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CEOMorningBrief THURSDAY, M AY 1 6 , 2 0 2 4 ISSUE 765/2024 theedgemalaysia.com US CORE CPI COOLS FOR FIRST TIME IN SIX MONTHS IN RELIEF FOR FED p18 Report on Page 3. HOME: Abang Jo announces plans for new international airport in Kuching p2 Axiata, Sinar Mas sign agreement to explore merger of Indonesian units p4 US investigating sale of boltless steel shelving units from Malaysia, other countries p4 US tariff hike for Chinese gloves bodes well for M’sian glove makers, but no immediate gains — Margma p6 WORLD: Singapore confronts rising risks as Lawrence Wong takes helm p19 MAHB receives privatisation offer from consortium led by Khazanah, EPF at RM11 per share LOW YEN YEING/THE EDGE

thursday may 16, 2024 2 The E dge C E O m o rning 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 to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] King should decide if Najib can serve remaining sentence under house arrest — Anwar Abang Jo announces plans for new international airport in Kuching KUALA LUMPUR (May 15): Prime Minister Datuk Seri Anwar Ibrahim said the King should be the one who decides if Anwar’s jailed predecessor Datuk Seri Najib Razak could serve his remaining sentence under house arrest. “Whether Najib should be given house arrest, our position is — you go through the process and let the King decide,” he said during an interview with Bloomberg at the Qatar Economic Forum 2024. The Malaysian Constitution provides for the King to decide on the matter and “as the prime minister, I should not precede the King,” he said when asked about his personal stance on the matter. Anwar also reiterated that Najib has the right to appeal for a pardon from the King, just like any other Malaysian citizen. “I have advised the King that [he] must consider [this] as a process, as is the case of any other Malaysian citizen who appeals to the King,” he stressed. In the meantime, “I give all possible facilities, so that he is being treated fairly, or at least comfortably, because prison is not a bed of roses,” Anwar continued, “I am the authority of the subject.” Anwar was twice jailed, and was sentenced to five years in prison for sodKUCHING (May 15): Sarawak is planning to develop a new international airport in Kuching, announced Premier Tan Sri Abang Johari Tun Openg. He said the new airport is crucial to support the growing aviation industry in Sarawak, especially with the takeover of MASwings Sdn Bhd by the state. “Supported by a regulatory framework that promotes transparency, our ports and airports are vital drivers of regional development and global economic integration. “With our comprehensive enhancement of intermodal transportation and logistics network, Sarawak is poised to become a pivotal regional hub for connectivity within Southeast Asian nations,” he Bernama home by Hee En Qi theedgemalaysia.com omy in 2015 but was released early, following a full royal pardon in 2018. In August 2022, Najib was sentenced to 12 years in prison after being found guilty of seven graft charges involving RM42 million of SRC International Sdn Bhd funds. However, in February 2024, his sentence was halved to six by the Federal Territories Pardons Board, and his RM210 million fine was reduced to RM50 million. In April, Najib filed his application for a judicial review, seeking a mandamus to force the authorities to produce an addendum order purportedly issued by the 16th Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah — which would allow him to serve the remainder of his reduced jail sentence under house arrest. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi affirmed sighting an affidavit dated April 9, being the speculated addendum order for Najib’s jail sentence to be commuted to house arrest instead. The High Court fixed June 5 on whether to grant leave to Najib’s application. was made in response to the high volume of air traffic and the current condition of the existing airport. “We will discuss the funding with Malaysia Airports Holdings Bhd (MAHB), and explore potential partnership opportunities or other arrangements,” he stated. On April 11, Abang Johari said that the acquisition of MASwings is expected to be finalised by the end of this year, and is anticipated to commence operations in 2025. The acquisition has been agreed upon in principle by the Malaysian Aviation Commission (Mavcom), the Ministry of Transport and the Malaysia Aviation Group (MAG). Prime Minister Datuk Seri Anwar Ibrahim: Najib has the right to appeal for a pardon from the King, just like any other Malaysian citizen. bernama filepix said when winding up his ministry’s debate at the Sarawak State Assembly on Wednesday. After the conclusion of the session, Abang Johari explained that the decision

THURSDAY MAY 16, 2024 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (May 15): Malaysia Airports Holdings Bhd (KL:AIRPORT) confirmed that it has received a takeover offer from a consortium led by its major shareholder Khazanah Nasional Bhd and the Employees Provident Fund (EPF), in a deal worth over RM12 billion. The other parties in the consortium that is planning to take MAHB private are New York-based Global Infrastructure Partners (GIP) and Abu Dhabi Investment Authority (ADIA). In a filing with Bursa Malaysia on Wednesday, the airport operator said the consortium — dubbed as Gateway Development Alliance Sdn Bhd (GDA) — is offering RM11 per share to acquire all the remaining 1.12 billion MAHB shares not already held by them, representing about 58.78% stake in the company. The offer price of RM11 per share is 60 sen or 5.77% higher than MAHB’s last traded price of RM10.40 on Tuesday, when its market value stood at RM17.35 billion. The stock has gained over 38% year-todate, amid speculation about a possible privatisation. The counter, whose trading was suspended on Wednesday morning to make way for the announcement, hit a record high of RM10.46 before that. The stock traded at an average RM7.67 over the past one year, Bloomberg data showed. MAHB will resume trading on Thursday. On the completion of the deal, Khazanah will be increasing its ownership of MAHB to 40% from 33.2%, followed by the EPF to 30% from 7.9%. ADIA and GIP will hold the remaining 30% stake. Earlier on Wednesday, The Edge reported, citing sources, that the four parties are working together to privatise MAHB. The weekly had, as early as April 8, written that a couple of substantial shareholders of MAHB were planning to form a consortium to take the airport operator private. The takeover of MAHB is aimed at upgrading and modernising the company’s operations, enhancing passenger service, improving airline connectivity and stimulating traffic growth, the joint offerors said on the rationale of their offer. “All of these will help unlock the potential of Malaysia’s airport network, and drive the continued development of the Istanbul Sabiha Gökçen [International Airport] in Türkiye,” they said. BY EMIR ZAINUL theedgemalaysia.com MAHB receives privatisation offer from consortium led by Khazanah, EPF at RM11 per share “The joint offerors believe these objectives will be best achieved by MAHB as a private entity, taking a long-term approach to decision-making and capital investment, and benefiting from GIP’s airport expertise,” they added. The joint offerors said they had identified several priority initiatives to be undertaken on completion of the exercise, including placing immediate focus on evaluating key capital expenditure projects and resolving delays such as the aerotrain and the baggage handling system at the Kuala Lumpur International Airport (KLIA). They will also look at enhancing passenger experience by alleviating congestion, improve passenger flows and terminal ambience at MAHB’s airports, and expand the retail and food and beverage offerings. Besides that, the joint offerors are also looking to attract new airlines, upgrade service levels, grow airport capacity, and drive economic stimulus by partnering with state bodies and local businesses to expand activity around MAHB’s airports. The joint offerors also confirmed that there are no plans for lay-offs as a result of the transaction, and that existing employment rights will be fully safeguarded. Further, the government of Malaysia will retain certain special share rights in MAHB. Largest acquisition in Malaysia in nearly three years The deal, which would come to about RM12.32 billion or US$2.6 billion, would be Malaysia’s largest acquisition in nearly three years since DiGi.Com Bhd acquired Celcom Axiata Bhd for US$5.94 billion in 2021, according to Dealogic. The offer price of RM11 per MAHB share is a 15.2% premium to the prevailing three-month volume-weighted average price of RM9.55 per share, MAHB’s filing showed. The offer price also implies a 49.5% year-to-date increase based on the stock’s closing price of RM7.36 per share at end2023. In contrast, the benchmark index FBM KLCI has risen 10.4% year-to-date. In a joint statement by the offerors, EPF chief executive officer Ahmad Zulqarnain Onn said the fund’s investment in MAHB is expected to bring positive benefits to EPF members and the public, thereby contributing significantly to Malaysia’s sustainable growth agenda. “The EPF views this offer as an investment opportunity that aligns with our investment objectives and commitment to bolstering domestic investments. As an integral component of the national infrastructure, MAHB plays a vital role as a gateway for trade, tourism, and business activities, contributing significantly to economic development and prosperity,” he said. With its expertise in owning and operating airports, GIP chairman and CEO Bayo Ogunlesi said the firm will focus on improving customer service for MAHB, elevating operational excellence, growing passenger volumes and enhancing employee engagement. “We are delighted to partner with Khazanah, the EPF and ADIA, with whom we have strong and productive strategic relationships, as part of this offer for MAHB. “We look forward to working with our partners to build a bright future for Malaysia, MAHB and all stakeholders,” he added. 024 MALAYSIA APRIL 8, 2024 corporate 11 MRO arm listing part of Capital A’s long-term strategy B Y I N TA N FAR H A N A Z AINUL C apital A Bhd, the parent company of budget airline AirAsia, is considering a spin-off and separate listing of its engineering arm Asia Digital Engineering Sdn Bhd (ADE), say sources. An initial public offering (IPO) of ADE has been part of the group’s plan all along, they observe, adding that deliberations are still ongoing. “The group is either going to list ADE separately or together with its other aviation services, including in-fl ight service provider Santan and shared services business DARTS,” says a source. While it is not immediately known how much Capital A plans to raise from the listing of its aviation services, another source points out that ADE could be spun off on its own. For the fi nancial year ended Dec 31, 2023 (FY2023), Capital A’s aviation services posted RM887 million in revenue and RM162 million in earnings before interest, taxes, depreciation and amortisation (Ebitda). ADE — Capital A’s wholly-owned subsidiary involved in aircraft maintenance, repair and overhaul (MRO) — doubled its revenue to RM576 million while its Ebitda jumped 137% year on year to RM146 million. When contacted by The Edge, Capital A says: “Listing the entities under Capital A, including ADE, has been part of the management’s long-term strategy. We will announce once we have signifi cant developments on our end.” ADE CEO Mahesh Kumar recently said there was a potential IPO in the pipeline. “We aspire to get ADE listed. You know, but you never say no. In terms of listing plan, Capital A has various businesses under its portfolio that have listing potential,” Bernama quoted him as saying in a report last month. In an interview with The Edge recently, Capital A CEO Tan Sri Tony Fernandes said that after selling its airline business to AirAsia X Bhd, Capital A will be left with four companies — Teleport, Capital A Aviation Services, MOVE and Capital A International. On Jan 8, Capital A entered into a non-binding letter of off er with AAX for the proposed disposal of AirAsia and AirAsia Aviation Group Ltd (AAAGL) for a disposal consideration to be agreed upon by the parties at a later date. AAAGL operates passenger airline services, providing air transport through its subsidiaries in Indonesia, Thailand, Cambodia and the Philippines. Once the proposal to sell Capital A’s aviation business to AAX is approved by Bursa Malaysia, the balance sheet of the aviation business can be leveraged to raise the capital needed for the aviation group to take off . At the same time, the sale of the aviation business will further strengthen Capital A’s balance sheet and is another step towards lifting the company out of Practice Note 17 status, said Fernandes. However, the defi nitive agreement is currently in the works, which means the valuation of the aviation business is yet to be made available. Fernandes also said the aviation services segment could potentially take over the listing status of Capital A following the exercise. It is worth noting that in April last year, ADE secured a US$100 million (RM473 million) investment from OCP Asia Ltd, which is earmarked for the construction and operationalisation of a state-of-theart 14-line aircraft maintenance hangar facility in Sepang. This is in addition to its existing facilities at klia2. ADE has projected that the group could be one of the largest aircraft MRO service providers in the region once the new facility is completed as it also has operations at Subang Airport in Selangor and Senai Airport in Johor. Once completed, the new facility is expected to speed up the listing of ADE. The facility spanning more than 8.19 acres is being constructed in two phases, with the fi rst phase expected to be completed as early as next month and the second phase sometime in October. The US$100 million investment will also be used for ADE’s further business expansion in other verticals and geographical markets. ADE was founded in 2020, using AirAsia’s engineering division as its foundation. The subsidiary is handling 45% of AirAsia’s heavy maintenance. The intention is to eventually take over all of the group’s base maintenance requirements as well as pursue third-party work. E E Plan to privatise MAHB in the works? 6 8 10 0 10 20 30 40 50 60 Malaysia Airports Holdings Bhd March 16 2023 April 5 2024 Volume (mil) April 5 10.00 RM NEWSBREAK Market cap: RM16.68 billion ADE is currently handling 45% of AirAsia’s heavy maintenance B Y JOSE BARROCK A plan is being hatched by a couple of substantial shareholders of Malaysia Airports Holdings Bhd (MAHB) to privatise the airport operator, sources familiar with the matter tell The Edge. It is understood that both sovereign wealth fund Khazanah Nasional Bhd, which has a 33.24% stake in MAHB, and the Employees Provident Fund (EPF), which has 7.04% equity interest, will play key roles in the privatisation, after which a 30% stake in MAHB will be hived off to infrastructure investor Global Infrastructure Partners (GIP). While some sources say Khazanah may sell its 33.24% in MAHB to the EPF, which will trigger a mandatory general off er (MGO), a Khazanah spokesperson denies such a move. In an email response to The Edge on whether it is looking to sell its stake in MAHB to the EPF, the Khazanah spokesperson says, “No”, and reiterated its position when the paper wrote in February about the possibility of a consortium comprising Khazanah, the EPF and GIP running MAHB: “As part of our mandate as Malaysia’s sovereign wealth fund, Khazanah is constantly reviewing its investment portfolio. However, at the present moment, there are no intentions to reduce our interest in MAHB, which we believe is a key strategic and national asset.” The spokesperson adds, “We prefer not to comment on market speculation”, when pressed further. The EPF, in an email response to a question on whether it was eyeing Khazanah’s 33.24% stake in MAHB, says, “As a matter of policy, the EPF does not comment on speculation and rumours.” GIP did not respond to questions from The Edge on whether it was indeed looking to pick up a 30% stake in MAHB. It is understood that GIP could have a hand in running MAHB’s operations after buying into the company. It is not clear if the plan will go through considering some of the fl ak it received from opposition politicians. Nevertheless, the plan to have an external party manage MAHB is not new. In August 2001, the Ministry of Finance, then the largest shareholder of MAHB, entered into a memorandum of understanding with Dutch airport operator Schiphol International BV for the sale of up to a 30% stake in MAHB. However, the deal was aborted in April 2002. Subsequently, in October 2004, Minister of Finance Inc transferred its 49% equity interest in MAHB to Khazanah, thereby increasing Khazanah’s shareholding to 73%. Over the years, Khazanah has pared down its stake to the current level. The only other substantial shareholder of MAHB, other than Khazanah and the EPF, is pension fund Kumpulan Wang Persaraan (Diperbadankan), which has 7.11% equity interest. However, a check on MAHB’s annual report for FY2022 indicates that until March 2023, state-controlled unit trust fund manager Permodalan Nasional Bhd (PNB), via its various funds, had a collective 5.93% in MAHB. Talk of MAHB being privatised has been making the rounds in the market, and a source when asked about it says, “You are on the right track … it could be [happening] soon.” Another source who spoke on condition of anonymity says there are two steps to the corporate exercise — fi rst, the sale by Khazanah of its 33.24% to the EPF, which will trigger an MGO, and second, once MAHB is privatised and delisted, a 30% stake will be hived off to GIP. A second source also says the exercise could take place soon. Meanwhile, MAHB’s stock has gained more than a third year to date, and hit a historical high of RM10.06 apiece on April 1, but tapered off and closed at RM10 last Friday, translating into a market capitalisation of RM16.68 billion. As at end-December last year, MAHB’s net asset per share was pegged at RM4.80. It is also noteworthy that of the 39 airports under its purview, only a handful are profi table. Mid last month, MAHB and the government signed new operating and land lease agreements that extend MAHB’s concession to manage the airports in the country to February 2069, from 2034 previously. For its financial year ended December 2023 (FY2023), MAHB chalked up a net profit of RM543.17 million on the back of RM4.91 billion in revenue. In FY2022, MAHB raked in RM187.2 million in net profi t from RM3.13 billion in revenue. As at end-December 2023, MAHB had cash and cash equivalents of RM1.84 billion, while on the other side of the balance sheet, the company had long-term borrowings of RM3.34 billion and short-term debt commitments of RM1.25 billion. MAHB had retained earnings of RM1.67 billion as at end-2023. During the period in review, its operating activities generated net cash of RM1.68 billion. MAHB’s fi nance cost for the 12 months in review was RM666.31 million. On its prospects, MAHB says, “MAHB’s network of airports recorded 119.5 million passenger movements in the year 2023, surpassing 100 million total passenger movements for the fi rst time since 2020. This achievement was partly driven by the increase in air travel demand, approvals of more slots at other international airports, the reactivation of additional aircraft, new aircraft deliveries and the gradual reopening of China’s borders from Jan 8, 2023. “The International Air Transport Association in its December 2023 report indicated that Asia-Pacifi c and global passengers in 2024 are expected to reach 110% and 109% of 2019 levels respectively. The Airport Council International forecast Asia-Pacifi c region passenger recovery to reach 99.5% of 2019 levels in 2024, while global passenger recovery is expected to reach 102.3% of 2019 levels for the same period. “The Malaysian Aviation Commission’s Waypoint Report, issued in December 2023, forecast overall Malaysia passenger movements for 2024 to grow between 93.9 million and 107.1 million passengers, representing an increase of 10% to 25% over 2023. The latest airlines’ seat capacity fi ling for 2024 shows a 13% increase over 2023, with the visa-free entry for Chinese and Indian passengers expected to boost traffi c recovery, particularly in the Northeast Asia region. “MAHB’s prospects remain favourable, supported by passenger traffi c growth and further strengthened by the group’s ongoing strategy in enhancing its airline and hub connectivity, rejuvenating commercial and retail spaces as well as accelerating off -terminal opportunities,” MAHB says. FLASHBACK: The Edge Malaysia Apr 8, 2024 MALAYSIAAIRPORTS.COM.MY

thursday may 16, 2024 4 The E dge C E O m o rning brief home US investigating sale of boltless steel shelving units from Malaysia, other countries Axiata, Sinar Mas sign agreement to explore merger of Indonesian units EPF ceases to be substantial shareholder of MyEG by Jason Ng theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com by Surin Murugiah theedgemalaysia.com KUALA LUMPUR (May 15): Axiata Group Bhd (KL:AXIATA), Malaysia’s largest mobile telecommunications company by revenue, said on Wednesday it had signed a non-binding agreement with conglomerate Sinar Mas to explore combining their Indonesian units. The proposed merger between Axiata’s XL and Sinar Mas’ Smartfren “is at an early stage of evaluation”, Axiata said in an exchange filing. Both Axiata and Sinar Mas intend on remaining as joint controlling shareholders of the merged entity, the company said. The move would “create a strong mobile telecommunications service provider in Indonesia”, Axiata said, but noted that the ongoing discussions with Sinar Mas may not necessarily lead to a deal, and any transaction would still be subjected to relevant approvals. The merged unit is expected to “deliver superior customer experience in the telecommunications sector and create additional shareholder value including through synergies from the combined operations of XL Axiata and Smartfren,” Axiata said in a statement accompanying the announcement. XL Axiata, listed on the Indonesian stock exchange, is already Axiata’s largest asset. Axiata runs five main businesses in Indonesia – XL Axiata, Link Net, edotco, Boost and ADA. Prior to the announcement, Axiata and Sinar Mas had sought permission from the Indonesian government to merge their telco units, said Indonesian Communication and Information Technology Minister Budi Arie Setiadi in an interview with Reuters. The transaction may create a US$3.5 billion (RM16.74 billion) entity with about 100 million customers, according to a Bloomberg report. Axiata, controlled by sovereign wealth fund Khazanah Nasional Bhd, has been shedding assets and acquiring new ones as part of an effort to boost its profitability. The company announced the sale of its businesses in Myanmar in April this year and Nepal in December last year. Shares in Axiata finished up one sen or 0.4% at RM2.83 on Wednesday ahead of the announcement. KUALA LUMPUR (May 15): The US International Trade Commission (USITC) has determined that there is a reasonable indication that an industry in the US is threatened by reason of imports of boltless steel shelving units prepackaged for sale from Malaysia, Taiwan, Thailand and Vietnam. Boltless steel shelving units that are prepackaged for sale are used for storage in homes, basements, garages, offices, and commercial and industrial operations. In a statement on Tuesday (May 14), the USITC said the products are allegedly sold in the US at less than fair value and are subsidised by the governments of Malaysia, Taiwan, Thailand and Vietnam. USITC chairman David S Johanson and commissioners Rhonda K Schmidtlein, Jason E Kearns and Amy A Karpel, voted in the affirmative. As a result of the commission’s affirmative determinations, the US Department of Commerce will continue its investigations on imports of boltless steel shelving units from Malaysia, Taiwan, Thailand and Vietnam. Sam Fong/The Edge KUALA LUMPUR (May 15): MyEG Services Bhd (KL:MYEG) said the Employees Provident Fund (EPF) had ceased to be a substantial shareholder of the e-government services provider after disposing of 21 million shares. In a bourse filing on Wednesday, MyEG said the transaction was carried out on May 10. The filing did not specify the value of the transaction, but based on MyEG’s closing price of 98.5 sen on May 10, the block of shares was estimated to be worth RM20.69 million. According to MyEG’s earlier filing on Tuesday, the EPF was holding a total of 394.07 million shares in the group, equivalent to a 5.283% stake. Wong Thean Soon, a co-founder of MyEG, is the largest shareholder of the group with a 28.87% stake, followed by Retirement Fund Inc (KWAP) with a 7.14% stake, according to MyEG’s annual report for the financial year ended Dec 31, 2023 (FY2023). MyEG closed FY2023 with a 22.32% expansion in net profit to RM487.65 million from RM398.66 million for FY2022, primarily driven by revenue from the Zetrix blockchain platform, the sale of Zetrix tokens, and the initial exchange offering on major global digital asset exchanges. Earnings were also boosted by existing concession and commercial services, as well as increased foreign worker job-matching services, following the lifting of the freeze on foreign worker recruitment. Revenue increased 20.57% to RM774.28 million, from RM642.16 million for the previous year. Shares in MyEG settled five sen or 5.10% higher at RM1.03 on Wednesday, giving the group a market capitalisation of RM7.75 billion.

THURSDAY MAY 16, 2024 5 THEEDGE CEO MORNING BRIEF Official Solar Partner Supported By REAL ESTATE MATTERS RECOGNISING MALAYSIA’S TOP PROPERTY DEVELOPERS & PROJECTS PRESENTED BY

thursday may 16, 2024 6 The E dge C E O m o rning brief home KUALA LUMPUR (May 15): Shares of Malaysian glove manufacturers surged on Wednesday after the US announced a slew of major tariff hikes on a wide range of Chinese imports including medical and surgical gloves. Tariffs on rubber medical and surgical gloves will jump to 25% from 7.5% in 2026. Shares of Top Glove Corp Bhd (KL:TOPGLOV), the world’s largest glovemaker by capacity, hit limit up on Wednesday, closing 30 sen or 31.25% higher to RM1.26. This is the highest since June 2022. Top Glove is the most actively traded stock on Bursa Malaysia, which saw trading volume surge to an eight-month high of 506.89 million shares. The figure exceeded its 200-day average volume by more than 11 times at 43.4 million shares. Hartalega Holdings Bhd’s (KL:HARTA) share price, meanwhile, jumped to a two-year high of RM3.83, before paring its gains to close at RM3.82. Based on the closing price, Hartalega was valued at RM13.09 billion. The other two major glove stocks Supermax Corp Bhd (KL:SUPERMX) closed at a two-year high of RM1.08, giving it a market Top Glove hits limit up, glove stocks witness two-year high KUALA LUMPUR (May 15): While the tariff hike for Chinese-made gloves in the US presents an opportunity for Malaysian exporters to capture a larger share of the US market, the benefits are not expected to be immediate, as the import tariff hike only comes in 2026, according to the Malaysian Rubber Glove Manufacturers Association (Margma). On Tuesday, US President Joe Biden announced a slew of tariff hikes for Chinese products, including rubber medical and surgical gloves. The import tariff would see Chinese-made rubber gloves slapped with a 25% rate by 2026, from 7.5% presently. “Though the news may bode well for Malaysian rubber glove players, we do not expect much immediate impact, as it will only take effect in 2026,” said Margma president Oon Kim Hung in a statement on Wednesday. He pointed out about 35% of Malaysian rubber glove exports are for the US market, contributing approximately RM4 billion in 2023. Nonetheless, Oon pointed out that the glove manufacturing sector remains competitive, and that local players should continue to put emphasis on their environmenUS tariff hike for Chinese gloves bodes well for M’sian glove makers, but no immediate gains — Margma by Justin Lim theedgemalaysia.com by Syafiqah Salim theedgemalaysia.com tal, social, and governance (ESG) efforts. “We should not forget that the US also has its own domestic production. We believe that Malaysian glove producers should continue to invest in ESG matters to establish sustainable and equitable prices.” Meanwhile, Top Glove Corp Bhd (KL:TOPGLOV), the world largest glove maker by capacity, anticipates that the tariff hike will lead US customers to seek alternative sources for rubber gloves outside of China. “With the higher tariff on the import of gloves from China, the group pointed out that countries like Malaysia, Thailand, and Vietnam, which previously lost market share due to the extremely low pricing of Chinese manufacturers, will be the alternative source for US buyers,” Top Glove told The Edge when contacted. The group expects its US business to grow stronger going forward. Presently, the US is a major export market for Top Glove, accounting for 17% of its sales volume. Top Glove Corp Bhd 0 200 400 600 Apr 19, 2022 May 15, 2024 0.6 0.8 1.0 1.2 1.4 Vol (mil) RM *RM1.26 RM1.03 *As at market close on May 15, 2024 Source: Bloomberg Hartalega Holdings Bhd 0 20 40 60 80 Apr 19, 2022 May 15, 2024 1.5 2.0 2.5 3.0 3.5 4.0 Vol (mil) RM *RM3.82 RM2.04 *As at market close on May 15, 2024 Source: Bloomberg continues on Page 7 capitalisation of RM2.94 billion, while Kossan Rubber Industries Bhd (KL:KOSSAN) settled at RM2.74 – its highest since September 2021 — valuing it at RM7.01 billion. On a year-to-date basis, shares in Top Glove have risen by 40%, while Hartalega went up 41.48%, Kossan climbed 48.11%, and Supermax gained 14.89%. “If we look at the share price reaction, I think it’s a bit overdone. The [US tariffs] news will naturally cause investors to buy gloves. [But] it’s a knee-jerk reaction. The key word here is election player for [Joe] Biden. Things are not confirmed yet, we have to wait for more clarity,” an analyst who covers the industry told The Edge. The announcement by US President Joe Biden of new tariffs on US$18 billion (RM84.64 billion) worth of Chinese imports, including rubber medical and surgical gloves, underscores Washington’s aim to safeguard US industries from perceived unfair competition. Analysts said the tariffs effectively increase the cost of Chinese gloves, making Malaysian gloves more attractive for the US buyers due to the narrowed price gap. This means Malaysian glove players have the opportunity to regain market share they lost to Chinese competitors following the price war that began in 2021. Average selling prices for Chinese gloves are set to increase to US$20- US$21.25/1,000 from US$16-US$17 due to the tariff hike, which could essentially narrow the price gap between Malaysia-made products, which now sell at US$20 and are not subject to US import tariffs, said RHB Investment Bank in a note. However, UOB Kay Hian analyst Jack Goh said investors might increasingly consider the medium-term implications of reduced Chinese glove exports.

thursday may 16, 2024 7 The E dge C E O m o rning brief home On earnings prospects for local glove manufacturers, Goh said earnings are expected to rebound to pre-pandemic levels by 2026, driven by higher customer demand on restocking cycle, margin expansion on better efficiency and supply rationalisation, average selling price upcycle across major manufacturers, and stabilising input costs. Besides the four major glove suppliers, shares of other glove counters were also on the rise. Comfort Gloves Bhd (KL:COMFORT) finished at a nearly two year high of 56 sen, giving it a market value of RM326.45 million. Hextar Healthcare Bhd (KL:HEXCARE), formerly known as Rubberex Corp (M) Bhd, saw its shares grow 15.22% to finish at 26.5 sen, while Careplus Group Bhd (KL:- CAREPLS) increased by 24.59% to close at 38 sen, their highest level since January 2024. KUALA LUMPUR (May 15): Shares of Malaysia’s technology companies rose on Wednesday to a 15-month high following the US’ plan to double the tariffs on semiconductors from China while analysts flagged that further trade diversion will benefit the sector. The Bursa Malaysia Technology Index, which tracks 48 stocks in the sector, outperformed the broader market and rose 1.2% to its highest since Feb 3, 2023. Automated test equipment companies Greatech Technology Bhd (KL:GREATEC) rose 3.5% to RM4.69 while Vitrox Corp Bhd (KL:VITROX) was up 2.0% at RM7.60. Chinese suppliers serving major US multinational corporations have already begun partnering with Malaysian companies to establish plants in Malaysia to continue supplying US-based customers, RHB Investment Bank said. Additionally, switching to a neutral country like Malaysia would allow some products or materials to avoid US tariffs on China, the research house said. “This situation also opens doors for Malaysia-based companies, particularly in the automatic test equipment sub-segment, as Chinese companies shift away from US-based suppliers,” RHB said in a note on Wednesday. On Tuesday, the US announced plans to double the tariff rate on semiconductors imported from China from 25% to 50% by 2025, targeting strategic sectors ranging from electric vehicles to medical products in an escalation of the trade war initiated five years ago under the Trump administration. Since then, global companies have been looking for alternative sites outside of China to mitigate the tariffs and other geopolitical risks in what has been known as the ‘China Plus One’ strategy. Meanwhile, outsourced semiconductor assembly and testing firms with direct exposure to China, including Inari Amertron Bhd (KL:INARI), Malaysian Pacific Industries Bhd (KL:MPI) and Unisem (M) Bhd (KL:UNISEM), mainly cater to non-US markets and would likely dodge the impact of the tariff hike, RHB said. Malaysia’s tech stocks rise to 15-month high amid higher US tariffs on China “In fact, this development could accelerate and intensify the project/programme transfer or relocation, benefiting the companies in the mid term,” RHB said and maintained its ‘overweight’ call on the sector. Pentamaster Corp Bhd (KL:PENTA) and TT Vision Holdings (KL:TTVHB) may also benefit from the higher US tariffs due to their involvement in the electronic vehicle, solar, medical and semiconductor sectors, AmInvestment Bank said. Potential oversupply, competition headwinds However, AmInvestment warned that the tariff hike could potentially lead to oversupply and intensified competition that could impact local companies with China-based customers. “We believe end-products such as legacy chips, electric vehicles and solar panels could flood the market with oversupply as inventories eventually pile up,” the research house said. “We are cautious on the oversupply of end-products that can cause a slower rate of replenishment in orders by Chinese customers.” Further, AmInvestment flagged that intensified competition among Chinese players could lead to years of market consolidation and affect Malaysian companies tapping into the Chinese market as they face more challenges, such as declining market share and prices. Still, AmInvestment is positive overall on the tariff hike’s impact, given increased sourcing of components from Malaysia and longer-term foreign direct investment flows which will further upgrade the country’s supply chain and ecosystem development. The research house also maintained its “overweight” view on the technology sector. by Izzul Ikram theedgemalaysia.com Bursa Malaysia Technology Index *As at market close on May 15, 2024 Source: Bloomberg Apr 19, 2023 May 15, 2024 50 60 70 *68.89 62.16 points from Page 6 Kossan Rubber Industries Bhd 0 10 20 30 40 50 Apr 19, 2022 May 15, 2024 1 2 3 Vol (mil) RM *RM2.74 RM1.27 *As at market close on May 15, 2024 Source: Bloomberg Supermax Corp Bhd 0 50 100 150 200 250 Apr 19, 2022 May 15, 2024 0.7 0.8 0.9 1.0 1.1 Vol (mil) RM/sen *RM1.08 86.4 sen *As at market close on May 15, 2024 Source: Bloomberg

thursday may 16, 2024 8 The E dge C E O m o rning brief home Apex Healthcare reports 12.7% decline in 1Q net profit amid absence of contribution from associate Mah Sing and OSK Holdings in, Astro, Magnum and TSH out of MSCI Malaysia Small Cap Index Aeon Co kicks-off FY2024 with 50% profit jump as revenue climbs by Luqman Amin theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com by Surin Murugiah theedgemalaysia.com KUALA LUMPUR (May 15): Department store and mall operator Aeon Co (M) Bhd (KL:AEON) said on Wednesday its net profit jumped 50.3% in the first quarter from the same quarter a year earlier, which it attributed to higher revenue and effective cost management. Net profit for the three months ended March 31, 2024 (1QFY2024) climbed to RM57.39 million or 4.1 sen per share from RM38.18 million or 2.72 sen per share over the same period last year, Aeon Co’s bourse filing showed. Revenue rose 5.47% to RM1.17 billion from RM1.11 billion. For the quarter under review, Aeon Co’s retail business segment recorded a 4.2% increase in revenue to RM980.5 million, up from RM941.4 million largely attributed to festive spending during the quarter, especially in the food and clothing categories. Its property management services segment reported a 13% revenue increase to RM186.9 million from RM165.4 million, driven by improved occupancy rates and effective rental renewals. The group reported occupancy rates of 93.6% as of March 2024, bolstered by successful mall rejuvenation projects and store facelifts. Aeon Co managing director Naoya Okada said the group remains focused on executing its strategic priorities, despite anticipating a challenging operating environment due to cautious customer spending. “As we celebrate our 40th anniversary in Malaysia this year, we are hosting special events and promotions to create smiles and connect hearts with our customers, business partners, and suppliers. In the coming months, customers can expect a variety of product assortments, promotional deals, and in-mall events to enhance their shopping experience,” Okada added. Meanwhile, the group, which just opened its 35th store, AEON Setia Alam, has undertaken several more facelift projects, including at AEON Bandar Puchong, AEON Bukit Indah, AEON Tebrau City and AEON Ipoh Station 18. Aeon Co shares slipped one sen or 0.83% to close at RM1.20 on Tuesday, giving it a market capitalisation of RM1.68 billion. The stock is up 9.09% year to date. KUALA LUMPUR (May 15): Pharmaceutical company Apex Healthcare Bhd (KL:AHEALTH) reported a 12.7% decline in first quarter net profit primarily due to an absence of profit contribution from its associate Straits Apex Group Sdn Bhd (SAG). This followed SAG’s divestment of its interest in Straits Apex Sdn Bhd, which lowered Apex Healthcare’s effective equity in Straits Apex to 16%. Apex Healthcare’s net profit for the first quarter ended March 31, 2024 (1QFY2024) fell to RM21.2 million or 2.97 sen per share, from RM24.3 million or 3.41 sen per share a year earlier, according to the group’s bourse filing. Quarterly revenue rose marginally by 1% to RM248.2 million from RM245.8 million, as market demand for pharmaceuticals, consumer healthcare products, and medical devices showed signs of slowing in key markets of the group, The group said the share of earnings from SAG, which is engaged in the contract manufacturing of orthopaedic devices, is not expected to contribute meaningfully to group earnings for the rest of 2024, due in part to the reduced equity. Apex Healthcare said it is focusing on its core pharmaceutical businesses by investing in growth, including building a second liquid production plant and advanced warehousing at Kawasan Perindustrian Cheng, Melaka. In addition, the group said a new warehouse in Singapore will enhance operational efficiency for its Singapore subsidiary, Apex Pharma Marketing Pte Ltd. The group aims to navigate 2024’s challenges with a focus on sustainable growth and innovation. “Together with strategic endeavors previously outlined, a poised approach will be taken to navigate the challenges and opportunities of 2024 while maintaining a steadfast focus on sustainable growth and innovation,” the group said. Shares in Apex Healthcare settled 10 sen or 3.16% lower at RM3.07 on Wednesday, giving the group a market capitalisation of RM2.21 billion. Year to date, the stock has rallied by 32.04%. More on corporate earnings: Vstecs remains upbeat about 2024 prospects despite slightly lower 1Q profit KUALA LUMPUR (May 15): Mah Sing Group Bhd (KL:MAHSING) and OSK Holdings Bhd (KL:OSK) have been included in the MSCI Malaysia Small Cap Index, while Astro Malaysia Holdings Bhd (KL:ASTRO), Magnum Bhd (KL:- MAGNUM) and TSH Resources Bhd (KL:TSH) have been removed from the index, effective May 31. In a statement on Tuesday, MSCI listed the inclusions and deletions. There will be no change to the constituents of the main MSCI Malaysia Index. The MSCI Malaysia Index is designed to measure the performance of the largeand mid-cap segments of the Malaysian market. With 32 constituents, the index covers about 85% of the Malaysian equity universe. According to the MSCI website, the MSCI Malaysia Index dipped 3.49% in 2023. The top 10 constituents are Public Bank Bhd (KL:PBBANK), Malayan Banking Bhd (KL :MAYBANK), CIMB Group Holdings Bhd (KL:CIMB), Tenaga Nasional Bhd (KL:TENAGA), Press Metal Aluminium Holdings Bhd (KL:PMETAL), Petronas Chemicals Group Bhd (KL:PCHEM), CelcomDigi Bhd (KL:CDB), Petronas Gas Bhd (KL:PETGAS), IHH Healthcare Bhd (KL:IHH) and Hong Leong Bank Bhd (KL:HLBANK).

thursday may 16, 2024 9 The E dge C E O m o rning brief home KUALA LUMPUR (May 15): Southern Steel Bhd (KL:SSTEEL) posted its fourth consecutive quarter net loss for the third quarter ended March 31, 2024 (3QFY2024) due to lower average selling prices (ASP) and sales volume. In a filing with local bourse on Wednesday, the steel mill reported a net loss of RM6.43 million in 3QFY2024 or 1.08 sen per share, in contrast to its net profit of RM1.66 million or 0.28 sen per share a year earlier. Its revenue for the quarter dropped 15.4% to RM551.66 million from RM652.06 million previously. Southern Steel is controlled by tycoon Tan Sri Quek Leng Chan, who has an indirect stake of close to 70% stake. For the nine-month period ended March 31, 2024 (9MFY2024), Southern Steel’s net loss narrowed to RM56.9 million from RM123.51 million in the same period a year ago on improved marSouthern Steel posts fourth straight quarterly loss in 3Q, outlook to remain challenging Kobay Technology’s 3Q net profit drops 31%, anticipates better days ahead KUALA LUMPUR (May 15): Hume Cement Industries Bhd (KL:HUMEIND) has sustained its earnings momentum with another record net profit for its third quarter ended March 31, 2024 (3QFY2024) on the back of lower manufacturing costs, and higher cement price and sales volume. Net profit for the quarter more than doubled to RM61.07 million from RM27.01 million a year earlier, while revenue increased 7.4% to RM310.4 million from RM289 million, the group’s bourse filing showed. This is the cement manufacturer’s best quarterly net profit since 3QFY2003, when the group posted RM190.6 million following the disposal of a business. This also marks the group’s sixth consecutive quarter of earnings growth, exceeding its preceding quarter’s net profit of RM59.06 million. Hume Cement declared a second interim dividend of six sen per share, bringing the total dividend year to date to eight sen per share. The group did not declare any dividend for FY2023. Looking ahead, the group expects to perform well for the rest of FY2024 as the construction sector in Malaysia is anticipated to sustain its momentum. For the first nine months of FY2024, Hume Cement’s total net profit saw an eight-fold increase to RM168.45 million, from RM19.44 million in the previous year’s corresponding period, due to higher cement average selling price, higher sales volume and lower input costs. Nine-month revenue jumped 25% to RM939.31 million from RM751.05 million. Shares of Hume Cement closed up five sen or 1.58% to RM3.22 on Wednesday, valuing the group at RM2.02 billion. The counter has climbed as much as 41.2% since the start of the year. The surge in the counter is in line with the uptrend in Bursa Malaysia’s sectoral indices. Year to date, the industrial products and services sector increased 11.2%, while the construction sector rose 19.2%. Hume Cement posts best quarterly earnings in two decades, declares six sen dividend by Hee En Qi theedgemalaysia.com by Anis Hazim theedgemalaysia.com by Luqman Amin theedgemalaysia.com -20 0 20 40 60 80 Hume Cement Industries Bhd’s quarterly earnings Net profit/loss (RM mil) Revenue (RM mil) 4.9 -12.0 4.5 27.0 40.6 48.3 59.1 61.1 213.3 206.8255.3289.0 263.2306.7 322.3 310.4 Financial year ends on June 30 Source: Bursa Malaysia 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2022 2023 2024 0 100 200 300 400 gins. Revenue, however, slipped 4.71% to RM1.72 billion against RM1.8 billion in 9MFY2023. Commenting on the outlook, the group expects the local steel industry to remain challenging as it continues to face structural overcapacity, weak demand and cheap imports. KUALA LUMPUR (May 15): Kobay Technology Bhd (KL: KOBAY) posted a 30.77% decline in net profit for the third quarter ended March 31, 2024 (3QFY2024) to RM5.48 million, from RM7.92 million a year earlier, dragged by lower contributions from property development after completing a project in Langkawi. In a filing with the local bourse on Wednesday, the precision parts manufacturer also posted a 19.23% decline in revenue to RM87.79 million from RM73.63 million previously. No dividends were declared for the quarter under review. For the cumulative nine months (9MFY2024), net profit more than halved to RM10.08 million or 3.15 sen per share, from RM27.47 million or 8.58 sen per share a year earlier. Revenue for 9MFY2024 slipped by 3% to RM237.80 million, compared with RM245.22 million a year earlier. In a statement, Kobay said it is planning to expand its clients portfolio for its manufacturing business by entering into original equipment manufacturing (OEM) and high-level assembly services. Managing director and chief executive officer Datuk Seri Koay Hean Eng expects a recovery in the manufacturing sector in the second half of this year. “The group remains focused on broadening our portfolio by further establishing our presence in OEM and high level assembly services, in addition to maintaining our customer base in the electrical and electronics industry. At the same time, our operational efficiency enhancement and cost structure optimisation initiatives remain ongoing,” he said. Koay also expects a positive outlook for the company’s property development segment, underpinned by the prospect of increased tourist arrivals. Read the full story

thursday may 16, 2024 10 The E dge C E O m o rning brief home KNM’s external auditor issues disclaimer of opinion on financial statements Sin-Kung closes 7.7% higher on ACE Market debut after opening flat by Emir Zainul theedgemalaysia.com by Luqman Amin theedgemalaysia.com KUALA LUMPUR (May 15): Cashstrapped KNM Group Bhd (KL:KNM) said its external auditor KPMG PLT had expressed a disclaimer of opinion on the group’s audited financial statements for the 18-month period ended Dec 31, 2023, due to insufficient audit evidence. KPMG highlighted that there were material uncertainties that may cast significant doubt on KNM’s ability to continue as a going concern, the group said in a filing with Bursa Malaysia on Wednesday. The basis for the disclaimer of opinion relates to KNM’s net loss of RM420.83 million for the period ended Dec 31, 2023, and the fact that the group’s current liabilities exceeded its current assets by RM1.16 billion. The auditor also noted that KNM had been classified as a Practice Note 17 (PN17) company since Nov 1, 2022, and had failed to submit its regularisation plan to the relevant regulatory authorities for approval before the deadline of April 30, 2024. Nevertheless, KNM had submitted an application to Bursa Malaysia for a further extension of 12 months to submit its regularisation plan. Besides that, KPMG highlighted that KNM had defaulted on various loans and borrowings amounting to RM1.25 billion, while a subsidiary of the group, KNM Process Systems Sdn Bhd, is facing winding-up petitions by its creditors. Further, it was also noted that the credit facilities of certain overseas subsidiaries in Germany were set to expire on May 2, 2024, as negotiations with the financial institution to renew or extend the credit facilities were still ongoing. Steps to address issues already in motion, says KNM Notwithstanding the disclaimer of opinion, KNM said that the financial statements of the group had been prepared on a going concern basis. As part of its regularisation plan, the group said it had initiated plans to dispose of its investment in Italy and the United Arab Emirates, and to float the shares of its subsidiary in Germany. KNM is also exploring opportunities to monetise its other overseas investments and non-core assets. “The remaining plans are still in their preliminary stages, and no formal agreements have been entered into with any investors or buyers. “In view of the uncertainties involving the timing and a successful floatation exercise, as well as disposal of other investments and non-core assets, KPMG was not able to obtain sufficient appropriate audit evidence to determine whether the group’s use of going concern basis of accounting was appropriate,” the group added. Just last week, KNM announced that its substantial shareholder MAA Group Bhd (KL:MAA) had extended a RM13.5 million loan to address its working capital requirements. The loan, bearing an interest rate of 12% per annum, was provided to KNM’s wholly owned subsidiary, KNM Process Systems, on May 8. Prior to that, MAA had in February provided a RM2.1 million loan to cover the salary of KNM chief executive officer Ravindrasingham Balasingham. Shares in KNM, which have fallen over 40% over the past year, closed up half a sen or 6.25% at 8.5 sen on Wednesday, valuing the group at RM343.9 million. KUALA LUMPUR (May 15): Logistic services company Sin-Kung Logistics Bhd (KL:SINKUNG) ended its first day of listing on Wednesday with 7.7% gain after opening flat on its ACE Market debut. The stock climbed as much as 19% to 15.5 sen from its initial public offering (IPO) price of 13 sen per share before closing at 14 sen after 394.07 million shares changed hands on Bursa Malaysia. At the closing price, SinKung was valued at RM168 million based on an enlarged share capital of 1.2 billion shares. Sin-Kung saw strong demand from investors during its IPO with the public tranche oversubscribed by 26.5 times. The Bumiputera portion was oversubscribed by 21.7 times, while the other public category was oversubscribed by 31.4 times. Shares made available for its eligible persons were also fully subscribed. The shares allocated for selected investors through private placement to Bumiputera investors were also fully placed out. The group currently owns about 460 commercial vehicles for trucking, container haulage, warehousing and distribution, as well as other logistics-related businesses. Its major customers include airlines, sales agents of airlines, local and international freight forwarders, manufacturers and online retailers. Sin-Kung’s IPO involves a public issuance of 200 million new shares and an offer for sale of 103.5 million existing shares. The company plans to use the IPO proceeds totaling RM26 million to expand its warehousing and distribution services, repay bank borrowings, buy new commercial vehicles as well as for working capital and Sin-Kung Logistics Bhd 0 10 20 30 40 50 12 13 14 15 Vol (mil) Sen *14 sen 13 sen *As at market close on May 15, 2024 Source: Bloomberg 9am 5pm May 15, 2024 IPO price: 13 sen From left: Sin-Kung Logistics Bhd executive director Adeline Ong, general manager Ameline Ong, executive director Angeline Ong and managing director Alan Ong to pay for its listing expenses. The sale of existing shares grossed RM13.5 million, which would go entirely to the selling shareholders Sin-Kung managing director Alan Ong and his sister Angeline Ong, who is an executive director. M&A Securities Sdn Bhd was the adviser, sponsor, underwriter and placement agent for the IPO exercise. Read also: Sin-Kung to see double capacity upon completion of new warehouse in Penang Shahrin Yahya/The Edge

thursday may 16, 2024 11 The E dge C E O m o rning brief home KUALA LUMPUR (May 15): The Malaysian property market was active in the first quarter of 2024 (1Q2024), recording a 34.3% growth compared to the first quarter a year ago, with more than 104,297 transactions worth RM56.53 billion, a 34.3% jump in transaction value. Valuation and Property Services Department Director-General Abdul Razak Yusak said in terms of volume, property sub-sectors recorded positive growth in 1Q2024; the commercial sub-sector grew by 33.4%, residential by 16.6%, industry by 14.3%, agriculture by 13.7%, and development land and others by 10.7%. “The residential sub-sector continues to dominate market activities with over 62,000 transactions, valued at over RM25 billion, comprising nearly 60% of overall property market activities. “Housing priced at RM300,000 and below dominate the market with 33,500 transactions, comprising more than 50% of total transactions,” he said when presenting the 1Q2024 Real Estate Market Report in a live broadcast on Facebook on Wednesday. According to Abdul Razak, construction activities also showed positive growth in 1Q2024 when commencements rose to more than 21,300 units, an increase of almost 8% from the previous year, while planned new developments decreased to around 11,000 units. New residential launches increased by 19.8% to 5,585 units, from 4,661 units in 1Q2023. The serviced apartment segment saw a 70% spike in completed units to 5,500. Projects starting construction and planned new developments each rose by more than 100% versus the same quarter in 2023. The Malaysian House Price Index (IHRM) rose marginally by 0.5% to 216.9 points, with house prices averaging RM468,000 a unit, Abdul Razak said. “All states recorded moderate growth of between 0.5% and 4.6%, except for Kuala Lumpur, Penang, Perak, Melaka and Sarawak, where prices contracted by between 0.2% and 2%. “Terraced housing remained stable with a positive 1.8% growth, while other types of housing recorded a marginal decrease,” he said. Completed unsold housing, commonly known as a residential overhang, decreased to 24,208 units worth RM16.49 billion, compared with 25,816 units worth RM17.68 billion in 4Q2023. Serviced apartment overhang rose by 5.2% to 21,913 units, with a 9.7% rise in ringgit value to RM18.16 billion. “Serviced apartment units priced between RM500,000 and RM1 million make up 58.1% of the total overhang,” he said. The performance of private purpose-built offices recorded a marginal increase, he said. “The occupancy rate of privately owned, purpose-built offices rose marginally to 72%, versus 71.9% in the previous quarter,” he said. 1Q2024 property transactions up 34.3% to RM56.53 bil — Valuation Dept KUALA LUMPUR (May 15): The Malaysian government bond yield curve could steepen in the short term while investors watch rising supply of longer-dated bonds in the coming months, said United Overseas Bank (UOB). The 20-year Malaysian Government Securities (MGS) auction in May has seen strong demand, UOB noted, but flagged that the auctions of 15-, 20-, and 30-year Government Investment Issues in the coming months will provide a test on demand for longer-dated bonds, UOB said. A steeper yield curve in the MGS “could emerge given that the front end is close to fully priced” as the overnight policy rate stays unchanged for some time. “The back end is relatively rich which sets a high bar for inflation surprise as well as the upcoming long end auctions performance,” it said. A steepening curve happens when the spread between short- and long-term bond yields is widening. That means either yields on long-term bonds are rising faster than that of short-term bonds, or short-term yields are falling faster than long-term yields. Further, a steepening typically points to stronger economic growth and rising inflation expectations that lead to higher interest rates. Bond yields and prices move inversely. This year’s bond auctions have performed better than 2023’s averages with longer maturities of 15 years and more Malaysian govt bond yield curve could steepen in short term — UOB commanding higher bid-to-cover ratios than that of shorter maturities, UOB noted. Bid-to-cover ratios, a measure of demand from investors, have ranged from 1.7 times to 4.4 times so far this year. The latest MGS issue that matured in May 2044 drew a bid-to-cover ratio of 3.09 times with average yield of 4.18%. “Any slippage may induce the market to seek a deeper concession in order to absorb further duration,” UOB said, adding that the “mid-curve could also richen further in this backdrop”. UOB is forecasting the yield on 10-year MGS to fall towards 3.88% by June, 3.83% by September and 3.78% by December. The yield on the benchmark paper maturing in November 2033 closed at 3.91% on Tuesday and has risen 17 basis points, or 0.17 percentage point, so far this year, tracking the spike in yields of US Treasury as strong growth and high inflation in the world’s largest economy pushed the Federal Reserve to delay rate cuts. by Jason Ng theedgemalaysia.com Bernama Zahid Izzani/TheEdge

thursday may 16, 2024 12 The E dge C E O m o rning brief home news In brie f Mitrajaya clinches RM174 mil hospital project in Shah Alam KUALA LUMPUR (May 15): Mitrajaya Holdings Bhd (KL:MITRA) has clinched a contract worth RM174.3 million to build a hospital in Shah Alam, Selangor. The group, through its wholly-owned Pembinaan Mitrajaya Sdn Bhd, accepted the contract from Avisena Healthcare Sdn Bhd on Wednesday. To be completed in 36 months, the contract is slated for completion by May 21, 2027, Mitrajaya showed in a bourse filing. Mitrajaya, which is involved in construction and property development, has been lossmaking for three consecutive quarters. — by Syafiqah Salim SNS Network gets SC nod for transfer to Main Market KUALA LUMPUR (May 15): SNS Network Technology Bhd (KL:SNS) has secured approval from the Securities Commission Malaysia (SC) for its transfer to the Main Market of Bursa Malaysia. The information and communications technology (ICT) system and solutions provider said it had fulfilled the profit test requirements for listing on the Main Market, by achieving an aggregate net profit of at least RM20 million for the past three years, as well as a net profit of at least RM6 million for the most recent financial year. SNS Network was listed on the ACE Market on Sept 2, 2022. The group said the transfer to the Main Market is subject to further approval from Bursa. Barring any unforeseen circumstances, the transfer is expected to be completed by the third quarter. “The transfer is expected to enhance the group’s profile and reputation, and will accord the SNS group with greater recognition and acceptance among investors, in particular institutional investors,” said Ko Yun Hung, SNS Network’s managing director, in a statement. — by Emir Zainul Eupe Corp buys RM69 mil plot in KL for residential high-rise KUALA LUMPUR (May 15): Kedah-based property developer Eupe Corp Bhd (KL:EUPE) is acquiring a 2.46-acre (onehectare) freehold land here for RM69.18 million, on which it will develop a high-rise residential project. In a bourse filing on Wednesday, the group said its indirect wholly owned subsidiary Eupe Bangsar Sdn Bhd had inked a sale and purchase agreement with MCL Land (Pantai View) Sdn Bhd for the proposed acquisition. It did not specify the location of the plot, only saying it is on Lot 51863, Mukim Kuala Lumpur, Daerah Kuala Lumpur. Eupe Corp, which is planning to finance the consideration through internal funds and borrowings, said the proposed acquisition aligns with the group’s expansion objective and growth strategy by adding suitable land to its land bank, and expanding its property development portfolio to increase income. — by Choy Nyen Yiau Straits Energy partners HK firm to form JV for cloud technology KUALA LUMPUR (May 15): ACE-Market listed Straits Energy Resources Bhd (KL:STRAITS) is planning to form a joint venture (JV) company with a Hong Kong-based company to explore business opportunities in cloud technology and computing business in Malaysia and across the region. In a filing to Bursa Malaysia on Wednesday, Straits Energy said its 70%-owned unit Straits CommNet Solutions Sdn Bhd (SCS) has signed a memorandum of agreement with Digital One Solutions Ltd (D1) to facilitate mutual discussions for the joint venture. SCS, on its part, is involved in the telecommunication and digital technology sectors for various industries through smart technologies, the Internet of Things (loT), as well as the integration of advanced technology solutions, operations and services. SCS chief executive officer Sunny Ho Khin Choy said the company aims to finalise a definitive agreement soon while working closely with D1 on the collaboration details. “By working with leading players such as D1, we are strategically positioned to capitalise on the increased demand for cloud computing resources in Malaysia and the region. “This will also complement SCS’ existing business, which is focused on accelerating digitalisation and network connectivity in Malaysia and throughout Southeast Asia,” Ho said in a statement. Shares in Straits Energy finished unchanged at 13 sen on Wednesday, valuing the group at RM129.28 million. — by Anis Hazim Menang diversifies into healthcare biz with wellness park in Negeri Sembilan KUALA LUMPUR (May 13): Menang Corp (M) Bhd (KL:MENANG), a property development and management company, is venturing into healthcare by establishing a health and wellness-related development in Negeri Sembilan. The company signed a memorandum of understanding (MOU) with Alpro Alliance Sdn Bhd on Wednesday, to develop a health and wellness park in Menang Park, Seremban 3, which involves a total land size of about 25.8 acreage. Under the two-year MOU, Menang and Alpro will jointly develop the Alpro healthcare facility land into a health and wellness park, while Alpro will support the related healthcare facilities, including ambulatory care centre and rehabilitation facilities. “The proposed collaboration is part of the company’s strategic expansion into the healthcare industry, aiming to diversify its business activities. By leveraging the combined expertise and resources of both Menang and Alpro, the proposed collaboration seeks to seize opportunities and optimise value for its shareholders,” Menang told Bursa Malaysia in a filing on Wednesday. — by Syafiqah Salim sns.com.my Ewein to acquire rackform company for RM32 mil KUALA LUMPUR (May 15): Penangbased property developer Ewein Bhd (KL:EWEIN) is acquiring a company involved in the manufacturing of racking systems and machinery for about RM32 million. The group is buying VS Solution Services Sdn Bhd (VSS) from the firm’s existing shareholders, Ooi Eng Leong, Goh Kiang Teng, Goh Yin Ze and Chew Tien Kee, said Ewein in a filing to Bursa Malaysia on Wednesday. The group said RM16 million of the purchase price will be satisfied via the issuance of 17.98 million Ewein shares at 89 sen per share, while the remaining RM15.99 million is to be satisfied in cash. “Upon completion of the proposed VSS acquisition, the group will have immediate access to VSS’ rackform business and client base. This will provide the group with an additional source of revenue and earnings stream for its manufacturing business,” said Ewein. The acquisition comes with a profit guarantee of RM9.3 million for the financial years ending Dec 31, 2024 (FY2024), FY2025, and FY2026 on an aggregate basis. — by Anis Hazim

THURSDAY MAY 16, 2024 13 THEEDGE CEO MORNING BRIEF HOME Employers given until May 31 to register, contribute to Socso Graft probe: MACC denies five Perlis assemblymen held Bernama Bernama Bernama KUALA LUMPUR (May 15): Employers nationwide are given until May 31 to voluntarily register and contribute to the Social Security Organisation (Socso) before the implementation of Ops Kesan 2024 next month. Socso group chief executive officer Datuk Seri Dr Mohammed Azman Aziz Mohammed said this would be the last chance for employers to comply with the regulation without being subject to fines, prosecution or interest on late payment of contributions (ILPC). “Employers who have yet to register and contribute for their employees are urged to do so immediately, as social security is the most important aspect for workers. “This includes both local and foreign workers as well as domestic helpers,” he told a press conference here on Wednesday. He said employers can register online through the Assist portal, visit any 54 Socso offices nationwide, or contact the Socso careline at (1300) 22 8000. Mohammed Azman further said employers who fail to register their companies and employees can be issued a compound of up to RM5,000 or charged in court. “Additionally, employers will be charged an ILPC at a rate of 6% per annum for each day of late contribution payment. “They may also be charged in court and, if found guilty, could be fined up to RM10,000 or imprisonment for up to two years or both,” he said. Regarding Ops Kesan 15, which involves 500 Socso personnel, he said this is to ensure that all employers who employ at least one worker register their companies and employees under Sections 4 and 5 of the Employees’ Social Security Act 1969 (Act 4) and Section 14 of the Employment Insurance System Act 2017 (Act 800). Read the full story KUALA LUMPUR (May 15): The Malaysian Anti-Corruption Commission (MACC) has dismissed claims of a news portal report about the recent arrest of five members of the Perlis State Legislative Assembly. MACC chief commissioner Tan Sri Azam Baki, when contacted, said the report of an arrest — linked to an investigation into abuse of power and corruption involving a son of the Perlis menteri besar — was untrue. “That [allegation] is not true...it’s just a rumour,” he said. On Tuesday, a news portal reported that a senior political leader in the state had claimed that five Perlis assemblymen would be arrested by the MACC in the near future. This followed the arrest of the Perlis menteri besar’s son, who was detained by the commission at the end of April, for allegedly making false claims for work that was not carried out amounting to RM600,000. Meanwhile, Perlis Menteri Besar Mohd Shukri Ramli said he is open to the MACC conducting an investigation if there is a need. “It’s just a rumour. We are open [to an investigation]. If there is anything, let’s investigate, but as far as I know, the five people (assemblymen) are not arrested,” he told reporters after chairing the executive council meeting at the State Legislative Assembly Complex here on Wednesday. Mohd Shukri said the state government plans to place an MACC officer in the state administration office, and this will be studied together with the state secretary, as well as the state legal adviser and state finance officer. “Because the MACC officer is only on loan to the state, the salary must be borne by the state. The terms and conditions are already there. [It’s] just the requirements in the state. We will discuss more thoroughly before we decide,” he said. It is understood that the MACC is completing investigation papers related to the case of the Perlis menteri besar’s son, along with several other individuals, who were allegedly involved in submitting documents and false claims worth RM600,000 over the past two years. The investigation is expected to be completed next week. Fahmi: PM made several considerations before reappointing Azam Baki as MACC chief PUTRAJAYA (May 15): Prime Minister Datuk Seri Anwar Ibrahim made several considerations before deciding on the reappointment of Tan Sri Azam Baki as the Malaysian Anti-Corruption Commission (MACC) chief commissioner, said Communications Minister Fahmi Fadzil. Responding to allegations by the Centre to Combat Corruption and Cronyism (C4 Centre) that Azam’s appointment does not align with the promise of institutional reform, Fahmi, who is also the Unity Government spokesman, however, did not detail those considerations, saying the non-governmental body has the right to voice its opinions. “C4 has the right to express that view, but at the same time, there are several considerations that have been given by Prime Minister Anwar in making this decision,” he said at a press conference after the Cabinet meeting here on Wednesday. In a statement on Tuesday, the C4 Centre expressed concern that Azam’s reappointment would affect MACC’s ability to combat corruption and uphold good governance in Malaysia. On May 10, Chief Secretary to the Government Tan Sri Mohd Zuki Ali said Azam has been reappointed for a one-year term effective May 12, and the appointment has been consented to by His Majesty Sultan Ibrahim, King of Malaysia. Mohd Zuki said the appointment was made in accordance with subsection 5(1) and (2) of the MACC Act 2009 (Act 694). Asked about allegations that there exists a cartel involving top civil servants asking for commissions, Fahmi said any parties with information on this matter should immediately report to the authorities. “This matter was not discussed in today’s Cabinet meeting; usually, anyone with complaints or information can lodge reports with enforcement agencies for action to be taken based on the law,” he added. There were several viral posts on the X platform by user @zeyhnnnn alleging the existence of a civil service cartel involving its top leadership.

THURSDAY MAY 16, 2024 14 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (May 15): The Court of Appeal has fixed Oct 30 this year to hear the Parti Pribumi Bersatu Malaysia’s appeal over the High Court decision in not declaring the casual vacancy of four Sabah parliamentary seats, after the former Bersatu party members switched support to Gabungan Rakyat Sabah (GRS). The date was fixed by the appellate court’s senior assistant registrar Nazira Adlin Ahmad Khairul Razi, following case management on Monday (May 13). Bersatu’s counsel Chethan Jethwani, and senior federal counsel Ahmad Hanir Hambaly @ Arwi representing Dewan Rakyat Speaker Tan Sri Johari Abdul, confirmed the date with The Edge when contacted separately. On Nov 16 last year, High Court judge Datuk Amarjeet Singh Serjit Singh dismissed the judicial review application brought by Bersatu vice-president Datuk Seri Dr Ronald Kiandee and the party’s organising secretary Datuk Capt (Rtd) Muhammad Suhaimi Yahya against Johari and the four Members of Parliament (MPs), as Amarjeet ruled Johari’s decision as non-justiciable. “The [High] Court is bound by cases in the Federal Court; namely, it has no jurisdiction to question the decision [of] the Speaker. Hence, this court dismisses the judicial review, and no order is made as to costs,” Amarjeet said. The four MPs — Datuk Armizan Mohd Ali (Papar), who is also the Domestic Trade and Cost of Living Minister; Khairul Firdaus Akbar Khan (Batu Sapi), Datuk Jonathan Yasin (Ranau) and Datuk Matbali Musah (Sipitang) — had declared their support for GRS and not Bersatu. The issue arose following the newly constituted Article 49A of the Federal Constitution — the anti-hopping legislation — which was passed during Tan Sri Azhar Azizan Harun’s time as the Dewan Rakyat Speaker. It basically stipulates that a member who has resigned or ceases to be a member of a political party after being elected in Dewan Rakyat, shall cease to be a member of that house, and his seat shall become vacant. Bersatu had named Johari and the four MPs in the judicial review application, challenging Johari’s decision not to declare the seats as vacant, following the four MPs’ switch from Bersatu to GRS after the 15th General Election (GE15) in November 2022. The issue of the status of the four MPs arose after former Sabah Bersatu chief Datuk Seri Hajiji Noor announced on Dec 10 that Sabah Bersatu leaders had unanimously decided to leave the party, but would remain under GRS. Following that, Bersatu’s Ronald said in a statement on Dec 29, 2022, that the party had sent a notice to Johari, confirming that “casual vacancies” had occurred for the four seats, in accordance with Article 49A (3) of the Federal Constitution. Bersatu, through Ronald, had argued that it had given notice to the Speaker on the occurrence of casual vacancy of the four seats, following the MPs’ move to GRS. However, Johari ruled that the four need not vacate their seats, as he ruled GRS as not being classified as “another political party” based on the spirit and essence of Article 49A. Read also: Defamation suit by DAP leaders against Siti Mastura to go to trial after mediation failed Appellate court fixes Oct 30 to hear Bersatu’s appeal against four Sabah MPs who switched sides KUALA LUMPUR (May 15): GIIB Holdings Bhd’s (KL:GIIB) former chief executive officer Tai Boon Wee claimed trial to one count of forgery for passing off the rubber compound manufacturer’s 2023 interim third quarter financial report as genuine. Tai was specifically charged with conspiring, by instructing company secretary Mak Chooi Peng to dishonestly use a forged interim financial statement for the period ended March 31, 2023 for GIIB as genuine. The offence was allegedly committed at the Bursa Malaysia Securities offices in May 2023. The charge, which is framed under Section 471 of the Penal Code and is punishable under Sections 109 and 465 of the same Act, carries a punishment of up to two years, a fine, or both. Tai, who turns 64 this year, claimed trial before Sessions Court judge Azura Alwi on Wednesday. Azura set bail at RM20,000 and for his passport to be surrendered to the court. Deputy public prosecutor Anis Najwa Nazari prosecuted while Tai was represented by Wan Sharizal Wan Ladin, who informed the court that his client has been cooperative with the authorities throughout the two-year investigations. This is the second time Tai has been charged with forgery. He was first charged along with former executive director Wong Ping Kiong for furnishing fake documents to auditor Grant Thornton Malaysia PLT in relation to the sale of RM2.95 million worth of machinery that did not exist. GIIB’s ex-CEO Tai Boon Wee charged with forgery However, both Tai and Wong were discharged and acquitted of the charge in October after the High Court allowed the duo’s motion to strike out the charges. In September last year, Tai stepped down from his position in the company, handing over the reins to his sons Tai Qisheng and Tai Qiyao. BY TARANI PALANI theedgemalaysia.com BY HAFIZ YATIM theedgemalaysia.com GIIB Holdings Bhd’s former CEO Tai Boon Wee claimed trial to one count of forgery for passing off the rubber compound manufacturer’s 2023 interim third quarter financial report as genuine. The Palace of Justice building in Putrajaya, which houses the Court of Appeal. ZAHID IZZANI/THE EDGE ZAHID IZZANI/ THE EDGE

THURSDAY MAY 16, 2024 15 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (May 15): The Shariah Courts are not “inferior” to the Civil Courts, an apex court judge has ruled. Federal Court judge Datuk Abu Bakar Jais said this in his individual written grounds, where he, along with president of Court of Appeal Tan Sri Abang Iskandar Abang Hashim, had ruled in the majority to dismiss a woman’s final challenge to change her Muslim religious status, earlier this month. “It could not be disputed and should always be acknowledged that the Shariah High Court is a competent court under our own Federal Constitution, the supreme law in the country. Its decision commands the greatest respect and should accordingly be binding against all parties rightly coming under its jurisdiction,” he said in the full grounds of judgement released on Tuesday. Abu Bakar was elaborating on the case where a woman, who turns 38 this year, is contesting the appellate court’s majority decision which had reinstated her religious status as a Muslim in January last year. Abu Bakar said that although he is aware that some held the view that the Shariah Courts are inferior courts, which would enable the Civil Courts to possibly “review its decisions”, there were case laws which stated otherwise. In gist, the woman, whose identity has been withheld at the request of her counsels, maintains that her unilateral conversion as a minor and the validity of the conversion certification was illegal as it contradicted the enforced state enactment at that time. Thus, she argues that she was never a Muslim in the first place and the Civil Courts have jurisdiction to decide on her case. She had relied on the landmark 2021 Rosliza Ibrahim case. A nine-member apex court panel, led by Chief Justice Tengku Maimun Tuan Mat, drew a distinction between renunciation and ab initio (never a Muslim to begin with). Cases that are ab initio in nature, the matter would fall under the Civil Court’s jurisdiction. Rosliza had taken her case straight to the Civil Courts with no prior findings by the Shariah Courts. However, in the recent unnamed woman’s case, she had gone through proceedings at the Shariah Courts, hence Abu Bakar’s observation about the Shariah Courts’ standing is pivotal for the case at hand. The woman also filed a summons in the Shariah High Court against the Federal Territory Islamic Religious Council in 2013, among others seeking a declaration that she was no longer Muslim. This was dismissed in July 2017. Subsequently, she appealed against this decision in the Shariah Court of Appeal in August 2017, but this was dismissed in January 2021. In his 49-page judgement, Abu Bakar noted that in her pleadings to the Shariah Court, she had requested a declaration that she is “no longer a Muslim” and not that she was “never a Muslim”, which she was not restricted from asking. Therefore, this, in his view, was an apostasy case, which squarely fell within the Shariah jurisdiction which could not be reviewed or relitigated at the Civil Courts. “A Civil Court could not substitute its own decision in replacement of a Shariah Court’s decision. In our case the Shariah High Court had decided the appellant is still a Muslim and [this was] confirmed by the Shariah Court of Appeal,” he said. He added that by asking for such a declaration, it was obvious that the woman had acknowledged that she was a Muslim. Citing excerpts of the Shariah Court’s proceedings, he said that, based on witness testimonies, the Shariah Court could not find evidence that the woman had been practising Hinduism while growing-up with her [Muslim] mother and stepfather. ‘One needs to look at the matrix of the case holistically’ The woman, born to a non-Muslim couBY TARANI PALANI theedgemalaysia.com Apex court judge: Shariah courts not inferior to civil courts ple in 1986, was converted to Islam at around the age of four-and-a-half by her mother when the mother embraced Islam in May 1991. The woman’s father did not know about the conversion and had not given approval or consent for his daughter’s conversion up until his death in 1996. A conversion card was issued to the child two years later in 1993. A crucial point to the woman’s case is also the legality of the unilateral conversion when she was a minor. This is because during her conversion, the administration of Muslim Law Enactment 1952 was still in force, in which Section 147 explicitly states that “no person who has not attained the age of puberty shall be converted to the Muslim religion”. To this, Abu Bakar said that the Shariah Court had decided that the woman was a Muslim not only due to her conversion but also because the woman’s upbringing was on the basis that she was Muslim and that she is a person “commonly reputed” as a Muslim as set out in Section 2 of the Administration of Islamic Law (Federal Territories) Act 1993. “Thus, that certificate of conversion and the fact she converted to Islam before the age of puberty were not matters that should be taken in isolation, devoid of appreciation of her life in general and her upbringing in particular, including the time she attained puberty,” he said. Read the full story Federal Court judge Datuk Abu Bakar Jais said Shariah Courts are not ‘inferior’ to the Civil Courts in his judgement in dismissing a woman’s final challenge to change her Muslim religious status earlier this month. BERNAMA

THURSDAY MAY 16, 2024 16 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (May 14): The Biden administration’s new tariffs on Chinese electric vehicles (EVs) and other strategic sectors aim to protect the future of US manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid them. US officials and trade experts say that without strong efforts to cut off transshipped or lightly processed Chinese goods from Mexico and other countries, China’s underpriced excess production will still find its way into US markets. “The new tariffs might keep out imports from China but it is likely that much of those imports could be rerouted through countries not subject to the tariffs,” said Eswar Prasad, a trade policy professor at Cornell University and a former China director at the International Monetary Fund. Mexico and Vietnam, in particular, have benefited from escalating US-China trade tensions due to their lower costs and proximity, Prasad said, adding that they both need to avoid Washington’s “ire” while reaping new manufacturing investments. Mexico, for one, has overtaken China as the top source of imports into the US, with more than US$115 billion (RM541.13 billion) of goods originating from there in the first three months of 2024 versus less than US$100 billion from China. With that surge, concerns have grown about Mexico becoming a transshipment hub for Chinese goods to skirt US tariffs, due to increasing US imports of steel products from Mexico and Chinese EV maker BYD scouting out locations for a Mexican factory that could potentially supply the US market. Reuters reported last month that US officials have pressured Mexico to refuse investment incentives to Chinese automakers. Punitive duties on Chinese EVs will soon be quadrupled to more than 100% under President Joe Biden’s new tariff hikes on high-technology imports from China. The action also includes a doubling of duties on semiconductors and solar cells to 50% this year and new 25% tariffs on Chinese critical battery minerals, Chinese graphite and EV battery magnets over the next two years. The tariffs are designed to protect new domestic manufacturing sectors that the Biden administration is trying to develop with hundreds of billions of dollars in tax incentives and grants. Step chart with data from the U.S. Census Bureau showing the annual value of U.S.’s exports to and imports from China since 2010. BY DAVID LAWDER Reuters Biden’s new China tariff wall faces leakage via Mexico, Vietnam ‘Fact pattern’ troubling US Trade Representative (USTR) Katherine Tai told reporters she was concerned about Mexico’s trade relationship with China and to “stay tuned” on future separate efforts to head off tariff evasion problems. “The fact pattern that’s developing is one that is of serious concern to us, and that at USTR, we are looking at all of our tools to see how we can address the problem,” Tai said. Mexico benefits from largely zero US tariffs under the US-Mexico-Canada Agreement (USMCA) on trade, while the US Commerce Department is considering granting Vietnam “market economy” status, which would reduce anti-dumping duties on Vietnamese imports. Another USTR official, senior adviser Cara Morrow, told Reuters in an interview prior to the China tariff announcement that the trade agency has been engaging with Mexican counterparts about ways to reduce the rising transshipment of Chinese steel and aluminium through Mexico. Biden’s move increases the “Section 301” duties on steel to 25% from 7.5%, but there are also 25% national security tariffs and triple-digit anti-dumping and anti-subsidy duties on many Chinese steel products. US officials have made it clear to Mexico that the USMCA was intended to promote North American integration and competitiveness, “not to provide a back door to China,” Morrow said, adding that both sides want to prevent it from becoming an issue in an expected 2026 review of the trade deal. Under the pact put into force in July 2020, the three countries could seek to renegotiate or terminate USMCA after six years. USTR is discussing Mexico’s anti-dumping duties on steel and aluminium and better monitoring imports and exports of the metals and other steps in “difficult” negotiations, but Mexican officials also see Chinese overproduction as a threat to their own economy, Morrow said. Biden’s action also could put more pressure on Europe by diverting Chinese excess production of EVs, solar products, batteries and steel to their shores, where EU trade protections are generally lower. Trying to block Chinese excess production “is like squeezing a balloon. It shrinks in one place and pops out in another,” said William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington. Concerns have grown about Mexico becoming a transshipment hub for Chinese goods to skirt US tariffs, due to increasing US imports of steel products from Mexico and Chinese EV maker BYD scouting out locations for a Mexican factory that could potentially supply the US market.

THURSDAY MAY 16, 2024 17 THEEDGE CEO MORNING BRIEF WORLD (May 15): Investors have boosted bets for an interest-rate hike by the Bank of Japan (BOJ) by July, following an unexpected reduction in its bond buying during a regular operation this week. Overnight indexed swaps suggest about a 70% likelihood that the central bank will raise its benchmark rate by then, up from around 50% earlier this month. The shift in market positioning comes amid downward pressure on the yen, which is being driven by the wide gap between low interest rates in Japan and much higher borrowing costs in the US. There are also increasing expectations that a BOJ rate hike in July may be preceded by an announcement in its June meeting of a broader cut to bond buying. The yen was steady in Tokyo on Wednesday, while moves in Japanese bonds were muted, with yields on 20-year and 30-year debt having recently climbed to the highest in a decade. The benchmark Bank of Japan’s surprise cut to bond buying fuels rate-hike bets SHANGHAI/SINGAPORE (May 15): China’s central bank left a key policy rate unchanged when rolling over maturing medium-term lending facility (MLF) loans on Wednesday, in line with market expectations. Why it’s important The steady MLF rate shows the central bank’s focus on keeping currency stability, analysts say, even as an unexpected credit contraction in April added to the case for more policy stimulus to prop up the world’s second-largest economy. The MLF loan operation also comes days ahead of the finance ministry’s scheduled sales of the first batch of one trillion yuan in ultra long-term special treasury bonds. By the numbers The People’s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan (US$17.28 billion) in one-year MLF loans to some financial institutions unchanged at 2.50%, from the previous operation. In a Reuters survey of 32 market watchers, 84% of respondents expected the PBOC to leave the interest rate on MLF rate unchanged. Context China’s yuan has lost about 1.9% against a resurgent US dollar so far this year, pressured by its relatively low yields versus other economies. Beijing will step up support for the economy with monetary and fiscal policies, including cuts in interest rates and bank reserve requirement ratios (RRR), the Communist Party’s Politburo said in late April. Key quotes “Recent data with low inflation, credit contraction, slowing money supply growth and weak private sector investment present a strong case for rate cuts, suggesting that real interest rates remain too high and that RRR cuts are seeing diminished effectiveness,” economists at ING said in a note before the rate decision. “With that said, currency stabilisation has been a key consideration this year, and policymakers likely prefer for global rate cuts to begin before starting to cut rates,” they said. China’s central bank leaves key policy rate unchanged BY WINNI ZHOU & TOM WESTBROOK Reuters BY MASAHIRO HIDAKA Bloomberg 10-year yield was within striking distance of of 0.975%, the highest since 2013. Christopher Willcox, the head of Nomura Holdings Inc’s trading unit, said in an interview on Wednesday that the 10- year yield “can possibly get to exceed 1% at some point”, because inflation will likely remain elevated. “Undoubtedly, these markets are going to be more interesting,” he said. Willcox added that the yen could still strengthen to as much as 140 to the dollar this year, with the expectation of the BOJ announcing “limited tightening”, possibly in October. The currency traded around 156.38 at 1pm in Tokyo. Investors are divided on the outlook beyond July. One market gauge suggests that traders are only expecting about one further hike this year, on top of the BOJ’s move made in March. Yet Pacific Investment Management Co sees the prospect of three more moves this year. Vanguard Group Inc’s head of international rates Ales Koutny expects hikes to around 0.75% by the end of the year. Goldman Sachs Group Inc sees the BOJ lifting rates twice a year until they reach 1.25% to 1.5%. Some investors think the BOJ won’t sharply increase interest rates, because companies that are used to super-low borrowing costs would cut back spending. Others regard neglecting rate hikes as likely to cause the yen to weaken even more, which would inflate import costs. If the BOJ raises interest rates twice a year, the yield on medium-term bonds and especially five-year notes will be affected, said Tadashi Matsukawa, the head of PineBridge Investments Japan Co’s fixed income management department in Tokyo. Read also: Japan’s biggest banks forecast record profits as rates rise BLOOMBERG

THURSDAY MAY 16, 2024 18 THEEDGE CEO MORNING BRIEF WORLD (May 15): An extended period of elevated interest rates is preventing investors from taking risks as they choose to put funds in safer government debt instead, said Gary Cohn, who served as the chief economic adviser to former US president Donald Trump. “Fiscal policy and monetary policy are directly impacting how money is being spent, what money is available today — I think that’s an even more important topic,” Cohn, now a vice-chairman at International Business Machines Corp, said in a Bloomberg Television interview on Tuesday. Investors were willing to take more risk — on a start-up company, for example — before they were able to get a return of 5.3% or 5.4% on a six-month Treasury bill that comes with tax benefits, said Cohn, who was the president and chief operating officer of Goldman Sachs Group Inc before running the National Economic Council under Trump. The same funds that invesCohn says high interest rates block investors from taking risks (May 15): A measure of underlying US inflation cooled in April for the first time in six months, indicating price pressures are abating gradually and supporting the Federal Reserve’s (Fed) intent to cut interest rates later this year. The so-called core consumer price index (CPI), which excludes food and energy costs, increased 0.3% from March, according to government data out on Wednesday. From a year ago, it advanced 3.6%. Economists see the core gauge as a better indicator of underlying inflation than the overall CPI. That measure climbed 0.3% from the prior month and 3.4% from a year ago, Bu- (May 15): US household debt has reached a record and more borrowers are struggling to keep up. Overall US household debt rose to US$17.7 trillion (RM83.25 trillion), according to the Federal Reserve (Fed) Bank of New York’s Quarterly Report on Household Debt and Credit released on Tuesday. That’s an increase of US$184 billion, or 1.1%, from the fourth quarter. The data highlight the mounting financial pressures on American families in an age of elevated inflation. The persistent rise in the prices of essentials such as food and rent have strained household budgets, pushing people to borrow against their credit cards to pay for necessities. Consumers have added US$3.4 trillion in debt since the pandemic, and that increased debt bears much higher interest rates. Total credit card debt stood at US$1.12 trillion in the first quarter of 2024, according to the report. That’s down slightly from the US$1.13 trillion in the fourth quarter, in line with seasonal patterns of consumers paying debt incurred over the holidays. But credit card balances are up almost 25% from the first quarter of 2020. “Credit card balances usually rise in the second and third quarters and then they really tend to spike around the holidays in the fourth quarter,” Ted Rossman, a senior analyst at Bankrate, wrote in a note to clients. “With inflation and interest rates likely to remain elevated, there’s a very good chance credit card balances will surge to new highs later in 2024.” Fed chair Jerome Powell repeated on Tuesday it will likely take more time than previously thought before the US central bank feels confident enough about the outlook for inflation to lower interest rates. reau of Labor Statistics (BLS) figures showed. Shelter and gasoline accounted for over 70% of the increase, the BLS said in the report. While the figures may offer the Fed some hope that inflation is resuming its downward trend, officials will want to see additional readings to gain the confidence they need to start thinking about cutting interest rates. Chair Jerome Powell said on Tuesday the central bank will “need to be patient and let restrictive policy do its work,” and some policymakers don’t expect to cut rates at all this year. Treasury yields tumbled, S&P 500 index futures rose and the dollar weakened. Traders boosted the odds of a September rate cut to about 60%. The central bank is trying to rein in price pressures by weakening demand across the economy. Separate data out on Wednesday showed retail sales stagnated in April, indicating high borrowing costs and mounting debt are encouraging greater prudence among consumers. In addition to shelter, the advance in the CPI was driven once again by services like car insurance and medical care. Apparel prices rose by the most since June 2020. US core CPI cools for first time in six months in relief for Fed Overdue bills are rising with US debt delinquencies, Fed survey shows BY AUGUSTA SARAIVA Bloomberg BY ALEX TANZI & JONNELLE MARTE Bloomberg BY DANIEL TAUB Bloomberg Read the full story tors are now putting in T-bills would instead have been placed in riskier assets in the financial markets, he said. “We have changed the whole mentality of the way people think about holding capital, investing capital, recirculating capital,” Cohn said. “A little bit of the natural cadence of capital moving in and out of risk assets has changed both because of fiscal and monetary policy.” BLOOMBERG

THURSDAY MAY 16, 2024 19 THEEDGE CEO MORNING BRIEF WORLD (May 15): Indonesian President-elect Prabowo Subianto is confident that he will be able to help the country win the world’s fastest-growing economy tag early in his term, by focusing on industrialisation and food and energy security. “I am very confident” of achieving 8% growth and “determined to go beyond”, Prabowo, who’s set to succeed President Joko Widodo in October, told Bloomberg Television’s Haslinda Amin at the Qatar Economic Forum on Wednesday. It should be doable within two to three years, he said. “We want to produce our diesel from palm oil. This will be a very strong growth driver,” he said. Indonesia imports US$20 billion (RM94.07 billion) worth of diesel, as he touted the huge savings that would result from the switch to biofuel. He also underlined agriculture as an area to propel growth. Prabowo’s goal, which is more ambitious than the 7% that has eluded the incumbent leader after a decade in power, will make Indonesia the world’s fastest-growing major economy — a title currently held by India. Indonesia has only expanded by an average of 5% over the last 20 years, despite major legal reforms to boost investment and a boom in minerals downstreaming. Prabowo said while downstreaming — wherein more raw commodities are refined locally before being exported — is important to industrialise, he acknowledged that it would take years to achieve that. “What would be the growth drivers in the first few years would be our concentration on agriculture”, food production and energy self-sufficiency, he said. The president-elect said the nation’s fiscal prudence over the years and low debt-to-gross domestic product (GDP) ratio gives it room to be more ‘daring’ to achieve faster growth. Prabowo is focused on reducing poverty and improving child nutrition to help unlock more benefits from the country’s massive, young population. One of his key SINGAPORE/JAKARTA (May 15): In few countries is the transfer of power as meticulously planned as in Singapore, which has had just three prime ministers from the same party in nearly 60 years. But as Lawrence Wong becomes the fourth on Wednesday, the challenges facing the financial hub are growing. The 51-year-old Harvard graduate will be sworn in during an evening ceremony at the Istana, Singapore’s presidential residence, Singapore confronts rising risks as Lawrence Wong takes helm BY PHILIP HEIJMANS & FARIS MOKHTAR Bloomberg and will immediately have to manage pressures that include high living costs, mounting geopolitical risks and the repercussions of a corruption scandal that tainted the image of the ruling People’s Action Party. Wong “faces an unprecedented challenge of navigating a constantly evolving landscape, with a more diverse electorate and heightened expectations for transparency and accountability,” said Nydia Ngiow, managing director at business con- Read the full story sultancy BowerGroupAsia in Singapore. The evolving dynamics could “disrupt the most well-laid plans”. Tensions between the US and China — two countries on which the island nation depends — aren’t going away, while the conflicts in the Middle East and Ukraine have buffeted the city-state’s trade-focused economy and stoked unease in Singapore’s ethnically and religiously diverse society. All of that will weigh on voters’ minds, as Wong spearheads the so-called “fourth generation” of political leaders towards a general election that outgoing Prime Minister Lee Hsien Loong, 72, pledged would coincide with the handover — and which by law must happen by the end of November 2025. There’s little doubt that the People’s Action Party (PAP) will extend its unbroken grip on power when elections take place, but an early stumble by Wong and his team that erodes public support could undermine confidence in the new leadership right out of the gate. The PAP dominates the legislature, but its share of the popular vote has been sliding. Lawrence Wong campaign pledges is to give free lunches and milk to more than 80 million students, which he also expects to create employment for women and small businesses. The programme could cost as much as 460 trillion rupiah (US$28.7 billion or RM134.99 billion) a year, more than the entire 2023 budget deficit. The nation’s next leader plans to increase tax revenue to 14%-16% of GDP to fund his spending promises while upholding fiscal discipline. The government is mandated by law to cap the budget deficit at 3% of GDP — and Prabowo has declared no plans to change that. Indonesia’s next leader targets worldbeating 8% plus growth BY GRACE SIHOMBING & NORMAN HARSONO Bloomberg BLOOMBERG BLOOMBERG FILEPIX

THURSDAY MAY 16, 2024 20 THEEDGE CEO MORNING BRIEF WORLD (May 15): China will allow visa-free entry for foreign tour groups that come to the country via cruise ships, in a further bid to attract international visitors and boost its sluggish inbound travel market. Overseas tour groups on cruise boats will be able to enter and stay in China without a visa for up to 15 days, according to the National Immigration Administration. The new policy will be effective from May 15. Tour groups can enter China from 13 ports, including Shanghai, Qingdao, Dalian and Haikou, Mao Xu, a senior official with the immigration administration, said at a press conference in Beijing on Wednesday. Qualifying tour groups need to be received and handled by domestic travel agencies and will be allowed to travel to coastal provinces, as well as the capital, Beijing, while they are in China, Mao said. “The visa-free entry policy for foreign tour groups on cruise ships will provide policy support for the development of the cruise industry,” Mao said. “It will also help attract more foreign tourists to China and provide more convenient channels for people-to-people exchanges between China and other countries.” China has some 21 international cruise ships that ply the country’s ports en route to other destinations like Japan, South Korea and Vietnam, Zhu Zhenyu, a senior official with Ministry of Transport, said at the same briefing. A total of 107,000 passenger trips were made via cruise ships in China in 2023, according to Zhu. The push comes on the heels of a slew of policy measures that China has adopted since late last year, to try and attract more international visitors. They include visa-free entry for travellers from some European and Asian countries, including Singapore. The country’s first domestically made cruise ship also debuted in January, offering local tourists more options to travel abroad in a still-familiar environment. But China could find it difficult to lure overseas visitors to its shores, amid a weakening economy and muted demand for travel in Asia’s biggest economy. Australian airline Qantas Airways Ltd recently suspended flights between Sydney and Shanghai, instead adding more services to Singapore, and Bengaluru in India. The carrier cited low demand for travel between Australia and China as the reason, and noted that interest hasn’t recovered as strongly as expected since Covid. China allows visa-free entry for overseas groups on cruise ships BENGALURU (May 15): Singapore Airlines posted its highest-ever annual profit on Wednesday on a rebound in demand for air travel, and said it expects this trend to continue into the first quarter (1Q) of fiscal 2024. The flag carrier’s upbeat results come as the broader aviation industry grapples with supply chain bottlenecks and a more cautious outlook in Asia as China’s international travel rebounds from the pandemic at a slower pace than anticipated. “The demand for air travel remains healthy in the first quarter of FY2024/25, supported by a strong pickup in forward bookings to North Asia and Southeast Asia,” it said. The airline cautioned that passenger yields would likely continue to moderate as airlines bring more capacity online, especially in the Asia-Pacific region. SIA Group saw a higher demand for air freight from Asia in the second half of the year, as security concerns in the Red Sea region aided a change in mode of transportation. Passenger load factor — a measure of how many seats are filled on planes — for the group as a whole was 88% for the year, compared with 85.4% in the previous year. The airline posted a net profit of S$2.68 billion (RM9.35 billion) for the year ended March 31, compared with a previous record S$2.16 billion a year ago, which ended three years of losses. SIA, which is set to be a 25.1% owner of Air India following a merger of its Vistara joint venture with the Tata Group-controlled airline, said annual revenue rose 7% from a year earlier to S$19.01 billion. The company proposed a final dividend of 38 Singapore cents per share, up from 28 Singapore cents declared last year. Singapore Airlines Group operates Singapore Airlines, its flag carrier, and Scoot, its low-cost subsidiary. Singapore Airlines posts record profit of S$2.68 bil in 1Q, sees travel demand continuing BY SHIVANGI LAHIRI & AADITYA GOVIND RAO Reuters Bloomberg Singapore Airlines posted a net profit of S$2.68 billion (RM9.35 billion) for the year ended March 31, compared with a previous record S$2.16 billion a year ago on continuing demand for air travel. REUTERS BLOOMBERG

THURSDAY MAY 16, 2024 21 THEEDGE CEO MORNING BRIEF WORLD (May 15): OpenAI chief scientist and co-founder Ilya Sutskever is leaving the artificial intelligence (AI) company, a departure that ends months of speculation in Silicon Valley about the future of a top AI researcher who played a key role in the brief ouster of Sam Altman last year. Sutskever will be replaced by research director Jakub Pachocki, OpenAI said on its blog on Tuesday. In a post on X, Sutskever called trajectory of OpenAI ‘miraculous’, and said that he was confident the company will build AI that is ‘both safe and beneficial’ under its current leadership. The exit removes an executive and renowned researcher who has played a pivotal role in the company since its earliest days, helping guide discussions over the safety of AI technology and at times differing with Altman over strategy. When OpenAI was founded in 2015, he served as its research director after being recruited to join the company by billionaire Elon Musk. At that point, Sutskever was already well known in the field for his work on neural networks at the University of Toronto and his work at the Google Brain lab. Sutskever even officiated the wedding of president Greg Brockman at the OpenAI offices. Sutskever clashed with Altman over how rapidly to develop AI, a technology prominent scientists have warned could harm humanity if allowed to grow without builtin constraints, for instance on misinformation. Jan Leike, another OpenAI veteran who co-led the so-called superalignment team with Sutskever, also resigned. Leike’s responsibilities included exploring ways to limit the potential harm of AI. Last year, Sutskever was one of several OpenAI board members who moved to fire chief executive officer Altman, a decision that touched off a whirlwind five days at the company: Brockman quit in protest. Investors revolted. And within days, nearly all of OpenAI’s roughly 770 employees signed a letter threatening to quit unless Altman was reinstated. Adding to the chaos, Sutskever said he regretted his participation in Altman’s ouster. Soon after, the CEO was reinstated. After Altman returned to the company in late November, he said in a blog post that Sutskever wouldn’t go back to his former post as a board member, but that the company was “discussing how he can continue his work at OpenAI”. In the subsequent months, Sutskever largely disappeared from public view, sparking speculation about his continued role at the company. Sutskever’s post on X on Tuesday was the first time he shared anything on the social network since reposting a message from OpenAI in December. Asked about Sutskever at a press conference in March, Altman said he loved him, and that he believed Sutskever loved OpenAI, adding: “I hope we work together for the rest of our careers.” In a post on X on Tuesday, Altman wrote, “Ilya is easily one of the greatest minds of our generation, a guiding light of our field, and a dear friend”. On X, Sutskever posted that he is working on an as-yet-unnamed project that is “very personally meaningful” for him. The company’s new chief scientist, Pachocki has worked at OpenAI since 2017. Pachocki led the development of the company’s GPT-4 AI model, OpenAI said. Read also: AI’s use in finance may need new rules, ECB says OpenAI chief scientist resigns, working on unnamed project (May 15): Alphabet Inc’s Google on Tuesday said it’s rolling out a version of its ubiquitous search engine that includes responses written by artificial intelligence (AI), in one of the most significant overhauls since the iconic gateway to the internet was founded decades ago. The company started using AI to draft responses to questions last year, but people had to sign up for an experimental version of the product to try it. Google will make the new iteration of search, featuring what it calls AI Overviews, available to US users this week, and in more countries in the coming months, reaching more than one billion users before the end of the year, the company said at its annual I/O developers summit in Mountain View, California. Google introduces generative AI in major search engine update For the company that has become synonymous with search, the biggest single change in “Googling” is that some responses to queries will now come with a more narrative response that spares people the task of clicking through various links. “There’s so much innovation happening in search,” chief executive officer Sundar Pichai said onstage at the event. “Thanks to Gemini, we can create a much more powerful search experience.” Long the dominant search engine globally, Google has faced increased competition from the likes of OpenAI, which just on Monday introduced a faster and cheaper AI model called GPT-4o that will power its popular chatbot, ChatGPT. BY JULIA LOVE & DAVEY ALBA Bloomberg BY RACHEL METZ Bloomberg BLOOMBERG

THURSDAY MAY 16, 2024 22 THEEDGE CEO MORNING BRIEF WORLD (May 15): Prabowo Subianto’s plan to create a new state revenue agency outside of the finance ministry could do more harm than good for Indonesia’s tax collection, said Fitch Ratings. It remains “unclear” how the president-elect’s plan would bolster long-term revenue collection, Fitch Ratings’ head of Asia-Pacific Sovereigns Thomas Rookmaaker said in an interview. Removing the tax and customs office from the ministry may worsen uncertainty and lead to operational hiccups, he added. “In the short term, it could even cause some disruptions,” he said. To boost revenue, the government should remove tax exemptions and raise compliance instead, he said. Indonesia has long struggled to raise earnings that match the size of its economy. Fitch expects state revenue to decline to 14.6% of gross domestic product (GDP) this year, the lowest among similarly-rated peers. That ratio is holding the country back from seeing upgrades to its credit rating, which at ‘BBB’ marks the second-lowest investment grade despite an improving external balance and robust growth. Any disturbance to tax receipts could undermine Prabowo’s planned spending spree, including the free lunch and milk for school children that may cost as much as 460 trillion rupiah (RM134.62 billion). The programme will widen the fiscal deficit to near the 3% of GDP legal limit, Fitch said. Still, the incoming president has promised to refrain from raising tax rates even as he aims to boost the tax-to-GDP ratio to up to 16% during his tenure, from about 10% currently, to keep the deficit within its cap. Indonesia’s tax spinoff may disrupt revenues, Fitch warns WASHINGTON (May 15): A major renewable developer blasted a push by some US solar manufacturers for new tariffs on imported photovoltaic (PV) cells from Southeast Asia, calling it a bid to protect their own profits at the expense of clean energy deployment. Michael Polsky, chief executive officer of Invenergy LLC, said petitions seeking new duties on crystalline silicon cells would uniquely benefit First Solar Inc and Hanwha Qcells USA Inc, while undermining panel-making rivals. “Clearly, the point of this petition by these petitioners has nothing to do with US manufacturing,” he told Bloomberg in an interview. “It has to do with protecting their profits and creating conditions where they can sell their solar products at the highest price.” First Solar and Qcells are among companies seeking duties on cells and panels from several major Asian suppliers, saying the equipment is being unfairly subsidised and priced below the cost of production. They have cast their petition as a way to help US solar manufacturing, as US President Joe Biden tries to wrest control of green energy supply chains away from China. Polsky’s comments came before the International Trade Commission meets to consider the petitions — an initial step towards potential antidumping and countervailing duties that could be imposed in as little as four months. Chicago-based Invenergy is not just a top US renewable power developer but is also now in the panel-making business, having launched production this year at a plant in Ohio that relies on imported cells. Both First Solar and Qcells rejected the allegation, arguing the trade push is meant to ensure US producers can fairly compete with foreign rivals. “This petition is exclusively about enforcing the rule of law, enabling a level playing field for domestic solar manufacturing of all PV technologies, so that they can compete on the basis of their own merits, and supporting the effort to scale solar value chains across America,” Jason Dymbort, First Solar’s executive vice president and general counsel, said in an emailed statement. Marta Stoepker, Qcells’ senior director of corporate communications, said the tariff push seeks to encourage US production of polysilicon wafers and cells — not just panels. The US currently has almost no cell production, although Qcells is building an integrated cell and panel plant in Georgia. “If we want the many benefits that come from having a strong domestic solar manufacturing industry, including jobs, energy security and a more stable climate, we need more domestic manufacturers to make investments up and down the solar supply chain,” Stoepker said in an emailed statement. The dispute focuses on crystalline silicon photovoltaic cells, whether sold individually or assembled into the panels — also called modules — that convert sunlight into electricity. First Solar makes specialised thin-film panels that don’t use the polysilicon-based technology that dominates the industry. And Qcells imports some of those components from South Korea, a country outside the potential trade probe, as well as Malaysia, which is one of the four targeted nations. The petitions also focus on imports from Cambodia, Thailand and Vietnam. US power developer warns new trade probe imperils solar push BY JENNIFER A DLOUHY Bloomberg BY GRACE SIHOMBING & CLAIRE JIAO Bloomberg BLOOMBERG

THURSDAY MAY 16, 2024 23 THEEDGE CEO MORNING BRIEF WORLD BENGALURU (May 15): India’s weight in MSCI’s Global Standard index, which tracks emerging market stocks, has risen to another record high, boosting prospects of more inflows into its equity markets. With this, India has further narrowed the gap with China on the index. While China’s weightage in the index will fall to 25% from 25.4%, India’s weight will rise to 19% from 18.2%. The changes, announced on Wednesday, will be effective May 31. The May review will lead to about US$2 billion inflows into India, Abhilash Pagaria, analyst at Nuvama Alternative and Quantitative Research, said. Consistent flows from domestic institutional investors and steady participation by foreign investors means that there is potential for India to surpass 20% weightage in the MSCI Global Standard index by the second half of 2024, Pagaria said. With the May rejig, India’s stock count in the MSCI Global Standard index is at 149, the highest ever for the country. India’s rising prominence in emerging markets is due to robust performance of its equities, particularly in the mid-cap segment, amid the relative underperformance by other emerging markets, especially China, analysts have said. MSCI will add 13 Indian companies, the most among emerging markets, to the Global Standard Index from May end. India’s weight in key MSCI equity index hits another high, to boost inflows US federal court enforces SEC’s subpoena to (May 15): China is considering a proposal depose Elon Musk to have local governments across the country buy millions of unsold homes, people familiar with the matter said, in what would be one of its most ambitious attempts yet to salvage the beleaguered property market. The State Council is seeking feedback from several provinces and government entities on the preliminary plan, said the people, asking not to be identified discussing a private matter. While China has already experimented with several pilot programmes to clear excess housing inventory with the help of state funding, the latest plan would be much larger in scale. Local state-owned enterprises would be asked to help purchase unsold homes from distressed developers at steep discounts using loans provided by state banks, acSAN FRANCISCO (May 15): A federal court said that Elon Musk must testify again in the US Securities and Exchange Commission’s (SEC) investigation into his US$44 billion (RM207.12 billion) takeover of Twitter, according to a court filing on Tuesday. The SEC sued Musk in October to compel the Tesla and SpaceX chief executive officer to testify after he refused to attend a September interview for the investigation, saying the SEC was trying to “harass” him with a number of subpoenas. The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X. It is also reviewing statements and SEC filings he made in relation to the deal, the agency has previously said. Musk was not immediately available for comments. cording to two of the people. Many of the properties would then be converted into affordable housing. Officials are still debating details of the plan and its feasibility, the people said, adding that it could take months to be finalised if China’s leaders decide to go ahead. The housing ministry didn’t respond to a request for comment. If authorities do proceed, it would mark a new phase in the government’s closely watched campaign to address the biggest drag on the world’s second-largest economy. China’s home sales plummeted about 47% in the first fourth months and unsold housing inventory is hovering at an eightyear high, exacerbating a meltdown that threatens to put about five million people at risk of unemployment or reduced incomes. The plan can “inject liquidity to developers directly and improve their financial situation, as well as immediately digesting excess inventory”, said Raymond Cheng, head of China property research at CGS International Securities HK. “This is all win situation. Of course, it needs a lot of funds — at least one trillion yuan (RM650.89 billion) to make the impact more meaningful.” Shujin Chen, head of China financial and property research at Jefferies Financial Group, estimated at least two trillion yuan of investments would be needed. China mulls government buying of unsold homes to ease glut, Bloomberg reports Bloomberg BY BHARATH RAJESWARAN Reuters BY HYUNJOO JIN & MIKE SCARCELLA Reuters Read also: Singapore home sales drop on weaker demand, lack of launches REUTERS REUTERS

THURSDAY MAY 16, 2024 24 THEEDGE CEO MORNING BRIEF WORLD KYIV (May 15): President Volodymyr Zelenskiy postponed all his foreign trips as the battlefield situation continued to deteriorate on Wednesday and Kyiv said fighting raged in the northeastern border town of Vovchansk in Kharkiv region. The capture of the town 5 km from the border would be Russia’s most significant gain since it launched an incursion into the Kharkiv region on Friday, opening a new front and forcing Kyiv to rush in reinforcements. The assault keeps Ukraine’s stretched and depleted forces off balance ahead of what Zelenskiy has said could be a big Russian offensive in the coming weeks. Moscow has been slowly making ground in the east for months. “The situation is extremely difficult. The enemy is taking positions on the streets of the town of Vovchansk,” Oleksiy Kharkivskiy, Vovchansk’s patrol police chief, said on Facebook. Dmytro Lazutkin, a spokesman for the defence ministry, said “some” Russian infantry groups had entered the town, which military analysts reckon Moscow needs to capture to continue its offensive thrust deeper into the region. Read also: Putin says Russian forces are advancing on all fronts against Ukraine Zelenskiy postpones his foreign travel, Russian infantry enters Ukraine border town HANDLOVA Slovaki (May 15): Slovak Prime Minister Robert Fico was shot and wounded in the abdomen after a government meeting on Wednesday, Slovak media reported. A Reuters witness heard several shots fired after the meeting in Handlova northeast of the capital Bratislava. Police detained a man and security officials pushed someone into a car and drove off, the witness said. Slovak news agency TASR quoted parliamentary vice-chairman Lubos Blaha as saying Fico had been shot and hurt. Broadcaster TA3 reported four shots were fired, one hitting Fico, 59, in the abdomen. Emergency services said a helicopter had been sent for a 59-year-old man in Handlova after receiving information that he had been shot. The government office could not immediately be reached for comment. Ursula von der Leyen, President of the European Commission, condemned what she described as a vile attack on Fico. The Slovak government was meeting in Handlova, 190km (118 miles) northeast of Bratislava, as part of a tour of the country’s regions after coming to power late last year. Fico returned as prime minister of the central European country, which is a member of the European Union and Nato, for the fourth time last year after shifting political gears to appeal to a changing electorate. During a three-decade career, Fico has moved between the pro-European mainstream and nationalistic positions opposed to European Union and US policies. He has also shown a willingness to change course depending on public opinion or changed political realities. Following the shooting, Slovakia’s biggest opposition party called off a planned protest against government public broadcaster reforms set for Wednesday evening. (May 15): JPMorgan Chase & Co chief executive officer Jamie Dimon called for full and thoughtful engagement with China, despite the country posing “tough competition” for the West. In an interview with Sky News in London on Wednesday, Dimon said “as long as China is kind of on the side of Russia, we are going to have a hard time”, adding the tensions over Taiwan could pose problems. His comments came during a visit to Europe, in which Dimon met with French Finance Minister Bruno Le Maire. Chinese President Xi Jinping chose France as the first stop on his recent European tour, which was aimed at stabilising his country’s relationship with Europe. Dimon said geopolitics should be a more important focus than the economy given the turmoil in the Middle East and the war in Ukraine, a comment he had made before. He highlighted the importance of keeping the US allies together given global tensions, adding that he wishes the Inflation Reduction Act had been made in collaboration with other nations. The head of America’s largest bank also reiterated his warning about the US fiscal deficit. He said he doesn’t anticipate a “comeuppance” any time soon, but added that if markets force America to deal with the issue, it will have a more “uncomfortable” time. Slovak PM Fico shot and wounded JPMorgan’s Dimon calls for ‘full engagement’ with China BY RADOVAN STOKLASA, JASON HOVET & JAN LOPATKA Reuters BY CHARLOTTE HUGHES-MORGAN Bloomberg BY YULIIA DYSA & TOM BALMFORTH Reuters A man is detained after the shooting incident of Slovak Prime Minister Robert Fico, after a Slovak government meeting in Handlova, Slovakia on May 15. REUTERS BLOOMBERG

THURSDAY MAY 16, 2024 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) TOP GLOVE CORP BHD 506.9 0.300 1.260 40.00 10,090.4 SIN-KUNG LOGISTICS SDN BHD 394.1 0.010 0.140 - 168.0 SUPERMAX CORP BHD 325.3 0.215 1.080 14.89 2,770.9 CAREPLUS GROUP BHD 280.3 0.075 0.380 -10.59 266.1 MY EG SERVICES BHD 138.8 0.050 1.030 26.38 7,682.8 AHB HOLDINGS BHD 109.4 0.015 0.145 11.54 107.9 ICONIC WORLDWIDE BHD 98.0 0.005 0.115 8.57 194.0 PA RESOURCES BHD 87.6 0.030 0.380 40.74 568.3 HARTALEGA HOLDINGS BHD 84.9 0.860 3.820 41.48 13,038.7 TWL HOLDINGS BHD 84.7 0.000 0.025 -16.67 143.7 HLT GLOBAL BHD 74.7 0.050 0.225 0.00 174.5 KOSSAN RUBBER INDUSTRIES BHD 59.6 0.360 2.740 48.11 6,991.4 NEXGRAM HOLDINGS BHD 57.4 -0.005 0.025 -44.44 22.2 JAKS RESOURCES BHD 57.4 -0.005 0.125 -32.43 318.8 MMAG HOLDINGS BHD 54.8 -0.060 0.310 226.32 525.7 HEXTAR HEALTHCARE BHD 54.7 0.035 0.265 -8.62 265.5 COMFORT GLOVE BHD 52.4 0.090 0.560 17.89 324.2 SNS NETWORK TECHNOLOGY BHD 51.2 -0.035 0.445 89.36 717.7 MAH SING GROUP BHD 50.2 0.080 1.340 61.45 3,430.6 ALPHA IVF GROUP BHD 47.5 0.000 0.320 - 1,555.2 Data as compiled on May 15, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) EA HOLDINGS BHD 0.010 100.00 11,028.1 0.00 64.5 LAMBO GROUP BHD 0.030 50.00 1,055.4 50.00 46.2 TALAM TRANSFORM BHD 0.015 50.00 947.2 0.00 64.4 MQ TECHNOLOGY BHD 0.020 33.33 1,173.7 -20.00 31.1 TOP GLOVE CORP BHD 1.260 31.25 506,885.7 40.00 10,090.4 ADVENTA BHD 0.410 30.16 43,271.3 13.89 125.3 HARTALEGA HOLDINGS BHD 3.820 29.05 84,894.8 41.48 13,038.7 HLT GLOBAL BHD 0.225 28.57 74,730.9 0.00 174.5 ALAM MARITIM RESOURCES BHD 0.025 25.00 4,017.0 -16.67 38.3 SUPERMAX CORP BHD 1.080 24.86 325,327.0 14.89 2,770.9 CAREPLUS GROUP BHD 0.380 24.59 280,252.6 -10.59 266.1 OCEANCASH PACIFIC BHD 0.420 23.53 8,582.3 33.33 109.5 INFRAHARTA HOLDINGS BHD 0.195 21.88 3919.6 85.71 79.17 G3 GLOBAL BHD 0.030 20.00 1221.3 20.00 113.21 COMFORT GLOVE BHD 0.560 19.15 52405.7 17.89 324.24 YLI HOLDING BHD 0.770 18.46 5150.9 92.50 79.18 BERTAM ALLIANCE BHD 0.130 18.18 85 -13.33 41.93 BIOALPHA HOLDINGS BHD 0.105 16.67 17194.7 17.26 147.68 TA WIN HOLDINGS BHD 0.035 16.67 44016.2 -12.50 120.24 ARK RESOURCES HOLDINGS BHD 0.525 15.38 340.6 50.00 36.54 Data as compiled on May 15, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) METRONIC GLOBAL BHD 0.015 -25.00 1,405.8 0.00 23.0 NEXGRAM HOLDINGS BHD 0.025 -16.67 57,362.6 -44.44 22.2 MMAG HOLDINGS BHD 0.310 -16.22 54,804.9 226.32 525.7 KAMDAR GROUP M BHD 0.260 -14.75 165.9 36.84 51.5 TFP SOLUTIONS BHD 0.035 -12.50 3,284.7 -36.36 20.5 AVILLION BHD 0.040 -11.11 513.2 -20.00 45.3 PDZ HOLDINGS BHD 0.040 -11.11 5,231.4 -20.00 23.5 AT SYSTEMATIZATION BHD 0.205 -10.87 25,335.6 -31.67 46.4 MSM MALAYSIA HOLDINGS BHD 2.800 -10.83 8,953.9 73.91 1968.34 FITTERS DIVERSIFIED BHD 0.045 -10.00 372.0 -10.00 105.4 WAJA KONSORTIUM BHD 0.045 -10.00 102.0 -25.00 50.2 ASDION BHD 0.055 -8.33 1,653.6 -47.62 28.1 ASTRAL ASIA BHD 0.110 -8.33 28.0 -4.35 72.6 ECOBUILT HOLDINGS BHD 0.055 -8.33 37.7 -38.89 23.14 KANGER INTERNATIONAL BHD 0.055 -8.33 1,903.6 -15.38 40.24 OVERSEA ENTERPRISE BHD 0.055 -8.33 21.1 -8.33 124.7 NETX HOLDINGS BHD 0.115 -8.00 697.7 -8.00 107.9 SENTORIA GROUP BHD 0.060 -7.69 11622.6 -33.33 36.8 SNS NETWORK TECHNOLOGY BHD 0.445 -7.29 51,208.1 89.36 717.7 SAPURA RESOURCES BHD 0.410 -6.82 97.7 9.33 57.2 Data as compiled on May 15, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) MSM MALAYSIA HOLDINGS BHD 2.800 -0.340 8953.9 73.91 1,968.3 AJINOMOTO MALAYSIA BHD 16.560 -0.320 280.0 4.15 1,006.8 PPB GROUP BHD 15.300 -0.300 433.2 5.66 21,765.8 PETRONAS CHEMICALS GROUP 6.810 -0.160 3552.5 -4.89 54,480.0 SUNGEI BAGAN RUBBER CO 6.460 -0.150 118.1 98.77 427.5 PETRONAS DAGANGAN BHD 20.860 -0.140 436.6 -4.49 20,723.5 KOBAY TECHNOLOGY BHD 2.150 -0.130 4910.7 61.65 697.0 KLUANG RUBBER CO MALAYA BHD 5.780 -0.120 20.0 59.67 359.3 SIME DARBY PLANTATION BHD 4.440 -0.110 2849.4 -0.45 30,705.8 SUNWAY BHD 3.400 -0.110 33158.7 65.05 19,135.7 APEX HEALTHCARE BHD 3.070 -0.100 410.4 23.29 2,209.3 HONG LEONG FINANCIAL GROUP 17.400 -0.100 116.9 5.84 19,927.3 KOTRA INDUSTRIES BHD 4.700 -0.100 32.5 -2.69 697.1 GUAN CHONG BHD 3.100 -0.090 7819.2 69.40 3,641.0 AME REAL ESTATE INVESTMENT 1.420 -0.080 476.0 9.23 746.3 GE-SHEN CORP BHD 4.120 -0.080 123.3 255.17 517.4 MALAYSIAN PACIFIC INDUSTRIES 32.520 -0.080 200.7 15.32 6469.2 MASTER TEC GROUP BHD 1.280 -0.080 6,083.1 - 1305.6 PIE INDUSTRIAL BHD 5.920 -0.080 423.9 82.15 2273.53 APM AUTOMOTIVE HOLDINGS BHD 2.810 -0.06 99.6 12.40 549.34 Data as compiled on May 15, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HARTALEGA HOLDINGS BHD 3.820 0.860 84894.8 41.48 13,038.7 HEINEKEN MALAYSIA BHD 24.200 0.520 349.4 0.25 7,310.8 KOSSAN RUBBER INDUSTRIES BHD 2.740 0.360 59575.1 48.11 6,991.4 DUTCH LADY MILK INDUSTRIES 32.940 0.300 41.5 42.23 2,108.2 TOP GLOVE CORP BHD 1.260 0.300 506885.7 40.00 10,090.4 SUPERMAX CORP BHD 1.080 0.215 325327.0 14.89 2,770.9 FRASER & NEAVE HOLDINGS BHD 32.480 0.200 377.8 16.03 11,913.0 KECK SENG MALAYSIA BHD 5.980 0.200 370.7 25.10 2,148.6 GREATECH TECHNOLOGY BHD 4.720 0.190 2957.9 -1.67 5,919.8 SAM ENGINEERING & EQUIPMENT 5.830 0.150 981.7 46.05 3,946.8 HONG LEONG INDUSTRIES BHD 10.820 0.140 41.4 23.23 3,456.7 BATU KAWAN BHD 20.200 0.120 12.2 -1.94 7,937.0 PMB TECHNOLOGY BHD 2.700 0.120 536.9 -2.88 4,376.3 VITROX CORP BHD 7.570 0.120 455.4 3.84 7,160.6 YLI HOLDING BHD 0.770 0.120 5150.9 92.50 79.2 YTL CORP BHD 3.630 0.110 18693.3 92.06 39,880.6 KEYFIELD INTERNATIONAL BHD 1.970 0.110 5313.0 - 1,576.0 PARAGON UNION BHD 3.500 0.100 142.8 25.45 293.4 YTL POWER INTERNATIONAL BHD 5.140 0.100 21205.7 102.36 41,771.6 ADVENTA BHD 0.410 0.095 43,271.3 13.89 125.3 Data as compiled on May 15, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 39,558.11 126.60 0.32 S&P 500 * 5,246.68 25.26 0.48 NASDAQ 100 * 18,322.77 124.16 0.68 FTSE 100 * 8,428.13 31.52 0.37 AUSTRALIA 7,753.70 26.94 0.35 CHINA 3,119.90 -25.87 -0.82 HONG KONG 19,073.71 -41.35 -0.22 INDIA 72,987.03 -117.58 -0.16 INDONESIA 7,179.83 96.07 1.36 JAPAN 38,385.73 29.67 0.08 KOREA 2,730.34 3.13 0.11 PHILIPPINES 6,558.63 -49.73 -0.75 SINGAPORE 3,289.42 -23.93 -0.72 TAIWAN 21,147.21 161.36 0.77 THAILAND 1,370.44 -6.13 -0.45 VIETNAM 1,254.39 11.11 0.89 Data as compiled on May 15, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 3,8610.00 OIL US$ 81.18-1.20 RM/USD 4.7063 RM/SGD 3.4886 RM/AUD 3.1276 RM/GBP 5.9412 RM/EUR 5.0960

CEOMorningBrief THURSDAY, M AY 1 6 , 2 0 2 4 ISSUE 765/2024 theedgemalaysia.com

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 THURSDAY MAY 16, 2024 SCAN ME No. 8523 PP 2644/12/2012 (031195) ‘Malaysia leveraging on good relations with group to facilitate settlement of Hamas-Israel conflict’ Report on — page 2 Report on — page 3 Not-for-profit organisation needs RM9 million to carry out HPV vaccination for 300,000 rural and underprivileged girls. Report on — page 4 Meeting with Hamas chief a peacemaking effort: Anwar 154 cases of deviant teachings identified last year Cancer society solicits donations to fund nationwide drive KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has ordered the planting of 100 trees for each one that is unnecessarily felled in the city. In a post on X, Anwar said he has issued such instructions to Kuala Lumpur Mayor Datuk Seri Kamarulzaman Mat Salleh. Anwar was responding to a news report published by Bernama on Monday quoting Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa on action taken by Kuala Lumpur City Hall (DBKL) after a huge tree toppled across a road during a thunderstorm recently, resulting in the death of a motorist. According to Zaliha, DBKL was subsequently instructed to cut down trees at risk of toppling, Bernama reported. She was also quoted as saying DBKL has been told to improve the Shade Tree Management Plan and to develop new guidelines pertaining to ageing or high-risk trees, which is expected to be completed by July, to address dangers posed to the public. oPM issues orders to mayor subsequent to DBKL operation to cut down at-risk trees in city aimed at minimising danger to public ‘Plant 100 trees for each felled’ City hall has been instructed to cut down trees that are at risk of toppling after a motorist was killed in an incident during a storm recently. – ADIB RAWI YAHYA/THESUN Challenging to combat religious ideology on social media accounts operated from outside country: Deputy FT mufti

THURSDAY | MAY 16, 2024 2 Meeting with Hamas to leverage on good ties: Anwar DOHA: Prime Minister Datuk Seri Anwar Ibrahim has admitted that his meeting with the top Hamas leader yesterday might cause anxiety among Malaysia’s friends, especially in the West. However, he explained that Malaysia is an independent country supporting peace efforts in the Gaza Strip and is using its good relations with Hamas for this purpose. Citing Qatar as an example, he said the peninsular Arab country had used its good ties with Hamas in negotiations which led to the release of 109 captives. “We are also taking the same Anwar trying a traditional delicacy of the Kyrgyz Republic, called Borsok, upon his arrival at Manas International Airport. – BERNAMAPIC o‘Move facilitates Malaysia’s intention to support peace efforts in Gaza’ PM begins official visit to Kyrgyzstan, Kazakhstan and Uzbekistan KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim began his official visit to Kyrgyzstan, Kazakhstan and Uzbekistan yesterday, which will end on May 19. The visit is at the invitation of President Sadyr Japarov of the Kyrgyz Republic, President Kasym-Jomart Tokayev of Kazakhstan and President Shavkat Mirziyoyev of Uzbekistan, according to a Foreign Ministry’s statement. Accompanying him on the Central Asian visit are Foreign Minister Datuk Seri Mohamad Hassan, Investment, Trade and Industry Minister Tengku Datuk Seri Tengku Zafrul Tengku Abdul Aziz, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing and Minister in the Prime Minister’s Department (Religious Affairs) Datuk Mohd Na’im Mokhtar. Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir will join the delegation in Kyrgyzstan. In the Kyrgyz Republic, the prime minister will be received in a full state welcoming ceremony before meeting with Japarov to discuss bilateral, regional and international issues of concern to both countries. At the request of the Kyrgyz government, the prime minister will also visit the indigenous community’s craft and wares exhibit at Ala Archa National Park. Trade between Malaysia and the Kyrgyz Republic totalled RM162.3 million last year, a 312.6% increase compared with 2022. Malaysia exported RM161.1 million worth of goods to the Kyrgyz Republic in 2023 and imported RM1.22 million worth of electrical and electronic products, as well as chemical products. In Kazakhstan, where President Tokayev will host the prime minister, Anwar is expected to have a KazakhstanMalaysia investment roundtable meeting with a number of Kazakhstan industries. The prime minister will meet with Tokayev on May 17 to discuss matters of importance to both countries and exchange views on regional and international issues. Malaysia’s total trade with Kazakhstan in 2023 stood at RM474.5 million, with RM465.6 million being exports of Malaysian goods to Kazakhstan and RM8.9 million being the value of imports from Kazakhstan. In Uzbekistan, Anwar is scheduled to meet Mirziyoyev for a bilateral meeting to discuss relations between Malaysia and Uzbekistan, as well as explore potential areas of cooperation. The prime minister will then visit the Imam Hazrati Complex where the original manuscript of the Caliph Usman Quran (Mashaf Uthmani) – the oldest in the world – is kept and displayed. From Tashkent, the prime minister will travel to Samarkand on May 18 , where he is expected to address the High-level Uzbekistan-Malaysian Business Forum held at the Silk Road Samarkand Tourism Complex. The forum, hosted by Uzbekistan, will also be attended by Prime Minister Abdulla Nigmatovich Aripov. Last year, Malaysia’s trade with Uzbekistan totalled RM451.1 million, with exports to Uzbekistan amounting to RM449 million and imports accounting for RM1.99 million. – Bernama ‘No to second casino in Malaysia’ DOHA: Prime Minister Datuk Seri Anwar Ibrahim has firmly said no to the idea of a possible second casino in the country. Speaking at the Qatar Economic Forum 2024, the prime minister said Malaysia is currently focusing on digital transformation, energy transition as well as artificial intelligence (AI) sectors. Anwar, who is also finance minister, said these are the sectors that are adequate to push future growth, among others. Therefore, he stressed, there is no need for a second casino (licence) in the country under his administration. “Affirmative no. Malaysia does not have to venture into the (second) casino business. “We are focusing on digital transformation, energy transition (and) AI, and we believe these are adequate to push the country forward,” he told moderator Haslinda Amin in a plenary session here on Tuesday. Previously, the prime minister had repeatedly denied a foreign news report about the possibility of issuing a second casino licence in Forest City, Iskandar Puteri, Johor. – Bernama T’gganu Sultan: M’sia committed to addressing climate change BANGI: Malaysia is committed to addressing issues of global concerns, especially climate change, and ensuring continued protection and assessment of the various environmental impacts in the Antarctic continent, said Sultan of Terengganu Sultan Mizan Zainal Abidin. The Sultan, also the patron of the Sultan Mizan Antarctic Research Foundation, said Malaysia’s global ranking of 36 out of 200 countries in the publication of scientific papers, is a testament to its achievement and contribution towards understanding the Earth. “Nevertheless, I would like to emphasise that for research to thrive in Antarctica, we must have a policy framework that includes an annual allocation to support our Antarctic research endeavours continuously. “With the rising interest of research in climate change related to polar regions, sustainable research funds are crucial to strengthening our Polar Research Programme,” he said in his opening speech when officiating the 10th Malaysian International Seminar on Antarctica on Tuesday. The Sultan further said the data and evidence produced by the Malaysian polar researchers would support policymakers in making informed decisions in drafting policies to adapt and mitigate the threat of climate change. – Bernama RM1m in fines for smoking in public PUTRAJAYA: The Health Ministry issued 4,133 compounds totalling RM1.02 million for smoking offences last month, said Health DirectorGeneral Datuk Dr Muhammad Radzi Abu Hassan. He said a total of 7,195 notices were issued after inspecting 17,719 premises under the enforcement of the Control of Tobacco Product Regulations 2002. Regarding enforcement actions aimed at preventing and controlling dengue fever under the Destruction of Disease-Bearing Insects Act 1975, Muhammad Radzi said 2,642 compounds for a total of RM1.3 million were issued, with an average of RM500 for each compound. “A total of 437 cases were referred for court action and 64 cases resulted in convictions with a total fine of RM140,700,” he said a statement yesterday. Muhammad Radzi reported that last month a total of 6,818 food premises were inspected, with 154 of them ordered to close under Section 11 of the Food Act 1983. “The temporary closure of food premises enforced by the ministry ensures the cleanliness of both the premises and the food served,” he added. – Bernama approach (to leverage our good ties),” he said at the end of his threeday official visit to Qatar on Tuesday. Anwar said at the meeting with Ismail Haniyeh, Malaysia requested Hamas to consider the views of various parties to seek a speedy and peaceful settlement to the Gaza conflict, Bernama reported. He said he could see that the Hamas leader was adopting an open attitude to seek a settlement but the Israeli regime must stop its atrocities in Gaza and attacks in the West Bank. “Qatar is taking the same stance and (Qatar Prime Minister) Sheikh Mohammed bin Abdulrahman Al Thani told me that in his negotiations with both sides, Hamas has shown a willingness to fulfil several conditions but unfortunately, Israel refused to accept these conditions.” Anwar said Hamas, like PLO, Fatah and the Palestinian Authority, has the right to defend its territory from an occupying foreign power and Malaysia is taking the approach of supporting peacemaking efforts. “Our approach is to be in contact with the political body of Hamas and not get involved in any military activities. So, this is what we want to clarify and which I believe our friends (from the West) will raise,” he added. Anwar said in his bilateral meeting with the President of Poland Andrzej Duda on the sidelines of the Qatar Economic Forum, he explained why he needed to meet the Hamas leader. “We explained (to Poland) there is no reason why we cannot have the discussion (with Hamas). “Malaysia is an independent country, we make a wise decision to help seek a resolution, not to instigate it. “Before the meeting, I asked the views of the Emir of Qatar and Qatar prime minister because they know the situation better and are close to Hamas, in seeking a fair peacemaking method,” he said. Anwar’s meeting with Haniyeh, the Hamas Political Bureau chief, lasted more than an hour. Also present was former Hamas chairman Khaled Mashal. That was Anwar’s first meeting with Haniyeh in his capacity as the Malaysian prime minister. Anwar had met the Hamas leader twice before, in 2020 when Haniyeh visited Malaysia and in 2019.

THURSDAY | MAY 16, 2024 3 PETALING JAYA: According to Malaysian Islamic Development Department statistics, a total of 154 heretical teachings were declared across the country last year, said Federal Territories deputy mufti Sahibus Samahah Jamali Mohd Adnan. He called for continuous efforts to be made to enhance strategic collaboration with the authorities to ensure such teachings are more effectively combatted. “Among the teachings that are still perceived as active and dangerous include Shia, Qadiani, liberalism, and religious pluralism. Smaller groups such as the Ayah Pin, SiHulk, and the heretical teachings of Mhd Mohib Khouli continue, but not as aggressively. “In terms of the Ayah Pin heretical teachings, although it has been over five years since it was neutralised, there remain about 100 to 150 dedicated followers, including children,” he said. Recently, followers of the Ahmadi Religion of Peace and Light are believed to be active abroad and directly disseminating their teachings via TikTok live streams. Jamali said the challenge lies in the fact that many heretical teachings on social media operate outside the country, making it difficult to act against them. “The Malaysian Communication and Multimedia Commission, through the Communications and Multimedia Act 1998, has been doing its best by closing several social media pages that are confirmed to promote heretical teachings.” Jamali said the authorities have taken various measures to curb these heretical teachings in the country, including continuous monitoring, issuing fatwas, and educating the public about the dangers of heretical teachings. “The influence of social media and the borderless nature of the digital era has led to the promotion and spread of heretical teachings transcending borders. “The mufti’s office and enforcement agencies are taking these teachings seriously because we are concerned that they may influence the younger generation.” Jamali said once they are brought to the fatwa committee meeting, the mufti’s office will issue a fatwa against any teachings, practices, doctrines or thoughts found to be heretical and deviating from true Islamic teachings. He said fatwas that have been announced become law, and violating them can be subject to legal action, including fines of up to RM5,000, imprisonment for up to three years and corporal punishment of up to six strokes of the rotan for each offence. “Among the offences related to fatwa are idolatry, false doctrines, the propagation of false religious doctrines, false accusations, insulting Islam, teaching religion without proper authorisation, providing opinions and publishing materials contrary to any fatwa and Syariah law. “Heretical beliefs often arise from communities with a limited understanding of Islam, especially concerning matters of aqidah (creed) and tauhid (monotheism), which make them easily influenced by contradictory religious ideas.” Jamali said some are even overly obsessed with certain leaders or groups and too readily believe what is conveyed. “This blind loyalty often leads them to unquestioningly accept teachings propagated by their chosen authority figures, regardless of their alignment with Islamic beliefs.” Jamali added that the followers of heretical teachings often perceive themselves as the righteous ones, label naysayers as heretics, and engage in syirik (associating partners with Allah). He said according to records, two followers of the heretical teachings of “God” Harun (Harun Mat Saat) were sentenced to death for the murder of the Pahang Islamic Religious Department Enforcement Division chief assistant director in 2013. “The largest attack and invasion incident was carried out by the Al-Maunah group against the National Army Battalion Camp in Gerik, Perak, in July 2000. “All of these incidents stemmed from adherence to heretical teachings, which ultimately posed a threat to national security,” He said feedback is crucial to safeguarding the faith of Muslims, and that the public can help provide information to the authorities. Socso deadline for employers KUALA LUMPUR: Employers nationwide have been given until May 31 to voluntarily register and contribute to the Social Security Organisation (Socso) before the implementation of Ops Kesan 2024 next month. Socso group chief executive officer Datuk Seri Dr Mohammed Azman Aziz Mohammed said this would be the last chance for employers to comply with the regulation without being subject to fines, prosecution or interest on late payment of contributions (ILPC). “Employers who have yet to register and contribute for their employees are urged to do so immediately. This includes both local and foreign workers as well as domestic helpers,” he said yesterday. He added that employers can register online through the Assist Portal, visit any 54 Socso offices nationwide or contact the Socso Careline at 1-300-22-8000. Mohammed Azman added that employers who fail to register their companies and employees can be issued a compound of up to RM5,000 or charged in court. “Additionally, employers will be charged an ILPC at a rate of 6% per annum for each day of late contribution payment. “They may also be charged in court and could be fined up to RM10,000 or sentenced to imprisonment for up to two years or both,” he said. On Ops Kesan 15, he said this is to ensure that all employers who employ at least one worker register their companies and employees under Sections 4 and 5 of the Employees’ Social Security Act 1969 (Act 4) and Section 14 of the Employment Insurance System Act 2017 (Act 800). Based on statistics until March 31, nearly 1.55 million employers have registered with Socso under Act 4, but only 600,819 of them were actively contributing, or have made at least one contribution within a period of 12 months, while the number of active workers stood at 9.70 million. – Bernama Call for joint efforts to combat deviant teachings oDifficult to act against groups that use social media outside country to spread ideology: FT deputy mufti Tourist visa abuse threatens granting of privileges by Saudi Arabia MECCA: Malaysia risks losing special privileges granted by Saudi Arabia if its citizens continue to violate the kingdom’s laws and regulations, including misusing tourist visas to perform haj. Malaysian Haj Delegation head Datuk Seri Syed Salleh Syed Abdul Rahman said if one is caught misusing tourist visas, it would tarnish Malaysia’s reputation and image, which has long been held in high regard by Saudi Arabia. “We need to understand that Saudi Arabia often gives Malaysia priority, facilities and privileges in various situations, including tourist visas, umrah visas and haj visas,” he said at the Tabung Haji (TH) headquarters here on Tuesday night. Syed Salleh added that Malaysia is among three Muslim countries given the privilege to use tourist visas for performing umrah. The other countries are Kazakhstan and Indonesia. “I want to advise those who plan to perform the pilgrimage to use only the haj visas as using other form of visas is against the Saudi government’s regulation, he said. This year, the Saudi government is taking a strong stance on the issue due to numerous fraud cases and overcrowding at the pilgrim tents in Mina and Arafah, which have disrupted services for legitimate haj pilgrims. Saudi authorities have started setting up roadblocks and monitoring specific routes to ensure that only those with valid haj visas are allowed into pilgrimage areas, especially in Mecca. – Bernama Govt mulls new property Act KUALA LUMPUR: The Real Property Development Act for Peninsular Malaysia is expected to be tabled in Parliament next year, said Housing and Local Government Minister Nga Kor Ming. Nga, who mooted the idea of establishing the Act, said with the modern trend of living in a mixed development that includes retail, commercial, Soho (small office, home office) and medical residence, it is timely for the government to look into establishing the Act, which would be more comprehensive, transparent and accountable. “Since 1966, there has been the Housing Development Licensing Act, which only covers residential properties. With the new Act, the interests of purchasers, developers, and landowners will be protected. “Currently, it is not finalised and the ministry is still engaging with all stakeholders on the matter. “We are open to all new ideas and adopt a fair and balanced approach while protecting the buyers’ and developers’ interests as well,” he said at the TRX Residences completion celebration of Phase 1 here on Tuesday. – Bernama █ BY QIRANA NABILLA MOHD RASHIDI [email protected] TH officials welcoming the first batch of Malaysian haj pilgrims at Hotel Abraj Janadiriya in Mecca on Tuesday. – BERNAMAPIC

THURSDAY | MAY 16, 2024 4 @thesundaily FOLLOW ON TWITTER Malaysian Paper Cancer society seeks funds for HPV vaccination drive KUALA LUMPUR: The National Cancer Society Malaysia (NCSM) is appealing to the public and corporations for donations to raise RM9 million for an on-ground project to vaccinate underprivileged girls against cervical cancer. Its managing director Dr M. Murallitharan said the not-for-profit organisation spends about RM10 million yearly on activities that directly impact the public. He said NCSM requires the funds to continue providing cancer awareness education and care, and support services for people affected by the disease. “This include free cancer screening, diagnostics and treatment for rural and underprivileged communities, psychosocial support, free transit housing for patients and caregivers, subsidised cancer medication, and oNationwide campaign expected to cost RM9 million and would benefit 300,000 underprivileged girls in rural communities █ BY JOSHUA PURUSHOTMAN [email protected] Empower voices of young people to inspire change: Former youth icon KUALA LUMPUR: The voices of young people should not be disregarded and their involvement should be expanded, especially in societal and political issues, given their role as future leaders, said National Youth Icon 2011 and Asean Youth Icon 2011 Mohammad Rizan Hassan. He said the energy, spirit and idealism of young people can inspire change, unite communities and foster a sense of belonging within the nation. “By lending their voices to causes aligned with the values and aspirations of the nation, youths help shape the narrative of a country and strengthen its cultural and historical identity. “Through their actions and advocacy, young citizens can inspire others to take pride in the country, preserve its traditions and work towards a shared vision of progress and prosperity.” National Youth Day is observed every May 15 and a celebration will be held this year at Dataran Pahlawan in Banda Hilir, Malacca from May 24 to 26. Prime Minister Datuk Seri Anwar Ibrahim is expected to officiate the event on May 25. The theme, “Yakin Boleh” (Confident and Capable), highlights the responsibility of the younger generation in fostering patriotism, promoting unity and contributing to national development. Malaysian Youth Council president Mohd Izzat Afifi Abdul Hamid called on young people to be more proactive by engaging in community activities, which can contribute to character building and development of soft skills. “This also provide opportunities and access to better education and experiences. “The youth today needs to build confidence and always prepare themselves to face various challenges,“ he said as a guest on Bernama TV’s “Darah Muda” programme on Monday. He said the theme is an extension of a Rakan Muda programme slogan. The programme, which began in 1994, is an initiative by the Youth and Sports Ministry. Among the activities lined up for the celebration in Malacca are the Palestine Solidarity Night, “Yakin Boleh” Malaysia Youth Run 2024, Youth Community Gathering, youth camping, State Arts and Culture Pavilion, career carnival and sales and exhibitions by government agencies, private companies and NGOs. The Statistics Department in 2020 revealed youths in Malaysia make up an estimated 44.2% of the total population. – Bernama Johor ART system to have 32 stations ISKANDAR PUTERI: The elevated Automated Rapid Transit (ART) system planned for Johor Bahru will have 32 stations, with a total distance of over 50km. Johor Public Works, Transport, Infrastructure and Communications Committee chairman Mohamad Fazli Mohamad Salleh said the cost for the project is estimated to be nearly RM7 billion. “We chose the elevated ART system as it can be completed faster than the Light Rail Transit option. We want it to be operational with the Rapid Transit System Link, that is scheduled to begin in January 2027. “ART will have three lines, the 14.78km Iskandar Puteri line, 18.8km Skudai line and the 14km Tebrau line. A study is being conducted and is expected to be completed in August. It will then be presented to the Cabinet,” he said outside the legislative assembly building in Kota Iskandar on Tuesday. He added that the QR code system will be used for immigration clearance at the Customs, Immigration and Quarantine Complex (CIQ) at the Sultan Iskandar Building and the Sultan Abu Bakar Complex in the middle of next month. “The first phase will involve factory bus passengers. It will then be expanded in stages for all category of commuters, with full implementation at the end of the year. “An estimated 5,000 passengers on 120 factory buses during each peak period will be involved in the first phase at both CIQs. For public commuters, including those with personal vehicles, the QR code system will be used in groups. “Passports are still required to be carried but need not be shown, it is enough to just show the QR code,” he said, adding that they were optimistic that the system would smoothen the flow of commuters at both entry points between Malaysia and Singapore. – Bernama RM104m for S’wak budget housing projects KUCHING: The Sarawak Housing Development Corporation (HDC) received an allocation of RM104.3 million this year for the implementation of affordable houses and Rumah Spektra Permata (RSP) projects in the state. Sarawak Public Health, Housing and Local Government Minister Datuk Seri Dr Sim Kui Hian said the allocation was part of the RM262.8 million approved under the 12th Malaysia Plan Mid-Term Review. He said there are 16 physical projects involving 742 units of affordable houses and RSP in Kuching, Serian, Betong, Sarikei, Mukah, Miri and Limbang, and one non-physical project in the form of grants for the issuance of strata titles for HDC flats. “To date, 12 projects consisting 655 units are ongoing while the remaining four projects are at the planning stage,” he said during the Sarawak legislative assembly. – Bernama RM34m to instal flood warning network KUCHING: The federal government has approved an allocation of RM34.2 million to instal a flood forecasting and warning system at Sungai Sarawak and Sungai Batang Rajang in Sibu. State Public Health, Local Government and Housing Deputy Premier and Minister Datuk Amar Dr Sim Kui Hian said the amount was approved as part of an allocation given to the Department of Irrigation and Drainage (DID). “The project is currently in the detailed design stage and DID is expected to call for a tender by the third quarter of 2024,” he said during a state legislative assembly on Tuesday. Sim said DID also received RM8.6 million under the National Hydrological Network Programme to set up 10 new hydrological stations and upgrade 76 existing ones statewide. “The project is scheduled to be completed by the second quarter of 2024.” – Bernama SOPHISTICATED TECH ... An exhibitor showing a motorcycle on display at the Metaltech 2024 convention in Mitec, Kuala Lumpur. The exhibition is one of the largest and most influential showcase in the metalworking and automation industry. – ADIB RAWI YAHYA/ THESUN wellness and return to work programmes.” He said NCSM also provides holistic cancer-related services to patients, caregivers and the public through its six centres – Cancer and Health Screening Clinic, Nuclear Medicine Centre, Resource and Wellness Centre, Quit Smoking Clinic, Children’s Home of Hope and Adults’ Home of Hope. Muralitharan said this year, NCSM is focusing on human papillomavirus (HPV) vaccination as it plans to vaccinate 300,000 rural and underprivileged girls nationwide. “This will prevent cervical cancer. We received 300,000 vaccine doses worth RM90 million for free from a manufacturer, Merck Sharp and Dohme. However, we need to raise RM9 million to carry out the on-ground project to vaccinate the girls.” He said raising the RM9 million is critical as NCSM is financed only through public donations and does not receive any government grants. Muralitharan said as part of its outreach to raise funds, UMW Toyota Motor Sdn Bhd (UMWT) will be organising the Toyota “Start Your Impossible” outrun on June 23, which will be held under the umbrella of Toyota’s global Start Your Impossible campaign. UMWT president Datuk K. Ravindran said the event serves as a testament to the dedication of the company in helping those in need. “Cancer ranks as the fourth leading cause of death in Malaysia. This highlights the critical need to raise awareness and rally support for NCSM. By uniting with it through sport, we can significantly impact the lives of cancer patients and their families, while also supporting vital research and services aimed at combating the disease.” He said part of the proceeds from the event will be allocated to supporting NCSM in its efforts to raise cancer awareness, fund research and provide vital support services to patients and their families. “UMWT has raised funds for NCSM through the run for the past three years. “The company also topped up our funds so we could purchase a Toyota Innova, which is used by our mobile teams to visit rural areas and conduct screenings and other activities.” Established in 1966, NCSM is headquartered in Kuala Lumpur and has branches in Malacca, Negeri Sembilan, Penang, Perak and Sarawak. Those keen to make donations to the organisation may claim tax exemption. NCSM is currently under the patronage of His Royal Highness Sultan Paduka Seri Sultan Perak Darul Ridzuan, Sultan Nazrin Muizzudin Shah. To learn more about the Toyota “Start Your Impossible” outrun and to register as a participant, please visit https://v2.checkpointspot.asia/registration/to yota_syi_outrun_2024. Registration for the run will remain open until June 2.

THURSDAY | MAY 16, 2024 5 National kayak athlete hurt in crash JOHOR BAHRU: National kayak athlete Siti Nurul Masyitah Md Elias was seriously injured after being hit by a car driven by a man believed to be drunk in the Eastern Dispersal Link heading towards Southkey here on Saturday. South Johor Bahru police chief ACP Raub Selamat confirmed the incident and said a statement would be issued soon. Politeknik Ibrahim Sultan mechanical engineering department student association said Siti Nurul Masyitah, 22, who is a mechanical engineering diploma student, was being treated at the Columbia Hospital. “Please pray for her recovery,” it said in a Facebook post, adding that she often commutes from the polytechnic to her home to care for her mother, who has spinal problems due to an accident, and her father, who needs dialysis treatment. She was part of the national traditional boat team which won bronze at the 2023 SEA Games. A video was widely spread on social media showing the collision of the car and the athlete, who was riding a motorcycle. – Bernama Murder accused to undergo mental check KLANG: The High Court here yesterday allowed an application by a man who was charged last year with the murder of his pregnant girlfriend to be referred to a psychiatrist for mental examination. Deputy Registrar Mohd Hirman Ab Raub allowed the application by Muhammad Fakrul Aiman Sajali, 21, that was made through his lawyer Muhammad Nor Tamrin after DPP Rosnee Mohd Radzuan did not object to it. Muhammad Nor informed the court that in September last year, the defence submitted a similar application in the Sungai Besar Magistrate’s Court but it was rejected. “The magistrate was of the view that the matter was under the jurisdiction of the High Court. “The application was made under Section 342 of the Criminal Procedure Code.” Mohd Hirman set July 23 for mention for submission of psychiatric reports and other documents. On June 1, Muhammad Fakrul was charged with murdering Nur Anisah Abdul Wahab, 21, in Jalan Sungai Limau between May 22 and 23, 2023. The charge was framed under Section 302 of the Penal Code, which provides the death sentence. – Bernama Five cops deny gang robbery charge KUALA LUMPUR: An ASP and four police corporals pleaded not guilty in the Sessions Court yesterday to a charge of robbing a Chinese national woman of RM140,000 in an apartment unit. ASP Mohd Faizol Ismail, 41, Khairil Annuar Sulaiman, 39, Mohd Zaidi Jamaludin, 35, Mohd Adrafil Adlan Roslan, 28, and Ahmad Rohafiz Abdul Rani, 39, were charged with robbing Zhang Chenxuan, who is in her 20s, in Jalan Tun Razak, Wangsa Maju at 5.30pm on April 6. The charge of committing gang robbery was framed under Section 395 of the Penal Code, which provides imprisonment of up to 20 years and caning. Judge Hamidah Mohamed Deril granted bail of RM8,000 in one surety each and fixed June 20 for mention. DPP Muhammad Muhairi Mohamed Noh prosecuted while Gurmukh Singh Sandhu represented Khairil Annuar, Mohd Zaidi, Ahmad Rohafiz and Mohd Faizol. Mohd Adrafil Adlan was represented by Shah Rizal Abdul Manan. – Bernama Customs officer facing 43 graft charges spanning 5 years SEREMBAN: A Customs Department officer was charged in the Sessions Court here yesterday with 43 counts of accepting bribes amounting to RM69,350 from 2017 to 2022. Mohammad Zyed Ibrahim, 41, pleaded not guilty after the charges were read separately for nearly an hour before Judge Meor Sulaiman Ahmad Tarmizi. The KL International Airport (KLIA) Customs officer is accused of accepting money from a company owner through online transfers from the company account to his account. The money was allegedly inducement for not inspecting the company lorries, which ferried goods out of the KLIA Cargo facility. The offences were allegedly committed through a bank in Nilai between Sept 16, 2017 and Jan 16, 2022. The charges were framed under Section 17(a) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, which provides imprisonment of up to 20 years and a fine of not less than five times the value of the bribe or RM10,000, whichever is higher. MACC DPPs Muhammad Asraf Mohamed Tahir, Nur Atiqah Mohamad Alias and Mohd Afif Ali appeared for the prosecution while the accused was represented by Muhamad Aizat Fakri, Bernama reported. Muhammad Asraf objected to the court oTotal amount of RM69,000 allegedly received from business owner as inducement to forgo inspections of company lorries carrying goods from KLIA Cargo facility offering bail, on the grounds that the accused is a Customs officer who should be responsible for controlling the entry points of the country. “The court needs to take into account the responsibility of the accused as his act of accepting bribes is a serious crime, apart from creating a negative image of the Customs Department.” He said the accused was a flight risk as authorities took 65 days to track him down, including via a media search, before he was arrested at his mother’s house in Bintulu, Sarawak on May 7. Muhamad Aizat pleaded for bail on the grounds that his client is a single father of a five-year-old and supports his 66-year-old mother and mentally impaired brother. “The accused is from Bintulu and did not run away there but instead took responsibility by taking care of his family and cooperating with MACC.” The court denied bail and set June 14 for re-mention. Court grants release of passport to Syed Saddiq PUTRAJAYA: Muar MP Syed Saddiq Abdul Rahman was granted temporary access to his passport by the Court of Appeal yesterday to enable him to go to Singapore and Taiwan. Syed Saddiq had applied for the temporary release of his passport to attend the wedding ceremony of the daughter of his close friend in Singapore on Saturday and to visit Taiwan from June 10 to 15 as a Malaysian representative responding to an invitation by the Taipei Economic and Cultural Office in Malaysia. A panel comprising judges Datuk Hadhariah Syed Ismail, Mohamed Zaini Mazlan and Datuk Azmi Ariffin allowed the application after DPP Mohd Afif Ali did not object to it. Syed Saddiq, 31, was ordered to return the passport to the court on or before June 18. The court also allowed a request by his lawyer Datuk Hisyam Teh Poh Teik for the court to prepare and issue a letter to the Immigration Department director-general to enable his client to travel overseas. On Nov 9 last year, Syed Saddiq was sentenced to seven years’ jail, a RM10 million fine and two strokes of the cane by the High Court in Kuala Lumpur after being found guilty of four charges of criminal breach of trust, misappropriation of funds and money laundering. He filed an appeal to the Court of Appeal the same day. The 2018 to 2020 Youth and Sports Minister was charged with abetting former Armada assistant treasurer Rafiq Hakim Razali to commit criminal breach of trust by misappropriating RM1 million of Armada funds that Rafiq was entrusted with. The offence was committed at CIMB Bank Bhd in Menara CIMB KL Sentral, Jalan Stesen Sentral 2 on March 6, 2020. On the second charge, Syed Saddiq was accused of misappropriating RM120,000 from Armada Bumi Bersatu Enterprise’s Maybank Islamic Bhd account by making Rafiq dispose of the money. He was also charged with two counts of laundering proceeds from unlawful activities via transactions of RM50,000 each from his Maybank Islamic Bhd account into his Amanah Saham Bumiputera account at a bank in Jalan Persisiran Perling, Taman Perling in Johor Bahru on June 16 and 19, 2018. The High Court allowed his application to stay the execution of all sentences pending appeal and July 12 was set for case management. – Bernama The Appeals Court released the passport of Syed Saddiq until June 18 to allow him to travel to Singapore and Taiwan. – BERNAMAPIC

THURSDAY | MAY 16, 2024 6 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM Education remains an important pillar of Malaysian society; it equips students with the skills needed to become productive and useful members of society. We invite you to showcase the best of education and the difference your institution has brought to the education landscape. Education matters so join us in 2024! Contact us now for special deals on digital, video and print advertising. Malaysian Paper 03-7784 6688 [email protected] LAHAD DATU: Every two years, the Kuala Lumpur and Selangor Chinese Chamber of Commerce and Industry recognises heroes and heroines from various backgrounds who are dedicated to serving others. This year, the MyHero Award 4.0 honoured the efforts of Tan Cheng Teng, 66, from Sabah, who has been supporting the Lahad Datu Hospital for years by raising funds to enhance its medical equipment and facilities. The only specialist hospital in the district, located in the Tawau division, it features 268 beds and comprises 12 multidisciplinary units staffed by specialists and more than 100 medical officers. Tan’s efforts have significantly impacted the community’s access to quality healthcare at the hospital. His commitment to philanthropy alongside his business endeavours earned him the endearing moniker of the hospital’s “adoptive father”, a fond reference given by its medical officers, staff and patients. “It has always been important to me to balance my business responsibilities with good deeds. I have always believed in giving back to the community, especially by supporting government hospitals. “This is not just a duty for me, but something that I am deeply passionate about, as I understand the importance of investing in the well-being of our community.” Tan said donating to the hospital is also a way for him to use his resources to make a positive impact on the lives of others and create a legacy of compassion and generosity. While acknowledging the government’s responsibility to equip public healthcare institutions, Tan said there is only so much it could do, so businesses must assist, particularly in supporting medical facilities for rural communities. “I believe businesses should give back to the communities that support them. We can save many lives by donating to hospitals that are located in rural areas. “The first thing that came to my mind was what if I led the way instead of waiting for someone else to address the matter? That is how I started to help the hospital.” Tan said every individual’s life is valuable and no one should suffer from a lack of medical resources, oSabah businessman bestowed MyHero award, earns ‘adoptive father’ moniker for efforts in aid of Lahad Datu hospital adding that he feels a personal responsibility to contribute to bridging the gap. But his advocacy does not just stop there and extends beyond fundraising. He actively engages with local organisations and individuals and urges them to contribute by purchasing medical equipment such as dialysis machines, wheelchairs and water filters, or providing financial assistance. During the pandemic, Tan mobilised resources to support frontline workers, quarantine centres and underprivileged families. Beyond his charitable work, Tan embodies inclusivity and compassion regardless of social status, race, faith or background and extends help to all who are in need. He has become a beacon of hope for many, ensuring that individuals with disabilities are cared for, needy families receive essential support and those facing adversity find relief in his generosity. Tan’s altruism has strengthened social cohesion and fostered racial harmony within the community, particularly among youths. Through his actions, he has epitomised the spirit of voluntarism and teamwork, embodying the essence of the Malaysian identity that is rooted in unity and cooperation. “By volunteering and donating to noble causes, especially hospitals, we can have well-maintained healthcare institutions that are properly equipped for public access.” Tan extends help to all in need regardless of social status, race, faith or background. KEPALA BATAS: The Guar Kepah Archaeological Gallery project is in its final phase of construction, with 98% of it completed, and is expected to open to the public at the end of the year. Penang Tourism and Creative Economy Committee chairman Wong Hon Wai said the project on a 0.97ha site is expected to be completed by the end of June, but will open in December taking into account the logistics involved. “This project commenced on Nov 14, 2022. There is only a little left to be done involving some internal and external works, in addition to the layout of the exhibition space,” he told a press conference after reviewing the progress of the project on Tuesday. “In future, the gallery will be a main tourist attraction in the northern region.” Wong said the gallery will house the main exhibit, a human skeleton known as “Penang Woman” that is more than 5,000 years old and was found in 2017. In addition, 41 other skeletons found in Guar Kepah by P.V van Stein Callenfels in 1936 and kept in Leiden, the Netherlands, are in the process of being repatriated. Wong expressed confidence that the efforts to bring back all the skeletons would be realised soon, once the construction of the gallery is completed. He said discussions were held between the Dutch embassy and National Heritage Department recently, and it was understood that the government is waiting for a response from the Dutch, including the terms and conditions before signing a letter of agreement for the process of repatriation. – Bernama Guar Kepah gallery to open in December Passionate crusade to help others █ BY SIVANISVARRY MORHAN [email protected]

THURSDAY | MAY 16, 2024 7 Lawrence Wong takes over as Singapore PM SINGAPORE: Prime Minister Lawrence Wong took over the reins yesterday making him just the second non-member of Singapore’s founding family in nearly six decades to lead the affluent citystate. Wong, 51, a US-trained economist comes from a young generation of politicians groomed for leadership in Singapore’s carefully orchestrated succession process. He becomes the first leader to have been born after the country’s independence in 1965, and he’s won public support by taking to social media to showcase his guitar skills. “Lawrence Wong has a disarming way of engaging with oLeader comes with extensive govt experience Philippine fishermen along with volunteers from a civilian-led mission Atin Ito (It’s Ours) Coalition aboard fishing boats arrive at a meeting point in the South China Sea yesterday. – AFPPIC Philippine civilian convoy sails towards disputed reef MANILA: Civilians on board fishing boats sailed yesterday towards a China-controlled reef to distribute provisions to Filipino fishermen and assert their rights to the disputed waterway. The trip to the waters around Scarborough Shoal comes two weeks after China Coast Guard vessels fired water cannons at two Philippine government boats in the same area. A lone Philippine Coast Guard boat escorted the civilian convoy, which includes around 200 people on five commercial fishing vessels and a number of smaller outriggers, organisers said. Four hours after it left a northern Philippine port, the convoy said it began handing food and fuel to Filipino fishermen and dropped a dozen buoys marked “WPS is ours”. WPS is the acronym for the West Philippine Sea, Manila’s name for the South China Sea waters west of the Philippines. A spokesman for the convoy said that there was “no Chinese presence” in the area. India Supreme Court grants bail to jailed editor NEW DELHI: India’s top court yesterday ordered the release on bail of an editor jailed in connection with a case alleging his news website received Chinese funding. Prabir Purkayastha was arrested last year after a New York Times investigation alleged his Englishlanguage outlet NewsClick had been financially supported by a network pushing Chinese propaganda. Relations between New Delhi and Beijing are tense due to a longrunning border dispute that devolved into a deadly troop clash in the Himalayas in 2020 and sent diplomacy between the two nations into deep freeze. The Supreme Court ruled that Purkayastha’s arrest by the Enforcement Directorate, India’s financial crimes agency, was illegal since it failed to communicate the grounds for detention in writing to him. Justices B.R. Gavai and Sandeep Mehta declared his arrest “invalid in the eyes of law” and said he should be released on bail. The court said that its ruling on Purkayastha’s confinement was not a statement on the merits of the case against him. Last year the New York Times reported that NewsClick was financed by US millionaire Neville Roy Singham, saying it “sprinkled its coverage with Chinese government talking points” – claims Singham rejected. The report also accused Singham of working closely with Beijing and of “financing its propaganda worldwide”. Purkayastha, who has also denied the claims, was arrested under the Unlawful Activities Prevention Act, a stringent anti-terror law under which formally charged suspects are almost never bailed. His arrest had raised international concerns over the situation for media in a country where press freedom has nosedived since Prime Minister Narendra Modi came to power in 2014. – AFP B R I E F STHAI ACTIVIST DIES IN PRE-TRIAL DETENTION BANGKOK: A Thai political activist died in custody on Tuesday, the Department of Corrections said, and a legal aid group said she had been on a partial hunger strike during her pre-trial detention on charges including insulting the country’s monarchy. Netiporn “Bung” Sanesangkhom, 28, was part of a small anti-monarchy group called “Thaluwang”, a name that translates to “shattering the palace”, which organised actions such as opinion polls questioning the monarchy’s power and holding small gatherings seeking the release of detained members. She had been jailed since Jan 26. Initially Netiporn was held for one month on a contempt of court charge related to a scuffle with court guards in 2023, legal aid group Thai Lawyers for Human Rights said. Her pre-trial detention was extended after a court revoked her bail from a separate royal insult case stemming from a protest in 2022, the legal aid group said. While in detention, Netiporn refused to take food and water for a month as a protest against political activists not being granted bail. She started drinking water in late February, and then eating in April after she was sent to a prison hospital because of her deteriorating health, the legal aid group said. Netiporn’s heart “stopped suddenly” on Tuesday, the department said in a statement, and the medical team at the prison hospital tried to revive her before sending her to Thammasat University Hospital where she was declared dead. – Reuters SEARCH CONTINUES FOR 20 MISSING IN FLOODS TANAH DATAR: Rescuers raced yesterday to find dozens of people still unaccounted for after heavy rains caused flash floods and washed volcanic debris into residential areas over the weekend, sweeping away houses and leaving 67 people dead. Hours of torrential rain on Saturday caused mud and rocks to flow into districts near one of Indonesia’s most active volcanos, destroying dozens of houses and damaging roads and mosques. “Some of the missing ones have been found. According to the police identification, 67 people died,” national disaster agency chief Suharyanto said yesterday in a press conference. He said 20 people remained missing, with rescuers saying many of the retrieved bodies were found in or around rivers after being swept away by the deluge of volcanic material, mud and rain. The mixture of ash, sand and pebbles carried down a volcano’s slopes by rain is known in Indonesia as lahar, or cold lava. Heavy equipment was deployed to clear debris from the areas worst hit by flooding and cold lava flows, which have affected transport access in six districts, said Suharyanto. More than 3,300 people have been forced to evacuate from affected areas. – AFP people, the ability to put people at ease,” said Eugene Tan, an associate professor of law at Singapore Management University. After Singapore made waves by booking Taylor Swift’s only Southeast Asian date on her recent tour, a video Wong posted on social media of him playing her country ballad Love Story on guitar went viral. “Imagine the next prime minister in line welcoming Taylor Swift with his guitar at the opening scene of the concert tonight,” one Instagram user wrote, adding a pair of smiling emojis with heart-shaped eyes. While Wong has lengthy experience in government, he was not always tipped among the country’s generation of young leaders to reach top office. But he distinguished himself as co-chair of a task force to fight Covid-19, which Lee described as the “crisis of a generation”. “I believe when push comes to shove and the time comes to take hard decisions, I would do so, so long as the decision is in the interest of Singapore and Singaporeans,” Wong said in an interview with The Economist magazine. He told the publication he listens to other viewpoints. “When I go into a meeting, I do not start off assuming that I know all the answers. I want to get people’s insights, I want to get people’s perspectives, eventually thinking about what makes for the best decisions and outcomes for Singapore.” Wong has more than 200,000 followers on Instagram, where he describes himself as a “bookworm, guitar player and dog lover”. Growing up in the 1980s, his greatest influences were Eric Clapton and rock bands such as the Eagles, he said, adding that he also loves the blues. He went on to graduate with bachelor’s and master’s degrees in economics from the University of Wisconsin-Madison and the University of Michigan-Ann Arbor in the United States, respectively. He also holds a graduate degree in public administration from the Harvard Kennedy School. After university, he began his career in the civil service, where he caught the eye of the long-ruling People’s Action Party. Wong was first elected to parliament in 2011 and quickly climbed through the ranks to hold various positions, including in the defence and education ministries. He went on to serve as chief executive of the Energy Market Authority, chairman of the central bank and as Lee’s principal private secretary. Wong was appointed finance minister in 2021, a position deemed a crucial preparation for running an international financial hub like Singapore. Lee appointed Wong deputy prime minister in 2022, putting him firmly in line as heir-apparent. “Political leadership is never about one person,” Wong told reporters last year. – AFP He declined to disclose the convoy’s location, except to say the boats were “still far from the shoal”. The group had said it received reports of a “heavy presence” of Chinese vessels near the shoal. “This civilian supply mission is not just about delivering supplies, it’s about reaffirming our presence and rights in our own waters,” said organiser Edicio Dela Torre. “The world is watching, and the narrative of rightful ownership and peaceful assertion is clearly on our side.” Scarborough Shoal has been a potential flashpoint since China seized it in 2012. The reef is about 240km west of the Philippines’ main island of Luzon and nearly 900km from Hainan, the nearest major Chinese land mass. China claims almost the entire South China Sea, brushing off rival claims and ignoring an international ruling that its assertion has no legal basis. Beijing deploys coast guard and other boats to patrol the waterway and has turned several reefs into artificial islands that it has militarised. Tensions over the disputed waters and reefs have intensified in the past 18 months. – AFP

THURSDAY | MAY 16, 2024 8 Taiwan keen to attend all WHO meetings TAIPEI: Taiwan Foreign Minister Joseph Wu called on the World Health Organisation yesterday to allow the island to attend all its meetings if it is serious about its goal of “Health for All”, ahead of a key summit Taipei wants to take part in. Taiwan is excluded from most international organisations because of objections by China, which considers the democratically governed island its own territory. Taiwan attended the WHO’s World Health Assembly (WHA) as an observer from 2009 to 2016 under the administration of then-president Ma Ying-jeou, who signed landmark trade and tourism agreements with China. But Beijing began blocking Taiwan’s participation in 2017 after President Tsai Ing-wen won office for her refusal to agree to China’s position that both China and Taiwan are part of “one China”. China’s Taiwan Affairs Office said on Monday it was Taiwan’s ruling party’s fault the island could not attend the WHA given what it called a “lack of a political basis”. Taiwan’s government says that Beijing has no right to speak for or represent Taiwan on the international stage. Speaking to lawmakers at parliament, Wu said the WHO’s director general should take the initiative to invite Taiwan to attend this month’s WHA as an observer. The WHO should also “let Taiwan fully participate in all the WHO’s meetings, activities and systems, to put into effect the WHO’s charter that health is a basic human right and achieve at an early date the ‘Health for All’ goal”, he said. He separately told reporters that Taiwan faced a “very high level of difficulty” in taking part in this year’s WHA, but said it was winning more and more support from countries for its bid to be invited this year. The WHO did not immediately respond to a request for comment. Earlier this month, US Secretary of State Antony Blinken said the United States “strongly encourages” the WHO to reinstate Taiwan’s invitation. – Reuters B R I E F SYOUTUBE AGREES TO BLOCK HK PROTEST ANTHEM MOUNTAIN VIEW: Alphabet’s YouTube on Tuesday said it would comply with a court decision and block access inside Hong Kong to 32 video links deemed prohibited content. The action follows a government application granted by Hong Kong’s Court of Appeal requesting the ban of a protest anthem called Glory to Hong Kong. The judges warned that dissidents seeking to incite secession could weaponise the song for use against the state. “We are disappointed by the court’s decision but are complying with its removal order,” YouTube said in a statement, saying it shared human rights groups’ concerns that the content ban could chill free expression online. “We’ll continue to consider our options for an appeal, to promote access to information.” – Reuters GEOLOGIST UNRAVELS MONA LISA BACKDROP MYSTERY LECCO: Over 500 years after Leonardo da Vinci painted the Mona Lisa, an academic has unravelled the mystery about its backdrop. Geologist and Italian Renaissance specialist Ann Pizzorusso pinpoints it to Lecco in northern Italy. According to the scholar, the arched bridge depicted in the painting would correspond to the 14thcentury Ponte Azzone Visconti. The geologist found that rock formations in Lecco were limestone, which matched what is depicted behind the noblewoman. “When you look at the Mona Lisa, you see this part of the Adda River, and you see another lake behind it, which are perfectly shown underneath these sawtooth mountains.” – Reuters Ship lost power twice before striking Baltimore bridge WASHINGTON: The container ship that collided with a major bridge in Baltimore, collapsing it within seconds, suffered two electricity blackouts in the moments before the disaster, a preliminary report by federal investigators released on Tuesday said. The Singapore-flagged Dali also lost power during maintenance twice the previous day, though the report by the National Transportation Safety Board said it was still investigating what impact that may have had. It had been clear the ship had lost power in the seconds before the stunning collapse. But the report is the first detailed examination of the events leading up to the disaster, which killed six workers who were making repairs on the bridge, and blocked the busy Port of Baltimore. In a timeline of the accident, it said the Dali was just 0.9km from the bridge when the electrical breakers that fed most of the ship’s equipment and lighting unexpectedly tripped, causing the first blackout. The ship lost propulsion and steering and began to drift off course. The crew managed to restore power briefly, but with the Dali just 0.3km from the bridge the lights went out again. An emergency generator gave the crew some steering and they made a hard turn to port but without propulsion, the bridge’s fate was sealed. The report also detailed two blackouts about 10 hours before leaving Baltimore. “The first in-port blackout was caused by the mechanical blocking of the online generator’s exhaust gas stack. The second blackout in port was related to insufficient fuel pressure for the online generator,” it said. It also said the crew had been tested multiple times, before and after the disaster, for drugs and alcohol, and that none of the results were positive. In April, the FBI launched a criminal investigation targeting the ship. President Joe Biden promised last month to “move heaven and earth” to rebuild the bridge, pledging federal funds and saying a new channel for shipping traffic would be open by the end of May. On Monday, crews demolished part of the bridge in a bid to free the Dali, which has been pinned beneath the wreckage since the collapse. – AFP ‘Boeing can be prosecuted for 737 MAX crashes’ SAN FRANCISCO: The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max crashes that killed 346 people five years ago. Boeing breached obligations under an agreement that had shielded it against legal proceedings for the accidents, department officials said in a letter to a federal court in Texas. Boeing told AFP “we believe that we have honoured the terms of that agreement” and said that it plans to defend itself. US officials said in their letter that Boeing breached its obligations under a deferred prosecution agreement (DFA) by “failing to design, implement, and enforce a compliance and ethics programme to prevent and detect violations of the US fraud laws throughout its operations.” Such a breach would mean Boeing can be oFirm says it honoured agreement terms prosecuted for any violation of federal law related to the crashes, according to US justice officials. The government is evaluating how to proceed in the matter and has directed Boeing to respond by June 13. US officials also plan to confer with families of people who died in the Lion Air Flight 610 and Ethiopian Airlines Flight 302 crashes. “This is a positive first step, and for the families, a long time coming,” said attorney Paul Cassell, who represents crash victim families. Cassell called for further action from the Department of Justice and added he would seek details regarding a “satisfactory remedy” to Boeing’s wrongdoing. In March of 2019, a Boeing 737 MAX 8 operated by Ethiopian Airlines crashed southeast of Addis Ababa, killing 157 people on board. It was the second accident in five months for a 737 MAX aircraft, a product line meant to replace the 737 NG. The first crash, involving a MAX 8 operated by Lion Air, occurred in October of the previous year in Indonesia’s Java Sea and left 189 people dead. Both aircraft crashed shortly after takeoff, with investigations later pointing to trouble with the automated flight system. The aircraft were temporarily grounded or banned from airspace around the world. “We will engage with the department with the utmost transparency, as we have throughout the entire term of the agreement,” Boeing said in a statement. It said this also included “response to their questions following the Alaska Airlines 1282 accident”. The dramatic mid-flight blowout on Jan 5 of a fuselage panel on an Alaska Airlines plane precipitated the departures of a series of top Boeing officials, including CEO Dave Calhoun, who is set to step down at year’s end. It also resulted in reduced production of the 737 MAX. The US Federal Aviation Administration was sharply criticised after the crashes of two Boeing 737 MAX planes in 2018 and 2019. – AFP AT CROSSROADS ... An asylum seeker from Brazil taking water and socks donated by the American Friends Service Committee as migrants wait at a border wall to surrender to immigration officials after crossing into the US from Mexico on Tuesday. – REUTERSPIC

THURSDAY | MAY 16, 2024 9 Court investigating Ukraine, Gaza wars vows to defy threats NEW YORK: The International Criminal Court prosecutor said on Tuesday he will not be intimidated by threats as his office investigates possible war crimes in Ukraine and Gaza. During a UN Security Council meeting on his investigation into war crimes in Libya, prosecutor Karim Khan was challenged by the ambassadors of Russia and Libya, who criticised what they called his inaction as Israel wages war in the Gaza Strip. “One wonders if the effectiveness of the ICC on this track is affected by the fact that a new bipartisan Bill has been submitted to the US Congress to sanction ICC officials involved in investigating not only the US but also its allies,” said the Russian ambassador Vasily Nebenzia. Nebenzia was alluding to news reports that a Bill to this end has been submitted to the US Congress. Karim responded by citing what he said were threats against him and his office to make him halt his investigation. “We will not be swayed, whether it’s by warrants for my arrest or the arrest of elected officials of the court by the Russian Federation, or whether it’s by other elected officials in any other jurisdiction,” Karim said. In May of last year Russia put Karim on its list of wanted persons after the court issued an arrest warrant against President Vladimir Putin for his role in the deportation of Ukrainian children to Russia as part of the war. In early May Karim’s office said on X that the court’s “independence and impartiality are undermined, however, when individuals threaten to retaliate against the court or against court personnel”. It did not say where the threats are coming from. “Such threats, even not acted upon, may constitute an offence” against the ICC’s “administration of justice”, the office warned, calling for an end to such activity. The court made this comment after US and Israeli media reports which suggested the ICC prosecutor could issue warrants against Israeli politicians including Prime Minister Benjamin Netanyahu and Hamas leaders. – AFP B R I E F STOP EUROPEAN DIPLOMAT SEES U.S. ‘FATIGUE’ SAN FRANCISCO: The European Union’s top diplomat said the United States is showing “fatigue” in its Middle East diplomacy and called for greater EU efforts toward a Palestinian state. The bloc’s foreign policy chief Josep Borrell said Israel’s war was a “man-made disaster”. “I see a certain fatigue from the US side to continue engaging in looking for a solution,” Borrell said in a speech at Stanford University released on Tuesday. “We are trying to push with the Arab people to build together to make this two-state solution a reality,” he said. The UN General Assembly last week passed a symbolic vote for Palestinian membership with the United States one of only nine countries to vote against. – AFP RED CROSS OPENS RAFAH FIELD HOSPITAL GAZA: The International Committee of the Red Cross (ICRC) announced the opening of a field hospital in Rafah in the southern Gaza Strip with a capacity of 60 beds. It said the field hospital aims to complement and support the work of the Palestinian Red Crescent Society to meet the enormous health needs in Gaza. The hospital team will consist of about 30 medical workers, providing emergency surgical care, maternal and child health care, neonatal care, paediatric services, and outpatient clinics. The field hospital, operated by the ICRC in coordination with local and international Red Cross societies, will be able to provide medical care for about 200 people daily. – Bernama Palestinians mark ‘Nakba’ anniversary RAFAH: Tens of thousands of civilians fled the city of Rafah ahead of a threatened Israeli ground offensive, as Palestinians yesterday marked the anniversary of their “Nakba” or “catastrophe” of 1948. During the war that accompanied Israel’s creation, around 760,000 Palestinians fled or were driven from their homes and many took refuge in what would later become the Gaza Strip and the West Bank. Yesterday’s commemoration of the “Nakba” took place as multiple battles between Israeli troops and Hamas fighters across the Gaza Strip forced waves of Palestinians to flee yet again. Nearly 450,000 Palestinians have been displaced from Rafah since May 6, and around 100,000 from northern Gaza, UN agencies said. That means around a quarter of Gaza’s population of 2.4 million people have been displaced again in about one week. Since Israeli troops moved into eastern oMultiple battles force thousands to flee Rafah, the aid crossing point from Egypt has remained closed and the nearby Kerem Shalom crossing lacks “safe and logistically viable access”, a UN report said on Monday. Qatar, which has been mediating peace talks, said Gazans “have not received any aid” since May 9. Israeli police on Tuesday said they had opened an investigation after right-wing activists stopped and ransacked at least seven Gaza-bound aid trucks from Jordan, leaving food spilt on the road. One of the activists, Hana Giat, said “no humanitarian aid should go in before our hostages are out, safe in their homes”. Both the United States, which called it “a total outrage”, and Britain, said they would raise concerns about the incident with Israel’s government. EU foreign policy chief Josep Borrell called on Israeli authorities to stop the attacks and hold those responsible to account. “I’m outraged by the repeated and still unchecked attacks perpetrated by Israeli extremists on aid convoys,” Borrell said. Clashes have rocked densely crowded Rafah but also flared again in northern and central Gaza months after troops and tanks first entered those areas. More than half of Gaza casualties women, children TEL AVIV: Women and children make up at least 56% of the thousands killed in the Gaza war, the UN said, amid controversy over the numbers from the Health Ministry in Gaza. The UN was clarifying a fresh breakdown of the death toll in Gaza, after Israel slammed the world body for “parroting propaganda”. Due to a lack of access, UN agencies have since Oct 7 relied on figures provided by the Health Ministry. This has drawn criticism from Israel, but the UN says the ministry’s casualty figures before the war were deemed reliable, and that it will strive to verify the figures “when conditions permit”. The ministry said that at least 35,173 people have been killed in the territory due to Israeli military operations since the war erupted. Gaza authorities have consistently said women and children make up a large majority of those killed in the Palestinian territory. But a fresh breakdown provided by the ministry and published by the UN last week appeared to cast doubt on that assertion. The ministry said that as of April 30 it had identified nearly 25,000 of those killed, with identification elements missing for the remainder of the nearly 10,000 others who had died. Of those fully identified, it said 40% were men, 20% women and 32% children, while another 8% were elderly – a category not broken down by gender. WHO spokesman Christian Lindmeier on Tuesday said the new breakdown was “the most comprehensive” provided to date. He said that by applying the same ratio to the unidentified and assuming women represent half of the elderly, it could be expected that at least “56% women and children” were among the 35,000 dead. And that did not take into consideration the likelihood that more women and children were likely to be among those still be under the rubble “because they are the ones typically staying at home”, he said. So from a “minimum statistical calculation”, he said, “you come to 60% women and children”. Jens Laerke, a spokesman for the UN Office for the Coordination of Humanitarian Affairs, said the new breakdown did not contradict previous estimates that women and children made up more than two thirds of those killed. It was simply “more detail about a subsection of the overall tally of 35,000 deaths”, he said. “These are not mutually exclusive.” – AFP A plume of smoke rises during Israeli bombardment in Jabalia in the northern Gaza Strip on Tuesday. – AFPPIC At least five people were killed, including a woman and her child, and several others wounded, in two Israeli air strikes on Gaza City on Tuesday night. Israel last week defied a chorus of warnings, including from top ally Washington which paused a shipment of bombs, and sent troops and tanks into the east of Rafah to pursue gunmen. Battles and heavy Israeli bombardments have been reported around Rafah as well as in Gaza City and Jabalia refugee camp in the north, and Nuseirat camp in the centre. Despite threatening to withhold some arms over concerns of a Rafah assault, US President Joe Biden’s administration informed Congress on Tuesday of a US$1 billion (RM4.7 billion) weapons package for Israel, official sources said. Momentum had been building in truce negotiations, mediator Qatar’s prime minister said on Tuesday, but “what happened with Rafah has set us backward”. Prime Minister Mohammed bin Abdulrahman Al-Thani said it is almost a stalemate. “There is no clarity how to stop the war from the Israeli side,” he said. “I don’t think they are considering this as an option.”– AFP

10 THURSDAY | MAY 16, 2024 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Time for action on ‘tree-tastrophe’ I WRITE with a heavy heart and a sense of urgency in the wake of the devastating incident that occurred at Jalan Sultan Ismail in Kuala Lumpur on May 7. The fall of a massive tree not only wreaked havoc on 17 cars, a bus stop and the monorail line but it also claimed the life of a motorist and left several others injured. This tragedy is not an isolated incident but a glaring symptom of a larger issue that demands immediate attention and accountability. The pictures and videos circulating depict a towering tree with disproportionately small roots, suggesting a lack of proper maintenance and inspection. It is appalling to think such a catastrophe could unfold on a bustling thoroughfare lined with numerous imposing trees. One cannot help but wonder: Who should bear the responsibility for this tragedy? While some may hastily point fingers at the owner of the private land where the tree stood, absolving the local authority of any blame, such a simplistic attribution overlooks the shared responsibility for public safety. The local authority cannot evade accountability by merely pointing to the tree’s location on private property. It is their duty to foresee and mitigate risks associated with trees lining public roads, regardless of ownership. Furthermore, one cannot help but speculate on the potential divergent reactions had the victims of this tragedy been the family members of someone rich and powerful, a prominent politician or even the relatives of a minister or senior member of the local authority concerned. Would the response from the authorities have been swifter and more robust? Would there have been a flurry of activity to ensure justice and compensation for the victims? Such questions highlight not only the need for accountability but also the insidious influence of privilege and power in our society. Every citizen, regardless of status or background, deserves equal protection under the law and a commitment to safeguarding their safety and well-being. Moreover, this is not the first time such a calamity has occurred. In August 2023, a friend was involved in a similar incident on the Sprint Highway near Intan (the National Institute of Public Administration), which resulted in damaged vehicles and narrowly averted fatalities. She was lucky to escape fatality by mere seconds when the huge tree trunk fell on the front portion of her car, causing extreme damage. Unfortunately, she was told to claim from her insurance company as no one stepped up to take responsibility. She was informed that this was an “Act of God”. Despite the potential for tragedy, the lack of media coverage and official response allowed the issue to fade into obscurity, leaving victims without recourse. We cannot allow a cycle of negligence and impunity to persist. It is unconscionable for any party, whether private landowners or local authorities, to shirk responsibility and leave victims to bear the burden of damages without recompense. The safety and well-being of citizens must always take precedence over bureaucratic finger-pointing and indifference. As residents of Kuala Lumpur, we cannot afford to wait for tragedies to repeat themselves before taking decisive action. The abundance of trees lining our roads should be a source of pride, not fear. However, pride should be tempered with responsibility. We urge the authorities to take immediate and comprehensive measures to ensure the regular maintenance and inspection of trees along public thoroughfares. Considering the risks of potential falling trees that are in abundance throughout Kuala Lumpur, we should all call for the relevant authorities to treat this matter with the seriousness it deserves. We cannot afford to wait for another tragedy to galvanise action. Let us honour the memory of the fallen motorist and prevent future loss by holding accountable those responsible for ensuring public safety. Prof Said Bani C.M. Din “We cannot allow a cycle of negligence and impunity to persist. It is unconscionable for any party, whether private landowners or local authorities, to shirk responsibility and leave victims to bear the burden of damages without recompense. Appeal to mayor regarding falling-tree incidents THE recent spate of falling trees in Kuala Lumpur’s city centre has shocked many, but the reaction from Kuala Lumpur (KL) City Hall and the Federal Territories (FT) minister to these occurrences is more bewildering. Reports have indicated that the minister has ordered the immediate felling of “all highrisk trees”. This is a knee-jerk reaction that lacks thoughtful consideration. Over the past two years, numerous incidents of tree falls have been recorded in areas such as Kepong Baru, Segambut and Kepong Garden, primarily stemming from inadequate tree trimming practices. The indiscriminate removal of lower branches has led to top-heavy growth, exacerbating the risk of collapses during heavy rainfall. It is evident that the contractors employed by KL City Hall are not adhering to established trimming protocols established by its team of arborists. KL City Hall personnel should inspect the trees after every trimming, but their presence at these locations is rarely seen. My repeated attempts to address these concerns through KL City Hall’s Adu@KL 2.0 platform have yielded no satisfactory responses. Even personal visits to its offices have been met with dismissive instructions to submit formal complaints via written letters to the director. This level of service is unacceptable for a public institution entrusted with citizen welfare. The FT Ministry and the mayor must engage in meaningful dialogue and devise a comprehensive plan to address the tree fall issue without compromising environmental integrity or public safety. While tree removal may seem like a quick fix, it is not the best approach. Collaborating with organisations such as the Malaysian Nature Society can yield sustainable solutions that prioritise safety and conservation. In light of these concerns, we request a response from either the mayor or the FT minister to this open letter, signalling a commitment to proactive and responsible governance in safeguarding our urban environment. Malar Balasingam Kepong Baru This tragedy is not an isolated incident but a glaring symptom of a larger issue that demands immediate attention and accountability. – REUTERSPIC LETTERS [email protected]

11 THURSDAY | MAY 16, 2024 Scion PM that modernised Singapore UNDER Prime Minister Lee Hsien Loong, Singapore has held its own in an era of globalised finance and cutting-edge technology, while continuing his venerated father’s policy of muzzling free media and snuffing out dissent. The premier stepped down yesterday, passing the baton to his deputy Lawrence Wong, the second non-member of the Lee family to lead the wealthy Asian nation. As the son of the country’s founding leader Lee Kuan Yew, Hsien Loong had to live with the perception that he could not have become prime minister (PM) without his pedigree. However, after nearly two decades at the helm, steering Singapore through a global financial crisis and the Covid-19 pandemic while diversifying its economy, he has left his imprint on the citystate. He has not hesitated to use defamation laws against critics, suing anyone who s u g g e s t e d corruption o r nepotism in the government. Under his watch, rules against public protests have been tightened, even a one-person demonstration can be dispersed as an illegal assembly. Hsien Loong was sworn in as the nation’s third prime minister on Aug 12, 2004 at age 52. Lacking his father’s fiery oratory and iron fist, the younger Lee, now 72, has projected a more consultative style. He has presided over efforts to retool the city-state’s export-driven economy by focusing on advanced industries such as biotechnology and electronics as well as financial services. Singapore – a small and open economy that imports most of its needs – forged a wide network of bilateral and regional free-trade agreements. Hsien Loong was born on Feb 10, 1952, to lawyers Kuan Yew and Kwa Geok Choo, during a time of race riots, trade union militancy and rising communist influence in the British colony. His father was carving out a reputation as a steely leader in the rough and tumble of Singapore politics ahead of self-rule in 1959 – when he became prime minister – and eventual independence in 1965. “Growing up as my father’s son could not but mean being exposed to politics very early. Growing up with my father, living through those years with him, made me what I am,” the younger Lee said in a eulogy after his father’s death. He joined the Singapore Armed Forces in 1971 and graduated on a scholarship from Britain’s Cambridge University in 1974 with first-class honours in mathematics and a diploma in computer science. When Cambridge’s Trinity College offered him a fellowship to teach mathematics, he wrote to his tutor: “I must go home. I have joined the Singapore Armed Forces, my father’s the PM and for me not to go home and do what I have to do would be bad for the country and for me.” He became a brigadier-general but left the military in 1984 to become an MP. Kuan Yew stepped down in 1990 as part of a succession process worked out within the longruling People’s Action Party, his son becoming deputy to successor Goh Chok Tong. Before ascending to the top job, Hsien Loong was chairman of the central bank as well as finance minister. Family feud Balancing Singapore’s strong cultural and historic ties to East and West, Hsien Loong has refused to pick a side in the US-China rivalry, carving out a niche for the country as a diplomatic honest broker. Under his leadership, Singapore hosted historic summits between then Taiwan president Ma Ying-jeou and China’s Xi Jinping in 2015 as well as a 2018 meeting between US president Donald Trump and North Korea’s Kim Jong Un. Despite his seemingly charmed life, Hsien Loong had to endure two major personal crises. In 1982, his first wife Wong Ming Yang, a Malaysian-born doctor whom he met at Cambridge, died after giving birth to their second child. Three years later he married senior civil servant Ho Ching, the former chief executive of state-linked investment firm Temasek Holdings. They have two children. In 1992, Singapore was stunned when the country’s two deputy prime ministers – Hsien Loong and Ong Teng Cheong – were diagnosed with lymphoma, a form of cancer. Hsien Loong underwent intensive treatment and was pronounced cured in 1997, but Ong died of cancer in 2002 after serving as the republic’s first directly elected president. Seen as an aloof intellectual when he first entered politics, Hsien Loong has undergone an image overhaul since becoming PM. A month after taking office, he hit the dancefloor at one of Singapore’s trendiest discos, in a bid to reach out to younger Singaporeans. However, the family’s image was stained by a bitter sibling feud that blew up after the patriarch’s death in 2015. Hsien Loong’s sister and younger brother accused him of going against their father’s wish to have the historic family bungalow demolished. The sister, Lee Wei Ling, publicly called him a “dishonourable son” and accused him of trying to capitalise on their father’s legacy to build a dynasty – a charge the brother has rejected. In his last major political speech as PM on May 1, Hsien Loong said he felt “a sense of satisfaction and completeness” as he handed over the top job. “I have done my duty, and I am happy I chose this path of public service all those many years ago,” he said. – AFP Urgent overhaul needed for national education system THE recent release of the World Bank Education Assessment – a comprehensive global evaluation based on international standards – has issued a stark wake-up call for Malaysian colleges and universities. In response, our sultans and state education ministers are advocating for a complete re-engineering of curriculums and syllabi across the national education system. Let us explore these recommendations and the projected trends for achieving excellence in education. Appearing on the front page of a newspaper recently headlined “Clarion call for quality education,” the Regent of Johor, Tunku Mahkota Ismail, urged the national government to make significant upgrades to the education curriculum, ensuring that Malaysia’s graduates are globally competitive. He added that if no changes are made at the national level, Johor is prepared to be the first state to amend its school syllabus. In Sarawak, state officials are also advancing dual language programmes for their schools. They have emphasised that those who will benefit most from constructive criticism are those who listen with an open mind and use suggestions to make positive adjustments. Tunku Ismail also stated: “If we cannot accept the facts in the World Bank Report, we should not complain if our future generation is less competitive than their peers in the global marketplace.” Furthermore, Tunku Ismail also made a powerful statement against using religion as a political tool to manipulate education or sow seeds of division. The World Bank Report noted that despite considerable government spending, Malaysian graduates are significantly behind other countries in the areas of reading, writing, mathematics and science. As a result, Malaysia is producing thousands of graduates with meaningless degrees, leading to widespread unemployment. Many with advanced degrees are reduced to working as delivery persons or Grab drivers just to make ends meet. Others choose to live in Johor and commute daily by motorcycle to Singapore, where the pay is better and the exchange rate is more favourable. In both scenarios, Malaysia is the economic loser. Upgrades to our educational system must focus on preschool education for three and four-year-olds and language proficiency in more than one language by adding English and/or Chinese to the mandated curriculum. Additionally, STEM subjects (science, technology, engineering, and mathematics) must have strong foundations established from the early years. Courses on the value of diversity and crosscultural understanding should be included. Emphasis should also be placed on financial literacy, which is highly beneficial. We must create an advanced artificial intelligence (AI) environment, focusing on global technical skills. This will give our students a head start toward a successful future. Furthermore, we should explore the top trends and innovative ideas shaping global education in 2024. For foundational grades, the key aspects include: 1. Reducing enrolment barriers to make public education easily accessible to all. 2. Increasing student support services (such as tutoring, vision and hearing tests and counselling) to decrease grade retention and drop-out rates. 3. Significantly enhancing the quality and relevance of all academic programmes. For higher-level education, we should focus on six crucial areas: 1. Promoting greater diversity in the student population and academic staff to foster academic excellence and reduce opportunity gaps. Recognising the value of ethnic and racial diversity, educators should teach skills necessary for breaking down barriers to meaningful diversification. This will enhance academic excellence and prepare students for international competitiveness. 2. Increasing options for non-traditional students in colleges and universities. Many of these students are full-time employees, parents or retirees seeking to reskill or upskill for today’s job market. 3. Developing challenging and high-quality blended learning programmes at higher education institutions. This includes a variety of in-class learning opportunities alongside a broader selection of online learning formats such as Zoom conferences and webinars. 4. Establishing robust support systems to assist students in managing mental health challenges. Programmes should be designed to address stress management, depression, eating disorders and other mental health issues that hinder academic progress. 5. Prioritising efforts to bridge the skills gap. As Mauricio Macri, former president of Argentina, stated at the G20 in 2017, “Today’s work future is a race between technology and education,” a sentiment even more relevant today. Collaboration between higher education institutions and corporations is a promising strategy to address the escalating skills crisis. Corporate partnerships with university career services departments can facilitate internships and intensive programmes, potentially leading to full-time employment upon graduation. 6. Addressing the pervasive trend of AI and its profound implications for every career field. Access to quality AI education remains a challenge despite its increasing integration into university settings to automate timeconsuming tasks and free lecturers’ time for student engagement. While higher learning institutions recognise the pivotal role of AI in the coming years, research indicates that only 41% have a clear AI development strategy in place. Overcoming cost barriers is crucial, necessitating a vision and budget strategy that prioritises AI education in curricula. This is essential for nurturing a competitive and cutting-edge workforce in the global economy. It is imperative that we, along with our leaders and public officials, heed the findings of the World Bank Report and implement essential upgrades to our national education system. While our country holds immense potential, the current shortcomings within our education system are constraining the achievements of our future generation. Let us dare to dream big and enact the necessary changes to ensure the best opportunities for all of Malaysia’s students. By offering university admissions universally, providing scholarships as needed, eliminating discriminatory quota systems based on race, religion or ethnicity, allowing freedom in choosing areas of study and offering equal recognition for outstanding achievements, we can retain our best and brightest talents within Malaysia. We have the capability to achieve this. Let us work together to pave the way for a brilliant future. Comments: [email protected] COMMENT by Sathasivam Sitheravellu COMMENT “After nearly two decades at the helm, steering Singapore through a global financial crisis and the Covid-19 pandemic while diversifying its economy, Hsien Loong has left his imprint on the city-state.

PROPERTY PROPERTY THURSDAY | MAY 16, 2024 12 Big projects continue to buoy sentiment KUALA LUMPUR: The positive outlook and overweight ratings on the construction sector following the rollout of infrastructure projects nationwide continued to lift market sentiment. As we enter the second quarter of 2024 (Q2’24), Budget 2024’s RM90 billion development expenditure allocation to fund projects should drive contract flows this year. The projects include the Penang LRT, Pan Borneo Sabah Phase 1, MRT3, large-scale flood mitigation projects, Sabah-Sarawak Link Road, Kuching Urban Transportation System-Green Line and water-related projects. Contract awards are expected to be forthcoming in the first half of this year. Research houses RHB Investment Bank Bhd, Kenanga Research, Hong Leong Investment Bank (HLIB) and Rakuten Trade Sdn Bhd are broadly optimistic about the industry. There are also plans to reinstate five more LRT3 stations in the Klang Valley. As for MRT3, the government is acquiring land with notifications of the identified land expected to be dish out in Q2’24, finalised in the third quarter, and awards handed out starting Q4’24. Still along the public transport vein, the Johor government will submit its proposal in late November 2024 to the federal government for Johor Bahru LRT to have three lines. While there is much focus on the rail lines, some contractors are also hoping to strike gold in renewable energy-related initiatives such as the Corporate Green Power Programme. Johor is also being touted as the fastest-growing data centre market in Southeast Asia. With all these goodies being churned out, HLIB said they should drive contract flows this year. Meanwhile, Master Builders Association Malaysia (MBAM) president Oliver HC Wee told Bernama that the budget allocation for the construction industry in 2024 is over RM70 billion. Based on trends from previous years, MBAM expects this to add up to about RM100 billion inclusive of the private sector with private contracts oMajor infrastructure jobs in focus include Penang LRT, MRT3, Sabah-Sarawak Link Road and water-related contracts comprising mainly warehouses, data centres and factories manufacturing semi-conductors. “On the outlook, we have to remain neutral. Costs are rising and there are many uncertainties even as the government improves policies at the macro level to bring down costs. “At the same time, it is important to leverage innovations and technologies with industry stakeholders willing to move together towards digitalisation,” he added. Although the industry is heading in the right direction, companies need to undertake changes, Wee said. “Fairer form of contracts should be in place as we seek better ways to conduct business. “We believe a variation of price (escalation) provisions in a contract will allow for fairer risk and rewards between contracting parties against fluctuating building material price backdrop. This will subsequently reduce the number of projects being abandoned,” he noted. Industry players are bullish. Kerjaya Prospek Group Bhd is optimistic about the construction industry’s growth post-Covid-19 despite various challenges including rising raw materials prices. Its FY23 core profit leapt 20% on higher construction and property billings. Chairman Datuk Tee Eng Ho said projects could progress faster as the situation improves with labour shortage no longer a concern. Tee also announced the company’s plans to pursue new opportunities with Samsung C&T Corporation via a consortium Samsung-KP JV, focusing on factory construction in Malaysia and opportunities in Penang’s Andaman Island project, estimated to be worth about RM2 billion. As for Varia Bhd (formerly Stella Holdings Bhd), its managing director Datuk Benson Lau is optimistic about sectoral growth. The biggest winners are the Klang Valley LRT’s five new stations worth RM4.7 billion, the RM11.8 billion nationwide flood mitigation programme, and Penang’s RM10 billion LRT initiative, he told Bernama. “The demand for commercial and residential buildings is rising as infrastructure projects and private investment increase. This positive momentum aligns with Varia’s growth prospects, positioning the company favourably for upcoming opportunities,” Lau said. Varia, which previously signed a memorandum of understanding with Sungai Klang Link Sdn Bhd to embark on the Sg Klang Link elevated highway project, said it is currently in the early stages of planning and development. “We are open to exploring opportunities to contribute to our growth trajectory. Our tender book currently stands at RM1.5 billion,” Lau added. Varia also received a contract from Kator Construction Sdn Bhd to undertake the Klang River flood mitigation project in Seksyen 25, Shah Alam which kicked off on Feb 1, 2024 and timeline extended to Jan 31, 2029. The first three months saw solid performance with the construction index on Bursa Malaysia at 193.83 on Jan 2. It expanded above the 200 level between January and March and stood at 223.17 on March 29. Malaysia aims to transform its economic landscape via infrastructure projects and digitalisation, which have lifted infrastructure-related counters on Bursa Malaysia Bhd since the second half of 2023. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that construction stocks saw a 13.5% year-to-date gain. “In the past 12 months, the construction index surged 37%. We expect the sector to be one of the best performers in 2024,” he said. Kenanga Research said firms’ earnings should improve as work progress gathers momentum amid higher contract wins. There should be a significant improvement in the sector’s earnings delivery versus Q4’23 expectations, it said. SP Setia launches Nadi 2 at Commerce Square in Semenyih SHAH ALAM: SP Setia Bhd recently introduced its highly anticipated Nadi 2 at Setia Commerce Square situated at the central business district (CBD) of the Setia EcoHill 2 township in Semenyih. Nadi 2, which is the second phase of the inspiring Nadi commercial development, comprises 212 shop offices, 12 semidetached shops, multiple sizes of enterprise lands and petrol station lands. It is poised to be one of the most vibrant commercial districts in the emerging Semenyih corridor, with its strategic location adjacent to LEKAS exit 2102a. SP Setia Bhd divisional general manager Koh Sooi Meng revealed: “Riding on the success and momentum of our previous launch Nadi in Q2’23, which consisted of 86 units of shops with a GDV of RM180 million and is fully sold; we launch its sequential Nadi 2 in May 2024.” Nadi 2 will offer a few product types such as the conventional double-storey terrace shops, with 36 intermediate units comprising built-ups of 3,585 sq ft (with land sizes of 26’x75’) and with a tentative price of RM1.49 million onwards. Its eight units of expansive three-storey corner shops comprise built-ups of 8,202 sq ft (with land sizes of 42’x75’), and with a tentative price of RM3.28 million onwards. The development will also feature six limited edition semi-detached shops tailored for diverse business needs with built-ups of 5,422 sq ft (and land sizes of 70’x175’), and an estimated price of RM3.58 million onwards. Setia EcoHill 2, which is an extension of the Setia EcoHill masterplan in Semenyih, has a total gross development value of RM5 billion. Setia EcoHill 2 is notable for its preserved, natural undulating altitudes and is located along the mountain slopes leading towards Bukit Tempurung, with more than 10,000 trees planted around the township. Boustead’s Rini Homes 8 Finale 100% taken up SKUDAI: The recently launched Rini Homes 8 Finale by Mutiara Spaces, under the umbrella of Boustead Properties Bhd, garnered an impressive market reception. The project achieved an amazing 100% take-up rate within one day since its official launch in March 2024. Located in the thriving Mutiara Rini township in Skudai, Johor, Rini Homes 8 Finale represents the second last phase of the 1,438- acre development by Boustead Properties that has transformed the landscape of Skudai. Boustead Properties Berhad CEO Khairul Azizi Ismail said, “Rini Homes 8 marks another milestone in our journey of reinvention and excellence with an impressive take-up. Since its launch, Rini Homes 8 has garnered over 5,000 registrants. Besides repeat buyers, Rini Homes 8 Finale has also been able to reach out to the younger generation and we are delighted that they will be making Mutiara Rini township their chosen home.” Rini Homes 8 Finale offers 180 contemporary double-storey homes designed to embody quality living and comfort in a sought-after location. Each home in this final phase features four bedrooms, four bathrooms, and generous living spaces ranging from 2,063 sq ft to 2,436 sq ft on lot sizes of 22’ x 70’. Priced from RM818,000, these residences prioritise space, modern design, and premium living experiences. Rini Homes 8 Finale offers 180 contemporary double-storey homes designed to embody quality living and comfort in a sought-after location. KSL acquires Johor land for RM212m, plans housing development KUALA LUMPUR: KSL Holdings Bhd announced that its wholly owned subsidiary KSL Medini Development Sdn Bhd (KSLMD) has entered into a sale and purchase agreement with Tropicana Firstwide Sdn Bhd, Tropicana Rhythm Crest Sdn Bhd and Tropicana Desa Mentari Sdn Bhd to buy parcels of freehold land measuring 74.19ha in Johor Bahru for RM211.58 million. The parcels of land are located in Pulai, and within a locality along Jalan Gelang Patah with the Malaysia-Singapore Second Link traversing through the land. According to KSL, the proposed acquisition enlarges the current land bank of the group to enhance future revenue and earnings – the said land will be used for a residential development project and further enhance its presence in the property market in Johor. “Once the proposed acquisition is completed, the land bank of KSL Group will be approximately 1,052.18ha located in Segamat, Batu Pahat, Muar, Mersing, Johor Bahru, Klang and Selangor. “Out of the total land bank, approximately 50% of it are in the various stages of approval and approximately another 25% are under various stages of development,” it said in a stock exchange filing. The project is expected to entail approximately 628 units of residential properties. The development is expected to commence in 2028 and is envisaged to spread over a period of eight to 10 years. “Given the distant timeframe of the expected development, the company is unable to accurately estimate the total gross development value of the projects at this stage,” it said. – Bernama Khairul Azizi said they are preparing to launch Rini Hills 3, the final residential development of Mutiara Rini township, which is poised to offer diverse living options and investment opportunities. Following the success of Rini Homes 8 Finale, they anticipate a strong market response for Rini Hills 3. With 11,398 completed houses, approximately 50,000 total population, and a GDV of RM4 billion, the Mutiara Rini township has established itself as a notable development by Boustead Properties since its inception in 1996. Mutiara Spaces has further plans to launch new property development projects this year that includes a new residential tower in Petaling Jaya with details to be announced in due course.

THURSDAY | MAY 16, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME Govt ensuring sustainability of pepper industry: Johari KUALA LUMPUR: Global pepper demand is projected to continue its upward trajectory in 2024 and 2025, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. The minister attributed this growth to the potential applications of pepper in various sectors, including pharmaceuticals and cosmeceuticals, which are driving this positive trend. “In 2023, global pepper consumption will amount to around 291,000 tonnes, an increase of 40,000 tonnes compared with the previous year. “However, Malaysia’s pepper exports declined slightly in 2023 to 5,800 tonnes worth RM149 million compared to 6,700 tonnes in the previous year worth RM180 million,” he said during the inaugural Malaysian Pepper Industry National Conference 2024 themed “Strengthening the Growth of the Pepper Industry”. His speech was read out by Deputy Construction companies urged to leverage AI to enhance efficiency KUALA LUMPUR: Construction companies should fully leverage artificial intelligence (AI) technology to enhance efficiency, reduce costs and shorten project timelines, said Deputy Works Minister Datuk Seri Ahmad Maslan. He encouraged industry players to embrace the latest modern methods for their construction project processes. “Leverage the Industry 4.0 Revolution, including advanced AI, to achieve benefits in quality, cost, time, design, accuracy, volume and more. “All these technologies should ultimately benefit humanity,“ he told a press conference after officiating at the Kuala Lumpur Public Works Department (PWD) handover of 12 completed projects here yesterday. He said AI technologies, including metaverse applications, can be utilised to monitor work processes at project sites, ensuring smooth operations and timely project completion. “In addition, 3D applications or methods are employed to visualise buildings virtually, even during the planning stages,“ he said, adding that the PWD has adopted metaverse applications in the execution of projects nationwide. Meanwhile, Ahmad recommended that the Works Ministry and its associated agencies enhance innovations to improve the quality and speed of construction for buildings, roads, bridges and slopes. “Speed and quality must progress hand in hand ... what I aim for is the enhancement of standards to achieve higher quality while ensuring faster completion times. “It may seem challenging, but with the implementation of new systems such as the prefab modular method, and the current availability of AI technology, construction of buildings, roads, bridges and slopes can be significantly enhanced,“ he said. On the handover ceremony, he said all infrastructure projects, including the renovation of existing buildings in the federal capital, have been completed at a total cost of RM57.48 million. Among the projects completed by KL PWD are the RM23.9 million upgrade of the National Sports Institute in Bukit Jalil and the RM6.79 million interior modifications of the National Academy of Arts, Culture, and Heritage building, which was completed ahead of schedule. – Bernama Property transactions in first quarter up 34% year-on-year to RM56.5 billion KUALA LUMPUR: The Malaysian property market was active in the first quarter of 2024 (Q1’24), recording a 34.3% growth compared with the first quarter a year ago with more than 104,297 transactions worth RM56.53 billion. Valuation and Property Services Department director-general Abdul Razak Yusak said in terms of volume, property sub-sectors recorded positive growth in Q1’24; the commercial subsector grew by 33.4%, residential by 16.6%, industry by 14.3%, agriculture by 13.7%, and development land and others, 10.7%. “The residential sub-sector continues to dominate market activities with over 62,000 transactions, valued at over RM25 billion, comprising nearly 60% of overall property market activities. “Housing priced at RM300,000 and below dominate the market with 33,500 transactions, comprising more than 50% of total transactions,“ he said when presenting the First Quarter 2024 Real Estate Market Report in a live broadcast on Facebook yesterday. According to Abdul Razak, construction activities also showed positive growth in Q1’24 when commencements rose to more than 21,300 units, an increase of almost 8% from the previous year, while planned new developments decreased to around 11,000 units. New residential launches increased by 19.8% to 5,585 units from 4,661 units in Q1’23. The serviced apartment segment saw a 70% spike in completed units to 5,500. Projects starting construction and planned new developments each rose by more than 100% versus the same quarter in 2023. The Malaysian House Price Index rose marginally by 0.5% to 216.9 points, with house prices averaging RM468,000 a unit, Abdul Razak said. “All states recorded moderate growth of between 0.5 and 4.6%, except for Kuala Lumpur, Penang, Perak, Malacca and Sarawak where prices contracted by between 0.2% and 2%. “Terraced housing remained stable with a positive 1.8% growth while other types of housing recorded a marginal decrease,“ he said. Completed unsold housing, commonly known as a residential overhang, decreased to 24,208 units worth RM16.49 billion compared with 25,816 units worth RM17.68 billion in Q4’23. Serviced apartment overhang rose by 5.2% to 21,913 units, with a 9.7% rise in ringgit value to RM18.16 billion. “Serviced apartment units priced between RM500,000 and RM1 million make up 58.1% of the total overhang,” he said. The performance of private purpose-built offices recorded a marginal increase, he said. “The occupancy rate of privately owned purpose-built offices rose marginally to 72% versus 71.9% in the previous quarter,“ he said. – Bernama Bursa cautiously optimistic of reaching 42 IPOs in 2024 KUALA LUMPUR: Bursa Malaysia Bhd is cautiously optimistic that it will be able to achieve the goal of 42 initial public offerings in 2024 with the pace picking up in the second quarter of the year, said its vice-president of IPO marketing, Muhd Farrish Ishak. “Funds raised from IPOs have greatly increased over the years from RM2 billion in 2019 to RM3.6 billion last year. Due to the pandemic in 2020, we saw steady numbers of 30 IPOs from 2018 to 2023. But as of April 2024, we have already seen 13 IPOs coming into the market,” he added. Disclosing this at the Malaysian SME National Conference organised by KSI Strategic Institute for Asia Pacific, Farrish said IPOs come from various sectors, from healthcare to technology, showcasing the diversity of the Malaysian economy. “An IPO comes into play when a company oPipeline of new listings expected to pick up steam in second quarter of year █ BY AIMIE SHAZRIE [email protected] has reached a certain level of maturity. It is a significant milestone that provides access to a large pool of public capital, but it also comes with increased scrutiny and regulatory requirements,” he said. An overview of the market done by Bursa Malaysia has witnessed a steady increase in IPOs from 2019. In 2022, the market saw the highest number of IPOs since 2006. Bursa Malaysia operates the Main Market, ACE Market and LEAP Market, which are designed to meet the needs of different types of companies. Farrish said LEAP is designed for small and medium enterprises to access public funding more cost-effectively and efficiently. The need for SMEs to consider an IPO is believed to be a need, as this will be used as an access to the capital and a growth facilitator. “The capital can be used for finance expansion plans, research and development and strategic initiatives. Going public and unlocking numerous opportunities for SMEs can increase access to capital and improve financial visibility,” he added. He said that three SME companies that are listed on the ACE market have been transferred to the Main Market with a total of RM697 million released from these IPOs. The market capitalisation upon IPO of these SMEs reached an impressive RM3 billion. “At the end of April 2024, these three companies’ market capitalisation had gone up over twofold, reaching a total market capitalisation of RM6.5 billion. These numbers are reflections of commitment to fostering a conducive environment for the growth of SMEs in Malaysia,” Farrish said. Plantation and Commodities Minister Datuk Chan Foong Hin. Johari highlighted Malaysia’s position as the world’s fifth-largest pepper producer, with a production volume of about 31,000 tonnes in 2023, trailing Vietnam, Brazil, India and Indonesia. He acknowledged the current challenges facing the local and global pepper industry, particularly the imbalance between supply and demand which is exerting pressure on prices. Hence, Johari said, the government, via the Malaysian Pepper Board (MPB), is implementing several dynamic and integrated programmes, projects, incentives and assistance involving smallholders and pepper entrepreneurs to ensure the sustainability of the pepper industry and boost the development of upstream and downstream industries. Under the 12th Malaysia Plan, the government has allocated RM50 million to assist pepper farmers through the New Pepper Planting Scheme and the Mature Pepper Planting Scheme, thereby alleviating financial burdens. In addition, the government has allocated RM3 million to implement the premium quality pepper projects, while a further RM5 million was allocated to increase the involvement of competitive downstream entrepreneurs. Meanwhile, Johari underscored the conference’s objective of boosting pepper demand and consumption while strengthening the downstream sector by fostering collaboration among stakeholders, including small and medium enterprises, exporters, importers, hotels and restaurants. “This conference is proof that the government is committed to growing a competitive local pepper industry, capable of generating immense value to the national economy,” he said. – Bernama Farrish delivering his speech at the conference.

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 14 Malaysia can realise 71% increase in foreign holdings of govt bonds: MARC KUALA LUMPUR: Malaysia can realise more than RM170 billion worth of inflows or a 71% increase in foreign holdings of government bonds, said Malaysian Rating Corporation Bhd (MARC). In a statement, MARC said this is based on the assumption that foreign holdings of Malaysian bonds increase from the present 21% to a historical high of 36%. The statement said since 2005, the foreign share of government bonds had ranged from 4% to 36%, with the latest being 21% as at April 2024. “At 21%, foreign holdings are near the longterm average, suggesting that foreign investors have retained their interest in Malaysian government bonds despite currency volatilities caused by pivotal shifts in global interest rates. “While foreign holdings are below the 10-year average, there is no evidence of capital flight from Malaysia surpassing historical norms,” it said. Year-to-date, Malaysia’s capital markets have witnessed net foreign outflows, recording RM4 billion outflows in the local bond market and RM2.1 billion outflows in the domestic equity market as of April. This further highlights the importance of market microstructure factors to bolster the persistence and increase of portfolio investments. MARC reckoned that several steps could be taken to continuously enhance Malaysia’s structural attractiveness as an investment destination including improving Malaysia’s country risk and sovereign credit rating, raising the openness of market access and increasing market size and liquidity. “Market access includes wide-ranging criteria such as a simple and consistent foreign exchange policy, an easy registration process for international investors, ready access to a liquid derivatives market with multiple product types, lowered tax and transaction costs, and efficient settlement and custodial systems,“ it noted. – Bernama InvestSarawak signs MoU with Marubeni to explore SAF project KUCHING: InvestSarawak yesterday inked a memorandum of understanding (MoU) with Marubeni Corporation, a Japanese multinational trading and investment company, to facilitate and accelerate Marubeni’s interest in the sustainable aviation fuel (SAF) project in Sarawak. This MoU will outline the collaboration between the two parties to conduct a joint prefeasibility study for a commercial-scale SAF value chain in Sarawak, said InvestSarawak and Marubeni in a joint statement. “The goal is to confirm the feasibility of producing SAF using biomass feedstock and assess the potential technology pathways for SAF production in Sarawak. “Both parties aim to establish a commercialscale SAF value chain for local consumption or export by 2030,” they said. According to the statement, the MoU will also focus on assessing expenditure requirements, identifying suitable project sites, and exploring opportunities for government subsidies and incentives in Malaysia and globally. “Biomass is biological material that comes from plants or animals, including wood, agricultural residues and algae, while SAF is a cleaner type of jet fuel made from renewable resources like microalgae instead of fossil fuels. “The biomass project could lead to downstream products, including green ammonia used in fertilisers, biogas and biofuels, renewable gases and liquid fuels for transportation and industry, and green chemicals, which are ecofriendly raw materials for industries like plastics and textiles,” they added. – Bernama PETALING JAYA: Heineken Malaysia Bhd delivered a robust performance and demonstrated resilience and adaptability in a dynamic market landscape in its financial results for the first quarter ended March 31, 2024 (Q1’24). Group revenue grew by 7% to RM789.17 million compared with the same quarter in 2023. The increase was driven by the effective execution of the Chinese New Year campaign and strategic commercial initiatives during the quarter. Similarly, group profit before tax rose by 12% to RM161.29 million compared with the same quarter last year. The growth was primarily driven by revenue growth, alongside effective revenue and cost management. Heineken Malaysia managing director Roland Bala said, “Coming out of a challenging year in 2023, we are pleased with the encouraging start to 2024. Whilst our Q1 performance was positive, we remain cautious, in view of the volatile trading environment and macroeconomic concerns. We will continue to build on this momentum by focusing on our EverGreen priorities, emphasising superior growth, consumercentricity, cost efficiency, sustainability, digitalisation and reinforcing a highperformance culture. “We are grateful for the unwavering support from our business partners and consumers, which has been pivotal in navigating the complexities of the past year. “The success of our marketing investments, particularly the ‘Cheers to a Bolder Tomorrow’ Chinese New Year Campaign led by Tiger Beer, has been instrumental in achieving top-line growth. This, along with innovative initiatives from the Heineken® and Guinness brands, underscores our dedication to creating memorable experiences for our consumers.” On outlook, Roland shared, “Our Q1 results are encouraging, yet we approach the future with prudence, mindful of the ongoing volatility in the trading environment and broader macroeconomic factors. Looking ahead, the group will continue to stay agile and focused in navigating external challenges to deliver a commendable performance this year. Our commitment to take a long-term view to build a sustainable business stands, as we continue to focus on delivering our EverGreen strategy to future-proof our business.” Heineken Malaysia’s board of directors does not recommend any dividend in respect of the quarter ended March 31, 2024. Heineken Malaysia brews up robust results in Q1 Sin-Kung Logistics makes flat debut on ACE Market KUALA LUMPUR: Air cargo transport specialist Sin-Kung Logistics Bhd made its debut yesterday on the ACE Market of Bursa Malaysia at 13 sen, which is its initial public offering (IPO) price. The counter’s flat debut came on a volume of 26.36 million shares. The counter increased to 13.5 sen after 114.05 million shares were traded. It closed at 14 sen, up 1 sen or 7.7%, on volume of 394.07 million shares. Sin-Kung Logistics is involved in the provision of trucking services with a focus on airport-to-airport road feeder service. “The rapid growth of e-commerce postpandemic, disruption in ocean shipping and supply diversification are some of the main drivers of air cargo demand in the current market,” Sin-Kung Logistics managing director Alan Ong said at the company’s listing ceremony. He said the company has managed to grow the fleet of commercial vehicles to 461 units and the listing will enhance its capacity and competency to stay at the forefront of the industry. The company is funding the expansion of commercial vehicles, warehousing and distribution business with part of the RM26 million raised from the IPO. “Sin-Kung Logistics strategy in growthcontinuation of trucking and container haulage businesses is to purchase 100 From left: Sin-Kung Logistics independent non-executive director Datuk Mohammad Dalib, Ong, executive director Angeline Ong and independent non-executive director Lee Lean Suan at the listing ceremony. oListing will enhance air cargo trucking services specialist’s capacity and competency to stay at forefront of industry █ BY AIMIE SHAZRIE [email protected] commercial vehicles by 2025. This is to expand our capacity for the transportation of more cargoes and containers,” said Ong. “The Red Sea crisis and e-commerce boom have somehow benefited Sin-Kung Logistics. We are well-positioned to secure more jobs as our airport-to-airport road feeder services cover extensive networks of airports,” he said. Sin Kung Logistics also plans to utilise RM10 million in funding its warehousing distribution services’ expansion to meet the upcoming rising demand from the ecommerce and manufacturing sectors. A total of RM9.6 million will be used to repay bank borrowings, RM1.1 million for working capital and the remainder of RM3.3 million is for estimated listing expenses. Meanwhile, Bursa Malaysia Securities business acceleration director Zulkifli Mustafa said Sin-Kung Logistics is set to achieve the targeted market capitalisation, based on the issued share capital of 1.2 billion shares and an IPO price of 13 sen per share. “The joining of Sin-Kung Logistics marked the 15th IPO of the year. The IPO market capitalisation has witnessed a 61% increase, underscoring the resilience of our marketplace,” he added. Zulkifli said the logistics and warehousing sector plays a crucial role in the progress, facilitating the movement of goods across both domestic and international channels. The sector’s efficiency is vital to support a wide range of industries in ensuring smooth operations, he added. “I commend Sin-Kung Logistics for achieving an exceptional subscription rate of over 26 times. This appears as a clear indicator of strong investors’ confidence in the company,” Zulkifli remarked. India’s palm oil imports from Malaysia at 285,000 tonnes in April PETALING JAYA: India imported 285,829 tonnes of palm oil from Malaysia in April, accounting for 21.6% of the country’s total vegetable oil imports for the month. The imports from Malaysia comprised 50,181 tonnes of refined, bleached, and deodorised palm olein and 227,649 tonnes of crude palm oil. India’s edible oil imports in April were 1.3 million tonnes, almost 13.5% higher than the previous month’s volumes, data released by the industry group Solvent Extractors’ Association of India showed on Tuesday. The share of palm oil in last month’s imports was 52%. – Bernama

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 15 MAHB equity restructuring will benefit nation: Economist KUALA LUMPUR: Malaysia Airports Holdings Bhd’s (MAHB) possible equity restructuring will ultimately benefit the nation, especially if it supports continued upgrading and modernisation of the country’s airports as well as ancillary facilities and services, said an economist. It was reported the airport operator is mulling privatisation following rumours about a stake sale to the private equity firm Global Infrastructure Partners (GIP). Bursa Malaysia Bhd has approved MAHB’s request for a trading suspension effective from 9am to 5pm on Wednesday pending a material announcement. MAHB shares were last traded at RM10.40 per share. New York-headquartered GIP is a leading infrastructure investor that specialises in investing in, owning and operating some of the oAirport operator mulling privatisation following talk of stake sale to private equity firm Global Infrastructure Partners Manufacturing, govt face 40% of cyberattacks in M’sia KUALA LUMPUR: Ensign InfoSecurity (Ensign), Asia’s largest comprehensive cybersecurity solutions provider, identifies manufacturing, government, technology, media, and telecommunications as the top three targeted sectors by cyber threats in 2023. This key insight was among many others featured in the fifth edition of Ensign’s Cyber Threat Landscape Report, which draws on Ensign’s proprietary and cyber threat intelligence sources. The ranking of most-targeted sectors changed substantially from the previous year: In a press statement yesterday, it said Malaysia has become an attractive destination for multinational companies looking to relocate their high-tech manufacturing businesses into the market. However, companies in this sector are highly attractive targets for cybercriminals due to three possible reasons - the possession of valuable data ranging from contracts, supplier details, trade secrets, industrial designs, and personal information; the operation of continuously running machinery where disruptions could impact Government sector stores valuable data on national security, citizens, and public services, making it a prime target for cyber threats. – PEXELS PIX IIB broadens partnerships to strengthen GBS ecosystem in Medini JOHOR BAHRU: Iskandar Investment Bhd (IIB) announced a partnership expansion of Global Business Services (GBS) Iskandar @ Medini via two key memorandums of understanding with GBS Malaysia and iTrain Asia and a collaboration with Malaysia Digital Economy Corporation (MDEC) to strengthen its GBS ecosystem in Medini, Iskandar Puteri. This initiative reinforces IIB’s commitment to position Medini as the region’s first net zero carbon CBD by 2030 focusing on digitalisation, innovation, and GBS. In line with this commitment, IIB is looking to achieve a target investment of RM1 billion by 2030 in Medini. The investment target will also help generate at least 2,500 jobs in the digital economy sector thus Medini’s position as Johor’s digital and innovation hub. IIB president/CEO Datuk Idzham Mohd Hashim stated, “The GBS Iskandar programme has achieved RM2.6 billion of investments and 6,500 jobs in Medini since its inception in 2016. As we embark on the next chapter of the GBS Iskandar initiative, IIB reaffirms our commitment to fostering growth and innovation within Malaysia’s GBS sector.” The collaborative venture between IIB and GBS Malaysia will focus on propelling Medini to become a premier regional hub for GBS operations. The partnership with MDEC, slated to be announced in Q3’24, is to drive foreign direct investments for the GBS industry and also to target new companies seeking a strategic and well-supported environment for expansion. MDEC CEO Mahadhir Aziz said, “Our partnership with IIB underscores MDEC’s steadfast commitment to driving digital transformation, fostering talent development, and boosting economic growth in the Global Business Services sector. This sets the stage for Johor to become a key destination for global investments. This collaboration aligns seamlessly with the Malaysia Digital (MD) national strategic initiative to advance Malaysia’s digital infrastructure, offer comprehensive business support, and further solidify Malaysia’s position as the digital hub of Asean.” Iskandar Investment Bhd is an investment holding company incorporated in November 2006 to catalyse the strategic development of Iskandar Malaysia. BCB acquires land in Batu Pahat for RM83.7m, plans mixed-use project KUALA LUMPUR: BCB Bhd has entered into a sale and purchase agreement with Lian Hup Seng Sdn Bhd to acquire 59 parcels of freehold land in Batu Pahat, Johor, measuring about 116ha, including buildings and fixtures on the land for RM83.71 million. BCB said the acquisition will be funded by a combination of internally generated funds and bank financing. “This strategic move will substantially increase the land bank of BCB group and provide sustainable earnings over the medium to long term, given the favourable outlook of the property market in Johor. “The proposed development on this new land will consist of a mixeduse project featuring both residential units and retail shops. It is forecasted that this development will yield an estimated GDV of approximately RM1.1 billion upon full completion,” it said in a stock exchange filing. The group said the move will enable BCB to improve its market share and enhance the variety of products offered to homebuyers in Batu Pahat. “Anticipated to commence in the financial year 2027, the initial launch is projected to span over an approximate eight-year development period. “The proximity of this new land to the successful Evergreen Heights project bodes well for its prospects. “Drawing confidence from the positive reception and feedback received for Evergreen Heights, we are optimistic that this new venture will garner a similarly favourable response from potential buyers upon launch,” it added. – Bernama largest and most complex assets across the energy, transport, digital infrastructure as well as the water and waste management sectors. Professor Dr Yeah Kim Leng, deputy president of Malaysian Economic Association, said any enhancement to the company’s future growth will boost its competitiveness and profitability. “As mentioned by Transport Minister Anthony Loke, corporate decisions regarding ownership by listed public companies are best left to the individual entities as long as such decisions do not negatively impact national interests. The shareholders are better placed to decide how their divestment decisions add to enterprise and shareholders’ value,” he told Bernama. Khazanah Nasional Bhd and the Employees Provident Fund hold 33.2% and 7% of MAHB, respectively. A news report indicated that a 30% stake in MAHB would be sold to GIP, an infrastructure investment vehicle that invests in equities and selected debts. Presently, MAHB manages 39 airports throughout Malaysia including five international airports, 17 domestic airports and 17 STOLports (Short Take-Off and Landing). Additionally, it owns and manages one international airport in Istanbul, Turkiye. Asked about Malaysia’s strict action against Israel trade, Yeah reckons that as a global company, it is unlikely that GIP will not have any asset or activity that is linked, directly or indirectly, to Israel. He said this is a dilemma the government will need to resolve, perhaps through a materiality test or proof of direct linkage between GIP and Israel. Yeah said he was also unsure whether the government holds a golden share in national strategic assets, especially MAHB. “But as a highly regulated sector, even without the golden share, the government can ensure the company operates in line with the prescribed policy and legal frameworks,” he said. safety or business operations, and generally lower cyber hygiene compared to other more tightly regulated industries. Similarly, it said the government sector holds a wealth of valuable data, including information on national security, citizens, and public services, making it a lucrative target for cyber threats. With growing interests and fragmentation in geopolitics, government agencies will continue to face increased targeting for political leverage. The report also noted that ransom was the primary motive behind more than half of all observed cyberattacks in Malaysia (58.2%), where attackers sought to financially exploit victims through extortion. This reflects a global worsening of the Ransomware threat for corporates. In a deep-dive analysis, the report explored how these attackers operate, and how they “double” extort their victims as a new tactic. Correlating both ransom and the targeted industry groups, Ensign believed that ransoms were made to capitalise on businesses supporting economic recovery post-pandemic. “The marked increase in targeted attacks on essential sectors such as manufacturing and government signals an urgent need for a more comprehensive and coordinated approach to cybersecurity in these areas,” said Ensign InfoSecurity, Malaysia general manager Chee Yee Cheng.

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 16 READ OUR HERE /thesun Malaysian Paper HONG KONG: Huawei is revamping its retail strategy and aggressively opening flagship stores in China, with some just a stone’s throw away from Apple shops, as it seeks to retake the premium electronics throne in the world’s biggest smartphone market. Situated directly across from Apple’s Shanghai flagship store, Huawei’s recently renovated shop spans three floors of a famous heritage architecture building in the financial hub’s busy shopping district and includes a coffee shop and a gym. Huawei opened four such stores in major Chinese cities between December and February, an aggressive marketing blitz by a company that had largely relied on licensed distributors and is rebounding from US sanctions imposed in 2019 that had crippled its smartphone business for four years until it could source domestic replacement parts. “The Huawei flagship store is very nice. It looks much brighter inside compared to the Apple Store across the street,” said Amy Chen, a 27-year-old physiotherapist who visited the Shanghai store this week to switch to Huawei’s top-end Pura 70 Ultra from the iPhone 15 Pro in hopes of better mobile reception. Apple has 47 stores in mainland China. Huawei, which did not open a flagship store until 2019, now has 11 of them. “I think they will open more than 20 of them. Then it will eventually catch up to Apple,” said Ethan Qi, associate director at research firm Counterpoint. It marks a stark contrast to 2021 when the company’s licensed stores were shuttered across China due to product shortages caused by the US sanctions. Huawei has since developed its own chips, introduced highly popular 5G-capable products and, according to sources, has started aggressively recruiting dealers in recent months. “As Huawei now manages to ship in large quantities, given the good profit margin they could provide, (distributors) have become willing to purchase Huawei devices again,” Qi said. “Previously, many couldn’t get stock and their 4G devices didn’t sell well.” Huawei has been actively bargaining with distributors, touting the above industry average profit margins of its phones and sometimes demanding exclusionary clauses to turn them into its exclusive partners, according to two industry sources. More than 5,200 stores licensed to sell Huawei products sprang up through the first 10 months of 2023, with more than half of them in third and fourth-tier cities, according to market research firm GeoQ, helping Huawei expand its army of distribution partners nationwide. Its renewed marketing push poses a major challenge to Apple, which suffered a 6.6% plunge in iPhone sales in China to 10.8 million in the first quarter, according to IDC data. By contrast, Huawei boosted its smartphone shipments by 110% to 11.7 million in the first quarter and overtook Apple as the No. 2 smartphone vendor in China. Huawei and Apple did not respond to requests for comment. Lucas Zhong, an analyst at research firm Canalys, said Huawei had plans to build out its flagship stores since 2020 but the progress was slowed by the US sanctions, which led to a much slower iteration of its high-end products. There are still supply chain issues leading to shortages of specific models, but they are under much better control and the new phones are garnering good reviews. That means Huawei is now putting its focus squarely on selling premium products that compete with Apple, according to analysts. Huawei’s latest Pura 70 Ultra smartphone, for example, starts at 9,999 yuan (RM6,117), matching the price tag of the iPhone 15 Pro Max, while Samsung and Xiaomi are keeping prices for their premium models lower amid soft market demand. Huawei’s luxurious flagship stores display premium products ranging from smartphones to tablets, smartwatches, televisions and even electric vehicles made in partnership with Chinese automakers. “Huawei now has a long product line,” Qi said. “They need big demo areas. They will have to do it themselves because their distributors don’t have the capability to rent such a massive area.” The push to build more of its own stores also underscores Huawei’s heavy reliance on offline sales. Between 70% and 80% of Huawei’s sales come from physical stores, while Apple sees about 40% of its sales coming from online, according to Toby Zhu, another analyst at Canalys. “Xiaomi, Oppo and Vivo are all being affected (by Huawei’s comeback),” Zhu said, referring to other Chinese smartphone makers. “But for now, the biggest impact has been on Apple.” And the impact is beginning to be felt beyond mainland China. Simon Lam, owner of a popular smartphone shop named Trinity Electronics in Hong Kong, said more independent smartphone shops had started selling Huawei devices in recent months. “Everybody is stocking up on some Huawei right now. Some more, some less. “People are willing to pay a lot of money for high-end Huawei, something other brands really can’t compare with.” – Reuters Chinese lenders discontinue high-yield deposit products BEIJING: A number of Chinese banks have announced they will discontinue certain deposit products that offer higher interest rates, the latest move by lenders to ease cost burdens as they face pressure on profit margins. Lenders such as Bank of Communications, Postal Savings Bank of China, Industrial Bank and China Citic Bank said they will no longer offer some personal and corporate deposit products with higher interest rates, or will lower the rates to be equal to those of demand deposits which allow withdrawals at any time. The change, effective from May 15, affect products including “call deposits” and “agreement deposits” with higher yields, according to statements release this week. Amid a slowing economy, China’s lenders have seen net interest margins – a key gauge of profitability – shrink as they grapple with pressure to lower interest rates on loans for struggling sectors at a time when loan demand is waning. China has instructed commercial banks to stop offering interest rates on deposits above deposit rate ceilings, Reuters reported last month. Smaller lenders have been particularly aggressive in luring depositors by offering higher interest rates amid economic headwinds, posing a threat to financial stability. The move is to “implement relevant regulatory requirements and further maintain market competition order”, Postal Savings Bank said in a statement. – Reuters Huawei vies with Apple for premium market oChina phonemaker opens flagship stores, adds licensed distributors TOKYO: Two of Japan’s biggest banks reported hefty increases in fourth-quarter profit yesterday and forecast record income in the coming year, signalling increased optimism about an economy that has only just exited from years of negative interest rates. The results from Mizuho Financial Group and Sumitomo Mitsui Financial Group (SMFG) also show how Japanese banks are benefitting from higher interest rates in overseas markets, such as the United States, as well as a weaker yen, which inflates profits when earnings from abroad are brought home. For years Japan’s big banks have been squeezed by the central bank’s massive monetary stimulus, including negative interest rates. The Bank of Japan in March raised interest rates for the first time in more than a decade and a half, heightening expectations that banks will be able to make more money from lending. “We are extremely positive on the Japanese economy,” SMFG CEO Toru Nakashima told reporters. For the first time, Japan’s second-largest bank is forecasting full-year net profit in excess of ¥1 trillion (RM30 billion), he said. “The mindset of Japanese managers is much more optimistic than in the past,” he said. SMFG also said it would buy back up to 1.1% of its own shares, worth ¥100 billion, and cancel them, and that it would carry out a 3-for-1 stock split for shareholders as of Sept 30. Its group net profit grew more than four times to ¥170 billion, compared to the ¥150 billion implied by the LSEG consensus estimate for the full year. Smaller rival Mizuho, meanwhile, reported group net profit tripled to ¥36.7 billion. That number too beat expectations. For the current financial year, both SMFG and Mizuho forecast a net profit increases of 10% from the year just ended. SMFG expects ¥1.06 trillion and Mizuho sees ¥750 billion. Market leader Mitsubishi UFJ Financial Group is also due to report earnings this week. Together, the massive lenders are expected to deliver combined full-year profits of around ¥3 trillion in total, the Nikkei newspaper has reported, citing the strength of the business environment both at home and abroad. The banks are all seen benefitting from higher interest rates overseas, as well as more mergers and acquisitions and other deals in Japan. – Reuters Foreign visitors to Japan top 3m for second straight month TOKYO: Japan welcomed more than three million visitors for a second straight month in April, official data showed yesterday, setting the stage for a potential record year for tourism. The number of foreign visitors for business and leisure was 3.04 million last month, edging down from the monthly record of 3.08 million achieved in March, data from Japan National Tourism Organisation showed. Arrivals last month were up 56% from the prior year and 4% higher than in 2019, before the Covid-19 pandemic shut global borders. Visitors from France, Italy and the Middle East rose to record levels in April for any single month. The yen’s slide to a 34-year low has made Japan a bargain destination for foreign visitors, with arrivals set to blow past the annual record of 31.9 million seen in 2019. While the surge in arrivals is good news for Japan’s economy, it has caused frictions with locals. Complaints of litter and illegal parking caused local officials to erect a barrier this month to block a popular photo spot of Japan’s iconic Mount Fuji. Trail restrictions and a new ¥2,000 (RM60) fee will go into effect for Mount Fuji climbers this summer after a rise in pollution and accidents during last year’s hiking season. Visitors from China, Japan’s biggest tourist market before the pandemic, exceeded 500,000 last month for the first time since January 2020 but were still 27% below the level in 2019. – Reuters Top Japanese banks forecast record profits A woman speaking with a fitness instructor at a SuperMonkey gym inside Huawei’s flagship store in Shanghai. – REUTERSPIC

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 17 OpenAI chief scientist announces departure SAN FRANCISCO: OpenAI co-founder Ilya Sutskever announced his departure on Tuesday from the startup that ignited an artificial intelligence tech race with its release of ChatGPT. Sutskever said on X, formerly Twitter, that he was leaving after almost a decade at OpenAI, whose “trajectory has been nothing short of miraculous”. “I’m confident that OpenAI will build AGI that is both safe and beneficial,” he added, referring to artificial general intelligence – digital technology that seeks to perform as well as or better than human cognition. Sutskever, OpenAI’s chief scientist, sat on the board that voted to remove chief executive and fellow co-founder Sam Altman in November last year. Altman’s ousting threw the San Francisco-based startup into a tumult, with the OpenAI board hiring him back a few days later after staff and investors rebelled. Sutskever’s position on the board was not renewed, but he remained in his position at OpenAI. “It was an honour and a privilege to have worked together, and I will miss everyone dearly,” Sutskever said of colleagues in the post. Sutskever added that he will focus on a personal project. OpenAI on Monday released a higher performing and even more human-like version of the artificial intelligence technology that underpins ChatGPT, making it free to all users. The new mode, GPT-4o, will be rolled out in OpenAI’s products over the next few weeks, the company said, with paid customers having unlimited access to the tool. The company said the model could generate content or understand commands in voice, text, or images. “It feels like AI from the movies,” Altman said in a blog post. Altman has previously pointed to the Scarlett Johansson character in the movie Her as an inspiration for where he would like AI interactions to go. Google also showed off its latest AI innovations at an annual developers conference on Tuesday. OpenAI and Microsoft are in a heated rivalry with Google to be generative AI’s major player, but Facebook-owner Meta and upstart Anthropic are also making big moves to compete. The day will come when “digital brains will become as good and even better than our own”, Sutskever said during a talk at a TED AI summit in San Francisco late last year. “AGI will have a dramatic impact on every area of life.” – AFP Alphabet debuts beefed-up AI search SAN FRANCISCO: Google parent Alphabet on Tuesday showed how it is building on artificial intelligence across its businesses, including a beefed-up Gemini chatbot and improvements to its prized search engine as it races to compete with AI rivals. The flurry of announcements underscores Google’s efforts to refresh its products since Microsoft-backed OpenAI’s 2022 launch of ChatGPT dazzled the public, threatening the incumbent’s long reign over online search and AI. Among Google’s latest salvos was an addition to its family of Gemini 1.5 AI models known as Flash that is faster and cheaper to run; a prototype called Project Astra, which can talk to users about anything captured on their smartphone camera in real time; and search results categorised under AI-generated headlines. “This is a moment of growth and opportunity,” Alphabet CEO Sundar Pichai told reporters, when asked if the AI updates could risk Google’s profitable business. The product presentation at Google’s annual I/O developer event in Mountain View, oThis is moment of growth and opportunity, says CEO California, followed a shorter showcase by rival OpenAI on Monday. OpenAI demonstrated how ChatGPT could voice answers with human-like intonation to any written or visual prompt. CEO Sam Altman said OpenAI had delivered software that “feels like AI from the movies”. Google’s news at times covered similar ground, underscoring the fierce competition between the two AI developers. For instance, Alphabet’s AI unit, Google DeepMind, has worked to build technology that can carry out day-to-day tasks for consumers. Early results have manifested in Project Astra, a tool that can use a smartphone camera and draw conclusions about the world around it. In a demo video shown during Google I/O, a user deployed it to identify a speaker and locate glasses they had left in another part of the room. The company also teased how it could pair Project Astra with what it calls Gemini Live, a potentially more natural-sounding voice and text aide than its Google Assistant of the past. Demis Hassabis, CEO of Google DeepMind, said of the work behind Project Astra: “We wanted to build a universal AI agent that can be truly helpful in everyday life.” Another area in which Google showed how it is facing off against rivals was video generation. The company teased Veo, an AI model that Nasdaq finishes at record as US stocks shrug off latest inflation data NEW YORK: Wall Street stocks rose on Tuesday, with the Nasdaq finishing at an all-time high as investors shrugged off data that showed April wholesale inflation topping expectations in the first of two eagerly awaited US pricing reports. US wholesale prices jumped by 0.5% last month, much above estimates in a dynamic that could keep Federal Reserve interest rates higher for longer. However, analysts noted that the gain was offset by a revision to the March report, which showed wholesale inflation cooling in that period. “The numbers were more or less in line,” said Steve Sosnick of Interactive Brokers, who pointed to this week’s consumer price report as a key test for stocks. Following a mixed day on bourses in Europe and Asia, major stock indices in New York advanced, with the Nasdaq jumping 0.8% to finish at a record. Traders also brushed off bearish comments from Federal Reserve chairman Jerome Powell as they awaited last month’s US consumer price index (CPI), which carries more weight with the Federal Reserve and investors. Consensus is for annual core inflation to ease to 3.6% from 3.8%. Analysts said a miss in either direction on CPI could have a big impact on markets. “CPI is likely the keystone of the entire week, and any above-expected climb could cause a market pullback,” said Cooper Howard, director of fixed income strategy at the Schwab Centre for Financial Research. This week’s economic releases follow forecast-beating US figures for the first three months of the year that have prompted investors to whittle down their expectations for the number of rate cuts – from six in January to at most two now. “The first quarter in the United States was notable for its lack of further progress on inflation,” Powell said on Tuesday. Among individual stocks, shares in Anglo American slid 3.8% in London after the British mining group announced plans to streamline its business as it fends off a takeover worth US$43 billion from rival BHP. Anglo said it would offload coal, diamond and platinum units to focus on critical minerals. British mobile phone giant Vodafone said its annual profit slumped, but its shares jumped 4.2% as chief executive Margherita Della Valle pledged to continue the company’s focus on core activities. – AFP Hassabis (left) and Pichai at the annual I/O developers conference. – AFPPIC can spin up 1080p-resolution videos lasting longer than a minute, available to approved creators on a preview basis, filmmaker Donald Glover among them. OpenAI has promoted film-conjuring software of its own among Hollywood executives, enthralling and worrying the creative industry. Google also announced improvements to its Gemini Pro 1.5 model that is capable of making sense of a massive amount of data. On Tuesday, it said it was doubling that amount, to two million tokens, meaning the AI potentially could answer questions when given thousands of pages of text or more than an hour of video to ingest. The Pro model – starting with prompt sizes of up to one million tokens, or pieces of data – will also be available to subscribers to Google’s Gemini Advanced service. Google also shed light on its efforts to power AI with new computing chips and revamp its namesake search engine. The company announced a sixth-generation tensor processing unit (TPU), which aims to give it and its Google Cloud customers an alternative to industry heavyweight Nvidia’s powerful processors. The new chip will be available to its cloud customers later this year, Google said. Meanwhile, for US users of Google Search browsing the Web in English, the company said it soon will use AI to help organise search results for queries on dining, recipes, and eventually movies, books and other content. Also for Google search, the company is rolling out AI Overviews to all users in the US this week, after a long period of public testing since last year’s I/O event. The feature uses generative AI to synthesise information and answer more complex queries for which there is no simple answer on the Web. – Reuters

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 18 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Shine comes off De Beers amid waning demand JOHANNESBURG: Mining titan Anglo American announced on Tuesday it planned to sell off the world’s long-dominant diamond supplier De Beers, with analysts pointing to pressure from cheaper lab-grown stones and volatile consumer demand. De Beers was founded in 1888 by the British colonial figure Cecil Rhodes and has long dominated the trade in diamonds from southern Africa, from mining right through to jewellery sales. The company has since 2011 been majority-owned by mining giant Anglo American, while the government of Botswana holds a 15% stake in the firm which lies at the heart of its economic strategy. But on Tuesday, Anglo-American announced that it planned to split or sell off its diamond operations as it fights off a huge takeover bid by its Australian rival BHP. Diamonds may be a luxury commodity associated with engagement rings and crown jewels, but Anglo American is betting that less glamorous iron and copper will provide a more secure path to growth. De Beers chief executive Al Cook put a brave face on the decision and promised a new strategy. “I am confident that we will remain the diamond leader for the next century,” he vowed. But industry experts told AFP Anglo American’s decision reflected a diamond market facing competition from lab-made gems and a downturn in consumer spending, particularly in China. Paul Zimnisky, an independent diamond industry analyst based in the United States, calculates that prices have fallen 25% to 30% since a high in the first quarter of 2022. “There was highly unusual volatility in diamond demand over the last four years,” he told AFP. Diamonds fared better than many luxury products during the Covid-19 epidemic, as even wealthy consumers were forced to avoid travel or high-end dining, even as stimulus spending boosted markets. But in the post-pandemic epidemic oCheaper lab-grown stones and volatile consumer demand pressure top diamond supplier Sunak warns UK must boost food production LONDON: The UK needs to reduce its reliance on imports of fruit and vegetables, Prime Minister Rishi Sunak told farmers on Tuesday, as he sought to make food security a top priority against climate and geopolitical threats. Sunak hosted some 70 farmers and other growers at his Downing Street office and residence in central London, telling them they were “vital to the security and the fabric of our country”. The “Farm to Fork” summit coincided with the publication of the government’s first food security index, to “monitor the impacts of external factors, such as Russia’s barbaric invasion of Ukraine or extreme adverse weather events” on supplies. But it also comes as Sunak seeks the traditional support of rural voters for a general election expected later this year, with indications that they may back the main Labour opposition instead of his ruling Conservatives. The past 18 months have been the wettest on record in England, and second wettest six months across the United Kingdom, hitting crop yields and putting pressure on farmers. Food delivery problems from the European mainland have also bitten since Brexit, while production costs have risen and recruitment of foreign seasonal workers have been hit by new immigration requirements. The government’s new index shows that Britain produces 17% of the fruit and 55% of the vegetables that end up on British plates – well behind meat, dairy and grains. British agriculture provides around 60% of the food consumed in the UK, but farmers fear this share is falling. All areas of farming – arable, livestock, poultry, horticulture and dairy – are expected to decrease production over the next year, according to a recent survey by the National Farmers Union. Several demonstrations have taken place in recent months against the post-Brexit agricultural policy of Sunak’s Tory government, which has been in power for 14 years. The UK has signed several trade deals since leaving the EU in 2020 but farmers say some of the deals, and a lack of import checks, is allowing poorer quality food to come into Britain from countries with less stringent regulations. A policy in England of paying farmers to create habitats for environmental reasons was also taking land out of food production, they argue. – AFP Brazil govt sacks CEO of state oil company Petrobras BRASILIA: The government of Brazilian President Luiz Inacio Lula da Silva announced on Tuesday that the CEO of state oil company Petrobras has been sacked. The move follows a recent spat between Petrobras and shareholders over dividend payments, which heightened concerns about the government’s influence in the publicly traded company’s decision-making. Jean Paul Prates (pic), a former state senator and ally of Lula, “has been dismissed,“ a presidential spokesman said on Tuesday evening. A lawyer and economist, Prates was appointed last January by the Petrobras board of directors soon after leftist Lula was sworn in for a third term. He previously held office from 2003 to 2011. Prates previously served as a senator in the state of Rio Grande do Norte and was a member of Lula’s Workers’ Party. When nominating him for the job, the president described Prates as a specialist in the energy sector with 30 years experience in the oil, natural gas, biofuels and renewable energy sectors. But the 55-year-old has faced fierce criticism in recent months after Petrobras announced it would not pay an extraordinary dividend to investors following its second-highest net profit ever last year. The March announcement caused the company’s share price to plummet and was seen by some analysts and opponents as direct government intervention. Lula has repeatedly accused Petrobras executives of thinking only of satisfying the group’s shareholders, to the detriment of consumers. Prates at the time said on X that it was “legitimate” for the board to take a position “guided by the president” and his ministers. “That is exactly what happened” in relation to the dividend decision, he added. The Petrobras board eventually approved the dividend payment late last month. The company confirmed in a statement on Tuesday it had received a request for the board to meet on the early termination of Prates’s mandate. Just over half of Petrobras’s capital is held by the Brazilian state, and the rest by private shareholders. – AFP Renault to pursue autonomous minibuses PARIS: French automaker Renault said yesterday it will pursue developing autonomous minibuses for public transit but would stick to driving assistance features for personal cars for the time being. It announced it will demonstrate the readiness of the technology for public transport by running a shuttle bus service, together with its partner WeRide, at the Roland-Garros tennis tournament in Paris later this month. The minibuses will ferry visitors between a parking lot and the Roland-Garros stadium complex. Renault offers driving assistance features on many of its models that allow drivers to remove their hands from the steering wheel but they must keep their eyes on the road and be ready to take control of the car at any instant. “Further automation of some functions, with the aim of achieving complete vehicle autonomy, seems unlikely for the time being, given current regulations, customer expectations and the cost of the complex technology involved,” Renault said in a statement. The firm said there was a huge gap in technological complexity to get to the point where drivers do not need to pay attention to the road. “At this stage, the induced cost to be borne by customers, in relation to the driving benefits, would make demand insufficient or even anecdotal,” it said. But that cost proposition is different when applied to public transportation, and this is where Renault said it would focus. “When it comes to public transportation, Renault Group intends to be a real player in sustainable and autonomous mobility,” it said. Renault said it is developing an electric, robotised, and pre-equipped minibus platform that will host various automation solutions from its specialist partners. It announced a new collaboration with autonomous driving firm WeRide for large-scale commercial deployment of vehicles capable of managing driving situations on their own within a defined area. While these vehicles do not have an on-board operator, they still have remote supervision. – AFP diamonds have not bounced back as quickly as some commodities. Experts cite several reasons for this. The rise in lab-made diamonds as a cheaper alternative to the gems mined by De Beers in Botswana has cut into the cheaper end of the market. “I estimate lab-diamond jewellery represented less than 1% of the global diamond jewellery market a decade ago,” Zimnisky said. “Today it is pushing 20%-plus. Consumers have been drawn to the much lower price point of lab diamonds, which can be upwards of 90% less than an equivalent natural diamond.” Another issue is depressed demand in China, the world’s second biggest diamond consumer after the United States, where consumer spending has yet to rebound post-crisis. Edahn Golan, another leading diamond industry consultant, said it may have been “short-sighted” for Anglo-American to turn its back on De Beers so soon after buying a majority stake. American consumers, he argues, see the lab-grown diamonds as the cheaper entry-level product and aspire to eventually buy mined diamonds. In any case, diamonds retain their symbolic value as engagement rings and always bounce back. – AFP Sunak eating fruit from Berry Gardens Growers during the Farm to Fork summit in Downing Street. – REUTERSPIC

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) MSM 2.8 -0.34 89539 AJI 16.56 -0.32 2800 PPB 15.3 -0.3 4331 CITAGLB-PA 1.03 -0.17 14 PCHEM 6.81 -0.16 35,522 SBAGAN 6.46 -0.15 1,178 JISHAN 0.52 -0.14 1,000 PETDAG 20.86 -0.14 4,365 KOBAY 2.15 -0.13 49,107 KLUANG 5.78 -0.12 199 SIMEPLT 4.44 -0.11 28489 SUNWAY 3.4 -0.11 331,580 AHEALTH 3.07 -0.105 4,104 ARKA 1.83 -0.1 357 HLFG 17.4 -0.1 1169 KOTRA 4.7 -0.1 325 GCB 3.1 -0.09 78,192 AMEREIT 1.42 -0.08 4,760 GESHEN 4.12 -0.08 1,233 MPI 32.52 -0.08 2,006 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME TOPGLOV 1.26 0.3 31.25 5,068,854 SINKUNG 0.14 0.01 7.69 3,940,721 SUPERMX 1.08 0.215 24.86 3,253,131 CAREPLS 0.38 0.075 24.59 2,802,526 MYEG 1.03 0.05 5.1 1,387,841 AHB 0.145 0.015 11.54 1,094,031 ICONIC 0.115 0.005 4.55 979,959 PA 0.38 0.03 8.57 875,689 HARTA 3.82 0.86 29.05 848,947 TWL 0.025 - - 846,937 HLT 0.225 0.05 28.57 747,309 KOSSAN 2.74 0.36 15.13 595,750 NEXGRAM 0.025 -0.005 -16.67 573,626 JAKS 0.125 -0.005 -3.85 573,475 MMAG 0.31 -0.06 -16.22 548,048 HEXCARE 0.265 0.035 15.22 546,978 COMFORT 0.56 0.09 19.15 524,057 SNS 0.445 -0.035 -7.29 512,081 MAHSING 1.34 0.08 6.35 501,618 ALPHA 0.32 - - 474,625 SUNBIZ presents a summary of the day’s trading activity on Bursa Malaysia and other markets in an easy to digest format. MARKET ROUND-UP: MAY 15 [ Sources: Bursa Malaysia, Bernama, shareinvestor.com and websites DISCLAIMER: The data and reports are provided as a service to investors. Sun Media Corporation Sdn Bhd shall not be liable or responsible for any consequences resulting from usage of the information. INDEX CHANGE FBMEMAS 12,184.60 +47.56 FBMKLCI 1,603.23 -2.65 CONSUMER PRODUCTS 600.80 -1.09 INDUSTRIAL PRODUCTS 192.40 -1.06 CONSTRUCTION 228.84 -1.28 FINANCIAL SERVICES 17,509.60 -21.40 ENERGY 985.93 +0.06 TELECOMMUNICATIONS 599.67 -0.67 HEALTH CARE 2,344.72 +206.23 TRANSPORTATION 1,098.13 -4.69 PROPERTY 1,068.53 -2.39 PLANTATION 7,384.87 -49.72 FBMSHA 12,390.70 +58.36 FBMACE 5,285.69 -38.72 TECHNOLOGY 68.89 +0.76 TURNOVER: 6.199 bil VALUE: RM4.668 bil Top 20 Actives Top 20 Losers (By RM) Bursa Indices INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 39,558.11 +126.60 +0.32 S&P 500 (US) 5,246.68 +25.26 +0.48 NASDAQ (US) 16,511.18 +122.94 +0.75 NYSE (US) 18,220.81 +86.86 +0.48 EURO STOXX 50 (EUR) 5,087.36 +7.07 +0.14 FTSE 100 (UK) 8,461.31 +33.18 +0.39 DAX (GER) 18,815.88 +99.46 +0.53 NIKKEI 225 (JPN) 38,385.73 +29.67 +0.08 TOPIX (JPN) 2,730.88 -0.07 0.00 HANG SENG INDEX (HK) 19,073.71 -41.35 -0.22 CSI 300 (CHN) 3,626.06 -30.99 -0.85 SH SE COM (CHN) 3,119.90 -25.87 -0.82 KOSPI INDEX (SK) 2,730.34 +3.13 +0.11 MSCI ASIA PACIFIC 178.18 +0.63 +0.35 ASX 200 (AUS) 7,753.70 +26.94 +0.35 ALL ORDINARIES INDX (AUS) 8,020.91 +25.20 +0.32 SENSEX INDEX (IND) 72,977.50 -127.11 -0.17 FBM KLCI 1,603.23 -2.65 -0.17 STRAITS TIMES INDEX (S’PORE) 3,291.36 -21.99 -0.66 WTI (US$/BBL.) 78.53 +0.51 +0.65 BRENT (US$/BBL.) 82.86 +0.48 +0.58 GOLD (COMEX) (US$/T OZ) 2,378.40 +18.50 +0.78 SILVER (COMEX) (US$/T OZ) 29.15 +0.44 +0.02 PLATINUM (US$/T OZ) 1,052.33 +14.18 +1.37 COPPER (COMEX) (US CENTS/LB.) 505.10 +15.60 +0.03 COPPER 3MO (LME) (US$/MT) 10,114.00 -71.50 -0.70 CORN (US CENTS/BU.) 470.25 +2.75 +0.59 WHEAT (US CENTS/BU.) 679.50 +7.00 +1.04 SOYBEAN OIL (CBOT) (US CENTS/LB.) 43.82 +0.42 +0.97 COCOA (ICE) (US$/MT) 7,464.00 +142.00 +1.94 RUBBER (S’PORE) (US CENTS/KG) 166.80 +1.70 +1.03 World Stocks/Commodities as at 5pm, May 15 STOCKS CLOSING (RM) +/- (%) VOLUME (’00) CLOUD 0.02 -60 25 MTRONIC 0.015 -25 14,058 TAWIN-PA 0.015 -25 12,140 JISHAN 0.52 -21.21 1,000 AGES-PA 0.025 - 11,005 NEXGRAM 0.025 -16.67 573,626 MMAG 0.31 -16.22 548,048 KAMDAR 0.26 -14.75 1,659 CITAGLB-PA 1.03 -14.17 14 TFP 0.035 -12.5 32,847 AVI 0.04 -11.11 5,132 PDZ 0.04 -11.11 52314 AT 0.205 -10.87 253,350 MSM 2.8 -10.83 89,539 FITTERS 0.045 -10 3,720 WAJA 0.045 -10 1020 ASDION 0.055 -8.33 16536 AASIA 0.11 -8.33 280 ECOHLDS 0.055 -8.33 377 KANGER 0.055 -8.33 19,036 Top 20 Losers (By %) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) HARTA 3.82 0.86 848,947 HEIM 24.2 0.52 3,494 KOSSAN 2.74 0.36 595,750 DLADY 32.94 0.3 415 TOPGLOV 1.26 0.3 5,068,854 SUPERMX 1.08 0.215 3,253,131 F&N 32.48 0.2 3,778 KSENG 5.98 0.2 3,706 GREATEC 4.72 0.19 29579 SAM 5.83 0.15 9,817 HLIND 10.82 0.14 414 BKAWAN 20.2 0.12 122 PMBTECH 2.7 0.12 5369 VITROX 7.57 0.12 4,554 YLI 0.77 0.12 51,509 KEYFIELD 1.97 0.11 53,130 YTL 3.63 0.11 186,915 ALLIANZ-PA 22.9 0.1 150 PARAGON 3.5 0.1 1,428 YTLPOWR 5.14 0.1 212,034 Top 20 Gainers (By RM) STOCKS CLOSING (RM) +/- (%) VOLUME (’00) EAH 0.01 100 110,281 LAMBO 0.03 50 10,554 TALAMT 0.015 50 9,472 MQTECH 0.02 33.33 11,737 TWL-LA 0.02 33.33 82052 TOPGLOV 1.26 31.25 5068854 ADVENTA 0.41 30.16 432,713 HARTA 3.82 29.05 848947 HLT 0.225 28.57 747,309 ALAM 0.025 25 40170 YB-LA 0.025 25 2431 SUPERMX 1.08 24.86 3,253,131 CAREPLS 0.38 24.59 2,802,526 OCNCASH 0.42 23.53 85823 IHB 0.195 21.88 39,196 G3 0.03 20 12,213 COMFORT 0.56 19.15 524,057 YLI 0.77 18.46 51,509 BIOHLDG 0.105 16.67 171,947 TAWIN 0.035 16.67 440,162 Top 20 Gainers (By %) 1,603.23pts May 15, 2024 Bursa snaps two-day winning streak, closes at intraday low BURSA Malaysia ended trading at an intraday low yesterday, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report. At 5pm, the FBM KLCI fell 2.65 points or 0.17 per cent to 1,603.23 compared to yesterday’s close of 1,605.88. The barometer index opened 0.13 of-a-point easier at 1,605.75 and reached an intraday high of 1,607.64 during the late morning session. On the broader market, decliners led advancers 579 to 574, with 475 counters unchanged, 740 untraded, and 23 others suspended. Turnover increased to 6.2 billion units worth RM4.69 billion from 4.69 billion units worth RM3.19 billion on Tuesday. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the US consumer price index (CPI) data slated for release later today is pivotal for the Federal Reserve’s (Fed) future interest rate decisions. “Doubts arose due to yesterday’s stronger-thananticipated US producer price index data, casting uncertainty on the Fed’s potential rate cut timeline,“ he told Bernama. Among heavyweights, Maybank was flat at RM9.88, Public Bank slid two sen to RM4.15, CIMB dipped one sen to RM6.78, Tenaga Nasional lost four sen to RM12.40, and Petronas Chemicals slipped 16 sen to RM6.81. As for the actives, Top Glove surged 30 sen to RM1.26, SinKung Logistics added one sen to 14 sen, Supermax Corp soared 21.5 sen to RM1.08, Careplus firmed 7.5 sen to 38 sen, and MY E.G. Services put on five sen to RM1.03. Participation 24.41 49.19 26.40 100.00 Retail Institutions Foreign Bought RM m 1028.57 2257.47 1382.72 4668.75 Sold RM m 1249.90 2336.11 1082.74 4668.75 Net RM m -221.33 -78.65 299.98 0.00 % 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) 15/5/2024

BIZ & FINANCE BIZ & FINANCE THURSDAY | MAY 16, 2024 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [ Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information. MAHSING’S latest M Series product, i.e. RM500 million M Zenya in Kepong has been another thumping success with a take-up rate of 92% in less than a month after its launch in May 2024. This stretches its winning streak (i.e. achieving a take-up rate of more than 90% within a year after the launch) following M Minori (RM519 million launched in Oct 2023) and M Nova (RM790 million launched in Aug 2023). With the latest success, we believe MAHSING is on track to surpass its FY24 sales target of RM2.5 billion (FY23 sales target: RM2.2 billion). To recap, MAHSING’s M series products target largely first-time house buyers and upgraders in Kuala Lumpur. The key selling point is high quality products at affordable price points, typically below RM600k. MAHSING is still on the lookout for more development land. This follows a slew of land acquisitions in the Klang Valley and Johor recently. Funding is not an issue given its strong balance sheet with a net gearing of only 0.08x as at end-FY23. The group extended it plastic pallet operations to Jakarta in Q1’24 and intends to further expand within Southeast Asia, with Thailand and the Philippines specifically mentioned as next targets. The key drivers of the business are the booming regional e-commerce markets and the preference for plastic pallets over wooden ones for the former’s durability. It has plans to spin off this business within the next three years. Meanwhile, for its glove manufacturing business, it will continue to focus on high-margin medical gloves. A pick-up in orders should take the business a step closer to its break-even point. We raise our FY24-25 net profit forecasts by 8% and 9%, respectively, lift our TP by 44% to RM1.60 (from RM1.11) and upgrade our call to OUTPERFORM from UNDERPERFORM. KOSSAN Rubber stands to benefit from the potential trade diversion following the recent announcement of a higher import tariff on Chinese glove makers. Execution remain crucial at this juncture, as the US presidential elections are set to take place in Q3’24. US Trade Representative Katherine Tai released a list of proposed strategic sectors (up to 14) to be subjected to tariffs (or new tariffs imposed for certain products) ranging from 25-100%. Notably, medical gloves were listed with a proposed tariff hike to 25% from 7.5% currently, to take effect in 2026. The current tariff structure imposed on Chinese glove makers is: i) 7.5% on medical grade gloves; ii) 25% on industrial grade gloves. After incorporating the 25% tariff, Chinese glovemakers’ ASPs would increase to US$20-21.25 per 1000 pieces from the current level of US$16-17. This could essentially narrow the price gap between gloves produced in China and those made in Malaysia, which are currently selling at US$20 (and are not subject to import tariffs by the US). While the new tariffs are expected to be effective from 2026, this may allow Chinese manufacturers to reconsider their expansion plans into overseas markets to circumvent the tariff hike. In our view, overseas expansions could make Chinese glove makers less cost competitive (as manufacturers in China use coal, a cheaper fuel as compared to natural gas). We keep our earnings estimates unchanged as the effect of trade diversions is expected to be seen by 2026. Nonetheless, we take this opportunity to lower our required return assumption to 8% from 9% to factor in the improvement in market dynamics. Still BUY, higher RM2.65 DCF-derived TP. Q1’24 net profit of RM123 million (+11% YoY, +24% QoQ) accounted for 30% of both ours and consensus full-year earnings estimates. We deem this in-line as softer sales volume is likely to occur in subsequent quarters once price adjustments are in effect. No dividends were declared, as expected, as they are typically announced in Q2 and Q4. HEIM’s Q1’24 revenue grew 7% YoY mainly due to robust Chinese New Year (CNY) sales volume and front-loading activities before price hikes (est. +5% to +8%) were implemented on April 1. Group EBIT increased by a wider +13% YoY due to A&P cost phasing and better product mix, we suspect. On a QoQ basis, stronger topline and bottomline growth of +8% QoQ and +24% QoQ respectively were on the back of higher festive sales from CNY. We expect earnings to ease in sequential quarters as sales volume and general consumer demand slows down amid a combination of higher product ASPs and lack of festive-led sales momentum. That said, group margins could improve as rising raw material costs are partially mitigated. Key catalysts to sales volume in 2H24 may arise from lifts in consumer disposable income from financial support measures (eg. EPF Account 3 withdrawal) or any influx in inbound tourism. HEIM’s Q1’24 results were within expectations. Recent product price adjustments may hurt sales volume in the short-term but consumer spending may gradually increase from financial support measures in 2H24. Maintain BUY with an unchanged DCF-TP of RM28.20. FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.7725 4.6385 4.6285 1 Australian Dollar 3.1830 3.0580 3.0420 1 Brunei Dollar 3.5310 3.4300 3.4220 1 Canadian Dollar 3.4950 3.4030 3.3910 1 Euro 5.1730 5.0070 4.9870 1 New Zealand Dollar 2.9000 2.7940 2.7780 1 Singapore Dollar 3.5310 3.4300 3.4220 1 Sterling Pound 6.0190 5.8320 5.8120 1 Swiss Franc 5.2520 5.1320 5.1170 100 UAE Dirham 131.5500 124.7600 124.5600 100 Bangladesh Taka 4.1670 3.8800 3.6800 100 Chinese Renminbi 66.4700 63.6800 N/A 100 Danish Krone 71.0700 65.4200 65.2200 100 Hongkong Dollar 61.7900 58.7300 58.5300 100 Indian Rupee 5.8100 5.4600 5.2600 100 Indonesian Rupiah 0.0307 0.0278 0.0228 100 Japanese Yen 3.0560 2.9590 2.9490 100 New Taiwan Dollar 15.8000 N/A N/A 100 Norwegian Krone 45.3900 41.7500 41.5500 100 Pakistan Rupee 1.7500 1.6400 1.4400 100 Philippine Peso 8.3800 7.9000 7.7000 100 Qatar Riyal 132.5100 125.7900 125.5900 100 Saudi Riyal 128.7700 122.2400 122.0400 100 South Africa Rand 26.9200 24.3100 24.1100 100 Sri Lanka Rupee 1.6300 1.5000 1.3000 100 Swedish Krona 45.5800 41.5300 41.3300 100 Thai Baht 13.6500 12.1100 11.7100 Exchange Rates Source: Malayan Banking Bhd/Bernama Regional currencies strengthen against dollar THE ringgit strengthened further against the US dollar at the close yesterday following US Federal Reserve (Fed) chair Jerome Powell’s comment on interest rate. At 6pm, the ringgit rose to 4.7050/7075 versus the greenback from Tuesday’s close of 4.7160/7190. On Tuesday, Powell indicated that the US central bank’s next interest rate move is unlikely to be a hike after the release of a higher-than-expected US Producer Price Index for April, which climbed 2.2% year-on-year. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the regional currencies were also displaying a similar trend by continuing to appreciate against the greenback. “While the timing for a rate cut remains an open debate, at least we can safely rule out a rate hike by the Fed. “It’s a question of how long the Fed will maintain its restrictive monetary stance and whether it will be successful in bringing the inflation rate towards the 2% target,” he told Bernama. The ringgit traded lower at the close against a basket of major currencies. It depreciated versus the Japanese yen to 3.0189/0207 from Tuesday’s close of 3.0161/0182, slid vis-a-vis the British pound to 5.9391/9423 from 5.9158/9195 yesterday, and fell against the euro to 5.0941/0968 from 5.0900/0932 previously. The local note also traded lower against Asean currencies. It decreased against the Singapore dollar to 3.4873/4894 from 3.4848/4873 at Tuesday’s close and inched down vis-a-vis the Indonesian rupiah to 293.5/293.8 from 292.7/293.3 previously. Ringgit revisits 4.70 level after Fed chief’s comments THE ringgit’s uptrend continues, revisiting the 4.70 level as the Federal Reserve (Fed)’s reassurance about interest rates helped ease worries following higher-than-expected US Producer Price Index (PPI) data. Fed chair Jerome Powell indicated that the US central bank’s next interest rate move is unlikely to be a hike, describing the reading as more mixed than hot, given that prior-period data was revised lower. At 9am, the ringgit strengthened to 4.7070/7115 against the greenback from Tuesday’s close of 4.7160/7190. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the forex markets seemed to have shrugged off the higher-than-expected US PPI, which came in at 0.5% month-on-month in April against consensus estimates of 0.3%. “Market participants were paying close attention to the Fed chair’s remarks on inflation during an event hosted by the Foreign Bankers’ Association in Amsterdam. “He highlighted that the prevailing monetary policy is restrictive by all measures, and the disinflationary trend should continue and move towards the 2.0% goal,” he told Bernama. As a result, the US Dollar Index (DXY) was down 0.19% to 105.017 points, while the two- and 10-year US Treasury note yields fell 4.0 and 3.0 basis points to 4.81% and 4.45%, respectively. “As such, the ringgit could be well supported as the odds for a US rate hike are quite slim,” he noted. Next, the market will monitor the release of the US Consumer Price Index tonight and Malaysia’s economic data tomorrow. The ringgit traded mostly lower against a basket of major currencies. The local note also traded mixed against Asean currencies. Heineken Malaysia Bhd Buy. Target price: RM28.20 Kossan Rubber Industries Bhd Buy. Target price: RM2.65 Mah Sing Group Bhd Outperform. Target price: RM1.60 Source: Kenanga Research Source: RHB Research Source: Maybank Investment Bank May 15, 2024: RM24.20 May 15, 2024: RM2.74 May 15, 2024: RM1.34

LYFE LYFE THURSDAY | MAY 16, 2024 22 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper FROM studying law to becoming a prominent figure in the entertainment industry, Dina Aminudin’s story is one of passion, determination and resilience. “I started as a law student during my foundation year, but I eventually switched to mass communications in broadcasting for my bachelor’s degree because of my immense passion and deep curiosity about cameras,” Dina told theSun. Her academic transition was fuelled by a fascination with cameras that would eventually shape her career in acting and hosting. Opportunity knocks Dina’s background in broadcasting has been instrumental in her multifaceted career. “My academic background in broadcasting has provided me with a solid understanding of camera technology and production theory. When I transitioned into acting and hosting, I was able to apply this theoretical knowledge practically,” shared the 23-year-old. This unique advantage has significantly contributed to her growth in the industry, allowing her to excel both in front of and behind the camera. Choosing between education and the opportunity of a lifetime is always challenging. For Dina, the decision came in the form of an invitation to compete in Dewi Remaja. “As someone who highly values education, deciding to take a semester break was not an easy choice. However, it ultimately proved to be the best decision because Dewi Remaja provided me with a significant platform to broaden my perspective,” reflected the Johorborn lass. This experience not only boosted her confidence but also expanded her professional network, which proved pivotal in shaping her career. Managing academic pursuits alongside a flourishing career in modelling and acting is no small feat. Dina attributes her success to effective time management and prioritisation. “Effective time management is crucial in balancing my studies and work commitments. I rely on a regularly updated calendar to keep track of assignments, exam dates and deadlines,” she shared. Her dedication and focus on her goals have enabled her to strike a balance and prevent burnout, making her journey in the industry both rewarding and manageable. The reality of showbiz Dina’s versatility shines through her diverse roles in TV dramas, fashion shows and commercials. “To portray these roles successfully, I go Camera, lights... action! oFrom broadcasting major to entertainment industry diva, Dina Aminudin’s journey is one of passion and perseverance Her academic transition was fuelled by a fascination with cameras that would eventually shape her career in acting and hosting. – PICS COURTESY OF DINA AMINUDIN Dina acknowledges that there are many challenges that come with being an actress. █ BY YASMIN ZULRAEZ The experience in Dewi Remaja also expanded her professional network. Dina’s background in broadcasting has been instrumental in her multifaceted career. Dina’s versatility shines through her diverse roles. deep into understanding the characters. This involves extensive practice and experimentation with my lines until they become second nature,” she explained. Her commitment to authenticity and preparation has enhanced her performances and contributed to her growing skill set, making her a force to be reckoned with in the entertainment industry. Despite the glamour and excitement, Dina acknowledges the challenges that come with being an actress. “Being an actress can be a lot of fun. But all that glitters is not gold. One must expect facing criticism not only from the audience but also from old-timers who have been in the game longer than you have,” she admitted. However, she viewed criticism as an opportunity for growth and remains steadfast in her determination to succeed. Lasting legacy Looking ahead, Dina has ambitious plans for her future in the entertainment industry. “Now that I am in the entertainment industry, I aim to become a versatile actress capable of portraying roles across various genres. Eventually, I also dream of transitioning into directing, creating films that impart valuable lessons to audiences,” stated Dina. With a blend of talent, knowledge and resilience, the ambitious young lady aspires to inspire others and leave a lasting legacy in the world of entertainment. Dina’s journey from a law student to a successful actress, host and model is a testament to her passion, perseverance and dedication. Despite the challenges and sacrifices along the way, she has remained committed to her goals and continues to evolve and thrive in the ever-changing entertainment industry. As she continues to carve her path, Dina’s journey is proof that dreams can indeed come true with hard work, determination, and a little bit of luck.

LYFE LYFE THURSDAY | MAY 16, 2024 24 An exploration of poetry in choral music 12 TONE Ensemble is returning to the stage with a second concert production Dream Tryst after its inaugural concert in December 2023. Dream Tryst will be held on May 21 night at the Kong Choi Exhibition Room, KL Selangor Chinese Assembly Hall. The choir will be presenting a series of compositions, rarely performed in Malaysia, along with highlights from Fern Hill by Oscar and Grammy Award-winning American composer John Corigliano, and Rejoice in the Lamb by British composer Benjamin Britten. The choir will also present Gustav Holst’s Five Part-Songs, in addition to other pieces from Messiaen and Hawley. Corigliano’s Fern Hill is derived from the eponymous poem written by Welshman Dylan Thomas, whose most celebrated work was Do Not Go Gentle Into That Good Night. Thomas’ s childhood memories while growing up on a rural Welsh farm have been masterfully brought to life in Corigliano’s composition, painting a matching emotional soundscape. Britten’s Rejoice in the Lamb builds upon text from the poem Jubilate Agno by 18th century English poet Christopher Smart, who wrote it during a period of asylum confinement. The idiosyncratic yet devotional nature of the poem is reflected in Britten’s creative and unique approach to this composition. Gustav Holst’s Five Part-Songs is the British composer’s second collection of five folksongs, arranged during the English Folksong revival movement in he An auditory journey in discovering the synergy between composer and poet. AFTER a strong opener, Ninja Kamui drops off so hard in quality that it will inevitably be taught in future animation and writing classes on how not to develop a modern anime. In the series’ fictional America, lone individuals are being brutally murdered by a group of mysterious assassins. Eventually, the group attacks Joe Logan, a white man living on a farm with his wife, Sara and young son Kyle, brutally murdering them. The group is revealed to be ninjas from Japan tasked with assassinating former members that fled the clan. Revived in the hospital, Logan sheds his alias and assumes his real identity as Higan, a former Japanese ninja living under an alias and disguise thanks to a digital face-altering device. His wife, whose real name is Mari, was also a ninja that defected with him. Seeking vengeance against the clan and its leader Yamaji, Higan embarks on a path to revenge. Upon finding out that Higan is alive, Yamaji tasks Zai, a former close friend of Higan and Mari, to hunt him down. All of this occurs in Ninja Kamui’s first episode, and in the next 12 episodes, show creator Park Sunghoo turns his own creation into an absolute disaster. Shedding its style Up to the fifth episode, Ninja Kamui is relatively watchable. The first two episodes feature a lot of good action, particularly emphasising the handto-hand combat between Higan and the ninjas fighting him. There are quite a few scenes that employ something called “sakuga animation”, which is highly detailed hand-drawn art to bring out explosive action elements or facial expressions. The exact moment this stops is the fifth episode, at which point the hand-drawn action begins to be replaced by 3D CGI. Then the action, all the hand-tohand combat and the ninja stuff, is completely abandoned in the sixth episode, when cyborgs enter the fray. Higan’s revenge moves into the passenger seat as the cyborgs take over the steering wheel. – PICS BY ADULT SWIM oAdult Swim’s Ninja Kamui is proof that bad anime is still being produced █ BY MARK MATHEN VICTOR The sixth episode is where Ninja Kamui’s quality visibly dips. The final episode is marred by sloppy animation and CGI. early 20th century. Although the composer is well known for his orchestral suite The Planets, Holst’s choral repertoire remains relatively underexplored yet beautifully written. Founded in 2023 by music director Caeleb Tee, 12tone Ensemble is a semi-professional project based on ensemble works primarily on classical choral repertoire and made up of experienced choristers in the Klang Valley. Steinway artist Zhang Chi will accompany the choir, playing the piano. Tickets are priced at RM88. Ruined by robots Soundtrack to its funeral Before broaching Ninja Kamui’s obsession with cyborgs, the series’ terrible music needs to be highlighted. When it comes to samurai or ninjas, there is an expectation that the music will reflect Japanese sounds in line with what is being shown on the screen. In Ninja Kamui, the only sounds that accompany it are pop rock ballads. The action sequences or quiet moments in the show could have benefited from a score that features musical arrangements of Japanese instruments like shamisen and koto strings, shakuhachi flute melodies and taiko drums. Instead of traditional Japanese music, Ninja Kamui assaults viewers with generic, out-of-place rock music. Misguided and lazy At a very visible juncture, the anime takes a pivot, transforming the original story about a man fighting against his former ninja clan into a story about a ninja clan taking over the world using cyborgs. Park then introduces a secondary villain Joseph Evans, the founder and CEO of Auza. A multi-billion dollar tech company, Auza created the cyborgs, as they too hope to take over the world. What was once a story with personal stakes involving family and ninjas has escalated into a nonsensical world domination plot with too many villains, characters, character motivations and subplots. The cyborgs was such a detrimental addition that it also ruins the series’ ending. In the final two episodes of the series, Ninja Kamui is almost entirely CGI. The final episode has several back-to-back fight scenes, where Higan fights Yamaji, Higan fights Yamaji and Zai, and then Higan and Zai fight Yamaji. All of the sequences were poorly animated with CGI to the point that the fights look like streaming YouTube videos with a poor internet connection. Anyone looking for a great anime should avert their eyes from this series that should have been titled Cyborg Kamui.