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Report on Page 3. Petronas’ FY2022 profit surges to record high of RM101.6 bil CEOMorningBrief TUESDAY, MARCH 14, 2023 ISSUE 537/2023 www. theedgemarke ts. com BIDEN SAYS TO DO ‘WHATEVER NEEDED’ AS BANKS HIT DESPITE SVB ACTION p19 HOME: LTAT declares higher dividend of 5% for 2022, up from 2021’s 4.1% p6 Rashid Manaf to emerge as EATech’s controlling shareholder under regularisation plan p7 Classita shareholders take legal action to represent company in select legal matters p11 WORLD: HSBC buys SVB’s UK unit for £1 in reprieve for tech sector p20 PSA’s CK Hutchison ports US$4 bil stake sale said to attract China giants p21 To spend RM300 bil over the next five years

TUESDAY MARCH 14, 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] No direct impact on Malaysian companies from SVB, says Rafizi Miti to streamline strategy, focus to ensure continued foreign investment in Malaysia RM43.8 bil 1MDB debt paid to date, with balance of RM9.7 bil — Ahmad Maslan KUALA LUMPUR (March 13): Economy Minister Rafizi Ramli does not expect any direct impact on Malaysian companies arising from the collapse of Silicon Valley Bank (SVB). Replying to a Twitter user who has asked him if the “SVB crash wave could reach Malaysia”, Rafizi said it likely will not as no Malaysian firm has deposits at SVB. He said it is mostly the big startups in Silicon Valley that had accounts at SVB. “But if the collapse drags the US banking BY SURIN MURUGIAH theedgemarkets.com Bernama Bernama KUALA LUMPUR (March 13): The government has paid 1Malaysia Development Bhd’s (1MDB) debt totalling RM43.8 billion with the balance unpaid amounting to RM9.7 billion, involving a principal of RM5 billion and RM4.7 billion interest, said Deputy Finance Minister Datuk Seri Ahmad Maslan. “To date, the government has paid 1MDB’s debt totalling RM43.8 billion. “The payment was made through shareholders advances which amounted to RM24.5 billion and trust account (RM19.3 billion),” he said when winding up the debate on the Supply Bill 2023 at the committee level for the Finance Ministry in the Dewan Rakyat on Monday. He said the government had also recovered RM33.6 billion of 1MDB assets and RM8 billion from the settlement with Abu Dhabi’s investment firm, International Petroleum Investment Company (IPIC). According to Ahmad, 1MDB’s principal loan totalled RM33.6 billion while the interest amounted to RM14.9 billion. Meanwhile, on the Jana Wibawa project, he said it involves 67 projects under various ministries, among them, the Prime Minister’s Department, Ministry of Communications and Multimedia (now known as Ministry of ComKUALA LUMPUR (March 13): The Ministry of International Trade and Industry (Miti) will streamline its strategies and focus to ensure foreign investors continue to invest in Malaysia and not shift their investments elsewhere. Deputy Minister of International Trade and Industry Liew Chin Tong said the government, via Miti, has always taken proactive steps to attract foreign investments. Malaysia did well in 2021 with total approved investments of RM309.4 billion, and RM264.6 billion last year, he noted. “Of the total investments in 2022, foreign investors contributed 61.7% or RM163.3 billion, while domestic investments comprised 38.3% or RM101.3 billion. “The approved investments have the potential to generate 140,370 jobs,” he told Parliament on Monday (March 13). Liew said Southeast Asia has been a beneficiary of the shift away by European and American firms from China through the “China+1” model, as the region is seen as an alternative to China. Companies from China which are suppliers to US, and European firms have also chosen Southeast Asia as an investment destination, he added. “This is an opportunity for Malaysia to be a high-income nation, with an economic ecosystem that is dynamic. “Malaysia’s strategic location in Southeast Asia, which enables wide market access, is among factors supporting Malaysia as an investment destination,” Liew said. HOME and the capital markets temporarily, it might have some drags on us too albeit at a much smaller scale,”he said. The fallout from SVB has sent ripples across the world since last week. Meanwhile, Reuters reported on Sunday (March 12) that British start-ups backed by venture capital have around £2.5 billion pounds (RM13.6 billion), largely in deposits, “locked” in Silicon Valley Bank’s UK subsidiary. The total includes more than 300 companies with accounts at SVB UK, more than a third of which risk running into cash-flow difficulty within a month if no solution is found for the ailing lender, the survey found. Regulatory disclosures show SVB had some US$2.9 billion worth of loans at its UK arm at the end of last year, along with more than US$1 billion in bonds. The total volume of deposits at the British subsidiary is unclear, said Reuters. See also stories on Pages 19 & 20 munications and Digital), and Education Ministry estimated to be valued at RM7.13 billion. The Dewan Rakyat later passed the Supply Bill 2023 allocation at the committee level for the Finance Ministry of RM57.3 billion through voice vote after receiving a majority voice vote. The Supply Bill 2023, which is the first budget under Datuk Seri Anwar Ibrahim’s leadership, was later passed at the policy level on March 9 following a six-day debate from Feb 27 and winding up by each ministry. Budget 2023, tabled by Anwar on Feb 24, allocated a total of RM388.1 billion comprising RM289.1 billion for operating expenditure and RM99 billion for development expenditure including RM2 billion contingency savings.

TUESDAY MARCH 14, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): Spurred by elevated oil and gas (O&G) prices throughout the last year, Petroliam Nasional Bhd (Petronas) posted a record-high full-year profit after tax (PAT) and revenue for the financial year ended Dec 31, 2022 (FY2022). Petronas’ PAT for FY2022, which came in at RM101.62 billion, is about double the RM50.87 billion it earned in the prior year, mainly on the back of higher revenue, offset by higher product costs, cash payments and operating expenditure. Revenue for the year jumped 51.33% to RM375.27 billion from RM247.96 billion, largely due to higher average realised prices for all products and favourable foreign exchange impact. The national O&G company’s downstream segment remained its core contributor, logging a revenue contribution of RM174.84 billion in FY2022, a 44.39% increase versus the RM121.09 billion recorded a year ago, carried by higher average realised oil prices coupled with favourable forex impact. As for its gas segment, revenue surged 62.78% to RM122.75 billion from RM75.41 billion previously, on improved liquefied natural gas and processed gas average realised prices. Petronas’ upstream segment’s revenue rose to RM60.68 billion as compared to RM40.1 billion, driven by higher average realised prices for crude oil and condensates and natural gas, favourable impact from forex as well as higher sales. The corporate and others segment achieved a revenue of RM17 billion versus RM11.36 billion, mainly due to higher revenue recognition from the construction of a floating, production, storage and offloading unit and shipping-related income. It closed the year with a fourth-quarter PAT of RM24.4 billion, up 55.41% from 4QFY2021’s RM15.7 billion, as revenue rose 38.25% to RM105.9 billion from RM76.6 billion, underpinned by favourable price impact for all products, and higher sales volume. Total assets strengthened 11.91% to RM710.6 billion as at Dec 31, 2022, as compared to RM635 billion a year ago, mainly contributed by higher cash and cash equivalents and property, plant and equipment. “Sharehareholders’ equity of RM401.5 billion increased by RM50.8 billion mainly attributable to profit recorded during the year partially offset by dividends declared to shareholders amounting to RM50 billion. “Gearing ratio decreased to 20.3% as at Dec 31, 2022, from 23.1% [a year earlier] primarily contributed by higher equity as mentioned above,” it said, adding that return on average capital employed improved to 19.9% from 11.4% on the back BY PRIYATHARISINY VASU & IZZUL IKRAM theedgemarkets.com Petronas’ FY2022 profit surges to record high of RM101.6 bil of higher profit recorded during the year. Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz attributed the group’s strong full-year performance to its workforce’s resilience. “While 2022 enabled us to favourably capitalise on oil and gas upsides, last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition,” Muhammad Taufik said. Fragile demand recovery, geopolitical issues warrant cautious outlook Notwithstanding the record profit Petronas earned in FY2022, Muhammad Taufik warned that challenges that dominated the global O&G market last year continue to persist this year, which warrants the group’s cautious outlook for 2023. “We came out of 2022 on a very rocky road; the Europe crisis, supply chain disruption and Russian oil sanctions are expected to carry through 2023,” he said, adding that the looming possibility of recession and slow demand recovery are casting shadows on the robustness of the industry. “The O&G industry could potentially see prices moderating in 2023, given an anticipated economic slowdown, even as it contends with prolonged market volatility. In this environment, Petronas will continue to drive operational excellence in its core business while it pursues its growth and sustainability targets,” he added. Having said that, Muhammad Taufik is optimistic of the longer-term prospect for global energy demand, which is expected to grow and exceed pre-pandemic levels, as energy security concerns drive investments into production activities. “Many other markets out there are highly dependent on O&G. Therefore, Petronas prioritises the delivery of energy from our core O&G portfolio,” he said. At the same time, he reaffirmed Petronas’ commitment to its net zero carbon emissions by 2050, saying the group will continue to make sufficient investments towards that. In 2022, the group recorded greenhouse gas (GHG) emissions of 46.1 metric tons of carbon dioxide equivalent or MTCO2e, with its decarbonisation projects achieving a reduction of up to 0.6 MtCO2e from the previous year. Since 2013, Petronas has reduced its GHG emissions by 18.1 MTCO2e, cumulatively, across its operations. Petronas dividend to government (RM bil) 0 10 20 30 40 50 60 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 25 16 26 54 50 40 34 Source: Petronas Petronas’ full year earnings rise to record high Prot/Loss after tax (RM bil) Revenue (RM bil) FY17 FY18 FY19 FY20 FY21 FY22 Source: Petronas 250.98 223.62 240.26 -40 -20 0 20 40 60 80 100 120 -40 65 170 275 380 45.52 55.31 40.47 -21.03 50.87 101.62 375.27 247.96 178.74 BLOOMBERG

TUESDAY MARCH 14, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): Petronas’ dividend commitment has been a key source of funding to the federal government, who inked in an expected RM40 billion payout from the national oil and gas company in the recently tabled revised Budget 2023, from an initial projection of RM35 billion in the Oct 2022 version of the national budget that was tabled under the previous government. The revised figure is still much lower than the bumper dividend of RM54 billion Petronas paid in FY2019, and anything more than what has been provided will be subject to affordability, said Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz. Petronas CEO: Any additional dividend to govt will be subject to affordability KUALA LUMPUR (March 13): Petroliam Nasional Bhd (Petronas) plans to spend RM300 billion in capital expenditure (capex) in the next five years, with 80% of it focusing on its core business of hydrocarbon to bolster energy security while striking a balance on energy transition efforts. Petronas will funnel 20% of its fiveyear capex into decarbonisation and energy transition activities, although Petronas President and group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz is confident that future energy mix would continue to prioritise fossil energy. “There is still a clear focus on our core business and so far, we believe that hydrocarbons will remain in the future of the energy mix for a few decades to come,” said Taufik during a briefing on the group’s results for FY2022 on Monday (March 13). Petronas allocates RM300 bil in capex on energy security push BY PRIYATHARISINY VASU & IZZUL IKRAM theedgemarkets.com BY PRIYATHARISINY VASU & IZZUL IKRAM theedgemarkets.com “It will still be subject to the usual rule. We will make dividend payments subject to affordability and and go through the necessary governance. We will have to contend with our operations, servicing of debt, and reinvestment needs,” he told a press briefing held for the release of the group’s FY2022 results. “So oil price, as mentioned, we expect a correction this year as the recovery may be fragile. Typically, over the next five years, we are looking at US$70-80 per barrel. But for this year, we think we are at the lower bound of that,” he said. Having said that, he said the RM40 billion dividend projected for 2023 should not be an issue. “My point of view in dealing with energy security and security of supply in emerging economies, we must make sure affordability is addressed. In the interim period renewable energy may not be ready. So what are we going to do with the emerging economies? “Are we going to deny them the energy they need by slapping on emission caps? We can’t. We want to fuel the transition, while making sure energy security is still maintained for the economies that need them,” he said. He further stated energy security will be at the forefront of any government in ensuring growth and economic wellbeing of a nation. “The entire energy industry players are not climate change deniers and are doing what they can. But of course the pace will differ,” he said. The global investment in the energy transition sector last year recorded US$1 trillion, which is almost equal to fossil fuel investments. In FY2022, the national oil and gas group spent RM50.1 billion for capex, of which RM37.6 billion went to its core business and RM12.8 billion to its decarbonisation investment and activities. He added the escalating concerns everywhere about global energy security also accelerated investment towards cleaner investments, adding Petronas will actively intensify its efforts in decarbonising the business although capital spending for this business remains small. “Our 20% capex allocation for decarbonisation comes up to RM15 billion a year. Our decarbonisation is not all about pursuing items like solar or wind. We are talking about some low hanging fruits dealing with methane emission which we have committed targets. “So in that respect, one should not look at decarbonisation as only clean energy but making sure we are far more emission friendly,” he added. Taufik added that in the long run, Petronas’s renewable energy spending trajectory will grow especially as the shift away from fossil fuel is an ambition every oil and gas company pursues. “So far as Petronas is concerned, we remain committed to the Petroleum Development Act 1974 which is to monetise the oil and gas resources in the country, capitalise the oil and gas sector and create value for shareholders. Be it renewable or core portfolio, it just has to make sense from an investment perspective,” he said. He stated at this point of time 20% allocation of capital spending will be enough for decarbonisation goals and pursue the necessary growth in that space. Datuk Tengku Muhammad Taufik Tengku Aziz said the hydrocarbon market will continue to show growth in the next few decades. SHAHRIL BASRI/ THE EDGE

TUESDAY MARCH 14, 2023 5 THEEDGE CEO MORNING BRIEF

TUESDAY MARCH 14, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): The voluntary takeover offer price of 85.5 sen per share from Lembaga Tabung Angkatan Tentera (LTAT) to take Boustead Holdings Bhd private is “fair”, according to Defence Minister Datuk Seri Mohamad Hasan. “It is a very good margin. [Share price of] Boustead was closed at 65.5 sen, and we offered 85.5 sen, [over] 36% of the market price,” he told the media after the announcement of LTAT’s dividend. When asked whether LTAT’s offer price for Boustead is low considering the company has many prime assets, Mohamad Hassan, who is also known at Tok Matt, replied that the high take up rate is a reflection of a “good offer”. “It is a very good offer price, and [I think] a lot of people have already taken up our offer, so no issue on that,” he commented. Earlier this month, LTAT launched a conditional voluntary takeover offer to Boustead Holdings to buy out the 40.58% stake or 822.51 million shares that it does not already own, at 85.5 sen per share in order to take the debt-laden conglomerate private. The offer, however, came on the heels of Boustead Holdings’ large quarterly loss of RM402 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) dragged down by the massive RM552 million impairment of unsold Covid-19 vaccines at its pharmaceutical unit Pharmaniaga Bhd. Nonetheless, Mohamad Hasan hints at Tok Mat: LTAT’s offer for Boustead Holdings is ‘fair’, relisting is possible KUALA LUMPUR (March 13): Lembaga Tabung Angkatan Tentera (LTAT) has declared a dividend rate of 5% for 2022, with a total payout of RM476.45 million. This is higher than the 4.1% dividend rate declared in 2021 and beat the previous total payout of RM379.42 million. The armed forces pension fund had declared its lowest-ever dividend of 2% for 2018 after its net profit was halved, following an investigative audit that had revealed years of alleged mismanagement and irregularities. Prior to that, it was yielding a stable annual dividend of 6% to 8%. Since then, LTAT has put in place a five-year strategic plan as it tries to move beyond the scandal. The fund managed to declare a dividend of 2.5% for 2019 and 3.5% for 2020. The 2022 dividend was distributed to 122,935 LTAT members last Friday (March 10). Under the LTAT scheme, contributors are required to contribute 10% of their monthly salary with the government, while their employer will contribute 15%. At a ceremony to announce the LTAT dividend for 2022 on Monday (March 13), Defence Minister Datuk Seri Mohamad Hasan said the dividend payout for 2022 was drawn from the fund’s operation profits and did not touch on the reserve fund. In his speech, Mohamad said he advised LTAT to have a prudent payout policy and to not compete with other agencies in announcing high dividends. “This is the best level that we can pay, slightly above the market rate. Interest rate offered by the market now is about 4% but we are giving 5%, so I think it is good for all our armed forces,” he told a LTAT declares higher dividend of 5% for 2022, up from 2021’s 4.1% BY SYAFIQAH SALIM & HAILEY CHUNG theedgemarkets.com BY SYAFIQAH SALIM & HAILEY CHUNG theedgemarkets.com press conference following the ceremony. “We must have a ratio to put in our reserve fund, we don’t have to give 100% (of our profit) back to contributors in the form of dividends. We won’t know what happens in the year 2024, 2025 and we may need this reserve.” Mohamad added that even though he does not want to put pressure on LTAT with any future dividend rate expectation, he hopes that the fund can maintain its dividend rate of 5% for 2023 on a best effort basis. LTAT chief executive Datuk Ahmad Nazim Abd Rahman said the statutory body recorded RM652.36 million in gross income for 2022, up 27.4% from RM511.95 million in 2021, driven by contributions from public equity and private equity investments. He said the pension fund also posted RM499.64 million in retained earnings (post dividend) as at Dec 31, 2022, up 72.8% from RM289.15 million from a year earlier. As for LTAT’s assets under management (AUM), this increased 5.66% to RM10.33 billion in 2022 from RM9.77 billion in 2021. It observed a compound annual growth rate of 3.7% after recording AUM of RM9.26 billion in 2020, RM9.22 billion in 2019 and RM8.94 billion in 2018. Nazim said LTAT aims to deliver competitive and sustainable dividend returns, at the rate of 1.25% above fixed deposit rate, over the long term. the likelihood of relisting Boustead Holdings in the future. Mohamad Hasan told the media that there is a possibility of Boustead Holdings being listed on the Bursa Malaysia again. The privatisation exercise aims to help facilitate the restructuring of the conglomerate, which was once the key contributor to LTAT’s dividend payments. Being the controlling shareholder, LTAT’s immediately plan is to restructure Boustead Holdings’ business operations, said the minister. Read also: LTAT eyes tech sector for maiden investment in overseas equities No decision yet on Pharmaniaga’s regularisation plan, says Ahmad Nazim Read the full story Defence Minister Datuk Seri Mohamad Hasan said the final phase of LTAT's transformation plan managed to negate challenges in 2022 and strengthen its position to remain competitive vis-à-vis other retirement funds. SAM FONG/ THE EDGE

tuesday M A rch 14, 2023 7 The E dge C E O m o rning brief home KUALA LUMPUR (March 13): The manager of Sunway Real Estate Investment Trust (Sunway REIT) has confirmed that it is in talks to buy retail assets from the Employees Provident Fund (EPF), saying negotiation of terms are still in progress. While it cannot confirm the terms of the agreement as talks are still ongoing, the REIT said in a filing on Monday that it expects to — subject to agreement of terms and the board’s final approval — enter into an agreement with the EPF “as soon as possible but we are unable to confirm the timing at this juncture due to ongoing negotiations”. It was responding to a query from Bursa Malaysia Securities Bhd over an article by The Edge Malaysia, which wrote that Sunway REIT is expected to sign a deal to buy six retail assets worth a combined RM500 million from the EPF. Citing sources, the weekly said that the parties might be inking a deal as early as this week. The latest filing came after the REIT suspended the trading of its units for an hour on Monday morning, from 9am to 10am. Its units closed one sen or 0.65% higher at RM1.55, giving the trust a market capitalisation of RM5.31 billion. In announcing the trading suspension Sunway REIT confirms in talks to buy retail assets from EPF, to ink agreement ‘as soon as possible’ KUALA LUMPUR (March 13): Co-founder of Eco World Development Group Bhd, Tan Sri Abdul Rashid Abdul Manaf, will emerge as the controlling shareholder of struggling oil and gas services and equipment group EA Technique (M) Bhd (EATech), with a 53% stake. This confirms The Edge Malaysia’s article on February 6 which says that Rashid will be the white knight of EATech, which has been classified as a Practice Note 17 (PN17) company since Feb 28, 2022. On Monday (March 13), EATech announced its rationalisation plan to Bursa Malaysia, which entails a proposed consolidation of every 15 ordinary shares in EATech into one consolidated share, and a proposed shares issuance of up to 53 million new EATech shares, representing approximately 60% of the enlarged total number of issued shares after the issuance. As at the latest practicable date (LPD) to the rationalisation plan, the issued share capital of EATech is RM179.76 million comprising 530.5 million shares. Based on the company’s issued share capital as at LPD, the proposed share consolidation will result in the 530.5 million shares to be consolidated into 35.37 million shares. On the same day, EATech had entered into subscription agreements with Rashid’s investment vehicle Eco Offshore Services Sdn Bhd (EOSSB), Tan Sri Abdul Halim Rashid Manaf to emerge as EATech’s controlling shareholder under regularisation plan Ali, and Khiruddin Ibrahim Said, to subscribe for 53.05 million shares at a subscription price of RM1.131 apiece. EATech will raise approximately RM60 million through the issuance of shares. EOSSB will subscribe 46.86 million shares, which will give it a 53% stake in EATech’s consolidated and enlarged share capital of 88.42 million shares. EOSSB will be paying around RM53 million to subscribe for the shares. Meanwhile, Halim and Khiruddin will each subscribe 3.09 million of the issued shares. Rashid will also be extending a mandatory general offer (MGO) to acquire the rest of the shares in EATech he does not own, pursuant to Section 218(2) of the Capital Market Services Act 2007. However, it is his intention to maintain the listing status of EATech upon completion of the MGO. Therefore, both Sindora Bhd and Kulim (Malaysia) Bhd, who collectively will hold a total of approximately 52.48% of the total number of issued shares in EATech as at LPD, had given the undertakings that they will not accept the MGO. Halim and Khiruddin had also provided Rashid and EOSSB with undertakings not to accept the MGO. Read the full story by Kamarul Azhar theedgemarkets.com by Tan Choe Choe theedgemarkets.com earlier, the REIT pointed to its Sunday filing, in which it clarified that its trustee had yet to reach a definitive agreement to buy the retail assets — which are currently leased to grocery store retailer Giant — from the EPF. “The board of directors of Sunway REIT Management Sdn Bhd, the manager for Sunway REIT, wishes to clarify that RHB Trustees Bhd, as the trustee of Sunway REIT, has not reached a definitive agreement at this juncture. The board of directors of the manager is committed to making the necessary disclosures via Bursa Malaysia Securities Bhd when there are material developments in due course,” Sunway REIT said in its Sunday filing. The Edge reported in its publication for the week of March 13-19 that the REIT is in the midst of a deal to buy the retail assets from the EPF, and that five of the stores are in Klang Valley, while one is in Johor. The stores in Klang Valley are: Giant Superstore Ulu Klang, Giant Hypermarket Bandar Kinrara, Giant Hypermarket Putra Heights, Giant Hypermarket Klang and Giant Hypermarket Subang Jaya, USJ, which is adjacent to Mydin in USJ and has ceased operations late last year. The store in Johor is Giant Hypermarket Plentong.

TUESDAY MARCH 14, 2023 8 THEEDGE CEO MORNING BRIEF

TUESDAY MARCH 14, 2023 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): Bermaz Auto Bhd’s net profit jumped 114.09% to RM87.29 million in the third quarter ended Jan 31, 2023 (3QFY2023) from RM40.71 million a year ago on the back of higher revenue, which was slightly offset by higher income tax and foreign exchange loss. Its earnings per share rose to 7.5 sen for 3QFY2023 from 3.5 sen in the previous corresponding quarter, the group’s filing with Bursa Malaysia showed. The group, engaged in distribution and retailing for Mazda, Peugeot and Kia in Malaysia, saw its quarterly revenue grow 56.63% to RM975.97 million in 3QFY2023 compared with RM623.13 million a year ago as the group continued to fulfill a backlog of orders received for its domestic operations prior to the expiration of the sale and service tax waiver in June 2022. It declared a third interim dividend of 4.5 sen per share in respect of the financial year ending April 30, 2023, payable on May 5, bringing the total dividend declared for the financial period ended Jan 31, 2023 to 11 sen per share. For the first nine months of FY2023, Bermaz’s net profit jumped 163.73% to RM201.13 million from RM77.02 million in the same period a year ago, as cumulative revenue grew 73.44% to RM2.48 billion from RM1.43 billion. Bermaz said that its gross margin for its Mazda domestic operations in 3QFY2023 improved due to the change in the composition of sales mix and the appreciation of the ringgit against Japanese yen. In terms of prospects, the group foresees that the automotive sector will continue to face ongoing challenges such as shortages in the supply of microchips and components, delays in the supply of vehicles, tighter financial conditions, uncertainties in geopolitical conflicts and weaker global growth. “Barring any unforeseen circumstances, the board anticipates the performance of the group to remain positive for the final quarter of the financial year ending April 30, 2023 (FY2023),” it said. Bermaz’s shares closed 0.47% or one sen lower at RM2.12 on Monday, valuing the group at RM2.47 billion. KUALA LUMPUR (March 13): Plastic packaging producer Scientex Packaging (Ayer Keroh) Bhd, formerly known as Daibochi Bhd, saw its net profit rise 14% year-on-year for its second financial quarter ended Jan 31, 2023 (2QFY2023) thanks to softening of raw material prices, favourable product mix and lower freight cost. The improved quarterly earnings were achieved despite headwinds such as increased electricity cost, staff costs and other operating expenses. Scientex Packaging (Ayer Keroh) is a 71.89%-owned subsidiary of Scientex Bhd. Net profit for 2QFY2023 rose to RM13.38 million from RM11.69 million a year earlier. Earnings per share (EPS) rose to 3.82 sen from 3.57 sen during the period. This was also 9% higher than the RM12.28 million net profit posted in 1QFY2023. However, revenue for 2QFY2023 grew by a marginal 1.8% to RM198.06 million from RM194.47 million in 2QFY2022. In a filing with Bursa Malaysia on Monday (March 13), Scientex Packaging (Ayer Keroh) said sales from the domestic market contributed RM107.35 million or 54.2% of quarterly revenue, while exports made up the remaining RM90.71 million or 45.8%. For the six-month per iod (1HFY2023), the group’s net profit rose 19% to RM25.65 million from RM21.49 million a year earlier, while revenue grew 9.9% year-on-year to RM411.98 million from RM374.78 million. On current financial year prospects, Scientex Packaging (Ayer Keroh) said its capacity expansion plan remains on track and is aimed at meeting customers’ needs with the capacity to scale up production, increasing production efficiency, developing innovative and value-added customised products that meet evolving market trends and addressing sustainable packaging requirements. Read the full story Bermaz 3Q net profit doubles to RM87 mil, declares 4.5 sen dividend Scientex Packaging 2Q earnings up 14% as raw material, freight costs fall KUALA LUMPUR (March 13): S P Setia Bhd announced its final dividend of 1.47 sen per ordinary share in respect of the financial year ended December 31, 2022, payable on April 20. Its ex-date was March 27, and entitlement date was March 28, said the group in a bourse filing on Monday (March 13). The group also announced its preferential dividend of 6.49% per annum per Islamic redeemable convertible preference shares (RCPS-i A) and 5.43% per annum per Class C Islamic redeemable convertible preference shares (RCPS-i C). Both are payable semi-annually and based on the issue price of RM1 and 38 sen respectively and to be paid on April 20. Its ex-date was March 27. The group’s net profit fell 26.76% to RM90.32 million in its fourth quarter ended December 31, 2022 (4QFY2022) from RM123.32 million in the same quarter a year earlier (4QFY2021), against a higher quarterly revenue by 66.02% to RM1.71 billion from RM1.03 billion due to increased contributions from its property development sector. For its full-year of 2022, the group’s net profit improved 8.35% to RM308.09 million from RM284.36 million in 2021. Its revenue also increased by 18.35% to RM4.45 billion from RM3.76 billion. S P Setia’s share price closed 1.5 sen or 2.46% lower at 59.5 sen, giving it a market capitalisation of RM2.42 billion. S P Setia announces final dividend of 1.47 sen payable on April 20 BY SUFI MUHAMAD theedgemarkets.com BY ANIS HAZIM theedgemarkets.com BY CHESTER TAY theedgemarkets.com

TUESDAY MARCH 14, 2023 10 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): Malaysia’s retail trade growth forecast will be able to touch 8.9% for 2023 driven by the pentup demand for the year underpinned by improving labour market, stable inflationary pressure, accommodative economic policies and an uptick in the tourism industry, MIDF Research said. It said the normalising overnight policy rate, which is closer to the normalised rate of 3%, would have minimal effect on the domestic spending outlook. “Looking ahead, we opine the upbeat momentum of domestic demand to continue in 2023 underpinned by steady labour market, softening inflationary pressure, pick-up in tourism activities and supportive economic policies,” it said in a research note on Monday. It said airport passenger movements are also expected to improve in 2023 underpinned by borders reopening by China and Japan. However, the research house said the recovery towards the 2019 level is still a long journey ahead despite the international borders reopening by Malaysia. “Our house view is that the earliest for passenger traffic to reach 2019’s level is only by 2024. “Meanwhile, we also spotted signs of moderation compared withto the previous year (when) Malaysia’s consumers among others were boosted by the Employees Provident Fund (EPF) withdrawals and vehicle sales tax exemption,” it said. Therefore, it said the retail trade growth is expected to moderate amid high base effects. “Elevated cost of living pressure and higher interest rate levels are among key downside risks to consumer growth,” it said. Nevertheless, it said the further recovery of the labour market, softening inflation rate, pick-up in tourism activities led by China’s tourists and supportive economic policies would bolster household consumption and retail trade spending for this year. According to the data released by the Department of Statistics Malaysia on Monday, Malaysia’s wholesale and retail trade grew 12.4% year-on-year (y-o-y) in January 2023 to record monthly sales value of RM135.1 billion attributed to the retail trade sub-sector. Read also: Wholesale and retail trade sales grew 12.4% in Jan 2023 — DOSM MIDF Research forecasts retail trade growth can reach 8.9% this year KUALA LUMPUR (March 13): Malaysia’s Industrial Production Index (IPI) growth moderated to 1.8% in January 2023 against 2.9% in the preceding month, weighed down partly by slower growth in manufacturing output, said the Department of Statistics Malaysia (DOSM). Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the manufacturing sector’s output grew 1.3% year-on-year (y-o-y) versus 3% in December 2022 while the electricity output contracted at a faster rate of 4.3% compared with 2.2% previously. Meanwhile, mining production expanded by 5.9%, up from 3.9% in December 2022. “Y-o-y growth of IPI for January 2023 was also the lowest recorded since August 2021,” he said in a statement today. On a month-on-month comparison, the IPI decreased further by 2.3% in January 2023 after registering a marginal drop of 0.6% in the previous month. According to DOSM, both the export-oriented and domestic-oriented industries contributed to the moderation in the manufacturing sector’s growth. Export-oriented industries’ output growth slowed to 0.6% from 2.7% in the previous month, while domestic-oriented industries’ production grew 2.7% comMalaysia’s IPI growth moderates to 1.8% in Jan 2023 — DOSM pared with 3.8% in December 2022. The manufacture of computers, electronics and optical products, the largest contributor to manufacturing sector’s production, recorded a lower output growth of 0.8% against 7.6% in the month before, in line with slower momentum of external trade sector and declining trend in global semiconductor industry, he said. In the meantime, Mohd Uzir said rapid expansion was observed in the manufacture of coke and refined petroleum products with an output growth of 11% as well as in the manufacture of vegetable and animal oils and fats at 8.3%. He explained that production of domestic-oriented industries, which contributed to one-third of the manufacturing output, was propelled by the manufacture of motor vehicles, trailers and semi-trailers which accelerated by 12.2%. The output growth was positive in almost all domestic-oriented industries products except for the manufacture of beverages and basic metals which posted declines during the month. On the mining sector’s output performance, Mohd Uzir said the 5.9% growth was due to the strong growth of 8.0% in the crude oil and condensate index and 4.5% in the natural gas index. “The mining index grew by 1.7% (in January 2023) against 1.1% growth recorded in the previous month,” he said. Read also: Manufacturing sector’s sales value up 6.5% to RM148 bil in Jan 2023 — DOSM Bernama Bernama BLOOMBERG

TUESDAY MARCH 14, 2023 11 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): Pimpinan Ehsan Bhd has added to its regularisation plan by entering into a third supplemental agreement in relation to the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries, to include the purchase of an additional renewable energy (RE) asset for RM13.9 million. The cash company said it entered into the agreement with the vendors — B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Ibni Sultan Abu Bakar — on Monday (March 13) for the proposed acquisition of Idiwan Solar, which operates a solar photovoltaic power generation project in Machang, Kelantan. The solar plant has an aggregate capacity of approximately 45 megawatts direct-current (MWdc) and achieved initial operation in January 2023. “With these changes, Pimpinan Ehsan’s proposed regularisation plan now will include five solar assets instead of the earlier four. “These assets are located in Arau, Perlis; Gebeng, Pahang; Pekan, Pahang; Kuala Muda, Kedah; and the latest in Machang, Kelantan,” it said, adding that all five are in commercial operation, with an aggregate solar generating capacity of about 178 MWdc. Pimpinan Ehsan expands regularisation plan to acquire additional RE asset for RM13.9 mil KUALA LUMPUR (March 13): Five shareholders of Classita Holdings Bhd, formerly known as Caely Holdings Bhd, are seeking the court’s permission for them to take legal actions on behalf of the lingerie maker against its board members and vendor. The five shareholders are seeking permission from the Kuala Lumpur High Court to act on behalf of the company in a suit filed in the Ipoh High Court, plus another suit filed in the Shah Alam High Court, and the suit in the Court of Appeal, according to the company’s filing with Bursa Malaysia. Besides, they also intend to initiate legal action on behalf of Classita against the company’s board as well as a vendor for breach of fiduciary duties, fraud, unjust enrichment and/or conspiracy to injure the company in relation to its acquisition of shares in Kepayang Heights Sdn Bhd and other related transactions. The board members who they want to sue are executive director Francis Leong Seng Wui, Kang Chez Chiang, Ng Keok Chai, Krishnan Dorairaju, Chong Seng Ming, Datuk Mior Faridalathrash Bin Wahid, Kenny Khow Chuan Wah and Chin Boon Long; the other parties are Kepayang Heights and Harvest Miracle Capital Bhd. The five shareholders who initiated the originating summons are Datuk Seri Tee Yam, Datuk JP Low Kok Chuan, Leow Boon Kin, Zhang Jia and former executive chairwoman Datin Seri Jessie Wong Siaw Puie. Collectively, they own 67.2 million shares or a 19.82% stake in Classita. Tee Yam is the largest shareholder among the five, holding 49.38 million shares or a 14.57% stake. Accompanying these claims is the shareholders’ request for the court to grant leave to require the company to provide them with full cooperation in relation to the four legal matters. Classita shareholders take legal action to represent company in select legal matters BY IZZUL IKRAM theedgemarkets.com BY IZZUL IKRAM theedgemarkets.com Classita had filed a suit in Ipoh against 12 defendants — including its founder Datin Fong Nyok Yoon and her husband former managing director Datuk Chuah Chin Lai — to recover allegedly misappropriated funds from Caely (M) Sdn Bhd (CMSB) amounting to RM30.55 million. The other 10 were named as defendants for their alleged conspiracy with Chuah and Fong to cover up the misappropriation and breach of fiduciary duty. The company had in November 2022 filed a notice of discontinuance to discontinue its claim against the defendants. Similarly, Classita’s suit in Shah Alam also named Fong, Chuah and 10 of the company’s former directors as defendants. The company accused Fong and Chuah of allegedly misappropriating RM30.55 million from CMSB while asserting that the former board failed to disclose the misappropriation. The other 10 named as defendants in the suit were Siow Hock Lee, Ooi Say Teik, Hem Kan @ Chan Hong Kee, Ng Boon Kang, Tan Loon Cheang, Datuk Wira Ng Chun Hau, Lim Chee Pang, Lim Say Leong, Ben Hong Shien and Gok Ching Hee. As for the matter at the Court of Appeal, it concerns Messrs Bachan & Kartar acting on behalf of the company in filing a notice of application in the Ipoh court without the authority and mandate of the company. Shares in Classita ended down 2.5 sen or 9.8% at 23 sen, giving the company a market capitalisation of RM76.48 million. Read the full story The company continued that it will also acquire three entities which own the parcels of land on which the RE assets sit, as well as several newly incorporated subsidiaries of reNIKOLA, which are all intended to venture into the RE business. With the additional acquisition of Idiwan Solar, the total purchase consideration for the RE assets under its proposed regularisation plan totals RM339.4 million, to be satisfied via the issuance of 144.9 million new shares at an issue price of RM1.07 per share, and 143.3 million new shares at RM1.2867 apiece. Pimpinan Ehsan noted that the regularisation plan would see B.Grimm Power emerge as a substantial shareholder in Pimpinan Ehsan. B.Grimm Power is a wholly owned subsidiary of Thailand-listed B.Grimm Power Public Co Ltd with a market capitalisation of 105.6 billion baht (RM13.5 billion).

TUESDAY MARCH 14, 2023 12 THEEDGE CEO MORNING BRIEF

TUESDAY MARCH 14, 2023 13 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): The Malaysian Anti-Corruption Commission (MACC) is tracking down a man known as “Datuk Roy” to assist in the investigation into a corruption case involving the Jana Wibawa programme. In a statement issued on Monday (March 13), the MACC said Datuk Roy’s full name is Mohd Hussein Mohd Nasir, aged 54. His last known address is No. 3, Lorong 3 RRM Semambu, 25350 Kuantan, Pahang. The MACC urged anyone with information about the man to contact the invesported that the MACC had arrested one of its officers and three other individuals including a woman on Thursday for allegedly soliciting and accepting bribes amounting to RM400,000 to avoid investigations involving the Jana Wibawa programme. According to sources, the woman was released on MACC bail, while the three other suspects have been remanded until Tuesday. Following this, the MACC is now looking for “Datuk Roy”, who is believed to be the mastermind in the corruption case. ‘Datuk Roy’ wanted to assist in Jana Wibawa case SHAH ALAM (March 13): Former prime minister and Perikatan Nasional (PN) chairman Tan Sri Muhyiddin Yassin was charged again on Monday (March 13) at the Sessions Court here for money laundering of RM5 million. Muhyiddin pleaded not guilty to the charge read out to him before judge Rozilah Salleh. Rozilah then agreed to the bail terms set at the Kuala Lumpur Sessions Court, where Muhyiddin was charged last week. The bail set in Kuala Lumpur was RM2 million, which was paid by Muhyiddin for his earlier six charges. This means that the former PM would not have to pay bail for this charge in Shah Alam. He was charged with using his power as PN’s component party Parti Pribumi Bersatu’s president to receive the RM5 million from illegal activities from Bukhary Equity Sdn Bhd on Jan 7, 2022, which was deposited into the party’s AmBank account at the bank’s Amcorp Mall branch. The Pagoh member of Parliament was charged under Section 4(1)b of The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla). For the Amla charges, he faces a term of not more than 15 years jail time and a fine of up to five times the amount of the illegal proceeds or RM5 million, whichever is higher. Muhyiddin was represented by lawyer Datuk Datuk K Kumaraendran. The judge then set May 26 for case mention. The prosecution was also conducted by deputy public prosecutors Ahmad Akram Gharib, Kalai Vani Annadorai, Maziah Mohaide, Mohd Fadhly bin Mohd Zamry and Zander Lim Wai Keong. Muhyiddin was also represented by Chetan Jethwani, Dev Kumaraendran, Mohamad Isa Mohamad Basir, Teh See Khoon, Varsha Chelvi, Amiratu Al Amirat Salleh Mohamed Garbaa, Sharir Ab Razak and Raja Syuhada Raja Khairuddin. Muhyiddin turned up at the courthouse at around 8.20am and was greeted by some supporters. The main entrance of the courthouse was closed and only media and lawyers were allowed to enter. Shortly after the charge was read out, Muhyiddin was seen leaving the court complex with his entourage. On Friday (March 10), Muhyiddin pleaded not guilty and claimed trial to six charges at the Kuala Lumpur Sessions Court. Four of the charges were for corruption and the two were for money laundering. Muhyiddin was charged with four counts of abuse of power for using his position as then prime minister when his party, Parti Pribumi Bersatu Malaysia, was alleged to have obtained gratification of (received) RM232.5 million in bribes from corporate entities, namely three companies and one individual. Muhyiddin pleads not guilty to receiving RM5 mil from illegal activities from Bukhary Equity He faces not more than 20 years in prison for each charge and a summons of up to five times the amount of the bribe or RM10,000, whichever is higher. The other two money laundering charges involves receiving RM195 million of proceeds of illegal funds from illegal activities from Bukhary Equity. These took place in 2021 and 2022. Muhyiddin is the second former prime minister to have criminal charges against him. The first was Datuk Seri Najib Abdul Razak, who is currently in jail due to the SRC International Sdn Bhd trial. Muhyiddin, 75, who was sacked by his former party Umno for speaking up against Najib and his misgivings in 1Malaysia Development Bhd (1MDB), was one of the founders of Parti Pribumi Besatu who had joined the Pakatan Harapan coalition in 2018 to topple the Barisan Nasional stronghold in the country. In 2020, Muhyiddin was an integral part in the “Sheraton Move” which saw the Pakatan Harapan government collapse and the new coalition called Perikatan Nasional take over as government, which led to Muhyiddin to become the nation’s 8th prime minister and gained him the popular moniker “Abah”. Muhyiddin’s charging follows a spate of corruption charges against his party members, related to the Jana Wibawa programme. They are former Parti Pribumi Bersatu Malaysia (Bersatu) information chief Datuk Wan Saiful Wan Jan and businessman cum Bersatu Segambut division deputy chief Adam Radlan Adam Muhammad. Wan Saiful had relinquished his post as Bersatu information chief after he was charged. On Saturday (March 11), the Bersatu Supreme Council rejected Muhyiddin’s resignation as party chairman. Bukhary Equity According to Companies Commission Malaysia (SSM) records dated Feb 15, 2023, Bukhary Equity is a company 99% owned by tycoon Tan Sri Syed Mokhtar Al Bukhary, while the remaining 1% is held by Syarifah Zarah Syed Kechik. BY TIMOTHY ACHARIAM theedgemarkets.com Bernama tigating officer Mohammad Asyraf Mustafa at 013-4405210. On Sunday (March 12), Bernama reTan Sri Muhyiddin Yassin seen arriving at the Shah Alam Sessions Court on Monday, March 13, 2023 morning. SUHAIMI YUSUF/THE EDGE

TUESDAY MARCH 14, 2023 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): The move to expand 5G network coverage, which the government announced under Budget 2023, can further lower the internet prices offered to users now. Deputy Communications and Digital Minister Teo Nie Ching said this was because Digital Nasional Berhad (DNB), the body responsible for the development of the network, has offered 5G services for RM0.13 sen per gigabyte (GB), through a reference cost offer. According to her, the price offered is lower compared to the current cost of 5G services, which is RM1.68 cents per GB. “So, we believe that with (this move of) expanding the 5G network coverage, the prices of our internet can be lowered further,” she said during the question and answer session at the Dewan Rakyat on Monday (March 13). She was answering a supplementary question from Lim Guan Eng (PH-Bagan), who wanted to know if the cost of 5G services can be reduced if it were implemented nationwide. Teo said that currently, the implementation level of 5G services stands at 54.7% and the ministry is confident of achieving its target of 80% coverage for populated areas like Cameron Highlands (Pahang) and Sibu (Sarawak) by the end of this year. She said the government would also ensure the cost of implementing 5G services remains at RM16.5 billion to enable users to enjoy the internet at a reasonable price. When replying to a supplementary question from Rushdan Rusmi (PN-PaKUALA LUMPUR (March 13): Telekom Malaysia Bhd (TM) and ZTE (Malaysia) Corp Sdn Bhd have entered into a partnership to build a hybrid cloud 5G core network. In a joint statement on Monday (March 13), TM and ZTE Malaysia said that this strategic partnership will foster innovation and advancement of state-of-the-art technologies for TM’s 5G core project over the next three years, which includes bare metal containers, software-defined networking-based architecture, hardware acceleration, and three-layer decoupling. The statement pointed out that the rollout is anticipated to transform and revolutionise the way that data will be processed and transmitted, which could significantly impact the development of future technologies and applications. “Developing a high capacity network will also address the rising need for network bandwidth and speed, as Malaysia’s 5G adoption and ecosystem accelerates,” they said. Bernama Bernama Deputy Communications and Digital Minister Teo Nie Ching said that the implementation level of 5G services currently stands at 54.7% The statement said that the integration of this converged network will strengthen TM’s capabilities to provide seamless connectivity and exceptional network performance, serving a diverse range of industries, including healthcare, finance, transportation and education. “Additionally, the hybrid cloud 5G core network will aid in the growth of smart cities, Internet of Things (IOT), and other next generation technologies that necessitate rapid, low latency connectivity,” it added. TM, ZTE Malaysia team up to build hybrid cloud 5G core network Cheaper internet prices with expansion of 5G network coverage, says deputy minister TM executive vice-president for mobile Jasmine Lee Sze Inn said the collaboration marks a significant achievement in the advancement of 5G technology in Malaysia, with the novel hybrid cloud 5G core network anticipated to revolutionise Malaysia’s telecommunications industry. “This strategic partnership will transform 5G-enabled networks to deliver innovative solutions and services through our state-of-the-art network and infrastructure, and enable seamless connectivity and exceptional network performance,” she said. Meanwhile, ZTE Malaysia chief executive officer Steven Ge said as a global leading provider of information and communication technology solutions, the company is confident that the advancement of a hybrid cloud 5G core network will be the model for future networks. “ZTE is committed to this collaboration, as it will make Malaysia one of the leading countries in the region to roll out its 5G network,” he said. dang Besar) about whether DNB will continue to be owned by the Ministry of Finance or be authorised to be operated by another telecommunication company (telco), Teo said discussions on that matter have begun so that the telco will also have shares in DNB. “But so far, the agreement (discussions) have not been finalised yet and we (the ministry) together with the telco are negotiating because the telco has several questions… if it acquires DNB shares, what are its rights as a shareowner? “So, there are details that need to be refined before the telco makes a decision,” she said. Meanwhile, in reply to Lim’s original question for the ministry to state the cost and quality of 5G services offered by the company to users and efforts to lower it further until it is the cheapest in Asean, Teo said the prices offered by the service provider are determined by market forces. According to her, if the market fails to function efficiently, then the Malaysian Communications and Multimedia Commission (MCMC) can intervene in setting the prices. “However, the MCMC regulates access prices at the wholesale level, with ‘wholesale’ permission through the legal instrument of the Commission Determination on the Mandatory Standard on Access Pricing, or MSAP, and studies on these access prices are made periodically. “Through regulation at the wholesale level, it can indirectly reduce prices at the retail level, to consumers to a more competitive level,” she said. She said 5G services have just been offered in Malaysia and that for now, service providers are adopting a neutral technology concept in offering prices with no difference between 5G and 4G services. BERNAMA

TUESDAY MARCH 14, 2023 15 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): UMW group’s sales in February 2023 jumped 44% year-on-year to 34,233 units from 23,853 units a year earlier, as both UMW Toyota Motor (UMWT) and UMW’s associate company, Perodua, fulfilled encouraging outstanding bookings. In a statement on Monday (March 13), the group said UMWT’s sales rose to 9,297 units in February 2023, 45% higher than the 6,432 units delivered in February 2022. The group said it was also 37% higher than the 6,786 units registered in January 2023. For the first two months of 2023, UMWT registered 16,083 units, a 15% growth compared with the 13,960 units registered in the corresponding period of 2022, it said. The automotive group said UMWT expects the demand and sales to be sustained throughout the year, supported by the introduction of new and facelift models. On Feb 17, 2023, UMWT launched the GR Supra, GR 86, GR Corolla, Corolla Cross GR Sport, as well as the Hilux GR Sport. To further strengthen its market position, UMWT has started order-taking for the all-new Toyota Vios on Feb 24. UMW said Perodua’s sales continued on an upward trajectory in February 2023, with the delivery of 24,936 units, 43% higher than the 17,421 units registered in February 2022, as well as 16% higher than the 21,449 units registered in January 2023. For the first two months of 2023, it said that Perodua delivered 46,385 units, a 33% growth compared with the 34,865 units registered in the corresponding period of 2022. With the improving demand, Perodua has set a higher sales target of 314,000 units for 2023, a 11% growth compared with 2022, the group said. The higher sales will be driven by the all-new 2023 Perodua Axia that was launched on Feb 14, 2023, it added. UMW Holdings Bhd president and group CEO Datuk Ahmad Fuaad Kenali said the group was cautiously optimistic that the automotive industry will continue to perform well in 2023, based on the encouraging sales and orders. At 10am on Monday, UMW gained 0.82% or three sen to RM3.71, with 155,900 shares traded. UMW group’s February sales up 44% y-o-y to 34,233 units Proton, Perodua still meet criteria as national car makers, says Miti KUALA LUMPUR (March 13): Pengerang Energy Complex Sdn Bhd has signed key agreements with several blue-chip partners for Johor’s upcoming Pengerang Energy Complex (PEC) with a combined value totalling US$102 billion (RM457.5 billion). The strategic feedstock supply and product off-take agreement signings with energy majors Chevron and Equinor, Thai national oil company PTT, and marquee trading house Mitsui & Co Ltd will support the full needs of PEC for its initial 12-year operation, a joint statement said. Pengerang Energy Complex chief executive officer Alwyn Bowden said the PEC project will deliver the lowest carbon footprint per tonne of Paraxylene produced in any such facility globally when it is operational in late 2026, delivering industry pacesetting benchmarks which will allow PEC to “start with the future”. He said it is against this backdrop that they are especially pleased to have successfully conKUALA LUMPUR (March 13): The contribution of Proton Holdings Bhd (Proton) and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) to the local automotive industry has enabled both companies to be still treated as national car manufacturers. International Trade and Industry (MITI) Deputy Minister Liew Chin Tong, however, said the two car companies need to ensure that the criteria, as outlined under the National Automotive Policy 2020 (NAP 2020), are adhered to. “With the criteria laid out under the NAP 2020, any company other than Proton and Perodua that can meet those criteria is also eligible to be considered as a national car project and be given similar treatment,” he said in a question and answer session at Parliament on Monday (March 13). Liew was answering Lee Chean Chung (PH-Petaling Jaya), who asked as to why Proton is still given various special treatments since it is no longer a national car. Among the criteria for a Malaysian vehicle project are majority local ownership, a focus on developing the local supply chain, conducting local research and development (R&D) activities, and providing job opporcluded negotiations on feedstock supply and off-take with like-minded and forward-thinking partners. Together, they will form the cornerstone of PEC operations, the statement said. “These key agreement signings also signal the strong confidence that our various stakeholders have in the project and are set to be a catalyst for further announcements and progress updates in the coming months,” he said in the statement. PEC forecasts an annual export turnover of US$5 billion, propelling Malaysia further up the value chain in the petrochemical sector. With strong regional demand for fuels and downstream petrochemicals products, PEC’s hydrogen output holds potential for further downstream investments which will enable green initiatives such as sustainable aviation fuels (SAF), biodiesel and other biofuels. PEC, which is being developed by Singapore-based energy and petrochemicals developer ChemOne Group and its partners, is designed to optimise energy efficiency, minimise equipment requirements, and significantly reduce carbon footprint. Once completed, the US$4.5 billion PEC facility is set to be one of the largest, most competitive and energy and resource-efficient aromatics complexes in the world Financing of PEC is expected to be concluded within the next quarter as per the financing terms and schedule agreed with global export credit agencies, with export guarantee facilities of around US$2.5 billion anticipated to be available to support the project. Pengerang Energy Complex inks deals worth US$102 bil Bernama BY SURIN MURUGIAH theedgemarkets.com Bernama tunities for the local community, Liew said. He said Proton has provided job opportunities for 8,500 people, with 99% of them from the local community. “Proton also appoints more than 180 Tier-1 local companies in its entire supply chain and the average value of local procurement is between 75% and 80%, especially for models that are fully developed locally,” he said. Therefore, he said Miti will constantly monitor Proton’s and Perodua’s compliance with the criteria that have been laid out and will update the policy from time to time, in line with the development of the global automotive industry.

TUESDAY MARCH 14, 2023 16 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): RHB Banking Group unveils the green financing scheme for small and medium enterprises (SMEs), with a target of RM1.5 billion in sustainable financing to businesses by 2024. Managing director of Group Community Banking, RHB Banking Group, Jeffrey Ng said in a statement that the group will intensify its efforts in supporting and advancing SMEs to sustainable practices in 2023 through knowledge sharing, advisory as well as its innovative products and services. “This is part of our commitment under our five-year Sustainability Strategy and Roadmap. As of December 2022, RHB has achieved over RM14.5 billion in sustainable financial services, which exceeds our target by 66%,” he said. Ng said the scheme forms part of the group’s existing Sustainable Financing ProRHB unveils green financing scheme for SMEs, with RM1.5 bil target by 2024 KUALA LUMPUR (March 13): Fitters Diversified Bhd has justified its acquisition of 12.14 million shares in Computer Forms (Malaysia) Bhd due to the latter’s involvement in the electric vehicle (EV) industry. In its Bursa filing on Monday (March 13), the group rationalised the acquisition of Computer Forms after CFM’s joint venture agreement with EA Mobility Holding Co Ltd on February 5 to sell, distribute, assemble and produce EVs in Malaysia. “The Malaysian electric vehicle market is currently in the very initial stages of growth,” said Fitters in its filing. “However, Fitters is optimistic that the government’s initiatives to promote next-generation vehicles in the country will stimulate the demand for electric vehicles, and we anticipate CFM will be benefiting from this trend.” The group also clarified on CFM’s value via the joint venture into EV, stating that CFM has teamed up with Bangkok-listed Energy Absolute Public Company Ltd to jointly produce and distribute EV and EV chargers in Malaysia. “It is believed that the joint venture will contribute positively to its future earnings in the long run as Malaysia has the policy to reduce the consumption of fossil fuels and increase the use of electric vehicles by up to 37% from the year 2022 to 2040.” Fitters added that Energy Absolute has further agreed to partner with CFM on transferring innovation, renewable energy experience and carbon credit to the Malaysian government to boost Malaysia’s sustainability in achieving its Net Zero goal by 2050. “Malaysian Prime Minister, Datuk Seri Anwar Ibrahim acknowledged EA’s (Energy Absolute) interest in supporting, investing, and promoting the pilot project together with CFM to become an Asian leader in Energy Storage. “It is believed that the favourable global growth in CFM’s major operating secFitters Diversified justifies acquisition of 12.14 mil Computer Forms shares BY SUFI MUHAMAD theedgemarkets.com Bernama Fitters Diversified Bhd 0 30 60 90 120 150 Mar 14, 2022 Mar 13, 2023 5 10 15 20 Vol (mil) Sen Source: Bloomberg 8.5 sen 16.5 sen Computer Forms (Malaysia) Bhd 0 10 20 30 40 Mar 14, 2022 Mar 13, 2023 0.5 1.0 1.5 2.0 2.5 3.0 Vol (mil) RM Source: Bloomberg RM1.40 RM0.53 tors is beneficial for the CFM Group’s earnings, especially in the long run.” On Datuk Seri Pang Chow Huat, Fitters clarified that he is the largest shareholder of Fitters with 48.05 million shares or a 7.9% stake. Pang also holds 145.17 million shares or 54.25% in CFM. In terms of shareholdings of common directors in Fitters and CRM, of the three directors in both groups, Hoo Swee Guan holds 40,000 shares or 0.007% in Fitters and none in CFM. The other directors — Wong Kok Seong and Khoo See Yiing — have no shares in either Fitters or CFM. Fitter’s share price closed one sen or 10.53% lower at 8.5 sen. Its market capitalisation was RM50.13 million. Computer Form’s shares also closed lower by two sen or 1.41% at RM1.40, giving it a market capitalisation of RM374.61 million. gramme, which focuses on green product offerings comprising five financing schemes. The available financing facilities allow access to working capital of up to RM10 million with a repayment period of up to 10 years at preferential rates. “Our goals under this programme include raising awareness and educating SMEs on the importance of adopting greener practices, and the financial and non-financial benefits it will bring to their businesses,” he said. More information can be obtained at https://www.rhbgroup.com/greenfinancing/index.html or https://rhbgroup.com/greenfinancing/index.html. Read also: Govt considering comprehensive changes to green tech tax incentives in Budget 2024 — MOF

TUESDAY MARCH 14, 2023 17 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 13): After three of its directors left just over a week ago, Revenue Group Bhd announced the appointment of five new directors to its board, as well as a new chief financial officer (CFO), effective Monday (March 13). In bourse filings, the e-payment solutions provider said it has appointed Teh Chee Hoe as executive director, and four independent, non-executive directors, namely: Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson, and Krishnan Dorairaju. Ng Kuan Horng was named as its new CFO. It is worth noting that Teh also sits on the board of Willowglen MSC Bhd as an independent non-executive director, while Krishnan serves as an independent non-executive director of Classita Holdings Bhd (formerly Caely Holdings Bhd). On March 3, Revenue Group announced the resignation of two of its executive directors Ooi Guan How and Lai Wei Keat, as well as independent non-executive director Loo Jo Anne. The group cited health reasons for Ooi’s departure, while Lai and Loo stepped down due to personal reasons. Revenue Group is currently mired in a legal dispute with co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang, who have been suspended from their executive functions after several complaints were lodged against them. Read the full story Revenue Group board sees five new additions KUALA LUMPUR (March 13): Country View Bhd has appointed former Dewan Rakyat Speaker Tan Sri Azhar Azizan @ Harun as its independent and non-executive director. The property developer announced the appointment in its bourse filing on Monday (March 13). Azhar Harun was the Dewan Rakyat Speaker from 2020 to 2022, and retired after Datuk Johari Abdul was appointed as the new Dewan Rakyat Speaker for the current parliamentary term. He was admitted as an advocate and solicitor of the High Court of Malaya on February 27, 1987 and has extensive experience as an advocate & solicitor and currently concentrates his practice in litigation matters involving shareholders right and remedies, corporate liquidation and receivership; corporate debts restructuring and building and construction claims. He is now practicing law in Messrs Azhar & Goh. Meanwhile, Country View’s net profit increased 37.55% to RM1 million or four sen per share in the fourth quarter ended Nov 30, 2022 (4QFY2022) from RM727,000 or three sen per share in the same quarter a year earlier (4QFY2021), against higher revenue by 178.76% of RM24.67 million in 4QFY2022 from RM8.85 million. The improved revenue and profit were from its property development division. Its second interim dividend of four sen per ordinary share was paid on Feb 17. For its full year 2022, its net profit decreased 54% to RM3.04 million in 2022 (FY2022) from RM6.61 million a year earlier (FY2021), against increased revenue by 19.36% to RM81.32 million from RM68.13 million. “Our group will continue to monitor both global and local developments closely to remain proactive and vigilant in mitigating any potential impact to the businesses of the group,” said Country View on its prospects. “The group expects its revenue and performance for the financial year ending Nov 30, 2023 to be derived from the properties sold in Taman Nusa Sentral, Iskandar Puteri, Johor as well as the new development of Aurora Resort Villas (ARVs) in Aurora Sentral, Iskandar Puteri, Johor.” Country View also plans to launch a further phase of the ARVs in Aurora Sentral and affordable homes under the Rumah Mampu Milik Johor scheme in Taman Nusa Sentral in FY2023. Its share price closed unchanged at 96 sen, giving it a market capitalisation of RM96 million. Country View appoints former Dewan Rakyat speaker Azhar Azizan as independent nonexecutive director Perdana Petroleum bags three charter contracts from major shareholder Dayang Enterprise BY SUFI MUHAMAD theedgemarkets.com BY SUFI MUHAMAD theedgemarkets.com BY IZZUL IKRAM theedgemarkets.com KUALA LUMPUR (March 13): Perdana Petroleum Bhd has secured three charter contracts from its major shareholder Dayang Enterprise Holdings Bhd. In its filing with Bursa Malaysia, Perdana Petroleum announced that its wholly-owned subsidiary, Perdana Nautika Sdn Bhd accepted three Letters of Award (LOA) dated Jan 16 from Dayang Enterprise Sdn Bhd — a unit of Dayang Enterprise. The three LOAs entail the charter of one unit accommodation work barge (AWB), and two units anchor handling tug & supply (AHTS) vessels, valued at approximately RM18.3 million. The duration for vessel charters are for a period of 90 days from the commencement date, said Perdana Petroleum in the bourse filing. The commencement date for AWB started on Feb 14, while the two AHTS contracts commenced on Feb 15 and 18. The charters were recurrent related party transactions (RRPT) in which PPB Group has obtained its mandate from the PPB’s shareholders in its annual general meeting in May last year for the amount of RM120 million. “The vessel charters are part of the strategic alliance between Dayang Group and Petroleum Perdana group where the utilisation of its vessels can be maximised and qualified to bid for more offshore maintenance works,” said Perdana Petroleum. The contracts are anticipated to contribute positively to the earnings of the group in the current financial year ending Dec 31, 2023 (FY2023). Perdana Petroleum’s share price closed unchanged at 18 sen, giving it a market capitalisation of RM399.26 million.

TUESDAY MARCH 14, 2023 18 THEEDGE CEO MORNING BRIEF HOME ALOR SETAR (March 13): The Kedah government has the option of choosing another company to develop the Kulim International Airport (KXP) project should Tan Sri Syed Mokhtar Al-Bukhary’s company pulls out. Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said there are other companies, which are capable of being involved in the project, that have sent KXP development proposal papers to the state government. He said the state government would also call KXP Airport City to give a briefing on the extent of dealings with Syed Mokhtar’s company concerning the project. “If he (Syed Mokhtar) has to reject, please do, I have no problems with him, perhaps he can be involved in other projects. If he rejects it, we will make a new assessment (of other companies). “We will see the final decision of the Albukhary Group based on their answer later,” he told a media conference after the Kedah State Legislative Assembly sitting at Wisma Darul Aman here on Monday. Muhammad Sanusi said the state government made an offer to two companies, including Syed Mokhtar’s company, for a joint venture to develop the KXP project and the other company, which has cargo expertise, has already given feedback saying it is ready to collaborate. Meanwhile, the Kedah Menteri Besar said that the 12 new houses built by the state government for those who lost their homes o floods and a water surge in Kampung Iboi near Baling last year are expected to be completed before April 27. “Those wanting to stay there have taken part in the draw for the houses that they will be getting,” he said, adding that eight more houses built by the Kedah Regional Development Authority (KEDA) for victims of the water surge have already been completed. The Kedah state assembly will sit again on Tuesday. There are other companies capable of developing Kulim International Airport, says Kedah MB KUALA LUMPUR (March 13): Nameplate and plastic injection moulded parts maker Volcano Bhd has been issued an unusual market activity (UMA) query after its shares spiked over 23% on Monday (March 13). Shares of the ACE Market-listed company closed at RM1.09, gaining 21 sen or 23.86%, with 23.43 million shares traded. Year to date, the counter has climbed 124.74%. At RM1.09, the company has a market capitalisation of RM179.85 million. Highlighting the sharp rise in its share price and volume, Bursa requested Volcano to disclose any corporate developments, rumours or reports concerning the business and affairs of the group, and any other possible reasons, which may account for the UMA. At the time of writing, the company has yet to respond to Bursa’s query. For the financial quarter ended Dec 31, 2022, Volcano’s net profit fell 58.48% to RM837,000 compared with RM2.02 million in the same quarter year earlier, as revenue slipped 12.56% to RM15.9 million from RM18.18 million previously. It is worth noting that the group has changed its financial year from Dec 31 to June 30. According to the Volcano’s annual report for 2021, the company’s substantial shareholders are Datuk Ch’ng Huat Seng with a 16.97% stake followed by Datuk Wong Tze Peng with 14.85%, Gan Yew Thiam and Khoo Boo Wui with 12.73%, and Yeap Guan Seng with 6.36%. It is also worth noting that it has been less than two years since Volcano was listed on the ACE Market of Bursa Malaysia on April 6, 2021, with an issue price of 35 sen. CYBERJAYA (March 13): Malaysia Digital Economy Corporation (MDEC) has partnered with the audit and advisory professional services provider KPMG to accelerate the growth of 20 local start-ups to become future technology unicorns by 2025. MDEC head of digital export Gopi Ganesalingam said the collaboration would support MDEC’s founders centre of excellence programme under the Malaysia Digital initiative, benefiting the start-ups by providing them with the proper knowledge, tools and support as well as making sure that they get to the end role of becoming a unicorn. Without disclosing the names, Gopi said the identified start-ups were in the sectors of digital health, digital content and the Islamic economy. “In order to make Malaysia’s digital technologies economy vibrant, global companies’ intervention is needed to understand the ecosystem better,” he said in a press conference in conjunction with the launch of the KPMG partnership here on Monday. He said the collaboration would entail identifying high-growth technology companies and providing consultation and advisory on financial technology (fintech) and innovation, technology resiliency and business continuity. KPMG Malaysia managing partner Datuk Johan Idris said the company had been monitoring the development of homegrown start-ups and believed that Malaysia had all the right ingredients for technology companies to grow, supported by modern infrastructure and a skilled workforce. “KPMG is proud to play our part, working closely with MDEC to help these 20 high-potential start-ups reach their true potential,” he said. Volcano hit with UMA after share price jumps over 23% MDEC partners KPMG to nurture Malaysia’s next BY IZZUL IKRAM tech unicorns theedgemarkets.com Bernama Bernama Powerful Volcano rally Source: Bloomberg Jan 3, 2022 Mar 3, 2023 39.7 sen RM 0.2 0.4 0.6 0.8 1.0 1.2 More than doubles within three months RM1.09

TUESDAY MARCH 14, 2023 19 THEEDGE CEO MORNING BRIEF WORLD (March 13): US President Joe Biden pledged on Monday to do whatever was needed to address a banking crisis threatened by the collapses of Silicon Valley Bank and Signature Bank which forced regulators to step in with emergency measures. Biden’s address came after weekend moves by the United States to guarantee deposits at collapsed tech-focused lender SVB failed to reassure investors about the health of other banks around the world. Europe’s STOXX banking index fell 5.8% on Monday and was on track for its biggest two-day fall since March 2022, soon after Russia invaded Ukraine. Germany’s Commerzbank fell as much as 12.7%, while Credit Suisse hit a new record low after falling more than 15%. Biden said his administration’s rapid action over the weekend should give Americans confidence that the US banking system is safe, adding that he was going to ask Congress and regulators to strengthen bank rules. “Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.” US bank shares had declined in pre-market trading, with Bank of America down 3.7%. Smaller lenders remained under pressure with privately owned First Republic Bank plunging around 60% and PacWest down around 40%. In the money markets, a closely-watched indicator of credit risk in the US banking system edged up, as did other indicators of credit risk in the euro zone. Europe’s volatility index jumped to its highest level since October 2022. Meanwhile, the price of gold raced towards the key US$1,900 level, emboldened by bets that the US Federal Reserve may have to tone down its rate hikes as investors sought safe havens. “There is a sense of contagion and where we see a repricing around financials is leading to a repricing across markets,” said Mark Dowding, chief investment officer at BlueBay Asset Management in London. Dowding said he did not think that a lot of the issues affecting US banks would be present in European lenders. Bonds held by SVB were “worth next to nothing in a short space of time, so against that backdrop, that has an effect that is translated on a more widespread basis,” he added. US regulators on Sunday stepped in after the collapse of SVB — the largest US bank failure since 2008, which suffered a run after a big hit on a portfolio of bonds. SVB’s customers will have access to all their deposits starting Monday and regulators set up a new facility to give banks access to emergency funds. The Federal Reserve also made it easier for banks to borrow from it in emergencies. Regulators moved swiftly too to close New York’s Signature Bank, which had come under pressure in recent days. But more stress is expected. First Republic Bank said on Sunday it had secured additional financing through JP Morgan Chase, giving it access to a total of US$70 billion in funds through various sources. European fallout In Germany, the central bank convened its crisis team on Monday to assess the possible fallout on the local market, even as no emergency action was foreseen in Europe. Swiss financial regulator FINMA said it was closely monitoring the situation surrounding failed US lenders and looking for signs of contagion from the banks’ collapse. After marathon talks over the weekend, early on Monday in London HSBC announced it was buying the British arm of SVB for one pound (US$1.21). It said Silicon Valley Bank UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds as of March 10. While SVB UK is small — HSBC’s balance sheet exceeds US$2.9 trillion — concerns that SVB’s failure would cause Britain’s start-up industry to seize up had prompted calls from the sector for government to intervene. Markets gyrate Meanwhile, a furious race to re-price interest rate expectations also sent waves through BY ALUN JOHN, RAE WEE & TREVOR HUNNICUTT Reuters Biden says to do ‘whatever needed’ as banks hit despite SVB action markets as investors bet the Fed will be reluctant to hike next week while the mood is febrile and delicate. Markets are now pricing in a roughly 40% chance that the US central bank will not raise rates at all, according to the CME’s Fedwatch tool. Earlier last week a 25 basis point hike was fully priced in, with a 70% chance seen of 50 basis points. Two-year US Treasury yields were last down 55 bps at around 4.09% set for their biggest one day fall since 1987 according to Refinitiv data. SVB’s collapse comes alongside the closure of crypto-focused bank Silvergate, which last week disclosed plans to wind down operations and voluntarily liquidate, in the aftermath of FTX’s implosion last year. US banks lost more than US$100 billion in stock market value late last week following SVB’s failure, while European banks have now lost a similar amount, a Reuters calculation showed. Read also: Biden vows to hold banks accountable, urges stronger regulation Fed’s new backstop shields banks from US$300 bil of losses Goldman scraps March rate hike call as traders unwind Fed bets Gold keeps rising as SVB fallout spurs rush to the haven asset BLOOMBERG

TUESDAY MARCH 14, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (March 13): Silicon Valley Bank became the biggest US lender to fail in more than a decade, creating fears of contagion in tech and finance sectors in the US and around the world. US regulators took extraordinary measures to shore up confidence in the financial system, part of a frantic weekend that saw the surprise closure of New York’s Signature Bank along with mounting concerns about spillover effects to other regional lenders and the wider economy. On Monday, the UK moved quickly to stem fallout by selling SVB’s British unit to HSBC Holdings plc for £1. Elsewhere companies were tallying up their exposure, with most reassuring investors that the risk was manageable. But the positive effect from the overnight support by US regulators quickly evaporated on Monday morning, with stocks signalling that fallout from the incident is far from over. Here’s a roundup of how companies, investors and governments are responding: US Treasury Department, Federal Reserve and FDIC: In an effort to avert a broader crisis, US authorities introduced a new backstop for banks that Federal Reserve officials (March 13): HSBC Holdings Plc is buying the UK arm of Silicon Valley Bank, the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse. The London-listed lender’s “ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1,” HSBC said in a statement Monday. The deal completes immediately and will be funded from existing resources. Chief Executive Officer Noel Quinn said in a statement the acquisition makes “strategic sense” and would boost its exposure to the technology and life-science sectors. The Bank of England said in a statement Monday that “all depositors’ money with SVB UK is safe and secure as a result of this transaction.” The central bank said all SVB services “will continue to operate as normal and customers should not notice any changes,” and “no other UK banks are directly materially affected by these actions.” SVB UK staff remain employed and the lender continues to be authorized by UK regulators, the BOE added. “This represents a good solution for all,” Shore Capital analyst Gary Greenwood said in a note, adding the impact on HSBC’s forecasts is likely to be immaterial. HSBC buys SVB’s UK unit for £1 in reprieve for tech sector BY HARRY WILSON Bloomberg Bloomberg CONTINUES ON PAGE 21 Shares drop HSBC’s shares were down 3.2% as of 9.23am in London, in line with other lenders as investors mulled whether SVB’s mismatch in duration for its assets and liabilities has wider ramifications. The sudden collapse of SVB’s US parent company last week is causing ripples through the banking and tech sectors. The sharp rise in global interest rates has caught some of the world’s largest banks off guard. Standard Chartered Plc said at its full-year results last month that it recorded a US$571 million loss booked in its “central and other items” that the bank blamed on losses from its interest rate hedges in its treasury department. Meanwhile, HSBC reported about US$5 billion of “adverse movements” in its holdings of financial instruments used to hedge its exposure to interest rate moves. SVB financials SVB’s UK unit had loans of around £5.5 billion (US$6.7 billion) and deposits of around £6.7 billion as of March 10, according to the HSBC statement. In 2022, SVB UK recorded a profit before tax of £88 million and its tangible equity is expected to be around £1.4 billion. That’s essentially a rounding error for HSBC, which had US$493 billion in UK customer accounts at the end of 2022, according to its annual report. A final calculation of the gain arising from the acquisition will be provided in due course, HSBC said. The assets and liabilities of the parent companies of SVB UK are excluded from the transaction. The acquisition comes as HSBC prunes some of its global footprint. It sold its Canadian arm in November, and disposed of its French and US retail operations in 2021. Quinn said at the time of the Canada sale that that the money raised from the transaction would provide it with financial muscle to “invest in growing our core businesses,” in addition to potentially funding dividends and buybacks. Read the full story said was big enough to protect the entire nation’s deposits. The FDIC said it will resolve SVB in a way that that “fully protects all depositors”. The Fed also announced a new “Bank Term Funding Program” that offers one-year loans to banks under easier terms than it typically provides. US$25 billion is available. First Republic Bank: The California-based lender fell about 60% in pre-market trading in New York after it moved to try and quell concern about its liquidity. The declines came after the bank said in a statement late Sunday that it had more than US$70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co. Khosla Ventures: The Menlo Park-based venture capital firm sent an email to founders saying that it would step in and cover payroll for some of its portfolio companies if they had shortfalls because of funds tied up with SVB. UK HSBC: The London-listed lender bought SVB’s UK unit in a deal that completed immediately and was funded from existing resources. “This acquisition makes excellent strategic sense for our business in the UK,” chief executive officer Noel Quinn said in the statement. Polarean Imaging plc: The medical-imaging firm requested its shares be temporarily suspended while it seeks clarification on next steps, adding that it has “sufficient cash outside of SVB to meet its immediate liquidity needs”. Trustpilot Group plc said SVB UK was its principal banking partner, but added it has other banking relationships that will let it continue ordinary business. Syncona and Learning Technologies also shared details of their relationships with SVB. Naked Wines plc: The wine distributor said it had a US$60 million asset-backed credit facility, syndicated 50-50 between SVB and Bridge Bank. It’s engaged in discussions with Bridge Bank and has started looking for new financial partners. Venture Life Group plc: The consumer health company said it has a £30 million revolving credit facility with SVB and Santander. How SVB’s collapse is reverberating around the world

TUESDAY MARCH 14, 2023 21 THEEDGE CEO MORNING BRIEF WORLD It has started discussions for Santander to take over SVB’s portion. Sweden Alecta: Sweden’s biggest pension fund is set to lose as much as US$1.1 billion on bets it made in banks caught up in the collapse of SVB. The investor held a crisis meeting early on Monday to discuss why it had invested US$2 billion in Signature Bank, First Republic Bank and SVB. Sweden’s financial watchdog summoned Alecta and other financial firms to discuss the crisis, but the Financial Supervisory Authority said the Nordic nation’s financial system has “significant resilience” and can navigate the current turbulence. Japan SoftBank Group Corp: The group is seen as potentially one of the most exposed firms given its huge investments in technology. Startups in which SoftBank Vision Fund has invested have deposits and loans with SVB. There are concerns they could be hard pressed for cash flow due to the collapse. Sumitomo Mitsui Trust Holdings Inc: The Japanese asset manager had 0.29% stake in SBV Financial Group as of the end of last year’s fourth quarter. China Shanghai Pudong Development Bank Co: The state-owned Chinese lender owns a banking venture with SVB and sought to calm local clients by reminding them that operations have been independent. SPD Silicon Valley Bank said in a statement it has always operated in a stable manner in accordance with Chinese laws and regulations and has an independent balance sheet. The venture was founded in 2012 as the first tech-focused bank in China, and serves science and innovation enterprises. Andon Health Co: The firm and its units had deposited about 5% of their cash and financial assets at SVB as of March 10, according to a statement to the Shenzhen stock exchange. Netherlands Pharming Group NV: The Dutch biotech said it holds US$26 million in SVB US and US$19 million in SVB UK. While most of the money is uninsured, the company said it’s confident its exposure won’t materially impact operating plans or convertible debt service obligations. The stock fell as much as 8.4% on Monday. Germany BaFin: The German financial regulator froze SVB’s branch in the country, which will not be allowed to sell assets or make payments. The regulator said the unit is at risk of not being able to fulfil commitments to creditors, BaFin said in a statement on Monday. The bank also has to close its client business. The German operations don’t pose a danger to financial stability, BaFin said. Denmark Zealand Pharma A/S: The Danish drug developer had about 163 million kroner (US$23.5 million) at SVB as of March 10, or about 15% of its total cash, cash equivalents and marketable securities on that date. It expects to recover all of its deposits held at the now-closed Silicon Valley Bank. Norway Norges Bank Investment Management: Norway’s US$1.3 trillion sovereign wealth fund said it expects to claw some money back related to credit exposure, though it is “premature to say how much”. The fund said it also had shares in Signature Bank and First Republic. Hong Kong Brii Biosciences Ltd: The biotech company said less than 9% of its total cash and bank balances were held at SVB as of Feb 28. It’s working closely with SVB and the FDIC to monitor updates of the incident and minimise any potential impact. Broncus Holding Corp: The medical services company said about US$11.8 million, or about 6.5% of its cash and cash equivalents, was deposited at SVB as of March 10. “The company is actively working towards preserving and recovering its deposits at SVB,” it said in a filing. BeiGene Ltd: The biopharmaceutical firm said its uninsured cash deposits held at SVB represented 3.9% of its total cash and cash equivalents as of Dec 31. “The company does not expect the recent developments with SVB to significantly impact its operations.” Australia Xero Ltd: The accounting-software provider said its total exposure to SVB was about US$5 million as of March 10. SiteMinder Ltd: The software maker said it had cash holdings of as much as A$10 million (US$6.6 million) exposure to SVB and SVB UK, including anticipated payments from customers and partners. India Nazara Technologies Ltd: The game developer said two units indirectly related to the company held about US$7.8 million in cash balances at SVB. Read also: Silicon Valley Bank parent mulls options for investment banking, fund manager units Singapore’s central bank says ready to act amid fallout from SVB failure Sweden’s Alecta set to lose US$1 bil on soured US bank bet SVB collapse trains spotlight on Softbank’s startup financing LONDON/HONG KONG (March 13): Chinese state-owned conglomerates China Merchants Group and China Cosco Shipping Corp are among the firms expressing interest in PSA International Pte’s minority stake in the ports business of Hong Kong’s CK Hutchison Holdings Ltd, according to people familiar with the matter. PSA is seeking about US$4 billion for its 20% share of CK Hutchison’s ports assets, the people said, asking not to be identified because the matter is private. PSA, owned by Singaporean state investment firm Temasek Holdings Pte, is working with an adviser as it fields preliminary interest in the stake, the people said. The sale process has just kicked off and PSA is holding early talks with potential bidders PSA’s CK Hutchison ports US$4 bil stake sale said to attract China giants including China Merchants, Cosco and other firms in the sector, the people said. Discussions are preliminary and the firms could decide against making offers, they said. Representatives for China Merchants, Cosco, PSA and CK Hutchison didn’t immediately respond to requests for comment. Billionaire Li Ka-shing’s conglomerate CK Hutchison counts businesses spanning ports, retail, infrastructure and telecommunications. It’s one of the world’s biggest container terminal operators and port services providers, with holdings in about 51 ports in 25 countries, its website shows. Based in Singapore, PSA International operates more than 60 deep-sea, rail and inland terminals across 42 countries, according to its website. BY VINICY CHAN & MANUEL BAIGORRI Bloomberg FROM PAGE 20

TUESDAY MARCH 14, 2023 22 THEEDGE CEO MORNING BRIEF WORLD HONG KONG (March 13): Contemporary Amperex Technology Co Ltd is truly the undisputed electric vehicle battery-making king. It supplies a roll call of carmakers — from Tesla Inc to Ford Motor Co, Volkswagen AG to Hyundai Motor Co and Stellantis NV — and commands a 37% share of the market globally. Net income almost doubled last year to US$4.4 billion. Its might has even caught the attention of China’s highest upper echelons, with President Xi Jinping last week expressing “both joy and worry” about CATL ranking as the world’s biggest cell maker for six years straight. “The good news is that our industry has come to the forefront of the world. The worry is that I am afraid of a big boom, first rushing up, and finally dispersing,” Xi was quoted as saying by Xinhua News Agency. (Interestingly, Fujian province, where CATL is based, is also where Xi spent 17 of his emerging years in a variety of politically appointed roles through 1985 to 2002, according to China Vitae.) Xi’s worries stem from CATL being too big to fail — a risky proposition at a time geopolitical tensions between China and the US are running high. But China’s supreme leader, who just secured a norm-defying third term in office, needn’t spend too many sleepless nights fretting over CATL’s outsize position. That’s because there’s a veritable sea of smaller EV battery makers under CATL that are just as ambitious. From recently listed CALB, which aspires to be a top-three global player in five years, to Gotion Hi-Tech Co, Sunwoda Electronic Co and Farasis Energy Gan Zhou Co, there are a heap of lessCATL’s EV battery dominance shouldn’t cause Xi undue worry (March 13): China’s efforts to ramp up lithium extraction could see it accounting for nearly a third of the world’s supply by the middle of the decade, according to UBS AG. The bank expects Chinese-controlled mines, including projects in Africa, to raise output to 705,000 tons by 2025, from 194,000 tons in 2022. That would lift China’s share of the mineral critical to electric-vehicle batteries to 32% of global supply, from 24% last year, according to a note on Friday. The race to secure lithium is playing out at the highest levels, with nations including the US prioritising access to the materials necessary for making batteries as the world turns away from fossil fuels. China’s needs are particularly acute because it’s home to the world’s biggest market for new energy vehicles. The rise in Chinese output will include an increase in material derived from lepidolite, a lithium-bearing rock often overlooked as poor quality and environmentally unsound because of its low yield and high energy costs. UBS sees lepidolite in China accounting for 280,000 tons of lithium in 2025, or 13% of global supply, from 88,000 tons last year, as the government continues to support the sector. Beijing has already moved to curb unlicensed lepidolite extraction in Jiangxi province, a major mining hub, as it seeks to exert more control over its deposits. BY DANNY LEE Bloomberg er-known Chinese cell manufacturers with an eye on CATL’s clients. China also has another battery heavyweight in BYD Co, which according to SNE Research ranks an equal second with South Korea’s LG Energy Solution Co. A big automaker itself, it mostly supplies batteries for its own electric cars. “CATL does hold a large share, but there’s room for other producers,” Benchmark Minerals Intelligence Ltd analyst Evan Hartley said. Benchmark expects CATL’s share of global production falling to 13% by 2030. It would still be the world’s largest player in terms of capacity, but no longer an 800-pound gorilla. Bloomberg New Energy Finance also sees a wave of new Chinese producers coming to the fore, with the country’s under-construction and pledged capacity growing around 3.5 times current levels to 6,668 gigawatt hours by 2030, or about 69% of predicted global production. “Automakers don’t want a single supplier,” BNEF analyst Siyi Mi points out. “It’s not good for negotiating battery supply prices. That’s why automakers are bringing supply in-house or trying to partner with smaller players to break up the monopoly.” One striking change forecast by BNEF is the rise of little-known Cornex New Energy, a Wuhan, Hebei-based company that’s building out 120 gigawatt hours of capacity and plans another 230 more. If those bold ambitions are realised, Cornex would be bigger than LG Energy Solution or Japan’s Panasonic Holdings Corp. Of course, some level of consolidation is to be expected, and overcapacity may result in price weakness that would impact even the largest companies, including CATL. Manufacturers may also fall short of their capacity targets — for all its talk, Cornex has zero production at the moment, for example. But with money still flowing into the sector — Michigan-based battery startup Our Next Energy closed a US$300 million Series B funding round at a valuation of US$1.2 billion last month — CATL’s competitor ranks keep swelling. While CATL will likely remain a dominant force for years to come, its position won’t be unassailable, and at least its rivals will largely also be Chinese. All that should spark more joy than worry for Xi. China could control a third of the world’s lithium by 2025 Bloomberg REUTERS BLOOMBERG

TUESDAY MARCH 14, 2023 23 THEEDGE CEO MORNING BRIEF WORLD (March 13): The European Union may not get a chip plant from Taiwanese companies if it continues to refuse to engage Taipei in trade talks, the government-backed Central News Agency said in an editorial column on Monday. Taiwan Semiconductor Manufacturing Co has been talking with Berlin about setting up a multi-billion-dollar plant in Germany, as the EU joins regions in seeking investments to safeguard its supply chain. Without help from the likes of TSMC and Intel Corp, it could be challenging for the EU to secure advanced chipmaking capabilities. But in an unusually combative piece, the official Central News Agency said the European Commission has refused to enter trade and investment talks — even though the region’s parliament has advocated such negotiations. “The EU wants Taiwan to set up chip plants, but for Taiwan there is no need to do so from a corporate perspective,” the news service wrote. “If the EU only wants chips from Taiwan but shies away from talking diplomacy, will Taiwan, with its global strategic assets, be this naive?” Tensions between Beijing and Taipei have escalated as the US launches a broadTaiwan blasts EU for wanting chips while denying trade talks (March 13): China has assigned a new chief for a high-profile, state-backed chip investment fund amid a renewed push to pour resources into the local semiconductor industry and counter a US-led blockade of the country’s technological development. Zhang Xin is taking the helm of the National Integrated Circuit Industry Investment Fund Co., better known as the Big Fund, according to the Chinese corporate data service provider Tianyancha. Zhang was previously an official from China’s Ministry of Industry and Information Technology, according to the news outlet Caixin. The Big Fund was tarnished by an anti-graft probe last year, which led to the downfall of its previous chief and several other officials. Top Chinese leaders ordered investigations after they grew frustrated with a lack of breakthrough in developing semiconductors to replace foreign imports after years of ample government investments, at a time the US and its allies are tightening restrictions on China’s access to critical technologies. The secretive Big Fund is Beijing’s primary vehicle for doling out capital to the country’s chipmakers. Founded in 2014, it drew about $45 billion in capital and backed scores of companies, including Semiconductor Manufacturing International Corp. and Yangtze Memory Technologies Co. The fund operated mostly behind the scenes and kept investment standards away from public view, which try Investment Fund Phase II Co., another state-backed chip fund, a day later, according to Tianyancha. Zhang had been a mid-ranking official at MIIT. He is listed as a first-class inspector on the website of the ministry’s planning bureau. As a contrast, Ding was once director of the ministry’s electronic information bureau, outranking Zhang. The ministry didn’t respond to a faxed request for comment on the appointment. The Big Fund became somewhat dormant for a few months following the anti-graft investigations, but it sprang into action earlier this year, pledging an additional investment into Yangtze Memory, China’s top memory chipmaker that has been blacklisted by the US. Earlier this month, Chinese President Xi Jinping said his country will take forceful measures to support the development of high-end manufacturing and he overhauled China’s bureaucracy as part of a sweeping push to make the economy more self-sufficient and resilient. However, the Biden administration is looking to put further limits on the export of semiconductor manufacturing gear to China on top of a set of broad restrictions it already announced in October, escalating rules aimed at preventing the country from developing an advanced chip industry, Bloomberg News has reported. er push to counter China’s more assertive role in the region. The emphasis on funnelling more money to US military assets in the Indo-Pacific highlights just how much the Biden administration wants to reorient its defence posture to respond to China’s own growing military and economic might. At the same time, Taiwan’s role as the biggest maker of advanced chips is boosting its strategic position. The agency on Monday specifically criticised recent comments by an EU official that it was unnecessary for the 27-member bloc to strike an investment agreement with Taiwan. The column was a rare move from the government of President Tsai Ing-wen, which usually adopts a friendly tone toward other democracies despite a lack of diplomatic ties between Taiwan and major countries due to Beijing’s opposition. China claims Taiwan as part of its territory. Taiwan has instead been aggressively seeking to deepen trade and other informal relations with the US and other Western governments. TSMC is still assessing the plans for a chip plant in the EU, although no final decision has been made, TSMC spokeswoman Nina Kao said. China’s ‘Big Fund’ gets new boss to fight US chip export curbs BY BLOOMBERG NEWS & RAN LI Bloomberg The secretive Big Fund is Beijing’s primary vehicle for doling out capital to the country’s chipmakers. some analysts said undercut accountability. Zhang replaced Ding Wenwu at the Big Fund on March 10 and replaced him as the head of China Integrated Circuit IndusBY DEBBY WU Bloomberg If the EU only wants chips from Taiwan but shies away from talking diplomacy, will Taiwan, with its global strategic assets, be this naive?” — Central News Agency’s editorial column. BLOOMBERG BLOOMBERG

TUESDAY MARCH 14, 2023 24 THEEDGE CEO MORNING BRIEF WORLD (March 13): Billionaire Gautam Adani and family have completed full prepayment of margin-linked, share-backed funding worth US$2.15 billion before a March 31 deadline, the conglomerate said on Sunday (March 12). The founders of the Adani Group also prepaid a US$500 million loan facility taken to finance the acquisition of Ambuja Cements Ltd. As a result, the founders have completed prepaying US$2.65 billion within six weeks, according to the statement from the port-to-power conglomerate. The founders have also poured in US$2.6 billion out of the total acquisition value of US$6.6 billion for Ambuja Cements and ACC Ltd, the statement said. All Adani Group stocks advanced on Monday when trading resumed in Mumbai after the tycoon’s efforts to restore confidence among investors. Four out of 10 Adani stocks including Adani Green Energy Ltd and Adani Transmission Ltd jumped by their 5% daily limit. The flagship Adani Enterprises Ltd climbed as much as 4.7% while Adani Ports & Special Economic Zone Ltd rose as much as 1.8%. Earlier this month, the company said the founders had prepaid US$902 million worth of borrowings backed by shares following another similar US$1.1 billion prepayment in February. The company had said at the time that the payments were “consistent with promoters’ commitment to prepay all share backed financing before March 31, 2023”. On Sunday, the company said that the prepayments showed “the strong liquidity management and access to capital” and highlighted the “solid capital prudency adopted at all portfolio companies”. The prepayments come weeks after a scathing report from Hindenburg Research that alleged stock manipulation and accounting fraud. It had expressed concerns over the founders’ shares in Adani Group companies being pledged for debt, saying that it was “effectively leveraging the group to the hilt”. Hindenburg added that the equity share pledges were an unstable source of borrowing because of the possibility of a margin call. Adani has vehemently denied the accusations in the short seller’s report. Adani founders prepay sharebacked loans worth US$2.15 bil (March 13): Sweden is inviting international asset managers to help allocate one trillion kronor (US$90 billion) of pension savings, but says it won’t accept applications from firms that don’t incorporate ESG into their strategies. The new framework will replace a system tainted by an embezzlement scandal that infuriated Swedish taxpayers and triggered calls for a more robust setup. The upshot is that only investment firms that integrate environmental, social and governance goals into their work need apply, according to the Office of the Swedish Fund Selection Agency, which is overseeing the process. “Unlike in the current system, there will be a requirement that the manager systematically integrates sustainability aspects into its operations,” Erik Fransson, executive director of the office, said in an interview. The move underscores the wildly divergent approaches different jurisdictions are taking, as they figure out how big a role ESG should play in mainstream investing. In Europe, ESG is currently being hardwired into financial regulations. In the US, lawmakers just voted to block the pension industry from taking ESG risks into account. Sweden is now enshrining its ESG requirements for pension managers into law, under which investment firms must show an “exemplary approach to sustainability through responsible investment and responsible ownership”. The decision only affects pensions under the state’s control. Sweden’s private pensions market made headlines last week after it emerged that Alecta, which oversees more than US$100 billion in retirement savings, was the fourth-biggest shareholder of the now collapsed Silicon Valley Bank. International investment firms interested in applying for the pool of pension savings, which represents just over 10% Sweden bans non-ESG funds from US$90 bil pensions pot of Sweden’s total public retirement assets, need to be able to document their ESG claims. That includes showing they have processes in place to prevent portfolio funds being linked to violations of the United Nations’ Global Compact, the OECD’s guidelines for multinational corporations, or the UN’s guiding principles for human rights, according to a draft provided by the Office of the Swedish Fund Selection Agency. And firms will only be allowed to offer investment products that are registered as ESG fund classes under Europe’s Sustainable Finance Disclosure Regulation, namely Articles 8 and 9, the draft shows. The first selection process is set to take place in the second quarter, and Sweden expects to choose a total of 150 funds. The new framework will replace a system that had been dragged down by widespread fraud, which ended up costing taxpayers at least 2.8 billion kronor. A formal investigation was launched in 2015 and verdicts handed out in 2020 and 2021, resulting in fines and prison sentences for six of the people involved in the investment scam. Fransson said that fund managers who live up to Sweden’s ESG expectations within the new framework will face reviews “on an ongoing basis” to ensure they continue to meet the “requirements that will appear in the fund agreement”. These include a rule stipulating that firms need to prove (that) they’re being responsible owners; also if they’re tracking indexes. “If the requirements are not met, it is a breach of contract which can lead to the fund not being allowed to remain on the fund market,” Fransson said. BY LOVE LIMAN Bloomberg BY PR SANJAI Bloomberg Sweden is now enshrining its ESG requirements for pension managers into law, under which investment firms must show an “exemplary approach to sustainability through responsible investment and responsible ownership”. BLOOMBERG

TUESDAY MARCH 14, 2023 25 THEEDGE CEO MORNING BRIEF WORLD PBOC to continue with liquidity help as Yi stays on as governor The policy signals from the PBOC and the National People’s Congress meeting point to a reduced likelihood of MLF rate cuts this year.” — Tommy Wu, senior economist at Commerzbank AG. SHANGHAI/SINGAPORE/HONG KONG (March 13): The shares of China Mobile Ltd and China Telecom Corp surged to record highs in mainland trading after two of the country’s biggest wireless carriers said they plan to share more profits with shareholders in the form of dividends. China Mobile will increase its dividend payout ratio for 2022 from the previous year, and its cash payment for 2023 will also be boosted to account for more than 70% of profits, while China Telecom will also gradually increase its payout ratio to more than 70% of profits over the three years since it became listed in the mainland in 2021. The companies disclosed the plans in statements to the Shanghai Stock Exchange on Sunday. China’s Mobile mainland-listed stock jumped by the daily limit of 10% while its Hong Kong-listed shares rose as much as 5.3%. Meanwhile, China Telecom’s mainChina Mobile, Telecom shares jump to record on dividend plans (March 13): The People’s Bank of China is expected to extend monetary support this week and maintain a key policy rate, after Beijing retained its governor in a leadership reshuffle that signals policy continuity. The central bank will probably provide 350 billion yuan (US$50 billion) to financial institutions through a medium-term lending facility on Wednesday, as 200 billion yuan of the one-year policy loans mature, according to the median estimate of seven analysts surveyed. The net expected increase in liquidity would be less than the 199 billion yuan last month. The PBOC’s decision will follow Yi Gang’s reappointment as the central bank governor by China’s Parliament on Sunday, along with several other top economic officials, including the finance minister. The surprise line-up indicates authorities’ intention to maintain policy consistency in a bid to boost investor confidence and engineer a post-Covid recovery. Market expectations for significant stimulus from Beijing had dimmed after Chinese leaders unveiled a consensus-lagging growth goal of around 5% for 2023. While analysts were earlier in the year predicting rate cuts, some have dialed back their calls after China made clear its aim to rely more on consumers to drive the economy, rather than through debt-fueled spending. “The policy signals from the PBOC and the National People’s Congress meeting point to a reduced likelihood of MLF rate cuts this year,” said Tommy Wu, senior economist at Commerzbank AG. “The prospect of higher Fed terminal rate also acts as a constraint, as widening interest rate differentials could trigger capital outflows and further yuan weakness.” BY CHARLIE ZHU, JING JIN, ABHISHEK VISHNOI & SHIRLEY ZHAO Bloomberg The PBOC is expected to keep the MLF interest rate unchanged at 2.75%. It was last cut in August. Recent data paint a mixed picture for the world’s second-largest economy. While manufacturing and services activity beat expectations last month, exports and imports suffered a continued slump. Meantime, consumer and producer prices remained subdued. For some analysts, the uneven post-Covid recovery may prompt the authorities to eventually resort to more policy easing, either by lowering the MLF rate or banks’ reserve requirements. “We maintain our expectation of an LPR/MLF rate cut this year, but the timing is not likely to be so soon after the NPC,” said Chang Wei Liang, macro strategist at DBS Bank Ltd. “Monetary policy support should continue, but there is also increased cognizance of risks related to local government debt burdens.” Here are the key Asian economic data due this week: • Monday, March 13: Malaysia industrial output, India’s CPI. • Tuesday, March 14: Australia’s NAB Business confidence; Philippines’s trade data. • Wednesday, March 15: China’s one-year MLF, retail sales, industrial production and fixed asset ex-rural; South Korea’s jobless data; New Zealand’s current account; India’s trade data; Indonesia’s trade data; Sri Lanka’s 4Q GDP. • Thursday, March 16: Bank Indonesia’s policy decision; New Zealand’s 4Q GDP; Australia’s jobless data; Japan’s trade data and industrial output. • Friday, March 17: Malaysia’s trade data. land-traded shares climbed as much as 9.7% in Shanghai to a record, and 7.6% in Hong Kong. A Bloomberg model projects a 7.3% dividend yield from China Mobile’s stock over the next 12 months, largely in line with what shareholders received over the last year. China United Network Communications Ltd, the third of the country’s major state-owned telecommunications companies, announced a 24% increase in dividend for 2022 but did not detail plans going forward, unlike the other two. Mainland shares jumped as much as 7.1% while its Hong Kong-listed China Unicom Hong Kong Ltd climbed 5.8%. China Mobile also said that its controlling shareholder will continue to increase its stake in the company during periods that it considers appropriate. The company is scheduled to release 2022 earnings on March 23. A 42% year-to-date surge in China Mobile has made it the third-largest stock listed onshore by market valuation, thanks to a recent trading frenzy driven by artificial intelligence bets, the government’s 6G ambitions, and renewed interest in the country’s state-run firms amid supportive signals from authorities. BY CHESTER YUNG, YUJING LIU, WENJIN LV & FRAN WANG Bloomberg Yi Gang BLOOMBERG

TUESDAY MARCH 14, 2023 26 THEEDGE CEO MORNING BRIEF WORLD (March 13): FWD Group Holdings Ltd, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has filed for a third time for an initial public offering in the financial hub. The company resubmitted listing documents with updated financial data Monday, confirming an earlier Bloomberg News report, after its September application lapsed. The insurer is still seeking to raise about US$1 billion in a share sale, said people familiar with the matter. The IPO, whose proceeds will be used to fuel the firm’s growth, could come as soon as in the second quarter depending on market conditions, the people said, asking not to be identified as the information is private. FWD was initially looking to go public in the US, where it had filed for an IPO that could have raised as much as US$3 billion in 2021. The company in December 2021 decided to switch its listing venue to ing drought — driven by strict Covid curbs in China and a corporate crackdown — that led many IPO candidates to delay plans. February marked Hong Kong’s first full month without any firsttime share sales since September 2012, according to data compiled by Bloomberg. FWD has raised a total of US$1.8 billion in private placements over the past two years as it moves toward the IPO. Full year adjusted operating profit before tax rose 83% to US$334 million, it said in an exchange filing on Feb 28. Founded 10 years ago, FWD has expanded across Asia both organically and via acquisitions. It counts more than 10 million customers across markets in the region. The firm agreed in February to buy a majority stake in Gibraltar BSN Life Bhd to tap into Malaysia’s growth potential. It acquired the life insurance operations of Thailand’s Siam Commercial Bank Pcl for about US$3 billion in 2019. Billionaire Li’s FWD said to be filing HK IPO application again (March 13): Chinese driverless technology startup Guangzhou WeRide Technology Co has filed confidentially for an initial public offering in the US and is looking to raise as much as US$500 million, according to people familiar with the situation. The Guangzhou-based startup is working with advisers on a potential listing that could take place as early as in the first half of this year, the people said, asked not to be identified discussing a private matter. Chinese companies have only just resumed pursuing US IPOs in recent months, after Didi Global Inc’s 2021 listing prompted a crackdown by Beijing on companies with sensitive data selling shares abroad. To address the issue, WeRide will outsource data collection to an entity that won’t be part of the planned US listing, the people said. Deliberations are ongoing and details of the IPO including size and timing could change, the people said. A representative for WeRide didn’t respond to a request for comment. China self-driving startup WeRide files for US$500 mil US IPO — sources President Xi Jinping’s public backing of the private sector. Facing what Xi described as suppression by the US and other western countries, he urged companies to strengthen innovation and play a bigger role in establishing China’s technology independence. Founded in 2017, WeRide develops autonomous driving technology and is testing the technology in over 25 cities around the world, its website shows. WeRide produces vehicles including robotaxis, mini buses, vans and street sweepers in addition to its autonomous driving software and hardware solutions. Backed by the Renault-Nissan-Mitsubishi Alliance and Guangzhou Automobile Group, WeRide also counts engineering company Bosch and private equity firm Carlyle Group as existing investors. BY DONG CAO & MANUEL BAIGORRI Bloomberg BY MANUEL BAIGORRI Bloomberg Hong Kong and applied for a share sale in the Asian financial hub two months later. The insurer refiled in September after the first application lapsed. Deliberations for the IPO are ongoing and details such as the size and timing could change, the people said. A representative for FWD declined to comment. Listings in the Asian financial hub are set to rebound after a record-breakWeRide was weighing IPO venues including the US and Hong Kong, Bloomberg News reported last year. The company was valued at about US$4.4 billion in a March 2022 fundraising round. China’s private companies in areas including semiconductors, AI and autonomous driving are poised to benefit from REUTERS WeRide was weighing IPO venues including the US and Hong Kong, Bloomberg News reported last year. The company was valued at about US$4.4 billion in a March 2022 fundraising round.

TUESDAY MARCH 14, 2023 27 THEEDGE CEO MORNING BRIEF WORLD Baltic Exchange shipping updates A weekly round-up of tanker and dry bulk market (March 10, 2023) CAPESIZE A stronger week overall for the sector as the North Atlantic appeared active with more enquiry since the middle of the week. With fresh tonnage getting tighter the time charter trips for both fronthaul and Transatlantic runs had the biggest improvement amongst all routes, finishing the week at US$16,639 and US$29,344 respectively. The Pacific kept its steady pace as the West Australia to Qingdao run stepped up to US$8.375, a peak so far this year, and last seen before Christmas last year. Subsequently, the time charter average for the 5TC rose over US$4,000 compared with last Friday and finished proceedings at US$14,466. PANAMAX A captivating week for the Panamax market with various peaks and troughs seen across all markets. The Transatlantic in the North appeared a little nervous in places with a lack of demand and some voyage fixtures equating to exceptionally low returns. However, there was talk of improved bids for the fronthaul trips come Friday. EC South America saw a mini splurge midweek with end March arrivals capturing better numbers, US$17,000 +US$700,000 was being achieved here. Asia witnessed a firmer week with all origins coming alive and finding support. Indonesia saw a healthy pick up in activity, ably supported by good grain and mineral demand ex Australia and NoPac. US$18,000 was the highlight and concluded end week on an 82,000-dwt delivery China for a grain NoPac round, while LME tonnage were comfortably achieving US$15/16,000 levels for trips via Indonesia to China. Period activity came alive too, with US$17,250 concluded on an 82,000-dwt delivery China basis nine- to 12 months. ULTRAMAX/SUPRAMAX A story of two halves, with the start of the week seeing little excitement in Asia at the beginning. However, as the week closed an upturn in fresh cargo enquiry from Indonesia and Australia, combined with a steady supply of backhaul requirements, saw renewed optimism. The Atlantic generally remained firm with stronger levels seen from the South Atlantic and more availability from the Mediterranean. Period interest remained and a 63,000-dwt open Continent fixing around US$18,000 for seven to nine months. A 56,000-dwt open China fixed four to about six months trading at US$14,600. From the South Atlantic, Ultramax sizes were seeing around US$20,000 for Transatlantic runs. From the Mediterranean a 61,000-dwt was fixed at around US$20,000 for a trip to West Africa. In Asia, a 57,000-dwt fixed delivery Cebu via Indonesia redelivery China at US$15,500. A 63,000-dwt (scrubber fitted) open North China fixed a NoPac round redelivery Sudan at US$20,500 with scrubber benefit for charterers’ account. HANDYSIZE The buoyant mood continued during the week with positive gains in both basins, despite a lack of visible activity. East Coast South America was said to have seen fresh grain enquiry enter the market daily. An unnamed large handy was rumoured to have been fixed from South Brazil via the River Plate to Antwerp-Rotterdam-Amsterdam-Ghent range in the region of US$14,000/US$14,500, but no more details surfaced. A 24,000-dwt open in the Eastern Mediterranean was fixed basis delivery Canakkale via the Black Sea to the United Kingdom, with an intended cargo of agriproducts at US$7,000. From Asia, brokers spoke of more requirements from Australia and Indonesia with a 37,00-dwt fixing in the mid teens for a trip from Thailand via Southeast Asia to China. It did, however, surface that this failed. Brokers also spoke of more period enquiry. A 33,000-dwt open in North Vietnam was rumoured to have been placed on subjects at US$13,000 for an undisclosed period. CLEAN The Middle East Gulf has been active this week with rates improving on all sizes. TC1 (75kt MEG/Japan) has had a weekly gain of six points to WS195.31 (a round-trip TCE of US$52,300 per day). Meanwhile, the Western discharging TC20 recovered by US$107,000 to 4,735,714. LR2s on the 55kt MEG/Japan run (TC5) have also risen six points to WS188.5 (a daily round-trip of US$35,100). The TC8 (65kt MEG/UKC) remained flat at US$3.7 million. For the MRs, the MEG/East Africa trip (TC17), the rate has risen over 21 points to a shade above WS216 (US$22,800 per day round-trip TCE). West of Suez, LRs have had a bit of a mixed week with rates for TC15 (90kt Skikda/Japan) marginally falling US$58,000 to US$3.9 million (US$18,300 pd round trip TCE, about only US$100 less than last week). TC16 (60kt Amsterdam/Offshore Lomé) rose 3.5 points to WS175 (a daily round-trip TCE of US$36,100). UK-Continent MRs have dramatically improved after last week’s lull, with TC2 (37kt Cont/USAC) and TC19 (37 ARA/ West Africa) gaining about 42 points to WS198.89 (a round-trip TCE of US$24,300 per day) and WS207 (about US$27,000 daily round trip TCE) respectively. There are rumours of WS200+ being on subjects overnight for a TC2 voyage. On the Handymax, TC6 (30kt Algeria/ West Med) has recovered 41 points to WS221 (a daily round-trip TCE of US$34,200). For TC23 (30kt A-R-A/UKC) the rate has improved by 7.5 points to break through WS170. The US Gulf MR Market has continued to climb with TC14 (38 USG/UKC) gaining about 18 points to a fraction over WS185 (a daily TCE of US$18,500 round-trip), while the 38kt USG/Brazil trip (TC18) rose by 31 points to above WS273 (a round trip TCE of US$41,000 per day). On a run to the Caribbean TC21 has made further gains, up by over US$229,000 to US$1,066,667. Read the full report

TUESDAY MARCH 14, 2023 28 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) SAPURA ENERGY BHD 298.70 0.005 0.050 42.86 799.0 BSL CORP BHD 160.40 -0.075 0.060 -11.24 28.4 MY EG SERVICES BHD 124.50 0.040 0.775 -10.07 5,749.2 HONG SENG CONSOLIDATED BHD 69.70 -0.005 0.145 -34.09 740.7 AWANBIRU TECHNOLOGY BHD 66.50 0.025 0.470 25.33 370.4 MINDA GLOBAL BHD 61.60 -0.015 0.110 57.14 184.7 WIDAD GROUP BHD 60.30 0.005 0.420 -2.33 1,188.4 VELESTO ENERGY BHD 57.70 0.005 0.220 46.67 1,807.4 IRIS CORP BHD 54.20 -0.005 0.110 -15.38 358.9 CAPE EMS BHD 42.90 -0.050 1.450 0.00 1,338.4 TWL HOLDINGS BHD 38.40 0.000 0.045 28.57 179.2 ASTRO MALAYSIA HOLDINGS BHD 37.60 0.005 0.695 6.92 3,624.1 ICON OFFSHORE BHD 35.30 -0.005 0.095 0 257.1 BUMI ARMADA BHD 34.50 0.000 0.660 37.50 3,905.9 SMRT HOLDINGS BHD 33.60 0.045 0.440 203.45 195.9 PASUKHAS GROUP BHD 32.70 -0.005 0.015 0 28.6 CAPITAL A BHD 32.60 -0.030 0.780 24.8 3,246.2 SANICHI TECHNOLOGY BHD 31.90 0.000 0.020 -20.00 28.1 YTL POWER INTERNATIONAL BHD 29.20 0.005 0.860 20.28 6,967.9 EA HOLDINGS BHD 26.3 0 0.01 -33.33 64.5 Data as compiled on Mar 13, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) VSOLAR GROUP BHD 0.010 100.00 1,007.2 0.00 48.3 DGB ASIA BHD 0.015 50.00 2,131.6 0.00 26.8 AT SYSTEMATIZATION BHD 0.015 50.00 5,701.2 0.00 90.0 TECHNA-X BHD 0.020 33.33 635.3 -20.00 44.3 FOCUS DYNAMICS GROUP BHD 0.020 33.33 1,298.7 0.00 127.4 LAMBO GROUP BHD 0.025 25.00 1,019.6 -54.55 38.5 VOLCANO BHD 1.090 23.86 23,426.6 124.74 179.9 SAUDEE GROUP BHD 0.040 14.29 833.9 -11.11 45.6 KANGER INTERNATIONAL BHD 0.040 14.29 549.5 0.00 26.0 SMRT HOLDINGS BHD 0.440 11.39 33,590.5 203.45 195.9 SAPURA ENERGY BHD 0.050 11.11 298,714.4 42.86 799.0 7-ELEVEN MALAYSIA HOLDINGS BHD 2.020 9.19 348.2 4.66 2,242.3 PNE PCB BHD 0.060 9.09 446.6 9.09 33.6 NICHE CAPITAL EMAS HOLDINGS 0.140 7.69 4,919.0 0.00 158.2 SINARAN ADVANCE GROUP BHD 0.070 7.69 5.0 -6.67 64.0 SOUTHERN STEEL BHD 0.575 7.48 1.0 -1.71 342.9 REKATECH CAPITAL BHD 0.075 7.14 150.9 -6.25 44.4 POH KONG HOLDINGS BHD 0.860 6.83 4,164.9 5.52 352.9 S&F CAPITAL BHD 0.080 6.67 100.0 -5.88 44.0 TOMEI CONSOLIDATED BHD 1.120 6.67 1,671.9 12.00 155.2 Data as compiled on Mar 13, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) BSL CORP BHD 0.060 -55.56 160,377.6 -11.24 28.4 EDUSPEC HOLDINGS BHD 0.010 -33.33 9,077.2 -50.00 30.5 METRONIC GLOBAL BHD 0.015 -25.00 450.0 -25.00 23.0 XOX BHD 0.015 -25.00 175.0 0.00 75.8 BINA PURI HOLDINGS BHD 0.030 -25.00 4,040.1 -25.00 62.3 PASUKHAS GROUP BHD 0.015 -25.00 32,734.1 0.00 28.6 JOE HOLDING BHD 0.015 -25.00 3,010.0 -25.00 45.9 KAMDAR GROUP M BHD 0.150 -16.67 15.2 -9.09 29.7 G3 GLOBAL BHD 0.025 -16.67 570.9 -16.67 72.6 MQ TECHNOLOGY BHD 0.035 -12.50 3,533.5 -30.00 43.8 SMTRACK BHD 0.035 -12.50 1,013.3 -30.00 40.9 AVILLION BHD 0.070 -12.50 6,650.3 -12.50 79.3 MINDA GLOBAL BHD 0.110 -12.00 61,633.0 57.14 184.7 XOX TECHNOLOGY BHD 0.040 -11.11 121.8 -11.11 35.7 FITTERS DIVERSIFIED BHD 0.085 -10.53 26,246.7 0.00 51.7 MTOUCHE TECHNOLOGY BHD 0.045 -10.00 278.3 -10.00 41.7 REACH ENERGY BHD 0.045 -10.00 7,634.0 0 49.3 PERMAJU INDUSTRIES BHD 0.045 -10.00 261.0 0.00 87.2 CLASSITA HOLDINGS BHD 0.230 -9.80 148.8 -36.99 78.0 WMG HOLDINGS BHD 0.095 -9.52 59.7 0.00 42.2 Data as compiled on Mar 13, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) DUTCH LADY MILK INDUSTRIES 26.740 -0.360 11.0 -11.57 1,711.4 AEON CREDIT SERVICE M BHD 11.280 -0.360 151.9 -10.33 2,879.9 D&O GREEN TECHNOLOGIES BHD 4.250 -0.230 2,703.9 -0.70 5,260.4 HEXTARTECHNOLOGIES SOLUTIONS 24.760 -0.220 69.8 45.13 3,185.3 KLUANG RUBBER CO MALAYA BHD 3.710 -0.220 1.1 -6.31 230.8 UNITED PLANTATIONS BHD 16.300 -0.180 92.3 6.54 6,761.0 KESM INDUSTRIES BHD 7.680 -0.160 17.8 9.40 330.4 HONG LEONG FINANCIAL GROUP 18.040 -0.140 105.4 -3.01 20,660.2 SAM ENGINEERING & EQUIPMENT 4.590 -0.110 85.0 -6.90 2,485.9 MALAYAN CEMENT BHD 2.250 -0.100 265.8 6.13 2,948.0 COASTAL CONTRACTS BHD 2.140 -0.100 582.4 -9.70 1,139.8 HAP SENG CONSOLIDATED BHD 5.570 -0.080 1,034.2 -12.97 13,867.5 AJINOMOTO MALAYSIA BHD 14.900 -0.080 95.6 13.91 905.9 ORIENTAL HOLDINGS BHD 6.490 -0.080 35.8 -4.42 4,026.1 KKB ENGINEERING BHD 1.390 -0.080 5.0 3.73 401.3 BONIA CORP BHD 2.270 -0.080 268.7 0 454.9 GE-SHEN CORP BHD 1.470 -0.080 193.6 22.5 161.5 GREATECH TECHNOLOGY BHD 4.800 -0.080 681.3 -0.83 6,013.6 BSL CORP BHD 0.060 -0.075 160,377.6 -11.24 28.4 VITROX CORP BHD 7.580 -0.070 163.4 -0.92 7,160.8 Data as compiled on Mar 13, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 135.600 1.100 60.8 -3.14 31,798.2 FRASER & NEAVE HOLDINGS BHD 26.160 0.800 515.9 21.22 9,594.9 RAPID SYNERGY BHD 17.260 0.460 6.0 8.15 1,845.0 MALAYSIAN PACIFIC INDUSTRIES 28.600 0.400 253.8 -0.56 5,688.4 YNH PROPERTY BHD 4.850 0.300 26.1 14.66 2,563.2 VOLCANO BHD 1.090 0.210 23,426.6 124.74 179.9 7-ELEVEN MALAYSIA HOLDINGS BHD 2.020 0.170 348.2 4.66 2,242.3 CARLSBERG BREWERY MALAYSIA 21.900 0.160 136.3 -4.28 6,695.9 IHH HEALTHCARE BHD 5.970 0.100 8,151.3 -4.02 52,572.1 HEINEKEN MALAYSIA BHD 29.100 0.100 81.1 15.48 8,791.1 PETRONAS CHEMICALS GROUP BHD 7.100 0.100 9,360.2 -17.44 56,800.0 IOI CORP BHD 3.900 0.100 4,056.1 -3.70 24,208.0 DKLS INDUSTRIES BHD 2.220 0.090 9.0 1.83 205.8 TOMEI CONSOLIDATED BHD 1.120 0.070 1,671.9 12.00 155.2 MULPHA INTERNATIONAL BHD 2.360 0.060 45.7 9.77 734.4 GENTING PLANTATIONS BHD 6.020 0.060 148.3 -3.57 5,401.1 POH KONG HOLDINGS BHD 0.860 0.055 4,164.8 5.52 352.9 RIVERVIEW RUBBER ESTATES BHD 3.450 0.050 13.2 -4.78 223.7 DKSH HOLDINGS MALAYSIA BHD 4.550 0.050 17.1 5.77 717.3 UPA CORP BHD 2.100 0.050 2.0 0.48 162.1 Data as compiled on Mar 13, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DOW JONES 31,909.64 -345.22 -1.07 S&P 500 3,861.59 -56.73 -1.45 NASDAQ 100 11,830.28 -165.60 -1.38 FTSE 100 7,613.39 -134.96 -1.74 AUSTRALIA 7,108.85 -35.84 -0.50 CHINA 3,268.70 38.62 1.20 HONG KONG 19,695.97 376.05 1.95 INDIA 58,237.85 -897.28 -1.52 INDONESIA 6,786.96 21.65 0.32 JAPAN 27,832.96 -311.01 -1.11 KOREA 2,410.60 16.01 0.67 PHILIPPINES 6,544.45 -45.43 -0.69 SINGAPORE 3,132.37 -45.06 -1.42 TAIWAN 15,560.49 34.29 0.22 THAILAND 1,573.07 -26.58 -1.66 VIETNAM 1,052.80 -0.20 -0.02 Data as compiled on Mar 13, 2023 Source: Bloomberg CPO RM 4,043.00 -50.00 OIL US$ 81.74 -1.04 RM/USD 4.4945 RM/SGD 3.3357 RM/AUD 2.977 RM/GBP 5.4309 RM/EUR 4.7954

CEOMorningBrief TUESDAY, MARCH 14, 2023 ISSUE 537/2023 www. theedgemarke ts. com

be turning 84. She and relatives and friends had come together for the live streaming of the awards ceremony, during which there were screams, cheers, embraces and tears of joy the moment Yeoh was announced as the winner. National badminton icon Datuk Lee Chong Wei said Yeoh made showbiz history at the ceremony when she took home the Best Actress award. “Tahniah! Big congrats. She’s also the first Malaysian to be nominated and won in the Academy Awards. #proudmalaysian,” he said on his Facebook page. Also congratulating Yeoh were Deputy Communications and Digital Minister Teo Nie Ching, model-turned-actresses Amber Chia, Nasha Aziz and Sangeeta Krishnasamy, apart from actor Henley Hii. Among netizens who took to social media to express their reaction was @PaanAriff, who tweeted “Super proud that she is making a name outside Malaysia, you deserve it Queen,” while @jonathan said “TSMY congrats for putting Malaysia on the map again and again”. Another netizen @Stephenson Decruz said: “You nailed it, an honour for us Malaysians too. It’s our dream coming true for you to outshine the rest of Hollywood. Malaysia Boleh”. Yeoh’s speech at the award ceremony also caught the attention of many Malaysians. “I’m taking this home to her (Yeoh’s mother). She’s watching it right now in Malaysia, KL, with my family and friends. I love you guys. I’m bringing this home to you,” Yeoh said during her acceptance speech. A former beauty queen, Yeoh started her movie career in a series of Hong Kong films in the 1990s. Since then, she has journeyed through sheer grit and resilience to achieve international stardom. A very talented actress, she has taken on numerous roles in various films and has been nominated for an array of awards, many of which she has won. Her early role in English films, including the Bond movie Tomorrow Never Dies (1997), won her international acclaim. Crouching Tiger, Hidden Dragon (2000) gave her a British KUALA LUMPUR: Throughout the nation, Malaysians are jubilant as our very own Tan Sri Michelle Yeoh won the Oscar for Best Actress in a Leading Role for the film Everything Everywhere All at Once at the Academy of Motion Picture Arts and Sciences 95th Academy Awards. It was held at the Dolby Theatre at Ovation Hollywood in Los Angeles, California, in the United States. As congratulatory messages poured in for her, social media went supersonic with words of praise for the first Malaysian and Asian woman to win the Best Actress Oscar. Before her win, even our VIPs were abuzz with excitement over the impending announcement. Invited by Yeoh’s mother, Datin Janet Yeoh, to a special live streaming of the awards ceremony at a cinema here, Berjaya Group Founder Tan Sri Vincent Tan said before the announcement: “I believe Michelle Yeoh will win as she had won so many (times) now. So in this finale, God willing (she will). “We all should be very proud.” Women, Family and Community Development Minister Datuk Seri Nancy Shukri also attended the live streaming event and in congratulating Yeoh, she said she was an inspiration to all Malaysians. “A mother’s love knows no limits. I witnessed the moment Janet heard that her daughter was announced as the Academy Award winner for Best Actress in a Leading Role this morning. Truly, a touching moment. Thank you for reminding us not to ever let anyone tell us we are past our prime,” she said in a Facebook post. Janet also let out a cry of Malaysia Boleh! in a video chat with her daughter minutes after her historic Oscar win was announced. “I’m very happy. I’m proud of my daughter. She is very hardworking. I’ll call her to come back (to Malaysia) and celebrate very soon. Next month is my birthday,” said Janet, who will oMalaysians rejoice as Michelle Yeoh makes Oscar history ‘all at once’ █ BY JOSHUA PURUSHOTMAN [email protected] Making us proud TELLING IT AS IT IS ON TUESDAY MARCH 14, 2023 No. 8227 PP 2644/12/2012 (031195) www.thesundaily.my A beaming Yeoh with the Oscar for Best Actress in a Leading Role at the 95th Annual Academy Awards ceremony. – AFPPIC 7 Abide by rules, Sultan tells S’gor polls participants - p2 7 ‘Political stability vital for unity and prosperity’ -p3 Academy Film Awards nomination. The 60-year-old actress also played a notable supporting role in the acclaimed romantic comedy Crazy Rich Asians. As no one would say she is “past her prime”, Yeoh will continue to inspire Malaysians and prove that nothing can stop the talented.

2 theSUN ON TUESDAY | MARCH 14, 2023 NEWS WITHOUT BORDERS Abide by rules, Sultan tells S’gor polls participants SHAH ALAM: The Sultan of Selangor Sultan Sharafuddin Idris Shah called on all parties participating in the upcoming state election to abide by existing rules and respect one another. The Sultan reminded the Selangor Islamic Religious Council to continue to issue instructions from time to time to Muslims, especially politicians, not to use mosques and surau as platforms to give talks and for campaigning. “Remember, the conduct of politicians during the campaigning period will be witnessed and judged by the people before they make Sultan Sharafuddin and the Tengku Permaisuri Selangor Tengku Permaisuri Norashikin arriving at the state assembly yesterday. – BERNAMAPIC o‘State Islamic Religious Council should issue instructions to politicians not to use mosques, surau as campaign platforms’ their choice,” Sultan Sharafuddin said when opening the sixth session of the 14th Selangor state legislative assembly at the State Assembly building yesterday. The Ruler also expressed hope that the construction of the Shah Alam Sports Complex would be carried out expeditiously, transparently and in an orderly manner, according to schedule, maintaining quality and cost so as to benefit the people. “I am confident that the complex can be a catalyst for a new era of glory for the Selangor football team and become a symbol of pride for the people of Selangor.” The Sultan also congratulated the state government for the recognition that Gombak Hulu Langat Geopark project received as the first National Geopark. It involves 20 geo-sites in Gombak and Hulu Langat covering an area of 112,955sq km. “The Geopark recognition will strengthen the state government’s commitment to preserve the environment for the well-being of the people, and support efforts to achieve sustainable development goals and further preserve the geological, cultural and biological heritage. “I sincerely hope that Selangor will become a sustainable and green state, in line with various development technologies that support environmental protection. The degradation of the environment and its impact on flora and fauna as well as its impact on the well-being of the people can no longer be taken for granted.” The Sultan also expressed hope that the current achievements of the state’s economy would encourage more investors to explore Selangor’s potential. He said the state government should always play a role as a facilitator for investors to invest in the state, Bernama reported. “I take note of the investment performance for the period from January to September 2022. Selangor has recorded an investment value of RM9.7 billion with 199 approved manufacturing projects (during that period).” He added that of the amount, RM6.12 billion was from foreign investments while the rest were local investments, with 11,601 job opportunities successfully created through approved manufacturing projects in the state. The assembly is scheduled to meet for two weeks. Zambry leads delegation to Commonwealth events PUTRAJAYA: Foreign Minister Datuk Seri Dr Zambry Abdul Kadir is leading Malaysia’s delegation on a working visit to three important Commonwealth events in London. The events are the Commonwealth Day Reception, Commonwealth Ministerial Action Group (CMAG) Meeting and Commonwealth Foreign Affairs Ministers Meeting (CFAMM). The Foreign Ministry said the Commonwealth Day themed “Forging a Sustainable and Peaceful Common Future” was celebrated on Monday, hosted by Britain’s King Charles III for the first time as the Head of the Commonwealth, with the reception being held at the Buckingham Palace. “It is an annual event that celebrates the shared values and goals of the Commonwealth,” said the statement, adding that Malaysia became a member of CMAG in 2018, further cementing its status as a prominent member of the Commonwealth. The Foreign Ministry said Malaysia has been a member of the Commonwealth for the past 66 years, adding that the country hosted the 11th Commonwealth Heads of Government Meeting (CHOGM) in 1989 and had the honour of being the first Asian country to host the Commonwealth Games in 1998. “Malaysia’s active participation in these events is a reflection of the nation’s deep-rooted commitment in advancing the shared goals of the Commonwealth, particularly in promoting democracy, upholding human rights and fostering development among member countries.” The ministry said 2023 is significant for the Commonwealth as it involves the celebration of the Commonwealth Year of Peace and the Commonwealth Year of Youth, along with the commemoration of the 10th anniversary of the signing of the historic Commonwealth Charter. It said Malaysia joined 55 other Commonwealth member countries to commemorate Commonwealth Day and looks forward to the upcoming Commonwealth events and meetings planned for this year as well as the continued implementation of CHOGM 2022 outcome documents to foster peace and ensure sustainable development for the entire Commonwealth family. – Bernama RM5m for entrepreneurship programmes for graduates KUALA LUMPUR: The Entrepreneur Development and Cooperatives Ministry has allocated RM5 million to implement entrepreneurship programmes for graduates this year. Its minister Datuk Ewon Benedick said the implementation of programmes through Professional Training and Education for Growing Entrepreneurs is expected to benefit about 12,450 graduates. “The programmes involve the New Gen Entrepreneur Online Bootcamp as well as the StudentPreneur and Biz Apprenticeship Programme. “Others are Graduate Capacity and Employability Enhancement Programme, Entrepreneurship Basic Training, and Reach Out, Awareness and Developmental Programme,” he said during the question-and-answer session in Dewan Rakyat yesterday. He was replying to a question from Manndzri Nasib (BNTenggara), who sought the government’s assurance that assistance for entrepreneurs, especially youths, would continue to ensure the survival of their businesses. Ewon said the ministry, through its agencies, has provided various funds and entrepreneurship training this year to help youth entrepreneurs. He added that these include a special allocation of RM10 million through the Tekun Niaga programme, which is expected to benefit 1,000 individuals. “In addition, youth entrepreneurs can apply for Tekun Nasional financing through products such as Graduate Entrepreneur Development Programme, Bumiputera Young Professional Entrepreneur Development Programme, KPTMEDAC Siswapreneur Programme and Online Financing Scheme. “Under SME Corp, a total of RM10 million has been allocated for implementing the Tunas Usahawan Belia Bumiputera programme, which is set to benefit 250 youth entrepreneurs.” – Bernama King attends reunion dinner KUALA LUMPUR: The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah attended a reunion dinner on Sunday with former fellow cadets of the Royal Military Academy Sandhurst, where the King studied between 1978 and 1979. The Raja Permaisuri Agong Tunku Hajah Azizah Aminah Maimunah Iskandariah was in attendance. According to a post on Istana Negara’s Facebook page, Al-Sultan Abdullah was greeted upon arrival by 13 of his former college mates from the SMC 19 intake. They all arrived from the United Kingdom on Sunday for a visit to Malaysia at the King’s invitation. “At the event, the King mingled with his batchmates and recalled the sweet memories during their training days. “His presence at the reunion dinner also reflects the close friendship, strong bond and brotherhood forged over 40 years ago.” The Royal Military Academy Sandhurst in London is a world-leading military training institution that provides a variety of leadership development training for army officers. – Bernama Cheaper internet fees likely soon KUALA LUMPUR: The move to expand 5G network coverage, which the government announced under Budget 2023, can further lower the internet prices offered to users now. Deputy Communications and Digital Minister Teo Nie Ching said this is because Digital Nasional Bhd, the body responsible for the development of the network, has offered 5G services for 13 sen per gigabyte (GB), through a reference cost offer. According to her, the price offered is lower compared with the current cost of 5G services, which is RM1.68 per GB. “So, we believe that with (this move of ) expanding the 5G network coverage, the prices of our internet can be lowered further,” she said during the question-and-answer session in the Dewan Rakyat yesterday. She was answering a supplementary question from Lim Guan Eng (PH-Bagan), who wanted to know if the cost of 5G services could be reduced if it is implemented nationwide. – Bernama Flood-hit telco towers repaired JOHOR BAHRU: More than half of the 160 telecommunications towers affected by floods in Johor have been repaired as of Sunday, said Communications and Digital Minister Fahmi Fadzil. He said only those in Batu Pahat are yet to be repaired as the area is still flooded. “The Malaysian Communications and Multimedia Commission has also identified several towers that need to undergo a site heightening process to prevent them from being affected by floods again. “We have successfully carried out the process in Kelantan and Terengganu, which are often hit by floods. In Johor, we will look at the trends and areas at risk to make sure we can raise the position of towers in as many locations as possible.” He was speaking after presenting aid to flood victims in the state and visiting the Digital Economy Centre at Kampung Sungai Tiram yesterday. – Bernama

3 NEWS WITHOUT BORDERS theSUN ON TUESDAY | MARCH 14, 2023 MALACCA: Solid political stability will bring unity and prosperity to everyone, said the Yang Dipertua Negeri of Malacca Tun Mohd Ali Rustam. According to him, political stability is the most crucial factor for the development of a state, and no foreign investors will invest in it if the political situation is unstable. “I hope the people’s representatives will carry out the responsibilities entrusted to them by formulating policies that will attract more investors for the development and well-being of the people of Malacca,” he said at the opening ceremony of the first session of the second term of the 15th state legislative assembly at Seri Negara in Ayer Keroh here yesterday. Mohd Ali added that the state government must diversify efforts to generate the economy to attract domestic and foreign investors, especially to the economic corridors of the Malacca Waterfront Economic Zone (M-WEZ), reported Bernama. He urged the state government to ensure that the development of M-WEZ, along the 33km-long coastline of Malacca, will be a game changer for the state’s economic growth. “I hope the new economic corridor will boost the state’s gross domestic product by up to 2% annually.” Mohd Ali said the federal government can designate M-WEZ as a national project, allowing it to serve as a catalyst for the country’s economic development, besides channelling appropriate allocations to build and upgrade infrastructure to generate more investments to M-WEZ.” He added that due to the high demand from investors to invest in Malacca, land in 22 industrial areas has become scarce. As such, the Malacca Corporation has been tasked to identify potential industrial areas for development to fulfil the needs of investors. He noted that among the new projects being planned included the 2,023ha MCorp North Economic Hub Hi-Tech Park, the expansion of 243ha Elkay Industrial area in Lipat Kajang and the 809ha industrial area in the M-WEZ corridor. “Invest Malacca must also facilitate and manage industrial areas to ensure investors and manufacturers get the best service.” Mohd Ali said Malacca must also be an “easy and fun to do business” destination. “The local authorities and related agencies must make it easier for investors and traders (to do business) by increasing the number of locations, including (providing) cleaner and more comfortable trading spaces for hawkers.” Commenting on the 15th general election, Mohd Ali said he welcomed the agreement reached among the leaders of the unity government parties, which is in line with the decree of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah to form a stable and strong government. “The federal government can now focus its efforts on ensuring political stability and economic growth, thus guaranteeing the well-being of Malaysians. “I wish to congratulate Datuk Seri Anwar Ibrahim, who has been appointed as the 10th prime minister of Malaysia, and also to the entire line-up of ministers. “I would like to express my gratitude to Datuk Seri Ismail Sabri Yaakob for all his services and contributions in leading the country as the ninth prime minister.” He also congratulated Bukit Katil state assemblyman and Alor Gajah MP Adly Zahari on his appointment as deputy minister of Defence and Hang Tuah Jaya MP Adam Adli Abdul Halim on his appointment as Youth and Sports deputy minister. State approves election of senators ALOR SETAR: The Kedah state legislative assembly yesterday approved a motion to elect Bayu assemblyman Abd Nasir Idris and Kedah PAS secretary Musoddak Ahmad as senators to represent the state. The motion to elect Abd Nasir and Musoddak was proposed by Menteri Besar Datuk Seri Muhammad Sanusi Md Nor. They will replace Kedah PAS commissioner Datuk Ahmad Yahaya and former deputy finance minister Datuk Othman Aziz, who resigned from the post on Nov 1, 2022. Kedah state assembly speaker Datuk Juhari Bulat, when announcing the matter, said he had received a letter signed by Abd Nasir and Musoddak, informing him that they agreed to be elected to the post. “In accordance with the Seventh Schedule of the Federal Constitution, the Kedah state legislative assembly, which convened today, agreed to elect both of them as senators, effective March 20, 2023. “On behalf of the Kedah state legislative assembly, I would like to congratulate Tuan Haji Abd Nasir Idris and Encik Musoddak Haji Ahmad for being elected as senators,” he said. Juhari also hoped that Abd Nasir and Musoddak will contribute to the development of Malaysia and the state of Kedah. – Bernama ‘Political stability vital for unity and prosperity’ oFormulate strategic policies to attract more investors and boost growth, says Yang Dipertua Negeri of Malacca Public, private institutions equally important: Minister SHAH ALAM: Public and private institutions of higher learning in the country should not be differentiated because both play an equally important and critical role, said Higher Education Minister Datuk Seri Mohamed Khaled Nordin. He added that what is often the focus of many parties when talking about higher education is the difference between public and private institutions, including which is better, more recognised and given attention by the government. “Such distinctions and classification should not happen. At least under my watch,” he said when inaugurating the Dual Campus programme of Management and Science University (MSU) Shah Alam and MSU Jakarta as well as the Double Degree programme between MSU, Universitas Airlangga and Jakarta Global University here yesterday. “I believe that both institutions play an equally important and critical role. Both are Malaysian universities. Both carry the banner and good name of Malaysia in a balanced and unique way.” Meanwhile, he said as of June last year, there were a total of 10,607 Indonesian students in Malaysia and 1,398 Malaysian students pursuing higher education in Indonesia, and the numbers are encouraging but can improve. He noted that the launch of the two programmes proves that the Malaysian higher education sector is capable of raising excellence across borders. “This matter is much in line with my ambition to make Malaysia a hub or talent development centre that is respected by the world. Malaysia should stand out as a country of knowledge and talent.” According to Mohamed Khaled, Malaysia needs to attract the world’s best talents, especially from developing countries, by convincing them to send their best talents and leaders who have the most potential to be nurtured in Malaysia. “They must choose Malaysia as a stepping stone to greater careers, latest innovations and meaningful contributions to the regional community as well as global citizens. “I am aware that this is a big ambition. But it is not impossible, especially if we mobilise our efforts together,” he added. – Bernama Ex-Umno Youth No.2 heads division LABUAN: Former Labuan Umno Youth vice-chief Saifful Pungot has been elected as the new division Youth chief for the 2023-2026 term. The result was confirmed by Umno division secretary Mohd Dzulfaizal Ab Manan. Saifful, 38, secured a comfortable win against his opponent Mohd Syukur Jiprih (Umno Ramsey branch chief) in the party election held on March 11. Normiyati Jumat won uncontested for the Labuan Puteri Umno chief, while Nurul Syakinah Sairna as vice-chief. Niswati Tarji also retained the Labuan Wanita Umno chief post unopposed. Meanwhile, newly minted Labuan Umno chief Datuk Rafi Alli Hassan urged the new division leaders to work together. “We must remain united as Umno will continue to be relevant for the Malays. Umno Youth and Puteri members must work together with newly elected leaders to improve public perception and restore confidence in the party,” he said. The Umno divisional delegates’ meetings and committee elections as well as contests for seats in the Umno Supreme Council will be held simultaneously nationwide on March 18. – Bernama Kedah names new opposition leader ALOR SETAR: Suka Menanti assemblyman Datuk Zamri Yusuf has been named the new opposition leader in the Kedah state assembly, replacing Datuk Johari Abdul, who vacated his Gurun assembly state seat in December last year. The appointment of the PKR assemblyman was announced by speaker Datuk Juhari Bulat at the Kedah state assembly sitting at Wisma Darul Aman here yesterday. Juhari also informed that the Gurun state seat would remain vacant until the end of the term. On Dec 18 last year, Johari announced his decision to vacate the Gurun state seat with immediate effect and said he had submitted a letter to the Kedah state assembly speaker on Dec 13. Meanwhile, Juhari also announced that Alor Mengkudu assemblyman Datuk Phahrolrazi Mohd Zawawi is now a PH elected representative. It was reported that the former Kedah Parti Amanah Negara chairman has been sacked from Amanah for violating the party’s constitution. – Bernama RIVERBANK PICNIC ... Sungai Golok Mayor Suchada Phannara (left) engaging with tourists after the reopening of the Thai-Malaysian border in Pasir Mas yesterday. – BERNAMAPIC

4 theSUN ON TUESDAY | MARCH 14, 2023 NEWS WITHOUT BORDERS Entrepreneur carves niche with helmet repair service KUALA LUMPUR: Damaged motorcycle helmets usually end up at dumpsites as most motorcyclists are unaware that they can be repaired. There are workshops dedicated to repairing helmets, one of them being 7Stone Helmet belonging to Mohd Azizul Adzmi, 37, located at Batu 7 in Gombak, Selangor. Mohd Azizul, also known as Ejoy, said he decided to offer helmet repair services in 2017 after often hearing his friends complain about not being able to find a place where they can get their damaged motorcycle helmets repaired. “I feel there’s a lot of potential for growth in this field, especially for young people,” said Ejoy, who now has over 30 vintage helmets of various brands in his collection, with the most expensive one being a yellow Magnum LTD model valued at RM13,000. Initially, after embarking on his helmet repair business, he only restored ordinary motorcycle helmets that were manufactured locally in the 1980s and 1990s, such as the Apollo and SGV models, before venturing into repairing premium brands such as Bell. 7Stone Helmet’s services include repairing the helmet’s chin strap, restoring the foam and rubber linings and replacing the visor clip buttons. Repairs to the chin strap, for example, can cost between RM30 and RM350, in the case of an imported helmet. Ahmad Tanusi Tajuddin, 57, who is one of Ejoy’s partners, said the first thing they have to do is prepare the helmet’s shell and stack its mould with three layers of fibreglass. Once the helmet is completed, it will be spray-painted by Ahmad Fadzil Ton, another of his partners. The colours and patterns on the helmets are either the product of the three business partners own creativity or the customer’s requests. The prices of the helmets are subject to the materials used, said Ejoy, adding that it costs about RM800 to make a good helmet. Those interested in engaging 7Stone Helmet’s services can contact them on Facebook at Ejoy Helmet. – Bernama Penang rejects 25 EIA reports in 2022 GEORGE TOWN: The Penang Environment Department received a total of 40 environmental impact assessment (EIA) reports for 27 projects that were to be evaluated under the Environmental Quality Order 2015 last year. Department director Sharifah Zakiah Syed Sahab said of the total, 15 assessments, or 37%, involving housing projects, waste processing and disposal and industrial estates were approved. “The remaining 25 reports involving 12 projects were not cleared for several reasons, including being technically incomplete for failing to address the comments from the relevant agencies. “The rejected projects include slope and quarry projects,” she told reporters after officiating at an environmental seminar in conjunction with Earth Day 2023 yesterday. – Bernama Ramadan blood donation drive KUALA NERUS: The Terengganu Health Department via the Sultanah Nur Zahirah Hospital blood transfusion unit aims to collect between 30 and 50 bags of blood a day during the coming month of Ramadan. State health director Datuk Dr Kasemani Embong said in this regard, the department is planning to hold a blood donation drive at more than 30 selected mosques statewide. She said this was to ensure that the Sultanah Nur Zahirah Hospital had sufficient blood supply. “On average, the state needs around 50 bags of blood a day and the current stock stands at 685 bags, which is enough for two weeks. “Therefore, we need to hold blood donation programmes during Ramadan to ensure that there is adequate supply.” – Bernama Schoolboy gets business headstart KUALA NERUS: Being young has not stopped 12-year-old Muhammad Khairie Danish Kamal Ariffin of Kampung Baru Seberang Takir from generating his own income selling “Hot Wheels” toy cars. In fact, the SK Kompleks Seberang Takir Year Six pupil has even harnessed the power of TikTok to fuel his sales. Muhammad Khairie Danish, the second of four siblings, said he started selling the toy cars after finding out that there were many Hot Wheels collectors in Terengganu. His efforts were encouraged by his parents. “Many people are looking for Hot Wheels to start a collection as these toy cars are beautifully made and resemble the actual cars that inspired them.” – Bernama Malaysia at risk from microplastics, wastewater from nuclear plants KUALA LUMPUR: Microplastics and discharge from treated wastewater from nuclear plants are seen as major threats to human health. Universiti Tun Hussein Onn Malaysia Faculty of Applied Sciences and Technology, Chemistry and Physics Department Prof Dr Zaidi Embong said Malaysia is unprotected from such risks and awareness levels remain low and proactive measures have yet to be taken. According to Zaidi, both types of pollution are capable of destroying marine ecosystems and eventually affecting global food security. “The nature of plastics that are not easily (biodegraded) will make it easier to be swallowed and collected in the organs and tissues of organisms (and marine life). “What is more damaging is when these microplastic particles are trapped in the gills, which will eventually be absorbed into their tissues, turning them into a polluted food source that will then be consumed by humans.” Based on statistics by scientific online publication “Our World in Data” a total of eight million tonnes, or 3% of global plastic waste, will flow into the ocean from various sources. In Malaysia, it is estimated that on average, residents use a total of nine billion plastic materials annually and a big portion of it will end up in the sea. He added that microplastics measuring less than 20 microns are capable of entering human organs, muscles and tissues and could potentially damage the respiratory system, blood vessels, kidneys and the digestive system. Zaidi also said aside from microplastics, the issue of treated water discharged into the sea from nuclear plants is also a concern. Recently, Japan expressed its intention to release water from the destroyed Fukushima nuclear plant into the sea this year. In April 2021, Japan approved the release of more than one million tonnes of treated water from the nuclear plant into the sea. – Bernama Health-challenged single mother on a mission PETALING JAYA: Nurzaini Zahayup, who prefers to be known as Zai, is a single mother on a mission to ensure financial independence for her family, despite suffering from lupus, an energy-sapping autoimmune disease that severely limits her movement. Zai faces an uphill battle each day as she struggles to grow her catering business and run her cafe. “Up to 2015, I worked in the telecommunications industry and even made it to assistant manager. I consider myself a ‘beach bum’ as I love spending my annual holidays scuba-diving near islands and enjoying the sun and sea,” the 43-year-old told theSun. While holidaying at the Boracay resort island in the Philippines that same year, Zai became breathless all of a sudden. She was 35 years old then, and in a state of panic, she went for a medical check-up and was diagnosed with a lung infection. This later progressed to having fluid in her lungs. “From then on, it was a nightmare, as I was finally diagnosed with lupus. My whole world turned upside-down.” It was a difficult time for her as lupus, also known medically as Systemic Lupus Erythematosus, progressively attacked her lungs and caused scarring, making it difficult to work full-time. She decided to pursue a career in the food industry and signed up Zai and her assistants serving customers at her cafe. – AMIRUL SAYFIQ/THESUN oRestaurateur with lupus set on ensuring family’s financial independence █ BYDHARSHINI GANESON [email protected] for a hotel management course. “After I graduated, I worked at a reputable restaurant in Damansara Heights, where I learned how to prepare western-style dishes, which turned out to be popular with my corporate clients. So, I switched career paths completely to catering food for upscale clients.” When the venture started to turn a profit, she opened a cafe, now located below her condominium in Damansara Perdana. The opening of the cafe was crucial as she could not meet the Islamic Development Department criteria to obtain halal certification if she continued to work from home. With the cafe housed in its own premises, she managed to get the halal certification, which attracted more customers. Her days were then spent preparing meals for her mostly corporate clients and running the cafe, Kylie’s Foodhall, which she named after her only child. Today, after nine years in the business, Zai employs four helpers. “There are times when I cannot do much work for up to four days in a week,” she said, adding that in September 2021, she found it difficult to walk long distances and had to purchase a motorised wheelchair. Despite her condition, the strong-willed divorcee strives to improve herself and last year, she travelled to England to attend classes conducted by celebrity chef Jamie Oliver. “It has not been easy for my daughter to accept my condition, but she is my rock and I’m grateful that she understands, as I share my struggles with her,” said Zai, who was married in 2007 and divorced two years later, when Kylie was only a year old. In the early days, Zai said she would cry herself to sleep and sometimes talk to herself. But when she became a single parent, her daughter became her reason to push herself towards business success. “There was a lack of awareness on lupus and many a time, I had no one to share my distress and to seek information, until I joined the Malaysian Lupus Association. “From there, I was introduced to the Lupus Community Support Group on Facebook,” said Zai, who was comforted by the information shared and the emotional support given by the group members.

5 NEWS WITHOUT BORDERS theSUN ON TUESDAY | MARCH 14, 2023 Number of flood evacuees drop in four states KUALA LUMPUR: The number of flood evacuees housed at relief centres in four states dropped slightly yesterday morning to 41,154, compared with 41,994 on Sunday night. In Johor, the number of evacuees dropped to 40,847 at 8am compared with 41,661 at 8pm on Sunday. The Johor Disaster Management Committee said in a statement 11,496 families were still taking shelter at 139 relief centres in the four affected districts. “Batu Pahat remains the worst hit district with 39,256 evacuees, followed by Muar with 781 from 226 families, Tangkak with 576 from 241 families and Segamat with 234 from 63 families,” it said. The water levels of four rivers in Batu Pahat were still above the danger mark, with Sungai Bekok at Bekok Dam registering 19.47m, Sungai Senggarang in Senggarang at 3.63m, Sungai Simpang Kiri in Sri Medan at 2.40m and Sungai Simpang Kiri in Parit Sulong at 2.05m while Sungai Muar at Bukit Kepong in Muar was at 3.57m. In Malacca, the number of flood evacuees in Jasin dropped to 61 from 14 families as of 8am, compared with 87 from 20 families on Sunday night, following the closure of four relief centres in stages. The secretariat said in a statement the evacuees were housed at Sekolah Kebangsaan Parit Penghulu. In Pahang, the secretariat reported that the number of evacuees at two centres in Rompin district remained at 155 from 54 families. In Sarawak, the secretariat said the number of evacuees remained at 91 from 18 families in Kuching, housed at Dewan Sinaran Lumut and Dewan Kampung Sungai Bedaun, as of 7am. – Bernama Muhyiddin charged with receiving RM5m SHAH ALAM: Former prime minister Tan Sri Muhyiddin Yassin was charged at the Sessions Court yesterday with one count of receiving RM5 million in proceeds from unlawful activities. Muhyiddin, 75, pleaded not guilty after the charge was read out to him before Judge Rozilah Salleh. “I understand the charge. I plead not guilty,” he said. Muhyiddin, as Bersatu president, is alleged to have received proceeds from unlawful activities from Bukhary Equity Sdn Bhd, which was deposited into the AmBank account belonging to the party at the bank’s Amcorp oEx-premier claims trial to accepting proceeds from unlawful activities via deposit from Bukhary Equity into Bersatu bank account Actor claims trial to hurting wife KUALA KUBU BHARU: Actor Hafidz Roshdi pleaded not guilty at the Magistrate’s Court yesterday to a charge of voluntarily causing hurt to his wife by punching her on the cheek earlier this month. Hafidz, 29, made the plea after the charge was read out before Magistrate Siti Fatimah Talib. The actor was charged with causing hurt to his wife Nurul Shuhada Mat Shukri, 29, by punching her on her left cheek three times, causing her to sustain cuts, bruises and swelling. He is alleged to have committed the offence near the Sungai Buaya toll exit at 3.22am on March 2. The charge was framed under Section 323 of the Penal Code, which carries a jail term of one year, or a fine of RM2,000, or both. The charge was read together with Section 326A of the same law, which provides imprisonment for a term which may extend to twice the maximum term under Section 323. – Bernama Ruling on Najib conviction review bid on March 31 PUTRAJAYA: The Federal Court has set March 31 to deliver its decision in former prime minister Datuk Seri Najib Abdul Razak’s bid to review his conviction and sentence in the RM42 million SRC International Sdn Bhd case. The decision date was confirmed by one of Najib’s lawyers, Muhammad Farhan Muhammad Shafee as well as DPP Mohd Ashrof Adrin Kamarul. The Federal Court five-member bench led by Chief Judge of Sabah and Sarawak Abdul Rahman Sebli had reserved the court’s decision on Feb 28 after they heard submissions for six days from Najib’s lawyer Tan Sri Muhammad Shafee Abdullah. The other four judges were Federal Court judges Datuk Vernon Ong Lam Kiat, Datuk Rhodzariah Bujang and Datuk Nordin Hassan and Court of Appeal Judge Datuk Abu Bakar Jais. On Aug 23, 2022, Najib was sent to Kajang Prison to begin serving his jail sentence after he lost his appeal to set aside his conviction, 12-year jail sentence and RM210 million fine for misappropriation of SRC International funds. – Bernama MACC tracing alleged mastermind of graft case KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is tracking down a man known as “Datuk Roy” to assist in an investigation into a corruption case involving the Jana Wibawa programme. In a statement issued yesterday, MACC said Datuk Roy’s full name is Mohd Hussein Mohd Nasir, aged 54. His last known address is No. 3, Lorong 3 RRM Semambu in Kuantan, Pahang. It urged anyone with information about the man to contact investigating officer Mohammad Asyraf Mustafa at 013-4405 210. On Sunday, Bernama reported that MACC had arrested one of its officers and three other individuals including a woman, for allegedly soliciting and accepting bribes amounting to RM400,000 to avoid investigations involving the programme. According to sources, the woman was released on MACC bail, while the three other suspects have been remanded until today. MACC is now looking for Datuk Roy, who is believed to be the mastermind in the case. Govt dept staff held over bribes KUALA TERENGGANU: A manager at a federal government department in the state has been remanded for seven days starting yesterday, to assist in the investigation into a case of receiving bribes. The remand order against the 44-year-old man until March 19 was issued by Magistrate Nik Mohd Tarmizie Nik Mohd Shukri. Investigations are being carried out under Section 23(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009. According to MACC sources, the man is suspected of using his position to obtain bribes of between RM1,500 and RM6,000 for himself through the procurement of the department’s vehicle repair works between 2019 and 2022. The suspect was arrested at the Terengganu MACC office on Sunday evening when he went there to provide his statement. – Bernama M’sian artiste attacked in Singapore stable after surgery SINGAPORE: Malaysian celebrity Kamal Adli, who was injured after he was attacked by a man in Singapore on Sunday night, successfully underwent surgery at a hospital. “Kamal is conscious after surgery and I hope everyone prays for our safety,” said his wife Uqasha Senrose via her Instagram (IG) account yesterday. In an IG update, Uqasha said Kamal, 36, was repeatedly hit by a man with a chota (baton) on his head, face and body. Without revealing the hospital Kamal was admitted to, she added that Kamal underwent a major operation due to severe injuries to his head. She said the matter has been reported to the police for further investigation. The couple were in Singapore for a three-day Hari Raya Mega Sale event at the Singapore Expo building. According to Uqasha, the incident happened at the end of the event. She also included pictures of the incident and said the perpetrator has been arrested, Bernama reported. Preliminary investigations revealed that a 33-year-old man armed with a baton had allegedly assaulted Kamal at the location. The attacker was subsequently arrested for voluntarily causing hurt with dangerous weapon and possession of an offensive weapon. The baton was seized as a case exhibit. Police investigations are ongoing. Organised by Megaxpress International, the event also featured several other artistes from Malaysia. Mall branch at Petaling Jaya on Jan 7, 2022. The Pagoh MP was charged under Section 4(1)(b), read together with Section 87(1) of the Anti-Money Laundering, AntiTerrorism Financing and Proceeds of Unlawful Activities Act 2001, which provides for penalties under Section 4(1) of the same Act. The section provides for a jail term of 15 years and a fine of five times the value of the proceeds from the unlawful activities or RM5 million, whichever is higher. Malaysian Anti-Corruption Commission DPP Ahmad Akram Gharib proposed bail of RM2 million in two sureties and additional conditions set by the Kuala Lumpur Sessions Court last week. “I also request that this case be transferred to the Kuala Lumpur Sessions Court since it is related to another case there, the mention date of which has been set for May 26,” he said. Muhyiddin’s lawyer Datuk K. Kumaraendran did not object to the application. Rozilah then agreed to the bail amount and the additional conditions set, namely that the accused surrender his passport to the court, and allowed the case to be transferred to the same court, Bernama reported. On March 10, Muhyiddin pleaded not guilty at the Sessions Court to four charges of corruption amounting to RM232.5 million and two counts of money laundering involving RM195 million. The prosecution was also conducted by DPPs Mohd Fadhly Mohd Zamry, Zander Lim Wai Keong, Kalai Vani Annadorai and Maziah Mohaide. Muhyiddin was also represented by lawyers Chetan Jethwani, Dev Kumaraendran, Amiratu Al Amirat Saleh Mohamed Garbaa, Mohamad Isa Mohamad Basir, Teh See Khoon, Varsha Chelvi and Raja Syuhada Raja Khairuddin. CAPTIVATING STUNTS ... Third Division Infantry members perform a demonstration during a ‘Tattoo Show’ at the Armed Forces Basic Training Centre in Port Dickson, Negeri Sembilan yesterday. – BERNAMAPIC

6 theSUN ON TUESDAY | MARCH 14, 2023 NEWS WITHOUT BORDERS /thesundaily FOLLOW ON FACEBOOK SCAN ME Taiwan to focus on readying for ‘total blockade’ TAIPEI: Taiwan’s defence spending this year will focus on preparing weapons and equipment for a “total blockade” by China, including parts for F-16 fighters and replenishing weapons, the military said in a report. China, which views Taiwan as its own territory, staged war games around the island in August, firing missiles over Taipei and declaring no-fly and no-sail zones in a simulation of how it would seek to cut Taiwan off in a war. In a report seeking parliamentary budget approval, a copy of which was reviewed by Reuters yesterday, Taiwan’s Defence Ministry said it began reviewing its strategic fuel reserves and repair abilities last year, but did not give details. In “anticipation of a total blockade of the Taiwan Strait”, spending this year would include replenishment of artillery and rocket stocks, and parts for F-16 fighters “to strengthen combat continuity”, the ministry said. In an update on its threat assessment, the ministry said China’s military has been conducting joint force operations with an eye to controlling strategic choke points and denying access to foreign forces. “Recently, the Communist military’s exercise and training model has been adjusted from a single military type to joint operations of land, sea, air and rocket forces,” it said in the report, issued ahead of Defence Minister Chiu Kuo-cheng’s taking lawmakers’ questions in Parliament tomorrow. “It is adopting an actual war approach and shifting from training to combat preparation.” The ministry said China has systematically increased the strength of its “joint combat readiness” actions around Taiwan. China’s military’s Eastern Theatre Command last year sent more than 1,700 aircraft into Taiwan’s air defence identification zone. That is more than double the number from a year earlier and poses a “substantial threat” to Taiwan’s defence, the ministry said. China has been “normalising” no-navigation zones around the Bohai Sea, the Yellow Sea and the Taiwan Strait, it added. The ministry said China has also continued to use “grey zone” tactics to test Taiwan’s response, including sending drones, balloons and fishing boats to areas close to Taiwan. The ministry also said it would include prioritise funding in the budget this year for major US-made weapons, including Stinger anti-aircraft missiles. – Reuters Japan eases mask guidelines TOKYO: Japan’s government eased its mask guidelines yesterday, recommending them only on crowded trains and in hospitals or care homes, but there was little sign residents were keen to unmask. Japan has never had a mask mandate, but residents have adhered to guidelines to wear them indoors and outside from the early days of the pandemic, and masks were common even pre-Covid during cold and hayfever seasons. The country is one of the last places in Asia to end nationwide masking recommendations, and most commuters kept their faces covered, on trains and outdoors, yesterday. “I think I’ll keep wearing a mask for the moment,” said Tatsuhiko Ohashi, 56, on his way to work, outside Tokyo’s busy Shinagawa station. He still had “a bit of fear” of Covid and worried that getting infected unknowingly would “risk inconveniencing people around me”. Japan avoided lockdowns and other harsh restrictions during the pandemic but still fared better than many countries, with 73,199 deaths in a population of more than 125 million. Some observers have credited masks and other voluntary measures, along with strict border closures, with that relative success. There were just over 7,000 Covid cases reported nationwide on Sunday, and businesses have largely said they will leave it up to customers to decide whether to mask – though staff will continue to wear them. Hajime Yamaguchi, a professor of psychology at J.F. Oberlin University in Tokyo, said it was unlikely many Japanese would unmask quickly. “The Japanese worry a lot about what other people think and fear being judged if they’re the first to take off their masks. “They will watch to see what other people do and unmask bit by bit.” – AFP B R I E F SSTORM TRIGGERS FLOODS IN MALAWI, KILLING 11 LILONGWE: At least 11 people have died and 16 are missing in Malawi’s second-largest city Blantyre after tropical storm Freddy brought torrential rains that triggered floods and landslides, police said yesterday. Freddy is one of the strongest storms ever recorded in the southern hemisphere. Police spokesman Peter Kalaya said the number of people killed and missing is likely to grow as it had affected 10 districts and so far numbers were only in for Blantyre. He said rescue teams were looking for people in Chilobwe and Ndirande, two of the worst-affected townships in Blantyre, where it was still raining and most residents were without power. – Reuters 22 MIGRANTS DIE IN BOAT SINKING OFF MADAGASCAR ANTANARIVO: At least 22 migrants died when their boat sank off the coast of Madagascar over the weekend. “Forty-seven people had clandestinely taken a boat headed to (the French territory of) Mayotte, but that sank,” Madagascar maritime authority APMF said in a statement yesterday. “Twenty-three of the passengers were able to be saved. Twenty-two bodies were found,” it said, adding that the accident occurred on Saturday and that search operations were continuing for the two people who remained missing. Many migrants try each year to reach the French territory of Mayotte, which lies north of Madagascar in the Indian Ocean. – AFP ‘Security is foundation for China’s development’ BEIJING: Xi Jinping yesterday emphasised the need to strengthen national security, in his first address since being handed a historic third term as China president. Xi became China’s most powerful leader in generations last week when he was reappointed for another five years at the helm of the world’s most populous nation, in a break with long-standing political precedent. The National People’s Congress (NPC) – a carefully choreographed conclave of China’s oStability is prerequisite for prosperity, says Xi in congress closing speech rubber-stamp Parliament – also appointed a key Xi ally, Li Qiang, as the new premier. Xi yesterday thanked the thousands of delegates at Beijing’s Great Hall of the People for giving him a third term, vowing to “take the needs of the country as my mission, and the interests of the people as my yardstick”. “Security is the bedrock of development, while stability is a prerequisite for prosperity,” the 69-year-old told the assembled delegates at the NPC’s closing session. “We must fully promote the modernisation of national defence and the armed forces, and build the people’s armed forces into a Great Wall of steel that effectively safeguards national sovereignty, security and development interests.” He also called for consolidated stability in once-restive Hong Kong and unification with the self-ruled island of Taiwan, which Beijing views as part of its own territory. “The trust of the people is the greatest driving force pushing me forward, and also a heavy responsibility on my shoulders. “The great rejuvenation of the Chinese nation has entered an irreversible historical process.” Meanwhile, sources said Xi is planning to travel to Russia to meet with his counterpart, Vladimir Putin, as soon as next week, which would be sooner than previously expected. Plans for a visit come as China has been offering to broker peace in Ukraine, an effort that has been met with scepticism in the West given China’s diplomatic support for Russia. Russia’s Tass news agency reported on Jan 30 that Putin had invited Xi to visit in the spring. – Agencies North Korea launches missiles from submarine PYONGYANG: Nuclear-armed North Korea test-fired two strategic cruise missiles from a submarine on Sunday, state news agency KCNA said yesterday, just as US-South Korea military drills were due to begin. “Strategic” is typically used to describe weapons that have a nuclear capability. KCNA said the launch confirmed the reliability of the system and tested the offensive operations of the submarine units that form part of North Korea’s nuclear deterrent. South Korea’s Joint Chiefs of Staff (JCS) said the military was on high alert and the country’s intelligence agency was working with its US counterpart to analyse the specifics of the launch. South Korean and American troops yesterday began 11 days of joint drills, dubbed Freedom Shield 23, which will be held on a scale not seen since 2017. North Korea has long bristled over drills it regards as a rehearsal for invasion. It has conducted a record number of missile tests and drills in the past year in what it says is an effort to boost its nuclear deterrent and make more weapons fully operational. KCNA said the submarine launches aimed to show North Korea’s determination to control a situation in which “the US imperialists and the South Korean puppet forces are getting evermore undisguised in their anti-DPRK (North Korea) military manoeuvres”. – Reuters COLOURFUL FEAST ... Elephants enjoying a buffet of fruits and vegetables during National Elephant Day celebrations at Nong Nooch Tropical Garden in the Thai city of Pattaya yesterday. – REUTERSPIC

7 NEWS WITHOUT BORDERS theSUN ON TUESDAY | MARCH 14, 2023 Russia suffering ‘extremely heavy casualties’: UK KYIV: Russian President Vladimir Putin’s troops are suffering “extremely heavy casualties” in Ukraine as the battle for Bakhmut rages on, according to British intelligence. Russia has made Bakhmut the main target of a winter push involving hundreds of thousands of reservists and mercenaries. It has captured the eastern part of the city and outskirts to the north and south, but has so far failed to close a ring around Ukrainian defenders. UK defence officials said Ukrainian forces were still in control of the west of Bakhmut, leaving them able to fire from fortified buildings at Russian lines. “This area has become a killing zone, likely making it highly challenging for Wagner forces attempting to continue their frontal assault westwards,” the UK Defence Ministry said. Seeking to replenish its heavy oFuelled by Ukraine conflict, European arms imports doubled last year losses, Russian mercenary chief Yevgeny Prigozhin said his Wagner private army had opened recruitment centres in 42 cities – as the UK asserted that the impact of casualties “varies dramatically” across Russian regions. Losses are more than 30 times higher in many eastern regions than in Moscow, with the capital and St Petersburg “relatively unscathed” while in other places ethnic minorities bear the brunt of the Kremlin’s war, the ministry said. “Insulating the better-off and more influential elements of Russian society” is likely a “major consideration”, it said, adding that none of the officials in the two front rows of the audience at Putin’s state of the union speech on Feb 21 are known to have children in the military. Russian casualties are believed to have soared by tens of thousands as the fighting centred around Bakhmut in recent months, becoming one of the bloodiest battlegrounds of the entire war as Moscow aims to punch a hole in Ukraine’s defences in a step towards seizing the entire Donbas region. Meanwhile, researchers said yesterday arms imports into Europe almost doubled last year, driven by massive shipments to Ukraine, which has become the world’s third-largest destination. With a 93% jump compared with the year before, imports have also increased due to accelerating military spending by European states including Poland and Norway, said the report by the Stockholm International Peace Research Institute (Sipri). And the rate of imports is expected to accelerate further, it said. “The invasion has really caused a significant surge in demand for arms in Europe, which will have further effect and most likely will lead to increased arms imports by European states,” said Sipri senior researcher Pieter Wezeman. Ukraine was until last year a negligible importer of arms. But it very quickly became the third-largest arms destination in the world last year, behind Qatar and India, as Western nations delivered arms following Russia’s invasion. Ukraine alone accounted for 31% of arms transfers to Europe and 8% of world deliveries overall, according to Sipri data. – The Independent/AFP Bali wants visa requirements for Russian tourists to be tightened JAKARTA: Authorities in Indonesia’s popular holiday island of Bali have asked the central immigration agency to cancel a visaon-arrival policy for Russian and Ukrainian nationals after tourists were found working illegally. Russian nationals are among the biggest groups of foreign arrivals in Indonesia, according to official tourism data. At least four Russian citizens were deported this month for visa violations and immigration authorities have repeatedly warned foreigners in Bali against working on tourist visas. Bali Governor I Wayan Koster said he has asked the Ministry of Law and Human Rights to tighten visa requirements by cancelling the visa-on-arrival facility specifically for Russian and Ukrainian citizens due to a series of violations. “Because they are at war, so they flocked to Bali, including those who sought comfort or came to work here,” he said on Sunday, according to a post on the immigration agency’s Instagram account. He added these two countries were singled out because their citizens’ infractions were more “significant” than those of others. He did not provide details on the violations. The move comes as Indonesians take to social media to complain about some Russian tourists’ actions in Bali, including a model who posed nude at a sacred tree and a man who allegedly hit a pedestrian while driving under the influence of alcohol. A spokesman for Indonesia’s immigration agency, which is under the Law Ministry, declined to comment. The embassies of Russia and Ukraine in Jakarta did not immediately respond to a request for comment. Indonesia allows nationals of certain countries to apply for a visa upon landing in the country, while others have to apply before departure. More than 77,500 Russians arrived in the country between September last year and January this year as Covid-19 restrictions were eased, compared with about 88,000 in the same period just before the pandemic. About 8,800 Ukrainian visitors arrived between September last year and January this year. Known for its beaches, temples, waterfalls and nightlife, Bali drew 6.2 million foreign visitors in 2019, the year before the pandemic. – Reuters SEEKING BETTER LIFE ... Migrants, mostly from Venezuela, trying to cross a barrier as they take part in a protest at the Paso del Norte International Bridge connecting the US city of El Paso with Ciudad Juárezto in Mexico. – REUTERSPIC Panel says fire at Rohingya camps ‘planned sabotage’ DHAKA: A fire that left thousands of Rohingyas homeless in Bangladesh camps was a “planned act of sabotage”, a panel investigating the blaze said on Sunday. Nearly 2,800 shelters and more than 90 facilities including hospitals and learning centres were destroyed in the fire on March 5, leaving more than 12,000 people without shelter, officials said. More than one million Rohingya refugees live in tens of thousands of huts made of bamboo and thin plastic sheeting in camps in the border district of Cox’s Bazar, most having fled a military-led crackdown in Myanmar in 2017. “The fire was a planned act of sabotage,” senior district government official Abu Sufian, head of the seven-member probe committee, told Reuters by phone from Cox’s Bazar. He said the blaze broke out in several places at the same time, proving it was a planned act. The official said it was a deliberate attempt to establish supremacy inside the camps by militant groups. He did not name the groups. “We recommended further investigation by the law-enforcing agency to identify the groups behind the incident,” he said, adding that the report was based on input from 150 eye witnesses. The panel also recommended the formation of a separate fire service unit for the Rohingya camps. Each block of Rohingya camps needs to be widened to accommodate fire service vehicles and the construction of water cisterns, and the camps should use less flammable materials in shelters, among other recommendations. – Reuters Nicaragua weighs cutting diplomatic ties with Vatican MANAGUA: Nicaragua on Sunday said it was considering suspending diplomatic ties with the Vatican, after Pope Francis days earlier called the Central American country’s government a “crude dictatorship”. “Between the Republic of Nicaragua and the Vatican, we propose a suspension of diplomatic relations given the information that has been divulged by sources apparently close to the Catholic Church,” a statement from the Ministry of Foreign Affairs said. The ministry statement did not directly reference Francis’ comments in the Friday interview with Argentine news outlet Infobae, during which the pontiff also called Nicaraguan President Daniel Ortega “unbalanced”. The interview came days after the government last week shuttered two universities with ties to the Roman Catholic Church. The schools, which have campuses in several cities, had their legal status cancelled for alleged contraventions of the law, according to the government. The institutions were ordered to hand over all information on students, professors, study plans and other details to the country’s National Council of Universities (CNU), according to an official government register. The universities’ thousands of students will be integrated into CNU-approved institutions and all university property will be transferred to the state. That was the latest move in ongoing friction between the Church and Ortega’s government, which include the sentencing of Bishop Rolando Alvarez – an outspoken critic of what he called restrictions on religious freedom under Ortega – to 26 years in prison. The pontiff referenced but did not mention Alvarez by name in the interview, during which he also compared the situation in Nicaragua to the rise of communism in Russia and to Nazi Germany in the 1930s. – AFP B R I E F SIRAN PARDONS 22,000 PROTESTERS TEHRAN: Iranian judicial authorities have pardoned 22,000 people who took part in anti-government protests, judiciary chief Gholamhossein Mohseni Ejei said yesterday, according to the IRNA news agency. State media reported early last month that Supreme Leader Ali Khamenei had pardoned “tens of thousands” of prisoners including some arrested in the protests in a deadly crackdown on dissent. “So far 82,000 people have been pardoned, including 22,000 people who participated in (the) protests,“ Gholamhossein said. Iran has been swept by protests since the death of an Iranian Kurdish woman in the custody of the morality police last September. – Reuters THOUSANDS OF BRITISH DOCTORS GO ON STRIKE LONDON: UK hospital doctors yesterday began a three-day strike over pay at the start of a week that will also see teachers, train staff and civil servants walk out, in the latest wave of industrial action. The doctors said years of below-inflation pay increases mean they have effectively had a 26% pay cut since 2008. Ahead of the stoppage, the body that represents them, British Medical Association, launched an advertising campaign claiming a newly qualified doctor earned less than some coffee shop staff. “Pret a Manger has announced it will pay up to £14.10 (RM76) per hour,” the ad said. “A junior doctor makes just £14.09. Thanks to this government you can make more serving coffee than saving patients.” – AFP

8 theSUN ON TUESDAY | MARCH 14, 2023 SPEAK UP Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Complacency of staff D to blame for data breaches ATA breaches are a rising global threat. According to IBM and the Ponemon Institute, data breaches reached a record high in the last two years. Over 2,200 cyberattacks happen daily, costing large companies US$4.24 million (RM19 million) with each attack. The most frustrating part of these recurring events is that the causes of data breaches remain much the same for private persons and companies alike. The mitigation of data breaches strictly depends on how highly you regard the data managed by your company. Do not underestimate the importance of data loss prevention (DLP) – it is key given the ongoing proliferation of cybercrime. Learning about the most common causes of data leaks is useless unless you take action to prevent these events. In the following lines, we discuss eight common causes of security breaches and how to solve these issues with effective measures. Weak passwords What is the number one cause of data breaches? You’ll likely find that weak passwords are the top reason. According to the Harris Poll, 75% of Americans are duly frustrated with maintaining secure passwords. Out of that number, over 24% use common passwords such as sequential numbers, a single word, or a combination of three letters and three numbers. Meanwhile, 49% of password users only change a single character or digit on their password when they are prompted to update them. Keeping a strong password is not that difficult. Many cybersecurity experts agree that combining a single sentence with different cases and numbers is more than enough. A single word won’t do the trick since you usually choose something inherent to your character. Hackers with experience in social engineering can pick up on that to figure out your digital keys. If keeping track of your passwords is a chore, we suggest you invest in a reliable password manager service to make life easier. Criminal hacking Criminal hacking is what causes the majority of data breaches. These are planned attacks by cybercriminals always looking to exploit computer systems or networks. Some common techniques include phishing, password attacks, structured query language injections, malware infection and domain name system spoofing. Cyber actors know their way around these methods and they know how to identify entry points or weaknesses in the network infrastructure of large organisations. Criminal hacking happens because many companies fail to set up adequate security measures. with consistently. Phishing, malware and ransomware When identifying what the most common cause of data breach is, it always boils down to any of these three. Phishing is a social engineering attack where cybercriminals manipulate their victims into giving up their personal information. Phishing scams are conducted mainly by email, often appealing to your sense of urgency or desire to win or receive mega prizes. Next, we have malware attacks, where cybercriminals use malicious software to breach a system or network. Cyber actors usually disguise malware as executable files or links you have to interact with to inject malicious code into your systems. Ransomware works similarly. The only difference is that this program is designed to lock you out of your data or system and hold it until you pay to get access back. The best way to prevent these attacks is with a very judgmental eye. You should always look at the sender’s address of any email, especially if it urges you to take action. Don’t click on links or open files sent by unknown senders, and stay away from untrusted websites. Examine such links, URLs, and files carefully and keep your antivirus updated. Antiviruses can pick up most malware threats and delete them from your systems. Improper permission management How many people have access to your company’s data flow? Many IT departments are happy to offer a key log to anyone needing access to the company’s network at any time. You can not afford to give these permissions out so easily. When identifying what causes security breaches, you are likely to find out how too many permissions put you in danger. If there is a need for ongoing access to all team members, keep an access registry. Make sure it shows who accesses your systems, where they go and what they take. You can eventually manage just how many people need restricted or limited access. Access protocols are part of any solid DLP strategy and an excellent way to keep your data safe. User error and insider threats If you ask someone in the IT department, what causes the majority of data breaches, they’ll tell you it is people. The worst part of this answer is they are right. Humans are the weakest link of any security measure to protect your company’s digital assets. A weak password, improper data extraction and lack of email security best practices can cause a data breach worth thousands of dollars. On the other hand, we have insider threats. Disgruntled employees can cause more damage to a company than black hat hackers. If you are getting the wrong vibes from someone working for you, it is best to restrict their access before things get ugly. An insider threat can easily lead to loss of intellectual property data exposure. Physical threats Are you sure your premises are safe and secure? One of the causes of security breaches is physical attacks. Not all hackers are sitting in a dirty basement spying on you. Many of them take proactive action to access your system. Cyber actors are often very knowledgeable about human psychology. Nothing prevents them from using their online charm in the real world. Cybercriminals can easily disguise themselves as delivery persons or even company employees to access your computers or servers. Once they are there, they only need seconds to plant their malicious code via a USB flash. Even if it sounds complex, these criminals are not above the challenge. You can solve this issue by implementing a strict access policy to your building, such as using badges, especially for sensitive areas. Final thoughts Knowing the causes of data breaches and how to mitigate them is paramount to cybersecurity. Determine what data loss prevention is to your company and set up protocols to protect your data. Knowledge is the best defence against data leaks. You and your team need to understand the machinations of these events. Train your team to have stronger passwords. Teach them about the dangers of criminal hacking. Ensure they know the importance of updating their systems with the latest security patches. It is also crucial to train them to understand social engineering risks and how malware, phishing and ransomware can affect the company. Keep a watchful eye on improper permissions and insider threats too. Your data is the most valuable asset of your company and you need to do everything to keep it safe. Comments: [email protected] COMMENT by George Mathews One of the best ways to prevent data loss is by implementing a proper set of protective measures. With solid data loss prevention, you can avoid cyberattacks and keep your data safe. Monitoring tools also identify anomalies, so you will know when a cyberattack occurs. A company without defences can be targeted and never notice the data leak until it is too late. App vulnerabilities and backdoors When it comes to apps, the most common cause of data breaches is usually an unpatched vulnerability. Applications are not built on perfect frameworks, they are pieces of software with vulnerabilities. A faulty app can be a backdoor to steal data such as your name, email, or even bank details. Initially, these cracks go unnoticed by software providers and regular users, while cybercriminals find them to initiate a zero-day attack. Most companies are constantly testing their software to fend off any potential attacks to address these exploits. When a company finds a vulnerability, they release a patch to fix any security issues. That is why many apps on your phone or laptop frequently request updates. You must accept these data patches promptly to increase your security and keep your devices and apps running smoothly. Social engineering Social engineering is the number one cause of data breaches for companies and organisations worldwide. Most cybercriminals are good at social engineering since it is much easier than creating access points to exploit a system. Social engineering attacks rely on psychological manipulation to trick users into giving up their credentials. These attacks are carried out using emails, SMS messages, social networks and even calls. The best way to prevent social engineering attacks is to pay close attention to all requests made in any suspicious emails, calls, or messages. No company asks for login information or personal data, especially not banks or payment platforms. Look at small details such as grammar and syntax. If you are being called, take note of the requested details but never divulge sensitive info over the phone. Most social engineering scams are run outside of the US by people pretending to be representatives of a company you deal

9 SPEAK UP theSUN ON TUESDAY | MARCH 14, 2023 theSun ONWEDNESDAY | NEWS WITHOUT BORDERS theSun ON WEDNESDAY | NEWS WITHOUT BORDERS THE OBJECTIVES TO achieve greater unity among Malaysians TO maintain a democratic way of life TO create a just society in which the wealth of the nation shall be equitably shared TO ensure a liberal approach to her rich and diverse cultural traditions TO build a progressive society which shall be oriented to modern science and technology RUKUN NEGARA: THE PRINCIPLES BELIEF IN GOD LOYALTY TO KING AND COUNTRY THE SUPREMACY OF THE CONSTITUTION THE RULE OF LAW COURTESY AND MORALITY THE OBJECTIVES TO achieve greater unity among Malaysians TO maintain a democratic way of life TO create a just society in which the wealth of the nation shall be equitably shared TO ensure a liberal approach to her rich and diverse cultural traditions TO build a progressive society which shall be oriented to modern science and technology RUKUN NEGARA: THE PRINCIPLES BELIEF IN GOD LOYALTY TO KING AND COUNTRY THE SUPREMACY OF THE CONSTITUTION THE RULE OF LAW COURTESY AND MORALITY Is repatriation finally on the cards? BANGLADESH and Myanmar are working quickly to launch a pilot project for the Rohingyas’ repatriation before the monsoon season begins. Bangladesh has already handed a list of over 1,000 Rohingyas for repatriation while Myanmar’s government is quickly verifying it. Furthermore, the country is preparing for the rehabilitation of Rohingyas in Rakhine State. Myanmar wants to launch the pilot project as soon as possible in order to increase the military junta’s acceptance of the Rohingyas in the face of international pressure. Bangladesh’s top priority is the repatriation of Rohingyas, with the government working hard to achieve this goal. The situation in Rakhine State is now better than it has ever been. Security, living conditions, education and health care for Muslims in Rakhine State have all greatly improved. As a result, the two countries want to begin the repatriation process. Recently, Myanmar sent ambassadors or consul generals from 11 countries, including Bangladesh, India, China and eight Asean countries, to the area to monitor the situation. They also visited the Nakhua Reception Center opposite Teknaf and a nearby village, an internal displacement camp in Sittwe and another in the Chakto region. According to sources, the security situation in Rakhine State has improved. The conditions are favourable to begin the repatriation of Rohingyas there. Apart from this, the issue has become easier as India, China and other Asean countries have agreed on the solution to this problem. Why pilot projects? Due to the large number of Rohingyas, all parties agreed to send a small number of Rohingyas to assess the situation in the first instance. According to a report, after considering the pros and cons of the pilot project, everyone would want the main repatriation process to begin. If the pilot project is successful, it would help the process tremendously. Repatriation before monsoon In a few months, the rainy season will begin and Myanmar and Bangladesh are working to begin repatriation as soon as possible. According to a Bangladeshi media report, the verification process of the list of Rohingyas given for repatriation under the pilot project would be completed soon. Returning Rohingyas would be welcomed at two completed reception centres. After a few hours to 24 hours, the Rohingyas will be transferred to a transit camp, where thousands of their kind will be housed together. They will return to their homes after a week to a month in the camp, according to sources. Benefits for Muslims The security situation for Muslims is better than before and steps have been taken to improve it. Aside from that, there has been progress in terms of livelihood, health and education. According to a ministry official, who wished to remain anonymous, 200 Muslim students were admitted to Sittwe University last year after it had been closed for nine years. This year, many Muslim students have been admitted. As a result, educational opportunities for Muslims have greatly expanded. However, the overall health system in Rakhine State is underdeveloped and the official claims that the Arakanese people want to come to Bangladesh for treatment. Muslims, on the other hand, are receiving medical attention. Meanwhile, ambassadors from eight countries, including Bangladesh, India, and China, visited Rakhine State. These diplomats were sent to witness the preparations for the repatriation of Rohingya refugees from Bangladesh to Myanmar’s Rakhine State. As part of repatriation preparations, the eight ambassadors from the Asean alliance were shown around the Maungdoo and Situwek repatriation camps. On Sunday, diplomatic sources in Yangon confirmed the envoys’ visit to various areas of Rakhine State last week. According to diplomatic sources in Dhaka and Naypyidaw, Myanmar’s military government gathered the ambassadors of Bangladesh, India, China and Asean for this first state event in Rakhine State. On the first day of the visit, the envoys were shown the renovation work of the interim camp set up five years ago in the village of Naquiya on the banks of the Naf River, just opposite the Teknaf border. It was revealed that those who would be returned from Bangladesh would be housed in that camp for the first few days. They would later be transferred to the Lapukha camp in Mangdu. After a month, they would be permanently relocated to camps under construction near Maungdoo and Sittwek. According to sources, diplomats have also been shown a camp for internally displaced people in the Chakfu area, which is known for its oil companies and deep-sea port, where Chinese investments are being built. It was also reported that those camps would be closed and the displaced Rohingyas would be relocated to nearby villages permanently. They were shown that there was still a mosque in the area. When asked if Myanmar had given any indication of when the repatriation would begin, an envoy who visited the area said no date for repatriation had been set yet. However under the pilot project, they intend to begin repatriation by accepting over 1,000 Rohingyas. The envoy said they would try to convey that Myanmar is serious about repatriation by doing so. There have been mixed reactions in the Rohingya camp in Cox’s Bazar since the news of the visit by envoys from Bangladesh, India and China to Rakhine State. While many have praised the initiative, there are those that remain sceptical whether the Myanmar junta will actually begin repatriation process. Comments: [email protected] Toxic masculinity: The Andrew Tate effect POST International Women’s Day 2023, there is much to celebrate. Society’s treatment of women has generally improved over the decades such that we are approaching parity with men. However, we must take heed of the fact that all of this progress was achieved through consistent struggle and so will the progress to come. Even in 2023, there is much to be desired in the way women and gender minorities are treated. Recently, there has been a growing trend of misogyny portrayed as a desirable trait, especially on social media, which we must take time to carefully assess. The most famous example of social media being increasingly hostile towards women and gender minorities is Andrew Tate. The social media personality has grown to be somewhat of an icon on platforms such as TikTok where he continues to receive many views and admiration largely from men looking to adopt his brand of ultramasculine state of being. Even though Tate and his brother Tristan have been arrested and have been in jail since late 2022 on human trafficking charges related to coercing women into creating paid pornography for social media, this has not affected his aura much. In fact, many of his followers have become even more convinced of his legitimacy. This brand of masculinity is not just restricted to Tate but many other male influencers. Largely, the message being conveyed is for measuring one’s self-worth through material acquisition or deepening a certain brand of religiosity and characterising women as subordinate to men. This appeals to men who are looking for a way out of the oppressive system of capitalism and who feel threatened by the strengthening voice of women. On the influencers’ part, whether they are themselves from this community or are simply using it to boost their economic status, they have found a manipulable audience who will carry their word forward. The lure of this network of influencers and groups, collectively called the manosphere, prescribes specific simplified solutions to the highly complex problems faced by men created through both patriarchy and capitalism. Men today are falling behind in education. In Malaysia, enrolment figures show that 70% of university students are female. Malaysian male suicide rates have increased disproportionately to women as well. The common Asian mentality of expecting men to economically provide for their families further depresses men as the cost of living increases much more than salaries. Patriarchy has also inculcated the mentality that men need to be strong physically and mentally, leading to men facing a loneliness crisis as they seldom talk to others about their problems. Living in this hegemony, men are offered the solution of rejecting feminism, holding women responsible for them not getting jobs (blaming affirmative action programmes), rejecting them romantically and rejecting women’s role in society as equals to men, preferring so-called traditionalist values. Additionally, programmes to improve one’s economic status through any means necessary. Tate once called his webcam business model a total scam as a badge of honour for his success. Largely, fast luxury cars, expensive suits and a bombastic, embellished lifestyle are sold to vulnerable men as the desired end-state, with which women can be controlled as a commodity. This breeds a transactional nature of thinking that bleeds into other aspects of life. Often, men who are frustrated at lacking the social skills necessary to interact with women they are romantically interested in utilise language such as “high-value men” and “lowvalue women” to distinguish themselves and cope with their failures. Putting themselves above all others except for equally or more successful men, they chastise women who display individuality and request to be treated with respect. In conversations, there are times when these men demand subservience and impose themselves in making decisions on behalf of the women they are interested in, from ordering for them in restaurants and deciding what they should wear. The conversation should be treated not as between two individuals but as a master ordering their subordinate to behave a certain way. The larger attraction to this kind of behaviour is the feeling of taking back some control of a life that is scary and unpredictable. Tate sells a lifestyle where all of his desires are achievable and he is infallible. Through this, the ideal male is said to be traditional in nature, the right state of man before the modern world has stripped him of his alpha-ness or religiousness, which harkens back to a desirable (yet, false) image of a time when men were much more powerful. In reality, those in the margins are just centred a little more, though the oppression of the working class remains. According to Karl Marx, the working class is subject to a deep sense of dissonance, demotivation and unease due to their alienation from the means of production. As people are separated from the output of their labour, its full value and as they transition to become one of many cogs within a larger system made to enrich some other people, they will feel as if their humanity has been stripped from them. In this state of insecurity, coupled with low wages and a lack of social security, the working class as a whole is pushed to find solutions to their dilemma. Since the only real solution is a lengthy, difficult struggle to overthrow the system for a truly egalitarian one (socialism), simpler false solutions are sold instead, perversely monetising the unsettling social effect of capitalism. It is not the system that oppresses you, it is feminism gone wild. Or it is migrants who are flooding your country. Or it is social justice warriors and snowflakes asking for better work conditions. There are many iterations and the manosphere is one of them. In reality, there does need to be specific steps taken to address this in Malaysian society which is not immune to the manosphere. Already we have seen on social media the very mentality discussed above. Women are treated as if they are objects. Sexual videos and images of them are freely shared, deep fakes of them are made and complaints of women have often been pushed aside as feminism gone wild. A common narrative as well is that there is no such thing as marital rape, even! The ever-thickening nature of toxic masculinity fuelled by social media gurus needs to be addressed effectively. The only way to do this holistically is to understand the alienating nature of capitalism and provide an avenue to channel the frustration of all people to destroy it. Educating the masses on the role of the patriarchy in distracting them from this cause, just as racism, religious segregation and other forms of bigotry do, should be centred as well. We must understand relationships between human beings should be based on mutual respect irrespective of gender, sexuality, religion or creed. While we may hate to admit it, the sexist, misogynistic individuals we see on social media as recipients of the ideology sold by people such as Tate may just be vulnerable, scared individuals raging and barking up the wrong tree due to a manipulative teacher. It falls to us then, to re-educate them. Comments: [email protected] COMMENT by Arveent Kathirtchelvan COMMENT by Mehjabin Bhanu

10 theSUN ON TUESDAY | MARCH 14, 2023 MEDIA & MARKETING Get a jump start today on creating a successful tomorrow! For the best in local and international higher education institutions, catch theSun's fortnightly Education Focus. FOCUS 2023 EDUCATION Contact us now for special deals on digital, video and print advertising. RISE Educator Award is back again to celebrate and honour some of the nation’s most inspiring educators. Now in its third year, the RISE Educator Award organised by Taylor’s College and its student engagement arm, The Risers, look to reward RM10,000 each to the Top Five Finalists who are making a difference in the nation’s education ecosystem to support students in attaining quality and equitable education across various communities. An acronym for Remarkable Impact in Student Education, the RISE Educator Award is now open for nomination from 1 to 31 March 2023. Nomination is open to all participants through a 100-word story submission describing the inspiring deeds their teachers have done to impact their students’ education particularly in attaining quality and accessible education. With over 180 submissions garnered last year for RISE Educator Award, the campaign received many compelling and moving stories of selfless and passionate teachers who go above and beyond their line of duty to ensure their students are protected for their rights to quality and accessible education. Understanding the importance of education in shaping the minds of future leaders, innovators and citizens, Taylor’s College will be awarding RM10,000 each to the awards Top 5 finalists including the RISE Educator of the Year and RISE Educator Award winners to support these teachers in their endeavours to create a positive impact on Malaysia’s education ecosystem in ensuring quality education for all children in the nation. “As an education institution, we believe that we play a pivotal role in supporting various stakeholders with the country’s nation-building agenda especially in ensuring equitable and quality access to education for all students. To this, Taylor’s College is committed to optimising and supporting the nation’s education ecosystem to build better infrastructure and facilities for their schools,” said Josephine Tan, Taylor’s College Campus Director. She further shared that the RISE Educator Award, which is an initiative under The Risers’ ‘Engage, Equip and Empower’ movement, is aligned with the institution’s mission to be the best university in the world. “We will continue with our focus to build positive school culture, community, and identity by promoting positive values, skills, and knowledge outlined in the Sustainable Development Goal 4 (SDG 4) to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. We believe that every child deserves the opportunity to receive a quality education, and it is through the efforts of our exceptional teachers that we can make this a reality. That’s why we are committed to supporting and celebrating these dedicated educators through the RISE Educator Award and offering them the necessities they need to support their endeavours.” Last year’s RISE Educator of the Year winner, Cikgu Hazeem Azemi, made an outstanding contribution to education by bridging the digital knowledge divide between rural and urban students. As a teacher in a rural school, Cikgu Hazeem observed the disparity and took action to create SMK Kuala Krau’s OKU Multimedia Studio, the first multimedia studio in Malaysia specifically designed for specially-abled and Orang Asli students. The lab, equipped with gaming chairs and tables, computers, and accessories, provides a fun and motivating environment for students to learn essential IT skills such as video and photo editing, gaming-based learning, and broadcasting. Cikgu Hazeem’s innovative approach to education showcases his commitment to quality education for all and has inspired other educators to follow in his footsteps. The award recognises inspiring educators with the RISE Educator Award where the public can nominate the most inspiring story of teachers in national, private and international pre-, primary and secondary schools in the nation. Five finalists will be chosen from the entries and have their stories posted up on Taylor’s College and Taylor’s University social media platforms, for the public to vote for the winners. The teacher of the winning entry will walk away with RM2,000 while the nominator will also take home RM500 in cash prize. The award’s panel of judges will choose the grand champion for the RISE Educator of the Year title – where the winner will be awarded RM5,000 for the teacher and RM500 for the nominator. Winners of the RISE Educator Award will be announced in May in celebration of the country’s national Teacher’s Day. Rewarding educators who inspire For more information, scan the QR CODE to visit the Taylor’s College website

KLCI 1,421.83 STI 3,132.37 HANG SENG 19,695.97 376.05 SCI 3,268.70 38.62 NIKKEI 27,832.96 35.90 TSEC 15,560.49 34.29 KOSPI 2,410.60 S&P/ASX200 7,108.80 16.01 TUESDAY MARCH 14, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES March 13, 2023 STOCK VOL CLSG (sen) +/– (sen) SAPNRG 29,871,400 5.0 0.5 BSLCORP 16,037,700 6.0 -7.5 MYEG 12,454,000 77.0 4.0 HSI-HKO 74,690,100 32.0 -11.0 HONGSENG 69,689,200 14.0 -0.5 EXCHANGERATES MARCH 13, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.5810 4.4470 4.4370 1 AUSTRALIAN DOLLAR 3.0450 2.9210 2.9050 1 BRUNEI DOLLAR 3.3860 3.2840 3.2760 1 CANADIAN DOLLAR 3.3160 3.2230 3.2110 1 EURO 4.8910 4.7280 4.7080 1 NEW ZEALAND DOLLAR 2.8250 2.7170 2.7010 1 SINGAPORE DOLLAR 3.3860 3.2840 3.2760 1 STERLING POUND 5.5390 5.3640 5.3440 1 SWISS FRANC 4.9690 4.8540 4.8390 100 UAE DIRHAM 125.8300 119.1800 118.9800 100 BANGLADESH TAKA 4.4030 4.1260 3.9260 100 CHINESE RENMINBI 66.3000 63.7000 N/A 100 HONGKONG DOLLAR 58.8200 55.8400 55.6400 100 INDIAN RUPEE 5.6700 5.3100 5.1100 100 INDONESIAN RUPIAH 0.0306 0.0277 0.0227 100 JAPANESE YEN 3.4060 3.2990 3.2890 100 NEW TAIWAN DOLLAR 16.0000 N/A N/A 100 PAKISTAN RUPEE 1.6900 1.5700 1.3700 100 QATAR RIYAL 126.2400 119.8400 119.6400 100 SAUDI RIYAL 122.9500 116.7200 116.5200 100 SOUTH AFRICA RAND 25.9700 23.4400 23.2400 100 THAI BAHT 13.7900 12.2200 11.8200 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY March 13, 2023 INDICES CHANGE FBMEMAS 10,375.40 -74.59 FBMKLCI 1,421.83 -11.25 CONSUMER PRODUCTS 571.97 -0.57 INDUSTRIAL PRODUCTS 172.57 -0.36 CONSTRUCTION 160.10 -1.06 FINANCIAL SERVICES 15,720.30 -244.50 ENERGY 852.83 -4.42 TELECOMMUNICATIONS 598.69 -7.00 HEALTH CARE 1,605.03 -13.44 TRANSPORTATION 920.04 -12.20 PROPERTY 682.52 -2.31 PLANTATION 6,792.33 +29.56 FBMSHA 10,649.90 -23.02 FBMACE 5,299.06 -28.73 TECHNOLOGY 61.97 -0.45 TURNOVER VALUE 3.498 BIL RM2.152 BIL 5 TOP GAINERS March 13, 2023 STOCK VOL CLSG (RM) +/– RM NESTLE 60,800 135.60 +1.10 F&N 515,900 26.16 +0.80 RAPID 6,000 17.26 +0.46 MPI 253,800 28.60 +0.40 YNHPROP 26,100 4.85 +0.30 5 TOP LOSERS March 13, 2023 STOCK VOL CLSG (RM) +/– RM AEONCR 151,800 11.28 -0.36 DLADY 11,000 26.74 -0.36 CFM-WA 6,355,600 0.415 -0.29 DIALOG-C96 4,000,100 0.08 -0.26 D&O 2,703,900 4.25 -0.23 11.25 45.06 311.01 Petronas records 55% jump in Q4 profit after tax KUALA LUMPUR: Petroliam Nasional Bhd (Petronas)’s profit after tax (PAT) increased 55.2% to RM24.4 billion in the fourth quarter ended compared with RM15.7 billion for its corresponding quarter in the previous year, in tandem with improved earnings before interest, taxes, depreciation and amortization (ebitda) partially negated by higher taxation in line with higher profit. Revenue rose 38% to RM105.9 billion compared with RM76.6 billion for the same quarter last year, predominantly contributed by favourable price impact for all products and higher sales volume. For its full financial year, PAT increased to RM101.6 billion from RM50.9 billion in FY21, on the back of higher ebitda. Its revenue surged 51% to RM375.3 billion compared with RM248 billion for the same period, mainly due to the favourable price impact for all products aligned with higher benchmark prices. The group recorded ebitda of RM40.6 billion, improved by RM12.5 billion or 44% in line with higher revenue partially offset by higher product costs, cash payments and operating expenditure. Its dividend to the government stood at RM50 billion, with tax payments of RM30.9 billion and petroleum cash payment of RM11.7 billion. Its cash flows from operating activities increased to RM135.3 billion from RM78.5 billion in FY21. Executive vice-president and group CFO Liza Mustapha said that it is the strongest financial year posted in its recorded history, mainly driven by the profit registered this year. “Yes, its a combination of prices being favourable and also the ability to manage cost. (Its strong performance is mainly on the) profits and revenue but mostly on the profits side,” she said during its Q4 and FY22 financial results announcement press conference yesterday at Petronas Twin Tower, here. For FY22, the company’s capex increased 65% to RM50.1 billion from RM30.4 billion in FY21, with 75% accounted towards its core business while, 25% went towards its energy transition and decarbonisation efforts. Amidst the continued volatility of the energy market and the country’s energy transition, Liza said that the company remained steadfast in strengthening its portfolio through strict capital discipline. Meanwhile, president and group CEO Datuk Tengku Muhammad Taufik said in terms of outlook, he expects that the oil and gas industry could potentially see prices moderating in 2023 given an anticipated economic slowdown, even as it contends with prolonged market volatility. “In this environment, Petronas will continue to drive operational excellence in its core business while it pursues its growth and sustainability targets,” he said. – by Gloria Harry Beatty BCorp appoints new independent non-executive director KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) announced the appointment of Nor Afida Abdul Ali as independent non-executive director to its all-female board of directors line-up, effective yesterday. Commenting on the appointment, BCorp chairman Tunku Tun Aminah Sultan Ibrahim Ismail said “On behalf of the board, I am pleased to welcome Nor Afida to the board of BCorp. Her extensive experience in the fields of commercial finance, financial planning & analysis, and treasury will be of value to the group. We look forward to working closely together to create long term sustainable value for our shareholders and wider stakeholders.” Nor Afida is currently the head of corporate services department at Hibiscus Oil & Gas Malaysia Ltd (formerly known as KPMG joins MDEC initiative to nurture M’sian unicorns CYBERJAYA: The Malaysia Digital Economy Corporation (MDEC) has partnered with KPMG Malaysia to accelerate its Founders Centre of Excellence (FOX) programme, which aims to nurture five Malaysian unicorns by 2025, get 10 of them listed on the exchange, and drive the digital economy in establishing Malaysia as the digital hub of Asean. KPMG’s involvement in the programme is to provide consulting and advisory support covering areas such as market insights, technology updates, risk management, governance, and regulatory compliance. KPMG’s management consulting (IT oFirm to provide consulting and advisory support for Founders Centre of Excellence scheme █ BY HAYATUN RAZAK [email protected] enabled transformation) executive director Alvin Gan Seng Heng said that there is tremendous potential for local startups to grow beyond the country’s borders and make their mark on the global map, starting with an innovative idea introduced at the right time to the right markets. “Malaysia as a nation has all the right ingredients for technology companies to grow, supported by modern infrastructure, progressive policies for business, and a skilled workforce,” he said at the event yesterday. Referring to Malaysia’s strong content creation and consumption culture and its proximity to financial hubs like Singapore, he said that these areas have sparked a lot of growth for local startup companies. However, he also noted that talent is still a key challenge for many startups, along with how to scale up and export their services beyond the border. “From our study in Malaysia, most of the companies with potential come from the fintech and payment space at the moment,” he shared. MDEC’s digital export senior vicepresident Gopi Ganesalingam said that it is looking at nine tech sectors including digital health, digital finance, Islamic digital economy, digital agriculture, digital content, digital trade, digital cities, and digital health, supported by tech enablers mostly from the 4IR technology. “The promoted sectors are fixed, but the technology enabler is fluid, because technology changes so fast. Any company involved in either the promoted sector or the tech sector would qualify. We have more than 400 to 500 companies that we are watching, and the number is growing fast,” he added. The FOX programme is an intervention initiative designed to provide support for 20 selected companies that have shown highspeed growth and the potential to become the next unicorn. It is in line with the Malaysia Digital programme, an initiative to accelerate the growth of the nation’s digital economy. The criteria of the FOX programme include privately held in Malaysia and have demonstrated a strong growth track record measured by having revenue above RM20 million or raised Series A or have a strong 3- year growth track record. Repsol Oil & Gas Malaysia Ltd). She has over 23 years of industry experience, mostly in the oil and gas industry. She graduated with a Bachelor of Science Degree in Accounting and Finance from University of Warwick, UK. She is a fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW) and a member of the Malaysian Institute of Accountants (MIA). Following the new appointment, the members of the all-female board of directors of BCorp are: 0 Tunku Tun Aminah Sultan Ibrahim Ismail – non-independent nonexecutive chairman 0 Vivienne Cheng Chi Fan – joint group CEO/executive director 0 Nerine Tan Sheik Ping – joint group CEO/executive director 0 Norlela Baharudin – executive director 0 Chryseis Tan Sheik Ling – executive director 0 Dr Jayanti Naidu G. Danasamy – independent non-executive director 0 Penelope Gan Paik Ling – independent non-executive director 0 Datuk Leong Kwei Chun (Datuk Anne Eu) – independent non-executive director 0 Nor Afida Abdul Ali – independent nonexecutive director Participation 44.1 28.8 27.1 100.0 Institutions Retail Foreign Bought RM m 960.7 614.8 577.1 2152.6 Sold RM m 937.2 626.5 588.9 2152.6 Net RM m 23.5 -11.7 -11.8 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 13/03/2023

12 theSUN ON TUESDAY | MARCH 14, 2023 SUNBIZ Sompo’s foundation grants RM32,000 to Seven Tea One KUALA LUMPUR: The Sompo Welfare Foundation presented a cheque amounting to RM32,000 to Seven Tea One Sdn Bhd. Seven Tea One is among the four recipients of the foundation’s FY2022 International Social Welfare Grant outside Japan. This is the tenth time Malaysia is receiving international grant support from the Sompo Welfare Foundation. Berjaya Sompo Insurance, the Malaysian operating entity and From left (front seated): Berjaya Sompo Insurance CEO Tan Sek Kee, Seven Tea One owner Lai Chong Haur, and Berjaya Sompo deputy CEO Tsuyoshi Seto during the cheque presentation ceremony. oFund will be used to set up a halal-certified production centre; social enterprise to continue employing and training speciallyabled individuals part of Sompo Holdings (Asia) Pte Ltd, recommended Seven Tea One to be one of the grant recipients for communities,” he added. Tan presented the RM32,000 mock cheque to Seven Tea One Sdn Bhd owner Lai Chong Haur. In his acceptance speech, Lai said, “It is an honour to be selected as one of the recipients of the Sompo Welfare Foundation Social Welfare Grant, which will go into expanding our business and equipping the production centre. In the coming year, we intend to provide more job opportunities to differently-abled and single mothers from the B40 group. Hence, we are grateful to receive the grant as it helps us further increase the business capital and grow our impact.” Currently, Seven Tea One employs six individuals with disabilities and provides training for 15 specially-abled trainees at their vocational training centre. They envision extending their impact to enable more individuals with disabilities to receive training and support for employment. With the growing consumer market of herbal infusion drinks, Seven Tea One looks to penetrate the halal food and beverage industry to enable more consumers to purchase their products and contribute to their cause. The Sompo Group boasts a global business network which include 218 cities in 30 countries and regions, including Europe, the Middle East, North America, Central and South America, Asia, Oceania and Africa. their continuous effort towards programmes aimed at equipping individuals with disabilities with skill sets that will improve their employability opportunities. The grant from the foundation will fund the setting up of a halalcertified production centre which will help Seven Tea One increase its market growth to supply halalcertified healthy infusion herbal blends for a growing community seeking natural, wellness and halal-friendly beverages. Berjaya Sompo CEO Tan Sek Kee said, “At Berjaya Sompo, we actively strive towards being a diverse and inclusive society. We are honoured to support Seven Tea One in their mission to provide vocational training and employment space for individuals with disabilities.” “We are encouraged to see Seven Tea One’s efforts in making the company production line sustainable through developing their infusion herbal blends market and training centre. We are confident that they will achieve their vision to produce socially responsible products and foster inclusivity in the RHB unveils green financing scheme for SME KUALAS LUMPUR: RHB Banking Group continues to accelerate the adoption of sustainable practices amongst small and medium enterprises (SME) by introducing the RHB Green Financing Scheme. Through this, the group targets to extend a total of RM1.5 billion in sustainable financing to businesses, particularly SME by 2024. The RHB Green Financing Scheme forms part of the group’s existing Sustainable Financing Programme, which focuses on green product offerings comprising five financing schemes. The available financing facilities allow access to working capital of up to RM10 million with a repayment period of up to 10 years at preferential rates. This includes the SME Green Renewable Energy Financing, SME Green Construction Financing, SME Green Commercial Property Financing, SME Green Working Capital Financing and SME Green Capex Financing facilities. RHB Banking Group, group community banking managing director Jeffrey Ng said, “Our goals under this programme include raising awareness and to educate SME on the importance of adopting greener practices, and the financial and non-financial benefits it will bring to their businesses. The RHB Green Financing Scheme is designed to suit a wide range of business segments, with greater focus on SME, to facilitate their transition to low-carbon operations in line with global standards and best practices.” He added that they target to extend RM1.5 billion in sustainable financing to SME via this financing scheme by 2024 and this includes financing for renewable energy, construction, management and maintenance of green buildings, the manufacturing of biodegradable and eco-friendly products from recycled materials, as well as improved efficiency to reduce waste. The RHB Green Financing Scheme enables SME to tap into the Low Carbon Transition Facility initiative by Bank Negara Malaysia. KCI Metro Link to help Sri Lanka in oil palm cultivation, export KUALA LUMPUR: A Malaysian/Korean Joint Organisation, KCI Metro Link Sdn Bhd, has initiated a proposal for the cultivation of 15,000 acres of oil palm plantation and export in northern Sri Lanka. This move was mooted and initiated by Dr Parimalam Micheal to the Minister of Plantation and Industries Dr Ramesh Pathirana. That said, on March 7, the Letter of Commitment and Consideration was handed to Parimalam of KCI Metro Link Sdn Bhd from the coordinating secretary of the Minister of Plantation & Industries Wijayasundara Mudiyanselage in the presence of High Commissioner & Trade Commissioner Sumangala Dias of Democratic Socialist Republic (DSR) of Sri Lanka. This initiative was to meet with the President of the DSR of Sri Lanka Ranil Wickremesinghe to advise the World Bank on Humanitarian Loan Scheme to support this venture and the possibility of tapping the buy-back contract of the products from this cultivation to the Indian market. The World Bank involvement through subsides such as the proposed above initiatives, will be a positive impact and benefit in the areas of employment, infrastructure & livelihood of the people of DSR Sri Lanka, acknowledging the initiative of the Ministry of Plantation & Industries. Contaminants of water canals and environment impact, caused by discharge smokes from the operating mills will also be reduced to the lowest level, where the cultivation of oil palm industry takes place, will be protected from the above, by recent technology from Malaysia, Korea and Japan. This collaboration between DSR Sri Lanka and KCI Metro Link will foster a unique working relationship that would envisage a growing & positive trend of coming out of the economic woes, betterment & positive impact and investments for the people in DSR Sri Lanka. Cagamas concludes sukuk issuances worth RM715m KUALA LUMPUR: Cagamas Bhd, the National Mortgage Corporation of Malaysia, announced the successful conclusion of a combined RM715 million worth of issuances, comprising 1-year Variable Rate Notes (VRN), 3-year Islamic Medium Term Notes (IMTN) and 5-year IMTN. Proceeds from the issuances will be used to fund house financing from the domestic financial system. “The 3-year and 5-year IMTNs were successfully concluded via book building exercises which allowed the company to achieve a final book-to-cover ratio of 2.0 times and 5.0 times respectively, with participation from a diversified pool of investors including corporates, insurers, financial institutions and a sovereign fund. “The issuances bring the total funds raised for the year to RM2.74 billion,” said president/CEO Datuk Chung Chee Leong. The papers will be redeemed at their full nominal value upon maturity, are unsecured obligations of the company, ranking pari passu with all other existing unsecured obligations of the company. Cagamas is the second largest issuer of debt instruments after the Malaysian government and the largest issuer of AAA corporate bonds and sukuk in the market. BAuto posts higher Q3 pre-tax profit of RM115.5m, declares 4.5 sen dividend KUALA LUMPUR: Bermaz Auto Berhad (BAuto) reported higher group revenue and pre-tax profit of RM976 million and RM115.5 million respectively for the third quarter ended Jan 31 2023 compared with the preceding year’s corresponding quarter which saw group revenue and pre-tax profit of RM623.1 million and RM55.1 million respectively. Higher group revenue of RM352.9 million or 56.6% was achieved mainly due to the continued fulfilment of the substantial backorders received for the group’s domestic operations prior to the expiry of the sales tax exemption incentive in June 2022. In line with the increase in revenue, the group’s pre-tax profit improved by RM60.4 million or 109.6% compared with the preceding year’s corresponding quarter. Gross margin for its Mazda domestic operations had improved due to the change in composition of sales mix and the appreciation of the MYR against JPY. Likewise, contribution from its associated company, Mazda Malaysia Sdn Bhd (MMSB), had improved in line with the higher sales volume in both the domestic and export markets. The group has also accounted for its Employees’ Share Scheme expense of about RM0.4 million in the current quarter under review which is similar to RM0.4 million in the preceding year corresponding quarter. For the nine-month period, the group reported higher revenue and pre-tax profit of RM2.48 billion and RM281.7 million respectively compared with revenue and pre-tax profit of RM1.43 billion and RM103.1 million respectively in the corresponding period of the preceding year. Higher group revenue of RM1.05 billion or 73.4% was achieved mainly due to the continued fulfilment of the substantial backorders received prior to June 30, 2022 for the group’s domestic operations. Preceding year’s corresponding period results were adversely impacted during the first quarter of the financial year 2022 when Phase 1 of the National Recovery Plan was imposed in June and July 2021. Sales gradually improved when the country moved from Phase 1 to Phase 4 of the NRP in October 2021. Similarly, the group’s pre-tax profit had also improved by RM178.6 million or 173.1% compared to the preceding year corresponding period largely due to increase in the overall sales volume from the group’s domestic operations, better gross margin for its Mazda domestic operations, the appreciation of the MYR against JPY and higher share of results from MMSB. The board has approved and declared a third interim dividend of 4.50 sen single-tier dividend per share in respect of financial year ending April 30, 2023 (preceding year’s corresponding quarter ended Jan 31, 2022: 2.25 sen single-tier dividend per share). The entitlement date has been fixed on April 18, 2023 and payable on May 5, 2023. This will bring the total dividend declared for the financial period ended Jan 31, 2023 to 11 sen singletier dividend per share (previous financial period ended Jan 31, 2022: 4.25 sen single-tier dividend per share).

13 * SUNBIZ theSUN ON TUESDAY | MARCH 14, 2023 Pengerang Energy Complex signs US$102b deals with partners SINGAPORE: Pengerang Energy Complex Sdn Bhd has signed key agreements with several blue-chip partners for the upcoming Pengerang Energy Complex (PEC), located within the dedicated Pengerang Integrated Petroleum Complex (PIPC) in Johor. The strategic feedstock supply and product offtake agreement signings with energy majors Chevron and Equinor, Thai national oil company PTT, and marquee trading house Mitsui & Co. Ltd are worth a total of US$102 billion (RM457.5 billion) and together will support the full needs of PEC for its initial 12 years of operation. Pengerang Energy Complex Sdn Bhd CEO Alwyn Bowden said: “When it enters into operation in late 2026 the PEC Project will deliver the lowest carbon footprint per tonne of Paraxylene produced of any such facility globally, thereby delivering Industry pacesetting benchmarks, and allowing PEC to ‘start with the future’. It is against this background that we are especially pleased to successfully conclude negotiations on feedstock supply and off-take with our like-minded and forwardthinking partners, who together will form the cornerstone of PEC operations. These key agreement signings also signal the strong confidence that our various stakeholders have in the project and are set to be a catalyst for further exciting announcements and progress updates in the coming months.” PEC forecasts an annual export turnover of US$5 billion, propelling Malaysia further up the value chain in the petrochemical sector. With strong regional demand for fuels and downstream petrochemicals products, PEC’s hydrogen output holds potential for further downstream investments which will enable green initiatives such as Sustainable Aviation Fuels (SAF), Biodiesel and other Biofuels. PEC, which is being developed by ChemOne Group, a leading energy and petrochemicals project developer based in Singapore, along with its strategic partners, has been designed to optimise energy efficiency, minimise equipment requirements, and significantly reduce carbon footprint and has been developed in line with International Financial Corporation’s (IFC) performance standards and Equator Principles 4. Once completed, the US$4.5 billion PEC facility is set to be one of the largest and most competitive as well as energy and resource efficient aromatics complexes in the world. UMW Group maintains strong auto sales momentum in February KUALA LUMPUR: The UMW Group’s automotive sales maintained their strong momentum in February with the delivery of 34,233 vehicles, 44% higher than the 23,853 units registered in the same month last year, as UMW Toyota Motor (UMWT) and UMW’s associate company, Perodua, continued to fulfil its encouraging outstanding bookings. UMWT’s sales surged to 9,297 units in February 2023, 45% higher than the 6,432 units delivered in February 2022. It was also 37% higher than the 6,786 units registered in January 2023. For the first two months of 2023, UMWT registered 16,083 units, a 15% growth compared with the 13,960 units registered in the corresponding period of 2022. UMWT expects demand and sales to be sustained throughout the year, supported by the introduction of new and facelift models. On Feb 17, 2023, UMWT launched the GR Supra, GR 86, GR Corolla, Corolla Cross GR Sport as well as the Hilux GR Sport. To strengthen its market position, UMWT started taking orders for the all-new Toyota Vios on Feb 24, Perodua’s sales continued on an upward trajectory in February 2023 with the delivery of 24,936 units, 43% higher than the 17,421 units registered in February 2022 as well as 16% higher than the 21,449 units in January 2023. For the first two months of 2023, Perodua delivered 46,385 units, a 33% growth compared with the 34,865 units registered in the corresponding period of 2022. With the improving demand, Perodua has set a higher sales target of 314,000 units for 2023, a 11% growth compared with 2022. The higher sales will be driven by the all-new 2023 Perodua Axia that was launched on Feb 14, 2023. Wholesale, retail trade sales in January up 12.4% year-on-year KUALA LUMPUR: Malaysia’s wholesale and retail trade grew 12.4% year-on-year (y-o-y) in January to record monthly sales value of RM135.1 billion, according to Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin. He said the increase was attributed to the retail trade sub-sector, which recorded a jump of RM10.6 billion or 21.7% y-o-y to RM59.6 billion. Motor vehicles expanded by 20.1% y-o-y or RM2.5 billion to RM15.2 billion while wholesale trade went up 3.1% y-o-y or RM1.8 billion to RM60.4 billion. “However, for month-on-month (m-o-m) comparison, sales value of wholesale and retail trade declined 1.6%, mainly contributed by the motor vehicles sub-sector which decreased 13.4%,” he said in a statement yesterday. Mohd Uzir said the retail trade sub-sector growth of 21.7% in January was supported by retail sales in non-specialised stores which grew 24.6% or RM4.5 billion to RM22.7 billion. For m-o-m comparison, sales of this sub-sector went up 0.2%. He added the 20.1% growth in the motor vehicles sub-sector was attributed to sales of motor vehicles, which increased 25% or RM1.5 billion to RM7.7 billion. For wholesale trade sub-sector, the increase of 3.1% was attributed to the wholesale of household goods, which registered an increase of RM1 billion or 8.6% to RM12.8 billion. – Bernama Malaysia’s January IPI growth moderates to 1.8% PUTRAJAYA: Malaysia’s Industrial Production Index (IPI) moderated to 1.8% in January, weighed down by slower output growth in the manufacturing sector, according to the Department of Statistics, Malaysia (DoSM) report released yesterday. The publication presents IPI statistics, consisting of three sectors namely mining, manufacturing and electricity. According to the Chief Statistician Malaysia, Datuk Sri Dr Mohd Uzir Mahidin, “The positive growth of IPI continued in January 2023, albeit at a more moderate rate of 1.8% as against 2.8% recorded in the preceding month. The moderation in industrial production was attributable to lower output growth in the manufacturing sector during the month which was 1.3% (December 2022: 3.0%) as well as a decline of the electricity output by 4.3% (December 2022: -2.2%). Meanwhile, mining production expanded by 5.9% as compared to 3.9% in December 2022. The year-on-year growth of IPI for January was also the lowest recorded since August 2021. In a month-on-month comparison, the IPI decreased further by 2.3%, after registering a marginal decline of 0.6% in the previous month.” Mohd Uzir said the lower output growth in the manufacturing sector was weighed down by the export-oriented industries which grew 0.6%, down from 2.7% in the previous month. He added that while the production of the manufacture of computer, electronics & optical products was the largest contributor to the manufacturing sector, the output growth diminished to 0.8% (December 2022: 7.6%), in line with the slower momentum of the external trade sector and declining trend in global semiconductor industry during the month. In the meantime, he said, rapid expansion was observed in the manufacture of coke & refined petroleum products with the output growth of 11.0% and in the manufacture of vegetable & animal oils and fats with 8.3%. The production of domestic-oriented industries which contributed to one-third of the manufacturing output, grew by 2.7% in January (December 2022: 3.8%), said Mohd Uzir, adding that the increase was propelled oIndustrial production weighed down by slower output increase in manufacturing sector by the manufacture of motor vehicles, trailers & semi-trailers which accelerated by 12.2% (December 2022: 11.8%). He said the output growth was positive in almost all domestic-oriented industries products except for the manufacture of beverages; and the manufacture of basic metals which posted declines during the month. In comparison with the preceding month, the manufacturing output declined further by 3.3% after registering a decrease of 1.2% a month earlier. Commenting on the mining sector’s performance, Mohd Uzir said, “The expansion of 5.9% in the output of the mining sector was bolstered by the strong growth of 8.0% in the crude oil & condensate index (December 2022: 4.2%) and 4.5% in the natural gas index (December 2022: 3.7%). Compared with December 2022, the mining index grew by 1.7% as against 1.1% growth recorded in the previous month.” In the meantime, the electricity index posted a decline for two consecutive months to record a negative 4.3% in January after recording a fall of 2.2% last month. Month-onmonth, the electricity index shrank by 3.4% as against the positive growth of 0.9% recorded in December 2022. The government has declared National Statistics Day (MyStats Day) on Oct 20 each year. MyStats Day theme is “Connecting the World with Data We Can Trust” Hong Leong Bank’s new data centre gets top green certification KUALA LUMPUR: Hong Leong Bank’s new data centre received a Titanium+ Tier recognition from the Green Climate Initiative (GCI), an industry-leading green technology accreditation organisation. With this accreditation, the bank’s data centre is officially a Certified Green Computing Facility and is the only facility in Malaysia to achieve the prestigious Titanium+ ranking by scoring 99 points out of 100 in the Certified Green Computing Facility Weighted Scorecard. This accreditation, which was presented at the Huawei Malaysia Digital Power Summit 2023, comes as the bank continues to execute its strategic environmental, social and governance (ESG) initiatives, working towards its goal of being carbon neutral by 2050. In recent years, the bank has gradually embedded ESG considerations throughout its business operations by implementing sustainability and environmental frameworks. The bank’s new data centre, which uses open-source, latest data governance architecture to enable real-time data processing, data mining, and in-depth analysis, was developed in line with the bank’s overall ESG framework. HLB group managing director and CEO Domenic Fuda said: “We take both a shortterm, as well as, a long-term view when it comes to addressing climate change by being steadfast in incorporating sustainability actions and policies into our daily operations and strategic initiatives. These initiatives and actions throughout our business are designed Hong Leong Bank chief technology officer William Streitberg receiving the Titanium+ Tier Certification from Green Climate Initiative’s Avis Tan, head of sustainability committee (Asia & Middle East), witnessed by Huawei Enterprise Business Group financial services industry director GT Tan. to create a positive impact across our customers, community and the environment, whether it’s in business enablers like a data centre or through our products and services,” Operationally, HLB has set the target of reducing greenhouse gas emissions by 15% to 25% by 2026, achieving net zero Scope 1 and 2 by 2030 and being carbon neutral by 2050. Huawei Malaysia digital power business group vice-president, Chong Chern Peng said, “We are grateful that our customer Hong Leong Bank has received this certification and recognition for Huawei’s Data Centre Facility. In the pursuit of next-generation data centres, technological innovation will be a key force in ensuring sustainable development.”

14 theSUN ON TUESDAY | MARCH 14, 2023 SUNBIZ /thesuntelegram FOLLOW ON TELEGRAM SCAN ME LONDON: HSBC bought the UK arm of Silicon Valley Bank for a symbolic £1 (RM5.42) yesterday, rescuing a key lender for technology startups in Britain, as the biggest bank collapse since the financial crash continued to roil markets. The deal, which sees one of the world’s biggest banks, with US$2.9 trillion (RM13 trillion) of assets, take the doomed British arm of the tech lender under its wing, brought to an end frantic weekend talks between the government, regulators, and prospective buyers. It came after US authorities moved on Sunday to shore up deposits and try to stem any wider contagion from the sudden collapse of its parent Silicon Valley Bank. But a global rout in stocks continued yesterday, with European banks shedding as much as 6% on the day. That left them on track for their worst two-day drop since the Ukraine war began in February 2022. HSBC shares were down 3.8%. The rescue of SVB UK was welcomed by British government ministers, regulators and technology startups, who said customers would be able to bank as normal. “HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them,” Britain’s finance minister Jeremy Hunt said. “We were faced with a situation where we could have seen some of our most important companies - our most strategic companies - wiped out, and that would have been extremely dangerous,” Hunt told reporters. Asked about HSBC’s white-knight role, Hunt said his priority had been to avoid using British taxpayers’ money. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. It said deposits at the bank were safe as a result of the sale, and that the wider banking system was safe. “On the face of it appears a good deal,” Richard Marwood, senior fund manager and HSBC investor at Royal London Asset Management, said. “SVB lacked liquidity and depositor confidence – HSBC has both of those in spades.” SVB UK is ringfenced from the US group, and HSBC said the assets and liabilities of the parent company were excluded from the transaction. “This acquisition makes excellent strategic sense for our business in the UK,” HSBC CEO Noel Quinn said in a statement. SVB UK has loans of around £5.5 billion and deposits of around £6.7 billion, HSBC said, adding the takeover completes immediately. The Bank of England said SVB UK had a total balance sheet size of around £8.8 billion. Unlike the United States, Britain has not announced broader liquidity measures for the banking system. Industry bodies representing startups welcomed the takeover deal for shielding them from financial turmoil, including the biotech sector where about 40% of companies banked with SVB UK. – Reuters A giant screen displays a live broadcast of Li speaking at a news conference following the closing session of China’s parliament in Beijing yesterday. – REUTERSPIC Employers warn EU to cut costs or see businesses flee BRUSSELS: The European Union (EU) must urgently lower energy prices and ease regulations to stop industry fleeing the continent, European businesses said yesterday, as Brussels prepares plans to stimulate the green economy. The EU is racing to make Europe more attractive for the companies that could be tempted by massive US and Chinese subsidies and lower energy costs. This week the European Commission, the EU’s executive arm, will present plans to reform Europe’s electricity market, to boost the green transition and guarantee the supply of critical raw materials. But BusinessEurope, the EU’s main business lobby group, said Brussels’ efforts were insufficient and too slow. “The risk of deindustrialisation in Europe is real,” warned Markus Beyrer, director-general of BusinessEurope. Many companies are already “partially or totally relocating their production outside Europe,” said BusinessEurope, which represents employers’ associations from 35 countries. The commission last Thursday loosened state aid rules for companies in sectors that help reduce carbon emissions as part of its response to subsidies offered elsewhere. BusinessEurope however called for more action including cutting taxes on energy and keeping them low to reduce businesses’ bills. “Policymakers should not be fooled by ... declining energy prices,” Beyrer said, adding: “They will remain higher than for our main competitors.” The business lobby might be expected to demand cost cuts but some real world impact of the problem has already been seen. Beyrer also pointed to tougher regulation as their top problem after high energy prices, according to a recent survey of its members. “For 2023 alone, the European Commission plans to table 43 new policy initiatives on top of already 116 pending proposals ... an increasing number without a proper impact assessment.” The “regulatory burden” pushes companies and investments away from the continent and “harms Europe” as a place to do business, he warned. – AFP HSBC rescues UK arm of stricken Silicon Valley Bank oAcquisition of key lender to tech sector for symbolic £1 welcomed by government ministers, regulators, startups US acts to shore up banking system confidence WASHINGTON/SINGAPORE: US authorities have launched emergency measures to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis. After a dramatic weekend, regulators said the failed bank’s customers will have access to all their deposits starting yesterday and set up a new facility to give banks access to emergency funds. The Federal Reserve (Fed) also made it easier for banks to borrow from it in emergencies. The US Federal Deposit Insurance Corporation (FDIC) said yesterday it had transferred all deposits of Silicon Valley Bank to a newly created bridge bank. “We think the steps taken by the Fed, Treasury and (the Federal Deposit Insurance Corp) will decisively break the psychological ‘doom loop’ across the regional banking sector,” said Karl Schamotta, chief market strategist at Corpay in Toronto. “But, fairly or not, the episode will contribute to higher levels of background volatility, with investors watching warily for other cracks to emerge as the Fed’s policy tightening continues.” Regulators also moved swiftly to close New York’s Signature Bank, which had come under pressure in recent days. In Singapore, the central bank said yesterday Singapore’s banking system has insignificant exposure to failed banks in the United States. Banks in Singapore are well capitalised and conduct regular stress tests against interest rate and other risks, the Monetary Authority of Singapore (MAS) said in a statement. MAS is in close touch with local authorities to assess any potential impact on Singapore startups. – Reuters China’s new premier says ‘no easy task’ to hit growth target BEIJING: China’s new Premier Li Qiang warned yesterday it would be “no easy task” for the country to hit its annual growth target, already one of Beijing’s lowest in decades. “I’m afraid that reaching our growth target of around 5% will be no easy task, and will require that we redouble our efforts,” he said at a press conference in the Chinese capital. The modest figure “has been determined after a comprehensive consideration of various factors,” Li said in front of assembled domestic and international media as the annual meeting of China’s parliament drew to a close. He warned of “many new challenges” to growth, but added that he thought most people “don’t fix their sights every day” on China’s gross domestic product (GDP) figures. Instead, they care more about “specific issues close to them” such as housing, employment, income, education and health, he said. Li sought to reassure the country’s private sector, saying the environment for entrepreneurial businesses will improve and that equal treatment would be given to all types of companies. Li, the former Communist Party chief of Shanghai, was installed as premier on Saturday during the annual session of China’s parliament and is tasked with reviving the world’s second-largest economy after three years of Covid-19 curbs. At the opening of the parliamentary session, China set a GDP growth target of about 5%, its lowest goal in nearly three decades. Li said China will take measures to boost jobs and urged officials at all levels to “make friends” with entrepreneurs. “Developing the economy is the fundamental solution for creating jobs,” he said. “Private entrepreneurs or enterprises will enjoy a better environment and broader space for development ... we will create a level playing field for all kinds of market entities and we will make further efforts to support private entrepreneurs to grow and thrive,” he added. – AFP, Reuters B R I E F SUAE’S ADNOC GAS SHARES SURGE 25% IN US$2.5B IPO DUBAI: Shares in the United Arab Emirates’ (UAE) Adnoc Gas soared 25% in opening trade yesterday in a US$2.5 billion (RM11.2 billion) initial public offering. Adnoc Gas, a subsidiary of state-owned energy giant Abu Dhabi National Oil Company (Adnoc), rose to 2.96 dirhams (RM3.60) from its launch price of 2.37 dirhams. Adnoc Gas, which only became operational at the start of this year, is the biggest flotation yet on the Abu Dhabi stock exchange. The final offer price of 2.37 dirhams, near the top of its range, implied a market capitalisation of around US$50 billion. – AFP CREDIT SUISSE SHARES SINK 14% TO RECORD LOW ZURICH: Credit Suisse shares plunged by more than 14% to hit a new historic low around midday yesterday, as the markets worried about European banks following the collapse of US lender SVB. Shares in Switzerland’s second biggest bank fell rapidly on the Swiss stock exchange, dropping 14.30 percent to 2.139 Swiss francs. Other European banks took a beating as well, with Germany’s Commerzbank down 12%, Spain’s Santander shedding 7.4% and the Netherlands’ ING falling 8.3%. – AFP

1 4 M A R C H 2 0 2 3 T U E S D A Y Triumph at the Oscars S URREAL sci-fi film Everything Everywhere All at Once dominated the Oscars yesterday, winning seven golden statuettes including best picture, Hollywood’s most coveted prize. The unorthodox but beloved movie – which features multiple universes, adult toys and hot dog fingers – also won best director, best actress, best original screenplay, best editing, and both the best supporting actor and actress prizes. Tan Sri Michelle Yeoh becomes the first ever Asian woman to win best actress, for her portrayal of an exhausted Chinese laundromat owner embroiled in battle with an inter-dimensional supervillain – who happens to be her daughter. “Thank you to the Academy, this is history in the making!” she said. “Ladies, don’t let anybody tell you you are ever past your prime,” added the 60-year-old, whose career began decades ago with martial arts films in Hong Kong. Brendan Fraser won best actor for playing a morbidly obese teacher in The Whale, capping a remarkable career comeback. Fraser was a major action star in the late 1990s with films like The Mummy, before largely disappearing from the public view. “I started in this business 30 years ago, and things – they didn’t come easily to me,” he said. He thanked director Darren Aronofsky for “throwing me a creative lifeline and hauling me aboard the good ship The Whale.” American Dream Everything Everywhere, comfortably the night’s biggest winner, is a wordof-mouth smash hit that has grossed US$100 million (RM448.35 million) at the global box office. In a plot that is not easily described, Yeoh’s heroine Evelyn must harness the power of her alter egos living in parallel universes, which feature hot dogs as human fingers, talking rocks and giant dildos used as weapons. The film, which features a predominantly Asian cast, was directed by Daniel Kwan and Daniel Scheinert – two young filmmakers who were previously best known for an oddball comedy about a talking corpse. Kwan thanked his “immigrant parents”, while his counterpart thanked his mother for never “squashing my creativity”, including when he had dressed in drag as a child. “Which is a threat to nobody,” he Producer Jonathan Wang speaks as the cast of Everything Everywhere look on after their best picture win. – REUTERS oEverything Everywhere All at Once conquers the Academy Awards with a near-clean sweep Acting award winners (from left) Quan, Yeoh, Fraser and Curtis. – AFO The Daniels have fun with their directing awards. – AFP All Quiet on the Western Front was named best international feature. – AFP Dancers perform best original song winner Nattu Nattu. – AFP Host Jimmy Kimmel kept the mood light. – AFP added, to enormous cheers. Vietnam-born Ke Huy Quan, 51, who was a major child star in the 1980s with Indiana Jones and the Temple of Doom and The Goonies, completed a stunning comeback from decades in the Hollywood wilderness by winning best supporting actor. “Mum, I just won an Oscar!” said a tearful Quan. “My journey started on a boat. I spent a year in a refugee camp. And somehow, I ended up here on Hollywood’s biggest stage ... this is the American Dream!” Best supporting actress Jamie Lee Curtis paid tribute to her parents Tony Curtis and Janet Leigh, both Oscar-nominated actors who never won. All Quiet makes noise All Quiet on the Western Front, Netflix’s German-language WWI film, finished the night in second place with four awards. It won best international feature and best cinematography early in Sunday’s ceremony. As the night progressed, it also gathered Oscars for best original score and best production design. But it ultimately could not stop the Everything Everywhere juggernaut, and lost adapted screenplay to Women Talking, and best sound to Top Gun: Maverick. Tom Cruise’s Top Gun sequel had been seen as another potential best picture contender, having helped bring audiences back to movie theatres after the pandemic. While Cruise did not attend Sunday’s ceremony, the night began with a thunderous flyover by two US Navy jets, soaring at 345 mph over the Dolby Theatre in Hollywood. Host Jimmy Kimmel was then lowered onto the stage, and he quickly launched into a monologue which laid into Will Smith’s infamous attack on Chris Rock at last year’s Oscars. The spectre of ‘The Slap’ has hung over the Oscars since Smith assaulted Rock on stage for cracking a joke about his wife. Smith was allowed to stay at the gala, and accept Hollywood’s top male acting prize soon after, but has since been banned from Academy events for a decade. “If anyone in this theatre commits an act of violence at any point during the show – you will be awarded the Oscar for best actor, and permitted to give a 19-minute-long speech,” joked Kimmel. Plenty of entertainment In the night’s other prizes, Guillermo del Toro’s Pinocchio won best animated film, and Avatar: The Way of Water won best visual effects. Navalny – about the imprisoned Russian dissident Alexei Navalny – won for best documentary. Dozens of dancers brought a colourful, energetic performance of Naatu Naatu, the showstopper tune from Indian crowd-pleaser RRR, which won the Oscar for best original song. Academy bosses hope that Oscars television ratings will pick up from recent years, calling in heavy hitters from the world of music to perform the other nominated songs. A dressed-down Lady Gaga sang an emotional, heartfelt rendition of her song Hold My Hand from Top Gun: Maverick. And pregnant pop singer Rihanna – draped in diamonds, including over her baby bump – sang Lift Me Up from Black Panther: Wakanda Forever, which won for best costume design. Lenny Kravitz performed the annual In Memoriam segment, which was introduced by a tearful John Tavolta, who paid tribute to his late Grease co-star Olivia NewtonJohn. – AFP

17 ENTERTAINMENT theSun LYFE ON TUESDAY | MARCH 14, 2023 @thesundaily FOLLOW ON TWITTER SCAN ME Music in his blood MA L A Y S I A N - B O R N Gabriel De Leon has music in his genes. Coming from a family of musicians in the Philippines, it was hard not to get influenced by music. His father Ronald, who once played on a cruise ship, moved from the Philippines to Penang in 1994, bringing both his family and love of music with him. Ronald then spotted Gabriel’s abilities at a young age, and later, both Gabriel and his brother Vincenzo formed a family band, which they called The De Leon Jazz Experience. The band has been playing at private events in Penang with orchestras such as the Musical Sinfonietta and the Penang Philharmonic Orchestra for years. The love of music motivated Gabriel to earn a scholarship to study at the Berklee College of Music and pursue jazz composition and music production. Currently, Gabriel is composing music for several music production libraries, as well as a video game expected to release on Steam. We recently caught up with the young freelance musician, and he revealed his aspirations to break into Hollywood and make a mark on himself in the music scene, and make Malaysians proud. Gabriel also spoke about how the recent nomination of Michelle Yeoh in the Best Actress category at the Academy Awards has been inspiring to him. Her achievement and success motivated the 23-year-old to take a bold step to go beyond the border. At what age did you begin developing a passion for music? “Since I was pretty much a toddler. My dad, a musician himself, would teach my older brother the piano at age two, and I was barely even born when he stuck me in the room to observe. It was probably when I was 14 or 15 that I started to realise my interest in composing. “My dad and music teachers were very supportive of my compositional Gabriel De Leon plays a number of different instruments. oGabriel De Leon aspires to break into the Hollywood music scene █ BY S. TAMARAI CHELVI Gabriel is both an adept musician and composer. uncles. I could either be a third or fourth generation Cristobal musician (the family on my dad’s mother’s side), and I am very proud of this lineage.” Where did you learn about composing, arranging, and producing music? “All three aspects were somewhat self-taught, at least from the start. Self research and professional feedback were necessary from my teachers and my parents. “When I started studying at the world-renowned Berklee College of Music, I had begun my studies in music production out of curiosity. I saw the importance of this knowledge and sought to do the best I could to master it. “Most of the basic skills I learned were through the syllabus, but in a way, I forced myself to practice music production pretty much every day. Now that I have both the traditional composition skills and the contemporary music programming skills under my belt, it has become a fun turnaround in my career that I never saw coming, but I am having a good time.” Tell us about the genres or music styles you have composed before. “Primarily, I used to compose mostly orchestral or symphonic music. I have also done chamber music. “Going to Berklee, I also majored Gabriel (far right) together with his family. in jazz composition, as I had never really done that before. “For about two years of my time there, I regularly composed jazz tunes and pieces, ranging from fakebookstyle tunes to big band arrangements and modern jazz from trio lineups to funk bands. Other styles would include EDM, salsa, house, and samba.” What is the hardest part when it comes to composing a song? “Getting the best melodic content Being primarily a drummer (and a non-improvising violinist), it’s definitely one of my weakest aspects. “I am definitely a harmony nerd, but I am still working really hard to get much better at writing a memorable topline.” What are your other interests? “Aside from music, I enjoy football. So much football. It’s been tough getting the time to go out and play, especially with a busy schedule teaching, composing, and performing, but I have met a group of people (also from Berklee) who regularly have a kickabout every weekend, so that is what has been keeping me most active lately. “I also like cooking, and once I settle down in Los Angeles, I will start trying new recipes.” What instruments do you play? “The drum set is my principal, and the violin is my co-principal. I have since picked up the viola, hand percussion, bass guitar, and guitar.” Who are your musical influences? “Too many. Tchaikovsky, Ludwig Goransson, my dad, Michael Giacchino. Some amazing drummers like Dave Weckl, Matt Garstka, Dafnis Prieto.” Who would you like to collaborate with in Hollywood? “More Malaysian creatives We lack representation, and that has been so important, given Michelle Yeoh’s recent awards for Everything, Everywhere, All At Once. Seeing people who look like you and have had the same struggles as you allows more people to believe that they can make it out here.” What is your ultimate goal? “Short-term goals are to score some smaller indie films and series, and write additional music for larger-scale projects. “In the long term, I hope to start a music production company that allows for future budding composers and producers like myself, provides meaningful opportunities, and teaches and shows them that exploitation of the younger workforce is not necessary for someone to break into the industry. “I also work in music production libraries, so I hope to get more hits on TV shows. Above all that, I would love to be able to maintain all of this while living a healthy lifestyle, physically and, most importantly, mentally.” endeavours and allowed us to showcase some original compositions or arrangements with the school orchestra.” Tell us about your family’s relationshop with music. “My father is originally from Las Piñas, a small town outside of Manila, the Philippines. He used to tell me that several of his uncles were musicians, and some were even stationed as far away as Hong Kong to pursue their careers as performing musicians. “He was involved in the Las Piñas Boys’ Choir, a renowned choir that toured the nation and the world, as they competed globally for trophies. Additionally, he also learned a few wind instruments from one of his

18 WELLNESS theSun LYFE ON TUESDAY | MARCH 14, 2023 feeling overcommitted and worried. Be aware of your limitations You can never manage your time efficiently if you don’t know your efficiency rate, as well as what you have already promised to. Create a tenable calendar. Making a strategic calendar can help you to better organise your workload and determine how much time you have for work. Once you have committed to serving in this position, you will need to either decline new work or rework existing commitments to make room for it. Talk to someone It’s okay to get a second opinion from a third party if you are unsure if you can accept another commitment. Sometimes all it takes to clarify your response in your mind is to just talk about something while being aware that someone is paying attention to your Forced to make hard choices WOMEN face many obstacles in their working lives. Motherhood is one of them. Many female employees assert that their family responsibilities have slowed their progress in the professional sphere. More than 7,000 women from seven countries were asked about the impact of motherhood on their work in Avon’s Global Progress for Women survey, reported by Stylist magazine. A third of the women said that their family life, and more specifically childcare, has had a negative impact on their career advancement. And the underlying reason is that women often find it difficult to balance work and family responsibilities. Although many governments are extending paternity leaves in order to encourage fathers’ involvement in the home, mothers, still tend to be more involved in childcare and education in many parts of the world. This phenomenon is linked to the persistent idea of a natural maternal instinct and the idea that females are “born to be mothers”. As a result of pressure on women’s time combined with societal pressures, women often One-third of women report that their family life, in particular childcare, has hindered their career advancement. – 123RF choose to reduce or stop their professional activity when they have a child. However, more flexible approaches to how work is organised could help them to balance their family and professional lives more. While flexibility has become a key value in many companies since the Covid pandemic, the women interviewed by Avon found inequalities in practice. For example, 41% of women said it was more difficult for them to work flexibly than their male counterparts. The motherhood penalty This inequity is due to the fact that managers are often reluctant to allow mothers to work remotely, casting doubt on their commitment and mistakenly believing that women would be less focused on their tasks in their home environment. A study conducted in Germany in 2019, however, showed the opposite, establishing that women working from home spend, on average, more hours per day on their work tasks than when they are in the office. All these gender stereotypes show that women pay what sociologists call a “motherhood penalty.” This term refers to the preconception that female employees who have children are less dedicated to their work than their male counterparts. This hinders their career development prospects, as well as possibilities for promotions and salary increases. There is an urgent need for companies and governments to address these issues in order to enable women to reach their professional potential, according to Angela Cretu, CEO of Avon. “[M]any women are still experiencing barriers when it comes to freedom of choice, work and the opportunity to earn. We want to change that. Removing the barriers to economic participation that women face is crucial to help drive progress,” she told Stylist. – ETX Studio Ways to stop overcommitting NOT good. This can be better. These are just a handful of the self-talk we begin to tell ourselves when we are overcommitted, exhausted, and not obtaining the life we desire. We are doing too much for other people, which prevents us from achieving our goals. It’s time to take charge of your life and stop the cycle of overcommitting yourself. You can break this old habit, end the worry and overwhelm you have been feeling, and start enjoying life on your terms by committing to yourself first and putting the advice below into practise. Do not be hesitant to cancel If you have to cancel anything because of a conflict between business or personal obligations, don’t hesitate to do so. Inform the person you committed to by phone call or email that you are unable to keep your promise to them. You will want to delay doing this. That makes sense that way. The earlier you phone or send the email, the better. The discomfort to the other individual Carefully weight the importance of every commitment. – ALL PIXS VIA 123RF oOvercommitting yourself is one of the fastest ways you can destroy your health and success █ BYTHASHINE SELVAKUMARAN Taking on too much can be overwhelming ... it is okay to take a step back. Those who have acquired tendencies of perfectionism frequently overcommit. Being drained from having too much going on at the same time is counter productive to a happy life. increases with the length of your wait. You will benefit in the long term if cancelling enables you to reclaim control over your time. It’s also important to consider that the other person could benefit. After all, you will likely do poorly at whatever you committed yourself to if you are ideas and confirming your experiences. It’s also completely fine to learn declining a commitment with a friend so that you are more ready to say no later to someone else in the future. Make rest time top priority Today, we prioritise getting more things done in a day above relaxing. Humans are not really robots, though. The key to greater health and decision-making is to get enough sleep. Be sure to schedule the time you require for regular relaxation before accepting new obligations. This guarantees that you can fulfill the tasks that you’ve decided are crucial to your aims, objectives, and final achievement your entire attention. Create a weekly plan You will accomplish more if you start each week with a strategy for how you will use your time. The simplest method to maintain organisation and focus is to create a schedule. To somehow get your to-do list onto your calendar, set aside at least one hour each week. Pay close attention to your schedule, noting what functions and what doesn’t, and change your strategy the next week. Practice this skill frequently. Set limitations Work on setting boundaries by recognising when you are going to prioritise the demands of another person over your own, and by expressing your reluctance to do something. Having this understanding is crucial when setting boundaries. Knowing our boundaries will help us decide whether to commit to something and when not to. Don’t go into much detail. It’s fine to make your response brief and straightforward because they simply need to know whether you can or cannot accomplish anything. Focus on being straightforward and direct while eliminating any chance that you might do that thing later rather than listing all the reasons why you are unable to assist at this time. It might be challenging to manage a schedule that is overly full. Observing your actions in light of your objectives can enable you to obtain useful abilities that will help in your trustworthiness and balancemaintaining efforts.

19 EDUCATION theSun LYFE ON TUESDAY | MARCH 14, 2023 Learning from the best S TAFF and student exchange is a norm at BERJAYA University College under the Erasmus + Programme. Guest lecturers from abroad are a normal sight here at BERJAYA University College. Last month, two guest lecturers from the Salzburg University of Applied Sciences, Austria Rüdiger Niemz and Werner Taurer were at BERJAYA University College’s 5-Star City Campus in Kuala Lumpur to share their knowledge and expertise with students and staff at BERJAYA UC. Much to the delight of the students, Niemz covered topics such as Introduction: Food Tourism and Gastrosophy, Culinary Communication, Food Trends and Innovation and Alpine Cuisine & European Cheese Tasting. Taurer covered topics in product development class I, lI, and Ill, and a site inspection of the Central Kitchen of Kenny Rogers Research & Development Department. Their visit is part of the BERJAYA UC-FH Salzburg ERASMUS + KA107 project. This project aims to intensify the institutional collaboration between Salzburg University of Applied Sciences, Austria and BERJAYA University College in the field of tourism education, specifically in Culinary Tourism, Innovation and Product Development, and sustainable internationalisation-at-home. More importantly, to strengthen the quality of the tourism programmes offered by both institutions. BERJAYA University College (BERJAYA UC) is the first and only partner of Salzburg University of Applied Sciences (SUAS) in Malaysia. In 2010, both institutions signed a bilateral agreement for student and staff exchanges making this the first Erasmus+ International Credit Mobility project for Salzburg University of Applied Sciences, Austria with BERJAYA University College. This is also Salzburg University of Applied Sciences’ first and only project with an institution in Malaysia and the first project for BERJAYA University College with an institution in Austria. Through the distinct geographical, political and cultural contexts of both countries students and staff will gain an instructive educational experience at the institutional as well as individual levels. This two-way mobility allows students to study in a foreign university for 3-12 months and obtain credits which are then recognised at the sending institution as part of the higher education programme. The Erasmus+ programme also allows short-term mobility to World Class ... Guest lecturers share their knowledge and expertise with students and staff at BERJAYA UC. Rüdiger Niemz from the Salzburg University of Applied Sciences. Europe for researchers and staff for 5-60 days. Partaking in the staff exchange programme this time round is BERJAYA University College’s Professor Dr Chung Jee Fenn (Dean of the Faculty of Education and Arts cum Director of Teaching and Learning), Asst. Prof Dr Chris Ong Siew Har (Dean of Faculty of Hospitality and Tourism) and Nabila Mohd Yunus (Lecturer of School of Tourism) at BERJAYA UC). They visited Salzburg University of Applied Sciences, Austria from Feb 27 to March 8 to teach the students about Malaysia’s culinary tourism cuisines such as Nasi Lemak, Jemput-jemput Pisang, Jagung, Teh Tarik, sauces from Nisa Gourmet and Hokkien mee as well as the etiquette of dining the Malaysian way and local food culture and spices. They also showcased Malaysian snacks such as murukku, kerepek pisang, kuih kapit and fortune cookies. Last month, two BERJAYA University College students Lee Ke Xin (Bachelor of Business Management) and Tan Suet Yong (Bachelor of Hospitality Management) flew to Salzburg University of Applied Sciences, Austria under the student exchange programme for a semester abroad from February to July 2023. The sponsored student exchange programme is cofunded by the Erasmus+ Programme of the European Union. This coming May and June, BERJAYA University College will be welcoming exchange students Benedikt Matysek and Lisa Putzhammer from Salzburg University of Applied Sciences, Austria to undergo an internship programme arranged by BERJAYA University College. By studying abroad, students can improve their communication, language and intercultural skills and gain soft skills highly valued by future employers. Enrol for its academic programmes today and study in a world-class learning environment.

20 EDUCATION theSun LYFE ON TUESDAY | MARCH 14, 2023 management hiring market among MSU graduates. Management and Science University (MSU) is a Quacquarelli Symonds (QS), a global multi-ranked institution focused on building holistic human capital. Envisioning a better, more sustainable future for all, MSU champions equality by providing a level playing field across extensive efforts in transforming lives, and enrich futures. The university’s award-winning academic programmes meet the stringent standards of local and international bodies. MSU accreditors include the Malaysian Qualifications Agency (MQA), the United Kingdom’s Accreditation Services for International Schools, Colleges & Universities (ASIC), Japan’s Alliance on Business Education and Scholarship for Tomorrow (ABEST21), the Netherland’s Accreditation Council for Entrepreneurial & Engaged Universities (ACEEU), the United Kingdom’s Institute of Biomedical Science (IBMS) as well as Sri Lanka’s University Grant Commission (UGC). MSU currently ranks in the QS Top 100 among the world’s top young universities; QS Top 200 among Asia’s best universities; QS Top 30 among Southeast Asia’s best universities; QS Top 301+ for Graduate Employability Ranking; QS Top 601+ of the world’s best universities in the QS World University Rankings (WUR) 2023 and Times Higher Education Top 401+ for University Impact Rankings 2022. In QS WUR by Subject 2022, MSU has emerged as Malaysia’s #1 in for Subject’s Art and Design category, at World Top 151-200 list as well as places in the World’s Top 101-150 and Top 5 among Malaysia’s institutions of higher education offering Hospitality and Leisure Management programmes. Another category is Business and Management Studies, placing MSU in Malaysia’s Top 10 and World’s Top 451-500. MSU has also been awarded Platinum 5 Crowns by the ASIC; as well as QS 5-Stars Overall on the metrics of Teaching, Graduate Employability, Academic Development, Internationalization, Hospitality and Leisure Management, Online Learning, Social Responsibility and Inclusiveness. As an applied, enterprise, holistic and international university, MSU offers foundation, undergraduate, postgraduate and flexible programmes through an entry system that facilitates admission of students from all walks of life, where it aims to TRANSFORM LIVES and ENRICH FUTURES. MANAGEMENT and Science University (MSU) School of Hospitality and Creative Arts (SHCA) has been presented with five more years of accreditation by the Asia Pacific Institute for Events Management (APIEM). Receiving the renewed accreditation from APIEM president Professor David Hind at the MSU main campus in Shah Alam Section 13 was MSU president Professor Tan Sri Dato’ Wira Dr Mohd Shukri Ab Yajid. The School of Hospitality and Creative Arts (SHCA) had been the first in Malaysia to have received APIEM accreditation as an International Centre of Excellence in 2017. Offering the Diploma in Event Management and the Bachelor in Event Management (Hons) programmes, MSU was recognized as the first in Malaysia and Southeast Asia to offer a Master in International Event Management qualification. This accreditation places MSU on par with the best event management courses across the Asia Pacific region but also assures employers of a quality talent pool for the event APIEM renews MSU accreditation MSU president Professor Dr Mohd Shukri (centre) witnessed the presentation of the APIEM certificate by president Professor Hind (5th from right) to SHCA dean Azizul Jamaludin.