The Edge & Sun 11.10.23

HOME: Putrajaya records loan write-off of RM4.6 bil in 2022, says Auditor General’s Report p5 Sunway sues Tropicana for alleged breach of agreement, double-dealing in sale of education institution p6 Khazanah sells 3.7% stake in TIME dotCom worth over RM350 mil p7 WORLD: Country Garden signals default as China property woes deepen p18 Israel-Hamas conflict was a test for Musk’s X, and it failed p22 CEOMorningBrief WEDNESDAY, OCTOBER 11, 2023 ISSUE 650/2023 theedgemalaysia.com IMF SAYS GLOBAL ECONOMY ‘LIMPING ALONG’, CUTS GROWTH FORECAST FOR CHINA, EURO AREA p16 Wealth is… fulfilling your lifetime goals. If you’re looking for stable returns, explore our Shariah-compliant solutions. With more than 140 years of global financial services expertise and close to 30 years of local experience, we’ve been helping discerning investors like yourself in Malaysia achieve their long-term investment goals. Reach out to our Financial Consultants or Bank Distributors for more info. For All It’s WorthSM Disclaimer: The information contained herein is intended for general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information contained herein does not consider an investor's investment objectives, particular needs, or financial situation. Investors should understand the risks involved, compare and consider the fees, charges and costs involved, make their own risk assessment and seek professional advice, where necessary. This material has not been reviewed by the Securities Commission of Malaysia. Conventional and Shariah-compliant solutions: Unit Trust | Private Retirement Schemes www.principal.com.my Report on Page 4. Govt to trial Padu database on one million households next month — Rafizi VECTEEZY.COM

WEDNESDAY OCTOBER 11, 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] HOME Fiscal Responsibility Act to cap govt guarantee to 25% of GDP Personal income tax framework reform a crucial step to boost public revenues — World Bank KUALA LUMPUR (Oct 10): The Public Finance and Fiscal Responsibility Bill requires federal government guarantees to be capped at 25% of GDP, said Deputy Finance Minister I Datuk Seri Ahmad Maslan. The Bill, to be tabled for the second reading in the Dewan Rakyat on Wednesday (Oct 11), also requires certain targets to be met for the fiscal deficit, federal government debt, and development expenditure, Ahmad Maslan told the press regarding the Bill at the Parliament building here on Tuesday. At end-2022, Malaysia’s outstanding government guarantee, or contingent liabilities, stood at RM317.6 billion — or 17.8% of Malaysia’s 2022 GDP — which is similar to its annual average in the eightyear period since 2015. The major recipients of the loan guarantees at end-2022 include DanaInfra Nasional Bhd (RM82.68 billion), Prasarana Malaysia Bhd (RM42.37 billion), Public Sector Home Financing Board (LPPSA) (RM42.25 billion), the National Higher Education Fund Corporation (PTPTN) KUALA LUMPUR (Oct 10): Reforming the personal income tax framework (PIT) is a crucial step towards achieving a more efficient and progressive direct tax system that will help boost public revenues, according to the World Bank. In its report titled Raising the Tide, Lifting All Boats, the World Bank explains that PIT is the backbone of direct taxation in most high-income countries, while progressive rate structures from PIT are key contributors to the progressivity of the overall tax burden. “This starkly contrasts with Malaysia where PIT revenue collection is far more limited. It has stood below 3% of gross domestic product (GDP) over the past decades and below 2% in recent years, well below most high-income comparators,” said the World Bank. Between 2012 and 2022, Malaysia’s revenue share of GDP declined by 4.6 percentage points, one of the sharpest revenue declines in the world, due to the sharp decline in petroleum-related revenues and the low collection of PIT and the consumption tax. According to the report, PIT revenues BY ADAM AZIZ theedgemalaysia.com BY SYAFIQAH SALIM & LUQMAN AMIN theedgemalaysia.com (RM42.15 billion), and Malaysia Rail Link Sdn Bhd (RM30.85 billion). The Bill also requires federal government development expenditure to be at least 3% of GDP. The component averaged at 4% per annum since 2015, Ahmad Maslan said. Further, the Bill underlines the fiscal deficit cap of 3%, to be achieved in threeto five years. This compares with the annual average of 4.42% since 2015, lower than the 2023 projection of 5%, and 5.6% the year before. On federal government debt, which stood at RM1.079 trillion or 60.4% of GDP in 2022, the Bill is drafted to cap this to 60% in the next three- to five years. The annual average since 2015 stood at 56.3% of GDP. The Bill, if passed at both the lower and upper houses of Parliament, is hoped to be enforced “as soon as possible”, Ahmad Maslan said, although the Minister of Finance is given the mandate to determine when the law will kick off. Malaysia is set to announce Budget 2024 on Friday (Oct 13), when headline figures on the government’s financial targets are typically announced. In September, it released a report on the half-year review of Budget 2023, which said the performance has been “as planned”, as the government continues to ensure a strong and sustainable fiscal position while balancing the wellbeing of the community. The half-year report will be made compulsory every year, upon the enactment of the public finance and fiscal responsibility legislation, Ahmad Maslan said. are expected to be 1.9% of GDP in 2023, up from 1.8% of GDP last year. Measures recommended by the World Bank include lowering the chargeable income thresholds at the upper-income tax brackets to broaden the base of high-income earners. “For instance, a taxpayer’s income must be more than 50 times the average wage before entering the highest income bracket of RM2 million and above, subject to the top PIT rate of 30%. “By contrast, in most Organisation for Economic Co-operation and Development (OECD) countries, a higher maximum PIT rate is applied to taxpayers whose incomes are less than 10 times the average wage. Similarly, the top PIT rates are higher and are applied to lower chargeable income thresholds in most Asean comparators, except Singapore (at a lower top rate) and Indonesia (at a higher income threshold),” said the World Bank. Read the full story Scan here for our coverage on the upcoming national budget Budget 2024: Where we’re at, and what to expect

wednesday october 11, 2023 3 The E dge C E O m o rning brief

wednesday OCTOber 11, 2023 4 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 10): Putrajaya spent a total of RM62.11 billion in subsidies last year, according to the Auditor General’s Report on the federal government’s 2022 financial statement. The bulk or RM55.443 billion in subsidies was charged to the federal government’s operating expenditure (opex), while part of the subsidy spending for petroleum products and cooking oil amounting to RM6.67 billion was charged to the Covid-19 Trust Fund. The total amount spent on subsidies in 2022 is 4.73 times the RM13.134 billion in subsidies allocation spent by the federal government in 2021, the report showed. Within an opex allocation of RM55.443 billion, the biggest component, at 81.5% of the total, was petroleum products subsidy of RM45.18 billion — which excludes the subsidies charged to the Covid-19 fund — as crude oil prices rose to above US$100 per barrel but Malaysia continued to cap prices at the pumps. Meanwhile, electricity subsidy charged to opex stood at RM4 billion, paid to Tenaga Nasional Bhd as part of RM10.757 billion claimed by the utility company for the second half of 2022 period. Subsidies for food aid and cooking oil amounted to RM2.47 billion, up 135.5% from RM1.42 billion in 2021, of which RM976.4 million was an increase for cooking oil subsidies due to the jump in crude palm oil prices. Toll subsidies stood at RM861.22 million, down 35.5% from 2021 — a high base owing to the settlement pursuant to the removal of toll collection at Batu Tiga, Sungai Rasau and Bukit Kayu Hitam. Malaysia has projected a total subsidy bill at around RM81 billion this year. The government is slated to share details of its planned rationalisation of subsidies for the biggest component — petrol and diesel — in the upcoming Budget 2024 this Friday (Oct 13). Malaysia’s subsidies in 2022 total RM62 bil — nearly five times more than in 2021 KUALA LUMPUR (Oct 10): The government will trial its central database (Padu), a key tool in the implementation of targeted subsidies which is slated for 2024, on one million households in November, said Economy Minister Rafizi Ramli. The database will identify households by their income, location and commitments to get a view of their net disposable income in order to calculate how much to give in subsidies, he told reporters at the World Bank event on Tuesday. “Padu has reached a completion rate of 60%. The plans for a trial run slated for November, and we will use one million households for the use case. If the system is ok, then we are ready to go live in January,” Rafizi added. Echoing the World Bank’s views, Rafizi highlighted that redirecting high-priced subsidy items to expand social assistance, without additional expenses, could potentially reduce poverty by 2.0 to 5.6 times. “Direct transfers are also estimated to be four times more cost effective at reducing inequality than subsidies. This is on top of the fiscal savings that will be accumulated for other more efficient uses. Only through doing this could the poverty and inequality rates that stayed largely unchanged (or even increased) for the past 10 years finally start to decline again. “For the subsidies, on how we implement it, best to wait for the final decision this coming Friday,” said the minister. Earlier this month, Rafizi was quoted as saying that the government will unveil a “concrete move” away from a blanket subsidy system in the coming budget. He said Malaysia expects savings of approxiGovt to trial Padu database on one million households next month — Rafizi by Syafiqah Salim & Luqman Amin theedgemalaysia.com by Adam Aziz theedgemalaysia.com mately US$1 billion (RM4.73 billion) to US$2 billion a year from a shift to a targeted subsidy system aimed at reducing its fiscal deficit. Apart from that, Rafizi said, Padu serves not only as a tool for targeted subsidies but also for optimising social assistance, ensuring accurate allocation and preventing benefit dilution or unfair distribution. Additionally, it provides a foundation for advancements in GovTech, Digital ID, and product-building. “We took the easy road of introducing blanket subsidies to keep prices artificially low, and adding even more subsidies when the people got angry. We did not take the harder, but necessary, road of building the national database, biting the bullet to introduce a targeted subsidy system, and looking at the other side of the equation: Wages. “What we will need are people, who understand what we are trying to do, to work with us and build the necessary momentum for these reforms to endure. We should not let uncertainty and unpopularity stand in the way of robust policies; we must take a stand, hold true to our beliefs, and never waver. That is the only guarantee for enduring reforms,” Rafizi added. Read also: Rafizi: Govt mulling initiatives for F&B entrepreneurs to explore production, manufacturing Malaysia’s subsidies on petroleum products 2022 2021 Difference RM bil RM bil RM bil % RON95 23.08 4.47 18.61 416.34 Diesel 18.67 2.90 15.77 543.45 LPG 3.44 2.65 0.79 29.72 Total 45.18 10.02 35.16 350.82 Note: Excludes RM6.67 billion in subsidies for petroleum products and cooking oil charged to Covid-19 Trust Fund Source: National Audit Department Economy Minister Rafizi Ramli said the government will identify households by their income, location and commitments to get a view of their net disposable income in order to calculate how much to give in subsidies. the edge file photo

wednesday OCTOber 11, 2023 5 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 10): Government auditors have flagged a material uncertainty on the ability of five subsidiaries of Pertubuhan Berita Nasional Malaysia (Bernama) to continue as a going concern, which resulted in the national news agency itself getting its second consecutive qualified opinion from the auditors on its financial statements for the year ended Dec 31, 2021 (FY2021). According to the Auditor General’s Report on Federal Government Agencies’ Financial Statements 2021 released on Tuesday (Oct 10), the units flagged were Bernama Bhd, Trips 4u Travel & Tours Sdn Bhd, Digital Media Broadcasting Services Sdn Bhd, Bernama News Channel Sdn Bhd and Uxera Sdn Bhd (formerly Bernama System & Solutions Advisor Sdn Bhd). “The auditors who audited the financial statements of Bernama’s direct and indirect subsidiaries have issued an auditor’s report with an opinion of material uncertainty of going concern,” the report read. Uxera, which is involved in IT and broadcast system solutions, made a loss of RM3.37 million in FY2021, with current liabilities also exceeding current assets. “The four [other] subsidiaries have shown a financial position of net liability for four consecutive years from 2017 to 2021. This shows material uncertainty that raises significant doubts about the companies’ ability as a going concern,” the AG said. The report added that Bernama has not performed any impairment assessment on its investments on its units for FY2021, despite having adopted the Malaysian Public Sector Accounting StandAG raises going-concern doubts over five Bernama subsidiaries KUALA LUMPUR (Oct 10): The federal government has written off RM4.6 billion in loans in 2022, up from RM701.5 million in 2021, said the Auditor General’s Report on federal government financial statement 2022. The write-off in 2022 comprised RM1.36 billion approved that year, as well as another RM3.24 billion approved between 2011 and 2022. The biggest portion comprised RM2.794 billion to Perwaja Terengganu Sdn Bhd, as well as the Pahang state government (RM1.23 billion), Felcra Bhd (RM242.4 million) and Melaka state government (RM173.5 million). Others include Malaysia Venture Capital Management (RM54.76 million), UDA Holdings Bhd (RM46.05 million) and Bank Pertanian Malaysia Bhd (RM40 million). The government also saw loan payment arrears amounting to RM10.79 billion across 295 borrowers, down from RM11.96 billion in 2021. The payment arrears include Indah Water Konsortium Sdn Bhd (RM3.606 billion), SRC International Sdn Bhd (RM627.22 million), Sabah Electricity Sdn Bhd (RM501.84 million) and Keretapi Tanah Melayu Bhd (RM477.85 million). The decline in the loan payment arrears was mainly due to lower arrears by the state governments, which fell to RM3.08 billion in 2022, compared with RM4.23 billion in 2021. The decline was partly due to the takeover by Pengurusan Aset Air Bhd of 63 loans under the Kelantan and Pahang state governments’ water supply projects, which amounted to RM1.25 billion. Putrajaya records loan write-off of RM4.6 bil in 2022, says Auditor General’s Report by Adam Aziz theedgemalaysia.com by Izzul Ikram & Adam Aziz theedgemalaysia.com ards (MPSAS) back in 2020, which requires an entity to test for impairments annually. The report also said the national news agency’s expenses for FY2021 was overstated, as it certified the payment of RM72.71 million for salary, wages and employee benefits for FY2020 that included the expenses of indirect subsidiaries’ staff costs — namely RM11.64 million from Bernama News Channels, and RM3.61 million from Digital Media Broadcasting Services. “Subsidiary companies are separate legal entities from Bernama, therefore, the payment of salaries, wages and employee benefits should be recorded in the respective company’s financial statements. “This has caused Bernama’s expenses to be overstated and its current year’s surplus to be understated by a total of RM15.25 million,” it added. In addition to Bernama, the AG has expressed its qualified opinion on the financial statements of 18 federal government agencies for FY2021, up from 17 the previous year. Aside from Bernama, others with qualified opinions are the Kuala Lumpur City Council (DBKL) and the Malacca Port Authority, among others. According to the report, the AG audited the financial statements of 141 federal government agencies and gave unmodified opinions to 123 of them that indicated the auditor’s conclusion that the reports were presented fairly, of whom 21 also had an emphasis of matter (EOM). An EOM simply highlights a situation/ part disclosed in the financial statements that is fundamental to understanding of the statements. Four other statements are still undergoing audit, the report said. Read also: Weakness in recording, monitoring and enforcement cost Railway Assets Corp RM13 mil in rental revenue UiTM faces RM59 mil losses due to delayed compensation claims against scholarship holders

wednesday OCTOber 11, 2023 6 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 10): Tropicana Corporation Bhd and its education arm Tropicana Education Management Sdn Bhd (TEM) are being sued by Sunway REIT Management Sdn Bhd and Sunway Education Group Sdn Bhd for alleged breach of agreement and double-dealing over the sale of shares and a stake in St Joseph International School operated by TEM. In the suit filed by Messrs Rosli Dahlan Saravana Partnership on Aug 25, RHB Trustees Bhd has also been named as a plaintiff. The three plaintiffs claim that Tropicana Corporation had offered to sell TEM and a portion of its Tropicana Corporation shares for an aggregate price of RM208 million in a letter to Sunway dated April 20, 2023. The letter contains provisions — called conduct provisions — for the purchase of the said property, that it was subsequently agreed between Tropicana Corporation and Sunway that Sunway REIT would own the education institution and Sunway Education Group would own the shares. Following the understanding, Sunway agreed to pay a refundable deposit of RM4.16 million to Messrs Mah-Kamariyah & Philip Koh on May 2, where it was agreed that upon payment, Sunway is allowed to carry out a due diligence review (DDR) of the property and TEM within one month from the date (May 2). Sunway claimed that the due diligence period ought to be given a commercially sensible construction. After the payment of the refundable deposit, a conduct agreement was drawn up, comprising terms, conditions and/or obligations that included Tropicana Corporation and TEM as vendors during the due diligence review, and that they comply with the time and obligations. A termination clause was also inserted in the agreement. Tropicana alleged to be uncooperative The plaintiffs claimed that Tropicana Corporation and TEM were uncooperative during the DDR period in providing information on the said properties (building and shares). A virtual shared folder called “data room” was formed, whereby the vendors were required to furnish the due diligence information. A link was sent on May 5 by the vendors but its contents were empty. The vendors informed the plaintiffs to revisit the link on May 8. However, the plaintiffs claimed that as at May 12, the vendors had only provided 20% of the due diligence information, as the major part of the information in relation to material litigation, material contracts, property owned, banking documents, business activities and taxation were not provided. The plaintiffs further claimed that as part of the DDR, Messrs Mah-Kamariyah conducted a Credit Tip-Off Service (CTOS) search on TEM directors and shareholders of Tropicana Corporation. To conduct the searches, the law firm required consent from TEM and Tropicana Corporation but the purchasers claimed that both vendors did not provide consent up to the date of the filing of the suit, despite reminders by Messrs Mah-Kamariyah on May 18 and subsequent follow-ups. Because of the vendors’ delay, the plaintiffs claimed that they would not be able to comply with the DDR timeline, as the vendors had refused, neglected and failed for the purchasers to access a sizable amount of information by May 24. As a result of the delay in providing the information, the plaintiffs sought an extension of time to comply with the DDR, as they alleged that this was due to the vendors’ or defendants’ delay. However, the defendants refused to respond to the extension request. The plaintiffs also alleged that information with regard to the education institution among others, including material contracts entered into by TEM, the teaching permits pursuant to Education Act, and encumbrances over the property, were not provided to them. by Hafiz Yatim theedgemalaysia.com Sunway sues Tropicana for alleged breach of agreement, double-dealing in sale of education institution The St Joseph International School in Petaling Jaya offers international primary curriculum, Singapore Mathematics, Mandarin programme, International General Certificate of Secondary Education (IGCSE), and the International Baccalaureate Diploma programme. Discovery of double-dealing On June 28, representatives from both sides met with Tropicana Corporation, which was led by its chairman Tan Sri Tan Chee Sing. It was at the meeting that the plaintiffs learnt that Tropicana Corporation had held third party discussions with another interested party. The plaintiffs alleged that this showed that the vendors started negotiations behind their back before the DDR period was over and constituted double-dealing. On July 4, the plaintiffs received notice of invocation of the termination clause to cancel the agreement. Sunway and RHB Trustees claimed that the meeting held on June 28 showed that the DDR deadline on June 1, 2023 should not have kicked in. The plaintiffs claim to have suffered loss and damages including wasted expenses to comply with the conduct agreement, legal costs due to the agreements made and loss of business opportunity to enjoy from the purchase of the property and shares. They are seeking declaratory relief that the vendors committed breaches of the conduct agreement, that the due diligence review period be suspended or stayed, owing to the vendors’ actions; that the due diligence period be varied and that the deemed aborted clause is subject to the vendors’ compliance and obligation to provide more information to the plaintiffs. They are also seeking that the invocation of the deemed aborted clause be declared wrongful, invalid, void and of no effect, and for an order to preserve the status quo of the subject properties. In addition, they are also seeking special and general damages from the defendants for the wasted expenditure incurred by them. A case management on the matter was held last Friday (Oct 6) at the Kuala Lumpur High Court, where law firm Shearn Delamore & Co entered an appearance to represent Tropicana Corporation and TEM. The court fixed Nov 16 for the next case management.

wednesday OCTOber 11, 2023 7 The E dge C E O m o rning brief home National trust fund grew 4.2% y-o-y to RM14.47 bil in 2022, says Auditor General’s Report KUALA LUMPUR (Oct 10): Khazanah Nasional Bhd via its associate Pulau Kapas Ventures Sdn Bhd (PKV) has disposed of its 3.7% stake, equivalent to 67.5 million shares, in TIME dotCom Bhd, whose share price climbed to an all-time high of RM5.56 last week. However, TIME did not reveal in its filing to Bursa Malaysia the amount raised by the national sovereign fund through the share sale. The shares changed hands on Tuesday (Oct 10). Bloomberg’s off-market transaction data shows that 67.5 million TIME shares traded on Oct 10 at RM5.29 apiece, or RM357 million. Khazanah via PKV remains the largest shareholder of TIME holding a 25.1% stake after the share divestment, compared with a 28.8% stake previously. In a statement, Khazanah highlighted that the disposal is part of its efforts to recognise the importance of the wider portfolio rebalancing initiatives to generate cash inflow for future reinvestments, to fulfil its mandate of growing long-term wealth and socioeconomic value. It also shared its successful 15-year journey with Global Transit International Sdn Bhd (GTI) in transforming TIME’s operational and financial growth. “Since the inception of our partnership with GTI, TIME has exhibited robust growth, recently having achieved a market capitalisation exceeding RM10 billion for the first time in February 2023. The partnership with GTI is a successful example of Khazanah’s role in supporting and developing our local entrepreneurs, in line with our mandate. “As part of our Advancing Malaysia strategic initiative, we will continue to identify potential partners with proven track record, execution Khazanah sells 3.7% stake in TIME dotCom worth over RM350 mil by Sulhi Khalid theedgemalaysia.com by Adam Aziz theedgemalaysia.com KUALA LUMPUR (Oct 10): Malaysia’s National Trust Fund (KWAN), which made up 68.7% of the federal government investment position, grew 4.2% year-on-year (y-o-y) to RM14.47 billion in 2022, from RM13.89 billion. The increase of RM582.44 million was mainly thanks to a RM500 million contribution from national oil firm Petroliam Nasional Bhd (Petronas) for the year, according to the Auditor General’s report on the federal government’s financial position in 2022. The latest tally remains lower than its end2020 peak of RM19.5 billion, which at the time comprised RM10.4 billion worth of contribution from Petronas and RM9.1 billion from investment returns. Some money from the fund was used for Covid-19 vaccine procurement at that time. In total, the federal government’s investment position dropped 19% y-o-y to RM35.15 billion from RM43.39 billion, led by a RM12.8 billion decline in other trust funds to RM9.68 billion, from RM22.48 billion, mainly on the 1Malaysia Development Bhd (1MDB) bond payment by 1MDB’s Assets Recovery Trust. This was partly offset by a 56.7% increase in the consolidated fund surplus to RM11 billion, from RM7.02 billion. On dividends, the federal government received a total of RM55.82 billion in 2022, up 73.3% from RM32.21 billion, mainly on the doubling of Petronas dividends to RM50 billion, from RM25 billion. Excluding the Petronas dividends, the dividends the federal government received from 15 other companies and two statutory bodies fell 19% to RM5.82 billion, from RM7.21 billion, owing to a lower contribution of RM500 million from Khazanah Nasional Bhd, from RM3 billion. This was offset by higher contributions from Prokhas Sdn Bhd at RM55.65 billion versus RM11.5 billion previously, followed by UDA Holdings Bhd at RM38.8 billion against nil in 2021, and Bank Pertanian Malaysia Bhd at RM15 million from RM0.99 million. TIME dotCom’s share price since Jan 2022 0 5 10 15 Jan 3, 2022 Oct 10, 2023 3 4 5 6 Vol (mil) RM RM5.38 RM3.64 Source: Bloomberg Federal government investment position 2022 2021 Difference (RM bil) (%) (RM bil) (%) (RM bil) (%) KWAN 14.5 41.2 13.9 32.0 0.6 4.2 Other trust funds 9.7 27.5 22.5 51.8 -12.8 -57.0 Consolidated fund surplus 11.0 31.3 7.0 16.2 4.0 56.7 Total 35.2 100.0 43.4 100.0 -8.2 -19.0 Source: National Audit Department Public listed companies in which Khazanah Nasional Bhd holds a 15% stake or more Companies Shareholdings (%) UEM Sunrise Bhd* 69.56 UEM Edgenta Bhd* 69.14 Axiata Group Bhd 36.73 Malaysia Airports Holdings Bhd 33.24 IHH Healthcare Bhd 25.73 CIMB Group Holdings Bhd 23.59 Tenaga Nasional Bhd 23.49 TT Vision Bhd 23.47 Telekom Malaysia Bhd 20.10 Astro Malaysia Holdings Bhd 19.65 Note: *Holding via UEM Group Bhd Source: Bloomberg capabilities, and viable business ideas to join us in nurturing and empowering the next generation of Malaysian companies. “With this, the monetization exercise has come at the right time given TIME’s commendable share price performance and returns, following the successful partnership. As we close this chapter of our partnership with GTI through PKV, we embark on a new one and will remain supportive of GTI as their journey continues with TIME,” said Khazanah managing director Datuk Amirul Feisal Wan Zahir. Meanwhile GTI chief executive officer Afzal Abdul Rahim said GTI is privileged to count on Khazanah as an important and supportive partner in TIME’s journey. “Fifteen years ago, we embarked on an ambitious challenge to rehabilitate TIME. We’ve worked hand in hand with Khazanah at every step of the way to make important strategic decisions,” Afzal shared. TIME shares fell five sen to close at RM5.38, giving it a market capitalisation of RM9.94 billion.

wednesday OCTOber 11, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 10): ITMAX System Bhd has secured a RM79.6 million contract from Pasir Gudang City Council, Johor, to design, install and maintain a smart command centre, a closed-circuit camera system with artificial intelligence (AI) features, as well as a smart traffic lights system within the district. In a statement, the company said its 65%-owned subsidiary Southmax Sdn Bhd has secured a letter of award (LOA) for the 15-year project. “This marks our third smart city contract in Johor, expanding our footprint in the state. “Moving forward, we are confident that our digital infrastructure using cutting-edge AWC secures RM100 mil Islamic loan to fund 49% stake buy in waste collection system provider ITMAX clinches RM79.6 mil smart city contract from Pasir Gudang City Council KUALA LUMPUR (Oct 10): Kerjaya Prospek Group Bhd has bagged a RM226 million contract from Aspen Vision City Sdn Bhd for the development of a 37-storey residential building in Batu Kawan, Penang. With the latest contract win, Kerjaya Prospek has managed to surpass its target of securing RM1.2 billion worth of new contracts this year, by securing RM1.5 billion of new jobs so far. As a result, its outstanding orderbook increased to RM4.7 billion, the group said in a statement on Tuesday. “Opportunities in the area are vast, being Penang’s third satellite city and a natural extension from Penang island. “Essentially, this contract is a testament of our capabilities, expertise and strong track records, which we have proven consistently for all of our projects,” said Kerjaya Prospek chief executive officer (CEO) and executive director Tee Eng Tiong. The development will see a 37-storey residential building with a total 980 units in two blocks, on top of a seven-storey podium comprising car parks, community recreational facilities and shoplots. The construction works are expected to commence on Oct 27, 2023 and to be completed within 42 months from the commencement date. Moreover, the contract is expected to provide an additional stream of revenue for the group over the next four years. Kerjaya Prospek’s share price finished unchanged at RM1.37 on Tuesday, giving the group a market capitalisation of RM1.74 billion. Kerjaya Prospek bags RM226 mil job from Aspen, surpasses 2023 job replenishment target by Anis Hazim theedgemalaysia.com by Justin Lim theedgemalaysia.com by Sulhi Khalid theedgemalaysia.com technology will enable us to expand into other councils within the Johor state. “Our in-house research and development (R&D) team played an advantageous role to enable us to achieve this milestone. With our experienced expertise and capabilities, we localised and customised the AI features to meet the local needs of our clients,” said ITMAX’s managing director and chief executive officer William Tan Wei Lun. The company is now expanding its R&D efforts by building technology collaborations with multiple local universities, he added. To date, ITMAX has developed and commercialised over 21 used cases of AI features, and has integrated these features into various systems to support its clients, Tan said. Earlier, on Sept 18, the company announced that it had secured a contract entailing the provision of video surveillance services for the Johor Bahru City Council, worth RM105.32 million, for a 15-year period. Meanwhile, on Sept 22, ITMAX announced that it had bagged a RM111.2 million contract from the Iskandar Puteri City Council to provide video surveillance and smart traffic light system services in Iskandar Puteri, Johor. Shares in ITMAX dropped one sen to close at RM1.80 on Tuesday, valuing the group at RM1.85 billion. KUALA LUMPUR (Oct 10): AWC Bhd has secured Islamic banking facilities of up to RM100 million from AmBank Islamic Bhd. The amount will be used to finance the acquisition of a 49% equity stake in automated waste collection system provider Stream Group Sdn Bhd. Last month, AWC announced it is buying the remaining 49% stake it does not own in Stream Group, for RM110 million, confirming a report by The Edge. At the same time, it is taking over the remaining 51% stake that Stream Group does not own in Premium Patents Sdn Bhd, which holds the intellectual property rights of assets required for Stream Group’s current business, for RM1. In the latest bourse filing, the integrated facilities management system provider said RM99 million will be allocated to fund the acquisition and the remaining RM1 million will be utilised for the reducing term takaful to cover the life of a key person of AWC. Despite the possibility of fluctuation in the bank’s base financing rate and cost of funds, AWC said the facilities are not expected to have any material effect on the group’s earnings per share, gearing and net assets per share for the financial year ending June 30, 2024. The group’s total borrowings stood at RM20.42 million as at June 30, 2023, which comprises RM11.7 million of short-term borrowings and the remaining RM8.72 million is long-term borrowings. Compared to the previous year, its total borrowings have increased from RM14.82 million as at June 30, 2022. According to The Edge’s earlier report, Stream Group had been a profitable investment for AWC since it bought into the company in 2004, when it was then known as Nexaldes Sdn Bhd. Stream Group made a net profit of RM23.42 million for the financial year ended Dec 31, 2022 — more than AWC’s reported net profit of RM21.53 million in the period — on revenue of RM81.9 million. The acquisitions, which require its shareholders’ approval, are expected to be completed in the first quarter of 2024. AWC’s share price closed up one sen or 1.79% to 57 sen, giving the group a market capitalisation of RM184 million. Year-to-date, the stock has gained 24%.

WEDNESDAY OCTOBER 11, 2023 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 10): Affin Islamic Bank Bhd, a wholly-owned subsidiary of Affin Bank Bhd, said the issuance of both its RM500 million AT1 Sukuk Wakalah and RM500 million Tier 2 Sukuk Murabahah has been well-received by institutional investors and high net worth individuals, with more than 2.1 times and 3.7 times oversubscription respectively. Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah said the group had received RM2.9 billion demand for the RM1 billion capital issuance. “Despite the volatility witnessed in the current credit market, achieving this landmark success is a testament to the group’s strong standing with investors,” he said in a statement on Tuesday. This completes Affin Islamic’s placement of the AT1 sukuk wakalah and Tier 2 sukuk murabahah, which are under its existing Islamic medium-term notes programme of RM5 billion. The proceeds raised from the issuances will be used for working capital requirements and business purposes of Affin Islamic. The AT1 sukuk wakalah was issued on Tuesday, while the Tier 2 sukuk murabahah is targeted to be issued on Oct 13. The AT1 sukuk wakalah was priced at 5.1% per year, while the Tier 2 sukuk murabahah was priced at 4.66% per year. Wan Razly said the capital issuance will enhance the group’s financial position and resilience, while also expanding the bank’s capital base. “The funds raised will be deployed to accelerate our growth, and thus enhance our shareholders value.” Affin Hwang Investment Bank Bhd was the lead manager of the two issuances. At the noon market break on Tuesday, Affin Bank shares closed up three sen or 1.45% at RM2.10, with a market capitalisation of RM4.93 billion. Affin Islamic Bank’s RM1 bil sukuk issuance oversubscribed by institutional, high-networth individuals Focus Lumber secures rights to harvest 5,000 hectares of Sabah’s Sungai Pinangah Forest Reserve until 2097 Perak Transit unit gets MOF nod for investment tax allowance in Bidor Sentral project BY SULHI KHALID theedgemalaysia.com BY SYAFIQAH SALIM theedgemalaysia.com theedgemalaysia.com KUALA LUMPUR (Oct 10): Focus Lumber Bhd announced that it has entered into an industrial tree planting agreement (ITPA) with Rakyat Berjasa Sdn Bhd (RBSB) to plant, rehabilitate and harvest forests in a 5,000-hectare area in Sabah’s Sungai Pinangah Forest Reserve. In a Bursa Malaysia filing on Tuesday, the plywood maker said the ITPA would allow the group to manage and secure wood resources on a long-term basis in the designated area for the purposes of sustainable production of timber and natural forest produce and for harvesting, distributing, processing and export of such timber, forest industrial products and other relevant materials. Through the agreement, Focus Lumber will have access to forests in the designated area for natural timber harvesting and subsequently, tree plantation activities to ensure sustainable timber production until September 2097. RBSB is the licensee by virtue of a Sustainable Forest Management Licence Agreement dated Sept 10, 1997 between the government of Sabah and Yayasan Sabah in which the Yayasan Sabah under Clause 120 has assigned its rights and obligations to RBSB to grant permission to contractors to plant, rehabilitate and harvest forests under the principles of sustainable forest management and environmental conservation for economic, environmental and social purposes in the forest reserve area. RBSB is principally responsible for extraction and sale of timber logs and reforestation of logged over areas. It is 98.04% owned by Innoprise Corporation Sdn Bhd, which in turn is 97.63% owned by Yayasan Sabah. “The ITPA is not expected to have any material impact on the consolidated and earnings per share of the group for the financial year ending December 31, 2023 (FY2023),” it said. Shares in Focus Lumber closed 0.005 or 1.02% lower to 48.5 sen, giving it a market capitalisation of RM112 million. KUALA LUMPUR (Oct 10): Perak Transit Bhd has secured approval from the Ministry of Finance (MOF) for an investment tax allowance (ITA) on qualifying capital expenditure in relation to the development of an integrated public transportation terminal in Bidor, Perak. Its 99.97% owned subsidiary The Combined Bus Services Sdn Bhd (TCBS) received the approval from the MOF on Tuesday, the group told Bursa Malaysia. TCBS has been granted a 50% ITA on qualifying capital expenditure, which can be applied as a deduction against 50% of the statutory income for the year of assessment in respect of the bus terminal activity only. However, the incentive is subject to certain conditions, said Perak Transit, with the capital expenditure required to be exclusively for the development of Terminal Bidor Sentral (excluding land acquisition costs). Additionally, TCBS must invest at least RM130 million in fixed assets (excluding land) for the Terminal Bidor Sentral development within a five-year period, spanning April 28, 2021, to April 27, 2026. Other conditions include the installation of solar panels in Terminal Bidor Sentral to generate 250,000 kWh of energy and the acquisition of a minimum of 15 electric buses by TCBS by April 27, 2026. Perak Transit shares closed at RM1.23 on Tuesday, with a market capitalisation of RM912.62 million. Over the past year, the counter has risen 38.2%. PERAKTRANSIT.COM.MY Terminal Meru Raya

WEDNESDAY OCTOBER 11, 2023 10 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 11): Sapura Energy Bhd said a contract for the engineering, procurement, construction and installation (EPCI) of the single buoy mooring (SBM) Pipeline Rejuvenation Phase II Project in Singapore has been terminated. The said contract had been initially bagged together with its consortium partner Dredging International Asia Pacific, and was part of a cluster of contracts worth RM766 million it had clinched back in 2020. The contract, which was awarded by Shell Eastern Petroleum (Pte) Ltd, involves pre-emptive repair of the nearshore pipeline section, rejuvenation of the SBM system and optional removal of existing pipeline to ensure fitness for service of the crude offloading system to Bukom Refinery in Singapore. In its latest bourse filing, the Practice Note 17 company said the termination came after its wholly-owned subsidiary Sapura Offshore Sdn Bhd (SOSB) received a letter dated Sept 20, 2023 from Shell and a without prejudice meeting between both companies on Oct 5, 2023. “Following thereon, without admission of liability and reserving all of SOSB’s rights, the contract is considered terminated by Shell,” said Sapura Energy. Meanwhile, Sapura Energy said SOSB had sought advice from its external counsel and will continue to do so on SOSB’s legal position therein. The first arbitration is against Sapura Fabrication Sdn Bhd (SFSB) regarding a contract for engineering, procurement, construction and installation works related to the Salman project in Brunei. Brunei Shell Petroleum Co had purportedly terminated part of the contract for cause on March 13, 2023, for various alleged breaches of the contract by SFSB. The second arbitration against SOSB is in regards to a contract for the pipeline replacement project in Brunei in 2020. The group slipped into Practice Note (PN17) status on May 31, 2022 due to going concerns over its shareholders’ equity position of RM85 million as of Jan 31, 2022, which was less than 50% of its share capital of RM10.9 billion. The group has two months to submit its regularisation plan to Bursa Securities for approval before the expiring of the extension date (Nov 30, 2023) granted by Bursa Malaysia. For the first six months ended July 31, 2023 (1HFY2024), the firm saw its net profit more than double to RM188.89 million from RM89.34 million in the previous corresponding period, while revenue grew 1.7% to RM2.09 billion from RM2.06 billion. The higher profitability for 1HFY2024 was lifted by better earnings contributions from its drilling and exploration and production segments. Sapura Energy says Singapore EPCI contract terminated by Shell KUALA LUMPUR (Oct 10): Sarawak Cable Bhd subsidiaries Leader Cable Industry Bhd and Universal Cable (M) Bhd received winding-up petitions served by OCBC Bank (M) Bhd on Oct 9, the cable manufacturer announced in a Bursa filing. The winding-up petitions follow the company’s failure to get its creditors’ buy-in for a scheme of arrangement involving Leader Cable and Universal Cable on Sept 26. According to the company’s filing dated Oct 9, the petitions were presented by OCBC to the Kuala Lumpur High Court on Oct 4. Sarawak Cable stated that Leader Cable and Universal Cable (the respondents) are indebted to OCBC (the petitioner) for a sum of RM46.158 million and RM28.352 million as at Sept 15, 2022, with interest that continues to accrue with the petitioner. Leader Cable and Universal Cable are major subsidiaries of Sarawak Cable, with total investments of RM205.81 million. If the respondents are wound-up, the impact will be negative on Sarawak Cable, it stated in the Bursa filing. Sarawak Cable recalled that on Sept 26, 2022, the respondents had filed an originating summons in the Kuching High Court for leave to convene a court convened meeting (CCM) with its creditors for consideration of their proposed scheme of arrangement and compromise between the respondents and its creditors. Its subsidiaries also filed for a restraining order to halt further proceedings in any legal action or proceedings against the respondents. OCBC did not agree with the scheme of arrangement and voted against the CCM, which was convened on September 26. Creditors, including the petitioner, rejected two of the ten debt settlement schemes. Sarawak Cable’s subsidiaries served with winding-up petition by OCBC Besides OCBC, other creditors involved in Sarawak Cable’s scheme of arrangement include Hong Leong Bank Bhd, Bank Muamalat Malaysia Bhd, AmBank (M) Bhd, CIMB Bank Bhd, Malayan Banking Bhd, Bangkok Bank Bhd and Universal Trustee (Malaysia) Bhd. “The company (Sarawak Cable) expects to incur legal fees and disbursements involved to challenge and oppose the petition and appointment of the Interim Liquidator. The company will also assess and ascertain other losses arising from this petition,” Sarawak Cable said. As at May 31, 2023, Sarawak Cable had RM388.64 million of current loans and borrowings, but only RM37.46 million in cash and bank balances. Its accumulated losses swelled to RM283.7 million, with capital deficiency of RM63.9 million as at the date. Sarawak Cable has been ascribed a Practice Note 17 company since Sept 30, 2022. As at Oct 9, its shares were trading at five sen, valued at RM18.29 million. It has been loss-making since the financial year ended Dec 31, 2017. Read also: Bina Puri’s unit gets winding-up petition BY KAMARUL AZHAR theedgemalaysia.com BY JUSTIN LIM theedgemalaysia.com Last week, Sapura Energy said two of its wholly-owned subsidiaries, including SOSB, were served with separate notices of arbitration. The arbitration notices involve disputes with Brunei Shell Petroleum Company Sdn Bhd (claimant). SAPURAENERGY.COM

WEDNESDAY OCTOBER 11, 2023 11 THEEDGE CEO MORNING BRIEF HOME PRAI (Oct 10): The Penang government should indefinitely suspend the controversial RM646 million land sale in Batu Kawan Industrial Park 2 (BKIP2) to Sunway Bhd’s subsidiary Umech Land Sdn Bhd pending investigations, or risk it becoming “very, very serious”, according to the state’s former deputy chief minister (DCM) II Prof Dr P Ramasamy. Ramasamy said exposure of the controversial land sale is akin to opening “Pandora’s box”, and that the more Penang Chief Minister (CM) Chow Kon Yeow attempts to defend the sale, the more it becomes “indefensible”. “As the Penang Development Corp (PDC) chairman, Chow must suspend the sale immediately. For one thing, it should investigate the land sale at RM26.53 per square foot. Ten years ago, [it was] RM45 [per square foot] and it was swampy land then. So have we been short-changed or [have we] short-changed ourselves? “Also, why is it that PDC, which was delaying the sale for so long, suddenly decided to sell it to Sunway? If they wanted to sell to Sunway, they should have done it. Sunway has projects in Penang. They are a bona fide Malaysian company. The more Chow defends this sale, the more it becomes indefensible,” he added. In a statement previously, Chow had responded to ongoing criticism by insisting that the deal was done above board and that due diligence was conducted. But he maintained that he was not aware of Sunway’s involvement prior to PDC’s signing of the joint development agreement (JDA) with Umech Land. Ramasamy, a former board member of PDC — the state investment arm which sold 559 acres of PDC leasehold land to Umech Land — stated that he had “never heard” of Sunway’s interest during the “one and only sub-committee meeting” he attended on Nov 28, 2022, which was participated by Umech Construction Sdn Bhd. Penang state had engaged in direct negotiations with Umech Construction, a Malaysian company it was introduced to at the Dubai Expo in 2020, during which Umech Construction expressed interest in the project, and assured of Middle-Eastern funding for it. However, just two days before the deal was signed on Sept 27 this year, Umech Land, owned by the same shareholders of Umech Construction, was 70% acquired by Sunway’s wholly-owned subsidiary Sunway Bukit Gambier Sdn Bhd for RM23.33 million. Both PDC and Umech Land have entered into a JDA where Umech Land paid a deposit of RM64.6 million, with the remaining RM581.42 million to be settled in four instalments. The proposed industrial park would consist of factories, industrial lots and commercial components with a gross development value of around RM3.5 billion, Sunway said in a Bursa Malaysia filing recently. Raising a slew of questions on the deal during a press conference on Tuesday, Ramasamy, who was dropped by DAP from contesting the state elections in August, said he had doubts over Chow’s denial of any knowledge of Sunway’s entry into Umech Land. Ramasamy said it was permissible to have a deal struck via direct negotiation as long as the company can bring something beneficial to the table, for instance Aspen Group, which had brought in Swedish furniture giant Ikea, or Paramount Property Sdn Bhd, which had introduced a university project. But all Umech Construction brought was Sunway, he remarked. “It is strange that Sunway’s name never cropped up in the November meeting with Umech Construction. They (Umech Construction board) too did not mention Sunway. PDC always told us it is Umech, and by that we understood it as Umech Construction, not Umech Land. “The November meeting was only a fact-finding mission to know if the company had the financial capacity to fund the project. It was not about due diligence as Chow claimed. The committee also did not make a decision to sell to Umech, so it is wrong for Chow to say that the committee decided to sell the land to Umech or that we authorised the sale,” Ramasamy said. A few days ago, Chow listed several occasions when the PDC board held meetings. Denying his involvement in any of the other meetings, which he called “kitchen meetings”, Ramasamy said he only participated in “one or two earlier discussions” pertaining to land application. “No other meetings apart from sub-committee meetings can take decisions. Only the ones attended by Chow, DCM I Datuk Ahmad Zakiyuddin Abdul Rahman, state executive councillor Datuk Abdul Halim Hussain and Datuk Seri Lee Kah Choon, special investment adviser to the CM, and I — could make decisions at the time. But I think for Chow every meeting was about due diligence,” he said. Ramasamy suggested that the land in question be used for public purposes as it was acquired from private landowners using taxpayers’ money and should not be sold for profit-making to “friends or buddies”. “If the land was sold below market value at RM26.53 per square foot because it was difficult to sell, given its close proximity to the Pulau Burung landfill, then these challenges should be proven by the state.” He observed that the surrounding land in the area is being sold at around RM80 per square feet, as the Penang Chinese Chamber of Commerce (PCCC), which has also questioned the sale of the land via a private transaction to Umech Land, has been quick to point out. Expressing his frustrations at being “dragged” into the alleged PDC board decision by Chow, the 74-year-old, who held the DCM II post for three terms and sat as Batu Kawan Member of Parliament between 2008 and 2013, stressed that he wants to clear his name. “I am not casting aspersions on Chow but I want to clear my name. I have known Chow for a long time, I expect him to do the right thing,” he said. Read the full story Read also: Digistar sells Melaka land at loss PTT Synergy acquires development land in Penang for RM70.56 mil LKL International sells land in Serdang for RM6.65 mil BY SANGEETHA AMARTHALINGAM theedgemalaysia.com Suspend BKIP2 land sale to Sunway-Umech indefinitely — P Ramasamy Former deputy chief minister of Penang II Prof Dr P Ramasamy

WEDNESDAY OCTOBER 11, 2023 12 THEEDGE CEO MORNING BRIEF HOME KUALA KANGSAR (Oct 10): A total of 232,427 smallholders under the Rubber Industry Smallholders Development Authority (Risda) will receive monsoon season assistance (BMT) this year, involving an allocation of RM185,941,600. Risda deputy director general (Development) Ahmad Zainal Abdullah said that each smallholder will receive RM800 each in stages from November. “The overall amount of RM800 will be paid out in stages from November until next February to every smallholder registered under Risda. “In addition, to be eligible for the BMT payment, each smallholder must cultivate rubber crops with an area of at least 2.5 hectares and below,” he said. He said this at a media conference after the launch of the Perak Risda-level Movement to Increase Rubber Productivity Programme (GPPG) at Dewan Jubli Perak here on Tuesday. Earlier, the programme was also attended by Perak Risda director Ronni Pasla MoKUALA LUMPUR (Oct 10): The government recognises a need to expand rice cultivation areas in Sabah and Sarawak in an effort to boost rice supply and ensure national food security. According to Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, apart from Kedah, the country relies heavily on Perak, Kelantan, Terengganu, Perlis, and Seberang Perai, Penang, for its rice supply. However, every time the usual flood season occurs on the northern and eastern coasts, usually in December and January, it leads to damaged or reduced rice yields, affecting the nation’s rice supply. “So, in the long term, we need to imRisda announces RM186 mil monsoon season aid for rubber smallholders this year KUALA LUMPUR (Oct 10): MCE Holdings Bhd, whose share price has jumped this year, has proposed to undertake a bonus issuance of 61.78 million shares on the basis of one bonus share for every one existing MCE share held at an entitlement date to be fixed, followed by the issuance of the same number of free warrants on the basis of one warrant for every two existing MCE shares held, to reward its shareholders. In a bourse filing on Tuesday, the original equipment manufacturer (OEM) for the automotive sector said the entitlement date of the bonus issue and free warrants will be determined and announced at a later date, adding there will be an adjustment to its share price after the completion of the bonus share and warrant issuance. For illustration purposes, based on the five-day volume weighted average market price (VWAMP) of MCE shares up to the latest practicable date (LPD, as at Oct 9) of RM1.6923, the theoretical ex-bonus share price will be approximately 84.62 sen, the group said. As for the bonus warrants, which will have a five-year tenure, the group has fixed the exercise price of the warrants at 80 sen apiece, which represents a discount of 5.46% to the theoretical ex-bonus share price of MCE shares of 84.62 sen. As at LPD, the group’s total issued share capital stood at RM64.09 million, comprising 61.78 million shares. Assuming the proposed bonus issue has been completed, the group’s enlarged share base will be 123.56 million shares. And assuming the full exercise of the warrants later — from which the group could raise RM49.42 million that it plans to use for working capital — the group’s share capital will increase to RM113.51 million, comprising 185.34 million shares. Subject to all required approvals being obtained, the proposals are expected to be completed by the first quarter of 2024. MCE shares shot up above RM2 and hit a multi-year high of RM2.13 in April this year. On Tuesday, MCE shares closed unchanged at RM1.71, bringing the group a market capitalisation of RM106 million. The stock has climbed 72% over the past year. MCE proposes 1-for-1 bonus share, free warrants Mat Sabu: Govt to boost rice cultivation in Sabah, Sarawak BY JUSTIN LIM theedgemalaysia.com Bernama Bernama hamed Yusoff, his deputy Mohamad Azli Mohd Shah, Technology Expansion and Transfer Division (BBPT) deputy director Laili Husna Othman as well as 670 smallholders from all the districts in the state. Ahmad Zainal said Risda was striving to identify the best method or approach to empowering the country’s rubber smallholder sector, which contributes to 85% of the nation’s natural rubber yields. He added that, for now, the main focus was towards encouraging rubber smallholders to give their attention to the production of latex either individually or in groups. “Risda is aware that this latex process needs to go through phases of development and training, but due to the demand and needs of the industry, the opportunity to produce latex needs to be seized as best as possible by the smallholders. “We also believe that with the diverse natural rubber production, the income of these smallholders can be increased as much as possible,” he said. In a related development, Ahmad Zainal said Risda also offers a Mature Rubber Scheme (SGM), which can help smallholders re-cultivate rubber plantations that are not tapped. “This scheme includes assistance components from levels one to five through the addition of SGM assistance with a maximum value of RM7,700 in Peninsular Malaysia and RM8,400 in Sabah and Sarawak,” he said. prove our food security in Sabah and Sarawak. We must have serious discussions to enhance rice cultivation areas in both states. “We will request allocation in this year’s budget (Budget 2024) or, if not possible, any allocation in the future to improve irrigation systems and increase rice production,” he said during the question-and-answer session at Parliament on Tuesday. He said this in reply to an additional question from Datuk Henry Sum Agong (GPS-Lawas) regarding the government’s plan to promote the expansion of rice cultivation in rural areas, given the country’s current rice supply issues. Earlier, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said Felcra Berhad (Felcra) would collaborate with Sarawak and Sabah state governments to develop between 15,000 to 20,000 hectares of land in both states for collective paddy planting purposes. Read also: Local rice worth RM405,000 seized from Kedah rice mill, says deputy minister

WEDNESDAY OCTOBER 11, 2023 13 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 10): 1Malaysia Development Bhd’s Assets Recovery Trust Account balance stood at RM1.927 billion at end-2022, down 87.4% from RM15.281 billion in 2021, according to the Auditor General’s report on the federal government financial statement for the year 2022. This followed the payments of RM13.9 billion in 1MDB borrowings that year, which left the amount guaranteed by the federal government at RM18.17 billion as at end-2022, down 43.3% from RM32.07 billion at end-2021. The reduction followed the principal payment of two 1MDB bonds, totalling US$3.5 billion (RM15.52 billion). “1MDB’s interest payment of RM1.541 billion in 2022 was paid using development expenditure of RM1.53 billion, and [the] 1MDB’s Assets Recovery Trust Account fund of RM11 billion,” it said. 1MDB also had another US$3 billion (RM13.17 billion) bond redeemed in March 2023, which was paid via the Budget 2023 allocation under its development expenditure. The troubled state-owned fund also has another RM5 billion due in 2039. Prime Minister Datuk Seri Anwar Ibrahim said in August that the Malaysian government seeks to recover more funds from Goldman Sachs, which arranged for two 1MDB bonds that raised US$6.5 billion and received US$600 million in fees in return. Two former Goldman bankers have been accused of helping facilitate the theft of more than US$2.7 billion of the proceeds from those offerings, while the bank agreed to return US$3.9 billion in cash and assets recovery to Malaysia, as part of a global settlement inked in 2020. Meanwhile, the government has also paid off RM985.01 million in SRC International Sdn Bhd borrowings in the year, the report said, marking the elimination of all government guarantees in SRC International. SRC International, previously a unit of 1MDB, also took up huge borrowings in the past, including RM4 billion in loans from the Kumpulan Wang Persaraan (KWAP) in 2011 and 2022, which were siphoned and remain missing. 1MDB’s Assets Recovery Trust Account balance at end-2022 falls 87% to RM1.9 bil (Oct 10): Malaysia is investigating how former Goldman Sachs Group Inc banker Roger Ng Chong Hwa helped arrange billions of dollars in bond sales for 1Malaysia Development Bhd (1MDB), according to the police. Malaysia’s police are counting on Ng’s cooperation to recover as much as possible from the billions looted from the fund during the previous decade. Ng, a Malaysian, is under police protection after arriving from the US on Sunday, Inspector General of Police (IGP) Tan Sri Razarudin Husain said on Tuesday. “We hope that he will cooperate on the asset recovery,” Razarudin told reporters in Kuala Lumpur. “There’s a lot of assets to be returned.” Goldman made US$593 million (RM2.81 billion) working on three bond sales that raised US$6.5 billion for 1MDB in 2012 and 2013. Under a July 2020 settlement, Malaysia dropped all criminal charges against the bank over its role in the scandal, in exchange KUALA LUMPUR (Oct 10): The Ministry of Defence (Mindef) on Tuesday stressed that the Attorney General’s Chambers (AGC) was actively involved and had given its full cooperation in finalising the sixth supplementary agreement (SA6) for the construction of littoral combat ships (LCS). In a statement Tuesday, the ministry explained that a series of discussions and meetings regarding the SA6 draft had taken place since last April, after the decision on the direction of the project was approved by the Cabinet on April 19. Mindef said that as a result, it had received comments from the AGC through a letter dated May 24, 2023, where four main issues were raised, namely Progress Payment Plan, Integrated Logistic Support, Detailed Design dan Liquidated Ascertained Damages, along with recommendations other amendments. “Mindef has taken all these matters into account and relevant amendments have been made accordingly. “Therefore, the SA6 was signed after taking into account the comments of the AGC and also the views of the previous PAC (the Public Accounts Committee) report as well as the Committee on Governance, Procurement and Finance Invesfor a US$2.5 billion cash payment, and for the guaranteed return of US$1.4 billion of seized 1MDB assets. A Brooklyn federal jury convicted Ng of conspiring with his former Goldman boss Tim Leissner and financier Low Taek Jho, known as Jho Low, in the looting of 1MDB. Prosecutors said Ng received millions of dollars in kickbacks from the bond deals Goldman arranged for 1MDB. Ng was scheduled to begin a 10-year prison sentence last Friday, but US officials allowed the sentence to be deferred, so that he could return to Malaysia, and help with its investigation. Malaysia will also seek Ng’s assistance in locating Jho Low, said the IGP. The Federal Bureau of Investigation (FBI) has accused the fugitive businessman of stealing US$1.42 billion from the bond transactions that Goldman arranged for 1MDB. Jho Low faces criminal charges in Malaysia’s court. Investigations with Ng have just started, and the police have yet to determine the value of the assets they could recover, according to Razarudin. Police had received intelligence that the former banker’s safety was under threat, he added. Malaysian authorities are also working with the US Department of Justice and FBI to recover assets from ex-1MDB general counsel Jasmine Loo Ai Swan, he said. About RM93.2 million in Loo’s assets — purchased using 1MDB funds — were in the form of two properties in Singapore and accounts in the US, according to Razarudin. Malaysia to probe Roger Ng on Goldman’s 1MDB bond deals Mindef: AGC actively involved in finalising supplementary agreement for LCS construction BY KOK LEONG CHAN Bloomberg Bernama BY ADAM AZIZ theedgemalaysia.com tigation,” according to the ministry. The statement was issued following an article published on a news portal titled “PAC criticises Mindef for signing LCS deal without AGC approval”, which allegedly quoted the PAC report on the progress of the LCS project from October 2022 to May 2023, which was tabled in Parliament Monday. Mindef also denied claims that there had been no progress in the construction of the LCS from the 14th PAC visit in December 2021 until the 15th PAC visit in June this year. “This was due to the government’s approval of the project continuation plan on April 19, which, among others, saw the construction begin in September 2023 after a three-month mobilisation period by Boustead Naval Shipyard Sdn Bhd,” it said.

WEDNESDAY OCTOBER 11, 2023 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 10): Bank Negara Malaysia (BNM) analyst Adam Ariff Mohd Roslan denied suggestions that his 76-page report on 1Malaysia Development Bhd’s (1MDB) transactions and money trails was “intelligent guesswork”, maintaining that the evidence he had been given was sufficient to make his conclusions. At the High Court here on Tuesday, Adam, who is testifying as the prosecution’s 47th witness at the 1MDB-Tanore trial of former prime minister Datuk Seri Najib Razak, was being cross-examined by lawyer Tan Sri Muhammad Shafee Abdullah, who disputed the relevancy of his testimony. Shafee had zeroed in on documents Adam referred to regarding Good Star Ltd, an outfit linked to fugitive financier Low Taek Jho (Jho Low), after Adam had testified that he had received documents from Malaysian Anti-Corruption Commission (MACC) investigating officers in mapping out his charts of the 1MDB money trails. Shafee then walked Adam through 1MDB funds which had been transferred to Good Star Ltd, and suggested that Adam’s analysis was merely an opinion based on the documents given to him by the MACC. Adam said the MACC did not give him banking documents to show that monies from these two entities — Good Star and 1MDB — had trickled into Najib’s personal bank accounts. “I took the view of the fact that the bank statements showed the same amounts and the same dates,” Adam said, referring to bank statements of Good Star and 1MDB. Shafee then referred Adam to his statement, where he testified that US$24,500,000 (RM115,934,000) was transferred to Riyad Bank by Good Star. Adam had verified documents earlier on the stand that Good Star had two accounts with RBS Coutts — 11116073.2006 and 11116073.2000. Shafee then asked him how he knew that the money sent by Good Star to Riyad Bank was from 1MDB funds and not from a separate deal between the two entities. Adam replied that he would not know. This transaction is of importance because Adam had previously testified that based on the bank statements of the only accused in the case — Najib — for the AmBank account ending 694, US$20,000,000 came from the same Riyad Bank account which he believed originated from Good Star funds. Shafee: You made a guess because of proximity and the dates that money went into Najib’s account. Adam: I would not call it a guess, it’s an assumption. Shafee: You are aware assumptions can be made without evidence? Shafee then asked him why he didn’t ask the MACC for the said documents, to which Adam replied that he did but the MACC didn’t give them to him. Shafee: The MACC didn’t give you documents from Riyad Bank? Adam: No. When the senior lawyer suggested that the witness would not have any clue if the Riyad Bank account was “loaded with funds from elsewhere”, Adam agreed. Shafee: You cannot make a conclusion in a scientific way that the US$10 million (deposited into Najib’s account) on two occasions originated from Good Star. Adam: In a scientific way, no. Shafee: [It is] an opinion based on intelligent guesswork. Adam: I disagree. I don’t have the evidence on that bank account, but I do have evidence prior to and after the transfer, and feel as an analyst that the evidence is sufficient. Shafee then explained Najib’s defence in the trial — that being Najib’s “full belief” that the money that had entered into his account had come from the Saudi Arabia King. Shafee: I’m putting it to you whether the two US$10 million in fact came from the [late] King Abdullah. Adam: I can only confirm that it came from Prince Faisal. “He was of full belief, the amount doesn’t matter. What matters is ‘did NaBY TIMOTHY ACHARIAM & TARANI PALANI theedgemalaysia.com BNM analyst stands by 1MDB money trail report despite defence claiming it’s ‘intelligent guesswork’ jib know that money originated from 1MDB?’. You (Adam) took two years to make up your mind about the money trails. Have you seen it from Najib’s perspective as to what was in his mind when he got the money?” Shafee asked. Adam replied that he did not need to do that as he was tasked to corroborate what the MACC had already investigated. Shafee then asked him whether he had concluded that the US$20 million had originated from 1MDB funds because it was in line with what the MACC had told Adam. Adam, 29, replied: “No, it was facts that the dates are close and the amounts are the same and I reasonably believe that these sources are the same funds.” Earlier in the day, Shafee had intimated to judge Datuk Collin Lawrence Sequerah that he is disputing the relevancy of Adam’s testimony as the analyst isn’t an expert witness. Sequerah then asked Shafee to continue with his cross-examination of the witness and that the submissions to the relevancy of Adam’s testimony can be taken at the end of the trial. The judge added that if the defence’s position was that Adam’s testimony is not relevant, then Shafee would not have to go through the money trail. Deputy public prosecutor Ahmad Akram Gharib said the prosecution’s stand is that Adam is a witness of fact. “[He] is a witness of fact. He gave evidence of facts. Failure of cross-examination amounts to acceptance. [It is] as simple as that,” Akram said. According to Section 45(1) of the Evidence Act 1950, situations where expert opinion evidence is admissible are when the court has to form an opinion upon a point of foreign law or science or art, or as to the identity or genuineness of handwriting or finger impressions. Shafee then continued with his cross-examination. For receiving the money, Najib is facing four counts of abuse of power for using his position as prime minister, finance minister and chairman of 1MDB’s board of advisers to receive gratification worth RM2.28 billion. Najib also faces 21 counts of money laundering involving over RM4.3 billion.

WEDNESDAY OCTOBER 11, 2023 15 THEEDGE CEO MORNING BRIEF WORLD MARRAKECH (Oct 10): World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads. “It’s a humanitarian tragedy and it’s an economic shock we don’t need,” Banga told Reuters on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco. Central banks were “beginning to feel a little more confident that there was an opportunity for a soft landing, and this just makes it harder”, Banga said. Banga said there was less immediate economic impact than at the start of Russia’s invasion of Ukraine last year because the Israel-Gaza conflict does not impact exports of oil, grains and fertilizers. But it does transmit through financial markets, with dollar assets suddenly rising, he said. Inflation has come down in recent months, prices and wages were stabilizing and markets had become used to the idea that rates would stay higher for longer, Banga said, adding that another prolonged World Bank chief says Gaza conflict is economic shock ‘we don’t need’ (Oct 10): Top Federal Reserve officials are coalescing around the idea that tighter financial conditions after a recent surge in US Treasury yields may substitute for additional increases in their benchmark interest rate. Fed vice chair Philip Jefferson on Monday told a conference that he would “remain cognizant of the tightening in financial conditions through higher bond yields” in assessing “the future path of policy,” echoing similar comments from other policymakers in recent days. The key question for officials is whether the recent increase in borrowing costs reflects investor expectations for a stronger economy or just extra compensation required to bear interest-rate risk. Parsing it will probably keep them on hold at least through their next rate decision on Nov 1. “The markets all of a sudden are doing all the dirty work for the Fed,” said Yelena Shulyatyeva, a senior US economist at BNP Paribas SA. “It seems like the majority, including some of the more hawkish policymakers, are OK with proceeding more cautiously.” Yields on 10-year Treasury securities have risen about 40 basis points since the Fed’s Sept 19-20 policy meeting — to 4.8% as of Friday’s close. (Cash trading was closed Monday for the Columbus Day holiday.) Benchmark yields dropped the most since March in Asia on Tuesday after the dovish Fed commentary and jitters over the Israel-Hamas war boosted demand for havens. Projections published after the meeting showed most officials expected one more rate hike this year — and fewer cuts next year — would be needed to return inflation to 2%. Earlier on Monday, speaking at the same conference as Jefferson, Dallas Fed president Lorie Logan indicated that if risk premiums in the bond market are on the rise, that “could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening.” Logan’s comments at the National Association for Business Economics gathering jibed with similar remarks from San Francisco Fed president Mary Daly, who said on Oct 5 that “if financial conditions, which have tightened considerably in the past 90 days, remain tight, the need for us to take further action is diminished.” Investors currently see little chance of a rate hike at the Oct 31-Nov 1 meeting, and are assigning less-than-even odds to any additional tightening in 2023, according to futures. “The Federal Reserve is likely to damp the mood at the November meeting, which will be an opportunity to remind investors that interest-rate cuts are not even on the agenda for now,” said MLIV strategist Mark Cranfield. That’s despite a monthly Bureau of Labor Statistics report published Friday which showed job growth remains much faster than expected. That temporarily pushed the chances of another hike this year above 50%, before a surprise attack on Israel by Hamas over the weekend pulled them back down. “Jefferson has basically just told you Fed officials head toward another pause after bond yields surge BY CRAIG TORRES, LIZ CAPO MCCORMICK & STEVE MATTHEWS Bloomberg BY DAVID LAWDER Reuters conflict could upset those dynamics. “It’s the side effects of all that. That’s not a good feeling,” Banga said. The World Bank has temporarily closed its operations in the Gaza Strip, evacuating a number of employees because it has become a “war zone,” but its operations in the West Bank Palestinian Territories remained open, Banga said. The European Union initially “made a mistake” in announcing a cut-off of all aid to the Palestinian Territories in response to the Hamas attack on Israel, which was later reversed, he said, adding that he will leave others to sort out the politics of the conflict. “I’m in the development business. And in the development business they feel, at the end of the day, when all this is done, places need to be helped,” he said. “And we will try our best to help.” that not only is the Fed on hold, but that they have to take into consideration that higher long rates are starting to slow down the economy,” said Andrew Brenner, head of international fixed income at NatAlliance Securities LLC. “The Fed has finally recognised the fact that the rise in real rates is having an effect, and doing some of the work they have wanted from lifting policy rates,” Brenner said. Policymakers aren’t ready to put an official pin on the tightening cycle just yet. Jefferson on Monday said he was “particularly attentive to upside risks to inflation, such as those associated with the economy and labor market remaining too strong to achieve further disinflation.” Still, inflation has come down this year, and forecasters generally expect a monthly BLS report on consumer prices due Oct 12 to show it decelerated further in September, according to a Bloomberg survey. “The improvement in inflation is why they can be patient, and the run-up in yields is the reason why they should be patient,” said Lou Crandall, chief economist at Wrightson ICAP LLC. A broad increase in borrowing costs across many debt securities amplifies the impact of monetary policy, and raises the risk “of a nonlinear response in terms of fragility and financial stability,” Crandall said. Read also: Fed’s Bostic says rates now high enough to lower inflation to 2% US Treasuries have best day since March on signs Fed may be done

WEDNESDAY OCTOBER 11, 2023 16 THEEDGE CEO MORNING BRIEF WORLD MARRAKECH, Morocco (Oct 10): The International Monetary Fund (IMF) on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the “remarkable strength” of the US economy. The IMF left its forecast for global real gross domestic product (GDP) growth in 2023 unchanged at 3.0% in its latest World Economic Outlook (WEO), but cut its 2024 forecast by 0.1 percentage point to 2.9% from its July forecast. World output grew 3.5% in 2022. IMF chief economist Pierre-Olivier Gourinchas told reporters the global economy continued to recover from the Covid-19 pandemic, Russia’s invasion of Ukraine and last year’s energy crisis, but growth trends were increasingly divergent across the globe, and prospects for medium-term growth were “mediocre”. Gourinchas said the forecasts generally pointed to a soft landing, but the IMF remained concerned about risks related to the real estate crisis in China, volatile commodity prices, geopolitical fragmentation, and a resurgence in inflation. A fresh unexpected risk emerged in the form of the Israel-Palestinian conflict just as finance officials from 190 countries gathered in Marrakech for the annual meetings of the IMF and World Bank, but came after the IMF’s quarterly outlook update was locked down on Sept 26. Gourinchas told Reuters it was too early to say how the major escalation in the long-running conflict would affect the global economy: “Depending how the situation might unfold, there are many very different scenarios that we have not even yet started to explore, so we can’t make any assessment at this point yet.” Stronger growth is being throttled by the lingering impact of the pandemic, Russia’s war in Ukraine and increasing fragmentation, along with rising interest rates, extreme weather events and shrinking fiscal support, the IMF said. Total global output in 2023 is slated to be 3.4%, or roughly US$3.6 trillion (RM17.04 trillion), below pre-pandemic projections. “The global economy is showing resilience. It’s not knocked out by the big shocks it’s experienced in the last two or three years, but it’s not doing too great either,” Gourinchas told Reuters in an interview. “We see a global economy that is limping along and it’s not quite sprinting yet.” BY ANDREA SHALAL Reuters IMF says global economy ‘limping along’, cuts growth forecast for China, euro area The medium-term outlook is no better. The IMF is projecting growth of 3.1% in 2028, well below the 4.9% five-year forecast it had on the eve of the global financial crisis in 2008-2009. “You have uncertainty. You have geoeconomic fragmentation, low productivity growth, and low demographics. You put all these things together and you have a slowdown in medium-term growth,” he told Reuters. Not quite there on inflation Inflation continued to decline around the globe due to a fall in energy prices and to a lesser extent food prices. It is expected to drop to an annual average of 6.9% in 2023, from 8.7% in 2022, and to 5.8% in 2024. Core inflation, excluding food and energy prices, is coming down more gradually, and should drop to 6.3% in 2023, from 6.4% in 2022, and to 5.3% in 2024, given still-tight labor markets and stickier-than-expected services inflation, the IMF said. “We’re not quite there,” Gourinchas said in a separate meeting with reporters, adding the IMF was warning monetary authorities not to ease interest rates too soon. Labour markets were generally quite buoyant and unemployment rates were at historical lows in most advanced economies, but there was not much evidence of a wage-price spiral that could trigger a second round of price inflation, even with a major strike by US autoworkers in the US. “We’re not seeing strong signs of an out-of-control sequence of wages chasing prices and prices chasing wages,” he said. The IMF said uncertainty had narrowed considerably since its April forecasts were released, but there were still more downside than upside risks for 2024. The chance of growth falling below 2% — which has only occurred five times since 1970 — was now seen at 15%, compared with 25% in April. The IMF noted that investment was uniformly lower than before the pandemic, with businesses showing less appetite for expansion and risk-taking amid rising interest rates, withdrawal of fiscal support and stricter lending conditions. Gourinchas said the fund was advising countries to remain vigilant on monetary policy until inflation was durably coming down toward targets, while urging them to rebuild thin fiscal buffers to address future challenges or shocks. US growth beating pre-pandemic forecasts The IMF raised its forecast for growth in the US, the world’s largest economy, by 0.3 percentage point to 2.1% for 2023, and by 0.5 percentage point to 1.5% for next year, citing stronger business investment and growing consumption. That makes the US the only major economy to beat pre-pandemic forecasts. In China, by contrast, GDP was expected to expand 5.0% in 2023 and 4.2% in 2024, reflecting respective downward revisions of 0.2 and 0.3 percentage point, mainly due to the country’s real estate crisis and weak external demand. Gourinchas said “forceful action” was needed in China to clean up the real estate sector and while authorities had taken some steps, more work was needed. “If that doesn’t happen, then there is a chance that that problem could fester and become worse,” he said. The IMF also cut its growth estimates for the euro area to 0.7% in 2023 and 1.2% in 2024, down from respective July forecasts of 0.9% and 1.5%. The UK, which like the euro area has been hit hard by the shock of high energy prices, saw its growth forecast raised by 0.1 percentage point to 0.5% for 2023, but cut by 0.4 percentage point to 0.6% for 2024. Japan is expected to see growth of 2.0% in 2023, a 0.6 percentage point upward revision, buoyed by pent-up demand, a surge in inbound tourism, its accommodative monetary policy and a rebound in auto exports, the IMF said. It left Japan’s 2024 growth outlook unchanged at 1.0%. Read also: IMF says ‘weak tail’ of banks could struggle in an economic downturn We’re not quite there,” Gourinchas said in a separate meeting with reporters, adding the IMF was warning monetary authorities not to ease interest rates too soon.

WEDNESDAY OCTOBER 11, 2023 17 THEEDGE CEO MORNING BRIEF WORLD SHANGHAI (Oct 10): China is considering raising its budget deficit for 2023 as the government prepares to unleash a new round of stimulus to help the economy meet the official growth target, according to people familiar with the matter. Policymakers are weighing the issuance of at least one trillion yuan (RM650 billion) of additional sovereign debt for spending on infrastructure such as water conservancy projects, said the people, asking not be identified discussing a private matter. That could raise this year’s budget deficit to well above the 3% cap set in March, one of the people said. An announcement may come as early as this month, another person said, though deliberations are ongoing and the government’s plans could change. The discussions underscore mounting concerns among China’s top leadership over the trajectory of the world’s second-largest economy and how growth compares to the US. It would also mark a shift in Beijing’s stance as the government has so far avoided broader fiscal stimulus despite a deepening property crisis and rising deflationary pressure that have put the growth goal of around 5% for the year at risk. The offshore yuan erased a loss to trade 0.1% higher on the news, while the yield on 10-year government bonds climbed 1.5 basis points to 2.68%. Hang Seng China Enterprises Index futures expiring in October extending gains to 1.7%. “The ad hoc issuance of additional debt from the central government could provide extra policy support and more resources to re-engineer a stronger and faster recovery,” said Bruce Pang, chief economist at Jones Lang Lasalle Inc. “China’s recovery story could be a relay race” spurred by infrastructure investment at first before “hopefully” being fuelled by spending among businesses and households, he said. The country’s economic slowdown has weighed on everything from Chinese stocks to commodity prices and the results of multinational companies such as Nike Inc and LVMH. China has long been trying to keep its official fiscal deficit — which excludes special bonds or debt borrowed by local government financing vehicles — under 3% of gross domestic product (GDP) partly to control financial risks. But calls to loosen the limit by state-linked think tanks and economists at global firms have grown louder in recent years as fiscal stress built up in a slowing economy. BY CHARLIE ZHU Bloomberg China mulls new stimulus, higher deficit to meet growth goal The plans, led by the Ministry of Finance (MOF) and the National Development and Reform Commission (NDRC), are subject to final approval by the State Council and legislators, the people added. The MOF and the NDRC didn’t immediately reply to faxed requests for comment. The size of the additional issuance under discussion is “modest”, according to Xiaojia Zhi, head of research at Credit Agricole CIB — about 0.7% of GDP. “But the message would be positive,” she said, adding that it’s a “reasonable consideration” given soft private demand, tight local fiscal conditions and the ongoing property sector downturn. “The central government’s debt ratio remains low, and its balance sheet is still quite healthy.” The Chinese government has stepped up stimulus in recent months with piecemeal actions. It has lowered key interest rates, freed up more long-term cash into the banking system, added support for housing sales and household consumption, and accelerated the issuance of special local government bonds since August. While some sectors have shown initial signs of a pickup, the broader economic outlook remains uncertain. Home sales continued falling and the recovery in domestic consumption was slower than expected over this month’s critical holiday period, underlining subdued confidence that’s holding back households and private businesses from spending. Economists have repeatedly cut their growth forecasts for this year to 5%, now in line with China’s annual goal that was deemed conservative when it was set in March. A further deceleration in growth would add more depreciation pressure on an already-weak Chinese currency, leading capital to leave the country and exposing the nation’s financial markets to potential turmoil. Anaemic economic expansion also means fewer new jobs to be created, worsening the unemployment situation and endangering social stability. Using a large chunk of income from treasury note issuance to fund infrastructure spending — a key way Beijing taps to drive economic growth during down-cycles — has been unusual since Chinese provinces were allowed to sell special bonds for that purpose in 2015. By raising the budget deficit ceiling, the government can sell more general-purpose bonds to fund infrastructure construction, and reduce the interest payment pressure on local authorities which mainly rely on the more costly special bonds for such funding, some economists have said. The reported discussions mark a “constructive step toward addressing the issue of local government debt”, said Tommy Xie, an economist at Oversea-Chinese Banking Corp Ltd. “The spillover effects of local government debt on economic growth are not to be underestimated. The ramifications are increasingly evident,” he said. “The proposition to enable the central government to assume a larger portion of the debt emerges as a viable solution.” Read also: China considering easing foreign stake limits to lure global funds Authorities are pondering policy tweaks to boost overseas ownership in stocks listed in Shanghai, Shenzhen and Beijing as part of a push to open up the market and boost trading, the people said, asking not to be identified as the information is private. China currently caps total foreign ownership in locally listed firms at 30%, and subjects a single foreign shareholder to a 10% limit. The discussions underscore mounting concerns among China’s top leadership over the trajectory of the world’s second-largest economy and how growth compares to the US. REUTERS

WEDNESDAY OCTOBER 11, 2023 18 THEEDGE CEO MORNING BRIEF WORLD (Oct 10): Chinese developer Country Garden Holdings Co offered the strongest indication yet that it’s set for a maiden default and debt restructuring, in the latest sign that authorities’ rescue efforts are far from enough to stop the nation’s property crisis from worsening. China’s former top builder warned in a stock exchange filing on Tuesday that it will not be able to meet all of its future offshore payment obligations, including dollar bonds. Such non-payment may lead to relevant creditors demanding acceleration of payment or pursuing enforcement action, it added. Country Garden’s warning came after it managed to dodge its first public bond payment failure and succeeded in rescheduling local debt in recent months, shifting investors’ focus from increasingly inevitable delinquencies towards a likely massive debt overhaul. With its peer China Evergrande Group facing rising risk of liquidation amid uncertainties about its own restructuring, the developer’s deepening woes underscore the need for Beijing to adopt stronger measures to support a key growth engine as homes sales keep slumping. Country Garden’s latest statement “may pressure the offshore bondholders to approve any upcoming restructuring proposal”, said Ting Meng, a senior credit strategist at Australia & New Zealand Banking Group. “The company is clearly still in a liquidity crunch with many unfinished projects to complete and limited access to new financing.” In a reflection of how Country Garden’s debt woes are affecting prospective homebuyers’ confidence in the builder, the company said on Tuesday that September contracted sales plunged 81% from a year earlier. Declines have been accelerating in recent months, with August’s 72% drop following decreases in excess of 50% in June and July. Subdued home sales are further squeezing the breathing room of Chinese distressed developers like Country Garden despite that the central government have rolled out a slew of measures, including an easing of mortgage restrictions at the end of August triggered a spurt of home sales in larger cities, to prop up the property market this year. More evidence keeps emerging of persistently depressed demand. Daily sales of new homes during the recent eight-day Golden Week holiday declined 17% from last year, according to data on 35 major cities tracked by China Index Holdings Ltd. Country Garden’s shares fell 11% in Hong Kong on Tuesday, following a 6.7% drop in the previous session. A Bloomberg BY PEARL LIU & WEI ZHOU Bloomberg Country Garden signals default as China property woes deepen Intelligence gauge of Chinese property stocks also slid 2% on Tuesday. Country Garden, which has become a symbol of China’s broader property debt crisis, said that it had not made a due payment in the amount of HK$470 million (RM283.5 million) “under certain of its indebtedness”. The company missed initial deadlines last month to pay US$55.4 million (RM261.75 million) of interest on two dollar bonds, and grace periods are respectively set to end on Oct 17-18 and Oct 27. It has US$11 billion of offshore notes outstanding, according to data compiled by Bloomberg. Once China’s largest developer, Country Garden has been engulfed in a broader property debt crisis and warned on Aug 30 that it may default. Fresh concerns about financial market contagion from China’s property sector flared in August, when the firm failed to pay interest on two dollar bonds by an initial deadline. While Country Garden went on to meet those obligations within a grace period, it subsequently missed more initial deadlines and hadn’t commented publicly on prospects for honouring those debts before Tuesday. Helmed by one of China’s richest women, Yang Huiyan, the builder is important to the nation’s economy due to its sheer size. Country Garden has more than 3,000 housing projects in smaller cities and about 70,000 employees. As such, turmoil at the firm could lead to a worse impact than from 2021’s debt failure at distressed peer China Evergrande Group given it has four times the number of projects. Distress runs deep at Country Garden, one of the world’s most heavily indebted developers with 1.36 trillion yuan (RM892.64 billion) of total liabilities. Its dollar bonds are indicated in a range of five to seven cents, indicating how little holders expect to recover in any eventual restructuring. Read the full story Read also: China needs ‘forceful’ action on its real estate woes, IMF says Metals take fresh knock as China’s realestate woes intensify China’s former top builder warned in a stock exchange filing on Tuesday that it will not be able to meet all of its future offshore payment obligations, including dollar bonds. Such non-payment may lead to relevant creditors demanding acceleration of payment or pursuing enforcement action, it added.

WEDNESDAY OCTOBER 11, 2023 19 THEEDGE CEO MORNING BRIEF WORLD NEW DELHI (Oct 10): India’s financial crime agency on Tuesday arrested four executives of Chinese smartphone maker Vivo, including one Chinese national, two sources with direct knowledge of the matter told Reuters. The arrests add to the legal troubles of the Chinese phone maker in India, and come amid rising tensions between Beijing and New Delhi over issues ranging from border disputes to India’s increasing scrutiny of Chinese businesses and investment. Vivo and the country’s Enforcement Directorate (ED) did not immediately respond to requests for comment made by email and telephone. The executives were arrested in relation to an ongoing 2022 case in which the ED raided the company’s offices and accused it of money laundering, the first of the sources said. The company has repeatedly denied the allegations. It has previously said it had cooperated with authorities to provide them with all required information and was “committed to be fully compliant with laws”. Vivo is owned by China’s BBK Electronics, which also operates brands such as Oppo and Realme in India. Vivo is the second biggest smartphone brand in India with a 17% market share in shipments, trailing behind Samsung, according to data from research firm Counterpoint. The first source said Vivo executives were summoned to the ED’s Delhi office for questioning, and then arrested. They will appear in court later on Tuesday, the person added. In 2022, the ED blocked 119 bank accounts linked to Vivo’s India business, but a court later revoked the move. In the case, the ED alleged that Vivo India transferred 624 billion rupees (US$7.5 billion) to China illegally to “disclose huge losses” in India, to avoid payment of taxes. Indian police have also formally accused Vivo of helping transfer funds illegally to a news portal under investigation on charges of spreading Chinese propaganda, Reuters reported last week. Vivo hasn’t commented on the matter. Relations between India and China have increasingly soured since a 2020 military clash on their disputed Himalayan border, in which 20 Indian soldiers and four Chinese troops were killed. Since then, India has banned hundreds of Chinese apps including TikTok, citing national security concerns and tightened scrutiny of incoming investments from its neighbour. Recently, carmaker BYD’s proposal to invest US$1 billion to build electric cars and batteries in India faced increased scrutiny from New Delhi, forcing the EV maker to drop its plans, Reuters reported in July. India arrests Vivo execs including one Chinese in money laundering case (Oct 10): Executives at one of China’s largest copper trading houses have lost contact with the company’s founder, and believe that he has been detained by police for questioning, according to people familiar with the matter. He Jinbi founded and built Maike Metals International Co into China’s biggest importer of refined copper, before a liquidity crisis last year brought the company to its knees. Colleagues haven’t heard from him for at least a day, and have been informed that he was taken away by police for interviews in his home province of Shaanxi, the people said, asking not to be identified as the matter is sensitive. The people didn’t give a reason for He’s detention. Maike and He have been the focus of legal action by creditors since the company ran into difficulties last year during China’s extended Covid lockdowns, when it began experiencing difficulties paying for purchases. Bloomberg reported last September that its trading activity had largely ground to a halt. Multiple attempts to contact He and his family by phone calls and text messages weren’t successful. Maike declined to comment in an email. The Shaanxi Provincial Public Security Department didn’t respond to a fax seeking comment. Maike until recently was responsible for a quarter of China’s copper imports — making He one of the sector’s most powerful players — and its downfall has sent tremors across the industry. In recent years, China’s leadership has not hesitated to go after high-profile business figures, especially when empires falter and consumers are caught in the crossfire. Hui Ka Yan, the billionaire chairman of beleaguered property developer China Evergrande Group, was taken by police last month and placed under residential surveillance. Chen Feng and Tan Xiangdong of HNA Group Co, a once-high flying conglomerate whose debt-fuelled acquisitions became an early symbol of corporate excess, were detained in 2021. Executives can be held as targets themselves or to help with investigations into others. Detention does not mean they Chinese copper tycoon goes missing, believed to be detained by police will be charged. Guo Guangchang, of the debt-laden Fosun conglomerate, briefly disappeared in 2015. After assisting police, he returned to work. He Jinbi founded Maike with a group of friends in 1993, and started out trading mechanical and electrical products before shifting focus to copper. With a wide network of friends and business contacts, He built Maike into a vital conduit between big international traders and Chinese consumers to feed the country’s insatiable appetite for raw materials during the 2000s commodity supercycle. His deep connections through the real economy helped him make bold and successful bets on the future of the copper market, and he was a pioneer of China’s cash-forcopper trade, borrowing against the massive volumes of metal he was shipping and storing in warehouses. In the 2010s, Maike expanded into China’s booming real estate sector, investing in the hotels and business centres that would later be left empty for months during China’s extended Covid lockdowns, contributing to last year’s liquidity crisis. Then this February, Maike filed a request to a court for “preliminary restructuring”, as it sought to start trading metal again. However its continued absence from the market has weighed on liquidity in China’s copper trade. He was sued this year by ING Groep NV in Hong Kong over US$147 million (RM695.09 million) in unpaid debt. The case involved overdue payments owed by a trading arm of Maike, according to court filings. Maike has previously declined to comment on the case. BY ALFRED CANG Bloomberg BY ADITYA KALRA & ARPAN CHATURVEDI Reuters BLOOMBERG

WEDNESDAY OCTOBER 11, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (Oct 10): Chinese electric-vehicle (EV) maker WM Motor filed for bankruptcy in Shanghai, making it the latest casualty in a market that is both ultra competitive and increasingly dominated by domestic brand BYD Co. Announced on China’s national enterprise bankruptcy information disclosure platform, the filing came a month after Hong Kong-listed Apollo Future Mobility Group Ltd walked away from a deal to buy WM Motor for US$2.02 billion (RM9.54 billion). Apollo cited financial market uncertainty and China’s uneven economic recovery. WM Motor reflects the boom-andbust cycle among smaller players vying it out in the world’s biggest EV market, where BYD now accounts for about one-third of all new energy vehicle sales, pushing the likes of WM Motor to the sidelines. WM Motor sold about 35,000 electric sport utility vehicles in 2021 and a similar number last year, data from the China Automotive Technology and Research Centre show. In the first eight months of this year, it sold only 1,387 cars. It’s a sharp reversal for the company founded in 2015 by Freeman Shen, a former chief executive officer of Zhejiang Geely Holding Group Co. At one point, WM Motor was regarded as one of the most promising Chinese EV startups, backed by Baidu Inc and Tencent Holdings Ltd, setting delivery records and considering a listing on China’s answer to the Nasdaq. WM Motor had planned to launch its latest M7 EV in 2023, which would have put five of its models on the market, but that didn’t happen. Instead it laid off employees, suspended factory production and cut back on aftersales services. China’s EV market is rapidly evolving, with about 100 manufacturers churning out pure-electric and plug-in hybrid models, down from around 500 registered makers in 2019, when government subsidies turbocharged the industry. Deliveries of Chinese-made EVs and plug-in hybrids hit a record high of 716,000 units in August, according to the China Passenger Car Association, with the bulk coming from heavy hitters like BYD and Tesla Inc. Elon Musk’s automaker launched a fierce price war in China about a year ago that has cut into manufacturers’ margins. Some Chinese EV startups are trying to shore up funds. Nio Inc, which has yet to make profit but aims to double sales to 250,000 EVs this year, has sold a 7% stake to an entity controlled by Abu Dhabi for about US$740 million and is considering raising another US$3 billion in the Middle East and locally. Xpeng Inc. secured a US$700 million investment from Volkswagen AG over the summer. Chinese EV maker WM Motor sinks into bankruptcy in Shanghai (Oct 10): The stock of China’s biggest food delivery platform has almost halved since a January peak and if traders are right, the worst isn’t over. The volatility skew on Meituan, a gauge of market positioning and sentiment, is at its most bearish since February, signalling that market players are bracing for more declines. China’s competition in the business is heating up — all of which spells trouble for the e-commerce company. Global active fund managers offloaded US$3.7 billion (RM17.5 billion) of the company’s shares this year, making it the most-sold China tech firm during the period, according to Morgan Stanley. Meituan’s shares have fallen almost 40% in Hong Kong since the start of the year, underperforming the Hang Seng Tech Index which is down about 7%. The stock is one of the few Chinese technology names that have erased all the gains that were fuelled after China rolled back Covid curbs late last year. Traders say there are a number of concerns with Meituan. For one, the company needs to boost spending to complete with ByteDance Ltd and fund its loss-making group-buying platform, where a number of buyers can purchase products together to secure deeper discounts. Margins in its core delivery business are coming under pressure given the growing competition in the field. In August, Meituan even warned of slower growth in food delivery orders in the third quarter due to concerns about the economic outlook and extreme weather. Meituan is unlikely to keep growing at its targeted pace without offering discounts, which will hurt profitability, according to Kai Wang, an analyst at Morningstar Inc. That means “the food delivery Meituan troubles are piling up even after 40% slump business will slow down dramatically”. The premium for an options contract that bets Meituan’s stock will drop 10% in the next three months is trading at the highest level since February versus a contract betting on a 10% gain, according to data compiled by Bloomberg. Pole position Still, optimists say that the challenge posed by ByteDance may be less formidable than critics have made it out to be. In a meeting with investors last month, Meituan said its market share in the local lifestyle market is double that of ByteDance, and it’s confident of maintaining its leadership, according to Goldman Sachs Group Inc. But, Meituan’s ability to stay ahead of its rivals is likely to come at considerable cost: it’s may have to sacrifice its margins. “We expect Meituan to maintain its aggressive investment strategy in the second half to defend its market share in the instore & hotel segment,” Ellie Jiang, analyst at Macquarie Capital Ltd, wrote in a research note this month. She expects Meituan’s operating profit margin in the third quarter to have declined from a year earlier. BY JEANNY YU Bloomberg Bloomberg WM Motor, founded in 2015 by Freeman Shen, a former chief executive officer of Zhejiang Geely Holding Group Co, was regarded as one of the most promising Chinese EV startups, backed by Baidu Inc and Tencent Holdings Ltd.

WEDNESDAY OCTOBER 11, 2023 21 THEEDGE CEO MORNING BRIEF WORLD NEWS IN BRIEF KakaoBank to acquire 10% stake in Singtel- and Grab-backed Superbank in Indonesia SINGAPORE (Oct 10): KakaoBank, South Korea’s first and leading digital-only bank, has entered into a strategic partnership with Superbank. Superbank is a new transitioning digital-focused bank in Indonesia that’s backed by a consortium that’s made up of Grab, Singtel and Emtek Group. Superbank is expected to launch its app to the public in 2023. On Oct 10, KakaoBank announced that it will acquire a 10% stake in Superbank through the issuance of new shares. It will then actively collaborate in the development of Superbank’s products and services. “With this strategic investment and collaboration with Superbank that marks the very first step of KakaoBank’s global business, KakaoBank will create the future of finance by collaborating with major partners in Southeast Asia to jointly build mobile financial technology platform, starting with Superbank in Indonesia.” In addition, “This partnership is also a realisation of our long-term commitment to create synergy between KakaoBank’s mobile financial technology and Grab’s successful Southeast Asian business. Ultimately, we would like to establish a global digital bank network through our technology and service partnership,” says Yun Ho Young CEO of KakaoBank Corp. — theedgesingapore.com Major failure at Japan bank clearing system disrupts 1.4 mil transfers TOKYO (Oct 10): The Japanese Bankers Association said on Tuesday glitches at its payment clearing network system disrupted more than 1.4 million domestic fund transfers, the first major system failure that the banking group has experienced. The failure at the system’s relaying computers blocked transfers to and from 11 banks including MUFG Bank, Resona Bank, Yamaguchi Bank and JPMorgan Chase Bank. A total of 1.4 million transfers from the 11 banks were affected on Tuesday, the operator of the system said. Of those, one million were handled by alternative methods, while 400,000 remained unprocessed as of Tuesday evening. An unspecified number of transfers addressed to those 11 banks from other banks were also blocked. It’s not clear when the system can be fully restored, the operator said, adding that it is investigating the cause jointly with its system vendor NTT Data Group. — Reuters Cnooc to repay dollar bond week after due date (Oct 10): Chinese state-owned oil giant China National Offshore Oil Corp (Cnooc) will pay a dollar bond a week after its initial maturity date following public holidays in the nation, sending some creditors searching for the rules on what would constitute a default. The note, issued with a face value of US$1.3 billion (RM6.14 billion) note in 2013 by the company’s Australia-incorporated entity Cnooc Curtis Funding No 1 Pty, had a due date of Oct 3. But some holders were told by their clearing houses that Cnooc plans to pay it on Oct 10, according to people familiar with the matter, who asked not to be identified as the matter is private. While no reason was given for the delay, the Oct 3 maturity fell within a Sept 29-Oct 6 national holiday period in mainland China. The price was last indicated at 99.99 cents, showing that there was little concern about the investment-grade group’s ability to pay. — Bloomberg EU plans anti-subsidy probe into Chinese steelmakers — FT BEIJING/BENGALURU (Oct 10): The European Union is planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the US this month, the Financial Times(FT) reported on Tuesday. Brussels had agreed to join Washington’s efforts to shield industries from cheap competition, the report said, citing two officials with knowledge of the move. Washington had asked Brussels to move against Chinese steel producers, in return for avoiding the re-imposition of Trump-era tariffs on EU steel, the newspaper said. China’s Ministry of Commerce did not immediately respond to a request for comment on the report. US President Joe Biden will host European Commission President Ursula von der Leyen and European Council President Charles Michel on Oct 20, just before a deadline to resolve a bilateral dispute over steel tariffs. In September, Brussels launched an investigation into whether to impose punitive tariffs to protect EU producers against cheaper Chinese electric vehicle (EV) imports that it says are benefitting from state subsidies. China complained about the “very short” time provided by Brussels to engage in consultations for the bloc’s inquiry into subsidies for EVs.Beijing also urged Brussels to safeguard the stability of the global supply chain and a strategic partnership between the two, while “prudently” applying trade remedies. — Reuters India property stocks rally to 2008 high on robust housing sales (Oct 10): India’s property stocks advanced to the highest in 15 years, signalling a potential breakout, as robust sales added to the optimism over the central bank’s decision to keep interest rates unchanged. The S&P BSE Realty Index rallied as much as 4.8% Tuesday to its highest level since September 2008, as strong second-quarter sales reported by several developers lift expectations for the upcoming festive season. The NSE Nifty Realty Index climbed by a similar magnitude. Puravankara Ltd said its sales more than doubled from a year ago, while Ajmera Realty and Infra India Ltd. posted a growth of 52%. Prestige Estates Projects Ltd. on Friday said sales jumped 102% from the year-ago period. The buoyancy in India’s real estate sector is in contrast with China, where a gauge of builders is trading at its lowest level in 12 years amid the country’s on-going property crisis. Country Garden Holdings Co on Wednesday warned of a potential default, renewing concerns over the debt-laden industry. In Mumbai, all 10 members of the BSE real estate gauge rose, with Prestige Estates Projects Ltd soaring as much as 19% to a record. Sobha Ltd, Godrej Properties Ltd and Oberoi Realty Ltd climbed at least 4% each. — Bloomberg Read the full story REUTERS BLOOMBERG

WEDNESDAY OCTOBER 11, 2023 22 THEEDGE CEO MORNING BRIEF WORLD Israel-Hamas conflict was a test for Musk’s X, and it failed (Oct 10): Posts about the attack in Israel have led to confusion, misinformation and conflict on Elon Musk’s X, formerly known as Twitter, exposing how his acquisition and policy changes have transformed the social media site into an unreliable resource during a time of crisis, researchers said. Hours after Hamas gunmen from the Gaza Strip surged into Israel, carrying out the most significant attack of the country in decades, unverified photos and videos of missile air strikes, buildings and homes being destroyed and other posts depicting military violence — in Israel and Gaza — swirled on the platform. Many of the posts repurposed old images of armed conflict, passing them off as new, and were pushed by anonymous accounts that carried blue checkmarks — signalling that they had purchased verification under X’s “premium” subscription service, formerly known as Twitter Blue. Other accounts posted military footage that actually originated from video games. And a handful of viral falsehoods were pushed by far-right pundits on the platform, a common tactic for increasing engagement. Mike Rothschild, a conspiracy theory researcher who has studied viral falsehoods on social media, said that news of the attack on Israel was “the first real test of Elon Musk’s version of Twitter, and it failed spectacularly.” X, under Musk’s ownership since October 2022, has made changes to its content safety policies, with the consequences now glaringly apparent in this moment of geopolitical crisis, researchers said. Over the past year, the company loosened its platform’s rules, cut trust-and-safety employees after previously saying it would expand the team, reinstated once-banned accounts and allowed people to pay for a checkmark on the social network. Though falsehoods about the Israeli-Palestinian conflict have spread on social media platforms across the internet, the researchers said the effect on X stood out as false posts became unavoidable. “It’s now almost impossible to tell what’s a fact, what’s a rumor, what’s a conspiracy theory, and what’s trolling,” Rothschild said. “Musk’s changes haven’t just made X useless during a time of crisis. They’ve made it actively worse.” Musk himself recommended that users follow accounts known for spreading false or misleading information in a post on Sunday that’s since been deleted. BY DAVEY ALBA, DANIEL ZUIDIJK & ISABELLA WARD Bloomberg An X representative couldn’t be reached for comment. An X Corp account said Monday that there have been more than 50 million posts about the attack since it happened, and that “a cross-company leadership group has assessed this moment as a crisis requiring the highest level of response.” At the same time, “X believes that, while difficult, it’s in the public’s interest to understand what’s happening in real time.” The company suggested that users change their settings to control what media they see, and pointed to an option to turn off visibility for posts with sensitive media. Earlier on Monday, X’s safety account posted another message suggesting the Community Notes feature will help users understand what they’re seeing. “When critical moments happen, people on X share their perspective in real time,” the company said in the post. “@CommunityNotes is a way for people on X to add context to posts, helping the others understand more about what they are seeing. We add new contributors regularly and just added more today.” Imran Ahmed, chief executive officer of the Center for Countering Digital Hate, a nonprofit, said that X’s statement showed the platform was pushing the burden for a solution onto its users. “We keep telling people that it’s their job to wade through an ever-growing wave of misinformation that is increasingly indistinguishable from reality,” said Ahmed, whose group is being sued by X Corp after publishing research in July showing a rise in hate speech on the social network. But the platforms have a responsibility to create a safe environment for their users, including mitigating the risk of their tools becoming a threat to the public “by amplifying misinformation and hate, and distorting the lens through which so many people see the world,” especially in times of crisis, Ahmed added. As news of the Israeli-Palestinian conflict began to emerge Saturday, a far-right political commentator published a post on X that claimed to show video evidence of Palestinian militants going door to door and killing Israeli citizens. “Imagine if this was happening in your neighborhood, to your family,” said the commentator, Ian Miles Cheong, who has frequently interacted with Musk on X. Over three days, the short video gained nearly 50 million likes, shares and comments; it was viewed 12.7 million times on X. Later, a “community note” was attached to the post, noting that the video showed Israeli law enforcement — not members of the Palestinian military group Hamas. But it wasn’t clear how far the misleading post spread before the correction, and the post remains live on the platform. Ian Miles Cheong didn’t respond to a request for comment. A few hours later, a paid X account with an anonymous handle weighed in with a false post. “And there it is…” the account said. “The US is sending $8B worth of military aid to Israel.” The post included a screenshot of what appeared to be a statement from the White House authorising the aid to Israel. Many of the posts repurposed old images of armed conflict, passing them off as new, and were pushed by anonymous accounts that carried blue checkmarks — signalling that they had purchased verification under X’s “premium” subscription service, formerly known as Twitter Blue. People react at the site where a rocket launched from the Gaza Strip landed in Tel Aviv, Israel October 7, 2023. REUTERS Read the full story

WEDNESDAY OCTOBER 11, 2023 23 THEEDGE CEO MORNING BRIEF WORLD SINGAPORE (Oct 10): During a half-century of independence, Singapore has fought to expand its territory, inch by hardwon inch. On the tip of the Malaysian peninsula, the island city-state piled up sand to expand its coastline and reclaim land from the sea. In that time, Singapore has grown by one-quarter, adding landmass more than twice the size of Manhattan. At 284 square miles, Singapore is now approaching the size of all five boroughs of New York City. It plans to grow an additional 4% by 2030. It’s a striking accomplishment, given that many other coasts are receding because of rising sea levels, a result of climate change. “We are not planning to lose any inch of land permanently,” says Ho Chai Teck, a deputy director at PUB, the government agency coordinating the effort to save the nation’s shores. “Singapore will build a continuous line of defence along our entire coast. This is something that we take very seriously.” Roughly one-third of Singapore is less than 16 feet above sea level, low enough for flooding to cause punishing financial losses. Some of its most prized property sits on vulnerable land: the skyscrapers overlooking the Marina Bay waterfront, known for its luxury mall and casino, and the towers that house giant banks such as Singapore-based DBS Group Holdings Ltd, Southeast Asia’s largest, and UKbased Standard Chartered plc. Assuming 1.5°C of warming, prime real estate in the city worth S$70 billion (US$50 billion or RM242.56 billion) faces a high risk of flooding, according to Bloomberg estimates using data from real estate company CBRE Group Inc. Another endangered, and vital, part of the country is Jurong Island, where Shell plc and Exxon Mobil Corp have oil and petrochemical operations. “You’ve got small island nations, but they don’t have this much economic wealth,” says Benjamin Horton, a professor at Nanyang Technological University in Singapore who studies sea-level change. “The actual value of every square meter in Singapore is off the charts. This is a country more susceptible to sea-level rise than virtually any country in the world.” In 2019, Prime Minister Lee Hsien Loong said that Singapore would need to spend S$100 billion over the next 100 years to protect against rising sea levels. The government has since put S$5 billion toward a coastal and flood protection fund. “Both the Singapore Armed Forces and climate change defences are existential,” he said then. “These are life-anddeath matters. Everything else must bend at the knee to safeguard the existence of our island nation.” A day’s bike ride along Singapore’s coastal paths will take you past glittering skyscrapers and scenic dams, beaches and mangrove swamps — diverse scenes that make clear how the country must carefully tailor its approach. What Singapore does will be keenly watched by other populous coastal cities such as Bangkok, Miami, New York and Shanghai. Fortifying the city On a recent weekday, tourists and locals fly kites on a towering structure with dazzling views of Singapore’s skyline. But what BY SHERYL TIAN TONG LEE, SELINA XU & ISABEL KUA Bloomberg Singapore is fighting rising seas to save US$50 bil in real estate they’re standing on is much more than an attraction. It’s a S$226 million dam called the Marina Barrage. Inside, seven giant pumps drain excess water into the sea during high tide and extreme rainfall. Currently, some kind of human-made barrier protects 70% of Singapore’s coastline. But the city-state will have to reinforce and improve those shields as tropical storms increase and sea levels rise. The Hydroinformatics Institute and National University of Singapore are working with PUB to build a computer model simulating the combined effects of sea-level rise and rainfall on the country’s coastlines. When completed in 2025, it will help assess which areas are most vulnerable, based on the predicted depth and duration of floods. “We have to look at this in a very dynamic way,” Grace Fu, minister for sustainability and the environment, said at a September event launching a new coast and flood protection institute. “Protecting us too much, you waste a lot of resources. If you build the coastal protection solution too low, then you will find that, several generations later, you’ll need to enhance it.” Government authorities are already considering storm surge barriers on Singapore’s waterways. The barriers would generally be open, so ships can travel to their destinations. But during a big storm, they would close, encircling the city’s industrial areas. Other possible measures: raising the height of current coastal reservoir dikes; tide gates, which block water; and more embankments, typically raised piles of earth. Singapore is also building a huge additional terminal at its airport on higher ground, 18 feet above average sea level. More than six miles of drainage are planned to keep runways clear of water. Businesses are getting into the act, too. Real estate company City Developments Ltd has built barriers and water-level sensors at the St Regis Singapore hotel, Palais Renaissance shopping mall and Republic Plaza skyscraper. In the business district, Frasers Property’s 38-story tower has added floodgates. “More still needs to be done,” says David Fogarty, CBRE’s head of ESG consulting services for Singapore and Southeast Asia. “Companies are thinking about rising sea levels, but they aren’t acting fast enough.” Read the full story Roughly one-third of Singapore is less than 16 feet above sea level, low enough for flooding to cause punishing financial losses. Some of its most prized property sits on vulnerable land: the skyscrapers overlooking the Marina Bay waterfront, known for its luxury mall and casino, and the towers that house giant banks such as Singapore-based DBS Group Holdings Ltd, Southeast Asia’s largest, and UK-based Standard Chartered plc. REUTERS

WEDNESDAY OCTOBER 11, 2023 24 THEEDGE CEO MORNING BRIEF WORLD HONG KONG (Oct 10): A submarine arms race is intensifying as China embarks on production of a new generation of nuclear-armed submarines that for the first time are expected to pose a challenge to growing US and allied efforts to track them. Analysts and regional defence attaches say evidence is mounting that China is on track to have its Type 096 ballistic missile submarine operational before the end of the decade, with breakthroughs in its quietness aided in part by Russian technology. Research discussed at a conference in May at the US Naval War College and published in August by the college’s China Maritime Studies Institute predicts the new vessels will be far harder to keep tabs on. That conclusion is credible, according to seven analysts and three Asia-based military attaches. “The Type 096s are going to be a nightmare,” said retired submariner and naval technical intelligence analyst Christopher Carlson, one of the researchers. “They are going to be very, very hard to detect.” The discreet effort to track China’s nuclear-powered and -armed ballistic missile submarines, known as SSBNs, is one of the core drivers of increased deployments and contingency planning by the U.S. Navy and other militaries across the Indo-Pacific region. That drive is expected to intensify when Type 096s enter service. The Chinese navy is routinely staging fully armed nuclear deterrence patrols with its older Type 094 boats out of Hainan Island in the South China Sea, the Pentagon said in November, much like patrols operated for years by the US, Britain, Russia and France. But the Type 094s, which carry China’s most advanced submarine-launched JL-3 missile, are considered relatively noisy - a major handicap for military submarines. The paper notes that the Type 096 submarine will compare to state-of-the-art Russian submarines in terms of stealth, sensors and weapons. It said that jump in capabilities would have “profound” implications for the US and its Indo-Pacific allies. Based partly on Chinese military journals, internal speeches by senior People’s Liberation Army (PLA) officers and patent data, the paper charts more than 50 years of the PLA navy’s often-glacial nuclear submarine development. It contains satellite imagery taken in November at China’s new Huludao shipyard showing pressure hull sections for a large submarine being worked up. That puts construction on schedule to have the boats operational by 2030, the timeline stated in the Pentagon’s annual reports on China’s military. The research also details potential breakthroughs in specific areas, including pumpjet propulsion and internal quieting devices, based on “imitative innovation” of Russian technology. Neither the Russian nor the Chinese defence ministries responded to Reuters’ requests for comment. The vessel is likely to be significantly larger than the Type 094, allowing it to contain an internal “raft” mounted on complex rubber supports to dampen engine noise and other sounds, similar to Russian designs. Carlson told Reuters he did not believe China had obtained Russia’s “crown jewels” — its very latest technology — but would be producing a submarine stealthy enough to compare to Moscow’s Improved Akula boats. “We have a hard time finding and tracking the Improved Akulas as it is,” Carlson said. Singapore-based defence scholar Collin Koh said the research opened a window on discreet research projects to improve China’s SSBNs as well as boosting its anti-submarine warfare capabilities. “They know they are behind the curve so they are trying to play catch-up in terms of quieting and propulsion,” said Koh, of Singapore’s S Rajaratnam School of International Studies. BY GREG TORODE Reuters Inside Asia’s arms race: China near ‘breakthroughs’ with nuclear-armed submarines, report says Carlson said he believed China’s strategists would, like Russia, keep SSBNs within protective “bastions” close to its coasts, utilising recently fortified holdings in the disputed South China Sea. Echo of Cold War The prospect of advanced SSBNs will significantly complicate an already intense subsurface surveillance battle. In an echo of the Cold War-era effort to hunt for Soviet “boomers”, the tracking of Chinese submarines is increasingly an international effort, with the Japanese and Indian militaries assisting the United States, Australia and Britain, analysts and military attaches say. Anti-submarine warfare drills are increasing, as are deployments of sub-hunting P-8 Poseidon aircraft around Southeast Asia and the Indian Ocean. The US, Japan, India, South Korea, Australia, Britain and New Zealand operate the advanced plane, which use sonobuoys and other more advanced techniques, such as scanning the ocean surface, to find submarines far below. The US is also carrying out the biggest overhaul of its top-secret undersea surveillance network since the 1950s to combat China’s growing presence, Reuters reported in September. The prospect of a quieter Chinese SSBN is driving, in part, the AUKUS deal among Australia, Britain and the U.S., which will see increased deployments of British and US attack submarines to Western Australia. By the 2030s, Australia expects to launch its first nuclear-powered attack submarines with British technology. Read the full story ‘The Type 096s are going to be a nightmare,’ said retired submariner and naval technical intelligence analyst Christopher Carlson, one of the researchers. ‘They are going to be very, very hard to detect.’ REUTERS

WEDNESDAY OCTOBER 11, 2023 25 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) KNM GROUP BHD 379.64 -0.025 0.120 140.00 485.3 CLASSITA HOLDINGS BHD 251.81 0.015 0.080 -78.08 98.6 UEM SUNRISE BHD 98.04 0.065 0.870 241.18 4400.9 NETX HOLDINGS BHD 84.28 0.025 0.190 216.67 174.7 SARAWAK CONSOLIDATED 55.48 0.010 0.495 241.38 316.9 WIDAD GROUP BHD 55.12 0.005 0.540 25.58 1672.1 EKOVEST BHD 45.31 0.025 0.550 61.76 1631.0 YTL CORP BHD 45.22 0.060 1.490 156.90 16336.5 MALAYSIAN RESOURCES CORP 44.74 0.015 0.465 57.63 2077.4 NEXGRAM HOLDINGS BHD 44.19 0.005 0.020 -71.43 13.0 VELESTO ENERGY BHD 40.15 0.000 0.260 73.33 2136.1 MQ TECHNOLOGY BHD 39.78 0.005 0.030 -40.00 41.4 TOP GLOVE CORP BHD 37.68 -0.020 0.740 -18.23 5926.0 ICON OFFSHORE BHD 32.68 0.010 0.125 31.58 338.3 UCREST BHD 32.18 0.005 0.185 48.00 137.2 ADVANCE SYNERGY BHD 29.75 0.010 0.145 -17.14 366.7 BINA PURI HOLDINGS BHD 28.94 0.010 0.045 12.50 151.6 SIME DARBY PROPERTY BHD 26.90 0.020 0.670 48.89 4556.6 ECONPILE HOLDINGS BHD 25.47 0.030 0.360 111.76 510.3 TANCO HOLDINGS BHD 25.04 0.005 0.560 67.16 1113.1 Data as compiled on Oct 10, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) FINTEC GLOBAL BHD 0.010 100.00 150.2 0.00 59.2 AT SYSTEMATIZATION BHD 0.015 50.00 921.6 0.00 101.8 METRONIC GLOBAL BHD 0.020 33.33 200.6 0.00 30.6 NEXGRAM HOLDINGS BHD 0.020 33.33 44,193.4 -71.43 13.0 BINA PURI HOLDINGS BHD 0.045 28.57 28,948.4 12.50 151.6 CLASSITA HOLDINGS BHD 0.080 23.08 251,811.0 -78.08 98.6 MQ TECHNOLOGY BHD 0.030 20.00 39779.5 -40.00 41.4 ALDRICH RESOURCES BHD 0.035 16.67 211.0 16.67 39.0 XOX NETWORKS BHD 0.035 16.67 310.0 16.67 39.7 NETX HOLDINGS BHD 0.190 15.15 84,283.5 216.67 174.7 INDUSTRONICS BHD 0.040 14.29 573.1 -46.67 28.3 PUC BHD 0.045 12.50 16,375.6 28.57 82.0 PERMAJU INDUSTRIES BHD 0.050 11.11 26 11.11 97.3 CITRA NUSA HOLDINGS BHD 0.055 10.00 123.0 -15.38 39.5 SCANWOLF CORP BHD 0.520 9.47 1,716.5 4.00 103.4 ECONPILE HOLDINGS BHD 0.360 9.09 25,467.4 111.76 510.3 ISKANDAR WATERFRONT CITY BHD 0.725 9.02 24,143.4 168.52 667.8 KSL HOLDINGS BHD 1.100 8.91 5,540.0 41.94 1118.9 PESONA METRO HOLDINGS BHD 0.185 8.82 1,590.3 -19.57 128.6 ICON OFFSHORE BHD 0.125 8.70 32,684.3 31.58 338.3 Data as compiled on Oct 10, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) EA HOLDINGS BHD 0.005 -50.00 104.7 -66.67 32.3 AE MULTI HOLDINGS BHD 0.010 -33.33 165 -60.00 21.6 KNM GROUP BHD 0.120 -17.24 379641.7 140.00 485.3 ASDION BHD 0.025 -16.67 605.5 -73.68 11.2 TWL HOLDINGS BHD 0.025 -16.67 1509.5 -28.57 117.8 PDZ HOLDINGS BHD 0.030 -14.29 811 -25.00 17.4 BSL CORP BHD 0.035 -12.50 3,914.1 -48.22 67.6 TA WIN HOLDINGS BHD 0.035 -12.50 18,090.6 -36.36 120.2 ECM LIBRA GROUP BHD 0.190 -11.63 3.4 2.70 91.2 JOHAN HOLDINGS BHD 0.045 -10.00 33.3 -18.18 52.6 VIZIONE HOLDINGS BHD 0.045 -10.00 70.3 -18.18 92.1 GREEN PACKET BHD 0.045 -10.00 2,911.3 -18.18 89.8 REACH ENERGY BHD 0.045 -10.00 861.8 0.00 95.8 PAN MALAYSIA HOLDINGS BHD 0.050 -9.09 401.0 -28.57 46.4 SAPURA ENERGY BHD 0.050 -9.09 7,764.6 42.86 799.0 TRIVE PROPERTY GROUP BHD 0.060 -7.69 445.7 -14.29 75.8 EDUSPEC HOLDINGS BHD 0.060 -7.69 1,123.4 -40.00 64.0 ADVANCE INFORMATION 0.185 -7.50 3.6 -17.78 18.0 DOLPHIN INTERNATIONAL BHD 0.220 -6.38 297.7 -12.00 29.4 FSBM HOLDINGS BHD 0.225 -6.25 5077.4 53.51 106.7 Data as compiled on Oct 10, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HARRISONS HOLDINGS MALAYSIA 8.510 -0.260 6.2 28.36 582.7 KESM INDUSTRIES BHD 7.200 -0.160 17.8 2.56 309.7 HEXTARTECHNOLOGIES SOLUTIONS 24.380 -0.100 11.1 42.91 3,136.5 YNH PROPERTY BHD 5.000 -0.100 104.0 18.20 2,642.4 PARAGON UNION BHD 2.610 -0.080 267.3 40.32 218.8 KOTRA INDUSTRIES BHD 5.200 -0.080 1.6 -21.21 771.2 SHL CONSOLIDATED BHD 2.190 -0.060 18.4 19.02 530.3 TIME DOTCOM BHD 5.380 -0.050 3,025.8 25.71 9,936.0 SAM ENGINEERING & EQUIPMENT 4.370 -0.050 22.0 -11.36 2,366.7 HARTALEGA HOLDINGS BHD 2.050 -0.050 4,448.0 20.59 6,999.2 NPC RESOURCES BHD 1.950 -0.050 31.1 4.84 221.8 LYSAGHT GALVANIZED STEEL BHD 2.130 -0.040 4.0 12.11 88.6 TROPICANA CORP BHD 1.190 -0.040 682.7 -7.03 2,696.9 ADVANCED PACKAGING 0.640 -0.040 3.0 -3.03 52.1 K SENG SENG CORP BHD 1.110 -0.040 22.1 -22.92 166.7 HIL INDUSTRIES BHD 0.965 -0.035 1.9 -9.81 320.3 VITROX CORP BHD 7.170 -0.030 40.0 -6.27 6,777.9 LGMS BHD 1.030 -0.030 331.4 -8.85 469.7 NEGRI SEMBILAN OIL PALMS BHD 3.250 -0.030 10.0 -7.14 228.2 KOBAY TECHNOLOGY BHD 1.860 -0.030 192.4 -31.62 603 Data as compiled on Oct 10, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 126.500 2.500 55.3 -9.64 29664.3 PETRONAS DAGANGAN BHD 22.960 0.520 386.6 0.49 22809.7 FRASER & NEAVE HOLDINGS BHD 25.600 0.500 130.5 18.63 9389.5 MALAYSIAN PACIFIC INDUSTRIES 26.960 0.340 14.4 -6.26 5362.2 KUALA LUMPUR KEPONG BHD 22.100 0.260 862.1 -1.16 23833.4 HEINEKEN MALAYSIA BHD 24.760 0.260 227 -1.75 7479.9 RAPID SYNERGY BHD 25.300 0.220 215.4 58.52 2704.5 HAP SENG CONSOLIDATED BHD 4.910 0.210 3364 -23.28 12224.3 PENTAMASTER CORP BHD 5.300 0.160 535.5 19.64 3770.0 HONG LEONG BANK BHD 19.400 0.160 606.1 -5.64 42053.7 PETRONAS CHEMICALS GROUP 7.300 0.130 3422.1 -15.12 58400.0 CIMB GROUP HOLDINGS BHD 5.550 0.130 15,660.8 -4.31 59191.3 PPB GROUP BHD 15.120 0.120 1959.2 -13.3 21509.7 HONG LEONG FINANCIAL GROUP 17.420 0.120 132.1 -6.34 19950.2 KECK SENG MALAYSIA BHD 4.380 0.110 127.1 22.35 1573.7 PUBLIC BANK BHD 4.130 0.100 9,046.0 -4.4 80166.2 CENTRAL GLOBAL BHD 2.620 0.100 2,685.9 189.5 454 AJINOMOTO MALAYSIA BHD 15.720 0.100 8.0 20.18 955.8 MALAYAN BANKING BHD 8.890 0.090 10125.200 2.2 107215.5 KSL HOLDINGS BHD 1.100 0.090 5,540.0 41.94 1118.9 Data as compiled on Oct 10, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,604.65 197.07 0.59 S&P 500 * 4,335.66 27.16 0.63 NASDAQ 100 * 15,047.15 73.91 0.49 FTSE 100 * 7,492.21 121.83 1.63 AUSTRALIA 7,040.64 70.48 1.01 CHINA 3,075.24 -21.69 -0.70 HONG KONG 17,664.73 147.33 0.84 INDIA 66,079.36 566.97 0.87 INDONESIA 6,922.19 30.73 0.45 JAPAN 31,746.53 751.86 2.43 KOREA 2,402.58 -6.15 -0.26 PHILIPPINES 6,264.07 11.91 0.19 SINGAPORE 3,199.07 32.56 1.03 TAIWAN 16,520.57 67.05 0.41 THAILAND 1,434.45 2.73 0.19 VIETNAM 1,143.69 6.33 0.56 Data as compiled on Oct 10, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,565.00-40.00 OIL US$ 87.81-0.34 RM/USD 4.7283 RM/SGD 3.4638 RM/AUD 3.0332 RM/GBP 5.8001 RM/EUR 5.0129

INSIDE TELLING IT AS IT IS ON WEDNESDAY OCTOBER 11, 2023 No. 8369 PP 2644/12/2012 (031195) www.thesundaily.my Some of the rescued captives waiting to be transported to safety. (Inset) Malaysian passports recovered from the Taiwanese gang. – AFPPIC/PERUVIAN INTERIOR MINISTRY Peru cops rescue Malaysians, Taiwanese held by gang LIMA: Police in Peru rescued 43 Malaysians and a Taiwanese from a Taiwanese criminal organisation that used them in an extortion scheme in the South American country, officials in Lima said on Monday. They were forced to make calls to companies in Malaysia and Taiwan to demand money while posing as police or justice officials, Peru police People Smuggling Investigation Unit chief Gen Carlos Malaver told AFP. The foreigners were rescued in an operation carried out in a Lima suburb over the weekend, he said. They worked only at night, lived in cramped conditions and given only one meal a day. Eight suspects, comprising six Taiwanese and two Peruvians, were arrested. The captives, who entered Peru in September, were lured via social networks with promises of work in casinos in the capital. They told investigators they were taken to Amsterdam in the Netherlands and then to Peru. Once there, members of a Taiwanese crime syndicate known as Red Dragon seized their passports and cut them off from communicating with relatives, police said. A police operation was mounted after two women managed to escape and alerted the authorities. Investigators seized more than US$10,000, (RM47,100), dozens of mobile phones and bank cards from the house where the foreigners were held. KUALA LUMPUR: Between January 2019 and May 2021, 1,708 suicides were recorded in Malaysia, of which 872 (51%) involved teenagers aged between 15 and 18, said former UN Children’s Fund representative to Malaysia and special representative to Brunei, Dr Rashed Mustafa Sarwar. He said the Covid-19 pandemic caused significant mental health issues due to its restrictions, which affected teenagers. “Averaging 94 incidents a month in 2021 compared with 51 a month in 2019, the number of suicides monthly nearly doubled across all age groups,” he said. Prominent consultant forensic psychiatrist Datuk Dr Suarn Singh Jasmit Singh said the reported number of suicides may not necessarily indicate an increase in cases, but represent a statistical rise caused by greater awareness. Suarn was the former director of the Ulu Kinta Psychiatric Hospital in Perak and Health Ministry head of Psychiatric Services and adviser. “It is probable that in the past, some incidents went undetected due to a lack of knowledge and teenagers’ difficulty in communicating about their suicidal thoughts. “There seems to be a statistical increase in suicides now, probably as a result of teenagers being more proficient at communicating their suicidal thoughts and increased public awareness of the problem.” Suarn said risk factors for teenage suicides include experiencing verbal and physical abuse, losing a loved one, poor mental health, low self-esteem and mental disorders. “Suicide is a complicated occurrence that frequently arises from several variables, such as a person’s personality, health and events in their life that precede the act.” On indicators that parents and educators should look out for in recognising potential suicidal behaviour in teenagers, Suarn said among them are being withdrawn, disengaged from society and showing indifference to routine activities. oExpert explains statistical rise in cases, highlights indicative behaviour among teens that parents, educators should recognise █ BY RAVEEN AINGARAN [email protected] He emphasised that such changes are most commonly brought on by traumatic life experiences, such as academic failure or perhaps the death of a loved one. On the role of mental health services and their accessibility to teenagers, Suarn said in Malaysia, general hospitals now provide mental health treatments that were once only centralised in mental institutions. He said despite limited resources, there is an increasing need for coordinated and comprehensive mental health care that includes its prevention, early detection and treatment and support for those with serious mental disorders. “The Health Ministry introduced training modules for mental health promotion in 2000. It included those tailored specifically for teenagers, in which lessons covered topics such as self-awareness, self-esteem, managing stress and adjusting to life changes to improve their life skills. Turn to — page 4 Festival to celebrate 4 Bengalee culture page Cabinet reshuffle needed, say 2 analysts page Suicide awareness

2 theSUN ON WEDNESDAY | OCTOBER 11, 2023 NEWS WITHOUT BORDERS PETALING JAYA: A Cabinet reshuffle is urgently needed to address critical issues faced by the unity government, according to political analysts. They emphasised the need for it when commenting on former health minister Khairy Jamaluddin’s call for caution in implementing a reshuffle too soon. Khairy had said current ministers were relatively new and suggested that they be given time to showcase their key performance indicators. “The prime minister has two options now. He should either fill the vacancy left by the late domestic trade and cost of living minister Datuk Seri Salahuddin Ayub or conduct a major Cabinet reshuffle. “In my opinion, it might be a bit too early because it’s not even a year yet and it’s quite unusual to have a massive Cabinet reshuffle within such a short period. “To be fair to Cabinet ministers, they should be given more time to showcase their performance,” █ BYSIVANISVARRY MORHAN [email protected] Good policies will attract investments: PM KUALA LUMPUR: The clarity of policies, including for the Madani economy, the National Energy Transition Roadmap and the New Industrial Master Plan 2030 can help in attracting investments and strengthening the value of the ringgit, said Prime Minister Datuk Seri Anwar Ibrahim. He said the ringgit’s performance this year was largely driven by external factors such as the sharp strengthening of the US dollar that was driven by higher US interest rates as well as China’s weaker-than-expected economic conditions. He added that most of the world’s currencies had experienced depreciation this year, including the ringgit, because of the actions of the US Federal Reserve, which raised interest rates. He was replying to Datuk Awang Hashim’s (PN-Pendang) question during Minister’s Question Time in the Dewan Rakyat yesterday about the effectiveness of government measures to deal with the impact of the ringgit’s dwindling value, which had hit RM4.73 against the US dollar. He said the government, through Bank Negara Malaysia (BNM), had also implemented short-term measures to ensure that the ringgit’s adjustment is in order. Anwar said to deal with the volatility of the foreign exchange market, BNM would continue to manage risks from domestic and external developments, as well as be prepared to use its operational policy instruments to ensure orderly market conditions. “Several steps were taken by BNM such as setting exports in ringgit. I have discussed with Anwar with Majlis Perundingan Pertubuhan Islam Malaysia volunteers and activists at the Parliament building yesterday. – BERNAMAPIC Khairy said at the Johor International Youth Conference 2023 held at the Persada International Convention Centre on Saturday. National Council of Professors head of governance, legislation and public management Prof Dr Nik Ahmad Kamal Nik Mahmood said he agreed with Khairy’s statement that more time should be given before gauging the ministers’ performance. “However, the government has only five years to perform. Some ministers are poor in addressing issues which require prompt action.” Nik Ahmad said non-performing ministers should be weeded out, and Salahuddin’s vacant post filled immediately. “He has not been replaced until now. This is not good for the government, and without a minister in charge of his portfolio, things are a bit out of control.” Nik Ahmad said ministers and the government should not delay addressing issues of public concern. He added that the government must act swiftly and appoint ministers with the necessary skills to work effectively. Supporting his call, Nusantara Academy for Strategic Research senior fellow Prof Dr Azmi Hassan said the need for efficient and capable ministers remains paramount. He said Prime Minister Datuk Seri Anwar Ibrahim is facing difficulty in finding a balance between supporting his party and ensuring efficient governance. “As the country grapples with pressing problems, Malaysians eagerly await the government’s response to concerns over the cost of living and availability of essential food items. “The seriousness of addressing political issues while keeping existing alliances intact within the unity government is crucial.” Azmi stressed that a reorganisation should prioritise placing competent individuals who can tackle important issues. “It is evident that certain ministries, or more specifically, some ministers, fail to concentrate on social issues that may affect the country’s economy and politics. “The Cabinet was formed to satisfy the political considerations at that time. “It remains to be seen if a Cabinet reshuffle will take place soon. “However, the urgency of the situation calls for prompt action and the need for capable ministers to address the challenges that continue to impact the nation,” said Azmi. Nik Ahmad said evaluating Cabinet ministers’ performance after six months in office and subsequently conducting another evaluation to weed out underperforming ones would prevent long-term problems. China, and also at the Asean meeting in Jakarta we requested the use of the local currency to trade. “China has welcomed it, 20% to 28% of large investments, actually tens of billions, do not use US dollars but the ringgit, so this (helps) the ringgit. The same with Thailand. “So far the countries using the ringgit are Indonesia, Thailand and China but not in all areas. If they are involved in international trade commodities, this is one of the suggestions,” Anwar said. – Bernama Focus on development gap in four states KOTA BHARU: The government is focusing on efforts to bridge the development gap in four states in the peninsula, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said effective and swift measures are being implemented without sacrificing governance based on the national development plan as outlined in the 12th Malaysia Plan for the period 2021-2025. “We will focus on the four states in Peninsular Malaysia, namely Kedah, Perlis, Terengganu and Kelantan, which are still lagging behind and require attention. “We need to find ways to speed up projects, as it is of no use that we have already approved an allocation of RM2.57 billion if implementation cannot be carried out efficiently.” He was speaking after officiating a meeting of state heads of departments and federal agencies here yesterday. Fadillah expressed hope that coordination between state and federal development departments as well as the Implementation Coordination Unit of the Prime Minister’s Department would bring about benefits and ensure that the whole initiative could be implemented. “Based on records, Kelantan received the highest development allocation among the four states in 2023. The federal government is always serious about ensuring that development will continue to be implemented regardless of political differences.” In a separate development, Fadillah said that based on the census as of Sept 11, Kelantan had the highest total number of household heads of poor and hardcore poor families in the peninsula, numbering 67,772. – Bernama Be ready to face floods: DPM KOTA BHARU: Deputy Prime Minister Datuk Seri Fadillah Yusof has ordered all relevant government agencies to make thorough preparations to face the northeast monsoon season. He said the monsoon season could result in floods in the east coast, especially in Kelantan. “Make sure we are ready, not just the security forces, but all agencies involved. If floods occur, we should be ready with whatever are needed, (including) transport to evacuate the victims to relief centres, food aid as well as logistics. “All departments must provide full support to agencies directly involved in flood relief operations such as district offices, the Malaysian Civil Defence Force, the Social Welfare Department and the Fire and Rescue Department,” he said after a meeting with state heads of departments and federal agencies yesterday. – Bernama Funds sought for 5G network KUALA LUMPUR: Communications and Digital Minister Fahmi Fadzil said the allocation sought by the ministry in Budget 2024 is to focus, among others, on developing the country’s 5G network. Fahmi said if approved, more micro, small and medium industries would benefit. “I hope the allocation for 5G that we have appealed for will be among the main considerations in the 2024 Budget because it is very important for the country’s future. The growth or usage of 5G as of Sept 30 has reached 70.2% in residential areas,” he said. – Bernama Cabinet reshuffle needed, say analysts oCall prompted by requirement for active ministers, while others highlight importance of allowing more time for incumbents to prove themselves

3 NEWS WITHOUT BORDERS theSUN ON WEDNESDAY | OCTOBER 11, 2023 PETALING JAYA: National Council of Professors senior fellow Prof Datuk Dr Jeniri Amir has said DAP must review its policy on receiving honorary titles to avoid disrespecting the state government and the monarchy, now that it is part of the unity government. He added that there is no need for DAP to continue with its strict position on receiving such recognition. “In the context of the unity government, DAP’s position can negatively impact the dynamics within the party and the larger political landscape. Its existing policy unnecessarily complicates matters for its members.” While emphasising the need for a balanced approach, Jeniri said declining honorary titles could strain relationships with the monarchy and the state government. Stressing the importance of acknowledging contributions of party members, Jeniri said DAP should have compelling reasons to continue with its policy. “There must be a strong justification as to why this policy should remain in the party. DAP must respect the award given by the head of state.” He also said recognition by the head of state and the approval of the state government should be key criteria for such decisions, adding that accepting honorary titles should be regarded as the prerogative of the recipient. “Embracing honorary titles could also bolster DAP’s image and effectiveness as a political force, particularly now that it plays an integral role in the unity government. “DAP must tread cautiously and avoid raising questions about the head of state’s motivations and support,” he said. Social activist Tan Sri Robert Phang said elected government officials, regardless of party affiliation, should refrain from questioning the authority of the state government. He also emphasised the importance of respecting DAP’s role as part of the government. “DAP has to communicate with its members and collectively decide if the policy on honorary titles is still needed. This issue should be resolved among party members and the Central Executive Committee in accordance to party rules. “But the policy needs changing if it comes to a point where it is disrespectful towards the state government and the monarchy,” Phang said. However, he said DAP should make its decision internally and not be influenced by outside pressure. “Each political party should uphold its unique policies. But one must also consider the broader public interest and sentiments when making such decisions. “DAP must remember that it now bears a dual responsibility – to the government and the people.” On Oct 7, in celebration of Head of State Tun Juhar Mahiruddin’s birthday, Sabah DAP secretary Datuk Phoong Jin Zhe and deputy agriculture and food security minister Datuk Chan Fong Hin were awarded the Panglima Gemilang Darjah Kinabalu, which carries the title “Datuk”. After four of its members obtained state honours bearing the Datuk title in 2018, DAP formally established a policy requiring them to relinquish the titles if they were to continue serving as elected officials. Armed Forces to be restructured LUMUT: The Armed Forces will be restructured to meet technological advances, future challenges and the expectations of the people, said Chief of Defence Force Jenl Tan Sri Mohammad Ab Rahman. He said the move would be implemented through the new National Military Strategy Plan and the capabilities of the military will be enhanced holistically. “I am assisted by service commanders, who are seen as generators of combat capability, through the concept of ‘Raise, Train and Maintain’, while the Joint Forces commander is the core of the application of military response through the ‘Operate and Sustain’ method,” he said at a static combat and capability demonstration parade in conjunction with the 90th Armed Forces Day at the Royal Malaysian Navy base yesterday. Mohammad said the synergy elements of the “Whole of Government, Whole of Society” approach is constantly observed to help Malaysia move forward towards a more sovereign, safe and prosperous country in “Military Operations Other Than War” to help the authorities carry out their tasks with undivided attention. He said the Armed Forces development efforts under the 12th Malaysia Plan have shown satisfactory achievements, with various development projects, capacity, infrastructure and human resources implemented according to the current plan. “The army will also receive weaponry, mobility and communication assets to improve the level of readiness, especially for combat forces and complete the needs of firepower, mobility, communication and logistics elements to make it a balanced, credible and respected force,” he added. – Bernama DAP urged to review policy on receiving awards oAs part of unity govt, declining recognition by state and monarchy may strain relations: Experts Preparatory steps for ageing nation status in 2030 KUALA LUMPUR: Within the next seven years, Malaysia is expected to achieve ageing nation status, when 15% of its population will be above 60 years old. According to the Population and Housing Census of Malaysia 2020, the individuals aged 60 and above increased 8% (two million) in 2010 to 10.4% (3.4 million) in 2020. In Malaysia, life expectancy increased to 75.6 years in 2020 from 63.6 years in 1970. As such, proactive action is necessary to safeguard the welfare of senior citizens. Social Welfare Department Deputy Director-General (Strategic) Rosmahwati Ishak said the principles of the National Policy for the Elderly, which was approved on Jan 5, 2011, highlighted the need for intergenerational interactions to be strengthened, with the objective of enhancing the participation of the elderly and individuals in other age groups. “The department is focused on enhancing good relations and unity among senior citizens from various generations. “We also highlighted the importance of preserving heritage and mutual respect as well as building bridges together in activities or programmes for the elderly,” she said in conjunction with Senior Citizens’ Day recently. Rosmahwati said the Women, Family and Community Development Ministry, through her department, has embarked on various intergenerational initiatives since 2018, adding that based on data from the department for the period 2018 to 2022, a total of 13,461 elders, youth and children were involved in intergenerational programmes. “As of September this year, eight programmes have been implemented, which saw the participation of 2,738 people, including elders, youth and children,” she said, adding that the intergenerational programmes were aimed at creating awareness among the younger generation on the needs of senior citizens by overcoming age stereotypes. She also said intergenerational programmes were undertaken in schools, with additional studies related to the views of senior citizens and students. “As youth, priority should be given to education as it holds great significance in their lives and their future, while senior citizens who are still healthy, experienced, knowledgeable and skilled should be given the opportunity to positively contribute to society.” Rosmahwati said as of Dec 31 last year, 2,225 volunteers nationwide have provided assistance through the Home Help Services programme to 6,950 senior citizens. – Bernama S’wakians returning to develop state KUCHING: The number of Sarawakians returning home to contribute to the development of the state is increasing, said Sarawak Premier Tan Sri Abang Johari Abang Openg. He said as the state is set to become a semiconductor industry hub, a total of 20 Sarawakian engineers specialising in the sector have returned from overseas to realise the state’s effort in designing and manufacturing high-demand microchips. “Currently, we are short of (chip) designers because we have set up Sarawak Microelectronics Design Semiconductor. We need a lot of engineers, and we have recruited 20 (Sarawakians) who are coming back from overseas. “We need another 30 (Sarawakian) engineers for a semiconductor company, X-Fab,” he said in his speech at the Premier of Sarawak Industry Excellence Awards (PSIEA) dinner on Monday. Formerly known as the Minister’s Industry Excellence Awards, PSIEA is the state’s highest corporate recognition award and was introduced in 2017. – Bernama █ BYQALIF ZUHAIR [email protected] Sabah on track for 2m tourist arrivals KOTA KINABALU: Sabah has seven new hotels providing an additional 2,053 rooms to cater for the state’s continuous growth in tourist arrivals, which could reach 2.2 million this year. Chief Minister Datuk Seri Hajiji Noor said there are 685 existing hotels in Sabah ranging from 5-star to budget hotels or lodges, with a total of 26,822 rooms. “This development augurs well for the state, with statistics showing Sabah continues to be a sought-after destination among tourists,” he said at the Shangri-La Tanjung Aru Resort 40th Ruby anniversary celebrations on Monday. He added that Sabah registered 1.4 million international and domestic tourist arrivals between January and July, and it is hoped that the targeted figure of 2.2 million by the end of the year would be achieved. Hajiji also said it was encouraging to note that Sabah’s average hotel occupancy rate for the past six months was 52%. – Bernama HERITAGE SHOWCASE ... State Tourism, Culture, Environment and Climate Change Committee chairman Datuk Razali Idris greeting participants of the Terengganu Peranakan Chinese Festival at a shopping mall in Kuala Terengganu yesterday. – BERNAMAPIC

4 theSUN ON WEDNESDAY | OCTOBER 11, 2023 NEWS WITHOUT BORDERS /thesundaily FOLLOW ON FACEBOOK SCAN ME Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Vital role of school counsellors “Unfortunately, due to a lack of resources, there was no continuity of these skills in the mental health services of health centres and the community. “I feel sad when I reflect on this, as continuing with the training modules could have helped reduce incidents of suicides in the country, especially those involving teenagers,” Suarn said. School student counsellor Muhammad Mustaqim Tajuddin said those in his profession play a role in helping to prevent teenage suicides. “We can reduce the risk of teenage suicide by identifying at-risk students, providing counselling, developing educational initiatives and creating a secure environment for them.” Mustaqim stressed that school counsellors may help save lives and ensure that every student has the opportunity to succeed by giving them the necessary skills to deal with their emotional difficulties. “We also encourage an atmosphere of open communication, which can help in reducing the number of teenage suicides in the future.” From front page ICT workshop for teachers, students PUTRAJAYA: A total of 2,596 teachers nationwide have participated in 22 sessions of the Malaysia ICT Volunteer (MIV) Workshop with Schools organised by the Malaysian Communications and Multimedia Commission (MCMC) from 2016 to 2022. MCMC said in a statement yesterday it held five sessions of MIV this year attended by 218 individuals comprising ICT coordinator teachers, special education teachers and personnel from the State Education Department. “Besides encouraging the responsible use of ICT, the workshops expose the participants to the optimal use of ICT. The sharing session also touches on how to protect oneself from being a victim of online threats.” MCMC said the sharing of modules such as Impact of ICT on Health and Cyber Crime Enforcement in Malaysia could provide exposure to teachers to face the increasingly challenging misuse of ICT. MIV was started as a pilot project in Sarawak in 2016 and aims to improve digital literacy and the knowledge of teachers and students related to the use of ICT. – Bernama Festival to celebrate Bengalee culture PETALING JAYA: The Malaysian Bengalee Association (MBA) will be organising the Bengalee Cultural Festival from tomorrow until Oct 15 at the Bengal House in Port Dickson to showcase, among others, their unique dressing style, art, music and dance. Its president Swapna Das said the event is supported by the Tourism, Arts and Culture Ministry. “We Bengalees can trace our history to the British colonial period. The earliest Bengalees in the country arrived from an undivided India. “As immigrants, we settled in Negeri Sembilan, Selangor, Malacca and Penang,” she said, adding that this is the first time since 1952 when MBA was registered that it is organising such an event. Organising chairman Dr Prashun Kumar Choudhury said the event will also highlight Bengalee food, cultural practices and a list of notable Bengalee individuals around the world. “We planned this five-day extravaganza as a captivating journey into the heart of Bengalee culture. It will feature a wide range of performances and experiences that showcase the beauty, traditions and diversity of the community.” Prashun said renowned sitarist Samuel J. Dass, the Mokshya Academy, Kshetra Academy and MBA members will perform traditional songs and dances. “We will also feature local and authentic Bengalee cuisine as well as culinary demonstrations, cultural workshops and interactive sessions.” He said MBA hosts and organises different events throughout the year, including one of their biggest festivals, a five-day celebration of Durga Puja and Rabindra Jayanti (celebration of the legacy of poet Rabindranath Tagore). Prashun added that most of the events were in line with the Indian calendar, helping to The event will prominently feature Bengalee dressing style and dance. oFive-day event to feature performance by renowned sitarist, culinary demonstrations, art and dances █ BYJADEN RAUL [email protected] create a “home away from home” ambience. “We welcome everyone to our celebration and encourage participation irrespective of racial background.” He said MBA is seeking to promote and preserve Bengalee heritage through educating more people about their cultural practices and achievements as a community. The festival aims to celebrate the heritage of the minority Bengalee in Malaysia while promoting their antiques, traditions, literary works and ethnical distinctiveness. “We want to share our distinguished personalities from our Bengalee community, who have made great contributions to the world of science, literature, arts, cinema, politics and sports, and have created great impact on society, history and international affairs.” He expressed hope that people from diverse backgrounds, youths and seniors of the community would attend the festival. “We welcome everyone to participate in our activities, including saree-draping, conch-shell blowing and try their hand at making some of our famous street food.” Ministry representatives, those from the Indian High Commissions in Mauritius and Bangladesh and MBA past presidents are expected to attend the event.

5 NEWS WITHOUT BORDERS theSUN ON WEDNESDAY | OCTOBER 11, 2023 Cops to focus on sale of bonds bought with 1MDB funds KUALA LUMPUR: The investigation against former Goldman Sachs banker Roger Ng Chong Hwa will focus on his modus operandi in selling security notes and bonds allegedly bought using 1Malaysia Development Berhad (1MDB) funds, said Inspector-General of Police Tan Sri Razarudin Husain. “We will start questioning Ng to find out his modus operandi in selling the bonds and the amount of commission he received. “At the same time, police will freeze and seize all accounts and assets owned by Ng, including houses, cars, buildings and bank accounts he holds abroad,” he said in Bukit Aman yesterday, adding that with his arrest, police expect that more 1MDB-related assets overseas would be recovered. On Jan 9, the High Court granted Ng a discharge not amounting to acquittal over four charges of abetting Goldman Sachs, by omitting material facts and making false statements, in the sale of security notes and bonds worth US$6.5 billion belonging to 1MDB subsidiaries. On April 8 last year, he was found guilty by a US court for conspiring to embezzle hundreds of millions of dollars from 1MDB and was sentenced to 10 years’ jail in New York. On the whereabouts of fugitive businessman Low Taek Jho, or Jho Low, Razarudin said: “Only by questioning Ng will we find out whether there are other suspects involved in the case, and also Low’s whereabouts.” On 1MDB group strategic executive director and lawyer Jasmine Loo Ai Swan, who was detained to assist in the 1MDB-related investigations, he said police are working to retrieve all her assets, worth RM93.2 million, that are linked to 1MDB. “We are still working to retrieve 1MDB assets overseas, including two buildings in Singapore and a bank account and nine valuable paintings in the US. The Malaysian Anti-Corruption Commission investigation into the woman has been concluded and the investigation paper has been submitted to the Attorney-General’s Chambers.” Loo is believed to have been part of Low’s inner circle. – Bernama 13 suspects nabbed in crackdown on diesel syndicate SUNGAI PETANI: Police raided several locations in Sungai Lalang on Monday and busted a syndicate involved in illegal trading of subsidised diesel. Thirteen individuals, including three Myanmar nationals believed to be members of Geng Tikus, were detained. Kuala Muda police chief ACP Zaidy Che Hassan said the suspects, aged between 35 and 49, were held during the raids conducted from 1pm to 5.30pm. “The raids were carried out together with enforcement officers from the Domestic Trade and Cost of Living Ministry after investigations by the Kuala Muda Special Branch. “The operation involved a premises that was turned into a storage warehouse for diesel at the MIEL Industrial Park Bukit Makmur, two petrol stations and another premises in Taman Perumahan Laguna Merbok.” He added that 74,600 litres of subsidised diesel worth RM162,628, two trailer lorries, eight small lorries, a four-wheel drive, two 20,000-litre capacity tanks and other equipment worth RM459,628 were seized and taken to the Tunjang Depot in Jitra. Zaidy said the modus operandi of the syndicate was to use modified one and three-tonne lorries to buy subsidised diesel from petrol stations in Kuala Muda every day and store it at the premises before being transferred to large tankers to be sold at the Malaysia-Thai border. – Bernama Audit report uncovers irregularities in padi project KUALA LUMPUR: The Auditor-General’s Report 2021 has found irregular distributions of padi proceeds for the Merdeka Farm Project involving RM4.36 million, with RM2.2 million going to 917 deceased participants. According to an analysis of the Merdeka Farm Revenue Distribution List and a cross-check with the National Registration Department myIDENTITY System, the distribution was made to participant representatives without a Letter of Administration. This is one of the findings of the audit oFlaws include outdated agreements, delayed distribution of proceeds and payment to deceased participants Palestinian students killed in Gaza attack NILAI: Two Universiti Sains Islam Malaysia (USIM) Palestinian students and 20 of their family members were among the victims of the Zionist regime’s bomb attack on Sunday in Gaza, Palestine. USIM said in a statement Doctor of Philosophy candidate Mohammed J.H. Alzaanin and his wife Kholoud M.H. Elzaneen, a Master of Science student from its Faculty of Science and Technology, were killed in a bomb attack at their village in Beit Hanoun at about 8am. “This was confirmed by Palestinian Students Association Malaysia president Ammar H.M. Mahariq. Four of their children were also killed, while one was reported to have survived.” According to Malaysia-Palestine Cultural Organisation chairman Badereddin Seyam, 20 of the victims’ family members were among the fatalities. “Mohamad had just completed his viva-voce session on July 5, while his wife was scheduled to sit for a session on Oct 23,” USIM added. – Bernama Four charged with murder of senior BALING: Four men were charged in the Magistrate’s Court yesterday with the murder of a senior citizen, who was found strangled with his hands and legs bound, at his home in Kuala Ketil on Oct 1. K. Tamilselvam, 25, C. Vickarran, 33, Sarim Omar, 33, and S. Sureshkumar, 21, were accused of having murdered S. Kanan, 71, at his house in Lorong Bidara 4, Taman Desa Bidara at about 3pm. They nodded after the charge, under Section 302 of the Penal Code, was read out before Magistrate Najwa Che Mat, but no plea was recorded as murder cases are under the jurisdiction of the High Court. The court set Dec 14 for mention of the case pending receipt of forensic and chemistry reports. DPP Muhamad Ikmal Affandi Zulkifli appeared for the prosecution, while the accused were unrepresented. – Bernama MACC investigating rice supply fraud case KUALA LUMPUR: Fraudulent activities by a rice supply company in Kedah have disrupted the distribution and sale of the staple food, said a Malaysian Anti-Corruption Commission (MACC) source. The source added that it had secured a rice supply contract seven years ago from a state-owned agriculture firm, valued at over RM100 million annually, to distribute rice in Peninsular Malaysia. It was learnt that the company obtained a bank loan of approximately RM30 million to finance the project several years ago. “The company director allegedly conspired with a board member of the state-owned firm to confirm the purchase and delivery of 28,000 tonnes of rice annually, but it was never supplied.” According to the source, the company reportedly received about RM30 million through several transactions. “It is also alleged to have submitted documents with false details to the bank for the loan application process.” MACC senior investigations director Datuk Seri Hishamuddin Hashim said the case is being investigated under Section 18 of the MACC Act 2009, which relates to the offence of submitting false claims. PERSONAL ATTENTION ... Negeri Sembilan Road Transport Department director Hanif Yusabra Yusof conducting checks on a motorist during an operation in Rembau yesterday. – BERNAMAPIC conducted at the Kemubu Agricultural Development Authority (Kada) headquarters, which covered the distribution of the Merdeka Farm Project padi proceeds from 2020 to 2021, Bernama reported. According to the report tabled in the Dewan Rakyat yesterday, the occurrence could be attributed to several flaws, including the fact that the agreement has not been revised since 1992, weaknesses in monitoring the padi proceeds distribution period and participant records that were not updated. The report recommended that Kada review the project agreement with the participants as well as prepare a comprehensive standard operating procedure that includes the issuance of a Letter of Administration, the padi proceeds distribution method and the naming of heirs. The report also revealed a total of RM471,996 in padi proceeds had not been distributed to participants at the end of each planting season since 2013. It includes padi proceeds of RM95,503 and RM143,331 at the end of the 2020 and 2021 planting seasons respectively, as well as the accumulated proceeds for the 2013 to 2019 planting seasons amounting to RM233,162 as of Dec 31, 2021. “The report recommends that data for the Merdeka Farm Project participants be maintained in a comprehensive, up-to-date and systematic manner, along with close monitoring to ensure the orderly distribution of rice proceeds. “In addition, the method of payment through electronic transfer to the participant’s bank account must be improved to ensure the rice proceeds distribution process is done according to the set period.” Kada introduced the Merdeka Farm Project in 1991 to establish a systematic estate management of padi fields and to address poverty and abandoned fields by increasing rice production. As of Dec 31, 2021, 16 Merdeka Farm projects had been established in North Kota Bharu, Pasir Mas, Tumpat, Pasir Puteh and South Kota Bharu covering 737.52ha and involving 2,406 participants.

6 theSUN ON WEDNESDAY | OCTOBER 11, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON TWITTER SCAN ME ‘Taiwan will be democratic for generations to come’ TAIPEI: Taiwan President Tsai Ingwen said yesterday that democracy had thrived on the island despite increased Chinese pressure, and vowed that its people would remain “free for generations”. China claims self-ruled Taiwan as its territory and has in recent years stepped up military and political pressure against Tsai’s administration. Taiwan sees near-daily Chinese oPresident says it is her duty to safeguard nation’s sovereignty warplanes incursions around the island while on the international stage Beijing has poached its diplomatic allies in a bid to isolate it. In a National Day speech, Tsai said it was her duty to “safeguard our national sovereignty and the democratic and free way of life” of Taiwan’s 23 million people. “In the midst of tremendous internal and external pressures, Taiwan’s democracy has grown and Women, children among 29 killed at Myanmar camp KACHIN STATE: An artillery strike that hit a refugee camp near Myanmar’s border with China has killed at least 29 people, including women and children, media and sources said yesterday, in one of the deadliest attacks on civilians since the return of military rule. The shelling took place close to midnight on Monday in Kachin State, the sources said, when artillery hit the camp about 5km from a base in the border town of Laiza, run by the Kachin Independence Army (KIA), which has been in conflict for years with Myanmar’s military. Kachin media outlets said 30 people were killed and blamed the artillery strike on the military. Reuters could not verify the death toll and spokesmen for the junta and the KIA could not be reached for comment. Myanmar has been embroiled in a brutal conflict in multiple regions in the wake of a 2021 coup, with ethnic minority armies and a resistance movement battling to undermine military rule after a fierce crackdown by security forces. More than one million people have been displaced, the United Nations said. The shadow National Unity Government (NUG) condemned what it called a vicious attack on civilians and said the world must take action to halt the atrocities and put Myanmar’s generals on trial. “This act of military council is war crime and crime against humanity,” NUG spokesman Kyaw Zaw said, adding that the attack at the border showed the junta did not respect its neighbour’s demand for peace and stability. – Reuters thrived, and we have emerged with even greater resilience,” she said. “To protect Taiwan’s democracy is to protect the universal value of democracy. “The Taiwanese people will be a democratic and free people for generations to come,” she added. Tsai also appeared to strike a conciliatory tone with Beijing, saying that Taiwan seeks “peaceful co-existence, with free, unrestricted and unburdened interactions between people across the strait”. “We are willing to take the Taiwan public consensus as a basis, with a process of democratic dialogue and focusing on Australian PM fights for struggling Indigenous reform SYDNEY: Prime Minister Anthony Albanese called on voters to show “the best of Australia” by backing a landmark Indigenous rights referendum yesterday, with just four days left to defy polls pointing to defeat. Albanese travelled to the sacred Aboriginal site of Uluru, a giant red monolith in central Australia, on a media blitz to try to persuade sceptical voters to recognise Indigenous people in the 1901 constitution for the first time. The constitutional amendment would also give Indigenous peoples a “Voice” – the right to be consulted about issues that affect their communities, many battling poorer health, lower quality education and higher rates of incarceration than other Australians. “What I want to see is the best of Australia. We are a great multicultural success story,” Albanese told public broadcaster ABC, with Uluru dominating the background. Albanese said he had met with leaders of a range of faiths – all of them supporting the reform. “That was a moving moment of unity. That is the sort of Australia that I want to see, an Australia where we are defined by our unity, not by our divisions,” he said. Albanese’s centre-left government promised to call the referendum when it successfully campaigned for election in May last year but support for it has since plummetted. Recent polls indicate a split of about 60-40 against the “Voice”, with the conservative opposition attacking it as an ineffectual, bureaucratic reform that would divide Australia. – AFP maintaining the status quo to develop with the Beijing authorities a mutually acceptable foundation for interaction and a path to peaceful co-existence.” She also reiterated that peace “is the only option across the strait”. “Maintaining the status quo as the largest common denominator for all sides is the critical key to ensuring peace,” she said. Since Tsai was elected in 2016, relations with Beijing have deteriorated, due to her and her administration’s refusal to accept that Taiwan belongs to China. Tsai is in her final year of office. – AFP B R I E F SMASS FUNERAL FOR QUAKE VICTIMS SIAH AB: A mass funeral ceremony for around 300 earthquake victims was held on Monday in Afghanistan as families remained trapped in the rubble of their ruined homes two days after highmagnitude tremors killed more than 2,000 people. In Siah Ab village, bodies were unloaded from ambulances and laid in ranks as crowds crossed their arms in prayer. The United Nations said “100%” of homes were destroyed in 11 villages in Zenda Jan district. Aid trickled in on Monday, but disaster management ministry spokesman Mullah Janan Sayeq said “people are still trying to search and get their family out of debris”. Reports from the field described the situation as “very bad”. – AFP CHINA TO HOLD POPULATION SURVEY HONG KONG: China’s National Bureau of Statistics will conduct a nationwide sample survey in November to help better plan population policies, in an unexpected poll as authorities struggle to boost the country’s flagging birth rate. Concerned about China’s first population drop in six decades and its rapid ageing, Beijing is urgently trying an array of measures to lift the birth rate, including financial incentives and boosting childcare facilities. According to state media reports yesterday, the survey’s scope on population changes will focus on urban and rural areas throughout the country. – Reuters RISING CHALLENGE ... Residents carry their groceries as they walk through a flooded street after heavy rains in Bago, Myanmar yesterday. – AFPPIC Deadly humid heat could hit billions: Study LONDON: Billions of people could struggle to survive in periods of deadly, humid heat within this century as temperatures rise, particularly in some of the world’s largest cities, from Delhi to Shanghai. According to research published on Monday, towards the higher end of warming scenarios, potentially lethal combinations of heat and humidity could spread further, including into areas such as the US Midwest. “It is very disturbing,” study co-author Matthew Huber of Purdue University in Indiana told Reuters. “It is going to send a lot of people to emergency medical care.” The study built on past research by Huber, George Mason University climatologist Daniel Vecellio and other scientists on the point at which heat and humidity combine to push the human body beyond its limits without shade or help from technologies such as airconditioning. It found that around 750 million people could experience one week per year of potentially deadly humid heat if temperatures rise 2°C (3.6°F) above pre-industrial levels, according to the paper published in the journal Proceedings of the National Academy of Sciences. While India, Pakistan and the Gulf already have briefly touched dangerous humid heat in recent years, the study found it will afflict major cities from Lagos, Nigeria, to Chicago, Illinois if the world keeps heating up. – Reuters

theSUN ON WEDNESDAY | OCTOBER 11, 2023 7

8 theSUN ON WEDNESDAY | OCTOBER 11, 2023 NEWS WITHOUT BORDERS Israel pounds Gaza after Hamas threatens hostages JERUSALEM: Israel kept up its deadly bombardment of Hamas-controlled Gaza yesterday after the Palestinian militant group threatened to execute some of the around 150 hostages it abducted in a weekend assault if air strikes continue without warning. Israel already imposed a total siege on the Gaza Strip on Monday, cutting off food, water and electricity supplies. Israel has been reeling from Hamas’ unprecedented ground, air and sea assault, likening it to the Sept 11, 2001 attacks on the United States. The death toll rose to more than 900 in Israel, which has retaliated with a withering barrage of strikes on Gaza, raising the death toll there to 687. The Israeli army said it had “more or less restored control” over the Gaza border after Saturday’s mass breach. It said it had recovered the bodies of around 1,500 Hamas militants inside Israel, confirming the scale of the assault. Hamas said on Monday that Israeli air strikes had killed four of its hostages. It later said it could start killing them itself. “Every targeting of our people without warning will be met with the execution of one civilian hostage,” Hamas armed wing, the Ezzedine al-Qassam Brigades, said in a statement. United Nations chief Antonio Guterres said he was “deeply distressed” by the siege announcement, and warned Gaza’s already dire humanitarian situation will now “only deteriorate exponentially”. Meanwhile, in BANGKOK, the families of Thai labourers held hostage by Hamas said yesterday they feared for their loved ones’ safety after the Palestinian militant group threatened to execute their captives. At least 18 Thais have been killed and 11 seized. Hamas dragged off around 150 people as hostages in its attack. Kanyarat Suriyasri, whose husband Owat Suriyasri is among those taken, spoke of her horror at learning the news. “When I heard that he was among the 11 hostages taken by Hamas, my heart dropped,” she told AFP. Owat, 40, from Si Saket province in eastern Thailand, is a “very friendly, caring and happy man”, she said. He moved to Israel in 2021 for improved wages. “We have a lot of debts, and working abroad pays better than in Thailand,” she said. She said if she could see her husband she would tell him: “I have missed you, I won’t let you anywhere far away again.” – Agencies oMilitant group warns it will execute a captive for every air strike targeted at its residents Technology firms grapple as falsehoods explode WASHINGTON: From fake accounts impersonating journalists to war-themed video games fuelling false narratives, tech platforms are struggling to contain a tsunami of misinformation around Palestinian-Israeli hostilities after rolling back content moderation policies. While major world events typically trigger a deluge of falsehoods, researchers say the scale and speed with which misinformation proliferated online following the weekend’s deadly assault on Israel by the Palestinian militant group Hamas was unlike ever before. Experts said the conflict offers a grim case study of the diminished ability of platforms, such as Facebook and X, to combat false information in a climate of layoffs and costcutting that have gutted trust and safety teams. Aggravating the problem on the Elon Muskowned X, in particular, are a slew of contentious measures such as the restoration of accounts pushing bogus conspiracies and an ad revenue sharing programme with content creators that researchers say incentivises engagement instead of accuracy. Experts fear these moves have increased the risk of misinformation provoking real-world harm, amplifying hate and violence. “Social media platforms are struggling to keep up with the constant churn of misinformation and incitements to violence,” Andy Carvin, from the Atlantic Council’s Digital Forensic Research Lab, told AFP. “It is a trend that has only gotten worse. “And in the case of X, changes to the platform have shattered what was previously one of its greatest strengths – monitoring breaking news and helping users separate fact from fiction.” – AFP Driver shot dead as car rams Chinese consulate SAN FRANCISCO: US police said they shot dead a driver whose car crashed into the Chinese consulate in San Francisco on Monday. Unverified footage on social media showed a vehicle inside the building, with officers pointing their weapons at the driver’s door as people fled into the open. A spokesman for the San Francisco Police Department said the vehicle had crashed into the visa office but officers were unable to say whether it had been a deliberate act. “Officers entered, made contact with the suspect and an officer-involved shooting occurred,” a spokesman for San Francisco Police Department told reporters. The spokesman said officers, paramedics and medics had tried to save the suspect’s life but that the person was pronounced dead at the hospital some time later. No details were given about the suspect’s identity. The local ABC7 News channel said its crews had seen a man covered in blood and apparently unresponsive being taken away from the scene. “This is an open and active investigation and the San Francisco Police Department is currently working in coordination with investigators from the US State Department.” Meanwhile, the Chinese Consulate in San Francisco said in its WeChat public account that it will temporarily close its consular certificate hall. The consulate said it will inform the public when services will resume. – Agencies B R I E F STRUMP’S DARKENING LANGUAGE SPARKS FEARS WASHINGTON: Donald Trump’s populist, politically incorrect language is often framed as an asset but a troubling escalation in his incendiary rhetoric is prompting fears over the potential for violence among his supporters. In recent days, the irascible former US president and 2024 candidate has implied that the country’s top military officer should be executed, and joked about the elderly husband of a political foe being attacked in a home invasion. Critics say he hit a new low last week with comments about illegal immigrants so extreme that the Anti-Defamation League, a Jewish advocacy group, saw echoes of Nazi rhetoric. “Nobody has any idea where these people are coming from, and we know they come from prisons, mental institutions, insane asylums, we know they are terrorists,” Trump told The National Pulse. “Nobody has seen anything like we are witnessing now. It is a sad thing for our country. It is poisoning the blood of our country.” – AFP BIDEN QUIZZED OVER CLASSIFIED DOCUMENTS WASHINGTON: US President Joe Biden has been questioned as part of an investigation into the handling of classified documents found at his home and former private office, the White House said on Monday. The 80-year-old Democrat voluntarily gave the interview. The US attorney-general appointed a special counsel in January to look into the handling of the secret files, which dated from Biden’s time as vice-president under president Barack Obama and immediately afterwards. “The president has been interviewed as part of the investigation being led by Special Counsel Robert Hur,” White House Counsel’s Office spokesman Ian Sams said in a statement. “The voluntary interview was conducted at the White House.” – AFP An aerial photo showing heavily damaged buildings following Israeli airstrikes in Gaza City yesterday. – AFPPIC World court to hear Syria torture case THE HAGUE: Syria faced allegations at the United Nations top court yesterday that it maintains a “pervasive” system of torture that has killed tens of thousands of people. The case at the International Court of Justice (ICJ) marks the first time Damascus has faced international judges over the brutal civil war that started in 2011. Victims have endured “unimaginable physical and mental pain and suffering” from “abhorrent treatment in detention, inhumane conditions of detention, and sexual and gender-based violence,” the case brought by the Netherlands and Canada alleges. Prisoners currently languishing in Syrian prisons are at “imminent risk of death or severe physical or mental harm,” Canada and the Netherlands wrote in their submission to the court. They also allege the widespread rape of women and children, mutilation, beheadings, plus the “particularly abhorrent” use of chemical weapons to intimidate and punish civilians. Damascus has dismissed the case as “disinformation and lies,” with a government source telling the SANA newswire in July the allegations “lack the slightest degree of credibility”. Canada and the Netherlands asked the ICJ to “urgently” demand Syria stop all torture and arbitrary detention, open prisons to outside inspectors and provide information to families about the fate of their loved ones. – AFP

9 SPEAK UP theSUN ON WEDNESDAY | OCTOBER 11, 2023 Taiwan remains a vital partner WITH the 112th anniversary of Taiwan’s National Day yesterday, prospects remain bullish and important for Malaysia-Taiwan ties, in developing new frontiers of economic and critical technology cooperation in chips as well as in forging a more dependable energy and food security that will ensure regional stability and two-way assurances of energy and food security based on the decades of trust and sincerity forged. Taipei and Kuala Lumpur continue to reap the returns of mutually beneficial and vital ties, especially in the future indicators of critical economic development pillared on high technology and the semiconductor industry. Conventional ties that have been shaped by robust traditional factors, including trade and investment and people-to-people relations, are now in strategic need of a new phase of futuredriven technology and geostrategic dependence. People-to-people ties have been the main bedrock of the affirmation of close ties driven by tourism and education and the generally robust interest, awareness and appreciation of one another’s unique cultural offerings. A growing destination for Muslimfriendly facilities, Taiwan currently ranks third in the global Muslim travel index for popular travel destinations and first among Asean countries. The bilateral cultural connections remain rich, especially in the potential of the cultural exchanges and development in the arena of film, music, literature and pop culture which form a major part of Taiwan’s identity, with established progress and capacity. More than 13,000 Malaysian students are currently pursuing their studies in Taiwan, making up a total of more than 100,000 Malaysians who have pursued higher education in Taiwan. Apart from the established peopleto-people connections and flourishing cultural diplomacy, trade and economic partnership remain of critical importance. Taiwan is Malaysia’s fifth-largest trading partner, and Malaysia is Taiwan’s eighth-largest. Trade for this year has reached a historical high of US$36.6 billion (RM172.4 billion), a 36% increase compared with last year. Taiwan has been the country’s eighth largest investor, investing a total of US$14 billion at the end of 2022. This symbolises enduring competitiveness as a strategic source of investment location for high-end investors from Taiwan, especially in the realm of manufacturing and services industries. More than 1,700 Malaysian companies are operating in Taiwan, enjoying the supportive climate of investment in Taiwan and the spillover impact on both parties. The semiconductor industry remains the most critical geopolitical prime asset that gives the most reassuring returns to both parties and with that, serves as the vital influencing card in dictating regional and global security and power parity in decades to come. As Malaysia is now scrambling to regain its lost lustre in the semiconductor industry with the new lure and added investments of chip giants, including Infineon and Intel, Taiwan’s existing and leading expertise in the chip industry must be strategically tapped into and moulded into a twopronged stable and trusted supply chain security in a complementing symbiosis. Taiwan has strategic future gains in tapping into Malaysia’s future potential and boom in the semiconductor domain. The growing focus in the country for the next phase of advancement in the chipmaking sphere provides a strategic second-front fallback for Taiwan and its dominant chips industry. The US$7 billion facility in Kedah, which will eventually be Infineon’s and the world’s largest production site for silicon carbide chips, remains a testimony of the future potential of the country’s advantage in high-tech industrialisation, alongside other critical minerals including rare earths. Malaysia was an early leader in Asian chipmaking by attracting many foreign chipmakers in the 1970s, earning the nickname “the Silicon Valley of the East”. Eventually, we lost ground to South Korea and Taiwan, with the rise of Samsung Electronics and Taiwan Semiconductor Manufacturing Company (TSMC) in the 1990s. Near the Kulim Industrial Park that houses Infineon, Intel is building its biggest site for advanced 3D chip packaging in Bayan Lepas, a new domain emerging as the next battleground arena that will make more powerful chips. Malaysia approved a US$15.25 billion investment in the first quarter of 2023 and is already a major hub for the final steps of the chipmaking process. We control 13% of the global market for packaging, assembly and testing services and are the sixth-biggest semiconductor exporter. However, we still rely heavily on foreign chip companies to sustain this industry, with the likes of Intel, NXP, Infineon, Texas Instruments and Renesas. Growing calculations project that Malaysia is now one of three major production hubs in Asia, along with Taiwan and South Korea. Our asset remains our strategic supply chain and production location, and ease of logistics with other supportive tools internally. These are the areas where Taiwan can fully capitalise on and increase strategic tie-ups in this industry as a trusted and stable secondary front for its giant chipsmaking capacity led by TSMC. While competitiveness has exponentially grown in the scramble to lure top technology investments in the region with growing peer competition, Malaysia remains the best bet for external choices and for Taiwan to leverage, based on these factors of existing and new policies on green and digital energy, and economic postures and existing historical and cultural connections. Risks remain high for a future potential conflict with Taiwan’s China dilemma and the repercussions reverberate far and wide, including a direct fallout on Malaysia’s economic and geostrategic vulnerabilities and security. Malaysia has the greatest potential for semiconductor investment in Asean and there are more than 50 Taiwanese multinational semiconductor enterprises in Malaysia. The oil and gas sector, and green and renewable energy, alongside food and energy security, remain the crux of the new underpinnings of deeper economic and investment connections between Taipei and Kuala Lumpur that provide massive new ripple and spillover effects. While some have argued that Malaysia is poised to benefit the most from the exodus of top firms from China, with Vietnam, India and Indonesia as regional rivals in further bolstering the high-tech and chips sectors, existing internal capacities and readiness in providing the capital and tax support, quality workforce and systemic investment supportive tools and a longterm stabilising political and economic climate alone will not ensure a resilient and externally compatible structural chain of geostrategic returns from these new industries. It will need complementing and trust-based mutual compatibility of needs, contextual common risks and a fellow capable power denominator in ensuring that the long-term returns from the development of these industries provide the yearned security and economic competitiveness objectives and benefits. As Taiwan representative Phoebe Yeh has argued, combining Taiwan’s upstream production of chemicals and silicon wafers, and Malaysia’s downstream testing and packaging services, will create high-end win-win returns in developing Malaysia’s high technology landscape, with the right support and injection of technical expertise from Taipei. Taiwan’s New Southbound Policy presents a new strategic opening for Malaysia to fully reap its mutual benefits. The policy seeks to lessen Taiwan’s economic dependence and exposure to mainland China and to seek a new growth engine, economic development and influence in this region for the future of Taiwan’s resilience and prosperity. A prosperous and stable Southeast Asia remains vital for Taiwan’s future progressive growth and stability and as a frontier of economic and security support. The New Southbound Policy, launched in 2016 under the Tsai Ing-wen administration, provides incentivisation of efforts for local enterprises to invest and trade more in Southeast Asian countries, and Malaysia is best positioned to ensure this policy provides the needed returns for both. This complements Taiwan’s status as one of the top 20 outward foreign direct investment countries. In targeting the region for its economic and trade returns, the policy also engages extensively with the new potential of the halal industry, as evident in the ramping up of Muslim-friendly support and facilities in Taiwan for tourism – with nearly 200 halal-certified eateries and hotels – and working with Department of Islamic Development Malaysia to gain halal certification for Taiwanese businesses, food and other products. Other areas of high returns include capitalising on one another’s strengths, including on health, education, research and scientific advancement. Malaysia’s traditional Look East Policy has long been fixated with the model of Tokyo and Seoul’s rapid industrialisation and cultural and work ethics, but Taiwan now presents the vital missing link in the entire spectrum of a strategic and wise balance of productive efficiency and efficacy of the systemic and structural human capital investment, with targeted long-term resilience of technology and infrastructure advancement in a concerted all of nation approach. The enduring ties based on mutual assistance remain vital to both sides and openings for future growth remain wide open. Support and assistance have been provided to Malaysia during the 1997 Asian Financial Crisis and the great haze during the same year. Both Taiwan and Malaysia are now at the forefront of regional and global geopolitical importance, especially in energy and resource security, and stability in the supply chain. Both stand to gain more from deeper partnerships in existing and new areas. In transiting towards a more strategic partnership away from the traditional domains of trade and investment and economic partnership, the sphere of peace and stability with both moral and technical support, and unwavering affiliation for the rules-based order, the values-based normative approach of the international system and rule of law remain the highest pillar that forms the bulwark of regional and global stability. Both Taiwan and Malaysia are prime examples and models of regional progressive hallmarks of democracy and freedom. Taiwan also remains a beacon of unyielding resolve in staunchly standing up for the rule of law and progressive societal advancement that upholds human rights across the spectrum, with future-driven socio-economic policies that promote stability and peace. These are the primary pillars in which both Taipei and Kuala Lumpur remain steadfastly and positively intertwined, and both must be wise and strategic in preserving this ever-crucial relationship that will define a new era of economic and power parity in the region and beyond. Collins Chong Yew Keat is a foreign affairs and security strategist at Universiti Malaya. Comments: [email protected] “Both Taiwan and Malaysia are prime examples and models of regional progressive hallmarks of democracy and freedom. Yeh (centre) during the anniversary reception recently. – ADIB RAHWI YAHYA/THESUN COMMENT by Collins Chong Yew Keat

10 TRAVEL & LEISURE theSun LYFE ON WEDNESDAY | OCTOBER 11, 2023 Berjaya Penang Hotel offers great service, cozy stay BERJAYA Hotels and Resorts has established its presence in Georgetown, Penang with the introduction of the Berjaya Penang Hotel. This hotel offers 320 rooms and suites, making it an excellent choice for those seeking comfortable accommodations, impeccable service and convenient accessibility. Every room at Berjaya Penang Hotel is designed to provide a tranquil and comfortable experience, featuring modern furnishings and contemporary amenities. The hotel offers six types of rooms, such as standard, superior, junior suite, family room, executive suite and The room at Berjaya Hotel. oEnjoy heritage and history in Georgetown Colmar Tropicale French-themed resort IN the year 2000, Colmar Tropicale Berjaya Hills, the second property under Berjaya Hills Resort Berhad, welcomed guests to its exquisite retreat in Bukit Tinggi, Pahang. Modelled after the 16thcentury Colmar town in Alsace, France, the resort incorporates architectural elements from neighbouring villages such as Riquewihr, Turckheim and Kaysersberg. The inspiration for this French-themed village came from the wish list of Malaysia’s fourth prime minister, Tun Dr Mahathir Mohamad, who was deeply impressed by his visit to Alsace. His admiration inspired the founder of Berjaya Corporation Berhad, Tan Sri Vincent Tan, to replicate Colmar town right here in Malaysia. Colmar Tropicale boasts 235 rooms and suites across 10 categories, including superior twin, deluxe room, one-bedroom suite, one-bedroom deluxe suite, family room, two-bedroom suite, three-bedroom suite, four-bedroom suite, la grande suite and la Colmar suite. Each accommodation exudes traditional yet sophisticated French design, providing guests with an affordable French town experience. Dining options at Colmar Tropicale are diverse, with four F&B outlets. These include La Blason, an all-day dining venue, La Boulangerie, a French cafe and bakery, Le Poulet Roti, specialising in roast chicken and La Flamme, an Italian sidewalk deli. For those seeking adventure, Colmar Tropicale offers activities at the Adventure Park, featuring extreme sports like flying fox, rock climbing, high rope obstacles, canopy walk, and paintball warfare. Alternatively, guests can relax at the Japanese Village, enjoying the serene surroundings, donning kimonos, and savouring authentic Japanese cuisine at Ryo Zan Tei restaurant. The resort also caters to meetings, events, and teambuilding activities, offering various meeting rooms, ballrooms, and convention centers. Additionally, Colmar Tropicale is an ideal prewedding photography venue, with attractive photography packages available for soon-to-be brides and grooms. For more information about Colmar Tropicale, visit colmartropicale.com.my or call +6092213666. Colmar Tropicale Berjaya Hills Berjaya Waterfront Hotel JB strategically located BERJAYA WATERFRONT Hotel, Johor Bahru, is strategically located in the capital city of Johor in southern Malaysia, offering a prime position just five minutes’ drive from the primary causeway link to Singapore. With 400 fully furnished rooms and suites, it stands as a prominent hotel in the region and boasts one of the largest MICE (meetings, incentives, conferences, and exhibitions) facilities. The hotel offers three distinct room categories, such as deluxe, family deluxe and suite. Each room is thoughtfully equipped with modern amenities to ensure guests’ comfort and convenience. These include complimentary Wi-Fi access, individually controlled airconditioning, LED televisions with a wide selection of satellite TV channels and in-house movies, safe deposit boxes, 24-hour room services, and coffee and tea-making facilities, among others. Berjaya Waterfront Hotel, Johor Bahru, is well-known for its expertise in hosting meetings and conventions, catering to both business and leisure travelers. The hotel proudly features The Grand Ballroom, with an impressive seating capacity of 1,500 individuals, along with seven versatile function rooms, two auditoriums, and the expansive JB convention and exhibition centre. This convention and exhibition centre serves as an ideal platform for exhibitors and offers ample space for various events, attracting an enthusiastic public. For dining enthusiasts, the hotel provides four distinctive dining outlets, each offering a delightful array of cuisines catering to both local and international palates. These outlets include the Salt and Pepper Cafe Restaurant, Xuan Restaurant, Palm Lounge, and The Club Shanghai, each offering a unique Berjaya Waterfront Hotel, Johor Bahru is close to Iskandar Malaysia. ambiance and culinary experience that will leave diners thoroughly satisfied. Berjaya Waterfront Hotel, Johor Bahru, ensures that the fun never ends for its guests. Adjacent to Iskandar Malaysia, renowned for its tourist attractions, such as Legoland Malaysia, the hotel and its integrated duty-free zone offer a wide range of shopping, dining, and entertainment options. In conclusion, Berjaya Waterfront Hotel, Johor Bahru, is a strategically located hotel with an array of comfortable rooms, versatile meeting facilities and a variety of dining options. Its proximity to popular tourist attractions makes it an excellent choice for both business and leisure travelers. For further details and reservations, please visit berjayahotel.com/johorbahru Presidential suite, ensuring that every guest enjoys a comfortable and memorable stay. In addition to its prime location, the hotel features multiple function rooms, including the impressive “Dewan Berjaya”, capable of accommodating up to 1,000 individuals. This makes it an ideal venue for weddings, ceremonies and corporate meetings, adding grandeur to any event. The hotel also provides a fully equipped gym and a refreshing swimming pool for the convenience and enjoyment of its guests. For those looking for exceptional yet healthy culinary experiences, Berjaya cafe, an elegant vegetarian restaurant, is at your service. The menu offers a wide variety of dishes, including vegetarian versions of Penang’s renowned asam laksa and nasi lemak, catering to various preferences. For a delightful evening or nightcap, The Bar is an entertaining spot where guests can savour delicious concoctions and delectable snacks. Berjaya Penang Hotel is strategically located, approximately 30 minutes’ drive from Penang International Airport and just five minutes from the seafront promenade, Gurney Drive. Situated in the heart of Georgetown, the hotel provides easy access to the city’s top attractions, including museums, temples and local markets. Guests can revel in the convenience of being steps away from Georgetown’s vibrant nightlife while enjoying a serene and relaxing environment. For more detailed information, please visit our website at berjayahotel.com/penang.

KLCI 1,435.17 17.91 STI 3,199.07 32.56 HANG SENG 17,664.73 147.33 SCI 3,075.24 751.86 NIKKEI 31,746.53 6.15 TSEC KOSPI 2,402.58 CLOSED S&P/ASX200 7,040.60 70.40 WEDNESDAY OCTOBER 11, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES October 10, 2023 STOCK VOL CLSG (sen) +/– (sen) KNM 379,641,700 12.0 -2.5 CLASSITA 251,811,000 8.0 +1.5 UEMS 98,037,500 87.0 +6.5 NETX 84,283,300 19.0 +2.5 SCIB 55,484,300 49.5 +1.0 EXCHANGERATES OCTOBER 10, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.7875 4.6545 4.6445 1 AUSTRALIAN DOLLAR 3.0930 2.9710 2.9550 1 BRUNEI DOLLAR 3.5090 3.4090 3.4010 1 CANADIAN DOLLAR 3.5240 3.4310 3.4190 1 EURO 5.0740 4.9110 4.8910 1 NEW ZEALAND DOLLAR 2.9020 2.7960 2.7800 1 SINGAPORE DOLLAR 3.5090 3.4090 3.4010 1 STERLING POUND 5.8740 5.6910 5.6710 1 SWISS FRANC 5.2760 5.1560 5.1410 100 UAE DIRHAM 131.9700 125.1900 124.9900 100 BANGLADESH TAKA 4.4280 4.1400 3.9400 100 CHINESE RENMINBI 66.1500 63.3700 N/A 100 HONGKONG DOLLAR 61.8500 58.8000 58.6000 100 INDIAN RUPEE 5.8500 5.4900 5.2900 100 INDONESIAN RUPIAH 0.0316 0.0286 0.0236 100 JAPANESE YEN 3.2300 3.1290 3.1190 100 NEW TAIWAN DOLLAR N/A N/A N/A 100 PAKISTAN RUPEE 1.7300 1.6200 1.4200 100 PHILIPPINE PESO 8.5400 8.0600 7.8600 100 QATAR RIYAL 132.8700 126.1300 125.9300 100 SAUDI RIYAL 129.1800 122.6300 122.4300 100 THAI BAHT 13.5500 12.0300 11.6300 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 10, 2023 INDICES CHANGE FBMEMAS 10,629.20 +120.00 FBMKLCI 1,435.17 +17.91 CONSUMER PRODUCTS 552.81 +4.51 INDUSTRIAL PRODUCTS 172.83 +2.20 CONSTRUCTION 187.27 +2.46 FINANCIAL SERVICES 16,109.60 +222.80 ENERGY 874.86 +7.19 TELECOMMUNICATIONS 574.39 -0.17 HEALTH CARE 1,660.28 -8.47 TRANSPORTATION 921.20 +4.30 PROPERTY 865.35 +9.14 PLANTATION 6,898.78 +48.93 FBMSHA 10,887.30 +95.84 FBMACE 5,193.51 +66.00 TECHNOLOGY 62.06 +0.34 TURNOVER VALUE 3.388 BIL RM2.022 BIL 5 TOP GAINERS October 10, 2023 STOCK VOL CLSG (RM) +/– RM NESTLE 55,300 126.50 +2.50 PETDAG 386,600 22.96 +0.52 F&N 130,400 25.60 +0.50 MPI 14,400 26.96 +0.34 HEIM 226,900 24.76 +0.26 5 TOP LOSERS October 10, 2023 STOCK VOL CLSG (RM) +/– RM HARISON 6,200 8.51 -0.26 KESM 17,800 7.20 -0.16 HIL-WB 300 0.34 -0.155 SIMEPROP-C22 5,744,200 0.04 -0.11 GENM-C2N 100,000 0.05 -0.10 21.69 Sustainable manufacturing in aerospace on M’sia’s radar KUALA LUMPUR: Malaysia needs both speed and scale to accelerate sustainable manufacturing practices and proactively develop the country’s aerospace industry, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. To that end, he said, the country needs partners such as US jet maker Boeing to share its technology and help make sustainable manufacturing a reality in Malaysia. Citing Boeing’s 2017 initiative on its 3Dprinted brackets for the galleys of its 787 Dreamliners, the minister commended Boeing on its pioneering sustainability initiatives. “Many still do not know about this, Boeing’s resource-efficient process decreased the water, materials, time and energy consumed while reducing excess industrial waste and lubricants used in standard machining processes. “I believe Boeing managed to cut carbon oCountry needs speed, scale and right partners to accelerate and develop the industry: Tengku Zafrul Budget 2024 to balance immediate economic concerns and long-term sustainability: Experts PETALING JAYA: Budget 2024 will prioritise subsidy reforms, food security and green economy initiatives to ease the cost of living and promote sustainability and economic growth, say financial experts. They are of the opinion that the government is expected to strike a balance between immediate economic concerns and long-term sustainability. UOB Kay Hian Securities wealth research and advisory head Mohd Sedek Jantan told SunBiz that he anticipated Budget 2024 to be pro-growth and promote the green economy. “The budget will align its objectives with the Madani Economy, New Industrial Master Plan 2030 (NIMP 2030) and National Energy Transition Roadmap (NETR), which aim is to stimulate economic growth while fostering environmental sustainability,” he said. There will be strategies to improve economic competitiveness, income distribution, fiscal sustainability and environmental responsibility, he added. “The coming budget will prioritise strategies to enhance Malaysia’s competitiveness, including increased investment in R&D and support for low-income workers through the Progressive Wage System,” Mohd Sedek said. Meanwhile Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam █ BYHAYATUN RAZAK [email protected] emissions, resources and waste to landfills by between 30 to 39%, or roughly US$3 million in construction costs on each jet built,” he said at the opening ceremony of Boeing-Naico Aerospace Supply Chain Forum here yesterday. Tengku Zafrul noted that sustainable manufacturing technology is also synonymous with massive cost savings. “I hope Boeing is willing to share such technologies with its Malaysian suppliers because globally, our chance to quickly reduce greenhouse gases is fast running out,” he said. He added that the Investment, Trade and Industry (Miti) aims to make the suppliers within every manufacturing ecosystem to be more resilient through the New Industrial Master Plan 2030’s (NIMP 2030) mission on economic security and inclusivity. Tengku Zafrul said the aerospace industry plays an important role in advancing the other missions outlined in the NIMP 2030, particularly on advancing economic complexity, embracing technology quickly to foster a digitally vibrant nation and pushing for net zero. He said an investor such as Boeing “ticks all the right boxes” when it comes to realising NIMP 2030 targets. “The NIMP 2030 complements the Malaysian Aerospace Blueprint 2030 on transforming Malaysia into a global hub for sustainable aerospace manufacturing and services,” he added. The blueprint outlines 41 key initiatives that are expected to generate an annual revenue of RM55.2 billion and create 32,000 high-income jobs by 2030. Meanwhile, Miti is hoping for more incentives or allocations for the aerospace industry in Malaysia to be included in Budget 2024. Tengku Zafrul said extra incentives would help to support and complement the missions outlined in NIMP 2030 and the Malaysian Aerospace Blueprint 2030 initiated by the government. “I hope there is an extra incentive or allocation for the aerospace industry and of course, the request has been made and I hope it has been heard but what is more important is that the policies are there to support the industry and any more incentives will definitely help,” he told reporters at the event. Tengku Zafrul noted that Southeast Asia has been the fastest-growing region in the world for the aerospace industry to date. The Malaysian Investment Development Authority, an agency under Miti, aims to attract RM134 million in investments for the aerospace industry by the end of 2023. – Bernama Abdul Rashid is of the view that a key aspect expected to take centre stage in Budget 2024 is subsidy rationalisation. “How would the rationalisation of prevailing subsidies result in savings which can be channelled back to those who deserve to receive such cash assistance? The Central Database Hub should be able to help the government pay the cash assistance to a targeted group the way I see it,” he told SunBiz. Similarly, MIDF Research economist Abdul Mui’zz Morhalim said he anticipates the government will emphasise its commitment to improving its fiscal position by moving towards targeted subsidies. This move is expected to not only reduce the fiscal burden but also enhance the nation’s longterm economic sustainability, he said, adding that “improved fiscal position will provide greater room for the government to intervene during uncertain times in the future”. Abdul Mui’zz said: “We foresee inflation will remain elevated next year as a result of the subsidy rationalisation. While we expect the increase in retail fuel prices to be adjusted gradually, we expect the government will continue to provide income assistance especially to the B40 to mitigate the effect of increased energy prices and overall cost of living.” He added that despite the shift towards targeted subsidies, MIDF Research believes there will be continued support from the government to ease cost of living of the rakyat, which can also be in the form of price controls and subsidies for local producers. The government indicated in the midterm review of 12th Malaysia Plan that development spending could reach RM415 billion during the five-year period to 2025, with the commitment to spend RM90 billion annually in 2024 and 2025. “On that note, we expect local businesses to gain from public development, which include continued infrastructure projects such as Pan Borneo Highway, MRT3 and Penang LRT. Improved infrastructure and connectivity will have a greater multiplier effect on economic development,” Abdul Mui’zz said. The economist expects the government to provide detailed plans for improving revenue collection and overall fiscal management to ensure that the target of reducing the fiscal deficit as a percentage of gross domestic product to 3.5% by 2025 can be met. Budget 2024 will be tabled on Friday. Mohd Sedek Mohd Afzanizam Abdul Mui’zz Participation 27.8 41.8 30.4 100.0 Retail Institutions Foreign Bought RM m 530.5 843.0 649.1 2022.6 Sold RM m 594.8 845.4 582.4 2022.6 Net RM m -64.3 -2.4 66.7 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) 10/10/2023

12 theSUN ON WEDNESDAY | OCTOBER 11, 2023 SUNBIZ Government to introduce targeted subsidies in 2024 KUALA LUMPUR: The government will introduce targeted subsidies in 2024 to free up fiscal space while simultaneously reducing poverty and inequality, according to Economy Minister Rafizi Ramli. “For a country with low revenue and persistent poverty and inequality rates, a blanket subsidy and social assistance model is simply too regressive. The blanket subsidy model eats up the already limited social spending budgets. At the same time, broad-based social assistance programmes are often received by richer households that Rafizi speaking at the launch of the World Bank’s October 2023 Malaysia Economic Monitor. oRafizi: Move will free up fiscal space, reduce poverty and inequality █ BYHAYATUN RAZAK [email protected] Bursa, TNG Digital and Affin Hwang team up for ‘invest via mobile app’ initiative KUALA LUMPUR: Bursa Malaysia Bhd, TNG Digital Sdn Bhd (TNGD) and Affin Hwang Investment Bank Bhd have inked a memorandum of collaboration to enable investors to participate in the stock market through TNGD’s digital platform. With the feature, which is expected to be launched early next year, retail investors will be able to access a wider array of investment products listed on Bursa Malaysia via the Touch ‘n Go (TNG) eWallet’s GOinvest. In addition, investors will be able to invest and monitor their GOinvest portfolios within a single app. The initiative is part of the █ BYGLORIA HARRY BEATTY [email protected] Malaysia hopes to pique investors’ interest at GITEX Global 2023 in UAE KUALA LUMPUR: Malaysia hopes to pique the interest of potential investors, particularly in the digital economy, through its participation in GITEX Global 2023, which will be held from Oct 16 to 20 at the Dubai World Trade Centre in the United Arab Emirates (UAE). Communications and Digital Minister Fahmi Fadzil, who will lead the country’s delegation to GITEX Global 2023, said Malaysia will share its experience in implementing the 5G network with the companies during a panel discussion at the exhibition, “Looking at Malaysia’s experience in implementing the 5G network, we can see that it happened quite swiftly, since we managed to build about 7,000 5G towers in two years. This is an outstanding accomplishment, and it would not have been possible without the commitment and will of Digital Nasional Berhad (DNB), the government, and the corporate sector. “So this is one of the experiences we can tell the world, along with switching from the single wholesale network to a dual network model, because it has never been done before and Malaysia pioneered it,” he said. He said this to reporters after launching the #KitaAktif slogan for Radio Televisyen Malaysia’s Care For You programme here yesterday. Fahmi hoped that with such exposure, foreign nations would recognise the true potential of Malaysia, which could become not only a data processing centre hub but also an operations base for any company seeking to extend operations in the Asian region. GITEX Global is the largest and most comprehensive technology exhibition in the digital economy. Meanwhile, when asked what action will be taken against TikTok if its management continues to refuse to engage in discussions with the government, Fahmi said the social media operator should be given some time to make the preparations. He said there is a need to discuss the matter because several issues have arisen over TikTok Shop, particularly those relating to personal data of app users. “This situation is quite alarming in Indonesia, but in Malaysia, we need to look at its suitability because I see that TikTok Shop and similar platforms have both positive and negative effects on traders. “So we have to consider which one is more (beneficial) so that we can finally work on a win-win solution that benefits Malaysia without affecting the security aspects,” he said. – Bernama do not need them, and they dilute the value of these programmes for the needy,” he said at the launch of the World Bank’s October 2023 Malaysia Economic Monitor (MEM): “Raising the Tide, Lifting All Boats” yesterday. Rafizi said that according to the MEM, redirecting high-priced subsidy items to an expanded social assistance – at no extra cost – could reduce poverty by 2.0 to 5.6 points. “Direct transfers are also estimated to be four times more cost effective at reducing inequality than subsidies. This is on top of the fiscal savings that will be accumulated for other more efficient uses,” he added. The upcoming targeted subsidy programme will be supported by the government’s Central Database Hub (Padu). “For subsidy retargeting to work, we should identify households by their income, location, and commitments, to get a view of their net disposable income to calculate how much to give in subsidies,” said Rafizi. He added that Padu ensures the right recipients receive the right amount, and avoids problems such as benefit dilution and unfair distribution. “On top of that, a central database with administrative data also opens up opportunities for GovTech, Digital ID, and productbuilding as we build forward momentum from this method of sequencing,” he said. On personal data protection and security, Rafizi told reporters that the government is actively exploring measures to strengthen protection for Padu. He said Padu includes a comprehensive review of personal data security, with active involvement from the Personal Data Protection Commissioner’s office. Additionally, the government is in the process of formulating robust cybersecurity regulations and enhanced personal data protection standards to encourage investments in the digital sector. “Because it’s not just about Padu when it comes to data security and … if we want to attract investments in the digital field, we need a new legal reform and standards for cybersecurity and personal data. “So, everything revolves around operating within regulations and rules for data protection. Padu is a massive database, it serves as a catalyst for further efforts to enhance the framework, regulations, and standards regarding data protection and cybersecurity, and that will come in due time,” he added. exchange’s ongoing efforts to democratise equity investments and promote financial inclusion among Malaysians. Bursa Malaysia CEO Datuk Muhamad Umar Swift said active retail participation benefits individual investors in terms of wealth generation, enhances market liquidity and depth, boosting economic growth. “As at end of September 2023, local retail participation in the equities market accounted for 27%, equivalent to RM545.3 million or more than a quarter of the overall average daily trading value. “With TNG Digital’s 15 million verified eKYC Touch ‘n Go e-wallet users and Affin Hwang Investment Bank’s share trading facilities and capability, we are poised to significantly boost retail penetration in the stock market,” he said in his welcome remarks at the signing event, yesterday. He said the solution will start with a sandbox model for testing purposes, as it needs to ensure that the regulations and features are consistent with existing rules. The solution which is expected to be made available next year, aims for 100,000 central depository system (CDS ) accounts to be opened within the first year of launch. “We intend to launch the solution to the public in the first quarter of 2024 and if we can expedite that, we will … that experience has to be right. You will run through the sandbox, then have a beta and only then, do we come to market with a solution,” said Umar. He declined to share details on fees but said that “any solution will need to be competitive”. Currently, the exchange has 3.14 million registered CDS account holders. Out of the total, 2.12 million are retail CDS accounts, though only 1.4 million are actively engaged in trading. However, Umar said that these figures represent only a small proportion of Malaysia’s 22 million adult population, leaving a huge untapped potential of 19 million adults for investment penetration. Affin Hwang as the broker partner, will assist investors by offering greater market access, research resources, real-time market data and customer support. B R I E F S GROSS NATIONAL LOAN RECEIPTS INCREASE TO RM231.36B IN 2022 KUALA LUMPUR: Malaysia’s gross national loan receipts in 2022 increased by 6.5% or RM14.164 billion to RM231.365 billion from RM217.201 billion in 2021. According to the Auditor-General’s Report 2022 released yesterday, the total loan receipts in 2022 were obtained through the issuance of Malaysian Government Securities instruments (RM86.635 billion), Government Investment Issues (RM85.281 billion) and Treasury Bills (RM59.449 billion). The net premium from the issuance of MGS instruments was as much as RM0.135 billion, while as much as RM0.281 billion was the premium for the issuance of GII instruments. Meanwhile, net loan receipts for 2022 decreased by RM3.601 billion or 3.5% to RM99.837 billion, compared to RM103.438 billion in 2021. – Bernama AFFIN ISLAMIC BANK’S RM1B SUKUK ISSUES MEET GOOD RESPONSE KUALA LUMPUR: Affin Islamic Bank Bhd has placed out its RM1 billion of AT1 Sukuk Wakalah (AT1) and Tier 2 Sukuk Murabahah (T2) under its Islamic medium-term notes programme of up to RM5 billion to selected investors. The AT1 is rated A3 with an issue size of RM500 million while the T2 is rated A1, with an issue size of RM500 million. The AT1 was issued yesterday while the T2 will be issued on Friday. The sukuks were well-received by institutional investors as well as high net worth individuals with more than 2.1 times and 3.7 times oversubscription respectively. The AT1 was priced at 5.10% per annum while the T2 was priced at 4.66% per annum. “This (response) demonstrates the group’s strong financial standing in the banking industry as the group believes the issuance of the AT1 Sukuk Wakalah and Tier 2 Sukuk Murabahah will enhance the group’s financial position and resilience while also expanding the Bank’s capital base. The funds raised will be deployed to accelerate our growth and thus enhancing our shareholders value,” said Affin Bank Bhd president and group CEO Datuk Wan Razly Abdullah in a press statement yesterday ‘MALAYSIA A KEY LEADER IN DEVELOPMENT OF AVIATION SECTOR IN SE ASIA’ KUALA LUMPUR: Malaysia is a key leader in the development of the aviation industry in Southeast Asia, thanks to the government’s vision and efforts to engage with the industry, said Boeing Southeast Asia president Alex Feldman. He said the New Industrial Master Plan 2030 is an example of this vision, charting the long-term plan for the development of the aerospace industry in Malaysia. “Southeast Asia and Malaysia are likely to be net winners as we grow and diversify our supply chains,” he said in his welcoming remark at the BoeingNaico Aerospace Supply Chain Forum here yesterday. – Bernama

13 SUNBIZ theSUN ON WEDNESDAY | OCTOBER 11, 2023 Ejen2u to boost digital solutions for MSME KUALA LUMPUR: Ejen2u International Sdn Bhd which provides solutions that complete all levels of needs for entrepreneurs has secured RM7 million in capital from venture capital firms Gobi Partners and Artem Ventures as investors. The investment, made possible through the Khazanah Nasional Bhd (Khazanah)-backed Gobi Dana Impak Ventures (GDIV) fund as part of the Future Malaysia Programme, will help accelerate Ejen2u’s future plans and upgrades. This includes diversifying their customer base, a hopeful expansion into the Indonesian market and an extension into a broader range of industries. Ejen2u is a home-grown cloudbased platform for managing agents, providing a digital space for product owners and resellers of Malaysian micro, small, and medium enterprises (MSME) to oversee their reseller networks and businesses. Cofounded by Sheikh Ezaiddin, Imran Hadi, and Taufiq Zakir, the platform has also facilitated over US$115 oFunding of RM7m will help tech firm diversify customer base, tap Indonesian market and venture into broader range of industries million (RM544 million) in sales since its inception in 2019. Ejen2u founder and CEO Sheikh Ezaiddin said that they view the investments from venture capital firms in Ejen2u as a strong endorsement of the significance of delivering digital solutions to entrepreneurs, particularly in today’s digital-centric landscape. “We are deeply grateful for the trust and confidence our partners and customers have placed in us. With these investments, we are poised to make substantial strides towards realising our vision of empowering and fortifying our local entrepreneurs. Our commitment to their growth is unwavering, and these resources will enable us to extend our reach and support even more businesses in our community, ultimately contributing to a thriving local economy,” he added. As of 2023, Ejen2u has supported over 340,000 resellers across the country, serving more than 500 clients and empowering over 600 female leaders with digital support through their proprietary digital platforms EjenGO and EjenVenture. Additionally, EjenVenture caters to large enterprises and brands to help them build their own reseller distribution channel. Apart from that, Ejen2u also provides entrepreneurship training to brands and their resellers through WEMAP. Gobi Partners managing partner (Malaysia) Jamaludin Bujang said: “Ejen2u is a promising portfolio that we hold to be particularly valuable, especially in the increasingly digital future. By helping domestic SMEs reach their fullest capabilities, we’ll be able to see a wider effect ripple across our local economy, and become competitive on a regional, or even global, level.” Artem managing partner Low Zhen Hui, said: “As an inclusive platform that empowers entrepreneurs and resellers to participate in the burgeoning social commerce industry, we believe Ejen2u plays a vital role in shaping the nation’s informal and small business economy. We aim to work with our partner FWD Group to bring financial inclusion to this often underserved community.” Ejen2u aims to be the spearhead of reseller solutions in the Malaysian market and empower aspiring merchants, regardless of gender or social class by providing continued support and innumerable resources for success. Palm oil stocks rise to 2.31 million tonnes in September KUALA LUMPUR: Malaysia’s total palm oil stocks rose by 9.6% to 2.31 million tonnes in September from 2.11 million tonnes in August, according to the Malaysian Palm Oil Board (MPOB). In its latest industry performance report for September 2023, MPOB said crude palm oil (CPO) inventory increased by 14.24% to 1.37 million tonnes last month from 1.2 million tonnes in August while processed palm oil stocks were higher by 3.47% to 942,553 tonnes in September from 910,903 tonnes previously. CPO production improved by 4.33% to 1.83 million tonnes in September from 1.75 million tonnes in the month before and palm kernel output went up by 6.16% to 446,094 tonnes from 420,216 tonnes previously. MPOB said palm oil exports fell by 2.11%, or 25,735 tonnes, to 1.2 million tonnes in September from 1.22 million tonnes previously while oleochemical exports declined by 6.61% to 238,767 tonnes. Biodiesel exports strengthened by 43.73% to 28,793 tonnes in September from the preceding month’s 20,032 tonnes. Exports of palm kernel cake grew 7.69% to 211,057 tonnes while palm kernel oil exports eased 12.8% to 80,106 tonnes from 91,866 tonnes in August. There was no CPO import for September while total palm oil imports were down by 55.66% to 49,504 tonnes compared with 110,621 tonnes in the previous month. – Bernama MRCB to sell Menara CelcomDigi for RM450m KUALA LUMPUR: Property developer MRCB is proposing to sell Menara CelcomDigi to Sentral REIT for RM450 million in cash and to subscribe to new units in the REIT. In a circular to shareholders, MRCB said its wholly owned subsidiary Puncak Wangi Sdn Bhd is proposing to dispose of the office tower to Maybank Trustee Bhd, the trustee for Sentral Reit – an associate company of MRCB. The disposal is expected to result in a pro forma gain of approximately RM52.56 million for MRCB. The cash proceeds from the disposal will be partly utilised to pare down the borrowings of MRCB, which is expected to result in gross interest savings of approximately RM10.79 million per annum. The disposal will also allow MRCB to continue to indirectly enjoy recurring income from the office tower via future income distributions by Sentral REIT based on its unitholdings in the REIT. The purchase of the office tower will be funded by Sentral REIT via the issuance of new units to its unitholders. The subscription of the new units is the second proposal in the circular as MRCB, being a major unitholder of Sentral REIT, had on July 25 given an undertaking letter to subscribe for up to 34,568,734 new units in Sentral REIT. August natural rubber output up 9.7% from July PUTRAJAYA: Natural rubber (NR) production increased by 9.7% in August 2023 (31,309 tonnes) as compared to July 2023 (28,533 tonnes), according to Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin. Year-on-year comparison, he said showed that the production of NR decreased by 16.9% (August 2022: 37,666 tonnes). Production of NR in August 2023 was mainly contributed by smallholders sector (83.3%) as compared to estates sector (16.7%). Total stocks of NR in August 2023 decreased by 0.8% to 142,620 tonnes as compared to 143,757 tonnes in July 2023. Rubber processors factory contributed 88.1% of the stocks followed by rubber consumers factory (11.7%) and rubber estates (0.2%). Exports of NR amounted to 57,488 tonnes in August 2023, increased 11% as against July 2023 (51,784 tonnes). China remained as the main destination for NR exports which accounted 47.9% of total exports in August 2023 followed by Germany (8.7%), Iran (4%), USA (2.9%) and Pakistan (2.7%). Mohd Uzir said the exports performance was contributed by NR-based products such as gloves, tyre, tube, rubber thread and condom. “Gloves were the main exports of rubberbased products with a value of RM1 billion in August 2023, an increase of 9.4% as compared to July 2023 (RM0.96 billion),” he added. Analysis of the average monthly price showed that concentrated latex recorded a decrease of 3.9% (August 2023: 471.09 sen per kg; July 2023: 490.18 sen per kg) while scrap decreased by 1.9% (August 2023: 462.05 sen per kg; July 2023: 471.14 sen per kg). Prices for all Standard Malaysian Rubber (SMR) decreased between 0.7% to 3.9%. The World Bank Commodity Price Data reported the prices for TSR 20 (Technically Specified Rubber) has decreased 0.5% (from US$1.30/kg to US$1.29/kg) and SG/MY (Singapore/Malaysia) decreased 1.5% (from US$1.49/kg to US$1.47/kg). According to the Malaysia Rubber Board Digest August 2023, daily price of SMR 20 in the Kuala Lumpur rubber market move in an upward momentum at the end of August 2023 as compared with July 31, 2023. This scenario was supported by gains in crude oil prices and as the China announcement on the latest measure to restore its economy had lifted market sentiment. Maybank, Sime Darby Property offer 10-second loan approval KUALA LUMPUR: Maybank and Sime Darby Property have formed a strategic collaboration that will redesign the homeownership experience for Malaysians by integrating the Maybank Home2u financing platform into Sime Darby Property’s Online Booking System (OBS), making it a seamless experience for Malaysians to own their dream home. Potential home buyers will be able to check their eligibility and apply for home financing instantly with Maybank Home2u and once qualified, they will then receive an approval approximately within 10 seconds and issued the Letter of Offer within an hour of making their home bookings on the OBS. The home buyers will also be assigned a dedicated Maybank mortgage representative to assist them throughout their journey. Alternatively, they will also have an option to check their home financing application status on the Maybank2u website. Datuk John Chong, group CEO of community financial services said that this partnership is aligned with Maybank’s Humanising mission to provide customercentric and sustainable solutions, while ensuring a seamless customer journey for home buyers. “We are very excited with this partnership with Sime Darby Property. With this collaboration, we are able to offer instant approval and competitive financing rates with Maybank Home2u on Sime Darby Property’s OBS platform. Maybank also offers full suite of services including flexible repayment terms to fit their budget, solutions for home renovation with Home+Reno and MyDeco, to increase the comfort of your home and that is customised to your style.” Sime Darby Property chief marketing and sales officer Datuk Lai Shu Wei said their ability to offer a full end-to-end online sales experience puts them ahead of the industry, with customers enjoying seamless transactions within Sime Darby Property’s home purchase journey.

14 theSUN ON WEDNESDAY | OCTOBER 11, 2023 SUNBIZ Rising debt levels could temper Asia’s growth: World Bank MARRAKECH: Rising debt levels among “seemingly healthy” countries in Asia could drag growth in the region below currently forecast levels, World Bank chief economist Indermit Gill told Reuters in an interview on Monday. Gill said he remained critical of the slow pace of debt restructurings under the Group of 20 Common Framework for restructuring the debt of the poorest countries, and said it was critical to speed up those processes. But he said surprisingly high debt levels in Asia were also a concern, noting that increased government borrowing from domestic markets would limit the level of credit available to private firms, resulting in faltering investment. “We have simultaneous problems: too much debt and too little investment,” he said. “There’s a lot of government consumption and private consumption being financed through debt. There is not a lot of investment being financed through credit, and that’s not great.” The result could be “much lower growth” than we were forecasting, he said, without providing any specific numbers. “So it won’t be a situation of debt distress, it will just be slumping growth. But it’s an equally serious issue. Now we’re talking about very, very large countries.” Gill declined to give specific examples, but a recent World Bank report showed government debt ran around 85% of GDP in the average South Asian country, higher than in other emerging market, developing economy regions. Debt is rising in the region due to growing government spending, low domestic revenue and increasing debt service costs, the report found. It noted a number of factors including losses at a major state-owned bank, could drive borrowing costs to an unsustainable level. Debt levels were also up in East Asia, Gill said. “If you look at the debt numbers (in East Asia), all of them are up. The one which is relatively low is China, but we know that in China, it’s not the central government debt that’s the problem, it’s the subnational and corporate and the household debt.” Gill said he worried that the world’s focus on the poorest countries that were covered by the Common Framework could lead to surprises in other countries that were seemingly healthy. – Reuters B R I E F SGARUDA COMPLETES FLIGHT TEST WITH PALM OIL-BLENDED JET FUEL JAKARTA: Flag carrier Garuda Indonesia said yesterday it has completed a flight test using a palm oil-blended jet fuel on a Boeing 737- 800NG aircraft. The plane flew more than 130km from the capital Jakarta to Pelabuhan Ratu in the southern part of Java island last week, using jet fuel containing 2.4% palm content, Garuda CEO Irfan Setiaputra said in a statement. “With these results, Garuda Indonesia is ready to explore the use of sustainable aviation fuel on commercial flights,“ Irfan said. – Reuters EU PLANS ANTI-SUBSIDY PROBE INTO CHINESE STEELMAKERS BENGALURU: The European Union (EU) is planning to announce antisubsidy investigations against Chinese steelmakers at a summit with the US this month, the Financial Times reported yesterday. Brussels had agreed to join Washington’s efforts to shield industries from cheap competition, the report said. Washington had asked Brussels to move against Chinese steel producers in return for avoiding the re-imposition of Trump-era tariffs on EU steel, the newspaper said. – Reuters CANADIAN AUTOWORKERS BEGIN STRIKE AGAINST GM DETROIT: More than 4,200 Canadian auto workers began a strike against General Motors (GM) yesterday after negotiators failed to reach an agreement with their union. Canadian union Unifor’s action at three facilities in Ontario shortly after midnight raises the pressure on the automaker, which is already affected by United Auto Workers (UAW) strikes in the US. Unifor president Lana Payne said the strike was the result of the company’s unwillingness to meet the union’s “pattern agreement”, referring to its recent deal with Ford, as well as demands on pensions, retirees and temporary workers, among a series of other unresolved issues. – AFP Belt and Road generated over US$2 trillion in contracts BEIJING: China announced yesterday its Belt and Road Initiative infrastructure project had generated two trillion dollars in contracts around the world, equivalent in size to some of the world’s biggest economies. A white paper from China’s State Council also said countries participating in the initiative owe more than US$300 billion (RM1.4 trillion) to the Export-Import Bank of China (Eximbank), a figure one expert said was likely understated but which lays bare the huge debts incurred in the global infrastructure initiative. China is hailing this month the 10th anniversary of its Belt and Road Initiative (BRI), which has seen Beijing pour a trillion dollars into projects around the world in a defining geopolitical project for President Xi Jinping. But critics have long accused China of oBeijing says the value of signed construction projects is now roughly the size of the economy of Russia or Canada luring lower-income countries into debt traps by offering huge, unaffordable loans. Beijing said yesterday the value of signed construction contracts with partners now totalled two trillion dollars – roughly the size of the economy of Russia or Canada. And “the actual turnover of Chinese contractors reached US$1.3 trillion”, it said. It also said the balance of loans for BRI projects from Eximbank – a key BRI creditor – now totalled 2.2 trillion yuan (RM1.45 trillion). That total covers “130-plus participating countries and driving more than US$400 billion of investment and more than US$2 trillion of trade”, the white paper said, suggesting an average of US$2.4 billion in debts per country. The paper did not detail which countries owe the most, nor the kind of interest rates they are expected to pay. One expert told AFP the figure, while large, was likely “vastly underestimated”. “There have been other academic research papers that have written on these hidden debts that could add up to US$800 billion,” Niva Yau, a non-resident fellow with the Atlantic Council’s Global China Hub, said. “We simply don’t have information about these projects and how these figures have added up,” she said. Eximbank has financed major transport FRANKFURT: The head of Germany’s cartel office has warned that artificial intelligence (AI) may boost Big Tech’s market power and regulators should be on the lookout for any anti-competitive behaviour. The comments by Andreas Mundt underscore regulatory concerns that tech giants, with their vast troves of user data, may get a competitive edge in the new technology used in smart homes, web search, online advertising, cars and many other products and services. Alphabet’s Google and Microsoft have recently become rivals in AI, with the latter investing heavily in OpenAI and the former building the Bard AI chatbot among other investments. The surge in AI popularity has prompted governments around the world to try to impose rules on the use of the technology, with the European Union in a race to adopt its landmark AI rules by the end of the year. “For us as a competition authority, it is crucial that this new technology does not further strengthen the dominance of the large corporations,” Mundt told Reuters in an interview on Friday. “The danger is very great because you need two things above all for AI, powerful servers and vast amounts of data. Big internet corporations have both,” he said. Mundt said the field was still open to competition but regulators need to ensure it remains so. “However, models from smaller providers could also become so popular that they develop in the direction of a kind of operating system, a new platform,” he said. “Both developments are possible, and as an authority we have to be careful that any competitive potential is not buried from the outset.” – Reuters and energy projects across the BRI and has been linked to foreign loan plans everywhere from Africa to Central Asia. Beijing’s Silk Road Fund – established to help fund BRI projects – in turn has “signed agreements on 75 projects with committed investment of about US$22 billion”, the white paper said. China’s State Council hailed the BRI yesterday as having “delivered real gains to participating countries”. However, many of its partners are increasingly wary about the cost involved. Italy, the only one of the group of leading developed democracies to sign up to the investment scheme, said last month it was considering opting out of the deal. Beijing is due to host the third Belt and Road Forum for International Cooperation this month, with Russian President Vladimir Putin set to attend in his first visit to China since his invasion of Ukraine. China is yet to confirm when the forum will take place. “We welcome countries and partners actively participating in the Belt and Road Initiative to come to Beijing to discuss cooperation plans and seek common development,” foreign ministry spokesman Mao Ning said last month. – AFP Energy transition may cost coal sector 1m jobs by 2050: Think tank SINGAPORE: The global coal industry may have to shed nearly 1 million jobs by 2050, even without any further pledges to phase out fossil fuels, with China and India facing the biggest losses, research showed yesterday. Hundreds of labour-intensive mines are expected to close in the coming decades as they reach the end of their lifespans and countries replace coal with cleaner low-carbon energy sources. But most of the mines likely to shut down “have no planning underway to extend the life of those operations or to manage a transition to a post-coal economy,” USbased think tank Global Energy Monitor (GEM) warned. Dorothy Mei, project manager for GEM’s Global Coal Mine Tracker, said governments needed to make plans to ensure workers do not suffer from the energy transition. “Coal mine closures are inevitable, but economic hardship and social strife for workers are not,” she said. GEM looked at 4,300 active and proposed coal mine projects around the world covering a total workforce of nearly 2.7 million. It found that more than 400,000 workers are employed in mines set to cease operations before 2035. If plans were implemented to phase down coal to limit global warming to 1.5 degrees Celsius, only 250,000 miners – less than 10% of the current workforce – would be required worldwide, GEM estimated. – Reuters German antitrust head warns AI may boost Big Tech’s dominance – AFPPIX

1 1 O C T O B E R 2 0 2 3 W E D N E S D A Y Swift ‘s concert movie hits US$100m All the glitter Siren beauty making comeback Redefining office wear Play dress-up on Halloween 18 page 16 page 17 page 19 page

16 ENTERTAINMENT theSun LYFE ON WEDNESDAY | OCTOBER 11, 2023 /theSunMedia FOLLOW ON YOUTUBE SCAN ME Swift concert movie pre-sales hit US$100m ADVANCE ticket sales for the movie of Taylor Swift’s “Eras” tour have topped US$100 million (RM473 million) worldwide, theatre operator AMC said on Thursday, making it the best-selling feature-length concert film in history. Taylor Swift: The Eras Tour is due out on Friday in 8,500 cinemas in 100 countries. The film is already set to become the highest-grossing concert film ever, dethroning Justin Bieber: Never Say Never, which made US$99 million and was released in 2011. This Is It, which grossed US$261 million (RM1,234 billion) worldwide, is not considered a concert film because it only documents the performance preparations of Michael Jackson, who died before performing on stage. “Eras” was initially only to be released in the US, but the singer ultimately chose to make it a global event, even though her tour will include a second leg next year, with dozens of dates in South America, Australia, Asia, Europe, as well as the US and Canada. An AMC spokesperson told AFP that the US$100 million (RM473 million) in revenue came from all the cinemas that will screen the movie, including the Cineplex networks in Canada and Cinepolis in Mexico. Of the 8,500 cinemas, 4,000 are in North America. The all-time gross record for an October opening weekend in North America is US$96 million (RM434 million), set by Joker in 2019. Taylor Swift: The Eras Tour could Swift at THE SOFI STADIUM. o‘Eras’ concert movie contains images shot during three of the singer’s early August concerts at the SoFi Stadium in Inglewood, Los Angeles Drake threatens ‘weirdos’ IN his new album, Drake has responded to the backlash to his “friendship” with Millie Bobby Brown. From the album For All the Dogs, on the track Another Late Night, the Canadian rapper namedrops the Stranger Things star, whom he befriended when she was 14 years old and new to the entertainment industry. Back in 2018, when their friendship made headlines, criticism was directed at Drake due to their age gap; he was 31 years old at the time. While he had no response then, he is now firing back at detractors with bodily harm. “Weirdos in my comments talkin’ ‘bout some Millie Bobby, look. Bring them jokes up to the gang - we get to really flockin’,” Drake raps on the track. “Or send a finger to your The Canadian singer is known for controversy. █ BY MARK MATHEN VICTOR exceed US$100 million (RM473 million) during three days, from Oct 13 to 15, in North America, according to Jeff Bock, of the specialist firm Exhibitor Relations. The two-hour and 48-minute film contains images shot during three of the mega-star’s concerts at the SoFi Stadium in Inglewood, a suburb of Los Angeles, in early August. The “Eras” tour currently has 146 dates. According to Pollstar, the industry magazine covering the performing arts, each concert generates US$13 million (RM61 million) in revenue, which would bring the tour total to around US$1.9 billion (RM9 billion). Never before has an artist or group crossed the symbolic billion-dollar threshold. AMC said on Monday that singer Beyonce would follow Swift’s example and have a theatre release on Dec 1 of a documentary inspired by her “Renaissance” tour, which she has just finished in the US. AMC shares rose nearly two per cent in electronic trading after the close on Wall Street. Love unleashed JOIN the captivating journey of Lee Won-jun (Yang Se-jong), an ordinary university student, as he embarks on a delightful new chapter in his life. When he moves into a shared house, his world collides with that of the retired K-pop idol, Doona. This heartwarming tale of love and transformation is set to premiere on Oct 20, and the trailer provides a sneak peek into the heartfluttering romance that unfolds between a former idol and a college student. Renowned director Lee Jung-hyo, celebrated for his exceptional work in hit series like Crash Landing on You and Romance Is a Bonus Book, underscores the core of the series. He aims to portray the realistic nuances of relationships, inviting viewers to nostalgically reminisce about their own clumsy adventures in their 20s. Suzy, a former K-pop sensation known for her impeccable features, brilliantly embodies the character of Doona. Director Lee insists that no one else could do justice to the role of Doona as Suzy does. Suzy herself describes her character as both straightforward and blunt, harbouring hidden scars beneath her surface. Though she may appear like a cat with sharp claws, she is more akin to a “dog-cat” who genuinely enjoys the company of people. Doona promises to be a heartwarming exploration of love, identity and the rollercoaster of youth. Mark your calendars for its exclusive debut on Netflix and get ready to be swept away by this exciting feature film. Doona is based on the webtoon The Girl Downstairs. – INSTAGRAM/@NETFLIXKR █ BYTHASHINE SELVAKUMARAN mama in some FedEx boxes. Open up that s---, it’s jaw-droppin’, really shockin’, ayy.” News of Drake and Brown’s connection came in 2018 when Brown revealed in an interview with Access Hollywood that Drake had become a “mentor”, offering her advice about fame and boys. “I love him. I met him in Australia and he’s honestly so fantastic — a great friend and a great role model,” she said. “We just texted each other the other day. He was like, ‘I miss you so much.’ I was like, ‘I miss you more.’” It is important to note that much of the public’s criticism against Drake (back in 2018) stemmed as a by-product of allegations that were being directed at his fellow R&B singer and rapper, R Kelly, which included everything from child grooming to sex trafficking of underage women. Those series of events eventually led to Kelly being convicted of sex trafficking, child pornography and sexual exploitation of a minor last year. Ultimately, Drake threatening bodily harm to those worried about seeing a 31-year-old man texting a 14-year-old girl about relationships and dating advice may not be the “flex” he thinks it is.

17 FASHION & BEAUTY theSun LYFE ON WEDNESDAY | OCTOBER 11, 2023 incorporates recycled glass and the refill is crafted from recycled and recyclable aluminium. Not only does this reduce the environmental footprint, but the aluminium also minimises light exposure, ensuring a longer shelf life for the refills and allowing customers to cherish their fragrances for an extended period. For fragrance enthusiasts, Burberry Goddess EDP is available in three sizes to suit everyone’s specific preferences. It comes in BURBERRY is proud to introduce its latest olfactory masterpiece, the Goddess Eau de Parfum. This exceptional fragrance is a harmonious symphony led by a trio of distinct vanillas, each carefully collected by hand and aged to perfection. The vanilla beans undergo a meticulous process of drying in the sun, lasting five to seven weeks, before being lovingly stored in wooden boxes to develop their signature sweet aroma. Amandine Clerc-Marie, the talented perfumer behind this creation, shared her vision for Burberry Goddess, “My initial goal for Burberry Goddess was to expand upon the common use of vanilla to deliver a new kind of rich olfactive experience. For this purpose, I used three distinct types of vanilla extraction.” She then continued, “The first is a vanilla infusion, which provides the brightest, woody vanilla possible. “Then I used Firgood, also known as Vanilla Caviar, for the first time in a fragrance. This innovative new ingredient adds a sweet, rich, and animalic vanilla. Lastly, Vanilla Absolute is darker and richer, enhancing the fragrance with a mysterious, milky aspect.” In the pursuit of the perfect vanilla accord, these precious vanilla notes are complemented by bright lavender diva essence from Provence, creating an aromatic balance. Earthy notes of cocoa and ginger roots further enrich the olfactory pyramid, making the Burberry Goddess an enchanting and wellrounded fragrance. Beyond its captivating scent, Burberry Goddess makes a statement with its elegant bottle design. This marks Burberry’s first-ever refillable fragrance, combining modern aesthetics with a nod to the brand’s heritage. The gabardineinspired outer casing, adorned with a gold label, pays homage to Burberry’s longstanding legacy. Meanwhile, the archive-inspired bottle is given a contemporary twist with a gold medallion, making it a true collector’s item. Sustainability is also at the forefront of Burberry’s commitment, and the Goddess Eau de Parfum bottle design reflects this ethos. The design allows consumers to make environmentally conscious choices. The bottle Officewear refresh UNDERMINED by the Covid-19 pandemic, the business look has never really managed to reclaim its rightful place in women’s wardrobes. But that could soon change, thanks not to fashion designers but to influencers, who are cleverly mixing up styles to revisit the codes of a wardrobe that is undoubtedly too formal for current times. Women’s tailoring is in the throes of a revolution. Once seen as a smart, formal piece, today the suit is being transformed into an altogether lighter, almost playful garment that women are experimenting with, reworking and combining with pieces and accessories that are by turns ultra-sexy, casual, or even sportswear-inspired. The idea is to revamp the suit with a modern-day update without losing the sense of power it can convey. And the idea is proving a hit, as the world’s most famous influencers cannot seem to get enough of the suit, adopting it in masculine or oversized versions, or even with shorts, Bermuda shorts or a micro miniskirt, or with a blazer worn straight over skin or over a crop top. In short, this Y2K-style suit is on a mission to overhaul the business look. Less formal more inclusive Hailey Bieber, Kendall Jenner, Eva Longoria, Caro Daur and Chiara Ferragni have all helped to refresh the image of the women’s suit in recent weeks, except that none of these influencers and businesswomen seem to have considered adopting it in its most formal version. Forget sharply tailored pants or jackets, pencil skirts, tight collars, tweeds and especially white shirts - the women’s suit as we know it is no more. Instead, it is being reinvented in the coolest possible way. Think Kim Kardashian on the cover of Fortune Magazine, sporting a demure suit, albeit with loose-fitting pants and seemingly worn with no top underneath, creating a look that is powerful, chic and sexy all at the same time. And that is not all, since most influencers, including many of the street style looks spotted at the recent New York, London, Milan, Paris and Copenhagen fashion weeks, have opted for oversized suits, sometimes seemingly borrowed from men’s wardrobes, as seen at Fendi for the fall-winter 2023 season, or taking the form of a blazer worn with shorts or Bermuda shorts and even a crop top and blazer with baggy pants. It is a new way of approaching tailoring that makes it much less formal and much more inclusive. And it is a trend that looks set to rise, from the look of the spring-summer 2024 Paris Fashion Week shows, where Issey Miyake, Dries Van Noten and The Row all showed suits with ultracasual cuts. Ties are back, with or without suits. The business look and officewear in general are often synonymous with ties. But here again, there is no question of adopting an overly formal look. Valentino was well ahead of the curve on this front at the fall-winter 2023 shows, transforming the tie - preferably thin and black - into a must-have accessory to be worn with anything apart from a formal suit. That is all it took for fashion fans to make it their own. According to the latest data from global fashion search engine Stylight, search interest in ties rose by 86% between June and September, compared with the same period last year. Fendi put womenswear slant on men’s suits for the fall-winter 2023-2024 season. The goddess allure oBurberry Beauty empowers women The new fragrance, Burberry Goddess. – PICS BY BURBERRY In and outside the box. The three important ingredients. █ BYYASMIN ZULRAEZ 100ml, 50ml and 30ml. But Burberry’s Goddess Eau de Parfum is more than just a fragrance - it is part of a larger campaign that carries profound meaning. The name “Burberry Goddess” signifies a powerful archetype, one that resonates with women of today who seek strength and empowerment. The campaign film tells a story of self-discovery and collective strength. Depicting lionesses symbolises the collective power of female strength and support, emphasising that together, women can unearth their inner goddess and achieve the extraordinary. Burberry Goddess Eau de Parfum is a sensory journey, a symbol of empowerment and a testament to sustainability. With its unique blend of vanillas and aromatic notes, along with its beautifully designed refillable bottle, Burberry Goddess is set to leave an indelible mark in the world of perfumery.

18 FASHION & BEAUTY theSun LYFE ON WEDNESDAY | OCTOBER 11, 2023 ‘Siren skin’ ATTENTION millennials, glitter is back. New York Fashion Week revived nostalgia for the fantastical beauty looks made popular by the likes of Britney Spears and Christina Aguilera in the 1990s. And this trend now has a name: “siren skin”, which means glistening, almost wet-looking skin with shimmering highlights. A makeup look that woulld not go unnoticed in the run-up to the festive season Quiet luxury was the order of the day at New York’s fashion shows for the spring/summer 2024 season, but not all brands followed the trend — quite the contrary. Luxury label The Blonds took the opposite path, focusing on opulence, glamour and fantasy, inspired by two mythical creatures — mermaids and unicorns — whose imagery regularly influences the worlds of fashion and beauty. The theme gave rise to beauty looks with XXL nails, with colourful polish or adorned with rhinestones, as well as dark or pastel eyeshadows and especially shimmering skin. It is a trend that some millennials may already have mastered to perfection, Luxury brand The Blonds’ New York Fashion Week show brought shimmering skin back to the forefront of fashion with ‘siren skin.’ having tried and tested it in the late 1990s. Moisture and glitter Beauty content creator Cat Quinn posted a video showcasing the “siren skin” look, evoking the The Blonds fashion show and explaining that she tested it under the guidance of makeup artist Jessie Lefler. It shows the young woman wearing a subtly shimmering purple eyeshadow and having her body covered with a mix of two products that are seemingly essential for creating the “siren skin” look. These are two MAC Cosmetics essentials: strobe cream, luminous moisturiser and glitter reflect transparent pink glitter powder for the face, body and hair. This duo helps give skin a slightly moist (or highly moisturised) effect with subtle shimmering reflections. In just a few days, the video amassed over 10,000 views, suggesting the emergence of a strong trend in the weeks to come. And while the Blonds fashion show was for the spring-summer 2024 season, there’s a strong chance that this beauty look will be adopted long before then, particularly in the runup to the festive season. Note that it is not essential to use the two products mentioned by Cat Quinn: a light moisturising cream and a shimmering powder will suffice, whatever the brand. Reminiscent of shower makeup and laminated skin While this new trend is all about glitter and shimmer, it is also reminiscent of two other beauty aesthetics that went viral in late 2022 and early 2023: laminated skin and shower makeup. Both sought to recreate a moist, or wet-look effect, like after a workout in the case of the former or after stepping out of the shower in the case of the latter. The same effect is seen, to a lesser extent, in the “siren skin” look. Laminated skin sought to achieve a wet-look complexion, or more precisely, a natural glow effect, thanks to a light foundation and a setting mist, while shower makeup relied on the use of a glowy base, foundation, moisturiser and contouring products. The idea remained the same as for siren skin, however, in creating the effect of naturally radiant skin, albeit without the glitter. W TikTok beauty HO said makeup was all about creativity and e x p e r i m e n t a t i o n ? Certainly not New Yorkbased dermatologist Dr Charles Puza, who is behind a viral “science-based” method for achieving flawless contouring. The idea is to draw highly precise lines to accurately define the area to shade, a technique already tried and tested by millions of TikTok users. Made popular by Kim Kardashian in the 2010s, contouring has since given rise to a multitude of techniques, each more innovative —and sometimes offbeat — than the next. This has been seen with viral trends like the high-coverage rainbow contouring technique, the more creative cup contouring trick and the A New York-based dermatologist has shared a contouring technique that he says is based on science. o ‘Science-based’ contouring promises perfect results tape contouring hack, which involves using sticky tape. But today, it is a method shared by a doctor, Dr Charles Puza, known on social networks as Dr Charles, that is buzzing online. And with good reason - the dermatologist explains that this tip is based on certain principles of aesthetic beauty and more broadly, on science. Unlike many other beauty techniques spotted on the Chinese social network, this one does not have a specific name, but many TikTokers, including some of the site’s most influential names in makeup, have already given it their approval. In fact, the video has topped the threemillion-view mark in just over a month on TikTok and accumulated nearly 170,000 views on Instagram. To have a go at this contouring trick, simply grab a stick-based product that matches your skin tone, then draw a first line from the outer edge of the nostril to the tragus (the small bump just above the earlobe), and a second line from the outer corner of the eye to the corner of the mouth. Once you have done that, locate the point of intersection between the two lines, which, according to Dr Charles, should be the most prominent part of the cheek. Now it is time to draw the actual contouring line, which starts at the tragus and follows the first line, passing through the intersection and then following the second line down to the corner of the mouth. The area below this final line is where you should shade. Simple as that! The dermatologist says that this version of his signature contouring tip is designed to work for women, but he details a separate method for men on his Instagram page. There is little doubt that a technique like this, validated by a health professional, will quickly catch on and become a must-have in the makeup world. And it might not be the last. Dr Charles has already announced that he is preparing further videos to share his tips for applying highlighter and blush and that he will, of course, continue to share his many valuable tips on skin health, which is, after all, his specialty.

20 LIFESTYLE theSun LYFE ON WEDNESDAY | OCTOBER 11, 2023 READ OUR HERE /thesundaily SCAN ME S AVING money has become more critical than ever. Whether you are striving to reach your financial goals or simply want to secure a comfortable future, adopting effective moneysaving strategies is a must. To help you on your path to financial success, here are five proven tips that can make a significant difference in your savings journey. These strategies encompass various aspects of your financial life, from budgeting to investing and are designed to set you on a path towards long-term financial stability. Create a detailed budget The cornerstone of any successful savings plan is a well-structured budget. Start by tracking your monthly income and expenses. This can be done using pen and paper, a spreadsheet, or a budgeting app. By categorising your expenses into fixed (like rent or mortgage payments) and variable (such as groceries and entertainment), you can identify areas where you can cut back. Set realistic spending limits for each category and stick to them diligently. A budget not only helps you manage your finances but also highlights opportunities for saving more money. Prioritise automated saving Once you have established a budget, automate your savings process. Set up automatic transfers from your checking account to a dedicated savings account or investment fund. Treating your savings like a regular monthly bill ensures that you consistently contribute to your financial goals. Automating your savings helps you avoid the █ BY THASHINE SELVAKUMARAN Young people looking to social media to learn new things looked at the reasons why young people turn to social networks as a source of learning. And despite their scepticism about the veracity of information found online, young people appreciate the diversity of points of view that enable them to form their own opinions, notes YPulse. In fact, 60% of 13- and 22-yearolds even say that social networks are the best place to learn more about a subject, thanks to the diversity of viewpoints. The majority of Gen Zers are aware that information found on social networks can be inaccurate or even completely false. Only a quarter are certain of the relevance of the information they might find. Over two-thirds of European Gen Zers agree that social networks are full of fake news, from mass disinformation to conspiracy theories. Among a list of 12 sources considered the most reliable by the young people surveyed, social networks come in sixth place. Gen Zers place more importance on information provided by people they know personally and also from Wikipedia. Gen Zers in Europe are twice as likely to agree that experts and certified professionals provide them with accurate information compared to social media, YPulse reports. Over two in five European Gen Zers turn to social media to learn new things reports YPulse. Budgeting helps creating a detailed plan to allocate resources wisely. SOME 44% of young Europeans from Generation Z use social networks to learn new things. But why do these platforms appeal so much to Gen Z and millennials? Because, while they may not trust these sources of information, they do offer a multitude of points of view — something that Gen Z users appreciate. In Europe, more than two in five young people from Generation Z turn to social networks to learn new things, according to a survey conducted by YPulse. Conducted among 2,500 young people aged 13 to 39 in the UK, Italy, Spain, France and Germany in July, the survey temptation to spend the money you intended to save, making it an effective way to build your nest egg over time. Cut unnecessary expenses Identifying and eliminating unnecessary expenses is an effective way to save money. Review your monthly expenditures and pinpoint areas where you can cut back without compromising your quality of life. This could include dining out less frequently, cancelling unused subscription services, or finding more affordable alternatives for daily expenses. By making small but meaningful changes, you can redirect funds towards savings or debt reduction. Remember, every dollar saved adds up and accelerates your journey towards financial security. Shop smart and make use of discounts Saving money on your everyday purchases is another impactful way to increase your savings. Before making any purchase, whether it is groceries, clothing, or electronics, research deals, discounts and coupons. Take advantage of cashback rewards, loyalty programmes, and credit card perks that offer savings or rewards on your purchases. Additionally, consider buying generic brands or comparing prices online to ensure you are getting the best value for your money. Over time, these small efforts can result in substantial savings. Invest wisely for the future Saving money is not just about accumulating cash; it is also about making your money work for you. Consider investing in stocks, bonds, mutual funds, or real estate to grow your wealth over time. While investments come with risks, they also offer the potential for significant returns. Diversify your investment portfolio to spread risk and consult with a financial advisor to ensure your investment choices align with your long-term goals. The power of compound interest can multiply your savings and help you achieve financial independence in the future. Saving money is a fundamental step towards achieving financial security and freedom. By creating a budget, automating savings, cutting unnecessary expenses, shopping smart and investing wisely, you can make substantial progress towards your financial goals. Remember that financial success is a journey, not a destination. Stay disciplined, remain focused on your objectives and adapt your strategies as needed. Over time, these five proven tips will empower you to save money, build wealth, and secure a brighter financial future for yourself and your loved ones. Budgeting empowers individuals to make informed financial decisions and avoid overspending. A well-structured budget can lead to increased savings, reduced debt and greater financial stability. Financial freedom oFive proven tips to save money and build wealth Budgeting is a vital financial tool that helps individuals and organisations manage their income and expenses effectively. – PICS BY PEXELS

21 * SPORTS theSUN ON WEDNESDAY | OCTOBER 11, 2023 $'9(57,6,1* 0$5.(7,1* (;(&87,9(&/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPHWRJHWKHU ZLWKDSKRWRRI\RXYLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN 302 Jobs PERISYTIHARAN JUALAN DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PERMOHONAN UNTUK PERLAKSANAAN NO:PA-38-246-04/2023 Dalam perkara mengenai Seksyen 256 dan 257 Kanun Tanah Negara, 1965 Dan Dalam perkara mengenai Gadaian Perserahan No: 0799SC2012008744 (bertarikh 23/02/2012) ke atas semua bahagian tanah yang dipegang di bawah Geran 60387/ M1/1/30, Lot 2887, Geran 60387/M1/2/71, Lot 2887, Geran 60387/M1/3/113, Lot 2887, Geran 60387/M1/4/155, Lot 2887, Mukim Bandar Prai, Daerah Seberang Perai Tengah Pulau Pinang Dan Dalam perkara mengenai Aturan 83 Kaedah- Kaedah Mahkamah, 2012 ANTARA Public Bank Berhad (No. Syarikat : 6463-H) .. PLAINTIF DAN Shashi Kala A/p Subramaniam (No. Kad Pengenalan : 700625065160) Wakil Diri Kepada Harta Pusaka Subramaniyam A/l Narayanaswamy (No. Kad Pengenalan : 630621075731) ...DEFENDAN Menurut Perintah Mahkamah Tinggi Malaya di PULAU PINANG mengenai Perintah Jualan dan Perintah bertarikh 20 Disember 2018 dan 25 Ogos 2023, adalah dengan ini diisytiharkan bahawa Timbalan Pendaftar/Penolong Kanan Pendaftar Pusat Operasi e-Lelong di Kuantan AKAN MENJUAL SECARA LELONG AWAM Pada Hari Isnin, 30 Oktober 2023, Pada Jam 11:00 pagi, SECARA ELEKTRONIK DI LAMAN WEB e-LELONG, PUSAT OPERASI e-LELONG, KOMPLEKS MAHKAMAH KUANTAN, PAHANG DARUL MAKMUR NOTA: Bakal pembeli adalah dinasihatkan agar membuat carian Hakmilik secara rasmi di Pejabat Tanah dan memeriksa semua tanggungan, bebanan serta mengenal pasti dengan tepat hartanah tersebut sebelum juaIan lelongan dijaIankan. Sila layari https://eIeIong.kehakiman.gov.my/bidderweb BUTIR-BUTIR HAKMILIK: No. No. Hakmilik No. Lot Sekatan Kepentingan Cukai Tahunan (RM) 1 Geran 60387/M1/1/30 Lot 2887 Tiada 104. 0000000000 278.00 2 Geran 60387/M1/2/71 Lot 2887 Tiada 113. 0000000000 302.00 3 Geran 60387/M1/3/113 Lot 2887 Tiada 117. 0000000000 313.00 4 Geran 60387/M1/4/155 Lot 2887 Tiada 117. 0000000000 313.00 Mukim/Daerah/Negeri : Bandar Prai / Seberang Perai Tengah / Pulau Pinang Pegangan : Hakmilik Kekal Pemilik Berdaftar : Subramaniyam a/l Narayanaswamy Syarat Nyata : Petak ini hendaklah digunakan untuk tujuan kedai sahaja, Petak ini hendaklah digunakan untuk tujuan pejabat sahaja Deskripsi hartanah : “An intermediate stratified four-storey shop/office” Sekatan Kepentingan : The land hereby alienated shall not be sub-divided Bebanan / Lain-Lain : Kawasan Rizab : Kaveat : LOKASI DAN PERIHAL HARTANAH : Hartanah tersebut adalah “ An intermediate stratified four-storey shop/office” yang beralamat pos di No. 2805, Jalan Chain Ferry, Taman Inderawasih, 13600, Perai, Pulau Pinang. HARGA RIZAB : Hartanah tersebut akan dijual atas “sepertimana sedia ada” tertakluk kepada satu harga rizab sebanyak RM 950,000.00 (RINGGIT MALAYSIA: SEMBILAN RATUS LIMA PULUH RIBU SAHAJA) dan kepada syarat-syarat jualan yang dilampirkan. Pembida yang berminat hendaklah mendepositkan 10% daripada harga rizab dalam bentuk Bank Draf di atas nama PUBLIC BANK BERHAD 1 HARI BEKERJA sebelum tarikh lelong awam. Baki harga belian hendaklah dibayar oleh pembida yang berjaya kepada PUBLIC BANK BERHAD dalam tempoh seratus dua puluh (120) hari dari tarikh jualan. Untuk butir- butir selanjutnya, sila berhubung dengan:- Firma Guaman : WONG-CHOOI & MOHD NOR Alamat : NO. 27, 1ST FLOOR JALAN MAJU JAYA PUSAT PERNIAGAAN MAJU JAYA, 14000 BUKIT MERTAJAM, PULAU PINANG No. Telefon : 04-5398855 No. Fax : 04-5395855 No. Rujukan : WCMN(BM)/PBB-HL/2023-063/SN(RS/j) Keluasan Tanah Meter Persegi Kaki Persegi 1119. 0000000000 1216. 0000000000 1259. 0000000000 1259. 0000000000 DALAM MAHKAMAH MAJISTRET DI SHAH ALAM DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA GUAMAN NO. BA-A72NCC-343-07/2023 ANTARA LBS CAPITAL SDN BHD (No. Syarikat: 199501019781 / 348984-W) …PLAINTIF DAN BALAMURUGAN A/L KALAIAVASAN (No. K/P: 860421-43-6559) …DEFENDAN NOTIS KEPADA : DEFENDAN BALAMURUGAN A/L KALAIAVASAN (No. K/P: 860421-43-6559) No. 36, Jalan BSC 1A/6 Bandar Seri Coalfields 47000 Sungai Buloh, Selangor AMBIL PERHATIAN bahawa suatu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 telah dikemukakan terhadap kamu di Mahkamah Majistret Shah Alam dalam perkara Guaman No. BAA72NCC-343-07/2023 oleh LBS CAPITAL SDN BHD (No. Syarikat: 199501019781 / 348984-W) yang beralamat di L3A-21, Plaza Seri Setia, Level 4, No. 1 Jalan SS9/2, 47300 Petaling Jaya, Selangor dan Mahkamah telah memerintahkan bahawa Plaintif diberi kebebasan dan/ atau kebenaran untuk menyampaikan satu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 kepada kamu dengan cara penyampaian ganti, yakni dengan menampalkan satu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 serta satu salinan bermeterai Perintah Penyampaian Ganti bertarikh 22 September 2023 di Papan Kenyataan Mahkamah Majistret Shah Alam dan pada suatu tempat yang mudah dilihat di alamat Defendan di No. 36, Jalan BSC 1A/6, Bandar Seri Coalfields, 47000 Sungai Buloh, Selangor dan menyebabkan suatu Notis diiklankan dalam akhbar harian “The Sun Daily” untuk sekali dalam Bahasa Malaysia dan penampalanpenampalan dan pengiklanan tersebut hendaklah menjadi penyampaian yang sempurna dan cukup akan Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 ke atas kamu tujuh (7) hari selepas tarikh akhir penampalanpenampalan dan pengiklanan dibuat. Kos permohonan ini adalah dijadikan kos dalam kausa. Jika kamu berhasrat untuk membela tindakan tersebut, kamu mestilah dalam tempoh dua puluh satu (21) hari selepas penampalan-penampalan dan pengiklanan tersebut, kamu hendaklah menyebabkan suatu kehadiran dimasukkan untuk diri kamu dalam kausa atas guaman dengan mencatatkan kehadiran samada sendiri atau melalui peguam di Pejabat Pendaftaran Majistret Shah Alam dan ambil perhatian, bahawa dalam keingkaran kamu berbuat demikian Plaintif boleh meneruskan untuk mendapatkan penghakiman ingkar terhadap kamu. Bertarikh pada 22 September 2023. DITANDATANGANI OLEH TETUAN FYIONA, LAI & DENNIS THONG ………………………… PEGUAMCARA BAGI PLAINTIF NOTIS ini difailkan oleh Tetuan Fyiona, Lai & Dennis Thong, peguamcara bagi pihak Plaintif yang dinamakan di atas dan mempunyai alamat penyampaiannya di No. 13A-3, Menara 1 Mont Kiara, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur. Tel: 03-6211 1128 / 017-666 2721 Fax: 03-6211 9393 Emel: [email protected] [Ruj: YF.FL.MLA.797.23.LBS(Bala)] DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PENGGULUNGAN SYARIKAT NO. PA-28NCC-115-09/2023 Dalam perkara mengenai Seksyen 465(1)(e) & (h) dan 466(1)(a), (b) & (c) Akta Syarikat 2016 Dan Dalam perkara mengenai Nova Mulia Development Sdn Bhd (No. Syarikat: 200501002019 (679065-U)) ANTARA 1. KEVIN A/L THIRULOGA SHUNMUGA SINGHAM (NO. K.P.: 801225-07-5637) 2. NG MIAO HONG (NO. K.P.: 800708-07-5004) …PEMPETISYEN-PEMPETISYEN DAN NOVA MULIA DEVELOPMENT SDN. BHD. (200501002019/679065-U) …RESPONDEN IKLAN PETISYEN NOTIS ADALAH DENGAN INI DIBERI bahawa suatu Petisyen untuk menggulungkan Syarikat tersebut di atas oleh Mahkamah Tinggi Pulau Pinang telah, pada 25 September 2023, dikemukakan oleh Kevin A/L Thiruloga Shunmuga Singham dan Ng Miao Hong. Dan Petisyen tersebut diarahkan supaya didengar di hadapan Mahkamah yang bersidang di Pulau Pinang pada 29 November 2023 pada pukul 9.00 pagi; dan mana-mana pemiutang atau penyumbang Syarikat tersebut yang ingin menyokong atau menentang sesuatu Perintah mengikut Petisyen tersebut boleh hadir pada waktu pendengaran secara peribadi atau melalui Peguamnya untuk tujuan tersebut; dan sesalinan Petisyen tersebut akan dibekalkan oleh pihak yang bertandatangan dibawah ini kepada mana-mana pemiutang atau penyumbang Syarikat tersebut yang memintanya dengan membuat bayaran yang ditetapkan. Alamat Pempetisyen-pempetisyen adalah di 99E-19-06, I-Regency Condominium, Jalan Bukit Gambir, 11700 Gelugor, Pulau Pinang. Peguamcara Pempetisyen-pempetisyen ialah Tetuan SC Tan yang beralamat di 105-9-7 Hexagon Tech Park, Jalan Gurdwara, 10300 Penang. t.t ..................................... Tetuan SC Tan Peguamcara bagi pihak Pempetisyen-pempetisyen Nota: Sesiapa yang ingin hadir pada hari pendengaran Petisyen tersebut hendaklah menyampaikan atau menghantar dengan pos, kepada Tetuan SC Tan, suatu notis bertulis tentang niatnya sebegitu. Notis tersebut mestilah menyatakan nama dan alamat pihak berkenaan, atau jika ia sebuah firma, nama dan alamat firma, dan mestilah ditandatangani oleh pihak atau firma berkenaan atau peguamcaranya (jika ada) dan hendaklah disampaikan, ataupun jika dihantar dengan pos, hendaklah dihantar dalam jangka masa yang mencukupi supaya sampai kepada pihak yang dinamakan di atas tidak lewat dari pukul 12.00 tengah hari pada 28 November 2023 (sehari sebelum tarikh yang ditetapkan untuk pendengaran Petisyen tersebut). Iklan Petisyen ini difailkan oleh Tetuan SC Tan, Peguamcara pihak Pempetisyen-pempetisyen yang beralamat di 105-9-7 Hexagon Tech Park, Jalan Gurdwara, 10300 Penang. [No. Tel. 04-293 6382] [No. Fax 04-293 6381] [Ruj: L/TSC/20-6/10333] 322 Notices 322 Notices DALAM MAHKAMAH MAJISTRET DI KLANG DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA GUAMAN NO : BL-A72NCC-489-08/2023 ANTARA TAN AH KHENG (No. K/P: 751113-08-6013) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya TAN HUAT HEAVY MACHINERY, No. Pendaftaran Perniagaan: 001200478-U) … PLAINTIF DAN 1. RAMESH CRANE SERVICES (No. Pendaftaran Perniagaan: 200203021860 [001336997-V]) 2. RAMESH A/L SUPPIAH (No. K/P: 740906-10-5241 / A2878488) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya RAMESH CRANE SERVICES, No. Pendaftaran Peniagaan: 001336997-V) … DEFENDAN-DEFENDAN NOTIS Kepada :- RAMESH A/L SUPPIAH (No. K/P: 740906-10-5241) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya RAMESH CRANE SERVICES, No. Pendaftaran Peniagaan: 001336997-V) Lot 6207, Bt. 8 ½, Kg. Perepat, 42200 Kapar, Selangor. AMBIL PERHATIAN bahawa suatu tindakan telah dimulakan terhadap kamu di Mahkamah Majistret di Klang oleh TAN AH KHENG (No. K/P: 751113- 08-6013) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya TAN HUAT HEAVY MACHINERY, No. Pendaftaran Perniagaan: 001200478- U) yang mempunyai alamat di D-56-2, Dataran C180/1, Cheras Selatan, 43200 Selangor, di mana Plaintif menuntut jumlah wang yang tertunggak dan terhutang sebanyak RM21,330.00 dan/ atau mana-mana bahagian daripada jumlah tersebut, pemulihan yuran guaman yang sebanyak RM5,300.00 yang dibayar oleh Pihak Plaintif kepada peguamcaranya dan kadar faedah sebanyak 5% setahun ke atas jumlah wang tersebut daripada tarikh pemfailan writ saman sehingga tarikh penyelesaian penuh dan kos. Dan adalah diperintahkan bahawa Writ Saman dan Pernyataan Tuntutan diserahkan secara penyampaian ganti terhadap kami dengan menampalkan sesalinan Writ Saman dan Pernyataan Tuntutan Bersama dengan perintah penyampaian ganti di Papan Notis Mahkamah Majistret di Klang dan alamat di atas dengan cara pengiklanan Notis ini di dalam satu akhbar harian iaitu “the Sun” dimana penampalan dan pengiklanan tersebut adalah serahan yang sempurna ke atas kamu empat belas (14) hari selepas tarikh terakhir penampalan atau pengiklanan. Bertarikh 27 September, 2023. ………………………… Tetuan Christopher Yeo & KP Chang Peguamcara bagi pihak Plaintif Notis ini difailkan oleh Tetuan Christopher Yeo & KP Chang, Peguambela dan Peguamcara, beralamat di. Unit 9.08, Menara MBMR, No. 1, Jalan Syed Putra, 58000 Kuala Lumpur. Tel: 03-2703 1605 Faks: 03-2703 1615 Ruj: CC/Misc/Kenji/2023 – Tan Huat Crane (Ramesh Crane Service) 322 Notices 322 Notices IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE FEDERAL TERRITORY OF MALAYSIA COM PANIES WINDING - UP NO: WA-28 NCC-939-09/2023 In the matter of Section 466 of the Companies Act, 20 16 And In the matter of TEAMWORK ALLGAIN SDN BHD (Company No.: 200301024945 (627365-X) BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD (Company No. 199101010745 [221057-V]) PETITIONER AND TEAMWORK ALLGAIN SDN BHD (Company No. 200301024945 (627365-X) RESPONDENT ADVERTISEMENT OF PETITION Notice is hereby given that a petition for winding-up of the above-named company by the High Court was, on the 19th day of September 2023 presented by Perbadanan Usahawan NasionaI Berhad of Level 10, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. And that the said petition is directed to be heard before the High Court sitting at Kuala Lumpur, at 9.00 o clock in the morning, on the 18th day of January, 2024; and any creditor or contributory of the said Company desiring to support or oppose the making of an order on the said petition may appear at the time of hearing by himseIf or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is Level 10, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. Petitioner’s Solicitor is Messrs Ghazi & Lim of 12th Floor, Unit New Asia , Jalan Raja Chulan, 50200 Kuala Lumpur. .........t.t.......... Ghazi & Lim Solicitors for the Petitioner NOTE : Any person who intends to appear on the hearing of the said petition must serve on or send by post to the abovenamed Messrs Ghazi & Lim , notice in writing of his intentio n to do so . The notice must state the name and address of the person, or if a firm , the name and address of the firm , and must be signed by the person or firm , or his or their solicitor (if any) and must be served, or if posted , must be sent by post in sufficient time to reach the above-named not Iater than twelve (12. 00) o’clock noon of the 17th day of January, 2024. This Notice is filed by Messrs. G hazi & Lim, Advocates for and behalf of the Petitioner whose address for service is at 12th Level, Unit 8,Wisma New Asia, Jalan Raja Chulan, 50200 Kuala Lumpur. (Ref: P165/22/M RG/NSN) [Tel: 03-21 450177 I Faks: 03-21413882] IN THE HIGH COURT OF MALAYA AT KOTA BHARU IN THE STATE OF KELANTAN DARUL NAIM, MALAYSIA COMPANIES WINDING-UP NO.: DA-28NCC-27-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Windingup) Rules 1972 AND In the matter of Cepromas Cartrade (Rawang) Sdn. Bhd. [Company No. : 201701006699 (1220864-H)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] …PETITIONER AND CEPROMAS CARTRADE (RAWANG) SDN. BHD. [COMPANY NO.: 201701006699 (1220864-H)] …RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Kota Bharu was on the 26th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Kota Bharu on Wednesday, the 29th day of November 2023 at 9:00 o’clock in the forenoon and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 10th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 28th day of November. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocate & Solicitor on behalf of the Petitioner of No. 5-1-1, Jalan Medan PB4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (Tel: 03 89221485) (email: [email protected]) (Ref No.: WS/PUNB/CCRSB/1481(L)nsa IN THE MATTER OF THE COMPANIES ACT, 2016 and IN THE MATTER OF SANTUN JENDELA SDN. BHD. Registration No: 200501005539 (682586-M) (In Members’ Voluntary Winding-Up) NOTICE IS HEREBY GIVEN that pursuant to Section 459(2) of the Companies Act, 2016, the Final Meeting of the contributories of the abovenamed Company will be held at the Liquidator’s office at Wisma Goshen, 2nd Floor, 60, 62 & 64 Jalan SS 22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 15th day of November, 2023 at 10.00 a.m. for the following purposes:- 1. To lay before the meeting the Liquidator’s statement of account and to give explanations thereof. 2. To decide under Section 518(3) (b) of the Companies Act, 2016, the manner in which the books, accounts and documents of the Company may be destroyed. Dated this 11th day of October, 2023. Sultan Maracan Bin Nagor Pichi Liquidator NOTE: A contributory entitled to attend and vote at the abovementioned meeting is entitled to appoint a proxy who need not be a member of the Company to attend and vote in his stead. The instrument appointing a proxy must be duly deposited at the Liquidators’ office, not less than 48 hours before the time of the meeting. DALAM MAHKAMAH MAJISTRET DI PETALING JAYA DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA PERMOHONAN PELAKSANAAN NO.: BB-76J-177-07/2023 ANTARA TENAGA NASIONAL BERHAD [No. Syarikat: 199001009294 (200866-W)] …PEMIUTANG PENGHAKIMAN DAN BAKRI BIN ARIFFIN [NO. K/P.: 581004-10-5925/5523938] ...PENGHUTANG PENGHAKIMAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, BAKRI BIN ARIFFIN [NO. K. P.: 581004-10-5925/5523938] Perumahan Rakyat MPSJ (kini dikenali sebagai Pangsapuri Enggang) C-5-7 BK 6, Bandar Kinrara 47180 Puchong, Selangor Darul Ehsan. Dalam perkara Saman Penghutang Penghakiman yang dikeluarkan pada 31 haribulan Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Saman Penghutang Penghakiman telah dikeluarkan terhadap Penghutang Penghakiman dalam Mahkamah Majistret di Petaling Jaya dalam Permohonan Pelaksanaan No. BB-76J-177-07/2023 oleh Tenaga Nasional Berhad [No. Syarikat: 199001009294] (200866-W)] di mana tuntutan Penghutang Penghakiman ialah untuk jumlah RM11,462.22 setakat 12/6/2023 berserta faedah pada kadar 5% setahun dari tarikh 10/5/2023 sehingga 12/6/2023 sebanyak RM53.39, faedah ke atas jumlah RM11,462.22 pada kadar 5% setahun dari 13/6/2023 sehingga 31/7/2023 sebanyak RM76.94 dan kos sebanyak RM841.00 dan berikutan dengan penghakiman itu masih lagi berhutang sebanyak RM12,433.55 dan adalah diperintahkan bahawa sesalinan Saman Penghutang Penghakiman bertarikh 31/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 12/6/2023 disampaikan terhadap Penghutang Penghakiman di atas melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Saman Penghutang Penghakiman bertarikh 31/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 12/6/2023 tersebut di Papan Notis Mahkamah ini, penampalan di alamat Penghutang Penghakiman di Perumahan Rakyat MPSJ (kini dikenali sebagai Pangsapuri Enggang) C-5-7, BK 6, Bandar Kinrara, 47180 Puchong, Selangor Darul Ehsan (selepas ini “alamat Penghutang Penghakiman”) dan juga mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Penghutang Penghakiman tersebut empat belas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Majistret Petaling Jaya pada 2/11/2023 (secara E-Review), jam 9.00 pagi. Sekiranya kamu gagal berbuat demikian maka Waran Tangkap akan dimasukkan terhadap kamu. Bertarikh pada 11 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301, Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/TNB/BAKRI/1897/2023/SA) 322 Notices 322 Notices 322 Notices 322 Notices $'9(57,6,1* 0$5.(7,1* (;(&87,9(&/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPHWRJHWKHU ZLWKDSKRWRRI\RXYLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN 302 Jobs PERISYTIHARAN JUALAN DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PERMOHONAN UNTUK PERLAKSANAAN NO:PA-38-246-04/2023 Dalam perkara mengenai Seksyen 256 dan 257 Kanun Tanah Negara, 1965 Dan Dalam perkara mengenai Gadaian Perserahan No: 0799SC2012008744 (bertarikh 23/02/2012) ke atas semua bahagian tanah yang dipegang di bawah Geran 60387/ M1/1/30, Lot 2887, Geran 60387/M1/2/71, Lot 2887, Geran 60387/M1/3/113, Lot 2887, Geran 60387/M1/4/155, Lot 2887, Mukim Bandar Prai, Daerah Seberang Perai Tengah Pulau Pinang Dan Dalam perkara mengenai Aturan 83 Kaedah- Kaedah Mahkamah, 2012 ANTARA Public Bank Berhad (No. Syarikat : 6463-H) .. PLAINTIF DAN Shashi Kala A/p Subramaniam (No. Kad Pengenalan : 700625065160) Wakil Diri Kepada Harta Pusaka Subramaniyam A/l Narayanaswamy (No. Kad Pengenalan : 630621075731) ...DEFENDAN Menurut Perintah Mahkamah Tinggi Malaya di PULAU PINANG mengenai Perintah Jualan dan Perintah bertarikh 20 Disember 2018 dan 25 Ogos 2023, adalah dengan ini diisytiharkan bahawa Timbalan Pendaftar/Penolong Kanan Pendaftar Pusat Operasi e-Lelong di Kuantan AKAN MENJUAL SECARA LELONG AWAM Pada Hari Isnin, 30 Oktober 2023, Pada Jam 11:00 pagi, SECARA ELEKTRONIK DI LAMAN WEB e-LELONG, PUSAT OPERASI e-LELONG, KOMPLEKS MAHKAMAH KUANTAN, PAHANG DARUL MAKMUR NOTA: Bakal pembeli adalah dinasihatkan agar membuat carian Hakmilik secara rasmi di Pejabat Tanah dan memeriksa semua tanggungan, bebanan serta mengenal pasti dengan tepat hartanah tersebut sebelum juaIan lelongan dijaIankan. Sila layari https://eIeIong.kehakiman.gov.my/bidderweb BUTIR-BUTIR HAKMILIK: No. No. Hakmilik No. Lot Sekatan Kepentingan Cukai Tahunan (RM) 1 Geran 60387/M1/1/30 Lot 2887 Tiada 104. 0000000000 278.00 2 Geran 60387/M1/2/71 Lot 2887 Tiada 113. 0000000000 302.00 3 Geran 60387/M1/3/113 Lot 2887 Tiada 117. 0000000000 313.00 4 Geran 60387/M1/4/155 Lot 2887 Tiada 117. 0000000000 313.00 Mukim/Daerah/Negeri : Bandar Prai / Seberang Perai Tengah / Pulau Pinang Pegangan : Hakmilik Kekal Pemilik Berdaftar : Subramaniyam a/l Narayanaswamy Syarat Nyata : Petak ini hendaklah digunakan untuk tujuan kedai sahaja, Petak ini hendaklah digunakan untuk tujuan pejabat sahaja Deskripsi hartanah : “An intermediate stratified four-storey shop/office” Sekatan Kepentingan : The land hereby alienated shall not be sub-divided Bebanan / Lain-Lain : Kawasan Rizab : Kaveat : LOKASI DAN PERIHAL HARTANAH : Hartanah tersebut adalah “ An intermediate stratified four-storey shop/office” yang beralamat pos di No. 2805, Jalan Chain Ferry, Taman Inderawasih, 13600, Perai, Pulau Pinang. HARGA RIZAB : Hartanah tersebut akan dijual atas “sepertimana sedia ada” tertakluk kepada satu harga rizab sebanyak RM 950,000.00 (RINGGIT MALAYSIA: SEMBILAN RATUS LIMA PULUH RIBU SAHAJA) dan kepada syarat-syarat jualan yang dilampirkan. Pembida yang berminat hendaklah mendepositkan 10% daripada harga rizab dalam bentuk Bank Draf di atas nama PUBLIC BANK BERHAD 1 HARI BEKERJA sebelum tarikh lelong awam. Baki harga belian hendaklah dibayar oleh pembida yang berjaya kepada PUBLIC BANK BERHAD dalam tempoh seratus dua puluh (120) hari dari tarikh jualan. Untuk butirbutir selanjutnya, sila berhubung dengan:- Firma Guaman : WONG-CHOOI & MOHD NOR Alamat : NO. 27, 1ST FLOOR JALAN MAJU JAYA PUSAT PERNIAGAAN MAJU JAYA, 14000 BUKIT MERTAJAM, PULAU PINANG No. Telefon : 04-5398855 No. Fax : 04-5395855 No. Rujukan : WCMN(BM)/PBB-HL/2023-063/SN(RS/j) Keluasan Tanah Meter Persegi Kaki Persegi 1119. 0000000000 1216. 0000000000 1259. 0000000000 1259. 0000000000 DALAM MAHKAMAH MAJISTRET DI SHAH ALAM DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA GUAMAN NO. BA-A72NCC-343-07/2023 ANTARA LBS CAPITAL SDN BHD (No. Syarikat: 199501019781 / 348984-W) …PLAINTIF DAN BALAMURUGAN A/L KALAIAVASAN (No. K/P: 860421-43-6559) …DEFENDAN NOTIS KEPADA : DEFENDAN BALAMURUGAN A/L KALAIAVASAN (No. K/P: 860421-43-6559) No. 36, Jalan BSC 1A/6 Bandar Seri Coalfields 47000 Sungai Buloh, Selangor AMBIL PERHATIAN bahawa suatu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 telah dikemukakan terhadap kamu di Mahkamah Majistret Shah Alam dalam perkara Guaman No. BAA72NCC-343-07/2023 oleh LBS CAPITAL SDN BHD (No. Syarikat: 199501019781 / 348984-W) yang beralamat di L3A-21, Plaza Seri Setia, Level 4, No. 1 Jalan SS9/2, 47300 Petaling Jaya, Selangor dan Mahkamah telah memerintahkan bahawa Plaintif diberi kebebasan dan/ atau kebenaran untuk menyampaikan satu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 kepada kamu dengan cara penyampaian ganti, yakni dengan menampalkan satu salinan bermeterai Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 serta satu salinan bermeterai Perintah Penyampaian Ganti bertarikh 22 September 2023 di Papan Kenyataan Mahkamah Majistret Shah Alam dan pada suatu tempat yang mudah dilihat di alamat Defendan di No. 36, Jalan BSC 1A/6, Bandar Seri Coalfields, 47000 Sungai Buloh, Selangor dan menyebabkan suatu Notis diiklankan dalam akhbar harian “The Sun Daily” untuk sekali dalam Bahasa Malaysia dan penampalanpenampalan dan pengiklanan tersebut hendaklah menjadi penyampaian yang sempurna dan cukup akan Writ bertarikh 21 Julai 2023 dan Pernyataan Tuntutan bertarikh 21 Julai 2023 ke atas kamu tujuh (7) hari selepas tarikh akhir penampalanpenampalan dan pengiklanan dibuat. Kos permohonan ini adalah dijadikan kos dalam kausa. Jika kamu berhasrat untuk membela tindakan tersebut, kamu mestilah dalam tempoh dua puluh satu (21) hari selepas penampalan-penampalan dan pengiklanan tersebut, kamu hendaklah menyebabkan suatu kehadiran dimasukkan untuk diri kamu dalam kausa atas guaman dengan mencatatkan kehadiran samada sendiri atau melalui peguam di Pejabat Pendaftaran Majistret Shah Alam dan ambil perhatian, bahawa dalam keingkaran kamu berbuat demikian Plaintif boleh meneruskan untuk mendapatkan penghakiman ingkar terhadap kamu. Bertarikh pada 22 September 2023. DITANDATANGANI OLEH TETUAN FYIONA, LAI & DENNIS THONG ………………………… PEGUAMCARA BAGI PLAINTIF NOTIS ini difailkan oleh Tetuan Fyiona, Lai & Dennis Thong, peguamcara bagi pihak Plaintif yang dinamakan di atas dan mempunyai alamat penyampaiannya di No. 13A-3, Menara 1 Mont Kiara, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur. Tel: 03-6211 1128 / 017-666 2721 Fax: 03-6211 9393 Emel: [email protected] [Ruj: YF.FL.MLA.797.23.LBS(Bala)] DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PENGGULUNGAN SYARIKAT NO. PA-28NCC-115-09/2023 Dalam perkara mengenai Seksyen 465(1)(e) & (h) dan 466(1)(a), (b) & (c) Akta Syarikat 2016 Dan Dalam perkara mengenai Nova Mulia Development Sdn Bhd (No. Syarikat: 200501002019 (679065-U)) ANTARA 1. KEVIN A/L THIRULOGA SHUNMUGA SINGHAM (NO. K.P.: 801225-07-5637) 2. NG MIAO HONG (NO. K.P.: 800708-07-5004) …PEMPETISYEN-PEMPETISYEN DAN NOVA MULIA DEVELOPMENT SDN. BHD. (200501002019/679065-U) …RESPONDEN IKLAN PETISYEN NOTIS ADALAH DENGAN INI DIBERI bahawa suatu Petisyen untuk menggulungkan Syarikat tersebut di atas oleh Mahkamah Tinggi Pulau Pinang telah, pada 25 September 2023, dikemukakan oleh Kevin A/L Thiruloga Shunmuga Singham dan Ng Miao Hong. Dan Petisyen tersebut diarahkan supaya didengar di hadapan Mahkamah yang bersidang di Pulau Pinang pada 29 November 2023 pada pukul 9.00 pagi; dan mana-mana pemiutang atau penyumbang Syarikat tersebut yang ingin menyokong atau menentang sesuatu Perintah mengikut Petisyen tersebut boleh hadir pada waktu pendengaran secara peribadi atau melalui Peguamnya untuk tujuan tersebut; dan sesalinan Petisyen tersebut akan dibekalkan oleh pihak yang bertandatangan dibawah ini kepada mana-mana pemiutang atau penyumbang Syarikat tersebut yang memintanya dengan membuat bayaran yang ditetapkan. Alamat Pempetisyen-pempetisyen adalah di 99E-19-06, I-Regency Condominium, Jalan Bukit Gambir, 11700 Gelugor, Pulau Pinang. Peguamcara Pempetisyen-pempetisyen ialah Tetuan SC Tan yang beralamat di 105-9-7 Hexagon Tech Park, Jalan Gurdwara, 10300 Penang. t.t ..................................... Tetuan SC Tan Peguamcara bagi pihak Pempetisyen-pempetisyen Nota: Sesiapa yang ingin hadir pada hari pendengaran Petisyen tersebut hendaklah menyampaikan atau menghantar dengan pos, kepada Tetuan SC Tan, suatu notis bertulis tentang niatnya sebegitu. Notis tersebut mestilah menyatakan nama dan alamat pihak berkenaan, atau jika ia sebuah firma, nama dan alamat firma, dan mestilah ditandatangani oleh pihak atau firma berkenaan atau peguamcaranya (jika ada) dan hendaklah disampaikan, ataupun jika dihantar dengan pos, hendaklah dihantar dalam jangka masa yang mencukupi supaya sampai kepada pihak yang dinamakan di atas tidak lewat dari pukul 12.00 tengah hari pada 28 November 2023 (sehari sebelum tarikh yang ditetapkan untuk pendengaran Petisyen tersebut). Iklan Petisyen ini difailkan oleh Tetuan SC Tan, Peguamcara pihak Pempetisyen-pempetisyen yang beralamat di 105-9-7 Hexagon Tech Park, Jalan Gurdwara, 10300 Penang. [No. Tel. 04-293 6382] [No. Fax 04-293 6381] [Ruj: L/TSC/20-6/10333] 322 Notices 322 Notices DALAM MAHKAMAH MAJISTRET DI KLANG DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA GUAMAN NO : BL-A72NCC-489-08/2023 ANTARA TAN AH KHENG (No. K/P: 751113-08-6013) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya TAN HUAT HEAVY MACHINERY, No. Pendaftaran Perniagaan: 001200478-U) … PLAINTIF DAN 1. RAMESH CRANE SERVICES (No. Pendaftaran Perniagaan: 200203021860 [001336997-V]) 2. RAMESH A/L SUPPIAH (No. K/P: 740906-10-5241 / A2878488) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya RAMESH CRANE SERVICES, No. Pendaftaran Peniagaan: 001336997-V) … DEFENDAN-DEFENDAN NOTIS Kepada :- RAMESH A/L SUPPIAH (No. K/P: 740906-10-5241) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya RAMESH CRANE SERVICES, No. Pendaftaran Peniagaan: 001336997-V) Lot 6207, Bt. 8 ½, Kg. Perepat, 42200 Kapar, Selangor. AMBIL PERHATIAN bahawa suatu tindakan telah dimulakan terhadap kamu di Mahkamah Majistret di Klang oleh TAN AH KHENG (No. K/P: 751113- 08-6013) (menjalankan perniagaan milikan tunggal dibawah nama dan gaya TAN HUAT HEAVY MACHINERY, No. Pendaftaran Perniagaan: 001200478- U) yang mempunyai alamat di D-56-2, Dataran C180/1, Cheras Selatan, 43200 Selangor, di mana Plaintif menuntut jumlah wang yang tertunggak dan terhutang sebanyak RM21,330.00 dan/ atau mana-mana bahagian daripada jumlah tersebut, pemulihan yuran guaman yang sebanyak RM5,300.00 yang dibayar oleh Pihak Plaintif kepada peguamcaranya dan kadar faedah sebanyak 5% setahun ke atas jumlah wang tersebut daripada tarikh pemfailan writ saman sehingga tarikh penyelesaian penuh dan kos. Dan adalah diperintahkan bahawa Writ Saman dan Pernyataan Tuntutan diserahkan secara penyampaian ganti terhadap kami dengan menampalkan sesalinan Writ Saman dan Pernyataan Tuntutan Bersama dengan perintah penyampaian ganti di Papan Notis Mahkamah Majistret di Klang dan alamat di atas dengan cara pengiklanan Notis ini di dalam satu akhbar harian iaitu “the Sun” dimana penampalan dan pengiklanan tersebut adalah serahan yang sempurna ke atas kamu empat belas (14) hari selepas tarikh terakhir penampalan atau pengiklanan. Bertarikh 27 September, 2023. ………………………… Tetuan Christopher Yeo & KP Chang Peguamcara bagi pihak Plaintif Notis ini difailkan oleh Tetuan Christopher Yeo & KP Chang, Peguambela dan Peguamcara, beralamat di. Unit 9.08, Menara MBMR, No. 1, Jalan Syed Putra, 58000 Kuala Lumpur. Tel: 03-2703 1605 Faks: 03-2703 1615 Ruj: CC/Misc/Kenji/2023 – Tan Huat Crane (Ramesh Crane Service) 322 Notices 322 Notices IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE FEDERAL TERRITORY OF MALAYSIA COM PANIES WINDING - UP NO: WA-28 NCC-939-09/2023 In the matter of Section 466 of the Companies Act, 20 16 And In the matter of TEAMWORK ALLGAIN SDN BHD (Company No.: 200301024945 (627365-X) BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD (Company No. 199101010745 [221057-V]) PETITIONER AND TEAMWORK ALLGAIN SDN BHD (Company No. 200301024945 (627365-X) RESPONDENT ADVERTISEMENT OF PETITION Notice is hereby given that a petition for winding-up of the above-named company by the High Court was, on the 19th day of September 2023 presented by Perbadanan Usahawan NasionaI Berhad of Level 10, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. And that the said petition is directed to be heard before the High Court sitting at Kuala Lumpur, at 9.00 o clock in the morning, on the 18th day of January, 2024; and any creditor or contributory of the said Company desiring to support or oppose the making of an order on the said petition may appear at the time of hearing by himseIf or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is Level 10, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. Petitioner’s Solicitor is Messrs Ghazi & Lim of 12th Floor, Unit New Asia , Jalan Raja Chulan, 50200 Kuala Lumpur. .........t.t.......... Ghazi & Lim Solicitors for the Petitioner NOTE : Any person who intends to appear on the hearing of the said petition must serve on or send by post to the abovenamed Messrs Ghazi & Lim , notice in writing of his intentio n to do so . The notice must state the name and address of the person, or if a firm , the name and address of the firm , and must be signed by the person or firm , or his or their solicitor (if any) and must be served, or if posted , must be sent by post in sufficient time to reach the above-named not Iater than twelve (12. 00) o’clock noon of the 17th day of January, 2024. This Notice is filed by Messrs. G hazi & Lim, Advocates for and behalf of the Petitioner whose address for service is at 12th Level, Unit 8,Wisma New Asia, Jalan Raja Chulan, 50200 Kuala Lumpur. (Ref: P165/22/M RG/NSN) [Tel: 03-21 450177 I Faks: 03-21413882] IN THE HIGH COURT OF MALAYA AT KOTA BHARU IN THE STATE OF KELANTAN DARUL NAIM, MALAYSIA COMPANIES WINDING-UP NO.: DA-28NCC-27-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Windingup) Rules 1972 AND In the matter of Cepromas Cartrade (Rawang) Sdn. Bhd. [Company No. : 201701006699 (1220864-H)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] …PETITIONER AND CEPROMAS CARTRADE (RAWANG) SDN. BHD. [COMPANY NO.: 201701006699 (1220864-H)] …RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Kota Bharu was on the 26th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Kota Bharu on Wednesday, the 29th day of November 2023 at 9:00 o’clock in the forenoon and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 10th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 28th day of November. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocate & Solicitor on behalf of the Petitioner of No. 5-1-1, Jalan Medan PB4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (Tel: 03 89221485) (email: [email protected]) (Ref No.: WS/PUNB/CCRSB/1481(L)nsa IN THE MATTER OF THE COMPANIES ACT, 2016 and IN THE MATTER OF SANTUN JENDELA SDN. BHD. Registration No: 200501005539 (682586-M) (In Members’ Voluntary Winding-Up) NOTICE IS HEREBY GIVEN that pursuant to Section 459(2) of the Companies Act, 2016, the Final Meeting of the contributories of the abovenamed Company will be held at the Liquidator’s office at Wisma Goshen, 2nd Floor, 60, 62 & 64 Jalan SS 22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 15th day of November, 2023 at 10.00 a.m. for the following purposes:- 1. To lay before the meeting the Liquidator’s statement of account and to give explanations thereof. 2. To decide under Section 518(3) (b) of the Companies Act, 2016, the manner in which the books, accounts and documents of the Company may be destroyed. Dated this 11th day of October, 2023. Sultan Maracan Bin Nagor Pichi Liquidator NOTE: A contributory entitled to attend and vote at the abovementioned meeting is entitled to appoint a proxy who need not be a member of the Company to attend and vote in his stead. The instrument appointing a proxy must be duly deposited at the Liquidators’ office, not less than 48 hours before the time of the meeting. DALAM MAHKAMAH MAJISTRET DI PETALING JAYA DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA PERMOHONAN PELAKSANAAN NO.: BB-76J-177-07/2023 ANTARA TENAGA NASIONAL BERHAD [No. Syarikat: 199001009294 (200866-W)] …PEMIUTANG PENGHAKIMAN DAN BAKRI BIN ARIFFIN [NO. K/P.: 581004-10-5925/5523938] ...PENGHUTANG PENGHAKIMAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, BAKRI BIN ARIFFIN [NO. K. P.: 581004-10-5925/5523938] Perumahan Rakyat MPSJ (kini dikenali sebagai Pangsapuri Enggang) C-5-7 BK 6, Bandar Kinrara 47180 Puchong, Selangor Darul Ehsan. Dalam perkara Saman Penghutang Penghakiman yang dikeluarkan pada 31 haribulan Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Saman Penghutang Penghakiman telah dikeluarkan terhadap Penghutang Penghakiman dalam Mahkamah Majistret di Petaling Jaya dalam Permohonan Pelaksanaan No. BB-76J-177-07/2023 oleh Tenaga Nasional Berhad [No. Syarikat: 199001009294] (200866-W)] di mana tuntutan Penghutang Penghakiman ialah untuk jumlah RM11,462.22 setakat 12/6/2023 berserta faedah pada kadar 5% setahun dari tarikh 10/5/2023 sehingga 12/6/2023 sebanyak RM53.39, faedah ke atas jumlah RM11,462.22 pada kadar 5% setahun dari 13/6/2023 sehingga 31/7/2023 sebanyak RM76.94 dan kos sebanyak RM841.00 dan berikutan dengan penghakiman itu masih lagi berhutang sebanyak RM12,433.55 dan adalah diperintahkan bahawa sesalinan Saman Penghutang Penghakiman bertarikh 31/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 12/6/2023 disampaikan terhadap Penghutang Penghakiman di atas melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Saman Penghutang Penghakiman bertarikh 31/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 12/6/2023 tersebut di Papan Notis Mahkamah ini, penampalan di alamat Penghutang Penghakiman di Perumahan Rakyat MPSJ (kini dikenali sebagai Pangsapuri Enggang) C-5-7, BK 6, Bandar Kinrara, 47180 Puchong, Selangor Darul Ehsan (selepas ini “alamat Penghutang Penghakiman”) dan juga mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Penghutang Penghakiman tersebut empat belas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Majistret Petaling Jaya pada 2/11/2023 (secara E-Review), jam 9.00 pagi. Sekiranya kamu gagal berbuat demikian maka Waran Tangkap akan dimasukkan terhadap kamu. Bertarikh pada 11 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301, Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/TNB/BAKRI/1897/2023/SA) 322 Notices 322 Notices 322 Notices 322 Notices Alcaraz in, Tsitsipas out of Shanghai Masters SHANGHAI MASTERS top seed Carlos Alcaraz fought through what he called “one of the toughest matches this year” to make the tournament’s final 16 yesterday, beating Britain’s Daniel Evans 7-6 (7-1), 6-4. The Spaniard is the only one of the tournament’s top four seeds left after Stefanos Tsitsipas of Greece crashed out in a late-night match to France’s Ugo Humbert 6-4, 3-6, 7-5. “That was probably one of the toughest matches I’ve played this year,” said the 20- year-old Alcaraz after the match. “I tried to stay all the time there, waiting for my opportunities. I had to stay strong mentally, stay strong physically… I’m really happy with the level that I played.” Alcaraz will next play Bulgarian Grigor Dimitrov, who earlier overcame a torrential downpour and a well-matched opponent in Russian Karen Khachanov to win 7-6 (8-6), 6- 4. Alcaraz is hoping to use his time in China to close the gap on the Serbian at the top of the ATP rankings and his pool of main rivals has shrunk as the competition has progressed. Second seed and defending champion Daniil Medvedev was upset by 26th-ranked Sebastian Korda on Sunday and third seed Holger Rune was taken out a round earlier. Greece’s Tsitsipas joined them yesterday, after a match in which the 25-year-old never really seemed to find consistent form. “At the end it was a little bit tight, I tried to move a bit in the last two games, and I’m very proud I did it,” Humbert said. He will next face American JJ Wolf, a challenge he called “not easy”. Also through to the final 16 is fifth seed and world No. 7 Andrey Rublev, who took out Humbert’s compatriot Adrian Mannarino 6-3, 6-0 in just an hour. Wildcard Diego Schwartzman also booked a place in the fourth round, knocking out world No. 8 Taylor Fritz in a thrilling thirdset tiebreaker on Monday. The diminutive Argentinian has seen his ranking slide from eighth in the world to 130th, but played his best tennis to topple American Fritz 6-4, 3-6, 7-6 (7-5). – AFP

22 theSUN ON WEDNESDAY | OCTOBER 11, 2023 SPORTS Verstappen clinches third world title Source: FIA Pictures: Getty Images Max Verstappen’s relentless drive to his third successive world drivers’ championship has firmly established the flying Dutchman as one of the modern Formula 1 icons © GRAPHIC NEWS VERSTAPPEN: BEHIND THE WHEEL ALL-TIME F1 RACE WINS 2015: F1 debut for Toro Rosso at Australian Grand Prix at age 17 – youngest ever F1 driver 2016: Joins Red Bull. Aged 18, victory in Barcelona makes him youngest F1 winner, replacing Sebastian Vettel 2017: Victories in Malaysia and Mexico secure sixth place in Championship 2018: Attacking driving style earns stern rebuke from team principal Christian Horner (right). Finishes fourth in standings 2019-20: Successive third-place finishes boost growing reputation 2023: 14 wins in 17 races to date, with two runner-up spots and one fifthplace finish. Clinches third F1 crown after second-place finish in Qatar sprint race 2021: Seizes maiden F1 title with dramatic final lap victory over Lewis Hamilton in Abu Dhabi, in contentious climax to season-long duel 2022: Wins second title, with new records for most wins (15) and points (454) in single season Lewis Hamilton Michael Schumacher Sebastian Vettel Alain Prost Max Verstappen Ayrton Senna (inset) Fernando Alonso Nigel Mansell Jackie Stewart Jim Clark Niki Lauda 103 91 53 51 49 41 32 31 27 25 25 Starts: 327 306 299 199 180 161 372 187 99 72 171 GBR GER GER FRA NED BRA ESP GBR GBR GBR AUT Jul 2023: Verstappen overhauls race tally of F1 legend Ayrton Senna at age 25, younger than Vettel (28), Hamilton (30), Schumacher (31) and Senna himself (33) @thesundaily FOLLOW ON INSTAGRAM SCAN ME Formula for change FIA boss fires ‘money’ accusations at all F1 teams FIA president Mohammed Ben Sulayem has reiterated his support for Michael Andretti’s bid to join the F1 grid, claiming that the opposition coming from the current roster of teams is rooted solely in financial motivations. The American motorsport group, owned and operated by racing legend Michael Andretti, have already been approved to join the sport by its governing body, the FIA, but they must now convince the 10 teams that make up the grid to facilitate their entry. This could prove a sticking point for Andretti’s hopes of joining the grid with teams at the bottom end of the standings fearful that their arrival could provide more unwanted competition for prize money and teams at the top unconvinced about the benefits they would bring to the sport. “I believe it’s about money,” Mohammed told Sky Sports F1 when discussing the current 10 teams’ opposition to Andretti’s entry bid. “I can’t think of anything (else). As I said before, it’s money to the teams. With the cost cap, look at how much it’s worth now. “Teams are worth billions, some of them. For us, it’s the spirit of the sport. It’s sustaining motorsport, sustaining the business. To them, it is money and more money. And we have nothing against this, it’s up to them.” While the attitude from the team principals and financial backers has been overwhelmingly negative about the idea of an 11th team joining the F1 grid, the drivers have revealed much more varied opinions on the subject. When asked for his opinion, three-time world champion Max Verstappen said: “Of course, in terms of competition it would probably be a nice thing. “That’s why it’s very hard to understand, from what I’ve seen and heard it looks very professional and they want to come in and of course, with the Andretti name they are a big name. Lewis Hamilton was initially positive when asked but later stated his opposition on social media, replying to a fan saying: “Nope, don’t support Andretti. Just the idea of another team in future if it’s a chance to make our sport more diverse.” His Mercedes teammate George Russell was much more undecided, stating: “I’m not for or against. But definitely, if there were an extra team, it’s got to be a quality outfit – one that can add to the sport and we want to see competition.” Mohammed said Andretti could also enter without a commercial agreement, although whether they would want to is another matter. “We hope not. But it could happen. It can happen,” he said. He dismissed talk of a power struggle between Formula One and the FIA but emphasised the governing body’s position as “landlord”. “We are not a service provider. We own the championship. We leased it, we are the landlord. So that has to be respected also,” he said. “My intention was never to embarrass or to put someone in a corner, Liberty or FOM (Formula One Management). I am here for the spirit of the sport.” – Express Newspapers/Reuters ‘Do or die’ quarterfinal like any other, says Ireland’s Kelleher IRELAND hooker Ronan Kelleher admits a “do or die” Rugby World Cup quarterfinal with New Zealand is the stuff of dreams – but plans to treat the biggest game of his career like any other. The Irish face the three-time champions on Sunday (3am Malaysian time) as they bid to make the last four for the first time. Andy Farrell’s men topped Pool B after beating Scotland to stretch their remarkable unbeaten run of 17 games. “You just have to play the game in front of you,” said Kelleher, 25. Ireland were trounced 46-14 by the formidable All Blacks at the same stage four years ago in Japan. Tournament debutant Kelleher won the first of his 25 international caps immediately after his country’s emphatic exit in Tokyo, having being selected for the 2020 Six Nations campaign by head coach Farrell. “I suppose it is something you’d dream about, on the big stage, probably the biggest game of my career so far,” he said of facing the Kiwis. “As we’ve chatted throughout the week with the lads, you have to take each game as it comes. “For me personally it’ll be treated like another Test match, just make sure I get across all my detail and preparation and, if selected, make sure I’m able to do a job. “We know it’s going to be a massive challenge, a huge Test match but one we’re really looking forward to. It’s obviously do or die.” Ireland have won three of four meetings against New Zealand in Farrell’s tenure, which began when he replaced Joe Schmidt after the last World Cup. This is perhaps the most intriguing sub-plot, Schmidt and his former assistant Farrell pitting their wits against each other. – Agencies/AFP FORMULA ONE’S governing body will take action to protect drivers from the sort of extreme heat and humidity they suffered during Sunday’s Qatar Grand Prix, it said yesterday. Some of those racing in the heat ended up on the verge of collapse, vomiting and severely dehydrated after the chequered flag while Williams’ rookie Logan Sargeant felt too ill to continue. The International Automobile Federation said in a statement it had “begun an analysis into the situation in Qatar to provide recommendations for future situations of extreme weather conditions. “Measures may include guidance for competitors, research into modifications for more efficient airflow in the cockpit, and recommendations for changes to the calendar to align with acceptable climatic conditions, amongst others. “Research from other series, such as crosscountry events in extreme climates, will be examined for potential applications to circuit events.” The FIA said measures would be discussed at a meeting of its medical commission in Paris. The track temperature during the night race at the Lusail circuit, where Red Bull’s Max Verstappen claimed a third world title, never dropped below 36°C, while daytime temperatures exceeded 40° The FIA noted that next year’s race in Qatar will be held in December, when temperatures should be lower, but said it preferred “to take material action now to avoid a repeat of this scenario.” “While being elite athletes, they should not be expected to compete under conditions that could jeopardise their health or safety,” it said. Verstappen told reporters on Sunday that “some of the guys who were struggling today are extremely fit, probably even fitter than me, but just the whole day it’s like you’re walking around in a sauna.” The Middle Eastern rounds, which now has four races, are usually scheduled at the beginning and end of the F1 calendar to avoid the hottest months. Next year’s calendar is scheduled to have a record 24 rounds. – Reuters Action plan after Qatar GP ‘extreme weather’ worry Santner relishing ‘aggressive’ role MITCHELL SANTNER said he is enjoying the prospect of bowling more aggressively at the World Cup in India than he does back home after the New Zealand spinner took five wickets in a 99-run win over the Netherlands. Santner claimed 5-59 yesterday to add to his two wickets from their win over England in last week’s opener. “It’s obviously nice to come over here and see some spinning wickets because they’re few and far between back in New Zealand,” Santner told reporters. “The role in New Zealand is slightly different to here. You want to be a little bit more aggressive. You keep your slips in for longer. I try to operate with that mid-on up most of the time, only having three back, trying to make them play big shots,” he added. “In some of the grounds where it might be pretty flat, it might be that defensive role for a little bit.” Kiwis thump the Netherlands NEW ZEALAND roared to a second successive win at the World Cup as they beat the Netherlands by 99 runs in Hyderabad yesterday. Batsmen Will Young, Rachin Ravindra and Tom Latham all hit half-centuries for New Zealand, who backed up their victory over defending champions England in Ahmedabad last week with another superb display at the Rajiv Gandhi International Stadium. The Netherlands lost a couple of early wickets chasing 323 and had some hope when Colin Ackermann (69) was at the wicket, but their target proved too steep and they folded for 223 in 46.3 overs with Mitchell Santner taking 5-59. New Zealand built a good platform with Devon Conway (32), Young (70), Ravindra (51), Daryl Mitchell (48) and Latham (53) all firing and although the Dutch responded they leaked runs late on and let the 2019 runners-up post 322-7 in 50 overs. “The spinners were outstanding. Mitch bowled fantastically well. He’s threatened like that for a long time,” said Latham, who is leading the side as Kane Williamson builds match fitness following a knee injury. “The big boys up front did a great job, managed to squeeze and we were able to use the scoreboard as a bit of pressure in terms of the run rate, so a job well done.” Gill to miss Afghanistan match SHUBMAN GILL will miss India’s second World Cup fixture as well, against Afghanistan in Delhi today, after being diagnosed with dengue and sitting out of their opening game against Australia in Chennai. The BCCI said Gill would not travel with the team to Delhi and “will stay back in Chennai and be under the supervision of the medical team”. Gill is the leading run-getter in ODIs this year with 1230 runs at an average of 72.35 and a strike rate of 105.03. In his last four ODIs, he has hit two centuries and a halfcentury. After their game against Afghanistan, India travel from Delhi to Ahmedabad for their fixture against Pakistan on Oct 14. INSIDE EDGE

23 * SPORTS theSUN ON WEDNESDAY | OCTOBER 11, 2023 ROBERTO DE ZERBI praised Jurgen Klopp after the Liverpool manager intervened to try and calm him as he protested against a refereeing decision during the Reds’ 2-2 draw with Brighton at the Amex Stadium. The Italian was shown a yellow card by referee Anthony Taylor for remonstrating with the fourth official when his team were denied a penalty for a possible handball against Virgil van Dijk. Klopp went into Brighton’s technical area to try and sooth the situation, putting his arms around De Zerbi in what he described as “using his age” to try and assuage the situation. De Zerbi, who saw his side come back to draw for the second time in three days after Thursday’s Europa League meeting with Marseille, said that whilst he felt his team were hard done by over the decision, he believed the foul by Trent AlexanderArnold on Solly March from which Brighton later equalised through Lewis Dunk should not have been a freekick. “I love Klopp,” he said. “I have a big respect and I consider him one of the best coaches in the world. I like his behaviour, and when he says something, 99% I agree with him.” Brighton are sixth going into the international break having won five of their first eight Premier League games. Despite recording a fourth winless game in a row in all competitions the manager praised his players’ character, particularly in the context of bouncing back from the 6-1 defeat against Aston Villa to register two comeback draws. “The most important thing for me has been the reaction after Villa Park,” he said. “We started the game in Marseille, one of the best stadiums in Europe, and we started losing 2-0. After that moment, there was only one team on the pitch – Brighton. “To do it, you have to show character, to show the right attitude, the right behaviour and passion. The most important thing in my idea of football is passion, is the character.” – The Independent /thesuntelegram FOLLOW ON TELEGRAM SCAN ME J AMES MADDISON has urged Tottenham to keep acting like a “top team” after they headed into the international break still unbeaten in the Premier League. Spurs have faced Manchester United, Liverpool and Arsenal during their first eight League fixtures under new boss Ange Postecoglou and collected 20 points out of a possible 24. It represents Tottenham’s best start to a League season since their 1960-61 double-winning campaign, but they were forced to produce a different type of display on Saturday in a hard-fought 1-0 win at Luton, where they played the whole of the second half with 10 men. “You get the same three points here as you do beating Liverpool and United at home,” Maddison said. “It’s just as important. I absolutely loved the character of the lads. “You have 38 games in a season and not every game is going pretty, scoring goals, freeflowing, ‘AngeBall’. “Sometimes you have to dig deep and show the grit and determination. People are always asking top teams, do they have that side to them? “The top teams all do and we want to be a top team. I’m so happy we showed that.” Ex-Celtic boss Postecoglou has only worked with this group of players since July, but they have quickly taken to his front-foot, attacking philosophy. Spurs have scored 18 goals in the Premier League with summer recruit Maddison involved in seven and topping the assist charts with five so far after he set up Micky van de Ven’s winner on Saturday, but he insists they remain a work in progress. He added: “We’re so early into the manager’s reign. We’re at the start. Even in training, sometimes the messages he’s giving us, it’s still new, we’re still working on it. It’s not like we’re three years in. “When you’ve worked with a manager for a long time, like when I was at Leicester with Brendan (Rodgers), I had been there that long I knew what he wanted from me. “I’d realise who we were playing at the weekend and have an idea of what my role would be at the weekend before we’d even trained or worked on it. You get that partnership and relationship. “We’re so early, we’re still at the start of that. It’s not about getting carried away. “Of course, it’s better to be up that end than the other end. Believe me, I’ve done both! I just want to continue that, continue working and that will leave it us where it leaves us.” Tottenham went top of the table on Saturday but Maddison played down talk of a title tilt yet. “We’ve played Arsenal, we’ve played Liverpool, we’ve played United. Coming here, it’s just a different type of challenge but it’s still tough,” the England international said. “Just because you’re playing Luton, it doesn’t mean there is more time or more space. It’s just a different challenge. “I probably didn’t expect us to be top of the League, unbeaten, no. “Realistically you would never even guess that far ahead. You just want to start well and we’re looking to continue that.” – The Independent De Zerbi praises Klopp, Seagulls character after draw MANCHESTER UNITED legend Rio Ferdinand has served a reminder that David de Gea had a difficult start at Old Trafford, just like Andre Onana. Summer signing Onana is enduring a tough spell between the sticks but Ferdinand has backed him to come good. United were in need of a new goalkeeper following the exit of De Gea in the summer. The Spaniard left after failing to finalise terms on a new contract. Onana was the first choice for Erik ten Hag, who managed the player before at Ajax. A fee of up to £47 million (RM273m) was agreed in July and he was immediately installed as the new Red Devils No. 1. But the 27-year-old has already committed a number of high-profile mistakes, the latest in Saturday’s late comeback win over Brentford. Onana’s performances have seen doubters raise question marks over his long-term place in the side. However, Ferdinand has pointed out how De Gea had similar struggles early in his United career. De Gea joined United from Atletico Madrid in 2011 but was seven years younger than Onana is now. Ferdinand said on his YouTube channel Rio Ferdinand Presents Five: “(Onana) should have made the save. In training, he probably makes that save every day. “I saw a quote from Peter Schmeichel, who spoke to him and told him not to let (the pressure of) Man Utd get to you. “At the moment, there are nerves that are in there, because of the mistakes. A lot of people are asking if he can recover. “I was there when David (De Gea) came. He was obviously younger, different ends of their careers obviously, but he didn’t start well. I think in his first 10 games or so, the numbers are very similar to Onana in terms of conceding goals.” Ferdinand says the Cameroon star is trying to build confidence in his own game, something he says is clearly lacking. He added: “If you were to speak to Onana himself, I think he would say, ‘This is not the start I wanted, this is nowhere near the level I am used to performing at and this is not the standard required at Man Utd so I need to buck up my ideas’. “When you make mistakes, the confidence falls out of you. He’s trying to build confidence, to find a confidence element from the weekend. You got three points, he’s made a big mistake.” – Express Newspapers █ ROBERT O’CONNOR Saka pulls out of England squad BUKAYO SAKA will miss England’s upcoming internationals with Australia and Italy, the Football Association has confirmed yesterday. The Arsenal attacker was called up to Gareth Southgate’s squad on Thursday, despite concerns over his fitness after being substituted in recent matches at Bournemouth and Lens. Saka subsequently sat out Arsenal’s 1-0 win over Manchester City on Sunday with a hamstring issue and club boss Mikel Arteta said afterwards the 22-year-old would have to pull out of the England squad. Saka met up with England’s medical staff at St George’s Park on Monday and it has now been confirmed he will return to Arsenal for further treatment. Southgate’s side host Australia in a friendly at Wembley on Saturday (2.45am Malaysian time) before they take on Italy in London next Wednesday (2.45am). Southgate stated he would take no risks with Saka despite the Italy clash being a crucial European Championship qualifier. “I can only go via what Mikel (Arteta) has said about the last few games,” Southgate said. “We look after the players as well as any country. But there are certain key games where, if it’s possible to have your best players, then you do want to have them but… I’ve been a player, I’ve never ever taken a risk on a player’s physical wellbeing.” Palestine team withdraws from Merdeka Cup THE PALESTINE football team has withdrawn from a tournament in Malaysia, amid ongoing fighting between Israel and the Palestinian Islamist group Hamas, the Football Association of Malaysia (FAM) said yesterday. The Palestine team had been scheduled to compete in the Merdeka Cup from Oct 13-17 along with India and Tajikistan and hosts Malaysia. “The Palestinian team had to withdraw from participating in this 42nd edition because they could not fly to Kuala Lumpur due to the tense situation in the country at the moment,” FAM said. The Palestine team are due to play 2026 World Cup qualifying matches against Lebanon and Australia in November. They have also qualified for next year’s edition of the Asian Cup in Qatar, which will run from Jan 12 to Feb 10. ... as Keane forced to flee FORMER Premier League and Ireland star Robbie Keane has reportedly been forced to flee Israel amid the attacks by Hamas militants over the weekend. Keane became manager of Israeli top-flight side Maccabi Tel Aviv over the summer and quickly installed former Ireland teammate Rory Delap as his assistant. And talkSPORT reported that the pair were forced to spend hours inside a panic room when the initial Hamas attacks started on Saturday before subsequently fleeing to Greece. Keane is part of the Premier League’s prestigious ‘100 club’ of players to have scored more than a century of goals in the English top flight since it rebranded in 1992, having netted for the likes of Leeds, Tottenham and Liverpool. The 43-year-old is also the mostcapped player and all-time record goal scorer for Ireland. SHORTS Spurs show true grit Maddison pleased to see ‘top team’ Tottenham dig deep against Luton Ferdinand leaps to Onana’s defence James Maddison Andre Onana

theSun is published and printed by Sun Media Corporation Sdn Bhd (221220-K) of Lot 6, Jalan 51/217, 46050 Petaling Jaya, Selangor. Tel: 03-7784 6688 Fax: 03-7783 7435 • Tel (Editorial): 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] • Tel (Advertising): 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] THE TIMES when Nottingham Forest influenced title races may not be confined to the reign of Brian Clough. Morgan Gibbs-White was the agent provocateur who advantaged Arsenal: perhaps Tottenham and Liverpool, in the broader picture, too. And definitely Newcastle in the Carabao Cup and Wolves in the Premier League. When Rodri grabbed the Forest midfielder around the neck and was sent off, Manchester City went from the 100% to the side on their longest losing run since 2018. And if that is only two League games, a season has been reshaped by a suspension. One quadruple has already eluded City, falling at the first hurdle in the Carabao Cup. Another had an air of inevitability; now City, third in the table, have been downgraded and are merely favourites in the Premier League. “No team has ever won four in a row,” reasoned Pep Guardiola; defeat to Arsenal shows it will be no procession for City to make history. “It is not the first time we are behind,” their manager added. They can play catch-up. But Rodri’s absence has exposed fault-lines in his squad. The most obvious is the failure of Kalvin Phillips’ move to Manchester and the indispensability of the man Guardiola believes could be the best holding midfielder in the world. City have lost all three matches for which he has been banned. “That is a stat we cannot deny,” Guardiola said. Rodri is the “Etihad Invincible”, his teammates looking more beatable in his absence. That City only scored one goal in 314 minutes of domestic football since Rodri saw red highlights that, among his many other strengths, the metronome in midfield is a growing attacking influence. Only two players have more League goals for City this season; none have more shotcreating actions or passes into the final third. The Rodri reshuffle meant Bernardo Silva patrolled the area in front of the back four at the Emirates Stadium, with typical intelligence and assurance in possession, while Rico Lewis was pressed into service as a quasi No. 10, at times almost forming a little-and-large attacking double act with Erling Haaland. Three players began in the anchor role during Rodri’s unwanted sabbatical: Phillips at Newcastle, Mateo Kovacic at Wolves, Silva at Arsenal. Various centralmidfield combinations have also included Lewis and Matheus Nunes. Different as each is, there is a case for arguing that, such was Rodri’s vast contribution that the void his absence created was the first time they really missed Ilkay Gundogan and Kevin de Bruyne. And not merely because the German became the specialist on the major occasions, the big-game scorer. He also made passing look easy, and City have been less fluent at times this season. Last season, De Bruyne proved the Gunners’ kryptonite. In twin tours de force, he delivered three goals and two assists over 180 minutes in which, for all Haaland’s goals, he staked a claim to be the player who decided the destination of the trophy. Now Arsenal found it easier to defend against a City team deprived of De Bruyne. They were more predictable, more prosaic. City were limited to just four shots; it was the fewest in Guardiola’s 274 Premier League games as a manager. And even as Rodri returns, it may be with a cautionary note: with De Bruyne sidelined, a relatively slender squad may only be an injury or two to a pillar of the side away from looking fallible again. But if successive League defeats has such a rarity that it last happened in 2018, City recovered to register 98 points that season. The warning from the past is for everyone else. But the warning from the last three games is that City struggle without Rodri. And while he returns now, they have another two months to navigate without De Bruyne. – The Independent WEDNESDAY • OCTOBER 11, 2023 or download app from the App Store or Google PlayTM . Read iPaper at www.thesundaily.my Free access to iPaper PDF Download SCAN ME █ RICHARD JOLLY AS LONG as 30 minutes after the game, and at least 30m from the Arsenal dressing room, you could still hear the raucous celebrations inside. The cheers were especially audible as the door to the media room swung open and Mikel Arteta came in for his press conference, when he eventually allowed himself to smile – and quite widely. “A great feeling,” the Arsenal manager said after his side’s 1-0 win over Manchester City, which represented his first points against his former employers, not to mention his club’s first points at all against the champions since April 2017. “You could sense, it’s been so many years without beating them. They were all dancing and super happy. They go into the international break and the mood is much better. “They’re gonna have a few days off, the ones who are not involved, and it just sends everybody away until the next game against Chelsea with the right feeling. It’s great so I’m really happy.” If these sound like the sort of scenes usually reserved for when a trophy is won, that is kind of the point. It’s all about taking this team closer to that first Premier League since 2004. Arteta has taken them step by step over the last four years, and we’re now at the point where it’s truly decisive moves rather than the earlier strides. It was why this was so important. If you are going to actually beat a team as powerful as this Manchester City in the title race, you obviously need to beat them on the pitch, and in the League. Arteta naturally tried to play down its exact psychological significance, but he couldn’t but admit this was important. His interpretations of previous games were maybe a bit generous but that was understandable. “I don’t know if it was a barrier. Obviously it was something we needed to go through. To beat them we have to lose against them, we have to lose probably the way we lost at the Etihad. “ The team showed a real maturity today, that comes from experiences. Sometimes you need that to become a better team.” That is probably what Arsenal are, even if their points return is worse than this point last season. They are clearly a more substantial team, with more conviction, as a season like last year will ensure. Arsenal clearly hit on a superb first XI last season, which propelled their campaign for months. The issue was it eventually left Arteta in a bind. He could either persevere with the XI, at the cost of energy given how little they were rested, or he could change up but also remove some of the verve. He tried to do a bit of both in the end, and they somewhat inevitably ran out of steam. Since then, Arteta has obviously been trying to give them more depth, but also variety. Kai Havertz was about exactly this. Arteta will especially enjoy his contribution, the pass to Gabriel Martinelli for the goal coming as it did just minutes after the German came on. It looked simple but was about his spatial awareness and presence of mind. The effect of just doing that can’t be discounted either – as with the win. Arsenal will believe, even more than before. Nobody should believe this is going to be the City for the rest of the season of course. They have some huge absences, especially with Rodri and Kevin De Bruyne. They will return and both the team and Erling Haaland will inevitably go on the sort of run they did last season at least once. Arsenal should be more equipped to go that bit further, to get more points. That was what the celebrations felt like they were about, at least in part. The team is that bit closer to completion. – The Independent █ MIGUEL DELANEY Mikel Arteta New & improved Gunners Arsenal ran out of steam last season – but this is a very different team Rodri Rodri’s absence has exposed fault lines in Pep’s thin squad