CEOMorningBrief WEDNESDAY, OCTOBER 18, 2023 ISSUE 654/2023 theedgemalaysia.com GAZA PUMMELLED AS AID SITS WITHIN EARSHOT ON EGYPT BORDER p17 HOME: MyEG gets immigration contract extension, but must enhance system first p4 Infomina’s 1Q profit up 54% on better Philippine, Thai performance p7 PHB raises AHB’s unit size by one bil for public subscription p10 WORLD: US restricts sale of Nvidia’s made-for-China chips in new rules p15 London luxury home deals set to slump deeper for rest of year p21 PDC calls off Batu Kawan Industrial Park 2 collaboration agreement with Umech Land Report on Page 2. Thailand assesses US$27 bil land bridge project to bypass Malacca Straits Report on Page 3.
WEDNESDAY OCTOBER 18, 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: eeditor@bizedge.com to advertise: advertising@bizedge.com 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 ceomorningbrief@bizedge.com Thailand assesses US$27 bil land bridge project to bypass Malacca Straits DHL Supply Chain to invest €350 mil in Southeast Asia, with biggest investment of €131 mil in M’sia BANGKOK (Oct 17): Thailand is assessing a massive land bridge project in the country’s south, Prime Minister Srettha Thavisin said on Tuesday, involving estimated investments worth one trillion baht (US$27.44 billion or RM130.15 billion), which would help boost growth and global trade. Bidding and construction would begin in 2025, and create 280,000 jobs in the southern provinces of Ranong and Chumpon, a government study showed, with the state-planning agency estimating the project could raise economic growth to 5.5% annually. Thailand’s economy is forecast to grow 2.8% this year, and 4.4% next year. “It will be an important connector for logistics for transporting goods between India, the Middle East and Africa,” he told reporters during a visit to Beijing to attend the Belt and Road Forum. BAYAN LEPAS (Oct 17): DHL Supply Chain, the contract logistics arm of German multinational logistics firm Deutsche Post AG, will invest up to €350 million (RM1.74 billion) in Southeast Asia, of which Malaysia will receive the biggest investment of up to €131 million. Meanwhile, DHL Supply Chain will allocate €104 million worth of investment in Singapore, followed by the Philippines with up to €80 million, and Indonesia with €35 million. DHL Supply Chain Southeast Asia chief executive officer Andries Retief said that the investment will be spread over the next five years to expand DHL Supply Chain’s warehousing capacity, workforce and sustainability initiatives in Southeast Asia. “There is a global reshuffle of supply chains, and Malaysia will benefit from it, especially in the manufacturing sector. A member of Asean, the country is party to numerous free trade agreements, making it an attractive option for those looking to diversify their sourcing options. “This is why we are investing €131 million in Malaysia to ensure that we have the capacity and talent to support our customers’ growth here,” Retief said during a media briefing here on Tuesday. BY CHAYUT SETBOONSARNG & PANARAT THEPGUMPANAT Reuters HOME Thailand’s new government, which came into power in August, is assessing the ambitious project, which would involve building two deep-sea ports and 90km of road and rail connecting transport between the Andaman Sea and Gulf of Thailand. It would bypass the congested Strait of Malacca, a narrow sea lane between Malaysia and Indonesia. “Having a land bridge makes [investors] more interested,” he said, as the government bids to spur investments and stimulate economic growth. The government plans to meet potential investors for the project in November. “The land bridge will reduce transport time and cost, avoiding congestion from the Strait of Malacca...incentivising transport operators to use this route,” the government statement said. The first phase of the project is expected to be completed in 2030, and would see container shipment capacity of 10 million twenty-foot equivalent units (TEUs) with full capacity of 40 million TEUs in 2039. BY ANIS HAZIM theedgemalaysia.com With €131 million in Malaysia, Retief said that DHL Supply Chain will introduce new facilities across Malaysia, with two in Penang, one in Kuala Lumpur and another one in Johor Bahru, covering the main economic regions of the country. These new builds will add 113,000 sq m of warehouse space to DHL Supply Chain’s existing portfolio of 217,300 sq m in Malaysia. Part of the total investment will also be directed to the implementation of advanced automation at the upcoming Penang Logistics Hub 5 (PLH5) in Bayan Lepas, Penang. The PLH5 is scheduled to be completed in 2024. DHL Supply Chain CEO of Asia-Pacific Javier Bilbao said the decision to invest the largest amount in Malaysia within Southeast Asia stems from a surge in foreign investments in the country recently, as well as its vital role in the semiconductor industry. “There are clear signals and messages from many foreign investors that they see this (Malaysia) as a key element [in supply chain diversification]. Read the full story (From left) DHL Supply Chain chief executive officer of Southeast Asia Andries Retief, CEO Oscar de Bok, and CEO of Asia-Pacific Javier Bilbao.
WEDNESDAY OCTOBER 18, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): Sunway Bhd said its 70%-owned subsidiary Umech Land Sdn Bhd has not received a formal letter of termination of the joint development agreement from the Penang Development Corp (PDC). “We will be in a better position to make the appropriate statement regarding the termination of the joint development agreement after receiving and reviewing the letter from PDC,” it said in a filing with Bursa Malaysia on Tuesday. It was commenting on news reports that PDC has decided to terminate its controversial collaboration agreement with Umech Land for the development of Batu Kawan Industrial Park 2 (BKIP2) in Penang. Quoting a statement on Penang Chief Minister Chow Kon Yeow’s Facebook page, The Edge reported that the board of directors of PDC said the change in majority shareholders of Umech Land’s equity structure, which was done without informing PDC and without PDC’s approval, “is a serious issue and cannot be accepted by the board of PDC”. However, the board of PDC maintained that the selection process of Umech Land was transparent and in line with PDC policy. The termination of the agreement comes with a three months’ notice, PDC said. Upon the contract’s termination, PDC is instructed to advertise for a request for proposal to collaborate with PDC to develop BKIP2, the statement added. At noon market break on Tuesday, Sunway shares were unchanged at RM1.90, giving it a market capitalisation of RM9.5 billion. Sunway says unit has not yet received termination letter from PDC on Batu Kawan Industrial Park 2 project KUALA LUMPUR (Oct 17): The Penang Development Corp (PDC) has decided to terminate its controversial collaboration agreement with Umech Land Sdn Bhd for the development of Batu Kawan Industrial Park 2 (BKIP2). In a statement on Penang Chief Minister Chow Kon Yeow’s Facebook page, the board of directors of PDC said the change in majority shareholders of Umech Land’s equity structure which was done without informing PDC and without PDC’s approval “is a serious issue and cannot be accepted by the board of PDC”. However, the board of PDC maintained that the selection process of Umech Land was transparent and in line with PDC policy. “The board of PDC is also aware that this collaboration is reasonable and has a positive impact on PDC’s cash flow including from a commercial aspect, and benefit to the development of the state of Penang,” it added. The termination of the agreement comes with a three months’ notice, PDC said. Upon the contract’s termination, PDC is instructed to advertise for a request for proposal to collaborate with PDC to develop BKIP2, the statement added. The deal for the development of the mega industrial project, with an estimated gross development value of at least RM3.5 billion over eight years, came under scrutiny after Sunway Bhd on Sept 27 announced that its 70%-owned unit Umech Land had inked a joint development agreement with PDC to co-develop a 558.96-acre parcel in Byram, Seberang Perai Selatan, near Batu Kawan. It is important to note that Sunway had only emerged as a majority shareholder in Umech Land two days prior to the announcement of the agreement, by injecting RM23.33 million into the company, thus diluting the shareholding of the original shareholders Karen Cheng Pui Kwan to 21% and Nathaniel Rajakumar to 9%. Before Sunway’s cash injection, Umech Land was 70:30 owned by Cheng and Nathaniel. A report by The Edge had previously quoted Chow as saying that he was not aware Sunway was involved until it announced the deal to Bursa Malaysia. Concerns over the perceived lack of transparency and governance by the state government and PDC over the agreement had been raised by various quarters, including former Penang deputy chief minister II Professor Dr P Ramasamy Palanisamy, who had called on PDC to cancel the deal. In response to the announced termination on Tuesday, Ramasamy said that while he welcomes the termination of the land deal, the board of PDC’s defence of the land deal with Umech Land “is not acceptable”. “I am not sure whether Umech Land had the financial strength to undertake the purchase and development of the industrial land. “If Umech Land had the expertise and financial capacity, why bring in Sunway in the first place? “I think it was wrong for PDC to focus primarily on the unannounced change in the ownership without linking to the deal between PDC and Umech Land,” Ramasamy wrote on his Facebook page. PDC calls off collaboration agreement with Umech Land to develop Batu Kawan Industrial Park 2 BY ADAM AZIZ & EMIR ZAINUL theedgemalaysia.com theedgemalaysia.com WWW.PDC.GOV.MY
WEDNESDAY OCTOBER 18, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): ACE Market-listed Minox International Group Bhd, which gained 48% on its maiden trading day on Bursa Malaysia on Tuesday, will pass on cost increases stemming from the 2% hike in service tax to its customers, following the government’s announcement in Budget 2024 that the tax would be raised to 8%. “We will pass [the increased] costs on to customers. We have... standard prices for our customers. But at the moment we have no intention to increase costs,” said Minox managing director Cheong Chee Son at a press conference after the group’s listing on Tuesday. Minox, through its subsidiaries, is principally involved in the distribution of stainless steel sanitary valves, tubes and fittings, installation components and equipment, and rubber hoses under the “Minox” brand and other related products. It relies heavily on third-party manufacturers or suppliers for its product supplies. Any substantial cost increase from these suppliers due to higher raw material prices will directly impact Minox’s cost of purchase. Currently, the group has 13 third-party manufacturers and one supplier that supply its “Minox®” brand of sanitary products. The group has a customer base of approximately 1,700 active and recurring customers that comprise of project consultants, contractors as well as industrial end-customers such as Duopharma (M) Bhd, Spritzer Bhd’s wholly-owned unit Chuan Sin Sdn Bhd, Nestle Manufacturing (Malaysia) Sdn Bhd and Campbell Cheong Chan (Malaysia) Sdn Bhd. Minox’s share price traded at 31.5 sen at the opening bell on Tuesday, 26% higher than its initial public offering (IPO) price of 25 sen. The counter rose to a high of 37.5 sen before easing to close at 37 sen (up 12 sen or 48%). At the closing price, Minox’s market capitalisation amounted to RM133.2 million. It was the most active stock with 265.54 million shares traded. Having raised RM22.5 million from its IPO, Minox will introduce new vacuum fittings and valves tailored for semiconductor production lines, said Cheong. “We will construct a fourth warehouse in Puchong to cater for higher sales volume, and we expect the warehouse to be completed by the second quarter 2025. Another facility is to set up a new warehouse in Singapore to store our new vacuum fittings and valves for the semiconductor industry as well as to store inventories that cater for customers in Singapore and abroad. “Currently, we are looking into a few details about the location. We are positive on the outlook of the semiconductor industry as growth [in this sector] will be driven by investments from global multinational corporation (MNC) companies,” he added. Cheong observed that the group will benefit from lower average cost per unit for sanitary products exported from Singapore as the country has free trade agreements with trade partners. Minox’s profit after tax (PAT) more than doubled to RM7.9 million in the financial year ended Dec 31, 2021 (FY2021) from RM3.6 million a year earlier despite revenue falling 11.3% to RM34.4 million from RM38.8 million. PAT climbed 30.4% to RM10.3 million in FY2022 on a revenue of RM45 million. About 88.8% of the group’s FY2022 revenue was generated from sales to the food and beverages (F&B) industry, followed by semiconductor (6.7%) and pharmaceutical (4.5%). The group’s PAT margin, meanwhile, increased from 9.2% in FY2020 to 23% in FY2021 before slipping slightly to 22.9% in FY2022. Read also: ACE Market-listed Minox opens at 26% premium to IPO price of 25 sen ACE Marketlisted Minox to pass on increased cost to customers amid service tax hike KUALA LUMPUR (Oct 17): MyEG Services Bhd said it has received a two-year extension of its immigration related services contract, but has to complete a system enhancement before being allowed to resume accepting applications for the services. In a filing with Bursa Malaysia, the group said it received the letter of acceptance from the Ministry of Home Affairs on Tuesday, and an agreement to formalise the extension will be signed at a later date. The e-government services provider added that it will announce the commencement date of the system enhancement in due course. MyEG said the estimated total value of the extension will be dependent on the number of transactions performed over the two-year period. “The board is of view that the extension is in the best interest of the company, and is expected to contribute positively to earnings and net assets per share of the company for the financial year ending Dec 31, 2023,” it said. The group’s three-year concession for immigration-related services was scheduled to end on May 22, following an extension from May 2020. In July, MyEG said it had received a notification letter dated MyEG gets immigration contract extension, but must enhance system first July 4 from the Ministry of Home Affairs to confirm that the Ministry of Finance had agreed to an extension of the concession. Last month, the group said it was still finalising the terms of an immigration-related services concession with Putrajaya, after announcing that it had stopped accepting applications from customers on its portal. Kota Melaka Member of Parliament Khoo Poay Tiong earlier complained that MyEG was illegally collecting fees for its foreign worker permit renewal services, but the group denied that it was misrepresenting the immigration services offered via its online platform. Shares in MyEG settled half a sen or 0.61% higher at 82.5 sen on Tuesday, valuing the group at RM6.24 billion. Read also: Alam Maritim seeks deadline extension to submit regularisation plan BY SULHI KHALID theedgemalaysia.com BY SYAFIQAH SALIM theedgemalaysia.com
WEDNESDAY OCTOBER 18, 2023 5 THEEDGE CEO MORNING BRIEF is your company one of them? honouring Malaysia’s outstanding corporate performers TM Main Sponsor Official Car Supporting Sponsor
WEDNESDAY OCTOBER 18, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): Central Global Bhd has secured a RM15.24 million subcontract to supply plant, machinery, labour and material for a water supply construction project in Lahad Datu, Sabah. The subcontract was awarded by Mahiribu Sdn Bhd, a third-party main contractor employed by the Ministry of Rural and Regional Development, said Central Global in a stock exchange filing on Tuesday Central Global, which is 28.9%-owned by its managing director Chew Hian Tat, said the contract work includes site clearing, earthworks, piling works, piping works, and reservoir pumping system. The group said this contract, which starts on Wednesday and ends on April 16, 2025, will enhance its existing order book and is expected to provide a steady stream of revenue over the next one and a half years. Shares of Central Global, which has risen by more than three times year-to-date, closed two sen or 0.7% higher at RM2.74 on Tuesday, giving the group a market capitalisation of RM476.41 million. Central Global wins RM15.2 mil water supply job in Lahad Datu KUALA LUMPUR (Oct 17): Sunsuria Bhd has inked a partnership with Island Hospital Sdn Bhd (IH) to open its first cancer centre in Penang. In a filing with Bursa Malaysia on Tuesday, the property developer said its 30%-owned Icon Sunsuria had entered into a partnership with IH to develop the centre. Notably, the cancer centre is slated to operate early next year. “Icon Sunsuria aims to provide access to quality cancer care, and improve the well-being of patients and their families, by establishing cancer centres across Malaysia via strategic partnerships with local healthcare operators. “By partnering with IH’s dedicated professionals and cutting-edge medical equipment, this partnership reflects Icon Sunsuria’s commitment to providing world-class cancer care and improving access to quality cancer treatment for patients in Malaysia and the greater South Asean region,” it said. Icon Sunsuria is a joint venture between Sunsuria Healthcare, a wholly-owned subsidiary of Sunsuria, and Icon Cancer Centre Singapore, which is part of the Icon Group, Australia’s largest integrated cancer care provider. In a press release accompanying the anKUALA LUMPUR (Oct 17): Straits Energy Resources Bhd has secured a RM71.56 million subcontract to supply equipment, resources, transport and machineries for a University Malaysia Perlis (UniMAP) project. Its 70% indirect subsidiary Straits CommNet Solutions Sdn Bhd (SCS), which is principally involved in designing, developing, researching and handling all types of telecommunication products, received a letter of award from Teras Khidmat Niaga Sdn Bhd on Tuesday (Oct 17). “The scope of work of SCS is to supply resources, equipment, transport, machineries and tools to carry out specified works for completing the University Malaysia Perlis (UniMAP) project — construction of engineering centers materials and laboratories and construction of engineering centers electrical systems and laboratories,” said Straits Energy in a filing to Bursa Malaysia. According to the group, Teras, the main contractor for the project, has been awarded the project by the Malaysian Public Works Department. The project involves the construction and installation of state-of-the-art engineering and communications facilities. Straits Energy said the project is scheduled to begin Tuesday and be completed by Sept 4, 2025. “In the event of delay by SCS in completing the project within the completion date caused solely by SCS, liquid ascertained damages of RM12,881.65 per day shall be imposed on SCS by Teras,” said Straits Energy, adding that the project will contribute positively to the group’s earnings in the financial year ending Dec 31, 2023. At Tuesday’s noon break, Straits Energy rose 4.17% or half a sen to 12.5 sen. The group has a market capitalisation of RM113.24 million. nouncement, Serena Wee, the chief executive officer of Icon Asean and Hong Kong, said that Icon Sunsuria’s core mission is to make advanced cancer care accessible with a comprehensive, patient-centred approach. “Our collaboration with IH is a testament to this mission, combining our extensive oncology expertise with a renowned healthcare institution. Together, we will harness our collective capabilities to help reduce gaps in cancer care access, and address the healthcare burden. “This partnership is an important step forward in our vision to provide world-class cancer care and greater access to quality cancer treatments for patients in Malaysia and the region. Through this collaboration, we will empower patients and their families with the knowledge and resources in their fight against cancer, and make vital steps towards survivorship,” she said. As to the reason why Penang was selected as the location for Icon Sunsuria’s first centre, Audrey Ooi, the CEO of Sunsuria Healthcare, cited the state’s strategic location and well-established reputation as a destination for patients seeking advanced medical treatment. “By establishing our centre here, we’re not only enhancing access to top-quality cancer care for the northern [Peninsular] Malaysian population, but also those in the greater Southeast Asian region. Today, this vision is made possible through our collaboration with IH, one of Malaysia’s leading healthcare institutions,” said Ooi. Meanwhile, Sunsuria highlighted that the partnership is not expected to have a material effect on the financial performance of the group for the financial year ending Sept 30, 2024. Shares in Sunsuria ended unchanged at 54 sen, gving the group a market capitalisation of RM465.88 million. Sunsuria inks partnership to open first cancer centre in Penang Straits Energy’s 70% indirect unit clinches RM72 mil University Malaysia Perlis subcontract BY SULHI KHALID theedgemalaysia.com BY SYAFIQAH SALIM theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com
WEDNESDAY OCTOBER 18, 2023 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): ARB Bhd intends to distribute the majority of its 94.56% stake in a subsidiary — ARB IOT Group Ltd — to its shareholders through dividend-in-specie, as a way to reward them with direct ownership in the Nasdaq-listed entity. The proposal aims to distribute up to 23.52 million shares or 88.95% stake in ARB IOT Group on the basis of 14 shares for every 1,000 shares in ARB, according to the group’s filing with Bursa Malaysia on Tuesday. Depending on the conversion of ARB’s outstanding of 463.08 million irredeemable convertible preference shares (ICPS), the distribution may reduce the group’s ownership in the US-listed entity to 30.13% in the case of zero conversion, to as low as 5.61% if all ICPS are converted into ordinary shares. ARB’s largest shareholder is executive chairman Datuk Seri Liew Kok Leong, who has a 12.58% direct stake and 8.81% indirect shareholdings through Ukay One Sdn Bhd. The distribution will result in Liew owning between 8.11% and 14.69% stake in ARB IOT Group, depending on how much ICPS he converts prior to the corporate exercise. As for other minority shareholders in ARB, they will collectively own between 56.09% and 67.37%. ARB proposes to distribute shares in Nasdaq-listed unit to shareholders KUALA LUMPUR (Oct 17): Ancom Nylex Bhd’s net profit rose 3.85% to RM20.80 million for the first quarter ended Aug 31, 2024 (1QFY2024), from RM20.03 million a year earlier, on the back of higher earnings posted by its agricultural chemicals segment, and lower distribution and administrative expenses. Earnings per share dropped to 2.20 sen from 2.31 sen, the integrated chemical group showed in a bourse filing. Quarterly revenue fell 11.36% to RM487.36 million from RM549.81 milKUALA LUMPUR (Oct 17): Infomina Bhd’s net profit rose 53.63% to RM7.27 million for the first quarter ended Aug 31, 2023 (1QFY2024), from RM4.73 million a year earlier, on the back of better performance of its technology infrastructure business operations support segment. At the segment profit level, the business operations support segment — which includes operations, maintenance, and services for technology infrastructure — grew 42.61% to RM11.78 million, from RM8.26 million previously. The design and delivery segment, meanwhile, saw a 70.1% decline to RM570,000, from RM1.91 million a year ago, it showed in a filing. Quarterly revenue rose 34.02% to RM56.21 million, from RM41.94 million previously, as contributions from both the business operations support segment, and the technology infrastructure design and delivery segment rose. Revenue from the business operations support segment mainly consisted of revenue from contracts for the provision of technology infrastructure solutions for financial services institutions in the Philippines and Thailand, the filing read. On its prospects, Infomina said it had set up a unit to venture into Japan. This month, it also secured a US$7.5 million (RM35.52 million) contract spanning three years for the provision of technology application and infrastructure operations, maintenance and support services to Bangkok Bank Public Co Ltd. “The group will continue to explore more business opportunities, locally and regionally, to further enhance its order book,” it said. Shares in Infomina rose four sen or 2.41% to settle at RM1.70 on Tuesday, giving the company a market capitalisation of RM1.02 billion. The counter, which was listed in November 2022, has risen by 18.06% this year. Ancom Nylex’s 1Q net profit rises 3.9% to RM20.8 mil Infomina’s 1Q profit up 54% on better Philippine, Thai performance BY SULHI KHALID theedgemalaysia.com BY ADAM AZIZ theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com lion, underpinned by lower revenue contributions from the logistics, agriculture and industrial chemicals segments. Quarter-on-quarter, net profit came in 14.42% higher than the RM18.18 million registered for 4QFY2023, while revenue inched up 1.90% from RM478.25 million. Moving forward, Ancom Nylex said the El Niño weather phenomenon is expected to continue into 2024, while the global economic situation is expected to remain volatile, due to ongoing geopolitical tensions and tighter monetary policy. “These factors may affect the businesses of the group for the remainder of the financial year. The board will continue to be vigilant in managing these risks, and continue to explore and expand opportunities for our businesses,” it added. Shares in Ancom Nylex finished one sen or 0.83% lower at RM1.20 on Tuesday, giving the group a market capitalisation of RM1.19 billion. ARB said the distribution will increase public shareholders portion in ARB IOT Group to between 55.97% and 67.26%, from the 5.44% currently, The distribution proposal came after two rounds of distribution-in-specie in September by ARB’s wholly-owned subsidiaries, ARB Holdings Sdn Bhd and ARB IOT Ltd, to transfer the shareholdings in ARB IOT Group to be directly held under the Malaysian listed entity. ARB IOT Group was listed on Nasdaq in April this year. It was incorporated as a Cayman Islands company in March 2022 and started operations in the same month, by providing IoT system integration solution services, such as smart home and building solutions, hydroponic system for agriculture purposes, industrial building management system on construction projects, and marketing and sales of mobile gadget accessories. ARB disclosed that its cost of investment in ARB IOT Group was RM11,502.50, with Liew also acting as chairman and CEO in the latter. ARB IOT Group recorded a net profit of RM73.58 million for the financial year ended June 30, 2022 (FY2022), nearly four times higher than the RM18.68 million in FY2021, while revenue jumped eight times to RM443.02 million from RM50.32 million. However, for the six-month period ended Dec 31, 2022 (6MFY2023), net profit dwindled 85% to RM3.67 million from RM25.34 million a year ago, while revenue dropped 28% to RM123.52 million from RM171.73 million, due to absence of new system integration job. Read the full story
WEDNESDAY OCTOBER 18, 2023 8 THEEDGE CEO MORNING BRIEF HOME SERENDAH (Oct 17): Shanghai-listed LONGi Green Energy Technology Co is setting up a solar photovoltaic (PV) manufacturing facility in Selangor, with a total of RM1.8 billion capital investment as part of its Malaysian expansion plan. This marks its first PV manufacturing base in Peninsular Malaysia. The world’s largest manufacturer of solar monocrystalline silicon wafers, cells and modules has a manufacturing base in Sama Jaya Free Industrial Zone, Sarawak — its first facility outside of China — which it established back in 2016. The new facility in Serendah, LONGi said, is being developed on a 140-acre land. Currently, the construction of phase one is completed, and the construction of phase two is targeted to be completed by March 2024. Upon completion of both phases, the module plant is slated to have a combined production capacity of 8.8 gigawatts (GW) per annum, its international manufacturing centre vice-president Ngieng Sii Jing told the press after the ground-breaking ceremony. In Sarawak, LONGi’s solar manufacturing base has developed immensely, with two other ingot plants, one ingot shaping plant, two wafer plants, three cell plants and one module plant to be developed within seven years. In a statement, LONGi said the Serendah module plant has generated roughly 900 China’s LONGi investing RM1.8 bil to set up solar PV manufacturing base in Serendah KUALA LUMPUR (Oct 17): National carrier Malaysia Airlines Bhd aims to fully restore its in-flight meal services by Nov 15, 2023, according to Transport Minister Anthony Loke. Loke explained that allowing passengers to bring their own food as an alternative is a temporary measure and must adhere to international regulations regarding prohibited goods during Malaysia Airlines’ transition to new catering service providers. “Malaysia Airlines is committed to providing quality food for all passengers. During this transition period, full meals and hot meal services will be gradually offered for all affected routes,” Loke said in a parliamentary written reply to Lim Guan Eng (PH-Bagan) on Tuesday (Oct 17). Lim had inquired about the solution to the in-flight meal and hot meal issues at Malaysia Airlines, as well as a comparison of the cost and quality of the current food compared to the former contractor, Brahim Food Services Sdn Bhd (BFS), as well as the impact on the company’s results and profits. On Aug 30, Malaysia Airlines announced that it was ending its long-standing in-flight catering partnership with BFS after a “thorough and prolonged” negotiation period. Malaysia Airlines engaged Malaysia Airlines aims to fully restore in-flight meal services by Nov 15, says Loke BY CHOY NYEN YIAU theedgemalaysia.com BY JUSTIN LIM & CHESTER TAY theedgemalaysia.com Read also: Construction of ECRL halfway through, says deputy transport minister local employment opportunities, a number anticipated to exceed 2,000 in the future. Since venturing overseas in 2015 and establishing a foothold in Malaysia in 2016, LONGi said it has sequentially launched operations in silicon rod, wafer, cell, and module manufacturing in Kuching and Bintulu, Sarawak. LONGi said its Kuching operation is also the world’s premiere vertically integrated monocrystalline silicon solar manufacturing unit. To date, LONGi said its investments in Malaysia have reached RM5.4 billion, and its workforce in Malaysia has grown from an initial 570 staffers to over 8,000 this year, of which 99.9% of them are Malaysians. LONGi to setup APAC HQ in KL LONGi vice president Li Wenxue said the Serendah venture will help Malaysia in its pursuit of sustainable development goals and ambition to lead decarbonisation efforts in the Asia-Pacific. “Recognising Malaysia’s robust international logistics, talented workforce, and a government that’s resolutely pro-sustainability, we’ve also resolved to set up LONGi’s Asia-Pacific headquarters in Kuala Lumpur. This will synergise with our Malaysian production base, further augmenting LONGi’s brand resonance in the region,” he said. Ministry of International Trade and Industry deputy secretary general (Investment) Datuk Bahria Mohd Tamil described LONGi’s Serendah module plant as a testament to the government’s collaborative strides with the company towards achieving sustainable development. “With the global photovoltaic market poised for significant growth, Malaysia stands at the cusp of green revitalisation — a fact that fills us with immense pride,” she said. Read also: Japan’s Koa Corp invests additional RM1 bil to expand operations in Melaka eight new food and beverage suppliers, including Pos Aviation Sdn Bhd and MAS Awana Services Sdn Bhd, to prepare its in-flight meals starting from Sept 1. Loke said Malaysia Airlines and BFS engaged in comprehensive negotiations from the fourth quarter of 2022 regarding the long-standing catering contract between the two parties. “In this regard, BFS delivered a notice of termination of catering services to Malaysia Airlines with effect from July 1, 2023, after the negotiations failed to reach a mutual agreement in early June 2023. “However, BFS later withdrew the notice and agreed to extend the service until Aug 31, 2023,” Loke said. To address this situation, Malaysia Airlines immediately initiated its contingency plan, which includes establishing MAG Catering (MCAT) operations at Kuala Lumpur International Airport (KLIA), as an immediate transition to another large-scale supplier was not feasible. The alternative caterer, POS Aviation, operates on a smaller scale and cannot immediately cover the volume of Malaysia Airlines’ operations, which provides 40,000 meals on flights every day from Kuala Lumpur, according to Loke. Loke further added that MCAT has been established as a temporary distribution centre at KLIA to manage the packaging of food and beverage items by its respective suppliers and to deliver food boxes to aircraft using high lift trucks. “This operation complies with the standards set by the Civil Aviation Authority of Malaysia (CAAM) and is certified by the local health authority regarding its level of cleanliness and environment and meets food safety and hygiene standards,” said Loke.
WEDNESDAY OCTOBER 18, 2023 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): AmBank inked green financing facilities worth RM129.8 million with Avaland Bhd for Alora Residences on Tuesday, the first phase of its green-inspired master plan 2Fifth Avenue in Subang Jaya, Selangor. The GreenRE Gold-certified Alora Residences is a serviced apartment development. Featuring 770 units with built-ups of 923 to 1,457 sq ft, and priced from RM693,800, the project has a gross development value (GDV) of RM552 million. Alora Residences is part of the larger 13-acre (5.26-hectare) 2Fifth Avenue mixed development, which comprises serviced apartments, retail and office components. Some 20% of the development footprint is dedicated as green space. “In line with the recent launch of our Sustainability Roadmap, we are proud to partner with AmBank for our 2Fifth Avenue masterplan with its green-inspired concept. With a total GDV of over RM3 billion, this green city will be a key contributor to Avaland’s growth plans over the next 10 years,” said Avaland chief executive officer Teh Heng Chong during his welcome speech at Tuesday’s collaboration ceremony with AmBank. Under the collaboration, AmBank will provide RM129.8 million green financing and up to RM54 million end-financing for Alora Residences. “We truly believe in the power of responsible banking to create a lasting positive impact. By bridging the realms of financing and sustainability, we can build communities that not only meet the needs of the present, but also preserve the vitality of our planet for the generations to come,” said AmBank group CEO Datuk Sulaiman Mohd Tahir at the ceremony. He added that this collaboration is a testament to the company’s belief in Avaland’s vision, and a significant step towards a realising a greener and more sustainable community in Subang Jaya. To further enhance its commitment to the recently launched Sustainability Roadmap, Teh shared that Avaland is currently in talks to collaborate with the Malaysian Highway Authority to adopt a six-acre green reserve right next to 2Fifth Avenue to be converted into a community linear park for the benefit of the Subang community. “We will be creating several green pockets layered with rainforest plant species within the master plan towards creating a diverse ecosystem that helps reduce carbon emissions,” said Teh. Avaland chief operating officer Aw Sei AmBank and Avaland tie up for RM130 mil green financing for Alora Residences KUALA LUMPUR (Oct 17): The first phase of Sime Darby Property Bhd’s final high-rise residential development in Ara Damansara — TRiARA Residences — has sold 216 out of 304 units launched on September 23, 2023. This amounts to RM225.9 million in bookings. The 5.6-acre development comprises three blocks of modern, multi-generational units. It will offer a total of 450 units in two phases with built-ups ranging from 1,216 sq ft to 1,808 sq ft. Prices start from RM850,000. Sime Darby Property chief marketing and sales officer, Datuk Lai Shu Wei, attributed the success of TRiARA Residences to the developer’s deep understanding of the housing market and its ability to offer homes with practical designs for all ages in ideal locations at competitive prices. “Today’s buyers and owners have strong opinions about homes. Sime Darby Property has been able to prevail in today’s evolving real estate market by consistently giving customers key confidence boosters BY RACHEL CHEW theedgemalaysia.com including flexibility in space planning to suit various lifestyles and growing families. The key design principles of TRiARA Residences, coupled with sustainable design, make it the ideal choice for those who are on the lookout for their dream home,” he said. TRiARA Residences has an eco-friendly living concept which features greenery, a co-working garden, dedicated EV car park bays for common use, and bioswales for stormwater management. The developer has obtained GreenRE Gold Rating (Provisional) certification, which will give purchasers access to green financing offered by various banks. TRiARA Residences is located near facilities such as CITTA Mall, Paradigm Mall, Ara Damansara Medical Centre, and Lotus’s Hypermarket. It is accessible via the Damansara-Puchong Expressway (LDP), New Klang Valley Expressway (NKVE), Federal Highway, as well as the Ara Damansara and Lembah Subang LRT station. The Subang Skypark Terminal is also located close by. Cheh further elaborated that 2Fifth Avenue is a master-planned green city from day one, hence many green designs and features have been incorporated into the master plan before the ground-breaking. “It is a myth that building green is expensive. It is not expensive if the project is well planned to be green from the beginning. The overall construction cost of the GreenRE Gold-certified Alora Residences is 2% higher, but it has a significant impact on the environment.” Some of the green features of Alora Residences include natural ventilation in 89% of the common areas, 100% use of efficient sanitary wares and fittings for all units and common areas, and a minimum of 20% green cement use in construction. He added that the first tower of Alora Residences had achieved a 56% take-up rate since its official launch at end-August. The second tower of the development is expected to be opened for sale in the first quarter of 2024. “As a responsible developer, we must plan effectively from the very beginning of any project in order for the future community to be able to live, work and appreciate the environment created to meet their lifestyle needs. We believe in the age-in-place concept for sustainable development, especially for a large-scale mixed development like 2Fifth Avenue,” said Teh. He also revealed that the developer is planning to enhance the accessibility of 2Fifth Avenue, involving the surrounding network of the roads as well as linking the USJ21 LRT Station to the development via a dedicated pedestrian bridge. TRiARA Residences consists of three blocks of modern, multi-generational units on 5.6 acres of land. Sime Darby Property’s TRiARA Residences notches positive take-up rate BY E JACQUI CHAN theedgemalaysia.com
WEDNESDAY OCTOBER 18, 2023 10 THEEDGE CEO MORNING BRIEF HOME DNB, TM, ZTE collaborate, unveil 5G live trial for private networks Maxis, Digital Penang ink MOU to develop digital and technology ecosystem in Penang’s MSME segment PHB raises AHB’s unit size by one bil for public subscription BY CHESTER TAY theedgemalaysia.com Bernama Bernama KUALA LUMPUR (Oct 17): Pelaburan Hartanah Bhd (PHB) has announced the issuance of an additional one billion units under the Amanah Hartanah Bumiputera (AHB) Scheme for public subscription. The additional units for the Shariah-compliant real estate unit trust fund are from PHB’s recent asset injections, namely KPJ Damansara 2 Specialist Hospital here, Marlborough College in Johor, and the revaluation of buildings, including Menara 1 Sentrum in Kuala Lumpur, Wisma Consplant in Subang Jaya and Maersk Warehouse, previously known as LF Logistic Warehouse, in Shah Alam. This is the fifth additional issuance since AHB’s establishment in 2010, taking accumulated units to five billion, said PHB in a statement on Tuesday (Oct 17). “These additional funds would also afford bumiputeras the opportunity to save and invest, especially as part of their retirement plan, as the nation’s economy recovers post-pandemic,” said PHB, which currently has assets worth approximately RM11 billion. The assets owned by PHB include Menara Conlay in Kuala Lumpur, Menara Prisma in Putrajaya, Avisena Specialist Hospital in Shah Alam, and NU Sentral Shopping Centre, Menara 1 Sentrum and Gleneagles Hospital Block B in Kuala Lumpur. PHB said this initiative under AHB is in line with the government’s effort to encourage Malaysians, especially bumiputeras, to reorganise and better manage their savings and finances in preparation for future financial emergencies or crises. PHB’s chairman Tan Sri Ahmad Nizam Salleh said management’s aspiration of supporting the nation’s bumiputera agenda will be further advanced by providing more effective investment opportunities and ensuring a more sustainable and competitive returns from the nation’s equitable distribution of wealth. “PHB also fully supports the unity government’s call to encourage the people, especially youths, to plan and manage their finances in preparation for their golden years,” he said. Those interested in subscribing to AHB units can visit any of PHB’s authorised distributors across Malaysia such as Maybank, AmBank, AmBank Islamic and Bank Islam. The minimum investment required is RM100 for each individual while the maximum investment limit is RM500,000. PHB is a real estate investment holding company and a subsidiary of Yayasan Amanah Hartanah Bumiputera, which is chaired by Prime Minister Datuk Seri Anwar Ibrahim. KUALA LUMPUR (Oct 17): Digital Nasional Bhd (DNB), Telekom Malaysia Bhd (TM) and ZTE Corp have formed an alliance to unveil “the world’s fastest 5G live trial”, which will reportedly deliver speeds of up to 26 gigabits per second (Gbps) and reshape Malaysia’s digital landscape. The partnership is an expansion of DNB’s commitment to driving 5G capabilities of the country, leveraging TM’s network infrastructure and digital expertise, as well as ZTE’s mmWave active antenna unit and chip-set technology to deliver Malaysia’s first stand-alone 5G core, complemented by an adaptable next-generation transport network. According to a statement jointly issued by the three companies on Tuesday, the strategic partnership aims to propel productivity and operational efficiency, improving customer satisfaction, and generating higher demand across all sectors. “It will also enhance rapid fixed wireless access (FWA) connections to deliver high-quality services, video-streaming, lag-free online gaming, and immersive virtual and augmented reality applications. “This milestone solidifies Malaysia’s position as a front runner in mmWave technology, elevating industry digitalisation and consumer experiences to unprecedented levels,” the statement read. GEORGE TOWN (Oct 17): Telecommunications company Maxis Bhd and Digital Penang signed a memorandum of understanding (MOU) to develop a technology ecosystem in the micro, small and medium entreprise (MSME) segment in Penang. Maxis chief enterprise business officer Prateek Pashine said through the collaboration, Penang Digital would play a crucial role in developing the relationship between Maxis and the digital creative community, thereby facilitating the transformation process while empowering MSME entrepreneurs through the provided training initiatives. “Our partnership with Digital Penang is a significant achievement that highlights our dedication to fostering MSME growth in Penang, allowing them to thrive in the digital era,” he said in a statement on Tuesday. He said the collaboration is hoped to help MSME entrepreneurs further develop their businesses in the digital age while maintaining competitiveness. Pashine said Maxis, as a leading integrated solutions provider, would leverage its digital business solutions, Maxis Business, 5G mobile connectivity and fibre services to support MSME entrepreneurs in increasing their digital presence. He said through the programme, entrepreneurs and small businesses, especially those coming from the bottom 40% income group, would be equipped with basic digital equipment and skills to enhance their presence in the digital market. Meanwhile, Penang Infrastructure, Transport and Digital Development Committee chairman Zairil Khir Johari said that the collaboration between Maxis and Digital Penang is a significant achievement in the effort to make the state a digital technology hub. “The Penang government is committed to developing the local community and ensuring our MSMsE remain competent in the digital era. “This aligns with the Penang 2030 vision and the Digital Transformation Master Plan,” Zairil, who is also a diRead the full story rector of Digital Penang, said.
WEDNESDAY OCTOBER 18, 2023 11 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): Law firm Rosli Dahlan Saravana Partnership (RDS) has written to 1Malaysia Development Bhd (1MDB) seeking the fund’s consent to provide the Malaysian Anti-Corruption Commission (MACC) with some of the documents sought in relation to the settlement agreement concerning Goldman Sachs and AmBank. The firm said this in its affidavit in reply to the MACC’s application before the High Court to compel the firm to produce documents regarding the abovementioned settlements. “The firm has vide letter dated Oct 16, 2023 written to our former clients 1MDB, seeking for consent and authority to disclose privilege and confidential material insofar as the same is relevant to the present application,” Datuk DP Naban, one of the firm’s 17 partners, said in his affidavit filed on Monday. RDS, along with one of its other partners, Rosli Dahlan, is the subject of one of MACC’s applications filed on Oct 11. The agency has also filed another similar application naming lawyer Chetan Jethwani and his firm Chetan Jethwani & Company as respondents. The anti-graft body’s application comes after attempted ‘raids’ on the firms earlier on Oct 6 in connection to the investigations into allegations that Rosli and Chetan were involved in bribery and money laundering regarding Goldman’s US$3.9 billion (RM18.5 billion) and AmBank’s RM2.83 billion settlement with the Malaysian government over 1MDB. The MACC has also said that it needs the documents to determine if the respondents had colluded with Goldman and others in reducing the compensation amount or “asset recovery” in the Goldman settlement and to identify the money flow and “layering” from Goldman’s account to accounts of the firms. Rosli and Chetan have said that the allegations were groundless and to smear their reputations. Both firms have also issued statements saying that the authorities were not allowed to access any of their clients’ documents at their premises during the attempted ‘raids’. They also stressed that the authorities’ conduct was in violation of legal professional privilege. Similarly, the Malaysian Bar has also released a statement saying that the law does not allow the authorities access to BY TARANI PALANI theedgemalaysia.com Law firm says seeking ex-client 1MDB’s consent to furnish MACC with documents “privileged materials and information”. The MACC, however, contends that privileged communication is not applicable in this case as the respondents were investigated under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). RDS: Narrative that it had manipulated settlement absurd as various govt agencies involved In the letter which was sent to 1MDB chairman and Secretary General of Treasury Datuk Johan Mahmood Merican on Monday (Oct 16), RDS said the allegations against it were groundless as the series of negotiations over the settlement was conducted by the 1MDB task force comprising officials from the Attorney General’s Chambers, Ministry of Finance (MOF), MACC, Securities Commission Malaysia (SC) and National Anti-Financial Crime Centre. “As chairman of 1MDB and the [Secretary General of Treasury] of MOF, your deafening silence has been detrimental to us. The allegation that RDS was in a position to manipulate the negotiations is frivolous and without any basis,” it said in the letter which was an exhibit along with the affidavit seen by The Edge. It added that on July 24, 2020, the actual negotiation team included “the most senior officers” from these agencies headed by then finance minister Tengku Datuk Seri Zafrul Abdul Aziz. The legal firm said that other members of the 1MDB taskforce, along with MOF senior officers watched the negotiations via a live feed broadcasted at the negotiation venue. RDS said there were two sets of private lawyers assisting in the negotiations, RDS representing 1MDB and Messrs Logan Sabapathy & Co representing the SC. RDS added that after the main terms — particularly the settlement sum — were agreed upon, there were further series of negotiations in August 2020 at various government offices to finalise the contractual terms. “We were made aware that when the draft agreement was finalised, it was tabled to the Cabinet for approval. Given the extensive involvement of various government agencies, the public narrative that RDS was in control and had manipulated the [Goldman] settlement to benefit [the investment bank] in exchange for a bribe is absurd and preposterous,” it said. The firm added that it had also furnished Datuk Seri Johari Abdul Ghani, the new 1MDB task force chairman, with a letter detailing the “facts, rationale and the quantum” of the Goldman settlement. Can’t disclose documents without 1MDB’s ‘express consent’ The firm also added that both the settlements were paid directly by Goldman and AmBank into the designated bank account. RDS said it did not “at any time receive any portion” of the settlement from any parties including Goldman, Messrs Chetan Jethwani & Co (one of Goldman’s counsels in the agreement), AmBank or 1MDB. In the four-page letter, RDS said the bulk of the privileged documents sought are now with 1MDB’s current solicitors from Messrs Lim Chee Wee Partnership, while the firm has kept copies of the same documents, but it was unable to disclose the “privileged and confidential materials” without 1MDB’s “express consent”. A case management for the matter was held before High Court judge K Muniandy where RDS’s lawyer M Puravalen informed the court that senior partner Naban’s affidavit was filed to inform the court when his client was served and that the firm had written to 1MDB. He added that more affidavits from the firm’s partners may follow. Lawyer Harvinderjit Singh, who appeared for Rosli, said his client was overseas and has yet to file his affidavit. Deputy public prosecutor Law Chin How represented the prosecution on Tuesday. Muniandy has set Nov 9 for case management. MACC’s application to transfer its similar application against Chetan and his firm before High Court judge Datuk Muhammad Jamil Hussin will also be heard on that day.
WEDNESDAY OCTOBER 18, 2023 12 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (Oct 17): Suitable implementation methods are being identified to shorten the halal certification processing period from 51 days to 30 days, said the Department of Islamic Development Malaysia (Jakim). Jakim director general Datuk Hakimah Mohd Yusoff said it is carrying out a detailed evaluation and study with the cooperation of the Malaysia Productivity Corporation (MPC) to ensure appropriate implementation methods can be implemented starting from the pre-certification stage right up to post-halal certification. Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2024 last Friday, said the government would shorten the halal certificate processing period to 30 days from the previous 51 days. “Jakim welcomes the government’s desire to shorten the processing period of halal certification,” she said in a statement on Tuesday. To ensure the management of the Malaysian Halal Certificate (SPHM) is at its best, Hakimah said Jakim had implemented business process re-engineering (BPR) to scrutinise the issues and causes of delays in Malaysia’s halal certification management since early this year. Through BPR, Jakim managed to identify the Malaysian Halal Certification Immediate Initiative 2.0, which came about through the Malaysian halal certification management pilot project. She said Jakim received 2,664 halal certificate applications from Jan 1 to Sept 30, with 90% or 2,399 applications already settled. “The remaining 265 (10% of) applications are being processed,” he said, adding that it shows Jakim’s commitment to empowering Malaysian halal certification. Hakimah said Jakim had also restructured its application bureaucracy, and increased the capability of its existing supJakim identifying implementation methods to cut down halal certification process KUALA LUMPUR (Oct 17): Prime Minister Datuk Seri Anwar Ibrahim has assured that the government has a contingency plan to address the issue of higher prices following the removal of price ceilings on chicken and eggs, as announced in Budget 2024. Anwar said that the government’s decision to remove ceiling prices for chicken and eggs is driven by the oversupply, as well as lower prices of these items in Thailand compared to Malaysia. “We believe that this is the right time to allow the market to operate freely. The Ministry of Agriculture and Food Security holds a 30% stock of chicken and eggs, and the government stands ready to purchase these items from Thailand should the need arise to prevent price increases,” Anwar said during the Minister’s Question Time session in Dewan Rakyat on Tuesday (Oct 17). When presenting Budget 2024 last Friday (Oct 13), Anwar, who also serves as finance minister, pointed out that current trends indicate a stabilisation of chicken and egg supplies, with market prices now below the previous ceiling prices. He announced the removal of temporary price controls to enable the local market to function freely, ensuring the availability of chicken and egg supplies. In response to a supplementary question from Hulu Terengganu Member of Parliament Datuk Rosol Wahid, Anwar clarified that the decision to remove the ceiling prices on chicken and eggs was made during Budget 2024, signifying it as government policy, and avoiding any flip-flopping on the government’s stance. “What happened in June was that the Ministry of Agriculture and Food Security merely continued the decision to stop subsidising the prices of chicken and eggs, as previously determined. Upon receiving an appeal, I acknowledged that the government lacked a clear policy to address this issue, and therefore, the decision was made to continue subsidising.” Back in June, the Ministry of Agriculture and Food Security, through a parliamentary reply, had indicated that the government would deregulate the prices of chicken and eggs starting July 1 after discontinuing subsidies. Govt has contingency plan to tackle chicken and egg issue, says Anwar BY CHOY NYEN YIAU theedgemalaysia.com Bernama But just a day later, in an about-turn, Putrajaya decided to maintain the subsidies and price control mechanism for chicken and eggs. Not anti-‘Maha Kaya’, Anwar says Meanwhile, Anwar insists that the “Maha Kaya” (ultra-rich) should not benefit from the subsidies provided by the government. “A few MPs raised the issue of ‘Maha Kaya’ in Dewan Rakyat. This is not about being anti-’Maha Kaya’. The government is not imposing any additional taxes on them. What I mean is that subsidies should not be extended to the ‘Maha Kaya’,” Anwar stated. According to Anwar, the government has spent RM3.7 billion on subsidising chicken and egg prices since 2022, with 3.5 million foreigners also benefiting from this blanket subsidy system. “In this context, we want to ensure that the RM3.7 billion subsidy genuinely benefits those in need, and the government has decided that it’s time to allow chicken and egg prices to fluctuate.” In response to another supplementary question from Paya Besar MP Mohd Shahar Abdullah regarding whether the government will consider adopting a cash transfer method for implementing targeted subsidies, Anwar said the cash transfer method is still under consideration by the Ministry of Finance and could potentially be implemented in other areas of business. port system, without affecting the industry’s compliance with Malaysian halal certification standards and procedures in force. “This is to ensure the ecosystem of governance and service delivery management become the main indicators in ensuring services provided are effective and efficient, and meet the targeted expectations,” she said. She said Jakim, in collaboration with the Malaysian Administrative Modernisation and Management Planning Unit (Mampu), is striving to upgrade the MYeHalal System 2.0 for it to be more user-friendly and meet current technological requirements. “All industries always need to ensure that better preparedness towards halal certification is completed at the industry level before submitting halal applications,” she said. Hakimah said Jakim welcomed the government’s attention to consider increasing human resources in Jakim’s halal management division to streamline the management of Malaysian halal certification. “As such, through the Malaysian Halal Technical Steering Committee, proposals regarding halal governance will be suitably refined to ensure the implementation of halal management is handled efficiently and proactively,” she said.
WEDNESDAY OCTOBER 18, 2023 13 THEEDGE CEO MORNING BRIEF HOME Increase paddy floor price to RM1,500, former agriculture minister urges 20% of oil palm unharvested due to labour shortage, Parliament told Ahmad Maslan: Tax identification number, e-invoicing to help combat revenue leakage, shadow economy Bernama Bernama BY CHOY NYEN YIAU theedgemalaysia.com KUALA LUMPUR (Oct 17): At least 20% of oil palm crops are unharvested due to labour shortage, with additional government initiatives needed to ensure that the industry remains sustainable. Datuk Seri Mohd Shafie Apdal said during a debate on the Supply Bill 2024 in Parliament on Tuesday that he hopes the matter could be resolved as soon as possible. Mohd Shafie, who is Warisan Party president, noted that the government allocated RM730 million to the plantation and commodity sector in Budget 2024 to enable further development of the palm oil industry. Besides these improvements, he is also hoping that taxes imposed on the palm oil industry will be reviewed. “The palm oil sector has come under various pressures with companies being imposed a 24% income tax rate, a 3% windfall tax and a 7.5% service tax (SST) for companies in Sabah and 5.0% for Sarawak. “The current levy rate is RM16 per tonne of crude palm oil production, and the Immigration Department charges RM2,200 per person for levy extension on workers working more than 10 years,” he said. Shafie said he is concerned that continued pressure on industry players would affect the sector’s performance, which is a major contributor to the national economy. KUALA LUMPUR (Oct 17): An opposition Member of Parliament has called on the government to reconsider the proposed paddy floor price of RM1,300 per metric ton in Budget 2024. Former agriculture and food industries minister Datuk Seri Dr Ronald Kiandee (Perikatan Nasional-Beluran) said that the proposed increment contradicts the expectations of rice farmers. He pointed out that even the director general of paddy and rice from the ministry supports an increase to RM1,500. “This is considering that the government allowed Bernas to increase the price of imported white rice by 25% to 30%, and raising the paddy floor price to RM1,500 is to safeguard the paddy industry, as well as prevent manipulation of locally produced white rice,” he said during the debate on Budget 2024 in the Dewan Rakyat on Tuesday. He raised questions about the modest increment of just RM100, and whether the government took into account the overall welfare of the paddy industry, and the potential for manipulation of white rice when adopting this approach. Kiandee stressed that government policies should not be ad hoc, but should instead be based on a comprehensive strategy, as they have long-term implications for food security. He also emphasised the importance of considering the welfare of both consumers and food industry producers, as neglecting either party could lead to disruptions, ultimately making the country dependent on continuous food supply imports from abroad. During the Budget 2024 presentation last Friday, Anwar, who also serves as the finance minister, announced that the federal government would raise the paddy floor price to RM1,300 per metric ton to support farmers. Additionally, approximately RM2.6 billion in subsidies and incentives will be allocated to paddy farmers and fishermen. KUALA LUMPUR (Oct 17): The government has taken the initiative to create the tax identification number (TIN) and e-invoice to overcome revenue leakage and reduce the size of the shadow economy in Malaysia. Deputy Minister of Finance I Datuk Seri Ahmad Maslan said the two methods are to replace the goods and services tax (GST). “How do we reduce the size of the shadow economy? We do it by introducing e-invoicing, as announced under Budget 2024. “We know the implementation of GST can reduce 10% of the shadow economy but we don’t think there will be GST this year or next year. There is no announcement yet,” he told reporters after launching the Kocek Coin Exchange Service (Kocek). He said the implementation of e-invoicing is a new mechanism to improve the efficiency of the country’s tax administration and, in turn, enhance tax compliance. Ahmad said from 2000 to 2009, the estimated size of the shadow economy was 30.2% of gross domestic product (GDP). However, he said for the period 2010- 2019 period, the size of the shadow economy was reduced to 21.2% due to the implementation of GST from 2015 to 2018. Meanwhile, Pertama Digital Bhd has expanded its Kocek service through a strategic partnership with Pos Malaysia Bhd, allowing Kocek to offer its innovative coin exchange services at Pos Malaysia branches nationwide. Read also: Bring back GST to avoid wastage, says Wee Pertama Digital initiated the innovative Kocek service to stimulate the circulation of unused coins among Malaysians. “The effort to create Kocek is quite innovative and I hope Kocek’s effort to exchange coins continues and becomes digital money,” Ahmad said. He said the annual coin production by Bank Negara Malaysia for the period from 2019 to 2022 was 800 million pieces at an estimated cost of RM64 million per year. He added that nearly 30% or 240 million pieces of coins from the annual production did not return to circulation with an estimated cost of RM20 million per year being wasted.
WEDNESDAY OCTOBER 18, 2023 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 17): The police have arrested the co-founder of a local airline, who bears the title of “Datuk” along with his wife and son on Tuesday evening. Bukit Aman commercial crimes investigation department director Datuk Seri Ramli Mohamed Yoosuf said the three have been detained to faciliate investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). “The Datuk, 57, who is also a shareholder of the airline, along with his wife, 55, and son, 26, were arrested at their residence in Shah Alam at 5.30pm,” he said. Ramli added that the police will submit remand applications for the three on Wednesday. Police arrest local airline co-founder KUALA LUMPUR (Oct 17): The just-announced Budget 2024 has mandated Bank Pembangunan Malaysia Bhd (BPMB) to allocate up to RM7.3 billion of targeted financing towards high-impact development projects. Its group chief executive officer, Roni Abdulwahab, said the allocation will be done through eight strategic schemes to provide essential equity and working capital support to Malaysian enterprises. Of the RM7.3 billion available capital, Roni said RM2 billion will be earmarked for the Madani Development Scheme (MDS). “The scheme will provide impact capital for targeted sectors highlighted in the 12th Malaysia Plan and the Madani Economic Framework, including education, healthcare, affordable housing, urban and rural development as well as enhancing socio-economic development in Sabah and Sarawak,” he said. Apart from MDS, Roni said the other schemes are the Sustainable Development Financing Scheme, Maritime, Logistics and Transportation Scheme, Tourism Infrastructure Scheme, Industry Digitalisation Transformation Scheme, Rehabilitation and Support through Equity, Working Capital Scheme, and Matching Fund Investment Platform. “With this budget, we renew our commitment to working closely with the government to ensure sustainable growth for Malaysia to deliver impact capital for national development and fully support the objectives of Malaysia Madani,” he said. “Budget 2024 is reflective of the government’s commitment to strengthen the country’s socioeconomic development and has the necessary reforms to drive longterm resilience and prosperity for the nation,” he added. Roni said BPMB’s management also took note of the government’s decision to restructure development financial institutions (DFIs) through merger of BPMB, SME Bank and Exim Bank. “We acknowledge this decision by the government to strengthen the overall impact capital ecosystem and deliver greater economies of scale, as well as further enhancing economic resilience for the country,” he said. Merger of DFIs was first mooted in Budget 2020, when then-finance minister Lim Guan Eng announced that Bank Negara Malaysia was proposing a two-phase restructuring plan for the DFIs to form a new financial institution through the merger of BPMB, Danajamin Nasional, SME Bank and Exim Bank. The acquisition of Danajamin from Credit Guarantee Corp Malaysia Bhd and the Minister of Finance (Inc) was done in November 2021. KUALA SELANGOR (Oct 17): The waste-to-energy (WTE) project in Jeram near here, which can dispose of 3,000 tonnes of solid waste per day and generate 52 megawatts (MW) of electricity per hour, is scheduled to start operations in 2026. Selangor Menteri Besar Datuk Seri Amirudin Shari said the collaborative project between Worldwide Holdings Bhd (WHB) and Shanghai Electric Power Generation (M) Sdn Bhd uses the latest technology that is the safest and most suitable for the state, which is mostly an urban area. He said the project on a 12-hectare land Bank Pembangunan allowed to allocate up to RM7.3 bil towards high-impact development projects, says CEO Selangor MB: Jeram waste-toenergy project can help dispose of 3,000 tonnes of waste daily BY CHESTER TAY theedgemalaysia.com Bernama Bernama will receive garbage collection from six local authorities and the technology used will successfully reduce land use by up to 80% besides helping environmental conservation and opening up economic opportunities. “I can say that 70% to 80% of the landfill will not be used as only a small portion is needed for the waste. I am sure that the size of landfill used in the future will not be what it is today. “If we look at Tanjung 12 in Banting, we may only survive for another two or three years, in Jeram, I think (maybe) another three or four years. If we don’t do anything, we will have to find new sites,” he told reporters after officiating the groundbreaking for the WTE site in Jeram near here. He said that sites used as landfill cannot be developed within 20 to 25 years. Commenting on the objections of a few parties regarding the construction of incinerators in WTE, Amirudin said it does not involve the same incinerators as in the 80s or 90s but instead uses the latest technology that can preserve the quality of the environment. Read also: Perak State Development Corp inks deal with China-based TusStar for innovation and economic growth
wednesday OCTOber 18, 2023 15 The E dge C E O m o rning brief world (Oct 17): Apple Inc’s Tim Cook showed up at a Tencent gaming tournament in China, endorsing one of the biggest earners on the App Store, as uncertainty persists about the US company’s top overseas market. The chief executive officer waved and made brief remarks to shoppers and staff during a surprise visit to Apple’s Taikoo Li store in the southwestern metropolis of Chengdu, according to a brief video posted on the social media platform Weibo. Cook thanked gamers who were vying for the top prize in Honor of Kings, Tencent Holdings Ltd’s longest-running cash cow. “The energy tonight was off the charts!” Cook wrote in a brief post in English and Chinese. It included a video of fans playing the game, which was developed by Tencent’s TiMi studio. Cook’s personal outing underscores the country’s importance to Apple, its biggest international market, and the cornerstone of its manufacturing network. But he’s showing up at a time the US is ramping up sanctions to contain China’s semiconductor ambitions. Apple, for years China’s leading name in high-end gadgets, has had to contend of late with a rocky market, as well as a growing preference for made-in-China brands like Huawei Technologies Co. The CEO turned up in Chengdu hours after a pair of research studies pointed to a disappointing start to sales in China for the iPhone 15. Read the full story Apple’s Cook cheers on Tencent game gala in rare visit to China (Oct 17): The US is restricting the sale of chips that Nvidia Corp designed specifically for the Chinese market, part of sweeping new updates to export curbs that are designed to block China’s access to highly advanced semiconductor technology. The tighter controls will target Nvidia’s A800 and H800 chips, a senior US official said, which the American firm created for export to the Asian country, after the Biden administration introduced its initial restrictions last October. Those curbs, including the updated rules released on Tuesday, aim to prevent China from accessing cutting-edge technology with military uses. The new rules also require companies to notify the US government, before selling chips that fall below the controlled threshold, as Bloomberg reported earlier. Top-of-the-line chips are best for powering artificial intelligence (AI) models, a senior administration official said. But with a lot of money and a little jury-rigging, a whole class of slightly inferior chips could also be used for AI and supercomputing, and therefore pose a national security risk, the official said. The US wants to monitor that so-called grey zone activity, the official added, while declining to comment on the specific parameters of which chips will be affected. The administration will review company notifications within 25 days, the official said, to determine whether firms need a licence to sell those chips to China. “It’s difficult to draw a bright line between military and commercial technology,” US Commerce Secretary Gina Raimondo told reporters ahead of publication of the rule. “There are often dual-use technologies — and the same technologies that fuel commercial exchange, unfortunately, sometimes can also allow our competitors to modernise their military, surveil their citizens and solidify oppression.” But the US doesn’t want to be more restrictive than necessary, Raimondo said, emphasising a consistent message from the Biden administration that Washington doesn’t seek to hurt China’s economy. Chinese Foreign Ministry spokeswoman Mao Ning said on Monday at a regular press briefing in Beijing that her nation opposes “the US politicising, instrumentalising and weaponising trade and tech issues”. US restricts sale of Nvidia’s made-for-China chips in new rules Washington relented in one key area, following a year of public comment on the initial rule: The updated curbs broadly allow the sale of advanced commercial chips to Chinese companies for use in consumer products like smartphones, computers and electric vehicles, as Bloomberg reported earlier. But the Biden administration will restrict the most advanced consumer chips — like those used in AI data centres — and impose a notification process on a select number of varieties just behind the cutting edge. The administration will also require firms to obtain a licence to sell chips to more than 40 countries that Chinese firms could use as intermediaries to skirt US controls. And it will add two Chinese businesses and their subsidiaries to a trade restriction list that mandates companies to obtain a US government licence before shipping to those firms. The US is also expanding the scope of manufacturing gear subject to restrictions, said senior administration officials, without specifying the exact equipment. Asked whether the US would restrict less advanced DUV machines, which are mainly supplied by Dutch chip equipment leader ASML Holding NV, an administration official said that Washington had worked with the Netherlands on the policy. ASML’s chief executive officer publicly opposed the initial US restrictions, and it took months before the US was able to get its key allies in Amsterdam and Tokyo on board. The updated rules won’t include restrictions on access to US or allied cloud computing services, though the administration will issue a request for comment to better understand potential national security risks associated with this access — and options to potentially address them. by Mackenzie Hawkins & Jenny Leonard Bloomberg by Zheping Huang & Nick Turner Bloomberg The US wants to monitor that so-called grey zone activity. bloomberg
wednesday OCTOber 18, 2023 16 The E dge C E O m o rning brief world (Oct 17): Global demand for liquefied natural gas is likely to prove stronger than expected and the current pipeline of projects won’t be enough to keep up, according to one of Japan’s top traders of the fuel. “Announced projects in the world still won’t make up for the supply needed when considering the energy transition that will take several decades,” said Kenichi Hori, president of Japanese trading house Mitsui & Co, in an interview in Tokyo last week. Hori echoed major exporters including Chevron Corp and Shell Plc in saying gas will play a long-term role in the energy transition. His comments come as competition for LNG has intensified after Russia’s invasion of Ukraine, with Europe seeking to curb its dependency on Moscow for gas and emerging nations targeting long-term deals to avoid future shortages. Mitsui and Japan’s other major trading houses are heavily involved in oil, gas and coal. Warren Buffett’s Berkshire Hathaway Inc earlier this year raised its stake in the firms, after they saw a surge in profits on SINGAPORE (Oct 17): Singapore’s exports fell for a 12th straight month in September on a year-on-year basis as the trade-reliant economy grappled again with global headwinds on inflation and declining demand. Singapore’s non-oil domestic exports (NODX) fell 13.2% in September from the same month a year earlier, data on Tuesday showed, as both electronic and non-electronic exports to its top 10 markets declined. the back of high commodity prices and the weak yen. Countries and companies are seeing LNG as a cleaner fossil fuel that can lower emissions, but supply is expected to be tight until around 2026, when new projects are scheduled to start operating. Global LNG demand is forecast to increase by 3.4% annually over 2022-2026 to reach 444 million metric tonnes, according to BloombergNEF. Ensuring diversity of supply sources is likely to prove crucial for energy security in Japan, according to Hori. “We have projects in the US, Middle East and Africa,” he said. When asked about whether Mitsui is interested in signing a contract with Qatar, which has been seeking buyers from its huge output expansion, Hori said the Middle Eastern nation is an “important source of LNG” as Japan pursues further diversification. Along with gas and LNG, it’s important for Mitsui to have “several pathways” for the energy transition, including renewable energy, ammonia and hydrogen, Hori said. The company recently announced a ¥960 billion (RM30.3 billion) investment in an offshore wind project off Taiwan’s east coast, and is exploring opportunities in e-methanol — a synthetic ingredient made from hydrogen and carbon emissions. “All these projects are going to shape the future of our portfolio that is transitioning from a traditional energy business to a low-carbon-intensive era,” he said. World lacks enough LNG for energy transition, key trader says Singapore exports fall for 12th month in Sept but recovery seen (Oct 17): US retail sales increased in September by more than forecast, in a broad advance that suggests durable household demand, as the third quarter drew to a close. The value of retail purchases, unadjusted for inflation, increased 0.7%, after an upwardly revised 0.8% gain in August, Commerce Department data showed on Tuesday. Excluding gasoline, September sales advanced 0.7%. So-called control group sales — which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations — rose a better-than-expected 0.6%. In the third quarter, control group sales rose an annualised 6.4%. Purchases rose in eight out of 13 categories last month, including stronger receipts at restaurants, motor vehicle dealers and personal care stores. The advance showcases a consumer that’s still powering ahead despite the recent energy-driven pickup in inflation. While wage growth is starting to lose steam, the labour market remains generally strong, offering Americans the leeway to keep spending. US retail sales top forecasts in sign of durable consumer demand by Augusta Saraiva Bloomberg by Shoko Oda & Grace Huang Bloomberg by Xinghui Kok Reuters Read also: US industrial production rises to highest in nearly five years Read the full story Last month’s fall compared with a Reuters poll forecast of a 14.7% drop, and extended the 22.5% contraction seen in August. There were, however, some “green shoots” in some markets, said OCBC economist Selena Ling, adding that September’s data suggested some stabilisation. Non-oil shipments to China grew 26.2%. Non-oil exports to Hong Kong also grew 55%, and to the US by 9.7%. On a month-on-month seasonally adjusted basis, NODX grew by 11.1% in September, after decreasing 6.6% in August. Maybank economist Chua Hak Bin said the month-on-month seasonally adjusted numbers are strong, and alongside growing exports to China, Hong Kong and the US, “suggests a modest recovery may be underway going into 2024”. The biggest decline in non-oil shipments was to Indonesia, which contracted 45.2% year-on-year, with lower exports of non-monetary gold, petrochemicals and prepared additive for mineral oils. Kitchen appliances for sale at a home furnishings store in Draper, Utah, the US. Bloomberg
wednesday OCTOber 18, 2023 17 The E dge C E O m o rning brief world CAIRO (Oct 17): Trucks carrying aid from Egypt were unable to cross into Gaza on Tuesday to supply Palestinians running out of water, medicine and food supplies, ahead of a widely expected Israeli ground invasion against Hamas militants. The gates of the Rafah border crossing remained shut as of 12.50pm local time, and aid workers reported hearing Israeli airstrikes on Gaza as they waited to enter. More than 100 vehicles transporting everything from medical supplies to blankets, canned food and baby formula had moved from the Egyptian city of El-Arish to Rafah earlier on Tuesday. Egypt has blamed Israel for not allowing for the passage of aid or the departure of people through the crossing. The North African country has joined other Arab nations in criticising Israel’s attacks on the impoverished territory and rejecting the prospect of mass displacement of Palestinian civilians over its border. Israel has blamed Hamas for Rafah remaining shut. “They’re running out of everything — food, medicines, and water,” aid worker Yara El-Narsh said by phone from Cairo. “Two of my cousins with dual nationalities are waiting in Rafah hoping the crossing will open. Family members are scattered across Gaza seeking refuge, and I’m here unable to even help deliver aid and not knowing what to do.” The enclave is now under a near-total blockade after a deadly incursion by Hamas, the militant group ruling Gaza, that killed at least 1,400 Israelis last week. Israel’s reprisal airstrikes have killed thousands of Palestinians. Gaza pummelled as aid sits within earshot on Egypt border (Oct 17): Oil steadied as the US intensified diplomatic efforts to contain the crisis in Gaza, with President Joe Biden slated to visit Israel this week to try to prevent a regional conflagration. West Texas Intermediate (WTI) fluctuated near US$87 (RM410.64) a barrel after a week of volatile trading. Biden will travel to the country on Wednesday to show his support after the Oct 7 attacks by Hamas that sparked the conflict. At the same time, Israel is still making plans for a ground offensive into Gaza. Crude traders also will track events in Barbados, where Venezuela’s government may sign a deal with the US-backed opposition later on Tuesday. In exchange for a freer presidential election next year, the agreement could pave the way for the US to ease sanctions against the country, potentially boosting oil exports. The crude market has been left on edge by the crisis in the Middle East and Oil steadies as Biden commits to Israel trip to contain crisis the risk that it spreads beyond Israel and Gaza, potentially endangering crude flows from key producers. Iran, which supports Hamas, has warned that an expansion of the war was “approaching the inevitable stage”. In addition to roiling futures markets in recent days, the conflict has also upended options pricing and sent freight costs soaring. “De-escalation is the theme of this week, and that is coming from all different political sides, whether that’s Washington, Jerusalem or Tehran,” Louise Dickson, an analyst at Rystad Energy, said in an interview with Bloomberg Television. “Iran is the linchpin. Everything depends on what Iran does.” Oil demand is showing robust growth, but there has also been extra supply despite the cuts from some members of Opec+, Vitol SA CEO Russell Hardy said at the Energy Intelligence Forum in London, which was disrupted by protests. by Julia Fanzeres & Alex Longley Bloomberg by Salma El Wardany Bloomberg The Rafah crossing is now the sole realistic exit point for those among Gaza’s 2.3 million people wanting to flee the war. The Rafah crossing is now the sole realistic exit point for those among Gaza’s 2.3 million people wanting to flee the war since it’s the only border that isn’t directly administrated by Israel. “We need to be governed by ethics even in times of war,” Ahmed Al-Mandhari, the World Health Organization regional director for the Eastern Mediterranean, told a briefing in Cairo. “We have repeatedly called for humanitarian access,” he said, describing Gaza’s population as being “deprived of the most basic human rights”. The WHO is working diplomatic channels to try to obtain access, as another plane loaded with supplies is scheduled to arrive in two days, he said. Life-saving medical equipment will shut down in Gaza within days due to the lack of power supply, WHO director general Tedros Adhanom Ghebreyesus warned in a guest essay in The New York Times on Tuesday. “Many of the most critically ill patients, including babies, whose lives have only just begun, will probably die,” he wrote. Mark Regev, a senior adviser to Israeli Prime Minister Benjamin Netanyahu, told Bloomberg Radio his country is working with international stakeholders, so the crossing can open to allow foreign nationals to leave. Israel is seeking guarantees incoming aid won’t be commandeered to support Hamas, which is designated a terrorist organisation by the US and European Union. Read the full story A convoy of aid trucks near the Rafah crossing, in North Sinai, Egypt on Tuesday. bloomberg getty images via bloomberg
wednesday OCTOber 18, 2023 18 The E dge C E O m o rning brief world (Oct 17): Goldman Sachs Group Inc reported trading revenue that beat analysts’ estimates while a second straight quarter of real estate writedowns dragged profit lower. Property investments drove a US$212 million (RM1 billion) loss in the firm’s equity book and an additional US$358 million in impairments contributed to a 33% drop in profit. Trading revenue was roughly unchanged from a year earlier, while analysts had expected a 13% drop. The trading strength stood out in a quarter featuring sluggish banking activity and questions about a dealmaking rebound. Investment bankers have been eager to signal that the business has reached a trough, and that they expect to see a return to normalcy in 2024. Early signs of green shoots in capital markets have been slow to take off because of political uncertainty in Washington, the risk interest rates will rise further and raging conflicts around the world. Chief executive officer David Solomon said in a statement that he expects “a continued recovery in both capital markets and strategic activity if conditions remain conducive,” adding that “as the leader in Goldman traders help counter real estate hits, stagnant M&A (Oct 17): Default and liquidation are looming in a matter of days for two companies central to China’s property debt crisis. Country Garden Holdings Co, China’s former top developer, would suffer its first-ever public dollar bond default if it misses an interest-payment deadline that ends on Wednesday (Oct 18) the latest. China Evergrande Group, another embattled real estate giant, faces the once-unthinkable possibility of asset liquidation on Oct 30 when a key court hearing takes place. Whatever the outcomes, the events are set to mark fresh milestones in the years-long turmoil of China’s housing sector, where record delinquencies have cost investors steep losses and still pose a threat to financial stability. The industry’s rising stress is another reminder of the need for Beijing to adopt stronger measures to revitalise home sales and ease distressed firms’ cash woes. “The events are critical for market sentiment, although the worst-case scenarios have already been priced in and are within expectations, as it is less likely that distressed developers will be able to turn things around,” said Chuanyi Zhou, analyst at Columbia Threadneedle Investments. “Restoring confidence will have to start in the physical market, with home buyers, which will need more time and easing policies to materialise.” Country Garden, which is currently at the centre of China’s property crisis, must pay US$15.4 million (RM72.69 million) coupon on a dollar bond by the end of a 30-day grace period Oct 17-18 or a default can be called. The company hasn’t clarified which day marks the official end of the grace period, given the initial missed deadline of Sept 17 fell on a Sunday. Two holders of the dollar note due 2025 said they had yet to receive the interest as of noon Hong Kong-time on Tuesday. The looming obligation marks the first major test for Country Garden after it warned last week that it won’t be able to meet all of its future offshore payment obligations. The company has US$9.9 billion of dollar notes outstanding, which would make it one of China’s biggest ever debt workouts. An eventual default wouldn’t come as a surprise, given the developer’s dollar bonds are trading at deeply distressed levels of around 4-6 cents on the dollar, indicating low expectations for debt recovery. Potential delinquencies or a messy restructuring by Country Garden threaten Country Garden, Evergrande set up two tense weeks for creditors by Xinyi Luo Bloomberg to send China’s housing sector into deeper turmoil, as it has several times the number of projects run by Evergrande, whose default two years ago sent shock waves across Chinese markets. As for Evergrande, its destiny now hinges on an Oct 30 Hong Kong court hearing on a creditor’s petition to liquidate its assets. A ruling in favour of that request would wreak havoc on the struggling company that’s trying to finalise a restructuring plan to pay back creditors. Any efforts to wind up the world’s most indebted developer — even if difficult to enforce in mainland China — would provide a roadmap for other builders and creditors on how a liquidation of such magnitude may play out. With about US$327 billion of liabilities, Evergrande has sunk into deeper trouble in recent weeks after it cancelled key creditor meetings, threw its debt overhaul plan into doubt and failed to meet regulatory qualifications to issue new bonds. Adding an unexpected twist to the drama was a probe by Chinese authorities into the company’s founder Hui Ka Yan’s suspected crimes. “Given markets’ pessimism, the avoidance of a large default or messy liquidation could still help stabilise China property sentiment in the short term,” said Chang Wei Liang, a strategist at DBS Bank in Singapore. “Longer-term uncertainties over real estate have proved harder to dissipate though. Spread compression could be restrained amid still dour property sales.” M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs.” Goldman’s results included the eighth straight quarterly profit drop, and the firm’s return-on-equity of 7.1% remains well below the mid-teens target it has set for itself. Solomon is trying to revive the bank’s stock after backing off from a consumer-banking expansion and refocusing efforts on core business lines. The stock was roughly unchanged at US$314.70 at 8.32am in early New York trading. Goldman’s share price is down more than 25% since its record high in late 2021, and is on track for a second straight annual decline. The bank is also looking to move past increased scrutiny on its CEO, who has been battling dissatisfaction in his ranks for much of the last year. He received a public nod of support from the board’s lead director last month, a move that could help quell some of the discontent. Read the full story Goldman Sachs Group CEO David Solomon said he expects 'a continued recovery in both capital markets and strategic activity if conditions remain conducive. by Sridhar Natarajan Bloomberg
wednesday OCTOber 18, 2023 19 The E dge C E O m o rning brief world (Oct 17): Shell plc chief executive officer Wael Sawan told the company’s staff that he “believes in urgent climate action”, despite shifting focus towards its core oil and gas (O&G) business. The challenge in the transition to cleaner energy sources is affordability, Sawan said in an internal town hall meeting on Tuesday, according to people who attended. Under Sawan, who took the top job in January, Shell is refocusing on its core O&G business in an effort to improve returns to investors. Shell confirmed that Sawan spoke in a company town hall meeting on Tuesday. He told staff that the company’s strategy hadn’t changed, but that the way it is delivered had. The shift towards fossil fuels is causing anxiety among some Shell employees in the clean-energy division, but has been welcomed by many investors. The company’s shares hit a record high on Monday. “This is the shareholders’ money,” Sawan said in the town hall meeting. “We need to earn the right to spend this.” Shell encouraged employees to share questions and comments on an internal forum ahead of the gathering. Shell CEO reassures staff he believes in climate action despite shifting focus to O&G (Oct 17): Wyndham Hotels & Resorts Inc rejected a takeover offer from Choice Hotels International Inc, saying the proposal undervalues the company’s potential for growth and would be subject to a lengthy regulatory review. Choice on Tuesday went public with its US$90 (RM424.80)-a-share bid for Wyndham, a cash and stock deal that values the company at about US$9.8 billion including debt. Wyndham broke off negotiations after the two parties had discussed a potential transaction for months, Choice said. A deal also would face regulatory scrutiny given the US government’s antitrust stance, Wyndham said in a statement. “It became clear the proposed transaction likely would take more than a year to even determine if, and on what terms, it could clear antitrust review, and Choice was unable to address these long-term risks to Wyndham’s business and shareholders,” Wyndham chairman Stephen Holmes said in the statement. Combining the two companies would create a giant player in the world of budget hotels. Wyndham operates more than 9,000 properties across 24 brands, including Days Inn, Ramada and Super 8. Choice has about 7,500 hotels and 22 brands, including midscale, extended stay and economy offerings. The most recent offer is sweetened from Choice’s initial proposal in April to acquire Wyndham for US$80 a share. Choice eventually increased the price to US$90 and bumped the cash component to 55%. (Oct 17): Taiwan Semiconductor Manufacturing Co (TSMC) has dropped plans to build an advanced chip plant in the island’s north, a pullback that comes after reports of growing local opposition to the move. TSMC had explored the Longtan Science Park in Taoyuan as a potential site. But the factory would have been built on land that the government is acquiring to expand the park, which the local community voiced strong opposition to, media including the Central News Agency (CNA) reported this week. TSMC won’t proceed with the fab after evaluating current conditions, the company said, without giving a reason. The protests are aimed at a thirdphase expansion of Longtan, one of the island’s premier industrial parks and home for years to TSMC and other major tech names. Residents complain that the government is acquiring land in the vicinity below the market price, and are trying to stall the process, CNA and other outlets cited officials and people in the area as saying. Taiwan’s largest company invests heavily to secure its lead in chipmaking capacity and technology, spending upwards of US$30 billion (RM142.05 billion) each year on new equipment and facilities. Local media reported that the plan is to build a next-generation two-nanometre (2nm) plant on the site. The company has two fabs in Taiwan for 2nm process technology under construction, one of them in Hsinchu, where it already operates a major production facility. Shares in TSMC, which will outline its longer-term spending plans when it unveils earnings on Thursday, ended 1.1% higher on Tuesday. Beside expanding domestically, the world’s leading chipmaker is building two chip fabs in Arizona at a cost of roughly US$40 billion, with help from US subsidies. It’s also setting up a campus in Japan’s Kumamoto in partnership with Sony Group Corp. Wyndham rejects US$9.8 bil takeover offer from Choice Hotels TSMC drops plan for chip site after reports of local protest by Patrick Clark Bloomberg by Jane Lanhee Lee Bloomberg by Stephen Stapczynski & Laura Hurst Bloomberg Wyndham Hotels & Resorts Inc rejected a takeover offer from Choice Hotels International Inc, saying the proposal undervalues the company’s potential for growth. bloomberg
wednesday OCTOber 18, 2023 20 The E dge C E O m o rning brief world CAIRO (Oct 17): Egypt plans to raise transit fees for ships passing through the Suez Canal by 5% to 15% from Jan 15, 2024, according to a statement released by the Suez Canal Authority (SCA) on Monday, reported Xinhua. Transit fees for crude oil tankers, petroleum product tankers, liquified petroleum gas carriers, liquefied natural gas carriers, chemical tankers and other liquid bulk tankers, containerships, vehicles carriers, cruise ships, and special floating units will rise by 15%, it said. Meanwhile, transit fees for dry bulk vessels, general cargo vessels, and roll-on/rolloff vessels will increase by 5%, according to the statement. It added that the new transit fee increases did not apply to containerships departing from ports in northwestern Europe and sailing directly to ports in the Far East. The SCA’s statistics showed that the canal’s revenues hit US$9.4 billion (RM44.52 billion) in the fiscal year 2022- 2023, which ended in June, up from US$7 billion in the previous fiscal year. Egypt to raise Suez Canal transit fees by 5%-15% in 2024 MOSCOW (Oct 17): The Russian Direct Investment Fund (RDIF) on Tuesday announced the creation of a civil aviation industry development fund totalling 100 billion roubles (US$1 billion or RM4.86 billion) together with its Chinese partners at the Third Belt and Road Forum in Beijing, reported Sputnik. “The RDIF announces the creation of a civil aviation industry development fund worth 100 billion roubles together with partners from China to invest in aviation enterprises and projects in the two countries. Investments in projects in Russia and China will be made in national currencies,” the RDIF said in a statement. The fund will also invest in aerospace projects, digital and energy-efficient technologies and big data. Investments in projects in Russia and China will be made in equal amounts, the statement read. “Thanks to the aviation industry development fund, Russian and Chinese companies will be able to attract necessary investments to expand existing production facilities, and design new types of aviation transport and develop breakthrough technologies. Besides, the fund’s investments will help increase the supply of Russian civil aviation products to the Chinese market,” RDIF chief executive officer Kirill Dmitriev was quoted as saying in the statement. The RDIF, as part of investment cooperation with China, has already implemented more than 40 projects worth over 750 billion roubles, according to the statement. (Oct 17): London’s Heathrow Airport and three major airlines lost the bulk of their appeal against an order by the nation’s aviation regulator to cut airline charges by about 20% per passenger next year. The Competition and Markets Authority, Britain’s antitrust watchdog, said on Tuesday that the Civil Aviation Authority’s (CAA) decision to lower charges for airlines using the airport was “not wrong about most of the issues”, according to its statement. However, it ordered the CAA to reconsider three parts of its pricing deRussia, China create US$1 bil aviation development fund Heathrow, airlines lose appeal against lower passenger fees Bernama-Sputnik by Karin Matussek Bloomberg Bernama-Xinhua reuters Bloomberg Bloomberg cision, without specifying what they were. The initial ruling by the CAA had left both airlines and the operator of the biggest UK hub dissatisfied. The carriers had wanted charges to be lowered, while Heathrow Airport sought to collect higher fees. In a statement following Tuesday’s decision, British Airways parent IAG SA said “Heathrow’s charges remain among the highest in the world and are not competitive”, while Virgin Atlantic Airways Ltd said it was “disappointed” by the outcome, and that the decision “did not go far enough to protect consumers from excessive charges at Heathrow”. The airport, for its part, said it’s “naturally disappointed, but it’s time to move on”. Heathrow and the world’s biggest airlines have clashed over the charges, which are among the highest globally. The CAA said in March the levy should drop to £25.43 (US$30.98 or RM146.36) per passenger in 2024 from £31.57. British Airways, Delta Air Lines Inc, and Virgin Atlantic had also appealed against the ruling. “The CAA’s Heathrow price control struck broadly the right balance between ensuring prices for passengers are not too high and encouraging investors to maintain and improve the airport over time,” CMA executive Kirstin Baker said in the statement. However, she added that “there are a handful of smaller issues we have ordered the CAA to look at again, and it has agreed to do this swiftly”.
wednesday OCTOber 18, 2023 21 The E dge C E O m o rning brief world Sanctioned billionaire Fridman able to take the bus, UK says London luxury home deals set to slump deeper for rest of year UK workers turn to AI seeking better work-life balance by Liza Tetley & Damian Shepherd Bloomberg by Irina Anghel Bloomberg by Jonathan Browning Bloomberg (Oct 17): More pain could be around the corner for London’s luxury housing market, as economic uncertainty saps demand among the city’s richest homebuyers. Transactions across prime London — which includes the capital’s most affluent postcodes — fell by almost a quarter in September from the same month a year ago, according to data from researcher LonRes. That’s prompted the average sale price to drop 3.1% in the same period, the largest annual fall in over two years. Deals for homes priced between £2 million (RM11.4 million) and £5 million underperformed the most, declining by more than a third year-on-year in the third quarter. “The lack of activity does finally appear to have caught up with values,” said Nick Gregori, head of research at LonRes. “There is a risk that negative economic news in the UK and the escalating conflict in Israel and Palestine could further weaken buyer sentiment.” Rising borrowing costs, economic uncertainty and the worst cost-of-living crisis in a generation have driven a slowdown in the UK property sector this year, with sellers increasing their asking prices at the slowest pace for any October since 2008. While London’s luxury housing market is more insulated from such headwinds, with buyers typically less debt-dependent, negative sector sentiment and wider economic concerns are impacting demand across the quality spectrum. The number of properties going under offer in prime postcodes — billed as a leading sales indicator by LonRes — dropped by 27.4% in September, compared with the same month in 2022, suggesting the picture may worsen in the coming months. One consideration is fewer people choosing to live in London for work, as remote working trends continue, the report said, evidenced by underground and bus travel plateauing at less than 80% of 2019 levels. Agents also suggest a dearth of international buyers — historically among the keenest investors in prime London real estate — may be to blame for slower activity. Economic uncertainty and a less welcoming tax and business environment were cited as possible deterrents for foreign investors. Read the full story Read the full story (Oct 17): Russian billionaire Mikhail Fridman, who quit London this month after complaining that it was impossible to live in the UK under sanctions, is still fighting authorities in court. Lawyers for the sanctioned tycoon said that government officials have refused additional licences for management payments for his London mansion and funds for a staff driver that would have left Fridman reliant on public transport to travel. Fridman moved to Israel earlier in October just before the attack by Hamas militants on the country and was then forced to flee to Moscow. His lawyers said on Tuesday that he does intend to return to the UK. The billionaire, who holds Israeli and Russian citizenship, is the founder and main shareholder of Alfa Group, which includes Russia’s largest private bank. The European Union and the UK imposed sanctions on Fridman and his partners soon after Russia invaded Ukraine in February 2022. The US sanctioned him in August, while he was living in London. The billionaire has already successfully fought a number of legal skirmishes with the UK, with police dropping a probe over alleged sanctions evasion following a high-profile raid of his mansion. Officials have also changed his sanctions listing, no longer stating that he was a “pro-Kremlin oligarch”. He’s now designated based on his prior roles at Alfa Bank Russia. The Tuesday hearing is set to challenge UK treasury officials’ determination to refuse licences for a monthly £30,000 (RM174,124) management fee as well as payments for internal phone lines, audio and TV equipment and staff costs. The billionaire suffered a “security incident” in September, according to a legal filing submitted for a Tuesday hearing. There were no further details available. Fridman’s lawyer Rachel Barnes said the asset freezing measures “impose a draconian regime of financial prohibitions and restrictions.” The UK said it refused a payment for a staff driver “on the basis that the defendant is able to travel by public transport,” Barnes said. (Oct 17): UK staff are increasingly turning to artificial intelligence to free up more time away from work, research shows. Almost half of British workers are using generative AI — a technology that became widely accessible less than a year ago — at least once a week. That’s already boosted productivity by outsourcing repetitive, time-consuming tasks to chat bots, according to a survey of 2,002 UK employees in office-based and remote roles conducted by Accenture between Aug 29-Sept. 1. Now, the survey suggests, AI efficiency gains are also helping promote work-life balance. Some 30% of employees said they want to spend their freed-up time to increase focus on life outside work, according to the report. Those results come amid surging mental health issues in the UK, which are costing companies an estimated £6.9 billion (RM39.8 billion) in working days lost to long-term illness. “There will continue to be a strong appetite for AI from office workers, with many exploring it as an opportunity to find greater overall satisfaction in their working lives,” said Emma Kendrew, technology lead for Accenture UK. Over a quarter of surveyed workers said AI is clearing up their schedules for more quality work. AI is most popular with tasks like administrative and operational processes and data analysis, according to the Accenture report. This mirrors separate research from the Massachusetts Institute of Technology that found AI drives up productivity, but those benefits are limited to writing or administrative tasks. The research also flags a growing generational gap when it comes to AI in the workplace. Only 22% of those aged 55 and over are using the technology at least one a week, almost three times fewer than those aged 18 to 24. Read also: UK wage growth eases in sign of labour market cooling
wednesday OCTOber 18, 2023 22 The E dge C E O m o rning brief world (Oct 17): HSBC Holdings plc is blocking staff from texting on their work phones, in the latest fallout from regulatory probes into the industry’s use of unauthorized communication methods. The firm is in the process of disabling the function on employees’ company-issued phones, meaning they will be unable to send or receive text messages, according to people with knowledge of the matter. The ban on SMS applies across the bank, the people said, asking not to be identified because the information is private. HSBC had already blocked staff from using WhatsApp on work phones earlier, the people said. “Banks use a wide range of approved channels to communicate in compliance with regulatory obligations,” a spokesperson for the bank said. “HSBC, like many other banks, reviews and adjusts functionality on its corporate devices as needed.” A small number of workers in regulated roles will still be allowed to send text messages on phones where the activity is archived, one of the people said. Personal devices remain unaffected, the people said. The move comes as financial watchdogs investigate the devices and systems used by traders and dealmakers to share infor- (Oct 17): As the buzz surrounding weight-loss drugs gets ever louder, analysts at Goldman Sachs Group Inc predict the market for such products could reach US$100 billion (RM472 billion) by 2030, with Eli Lilly & Co and Novo Nordisk A/S leading the pack. Goldman’s prediction is the latest in a series to foresee triple-digit billion sales in the anti-obesity market, fuelled in particular by recent clinical trial results showing that Novo’s Wegovy reduced not just weight but also the risk of heart attacks and strokes. Barclays plc analysts estimated in April that the market could reach US$100 billion by 2033, while those at Berenberg have previously predicted an US$85 billion market by 2030. Goldman’s projection is based on roughly 15 million US adults receiving anti-obesity medicine treatment for chronic weight loss management in 2030, out of about 105 million obese or overweight adults in the US. That doesn’t include diabetics. “The chronic weight management market is undergoing an inflection,” analysts including Chris Shibutani wrote in a note. They see scope for “solid growth ahead and a peak opportunity that, by our estimates, could ultimately yield some of the highest grossing drugs of all time”. Eli Lilly, whose pipeline of drugs includes Mounjaro, is now the world’s biggest healthcare company by market value. Meanwhile, Novo Nordisk became Europe’s most valuable listed company last month, boosted by market enthusiasm for its Ozempic and Wegovy drugs. Shares of both companies have surged this year. mation, and the way their employers keep track of these. It’s aimed in part at preventing financial misconduct after high-profile cases of market manipulation at some of the biggest banks on Wall Street. Earlier this year, HSBC agreed to pay tens of millions of dollars in settlements to US regulators over its failure to monitor employees’ communications on unauthorized messaging apps, including WhatsApp. HSBC paid US$30 million (RM141.6 million) to the Commodity Futures Trading Commission and another US$15 million to the Securities and Exchange Commission. HSBC blocks staff from texting on their work phones Obesity drugs are a potential US$100 bil opportunity by 2030, say Goldman Sachs analysts (Oct 17): Tyson Foods Inc is making its first foray into the insect-protein industry, as the meat giant seeks to diversify its operations. The American meatpacker said on Tuesday that it had agreed to buy a stake in Dongen, Netherlands-based Protix BV to help fund its expansion. The companies will also form a joint venture to build and operate a US facility that will produce bugbased meal and oil, which are typically used in fish feed and dog food. Financial terms of the deal weren’t disclosed. Food giants, including Cargill Inc and Archer-Daniels-Midland Co, are facing greater environmental scrutiny and increasingly looking at bugs, such as the black soldier flies farmed by Protix, as a lower-carbon source of protein. For Springdale, Arkansas-based Tyson — which produces roughly 20% of the beef, chicken and pork consumed in the US — the move represents a new avenue for expansion, and a new feedstock for the billions of chickens and hogs it raises every year. “It’s a multibillion-dollar industry opportunity that has tremendous growth potential, and we see Protix as being a leader there,” Tyson chief financial officer John Tyson said in an interview. “In the long run, insect-protein inclusion in animal-feed diets can be a real thing that exists, and can be one that is good for people, the planet and animals.” For Protix, which was formed in 2009 and is backed by Aqua-Spark Management BV and Cooperatieve Rabobank UA’s private equity arm, the partnership with Tyson means an opportunity to more quickly expand operations. The company supplies insect-based protein to pet-food makers, such as Nestle SA and Mars Inc. “It is definitely a huge way to establish ourselves into an international context,” said Kees Aarts, the company’s founder and chief executive officer. “This is really the tipping point we have been working for.” The new US plant, which still doesn’t have a site and won’t be ready before 2025, will be as much as four times larger than Protix’s existing facility in the Netherlands, Aarts said. The plant will house all steps of bug-protein production, including the breeding, incubating and hatching of insect larvae. Waste from Tyson meatpacking operations will be used to feed the flies. Tyson Foods joins bug-protein craze in partnership with start-up by Gerson Freitas Jr Bloomberg by Swetha Gopinath & Harry Wilson Bloomberg by Lisa Pham & Jan-Patrick Barnert Bloomberg Read the full story Read the full story Bloomberg
wednesday OCTOber 18, 2023 23 The E dge C E O m o rning brief world (Oct 17): Tencent Holdings Ltd has returned about US$24 billion (RM113.28 billion) to shareholders via buybacks and dividends this year. But even that won’t convince investors that it’s due for a turnaround following a US$42 billion market value wipeout. Shares of the Chinese gaming company have fallen more than 27% since its January high, trailing the Hang Seng Tech Index despite it buying back more shares than any other firm in Hong Kong this year. Investors remain cautious that broad global selling of Chinese assets and a sputtering economy will remain key pressure points. “That the stock has underperformed is really emblematic of the investor disillusionment with China,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “Tencent stock can start outperforming only when investor confidence in China returns.” In total, Tencent has spent US$4 billion in buybacks and another US$20 billion across cash dividends and distributed shares in food-delivery firm Meituan, according to Bloomberg calculations. There are clear reasons why investors are concerned. Tencent’s fintech and business services segment, which accounts for about one-third of total revenue, likely grew at a slower pace last quarter as offline payment volumes were hit by slower retail sales, according to HSBC Holdings plc’s Charlene Liu. The bank also trimmed its 2023 games revenue growth forecast given contribution from new launches may take longer to ramp up. Still, optimism is slowly building among some analysts as Tencent shifts its business mix towards higher-margin segments such as mini-games and video accounts, while reducing exposure to its less profitable video-streaming business. The recent boost in share buybacks may also provide some price support even as its biggest shareholder trims its stake, according to Morgan Stanley. Tencent’s forward earnings forecast is at a historic high and the company’s shares remain the most recommended in Asia. The stock has 67 buy recommendations and zero sell ratings, according to Bloomberg data. Even so, the analysts’ bullishness is being overshadowed by broader macro concerns and rising global yields. A subdued domestic inflation print released on Friday and the lacklustre data on spending during the Golden Week holiday suggests the turning point is still far away. “Fund flows remain unfavourable towards China, which will continue to affect Tencent’s ability to outperform as a high-beta name,” Paul Pong, managing director at Pegasus Fund Managers Ltd. “The inflection point for the company will appear when the US yield stops rising and China’s economy bottoms out.” Tencent’s record buybacks not enough to end US$43 bil rout (Oct 17): Alibaba Group Holding Ltd and Tencent Holdings Ltd have joined a US$300 million (RM1.42 billion) financing for Baichuan, one of scores of Chinese AI start-ups hoping to capitalise on a surge of interest in developing ChatGPTlike services. Smartphone maker Xiaomi Corp also participated in the early funding round for Baichuan, started in April by the founder of search engine Sogou and already a unicorn valued at more than US$1 billion. Xiaomi co-founder Lei Jun’s Shunwei Capital also took part, according to a person familiar with the deal. The company now employs more than 170 people, including engineers drawn from the ranks of Google, Huawei Technologies Co and Tencent, the company said in a statement. Baichuan is one of the more prominent start-ups developing generative AI in China, hoping to compete with the likes of Microsoft Corp and OpenAI. The country’s tech firms are pouring billions into training and developing AI services, mirroring a wave of activity now convulsing Silicon Valley. On Tuesday, Baidu Inc’s billionaire founder Robin Li declared that his company’s large language model had caught up with OpenAI’s GPT-4, claiming the lead in the nationwide race. Baichuan was among the first batch of Chinese firms to win Beijing’s approval for public roll-outs. It has since released four open-source large language models, and Alibaba, Tencent join funding for Chinese AI highflyer Baichuan is working on two proprietary platforms, it said in the statement. Two of its opensource models have been downloaded six million times, according to the start-up. Wang Xiaochuan, who named his startup after the Chinese phrase for “a hundred rivers”, told Bloomberg News this year that China may need years to catch up with the US. The US-Chinese competition in AI has broader implications beyond dominance of technology. It’s expected to transform a plethora of industries from transport to media and finance, potentially powering a phase of economic growth. The technology also has government and military applications that could affect an already tense Washington-Beijing relationship. That competition is clouded by US sanctions on Chinese access to the most advanced chips used to train and run AI models. Washington is tightening curbs on shipments of AI chips to the country, stoking that uncertainty. by Jane Zhang Bloomberg by Jeanny Yu Bloomberg
wednesday OCTOber 18, 2023 24 The E dge C E O m o rning brief world (Oct 17): Rolls-Royce Holdings plc plans to eliminate as many as 2,500 positions worldwide and will streamline operations, enacting the deepest job cuts yet under chief executive officer Tufan Erginbilgic. The reductions will target 2,000 to 2,500 employees, or about 6% of the global staff, the company said in a regulatory statement, confirming reports of job losses late on Monday. As part of the corporate overhaul, chief technology officer Grazia Vittadini will leave the company in April next year, Rolls-Royce said. She was in the position since November 2021, having joined from Airbus SE. Erginbilgic is driving his turnaround effort deeper into the company after already switching some key management positions, including the head of the civil engine subsidiary. The engineering technology & safety businesses will be unified and run by Simon Burr, a senior manager at the civil aerospace subsidiary who is joining the executive team as part of the shift. Functions such as finance and legal will be brought together across the business. Having joined Rolls-Royce from BP plc, Erginbilgic brought in consultants to advise on streamlining the organisation. The restructuring is aimed at reducing duplication of roles across the company’s three main businesses of civil aerospace, power systems and defence. Rolls makes engines for the largest commercial aircraft and earns money based on their hours of use as well as with lucrative service contracts. Erginbilgic’s tenure has already seen a shakeup to senior management, with the CEO bringing over Helen McCabe from his former employer to take over as chief financial officer. Rolls-Royce has undergone several overhauls in recent years, aimed at tackling a bureaucratic structure and high costs that have led to significantly lower profit margins than its closest competitors. (Oct 17): Ericsson AB shares fell to the lowest in six years after it said market weakness will persist into the fourth quarter and beyond, as the company struggles to counter reduced investment in fifth-generation mobile infrastructure from US and European operators. “We expect the underlying uncertainty impacting our Mobile Networks business to persist into 2024,” the Swedish 5G-equipment maker said in a statement on its third quarter results on Tuesday. Ericsson pre-announced the quarter’s earnings last week, reporting a 32 billion kronor (RM13.86 billion) impairment of the enterprise-focused Vonage unit that it bought last year. The company on Tuesday forecast earnings before interest, taxes and amortization (Ebita) margin in the current quarter of around 10% and delayed its goal of reaching its target of 15% to 18% indefinitely. Shares fell as much as 9.5% to 48.82 kronor in Stockholm, the lowest since Oct 19, 2017. Ericsson previously forecast the mobile networks market would recover toward the end of the year and said that it was focused on boosting Ebita the low end of its target Rolls-Royce to reduce 2,500 jobs to extend efficiency drive Ericsson drops to lowest since 2017 after disappointing guidance (Oct 17): BYD Co, China’s top maker of electric cars, said it expects net income for the third quarter (3Q) may come in as high as 11.5 billion yuan (RM7.44 billion) despite slowing growth in sales of new-energy vehicles across the country. Shenzhen-based BYD reported preliminary net income for the period ended Sept 30 of 9.55 billion yuan to 11.5 billion yuan, according to an exchange filing late on Tuesday. Preliminary net income for the nine months may be between 20.5 billion yuan to 22.5 billion yuan, it said. The company attributed its strong 3Q profit guidance to record sales in the period, despite intensifying competition, which it said it is offsetting by greater cost savings and efficiency gains. BYD’s profit guidance for 3Q puts the Chinese carmaking behemoth on course for its best-ever quarterly net income period. Its expected performance in the nine months through September will exceed net income for all of 2022 of 16.6 billion yuan. One of the reasons underpinning BYD’s success is the fact it also makes the batteries that power its electric and hybrid cars, as well as some of the semiconductor chips that go in them. That added manufacturing prowess allows BYD to control greater parts of the auto supply chain, meaning it performs better when it comes to controlling costs. In the three months to Sept 30, BYD managed to sell almost as many fully electric vehicles (EVs) as Tesla Inc, falling just 3,456 vehicles short of superseding the US automaker that’s run by Elon Musk. Including hybrids, BYD sold a total 822,094 vehicles for another record quarter, helping to cement its lead as China’s best-selling car brand. BYD’s strength comes as sales growth of new-energy cars in China more broadly is decelerating. Retail sales of new-energy vehicles in the world’s biggest auto market rose 22.1% from a year earlier to 746,000 units in September, data from the Passenger Car Association (PCA) showed last week. But as consumers in China rein in spending, more new-energy passenger cars are being exported. China-based automakers shipped 91,000 clean vehicles abroad in September, including pure-electric and plug-in hybrids, an increase of 107% from a year earlier, the PCA data showed. Tesla ranked top with 30,566 units sent to overseas markets from its Shanghai factory, while it delivered 43,507 cars to local customers. Much of the remainder was driven by local automakers such as BYD and Shanghai Automotive Industry Corp. BYD reports preliminary 3Q net income jump on record-high sales by Danny Lee Bloomberg by Charlotte Ryan Bloomberg by Rafaela Lindeberg Bloomberg next year. It now says it aims to reach that level “as soon as possible”. “We have decided not to guide for 2024 because the timing of this recovery, although we are convinced, confident that it will come,” chief financial officer Carl Mellander said in a phone interview. The company has struggled to adjust as operators in the US and the European Union look to reduce capital expenditures and adjust their inventories. Read also: LinkedIn cuts 668 jobs in Read the full story second round of lay-offs this year Read the full story
WEDNESDAY OCTOBER 18, 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) MINOX INTERNATIONAL GROUP 265.53 0.120 0.370 0.00 NULL KANGER INTERNATIONAL BHD 90.60 0.010 0.120 200.00 78.0 SARAWAK CONSOLIDATED 65.52 0.010 0.520 258.62 332.9 ASDION BHD 60.33 0.015 0.075 -21.05 33.5 TOP GLOVE CORP BHD 54.07 0.015 0.750 -17.13 6006.1 WIDAD GROUP BHD 45.53 0.005 0.555 29.07 1718.5 MY EG SERVICES BHD 38.40 0.005 0.825 -4.11 6155.8 GREEN OCEAN CORP BHD 29.64 0.005 0.015 -25.00 31.7 SMRT HOLDINGS BHD 27.22 0.085 0.925 537.93 419.0 MERCURY SECURITIES GROUP BHD 25.18 0.000 0.315 0.00 281.3 META BRIGHT GROUP BHD 24.90 0.005 0.255 50.00 604.5 MALAYSIAN RESOURCES CORP BHD 24.80 0.000 0.460 55.93 2055.1 NETX HOLDINGS BHD 23.43 -0.015 0.155 158.33 142.7 KNM GROUP BHD 23.30 -0.005 0.110 120.00 444.8 EKOVEST BHD 23.10 -0.005 0.510 50.00 1512.4 UEM SUNRISE BHD 22.40 -0.005 0.790 209.80 3996.2 TANCO HOLDINGS BHD 21.76 0.000 0.570 70.15 1136.0 ICON OFFSHORE BHD 20.09 0.000 0.130 36.84 351.9 ARTRONIQ BHD 17.17 0.000 0.880 23.94 348.9 UCREST BHD 16.53 0.000 0.180 44.00 133.5 Data as compiled on Oct 17, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) EA HOLDINGS BHD 0.010 100.00 630.6 -33.33 64.5 KEY ALLIANCE GROUP BHD 0.010 100.00 1,006.0 100.00 36.8 GREEN OCEAN CORP BHD 0.015 50.00 29,640.8 -25.00 31.7 JOE HOLDING BHD 0.015 50.00 8,785.7 -25.00 45.9 MMAG HOLDINGS BHD 0.015 50.00 2,597.4 -40.00 36.3 MINOX INTERNATIONAL GROUP 0.370 48.00 265,538.6 0.00 NULL XOX BHD 0.020 33.33 712.7 33.33 101 METRONIC GLOBAL BHD 0.020 33.33 715.1 0.00 30.6 NEXGRAM HOLDINGS BHD 0.025 25.00 1,657.0 -64.29 16.2 ASDION BHD 0.075 25.00 60,330.2 -21.05 33.5 MQ TECHNOLOGY BHD 0.030 20.00 867.0 -40.00 41.4 TWL HOLDINGS BHD 0.030 20.00 2,222.0 -14.29 145.3 SENI JAYA CORP BHD 0.605 19.80 1,946.4 5.22 117.5 LANDMARKS BHD 0.200 17.65 2,228 2.56 134.3 GRAND CENTRAL ENTERPRISES BHD 0.370 13.85 32.6 5.71 72.9 PUC BHD 0.045 12.50 2,277.2 28.57 106.6 TA WIN HOLDINGS BHD 0.045 12.5 794.6 -18.18 154.6 HONG SENG CONSOLIDATED BHD 0.050 11.11 2,115.2 -77.27 255.4 WATTA HOLDINGS BHD 0.620 10.71 0.1 15.89 52.4 HANDAL ENERGY BHD 0.105 10.53 2,877.1 -32.26 28.0 Data as compiled on Oct 17, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AE MULTI HOLDINGS BHD 0.010 -33.33 15.0 -60.00 21.6 TECHNA-X BHD 0.015 -25.00 810.8 -40.00 33.2 PDZ HOLDINGS BHD 0.030 -14.29 10.7 -25.00 17.4 XOX NETWORKS BHD 0.030 -14.29 240 0.00 34.1 ZELAN BHD 0.035 -12.50 135.4 -50.00 29.6 PERMAJU INDUSTRIES BHD 0.045 -10.00 1776 0.00 87.5 REACH ENERGY BHD 0.045 -10.00 5,853.4 0.00 95.8 ICT ZONE ASIA BHD 0.190 -9.52 12.5 -13.64 121.7 BARAKAH OFFSHORE PETROLEUM 0.050 -9.09 2,176.8 100.00 50.1 NETX HOLDINGS BHD 0.155 -8.82 23,436.2 158.33 142.7 MALAYAN UNITED INDUSTRIES BHD 0.060 -7.69 1,373.8 -20.00 193.5 TECHNODEX BHD 0.065 -7.14 657.2 -35.00 54.8 HARVEST MIRACLE CAPITAL BHD 0.130 -7.14 4,940.6 8.33 159.2 JADI IMAGING HOLDINGS BHD 0.065 -7.14 228.0 -23.53 91.0 CABNET HOLDINGS BHD 0.220 -6.38 50.0 -2.22 39.3 OCR GROUP BHD 0.075 -6.25 5,285.3 -25.00 96.7 EURO HOLDINGS BHD 0.075 -6.25 116.9 -37.50 96.3 OCEAN VANTAGE HOLDINGS BHD 0.230 -6.12 2251.3 39.39 96.6 ASTRO MALAYSIA HOLDINGS BHD 0.420 -5.62 9026.9 -35.38 2192 SINARAN ADVANCE GROUP BHD 0.085 -5.56 2,185.0 13.33 77.8 Data as compiled on Oct 17, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) AJINOMOTO MALAYSIA BHD 15.500 -0.160 38.1 18.50 942.4 HEINEKEN MALAYSIA BHD 25.260 -0.140 425.7 0.24 7,631.0 TIME DOTCOM BHD 5.190 -0.100 5,057.5 21.27 9,585.1 APOLLO FOOD HOLDINGS BHD 5.080 -0.080 227.1 31.61 406.4 PERUSAHAAN SADUR TIMAH 3.450 -0.070 17.7 -21.41 445.4 HEXTARTECHNOLOGIES SOLUTIONS 24.200 -0.060 2.7 41.85 3,113.3 MALAYSIA AIRPORTS HOLDINGS 7.350 -0.040 1,567.5 12.04 12,263.9 AEON CREDIT SERVICE M BHD 11.620 -0.040 187.6 -7.63 2,966.7 DUFU TECHNOLOGY CORP BHD 1.750 -0.040 443.0 -2.23 928.1 TEO SENG CAPITAL BHD 1.220 -0.040 3,228.5 63.76 357.9 AMMB HOLDINGS BHD 3.850 -0.030 4,647.1 -7.00 12,743.7 CHIN HIN GROUP BHD 3.800 -0.030 2,138.0 17.65 6,723.8 TONG HERR RESOURCES BHD 2.560 -0.030 21.5 -16.88 393.0 SEE HUP CONSOLIDATED BHD 0.900 -0.030 9.6 -21.74 71.5 UCHI TECHNOLOGIES BHD 3.400 -0.030 413.8 5.57 1,552.4 KIM LOONG RESOURCES BHD 1.900 -0.030 318.5 4.91 1,845.6 RHONG KHEN INTERNATIONAL 1.26 -0.03 3.10 -7.35 244.8 UMS-NEIKEN GROUP BHD 0.920 -0.030 3.5 -4.66 72.4 DAYANG ENTERPRISE HOLDINGS 1.850 -0.030 1,725.7 41.22 2,141.9 SARAWAK PLANTATION BHD 2.070 -0.030 20 -1.9 577.6 Data as compiled on Oct 17, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) KUALA LUMPUR KEPONG BHD 21.980 0.460 637.1 -1.7 23704.0 PPB GROUP BHD 14.880 0.360 545.5 -14.68 21168.3 FRASER & NEAVE HOLDINGS BHD 26.540 0.340 160 22.98 9734.3 BATU KAWAN BHD 21.000 0.320 7.8 -5.83 8261 NESTLE MALAYSIA BHD 123.500 0.200 77.0 -11.79 28960.8 SOUTHERN ACIDS MALAYSIA BHD 3.450 0.180 1.500 -5.5 472.4 RAPID SYNERGY BHD 26.040 0.160 399.9 63.16 2783.6 UNITED U-LI CORP BHD 1.700 0.140 3,613.9 41.67 370.3 ORIENTAL HOLDINGS BHD 6.490 0.130 131.7 -4.42 4026.1 MINOX INTERNATIONAL GROUP 0.370 0.120 265,538.6 0 NULL UNITED PLANTATIONS BHD 16.840 0.120 87.6 12.19 6985 KECK SENG MALAYSIA BHD 4.480 0.120 47.2 25.14 1609.7 EG INDUSTRIES BHD 1.540 0.110 3,722.9 185.19 693.3 FORMOSA PROSONIC INDUSTRIES 2.860 0.110 840.3 -11.46 729.6 CARLSBERG BREWERY MALAYSIA 20.300 0.100 103.5 -11.28 6206.7 SENI JAYA CORP BHD 0.605 0.100 1946.4 5.22 117.5 SHANGRI-LA HOTELS MALAYSIA 2.180 0.090 554.8 -36.81 959.2 SMRT HOLDINGS BHD 0.925 0.085 27218.8 537.93 419.0 PMB TECHNOLOGY BHD 3.070 0.080 210.2 -26.9 4976 HAP SENG CONSOLIDATED BHD 5.350 0.070 3,064.2 -16.41 13319.7 Data as compiled on Oct 17, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,984.54 314.25 0.93 S&P 500 * 4,373.63 45.85 1.06 NASDAQ 100 * 15,172.73 177.61 1.18 FTSE 100 * 7,630.63 31.50 0.41 AUSTRALIA 7,056.09 29.54 0.42 CHINA 3,083.50 9.68 0.32 HONG KONG 17,773.34 132.98 0.75 INDIA 66,428.09 261.16 0.39 INDONESIA 6,939.62 43.32 0.63 JAPAN 32,040.29 381.26 1.20 KOREA 2,460.17 23.93 0.98 PHILIPPINES 6,280.90 82.07 1.32 SINGAPORE 3,171.83 7.94 0.25 TAIWAN 16,642.55 -9.69 -0.06 THAILAND 1,433.40 6.29 0.44 VIETNAM 1,121.65 -19.77 -1.73 Data as compiled on Oct 17, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,781.001.00 OIL US$ 89.980.33 RM/USD 4.7360 RM/SGD 3.4578 RM/AUD 3.0090 RM/GBP 5.7616 RM/EUR 4.9982
PETALING JAYA: Beware the next time you undress in a changing room, use a public restroom or occupy a guesthouse or hotel room, as you may unknowingly become a victim of voyeurs. Small spycams, most of which have video recording capabilities, could be placed in plain sight, such as in wall sockets, door knobs, flower pots, clocks and ceiling lights. They are easily available online at about RM25 for larger ones and RM130 or so for smaller, more discrete versions that only measure 2cm by 2cm. In the most recent case last month, a honeymooning couple from China found hidden cameras in the power sockets of their Airbnb room in Kota Kinabalu, Sabah. The tourists’ allegations were published on the Chinese social media platform Xiaohongshu on Sept 14 and went viral after it was picked up by numerous online sites and news portals. Earlier this year, an X user posted about an anonymous seller who claimed to have for sale video recordings of couples and individuals in fitting rooms of a clothing store. oWomen’s rights advocates, lawyers want stricter action against those who violate privacy with spy cameras █ BY QALIF ZUHAIR newsdesk@thesundaily.com 5 page Community role in addressing domestic violence TELLING IT AS IT IS ON WEDNESDAY OCTOBER 18, 2023 No. 8374 PP 2644/12/2012 (031195) www.thesundaily.my Since 2022, the government has allocated RM3.7 billion in subsidies for chicken and eggs. – MASRY CHE ANI/THESUN Chicken, eggs price float to ensure subsidies benefit right group: PM KUALA LUMPUR: The government’s move to float the prices of chicken and eggs in the market is to ensure that only eligible citizens, and not foreigners or super-rich groups, benefit from the subsidies provided. Prime Minister Datuk Seri Anwar Ibrahim said since 2022, the government has allocated a total of RM3.7 billion in subsidies for chicken and eggs. This has resulted in approximately 3.5 million foreigners and 10% of the wealthy in the country also enjoying the benefit of these subsidies. “Looking at the current market prices, if the price is below the ceiling, and chicken and eggs in Thailand are cheaper than in Malaysia, then it is time for us to float the prices. “If there is a shortage, we will supplement it from the stockpile. The Agriculture and Food Security Ministry has 30% of the chicken and egg stock, and I have instructed the minister to buy from Thailand if needed,” he said during the Minister’s Question Time in the Dewan Rakyat yesterday. He was responding to a question from Datuk Rosol Wahid (PN-Hulu Terengganu), who sought the government’s assurance that the move to float the prices of chicken and eggs will not burden the people, who are already dealing with the high cost of living. When tabling Budget 2024 on Friday, Anwar said the government is considering floating the price of both items as the supply has started to stabilise and the current market price is below the ceiling. In his reply yesterday, Anwar said the decision was made after considering various factors through discussions among several ministries, such as the amount of savings in subsidies and the capacity of the Farmer’s Organisation Authority and the Federal Agricultural Marketing Authority. He said the agriculture and food security minister will announce further details soon. On Rosol’s supplementary question regarding the impact of the measure on the Consumer Price Index, Anwar said the current market prices for chicken and eggs, including wholesale, are still considered low. Turn to — page 3 Amanda said women are especially advised to check their surroundings when using public restrooms, changing rooms, guest houses or hotel rooms. “Some people may lack awareness and are oblivious of their surroundings to notice anything amiss. “But there are hidden camera detectors that are also sold online for between RM20 and RM80. But how effective they are is anyone’s guess. “Protecting our safety has come to a point where, aside from carrying pepper spray, women now have to carry a camera detector in our handbags just to be extra careful.” She said companies that sell hidden cameras and detection devices were also profiting from women’s fear and vulnerability. Women’s rights advocates and lawyers are now demanding that the authorities take stricter measures against the perpetrators responsible for placing such cameras. All Women’s Action Society women’s rights advocate Amanda Shweeta Louis said those placing the hidden cameras can use any of the recorded visuals to spread intimate images online. “These images and videos can be sold to voyeurs or used to blackmail the victims, harass and intimidate them or cause gender-based violence issues. “Hidden cameras have also been used in domestic violence cases, in which the abuser uses such devices to monitor and intimidate, making it difficult for the victims to escape abusive relationships.” Turn to — page 5 4 Awareness on page seat belt safety still lacking INSIDE Hidden perils
2 theSUN ON WEDNESDAY | OCTOBER 18, 2023 NEWS WITHOUT BORDERS /thesuntelegram FOLLOW ON TELEGRAM SCAN ME ‘Onus on govt to explain Budget’ PUTRAJAYA: It is the responsibility of the government machinery to explain to the people the essence of Budget 2024, said Prime Minister Datuk Seri Anwar Ibrahim. He said the people should be made to understand the reason for the government’s focus on health and education. “The explanation is important, it has to be clarified to the people,” he said at the Finance Ministry monthly assembly yesterday. On Friday, Anwar tabled the RM393.8 billion Malaysia Madani Budget 2024, themed “Economic Reform, Empowering the People”, which is the highest budget in the country’s history. The Education Ministry received the largest allocation of RM58.7 billion, while the Health Ministry was allocated RM41.2 billion. Anwar, who is also finance minister, said Budget 2024 is a national budget aimed at giving confidence to investors and providing maximum comfort to the people. “The Budget cannot be seen in a ‘vacuum’ but (one has to) also look at it from the background of economic strength, political stability, ability to pay off debts and some other basic macroeconomic frameworks.” Regarding subsidies, he reiterated that they have been maintained, with RM81 billion allocated for the purpose. “RM81 billion in subsidy for one year is among the highest. No country gives such a high subsidy. A subsidy is the government’s aid to reduce the burden of the people.” Anwar said the government’s move to provide targeted subsidies is to ensure that they are enjoyed only by deserving people. On the electricity subsidy, he said 90% of users would continue to enjoy it while it was withdrawn for 10% who are the highest power consumers, adding that the move is expected to save the government over RM4.6 billion. Anwar has also instructed public universities in the country not to refuse the admission of students who cannot pay fees because they are poor, Bernama reported. He said this is to ensure that students from poor families also get to pursue higher education. “I want no (public) university to refuse the admission of poor students. They must be allowed to register and the matter (fee Anwar speaking with Sekolah Menengah Kebangsaan Ketari students in the Parliament building yesterday. – BERNAMAPIC oPeople should be made to understand reasons for focus on health and education, says Anwar Foreign children shelters move boost to national image KUALA LUMPUR: The expansion of the Baitul Mahabbah programme under the Immigration Department to safeguard the rights of foreign children could boost the country’s image on the world stage, said its Director-General Datuk Ruslin Jusoh. He said the establishment of three more Baitul Mahabbah shelters reflects the government’s concern for the welfare of foreign children in immigration depots. “This initiative is a manifestation of the Home Ministry and Immigration Department’s commitment in line with the Malaysia Madani concept, which emphasises compassion for all groups.” Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2024 in the Dewan Rakyat on Friday, announced that the government would expand the programme to three more temporary settlement centres in Sabah, Sarawak and the peninsula, with an allocation of RM10 million. Baitul Mahabbah is a Home Ministry initiative to ensure the safety and well-being of children in immigration depots, and it is temporary until the documentation process by their respective embassies is completed. The first Baitul Mahabbah shelter for children aged 10 and below was established at the civil servants housing complex near the KL International Airport. Nusantara Academy for Strategic Research senior fellow Assoc Prof Azmi Hassan said the move could improve the country’s position in the United States Department annual Trafficking in Persons Report (US TIP Report). “It serves as a transit (temporary shelter) to ensure these children are fully protected. This demonstrates the government’s concern for migrant issues, especially in reducing human trafficking.” Malaysia was upgraded to the Tier 2 Watch List in the US TIP Report for 2023 after two consecutive years of being on Tier 3. The country was ranked on Tier 2 in 2017 and Tier 2 Watch List from 2018 to 2020. – Bernama payment) be resolved by the (relevant) ministry or department. “This is the first time in history, that no children of ours anywhere, from any race, who are poor and cannot afford (fees), can be refused university admission. They must be allowed to register.” Anwar said he had been informed that there were students from Ampang in Selangor and Tambun in Perak who were refused university admission because they could not afford to pay the registration fees. When tabling Budget 2024, Anwar announced that starting in January, registration fees for public universities should not exceed RM1,500, which is in line with the value of the National Higher Education Fund Corporation Advance Loan, amounting to RM1,500. 31,000 rice distribution premises inspected KUALA LUMPUR: A total of 31,100 premises nationwide were inspected under Ops Jamin between July 7 and yesterday, involving various levels of the rice distribution chain. Domestic Trade and Cost of Living Deputy Minister Fuziah Salleh said the inspections were carried out to monitor the supply and prices of rice as well as other daily necessities such as sugar and cooking oil at the retail level. “We want to assess the situation regarding essential goods because we heard that there have been improvements. So, I came to see if the situation has become better. “However, we see that (stocks) of local rice are still unavailable,” she said after conducting inspections at a supermarket in Cheras Jaya yesterday. Ops Jamin is a collaborative effort by the Domestic Trade and Cost of Living Ministry and the Agriculture and Food Security Ministry to ensure availability of rice at stable and controlled prices. Fuziah said of the 31,100 premises inspected, action for violations have been taken against 10 cases, four each related to the Consumer Protection Act 1999 and the Trade Descriptions Act 2011, and two related to the Weights and Measures Act 1972. She added that 331 rice related complaints were received as of yesterday and forwarded to the ministry for further action. On Budget 2024, Fuziah said it is a budget that favours the people, as the allocation for the Payung Rahmah initiatives has been doubled to RM200 million. “I am also happy for the hardcore poor because the prime minister has allocated RM10 billion for Rahmah Cash Aid. “Through the retargeted subsidy approach, we hope those who are eligible and entitled to subsidies can receive cash aid that can be used to buy essential goods.” – Bernama PM calls for end to Gaza bombing KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim strongly advocates for the immediate cessation of bombardment in Gaza and the establishment of a humanitarian corridor in Rafah. In a post on Facebook, he said it is also imperative for Israel to abandon its adherence to the politics of dispossession, immediately seek a ceasefire with Hamas and genuinely pursue a peaceful resolution to end the ongoing conflict. “I had a phone conversation with Hamas Head of Political Bureau Ismail Haniyeh on Monday to express Malaysia’s unwavering support for the Palestinian people. “It is crucial and paramount to prioritise the well-being and safety of all individuals affected by this crisis.” Anwar said Malaysia is committed to delivering humanitarian aid, particularly in the form of food and medicine, to alleviate the suffering of those in need. On Friday, Anwar said the government would provide RM10 million in aid to Palestinians and expressed hope that governmentlinked companies, governmentlinked investment companies and the private sector would contribute to raise the aid amount to RM100 million. – Bernama M’sia, Iran keen to help Palestinians KUALA LUMPUR: Foreign Minister Datuk Seri Dr Zambry Abdul Kadir has had a phone conversation with his Iranian counterpart Hossein Amirabdollahian on the critical situation unfolding in Palestine. “We are both resolute in finding ways to address the conflict, especially the humanitarian condition involving innocent Palestinian civilians,” he wrote on X yesterday. Zambry said he and Hossein would discuss the issues further during the Organisation of Islamic Cooperation meeting in Jeddah, Saudi Arabia today. The Iranian news agency reported that during the phone conversation with Zambry, Hossein had called for the opening of a humanitarian corridor in the war-hit Gaza Strip, where the civilian population is being subjected to relentless Israeli airstrikes and a full blockade. The top Iranian diplomat said putting an end to “war crimes against civilians in Gaza and the humanitarian siege” is the most important issue at the current time. “The continued war crimes against the civilians and genocide by the Zionist regime have no boundaries. This regime has destroyed a children’s hospital in Gaza using phosphorous bombs and massacred children hospitalised there,” he said. – Bernama
3 NEWS WITHOUT BORDERS theSUN ON WEDNESDAY | OCTOBER 18, 2023 PUTRAJAYA: The Election Commission (EC) has set polling day for the Kemaman parliamentary by-election in Terengganu on Dec 2. EC chairman Tan Sri Abdul Ghani Salleh said nomination day will be Nov 18, while early voting has been set on Nov 28. He announced the dates at a press conference yesterday after chairing a special meeting to discuss important dates for the by-election. The Kemaman by-election is being held following a decision by the Terengganu Elections Court on Sept 26 annulling PAS candidate Che Alias Hamid’s victory in the 15th general election after the petitioner, Wan Mohamad Hisham Wan Abdul Jalil (a voter), was able to prove that corruption had taken place in the election. PAS decided not to appeal against the decision. “The Kemaman parliamentary by-election requires an allocation of RM3.5 million,” said Abdul Ghani. For the purpose of conducting the by-election, he said the EC has appointed one returning officer (RO) who will be assisted by three assistant ROs, as well as 2,102 election workers. Abdul Ghani added that five election campaign enforcement teams, comprising police, local authorities and representatives of candidates contesting in the polls, would also be established. The campaigning period will run for 14 days starting after the announcement of the contesting candidates on nomination day, until 11.59pm on Dec 1. He said the electoral roll to be used contains 141,790 names, consisting of 141,382 ordinary voters, 387 police personnel and nine military servicemen and their spouses, and 12 overseas absentee voters. Abdul Ghani also said Dewan Berlian Utama at Majlis Perbandaran Kemaman will be used as the nomination centre and the official vote tallying centre. A total of 49 polling stations with 244 voting channels will be opened on polling day, while for early voting, there will be four polling stations. Voters in Kemaman may check their status through the EC portal at https://mysprsemak.spr.gov.my or on the MySPR app, or contact the SPR Hotline at 03-8892 7018/7218/7124 beginning Nov 14. He advised candidates to complete their nomination forms and check with the office of the returning officer or the Terengganu election office prior to nomination day. The EC is also offering election observer positions to government agencies, NGOs or establishments. “Observers are allowed to (monitor activities) at the nomination centre, polling centres, vote counting centres and the official vote tallying centre.” Additional information on observer positions are available at www.spr.gov.my and the closing date for applications is Oct 26. – Bernama Hadith module in schools to be monitored KUALA LUMPUR: The Department of Islamic Development Malaysia will monitor the interpretation of hadith in the implementation of the Imam Al-Nawawi 40 Hadith appreciation module in schools to ensure the context is presented accurately. Education Minister Fadhlina Sidek said this was crucial to prevent issues such as misinterpretation and to curb radicalism and extremism in society. “The District Education Office and State Education Department will also conduct regular monitoring to gauge the effectiveness of module delivery,” she said during the question and answer session in the Dewan Rakyat yesterday. She was responding to a supplementary question from Dr Mohammed Taufiq Johari (PH-Sungai Petani) on the steps taken by the Education Ministry to monitor the implementation of the module to ensure the hadith are not misinterpreted, and the timeline for the completion of the module. The ministry launched the module on Aug 19, with the aim of fostering appreciation of hadith in schools. It also seeks to foster a spirit of love and deepen religious understanding, especially among Muslim students. The pilot programme of the module will be implemented at 61 national religious secondary schools and 228 government-aided religious schools nationwide. Fadhlina said schools could download the module through the Digital Educational Learning Initiative Malaysia platform to ensure proper implementation of related activities. In response to an original question from Roslan Hashim (PN-Kulim Bandar Baharu), who wanted the ministry to explain why five hadith were removed from the module, Fadhlina said the ministry has never done so. “All 42 hadith were retained. The ministry also plans to expand (the programme) to all schools under the ministry, which will only involve Muslim students, starting next year,” she said. – Bernama Kemaman parliamentary by-election on Dec 2 oPolls to cost RM3.5 million and require more than 2,000 workers, says EC chairman Four win total of RM51 million in Toto jackpots KUALA LUMPUR: Four Sports Toto jackpot winners became multi-millionaires when they won a cumulative total of more than RM51 million. The biggest winner, from Selangor, won the RM33.5 million Supreme Toto 6/58 Jackpot on Oct 8. The 53-year-old, who owns a trading company, said he was not a regular player but decided buy RM200 worth of Lucky Pick tickets at the Toto outlet next to the restaurant where he had dinner. “I felt like trying my luck just before the Toto outlet closed at 7pm. The sales lady was so happy because I bought 100 Lucky Pick tickets worth RM200. “I checked the tickets one by one against the results that night. It was an exciting experience,” he said, adding that his winning ticket, with the numbers 03, 08, 20, 38, 50 and 56, was among the last few he checked. “I just could not believe that I won the jackpot.” The winner said he plans to use his newfound wealth, totalling RM33,533,634.10, to expand his business and take his wife on a lavish holiday. A 51-year-old driving school instructor from Sabah was the second-largest winner, taking the RM7.5 million Toto 4D Jackpot 1 on Oct 4. He said he received one of the two winning numbers, 0708 and 0814, in a dream. “I dreamt that my son called me on my old house phone number, that ended with 0814. When I awoke in the morning, the time was 0708. “So, I decided to bet on these two numbers with others in a System 5 ticket worth RM20. I feel so lucky at having won the Toto 4D Jackpot 1.” He won a total of RM7,486,650.65 and an additional bonus of RM1,008 for betting with a System 5 ticket. The winner said he would save his winnings for his children’s education and share some with his family members. There were two other winners from Sabah and Sarawak, who won the RM5.6 million Star Toto 6/50 Jackpot 1 on Sept 24, and the RM5.3 million Toto 4D Jackpot 1 on Sept 17 respectively. The Sabahan, a 41-year-old accountant, randomly picked his set of lucky numbers – 9, 11, 22, 28, 32 and 39 – for the first time and bagged RM5,616,199.80. The Sarawakian, a 71-year-old housewife, said she is a Toto regular and always plays the jackpot games with Lucky Pick tickets. She bought three Lucky Pick System 3 tickets while out shopping with her brother. One of the tickets, with the pair of winning numbers 0708 and 2907, won her RM5,321,823.30 and a bonus of RM336. Move expected to allay investor fears To a supplementary question from Ahmad Fadhli Shaari (PAS-Pasir Mas), Anwar said the government’s intervention in regulating the price of chicken and eggs was one of the reasons both local and foreign firms, including those from Thailand, were hesitant to invest in Malaysia’s poultry industry. “Government intervention in terms of pricing makes them unwilling. So now, if we leave it to the market (floating prices) and people face difficulties, we will provide external support, which I think will encourage companies to invest. “Investors say they cannot invest because they don’t know to what extent the government can intervene, so we are making some adjustments to our approach,” he said. On concerns about the rising chicken and egg prices, Anwar said the issue can be addressed through various means, including the provision of the Rahmah Cash Aid. “That is why we increased the allocation for it from RM8 billion to RM10 billion (in Budget 2024), considering the people’s hardship. “So, it’s not true that the government doesn’t care (about the people’s struggle). In the current financial constraints, the government has reduced expenses to increase allocations for the people,” he said. – Bernama Nancy being accompanied by Dyslexia Malaysia Association president Abdullah Syakirin Mohamad (left) during her visit yesterday to its premises in Jalan Ampang, Kuala Lumpur. – ADIB RAWI YAHYA/THESUN Programmes for dyslexia awareness KUALA LUMPUR: Various programmes and initiatives have been planned for children with dyslexia, especially for those in rural areas, said Women, Family and Community Development Minister Datuk Seri Nancy Syukri. She said among the initiatives lined up are awareness programmes on dyslexia and the identification of early symptoms among children in rural communities. “Urban communities are aware of this disorder but rural communities are not. If we do not give them the opportunity, then they would not know if their children are living with dyslexia,” she said when launching Dyslexia Awareness Month yesterday. Nancy added that the ministry will be conducting research with local universities to curate a module for clear understanding of dyslexia. She also advised parents or family members of dyslexic children to meet consultants at any Social Welfare Department office for assistance. – Bernama █ BYJOSHUA PURUSHOTMAN newsdesk@thesundaily.com From front page
4 theSUN ON WEDNESDAY | OCTOBER 18, 2023 NEWS WITHOUT BORDERS Get a jump start today on creating a successful tomorrow! For the best in local and international higher education institutions, catch theSun's fortnightly Education Focus. FOCUS 2023 EDUCATION Contact us now for special deals on digital, video and print advertising. Medical team set for Gaza mission JOHOR BAHRU: Humanitarian relief non-profit organisation Humanitarian Care Malaysia (MyCARE), which is closely monitoring developments on the opening of the Rafah border crossing in Egypt, is ready to send a medical team to the Gaza Strip, should the crossing be opened. MyCARE Board of Trustees member Assoc Prof Dr Mohd Zin Kandar said this was in line with the request of Palestinian Ministry of Health spokesman Dr Ashraf Alqudra in Gaza recently. “He requested the dispatch of medical specialists to treat and carry out surgeries on victims of Israeli attacks, as well as medical supplies. “However, cooperation from the Malaysian government and the Health Ministry will also facilitate the matter.” Mohd Zin said the Rafah crossing is the only gateway for Palestinians in Gaza to the outside world. He added that delivery of aid from NGOs, especially from Malaysia, would have to go through Rafah crossing before entering Gaza. “With the conflict and the Israeli attacks on the people of Gaza, we really hope that the Rafah border crossing can be opened all the time by the Egyptian (authorities). It is a legal border crossing between Palestine and Egypt, and it is not appropriate for other countries to try to intervene and decide whether the Rafah crossing should be opened or not,” said Mohd Zin. He added that the supply crisis in Gaza is expected to worsen, especially with the coming winter season. – Bernama Announcement on hacked FB page IPOH: The Perak Public Service Commission said yesterday its Facebook page, which was hacked, was no longer its official platform and advised the public to visit its official website for the latest updates. In a statement on its website https://spa.perak.gov.my/, the commission also said it had taken appropriate action to ensure disruption would not continue. “This office understands the concerns expressed by many parties regarding the matter. “The matter is under the jurisdiction of relevant authorities,” the statement read. The Perak commission said its official Facebook page was hacked by an irresponsible party at about noon on Monday. – Bernama Bandar Malaysia takeover beneficial: Expert KUALA LUMPUR: The government’s takeover of the Bandar Malaysia development, aimed at ensuring optimal utilisation of strategic lands for people-oriented projects as outlined in the Budget 2024, will result in various benefits for the people, said Universiti Teknologi Mara Centre of Real Estate Studies, College of Built Environment senior lecturer Assoc Prof Dr Mona Isa. Mona said the move indicates that the government is not only focused on commercial values but also proves its concern for the needs and well-being of the people. “The Bandar Malaysia project is in the federal capital, and any construction of affordable housing requires a sustainable location for residents to have easy access to essential amenities such as public transport. “If the housing project is located far from the city centre, it will certainly burden residents to commute to work and, as such, increase other costs,” said Mona. Prime Minister Datuk Seri Anwar Ibrahim, when tabling the Malaysia Madani Budget 2024, announced that the government has taken over the development of Bandar Malaysia to ensure that strategically located lands are optimally utilised for people-oriented projects. This includes affordable housing projects for veterans, considering the interests of Bumiputera communities in the Federal Territories, as well as the provision of parks and green spaces that can be enjoyed by all residents in the Klang Valley. Meanwhile, National House Buyers Association (HBA) secretary-general Datuk Chang Kim Loong said the association lauds the special guarantee fund of RM1 billion to encourage developers revive abandoned projects. “It is hoped that with this grant, developers can revive abandoned projects without requiring existing house buyers to pay large sums of money as most of these house buyers already suffered financial losses.” He said HBA suggested that the guarantee fund be monitored by the Finance Ministry with a team undertaking the selection process of responsible housing developers, reputed contractors or builders and white knights who have good financial standing. – Bernama Awareness on seat belt safety still lacking PETALING JAYA: Despite it being critical to use seat belts to reduce fatalities during vehicle crashes, many Malaysians are still not complying when seated at the rear. Malaysian Institute of Road Safety (Miros) chairman Dr Wong Shaw Voon said only 10% of adults buckle up while seated in the rear and only 8% of children do so. “This is due to very poor awareness of the rear-seat belt’s role in saving lives. If you are not using it, you are not only increasing the risk of being killed on the road but raising the death rate significantly for those in the front seats.” Wong said seat cushions are not designed to reduce the impact of a crash like airbags. “It is only to ensure you are in the safest position in the event of a crash. The airbag will also not deploy properly if passengers fail to put on their seat belts.” He added that seat belt reminders have been proven effective, but some people find it annoying and cheat the system by slotting in Drivers and passengers need to practise good habits whenever they are in a vehicle by wearing seat belts. – BERNAMAPIC oApathy of rear passengers not only increases risks to themselves but endangers front occupants as well: Miros chief █ BYALLEN WONG newsdesk@thesundaily.com fake buckles to cut off the alarm. “Please make good use of the seat belt system. If you see your passengers bypassing it, advise them not to do so as it is for their safety.” Wong said drivers and passengers need to practise good habits whenever they are in a vehicle. “We buckle up automatically as drivers, and we should do the same as passengers. “Once we have made it a habit, we will do it automatically and feel uncomfortable when not using it.” World Health Organisation Malaysia Road Safety consultant Dr Kulanthayan K.C. Mani said the RM1,000 fine or jail term of up to one year or both imposed on those caught not using seat belts is acceptable, but enforcement needs to be tightened. “Enforcement agencies need to increase their presence on the road and carry out activities like stopping vehicles for checks. Kulanthayan said everyone, including family members, has a role to play in complying with traffic rules. “Instead of only using safety features to fulfil traffic rules, we should also use them whether there are regulations governing their use or otherwise. “No matter where we sit in the car, we have to be restrained. Children, who are above 135cm tall or weigh above 36kg, are fit to use a seatbelt,” he said.
5 NEWS WITHOUT BORDERS theSUN ON WEDNESDAY | OCTOBER 18, 2023 Law firm seeks nod to release 1MDB papers KUALA LUMPUR: Rosli Dahlan Saravana Partnership (RDS) has written to 1Malaysia Development Berhad (1MDB), seeking the company’s consent to provide the Malaysian Anti-Corruption Commission (MACC) with documents sought in relation to a settlement agreement concerning Goldman Sachs and AmBank, the High Court was told yesterday. “The firm wrote to our former client 1MDB on Oct 16, seeking its consent and authority to disclose privileged and confidential material insofar as the same is relevant to the present application,” RDS partner Palpanaban Devarajoo said in an affidavit-in-reply filed on Monday in response to the commission’s application before the High Court to compel the law firm to produce the documents. He added that the firm was served with copies of MACC’s legal action on Oct 13. “The firm shall be filing its substantive response to the application in due course after the counsel has the opportunity to advise us. Thus, the firm reserves our rights,” Palpanaban said during case management before High Court Judge K. Muniandy, who then set Nov 9 for mention. On Monday, MACC requested to obtain documents from two lawyers suspected of accepting bribes and receiving proceeds from unlawful activities in the settlement between the government with AmBank and Goldman Sachs regarding the 1MDB issue. The request was made in two applications filed at the High Court on Oct 11. MACC named Chetan Jethwani and his law firm Chetan Jethwani & Co as respondents in one of the applications, while Rosli Dahlan and RDS were listed as respondents in the other. The commission requested them to submit 10 documents, including their letters of appointment as lawyers for Goldman Sachs (Chetan) and 1MDB (Rosli), their bank account statements and the bank account statements of their firms. It added that the documents were needed to identify the role and actions of the lawyers, who are suspected of conspiring with Goldman Sachs and the parties concerned in implementing a scheme that reduces the amount of the asset recovery in the settlement on the amount to be paid to the government. – Bernama Community role in curbing domestic violence PETALING JAYA: Domestic violence cases are on the rise in Malaysia, causing much concern among women’s rights advocates who are fighting back through various community-based programmes. According to the Social Welfare Department, 1,234 cases were reported nationwide in 2021 while the Women’s Aid Organisation (WAO) said it received 4,009 reports of such incidents through phone calls and messages last year. WAO campaign head Marina Abdullah said the NGO believes in a “life-cycle approach” to combating domestic violence. “The approach calls for improvements to the entire support ecosystem such as legal, economic and healthcare (initiatives), as well as community involvement.” She said domestic violence is a pattern of physical abuse or intimidation used to control or maintain power over someone who is, or was, in an intimate relationship with the abuser. “Domestic violence includes oWomen’s aid group advocates ‘bystander intervention’ to reduce burden on authorities █ BYRAIS ZULFAHMI newsdesk@thesundaily.com Four directors charged with running unlicensed business GEORGE TOWN: Four directors of a direct selling company pleaded not guilty in the Sessions Court yesterday to a charge of running a business without a valid licence last year. Tan Kwong Yeow, 35, Ooi Chuen Chie, 35, Lim Shing Yee, 31, and Seow Ming Cjoy, 32, made the plea after the charge was read out before Judge Mazdi Abdul Hamid. They are charged with running a direct selling business through electronic transactions, known as Career Opportunity Plan, without a licence issued under Section 6 of the Direct Sales and Anti-Pyramid Scheme Act 1993. All four were allowed bail of RM25,000 each and ordered to report to the nearest police station every month in addition to surrendering their passports. The court set Nov 29 for mention. – Bernama 600 cops to be on duty for MotoGP SEPANG: Police will deploy over 600 personnel to ensure the smooth running of the Malaysian Motorcycle Grand Prix (MotoGP) at the Sepang International Circuit from Nov 10 to 12. KL International Airport police chief ACP Imran Abd Rahman said yesterday the personnel are ready to monitor the safety of visitors and control traffic movement. “If necessary, we will increase the number and include the Federal Reserve Unit later. “We expect traffic congestion in the area with the attendance of over 100,000 spectators.” – Bernama MAJOR HAUL ... Customs deputy director-general Datuk Sazali Mohamad (centre) showing contraband items that included cigarettes, alcohol and imported rice worth over RM10.3 million during a press conference in Malacca yesterday. – BERNAMAPIC physical, emotional, psychological, sexual, social and financial control over another person. “Abusers often use more than one form of violence to invoke fear or coerce (victims) into behaving in ways they don’t want to.” Marina also said WAO engages local communities through talks and capacity building to identify incidents of domestic abuse and provide assistance to victims. “Komuniti Selamat”, a holistic approach involving communities to prevent gender-based violence, is an example of its capacity building initiatives. “We initiate discussions with communities so they can take more responsibility, rather than just be bystanders when domestic violence occurs. “Their support is critical to reduce the burden on the authorities and NGOs in combating domestic violence.” She said WAO provides victims with aid and advocacy to help navigate the legal system, adding that it is currently focusing on building community awareness to encourage “bystander intervention”. “Among the actions that individuals can take is to intervene by alerting the authorities when cases of domestic violence are suspected. “Communities can also be involved by supporting NGO initiatives through donations and volunteer work that will help ensure survivors receive assistance.” Marina said modelling respectful behaviour and teaching children about healthy relationships serve as important steps in breaking the cycle of domestic violence. Lawyer and Malaysian Collaborative Practice Group co-chair Goh Siu Lin said there are three types of protection orders for victims. “They can seek an Emergency Protection Order (EPO) from the Social Welfare Department if they face, or have faced, physical abuse. “It is issued 24/7 by an authorised officer and will be in effect for seven days. The EPO is not renewable and no police report is required.” Goh said a victim can also seek an Interim Protection Order (IPO) that temporarily shields herself, her children and relatives from abusive individuals. “It is a court order that halts further violence while police investigations are underway, and serves as a strong deterrent. “Once investigations conclude and the accused is charged with domestic violence, a court may issue a Protection Order that is stronger than an IPO and may place conditions on the alleged abuser to follow.” She said the public does not have to be fearful when reporting cases of domestic violence to the authorities. “In the event of threats from the perpetrator, individuals can lodge a police report as they will be recognised as witnesses and receive protection from law enforcement.” Premises owners, tenants should check for spycams: Lawyer “This should not be the case. Safety is a basic right that must be acknowledged and not come at a cost. The authorities must take a more serious view of hidden cameras and voyeurs.” Lawyer Fatihah Iliani Jamhari said there should be stricter measures against hidden cameras. “In the case of public restrooms where women are often targeted, their discreet placement allows perpetrators to operate with ease.” She said premises owners or tenants should be responsible for public safety and work with the authorities to curb the incidence of hidden cameras. “Establishments have to take responsibility and comb their facilities to ensure there are no hidden cameras placed in areas where privacy is (imperative).” Lawyer Sivaraj Retinasekharan said in a 2021 case, a defendant argued that an invasion of privacy did not take place because the victim knew about his presence when he recorded a video of her. “But the court ruled that making video recordings through the gap of a toilet door, even with awareness and consent, invades a person’s privacy. “The ruling reinforces the ‘right to privacy’ in public restrooms and makes it clear that recording someone without consent is a crime.” From front page
6 theSUN ON WEDNESDAY | OCTOBER 18, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON INSTAGRAM SCAN ME Putin in China to meet ‘dear friend’ Xi MOSCOW: Russian President Vladimir Putin arrived in China yesterday to meet his “dear friend” Xi Jinping and bolster their relationship at a summit overshadowed by the Israel-Hamas war. China this week welcomes representatives of 130 countries for a forum of President Xi’s vast trade and infrastructure Belt and Road Initiative (BRI). At the top of the guest list is Putin, who is on his first trip to a major global power since Moscow’s Ukraine invasion threw his regime into international isolation. oBeijing hosts reps of 130 countries for Belt and Road Initiative forum He is due to hold talks with Xi on the sidelines of the forum today, the Kremlin said, with the war raging between Israel and Hamas looming large over the summit. “During the talks, special attention will be paid to international and regional issues,” the Kremlin said in a statement, without elaborating. In Beijing, Putin is on a mission to strengthen the already strong bond with his communist neighbour, though experts said Moscow is increasingly the junior partner in the relationship. China is Russia’s largest trading partner, with trade between the nations reaching a record US$190 billion last year, Beijing customs data shows. Xi kicked off the summit yesterday with talks with Chilean and Kazakhstan Presidents Gabriel Boric and Kassym-Jomart Tokayev, Chinese state media reported. He then met Hungary’s Prime Minister Viktor Orban, describing the conservative leader as a “friend” and thanking him for his support for the BRI, state news agency Xinhua said. Xi also met the prime ministers of Papua New Guinea and Ethiopia. Meanwhile, Putin met Vietnam’s President Vo Van Thuong, the Kremlin said. China and Russia’s top diplomats were singing from the same song sheet when they met in Beijing on Monday. Russian Foreign Minister Sergei Lavrov thanked China for inviting Putin as the summit’s “chief guest”, according to a readout from Moscow. Putin and Xi will discuss the countries’ ties “in their entirety” when they meet this week, Lavrov told his China counterpart Wang Yi. The two nations share a symbiotic alliance, with China appreciating Russia’s role as a bulwark against the West, and Moscow increasingly reliant on Beijing’s largesse in trade and geopolitical backing. “Since Moscow embarked on its all-out invasion of Ukraine, it has been put in a position where it is unprecedentedly dependent on China,” said Bjorn Alexander Duben of China’s Jilin University. At the heart of the deepening partnership is the relationship between Xi and Putin, who have described each other as “dear friends”. “President Xi Jinping calls me his friend, and I call him my friend, too,” Putin said, according to a Kremlin readout. – AFP Wildlife poaching tycoon gets early prison release BANGKOK: A Thai tycoon convicted of poaching wildlife in a national park will be released from prison more than a year early, the corrections department said yesterday. Construction magnate Premchai Karnasuta was arrested in February 2018 when park officials found guns and animal carcasses including a kalij pheasant, a red muntjac and the pelt of a black leopard at his campsite. He lost his final appeal in December 2021 against three poaching-related criminal charges and was sentenced to three years and two months, in a long-running case that drew public outrage over the elite’s perceived impunity. The corrections department agreed yesterday to release 113 prisoners – including Premchai – and reduce the sentences of 484 others who had displayed good behaviour while in jail. In a statement, the department said Premchai will not be required to wear an electronic monitoring bracelet on his ankle because he’s recently had surgery on his right foot related to diabetes. His sentence was due to expire in February 2025. Premchai’s firm, Italian-Thai Development Company, is behind major infrastructure projects such as Bangkok’s sky-train and Suvarnabhumi Airport. He and his sister were on the Forbes Top 50 richest list for Thailand until 2016 with an estimated US$630 million (RM3 billion) fortune at the time, but they have since dropped off the ranking. Members of Thailand’s wealthy elite have a habit of avoiding justice and critics said some receive special treatment in prison. – AFP B R I E F SINDIA AIMS TO SEND ASTRONAUT TO MOON NEW DELHI: India aims to send an astronaut to the moon by 2040, the government said yesterday, as Prime Minister Narendra Modi issued instructions to the space department that include plans for a space station by 2035. India became the first country to land a spacecraft near the unexplored south pole of the moon in August. “Prime minister directed that India should now aim for new goals, including setting up ‘Bharatiya Antariksha Station’ by 2035 and sending first Indian to the moon by 2040,” the government said in a statement. Modi has also called on scientists to work on missions to Venus and Mars. – Reuters BEIJING SLAMS PLANE INTRUSION BEIJING: China condemned yesterday Canada’s “illegal” intrusion into its airspace after Ottawa accused Beijing’s fighter jets of a “reckless” intercept of a Canadian maritime patrol aircraft. Chinese planes shadowed Ottawa’s Aurora aircraft – on a mission to enforce UN sanctions against North Korea – over several hours in international waters. One came within 5m of the patrol plane, in a move that Ottawa called “unprofessional”. But Beijing hit back, accusing the plane of having “illegally intruded into the airspace” of Chiwei island, which lies in the Japan-administered Senkakus claimed by China. – AFP Performers dancing as Argentina President Alberto Fernandez arrives at Beijing’s airport ahead of the BRI Forum yesterday. – REUTERSPIC Thai cops allowed to let their hair down BANGKOK: It’s out with buzzcuts and in with longer locks for Thai police, as per a new regulation that came into effect yesterday. After five years of a rule requiring male officers to shave the sides and backs of their heads, they will now be allowed to grow their hair up to 5cm long on top. The kingdom’s newly appointed police chief Torsak Sukvimol said relaxing the haircut rules was a step towards modernising the force and making officers less identifiable to those seeking to target them. “I’m afraid that investigators could only go undercover as a monk,” he joked. Since 2018, all male officers have been required to have buzz cuts. Rangsiman Rome, whose Move Forward party has campaigned for relaxing the strict haircut rules for police, welcomed the move saying it was “a good first step”. Police Cadet Academy dean of social sciences Sorat Klapwila said the change would likely be popular with officers. “Some police officers needed to go to the hairdresser at least once a week. “This will help them save money.” – AFP Top Indian court refuses to legalise same-sex marriages NEWDELHI: India’s top court refused yesterday to legalise same-sex marriages but said the country had a duty to acknowledge LGBTQ relationships and to protect them from discrimination. Prime Minister Narendra Modi’s government has opposed moves to legally codify same-sex partnerships in the five years since the Supreme Court struck down colonial-era laws banning gay sex. Lawyers for several same-sex couples urged the court earlier this year to grant their relationships full legal recognition, but the five-member bench ruled that extending marriage equality was a parliamentary decision. “It lies within the domain of parliament and state legislatures to determine the law on marriage,” Supreme Court Chief Justice D.Y. Chandrachud said during his verdict. The court’s ruling held that the fundamental right to marriage for same-sex couples was not guaranteed by India’s constitution under existing law. It did grant marriage rights to couples where one or both members were transgender, provided one participant in the union identified as a man and the other as a woman. The petitioners had said validating same-sex marriage would help them access some of the legal benefits of matrimony, including adoption, insurance and inheritance. But Modi’s government has staunchly opposed same-sex marriage, and insisted that any change was up to parliament and not the courts. “Any interference ... would cause a complete havoc with the delicate balance of personal laws in the country and in accepted societal values”, the government said in its submission. “Living together as partners and having sexual relationship by same sex individuals ... is not comparable with the Indian family unit concept of a husband, a wife and children.” Leaders from all of India’s main religions – Hindu, Muslim, Jain, Sikh and Christian – also oppose same-sex union, with several of them insisting that marriage “is for procreation, not recreation”. Marriages are governed by family laws for specific religions, such as the Muslim Marriage Act and the Hindu Marriage Act. – AFP
7 NEWS WITHOUT BORDERS theSUN ON WEDNESDAY | OCTOBER 18, 2023 Gunman who killed Swedes shot dead by Belgian police BRUSSELS: A 45-year-old Tunisian gunman suspected of killing two Swedish football fans in the Belgian capital died yesterday after being shot by police in a cafe. “The perpetrator of the terrorist attack in Brussels has been identified and died,” Interior Minister Annelies Verlinden posted on X. The man, who was shot in the chest, died in hospital from his wounds, media said. He is suspected of killing two Swedish nationals and wounding a third in central Brussels on Monday night. He identified himself as a member of the Islamic State and claimed responsibility in a video posted online. The shooting came at a time of heightened security concerns in some European countries linked to the Israel-Hamas conflict, though a Belgian federal prosecutor said there was no evidence that the attacker had any link to the recent renewed conflict between Israelis and Palestinians. Verlinden said earlier that she could not rule out that the gunman had had accomplices. The suspect fled the scene after the shooting on Monday as a football match between Belgium and Sweden was about to start, triggering a massive manhunt and prompting Belgium to raise its terrorism alert to its highest level. Prime Minister Alexander De Croo called Monday’s shooting a brutal “terrorist attack”. “Last night three people left for what was supposed to be a wonderful soccer party. Two of them lost their lives in a brutal terrorist attack. “The perpetrator targeted specifically Swedish supporters who were in Brussels to attend a Red Devils soccer match. “Two Swedish compatriots passed away. A third person is recovering from severe injures,” de Croo said. Belgium was hosting Sweden in a Euro 2024 qualifying match on Monday evening. The match was abandoned at halftime. The suspected attacker, who unsuccessfully sought asylum in Belgium in November 2019, was known to police in connection with people smuggling, Justice Minister Vincent Van Quickenborne told a news conference. – Reuters Art sleuth recovers six historic paintings THE HAGUE: A Dutch art detective dubbed the “Indiana Jones of the Art World” has recovered another six paintings, including a portrait of William of Orange and the first depiction of a seventh-century king. Art sleuth Arthur Brand made headlines around the world last month when he recovered a stolen Van Gogh stuffed in a bag, and he believes that widely publicised success is leading to more discoveries. Thieves made off with the latest six paintings from the town hall of Medemblik, in the north of the country, last month. While the monetary value of the haul is not huge – around €100,000 (RM500,000) – the paintings are considered of great historical significance, including the earliest known portrait of Radbod, king of the Frisians from 680AD. Brand was sitting at home on Friday night watching football when the doorbell rang and a man in a van asked him for help to unload some merchandise. “I asked him, ‘what are we going to unload?’ He said with a smile, ‘well, the paintings of Medemblik’,” Brand said. After the initial burglary last month, Brand had been widely quoted in the Dutch press as saying the thieves should have stolen six bikes, as these would be easier to resell. Those comments, plus the publicity surrounding the Van Gogh recovery, probably led the thieves to simply hand the paintings back, Brand said. “In some cases, they burn them, just to get rid of the evidence because they find out they cannot sell them. “So I’m very thankful that they decided to do the right thing. “Stealing is wrong, but if you return it, at least you do something right.” – AFP B R I E F SPOLISH OPPOSITION WINS PARLIAMENTARY MAJORITY WARSAW: Polish pro-EU opposition parties have won a parliamentary majority in a tight general election, the poll commission said yesterday, announcing complete results. The nationalist Law and Justice (PiS) party, which has been ruling for the last eight years, emerged first with 35.38% of the vote but is unlikely to form a majority. The liberal Civic Coalition bloc finished second at 30.7%, but together with two minor parties, Third Way and Left, secured a majority of 248 lawmakers in the 460-seat Parliament’s lower chamber, the national poll commission said. The opposition also has a majority in the upper house, securing 66 of the 100 seats in the Senate. – AFP ITALY POLICE ARREST TWO SUSPECTED OF SUPPORTING I.S. ROME: Italian police yesterday arrested on terrorism charges two men in Milan who are accused of helping finance the Islamic State (IS) group and spreading propaganda online. An Egyptian citizen and an Italian of Egyptian origin were arrested in the early hours in the northern Italian city, police said. They are suspected of taking part in, and encouraging, crime linked to terrorism, they said. Milan chief prosecutor Marcello Viola said the men were accused of being “extremely active in propaganda and online proselytising on behalf of IS”. In addition, they were accused of financing causes in support of IS and had “sworn an oath of membership and loyalty” to the group, the prosecutor said. – AFP US$1.6 million heist at Florida alcohol distribution centre WASHINGTON: More than US$1.6 million (RM7.6 million) worth of alcohol was stolen from a distribution company in Florida after burglars allegedly used tractor-trailers to secure the large haul. The theft occurred on July 8 during the early hours of the morning at Republic National Distributing Company in Gibsonton, Florida, according to an unsealed search warrant obtained by CNN on Oct 5. The distribution company is one of the nation’s leading wholesale beverage alcohol distributors, which specialises in wines and spirits, according to its website. The warrant reported that a staggering 4,277 cases of liquor were stolen from the distributing site between 4.10am and 9.45am. The search warrant was issued for an Apple iPhone 14 Pro Max which police said there was probable cause to believe it “contains specific information, technical data and evidence” concerning the theft. It is unclear who or how many people were involved in the burglary, as the search warrant obtained by CNN only refers to them as “unknown suspects.” There is also currently no known motive for stealing the enormous amounts of alcohol. The suspects reportedly removed surveillance video equipment set up at the distribution centre, yet they did not completely fly under the radar. Surveillance footage from a nearby business and a convenience store was obtained by police from the Hillsborough County Sheriff’s Office and they were able to identify three tractor-trailers used during the theft, CNN said. – The Independent Biden to visit Israel in show of ‘ironclad’ support TEL AVIV: US President Joe Biden will make a high stakes visit to Israel today to show support for its war on Hamas, after Washington said Prime Minister Benjamin Netanyahu had agreed to let humanitarian aid reach besieged Gazans. Trucks carrying vital supplies for Gaza headed towards the Rafah crossing in Egypt, the only access point to the enclave outside of Israel’s control, though it was not certain whether they would be able to cross. A witness told Reuters some 160 trucks had set off towards the border from the nearby Egyptian town of Al-Arish, where they have been backed up waiting while diplomats tried for days to open the route. Israel has vowed to annihilate the Hamas movement that controls Gaza after gunmen killed 1,300 people, mainly civilians, during a rampage through southern Israeli towns on Oct 7. Israel has bombarded the Gaza Strip with Palestinians removing a man from under the rubble of a house destroyed by Israeli strikes in Khan Younis yesterday. – REUTERSPIC oAid trucks heading towards Gaza from Egypt air strikes that have killed more than 2,800 Palestinians, a quarter of them children, and driven around half of the 2.3 million Gazans from their homes. It has imposed a total blockade on the enclave, blocking food, fuel and medical supplies, which are rapidly running out. US Secretary of State Antony Blinken announced Biden’s planned visit at the end of hours of talks with Netanyahu, in which he said the premier had agreed to develop a plan to get humanitarian aid to Gaza civilians. He gave no details. Blinken said Biden’s visit would be a statement of “solidarity with Israel” and an “ironclad commitment to its security”. “The president will hear from Israel what it needs to defend its people as we continue to work with Congress to meet those needs.” Biden would also “hear from Israel how it will conduct its operations in a way that minimises civilian casualties and enables humanitarian assistance to flow to civilians in Gaza in a way that does not benefit Hamas”, he said. Washington is trying to rally Arab states to help head off a wider regional war, after Iran pledged “preemptive action” from the “resistance front” of its allies which include the Hezbollah movement in Lebanon. After visiting Israel, Biden is expected to travel to Jordan to meet King Abdullah, Egyptian President Abdel Fattah al-Sisi and Mahmoud Abbas, president of the Palestinian Authority which is a rival of Hamas and has limited selfrule in the Israeli-occupied West Bank. In Jabalia in the north of the Gaza Strip, frantic residents were using their bare hands to lift chunks of concrete and metal, crying out when they located bodies from under rubble in a huge, smoking bombing crater. Others ran with stretchers carrying the wounded. In the enclave’s main southern city Khan Younis, authorities said at least 49 people were killed in air strikes on homes overnight. The United Nations agency for Palestinian refugees, UNRWA, said Israel had opened a single water line to Khan Younis for three hours on Monday, but only around 14% of Gaza residents had access to it. “Concerns over dehydration and waterborne diseases are high given the collapse of water and sanitation services, including today’s shutdown of Gaza’s last functioning seawater desalination plant,” UNRWA said in a statement. – Reuters
8 theSUN ON WEDNESDAY | OCTOBER 18, 2023 SPEAK UP Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Budget underwhelming for seniors THERE were great hopes for Budget 2024 with the Health White Paper promising a focus on prevention, health promotion and equity. Overall, the budget increased by 1.4% in the face of an inflation rate at under 2% and an estimated 4% to 5% GDP growth. Indeed, the 15% increase in budget allocation for health is much lauded and we do hope that this increase will continue year-on-year for the next few years until healthcare spending arrives at 5% of GDP in Budget 2027, as indicated by a recent statement released by the Malaysian Health Coalition. However, when it comes to overall spending on older adults, Budget 2024 appears “underwhelming”. While there is an increase in the health budget, there is no specific ringfenced funding dedicated to the development of health services for older persons or the treatment of dementia. Malaysia, like any other country in the world, is commited to the United Nations Decade of Health Ageing (2021 to 2030) as well as the Global Action Plan for Dementia (2017 to 2025). Yet, the budget for 2024 remains silent about dementia funding. The much-awaited National Dementia Action Plan has yet to see the light of day despite rumblings of a revival from the initial promises made in 2019 and in 2021 when it was publicly announced that a former prime minister has dementia. Without specific allocations for services for older adults, their funding will likely be drawn from allocations to general medicine, which has been offered a 1.7% increase in funding, mental health (1.9% increase), family health development (3.8%) and disease control (1.9%). Funding for geriatric medicine will be drawn from general medicine while funding for dementia services could be obtained from general medicine, mental health, family health development and disease control. Funding for disease prevention and community-based care in older adults will also be obtained from family health development, with the older persons sector in the Health Ministry sitting within the Family Health Division. However, other areas with larger increases, including dental (2.5%), pharmacy (3.9%) and food safety allocations, may also indirectly benefit older adults who are major users of the first two services. Furthermore, a 52% increase is observed in the federal pensioners’ medical treatment, which is great news for federal pensioners who for some time have been experiencing difficulties in obtaining funding for more expensive treatments. In addition, the new allocation of RM1.65 billion towards new policies is much welcomed and we sincerely hope that the new policies will accurately reflect the needs of our population, with some directly involving new policies for older adults and dementia. Nevertheless, apart from government pensioner’s medical treatment, the 15% increase in funding does not seem to be reflected in allocations that are likely to directly impact older adults’ community care and support services. Dedicated funding for older adults does, however, exist in the budget and this can be found in the allocation for the Women, Family and Community Development Ministry, which receives an allocation of RM3.5 billion in total, less than one-tenth of the RM41.2 billion to be received by the Health Ministry. The Welfare Department is nested within this ministry and appears to be allocated RM923 million for social care funding for older adults, of which RM905 million is allocated toward socio-economic support for older persons. Of the remaining funds, specific allocations were made for senior citizens’ activity centres, which have increased by 2%, transport services (no change) and home help services, which have seen a 13% funding cut. Rumah Seri Kenangan, which is our government-funded residential care facility, and daycare services will, on the other hand, see welcome increases in funding of 38% and 75% respectively. In totality, however, older persons’ allocation has increased by 1% from RM91.3 billion last year, which in real terms represents a funding cut considering the 2% inflation and also the actual increase in individuals aged 60 years and above, which will exceed four million by 2024 from 3.8 million this year. This also does not reflect the overall budget increase let alone the 15% increase in health funding. Instead, funds appear to have been shifted from the emphasis on homebased and community care provisions to daycare and residential care though the injection in funds for both these areas is very much needed. The figures may be hard to digest, but the major concerns will include the lack of recognition of the gulf between health and social care as well as the fact that older persons’ needs tend to exceed that of social care and pension funding. Integrated approaches backed up by a policy that merges both health and social care will ensure resource allocation supports the development of balanced service systems and is not directed to acute health care at the expense of prevention, and primary and community services. Without this approach, we will continue to see imbalances in allocation between health and social care. These imbalances, will in turn, lead to inappropriate use of hospital facilities for care provision and avoidable admissions which leads to inefficient use of resources, negatively affecting the quality of life of older adults and those that care for them. The rise in non-communicable diseases and obesity in our population will give rise to an older generation at high risk for dementia. Strategies for prevention and treatment are a major public health concern. The budget, unfortunately, does not reflect the government’s commitment to either dementia care which is needed by the World Health Organisation by 2025, as well as the UN Decade for Healthy Ageing for which three years have lapsed without a clear indication of government policies in this direction. The apparent lack of focus on older adults may, however, reflect the need for structural reforms to meet the needs of an ageing population. Malaysia bears the crown as the best affordable retirement destination internationally. With good weather and excellent healthcare, Malaysia has every chance of capitalising on the Silver Economy not only to ensure it is a great place to grow old but also as a source of foreign revenue in health tourism and retirement living. Eleven months is not enough time to effect structural change, but with the promises of the Health White Paper and the Ageing National Blueprint, we certainly hope that this budget will at least fund the processes that will lead to much-needed structural reform to effectively deliver the population ageing agenda and ensure Malaysia can capitalise effectively on population ageing. Prof Tan Maw Pin is the Malaysian Society of Geriatric Medicine President, Prof Shahrul Bahyah Kamaruzzaman is the Malaysian Healthy Ageing Society President and Cheah Tuck Weng is the Third Age Media Association president. Comments: letters@thesundaily.com “While there is an increase in the health budget, there is no specific ring-fenced funding dedicated to the development of health services for older persons or the treatment of dementia. People focus on bread-and-butter issues FRIDAY, Oct 13 was Budget 2024, a much talked-about and anticipated day for all Malaysians. Local television channels began building up the hype up to the delivery of the budget speech by Prime Minister cum Finance Minister Datuk Seri Anwar Ibrahim by hosting a panel of experts on economics, with plenty to say and speculate as the time drew near. However to the man on the street, all this expert talk does not mean a thing. What concerns them is the constant fear of whether all the money pumped into the various sectors will be utilised well and with integrity. With the past history of the country’s wealth being plundered constantly by unscrupulous individuals and the daunting thought of our beloved country facing the same fate as Greece and Sri Lanka, all the hype of the budget does not mean much to them. Their thoughts focus more on basic bread-and-butter issues, with the fervent hope that Anwar will come up with some comforting news to alleviate their predicament. Their thoughts are also more inclined to whether the allocations will go into the proper hands so that the funds will be put to good use for the betterment of all Malaysians. We Malaysians do not want the funds to be looted and the usual outrageous cost of contracts to be released in the Attorney-General’s report. Or worse still, there is the usual hype about it for a while and the matter is put to rest without much fanfare. Thiagarajan Mathiaparanam Klang LETTERS letters@thesundaily.com COMMENT by Prof Tan Maw Pin, Prof Shahrul Bahyah Kamaruzzaman and Cheah Tuck Weng
9 SPEAK UP theSUN ON WEDNESDAY | OCTOBER 18, 2023 Do more beyond sugary drinks tax I N a speech on Oct 1, Prime Minister Datuk Seri Anwar Ibrahim commented on the increase in diabetes among Malaysians. He said the people would be compelled to reduce their sugar intake if the price of the commodity was increased. Budget 2024 two weeks later raised the excise duty on sugary drinks from 40sen to 50sen per litre. One small step, will it make a big difference? Higher prices of such drinks may lead to reduced consumption among price-sensitive individuals, but addicts will go on consuming sugary products as there is such a vast array of them. The effectiveness of this higher tax on drinks in curbing sugar consumption depends on whether it is part of a comprehensive public prevention strategy that includes other regulatory measures. Addiction must be fought through intervention and there is precedence for such forceful action. The most celebrated case was at the University of California in San Francisco, which banned the sale of sugar-sweetened beverages across all its campus sites in 2015. The ban removed all sugar-added drinks from the university’s cafeterias, vending machines and food trucks. Ten months after the ban was enforced, participants in a before-and-after study had lost 2.1cm from their waistlines and showed a decrease in insulin resistance. Food manufacturers add sugar to enhance taste and texture and to extend shelf life, and Malaysian eateries do it to increase the sweetness of the dishes they cook. Based on the National Health and Morbidity Survey 2019, approximately 3.9 million Malaysians are living with diabetes. This number is equivalent to one in five adults in the country, giving Malaysia the title of “Sweetest Nation in Asia”. Diabetes is the biggest driver of kidney failure and you are also two to four times as likely to develop heart disease if you have diabetes. Diabetics can develop peripheral arterial disease, which leads to a narrowing of blood vessels and threatens the circulation in the legs and feet. Amputation is a significant and life-changing complication. Diabetes can also cause nerve damage. Even if you don’t get diabetes from excessive consumption of added sugars, your heart will be impacted. One in three adult Malaysians live with hypertension, two in five live with high cholesterol and half are overweight or obese (a more advanced stage of excess body weight). Weight gain and the development of obesity increase the risk of heart attack, stroke, diabetes, cancer, kidney disease, premature ageing and psychological health issues. “Basically, the higher the intake of added sugar, the higher the risk for heart disease,” said Dr Frank Hu, professor of nutrition at the Harvard T. H. Chan School of Public Health. “The effects of added sugar intake – higher blood pressure, inflammation, weight gain, diabetes, and fatty liver disease – are all linked to an increased risk for heart attack and stroke,” he added. In terms of the psycho-physical health dangers and absence of nutritional benefits, excessive intake of added sugar can produce similar effects to alcohol such as mood swings, irritability, depression, anxiety, cognitive malfunction and difficulty in focusing attention. Unlike meats, alcohol and shellfish, there was no intervention from the Tripitaka, Torah and Quran to stop the consumption of added sugar because it was just a luxury item in scriptural times consumed by the tiny privileged classes who revered it as a status symbol befitting their wealth. The colonial period brought about an expansion of sugar plantations, advancement in production technology and a steep reduction in cost, with global trade widening its availability. It was only in the modern era that refined sugar became a must-add ingredient to everyone’s food. Nevertheless, the scriptures are clear in their instructions that natural foods that are “wholesome and strengthening” should be consumed (Rig Veda I, 187) and that the Earth “bears plants and herbs of various healing powers” (Atharva Veda XII, 1). The Vedas say of any food that is natural and intended for human consumption: “Whatever you eat or drink, the grain of the field or milk, food of all kinds, all these I make for you devoid of poison.” Is added sugar a natural food devoid of poison? Most certainly not. Added sugar is either fructose — a simple sugar extracted from fruits or veggies — or made principally from sugar cane juice, which is extracted and then boiled to evaporate the water to increase the sugar concentration. When cooled, pure sucrose crystals form and you get refined white sugar. Brown sugar is just white sugar mixed with molasses to give it colour and flavour. Too much fructose – from table sugar, high-fructose corn syrup or processed foods – raises your chances for kidney stones. Added sugar is unnecessary as there is already sufficient sweetness in natural foods. “Sweet be the plants for us,” the Vedas proclaim. If you want amazing sweetness, take natural honey, as it says in the Asvalayana Grhya Sutra: “I feed you with the wisdom of honey.” The role of government is to ward off dangers that threaten people’s lives. If a food substance is dangerous, restrict its sale and use before medical revenue emerges as the top component of national income, and hospitals spring up in every neighbourhood with an ambulance parked on every road. Refined sugar is the top culprit because of its omnipresence. It is in many brands of soft drinks, energy drinks, sweetened juices and sports drinks as well as in teh tarik and sugar-layered iced beverages widely sold in drinks stalls. It is also a key ingredient in most ultraprocessed foods that go into the breakfast, lunch and dinner of virtually all Malaysians. Ultra-processed foods are the biggest cause of early-onset diseases but are difficult to restrict as there are few chances for anyone to eat an allnatural meal. Added sugar, usually refined white sugar, is an easily identifiable single product and the effort to prevent deadly illnesses crippling our society demands forceful intervention. Many countries have implemented restrictions on the use of added sugar in various forms, particularly in processed foods and beverages. Medical experts are in favour of even tighter regulations to dampen skyrocketing healthcare expenditures, early deaths and rising medical insurance premiums. Besides raising the excise duty on sugary drinks, here is an interventionist measure that our government should implement to break sugar addiction: target all educational institutions from kindergarten to university, public and private; all medical outlets from clinics to hospitals, public and private; all sports venues and all government-supported agencies. This is the proposed measure. A ban on all food operators in these premises from using added sugar or selling any food and beverage item containing added sugar. Empty all vending machines of cans and cartons that have added sugar as an ingredient. This means no more sales of soft drinks, fruit drinks, flavoured yoghurts, teh tarik, sweetened coffee and tea, cereals, cookies, cakes, candy, packaged foods and drinks, and any processed food with added sugar. In these premises, food operators and food trucks should use alternatives. On supermarket shelves, there is already a good selection of packaged beverages with no added sugar. To make a sweet soup, gravy or sauce, blend in turnip instead of using refined white sugar. In cooking vegetables or meats there is no necessity to add sugar-laden oyster sauce, as veggies and meats already contain natural sugar. The writer champions interfaith harmony. Comments: letters@thesundaily.com ALL over the world, persons with disabilities (PwD) experience discrimination in the workplace. As such, many progressive nations have enacted legislation to address this issue. It was disappointing to hear our Human Resources Minister V. Sivakumar express that there was no such need in Malaysia because we had “very few cases involving workplace discrimination” and that “existing legal provisions are sufficient”. All of us are aware that discrimination based on gender, ethnicity, religion and disability is common in Malaysia. Regarding workplace discrimination against PwD, the lack of reports does not reflect the reality. There have been several studies to show that workplace discrimination against this group is a reality and widespread. Some examples include Khoo SL 2013, Lee M. N. and Narayanan 2018. Hence, our minister’s data of “eight cases” needs a major revision. What is more distressing and often poorly recognised, is that many PwD do not even get employed as they are rejected at the application phase or during the job interview, once the prospective employer discovers they are disabled. In a survey conducted by Vase.ai and Women’s Aid Organisation in 2020, women with a permanent disability were told by their interviewer or recruiter that they should consider freelancing instead as their disability was an issue. Hence, good discrimination legislation must always address this loophole in employment. Persons with disabilities who manage to secure employment face significant and unresolved challenges at the workplace in terms of physical barriers at the workplace (mobility access) and unsupportive employment environments with little reasonable accommodation. As long as we do not have legislation to address this, PwD will continue to struggle to maintain their employment status. Although the government has a policy target that 1% of the employees in the civil service should be PwD, it was reported in 2021 that the current achievement was only at 0.35%. This data alone shows the crisis faced by the group in getting employment in Malaysia. I hope the government will not deny that this group continues to face significant discrimination in getting employment and being able to negotiate the workplace environment – physically and socially. Acknowledging the reality is the first step to putting in place remedial actions. The recent amendments to the Employment Act (Employment (Amendment) Act 2021 - changes to the Employment Act 1955) have some anti-discrimination provisions. However, this provision is vague and it does not define discrimination and fails to specify disability status as protected. We must revise the Employment Act to include disability and a clear definition of discrimination. In addition, Article 8(2) of the Federal Constitution needs to be revised to expressly prohibit discrimination on the grounds of disability. Finally, the Persons with Disabilities (PwD) Act 2008 (Act 685), which is currently being amended, should have clear and strong provisions for them to have the right to work and employment in all sectors on an equal basis with persons without disabilities. The Act should spell out what reasonable accommodation is required to be put in place by employers to facilitate the employment of PwD and their pre-employment opportunities. The Malaysia Madani concept speaks of respect, trust and compassion. Let us enflesh these principles – make them real – in the lives of PwD in our country. Show us respect by acknowledging the truth of workplace discrimination. Give us compassion by facilitating our employment and trust us that we can contribute significantly to building our country together. Comments: letters@thesundaily.com COMMENT by Datuk Dr Amar-Singh HSS OKU Sentral president Senator Datuk Ras Adiba Radzi (left) with other persons with disabilities at an event recently. – BERNAMAPIC Discrimination against disabled still prevalent in the workplace “The effectiveness of this higher tax on drinks in curbing sugar consumption depends on whether it is part of a comprehensive public prevention strategy that includes other regulatory measures.
10 TRAVEL & LEISURE theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 affordable public transport system and low-cost internet packages. Another point in its favor is that, in 2021, Hungary created a specific visa for digital nomads, allowing teleworkers to settle in the country for up to one year, provided they are employed by a foreign company. While Eastern European cities top the list of those most conducive to digital nomad lifestyles, those in the south of Europe are not to be outdone. Valencia, Lisbon and Madrid rank sixth, eighth and ninth, respectively. This is hardly surprising, given that both Spain and Portugal have both taken steps to lure remote workers, notably by offering digital nomad visas. And it seems to be working, as Spain and Portugal are often cited in rankings of the best places to work remotely. - ETX STUDIO Europe’s best cities for digital nomads DIGITAL nomads are always on the lookout for new destinations to set down their bags and, above all, their laptops. Many of them are increasingly heading to European destinations to work remotely while enjoying a better quality of life. So, which cities on the Old Continent are best for remote workers? SuperCasinoSites, a site specialising in online casinos, has drawn up a ranking of Europe’s 30 best cities for digital nomads. It was compiled by taking into account different areas of expenditure for remote workers, such as grocery shopping, access to public transport, the cost of renting a room on Airbnb and the cost of internet access. The safety of the European cities featured in the ranking was also assessed, using data from the latest editions of the Numbeo Index and the Safety City Index. According to this methodology, Krakow tops the list as the best destination for digital nomads. The Polish city stands out for its low internet and grocery costs. Its public transport network is also inexpensive, making it a prime destination for remote workers in Europe. Second place goes to Riga. Although the climate is not particularly mild, especially in winter, the Latvian capital is known for its vibrant cultural scene and lively nightlife. Rents are also much lower than in other Eastern European cities, including Dubrovnik, Prague, Tallinn and even Budapest. But the Hungarian capital still manages to come in third place thanks to its convenient and Hungary, Spain and Portugal are among the countries that have created specific visas for digital nomads. oContent creators’ dream destinations The top 10 European cities for digital nomads: 1. Krakow (Poland) 2. Riga (Latvia) 3. Budapest (Hungary) 4. Prague (Czech Republic) 5. Dubrovnik (Croatia) 6. Valencia (Spain) 7. Tallinn (Estonia) 8. Lisbon (Portugal) 9. Madrid (Spain) 10. Valletta (Malta) Liberia’s surfing paradise WITH his broken surfboard pointed skyward, a child steps out into the sea. In recent years, the fishing village of Robertsport has become a popular spot for lovers of the sport from Liberia and beyond. Experienced surfers give lessons to young people in this town in the southwest of the country, teaching them about the ocean, swimming and catching waves. A local club, along with the NGO Provide the Slide, supplied them with boards. On a beach dotted with rocks, Oscar, shirtless and lying on the sand, uses his arms to show a young girl standing next to him how to row in the water. His wide strokes make marks on the ground. Surfing is also about knowing your surroundings. Sitting in a circle, young surfers learn about the ocean during a lesson on the beach. Behind them, fishermen try to get their boats back on dry land. The fishermen and the surfers share the beach in harmony — lined up in a single file, they pull a fishing net together — and some of the fishermen are also surfers themselves. After the introduction on dry land, it is time for action. Boards under their arms, two surfers step into the water, ready to do battle with the waves. Samuel is already at work, successfully completing his turn. Offshore, another youngster, stretched out on his board, paddles quietly alongside a canoe. - ETX STUDIO The fishing village of Robertsport has become a popular spot for lovers of the sport from Liberia and beyond. Travel safety TRAVELLING can be a thrilling and enriching experience, offering opportunities for exploration, adventure and relaxation. However, ensuring your safety during your travels is paramount. Whether you are embarking on a cross-country road trip, flying to an exotic destination, or hiking through the wilderness, taking proactive steps to protect yourself and your companions is essential. This article provides a comprehensive guide to travel safety, from pre-trip preparations to on-the-go precautions. Research and Planning Before your trip, thoroughly research your destination, learn about local customs and laws and check travel advisories. Share your itinerary with a trusted friend or family member and make copies of important documents like passports and travel insurance. Health and Vaccinations Stay up-to-date on vaccinations and consult a healthcare professional for any additional ones needed. Pack essential medications and copies of prescriptions. Know the location of local healthcare facilities. Travel Insurance Invest in comprehensive travel insurance covering medical emergencies, trip cancellations and lost luggage for financial protection and peace of mind. Security Measures Secure your home before leaving, locking all doors and windows. Avoid sharing your travel plans on social media to prevent potential burglaries. Always be vigilant when travelling alone. Luggage and Packing Pack smartly and use lockable suitcases. Keep essential items in your carry-on, tag your bags with contact information and consider a luggage tracker. Pack a basic first-aid kit and essential travel accessories. Safety While in Transit Stay vigilant during your journey, safeguarding your passport, wallet and electronic devices. Wear your seatbelt when in a vehicle and follow safety instructions while flying or using public transportation. Accommodation Safety Choose reputable accommodations, use hotel safes for valuables and lock your room when you leave. Keep your room number discreet. Familiarise yourself with escape routes and emergency procedures. Local Safety Stay aware of your surroundings upon arrival. Avoid walking alone in unfamiliar areas at night. Use trustworthy transportation and travel with a group if possible. Respect local customs and traditions to avoid offense. Communication Keep loved ones informed of your whereabouts and carry a mobile phone with a local SIM card or international roaming. Download essential apps and local emergency numbers. Carry a list of important contacts. Emergency Preparedness Know the nearest embassy or consulate and emergency service contacts in the local language. Carry a basic survival kit for outdoor activities, including a flashlight, whistle and water purification supplies. Travel safety is crucial to enjoying your journeys while minimising risks. By researching, planning, and taking necessary precautions, you can reduce potential issues and fully embrace the world’s wonders. Remember, a safe traveller is a smart traveller and with proper preparations, your trips will be memorable, secure and full of remarkable experiences. - AFP
KLCI 1,444.13 5.17 STI 3,171.83 7.94 HANG SENG 17,773.34 132.98 SCI 3,083.50 9.68 NIKKEI 32,040.29 9.69 TSEC 16,642.55 23.93 KOSPI 2,460.17 S&P/ASX200 7,056.10 29.60 WEDNESDAY OCTOBER 18, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: sunbiz@thesundaily.com Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: advertise@thesundaily.com 5 MOST ACTIVES October 17, 2023 STOCK VOL CLSG (sen) +/– (sen) MINOX 265,537,400 37.0 +12.0 KANGER 90,605,000 12.0 +1.0 SCIB 65,525,100 52.0 +1.0 ASDION 60,330,200 7.5 +1.5 TOPGLOV 54,074,200 75.0 +1.5 EXCHANGERATES OCTOBER 17, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.7980 4.6650 4.6550 1 AUSTRALIAN DOLLAR 3.0690 2.9480 2.9320 1 BRUNEI DOLLAR 3.5080 3.4080 3.4000 1 CANADIAN DOLLAR 3.5240 3.4310 3.4190 1 EURO 5.0770 4.9140 4.8940 1 NEW ZEALAND DOLLAR 2.8490 2.7450 2.7290 1 SINGAPORE DOLLAR 3.5080 3.4080 3.4000 1 STERLING POUND 5.8720 5.6890 5.6690 1 SWISS FRANC 5.3180 5.1970 5.1820 100 UAE DIRHAM 132.2600 125.4600 125.2600 100 BANGLADESH TAKA 4.4370 4.1490 3.9490 100 CHINESE RENMINBI 66.1200 63.3600 N/A 100 HONGKONG DOLLAR 62.0800 59.0100 58.8100 100 INDIAN RUPEE 5.8700 5.5100 5.3100 100 INDONESIAN RUPIAH 0.0316 0.0286 0.0236 100 JAPANESE YEN 3.2150 3.1140 3.1040 100 NEW TAIWAN DOLLAR 15.9000 N/A N/A 100 PAKISTAN RUPEE 1.7700 1.6600 1.4600 100 PHILIPPINE PESO 8.5800 8.0900 7.8900 100 QATAR RIYAL 133.1300 126.3800 126.1800 100 SAUDI RIYAL 129.4600 122.9000 122.7000 100 THAI BAHT 13.8200 12.2700 11.8700 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 17, 2023 INDICES CHANGE FBMEMAS 10,692.80 +33.82 FBMKLCI 1,444.13 +5.17 CONSUMER PRODUCTS 552.79 +2.25 INDUSTRIAL PRODUCTS 175.67 +0.33 CONSTRUCTION 188.37 +0.70 FINANCIAL SERVICES 16,244.60 +16.69 ENERGY 882.17 -0.29 TELECOMMUNICATIONS 573.98 -1.86 HEALTH CARE 1,689.06 +7.75 TRANSPORTATION 928.11 +2.74 PROPERTY 866.51 +2.42 PLANTATION 6,889.24 +63.08 FBMSHA 10,929.50 +50.88 FBMACE 5,153.14 +35.95 TECHNOLOGY 62.61 +0.30 TURNOVER VALUE 2.680 BIL RM1.916 BIL 5 TOP GAINERS October 17, 2023 STOCK VOL CLSG (RM) +/– RM KLK 637,100 21.98 +0.46 PPB 545,400 14.88 +0.36 F&N 159,800 26.54 +0.34 BKAWAN 7,800 21.00 +0.32 NESTLE 76,900 123.50 +0.20 5 TOP LOSERS October 17, 2023 STOCK VOL CLSG (RM) +/– RM AJI 38,100 15.50 -0.16 HEIM 425,700 25.26 -0.14 TIMECOM 5,057,500 5.19 -0.10 APOLLO 227,100 5.08 -0.08 PERSTIM 17,700 3.45 -0.07 Budget 2024 boost for industrial transformation KUALA LUMPUR: Budget 2024’s allocation of RM200 million to catalyse the New Industrial Master Plan (NIMP) 2030 will boost industrial transformation, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The government recently announced an allocation of up to 10% from the future investments under NIMP 2030 as a catalyst to accelerate the mission with a 2024 startup fund amounting to RM200 million. Tengku Zafrul said the allocation will be channelled through two funds, namely the NIMP 2030 Industrial Development Fund (NIDF) and NIMP 2030 Strategic CoInvestment Fund (NIMP 2030 CoSIF). “We are going to break it down to the two funds in the forms of grants and matching grants, and in terms of support for financing. But more importantly, we also want to ensure we attract the right kinds of investments,” he said during the BFM’s Breakfast Grille yesterday. NIMP 2030 was launched on Sept 1 to provide national strategic direction for industrial development policies in Malaysia. It sets six goals – increase economic complexity; create high-value job opportunities; extend domestic linkages; develop new and existing clusters; improve inclusivity; and enhance environmental, social, and governance practices. The industrial plan suggests integrating value chains, particularly between the machinery and equipment sector and the medical device sector, as well as between the chemical and the pharmaceutical sectors. Tengku Zafrul said Malaysia plays a major role in pharmaceuticals – one of the priority sectors targeted – including medical devices. “We are talking about the whole ecosystem. Many of the world leaders in pharmaceuticals, including medical devices, are here in Malaysia, including Penang and Johor. “So, it is a major contribution to gross domestic product as well as exports. In fact, about 80% of the nation’s exports are from the manufacturing sector,” he said. On electric vehicles, the government will introduce the Electric Motorcycle Usage Incentive Scheme for those with an annual income of RM120,000 and below, with a rebate of up to RM2,400 per buyer under the scheme to encourage the use of electric motorcycles. The government also plans to extend individual income tax relief up to RM2,500 for EV charging facility expenses for four years and tax deductions for EV rental costs for another two years. – Bernama China’s LONGi invests RM1.8b to build Serendah plant SERENDAH: LONGi Green Energy Technology Co Ltd, China’s largest listed solar panel manufacturer, is investing RM1.8 billion to build its Serendah Module Plant in Selangor, which is also its AsiaPacific headquarters. The factory spanning 140 acres will manufacture photovoltaic products. It is scheduled to be completed by March 2024 and is expected to create 2,200 employment opportunities in Malaysia. The Chinese company provided three reasons for choosing to invest in Malaysia. First is that Malaysia offers access to talent because the population speaks different languages – including Malay, English and Chinese; second is the availability of natural resources, particularly hydro resources; and third is the support provided by Malaysian government policies. At the launch ceremony yesterday, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, whose Bahria (centre) at the launch of LONGi’s Serendah Module Plant. Also present are Selangor Exco for Investment, Trade and Mobility Ng Sze Han (seventh from left) and LONGi Malaysia Sdn Bhd deputy president Li Wenxue (seventh from right). oPhotovoltaic products factory expected to create 2,200 job opportunities, scheduled to be completed by March 2024 █ BYHAYATUN RAZAK sunbiz@thesundaily.com Malaysia working on approach to AI governance: Fadillah KUALA LUMPUR: Malaysia is aligning its approach to artificial intelligence (AI) governance with emerging regulatory models, coinciding with the growing global call for effective governance, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said the Ministry of Science, Technology and Innovation (Mosti) is bolstering the AI ecosystem foundation covering governance, platforms, talent and acculturation. “This includes the development of guidelines for the responsible use of AI and a code of ethics and governance. “Ethical concerns surrounding AI have gained global prominence and in Malaysia, the government’s consideration of a regulatory framework for AI is a crucial step toward the ethical use of this technology,” he said when opening the UK-MY Artificial Intelligence (AI) Conference 2023 coorganised by Mosti and the British High Commission in Kuala Lumpur yesterday. Fadillah said the advent of AI is not only a disruptor but also a creator of job opportunities which need reskilling and upskilling. In response to this, the government is taking proactive steps to build a strong foundation ensuring that the workforce can meet industry’s demand for AI across various sectors, he said. Fadillah said through Mosti, a series of townhall sessions with industry leaders are being organised to facilitate reskilling and upskilling programmes and to transform the existing workforce’s skills and to adapt to the evolving requirements of AI technology. – Bernama 381.26 speech was read out by the ministry’s deputy secretary-general (management and investment) Datuk Bahria Mohd Tamil, said Malaysia is steadfast in its mission to establish the country as a dominant global nexus for trade and industry. He added: “We endeavour to nurture an environment that champions innovation, prioritises sustainable growth, and celebrates technological prowess.” Tengku Zafrul highlighted the global photovoltaic market’s potential, with estimates pointing to a 29% annual growth rate. “With LONGi’s projected output of 8.8GW upon the completion of both plant phases, our nation’s global standing in the realm of clean and sustainable energy is set for monumental growth,” he said. In addition, Tengku Zafrul said, Malaysia’s ambitious goals, such as achieving a 20% renewable energy capacity mix by 2025 and the commitment to large-scale solar projects as outlined in the Malaysian National Energy Policy 2022- 2040 is in line with LONGi’s vision and objectives. “With the guidance of the Malaysia Renewable Energy Roadmap and the inauguration of the state-of-the-art solar module technology in Serendah, our direction is clear,” he added. According to LONGi’s official website, it is developing solutions for large-scale power plants, catering to various industries and households. Ultimately, LONGi aims to provide “Green Power + Green Hydrogen” solutions, contributing to the global effort for zerocarbon development. This vision underlines their commitment to sustainable and ecofriendly practices in the energy sector. Participation 26.3 38.9 34.8 100.0 Retail Institutions Foreign Bought RM m 484.6 788.0 643.9 1916.5 Sold RM m 524.6 702.4 689.5 1916.5 Net RM m -40.0 85.6 -45.6 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 17/10/2023
12 theSUN ON WEDNESDAY | OCTOBER 18, 2023 SUNBIZ Johor attracts RM800m investment from US firm PETALING JAYA: T Industrial Park is poised for full take-up in three of its nine phases, covering a total of 572.2 acres, driven by a substantial RM800 million investment by the US-based appliances supplier Alton Industry Ltd Group. Positioned as Pontian’s primary industrial hub, T Industrial Park will be home to the Alton Intelligent Super Factory, with a planned investment of RM2 billion in the coming years. The development benefits from T Industrial Park’s prime connectivity, with proximity to the Port of Tanjung Pelepas and Sungai Pulai Bridge, as T Industrial Park is one of the largest industrial zones in Johor. oT Industrial Park will house Alton Intelligent Super Factory, set to achieve full take-up for three of its nine phases MSMEs told to tap opportunities provided in Budget 2024 KOTA BHARU: Micro, small and medium (MSME) sector entrepreneurs are advised to make the most of the allocation provided under Budget 2024 to generate income and contribute to economic growth. “The allocation is substantial because the government acknowledges that MSMEs are the backbone of the country’s economy. This will breathe new life into entrepreneurs to market their products internationally,” said Universiti Teknologi Mara Malaysia Alumni Entrepreneur Affairs Federation chairman Ahmad Muzakkir Hamid when contacted by Bernama yesterday. He said the allocations showed that the government recognised that MSMEs provided a significant amount of jobs, especially for youths, so it was a wise move on the government’s part to help them revive their business, which was affected by the Covid-19 pandemic and the current uncertain economic conditions. “MSMEs are in dire need of capital and financial support to grow their businesses and security to run their businesses and ensure their survival. We hope that MSMEs will take advantage of this opportunity and benefit from it because in the current situation, it will help them in (their) short-term business planning,” Ahmad Muzakkir added. Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim had announced that the government would set aside RM44 billion in loans and financing guarantees for the benefit of MSMEs under Budget 2024. Gambit Custody: DAC licence will spur fintech industry growth KUALA LUMPUR: The local fintech sector is poised to continue growing after the Securities Commission Malaysia awarded Gambit Custody Sdn Bhd in-principle approval for a Digital Asset Custody (DAC) licence recently. Gambit Custody CEO Datuk Clifford Hii told Bernama that the DAC licence would help create a sustainable and secure ecosystem for digital assets, and represents efforts by Malaysian authorities to lay the foundation for a dynamic fintech sector in the future “DACs are pivotal in providing secure digital asset management solutions to institutions and enterprises. The way things are currently set up forces everyone to store their assets personally through metamask, or other defi wallets, which can be troublesome and prone to hacking or losing your private keys. “DACs like us manage the private keys, provide an added layer of security for those assets and also insurance coverage,” he said. Hii also said the local fintech industry has a bright future, as efforts by local regulators were advanced, having recently approved Halogen, the country’s first cryptocurrency/digital asset fund and that it would be just a matter of time till more digital asset funds would be institutionalised. As a DAC, Gambit Custody is preparing to service such institutions, to allow them to focus on investing and not worry about technology and security, he said. Hii noted that the company would commence operations once it fulfills the necessary regulatory requirements within an expected six-month period. Affin Bank launches Affin Aura Credit Card/-i KUALA LUMPUR: Affin Bank Berhad yesterday introduced its latest credit card, the Affin Aura Credit Card/-i. President & Group CEO Datuk Wan Razly Abdullah said, “It is in line with the bank’s next three-year strategy plan, AFFIN 2025 (A25 Plan) where it focuses on three pillars – responsible banking with impact, unrivalled customer service and digital leadership”. Affin Aura Credit Card/-i provides benefits across a wide range of Affin card promotions comprising various categories such as dining, shopping, travel and accommodation, beauty and health, and instalment plans.” Affin Aura Credit Card/-i applicants will be in the running to win over RM80,000 in cash prizes with the Apply, Spend & Win with Affin Cards Campaign. well as mature land and sea transport logistics. Managing director Karen Lee said, “T Industrial Park is one of the largest industrial zones in Johor. Its strong take-up is a testament to the group’s unique development DNA with an emphasis on facilities, connectivity and more. We welcome partners such as Alton Industry Ltd Group, and look forward to similar collaborations in the future.” In its initial phase, Alton Industry has allocated RM800 million for the construction of the Alton Intelligent Super Factory. Its investment into the development will comprise its principal overseas manufacturing base. The plant will support its track record in the development, production and sale of aerodynamic and cleaning equipment, automotive parts, garden pneumatic tools, intelligent robots and more. In addition, it will establish a satellite research and development building in Malaysia, towards developing advanced technologies and expertise in the region. Alton Industry’s comprehensive investment in Malaysia, particularly in T Industrial Park, marks a substantial commitment over the next few years. In an earlier media statement, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz welcomed Alton Group’s global expansion with the significant investment for a facility in Johor Baru, which is expected to be completed in 2024, thus underlining confidence in the country’s attractiveness as an investment destination. T Industrial Park is poised to play a pivotal role in realising the government’s vision of attracting more investment to Malaysia and creating many growth opportunities, underscoring its robust pull factors. It is also well-positioned to leverage on increased investor appetite and cross-border interest amid discussions on a dedicated special economic zone and potential revival of the Kuala Lumpur Singapore High Speed Rail project. MIDF Research positive on consumer sector, in line with robust outlook for retail trade KUALA LUMPUR: MIDF Research has maintained a positive outlook on the consumer sector due to expected solid domestic retail growth in 2023 and 2024. In a note yesterday, the research firm said its assessment is underpinned by the strong job market and income prospects, sustained demand for essential items, a resurgence of out-of-home consumption following the reopening of the economy, various initiatives introduced in Budget 2024 to support consumer spending and an uptick in tourist arrivals. “This outlook aligns with MIDF economists’ optimistic retail trade forecast for 2023 in its Economic Review: August 2023 Distributive Trade,” it added. MIDF Research said that Family Mart within QL Resources Bhd will be among those that will reap the benefits of this upward trend, particularly from the increased outof-home consumption of food and beverage products and the rise in tourism activities. “Furthermore, owing to their competitively priced products, Padini Holdings Bhd is wellpositioned to benefit from the various cash aids allocated to the B40 income group and civil servants,” said MIDF Research. Meanwhile, Maybank Investment Bank Bhd maintained its “hold” recommendation on Berjaya Food Bhd (BFood) with an unchanged target price of 65 sen as the expectation of consumer sentiment to remain subdued with downtrading and sales volume slowdown concerns afflicting the overall retail industry. “We believe that consumer sentiment has remained subdued in the first quarter of the financial year 2024 with tighter consumer spending and down-trading trends emerging as a result of broadbased food inflationary pressure. “BFood may experience a similar sales trend in the near term, but its strong brand equity and beverage product innovations could partially buffer the weaker sales and keep store footfall steady,” it said. – Bernama Various initiatives introduced in Budget 2024 to support consumer spending is expected to boost the consumer sector. – BERNAMAPIC
13 SUNBIZ theSUN ON WEDNESDAY | OCTOBER 18, 2023 Rosen partners AverNoble to enhance talent competency in OGH sector KUALA LUMPUR: Rosen Group, the global leading provider of cuttingedge solutions in all areas of the integrity process chain has signed a memorandum of understanding with AverNoble, a technical and professional development company to elevate the competency of the local talent in the oil, gas, and hydrogen (OGH) sector. Their knowledge programme, The Competence Club, is set to redefine the landscape of pipeline competence in Malaysia by bringing world-class knowledge and best practices in pipeline integrity to the forefront. The evolving landscape within the pipeline industry demands a workforce equipped with skills that are aligned to developments in the OGH sector, incorporating technology and innovative approaches for sustainable business growth. Competency certifications, crucial for professionals in these sectors, often failed to encompass the latest industry trends and technologies, leaving the local workforce illequipped to address modern challenges. In recognition of the industry’s challenges, Rosen and AverNoble aim to enhance the competence of the OGH industry by offering a comprehensive pipeline integrity programme tailored specifically to address the unique requirements of the local community. Michelle Unger, Rosen’s global head of education services, emphasised the significance of this partnership, stating, “Our aim is to bridge the gap between global knowledge and local needs in Malaysia. By joining forces with AverNoble, we can offer a specialised pipeline integrity programme that caters directly to the O&G community. This partnership marks a new era of excellence in the field.” AverNoble CEO Anusia Ramasamy said, “The Competence Club is a great portal and cornerstone of our commitment to education and knowledge sharing. We are excited to broaden its horizons and introduce cutting-edge content like the hydrogen series, enabling Malaysians to excel in the evolving industry landscape.” myTukar’s parent company ventures into aftersales workshop business KUALA LUMPUR: Carro, myTukar’s parent company and Southeast Asia’s largest and most profitable online used car platform, has unveiled plans for Carro Care, an aftersales workshop business powered by proprietary technology capabilities. This move is part of a US$60 million (RM284 million) strategic partnership with Jardine Cycle & Carriage (JC&C), an established regional automotive player with deep relevant expertise in the aftermarket space. The business will marry key strengths from both parties - Carro’s key technologies and JC&C’s strong aftersales value chains and established market presence. Carro Care will take an initial focus in Singapore and Malaysia, with plans to first roll out in Malaysia. myTukar’s refurbishment and service centres will be rebranded and further fitted with Carro’s full suite of technology capabilities. SV Balasubramanian has been appointed CEO of Carro Care, and comes with over 30 years of experience in the automotive industry. In the last 18 years, he’s played a pivotal role for Cycle & Carriage Bintang, specialising in Mercedes-Benz aftersales services. “Customers are looking for honesty, quality, and transparency in vehicle aftersales services – be it for regular upkeep or urgent fixes. And we’re confident that Carro Care will provide customers with that and more: techdriven convenience and unparalleled topnotch service at a far more accessible price point. Customers can look forward to upfront, transparent pricing on the services they require, plus comprehensive records of their servicing history and visits with us. Carro Care will no doubt fortify what we currently bring to the table, said Balasubramaniam. Carro co-founder and CEO Aaron Tan said, “Through this partnership with JC&C, we are confident we can stay ahead of the game and continue to strengthen and add value to the endto-end car ownership process for our customers.” Straits Energy bags RM71m university job LABUAN: Oil bunkering and shipping-related services provider Straits Energy Resources Bhd (SERS) has secured a contract worth RM71.56 million for specified works as part of the development of Universiti Malaysia Perlis. In an announcement to the local bourse yesterday, SERS said its indirect 70% subsidiary Straits CommNet Solutions Sdn Bhd (SCS) had on the same date accepted a Letter of Award from Teras Khidmat Niaga Sdn Bhd (Teras) to supply resources, equipment, transport, machinery and tools to carry out the construction of engineering centre materials and laboratories, and the construction of engineering centre electrical systems and laboratories for Universiti Malaysia Perlis. Teras, a heavy and civil engineering construction company, is the main contractor for the development of the two centres and laboratories. The project is expected to commence on Oct 17, 2023 and the completion is slated for Sept 4, 2025. The award is expected to contribute positively towards the future earnings, earnings per share and net assets per share of SERS group for the financial year ending Dec 31, 2023 and the financial years thereafter for the duration of the award. RM900m cost saving via public-private partnership in healthcare PETALING JAYA: The Malaysia Productivity Corporation (MPC) has come out in support of the government’s plan to outsource patients from public hospitals to private hospitals, as announced by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim in Budget 2024 recently. It is envisaged that the productivity performance of the private healthcare subsector will double in the next five years with this effective implementation of publicprivate resource sharing to support the national healthcare ecosystem. “In 2022, the productivity level of the private healthcare subsector was significantly below the national average, and this trend has been taking place for the past several years,” said MPC director-general Zahid Ismail in a statement. “As such, all relevant stakeholders from public and private sectors must embrace radical measures such as adopting Diagnosis Related Group (DRG) not only to boost productivity but also for the benefit of the rakyat,” he added. DRG is a patient categorisation system that regulates prospective hospital payments encompassing all charges related to an inpatient stay from admission to discharge. Furthermore, it will potentially save RM200-900 million on government spending for treating patients in public hospitals with greater utilisation of service and medical equipment in private hospitals, based on a study conducted by the Private Healthcare Productivity Nexus. Minox debuts on ACE Market with 26% premium KUALA LUMPUR: Distributor of stainless steel sanitary valves, tubes and fittings, Minox International Group Bhd made its debut on the ACE Market of Bursa Malaysia Securities yesterday. The share price of Minox opened at 31.5 sen, representing a premium of 26% over the issue price of 25 sen, with an opening volume of 27,729,300 shares. Managing director Cheong Chee Son said, “Today is a momentous day in Minox’s corporate history, opening a new chapter for us as a listed entity after being in operation for more than two decades. I am also truly humbled by the warm reception we received from investors. Backed by this confidence, we are motivated and energised to forge ahead and execute our multi-pronged growth strategy.” He said the RM22.5 million fresh capital raised through the initial public offering (IPO) puts them on a strong footing to implement their plans and they will introduce new vacuum fittings and valves tailored for semiconductor production lines and construct a fourth warehouse in Puchong to cater for higher sales volume. “Beyond local shore, we are setting up a new warehouse in Singapore to store our new vacuum fittings and valves for the semiconductor industry as well as to store inventories that cater for customers in Singapore and abroad. These calculated steps shall help deepen our presence in the semiconductor industry and enhance our inventory capacity as we continue to expand our business,” he added. Moving forward, he said they are confident that the sanitary valves and fittings industry will continue to flourish driven by the rising population. “As the population expands, so does the demand for food and beverage (F&B), pharmaceutical products, and advanced electronics, all of which bode well for our business,” Cheong added. The independent market research by Protégé Associates Sdn Bhd projects the sanitary valves and fittings industry in the Asia Pacific to expand by a compound annual growth rate of 6.1% to reach From left: Minox independent non-executive directors Wong Yen Lee, Yeoh Aik Cheong and Ng Kuan Hua, Cheong, chairperson Alwizah Al-Yafii Ahmad Kamal, executive director Looi Poo Poo, M &A Securities managing director, corporate finance Datuk Bill Tan and deputy head of corporate finance Rachel Ho Seow Leng. oFunds from IPO to be used for purchase of machinery and construction of warehouses in Puchong and Singapore US$825.6 million (RM3.9 billion) in 2027 from US$643 million in 2023. Meanwhile, based on Minox’s latest financial results for the first six months ended June 30, 2023 (H1’23), the company achieved a net profit of RM4 million on the back of RM26.1 million in revenue. 92.7% of revenue was generated from sales to the F&B industry. Geographically, domestic sales were 26.2% while export sales contributed 73.8% of turnover, with Indonesia being the largest market at 41.1%, followed by Singapore (20.8%), Thailand (7.5%) and others (4.4%). The company recorded a gross profit (GP) amounted to RM41 million during 1HFY2023, translating into a healthy GP margin of 53.8%. The company has raised a total of RM22.5 million from the IPO, of which 57.9% of the proceeds to be utilised towards business expansion. The company has allocated RM4 million (17.8%) for product development and deployment; RM4 million (17.8%) for the construction of Warehouse 4; and RM5 million (22.3%) for the setting up of a new warehouse in Singapore. The remaining proceeds are earmarked for repayment of bank borrowings, general working capital, and estimated listing expenses.
14 theSUN ON WEDNESDAY | OCTOBER 18, 2023 SUNBIZ China’s Belt and Road highlights five key projects BEIJING: China’s landmark Belt and Road Initiative (BRI) has thousands of infrastructure projects in every corner of the globe, generating a staggering US$2 trillion (RM9.5 trillion) in contracts while courting international controversy. Here AFP looks at five key projects: Laos: High-speed railway Laos took on huge loans from China to partially finance a US$6 billion highspeed railway connecting it with the underdeveloped, landlocked nation. The nearly 1,046km line linking the Chinese city of Kunming to the Laotian capital Vientiane opened in 2021 and has served tens of millions of passengers, Beijing says. It is envisaged as the first string in a sprawling web of rail projects knitting China closer to other countries in Southeast Asia. Both sides have touted the project as a public good, with Beijing saying it “bears friendship, happiness and opportunities”. Laos Prime Minister Sonexay Siphandone told the Chinese staterun Global Times on Sunday that the railway “benefits not only Laos but also neighbouring countries”. Pakistan: Economic corridor Plans to develop an “economic corridor” linking China and Pakistan took on new impetus when they were absorbed into the BRI framework a decade ago. The staunch allies have earmarked tens of billions of dollars oPorts, railways, a naval base among the major plans undertaken by the government’s initiative for a range of transport and energy projects connecting western China with Pakistan’s Gwadar Port. The former chairman of the port’s Chinese state-owned operator in July called the site “a blank sheet of paper, and we can draw the most beautiful painting on it”. But analysts at the MERICS thinktank have called the corridor “an ambitious gamble that heightens risks” for Pakistan’s perenially distressed economy. Djibouti: Naval base China showered Djibouti with investment after bringing the small African nation into the BRI’s orbit – and a sprawling military base is the centrepiece. The reportedly US$590 million facility is Beijing’s first permanent naval base outside China and is strategically placed between the Red Sea and Gulf of Aden. UK regular pay growth slows for first time since January LONDON: Growth in British workers’ regular pay – which is being watched closely by the Bank of England (BoE) – slowed from a previous record high and job vacancies also declined, official figures showed yesterday, in a sign that the labour market is losing momentum. British average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to August, down from an upwardly revised 7.9% in the three months to July, the first such fall since January. Average earnings are being monitored by the Bank of England as it considers whether to resume raising interest rates to counter the risks from still-high inflation. The latest reading from Britain’s Office for National Statistics was in line with expectations from economists polled by Reuters, but sterling fell slightly against the US dollar after the data. “While wage growth is still much too strong for the Bank of England’s liking, there’s nothing in the latest data that’s likely to push the committee into a rate hike at the November meeting,” ING economist James Smith said. Private-sector regular pay – the component looked at most closely by the BoE – saw annual growth slow to 8% in the three months to August, from 8.1%. Annual growth in total pay – a more volatile measure which includes oneoff bonuses – slowed more than expected to 8.1% in the quarter through August, from an unrevised 8.5% in the May to July period. However, with consumer price inflation of 6.7% in August, the realterms increase in pay was far smaller. Regular pay, adjusted for CPI inflation, grew by an annual 0.7% in the three months to August. Even so, this was still the biggest increase in nearly two years, highlighting how inflation has squeezed working households’ living standards. “It’s good news that inflation is falling and real wages are growing,” finance minister Jeremy Hunt said after the data. “To keep this progress, we must stick to our plan to halve inflation.” Prime Minister Rishi Sunak said at the start of the year that his top goal was to halve inflation, which peaked at a 41-year high of 11.1% in October 2022. – Reuters Beijing has said the base is used to resupply navy ships, support regional peacekeeping and humanitarian operations and crack down on piracy. But its proximity to a US military base has raised concerns of espionage and Chinese power projection around Africa, the Middle East and South Asia. Greece: Foothold in Europe China raised European eyebrows in 2016 when a state-owned shipping firm bought a majority stake in Greece’s ailing Port of Piraeus. Athens formally joined the BRI two years later, and the two countries envision the port as a major transit hub linking the Asian and European continents. Beijing’s official Xinhua news agency said in August that “investments from China have breathed new life into a port that once hit development bottlenecks”. Opponents say the project aims India authorities investigating some alternate investment funds MUMBAI: India’s markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including “evergreening” of stressed loans, according to three sources with direct knowledge of the matter. The investigations could lead to increased disclosures and greater scrutiny for an investment category including private credit funds that have drawn billions of dollars from local and global high net-worth investors because of the flexibility they offer and liberal regulations. The Securities and Exchange Board of India (SEBI) has detected at least a dozen cases involving 150 billion to 200 billion Indian rupees (RM8.5-11 billion) where AIFs have been misused to circumvent rules of other financial regulators including the Reserve Bank of India, one of the sources said. While the amount is small in comparison to the 8.4 trillion rupees managed by AIFs, the number of cases of misuse detected are “material”, the second source said. The cases under investigation include instances of non-bank lenders selling stressed loans to AIFs partially set up by the lender itself, with the fresh funds being used to repay the original debt to prevent the loans from turning bad, according to the second source. The central bank has initiated enquiries into these cases, according to the first and third sources. If proven, such instances of misuse of AIFs could eventually result in penalties or restrictions on business in extreme cases. In other cases under investigation, AIFs have been used to evade caps on foreign investment in certain sectors, the first and third sources said. Some cases where insolvency regulations are being evaded using AIFs are also under investigation, they added. “We have found various cases of AIF structures are being used to circumvent other regulations,” SEBI wholetime member Ananth Narayan said at a conference in Mumbai last week. “These cases do bother us even when we want the industry to grow.” The market regulator has asked AIFs to report both assets and liabilities via India’s share depositories starting at the end of this month, according to a circular issued in June. It is also asking the industry to self-regulate and put in place a code of conduct for its members. – Reuters to use Beijing’s economic leverage to enhance its influence over a debtdistressed European Union member. Italy: Poised to pull out? Italy shocked Western allies in 2019 by declaring its participation in the BRI during a state visit from Xi Jinping. The announcement made Rome the first member of the G7 advanced economies to sign up for the Chinese President’s flagship project. The countries signed a series of commercial deals but they did little to staunch a yawning trade deficit or assuage concerns of Beijing’s undue influence. Italy now appears to be mulling a withdrawal from the scheme, with the initial MoU due to lapse in March next year. Prime Minister Giorgia Meloni said last month that Rome was “yet to make a decision” on a prospective pullout. – AFP B R I E F SBAIDU UNVEILS LATEST VERSION OF AI MODEL ERNIE TO RIVAL GPT-4 BEIJING: Chinese tech giant Baidu yesterday unveiled the newest version of its generative artificial intelligence (AI) model Ernie 4.0 saying its capabilities were on par with those of ChatGPT maker OpenAI’s pioneering GPT-4 model. CEO Robin Li introduced Ernie 4.0 at an event in Beijing, focusing on what he described as the model’s memory capabilities and showing it writing a martial arts novel in real-time. Other key announcements from the event included Baidu’s integration of generative AI across all its products, including Baidu Drive and Baidu Maps. – Reuters ROLLS-ROYCE TO CUT UP TO 2,500 JOBS IN EFFICIENCY DRIVE L O N D O N : R o l l s - R o y c e announced yesterday it would cut up to 2,500 jobs as its new CEO seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain’s most prestigious engineering firms. Over the last decade, Rolls-Royce has been through several restructurings, cutting more than 13,000 jobs. Rolls has long trailed the margins made by General Electric, its main competitor in the widebody aircraft sector. – Reuters ERICSSON’S MOBILE UNCERTAINTY TO PERSIST INTO 2024 STOCKHOLM: Ericsson yesterday said it expected the uncertainty impacting its mobile networks business to persist into 2024, after reporting a fall in thirdquarter revenue as demand for 5G equipment fell in North America. The company, which pre-announced its results last week and took a US$2.9 billion (RM14 billion) impairment charge on its Vonage acquisition, said it expects current quarter results to be similar to the third quarter. – Reuters TOYOTA HALTS SOME PRODUCTION AT TWO JAPAN PLANTS TOKYO: Toyota Motor has suspended operations at three lines in two domestic assembly plants due to an accident at a supplier’s facility, the company said. The incident at supplier Chuo Spring, which makes engine and valve springs used in vehicles, also halted some production at group companies Toyota Auto Body and Toyota Industries, the spokesman said. A spokesman for Chuo Spring said an accident involving an explosion in a building at its Fujioka plant around 12:15 p.m. (0315 GMT) on Monday resulted in damage to the facility. Production in five lines at three Toyota Auto Body plants was stopped due to the accident. – Reuters The Belt and Road Initiative has thousands of infrastructure projects in every corner of the globe, generating a staggering US$2 trillion in contracts. – AFPPIX
1 8 O C T O B E R 2 0 2 3 W E D N E S D A Y If the shoe fits Get your spidey footwear on Women power 16 fashion page New breed of 19 superheroes page Get 20 Borneo-fide page 17 page
16 FASHION & BEAUTY theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 @thesundaily FOLLOW ON TWITTER SCAN ME Cost and limited options hinder sustainable fashion purchases CONSUMERS in many countries around the world are increasingly interested in ethical, eco-friendly fashion. But they also face a number of barriers when moving from theory to practice, including price and a market offer deemed too limited, a new study reveals. It is now generally acknowledged that the pandemic acted as a catalyst for environmental awareness, with the first changes in behaviour observed as brands and consumers left the confines of their homes. But have these new habits managed to take root in people’s daily lives? Shoppers seem keen to commit to sustainable consumption, but recent research from YouGov highlights the barriers preventing them from taking action. The fashion sector, often singled out for its environmental impact, is no exception. Consumers would like to make their wardrobes greener but face many obstacles, starting with prices they consider excessive. Carried out among more than 12,000 adults in the US, UK, France, Germany and Italy, the survey shows that sustainability is now a criterion that is being taken into account by consumers. More than half of those surveyed (55%) even say it is an important notion in fashion. This figure rises to 56% in France, 57% in the US and 59% in Italy. By contrast, only 48% of Germans consider sustainability important in this sector. Still, important though it is, it is not the first thing that consumers look when making a purchase. Price remains the main purchasing criterion, particularly for shoppers in France (81%) and the UK (82%), ahead of fabrics and fit, which is the criterion that comes first for Italians and Americans. Environmental issues come in at a much lower level, important to just under three in 10 clothing shoppers. Manufacturing conditions, sustainability and the manufacturing location are considered important criteria for 30% of French respondents, 28% of American respondents, 27% of British and Italian respondents and 25% of German respondents. The study clearly shows that, while consumers in these countries say they are in favour of sustainable fashion, they are still struggling to put these principles into practice. And here again, price is no stranger to the equation. More than half of French consumers (56%) do not buy ecoresponsible clothing because the price is too high, compared with only 37% of Americans. Meanwhile, 30% of Italian shoppers point to the difficulty of finding sustainable brands, and 32% of Italian and British consumers cite a lack of clarity as to which ecological criteria are actually respected. As a result, consumers are turning to other means to get fashion items they consider more respectful of the planet. Over a third of French people (34%), for example, claim to have reduced their clothing purchases for environmental reasons. Among all respondents, 36% say they buy fewer but better-quality fashion items and 28% say that they buy second-hand clothes. Interestingly, among those who order clothes online, an overwhelming majority (over 80% in all countries except the US) say they are willing to accept longer shipping times to be more sustainable. On the other hand, they are less inclined to pay more for a more sustainable shipment (between 24% and 38%, depending on the country). Last but not least, more than four in ten consumers (45%) say they have changed the length of time they have owned their clothes since the start of the pandemic. Italian (40%) and French (35%) respondents say they are keeping their clothes longer, compared with only 25% of British shoppers polled. Note that 16% of American consumers say they keep their clothes for between six months and a year, and that 7% get rid of them even before six months. - ETX STUDIO Consumers are ready to make their wardrobes greener, but there are still a number of obstacles preventing them from taking real action. that we are ultimately in the business of women, and fashion is merely the vehicle. We do not exist merely to sell womenswear - more than that, through the brand, the aim is for women to be empowered and to have the confidence to become the best version of themselves.” The prestigious list showcases well-known international figures like Pharrell Williams, the reggaeton star Karol G, Sabato de Sarno, the recently appointed creative director at Gucci and acclaimed actors Margot Robbie and Anne Hathaway. Among the notable Asian individuals featured are BTS, the groundbreaking K-pop boy band and Li, a highly respected Chinese makeup artist. Valentina Li’s innovative editorial and runway work have significantly influenced the Chinese fashion industry and earned acknowledgment from esteemed European luxury brands. Song added, “We are deeply honoured to be listed alongside renowned global changemakers in the fashion industry and this marks a significant milestone for us as a brand. “The acknowledgement from a global industry authority gives us immense confidence to do better for Asian women worldwide as we double down on our expansion plans and omnichannel offerings to serve our growing c o m m u n i t y . I also hope that our nomination will inspire change and push for more A s i a n representation across major industries where we’ve been severely underrepresented,” she said. Following the acquisition of Series C funding in 2021, Love, Bonito has been propelling its vision of empowering women through comprehensive growth and expanding its reach internationally. In 2022, the brand acquired Butter, a women-led activewear brand, subsequently rebranding it to Cheak. During the same year, the company made a minor investment in Moom Health, a natural healthcare company specialising in carefully formulated natural remedies tailored for modern Asian women. On the global expansion front, the brand materialised its aspirations by establishing its inaugural pop-up store outside of Asia in New York City. Additionally, it recently inaugurated its largest flagship outlet in the prime retail location of Causeway Bay, Hong Kong. As of today’s Love, Bonito boasts 21 stores across Cambodia, Hong Kong, Indonesia, Singapore and Malaysia, and itsproducts reach customers in 20 c o u n t r i e s worldwide. For further details, visit the Love, Bonito website. Women’s empowerment through fashion. The Business of Fashion editors selected global fashion leaders via nominations and on-theground intelligence. Empowering women through art of fashion oLove, Bonito’s Co-founder and CEO earn prestigious global recognition RECENTLY, the founders and CEO of Love, Bonito, Rachel Lim and Dione Song, have been featured in the 2023 release of The BoF 500. This compilation serves as a dynamic directory spotlighting esteemed figures shaping the international fashion sector, curated by The Business of Fashion (BoF). Lim and Song’s recognition this year marks a significant return for Singapore after an eight-year absence. The last Singaporean representative listed was the Executive Chairman of FJ Benjamin in 2015. “It is such an honour to be part of a diverse group of individuals that is fiercely passionate about creating change within the fashion industry,” said Lim, the 36-year-old cofounder. “While my co-founders and I started out selling p r e - l o v e d clothes for pocket money, over the years, it became apparent █ BYHAZIQUE ZAIRILL Lim (Left) and Song.
17 FASHION & BEAUTY theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 care products. The shoes are, however, not cheap, with prices reaching up to US$247 (RM1169) for the most elaborate models. Made (mostly) in Germany’ While other companies have shifted production to places where labour is generally cheaper, such as Asia, Birkenstock says 95% of its products are assembled in Germany. Headquartered in the picturesque city of Linz am Rhein in western Germany, the company has several manufacturing sites in the country and around 6,200 employees worldwide. Its newest factory near Pasewalk, in RECENTLY, Spider-Man has seen a significant rise in collaborations with well-known brands. Now, the esteemed sportswear giant Adidas has also partnered with the beloved Marvel superhero from the friendly neighbourhood. Adidas has joined forces with Marvel, Sony Interactive Entertainment, and Insomniac Games to introduce the Adidas Peter Parker Advanced Suit and Venom collection. This collection is inspired by the latest addition to Marvel’s game series, Marvel’s Spider-Man 2, slated for an exclusive launch for the PlayStation 5 console. The designs of the Peter Parker Advanced Suit and Venom collection capture the moment when Parker’s Advanced Suit 2.0 is taken over by the Venom symbiote. The shoes feature a red web design on the tongue and the iconic white SpiderMan symbol at the top, completing the Spidey look. This collection comprises a range of training footwear and apparel, including Ultraboost J and Ultra 4D sneakers, the Adizero 12.0 football cleat, sweatshirts, compression tights and more, tailored to cater to both gamers and athletes. In the game, Adidas products can be spotted adorning the residents of Marvel’s New York. Moreover, this marks the first Spider-Man-inspired collection from Adidas featuring training footwear and apparel. Shane Jochum, senior director of market strategy and partnerships at Adidas, expressed, “We’re incredibly proud of this unique collaboration, which caters to both gamers and athletes by narrating Peter Parker’s story in a style that we know so many fans recognise and love.” “The link between Marvel’s SpiderMan 2 and this collection is extraordinary and allowed us to play with various design aspects of Marvel’s New York, both in apparel and in the game.” he further added. Spider-Man 2-inspired Adidas Ultra 4D Advanced sneakers will be available at Adidas.com, via the Adidas app and in selected stores on Oct 20. WHEN actress Margot Robbie swapped high heels for pink Birkenstocks in the hit summer movie Barbie, it illustrated how the sandals have transformed from unglamorous, practical footwear to a highly coveted fashion item. The company was founded 250 years ago in rural Germany and remained in the hands of the Birkenstock family until its heirs, brothers Alex and Christian, sold a majority stake in 2021. On Wednesday, the footwear brand will take another step into the big leagues with an IPO in New York, reportedly valuing the company at US$8.6 billion (RM41 billion). Here are five things to know about Birkenstock: From a German village to the big time The company traces its roots back to 1774 and Johann Adam Birkenstock, who worked as a cobbler in LangenBergheim, a small community in western Germany. In 1896, Konrad Birkenstock began focusing on orthopaedic footwear, developing comfortable, contoured insoles designed to cushion the feet. The sandals rose to international prominence when they arrived in the US in the 1960s, where they were adopted by hippies who saw their no-frills look as an anti-fashion badge. But they really shed their association with sock-and-sandalwearing Germans and became a trendy, must-have item in the 1990s, when supermodel Kate Moss donned a pair for a fashion shoot. The company remained in the hands of the founding family until 2021, when the Birkenstock brothers sold a majority stake. It was snapped up by LVMHlinked equity firm L Catterton and French billionaire Bernard Arnault’s family holding fund, Financiere Agache, for a reported sum of around US$4 billion (RM19 billion). The Birkenstock brothers have retained a minority stake. From Arizona to Madrid Birkenstock’s most famous sandal is the Arizona, which features two wide straps with buckles on trademark cork and latex soles. Introduced in 1973, they became a symbol of US counterculture and while they are available in different colours and materials, the shoe’s basic design has not changed. The single-strap Madrid, introduced a decade before the Arizona, helped lay the foundation oBirkenstock footwear brand will take another step into big leagues with IPO in New York for the company’s later successes and was originally known as “the gymnastics sandal” as it exercises a wearer’s foot and leg muscles as they walk. Other models include a thong sandal, Gizeh, which takes its name from an Egyptian city, in a nod to sandals’ centuries-old history. There are a range of variations on the original models, such as sandals with platforms and water-proof versions, and Birkenstock makes other shoes, from clogs to trainers. While the company has mainly stuck to making shoes, they have branched into other products, including high-end beds and skin the eastern state of MecklenburgWestern Pommerania, started production in September. Beloved by VIPs Margot Robbie was just the latest celebrity to be seen sporting a pair of ultra-trendy Birkenstocks. A parade of Hollywood A-listers and pop stars have donned the sandals in recent years, often opting for Arizonas, from singers Katy Perry and Britney Spears to actress Katie Holmes. Birkenstock has also launched tie-ups with fashion brands, including Paco Rabanne, Valentino and Celine, which have customised their own versions. Get ready to swing into style. –ADIDAS.COM Sustainability Birkenstock says the protection of natural resources is at the heart of its products. The company uses materials from sustainable sources, such as cork, natural latex, jute and leather. It also offers vegan sandals manufactured solely with plantbased and synthetic materials. Cork, a key material in Birkenstock insoles, is also central to the company’s cosmetics. Cork oak extract, said to possess anti-ageing properties, is a main ingredient in Birkenstock’s skin care products. - ETX STUDIO From German village to global demand █ BYHAZIQUE ZAIRILL Adidas unveils symbiote-infused Spider-Man shoes
18 ENTERTAINMENT theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 /theSunMedia FOLLOW ON YOUTUBE SCAN ME IN a heartwarming twist, the ex-Apink member, Hong Yoo-kyung, has recently celebrated her wedding, sharing this joyous event in a heartfelt Instagram letter. While she once thrived in the limelight, Hong Yoo-kyung decided to embark on a quieter life and expressed her apologies for this shift. Oct 14 marked the day she tied the knot with her partner, whom she has come to deeply rely on and cherish in a short time. Aware that this news may have caught everyone by surprise, she wanted to share her happiness with the people who have supported her throughout her journey. Hong Yoo-kyung earnestly sought the blessings of all those who followed her. In closing, she pledged a lifetime of love and devotion to her partner. To make this announcement even more special, Yoo-kyung also graced her Instagram followers with stunning bridal attire photos. Her Apink colleagues joined in, praising her beauty and congratulating the bride. Apink, the K-pop sensation that made its debut in April 2011 with the Seven Springs of Apink, started as a seven-member group but saw Hong Yoo-kyung’s departure in 2013 and Son Na-eun’s exit in 2022. Presently, the five remaining members include Park Cho-rong, Yoon Bo-mi, Jeong Eun-ji, Kim Nam-joo and Oh Ha-young. Earlier this year, in April, the group treated their fans with the release of their 10th mini album, titled Self. – BY THASHINE SELVAKUMARAN Former Apink member gets married Hong Yoo Kyung ties the knot. – INSTAGRAM/@YUKYUNG_922 EXO’s Chanyeol unveils upcoming solo release The album’s teaser poster. | – INSTAGRAM/@ NNTCOSMICNEW Blend of fantasy and violence in The Continental oPrequel spin-off that enthrals both fans and general audience T HE Continental is a highly anticipated three-part event that delves into the origin of the iconic hotel-for-assassins at the heart of the John Wick universe. The story follows a young Winston Scott as he navigates the gritty and perilous landscape of 1970s New York City to confront a past he thought he had left behind. Winston embarks on a perilous journey through the enigmatic underworld of the Continental Hotel, aiming to claim the establishment where he will eventually ascend to power. In this thrilling narrative, Cormac, portrayed by Mel Gibson, emerges as a menacing, ruthless, yet charming figure. He serves as the current manager of The Continental Hotel, a pivotal role in the criminal hierarchy. Cormac had once been the criminal mentor to Winston and Frankie Scott during their youth. However, when Frankie steals something of immense value from Cormac’s superiors, it sets in motion a chain of events that leads to Winston’s abduction and return to New York. As the story unfolds, we witness Cormac’s mounting desperation, simmering lunacy and explosive anger. In an interview, Gibson provides insight into The Continental and his character, Cormac, emphasising the unique world of the series and blending fantasy with intense violence. He highlights the importance of audience engagement with the protagonists and the complexities of the characters, making it challenging to distinguish between good and bad. Gibson also describes Cormac’s character, a mentor or tormentor to Winston and Frankie, and the pivotal role of the coin press in the story, representing the currency necessary to exist in this treacherous world. He touches on the setting of 1970s New York City, with its gritty and dark atmosphere, offering a backdrop inspired by ‘70s cinema and capturing the essence of the era. Director Albert Hughes speaks about The Continental as a prequel spin-off of the John Wick film series, set in 1970s New York. He describes the series as a surreal, fun and wild experience, mirroring the John Wick films’ unique world with its own rules, colours and sounds. Hughes emphasises that film series fans will appreciate the origins of beloved characters and hints at Easter eggs related to John Wick’s backstory. Hughes and his co-creator, Kirk Ward, discuss the influences that shaped the series, blending elements from ‘80s movies with the styles of filmmakers like Sergio Leone, Martin Scorsese and Francis Ford Coppola. The series’ setting in 1970s New York is crucial in defining its tone, offering a blend of neo-noir aesthetics and a dark, cynical underbelly. Hughes reveals the challenges of living up to fan expectations and how they aimed never to bore the audience, incorporating elements in each scene to captivate viewers. He discusses Winston’s character arc, which undergoes significant transformation due to a tragic event, making him a dynamic and enigmatic character. Director Charlotte Brandstrom shares her approach to entering an already-established universe and the importance of strong character-driven narratives. She explains the choice of setting the series in the 1970s, offering a glimpse into Winston’s childhood and the events that led to the creation of the Continental Hotel. Brandstrom elaborates on the character of Jenkins, an elderly assassin with a unique story and relationship with other characters. She highlights the progress made for gender parity in directing, stating that experienced female directors can help open doors for aspiring women in the industry. The Continental: From the World of John Wick promises to be a thrilling addition to the John Wick universe, exploring the origins of wellknown characters while offering a unique blend of fantasy, violence, and an immersive ‘70s New York setting. The creative team and cast are dedicated to delivering a captivating and character-driven narrative that will engage both existing fans and newcomers to this world of assassins and intrigue. GET ready for an exciting musical journey as EXO’s very own Chanyeol gears up to drop a brand-new digital single. On Oct 16 KST, Chanyeol, a prominent member of EXO, treated fans to a sneak peek of his upcoming track titled Good Enough. In a captivating teaser image, the multi-talented artist is depicted engrossed in a thrilling game of Jenga, offering a tantalising glimpse into what is in store. This snapshot, framed like a vintage VCR recording, exudes an unmistakable retro vibe that promises to take fans on a trip down memory lane. Chanyeol’s previous musical ventures have consistently been major hits, and there is every reason to believe that Good Enough will follow suit. With a track record of success, this upcoming single is poised to be nothing short of exceptional. While the Korean title of the song literally translates to “It’s fine or You can do it”, Chanyeol’s music is sure to be more than just fine — it is bound to be good. Mark your calendars for Oct 20 at 6 pm KST, as that is when Chanyeol’s much-anticipated single is set to drop. – BY THASHINE SELVAKUMARAN █ BYYASMIN ZULRAEZ Mishel Prada plays KD. Colin Woodell plays Winston Scott. Gibson plays Cormac in The Continental. – PICS BY PRIME VIDEO
19 ENTERTAINMENT theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 Timothee Chalamet enters candy world in Wonka A FRESH trailer for Wonka has recently been unveiled, showcasing the charismatic performance of Timothee Chalamet in the role of Willy Wonka. The forthcoming movie was helmed by Paul King, known for directing Paddington and penned by Simon Rich. Its inspiration originates from Roald Dahl’s 1964 children’s novel, Charlie and the Chocolate Factory. The film centres around a young Willy Wonka and his initial encounter with the OompaLoompas during one of his early escapades. Fresh clips from this backstory depict Hugh Grant’s Oompa-Loompa persona engaging in song and collaboration with Chalamet’s portrayal of Wonka. Chalamet will also display his singing and dancing prowess in the upcoming film, where he is joined by a stellar cast including Calah Lane, Olivia Colman, KeeganMichael Key, Rowan Atkinson, Jim Carter, Matt Lucas and Sally Hawkins. Timothee Chalamet as Willy Wonka. –WARNER BROS. █ BYHAZIQUE ZAIRILL GEN V’s new breed of superheroes Gen V is set in the dark and chaotic world of The Boys, expanding the narrative to Godolkin University, an elite institution exclusively for aspiring superheroes. Here, students are groomed to become the next generation of heroes, with the hope of securing lucrative endorsements. While the consequences of corrupt superheroes are well known, not all begin their journey tainted by power and fame. Amid the typical college experiences of self-discovery and partying, these young, superpowered individuals find themselves facing explosive and lifealtering situations. As they compete for popularity and academic success, the stakes are heightened due to their extraordinary abilities. When a group of young students uncovers a sinister conspiracy at their school, they must confront the critical question of whether they will emerge as heroes or villains in their own stories. The series features a talented cast, including Jaz Sinclair, Chance Perdomo, Lizze Broadway, Shelley Conn, Maddie Phillips, London Thor, Derek Luh, Asa Germann, Patrick Schwarzenegger, Sean Patrick Thomas and Marco Pigossi. Additionally, Gen V includes guest appearances from Clancy Brown and Jason Ritter, along with returning cast members Jessie T Usher, Colby Minifie, Claudia Doumit and PJ Byrne from The Boys. The show is led by showrunners Michele Fazekas and Tara Butters, who also serve as executive producers. An impressive roster of executive producers includes Eric Kripke, Seth Rogen, Evan Goldberg, James Weaver, Neal H Moritz, Ori Marmur, Pavun Shetty, Ken Levin, Jason Netter, Garth Ennis, Darick Robertson, Craig Rosenberg, Nelson Cragg, Zak Schwartz, Erica Rosbe and Michaela Starr. Co-executive producers contributing to the series are Brant Englestein, Sarah Carbiener, Lisa Kussner, Gabriel Garcia, Aisha Porter-Christie, Judalina Neira and Loreli Alanis. Gen V is produced by Sony Pictures Television and Amazon Studios in association with Kripke Enterprises, Point Grey Pictures and Original Film. Jaz Sinclair plays Marie Moreau, an 18-year-old superhero with the unique ability to manipulate and Sinclair in Gen V. – PIC BY PRIME VIDEO oSet in The Boys universe █ BYYASMIN ZULRAEZ weaponize her own blood. Marie is a freshman at Godolkin University, eager to prove herself and earn a spot among The Seven, but her path takes an unexpected turn as she becomes entangled in a school mystery. In a Q&A session, Jaz Sinclair offers insights into her character, Marie Moreau and her extraordinary power. Marie possesses the ability to control and weaponize her own blood, a talent that she initially believes is limited to her own blood. Jaz Sinclair takes us through the setting of Godolkin University, emphasising its role as the primary training ground for aspiring superheroes and the stepping stone to joining The Seven. Sinclair highlights the appeal of Gen V in portraying superpowered characters before they succumb to corruption. The series explores the idealistic phase in the lives of these young individuals, offering viewers a chance to witness their evolution into either heroes or villains. It humanises the characters and delves into their motivations and decisions. Marie’s experience at Godolkin University is influenced by Vought’s substantial presence, but it serves as a reminder of her aspirations rather than a looming threat. Jaz Sinclair shares her enthusiasm for Marie’s character arc, which includes her growth, surprising relationships and the discovery of her own power. The series introduces the opportunity for students to join The Seven, and Sinclair contemplates whether Marie values appearing heroic or being a true hero. Marie’s journey is marked by revelations, friendships, and self-discovery. Sinclair describes the eerie setting known as The Woods and shares advice from The Boys cast member Jack Quaid about the importance of staying unified as a team. Jaz Sinclair concludes by emphasising the excitement for viewers to witness the labour of love put into Gen V. The series represents a tremendous effort involving intense scenes, action sequences and dedicated performances from the cast. It aims to capture the hearts of fans with its rich storytelling and memorable characters. Gen V Season one promises to be a captivating addition to The Boys universe, offering a fresh perspective on the superhero genre. With a compelling cast and a narrative that explores the complexities of young women, the series is poised to engage both new and existing fans of the franchise. The 45-year-old director King is said to have praised Chalamet’s abilities, as reported by People Magazine. “I think what’s so remarkable about his performance is not only that he is funny and mischievous and quite mysterious, as well — just like the Willy Wonka that people will know — but also that he brings such heart to the role and he’s a brilliant actor,” he said. “He’s incredibly emotionally intelligent and can bring a great deal of emotional truth to the role,” the director added. Wonka serves as a prelude to the initial Willy Wonka and the Chocolate Factory movie released in 1971, featuring Gene Wilder. Johnny Depp also portrayed the character in a film adaptation by Tim Burton released in 2005. The synopsis of the movie tells the tale of how the world’s most exceptional inventor, magician and chocolatier transformed into the cherished Willy Wonka we are familiar with today. Wonka will be released in theatres on Dec 15.
20 LIFESTYLE theSun LYFE ON WEDNESDAY | OCTOBER 18, 2023 Frightening thrills oMalaysia’s most terrifying Halloween extravaganza: Nights of Fright 9 EVERY year, as the leaves turn shades of red and orange and the chill of spookiness fills the air, thrill-seekers and horror aficionados alike eagerly anticipate the return of Malaysia’s spookiest Halloween event. Sunway Lagoon proudly presents its iconic Nights of Fright (NOF9) for the ninth consecutive year, promising an even bigger, scarier, and more immersive experience. In collaboration with The Sudden Impact Entertainment Company from New York, this year’s NOF9 event is set to become the ultimate Halloween adventure, where the line between reality and nightmare blurs. Let us take a closer look at what makes NOF9 the must-attend event of the season. Unearthing the horror Since its inception in 2013, Nights of Fright has established itself as the premier destination for those who crave spine-tingling chills and heartpounding thrills during the Halloween season. What sets NOF apart is its unique blend of immersive haunted attractions, cutting-edge special effects, intricate set designs and professional scare actors who roam the park. This year, NOF9 aims to outdo itself by immersing visitors in a nightmarish world where irrational fears are magnified, providing an unforgettable experience for those brave enough to enter. Sinister schemes of haunted attractions NOF9’s dedication to delivering spine-chilling excitement is evident in its line-up of attractions. With eight themed haunted houses, 11 thrilling rides, two scare zones, two show stages and the new and expanded Scarytales Theatre, the event promises non-stop terror and exhilaration. Among the attractions, four newcomers have joined the fray, inspired by iconic horror stories from both East and West. These additions include: Texas Chainsaw Massacre, Animalium, The Legend of Sweeney Todd: Barbershop Killer of Fleet Street Cultural extravaganza brings best of Borneo to Subang Parade THE Malaysia Fashion, Modelling and Pageant Association (MFMPA), in collaboration with Rapid Borneo Freight and Shipping In. and GOGO Puteri, members of MFMPA, along with the support of the Ministry of Tourism, Arts and Culture Malaysia, Subang Parade Shopping Mall and Parkroyal collection Kuala Lumpur, will present the Borneo Culture Festival 2023 (BCF 2023) on Oct 28 and 29. This extravaganza promises to be a vibrant celebration of Sabah and Sarawak’s diverse cultures, arts and traditions, offering a unique opportunity to explore the heritage of Borneo. The festival has an exciting lineup of events that will engage and educate attendees. One of the highlights is the cultural exhibition, which provides a unique opportunity for visitors to immerse themselves in traditional clothing, equipment, handicrafts and photographs of Borneo’s ethnic history. Visitors can even try on traditional attire and partake in mesmerising music and dance performances from Sabah and Sarawak ethnic groups, allowing them to truly experience and appreciate the depth of Borneo’s culture. BCF also promises a culinary adventure, with traditional Borneo dishes and exotic food competitions showcasing delicacies like butot caterpillars, bambangan, tarap fruit and sea grapes. A quiz competition will test visitors’ knowledge about Borneo, and tour service providers from Sabah and Sarawak will have special booths to introduce their offerings, particularly to foreign tourists. The festival will also provide a sneak peek of Selangor Fashion Week - Borneo Edition, featuring the latest fashion trends and the winners of various pageants donning Borneo ethnic-inspired couture couture dresses. The organiser of BCF and President of MFMPA Dr Jason Hee is dedicated to the festival’s mission of bridging cultural gaps, promoting unity among Malaysians and preserving Borneo’s cultural heritage for generations to come. Junzuenn Basalan, the organising chairperson, is equally passionate about preserving and promoting Borneo’s rich culture and heritage. Her vision emphasises the significance of the festival in preserving culture, fostering economic growth and boosting tourism in the region. As BCF approaches, it holds the promise of being a transformative event that brings communities together, celebrates diversity and preserves the heritage of Borneo. █ BYTHASHINE SELVAKUMARAN Nights of Frights is an annual Halloween event that Sunway Lagoon typically hosts during the Halloween season. – PICS BY SUNWAY LAGOON Borneo Culture Festival is a celebration of Sabah and Sarawak’s culture. – PIC BY NSP STUDIO & PRODUCTION and Murder at Madame Zhu’s. An insider’s perspective As someone who has attended Nights of Fright for the second time, I can attest that this event is not for the faint of heart. I, too, initially questioned my sanity for willingly subjecting myself to such terror, but as a devoted fan of horror, I could not resist the allure of NOF9. The most commonly shared piece of advice is this - if the actors sense your fear, they will target you. And that’s precisely what happened to me. From the moment I entered the event, I found myself screaming incessantly at every jump scare, my heart racing as I navigated the haunted houses. Clinging to my colleague for dear life, I could not help but marvel at the dedication of the actors who brought these nightmares to life. Despite knowing they were just actors, I was genuinely petrified, even mentally preparing for the possibility of fainting. One memorable diversion from the heart-pounding terror was the Grand Canyon River Rapids. This thrilling ride took us down a swift and bumpy stream, surrounded by lush foliage. While we got thoroughly drenched, it was a welcome break from the relentless horror. Our guide, understanding our need for a respite, allowed us to relax and enjoy the fun, a testament to the thoughtful experience Sunway Lagoon strives to provide. Amid the scares and screams, we unfortunately missed some of the captivating stage performances. However, it was all worth it for our last adventure of the night: ScaryTales Theatre. This immersive experience told the mysterious tale of the Thai Silk King, Jim Thompson, who disappeared in the Cameron Highlands. Though the wait was long, the story’s gripping narrative and the anticipation of the unknown made it a worthwhile experience. In the end, Nights of Fright 9 proved to be a truly memorable adventure. As I left the event, I could not help but look forward to next year’s installment. NOF9 is a journey into the heart of fear, a place where reality blurs and nightmares come to life. For those who dare, it is an experience like no other. I, for one, cannot wait to return and face my fears once more. Sunway Lagoon’s most ambitious short-film. █ BYTHASHINE SELVAKUMARAN The press conference for the BCF took place on Oct 11 at the Parkroyal collection KL. This event offered crucial insights into the goals and significance of the upcoming festival, providing attendees with the opportunity to engage with the organisers and partners. On Oct 28, BCF will commence in the distinguished presence of Datuk S e r i Dr Jeffrey G Kitingan, the Deputy Chief Minister of Sabah and State Minister of Agriculture, Fisheries and Food Industry of Sabah. The festival promises to be an enriching cultural experience, taking place on the Oct 28 and 29 at the Subang Parade Shopping Centre from 10am to 10pm. BCF offers an exceptional opportunity to delve into the rich and diverse cultures of Sabah and Sarawak, a bridge that connects the hearts of Malaysians while preserving the essence of Borneo’s cultural heritage.
21 * SPORTS theSUN ON WEDNESDAY | OCTOBER 18, 2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF MIR COMMUNICATIONS SDN. BHD. (Company No. 414221-H) (IN MEMBERS VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN that pursuant to Section 459 of the Companies Act, 2016 that a Final meeting of the Members of the above company will be held at No 5 Jalan 1/15, Seksyen 1, 46000 Petaling Jaya, Selangor on the 17th November 2023, at 11.00 am for the following purposes: 1. To receive and consider the Liquidator’s Statement of Accounts and any explanations therefrom. 2. To determine the disposal of the books, accounts and documents of the Company. Signed ………………… WONG ENG KIN LIQUIDATOR Dated this: 16th October 2023 $'9(57,6,1* 0$5.(7,1* (;(&87,9( &/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPH WRJHWKHU 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 DALAM PERKARA AKTA SYARIKAT 2016 DAN DALAM PERKARA DAMAI POSITIF SDN. BHD. No. Pendaftaran: 200101025280 (561038-M) (DALAM PENGGULUNGAN SYARIKAT SECARA SUKARELA OLEH AHLI) NOTIS MESYUARAT TERAKHIR NOTIS ADALAH DENGAN INI DIBERIKAN menurut Seksyen 459 Akta Syarikat 2016 bahawa Mesyuarat Terakhir Ahli-Ahli Syarikat tersebut akan diadakan di No. 9, Jalan Indah 16, Taman Cheras Indah, 56100 Kuala Lumpur, Wilayah Persekutuan pada 21 November 2023 pada pukul 11.00 pagi untuk tujuan berikut: - 1. Untuk menerima dan mempertimbangkan akaun dari Pelikuidasi yang menunjukkan cara bagaimana penggulungan tersebut telah dijalankan dan menerima sebarang penjelasan mengenainya; 2. Untuk menentukan menurut Seksyen 518(3) (b) Akta Syarikat 2016 cara bagaimana buku-buku, akaun dan dokumen Syarikat dan Pelikudasi sepatutnya dilupuskan. YAP KAI WENG Pelikuidasi Kuala Lumpur Tarikh: 18 Oktober 2023 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF DAMAI POSITIF SDN. BHD. Registration No.: 200101025280 (561038-M) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016, the Final Meeting of the Members of the Company will be held at No. 9, Jalan Indah 16, Taman Cheras Indah, 56100 Kuala Lumpur, Wilayah Persekutuan on Tuesday, 21 November 2023 at 11.00 a.m. for the purpose of: - 1. To receive and consider the Liquidator’s Statement of Accounts showing the manner in which the winding up has been conducted and the asset/property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. 2. To determine pursuant to Section 518(3)(b) of the Companies Act, 2016 the manner and period in which the books, accounts and documents of the Company and of the Liquidator thereof shall be disposed of. YAP KAI WENG Liquidator Kuala Lumpur Dated this 18th day of October, 2023 A member entitled to attend and vote at this meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. Proxy forms must be deposited with the Liquidator at the above address not less than 48 hours before the meeting. IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF ZAFIN LABS ASIA PACIFIC SDN. BHD. Co. No. 201201044567 (1029044-X) (In Members Voluntary Winding Up) The following Special Resolution was duly passed by the members of Zafin Labs Asia Pacific Sdn Bhd., on the 18th October, 2023 in accordance with Section 439 of the Companies Act, 2016. ‘That the Company be wound up voluntarily pursuant to Section 439 of the Companies Act, 2016 and that Mr. Taufik bin Mohd Salleh of Suite 1603, Level 16, Plaza Pengkalan, Batu 3, Jalan Tiong, Off Jalan Ipoh, 51200 Kuala Lumpur be and is hereby appointed Liquidators for the purpose of such winding-up’ Dated this: 18th October, 2023 Sgnd ……………………… ANISH YUSUF LOKHANDWALA Director IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF ZAFIN LABS ASIA PACIFIC SDN. BHD. Co. No. 201201044567 (1029044-X) (In Members Voluntary Winding Up) Notice is hereby given that the creditors of the above named Company, which is being voluntarily wound up, are required on or before 18th November, 2023 (30 days from advertised date ) to send in their names and addresses with particulars of their debts and claims and of any security held by them, and the names, addresses of their solicitors (if any) to the undersigned Liquidator at Suite 1603, Level 16, Plaza Pengkalan, Batu 3, Jalan Tiong, Off Jalan Ipoh, 51200 Kuala Lumpur, and if so required by notice in writing from the said Liquidator, are by their Solicitors or personally to come in and prove their debts and claims at such time and place as shall be specified in such notice or in default thereof they shall be excluded from the benefit of any distribution made before such debts or claims are proven. Dated this: 18th October, 2023 Sgnd …………………………. TAUFIK BIN MOHD SALLEH Liquidator LAND FOR SALE 5 Vacant Lands and 1 Vacant Land both located at Jln. Kampung Besar, Bukit Mertajam. For sale at RM28-RM33 per sqft. Total approx. 15acres in 2 difierent sites. Interested, contact Chris 012-5559398 / MayFang 012-4553727 To the biological parents of a child born on 27 August 2009 at 7.30 am at TDMC Hospital Sdn Bhd Kuala Lumpur. This is with regards to a matter which has been fixed for Hearing at Klang Sessions Court wherein your attendance as the biological parents is required. Kindly contact our firm, Messrs Ruby Anthoa & Partners at No. 12, Jalan Anggerik Vanilla 31/100C, Kota Kemuning, 40460 Shah Alam, Selangor Darul Ehsan at 03- 51318106 for more information. IN THE HIGH COURT OF MALAYA AT SHAH ALAM WINDING-UP PETITION NO. : BA28NCC-511-09/2023 In the matter of Section 465 (1) (e) & 466 of the Companies Act 2016 And In the matter of TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) Between JASA BITARA SDN. BHD. (Company No. 397473-W) …PETITIONER And TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) ...RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above named Company by the High Court was on 15th September 2023 presented by Jasa Bitara Sdn. Bhd. of Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong, 42000 Port Klang, Selangor Darul Ehsan that the said Petition is directed to be heard before the High Court sitting at Shah Alam at 9.00 o’clock in the forenoon, on the 14th December 2023 and any Creditors or contributory of the said Company is desiring 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 Creditors or contributory of the said Company requiring the same by undersigned on payment of the regulated charge for the same. The Petitioner’s address is Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong , 42000 Port Klang, Selangor Darul Ehsan. The Petitioner’s Solicitors is Messrs Sandosh Anandan and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. ……….……t.t…………….. Messrs Sandosh Anandan Note:- Any person who intends to appear on the Hearing of the said Petition must serve on or send by post to the above named Messrs Sandosh Anandan notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named no later than twelve (12) noon on the 13th day of December 2023 (the day before the day appointed for the Hearing of Petition). This ADVERTISEMENT OF PETITION is filed by Messrs Sandosh Anandan Solicitors for the Petitioner above named and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel. No. 03-78065819 / 03-78046078. No. Fax 03-78807409 Ref: SA/L/JASA BITARA/RNB TOTAL/1852/2022/SA 204 Land for Sale 322 Notices 322 Notices CALL TO PLACE CLASSIFIED ADS MS. SHOBA T 03 7784 8888 F 03 7784 4424 ‘I’m staying’ Jones commits to Australian rugby, denies Japan move AUSTRALIA head coach Eddie Jones yesterday ruled out a rumoured switch to Japan, pledging to stick with the Wallabies following a disastrous Rugby World Cup campaign. “I’m staying, mate. I’ve always been committed to Australian rugby and I want to leave it in a better place,” Jones told a press conference in Sydney amid speculation of his imminent resignation. Although the pugnacious 63-year-old said he has unfinished business with Australian rugby, he could not guarantee he would see out the rest of his four-year contract. “That’s not my decision,” he replied when asked if he would still be in charge for the 2027 World Cup, which Australia will host. “I don’t control those sorts of things, all I do is coach. We’ve got a review going forward and we’ll see what happens at the end of the review.” As the faltering Australian side stumbled through its tournament pool games in France, reports emerged that Jones had been secretly interviewing for the head coach role in Japan. Jones has warm relationships with key powerbrokers at the top of Japanese rugby, having previously coached the Brave Blossoms between 2012 and 2015. “I haven’t been speaking to anyone, mate,” Jones assured reporters yesterday. “Where the rumours come from? I don’t know mate, you’ll have to tell me.” Jones also defended his decision to stack the World Cup squad with a band of unproven rookies, leaving a host of veterans at home including 125-Test former skipper Michael Hooper. “The results from the World Cup weren’t what we hoped, but I still think I’ve made the right decision,” he said. “Everyone has got their own judgement, haven’t they? My choice was to go with youth and I stand by that.” Jones was hailed as the saviour of Australian rugby when he returned to the national setup earlier this year. He predicted the Wallabies could win the World Cup this year but instead the side were bundled out in pool play and have now slumped to seven losses during Jones’s nine games in charge. – AFP France wake up to World Cup hangover FRANCE went through the opening phase of the Rugby World Cup like party-goers at a summer disco, but after a weekend of electrifying rugby, the lights were switched back on abruptly and the country woke up on a greyish, crisp autumn morning. Gone are Les Bleus, beaten 29-28 by South Africa, and gone are the Irish, with tears in their eyes as they stared into their almost-empty pints of beers after the quarterfinal defeat by New Zealand. “To the point of tears”, French sports daily L’Equipe wrote in their front page. “If this morning your coffee tastes like vinegar and that the face you see when you wake up exasperates you, do not just dump everything just yet. It will pass,” the paper wrote. The rest of the tournament will be held in Paris. Dozens of Irish party-goers are flying home with their team and dreams crushed while the French will clearly stay away from the semifinal that will feature England and South Africa. All Blacks welcome pressure EXPECTATIONS are building on the All Blacks after their sensational 28-24 victory over world No. 1 ranked Ireland in the Rugby World Cup quarterfinals on Saturday, and the three-times champions would have it no other way. “That’s what the jersey’s about, and that’s what it demands of us every week, and you can’t sugar-coat anything, and you get on with it,” forwards coach Jason Ryan told reporters yesterday. “You’re just constantly giving and trying to be better yourself. You know, the expectations are extremely high, but you wouldn’t want it any other way, really. I think that the pressure side of it, this is when it just gets that little bit higher, but that’s a privilege. I guess the most successful people in the world have got privilege in their lives. The more pressure, the better. So that’s where we want to be this week, and we’re looking forward to tackling it head on.” LINEOUT Eddie Jones. – AFPPIX
22 theSUN ON WEDNESDAY | OCTOBER 18, 2023 SPORTS READ OUR HERE /thesundaily SCAN ME … as captain Cummins finds form PRE-MATCH talk of Pat Cummins being sensationally dropped from Australia’s World Cup lineup to face Sri Lanka was proved unfounded and also somewhat ludicrous after the pace-bowling skipper produced a crucial spell to help beat the South Asians. Spinner Adam Zampa led the bowling with four wickets in Australia’s five-wicket win on Monday but it was Cummins who unlocked the Sri Lankans after openers Pathum Nissanka and Kusal Perera put on a century stand. Cummins banged in a short ball to remove Nissanka for 61, with David Warner assisting with a brilliant catch, before the captain bowled Perera for 78 with a fine delivery that extracted movement from a largely tepid pitch. Cummins then produced an inspired piece of fielding to run out Dunith Wellalage for two as Sri Lanka were bowled out for 209 and easily picked off by the Australian batters. With Cummins managing a total of one wicket from twin thrashings by India and South Africa, former Australia captain Michael Clarke caused a media storm back home when he told local radio that the skipper was set to be dropped against Sri Lanka. The very idea of Cummins being on the chopping block was mystifying to legspinner Zampa, who was adamant there was no heat coming from within the team. “I thought Cummins’s spell in particular was a bit of a game changer for us and even his energy in the field, the run-out after the rain-break, yeah, it changed the energy for us,” Zampa told reporters. “We all back each other 100% in this team, so I don’t really know what’s been said or what people are reading, but the only thing that I saw come on the WhatsApp group was same 11 as last game. “So, yeah, there’s no pressure on Pat there.” The win lifted Australia off the bottom of the World Cup standings before they take on Pakistan, who lie fourth, in Bengaluru on Friday. Opener Travis Head has been sorely missed while nursing a broken left hand, and while on track to rejoin the squad this week he is not expected to be fit for Pakistan. Opening in Head’s place, allrounder Mitchell Marsh also had a welcome return to form with a half-century against the Sri Lankans after making a total of seven runs in the previous two matches. Zampa said the mood had been “flat” in the changing room after the first two losses but things could change quickly. “We get backed into a corner and guys step up and we get on a roll, then anything can happen,” he said. “It’s a World Cup, so get on a roll. “Obviously, really big game against Pakistan in Bangalore, and if we can put it all together and play a good game there, you go two (wins) and two (losses) and the feeling’s much better.” – Reuters Zampa hails Aussie skipper after World Cup ‘axe’ threat ADAM ZAMPA hailed “game-changing” Pat Cummins after the Australia captain was reported to be facing the axe following the five-time champions’ woeful start to the World Cup. Cummins took two key wickets and effected a crucial run-out on Monday as the Australians defeated Sri Lanka by five wickets to register their first win in India and give the skipper breathing space. “He led from the front. His spell today changed the momentum of the game,” said leg-spinner Zampa, who was named man of the match for his four-wicket haul. Former Australia captain Michael Clarke had claimed that 30-year-old Cummins was to be left out of the team. “I heard last night that Pat Cummins is not going to be selected for this game,” Clarke told Sky Sports Radio’s Big Sports Breakfast in Australia. “If Pat Cummins is going to get dropped and not captain the team, then you guys have selected the wrong captain.” Before Monday, Cummins had overseen a six-wicket loss to India, where his team had been bowled out for just 199, and a 134-rout by South Africa, their heaviest defeat at a World Cup. However, he put his critics in their place in Lucknow, dismissing both Sri Lanka openers Pathum Nissanka (61) and Kusal Perera (78) after they had put on 125 for the first wicket. He then ran out Dunith Wellalage with a smart piece of fielding. “That run-out, those little things can turn scores from 260 to 210 and it’s game on. So he particularly led from the front,” said Zampa. “We all back each other 100% in this team, so I don’t really know what’s been said or what people are reading.” He added: “There’s no pressure on Pat. We’ve got a really good feeling in the group in terms of backing each other, looking after each other.” Monday’s win revitalised Australia’s bid to reach the semifinals although they are only eighth in the 10-team table with one victory and two losses. Next up is a tricky encounter with fourthplaced Pakistan in Bengaluru on Friday. – AFP SRI LANKA’S Pathum Nissanka yesterday said the team will learn from their mistakes after going down to Australia in the World Cup and strive to win the remaining matches. A five-wicket loss at Lucknow’s Ekana Stadium made Sri Lanka slip to their third successive defeat in the round-robin tournament where each team will play nine league matches. Nissanka and fellow opener Kusal Perera put on 125 runs before the batting, which posted totals of over 325 in the previous matches, imploded to 209 all out in 43.3 overs. “That’s the nature of cricket. We performed admirably in the previous two games, but such fluctuations can occur,” Nissanka told reporters. “Our focus now is to learn from our mistakes and strive for strong performances in the upcoming matches.” Nissanka made 61 and the left-handed Perera hit 78 before both the batsmen fell to Australian captain Pat Cummins and legspinner Adam Zampa soon had the opposition on its knees with figures of 4-47. Five-time winners Australia reached their target of 210 with 14.4 overs to spare and Nissanka said it’s all to play for in the race to the semifinals. “Our mental level is good,” said Nissanka. “We hope to play well and win the remaining matches.” Cummins and left-arm quick Mitchell Starc took two wickets each while Glenn Maxwell wrapped up the Sri Lanka innings with his off spin. “To be candid, the opposition’s bowlers consistently hit good areas during the middle overs, which created a challenging situation for our batsmen,” said Nissanka. “Unfortunately, we couldn’t handle it as effectively as we would have liked. Had we managed to play better, we could have achieved a total of three hundred runs.” Nissanka said batting became better under lights but Sri Lanka did not have a total to defend. “To be frank, the pitch appeared to ease up somewhat once the lights came on. This played into their favour, enabling them to bat with their usual flow and a positive approach,” he said. “Our bowlers, on the other hand, struggled to maintain lengths. If we had performed better, we could have set the stage for a competitive match.” Sri Lanka next play the Netherlands on Saturday at the same venue and effectively need to win their remaining six games to keep the chances of making the final four in their own hands. – AFP ‘Sri Lanka in good shape to win rest of matches’ Rashid backs England to bounce back ENGLAND spinner Adil Rashid’s confidence in the squad has not been dented by their shock 69-run defeat by Afghanistan at the Cricket World Cup and he says the defending champions have plenty of time to get their campaign back on track. It was England’s second defeat of the tournament, after they were beaten by nine wickets in their opening game against New Zealand earlier this month. “It’s part and parcel of the game. We’re not too concerned, it’s just a game that we’ve lost,” Rashid told reporters. “We know we’ve got tough competition coming up, but I’m confident we can play really well as a unit moving forward. “We know we’ve still got six games, hopefully we can win and get some good momentum going forward. I’m quite confident in the squad. I’m sure we’ll bounce back strong. “You are going to have games where players are out of form but I do believe we’ve got the squad, we’ve got the team and we’ve got the mentality to still be hungry.” Sri Lanka lifts ban on Gunathilaka SRI LANKA CRICKET (SLC) said yesterday it has ratified an independent committee’s recommendation to lift a ban imposed on batter Danushka Gunathilaka, who was cleared of a sexual assault charge last month. Gunathilaka was found not guilty of sexually assaulting a woman in Sydney when he was in Australia last year for the Twenty20 World Cup. The 32-year-old had been suspended from all forms of cricket by the SLC immediately after his arrest. The SLC said in a statement yesterday that an independent committee had recommended a full lifting of the ban on Gunathilaka with “due consideration to his cricketing career and its impact on the cricketing ambitions of the nation”. “The Executive Committee of the SLC, at its meeting held on 13th October 2023, has ratified this recommendation,” it added. “They have also cautioned Mr. Gunathilaka to always uphold his status as a representative of the nation in all his future actions.” Gunathilaka last played for Sri Lanka in a first-round match against Namibia at the T20 World Cup in October 2022. Egypt celebrates sqash inclusion in 2028 Games SQUASH stronghold Egypt celebrated yesterday the sport’s inclusion into the programme for the 2028 Olympics in Los Angeles, raising hopes of winning some gold medals but the head of the country’s federation warned against excessive optimism. “I’m super happy and excited that we finally made it to the Olympics,” Nour ElSherbini, ranked first in the world in women’s squash, said in a video posted on Facebook. “I have been always dreaming to play in the Olympics games and have finally made it. Congratulations to everyone and all the squash players and fans. See you in the Olympics.” For his part, Mostafa Assal, ranked third in the world in the men’s competition, wrote on Facebook: “Farewell to the phrase squash is not an Olympic game. “Thanks, God, for squash’s entry into the 2028 Los Angeles Olympics.” The country’s squash federation celebrated the decision to include the sport in the Olympics on its website but Assem Khalifa, president of the federation, said the task will not be easy. “The decision makes squash an Olympic game in the 2028 edition only, and after that the existence of the game will be evaluated again,” he told local media. “Therefore, the game must participate successfully, and its existence be proven. Then we wait for the new decision after the 2028 Olympics.” SHORTS Australia relieved Mitchell Marsh. – AFPPIX
23 * SPORTS theSUN ON WEDNESDAY | OCTOBER 18, 2023 MANCHESTER CITY boss Pep Guardiola would ruin Kylian Mbappe as he would stifle the Frenchman’s attacking ability, Marcel Desailly has claimed. The former Chelsea defender believes Guardiola has ‘killed’ the creativity of Bernardo Silva and Jack Grealish, and insists the Spanish tactician would do the same to Mbappe. Paris Saint-Germain star Mbappe has been loosely linked with Manchester City. The forward seemed destined to move in the summer amid a bitter falling-out with bosses at PSG. That issue appears to have been resolved, with the 24-yearold reintegrated into the first team. However, Mbappe’s contract expires next summer and he could become a high-profile free agent come the end of the campaign. Premier League champions City will surely want to compete with Real Madrid for Mbappe’s signature. A strike partnership of Mbappe and Erling Haaland would be too good an opportunity to turn down, with the pair likely to dominate European football for the next decade. But former France centreback Desailly insists that it would be a bad move for the 2018 World Cup winner. The 55-year-old believes Guardiola’s disciplined style of football has stifled the creativity of the likes of Silva and Grealish, and would do the same to Mbappe. “I know Gael Clichy said he’d thrive at City, but It won’t be easy if Mbappe goes to City. It sounds strange, but I don’t think Mbappe is meant to play for City. There is too much discipline,” Desailly told Gambling Zone. “In France, we say that the way City play doesn’t leave much room for individuals. With all their passing, they don’t really suit players who want to take defenders on. “They pass, they move. Silva and Grealish both have the ability to play number ten, but that’s been killed by Guardiola’s philosophy. “He wants them to stay on their side, get the ball, show speed, play the balls, and receive the ball back, and play one-twos. Mbappe doesn’t do that. He uses the ball to make the difference. “The other players will look at him with confusion as he’s not supposed to do that! There’ll be a drop in his confidence if he doesn’t start well there, either. He’s a top player, but not a Man City player.” Mbappe is expected to decide his future over the next few months. In January, he can sign a pre-transfer agreement with a club outside of France as his contract will have entered its final year. Real Madrid have long been strongly rumoured to be his likeliest destination. – Express Newspapers /thesundaily FOLLOW ON FACEBOOK SCAN ME Mbappe told to snub City Guardiola would ‘kill’ his creativity, says Desailly Evans considered retirement NORTHERN IRELAND defender Jonny Evans said he faced the possibility that his career was coming to an end last year due to a succession of injuries before he was handed a lifeline by his former club Manchester United. Evans struggled with calf injuries at Leicester City and was released by the club at the end of last season after their Premier League relegation. The 35-year-old was then offered a short-term deal by United on transfer deadline day and has made four appearances since his return, starting in league wins over Burnley and Brentford. “I think I went through a stage last year where you start thinking, ‘maybe this is it coming to an end,’” Evans told reporters ahead of Northern Ireland’s Euro 2024 qualifier against Slovenia later yesterday. “I couldn’t get over the injuries, and every time I came back I was breaking down. I had a lot of people say, ‘there’s no way you’re close to finishing’, but you have to prove that to yourself and I feel I’ve been able to do that. “I’ve trained a lot, getting all that behind me, completing matches,” added Evans, who came through United’s academy and played over 190 times for the club in his first stint between 2006-2015, winning three Premier League titles. “Every time you complete a match you think, ‘there’s another one down’. Sometimes you’re having to confirm that to yourself and I’ve been pleased I’ve been able to go through that process. I feel I’m in a good place.” United are 10th in the Premier League and face bottom club Sheffield United on Saturday. No rush to plan for Messi retirement ARGENTINA coach Lionel Scaloni said it is too soon to start planning for life without Lionel Messi. The Argentine talisman, who has said he will retire before the 2026 World Cup, was included in the squad despite carrying a muscle problem which has kept him out of action for club side Inter Miami. The 36-year-old forward came on in the 53rd minute of Argentina’s 1-0 win over Paraguay on Thursday and went close to scoring, rattling the woodwork with a freekick in added time. “Leo is fine,” Scaloni told reporters ahead of the game in Lima. “He has been adding minutes of training. We will make the decision tomorrow. It’s a matter of minutes, of how much he can play. If he’s well, you know what I think, he will play. “We always try to play those that are at 100% or close to 100%. Today it is very difficult for everyone to be at their best in these games so there may be a variation with respect to the game against Paraguay. “I think the team plays in a determined way, whoever is on the pitch, that’s the most important thing. We saw the other day we can play well too (without Messi).” Asked if Argentina should get used to playing without their talisman, Scaloni shot back: “Let’s keep in mind that he is still here. What a way to think about ‘when he is gone’. Osimhen suffers hamstring injury NAPOLI’S Nigeria striker Victor Osimhen has suffered a hamstring injury on international duty, the club said yesterday. The 24-year-old came off injured around the hour mark in Nigeria’s 2-2 friendly draw with Saudi Arabia on Friday. Napoli did not specify a timeframe for Osimhen’s return but Sky Sports Italia said such an injury typically requires a recovery period of four to six weeks. Osimhen is likely to miss several matches, including Napoli’s visit to Hellas Verona on Saturday, the Champions League group game at Union Berlin on Oct 24 and the clash with Serie A leaders AC Milan five days later. Napoli are fifth in Serie A, with Osimhen having top-scored for the club with six goals in the league this season. SIR JIM RATCLIFFE is expected to oversee an overhaul of Manchester United’s playing squad and staff once he acquires 25% of the club as early as this week. However, Erik ten Hag’s job is reportedly secure, with the Dutchman highly rated throughout the club after a successful first season. According to Fabrizio Romano, Ratcliffe could make changes to the United hierarchy quickly after completing a £1.4 billion (RM8b) deal, which will see INEOS take over sporting operations. Red Devils chief executive Richard Arnold and football director John Murtough are among those in the firing line, but Ten Hag’s job isn’t at risk as he navigates a disappointing start to his second campaign. Ratcliffe is a known childhood United supporter and was at the Nou Camp when United famously beat Bayern Munich 2-1 in the 1999 Champions League final to achieve the first English treble. He will undoubtedly join the majority of the United fanbase in backing Ten Hag to turn the club’s fortunes around on the pitch. And the 53-year-old may have shot up Ratcliffe’s expectations by deciding to sell Fred in the summer transfer window rather than waiting for his contract to expire next year. In 2019, Ratcliffe publicly blasted the Glazers’ running of United, paying particular attention to the club’s wastefulness in the transfer market, including the £50m (RM288) deal to sign Fred. “They haven’t got the manager selection right, haven’t bought well. They have spent the dumb money, which you see with players like Fred,” Ratcliffe told The Times. “United have spent an immense amount since Sir Alex Ferguson left and been poor, to put it mildly. Shockingly poor, to be honest. “We at OGC Nice have a different approach here to be moderately intelligent about it. Try to do it more grassroots, trying to locate young talent. “Some clubs seem to have the ability to do that, Southampton and Lille. United have done it really poorly. They have lost the plot.” Ratcliffe is expected to overhaul the club’s recruitment team, reportedly considering Paul Mitchell, Michael Edwards and Julian Ward as new sporting directors. Sir Dave Brailsford will likely play a prominent role in the sporting operations at Old Trafford, as he has done in INEOS’ other ventures. But Ten Hag is widely deemed the right man for the job when it comes to coaching the football team. And Ratcliffe is bound to have been impressed with his achievements at the club so far ahead of his push for sporting success. – Express Newspapers Ratcliffe will love Ten Hag for United decision ROMA manager Jose Mourinho is expected to leave the Italian club when his contract expires at the end of the season, with no talks lined up about extending his deal. FORMER Juventus, Chelsea and Tottenham boss Antonio Conte says he would one day be interested in managing Roma or Napoli, and that he turned down the Saudi Arabia national team. JUVENTUS are continuing to monitor 28-year-old Denmark midfielder Pierre-Emile Hojbjerg, who Tottenham value at about £30m (RM173m) and is also wanted by Atletico Madrid. MANCHESTER UNITED are targeting a move for 23-year-old Crystal Palace and England defender Marc Guehi, who has been linked with a number of Premier League clubs. QATARI banker Sheikh Jassim bin Hamad Al Thani could turn his attentions to investing in Tottenham after withdrawing from the process to buy Manchester United. ASTON VILLA are considering offering Leon Bailey a new contract, with the 26- year-old Jamaica winger’s current deal running out in June 2025. ARSENAL are confident of agreeing a new deal with 26-year-old England defender Ben White, who is happy at the club. EURO 2024 (qualifiers) Group B: Greece 0 Netherlands 1, Gibraltar 0 Republic of Ireland 4. P W D L F A PTS France 6 6 0 0 13 1 18 Netherlands 6 4 0 2 10 7 12 Greece 7 4 0 3 12 6 12 Ireland 7 2 0 5 9 9 6 Gibraltar 6 0 0 6 0 21 0 Group F: Azerbaijan 0 Austria 1, Belgium vs Sweden (abandoned at half-time). P W D L F A PTS Belgium 6 5 1 0 16 3 16 Austria 7 5 1 1 15 7 16 Sweden 5 2 0 3 11 8 6 Azerbaijan 6 1 1 4 4 12 4 Estonia 6 0 1 5 2 18 1 Group J: Iceland 4 Liechtenstein 0, Bosnia and Herzegovina 0 Portugal 5, Luxembourg 0 Slovakia 1. P W D L F A PTS Portugal 8 8 0 0 32 2 24 Slovakia 8 5 1 2 11 5 16 Luxembourg 8 3 2 3 8 18 11 Iceland 8 3 1 4 15 10 10 Bosnia 8 3 0 5 7 14 9 Liechtenstein 8 0 0 8 1 25 0 RESULTS & STANDINGS TOUCHLINES SHORTS Guardiola Mbappe