war SHANGHAI (March 7): Chinese President Xi Jinping told CATL on Monday he had mixed feelings about its status as the world’s largest battery maker — remarks that come at a time when the company is rapidly expanding abroad and moving to undercut domestic rivals. After a presentation by CATL chairman Zeng Yuqun who described how the firm commands 37% of the global battery market, Xi was quoted as saying that he was “both happy and worried”, glad about its leading position but concerned about the risks. Xi was speaking in a closed-door meeting with industry and commerce representatives on the sidelines of the annual session of parliament, according to a statement published by the official Xinhua news agency on Tuesday. CATL has been building factories overseas and last month agreed to license its technology to a new plant Ford Motor Co is building in Michigan. It has also offered to cut costs for Chinese automakers, sources have said, seeking to knock back challenges from smaller domestic rivals such as CALB and EVE Energy which have factories ramping up this year. “Emerging industries must do a good job in planning, figuring out how big the market is and where the risks are. They should avoid marching ahead alone in an invincible fashion, only to be caught out by others and fail in the end,” Xi was quoted as saying. Xi added that firms need to balance development and security. CATL did not immediately respond to a request for comment. Xinhua did not say whether Zeng had responded to Xi. Its shares fell 1.6% on Tuesday, in China’s Xi has mixed feelings about CATL’s battery market dominance line with a decline in China’s blue chip CSI300 Index. Ford deal in focus Beijing has in recent years tightened its grip over the country’s biggest companies, regulating how they do business in and outside China on areas from fundraising to data security. At the same time, it has come under growing pressure from Washington which has restricted Chinese firms’ access to advanced AI chips and other semiconductors, citing national security. In an expansion of these tensions, Republican senator Marco Rubio last month asked the Biden administration to review CATL’s deal with Ford saying that it would deepen US reliance on the Chinese Communist Party for battery technology. China also plans to scrutinise the deal to ensure the Chinese company’s core technology is not shared with the US automaker, Bloomberg reported last month. Dong Yang, an official from China EV100, the country’s leading auto industry think tank, this week published a lengthy defence of the deal, saying the benefits of the collaboration far outweighed the risks of technology being leaked. The Ford-CATL partnership will be win-win for both parties without threatening China’s leadership in the EV industry, Dong wrote. BY ZHANG YAN & BRENDA GOH Reuters BY ZHANG YAN & BRENDA GOH Reuters REUTERS

WEDNESDAY MARCH 8, 2023 19 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (March 6): Two US senators said on Monday their efforts to tackle foreign technology threats were advancing and they will on Tuesday unveil legislation aimed at granting President Joe Biden’s administration new powers to ban Chinese-owned video app TikTok and other apps that could pose security risks. A White House spokeswoman told Reuters the administration is “working with Congress” but declined to say if it would endorse the Senate legislation. TikTok has come under increasing fire over fears that user data could end up in the hands of the Chinese government, undermining Western security interests. TikTok chief executive Shou Zi Chew is due to appear before Congress on March 23. Senator Mark Warner, a Democrat, and John Thune, a Republican and others plan on Tuesday to unveil latest in a series of proposals to give the administration new tools to ban the ByteDance-owned app used by more than 100 million Americans. The bill is titled the “Restricting the Push to give Biden new powers to ban TikTok moves ahead in Congress (March 7): Meta Platforms Inc, the owner of Facebook and Instagram, is planning a fresh round of lay-offs and will cut thousands of employees as soon as this week, according to people familiar with the matter. The world’s largest social networking company is eliminating more jobs, on top of a 13% reduction in November, in a bid to become a more efficient organisation. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major lay-off. The company has also been working to flatten its organisation, giving buyout packages to managers and cutting whole teams it deems non-essential, Bloomberg News reported in February, a move that is still being finalised and could affect thousands of staffers. The imminent round of cuts is being driven by financial targets and is separate from the “flattening”, said the people, who asked not to be identified discussing internal matters. Meta, which has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the metaverse, has been asking directors and vice-presidents to make lists of employees that can be let go, the people said. A Meta spokesperson declined to comment on the plans on Monday (March 6). This phase of lay-offs could be finalised in the next week, according to the people. Those working on the plan are hoping to have it ready before chief executive officer Mark Zuckerberg goes on parental leave for his third child, which may be imminent, one person said. The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. Zuckerberg has dubbed 2023 Meta’s “year of efficiency”, and the company has been communicating that theme to employees during performance reviews, which were completed last week, the people said. Workers at the Menlo Park, California-based company described heightened anxiety and low morale among colleagues lately. Some employees expressed worry about whether they’d receive their bonuses, which are set to be distributed this month, if they lose their jobs beforehand, the people said. Meta plans thousands more lay-offs as soon as this week — sources BY SARAH FRIER, ED LUDLOW & KURT WAGNER Bloomberg BY DAVID SHEPARDSON Reuters Read also: Coinbase tells user missing US$96,000 after security breach is his problem, suit claims REUTERS Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act” and it will “comprehensively address the ongoing threat posed by technology from foreign adversaries, such as TikTok,” Warner’s office said. The administration has provided input on the senators’ draft legislation, a person briefed on the matter told Reuters. The White House declined to say if it would endorse the Senate bill. Last week, the House Foreign Affairs Committee voted along party lines on a bill sponsored by Representative Michael McCaul to give Biden the power to ban TikTok after then President Donald Trump was stymied by courts in 2020 in his efforts to ban TikTok and WeChat. Democrats opposed McCaul’s bill, saying it was rushed and required due diligence through debate and consultation with experts. Some major bills aimed at China like a chips funding bill took 18 months to win approval. McCaul said he thinks the full US House of Representatives could vote on bill this month. TikTok said last week that a US ban on the app would amount to “a ban on the export of American culture and values to the billion people who use our service worldwide”. The US government’s Committee on Foreign Investment in the US (CFIUS), a powerful national security body, in 2020 unanimously recommended ByteDance divest TikTok because of fears that user data could be passed to China’s government. TikTok and CFIUS have been negotiating for more than two years on data security requirements. TikTok said it has spent more than US$1.5 billion on rigorous data security efforts and rejects spying allegations. BLOOMBERG

WEDNESDAY MARCH 8, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (March 7): Japanese workers’ real wages fell by the most since 2014 despite the government push for more pay, making it more likely for the Bank of Japan to maintain its easy policy this week. Real cash earnings for Japan’s workers declined 4.1% from a year earlier in January, slipping for a 10th consecutive month, the Labour Ministry reported Tuesday. Economists had forecast a 3.2% decrease. A drop in bonuses dragged on paychecks, as inflation continued to outpace gains in wages. Growth in nominal wages sharply slowed from the previous month’s highest jump in a quarter century, which was largely driven by soaring bonuses. Tuesday’s data shows wage growth hasn’t accompanied a recent rise in inflation, in line with the BOJ’s view. Governor Haruhiko Kuroda has said the central bank will keep monetary easing until both wages and prices rise steadily, a stance likely to be maintained by Kazuo Ueda who’s set to take over the BOJ’s helm from April. Nominal cash earnings rose 0.8% from the previous year in January, still distant from the level the central bank has said is necessary for sustainable price growth. Kuroda indicated that a 3% wage hike would be necessary to support stable 2% inflation in Japan. The latest monthly data confirms that December’s pay jump was just a blip. Nominal wages climbed at the fastest pace since 1997 in December, boosted by winter bonuses that were 7.6% bigger than a year earlier. The stagnant salary data may mean significant pay increases shouldn’t be expected from upcoming spring wage negotiations between companies and labour unions. About 80% of Japanese firms are planning to raise wages, although most won’t reach the 5% increase target set by Rengo, Japan’s largest union federation, a report by Tokyo Shoko Research showed. Initial pay round results from Rengo are expected in March. (March 7): Salaries for software engineers in Singapore rose by an average of 7.6% last year, with pay increases falling short of rent hikes after technology companies worldwide slashed jobs. Even as the increase slowed from a 22% surge a year earlier, the city state’s tech salaries stand out among countries in South and Southeast Asia, according to a report published on Tuesday (March 7) by hiring service NodeFlair and start-up accelerator Iterative. Software engineers in Singapore command thousands of dollars more each month than their counterparts in nearby countries. Singapore has attracted several fast-growing start-ups while also hosting the Asia-Pacific hubs of global companies like Meta Platforms Inc and Alphabet Inc’s Google. Yet the wealthy island nation hasn’t been immune to the tech industry’s slowdown, with companies including Sea Ltd slashing thousands of positions to curb costs. Factors driving up Singapore’s salaries include the rising cost of living, with rents soaring last year and forecast to jump a further 10% to 15% this year on limited supply. Tightening conditions for worker visas have also made it harder to bring in less senior workers. ByteDance Ltd, GovTech Singapore and Sea’s e-commerce arm Shopee were the most searched-for employers in the country’s tech sector, beating big US companies such as Apple Inc, Visa Inc and Meta, according to the report. Lead software engineers in Singapore commanded a median salary of US$6,666 (RM29,827) last year, compared with US$1,309 drawn by their peers in Indonesia and US$1,357 in India, according to the researchers, who verified payslips and offer letters as part of procuring their figures. Read also: Italy may have staved off recession, economy minister says German finance minister: Government is sticking with debt brake Japan’s real wages fall most since 2014 despite Kishida push Singapore’s tech salaries rise at slower pace as industry cools SYDNEY (March 7): Australia’s central bank raised its cash rate 25 basis points to the highest in more than a decade at 3.60% on Tuesday and said it expects further tightening will be needed to curb inflation. Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the inflation target and recent data suggested a lower risk of a cycle in which prices and wages chase one another. In a dovish step, the central bank changed a reference to further rate “increases”, saying instead that “further tightening” would be needed, suggesting that it might be nearing the end of its hike cycle. This was the tenth increase since last May, lifting rates by a total of 350 basis points, easily the most aggressive tightening campaign by the central bank in modern history. Markets reacted by pushing the local dollar down 0.3% to US$0.6714 while threeyear government bond yields slumped 10 basis points to 3.37%. “The Board is seeking to return inflation to the 2% to 3% target range while keeping the economy on an even keel, but the path to achieving a soft landing remains a narrow one,” governor Philip Lowe said in a statement. Markets had fully priced in a hike of a quarter-point and speculation was rife that the central bank could temper the forward guidance given unemployment was rising from low levels, economic growth disappointed and moderate wage growth lessened fears of a price-wage spiral. Australia’s economy grew at its weakest pace in a year last quarter, with a quarterly growth of just 0.5%. There were signs that rising prices have eroded household purchasing power and led them to save less, adding to the evidence of a slowdown in consumer spending. However, inflation remains elevated even as signs of a peak have emerged recently. A monthly indicator of consumer prices rose a smaller-than-expected 7.4% in the year to January, but that was still the second-highest reading on record. Australia central bank raises rates to more than decade high, tempers hawkishness BY STELLA QIU Reuters BY ERICA YOKOYAMA Bloomberg BY OLIVIA POH Bloomberg

WEDNESDAY MARCH 8, 2023 21 THEEDGE CEO MORNING BRIEF WORLD (March 7): The team of Communist Party officials running China’s economy is about to get a major makeover. Party elites have just finalised nominations for key government positions ahead of the annual gathering of the National People’s Congress, the country’s rubber-stamp legislature, which starts on Sunday. They include the four men in the photo who are tipped to manage the world’s second-biggest economy: (from left to right) Zhu Hexin as the new central bank chief, He Lifeng as vice premier, Ding Xuexiang as executive vice premier, and Li Qiang as premier. No women have occupied these key economic positions in Chinese leader Xi Jinping’s administration. All four are expected to be formally endorsed at the congress. The appointments are seen as part of Xi’s attempt to strengthen the party’s control over the country’s economic institutions, where many Western-educated officials have long influenced policy making. Unlike their predecessors, the four men, who are either close associates of Xi or connected to his trusted aides, haven’t been educated in the West or are perceived to have little experience dealing with international financial organisations. Now all eyes are on how they will help shape policy as the Chinese economy navigates a growing array of challenges, including sluggish consumption, rising unemployment, a downturn in the housing market, lack of business confidence, local governments’ debt distress, an aging population and increasing tension with the United States over technology sanctions. The congress will set an economic growth target for this year that should be a considerable improvement on last year’s anemic 3%, one of the weakest performances in decades, but which is likely to be a far cry from the pace of expansion China enjoyed before the pandemic. The new team will have to deliver the recovery. Li Qiang A former party boss of Shanghai who presided over the city’s chaotic two-month lockdown, Li Qiang was named the country’s No. 2 party official after Xi during the leadership reshuffle in October. That puts the 63-year-old in line to succeed Premier Li Keqiang when he steps down during the upcoming congress. In China’s political system, the premier is traditionally responsible for managing the economy, with several vice premiers supporting his work and taking charge of different issues. Born in the eastern province of Zhejiang, Li Qiang started his career as a worker at an irrigation pumping station. He received his undergraduate education in agricultural mechanisation at a college in the city of Ningbo and then worked his way up through the provincial bureaucracy. His career took off after he served as Xi’s de facto chief of staff when Xi was the party chief of Zhejiang province between 2002 and 2007. Li would be the first premier since the Mao era not to have previously worked at the State Council, China’s Cabinet, as vice premier, analysts say. It was Li’s personal ties with Xi that appear to have clinched his promotion over more qualified candidates, Julian Evans-Pritchard, senior China economist at Capital Economics, said when Li was promoted last year. But some analysts said his tenure in Shanghai, particularly before last year’s Covid lockdown, pointed to a pragmatic, pro-business style. During Li’s time there, Tesla built its first gigafactory outside the United States in the city. Tesla has sole ownership of that factory, the first foreign automaker in China to wholly own its plant. “China’s business environment should turn more friendly, at least, in the coming two years” under Li, who is likely to support private companies and foreign invesBY LAURA HE CNN Business Meet the four men tipped to run the world’s second-largest economy tors, Citi analysts said in a research report. In 2019, Li also oversaw the launch of China’s Nasdaq-style stock market on the Shanghai stock exchange. Ding Xuexiang Xi’s current chief of staff, Ding Xuexiang, may become the next executive vice premier, Nomura analysts said on Tuesday, citing their observations based on the ranking of the new Politburo Standing Committee. That means the 60-year-old, who has never led a province or had much experience making economic policy, will likely carry overall responsibility for China’s domestic economy, particularly the country’s fiscal policy. Born in the eastern province of Jiangsu, Ding studied metallurgy at the Northeastern Institute of Heavy Machinery. He began his career at the Shanghai Research Institute of Materials and spent 17 years there, rising from a researcher to deputy party chief. He later joined the Communist Party’s committee in Shanghai and served as a top aide to Xi when he spent about seven months in the city as party chief in 2007. In 2013, Ding moved to Beijing as Xi’s personal secretary after Xi’s promotion to the country’s top job. He Lifeng Moreover, He Lifeng, who runs China’s powerful National Development and Reform Commission, may be appointed as the next vice premier in charge of economic, financial and industrial affairs, Nomura analysts said. Read the full story (From left) Zhu Hexin, He Lifeng, Ding Xuexiang, and Li Qiang.

WEDNESDAY MARCH 8, 2023 22 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) MINDA GLOBAL BHD 81.74 -0.005 0.125 78.57 209.9 HONG SENG CONSOLIDATED BHD 64.87 0.005 0.145 -34.09 740.7 PROGRESSIVE IMPACT CORP BHD 63.05 -0.105 0.140 -46.15 91.8 CAPITAL A BHD 54.38 0.030 0.770 23.20 3,204.6 SMTRACK BHD 52.77 0.000 0.045 -10.00 52.6 BUMI ARMADA BHD 52.63 0.000 0.700 45.83 4,142.6 BSL CORP BHD 52.13 0.005 0.125 84.91 46.4 VELESTO ENERGY BHD 51.21 0.000 0.240 60.00 1,971.7 PHARMANIAGA BHD 50.48 0.025 0.310 -43.12 406.2 TOP GLOVE CORP BHD 44.86 -0.025 0.695 -23.20 5,565.1 MY EG SERVICES BHD 40.75 0.005 0.755 -12.39 5,603.6 TANCO HOLDINGS BHD 40.29 0.025 0.495 47.76 918.2 SMRT HOLDINGS BHD 36.24 -0.065 0.465 220.69 207.0 JADE MARVEL GROUP BHD 34.37 0.010 0.315 1.61 137.0 WIDAD GROUP BHD 28.64 0.000 0.415 -3.49 1,174.1 ATA IMS BHD 28.09 0.015 0.285 26.67 342.8 ZEN TECH INTERNATIONAL BHD 26.55 -0.005 0.015 -25.00 12.1 VESTLAND BHD 26.02 0.005 0.410 0.00 407.7 KPJ HEALTHCARE BHD 25.17 0.020 1.150 13.86 5,018.9 PRIVASIA TECHNOLOGY BHD 24.04 0.010 0.115 21.05 70.6 Data as compiled on Mar 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) FINTEC GLOBAL BHD 0.010 100.00 402.0 0.00 59.2 AT SYSTEMATIZATION BHD 0.015 50.00 449.8 0.00 90.0 METRONIC GLOBAL BHD 0.020 33.33 2,667.7 0.00 30.6 SEALINK INTERNATIONAL BHD 0.125 25.00 16,434.3 25.00 62.5 XIDELANG HOLDINGS LTD 0.025 25.00 306.2 0.00 52.9 LAMBO GROUP BHD 0.025 25.00 596.1 -54.55 38.5 ALDRICH RESOURCES BHD 0.030 20.00 30.7 0.00 33.4 MMIS BHD 0.250 19.05 150.0 19.05 150.0 PERTAMA DIGITAL BHD 2.200 17.65 10,116.7 25.00 953.4 MQ TECHNOLOGY BHD 0.045 12.50 838.1 -10.00 56.3 YBS INTERNATIONAL BHD 0.600 12.15 11,951.4 20.00 152.3 TAS OFFSHORE BHD 0.240 11.63 24.0 29.73 42.7 PERMAJU INDUSTRIES BHD 0.050 11.11 13,672.5 11.11 96.9 NI HSIN GROUP BHD 0.100 11.11 5,341.3 -28.57 52.4 HUA YANG BHD 0.210 10.53 5,004.7 23.53 92.4 MARINE & GENERAL BHD 0.160 10.34 6,124.3 52.38 115.8 AIRASIA X BHD 0.930 10.06 12,342.1 63.16 385.8 KOMARKCORP BHD 0.055 10.00 1,197.8 0.00 31.8 NOVA MSC BHD 0.115 9.52 1,329.3 4.55 136.4 SINMAH CAPITAL BHD 0.115 9.52 152.7 4.55 45.1 Data as compiled on Mar 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) PROGRESSIVE IMPACT CORP BHD 0.140 -42.86 63,049.6 -46.15 91.8 PASUKHAS GROUP BHD 0.015 -25.00 925.0 0.00 28.6 ZEN TECH INTERNATIONAL BHD 0.015 -25.00 26,550.3 -25.00 12.1 FOCUS DYNAMICS GROUP BHD 0.015 -25.00 28.2 -25.00 95.6 GREEN OCEAN CORP BHD 0.015 -25.00 1,177.1 -25.00 31.7 XOX BHD 0.015 -25.00 222.5 0.00 75.8 XOX NETWORKS BHD 0.025 -16.67 9,705.9 -16.67 28.4 IVORY PROPERTIES GROUP BHD 0.055 -15.38 774.7 -31.25 27.0 BINA PURI HOLDINGS BHD 0.035 -12.50 389.1 -12.50 72.7 KANGER INTERNATIONAL BHD 0.035 -12.50 28.6 -12.50 22.7 NEXGRAM HOLDINGS BHD 0.035 -12.50 284.1 -50.00 15.5 SMRT HOLDINGS BHD 0.465 -12.26 36,235.2 220.69 207.0 TPC PLUS BHD 0.180 -12.20 50.0 -10.00 55.5 TWL HOLDINGS BHD 0.045 -10.00 22,065.1 28.57 179.2 SAPURA ENERGY BHD 0.045 -10.00 5,473.8 28.57 719.1 ARK RESOURCES HOLDINGS BHD 0.285 -9.52 6.0 0.00 19.8 SC ESTATE BUILDER BHD 0.050 -9.09 91.8 11.11 53.7 SCOMI ENERGY SERVICES BHD 0.050 -9.09 51.0 -9.09 23.4 SERSOL BHD 0.150 -9.09 910.6 -34.78 96.4 COMPUTER FORMS MALAYSIA BHD 2.120 -9.01 13,024.9 -15.87 566.9 Data as compiled on Mar 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) DUTCH LADY MILK INDUSTRIES 28.380 -0.480 13.3 -6.15 1,816.3 COMPUTER FORMS MALAYSIA BHD 2.120 -0.210 13,024.9 -15.87 566.9 RAPID SYNERGY BHD 17.300 -0.180 10.1 8.40 1,849.3 HONG LEONG FINANCIAL GROUP 18.180 -0.160 504.3 -2.26 20,820.5 PETRONAS GAS BHD 16.520 -0.120 494.7 -3.50 32,688.7 CARLSBERG BREWERY MALAYSIA 22.380 -0.120 205.2 -2.19 6,842.6 PROGRESSIVE IMPACT CORP BHD 0.140 -0.105 63,049.6 -46.15 91.8 NESTLE MALAYSIA BHD 135.000 -0.100 41.5 -3.57 31,657.5 AMWAY MALAYSIA HOLDINGS BHD 5.700 -0.100 112.1 14.00 937.0 CELCOMDIGI BHD 4.210 -0.100 3,798.6 5.25 49,389.6 AURELIUS TECHNOLOGIES BHD 2.990 -0.100 1,078.3 63.39 1,178.1 KESM INDUSTRIES BHD 8.000 -0.100 1.0 13.96 344.1 PMB TECHNOLOGY BHD 4.230 -0.090 189.9 0.71 5,347.7 FAR EAST HOLDINGS BHD 3.700 -0.090 2.0 0.00 2,197.2 KHIND HOLDINGS BHD 2.790 -0.080 161.3 -10.00 117.3 TOYO VENTURES HOLDINGS BHD 1.270 -0.080 948.4 29.59 135.9 PANASONIC MANUFACTURING 22.680 -0.080 14.1 -0.96 1,377.7 PENTAMASTER CORP BHD 4.650 -0.070 1,674.4 4.97 3,307.6 SMRT HOLDINGS BHD 0.465 -0.065 36,235.2 220.69 207.0 LPI CAPITAL BHD 12.340 -0.060 81.6 -2.37 4,916.0 Data as compiled on Mar 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) AJINOMOTO MALAYSIA BHD 14.520 0.560 483.4 11.01 882.8 KUALA LUMPUR KEPONG BHD 21.620 0.460 540.8 -3.31 23,315.8 PERTAMA DIGITAL BHD 2.200 0.330 10,116.7 25.00 953.4 AYER HOLDINGS BHD 7.100 0.310 11.5 7.58 531.5 BATU KAWAN BHD 21.760 0.220 13.4 -2.42 8,560.0 PETRONAS DAGANGAN BHD 21.420 0.220 89.8 -6.87 21,279.8 SIME DARBY PLANTATION BHD 4.510 0.210 2,560.0 -3.01 31,189.9 CI HOLDINGS BHD 3.750 0.200 309.2 27.99 607.5 MALAYSIAN PACIFIC INDUSTRIES 30.000 0.180 24.2 4.31 5,966.9 HARRISONS HOLDINGS MALAYSIA 8.060 0.160 69.9 21.57 551.9 KOTRA INDUSTRIES BHD 6.080 0.130 47.3 -7.88 899.9 ALLIANZ MALAYSIA BHD 14.000 0.120 16.7 -1.13 2,491.6 FRASER & NEAVE HOLDINGS BHD 27.100 0.120 90.4 25.58 9,939.7 INFOMINA BHD 1.410 0.110 2,323.5 -2.08 847.8 PINTARAS JAYA BHD 1.990 0.110 6.2 -4.33 330.1 GAMUDA BHD 4.200 0.100 12,338.7 12.00 11,162.5 TEXCHEM RESOURCES BHD 1.850 0.100 1,654.4 -11.90 216.6 DIALOG GROUP BHD 2.400 0.090 5,964.4 -2.04 13,542.2 AIRASIA X BHD 0.930 0.085 12,342.1 63.16 385.8 RHB BANK BHD 5.730 0.080 2,268.5 -1.04 24,337.5 Data as compiled on Mar 7, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DOW JONES 33,431.44 40.47 0.12 S&P 500 4,048.42 2.78 0.07 NASDAQ 100 12,302.48 11.67 0.09 FTSE 100 7,948.42 18.63 0.23 AUSTRALIA 7,364.65 36.06 0.49 CHINA 3,285.10 -36.93 -1.11 HONG KONG 20,534.48 -68.71 -0.33 INDIA 60,224.46 415.49 0.69 INDONESIA 6,766.76 -40.24 -0.59 JAPAN 28,309.16 71.38 0.25 KOREA 2,463.35 0.73 0.03 PHILIPPINES 6,705.12 34.00 0.51 SINGAPORE 3,245.27 5.96 0.18 TAIWAN 15,857.89 94.38 0.60 THAILAND 1,618.51 11.63 0.72 VIETNAM 1,037.84 10.66 1.04 Data as compiled on Mar 7, 2023 Source: Bloomberg CPO RM 4,205.00 -78.00 OIL US$ 86.00 -0.18 RM/USD 4.4720 RM/SGD 3.3219 RM/AUD 2.9853 RM/GBP 5.3720 RM/EUR 4.7656