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CEOMorningBrief THURSDAY, JANUARY 11, 2024 ISSUE 700/2024 theedgemalaysia.com US, UK FORCES REPEL ‘LARGEST ATTACK’ BY HOUTHIS IN RED SEA p18 Report on Page 2. HOME: Malaysia set to decide on royal pardon for Najib — report p4 Rafizi: Govt will not arbitrarily impose progressive wage policy p6 SC charges two individuals for alleged money laundering involving RM119 mil p7 Dr Yu-linked Rapid Synergy gets UMA as shares plummet; YNH, Imaspro on wild swing p9 Genting Malaysia to inject US$100 mil more into Empire Resorts p10 Report on Page 3. DNB, CyberSecurity Malaysia to be placed under Digital Ministry, says Fahmi SUHAIMI YUSUF/THE EDGE Daim’s wife says being successful not a crime, asks if PM suggesting that rich Malay businessmen resort to corruption

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THURSDAY JANUARY 11, 2024 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Daim’s wife says being successful not a crime, asks if PM suggesting that rich Malay businessmen resort to corruption KUALA LUMPUR (Jan 10): The wife of former finance minister Tun Daim Zainuddin, Toh Puan Na’imah Abdul Khalid, claimed that her husband is being persecuted for his wealth and success, adding that having either is not a criminal offence. Nai’mah, who has been called to the Malaysian Anti-Corruption Commission (MACC) headquarters on Wednesday for questioning concerning the corruption watchdog’s probe into Daim, said her husband’s success is now being made an excuse to slander his reputation and paint him as a corrupt person. “It’s public knowledge that Daim was a very successful businessman prior to joining the government in 1984. He was already widely referred to in the media as a tycoon and multi-millionaire before taking public office 40 years ago,” Nai’mah told the press in front of the gates of the MACC headquarters in Putrajaya on Wednesday. “Now, a campaign of disinformation and misperception is being relentlessly spread suggesting that because he is very wealthy, he is therefore corrupt. “There is no sense or logic in this, and no successful businessman in the country will be safe from such an insinuation,” she added. Nai’mah and two of Daim’s sons being called to the MACC comes after the anti-graft commission’s seizure of Ilham Tower, which belongs to the former minister and his family, just last month. Daim claimed the actions taken by the graft buster in its investigations were “nothing short of a political witch hunt”. Meanwhile, by persecuting Daim for his success and wealth, Nai’mah questions whether Prime Minister Datuk Seri AnHOME BY IZZUL IKRAM & CHOY NYEN YIAU theedgemalaysia.com war Ibrahim is suggesting that Malay businessmen cannot become wealthy without resorting to corrupt means. She noted that the prime minister post should never be used to besmirch the reputation of individuals by “insinuation and thinly veiled accusations of wrongdoings” or be used to settle old political scores. “Yet, this is exactly what the prime minister has been doing by suggesting on several recent occasions that my husband has illegal wealth, but without providing an iota of evidence. “Is the prime minister (Anwar) suggesting that hardworking and capable Malay businessmen cannot become wealthy without resorting to improper and illegal means? This will only serve to perpetuate false stereotypes about the capabilities of the Malays,” she added. Nai’mah claimed that while Anwar “may not like” Daim, the PM should respect the principle of innocent unless proven guilty in a court of law. “In Malaysia now, are tenuous suppositions issued from the prime minister’s bully pulpit adequate to condemn a person? “Today it is my family, tomorrow who knows who will be victimised,” she said. Nonetheless, Nai’mah said she and two of Daim’s sons have extended their cooperation to the MACC as required by law despite their questions regarding the motives of the probe. MACC’s nine-hour grilling slammed as ‘giant fishing expedition’ The lawyers representing Nai’mah, meanwhile, slammed the MACC’s questioning of the trio as nothing more than a “giant fishing expedition”, to try to find information to charge Daim. He also slammed the graft busters for failing to inform them of the offence Nai’mah had committed up to now. He emphasised that it is illegal for the MACC to investigate someone without informing them of the reason for the questioning. “What is the offence you are investigating? What section are you talking about? If it is about gratification, what is the gratification?” Rajesh told the media outside the MACC building in Putrajaya, after Nai’mah had her statement recorded by the MACC for over nine hours on Wednesday. Nai’mah left the MACC building at around 7.38pm. Meanwhile, according to the lawyer of Daim’s two sons, MACC officers told them that the entire investigation was being carried out to determine if an offence had been committed. CONTINUES ON PAGE 3 SUHAIMI YUSUF/ THE EDGE

THURSDAY JANUARY 11, 2024 3 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (Jan 10): The Cabinet on Wednesday decided to place Digital Nasional Bhd (DNB) and CyberSecurity Malaysia (CSM) under the Ministry of Digital, said unity government spokesman Fahmi Fadzil. Also placed under the Ministry of Digital is the Malaysian Administrative Modernisation and Management Planning Unit (Mampu), while the Malaysian Communications and Multimedia Commission (MCMC) remains with the Ministry of Communications. “Previously, CSM was under the Prime Minister’s Department, but Prime Minister [Datuk Seri Anwar Ibrahim] agreed that the corporate aspect and works related to the private sector are suitable to come under the Ministry of Digital,” Fahmi told a press conference here on Wednesday. Fahmi, who is the communications minister, said Mimos Bhd, which was under the Prime Minister’s Department, would return to the Ministry of Science, Technology and Innovation. PUTRAJAYA (Jan 10): The country’s fifth-generation (5G) network coverage had achieved 80.2% in populated areas as of Dec 31, surpassing the target of 80%, said Communications Minister Fahmi Fadzil. Following the achieved target, Fahmi, who is also the unity government’s spokesman, said during a press conference on Wednesday that the government would announce the proposed shift to a dual 5G network model soon. He said the Special Task Force on 5G will meet on Friday to decide on the road map and direction, and the decision made by the task force will be forwarded to the Cabinet. The meeting will be chaired by Treasury secretary general Datuk Johan Mahmood Merican and Communication Ministry secretary general Datuk Mohamad Fauzi Md Isa, and attended by representatives from Digital Nasional Bhd (DNB), Malaysian Communications and Multimedia Commission (MCMC), as well the telecommunications companies which had signed share subscription agreements to acquire equity in DNB. “The government will not take long to consider and make an announcement of a shift from single to dual 5G network coverage. After that, the dual 5G [network coverage] can be implemented if the terms agreed by the task force are achieved,” said Fahmi. On May 31, Prime Minister Datuk Seri Anwar Ibrahim was reported as saying that the government welcomed the implementation of the 5G network, moving from single to dual network coverage based on several justifications, including breaking a monopoly held by a single state-run network and allowing for more effective participation and competition. However, the function of Digital ID pioneered by Mimos through the Malaysia Digital Economy Blueprint (MyDigital) initiative will temporarily remain with the Prime Minister’s Department, but will be managed by the Ministry of Digital after the system is fully implemented in March. The Department of Irrigation and Drainage, previously under the Ministry of Natural Resources, Environment and Climate Change, will now come under the Ministry of Energy Transition and Public Utilities headed by Deputy Prime Minister Datuk Seri Fadillah Yusof. The Malaysian Green Technology and Climate Change Corporation (MGTC) will remain with the Ministry of Natural Resources and Environmental Sustainability. The changes to the governing of these agencies were made following the Cabinet reshuffle on Dec 12 last year. Fahmi said the prime minister also agreed to revisit the position of the Malaysian Indian Transformation Unit (Mitra). He said discussions would be held after National Unity Minister Datuk Aaron Ago Dagang received feedback from the public and stakeholders. On Dec 23, Anwar announced that Mitra would be placed under the Ministry of National Unity again, and gave an assurance that he would continue to monitor the special unit tasked with handling socio-economic development issues of the Indian community. The Socio-economic Development of Indian Community Unit (Sedic) was set up in 2014, and rebranded as Mitra in 2018. It was placed under the Ministry of National Unity, but had come under the supervision of the Prime Minister’s Department since September 2022. DNB, CyberSecurity Malaysia to be placed under Digital Ministry, says Fahmi Bernama Bernama ZAHID IZZANI/THE EDGE 5G coverage hits 80.2%, shift to dual network to be announced soon FROM PAGE 2 “How are they going to investigate an offence that does not yet exist? Where is the basis to at the very least pursue an investigation into our clients? This is what we want to know. Is there even a valid basis?” asked Sachpreetraj Sohanpal. MACC: Statement-recording was to verify assets owned The trio was called to the MACC headquarters in Putrajaya to give their statements on Wednesday to ascertain the values of some high-value assets in the country and abroad that are held under companies belonging to them, in relation to an investigation against Daim, according to the MACC in a statement. “A notice was served on Tun Daim under Section 36(1)(a) MACC Act 2009, on June 7, 2023, while his family members were served notices under Section 36(1)(b) of the MACC Act 2009,” the MACC said. Section 36(1)(a) empowers the MACC to compel a person to furnish information on his or her assets and sources of income, in and outside Malaysia, while Section 36(1)(b) allows the MACC to compel his or her relatives or associates to do the same. “As stated in the MACC’s press release dated Dec 30, investigations commenced in February last year based on information from the Pandora Papers. Investigations into the assets held by Daim are ongoing,” the MACC added. Read also: MACC says Ismail Sabri’s statement taken in probe over RM700 mil publicity spending

thursday january 11, 2024 4 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 10): The legal team of Datuk Seri Najib Razak on Wednesday questioned how a foreign media organisation could obtain the information pertaining to the status of the former prime minister’s royal pardon petition, as every Pardons Board sitting is conducted at a high level of secrecy. Lead counsel Tan Sri Muhammad Shafee Abdullah’s question came up, following an article titled “Malaysia set to decide on jailed former PM Najib’s high-stakes bid for royal pardon” published by the media outlet on Wednesday. In a statement, Shafee said the writer indicated that the Pardons Board met in December last year about the matter of the petition for a pardon for the former prime minister, but apparently, the matter was deferred to this month for the Pardons board to reconvene. “Every Pardons Board sitting is conducted at high-level secrecy. Neither the names of the variable members of the Pardons Board nor the dates of their assemblies are publicised. “The permanent members of the Pardons Board are the Yang di-Pertuan Agong himself, the minister of federal territories (in cases of Federal Territories pardon matters) and the attorney general. “The names of the variable members are always kept secret and never disclosed. It is obvious therefore, if the Pardons Board were to assemble to consider Najib’s application for a pardon, the matter would be undertaken in secrecy, as it is governed by the Official Secrets Act 1972,” Shafee said. Shafee said the legal team, as lawyers of Najib who are involved in the petition for a pardon, had never been informed of the steps taken by the Pardons Board, if any, about their client’s petition. “We are therefore left dumbfounded as to how the particular agency speculated this unfounded news. We do not know who were the unnamed sources that the agency and the writer relied on for such a sensational story that preoccupied the public and other press this morning (Wednesday). “As lawyers, we are more anxious about our client’s position considering his sole ground for his request for a pardon was on the basis that he had never received a fair trial, especially in the final leg of his appeal in the Federal Court,” Shafee said. The counsel said the defence was indeed baffled as to how the agency through the reporter was able to provide such spectacular “news” in the article pertaining to Shafee asks how could foreign media obtain details of Najib’s royal pardon petition KUALA LUMPUR (Jan 10): Malaysia is set to make a decision this month on jailed former prime minister Datuk Seri Najib Razak’s application for a royal pardon, broadcaster Channel News Asia (CNA) said on Wednesday. The former PM is serving a 12-year jail term for graft linked to state fund 1Malaysia Development Bhd (1MDB), from which US and Malaysian investigators estimate US$4.5 billion (RM20.91 billion) was stolen, with more than US$1 billion channelled to accounts linked to Najib, who has always maintained his innocence. The Pardons Board, which advises Malaysia’s King and includes the attorney general and government officials, is set to meet in the third week of January and is likely to decide on Najib’s application for a royal pardon, CNA said. Reuters was unable to independently verify the report. Government spokesperson Fahmi Fadzil, who is the communications minister, declined direct comment on the report, Malaysia set to decide on royal pardon for Najib — report by Danial Azhar & Rozanna Latiff Reuters Bernama Read also: No application to block screening of ‘Man on the Run’, says Fahmi the status of Najib’s pardon petition. In his statement, Shafee also reminded the press and members of the public that under Article 42 of the Federal Constitution, the power of a pardon in this case is a prerogative power of the Yang di-Pertuan Agong, unbridled, unfettered, and absolute in nature. “It is therefore disrespectful to second-guess activities of the Pardons Board, whose nature of work must be undertaken in absolute secrecy for it to be effective in providing advice to the Yang di-Pertuan Agong. “Breaches of this confidentiality and secrecy arguably can infringe on the Official Secrets Act 1972, with the accompanying range of punishments prescribed therein,” Shafee said. Najib, 70, is currently serving a 12- year jail sentence in the Kajang Prison, after the Federal Court on Aug 23, 2022 upheld his conviction and jail term, and a fine of RM210 million, after being found guilty of misappropriating SRC International Sdn Bhd funds amounting to RM42 million. telling reporters any decision on Najib’s application was the prerogative of the King and the Pardons Board. The office of the attorney general, a member of the board, did not immediately respond to a request for comment. The King plays a largely ceremonial role in Malaysia but can pardon convicted people among discretionary powers granted by the Federal Constitution. In 2018, then King Sultan Muhammad V pardoned current Prime Minister Datuk Seri Anwar Ibrahim, imprisoned at the time on charges of sodomy and corruption that he says were politically motivated. First convicted in 2020, Najib started his prison term in August 2022 after Malaysia’s top court rejected his final appeal, making him the first prime minister in the country’s history to be jailed. He also faces other trials on corruption charges. Should Najib’s bid for a royal pardon be granted, it could shorten his sentence, and raise further doubts on Anwar’s commitment to fighting graft. Patrick Goh/The Edge

THURSDAY JANUARY 11, 2024 5 THEEDGE CEO MORNING BRIEF

thursday january 11, 2024 6 The E dge C E O m o rning brief home JOHOR BAHRU (Jan 10): Prime Minister Datuk Seri Anwar Ibrahim is meeting his Singapore counterpart Lee Hsien Loong on Thursday, a meeting which can be described as another milestone in bilateral relationship, as they affirm commitments to two megaprojects. Both leaders would have a busy schedule on Thursday, as they attend two high-level functions, of which both countries have vested interests in. In the morning, they are scheduled to visit the Rapid Transit System (RTS) Link project here, where both leaders would get an update on the progress of the billion-ringgit project. The RTS Link project is a railway shuttle link of about 4km with two stations, one in Bukit Chagar, Johor Bahru, and another in Woodlands North, Singapore. Mass Rapid Transit Corp Sdn Bhd (MRT Corp) has been tasked with developing the 2.7km Malaysian portion of the rail link and the requisite structures, while the operations are slated to be undertaken jointly by Prasarana Malaysia Bhd and its Singaporean counterpart SMRT Corp Ltd. Once completed, the RTS Link would be the third land bridge to Singapore, and could likely ease some of the “headache” of the “infamous” traffic legacy or congestion at the Johor Causeway. After the RTS visit, Anwar and Lee would then proceed to another event to witness the signing of a memorandum of understanding on the Johor-Singapore special economic zone. The idea was first mooted by Economy Minister Mohd Rafizi Ramli after a meetAnwar to meet Singapore’s Lee today over RTS Link, JohorSingapore special economic zone KUALA SELANGOR (Jan 10): The government will not arbitrarily allow the implementation of the progressive wage policy but will instead take into account the ability of employers and the current state of the country’s economy, said Economy Minister Rafizi Ramli. He said this is because the implementation of the policy is voluntary and involves incentives from the government. “We cannot impose arbitrarily, like a minimum wage order, because we also have to take into account the ability of companies, employers and the (national) economy. The largest employers in the country are actually micro, small and medium enterprises (PMKS) and 97% of business entities in our country is PMKS. “If we make it mandatory, some (employers) will go out of business; some will lose their jobs, so we have to balance it. That’s why the approach is that we take into account the ability of employers and must involve incentives from the government, as well as being voluntarily,” he said. He said this after officiating the grant presentation ceremony under the People’s Income Initiative (IPR) programme and the townhall session with the student leadership of the Universiti Teknologi Mara (UiTM) Selangor branch at UiTM Puncak Alam, here on Tuesday (Jan 9) night. According to Rafizi, his ministry and the Ministry of Human Resources only focus on private sector salaries, while the Rafizi: Govt will not arbitrarily impose progressive wage policy Bernama Bernama ing with the Johor government in Iskandar Puteri in May last year, and then the two countries agreed to take a step further by setting up a special task force to study the establishment of the special economic zone in July. Johor Menteri Besar Datuk Onn Hafiz Ghazi welcomed this idea, saying the “success” of the economic zone can lead it to flourish like the Chinese city of Shenzhen, which has transformed from a small city of 300,000 people to a high-tech international metropolis of over 17 million people after four decades. For 2022, it was reported that Johor secured RM70.6 billion worth of foreign investment in various sectors. Singapore was reported as the state’s second-largest foreign investor, contributing to around 70% of foreign direct investment in Johor’s manufacturing sector. Thus, the creation of the new economic zone could further boost cross-border trade and business activities not only between Malaysia and Singapore, but making it an attractive spot in the Asian region, it was reported. study of the Public Service Remuneration System (SSPA) is managed by Prime Minister Datuk Seri Anwar Ibrahim. “The progressive wage policy has a different challenge; it’s not just a matter of money but it’s also how we (the government) want to convince employers to raise wages gradually. “For SSPA, the government has to ensure that the financial resources are sustainable enough and that the matter is being managed by the prime minister,” he said. Earlier, Rafizi, through his ministry submitted a grant amounting to RM6,961,500 (RM6.96 million) to the UiTM student affairs division to carry out two projects, namely the implementation of mapping and monitoring of the IPR programmes, as well as the organisation of a financial literacy course for IPR participants conducted by the UiTM Selangor branch. The implementation of the mapping and monitoring of the IPR programme is a poverty census aimed at devising appropriate actions to increase the income of the participants in order to cross the poverty line, involving nearly 1,400 heads of households in four states. Meanwhile, the organisation of financial literacy courses for IPR programme participants aims to provide financial management knowledge and skills, so that they are able to continue in order to ensure sustainability of the economic activities they engage in. If we make it mandatory, some (employers) will go out of business; some will lose their jobs, so we have to balance it. That’s why the approach is that we take into account the ability of employers and must involve incentives from the government, as well as being voluntary.”

thursday january 11, 2024 7 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 10): The Malaysia Competition Commission (MyCC) said it has not initiated any investigation against any party in the paddy and rice industry in relation to the rice cartel allegations. The statement came as a response to recent reports that the commission is set to investigate a series of allegations surrounding the industry. It added that MyCC has yet to receive any information from any parties, particularly the Office of Paddy and Rice Monitoring (KPB) of the Ministry of Agriculture and Food Security. MyCC has not started probes against anyone over rice cartel claims KUALA LUMPUR (Jan 10): The Securities Commission Malaysia (SC) on Wednesday charged two individuals with allegedly committing 11 money-laundering offences involving over RM119 million. The two — Ang Jen Chuen (Dexter Ang) and Syaiful Riezal Ahmad — were charged in the Kuala Lumpur Sessions Court here. Ang was formerly a director of Pixelvest Sdn Bhd, while Syaiful Riezal is a former chief executive officer of Infinity Trustee Bhd, the SC said in a statement. Ang faces eight charges under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities 2001 for allegedly receiving proceeds of unlawful activities, while Syaiful Riezal faces three similar charges. “If convicted, these individuals shall be liable to imprisonment for up to 15 years, and shall also be liable to a fine of not less than five times the sum or value of the proceeds of unlawful activities at the time the offence was committed or RM5 million, whichever is higher,” the SC said. According to the SC, the alleged money-laundering offences took place between Dec 1, 2020 and Jan 9, 2023 in Kuala Lumpur and Selangor. “The individuals claimed trial to their respective charges. Sessions Court judge Azrul Darus granted bail at RM8.01 million with two sureties to Ang, and RM100,000 with one surety to Syaiful Riezal,” said the SC. They were also ordered to surrender their passports to the court, and to report to the SC on a monthly basis until the completion of the trial, it said. SC charges two individuals for alleged money laundering involving RM119 mil by Syafiqah Salim theedgemalaysia.com by Sulhi Khalid theedgemalaysia.com by Hee En Qi theedgemalaysia.com “However, we would like to confirm that the KPB will be meeting MyCC on Jan 19. “MyCC would like to emphasise that we have written to the KPB in October 2023 expressing our readiness to understand and discuss issues surrounding the paddy and rice industry in order for us to provide our input relating to any competition concerns, if any. “Lastly, MyCC would like to urge all parties, especially the media, to exercise caution and stop making any speculation, especially since the KPB has issued a formal statement on Jan 4, 2024 stating that based on their findings, there are no issues of competition relating to the paddy and rice industry,” it said. Last week, the Ministry of Agriculture and Food Security denied allegations of the existence of a cartel or mafia that controls prices of rice and paddy seeds in the country. The ministry clarified that the country’s rice industry is regulated by the KPB through the Rice Control Act 1994 (Act 522). According to this Act, the ministry carries out regulatory activities through licensing and enforcement to ensure a healthy and orderly development of the rice industry. Leong Hup and MFM appeal against MyCC’s fines over alleged chicken feed cartel practice KUALA LUMPUR (Jan 10): Leong Hup Feedmill Malaysia Sdn Bhd (LFM) and Dindings Poultry Development Centre Sdn Bhd (DPDC) have filed appeals against the Malaysia Competition Commission's (MyCC) decision to fine the two companies over alleged chicken feed cartel practice. MyCC had imposed a penalty of RM157.47 million on LFM, and another RM70.02 million on DPDC. In a filing with Bursa Malaysia on Tuesday, Leong Hup International Bhd, which wholly owns LFM, announced that it had applied for a stay of the MyCC decision pending an appeal. Malayan Flour Mills Bhd (MFM), which owns a 51% stake in joint-venture unit DPDC, announced the same in a separate filing on Wednesday. On Dec 22, MyCC issued the largest fines in the quasi-judicial body's 12-year history amounting to RM415.5 million on five feed millers for allegedly colluding in a "chicken feed cartel" to fix poultry feed prices. The three other companies were PPB Group Bhd's 80%-owned FFM Bhd (which was fined RM42.69 million), Gold Coin Feedmills (M) Sdn Bhd under Gold Coin Group (RM97.51 million), and PK Agro-Industrial Products (M) Sdn Bhd under Charoen Pokphand Holdings (M) Sdn Bhd (RM47.80 million). Immediately in a filing on Dec 22, Leong Hup affirmed its stand that LFM was not involved in the alleged price-fixing practice, stating that MyCC's findings were “without merit”. MFM then announced a similar stand in a separate filing on Dec 26, denying that DPDC was involved in the alleged cartel practice. At Wednesday's noon break, shares in Leong Hup were up half a sen or 0.89% to 56.5 sen each, valuing the group at RM2.06 billion. Shares in MFM remained unchanged at 65.5 sen, valuing the group at RM670 million. Low Yen Yeing/The Edge

thursday january 11, 2024 8 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 10): The Employees Provident Fund (EPF) on Wednesday announced the disbursement of a RM708 million government additional contribution incentive to its 1.4 million members aged between 40 and under 55. The incentive was allocated to individuals with EPF savings of RM10,000 or below in their Account 1 as of Feb 24, 2023, the EPF said in a statement. “The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on Feb 24, 2023, seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings. “It aligns seamlessly with the EPF’s overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future,” said the EPF. For more information on the incentive, members can refer to the frequently asked questions available on the EPF website at www. kwsp.gov.my or contact the EPF’s contact management centre at (03) 8922 6000. EPF pays out RM708 mil govt additional contribution incentive to 1.4 million members KUALA LUMPUR (Jan 10): The labour market in Malaysia will continue to strengthen in 2024, on the back of encouraging momentum in the domestic economy, said economists on Wednesday after the Department of Statistics Malaysia (DOSM) announced that the unemployment rate dipped to a new post-pandemic low of 3.3% in November 2023. In an issued note, UOB Global Economics and Markets Research said the Malaysian economy had technically reached full employment and will maintain such conditions, with the unemployment rate holding steady at 3.3% by the end of 2024. It said despite ongoing external headwinds, the outlook will be underpinned by positive domestic drivers, including improved tourism activities, continued implementation of infrastructure projects, further realisation of committed investments, and government initiatives. The research house pointed to the vital role of government policy support in upholding full employment conditions. Malaysia’s labour market to strengthen in 2024 after unemployment rate hit new post-pandemic low — economists by Hee En Qi theedgemalaysia.com Bernama Source: Macroband, UOB Global Economics and Markets Research Unemployment rate dipped to 3.3% in Nov 2/2020, 3.3% 70.1 3.3 Participation % Unemployment % Jan Sept 2019 May Jan Sept 2020 2021 2022 Jan Sept 2023 May 70.25 70.00 69.75 69.50 69.25 69.00 68.75 68.50 68.25 68.00 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50 3.25 3.00 Unemployment rate, non seasonally adjusted, rhs Labour participation rate, lhs “Although the number of unemployed persons dropped further by 1,700 to 569,200 [in November], it remained above the monthly average of 518,900 in the pre-pandemic year of 2019,” it said. “Bold labour market policy reforms, such as the progressive wage mechanism and the Second Labour Recalibration Programme (RTK 2.0), along with the effective implementation of the national blueprints, will help to complement the effects of job-related measures announced under Budget 2024 on the Malaysian economy,” it added. It also pointed out that several key initiatives under Budget 2024, including the RM6.8 billion allocation for technical and vocational education and training (TVET) programmes and the RM1.6 billion allocation for training programmes under the Human Resource Development Corp (HRD Corp), will help maintain the country’s full employment conditions by the end of 2024. Meanwhile, MIDF Research said the strengthening job market will support overall gross domestic product growth in the fourth quarter of 2023 and 2024. “Job vacancies have stabilised at around 150,000 per month since June 2023. Malaysia’s job vacancies were registered at 163,200 in October 2023, the highest in four months. This was in line with our expectations of external trade recovery from the fourth quarter of 2023 onwards. “We foresee average job vacancies to hover between 100,000 and 150,000 per month levels in 2024, amid external trade recovery and resilient domestic demand,” it added. It forecast an average jobless rate of 3.4% in 2024, and 3.3% in 2025, on the back of resilient domestic demand and external trade recovery, with the return of non-citizen workers boosting the overall employment rate. “Downside risks to Malaysia’s labour market, among others, are weaker-than-expected external trade recovery and a nosedive in global commodity prices,” it added.

THURSDAY JANUARY 11, 2024 9 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Jan 10): Sime Darby Bhd announced that it had accumulated 90.68% of UMW Holdings Bhd’s shares as at Wednesday, paving the way for the delisting of the Toyota marque distributor. Sime Darby made the latest offer at RM5 per share. Shares in UMW settled at RM5.01 after rising one sen or 0.2% on Wednesday. At RM5.01, the stock is valued at RM5.85 billion. The takeover offer will be closed at 5pm on Jan 17 unless extended further, CIMB Investment Bank Bhd said in a statement on behalf of Sime Darby. The deal, which values UMW at RM5.84 billion, will be funded by internal funds and borrowings. Announced in August last year, the merger involves Sime Darby buying a 61.18% stake in UMW from its parent company Permodalan Nasional Bhd (PNB) at RM5 per share or RM3.57 billion, followed by a mandatory general offer to buy the remaining 38.82% stake at about RM2.27 billion. PNB owns a 5.11% stake in Sime Darby, and is deemed to have a 37.46% interest via Amanah Saham Bumiputera. Sime Darby, which has appreciated 15.2% since the deal announcement on Aug 24, closed one sen or 0.41% higher at RM2.43 on Wednesday, giving the group a market capitalisation of RM16.56 billion. Sime Darby obtains over 90% of shares in UMW, paving way for delisting KUALA LUMPUR (Jan 10): All three stocks related to Datuk Dr Yu Kuan Chon — Rapid Synergy Bhd, Imaspro Corp Bhd and YNH Property Bhd — continued to face heavy selling pressure on Wednesday (Jan 10) after topping the losers list on Tuesday, with Rapid Synergy closing at limit-down level, while YNH saw final-hour buying that erased its intraday losses. Rapid Synergy’s plummet drew an unusual market activity (UMA) query from Bursa Malaysia Securities Bhd. At the time of writing, Rapid Synergy had yet to reply to the regulator’s UMA query. While Imaspro was initially spared with a slight decline in the morning session, the counter was pounded heavily during the afternoon session, pushing its share price down 98 sen or 28% to RM2.50, nearly hitting the limit down threshold of 30%. The agrochemicals and pest control-related products manufacturer, valued at RM200 million at closing price, was the third largest loser on Bursa Malaysia, after Rapid Synergy and BLD Plantation Bhd. YNH was originally the second largest loser of the day, but final-hour buying support propped up its share price to an intraday high of RM3.67, up 37 sen or 11%, ending the day with a wide day range between RM2.80 and RM3.67. The property developer fell as much as 15% before its share price shot up at the 11th hour Dr Yu-linked Rapid Synergy gets UMA as shares plummet; YNH, Imaspro on wild swing BY JUSTIN LIM & CHESTER TAY theedgemalaysia.com BY JUSTIN LIM theedgemalaysia.com Imaspro Corp Bhd 0 0.5 1.0 1.5 2.0 Dec 31, 2021 Jan 10, 2024 2 3 4 5 6 7 Vol (mil) RM *RM2.50 RM2.41 *As at market close on Jan 10, 2024. Source: Bloomberg Rapid Synergy Bhd 0 200 400 600 800 Dec 31, 2021 Jan 10, 2024 5 10 15 20 25 30 Vol (’000) RM *RM16.38 RM9.95 *As at market close on Jan 10, 2024. Source: Bloomberg YNH Property Bhd’s intraday price 0 100 200 300 400 500 2.5 3.0 3.5 4.0 Vol (’000) RM RM3.67 RM3.05 Source: Bloomberg 9am 4.58pm Jan 10, 2024 YNH Property Bhd 0 2 4 6 Dec 31, 2021 Jan 10, 2024 2.5 3.5 4.5 5.5 Vol (mil) RM *RM3.67 RM2.65 *As at market close on Jan 10, 2024. Source: Bloomberg on Wednesday to make it the third largest gainer across the local stock exchange, with a market capitalisation of RM1.94 billion. Unlike YNH, signs of dip-buying were elusive for Rapid Synergy after the morning selldown, with the industrial mould manufacturer closing RM7.02 or 30% lower at RM16.38, valuing it at RM1.75 billion. The severe selldown saw both Rapid Synergy and YNH lose more than half of their gains since early 2022, while Imaspro has reversed almost all of its gains over the same period. [See Charts] Dr Yu controls a 22.8% stake in Rapid Synergy and 32.6% of shareholdings in YNH. The prominent investor also controls a 14.6% stake in Imaspro Corp Bhd, being the second largest shareholder after managing director Tong Chin Hen with a 51% shareholding.

THURSDAY JANUARY 11, 2024 10 THEEDGE CEO MORNING BRIEF HOME Public Bank withdraws suit against Magma over loan dispute Genting Malaysia to inject US$100 mil into Empire Resorts Hextar Capital completes Transgrid acquisition for power EPCC venture BY CHESTER TAY theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com KUALA LUMPUR (Jan 10): Genting Malaysia Bhd announced that it will inject another US$100 million (RM464.15 million), through an indirect wholly owned unit, into Empire Resorts Inc, in which it has already put in about US$624.4 million to date. The latest capital injection will involve Genting Malaysia subscribing to 1,000 of Empire’s Series M preferred stocks. Empire plans to use the capital injection for working capital, and to pay off a US$58 million bank facility. The Series M preferred stocks, with a maturity date of Dec 31, 2038, are convertible after end-2030 into 100 million common Empire stocks at US$1 apiece. If the conversion does not take place before the maturity date, these preferred stocks will be automatically converted into 100 million Empire common stocks at US$1 apiece. The latest equity injection will be funded by internal funds, said Genting Malaysia in a stock exchange filing on Wednesday. The injection will enable Empire to further optimise its capital structure by reducing its financial leverage and corresponding interest expense, Genting Malaysia said. “In addition, this will allow a quicker rampup for Resorts World Hudson Valley, and enable Empire to continue its focus on strengthening Resorts World Catskills’ (RWC) operating performance to realise its full potential.” This equity injection will also enable Empire to “reinforce its position, and grow its market presence in the expanding New York state gaming market to compete effectively in the north-eastern US region”. “RWC will also be able to continue benefiting from the operating synergies with Resorts World New York City,” it added. Genting Malaysia owns a 49% stake in Empire, while the founding Lim family’s private vehicle Kien Huat Realty III Ltd owns the remaining 51%. If all of Empire’s preferred stocks currently held by Genting Malaysia — not including the 1,000 preferred stocks it will be taking up in the latest equity injection — are converted or automatically converted upon maturity, the public listed entity would end up with a 76.3% stake in the financial year ending Dec 31, 2030. Genting Malaysia said this round of equity injection is not subject to shareholders’ approval, hence it is unclear whether minority shareholders are happy to shoulder Empire’s financial requirements together with the Lim family or not. Shares in Genting Malaysia slipped three sen or 1.04% to close at RM2.85 on Wednesday, giving it a market capitalisation of RM16.92 billion. KUALA LUMPUR (Jan 10): Public Bank Bhd has withdrawn its lawsuit against Magma Group Bhd and Magma executive chairman Datuk Seri Ismail Farouk Abdullah, stemming from a dispute over the settlement of outstanding sums under various term loan and overdraft facilities. The withdrawal came after Magma’s unit made “a payment to Public Bank and had regularised payment of the facilities with Public Bank”, according to a company stock exchange filing in November. The High Court, in a case management on Tuesday, granted permission for Public Bank to withdraw the suit, with liberty to file afresh, Magma showed in a stock exchange filing. Magma managing director Datuk Seri Thomas Liang Chee Fong said the court’s decision marks a “watershed” moment for the group, enabling it to start afresh and leaving behind the legal challenges. “Our focus now shifts to harnessing new opportunities and reinforcing our commitment to sustainable business growth. We are optimistic about the future, and are poised to explore new avenues that align with our strategic objectives,” he said. Public Bank in June last year filed a civil suit against Magma’s wholly owned unit Astaka Mekar Sdn Bhd, as well as Data Sepadu Sdn Bhd, Impiana Sdn Bhd and Ismail Farouk. Ismail Farouk, a major shareholder of Data Sepadu and Impiana, owns an 11.6% stake in Magma, and is the second largest shareholder after the collective stake of 22.6% held by HYM Group chairman Datuk Seri Lee Hock Seng and his spouse Datin Seri Joanne Yew Hong Im. Shares in Magma were trading one sen or 3.6% lower at 26.5 sen at Wednesday’s noon break, valuing the company at RM250.49 million. Its share price has climbed nearly three times over the past three months. KUALA LUMPUR (Jan 10): Hextar Capital Bhd (formerly known as Opcom Bhd) has completed the acquisition of 49% stake in power industry engineering, procurement, construction and commissioning (EPCC) outfit Transgrid Ventures Sdn Bhd in a cash and share deal. In a statement on Thursday, the group said the acquisition marks the diversification of the group to include the power generation and transmission business. HexCap bought the stake from Datin Seri M Saraswathy A/P Manikum. Transgrid, which has a track record of developing electricity switching stations and substations, posted an unaudited net profit of RM3.87 million in the four months ended April 2023, on revenue of RM40.19 million in the same period. The acquisition is priced at up to RM98 million, with up to RM49 million and up to 62.94 million HexCap shares representing 14.08% of HexCap’s enlarged share capital. The final price of the stake purchase is conditional upon the earnings performance of Transgrid in FY2023 to FY2025, the company said. “The completion of the Transgrid acquisition and diversification is another significant step in HexCap’s transformation. The complementary technical capabilities, customer base and talent of Transgrid will further contribute to the group’s growth,” said HexCap managing director Johnson Chang. “Hextar Capital is excited to welcome Transgrid as the acquisition and diversification brings together engineering and innovation-centric teams in taking an important step forward in building infrastructure to support the power generation and transmission sector in Malaysia. “Together, Hextar Capital is well positioned to build a more sustainable business proposition for its shareholders and that will continue with Transgrid for the benefit of stakeholders that both companies serve,” Chang said. Shares in HexCap closed a sen or 1.68% lower to 58.5 sen, giving it a market capitalisation of RM222.81 million.

THURSDAY JANUARY 11, 2024 11 THEEDGE CEO MORNING BRIEF HOME NEWS IN BRIEF Nestcon clinches RM108 mil construction job from Exsim Avenue KUALA LUMPUR (Jan 10): Nestcon Bhd has clinched RM108 million worth of construction works from property developer Exsim Avenue Sdn Bhd for a mixed commercial development project. Nestcon, through its wholly-owned unit Nestcon Builders Sdn Bhd, accepted a letter of award from Exsim Avenue on Wednesday. The work consists of main building works for a 37-storey mixed commercial development comprising retail shops, 220 strata office units, 126 units of service apartments, car parks and other relevant facilities. Contract works are to be completed within 39 months, commencing on Jan 15, and scheduled for completion by April 14, 2027. This is the second contract Nestcon has secured so far in 2024. Last week, the group bagged RM251.5 million worth of construction contracts for a mixed development project in Mukim Petaling in the Klang Valley. For the third quarter ended Sept 30, 2023, Nestcon posted RM2.06 million in net profit, versus a RM1.41 million net loss a year earlier, as revenue jumped 91.3% to RM224.88 million from RM117.56 million. Shares in Nestcon closed unchanged at 37 sen on Wednesday, translating into a market capitalisation RM249.13 million. — by Syafiqah Salim Leader Steel unit accepts compensation of over RM42 mil for Klang land KUALA LUMPUR (Jan 10): Leader Steel Holdings Bhd’s (LSH) wholly owned subsidiary Ferronet Asia Sdn Bhd has accepted a notice of award and offer for compensation (Form H) from the Klang Land Office invoking a compulsory acquisition under the Land Acquisition Act 1960 (Act 486) to acquire 28,903 square metres of land in Mukim Kapar, Klang for RM42.56 million cash. In a filing with Bursa Malaysia on Wednesday, LSH said the compulsory disposal resulted from the receipt of Form H to take possession of the affected land under Section 18 of Act 486. “In view of the said affected land being currently charged to a financial institution, the compensation consideration is subject to the amount payable to the financial institution to pare down the loan, which is in line with the charge documents. “The remaining balance is expected to be used for future business expansion, working capital and repayment of debts,” it said. LSH said the compensation consideration of RM42.56 million included compensation for severance damages and loss of income. “The decision for the said consideration amount was made by the Klang Land Office during the land hearing held on Nov 28, 2023, based on facts presented by representatives from Ferronet and representatives from other relevant parties. “The final amount awarded was subject to the acceptance of Form H, without any objection by both Ferronet and other relevant parties,” it said. — Bernama Malaysia’s palm oil stocks fall 4.64% to 2.29 mil tonnes in December KUALA LUMPUR (Jan 10): Malaysia’s total palm oil stocks fell by 4.64% to 2.29 million tonnes in December, from 2.40 million tonnes in November, according to the Malaysian Palm Oil Board (MPOB). In its latest industry performance report for December 2023, the MPOB said crude palm oil (CPO) inventory decreased by 9.43% to 1.20 million tonnes last month, from 1.32 million tonnes in November. Meanwhile, processed palm oil stocks increased by 1.23% to 1.09 million tonnes in December, from 1.08 million tonnes previously. CPO production fell 13.31% to 1.55 million tonnes in December, from 1.79 million tonnes in the previous month, and palm kernel output went down by 14.00% to 371,202 tonnes, from 431,641 tonnes earlier. The MPOB said palm oil exports slipped by 5.12% or 72,021 tonnes to 1.33 million tonnes in December, from November’s 1.41 million tonnes, and oleochemical exports slipped by 5.38% to 245,048 tonnes. Biodiesel exports dropped 0.76% to 17,834 tonnes in December, from 17,971 tonnes in the preceding month. Exports of palm kernel cake were down 33.77% to 178,436 tonnes last month, while palm kernel oil exports were 11.53% lower to 88,261 tonnes, from 99,768 tonnes in November. CPO imports stood at 11,103 tonnes in December, while total palm oil imports dropped 7.87% to 36,573 tonnes, compared with 39,696 tonnes in the previous month. — Bernama Thai PM discusses boosting airline travel with AirAsia boss BANGKOK (Jan 10): Thai Prime Minister Srettha Thavisin said on Wednesday that his meeting with Capital A Bhd chief executive officer (CEO) and AirAsia boss Tan Sri Tony Fernandes discussed increasing air travel and pushing Thailand toward becoming a regional aviation hub. “We plan to increase outbound and inbound flights to stimulate the economy,” Sretta posted on social media platform X (previously Twitter). — Reuters Thai Prime Minister Srettha Thavisin BLOOMBERG LEADERSTEEL.MY AmBank files petition to wind up Ireka Corp KUALA LUMPUR (Jan 10): AmBank (M) Bhd has filed a petition with the court to wind up Ireka Corp Bhd as the property developer failed to pay RM4.34 million it owed the bank as at Dec 12, 2023. In a filing to Bursa Malaysia, Ireka said it had received the winding-up petition on Jan 8, served by AmBank via its solicitors, Messrs Heiley Hassan, Tan & Partners. The petition was served in relation to the group’s indebtedness to AmBank (M) Bhd for the sum owed following a judgement obtained by the petitioner at the High Court. “The operations of the company will cease if it fails to defend itself in the petition,” Ireka said in the filing. The developer noted that it is engaging with the petitioner to seek a settlement of the debt. The petition is fixed for hearing on April 17. The property developer has been loss-making for three consecutive quarters since the financial quarter ended March 31, 2023. — by Sulhi Khalid

THURSDAY JANUARY 11, 2024 12 THEEDGE CEO MORNING BRIEF HOME KEPALA BATAS (Jan 10): The replacement of two leaking 1.2-metre control valves at the Sungai Dua Water Treatment Plant is proceeding according to schedule, and the Penang Water Supply Corporation (PBAPP) expects to commence phase one of the water supply restoration work as planned, starting at 6:01 am on Thursday (Jan 11). PBAPP chief executive officer K Pathmanathan said that the replacement work is progressing as planned, with PBAPP achieving 60% progress with one valve and 30% with the second valve. “At this time, PBAPP’s target remains unchanged. We are working tirelessly to complete all works as scheduled, no later than 6:00am tomorrow (Jan 11), including emergency response works for the Sungai Perai. “We still plan to start phase 1 of the water supply restoration works as scheduled, beginning at 6:01 am tomorrow. PBAPP will work throughout the night and early morning as needed,” he told a press conference here on Wednesday. Commenting further, he stated that when PBAPP shut off the water supply on Wednesday morning, a drop in water pressure caused the clamp installed on the leaky section of the 1.35-centimetre underwater pipe in Sungai Perai last month to come off early Wednesday morning. Phase 1 of Penang water restoration works to begin at 6:01am today PUTRAJAYA (Jan 10): The Cabinet, in its weekly meeting on Wednesday, strongly condemned the attack on Beruas Member of Parliament Datuk Ngeh Koo Ham’s house in Ayer Tawar, Perak in the morning. Communications Minister Fahmi Fadzil, who is also the unity government spokesperson, said the Cabinet also reminded all Malaysians to always act in accordance with the law, including in managing differences of opinion. “Don’t ever try to inflame sentiments or provoke people to break the law, especially if you have different opinions. “The Cabinet has also warned of stern action against those who violate the law,” he told a press conference here. Perak police chief Datuk Seri Mohd Yusri Hassan Basri said the police are hunting for an individual suspected of hurling a Molotov cocktail into the house of Ngeh, which damaged three vehicles. Mohd Yusri said the case is being investigated under Section 435 of the Penal Code for mischief by fire. Meanwhile, on the Sulu case, Fahmi said Prime Minister Datuk Seri Anwar Ibrahim thanked Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said, Foreign Minister Datuk Seri Mohamad Hasan, and former Foreign Minister Datuk Seri Dr Zambry Abdul Kadir. “This is a great success, and there are a few more steps in some other countries, including France, and there will probably be other announcements from the relevant minister regarding this issue,” he said. On Tuesday, Azalina said Malaysia welcomed the Madrid Criminal Court’s decision on rogue arbitrator Dr Gonzalo Stampa, who was found guilty for contempt of court, and was sentenced to six months in prison as a significant victory for the rule of law. Read also: Beruas MP’s residence hit by Molotov cocktail: Police tracking down suspect Suspected arson could be due to statement on Dec 28, says Beruas MP Ngeh Cabinet strongly condemns attack on Beruas MP’s house, says Fahmi FGV says it reimbursed RM72.2 mil to migrant Bernama workers Bernama BY SURIN MURUGIAH theedgemalaysia.com KUALA LUMPUR (Jan 10): FGV Holdings Bhd said it has made good progress in its efforts to modify the Withhold Release Order issued by the US Customs and Border Protection. In a statement on its website on Wednesday, FGV said that to date, a total of RM72.2 million has been reimbursed to 19,673 migrant workers. The plantation group said it has allocated a total of RM112 million to reimburse recruitment fees to its migrant workers, including former migrant workers. It said the reimbursements to workers were made in three tranches that were paid in March, June, and September 2023. FGV said it has given top priority to implement a remediation plan to uphold labour rights and address any gaps in its labour practices. A key component of FGV’s remediation programme is the reimbursement of recruitment fees imposed on its migrant workers by third-party recruitment agencies. FGV said it is also implementing a reimbursement programme for its former migrant workers who are eligible to receive recruitment fee reimbursements from FGV. It said with the support of accreditation firm LRQA, FGV is reaching out to its former workers to inform them about the reimbursement programme which is published periodically on FGV’s social media accounts as well as in local newspapers in the workers’ countries of origin. It said the former worker reimbursement programme will be carried out until the end of 2024. To date, FGV said it has reimbursed 415 of its former workers amounting to RM1.77 million. He said that this occurred as expected by PBAPP, so they have deployed a team of 16 commercial divers to install a more secure clamp on a larger section of the leaking pipe. “So far, works in Sungai Perai is 50% complete, and PBAPP hopes to complete it by 6am tomorrow,” he said. He added that PBAPP chairman and Penang Chief Minister Chow Kon Yeow has given instructions to construct an “S-Bend” pipe in Sungai Perai to resolve this issue but the construction works are expected to take five- to eight months, as it requires approvals from various authorities, including the Department of Irrigation and Drainage. Penang is facing a scheduled 96-hour water supply disruption from Wednesday for the valve replacement and ancilliary works. Full supply restoration is expected to take 72 hours.

THURSDAY JANUARY 11, 2024 13 THEEDGE CEO MORNING BRIEF PROPERTY MANAGEMENT VIRTUAL TALK 2024 Chief Judge The Edge Malaysia Best Managed and Sustainable Property Awards (BMSPA) Au Foong Yee Editor Emeritus, The Edge Malaysia Members Of the Judging Panel The Edge Malaysia Best Managed and Sustainable Property Awards (BMSPA) Chris Tan Managing Partner Chur Associates Anthony Lee Tee Accreditated Building Inspector and Trainer Architect Centre Sdn Bhd Datuk NK Tong President REHDA Malaysia 9.30AM — 11.30AM 9.30AM — 11.30AM From Hero to Zero: Buying Ill-Designed Strata Commercial Property JANUARY 19, 2024 FRIDAY A Legal Nightmare Chris Tan Managing Partner Chur Associates Maintenance Horror Anthony Lee Tee Accreditated Building Inspector and Trainer Architect Centre Sdn Bhd Datuk NK Tong President REHDA Malaysia Anthony Lee Tee Accreditated Building Inspector and Trainer Architect Centre Sdn Bhd Chris Tan Managing Partner Chur Associates Moderator Au Foong Yee Editor Emeritus, The Edge Malaysia Fireside Chat Costly to Judge a Book by its Cover RegisteR Now At https://myevents.theedgemalaysia.com First come, First served basis * Terms & conditions apply. Datuk NK Tong President REHDA Malaysia Anthony Lee Tee Accreditated Building Inspector and Trainer Architect Centre Sdn Bhd Chris Tan Managing Partner Chur Associates Moderator Au Foong Yee Editor Emeritus, The Edge Malaysia Fireside Chat Beauty is Only Skin Deep How to Destroy Your Housing Property Value Get it Right from the Start! Chris Tan Managing Partner Chur Associates Myths vs Reality Anthony Lee Tee Accreditated Building Inspector and Trainer Architect Centre Sdn Bhd JANUARY 20, 2024 SATURDAY

THURSDAY JANUARY 11, 2024 14 THEEDGE CEO MORNING BRIEF HOME KOTA KINABALU (Jan 10): The Sabah Cabinet has instructed all heads of state government-linked companies (GLCs) to refrain from announcing or issuing statements on development projects without prior approval of the cabinet. Sabah Chief Minister Datuk Seri Hajiji Noor said all state GLCs are required to refer to their respective ministers or the state cabinet before entering into any agreement to avoid future complications. “The cabinet views the matter seriously,” he said in a statement after chairing a Sabah Cabinet meeting here on Wednesday. Hajiji said the cabinet had also agreed to set up a task force to monitor the water and electricity issues in Sabah, headed by State Secretary Datuk Seri Safar Untong. “The task force will meet once a week or every fortnight to look into all the issues pertaining to water and electricity supply,” he said. He also acknowledged the strong performance of SMJ Energy Sdn Bhd, a newly-formed state government subsidSabah GLC heads to refrain from announcing development projects without Cabinet approval KOTA KINABALU (Jan 10): Gabungan Rakyat Sabah (GRS) will never take part in any “langkah” (move) to topple the present federal government, as it will lead to chaos and greatly affect the nation’s stability, said GRS chairman Datuk Seri Hajiji Noor. SHAH ALAM (Jan 10): The former head of operations of a government-linked company (GLC) was remanded for three days starting Wednesday on suspicion of using her position to appoint her husband’s company to carry out transport works. The remand order against the 40-year-old woman was issued by Magistrate Muhammad Syafiq Sulaiman after receiving an application from the Malaysian Anti-Corruption Commission (MACC) at the Shah Alam Magistrate’s Court on Wednesday. On Tuesday, the woman was arrested at 2pm when she appeared to give evidence at the Selangor MACC office. According to MACC sources, the offence was committed in 2022, when the woman appointed her husband’s firm as a transport subcontracting company, and all subcontracting payments amounting to approximately RM280,000 were deposited into the suspect’s personal account. The case is being investigated under Section 23 of the MACC Act 2009. Hajiji: GRS will not be part of any move to topple Anwar’s govt Ex-GLC ops head remanded to assist probe over appointing husband’s firm for transport works Bernama Bernama Bernama iary company, which has paid its RM5 million loan to the state government in less than a year of its inception. SMJ Energy has also successfully issued its RM900 billion sukuk wakalah under the company’s multi-currency sukuk wakalah programme of up to RM10 billion in nominal value last year. “From a zero-asset company, it has more than RM5 billion assets as of December 2023,” he said. Read also: May 14 hearing for Halim Saad’s bid to refer constitutional queries in UEM-Renong suit to apex court BERNAMA The Sabah chief minister said that currently, the nation has a functioning Madani government that has good relations with the Sabah government. “So why rock the boat? We work for the nation and the people’s prosperity. We do not support any move that will destablise the country. “Malaysia practises democracy. Those aspiring to become the prime minister should just wait for the general election to see if the people accept them,” he said in a statement on Wednesday night. Hajiji said GRS also fully supports Datuk Seri Anwar Ibrahim as the prime minister, and is confident of his leadership. “Let him lead our multiracial country to prosperity,” Hajiji said. Hajiji questioned the motive of the so-called “Dubai Move” perpetrators — whether it is merely to fulfil their own political agenda without any care for the people’s well-being. The Dubai Move refers to a supposed meeting between several opposition leeaders and influential people from Malaysia in the United Arab Emirates last month. Apparently, it was to hatch yet another plot to unseat Anwar’s one-year-old government.

THURSDAY JANUARY 11, 2024 15 THEEDGE CEO MORNING BRIEF HOME GEORGE TOWN (Jan 10): The High Court here on Wednesday ordered a businessman to pay former finance minister Lim Guan Eng RM75,000 in damages and costs over defamatory statements made against him five years ago. Judicial Commissioner Azizan Md Arshad ruled that Chang Wei Lu, the defendant, must pay RM60,000 in general damages and RM15,000 in costs, as well as interest at a rate of 5% per annum from Oct 30, 2019, until full settlement to Lim, the plaintiff. Azizan also ordered a permanent injunction against Chang from making defamatory statements against Lim in the future. Lim was represented by lawyer Simon Murali, while Chang was represented by lawyers YC Wong and KW Lim. In 2019, Chang claimed that Lim was behind the Inland Revenue Board’s move to collect RM2.4 million in tax arrears from him. Lim was the finance minister in the Pakatan Harapan government from 2018 to 2020 while Chang was a former leader of the Penang Chinese Clan Council and the Penang Chinese Chamber of Commerce. Chang’s statements were later published in two Chinese-language newspapers, leading Lim to take separate legal action against the two newspapers and being awarded RM150,000 in damages in 2022. Guan Eng wins defamation suit, gets RM75,000 in damages KUALA LUMPUR (Jan 10): Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said that civil courts should not entertain matters pertaining to a court exercising its criminal jurisdiction, in his bid to strike out the Malaysian Bar’s application to file a judicial review against the attorney general (AG) over a discharge not amounting to acquittal (DNAA) granted to him. In his affidavit in support filed on Jan 4 by Messrs Shahrul Hamidi & Haziq that was sighted by The Edge, Ahmad Zahid said the decision to grant the DNAA was not a decision by the attorney general alone, who has been named as a respondent, but also a decision and an order by the High Court. “Hence, I have been advised by my solicitors and I verily believe that the applicant (the Malaysian Bar) has misconceived itself in filing the application for leave to commence a judicial review against the AG,” he said. “The matter raised or [the] reliefs sought by the Bar in the present application is also academic in nature,” he added. Ahmad Zahid further argued that the Malaysian Bar has no locus standi (legal standing) to file for leave to commence judicial review, as it was neither the complainant nor a victim of the criminal charges that were proffered against him. “Therefore, the Bar has failed to fulfil the elementary requirement under Order Zahid says ‘busybody’ Bar ‘misconceived’ in seeking to nullify AG’s DNAA decision BY HAFIZ YATIM theedgemalaysia.com Bernama The High Court on Wednesday ordered a businessman Chang Wei Lu to pay former finance minister Lim Guan Eng RM75,000 in damages and costs over defamatory statements made against him five years ago. ZAHID IZZANI/THEEDGE 53 Rule 2(4) of the Rules of Court 2012 (being the aggrieved party) and other provisions of the law for the court to grant leave. “The applicant (Malaysian Bar) is a busybody in this case. Only a party who is adversely or gravely affected by the decision of the public prosecutor in this case may apply for leave to file [a] judicial review in this case. This was obviously not the case with the applicant in the present case,” he said, adding that on this basis alone, the High Court has the power to dismiss the Malaysian Bar’s application. Hearing for leave on Thursday The hearing for leave for judicial review is scheduled before High Court judge Datuk Amarjeet Singh on Thursday (Jan 11), following the Malaysian Bar’s application on Dec 2 to file the judicial review, in which it named the attorney general and Ahmad Zahid as respondents. The Bar is seeking an order to annul the AG’s decision and a declaration that it is null and void, asserting that the decision exceeded the jurisdiction and authority granted to the attorney general. It also wants a mandamus order instructing the attorney general to act in accordance with the law, including prosecuting Ahmad Zahid again if deemed appropriate, as per Section 254A of the Criminal Procedure Code. The Malaysian Bar is also seeking an order to compel the AG to provide information and documentation justifying the decision to apply for a DNAA against Ahmad Zahid. Ahmad Zahid further added that the Malaysian Bar’s action of filing the application is being irresponsible, selective and biased. According to the deputy prime minister, the Bar is attempting to portray an image of being the champions of justice to the Malaysian public by questioning the decision of the attorney general and the court in granting a DNAA in criminal charges involving in his case. He cited past cases in which the Malaysian Bar did not react to the DNAA given, which included Rafizi Ramli, Lim Guan Eng, the late activist Haris Ibrahim and Datuk Mohd Tamrin Tun Abdul Ghafar. For these reasons, Ahmad Zahid sought the High Court to dismiss the Malaysian Bar’s judicial review application. Ahmad Zahid was given a DNAA by judge Datuk Collin Lawrence Sequerah on Sept 4 last year, for 47 charges related to criminal breach of trust, corruption and money laundering involving Yayasan Akalbudi funds, after the prosecution informed that the Attorney General’s Chambers sought to halt proceedings against Zahid to scrutinise new evidence. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. ZAHID IZZANI/THEEDGE

THURSDAY JANUARY 11, 2024 16 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (Jan 10): In a unanimous decision, the appellate court has ruled the unilateral conversion to Islam of single mother Loh Siew Hong’s three minor children as unconstitutional. A three member panel also struck out a provision in the Perlis state Islamic enactment which allowed such conversions. The panel led by Court of Appeal (COA) judge Datuk Hadhariah Syed Ismail said that the High Court judge had not addressed two pertinent issues in the judicial review proceedings previously brought by Loh, namely whether the unilateral conversion was lawful and whether the state enactment on allowing such conversions was constitutional. “The failure of the High Court judge to answer these issues is a clear misdirection that is tantamount to error of law,” Hadhariah said after the panel deliberated for about half an hour on Wednesday. She added that on the issue of unilateral conversion, the court is bound by the landmark 2018 Indira Gandhi case which held that both parents’ permission must be obtained before minor children can be converted to another religion. “In this case, it is not disputed that the [mother] did not consent to the three children’s conversion to Islam,” she said about the conversion of the 15 year-old twin girls and the 13 year-old boy. In line with the decision, the court granted the reliefs sought by the 36 yearold single mother, which includes that the children are Hindu and that their conversion certificate is null and void. Per the reliefs sought, the court also ruled that the state enactment, namely Section 117(B) of the Administration of the Religion of Islam 2006 which allows unilateral conversion of a minor, is unconstitutional and invalid. Court: No clear evidence that Agong has prescribed the Bahasa Malaysia version of the Constitution as authoritative On Wednesday, counsels for the respondents — Perlis Islamic Religious and Malay Customs Council (MAIPs), Perlis Registrar of Mualaf, state mufti Datuk Dr Mohd Asri Zainul Abidin and the state government — argued that there is a Bahasa Malaysia (Malay) version of the Federal Constitution as the authoritative text which has been prescribed by the Yang di-Pertuan Agong (YDPA). This, they argued, is with reference to Article 160B of the Federal Constitution which states that when the Constitution has been translated to the national language, the YDPA may “prescribe” it to be the authoritative text, prevailing over the English language one. It has to be noted that in the 2018 landmark decision, the apex court unanimously said that the English version of the Federal Constitution is authoritative since it has not been shown that the YDPA had prescribed the Malay translation to be authoritative. The apex court said that in Indira’s case, the English version of the word “parent” in Article 12(4) Federal Constitution refers to both parents and prevails over the Malay translation of “ibu atau bapa” (mother or father). Addressing this point, the COA ruled on Wednesday that there was no evidence of such a prescription. “We are of the opinion [that] there is no clear evidence that [the] YDPA has prescribed the Bahasa Malaysia Federal Constitution as the authoritative text. BY TARANI PALANI theedgemalaysia.com COA quashes unilateral conversion of single mum’s children, strikes out state enactment as unconstitutional Read also: Hearing of JJ widow’s joint matrimonial assets claim deferred pending Shariah Court of Appeal outcome Hence, [on the] interpretation of Article 12(4) of the Federal Constitution, we are still following the English version,” Hadhariah said. The panel, which also included Datuk Hashim Hamzah and Datuk Azhahari Kamal Ramli, made no order as to costs. Loh had appealed High Court judge Datuk Wan Ahmad Farid Wan Salleh’s decision last May, in which he ruled that her three children had not stopped professing the religion of Islam even under Loh’s care. Wan Ahmad also said that there was no evidence before him to indicate that the children had reverted to the Hindu religion. Thus, he ruled that, for the welfare of the children, the status quo ought to be maintained. Loh filed a judicial review in March 2022, seeking declarations that her children are Hindu — her ex-husband Muhammad Nagahswaran Muniandy’s religion prior to his conversion — and to reverse the registration of her children’s conversion to Islam in July 2020. Loh was represented by A Srimurugan, Dr Shamsher Singh Thind and J Gunamalar. Senior counsel Mohamed Haniff Khatri Abdulla appeared for MAIPS, while Perlis state legal adviser Mohd Radhi Abas appeared for the other respondents. The single mother who was present at the proceedings on Wednesday, did not speak to the press after the case. MAIPS has indicated that it will be appealing the decision. Loh had filed for divorce from her ex-husband in December 2019, which was finalised in September 2021. In March 2021, she secured a final court order, giving her full and sole custody of the three children. Despite this, she claimed that her children were kept from her, as they had been placed under the care of the Social Welfare Department. She was finally reunited with them when the High Court granted her habeas corpus application in February last year. THE EDGE FILEPIX BY ZAHID IZZANI Loh Siew Hong

THURSDAY JANUARY 11, 2024 17 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (Jan 10): Boeing chief executive officer Dave Calhoun acknowledged errors by the US planemaker as more than 170 jets remained grounded for a fourth day, telling staff the company would ensure an accident like the mid-air Alaska Airlines panel blowout “can never happen again”. The company’s top planemaking official, Stan Deal, also told a sombre town hall meeting at its Renton, Washington 737 factory that Boeing acknowledges “the real seriousness of the accident” as it launches checks into its quality controls and processes. Calhoun’s remarks were Boeing’s first public acknowledgement of errors since a so-called door plug snapped off the fuselage of a nearly full 737 MAX 9 on Friday, leaving a gaping hole next to a miraculously empty seat. Calhoun said he had been “shaken to the bone” by the accident, which rekindled pressure on Boeing over its troubled small plane family almost five years after a full-blown MAX safety crisis sparked by deadly crashes in Indonesia and Ethiopia. “We’re going to approach this, number one, acknowledging our mistake,” Calhoun told employees, according to an excerpt released by Boeing. “We’re going to approach it with 100% and complete transparency every step of the way.” Alaska Airlines and United Airlines, the two US carriers that use the temporarily grounded planes, have found loose parts on similar aircraft, raising fears such an incident could have happened again. ‘Quality control issue’ In a separate meeting on Tuesday, Boeing told staff the findings were being treated as a “quality control issue” and checks were under way at Boeing and fuselage supplier Spirit Aerosystems, sources familiar with the matter said. Boeing has sent written orders to its own plants and those of its suppliers to ensure such problems are addressed and to carry out broader checks of systems and processes, they said. Boeing shares fell 1.4% on Tuesday as United cancelled 225 daily flights, or 8% of its total, while Alaska Airlines cancelled 109, or 18%. Similar cancellations were expected on Wednesday. Calhoun also told Boeing employees the company would “ensure every next airplane that moves into the sky is in fact safe”. BY DAVID SHEPARDSON, VALERIE INSINNA & TIM HEPHER Reuters Boeing CEO admits error, says mid-air blowout ‘can never happen again’ He praised the Alaska Airlines crew that swiftly landed the plane, with only minor injuries to the 171 passengers and six crew. Calhoun, who was a Boeing board member when all MAX jets were grounded in 2019, also praised Alaska Airlines for quickly grounding its 737 MAX 9 jets, adding he knew “how hard it is to ground planes, much less the fleet”, the sources said. Some industry leaders have privately criticised Boeing for not grounding planes faster on Saturday. People familiar with the matter say it had been drawing up plans to order inspections when the Federal Aviation Administration (FAA) intervened with an emergency order to ground 171 planes. Boeing voiced support for the FAA’s action, and the company’s contrite tone on Tuesday contrasted with statements that were criticised as legalistic after the 2018 crash of a Lion Air 737 MAX in Indonesia. US-based crisis communications expert Paul Oestreicher, who critiqued Boeing in 2019 for taking weeks to acknowledge its mistakes after the Lion Air and Ethiopian Airlines crashes, said this time Calhoun was “acting with much more speed, acknowledging the importance of transparency, expresses some empathy, and commits to a fix”. Boeing declined to comment on Calhoun’s remarks beyond the official excerpt. Inspection protocol The panel that blew off Alaska Air Flight 1282 replaces an optional exit door on 737 MAX 9 planes used by airlines that have denser seating configurations. Boeing has checked the service records of earlier Boeing 737-900ER aircraft that had a similar door plug, but all have undergone extensive maintenance since being delivered and none has shown a sign of similar problems, the sources said. Airlines have not yet started official inspections of their grounded aircraft. The FAA said Tuesday that Boeing was revising its instructions for inspections and maintenance, which the regulator must still approve before checks can begin. The FAA said it “will conduct a thorough review” and public safety will determine the timeline for returning the MAX to service. Boeing ended 2023 in second place behind rival Airbus in aircraft deliveries for the fifth year running, after seeing its roughly 50% share of the market eroded by the earlier crisis, sources said. The latest problems could prompt the FAA to take a harder line on certifying designs for other models, including required changes to the smaller MAX 7. Boeing has sought an exemption to allow certification before the design changes that analysts say is much less likely now. Two senior industry sources said they expected the plane awaited by Southwest Airlines to face another six-month delay. FAA head Mike Whitaker, who took the job in October, will testify before Congress next month and could face questions about approval of the 737 MAX planes. The hearing was in the works before the incident on the Alaska Airlines flight. We’re going to approach this, number one, acknowledging our mistake. We’re going to approach it with 100% and complete transparency every step of the way.” REUTERS

THURSDAY JANUARY 11, 2024 18 THEEDGE CEO MORNING BRIEF WORLD US, China conclude two days of military talks in Washington US, UK forces repel ‘largest attack’ by Houthis in Red Sea BY ERIC BEECH, MUVIJA M, ALISTAIR SMOUT & ANDREW MILLS Reuters BY IDREES ALI, PHIL STEWART & LIZ LEE Reuters WASHINGTON/LONDON (Jan 10): US and British naval forces shot down 21 drones and missiles fired by Yemen-based Houthis on Tuesday towards the southern Red Sea, the US said, with Britain hinting at further measures to protect international shipping lanes. British Defence Secretary Grant Shapps said it was the largest attack in the area by the militants to date as the three-month-long war between Israel and Hamas in Gaza spills over into other parts of the Middle East. “This is an unsustainable situation,” Shapps told reporters, adding “watch this space” with regards to further possible action by Britain and its international partners. “This cannot continue and cannot be allowed to continue.” US Central Command said no injuries nor damage were reported, adding that this was the 26th Houthi attack on commercial shipping lanes in the Red Sea since Nov 19. Later in the day, Houthi military spokesperson Yahya Saree said the Iranian-backed militants fired a large number of ballistic and naval missiles and drones at a US ship that was “providing support” to Israel. In a televised speech, Saree did not say when the Houthi strike had occurred or what damage, if any, the vessel had suffered, but that the operation was a “preliminary response” to a previous US attack that killed 10 Houthi fighters. The US Fifth Fleet, which is based in the Gulf region and has along with Britain deployed naval forces to protect Red Sea shipping from an upsurge in Houthi attacks, did not immediately respond to a request for comment. It was not clear whether the missile and drone salvo against the US ship reported by the Houthi official had anything to do with the US and British naval action. The Houthis, who control most of Yemen, have been targeting Red Sea shipping routes to show their support for Hamas, a Palestinian Islamist group. Germany’s foreign ministry said the latest attacks were a “clear escalation”. The attacks have seriously disrupted international commerce on the key route between Europe and Asia that accounts for about 15% of the world’s shipping traffic. Many shipping companies have been forced to reroute vessels, taking the longer journey around Africa, although several oil majors, refiners and trading houses have continued to use it. US Central Command said 18 drones, two anti-ship cruise missiles and one anti-ship ballistic missile were shot down by the two navies in the incident on Tuesday. Shapps said that Royal Navy ship HMS Diamond, which repelled the attacks along with US warships, may have been specifically targeted, adding there was also “a generalised attack on all shipping”. The Houthis have vowed to continue attacks until Israel halts the conflict in Gaza, and warned they would attack US warships if the militia group itself was targeted. German shipping group Hapag Lloyd said on Tuesday it would continue to avoid the Suez Canal and around the Cape of Good Hope for security reasons, while its Danish rival Maersk has said it would avoid the route “for the foreseeable future”. Retailers across the world have also been stocking up on goods before China’s Lunar New Year holiday and seeking air or rail alternatives to avoid empty shelves this spring. WASHINGTON (Jan 9): The US and China wrapped up two days of military talks in Washington on Tuesday, the Pentagon said, the latest engagement since the two countries agreed to resume military-to-military ties. Washington and Beijing are at loggerheads over everything from the future of “democratically” ruled Taiwan to territorial claims in the South China Sea. Ties are still recovering after the US downed an alleged Chinese spy balloon in February. US President Joe Biden and Chinese President Xi Jinping agreed late last year to resume military ties, severed by Beijing after a visit in August 2022 by then-House of Representatives Speaker Nancy Pelosi to Taiwan. The 17th round of the talks saw Michael Chase, the deputy assistant secretary of defense for China, Taiwan, and Mongolia, meet China’s Major General Song Yanchao, deputy director of the central military commission office for international military co-operation, the Pentagon said. “The two sides discussed US-PRC defense relations, and Chase highlighted the importance of maintaining open lines of military-to-military communication in order to prevent competition from veering into conflict,” the statement added, using an acronym for the People’s Republic of China. Pentagon officials say communication between the two militaries is key to preventing a miscalculation from spiraling into conflict. The top US military officer, General Charles Q Brown, the chairman of the Joint Chiefs of Staff held a virtual meeting last month with his Chinese counterpart, General Liu Zhenli. China is willing to develop healthy and stable military-to-military relations with the US “on the basis of equality and respect”, its defence ministry said in a statement on Wednesday, citing the meeting. Read also: Leaders of Philippines, Indonesia hold talks on South China Sea, Asean bloc Xi elevates China’s ties with record number of nations to counter US Read the full story REUTERS

THURSDAY JANUARY 11, 2024 19 THEEDGE CEO MORNING BRIEF WORLD (Jan 10): HSBC Holdings plc has completed the integration of Silicon Valley Bank UK following its emergency takeover nearly a year ago, according to Erin Platts, who leads the rescued business. “We’re starting the year off in a really positive place,” Platts said in an interview on Wednesday with Bloomberg Television. “The integration is done, and the transition is done, which is a lot of work, especially when you’re merging two banks together.” In both the UK and global teams that have come aboard, “we are out in market and we’re back to business”, she added. Europe’s largest bank bought SVB UK for a token £1 in March last year, after its US parent came close to collapse. HSBC renamed the business HSBC Innovation Banking, retaining Platts as its boss. In the final three months of 2023, the integrated business enjoyed its busiest ever quarter in terms of bringing in new clients, which Platts credited in part to the stability that came with the bank’s new ownership. Less than a year after rescue, HSBC’s integration of Silicon Valley Bank UK is done NEW YORK (Jan 10): US banking giants are expected to report lower profits for the fourth quarter after they set money aside to cover souring loans while also paying more to depositors. The largest banks’ net interest income (NII) — or the difference between what they earn on loans and pay out on deposits — probably fell on average 10% in the fourth quarter, Goldman Sachs analysts said. An estimated 15% decline in trading revenue will also weigh on earnings, they said. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo report fourth-quarter and full year results on Friday. Banks’ profits will likely be squeezed as they set aside more reserves in the fourth quarter to prepare for customers to default on the loans. Profits could also be curbed by banks paying more to keep depositors’ money in their accounts. Bank of America’s earnings per share (EPS) are expected to drop 23% in the fourth quarter versus a year earlier, while EPS at Citigroup and Morgan Stanley will fall 25% and 17%, respectively, according to analyst estimates compiled by LSEG. EPS is predicted to slide 3% for JPMorgan and 2% for Goldman Sachs. By contrast, earnings at Wells Fargo will benefit from a reduction in expenses, including some related to regulatory orders. Separately, Citigroup investors will look for signs that its sweeping overhaul will raise returns. And Morgan Stanley’s new chief executive officer Ted Pick will provide a strategy update, his first since taking the helm at the start of the year. The largest banks are also expected to book charges to replenish a Federal Deposit Insurance Corp fund after it was drained by the collapses of Silicon Valley Bank and Signature Bank. “There is a lot of macroeconomic uncertainty now and it’s hard to predict the trajectory for net interest income,” said Bank of America analyst Ebrahim Poonawala. He cited the debate about the potential pace of Federal Reserve (Fed) interest rate cuts this year as one of the key questions hanging over markets. The health of the US consumer is also in focus as lower-income customers fall behind on payments in greater numbers. Although delinquencies are increasing, the strong job market has kept a lid on loan US banks’ profits to shrink as they brace for souring loans defaults, Poonawala added. Last year was a strong year for bank profits despite the expected slump in fourth quarter net income. Earnings at the largest banks probably rose 5%, compared with a 5% decline for regional banks, Poonawala estimated. The KBW index of banks stocks fell 5.4% last year and accumulates a 0.7% drop in the first days of 2024. “I think 2024 will be a transition year, and will set the stage for the resumption of higher loan growth in 2025,” said Jason Goldberg, an analyst at Barclays. Looking ahead, the slide in NII in the fourth quarter could extend into the first half of this year as banks tighten their lending standards while lower income consumers’ finances become increasingly stretched, Goldman banking analyst Richard Ramsden said. “We could have the opposite effect on the second half as interest rates go down,” he added. Banks are expected to conserve capital this year and stay cautious on buying back their own shares as they brace for potentially stricter rules known as the Basel endgame that are open for public comment, analysts said. The upcoming US presidential election could also change the direction of regulation. Banks had been accumulating paper losses in their portfolios because they held securities that lost value when interest rates rose. As the Fed moves closer to reducing rates, the securities portfolios will regain value, helping to bolster banks’ capital, Goldman’s Ramsden said. BY TATIANA BAUTZER Reuters BY HARRY WILSON & AISHA S GANI Bloomberg Funding outlook Platts said it would be several months before the market for UK technology stock market listings reopened, warning that while there are 63 unicorn companies with the potential to list, she does not expect to see initial public offerings until at least the final quarter of the year. “We should expect the UK should be competitive on a global scale with the US on public markets. I just don’t think it’ll be in 2024,” Platts said in a separate interview with Bloomberg Radio. “I don’t believe a change in government will see a significant shift. This is a macro and regulatory and cultural issue for us to collectively address.” The outlook for venture capital investments in UK firms is more optimistic, she said, with deals picking up in the second half of 2023. Platts highlighted growing interest in companies involved in the environment, healthcare and artificial intelligence. BLOOMBERG REUTERS

THURSDAY JANUARY 11, 2024 20 THEEDGE CEO MORNING BRIEF WORLD (Jan 10): A group of UK lawmakers is planning to push the US Securities and Exchange Commission (SEC) to block listing JBS SA, the world’s largest meat supplier, on the New York Stock Exchange (NYSE), citing efforts to fight climate change. JBS “has a well-documented history of engaging in deforestation, violating human rights, and seizing land from Indigenous communities,” according to a draft letter signed by 12 parliamentarians that was expected to be delivered Wednesday to SEC Chair Gary Gensler. “The company’s practices pose a significant threat to the ecosystem for global climate regulation and biodiversity conservation.” The Brazilian company has been seeking a US listing for more than a decade, following its aggressive expansion that has made it a global giant. With operations from Colorado to New Zealand, the company is the largest producer of beef and chicken, the second-biggest supplier of pork and the No 1 ready-meals company in the UK. US-based operations generated almost half of JBS’s revenue in 2022. JBS didn’t immediately respond to a request for comment on the letter. Ahead of a company listing on a US stock exchange, SEC lawyers typically review a firm’s prospectus and provide feedback on whether disclosures are sufficient. Under securities law, the regulator isn’t responsible for assessing business models or the societal impact of firm activities. The valuation relative to US rivals such as Tyson Foods Inc. There is potential to nearly triple the company’s market value to almost US$30 billion (RM139.29 billion), executives have said. It was expected the company would face heightened investor scrutiny for its corporate governance as well as its impact on climate change. Deforestation of the Amazon, which has been linked to grazing cattle, is a major contributor to greenhouse gases and JBS has sometimes failed to follow through on its commitment to never buy cattle from deforested areas. The company set 2025 as a deadline to eliminate deforestation from its cattle supply in the Amazon and Cerrado areas, and during the recent COP28 climate summit it announced its participation in a program launched by Brazil’s Amazonian state of Pará that aims to reach full traceability of cattle raised in the region by 2026, by using chips in calves from birth. “Anyone who values the importance of protecting our planet must see that allowing JBS’s IPO sends entirely the wrong message,” said Zac Goldsmith of Richmond Park, former minister for energy, climate and environment, who was one of the signers of the letter. “Our focus should be on holding such entities accountable, not facilitating their financial gain.” SEC representatives didn’t immediately respond to an emailed request for comment. World’s top meat supplier should not join NYSE, UK lawmakers urge FRANKFURT (Jan 10): The eurozone may have been in recession last quarter and prospects remain weak, European Central Bank (ECB) vice president Luis de Guindos said on Wednesday, adding that the recent rapid slowdown in inflation is likely to take a pause now. Eurozone growth has been hovering on either size of zero for most of 2023 and only a mild pick up is seen this year, helping to cool inflation, which has overshot the ECB’s target for years and forced policymakers to raise interest rates to record highs last year. “Soft indicators point to an economic contraction in December too, confirming the possibility of a technical recession in the second half of 2023 and weak prospects for the near term,” de Guindos said in Madrid. “Incoming data indicate that the future remains uncertain, and the prospects tilted to the downside,” he said. De Guindos said that economic weakness was broad-based, with construction and manufacturing hit particularly hard and services likely to follow in the coming months. Eurozone facing weak growth, possible recession, ECB’s de Guindos says On policy, de Guindos offered no new message, merely repeating the ECB’s guidance that a 4% deposit rate, maintained for a “sufficiently long duration”, will help cut price growth back to the ECB’s 2% target. Investors see at least five rate cuts this year with the first move coming in March or April, a timeline several policymakers have called excessive given lingering price pressures. Inflation fell rapidly through most of 2023 but jumped back to 2.9% last month, mostly on technical factors, and may hold around this level for some time. “Positive energy base effects will kick in and energy-related compensatory measures are set to expire, leading to a transitory pickup in inflation,” de Guindos said. ECB projections see inflation back at target only next year but a host of private forecasters disagree and think the ECB is underestimating disinflation much the same way it missed inflation on the way up. Read also: Eurozone unemployment hits record low, defying recession gloom BY BALAZS KORANYI Reuters BY CLARICE COUTO Bloomberg SEC, however, has proposed new rules that would force companies to disclose more about their environmental footprints. JBS has said it sees the move in the US market as key to accessing a broader pool of institutional investors. In recent presentations, it highlighted the potential of slashing capital costs and boosting stock REUTERS REUTERS

THURSDAY JANUARY 11, 2024 21 THEEDGE CEO MORNING BRIEF WORLD Amazon’s Twitch to cut 500 employees, about 35% of staff TikTok and Disney+ outshine games in record year for mobile apps BY VLAD SAVOV Bloomberg BY CECILIA D’ANASTASIO Bloomberg (Jan 10): ByteDance Ltd’s TikTok became the first app to surpass US$10 billion (RM46.46 billion) in cumulative consumer spending, helping power mobile app sales to a new high in a year revenue from games was down, according to the latest annual report by data.ai. Video-streaming platforms like TikTok and Disney+ drove an 11% rise in consumer app sales in 2023, showing resilient demand while the games industry dealt with a double-digit sales decline in China that dragged global sales down 2%. TikTok’s in-app purchases of credit that can be used to tip favoured creators and live streamers accounted for the bulk of its income, and “unlocked the secret to monetization on mobile”, according to the market researchers, whose services are used by many of the world’s biggest brands to track the performance of their mobile apps and ads. “Social apps and the creator economy pioneered new pathways to monetization beyond advertising,” said Lexi Sydow, director of corporate marketing and insights at data.ai. “TikTok laid the groundwork through its content creator tipping mechanism. In 2024, direct consumer monetization in social apps through in-app purchases is set to grow 150% to US$1.3 billion as competition ramps up.” Spending in apps, rather than games, grew as consumers spent more on streaming, user-generated content and dating apps. Still, the bigger revenue driver remained advertising, which rose 8% in 2023 to US$362 billion and accounted for two-thirds of mobile sales. That makes the battle to attract and retain user attention paramount, as data.ai estimates 2024 will bring in US$402 billion in global mobile ad spending. Consumers again increased their time spent on smartphones — Indonesia ranked highest with over six hours per person per day. The average among the top 10 markets hit five hours of daily app usage, and spending in apps increased by 3% in 2023. South Korea, Brazil, Mexico and Turkey all hit 25% growth or more in consumer app spending for the year, according to data.ai. Chinese budget shopping sensations Shein and PDD Holdings Inc’s Temu shot up the download rankings, growing by 140%, with Temu leading downloads across 125 markets. Elsewhere, the travel and ticketing sectors staged a rebound in popularity and spending as post-pandemic demand for in-person events and experiences boomed. Artificial intelligence became a key path for attracting new users, with generative AI surging sevenfold and distinct sub-segments emerging around AI chatbots and art generators. Generative AI apps surpassed US$10 million in monthly consumer spending by late 2023. “This AI growth also fuelled embedded features across virtually all mobile sectors, paving the way for a fresh wave of digital innovation,” the data.ai report said. NEW YORK (Jan 10): Amazon.com Inc’s livestreaming site Twitch is poised to cut 35% of its staff, or about 500 workers, according to people familiar with the plans, the latest in a series of job reductions there. The cuts, which could be announced as soon as Wednesday, come amid concerns over losses at Twitch and after several top executives left the company in the span of a few months. A Twitch spokesperson declined to comment. Running a large-scale website supporting 1.8 billion hours of live video content a month is enormously expensive, despite Twitch’s reliance on Amazon’s infrastructure, company executives have said. In December, Twitch chief executive officer Dan Clancy said the company would cease operations in South Korea, where the costs are “prohibitively expensive”, according to a blog post he wrote. Twitch has increased its focus on advertising in recent years. Nine years after Amazon’s acquisition of the company, the business remains unprofitable, according to the people, who asked not to be identified discussing private information. In the final months of 2023, several top executives announced their departures, including Twitch’s chief product officer, chief customer officer and chief content officer. Twitch also lost its chief revenue officer, who worked on Twitch from within Amazon’s Ads unit. “It’s always bittersweet when talented leaders move on to pursue new opportunities,” a Twitch spokesperson said at the time. “We are incredibly grateful for their contributions to Twitch and our community, and wish them all the best.” Read the full story Read also: SEC account hack renews spotlight on X’s security concerns REUTERS

THURSDAY JANUARY 11, 2024 22 THEEDGE CEO MORNING BRIEF WORLD (Jan 10): In 1979, Deng Xiaoping drew a circle on the map around China’s southern coast and created Shenzhen, an experiment in capitalism, according to a popular ode to the former leader. Nearly four decades later, Xi Jinping unveiled his own ambition for an era-defining city, this time perched on the outskirts of Beijing. Xiongan was billed as a gleaming, high-tech metropolis that would serve as a release valve for the crowded Chinese capital — “a model city in the history of human development.” The ruling Communist Party has since spent some 610 billion yuan (RM399.03 billion) on the city, more than double the cost of the Three Gorges Dam. On former cornfields now stand a train station, office buildings, residential compounds, five-star hotels, schools and hospitals. Just one thing is lacking: residents. When Bloomberg visited on a weekday this month, a highway into the city was almost empty. In the city center, few shops and restaurants were open on streets lined with brand-new government headquarters, office buildings, residential compounds and hotels. Workers at a research institute under pressure to move from the capital said they were worried about the quality of education for their children. Four Beijing-based universities that announced relocation plans in 2022 are now aiming to set up a secondary campus instead. “I worked hard in the college entrance Xi’s empty dream city shows limits of his power, even in China (Jan 10): Stress in China’s credit market is showing signs of ebbing, after two major property developers and a large car dealer unveiled repayment plans for maturing debt. China Vanke Co briefed creditors Tuesday on its plans for repaying three offshore bonds due this year and worth about US$1.4 billion (RM6.51 billion) in combined principal. On a similar call on the same day, rival Longfor Group Holdings Ltd said it will sell new bonds and secure more loans to meet refinancing needs. At the same time, China Grand Automotive Services Group Co pledged to pay a dollar note maturing this month. The drumbeat of good news over the past 24 hours from the borrowers, especially the two mired in China’s unprecedented property debt crisis, offers relief to investors. It also comes as a key Bloomberg gauge of Chinese junk dollar bonds, dominated by developers, is on course for a five-month winning streak. “There have been less opportunities to talk to a company for a better understanding of their business since last year,” said Huan Li, co-founder of Forest Capital Hong Kong Ltd. “Those who are still willing to meet investors at the moment to discuss their debt plans also seem to have a better financing situation than their peers.” Chinese debt issuers used to regularly hold calls with creditors as an important means of communication. Such meetings have become less frequent since the second half of last year as the country’s housing slump worsened and financial stress among builders intensified. Vanke, China’s second-biggest developer by sales, told creditors Tuesday it plans to use a combination of cash in hand and funds generated by onshore projects to repay a US$630 million dollar note due in March, with its 1.4 billion yuan (RM910 billion) dim sum bond due in May and another US$600 million dollar bond due in China credit woes ease as big borrowers reveal payment plans BY JACKIE CAI Bloomberg Bloomberg June to be repaid via offshore bank loans. While Longfor, the country’s ninth-largest builder, has no dollar bonds maturing this year, it plans to repay an HK$8 billion (RM4.76 billion) syndicated loan due in January 2025 in the second half of this year. It will also gradually pay up another HK$8 billion syndicated loan due in December 2025 in the first half of next year. Longfor told creditors it expects to sell new bonds guaranteed by state-owned China Bond Insurance and secure more bank loans this year. It also aims to take on 10 billion yuan of additional bank loans backed by its commercial properties annually, based on the assumption of a 50% loan-to-value ratio. Meantime, Grand Automotive said on its own creditor call that it intends to pay its dollar bonds maturing this month in full, quashing earlier concerns it was working on potential back-up plans. exams to come to Beijing, not to Xiongan,” said a first-year student at the China University of Geosciences, who asked for anonymity to speak to avoid official reprisals. The city’s slow start underscores the flaws in Xi’s plan to lure people from the capital, where the nation’s best resources are centered. The resistance also exposes constraints to his personal power, showing even China’s most powerful leader since Mao Zedong struggles to command behavior that goes against market forces. Xi trumpeted the city’s progress in his annual new year speech, saying it was “growing fast” and helping to revitalize northeast China. Last year, he warned against resisting the project, calling it “totally correct.” “People must move if needed to,” he said during a May visit to the city with top leaders including Premier Li Qiang and chief of staff Cai Qi. Read the full story

THURSDAY JANUARY 11, 2024 23 THEEDGE CEO MORNING BRIEF WORLD Singapore asks China for information on frozen remittances Singapore’s MAS proposes wider investigative powers Australia’s sharp inflation slowdown reinforces view RBA hike-cycle is over BY STELLA QIU Reuters BY PATRICK WINTERS Bloomberg BY ALFRED CANG Bloomberg SYDNEY (Jan 10): Australia’s inflation slumped to a near two-year low in November and core inflation also eased sharply, a softer-than-expected result that reinforced market expectations that interest rates would not need to rise any further. Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.3% in November, the slowest pace since January 2022. That was down from 4.9% in October and under market forecasts of 4.4%. For the month, CPI rose 0.3%. A closely watched measure of core inflation, the trimmed mean, rose an annual 4.6%, down sharply from 5.3% in November, a major relief for policymakers who had forecast the gauge to fall to 4.5% by December. The slowdown was driven by petrol prices, which fell 0.5% on a monthly basis, and clothing and footwear discounts during the Black Friday sales. The CPI excluding volatile items and holiday travel slowed to 4.8%, from 5.1%. “Today’s fall in the trimmed mean and the core measure, below 5%, confirms that the disinflation narrative remains firmly in place and expectations of RBA rate cuts in 2024,” said Tony Sycamore, market analyst at IG. the first rate cut from the Reserve Bank of Australia (RBA) to June, from August currently. Market reaction to the data was muted, as liquidity is still thin in the new year. The Australian dollar was flat at US$0.6687, while three year bond futures gave up three ticks to 96.30 after the data. Futures markets still imply almost no chance of the RBA tightening policy further, while pricing in relatively modest 50 basis points of easing for all of 2024. The RBA has already raised interest rates by 425 basis points to a 12-year high of 4.35% since May 2022, to tame runaway prices. It also left the door open to further tightening if necessary to meet its annual inflation target of 2%-3%. Data also out on Wednesday showed job vacancies in Australia fell only slightly in the three months to end-November, suggesting demand for workers remained strong. Sticky services Governor Michele Bullock has warned of increasingly homegrown and demand-driven price pressures, even as inflation has retreated from its near 8% peak in late 2022. Read the full story (Jan 10): The Monetary Authority of Singapore (MAS) is likely to get wider investigative powers, including seizing evidence under proposed legislation. The bill presented in Parliament on Wednesday will also expand the MAS’ reach to issue directions to capital markets services licence holders that conduct unregulated business, such as offering bitcoin futures. The regulator’s supervisory and inspection powers will also be enhanced to include the appointment and removal of key persons of market operators, clearing houses and financial advisers. Under the proposed bill, the MAS will also be able to approve the appointment of agents by foreign regulators to conduct inspection of specified financial institutions. He said that if the fourth quarter inflation report, due in late January, paints a similar picture for consumer prices, markets could bring forward expectations of (Jan 10): Singapore is seeking clarity from China on how remitters can unlock their money after a fund-freeze scare in the world’s second-biggest economy, the island nation’s Minister of State said. Relevant agencies have been engaging China’s government “so that the latter can provide information to help affected remitters understand how they can get their accounts and monies in China unfrozen by” law enforcement authorities there, Alvin Tan said in response to questions in Parliament. Singapore’s regulator last month ordered remittance companies in the city-state to halt the use of non-bank and non-card channels when transmitting money to China. That followed reports that remittances to China through Singapore were frozen in their beneficiaries’ bank accounts by Chinese authorities. The reason was unclear. Read also: Singapore’s Maritime and Port Authority selects consortium for electric-vessel charging trials REUTERS BLOOMBERG

THURSDAY JANUARY 11, 2024 24 THEEDGE CEO MORNING BRIEF WORLD (Jan 10): India stepped up its crackdown on offshore crypto exchanges operating without local registrations, asking Apple Inc to take the apps of platforms including Binance off its App Store in the country. Bitfinex, HTX and Kucoin are among eight exchanges whose apps are no longer available on the App Store in India. They were removed on directions from the Ministry of Electronics and Information Technology, according to people with knowledge of the matter, who asked not to be identified because the request was not public. The move marked a significant escalation of India’s clampdown on offshore crypto platforms like Binance, which started on Dec 28 when authorities notified nine exchanges that they were suspected of misconduct. Indian crypto traders had already began moving deposits to local exchanges that abide by the nation’s regulations, fearful of losing access to their funds. Authorities also asked Alphabet Inc’s Google to remove the apps, one of the people said. Google Play Store in India still featured the exchange apps that were taken off the App Store as of 2pm local time on Wednesday. Apple, Google and India’s Technology Ministry did not immediately respond to requests for comment. India’s Financial Intelligence Unit (FIU) issued so-called compliance showcause notice to the nine offshore platforms on Dec 28, and also asked the Information Ministry to block the URLs of the entities. The FIU at the time said the exchanges were operating illegally in India, without complying with anti-money laundering laws. The websites were still accessible from India. Of the exchanges singled out in that announcement, only Bitstamp was still available to download on the local App Store on Wednesday. Of the two versions USbased Kraken offers, only the Pro version was available. Binance, Bitfinex, KuCoin, Bitstamp and Kraken didn’t respond to requests for comment. HTX, formerly known as Huobi, said it had no operations in India. India’s government last year imposed money-laundering provisions on the crypto sector, as it tightened oversight of digital assets along with other countries. In 2022, authorities delivered a major blow to local crypto exchanges by introducing a tax on transactions that caused trading volumes to instantly plummet. Local exchanges had complained that the 1% levy, known as the “tax deducted at source”, drove Indian crypto traders to offshore platforms that didn’t impose it, further hurting their revenues. CoinDCX chief executive officer Sumit Gupta in October estimated that 95% of trading volume had moved to offshore venues. India escalates clampdown on offshore crypto venues like Binance GANDHINAGAR, India (Jan 10): Ukrainian leaders pitched for India to help rebuild its war-ravaged economy on Wednesday at a business summit organised by India primarily to seek inward global investment. Suggesting that Ukraine’s recovery would be “a win-win for Ukraine and international partners,” Kyiv’s deputy economy minister Volodymyr Kuzyo proposed a recovery vision for Ukraine in a presentation in India’s western Gujarat state. The presence of senior Ukrainian officials marks a shift in bilateral ties, strained since Moscow’s invasion nearly two years ago and India’s unwillingness to call Russia out. India has instead increased energy purchases from Russia to all-time highs, to the chagrin of some Western nations who support Ukraine in the war. India has traditionally strong ties with Russia, and beyond energy, it remains significantly dependent on it for Ukraine seeks Indian investments to reconstruct war-hit economy BY ADITYA KALRA & KRISHN KAUSHIK Reuters BY SIDHARTHA SHUKLA, SANKALP PHARTIYAL & SANTOSH KUMAR Bloomberg arms, ammunition and nuclear technology. At the seminar in Gujarat entitled Ukraine–India: Investment Opportunities for a Better Future, the Ukrainian officials stressed that despite the war, momentum was strong for both Kyiv’s economy and its accession to the European Union. Ukraine pegs private sector investment opportunities at over US$30 billion (RM139.25 billion), led largely by energy, but also seeks investment in reconstruction and infrastructure including motorways, sea and river ports, railroads, storage and distribution. It also wants investment into demining, saying that of 156,000 sq km of potentialIndian Prime Minister Narendra Modi arrives to inaugurate Vibrant Gujarat Global Summit at the Mahatma Mandir in Gandhinagar, Gujarat, India on Jan 10. Ukraine's deputy economy minister Volodymyr Kuzyo proposed a recovery vision to reconstruct its war-hit economy. REUTERS ly-contaminated territories, only 50,000 have initial surveys, with equipment needed. Kuzyo said Indian investments could be supported by import duty relief, subsidies and international financial bodies’ and insurers’ support. Read also: India’s Modi woos investors at business summit, firms unveil big spending plans Russia’s oil drilling boom proves Moscow’s resilience to Western sanctions

THURSDAY JANUARY 11, 2024 25 THEEDGE CEO MORNING BRIEF WORLD (Jan 10): Vietnam’s Be Group raised 739.5 billion dong (US$30 million or RM140 million) in fresh funding, accelerating its push to take on larger rival Grab Holdings Ltd in markets from ride-hailing to deliveries. Local firm VPBank Securities is providing the funding and will own shares in BE Group’s parent upon closing of the round, according to a statement from the technology company Wednesday. Competition in Vietnam’s ride-hailing and delivery markets is intensifying as increasing smartphone usage fuels demand for such services. Beside Singapore-based Grab, the market leader in Vietnam, Be Group faces rivalry from Indonesia’s GoTo Group which expanded to the country of about 100 million people a few years ago. Be Group said it will use the funds to expand its ride, delivery and digital finanGrab’s Vietnam rival raises US$30 mil for ride-hailing push (Jan 10): Thailand’s Prime Minister Srettha Thavisin discussed monetary policy with the central bank governor on Wednesday, days after publicly urging the Bank of Thailand (BOT) to start cutting borrowing costs following months of negative inflation. The discussion with BOT’s Sethaput Suthiwartnarueput covered interest rates and the economic situation, Srettha, who is also the finance minister, told reporters in Bangkok on Wednesday. He acknowledged that the meeting was in no way an exercise to reduce the central bank’s autonomy. “I have no power to interfere” on the rate decision, Srettha said. “BOT is an independent organisation. I haven’t ordered. I just explained the situation.” This is the second much-publicised meeting Srettha has had with Sethaput since taking office last year. While there was no immediate response from Sethaput, BOT has scheduled a briefing on Monday to explain its policies. Srettha, who just days ago called for lower rates to help boost activity, said he explained to Sethaput the current economic situation. Southeast Asia’s second-largest economy has been staging the region’s slowest recovery post-pandemic, while consumer prices have fallen for three straight months through December in signs of waning demand. The Thai baht was little changed on a day when most major Asian currencies were down versus the dollar. While Srettha believes that cheaper borrowing costs are needed to boost credit demand, and in turn economic activity, the BOT has in the past maintained that the deflationary trend is a result of state subsidies and is not an accurate reflection of falling consumption. The central bank, which has paused its tightening campaign after delivering 200 basis points of increases to lift rates to a decade-high, hasn’t signalled readiness to start easing anytime soon. “We maintain our forecast that the BOT will keep the policy rate on hold for the foreseeable future,” according to Standard Chartered Bank plc economist Tim Leelahaphan. “However, we believe risks are increasingly skewed towards a cut in 2024.” The prime minister said he will brief the central bank head about the government’s proposed economic stimulus programme at a separate meeting. Besides the call for rate cut, Srettha’s government has proposed an about US$14 billion (RM65.06 billion) cash handout programme to stimulate the economy. Governor Sethaput had earlier flagged concerns about the so-called digital wallet programme, under which Srettha plans to hand out 10,000 baht (RM1,328) each to about 50 million Thais to boost consumption. The economy is forecast to expand 3.2% this year, up from an estimated 2.5% in 2023, according to the World Bank. Srettha wants to lift that pace to 5% during his term. Thai PM, central bank chief discuss rates as deflation fuels easing call Rice prices in Asia poised to stay elevated on tight market BY SUTTINEE YUVEJWATTANA Bloomberg BY ANURADHA RAGHU Bloomberg BY NGUYEN KIEU GIANG Bloomberg cial services, as well as to venture into new markets and segments of the consumer and transportation sectors. The company expects to deliver one billion rides on its platform by 2026, up from 120 million last year, and to surpass US$200 million in annual gross revenue in the same period. Since launching in 2018, Be Group has expanded its operations to 40 cities and provinces across Vietnam. The upstart aims to more than double its active users to 20 million by 2026, and targets positive earnings before interest, taxes, depreciation and amortization in the 2024 financial year, according to the statement. Read also: Vietnam’s VinFast aims to qualify for Biden’s EV tax credits (Jan 10): The rice market is set to remain tight at the start of the year, on India’s ongoing export restrictions and an expected boost from festival demand, providing impetus for elevated prices to climb even higher. The grain is vital to the diets of billions, and further price gains would stretch household budgets. Thai white rice 5% broken — an Asian benchmark — eased to US$646 (RM2,998) a ton on Wednesday, slipping for the first time since early December, but still remained near a 15-year high. “We know rice markets will remain tight for the foreseeable future, largely due to India’s export ban,” according to Peter Clubb, a commodities market analyst at the International Grains Council in London. “We also have Eid (Hari Raya Aidilfitri) coming up in April, and the period before Eid tends to see good demand from markets with significant Muslim populations in Asia and Africa.” BLOOMBERG

THURSDAY JANUARY 11, 2024 26 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) HONG SENG CONSOLIDATED BHD 299.52 -0.005 0.020 -20 102.2 MINETECH RESOURCES BHD 209.54 -0.010 0.225 55.17 349.3 TWL HOLDINGS BHD 134.95 0.005 0.050 66.67 246.9 FINTEC GLOBAL BHD 110.60 0.000 0.015 50.00 88.9 PAN MALAYSIA HOLDINGS BHD 109.81 -0.010 0.140 47.37 130.0 SARAWAK CONSOLIDATED 61.59 0.040 1.080 15.51 691.5 UEM SUNRISE BHD 59.50 0.015 0.970 19.02 4,906.7 LEFORM BHD 59.46 0.020 0.485 10.23 718.3 SAUDEE GROUP BHD 59.44 -0.005 0.025 0.00 39.0 FITTERS DIVERSIFIED BHD 57.94 0.005 0.060 20.00 140.5 ROHAS TECNIC BHD 54.25 0.075 0.375 41.51 177.2 INDUSTRONICS BHD 54.06 -0.015 0.075 50.00 53.1 XOX BHD 51.54 0.000 0.015 0.00 75.8 YTL POWER INTERNATIONAL BHD 51.05 -0.020 3.380 33.07 27,385.3 WIDAD GROUP BHD 49.94 0.000 0.490 1.03 1,517.3 EKOVEST BHD 49.25 0.005 0.565 15.31 1,675.5 MALAYAN UNITED INDUSTRIES BHD 48.00 0.000 0.065 8.33 209.7 ISKANDAR WATERFRONT CITY BHD 47.00 0.015 0.930 27.40 856.6 MY EG SERVICES BHD 43.85 0.000 0.790 -3.07 5,893.0 TOP GLOVE CORP BHD 42.08 -0.025 0.940 4.44 7,527.7 Data as compiled on Jan 10, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) KEY ALLIANCE GROUP BHD 0.010 100.00 1,210.3 0.00 36.8 ROHAS TECNIC BHD 0.375 25.00 54,253.5 41.51 177.2 SANICHI TECHNOLOGY BHD 0.030 20.00 8,647.6 20.00 42.1 REACH ENERGY BHD 0.040 14.29 726.3 0.00 85.2 BARAKAH OFFSHORE PETROLEUM 0.040 14.29 11.1 14.29 40.1 PUC BHD 0.045 12.50 1,323.1 12.50 106.6 MAGNA PRIMA BHD 0.500 12.36 423.4 21.95 199.6 UZMA BHD 0.870 11.54 6,866.9 16.00 336.9 YNH PROPERTY BHD 3.670 11.21 5,920.6 -13.65 1,939.5 TWL HOLDINGS BHD 0.050 11.11 134,949.6 66.67 246.9 MIKRO MSC BHD 0.260 10.64 5,357.7 13.04 279.1 THRIVEN GLOBAL BHD 0.115 9.52 2,924.3 9.52 62.9 DFCITY GROUP BHD 0.355 9.23 11.4 0.00 37.5 CHINA OUHUA WINERY HOLDINGS 0.060 9.09 233.6 9.09 40.1 FITTERS DIVERSIFIED BHD 0.060 9.09 57,941.1 20.00 140.5 EXCEL FORCE MSC BHD 0.455 8.33 11,220.1 18.18 254.5 TPC PLUS BHD 0.340 7.94 227.3 9.68 104.8 OCR GROUP BHD 0.070 7.69 1,725.4 16.67 97.0 KANGER INTERNATIONAL BHD 0.070 7.69 731.9 7.69 45.5 HUME CEMENT INDUSTRIES BHD 2.67 7.66 1634.7 18.67 1656.1 Data as compiled on Jan 10, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) COMPUGATES HOLDINGS BHD 0.010 -33.33 211.0 -33.33 55.0 RAPID SYNERGY BHD 16.380 -30.00 394.5 -42.49 1,751.0 IMASPRO CORP BHD 2.500 -28.16 1,080.4 -34.73 200.0 HONG SENG CONSOLIDATED BHD 0.020 -20.00 299,521.1 -20.00 102.2 INDUSTRONICS BHD 0.075 -16.67 54,063.1 50.00 53.1 SAUDEE GROUP BHD 0.025 -16.67 59,438.5 0.00 39.0 XIDELANG HOLDINGS LTD 0.030 -14.29 11,863.6 20.00 63.5 NEXGRAM HOLDINGS BHD 0.035 -12.50 2,416.5 -22.22 23.2 MMAG HOLDINGS BHD 0.115 -11.54 10,307.7 21.05 35.1 PNE PCB BHD 0.080 -11.11 747.0 -5.88 44.8 ADVANCE INFORMATION 0.085 -10.53 7,193.8 13.33 33.2 DGB ASIA BHD 0.130 -10.34 8,430.1 -16.13 24.5 MERIDIAN BHD 0.090 -10.00 769.6 -5.26 20.3 AT SYSTEMATIZATION BHD 0.270 -10.00 23,302.0 -10.00 61.1 INNITY CORP BHD 0.430 -9.47 35.0 -10.42 59.9 MULTI-USAGE HOLDINGS BHD 0.530 -9.4 24.3 -7.02 29.9 BLD PLANTATION BHD 10.000 -9.09 106.7 -9.09 935.0 SPRING ART HOLDINGS BHD 0.205 -8.89 2,148.3 -2.38 85.2 BRITE-TECH BHD 0.310 -8.82 1,992.6 6.90 78.1 AVILLION BHD 0.055 -8.33 5786.2 10 62.3 Data as compiled on Jan 10, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) RAPID SYNERGY BHD 16.380 -7.020 394.5 -42.49 2,501.4 BLD PLANTATION BHD 10.000 -1.000 106.7 -9.09 1,513.0 IMASPRO CORP BHD 2.500 -0.980 1,080.4 -34.73 1,744.0 HONG LEONG BANK BHD 18.900 -0.280 540.1 0.00 972.8 MALAYSIAN PACIFIC INDUSTRIES 28.000 -0.280 34.7 -0.71 278.4 PENTAMASTER CORP BHD 4.330 -0.130 5,900.2 -5.87 56,800.0 HONG LEONG CAPITAL BHD 4.570 -0.110 1,300.3 0.44 960.0 GREATECH TECHNOLOGY BHD 4.790 -0.110 617.9 -0.21 20,802.9 BINTULU PORT HOLDINGS BHD 5.490 -0.110 2.0 6.81 3,415.5 HARTALEGA HOLDINGS BHD 2.910 -0.100 6,157.8 7.78 104.0 MALAYAN BANKING BHD 9.000 -0.100 6,162.5 1.24 657.9 CIMB GROUP HOLDINGS BHD 5.950 -0.100 14,398.8 1.71 6,145.6 PETRONAS CHEMICALS GROUP 7.000 -0.100 3,535.4 -2.23 6,104.5 KOTRA INDUSTRIES BHD 4.760 -0.090 11.4 -1.45 270.4 GAMUDA BHD 4.900 -0.090 5,771.7 6.75 1,392.7 CRESCENDO CORP BHD 2.730 -0.080 363.9 17.67 3,679.8 TENAGA NASIONAL BHD 10.480 -0.080 5,936.4 4.38 75.4 PUBLIC BANK BHD 4.310 -0.080 14,896.3 0.47 3,273.9 PIMPINAN EHSAN BHD 1.230 -0.070 0.4 -3.91 298.5 COUNTRY VIEW BHD 1.100 -0.070 1.0 -4.35 107.4 Data as compiled on Jan 10, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 120.000 1.000 109.4 2.04 28,140.0 ALLIANZ MALAYSIA BHD 19.200 0.500 162.3 4.12 3,417.0 YNH PROPERTY BHD 3.670 0.370 5,920.6 -13.65 1,939.5 HUME CEMENT INDUSTRIES BHD 2.670 0.190 1,634.7 18.67 1,656.1 PETRONAS DAGANGAN BHD 21.100 0.160 439.9 -3.39 20,961.9 GENTING PLANTATIONS BHD 6.010 0.120 1,423.1 5.81 5,391.9 MALAYAN CEMENT BHD 4.880 0.120 861.3 15.37 6,393.8 AMWAY MALAYSIA HOLDINGS BHD 6.140 0.110 40.2 4.42 1,009.3 FRONTKEN CORP BHD 3.310 0.110 4,848.6 2.16 5,206.3 CARLSBERG BREWERY MALAYSIA 19.260 0.100 93.5 -0.10 5,888.7 UZMA BHD 0.870 0.090 6,866.9 16.00 336.9 HEITECH PADU BHD 1.130 0.080 1,269.9 28.41 114.4 KHIND HOLDINGS BHD 2.700 0.080 7.1 5.47 113.5 TEO SENG CAPITAL BHD 1.890 0.080 3,190.8 18.13 554.4 KECK SENG MALAYSIA BHD 5.200 0.080 60.3 8.79 1,868.4 ROHAS TECNIC BHD 0.375 0.075 54,253.5 41.51 177.2 MCE HOLDINGS BHD 1.800 0.070 2,425.5 25.00 222.4 AYER HOLDINGS BHD 7.070 0.070 8.7 4.74 529.2 DUTCH LADY MILK INDUSTRIES 23.700 0.060 5.6 2.33 1,516.8 HSS ENGINEERS BHD 1.060 0.060 6,912.3 9.28 525.7 Data as compiled on Jan 10, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 37,525.16 -157.85 -0.42 S&P 500 * 4,756.50 -7.04 -0.15 NASDAQ 100 * 16,678.71 28.83 0.17 FTSE 100 * 7,683.96 -12.30 -0.16 AUSTRALIA 7,468.46 -52.07 -0.69 CHINA 2,877.70 -15.55 -0.54 HONG KONG 16,097.28 -92.74 -0.57 INDIA 71,657.71 271.50 0.38 INDONESIA 7,227.30 27.09 0.38 JAPAN 34,441.72 678.54 2.01 KOREA 2,541.98 -19.26 -0.75 PHILIPPINES 6,546.11 -72.41 -1.09 SINGAPORE 3,179.96 -18.00 -0.56 TAIWAN 17,465.63 -69.86 -0.40 THAILAND 1,413.52 -1.41 -0.10 VIETNAM 1,161.54 2.95 0.25 Data as compiled on Jan 10, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 3,784.0027.00 OIL US$ 78.570.98 RM/USD 4.6420 RM/SGD 3.4867 RM/AUD 3.1141 RM/GBP 5.9072 RM/EUR 5.0819

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 THURSDAY JAN 11, 2024 SCAN ME No. 8434 PP 2644/12/2012 (031195) ‘Safeguard our coasts from erosion’ A whopping three tonnes of ‘scatter rubbish’ collected from just three areas in Kuala Lumpur during the 2024 New Year bash should serve as wake-up call to Malaysians with poor civic-consciousness to change mindset, says City Hall official. Environmental health experts urge government to urgently implement sustainable management amid escalating impact of loss of land and degradation of ecosystems. Single mum wins unilateral conversion appeal Shame on litterbugs Home dream come true for Orang Asli Report on hpage 4 Report on hpage 6 Judge says court bound by ruling in Indira Gandhi case, which held that consent of both parents must be obtained before underage children can be converted to another religion. Report on hpage 2 - Report on page 3 The latest figures from the National Coastal Vulnerability Index introduced under the Second National Coastal Zone Physical Plan revealed that 425km of Malaysia’s coastline was damaged by erosion in 2022. – MASRY CHE ANI/THESUN Family of eight in Muadzam Shah, Pahang express disbelief and joy after receiving RM60,000 house for free from Yayasan My First Home.

THURSDAY | JAN 11, 2024 2 Malaysians lack civic consciousness: KL City Hall KUALA LUMPUR: Malaysians have poor civic-consciousness and are litterbugs. This is the verdict of Kuala Lumpur City Hall after collecting 3.06 tonnes of “scattered rubbish” in a single day from just three areas in the capital city during the 2024 New Year celebrations. It is an increase from the 2.98 tonnes it collected during a similar celebration last year. KL City Hall Health and Environment Department deputy senior director Norhayati Mat Said told theSun that the largest amount of rubbish collected was in the Bukit Bintang area with 1.98 tonnes, followed by Dataran Merdeka with 0.79 tonnes and areas around KLCC with 0.29 tonnes. Norhayati says there needs to be a change in public behaviour to address the problem. – AMIRUL SYAFIQ/THESUN o‘During major events, people show no qualms about throwing rubbish indiscriminately without care for cleanliness or the environment’ █ BY QIRANA NABILLA MOHD RASHIDI [email protected] RTM to air special forum on ummah PUTRAJAYA: The Islamic Development Department and Istana Negara will be organising Forum Perdana Ehwal Islam Diraja, a special forum on the topic of Institusi Diraja Penyatuan Ummah (Royal Institution Unifying Ummah) at Istana Negara today. The 90-minute forum will be broadcast live on RTM’s TV1 at 9pm. The department’s director-general Datuk Hakimah Mohd Yusoff said in a statement yesterday that the Yang diPertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah and the Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah have consented to attend the forum. With Ustaz Zakaria Othman from the department as moderator, the forum will feature three panellists, namely Deputy Mufti of Pahang Datuk Badli Shah Alaudin, Universiti Kebangsaan Malaysia lecturer Assoc Prof Dr Mohd Izhar Ariff Mohd Kashim and Universiti Malaya lecturer Assoc Prof Dr Sharifah Hayaati Syed Ismail. Hakimah said the forum aims, among others, to enhance public understanding that the royal institution is a symbol that unifies the ummah. – Bernama Govt will not rush into implementing wage policy: Rafizi KUALA SELANGOR: The government will take into account the ability of employers and the current state of the country’s economy before allowing the implementation of the progressive wage policy, said Economy Minister Rafizi Ramli. He said this is because the policy’s implementation is voluntary and involves incentives from the government. “We cannot simply impose, for instance a minimum wage order, because we have to take into account the ability of companies, employers and the state of the economy. The largest employers in the country are actually micro, small and medium enterprises, comprising 97% of business entities. “If we make it mandatory, some will go out of business, some will lose their jobs, so we have to balance it.” He said this is why the government’s approach is to take into account the ability of employers, make it voluntary and provide government incentives. Rafizi was speaking after officiating at a grant presentation ceremony under the People’s Income Initiative programme and a townhall session with student leaders of the Selangor branch of Universiti Teknologi Mara at Puncak Alam on Tuesday. He said his ministry and the Human Resources Ministry focus on private sector salaries, while the study on the Public Service Remuneration System is managed by Prime Minister Datuk Seri Anwar Ibrahim. “The progressive wage policy has a different challenge. It is not just a matter of money but it’s also how we (the government) want to convince employers to raise wages gradually. “For the Public Service Remuneration System, the government has to ensure that financial resources are sustainable enough, and the matter is being managed by the prime minister.” Earlier, Rafizi through his ministry submitted a grant amounting to RM6.96 million to the university’s Student Affairs Division to carry out two projects, namely the implementation of mapping and monitoring of the People’s Income Initiative programme as well as the organisation of a financial literacy course for its participants conducted by the varsity’s Selangor branch. The mapping and monitoring of the People’s Income Initiative involves a poverty census of nearly 1,400 heads of households in four states to devise appropriate measures to increase the income of participants to enable them to cross the poverty line. – Bernama “The issue we are facing is of poor civic-consciousness among Malaysians, especially during major celebrations, when people have no qualms about throwing rubbish everywhere. They are not bothered about cleanliness or environmental well-being.” She said that there needs to be a change in public behaviour to address this massive problem. Norhayati added that City Hall always advises organisers of events to instruct event-goers to use designated bins and ensure proper disposal of rubbish. She said it actively engages in anti-littering operations at specific public areas through its Health and Nature Affairs Department. “This initiative is geared towards addressing persistent littering issues and promoting cleanliness in the city. Our strategies include monitoring, enforcement and education to discourage indiscriminate waste disposal practices. “By focusing on public areas with high visibility and foot traffic, we aim to enhance the overall cleanliness and environmental well-being of the city. This underscores our commitment to maintaining a cleaner and more sustainable urban environment. But people must also do their part.” Norhayati said individuals found littering can be charged under Section 47 of the Street, Drainage and Building Act 1974 and be fined not exceeding RM500 for the first offence and RM1,000 each for repeat offences. “While the law aims to discourage improper waste disposal practices and foster a sense of responsibility among members of the public, it defeats the purpose if people have little regard for keeping their environment clean and hygienic.” Norhayati said 2,307 summonses related to hygiene violations were issued last year. Solid Waste and Public Cleansing Management Corporation director Ummi Khaltum Shuib said littering in the country extends beyond New Year celebrations. She said scattered rubbish during major celebrations is a common and recurring problem, contributing to a negative image of Malaysians as litterbugs. “Littering also impacts how residents and outsiders view the country’s cleanliness and environmental standards. Addressing the matter is crucial to maintaining the aesthetics of public spaces and safeguarding ttractiveness of the country.” Ummi Khaltum added that during last year’s Christmas celebration, the corporation collected about 1.68 tonnes of waste in the Bukit Bintang area alone. She urged Kuala Lumpur City Hall to assign additional manpower to book litter bugs, as the 2024 National Day parade is set to be held in the city. “When Putrajaya hosted the parade on Aug 31, last year, we had to dispose of 20 tonnes of rubbish which was strewn indiscriminately. People seem to expect someone else, like cleaners, to clean up after them. This is bad.” Anwar to meet S’pore PM today JOHOR BAHRU: Prime Minister Datuk Seri Anwar Ibrahim is meeting his Singapore counterpart Lee Hsien Loong today, a meeting which can be described as another milestone in bilateral relations as they affirm their commitment on two mega projects. Both leaders are expected to have a busy schedule as they attend two highlevel functions. In the morning, they are scheduled to visit the Rapid Transit System (RTS) Link project here, where they would be given an update on the progress of the billion ringgit project. The RTS Link project is a railway shuttle link of about 4km with two stations, one in Bukit Chagar, Johor Bahru and another in Woodlands North, Singapore. MRT Corp has been tasked to develop the 2.7km Malaysian portion of the rail link and the requisite structures, while the operations are slated to be undertaken jointly by Prasarana Malaysia Bhd and its Singaporean counterpart SMRT Corp Ltd. – Bernama Incentive for 1.4m EPF members KUALA LUMPUR: The Employees Provident Fund (EPF) announced the disbursement of a RM708 million government additional contribution incentive to its 1.4 million members aged between 40 and under 55. The incentive was allocated to individuals with EPF savings of RM10,000 and below in their Account 1 as of Feb 24, 2023, it said in a statement yesterday. “The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on Feb 24 seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings. Members can refer to the FAQ on the EPF website at www.kwsp.gov.my or call the EPF Contact Management Centre at 03-8922 6000. – Bernama

THURSDAY | JAN 11, 2024 3 PETALING JAYA: Environmental health experts are calling on the government to urgently implement sustainable coastal management practices amid growing concerns over the escalating impact of coastal erosion. Malaysian Association of Environmental Health secretary Rudiaswady Abdul Rahim said coastal erosion has emerged as a pressing environmental challenge in several regions. “As coastal areas bear (the brunt) of waves, tides and storms, the gradual loss of land and degradation of ecosystems has captured the attention of scientists, policymakers and communities alike,” he said. The National Coastal Vulnerability Index (NCVI) introduced under the Second National Coastal Zone Physical Plan revealed that 425km of Malaysia’s coastline was affected by erosion in 2022. It said 41% of geographical regions, including major areas in Selangor, were assessed at “very high” and “high” vulnerability levels. Rudiaswady said a detailed breakdown of coastline erosion was released in 2015 by the Department of Irrigation and Drainage. “Malaysia has a coastline of 8,840km, with 1,347.6km experiencing erosion and 431.3km facing critical and significant damage. “In East Malaysia, Sabah has the most extensive coastline at 3752.9km, with 429.3km experiencing erosion, and 82.1km facing critical and significant damage.” He said in Sarawak, 492.5km of its 1,234.1km coastline is experiencing erosion and 163.4km is facing “critical and significant” damage, adding that in the Peninsula, Selangor’s coastline spans 492.1km, with 74.6km affected by erosion, of which 23.4km has been significantly damaged. “Johor has a coastline of 813.6km, with 64.7km experiencing erosion and 38.1km categorised as undergoing critical and significant erosion, which is the highest for the Peninsula.” Given that the detailed breakdown was collated eight years ago, Rudiaswady said: “We lack insights into the current state of erosion (impact). But one thing is sure, it is very worrying that we are potentially losing our beautiful beaches.” Rudiaswady urged the government to carry out a thorough survey of coastline erosion and implement a comprehensive approach that combines nature-based solutions, hybrid strategies, early warning systems and investments in nature-based infrastructure. In supporting his call, Environmental Management and Research Association vicepresident and environmental health activist Dr Subramaniam Karuppannan stressed the importance of swift government action to address erosion, rising sea levels and threats to marine ecosystems. He said coastal erosion is primarily influenced by a combination of natural processes such as wave and tidal action, and human activities. “Construction of structures like dams, jetties and seawalls, and unregulated mining and sand extraction for construction disrupts natural sediment (bases). “Land subsidence, often caused by human activities such as groundwater extraction or oil and gas exploration can contribute to sea level rise and exacerbate coastal erosion.” Subramaniam said understanding the complex interplay of these factors is crucial for developing effective strategies to mitigate coastal erosion. “Coastal management practices, sustainable development and climate change mitigation efforts are essential components of addressing the challenges posed by coastal erosion. “The unveiling of the NCVI underscored the challenges faced by coastal areas in Malaysia, particularly from rising sea levels and extreme weather events.” While highlighting the transboundary nature of environmental challenges, Subramaniam stressed the importance of regional collaboration to share best practices and resources. “Advanced technologies, including remote sensing and Geographic Information Systems are called upon for effective monitoring and management of coastal erosion risks. Amid the urgent need for action, the role of community engagement in developing effective coastal management plans is critical.” Water woes at varsity to be resolved soon KOTA KINABALU: The water supply issue affecting Universiti Malaysia Sabah (UMS) will be solved through Phase 2 of the Telibong 2 water treatment plant commissioned in December last year, said Sabah Deputy Chief Minister III Datuk Shahelmey Yahya. Shahelmey, who is also Sabah Works minister, said final piping work for the project is expected to be completed by the end of this month, before additional clean water from the plant can be supplied. He added that UMS needs a supply of 2.98 million litres per day. However, the Sabah Water Department can only supply 2.7 million litres per day and this causes water supply disruptions at the university. “All efforts are being made to ensure (pipeline) works will be completed by the end of this month, thus solving the urgent issue of water supply (distruptions) currently being faced. “Another challenge is water theft as well as vandalism to the pipe network and system in this state, which also contributes to the problem,” Shahelmey said in statement yesterday. – Bernama Govt urged to act swiftly in curbing coastal erosion oNatural phenomena and human activity causing rising sea levels, threats to marine ecosystems and loss of beaches Socso plans to register more housewives TANAH MERAH: The Kelantan Social Security Organisation (Socso) registered 11,000 housewives under its Housewives’ Social Security Scheme last year. Its director Nora Yaacob said although the total is far from the target of 16,000, Socso will continue its efforts to register more housewives as contributors to the scheme receive many benefits, including domestic disaster protection and disability aid. “Only 1,300 housewives contributed voluntarily last year, the rest contributed through funding from the government. “We recommend housewives in Kelantan take this opportunity because it has many benefits and the contribution rate is as low as RM120 per year,” she said after a charity event near Kampung Manal Setia yesterday. Nora added that this year, Socso would be targeting to register 16,000 housewives to contribute under the scheme. – Bernama █ BY SIVANISVARRY MORHAN [email protected] Call for special law to curb bullying KUALA LUMPUR: Bullying has become an increasingly serious issue, with a significant rise in reported cases. But is legislation the solution? The problem has raised concern in society, with 4,994 cases reported since October 2023, a significant increase compared with 3,887 in 2022 and 326 in 2021, as revealed by the Education Ministry. Despite various efforts taken by the ministry, including launching the “Guidelines for the Management of Bullying and Sexual Harassment”, the problem persists. A recent case involved a male student repeatedly hitting his friend’s face with a helmet in Segambut Dalam, as shown in a video uploaded on social media. Based on the increasingly alarming situation, experts believe it is time for a specific law to be introduced to address the problem. This is considering the guidelines do not provide punishment to curb bullying and thus do not create fear among perpetrators, said Universiti Teknologi Mara Faculty of Law senior lecturer Mimi Sintia Mohd Bajury. “In Malaysia, there is no specific law dealing with bullying cases. The existing law is only a ‘piecemeal’, a bit of here and there under the Minor Offences Act. It is time we have a special Act to deal with bullying,” she said on a Bernama TV programme. Mimi said there are various reasons people bully, including previously having been a bullying victim and thus do not regard the act as an offence. “They think it is a small matter because they have been bullied before and do it to others because they want to feel superior.” She said bullying normally happens at a young age because at that age, a person is easily influenced by peers, especially when in a group that also includes bullies. Universiti Putra Malaysia Institute of Social Science Studies associate researcher Dr Mohamad Naqiuddin Dahamat Azam there is a need for a special law on bullying to be formulated so that appropriate punishment can be imposed on the perpetrator, whether the offence is physical or verbal. He said a fine of not more than RM100 for those convicted of verbal bullying provided under the Minor Offences Act 1955 is not commensurate with the sufferings of the victims. – Bernama Arson not ruled out in fire at MP’s house MANJUNG: Beruas MP Datuk Ngeh Koo Ham believes the suspected arson incident at his house in Ayer Tawar yesterday could be related to a media statement he issued on Dec 28 last year. Ngeh said the statement was in response to a suggestion by the federal government to form an 11-member committee comprising solely Muslims headed by former chief justice Tun Zaki Azmi to study conflicts between syariah laws and the Federal Constitution. According to Ngeh, he suggested nonMuslim constitutional experts be appointed so that non-Muslim views in regard to the provisions in the Constitution would also be taken into account before any proposals for changes to the law are made. “I specifically stated that the views of non-Muslim with regard to the provisions in the Constitution be taken into account. Never at any point did I say that they (would) interfere in Islamic laws or Islamic matters. “I also suggested a representative from the Malaysian Bar be appointed as it is a statutory body formed with an interest in any matter related to our country’s laws,” he said during a press conference yesterday, adding that he was not involved in any quarrel or dispute with anyone prior to the suspected arson incident at his house, in which a car was razed. – Bernama Firefighters using a sniffer dog to detect traces of flammable substances at the scene of the incident. – BERNAMAPIC

THURSDAY | JAN 11, 2024 4 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Migration of worms normal, says expert KUALA TERENGGANU: The appearance of worms on the soil surface is a biological response of the invertebrates to the environment during their migration to other areas and is a normal phenomenon, said Universiti Malaysia Terengganu (UMT) Benthic Invertebrate Biology, Diversity and Ecology lecturer Assoc Prof Dr Izwandy Idris. He said the migration of earthworms in large numbers is the result of the communication process of the animals that come into contact with other worms when travelling to the surface of the soil. Referring to an incident at Kampung Merang in Setiu that was reported on Sunday, he said he believed the worms took advantage of the moist surface during the monsoon to migrate. There was another such incident that took place on Jan 17, 2017 at Sekolah Kebangsaan Kuala Ping in Hulu Terengganu. “The worms prefer surfacing during their migration process as it is easier for them to move than in the soil. The public need not worry because nothing untoward would happened.” Izwandy, who is also head of the South China Sea Repository and Reference Centre at the UMT Institute of Oceanography and Environment, said there is no accurate information at the moment on why worms migrate and why this only occurs at some places. However, he said it was interesting that the Hulu Terengganu and Kampung Merang incidents both happened in January. “Both cases seem to have taken place around the same period during the monsoon season. For some of these animals, their response to nature is not frequent. “Sometimes, this happens once every few years,” he said, adding that his team was interested in conducting research on the phenomenon. Izwandy advises villagers or anyone who witnesses such incidents not to harm the worms as they are important to the environment. He said they are very helpful in increasing soil aeration, which is a nutrient recycling process that improves soil fertility. Kampung Merang resident Sakinah Zamri, 26, said she has never seen such a large number of worms at one time in her yard, despite living there for decades, adding that the incident happened when she was cleaning the yard with family members last week. – Bernama Housing joy for Orang Asli PETALING JAYA: It was a joyous occasion for a Pahang Orang Asli family at Kampung Inoi in Muadzam Shah when they became the first to receive a RM60,000 home built by Yayasan My First Home (YMFH). Chaman Sinda, 50, who does odd jobs as a rubber tapper and fisherman, said he never expected to own a house. “There are times like during the rainy season when I cannot work and just plant vegetables around my old house. Without a regular income, I still can’t believe that I am now a houseowner. “I am very proud and deeply grateful to YMFH for this gift as I have been living in Kampung Inoi for over 50 years in a dilapidated place,” said Chaman, who moved into his 550 sq ft, three-bedroom house with his 49-year-old wife and six children aged between 20 and 30. Chaman said over the years, he had applied to the government and other organisations for a house but was always rejected since he did not have a regular income to make the monthly payments. He said he shared his old house with eight children and 14 adults who did odd jobs such as hunting and growing vegetables, apart from working in nearby factories. “But thanks to YMFH, my family has a nice place to call home. I wish to especially thank YMFH founder Tan Sri Vincent Tan for this gift.” YMFH general manager Nambee Ashvin Nambiar, who conducted the handover to Chaman, said the free house is one of the five units planned for Pahang. “We are building one house at Kampung Kabang in Raub and three more in Kampng Bindu in Chenderiang. Each house takes between eight to 10 weeks to complete.” Nambee said the first house reflects YMFH’s commitment to providing sustainable Nambee (left) with Chaman and his family during the handover of the house in Kampung Inoi, Pahang. – PIC COURTESY OF YAYASAN MY FIRST HOME oFirst of five units planned for Pahang presented to family by Yayasan My First Home █ BY JOSHUA PURUSHOTMAN [email protected] housing solutions for marginalised communities and creating a positive change in the lives of those in need. He said the event, which was also attended by YMFH representatives and members of the Orang Asli community, is a significant step towards fulfilling the objective of the Decent, Affordable, Safe, Housing project to aid underserved communities. “A house is more than just brick and mortar. It symbolises hope, dignity and the prospect for a brighter future for the Orang Asli community,” Nambee said, while confidence that the family will now be more comfortable compared with living in their previous house. YMFH is a charitable foundation that aims to empower individuals and families with the opportunity to own their first home, thereby promoting social stability and economic well-being. “Apart from the government, we are among the few organisations that focus on housing for the Orang Asli community. We wish to build more houses for them with the support of corporate donors, the public and other philanthropic organisations, and invite them to join us in this noble venture,” he said. Corporations and individuals who wish to assist financially in YMFH’s cause can directly fund the construction of the three-bedroom, 600 sq ft houses, at RM60,000 each. They may also donate furniture, bedding, kitchenware and other necessities to furnish the houses. Nambee said some 250 Orang Asli families are on a waiting list. “They are seeking our assistance for houses to replace their dilapidated bamboo accommodations with sturdy concrete ones. “Donating to our cause will help build more houses and provide a brighter future for the Orang Asli community. I hope corporations and individuals will unite with us in the spirit of generosity and compassion to create a lasting impact on the lives of those in need.”

THURSDAY | JAN 11, 2024 5 No to call for deportation of Rohingya refugees oGovt needs to revisit legalisation programme to easier include community in workforce and contribute to country, says NGO chief PETALING JAYA: The Malaysian Consultative Council of Islamic Organisations, an NGO, has objected to the call by Malaysian Community Care Foundation chairman Halim Ishak for the government to deport Rohingya refugees following reports of a human trafficking cartel involving some of them and Malaysians. Council president Azmi Abdul Hamid said the call did not make sense as the Rohingya’s country of origin, which is Myanmar, would reject them. He said Malaysia needed to be firm when dealing with human trafficking syndicates since such matters impact the country’s ranking in the US State Department’s annual human trafficking report. Last year, Malaysia was placed on the Tier 2 Watch List, which is a slight improvement following two years on the lowest rank, Tier 3. This ranking can potentially put the country at risk of export sanctions. “Instead of proposing that the Rohingya be deported, we should initiate a similar programme as the 6P legislation of 2011, in which the Home Ministry legalised as many as two million illegal immigrants working in the country.” He said such a programme would make it easier to manage the Rohingya as it encompasses their registration, legalisation, amnesty, supervision, enforcement and deportation. “This is a more practical way of managing them. It is time to revisit the 6P programme. Once we document 80% of the Rohingya, it will be much easier to include them in the workforce and get them integrated into our society. This way, they can also be an asset to the country.” However, Azmi said in the process of implementing the programme, the government must also be firm that it cannot accept more refugees into the country. On Halim’s call for the UN High Commissioner for Refugees (UNHCR) office in the country to be closed on allegations that it did not play an effective role in refugee resettlement, Azmi said it was “too simplistic” a solution. He added that this is because Malaysia is unable to deal with refugees and undocumented migrants. “We only know how to round them up and place them in detention centres that only serves to make things worse,” Azmi said, adding that people failed to understand the history of the UNHCR’s establishment in the country. He said the UNHCR began operating in Malaysia when Vietnamese boat people landed on our shores in 1979. “Malaysia did not know how to deal with the refugees properly, which is why the UNHCR came into the picture.” Azmi also stressed that Rohingya children should be allowed access to education at public schools or those set up by the community in collaboration with NGOs. He said some of the Rohingya children were born in the country and ought to be assisted to integrate and socialise with Malaysians. Domestic tourism role in boosting economy KUALA LUMPUR: Domestic tourism should be encouraged among Malaysians as it not only saves money but can also boost the country’s economic recovery and promote tourist spots. Malaysian Chinese Tourism Association (Perak Chapter) president Law Weng Sum said the association is actively working handin-hand with the Perak government to lay out plans for “Visit Perak Year 2024” to promote domestic tourism. “Besides tourist spots, our itineraries include food trails throughout the state. We’ve also proposed establishing a tour group solely focused on hunting for various types of food the country has to offer. “Apart from promoting local eateries, the initiative helps attract tourists from Asian countries like China, Taiwan and Hong Kong who are mostly foodies and have keen tastebuds,” he said yesterday. Law urged the government to impose a temporary price ceiling for domestic flight tickets to prevent a spike during festive periods such as the upcoming Chinese New Year and Hari Raya Aidilfitri. “The government could partially subsidise the price of tickets subsequently encouraging the public to go on domestic tours, which is an advantage to the economy,” he said. Malaysian Tourism Federation secretary-general Dr Sri Ganesh Michiel said the government should consider promoting local budget hotels as part of the economic lowrange tour packages for locals, while high-end packages, including four or five-star hotels, for international tourists, Bernama reported. Taking Thailand as an example, Sri Ganesh, who is also Malaysia Budget and Business Hotel Association national president, said the country’s tourism sector was thriving due to the government’s heavy promotion of budget hotels where designs and amenities offered are almost similar to that of five-star hotels, only cheaper. Labuan records slight drop in fish landings LABUAN: The island of Labuan has reported a slight decline in fish landings for 2023, recording 1,692 tonnes compared with 2,087 tonnes the previous year. Labuan Fisheries Development Authority director Fadhilah Azib attributes the decrease mainly to adverse weather conditions, crew shortages, breakdown of fishing vessels as well as a scarcity of sea resources. “Labuan, known for its vibrant fishing industry, faced challenges in 2023 that impacted the overall fish landing figures. “Unfavourable weather conditions, including strong winds and rough seas, were identified as the primary factors affecting fishing activities on the island. “The authority has expressed concern over the decline, emphasising the importance of understanding and addressing the impact of weather patterns on local fisheries. “The authorities are working closely with the fishing community to develop strategies that can mitigate the effects of unpredictable weather on the industry, as it affects the livelihood of our local fishermen too.” Fadhilah said despite the decrease in overall fish landings, Labuan continues to be a hub for diverse marine species. “Various fish landing jetties in many village areas received catches of different species.” Fadhilah said the authority is collaborating with local fishermen and stakeholders to implement measures that could enhance the resilience of the fishing industry against unpredictable weather conditions. – Bernama Flood evacuees increase in two states KUALA LUMPUR: Johor and Pahang recorded an increase in the number of flood evacuees, with Pahang recording a three-fold increase yesterday. As of 6am, Pahang recorded 1,525 evacuees compared with 450 on Tuesday night, with Rompin district seeing a drastic increase to 716 people, from 69 yesterday, followed by Pekan at 716 and Maran at 12. The National Disaster Control Centre of the National Disaster Management Agency said all evacuees in Pahang are taking shelter at 23 relief centres. In Johor, the number of evacuees rose from 7,947 at 52 centres on Tuesday to 8,221 at 53 centres. Kota Tinggi has 26 centres with 4,730 evacuees, followed by 12 in Johor Bahru with 1,976, nine in Kluang with 1,308, four in Segamat with 99 and one each in Kulai and Pontian with 86 and 22 respectively. – Bernama █ BY JOSHUA PURUSHOTMAN [email protected] Once 80% of the Rohingya are documented, it would be easier to integrate them into society, says NGO. – MASRY CHE ANI/THESUN Fire dept moves to enhance efficiency PUTRAJAYA: The Fire and Rescue Department is focusing on the implementation of the digitalisation agenda this year, including the construction of a centre of command, control, communications, computers and intelligent (C4i) system to enhance the department’s level of efficiency. Its director-general Datuk Nor Hisham Mohammad said the department has received the approval for the construction of the C4i system centre costing RM49 million. He said the department will also launch the e-premises system to enable it to regulate all premises nationwide. “All premises will be registered under one roof and all management will be facilitated,” Nor Hisham said after a parade to welcome him as the new director-general here yesterday. He was appointed as the ninth director-general effective Monday replacing Datuk Seri Abdul Wahab Mat Yasin. Nor Hisham used to head several big-scale operations, including as senior operations commander for the search and rescue operation for the crashed helicopter in Sebuyau, Sarawak in May 2016, and National Emergency Management Committee operations director for floods in Selangor, Kuala Lumpur and Negeri Sembilan in December 2021. – Bernama

THURSDAY | JAN 11, 2024 6 PUTRAJAYA: The Court of Appeal has set aside the unilateral conversion of single mother Loh Siew Hong’s three children to Islam, ruling the conversion by her ex-husband was unlawful. “Therefore, we allow the appeal by Loh and set aside the High Court’s decision,” said Judge Datuk Hadhariah Syed Ismail, who chaired a three-member bench. Hadhariah also allowed Loh judicial relief that, among others, declares her three children are Hindus. On May 11 last year, Kuala Lumpur High Court Judge Datuk Wan Ahmad Farid Wan Salleh rejected Loh’s bid to challenge the unilateral conversion of her children to Islam after ruling there was no evidence the three children had stopped professing the religion of Islam when they were under the care of their mother. In her judgment, Hadhariah said the High Court did not address two pertinent issues in the judicial review proceedings brought by Loh, Bernama reported She said the two issues were whether the unilateral conversion was lawful and whether Section 117(b) of the Perlis Administration of Islam Enactment (Amended) 2006 was unconstitutional as it contradicted Article 12 (4) of the Federal Constitution. “The failure of the High Court judge to answer these two issues is a clear misdirection that is tantamount to error of law.” On the issue of unilateral conversion, Hadhariah said the court was bound by the decision in Indira Gandhi’s case, which held that the consent of both parents must be obtained before minor children can be converted to another religion. “In this case, it is not disputed that Loh did not consent to the three children’s conversion to Islam.” Loh, 37, filed the appeal on March 25, 2022 and named the Perlis State Registrar of Converts, Perlis Islamic Religious and Malay Customs Council, Perlis Mufti Datuk Dr Mohd Asri Zainul Abidin and the Perlis state government as the first to fourth respondents. She is seeking a declaration that her three children are Hindus and her Muslim-convert ex-husband, M.Nagahswaran, did not have the legal capacity to allow the Perlis State Registrar of Converts to register their children as converts without her consent. MACC quizzes wife of ex-finance minister PUTRAJAYA: The wife of Tun Daim Zainuddin, Toh Puan Nai’mah Abdul Khalid, and their two sons presented themselves at the Malaysian Anti-Corruption Commission (MACC) headquarters yesterday to provide their statements and assist in the investigation on the former finance minister cum businessman. Nai’mah, Muhammad Amin Zainuddin and Muhammad Amir Zainuddin arrived at the MACC headquarters at 10.05am with their respective lawyers. Before entering the premises, Nai’mah told reporters that she and her sons would cooperate with MACC as required by law. MACC Anti-Money Laundering Division director Datuk Mohamad Zamri Zainul Abidin confirmed statements from Daim’s wife and sons were taken to facilitate the investigation under the anti-money laundering Act. MACC previously clarified the investigation into Daim was based on information obtained from the Pandora Papers and the investigation papers were opened in February last year. The Pandora Papers is a leak of almost 12 million documents and files, exposing the world’s rich and influential people, who hide their wealth by using offshore services. According to MACC, the investigation on Daim was carried out under Section 23 of the MACC Act 2009 and Section 4 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. On Dec 18 last year, the media reported the anti-graft agency had seized the 60-storey Ilham Tower in Kuala Lumpur, whose ownership is linked to Daim’s family. – Bernama Court rules unilateral conversion unlawful oSingle mother did not consent to ex-husband registering children as converts, says judge Elderly man loses RM540,000 to scammers JOHOR BAHRU: An elderly man lost a total of RM540,047.97 to a phone scam syndicate. Johor police chief Datuk Kamarul Zaman Mamat said police received a report from a 75-year-old retiree of a private company who claimed he had fallen victim to phone scammers. He said the senior citizen received a phone call via WhatsApp in November last year, in which the caller asked the victim to press the Number 9 (on the keypad) and the call was connected to an individual claiming to be a police officer. “The ‘police officer’ said there was a criminal record registered in the retiree’s name. The call was then transferred to another individual who introduced himself as a senior police officer, who stated he would be arrested and remanded. “The retiree was told to lodge a report online and to follow all the instructions given. Due to fear, he followed the officer’s instructions by withdrawing money amounting to RM543,000 from his account and depositing it into another account, which also belonged to him.” Kamarul said the retiree followed the man’s instructions to leave his ATM card, along with the pin number for the account in which the RM543,000 was deposited at a location provided by the scammers. The retiree was suspicious when a check on his bank account last month found there was a transfer of money amounting to RM540,047.97 to several nominees whom he did not recognise. “He then realised he had been duped and lodged a police report. The case is being investigated under Section 420 of the Penal Code. “The public is urged to use the police Semak MULE app and website before making any payment, and to download the Whoscall app to reduce the risk of becoming a victim of fraud. “If you have been a victim of fraud, contact the National Scam Response Centre at 997 as soon as possible.” – Bernama Sanusi to be called in over graft probe KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is set to call Kedah chief minister Datuk Seri Muhammad Sanusi Md Nor to assist in a probe over an alleged RM6 million graft case involving the Kedah Football Association (KFA). MACC investigations senior director Datuk Seri Hishamuddin Hashim confirmed the matter without revealing further details. On Jan 5, the media reported MACC obtained a three-day remand order for four individuals aged between 40 and 60, including the KFA CEO to assist in the investigation of a corruption case involving over RM6 million in 2020. According to sources, the alleged kickbacks were believed to have been given in exchange for assistance in securing tenders for constructing a racing circuit, as well as for managing, operating and maintaining five water retention ponds in the state. KFA confirmed its CEO, Zulkifli Che Haron, was remanded and released on bail after providing statements. – Bernama Cops bust HK drug trafficking syndicate KUALA LUMPUR: Police smashed an international drug trafficking syndicate after sharing information with the Hong Kong Narcotics Bureau, and seized various chemicals and drugs worth RM7.89 million. Bukit Aman Narcotics Crime Investigation Department director Datuk Seri Mohd Kamarudin Md Din said in a raid at a condominium last Friday, police arrested a local man, a Hong Kong resident and a Mongolian woman. He added that on the same day, the Hong Kong Narcotics Bureau arrested a 26-year-old local man and woman believed to be involved in drug trafficking activities on the island. – Bernama SEIZED LOOT ... Bukit Aman Criminal Investigation Department director Datuk Seri Mohd Shuhaily Mohd Zain examining items confiscated from South American burglary suspects in Op Pintu Latin during a press conference at the Selangor contingent police headquarters yesterday. –BERNAMAPIC

THURSDAY | JAN 11, 2024 7 Satellite launch causes Taiwan pre-election political storm TAIPEI: Taiwan’s presidential office said it did not consider the launch of a Chinese satellite whose rocket flew over southern Taiwan, an attempt at interference ahead of a presidential election on Saturday as the issue sparked a political storm on the island. On Tuesday, the government issued a mistaken air raid alert after the Chinese rocket carrying a science satellite flew over southern Taiwan at an altitude of more than 500km. The defence ministry later apologised for the wrong translation in English which used the word “missile”. Taiwan’s presidential office, responding to questions on whether it considered the satellite launch election interference, said it did not think there was a political motive. “After the national security team has analysed the overall relevant information and taken into account the evaluation of the information of various international allies, political oGovt issues erroneous air raid alert after rocket flyby, apologises for wrong translation in English using word ‘missile’ Clemency appeal for Filipina on death row in Indonesia Relatives and supporters of Veloso staging a protest in Manila. – REUTERSPIC Indonesia volcano erupts, highest alert issued JAKARTA: Indonesia’s Mount Lewotobi Laki-Laki erupted anew yesterday, spewing ash clouds two kilometres above its peak as authorities raised the volcano’s alert status to the highest level. The eruption follows weeks of heightened volcanic activity on the mountain, located on eastern Indonesia’s Flores Island, and prompted the local government to issue an evacuation order for nearby residents. “The communities are urged to immediately evacuate to safe points to avoid hot ash (from the volcano),“ local official Benediktus Bolibapa Herin told AFP yesterday. Local authorities have established two temporary shelters, which are currently accommodating about 5,000 people, Herin said. The Volcanology and Geological Disaster Mitigation Center (PVMBG) late Tuesday raised Lewotobi LakiLaki’s alert level to four after it was raised to the second-highest level last week and imposed an exclusion zone of four to five kilometres around the crater. Locals are advised to be on alert for potential flooding as volcanic mudflows pour into rivers, PVMBG head Hendra Gunawan said in a statement. He added that people should wear masks “to prevent the dangers of volcanic ash to the respiratory system”. The Southeast Asian archipelago nation sits on the Pacific Ring of Fire, an area of intense volcanic and seismic activity, and has nearly 130 volcanoes. Indonesian authorities on Tuesday increased the alert status of Mount Marapi, located on the country’s Sumatra island, to the second-highest level and imposed a 4.5-kilometre exclusion zone from its crater. A December eruption of Marapi, which means “mountain of fire”, killed 23 people. B R I E F SJAPAN TIGHTENS AIR TRAFFIC CONTROL TOKYO: Japan has tightened its air traffic control protocols after a fiery collision at Tokyo’s main airport in which five people died but hundreds escaped to safety, the government said yesterday. The emergency safety measures were announced by the transport ministry after a Japan Airlines passenger jet crashed into a coast guard aircraft on a runway at Haneda Airport on Jan 2. All 379 passengers and crew on the airliner were swiftly evacuated, but five of the six crew died on the smaller plane. Under the new requirements in place nationwide, a staff member must constantly watch a monitoring system that alerts control towers when runway incursions take place. And to prevent misunderstandings, controllers must not tell planes what number in line they are for take-off, the ministry said in statements uploaded to its website. – AFP LEADERS TO DISCUSS SOUTH CHINA SEA ISSUES MANILA: The leaders of the Philippines and Indonesia met yesterday to discuss a range of regional issues including developments in the South China Sea and closer cooperation among member states of the Southeast Asian bloc. Philippine President Ferdinand Marcos Jr. hosted his Indonesian counterpart Joko Widodo for talks in Manila. “President Widodo and I had a fruitful and honest discussion on regional events of mutual interests such as the developments in the South China Sea and Asean cooperation and initiatives,“ he said, referring to the Association of Southeast Asian Nations. Widodo added in a joint press conference after the meeting that the two countries had agreed to strengthen defence cooperation and existing agreements on border cooperation. PORTUGAL DELAYING FIGHT AGAINST GRAFT LISBON: Portugal has been slow to implement new measures to combat corruption in government and law enforcement, a top European anti-graft monitoring body said yesterday, amid new concerns about the transparency of government-backed business deals. The report by the Group of States against Corruption, part Europe’s main rights watchdog, the Council of Europe, is the result of its fifth round of evaluation of Portugal launched in 2017. Prime Minister Antonio Costa resigned in November over an investigation into alleged illegalities in his administration’s handling of several large investment projects and the country faces a snap general election on March 10. Costa has denied any wrongdoing. – Reuters attempts can be ruled out,” it said in a statement issued shortly before midnight on Tuesday. While the rocket launch sparked an erroneous air raid alarm, Taiwan, which China views as its territory over the strong objections of the government in Taipei, has repeatedly accused Beijing of trying to interfere in the vote, whether via military, political, economic or other means. China has labelled those allegations “dirty tricks”. Taiwan’s foreign minister was speaking to foreign reporters when the shrill alert sounded on phones in the room using the words “satellite launch by China” in Chinese and “missile” in English. He had described the launch as part of a pattern of Chinese harassment, like the recent cases of Chinese balloons spotted over the island. Taiwan’s largest opposition party the Kuomintang (KMT), slammed the government, saying the alert issued over the satellite launch “should not become an election tool”. KMT Chairman Eric Chu told reporters yesterday that people are most concerned about whether the alert was mistakenly sent or if those sending it had a particular goal in mind. “This is like how the Democratic Progressive Party (DPP) has recently described everything as Chinese election interference. This is another new move of so-called Chinese election interference,” he said. Vincent Chao, spokesperson for vice-president Lai Ching-te, the ruling DPP’s presidential candidate, defended the alert as crucial for keeping citizens informed and reassured. “A democratic and free society should have an open and transparent defence ministry,” Chao said during a press conference yesterday. “Our national issues, especially national security, should not become a political tool.” Taiwan’s defence ministry late on Tuesday said the rocket debris had fallen only on China and that the rocket had taken an “abnormal” flight path. “The alert messaging is based on national security considerations and is processed in a professional manner by a delegated authority. It is not affected by or subject to any party politics,” it said in a statement. – Reuters MANILA: The Philippines renewed yesterday its appeal for clemency for a Filipino woman on death row in Indonesia, hours before the country’s president was scheduled to arrive in Manila for an official visit. It was the latest high-level attempt to save the life of Mary Jane Veloso, who was arrested in Indonesia in 2010 carrying a suitcase lined with 2.6kg of heroin and was later sentenced to death. She won a last-minute reprieve from the firing squad in 2015 after a woman suspected of recruiting her was arrested in the Philippines. “We’re working to see whether we can find a way towards resolving the case soon and clemency,” Philippine Foreign Secretary Enrique Manalo told reporters after meeting with his Indonesian counterpart Retno Marsudi in Manila. At their meeting, Manalo “reiterated the Philippine request for clemency to be granted to Veloso”, foreign department spokeswoman Teresita Daza told reporters. Manalo previously sought clemency for Veloso in 2022. – AFP

THURSDAY | JAN 11, 2024 8 @thesundaily FOLLOW ON TWITTER Malaysian Paper Kim labels Seoul ‘principal enemy’ oSays N. Korea will not hesitate to annihilate southern neighbour, has no intention of avoiding war SEOUL: North Korea’s Kim Jong Un branded South Korea his country’s “principal enemy” and warned he would not hesitate to annihilate it as he toured major weapons factories, state media said yesterday. The report follows recent live-fire exercises by Pyongyang’s military near the contested maritime border that prompted counter-drills and evacuation orders for residents on two South Korean border islands. Images in state media showed Kim, in a full-length black leather jacket, standing in front of what analysts said were short-range ballistic missile launchers, purportedly nuclear-capable. “The historic time has come at last when we should define as a state most hostile toward the Democratic People’s Republic of Korea the entity called the Republic of Korea (South Korea or ROK),” Kim was reported as saying by the official Korean Central News Agency (KCNA). Kim, urging factory workers to modernise and “produce more weapons”, said he had “no intention of avoiding a war” and warned he would have no hesitation in “annihilating” South Korea, KCNA added. News of the factory tour came a day after nearly 50 countries joined the United States in condemning North Korea’s alleged transfers of weapons to Russia for use in Ukraine, which would violate rafts of United Nations sanctions. The White House last week accused the North of sending both missiles and launchers to Russia in what it called a “significant and concerning escalation” of its support for Moscow’s war effort. The live-fire drills that started last Friday marked one of the most serious escalations between the two sides since 2010, when the North shelled Yeonpyeong island, leaving four dead, including two marines. Kim, accompanied by senior party and military officials, toured multiple munitions factories on Monday and Tuesday, KCNA said, describing the visits as encouragement “in the struggle for attaining the huge production goal for the new year”. Kim said while the North would not “unilaterally” trigger a confrontation, it had “no intention of avoiding a war”. Were Seoul to use force against the North, “we will have no hesitation in annihilating the ROK by mobilising all means and forces in our hands,” KCNA reported Kim as saying. Those comments signal a shift in North Korean policy and hint that Pyongyang will take a “much tougher stance” toward Seoul in future, Hong Min, of the Korea Institute for National Unification, said. “It is the first time that the North has called the South its ‘principle enemy’, signifying the change of North Korea’s Seoul approach to an ultra-hawkish mode,” he said. Relations between the two Koreas are at one of their lowest points in decades, after Kim enshrined the country’s status as a nuclear power into the constitution and test-fired several advanced intercontinental ballistic missiles. – AFP Three killed, hundreds without power as storms lash US WASHINGTON: Severe weather battered the US on Tuesday, spinning off tornadoes and reportedly killing three people in the South as high winds and blizzards buffeted the North and hundreds of thousands lost power. Heavy rain leading to flash flooding, wind gusts likely more than 80km/h and thunderstorms struck the Eastern Seaboard from the Mid-Atlantic to the Northeast, according to the National Weather Service. “Do not underestimate this one,” warned New Jersey Governor Phil Murphy in an interview with local media. He described the storm as “unusual”, citing up to four inches of rain in January and high winds pummeling the shoreline. The inclement weather even resulted in Vice-President Kamala Harris’s plane, Air Force 2, being diverted from landing at its normal spot, Joint Base Andrews, and instead heading to Dulles International Airport in Virginia. Meanwhile, tornadoes ripped through the Southeast, including the Florida panhandle, where drone images showed downed trees and damaged buildings with roofs torn off. At least three storm-related deaths occurred across a large, multi-state section of the South. One person was killed in a North Carolina mobile home park where multiple homes were damaged, according to Catawba County government officials. Another died when a tree fell across the windshield of a vehicle in Jonesboro, Georgia just south of Atlanta, the Clayton County Police Department said. More than 890,000 customers had lost power in the United States as of Tuesday evening, mainly in the East, according to monitoring website Poweroutage.us. In the central part of the country heavy snowfall (at a rate of one to two inches per hour) hit the upper Midwest and was shifting into the Great Lakes region, the weather service said. In the Northwest, the first blizzard warnings in a decade were issued for the Cascade and Olympic mountains, according to the New York Times. The blizzard conditions were expected to continue “bringing snow totals to several feet” in the region, according to the NWS. – AFP S. Korean opposition leader calls for ‘end to warlike politics’ SEOUL: South Korean opposition leader Lee Jae-myung, who was stabbed in the neck by a man pretending to be a supporter, called for an “end to warlike politics” as he was discharged from hospital yesterday. Lee, chair of the Democratic Party, was surrounded by journalists in the southern port city of Busan on Jan 2 when a man pushed through the crowd and lunged at him, stabbing him on the left side of his neck with a knife. He suffered a wound to his jugular vein and was first taken to a hospital in Busan, then flown to the capital Seoul where he underwent a nearly two-hour surgery. Eight days after the incident, 60-yearold Lee was discharged from the Seoul National University Hospital, and told reporters that the attack should serve as an impetus to overhaul South Korea’s notoriously confrontational politics. “I sincerely hope this incident could serve as a milestone to end the politics of hatred and restore a politics of respect and coexistence,” he said, his first public comments since the incident. “I myself too will reflect on my deeds and strive hard to create politics of hope.” The suspect is a 66-year-old real estate agent identified by the surname Kim who had struggled financially and had been unable to pay rent for his office for seven months, according to Yonhap news agency. Busan police investigating the case are expected to announce the outcome of their probe. – AFP B R I E F SMACRON APPOINTS FRANCE’S YOUNGEST PM PARIS: French President Emmanuel Macron on Tuesday picked Gabriel Attal as prime minister in a bid to give new momentum to his presidency, with the 34-year-old becoming France’s youngest and first openly gay head of government. Following days of speculation, Macron on Monday accepted the resignation of Elisabeth Borne, 62, who stepped down after serving less than two years in office. The overhaul comes ahead of the Olympic Games in Paris and European parliament elections this summer, where Macron’s centrist forces risk defeat at the hands of the far-right under Marine Le Pen. It also further intensifies manoeuvring to succeed Macron, who himself took office in 2017, aged just 39, ahead of 2027 presidential elections. A wider cabinet reshuffle is expected this week as Macron seeks to sharpen his team for the final three years of his presidency. Attal hailed his appointment as a symbol of “audacity and movement” as he took over from Borne. – AFP COLOMBIA REPORTS 181 ACTIVISTS KILLED IN 2023 BOGOTA: Colombia recorded the deaths of 181 rights activists and community leaders in 2023, the ombudsman’s office said Tuesday, as the country battles to halt abuses by armed groups. Carlos Camargo, who leads the office charged with the protection of rights, slammed an “unacceptable situation” over the murders of environmental activists, Indigenous leaders, union leaders, and members of the LGBT community, among others. The number is 16% lower than the 215 murders recorded in 2022. “Each life lost is a tragedy for their families, the community and for the defense of fundamental rights in the country,” Camargo said. – AFP TREADING CAREFULLY ... Police officers search for victims in a snow covered residential area which was devastated by a tsunami following an earthquake, in Suzu, Ishikawa Prefecture, Japan. – REUTERSPIC

THURSDAY | JAN 11, 2024 9 Civilian toll in Gaza ‘far too high’: Blinken children, is far too high”, and said more food, water and medicine were needed. Israel has agreed to a UN assessment mission in northern Gaza that would “determine what needs to be done to allow displaced Palestinians to return safely”, he said. Miller said for the longer term, Blinken in his discussions with Netanyahu “reiterated the need to ensure lasting, sustainable peace for Israel and the region, including the realisation of a Palestinian state”. Israel “must stop taking steps that undercut Palestinians’ ability to govern themselves effectively”, Blinken said during the news conference. An AFP correspondent reported intense strikes overnight in Khan Yunis and Rafah, the biggest cities in the south of Gaza which are crowded with internally displaced people. Israel’s army said its forces have killed 40 militants over the past 24 hours in “expanded ground operations, including air strikes” in Khan Yunis, and that troops had seized AK-47 assault rifles, rocket launchers and other weapons. The war has displaced most of Gaza’s 2.4 million people, and the United Nations said many are at risk of famine and disease. The World Health Organisation said its ability to provide aid and support Gazan hospitals was “shrinking”. With only minimal aid entering Gaza, Israeli human rights group B’Tselem charged that “everyone in Gaza is going hungry” as the “direct results of Israel’s declared policy”. Israel’s Supreme Court has rejected an appeal by international media organisations to allow independent access for journalists to Gaza, saying entry restrictions were justified on security grounds. Since the war started, fears have grown of an escalating conflict between Israel and its other regional enemies, a loose alliance of Iranbacked armed groups in Lebanon, Syria, Iraq and Yemen. Israeli Defence Minister Yoav Gallant told Blinken on Tuesday that intensifying pressure on Iran was “critical” and may prevent a regional escalation, an Israeli government statement said. Israel has traded cross-border fire with Lebanon’s Hezbollah for three months, and more recently killed senior operatives of the Shiite Muslim militant group as well as of Hamas on Lebanese soil. Hezbollah on Tuesday announced four of its fighters had been killed. – AFP A Palestinian man sits near the rubble of a house destroyed in an Israeli strike. – REUTERSPIC oUS diplomat stresses importance of avoiding further harm and protecting civilian infrastructure US, British forces shoot down 21 drones and missiles WASHINGTON: American and British forces shot down 18 drones and three missiles on Tuesday that were launched by Yemen’s Iranbacked Huthi rebels toward international shipping lanes in the Red Sea, the US military said. The attack came a week after 12 nations led by the US warned the Huthis of consequences unless they immediately halted firing on commercial vessels, strikes the rebels say are in support of Palestinians in Gaza. “Iranian-backed Huthis launched a complex attack of Iranian designed one-way attack UAVs, anti-ship cruise missiles and an anti-ship ballistic missile from Huthi-controlled areas of Yemen into the Southern Red Sea,” the US Central Command (Centcom) said in a statement. The drones and missiles were downed by a combination of F/A-18 warplanes operating from the USS Dwight D. Eisenhower aircraft carrier and one British and three American destroyers, Centcom said, adding that there were no injuries or damage reported. The US set up a multinational naval task force last month to protect Red Sea shipping from Huthi attacks, which are endangering a transit route that carries up to 12% of global trade. Centcom said US forces shot down a drone launched from Yemen over the weekend, while Vice-Admiral Brad Cooper said the Huthis had launched an explosives-laden sea drone into shipping lanes last week, the first time they had used such a weapon in the current conflict. The Huthis say they are targeting Israelilinked vessels, but Cooper, the commander of US naval forces in the Middle East, said dozens of countries have connections to ships that have been attacked. The rebels, who control much of Yemen, are part of the “axis of resistance” of groups arrayed against Israel. US forces in Iraq and Syria have also repeatedly come under fire from drone and rocket attacks that Washington said are being carried out by Iran-backed armed groups. Last week, the US carried out a strike in Baghdad that killed a pro-Iran commander who it said was involved in attacks on American forces, a move that infuriated the Iraqi government. The violence in Iraq and Syria, and the continued attacks by the Huthis have raised fears of a broader regional conflict directly involving Iran. – AFP B R I E F SPALESTINIAN JOURNALIST FREED FROM ISRAEL DOHA: London-based media outlet The New Arab announced on Tuesday the release of one of its Palestinian journalists from Israeli custody, alleging he faced torture during more than a month in detention. Diaa al-Kahlout, who was among dozens of Palestinians shown detained by Israeli troops and stripped to their underwear in north Gaza last month, had been released back into the Palestinian territory, the Qatari-owned outlet said. In a report on its website, Kahlout told The New Arab he had faced “indescribably tough and difficult” conditions following his arrest. The 37- year-old said he had been beaten and tortured. “The moment I was detained, Israeli soldiers crowded round me before they gagged me with tape so I couldn’t speak.” Paris-based media watchdog Reporters Without Borders has said following his arrest the journalist was briefly held in Eshel prison in Israel and was subjected to torture, according to several of the organisation’s sources. – AFP AT LEAST 10 KILLED IN INTERNAL ARMED CONFLICT QUITO: Ecuador’s president gave orders on Tuesday to “neutralise” criminal gangs after gunmen opened fire in a TV studio and bandits threatened random executions on a second day of terror in the violenceriddled country. At least 10 people have been killed in a series of attacks blamed on gangs as the country exploded in what President Daniel Noboa called an “internal armed conflict”. He gave orders to neutralise criminal gangs after gangsters declared war following the prison escape on Sunday of one of Ecuador’s most powerful narco bosses. Eight people were killed and three were wounded in attacks in Guayaquil, and two officers were “viciously murdered by armed criminals” in the nearby town of Nobol, police said on Tuesday evening. Long a peaceful haven sandwiched between top cocaine exporters Colombia and Peru, Ecuador has seen violence explode in recent years as rival gangs with links to Mexican and Colombian cartels vie for control. – AFP TEL AVIV: Top US diplomat Antony Blinken told Israel the toll on Gazan civilians caused by its war against Hamas was “far too high”, urging his ally to alleviate their suffering. More than three months into the deadliest ever Gaza war, Blinken met Israeli Prime Minister Benjamin Netanyahu in Tel Aviv on his fourth round of Middle East crisis diplomacy since the conflict broke out. Blinken “stressed the importance of avoiding further civilian harm and protecting civilian infrastructure in Gaza”, said State Department spokesman Matthew Miller of the Hamas-run territory, where a humanitarian crisis is deepening and local health officials have reported over 23,000 deaths. Blinken later told a news conference that the “daily toll on civilians in Gaza, particularly Hezbollah targets Israeli base to avenge killings BEIRUT: Lebanon’s Iran-backed militant group Hezbollah said it targeted a command base in northern Israel on Tuesday in retaliation for the killings of one of its commanders and a Hamas leader. Hezbollah said the attack was part of its response to the killings of top field commander Wissam Tawil on Monday and Hamas deputy leader Saleh al-Aruri on Jan 2. The Shiite Muslim movement, a Hamas ally, said in a statement that it had targeted the “enemy’s northern command centre” in the Israeli city of Safed with “several suicide drones”. The Israeli military confirmed that a “hostile aircraft” had crashed at one of its bases in the north, and said that “no injuries or damage were reported”. Hezbollah and its arch-foe Israel have been exchanging near-daily fire across the border since the Israel-Hamas war broke out on Oct 7. Tawil, the highest-ranking Hezbollah member to be killed since Oct 7, was buried in his south Lebanon home village of Khirbit Silm on Tuesday. Hundreds of Hezbollah supporters attended the funeral procession in which the group’s yellow flag was draped over his coffin. The Hezbollah statement said Tawil was involved in the abduction of Israeli soldiers which triggered its war with Israel in 2006, and that he also took part in noteworthy operations in Syria. – AFP

THURSDAY | JAN 11, 2024 10 Contact theSun's Sales & Marketing team to book your advertising space. Malaysian Paper 03-7784 6688 [email protected] Advertise with us on Chinese New Year Special on JAN 26, 2024 Chinese New Year SPECIAL Let’s welcome the Year of the Dragon with us! In the Chinese culture, the dragon represents good luck, strength and health, and those are what we wish for you, while you check out our Chinese New Year supplement, to let yourself be aware of the current and upcoming festive sales, deals and promotions. PUBLICATION DATE 26 JANUARY, 2024 (Friday) BOOKING DEADLINE 12 JANUARY, 2024 (Friday) Paving way for democratic future AS the nation moves into 2024, major political players and stakeholders must be reminded of the original reformasi agenda and change that have been repeatedly promised to Malaysians during the last two decades. In 2007, 60 civil society organisations issued a declaration which identified the major failings and obstacles to Malaysia’s progress and advancement towards a more developed and democratic nation. The Spirit of Merdeka declaration asserted: “Our mission is not only with the restoration of democratic norms and practices. It is also to reaffirm our commitment to the safeguarding and support of vital institutions and processes that are the hallmark of vibrant and flourishing democratic systems. “We call on all Malaysians to support this cause and to join us in promoting a strong democracy in which the separation of power of the executive, legislative and judiciary is maintained, and checks and balances preventing the monopoly or abuse of power by the executive branch are in place. “The alternative is to see our nation and people be driven down the road of authoritarianism towards an illiberal and shackled society.” Today, the young generation has to fight harder in protecting and enhancing the fundamental rights and freedoms eroded by failures from both sides of the political divide during the past three elections since the declaration was released; and which the older generation has not been able to advance. In particular, attention should be given to the following recent developments that require heightened scrutiny: 0 Local government: where the spirit of democracy should be restored to the nation’s third level of democratic government; 0 Erosion in media freedom: where the media has yet to play its role as an institution that continually scrutinises and ensures transparency of government and governance; and where the concerned public should be watchful that media control agencies are under direct scrutiny and full public accountability; 0 Diminution of rule of law: where the rule of law should be separated from the executive government so the judiciary can perform an independent role; and lawmakers and law enforcers are subject to the same laws and norms; 0 In federalism: where the authority of various states should be upheld and respected by the federal government, and where the implementation of the Malaysia Agreement 1963 and the rights and entitlements of Sabah and Sarawak still await fulfilment; 0 Law reform: where restrictive and repressive laws, including the Security Offences (Special Measures) Act 2012, Universities and University Colleges Act 1971, Sedition Act 1971, Printing Presses and Publications Act 1984 and defamation laws, remain largely unreformed; 0 The Universal Declaration of Human Rights: which Malaysia subscribes to, and should provide that among other individual rights, citizens possess the rights to freedom of thought, conscience and religion, freedom of peaceful assembly, freedom of opinion, speech and expression and equality before the law without discrimination; 0 The electoral system: where its integrity should be protected to enable free and fair elections; and where constituency redelineation is urgently needed to correct long-standing electoral malapportionment and gerrymandering; 0 Commitment to multiculturalism in a multiethnic society: where the nation’s diversity, religions, cultures and languages should be protected while recognising the position of Islam as the religion of the nation and the special position of the Malays and other native peoples and indigenous communities. Malaysia’s political parties should enhance the roots of democracy at branch and party levels, where rank and file members have a direct say on who occupies party administrative and public office candidates. With fully internalised democracy within political parties, future governments will be in a much better position to ensure a strong democracy. These are the aspirations of Malaysians who want the realisation of the Malaya and Malaysia that was promised to them at Merdeka 66 years ago, and the Malaysia that is owed to the young generation. The ultimate objective of this declaration is to firmly establish, especially within the minds and actions of our politicians, the principles outlined above. This is aimed at ensuring that the essential task of nation-building cannot be further delayed, derailed or denied. Observers seeking a renewal of the Spirit of Merdeka may be concerned about the lax discussion on critical economic issues and challenges such as socioeconomic inequality, growing impoverishment amid endemic corruption, shortcomings in education, declining competitiveness, issues within the civil service and the presence of bloated government-linked corporations. We believe that sustaining a good government and providing high standards of governance will serve as the foundation for building a better nation that Malaysians deserve. The article was co-written with independent researcher Murray Hunter. Another Take is aimed at demystifying social orthodoxy. Comments: [email protected] “We believe that sustaining a good government and providing high standards of governance will serve as the foundation for building a better nation that Malaysians deserve. We must ensure a commitment to multiculturalism. – AMIRUL SYAFIQ MOHD DIN/THESUN ANOTHER TAKE BY LIM TECK GHEE

11 THURSDAY | JAN 11, 2024 Midway solution to end dressing-down RECENTLY, Transport Minister Anthony Loke announced that RM50 million will be allocated this year to purchase vans to address first-andlast-mile connectivity issues. This is indeed a right move, albeit, too little too late. As we know, Malaysia has spent billions to build infrastructure such as the MRT (Mass Rapid Transit), LRT (Light Rapid Transit) and KTM (Keretapi Tanah M e l a y u ) c o m m u t e r s e r v i c e s , especially in the Klang Valley. Unfortunately, many still shun public transport due to first-and-lastmile connectivity. Simply put, many commuters have problems reaching the main arteries of public transport, such as MRT stations, or reaching their final destinations after they disembark from the trains. This is due to poor feeder bus services, which can be irregular, especially during peak hours. Moreover, feeder bus services serve only limited areas. This is why some property developers link up their projects with the main arteries of the public transport system. Some erect connecting bridges to train stations from the apartments they build. Others provide feeder bus services to train stations only to those who live in their projects. Another example is how a property developer recently tied up with an e-hailing bus/van provider, Kumpool, to ease the travel between its project and the surrounding train networks and vice versa. The project, “edumetro”, in Subang is a mixed development project involving residential, commercial as well as a popular college. The convenience afforded by the tie-up allows for speedy and affordable commutes, compared with ridehailing services, which are more costly. This is an innovative solution for those who frequent the area, such as students and workers, besides those who live there. Be that as it may, innovative developers can only do so much as services such as Kumpool operate only in selected areas now. The RM50 million allocated to address the first-and-last-mile transport woes is only a tiny drop in the ocean to overcome this problem. The government needs to urgently spend more on this project and expand the coverage to as many places as possible. Only then, can Malaysians, especially those living in the Klang Valley turn to public transport as a viable option. James Chai Subang Jaya Beef up transport connectivity The government needs to urgently address the first-and-last-mile transport woes. – ADIB RAWI YAHYA/THESUN THE dress code issue never gets worn out. Lately, the Rukun Negara has been dragged in to adorn the contention that dressing must be in line with the five precepts. One month ago, a security guard at a public hospital in Penang turned away a 72-year-old man wearing shorts that fell short of the knee. The hospital management explained that shorts were a breach of the Rukun Negara’s fifth principle of courtesy and morality. Someone has upped the ante in this endless debate and, predictably, scissors were unsheathed as opposing sides snipped away at each other. Proponents of a rigid “one dress fits all” code now claim that the wearing of shorts is an act of rudeness and downright immoral. We are talking about an old man visiting a hospital. Is it rude of him to wear baggy shorts, and will the nurses see him as a moral threat? On the other hand, many TikTok users keep uploading videos promoting “dress to please yourself” clothing styles that often mean bikini-like tops and mini-shorts. By encouraging sexual display of skin, these social influencers become agents of feminine degradation. The use of women as sex objects is a century-old Code Red technique to sell Western products and services. The conservative and liberal standpoints are defective because they ignore context. All dress styles are designed to be contextual, relating to a society and particular situations in that society. Clothing serves five basic objectives: grant protection from harm, shield us from unkind weather, be function-oriented and practical, enhance our comfort and project group identity. Let us consider two examples of extremities: Last June, a Member of Parliament claimed that nurses’ uniforms were immodest as they were too tight and revealed the body shapes. This opinion is extreme because nurses’ uniforms are designed to be functional and decent to enable nurses to be fast on their feet. They must also not be so loose as to hit equipment or fixtures, causing damage or making the nurse fall. The other example of extremity: Five years ago, newspapers carried pictures of a woman tourist in Sabah walking in a shopping centre food court wearing a long-sleeved shirt and bikini bottom. Liberals may defend her right but it is an extreme position because exposing most of her thighs in a place known for crowds is to risk sexual harm and disrupt social peace. She ought to have been arrested and fined. The threat of molestation is real. The same year in 2018, the Thai government issued an advisory that women should not dress too sexily during the water festival of Songkran which draws mammoth crowds. Every year, as many as half of all women participants in the celebration report being groped by men to satisfy their lust. Women’s rights groups demand greater police presence as the solution, but are they prepared to pay heavier taxes to support a massive police force? Many non-Islamic countries have laws forbidding women from walking about in bikinis away from the poolside or beach. Countries that have imposed fines include South Korea, Italy, Spain and parts of the US. In Malaysia, harm may come about when too much female skin is exposed through the wearing of minishorts or mini-skirts and bikini-type blouses in public places. All it takes is a crowd surge inducing panic, and wild youths may go on a rampage of molestation. Back to the dress code. Last March, an elderly female visitor was denied entry by a security guard for wearing calf-length trousers at a public hospital in Pahang. A month before that, a woman was denied treatment at the emergency room of a public hospital in Perak for entering in shorts and, hence, being “indecently dressed”. Our public hospitals may have forgotten that their LETTERS [email protected] overriding consideration is to treat the sick and attend to emergency cases, not to vet fashion styles. Last January, a slightly ridiculous situation occurred when a woman dressed in shorts that were above her knees went to the Kajang police station to report a car accident but was denied entry. How many law enforcement officers today know that our policemen wore khaki shorts stopping above the knees in the old days for ease of movement on foot? How many security guards know that skirts began as men’s wear? The skirt held up with a belt, was the standard uniform for ancient Greek, Roman and Scottish warriors. To this day, Scottish men still wear skirts to official functions. Skirts were popular as soldierly wear because they served the function of practicality in allowing freedom of movement in combat. Skirts for warriors eventually gave way to trousers, and there was a functional reason for it: Trousers were more practical for horse riding, and thus cavalrymen led the switch. Dress code prescriptions also serve to shield us from unkind weather. Desert people cover up with long flowing robes and headdresses to keep the harmful blazing sun from dehydrating their bodies. Long dresses keep people cooler in hot dry regions. However, long-flowing dresses are unsuitable in a tropical rainforest with thick undergrowth. Context is important – it determines correctness. So, forest and bush tribes prefer dressing scantily for ease of movement in lush flora. Surely you have seen early photographs of the Orang Asli and Orang Asal forest people as well as the Amazon tribes and Australian aborigines. There is nothing indecent or rude about their skimpy “Tarzan and Jane” attire as it suits the environment they live in. Nor do skimpy loin garments denote anti-religiosity among primitive forest people, as they have a deep love for nature as the hand of God and their moral conduct is far superior to that of civilised people in that they do not engage in wanton destruction of wildlife. Some countries are deploying their remaining indigenous folks as climate change forest guardians. As context is the most important determinant of dress styles, is it possible for our multicultural society to reach a consensus dress code and put an end to the ceaseless dressing-down over clothing in public places? Yes, if everyone is willing to embrace conciliation instead of confrontation. First, recognise that the two opposing viewpoints are extreme: one is that any person in a public place regardless of their culture or religion must wear attire that covers the ankles and wrists; the other is that nonMuslim men and women must enjoy the freedom to dress as they please anywhere. A multicultural society must acknowledge that dress styles need to suit present-day contexts. To gain wide acceptance, a standard code of nonMuslim attire may stipulate that dresses worn in public places must extend to the elbows and knees while covering the midriff. Elbows and knees are halfway down the limbs and serve as ideal conciliation points that meet the majority group identity dress style halfway. However, there should be no application of dress code for emergency, crime or accident cases anywhere. Discretion must be exercised. As a matter of interest, long shorts became the rage at all women’s readyto-wear shows during the 2023 summer season in Europe. No more emphasis on mini-skirts or mini-shorts. The best way to ensure compliance with a moderate dress code is to impose a licensing requirement on all garment retailers that any skimpy clothing must be sold only as home wear, sports wear or beach wear and labelled as such. The writer champions interfaith harmony. Comments: [email protected] “All dress styles are designed to be contextual, relating to a society and particular situations in that society. A multicultural society must acknowledge that dress styles need to suit presentday contexts.

PROPERTY PROPERTY THURSDAY | JAN 11, 2024 12 PGF Capital to develop land near AHTV PENANG: Main Market-listed leading insulation producer in Southeast Asia PGF Capital Bhd plans to develop its land that is strategically located adjacent to the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak. The development is aimed at complementing the growth and progress of AHTV. China’s automotive powerhouse Zhejiang Geely Holding Group Co Ltd (Geely) is investing US$10 billion (RM46.8 billion) to develop AHTV as Malaysia’s next generation vehicle hub. Geely and DRB-Hicom Bhd formalised their collaboration through the signing of a joint venture agreement (JVA) in December 2023 to facilitate the development of AHTV that is also expected to attract an additional RM40 billion of investments over the next decade. The initiative is anticipated to benefit Malaysia’s national car company Proton Holdings Bhd as it plans to fully relocate its manufacturing facilities to Tanjong Malim from Shah Alam by 2027. The strategic investments and collaborations are projected to generate 160,000 job opportunities over 10 years. Proton, jointly owned by Geely (49.9%) and DRB-Hicom (50.1%), currently produces five models in Proton City and two additional models in Shah Alam. Proton City presently has the capacity to assemble 120,000 vehicles and will be expanded to 240,000 vehicles in the next two to three years. Leveraging on AHTV’s potential, PGF Capital plans to develop its land adjacent to AHTV into a selfsustaining integrated township over 10 to 15 years. The development will cover 400 acres with over 6,000 residential and commercial units at an estimated gross development value (GDV) of RM3 billion. The comprehensive project includes 245.3 acres of agriculture plantations, 53.4 acres for aquaculture activities, 295.5 acres for eco-tourism, 58.2 acres for an ecoretreat, and 71.7 acres for lifestyle communities, including a retirement oPlans for township spanning 400 acres with gross development value of RM3 billion and wellness village. This comprehensive initiative reflects PGF Capital’s commitment to creating not just a township, but a harmonious and sustainable living environment Commenting on the development plan, PGF Capital group CEO Fong Wern Sheng said, “Our master plan for the land envisions a self-sufficient and vibrant community, integrating residential and commercial spaces with thoughtfully designed amenities and infrastructure. Geely has proposed the construction of a university, and we are delighted that the Perak government is exploring suitable locations for such facility. This strategic approach fosters a dynamic and enriching living experience, complementing to the development of AHTV as Malaysia’s automotive hub.” He said their property development plan is currently undergoing review and awaiting approval from the Perak state government. “We aim to launch our first phase by 2024. We have signed a JVA with Malvest Properties Sdn Bhd, a property developer based in Penang with experience in developing various residential and commercial properties, to jointly develop Phase 1,” he added. With an estimated GDV of RM600 million, Phase 1 will offer 1,808 units of residential and commercial properties tailored to different market needs. Embracing ecofriendly design and innovative solutions, this development promises to not only foster economic growth but cultivate a modern, vibrant living environment,” Fong said. PGF Capital’s development plan includes the integration of technology for sustainability living. This encompasses initiatives such as electric vehicle (EV) shuttles for a greener transportation option, artificial intelligence-enhanced security systems for a safe living environment, and the adoption of solar energy to mitigate carbon emissions and reliance on traditional power sources. PGF Capital’s financial position remains strong with low gearing of 0.06 times as at Aug 31, 2023. This offers the group considerable flexibility in funding the development of Phase 1 and other following phases over the next 10 to 15 years. As PGF Capital looks forward to the next 10 to 15 years of development, the group aims to be a catalyst for a positive transformation in Tanjong Malim. Plytec, CIDB cooperate to expedite digital shift in building industry KUALA LUMPUR: Construction engineering solutions and services as well as trading and distribution of building materials company Plytec Holding Bhd signed and exchanged memorandum of cooperation (MoC) at CIDB myBIM Centre Kuala Lumpur recently. The MoC was signed between BIM Engineering Solution & Technology Sdn Bhd (BEST), a wholly owned subsidiary of Plytec and CIDB E-Construct Services Sdn Bhd (CIDBEC), a wholly owned subsidiary of Construction Industry Development Board Malaysia (CIDB). The MoC, which is effective from Jan 3 for a period of three years, is in relation to the enhancement of national Building Information Modelling Library (BIM) and digital technologies adoption ecosystem. The cooperation between BEST and CIDBEC aims to empower and expedite the digital transformation of the professional service and construction industry, with focus on the development of smart cities via the implementation of BIM technology. The cooperation will facilitate the standardisation of the information management system for digital twins of the national built environment; sharing of the latest industry best practices, product innovations and technical resources; training of the disruptive skill sets to uplift competency and capacity of human capital; fostering cross industry collaboration to national technical and vocational education and training programmes and science, technology, engineering and maths education initiatives via myBIM Library and accelerating industry readiness to implement the National BIM E-Submission. BEST managing director and CEO Yang Kian Lock said, “We are looking forward to support CIDB in enhancing the national BIM library or myBIM Library to the next level and facilitating the adoption of digital twin in smart Facility Management. We are committed to bring about a transformative shift in how facilities are managed, ensuring not just operational efficiency but also a seamless and intelligent integration of technologies.” Tropicana finishes strong in 2023, aims high for 2024 PETALING JAYA: Property developer Tropicana Corporation Bhd (Tropicana) closed 2023 on a high note, recording RM1.4 billion property sales and bagging 11 coveted accolades from eight prestigious industry awards. The group also netted solid unbilled sales of RM2.3 billion, placing the company in a good position to deliver sustainable earnings in the next few years. The significant increase was mainly attributed to its aggressive TropiQuest marketing campaign, customer engagement initiatives as well as strong commitment from its team and agents. In addition, the introduction of new customer centric developments and/or new phases in existing townships such as Tropicana Aman, Tropicana Gardens, Tropicana Metropark, Tropicana Cenang and Tropicana WindCity spurred the sales growth of the group. The management cited that the group’s focus and continued commitment demonstrated positive results across its signature developments, “Building townships since 1979, Tropicana has broadened its position from a resort-style developer to a sustainable community planner anchored on its 8 development DNAs and 3 ESG pillars. Our approach focuses on futureproofing our businesses through our constant engagement with our stakeholders, especially our loyal property purchasers as well as our marketing and sales amplification through various online and offline initiatives.” Tropicana Paradise Villa Lots are nestled amongst lush forest greens, pristine waterfalls and gentle creeks on the iconic hills of Tropicana WindCity, Genting Highlands. “Since early 2023, we have reported a string of positive news, from our successful sukuk redemption, multiple award triumphs to positive take-up of our properties across Malaysia. We are confident that Tropicana will continue to strengthen its market presence and contribute to its future earnings supported by our high unbilled sales of RM2.3 billion and strong property sales recorded across Malaysia. This is also complemented by our 8 new or upcoming developments worth an estimated GDV of over RM4 billion in 2024,” the management said. Entering into 2024, Tropicana will continue to gain traction in the market and will be unveiling these signature developments: 0 Shoppes, Tropicana Aman @ Kota Kemuning 0 Terrace Homes, Tropicana Alam @ Puncak Alam 0 Bora Tower B Serviced Residences & Retail Shops, Tropicana Danga Bay @ Johor 0 Serviced Residences & Retail Shops, Lido Waterfront @ Johor 0 Terrace Homes, Tropicana Uplands @ Johor 0 Landed Homes, Tropicana Paradise @ Tropicana WindCity, Genting Highlands 0 Serviced Residences & Retail Shops, Tropicana Avalon @ Tropicana WindCity, Genting Highlands 0 Serviced Residences, Tropicana Cenang @ Langkawi RHB IB keeps ‘overweight’ call on construction sector KUALA LUMPUR: RHB Investment Bank Bhd has maintained its “overweight” call on the construction sector on expectation that contract rollouts will be backed by the government’s RM90 billion development expenditure allocated for 2024. In a note, the investment bank said for the first half of 2024, contract awards may pertain to flood mitigation projects, the Penang Light Rail Transit (LRT), Pan Borneo Highway Sabah Phase 1B and the reinstatement of the plan for five more LRT3 stations in the Klang Valley. “As for the Mass Rapid Transit 3 (MRT3), we take comfort that the government is going ahead with the land acquisition process for the project.” “According to MRT Corp, the notification of identified land is expected to start in second quarter (Q2) of 2024 with the finalisation of land to be acquired taking place in Q3’24. Therefore, we assume that MRT3 awards could take place from Q4’24,” it said. Meanwhile, the bank said the upcoming catalysts for the contruction sector include a higher participation of Malaysia-based contractors in Indonesia’s new capital (Nusantara) project. “Another catalyst is a quicker-than-expected rollout for the proposed three lines of the Johor Baru Light Rail Transit,“ it added. – Bernama

THURSDAY | JAN 11, 2024 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] Napic urged to relook how it categorises data KUALA LUMPUR: The National Property Information Centre (Napic) needs to relook how it categorises public data and information because its current treatment of what is collection is too general, said real estate agency CBRE|WTW. Napic is managed by the Valuation and Property Services Department (JPPH). For example, the data and information on completed unsold properties, also known as overhang, “may trigger” concerns in the property market, CBRE|WTW adviser Foo Gee Jen said in a media briefing after the launch of its 2024 Malaysia Real Estate Market Outlook report here, yesterday. “With about RM20 billion worth of overhang units, one cannot tell whether the property has remained unsold for two or 20 years,” he said. He also noted that some of the older overhang units will not generate market interest even with a 50% discount due to their unattractive location and lack of facilities, among other factors. So there may be a need to “write off” these properties because they will not be sold. “Nobody is going to buy them,” he said. He said if Napic does not take a relook at the data and information provided, the unsold completed units in the country will continue to balloon annually, and this will reflect negatively on the market. Therefore, JPPH has to study details related to its collection of data, and the reason for this overhang to enable better planning going forward, Foo said. “There is a need to put a different weightage into different asset classes according to their age, pricing, location, and so on,” he said. At the same event, group managing director Tan Ka Leong said Iskandar Malaysia is attracting considerable interest from international investors due to its ongoing infrastructure development and focus on sustainable living. “This makes it a prime location for new projects and a potential economic powerhouse in the years to come. The wave of transformation extends across Malaysia, impacting various sectors,” he said. According to the report, projects such as the Rapid Transit System link, the Gemas-Johor Bahru Electrified Double Track, and the Sungai Pulai Bridge connecting the Port of Tanjung Pelepas in Gelang Patah and Tanjung Bin in Pontian have made significant progress. Collaboration with Singapore to ease congestion on the causeway will also prompt business activities and tourism. Data centre investors and operators are also focusing on Iskandar Malaysia, underpinned by Singapore’s constrained data centre capacity. Thus far, data centre developments have focused on Sedenak Tech Park, Nusajaya Tech Park and YTL Green Data Centre Park, the report said. The Klang Valley, fuelled by major players like Tesla, is emerging as a hub for sustainable development, drawing leading corporations and innovative retailers. This, he said, has prompted landlords to pay closer attention to environmental, social and governance factors. “Technologies currently utilised abroad are expected to be adopted locally, contributing to greater efficiency in buildings, including utility costs. “In addition, the growth in electric vehicles will have a spillover effect, fostering the development of supporting infrastructure in residential developments, hotels, offices and shopping malls,” said Tan. – Bernama KUALA LUMPUR: The outstanding amount of the Malaysian bond market stood at RM2.01 trillion as of December 2023, which increased by 1.01% from RM1.99 trillion at the end of the third quarter of 2023, according to the Bond and Sukuk Information Exchange or BIX Malaysia. In its report about Malaysia’s bond and sukuk market for the fourth quarter of 2023, the non-profit information platform said the largest outstanding bonds were government issuances, which comprised 57.67% of total issuances at RM1.16 trillion. This was followed by corporate issuances (25.39% at RM510.71 billion) and quasigovernment (16.94% at RM340.76 billion). “As of Oct 31, 2023, its total value stands at RM2.0 trillion, constituting over 50% of Malaysia’s capital market. “Malaysia leads globally in sukuk, holding 35% of the total outstanding sukuk, surpassing Saudi Arabia and Indonesia,” said BIX Malaysia, which is an affiliate of the Securities Commission Malaysia. By asset class, BIX Malaysia said the outstanding amount of the government bond and sukuk stood at RM603.56 billion and RM556.30 billion, respectively, as of the end of 2023. “For corporate issuances, the conventional bond outstanding amounted to RM113.93 billion, while the corporate sukuk recorded RM396.77 billion,” it said. – Bernama KUALA LUMPUR: Entertainment broadcasts, namely live telecasts of sporting events, are able to contribute to the growth of food and beverage (F&B) outlets, according to a recent survey by Data, Research and Consultancy Services, Kantar. The Malaysian Consumer Behaviour Survey on Out-of-Home Consumption and Opportunities found that 95% of Malaysians eat out weekly and watch TV while dining in. It also found that when the football league is in season, tables with patrons in bars and pubs increased by 50% while for non-bars and F&B outlets, the impact is even greater at 58%. Indian Muslim and Indian restaurants experienced up to 77% of customers tuning in to live sports telecasts that resulted in them staying twice as longer or up to two hours at their premises. Kantar Malaysia insights division general manager Paromeeta Mathur Banerjee said that shows entertainment, especially live sports, can be considered as one of the key offerings by any F&B outlets, driven by customer demand. “F&B outlets that provide Astro entertainment have a high reach, especially in the Klang Valley with an estimated unique customers’ reach of over 4.2 million. Live sports further amplify the impact and reach of F&B outlets in attracting customers and drawing them in to stay longer during each visit,” she said during the Beyond the Menu: Score with More Customers in 2024 event, yesterday. Meanwhile, Astro chief sales and marketing officer Tai Kim Leong remarked that major sporting event broadcasts such as Malaysia League, World Cup and Premier League not only entice new customers and repeat customers into an F&B establishment, but also increase the time spent at the premises. While he does not guarantee that it would lead to an increase in revenue, Tai noted that it is an added service to offer to customers. Moreover, he pointed out that watching sports broadcasts at F&B outlets is the norm in Malaysian society, among friends and family. “This new pack has 15 sports channels, 25 non-sports channels and eight free broadcast channels and is offered at a fairer price considering the type of business whether it also serves alcohol or not, and the size of the business at a price starting at RM400 per month. “In order to facilitate business affairs, the BIZone contract was reduced from 24 months to 12 months compared to the old pack,“ he said. oNeed for different weightage on different asset classes according to age, pricing, location, among other factors: Real estate agency M’sian outstanding bond market worth RM2.01 trillion at end-2023 █ BY GLORIA HARRY BEATTY [email protected] Tai and Paromeeta (fifth and sixth from left respectively) with participants at the event. Sports live telecasts contribute to growth of F&B outlets KUALA LUMPUR: The labour market in Malaysia is expected to strengthen further in 2024 and 2025, backed by encouraging momentum in the domestic economy and recovery in external trade, according to MIDF Research. In a note yesterday, the research house forecasts the average jobless rate at 3.4% in 2024 and 3.3% in the following year. “The return of non-citizen workers is expected to boost overall employment and reduce the jobless rate,” it said. MIDF Research said that as of the third quarter of 2023, non-citizens’ employment is almost 0.8% lower than pre-pandemic levels. “As of 11 months in 2023, employment grew by 2.4% year-on-year (y-o-y), while unemployment reduced by 8.3% y-o-y and the jobless rate averaged at 3.4%. “The downside risks to Malaysia’s labour market, among others, are weaker-thanexpected external trade recovery and global commodity prices nose-diving,” it said. MIDF Research said that Malaysia’s labour market continued on an improving trend as the unemployment rate registered a new post-pandemic low of 3.30% in November 2023, while the labour force and employment growth rates continued on a moderating pace of 1.7% yo-y and 2.0% y-o-y, respectively. “The strengthening job market, in our view, will further reinforce consumer consumption and support overall gross domestic product growth for the fourth quarter of 2023 and 2024,” it said. – Bernama Local labour market set to strengthen further: MIDF Research

BIZ & FINANCE BIZ & FINANCE THURSDAY | JAN 11, 2024 14 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper The Makeover Guys forges connection with CelcomDigi PETALING JAYA: In a seamless fusion of home transformation and digital connectivity, home renovation expert The Makeover Guys has partnered with Malaysia’s largest telco, CelcomDigi Bhd, to offer customers an elevated home experience from renovation to connectivity. Seamlessly integrating The Makeover Guys’ innovative home renovation services with CelcomDigi’s cutting-edge connectivity solutions, residents in Klang Valley and Johor Bahru can now incorporate the benefits for unbeatable value with the best fibre experience. As part of this collaboration, customers who engage The The collaboration aims to streamline the home renovation process – instead of needing a separate provider for internet connectivity. oRenovation experts and telco team up to transform homes KPS monetises stake in Kaiserkorp with divestment worth RM265.48m PETALING JAYA: Kumpulan Perangsang Selangor Bhd’s (KPS) wholly owned subsidiary, Bold Approach Sdn Bhd, has entered into a conditional share sale agreement (SSA) with AI Dream (HK) Ltd to divest 50% equity interest in Kaiserkorp Corporation Sdn Bhd. KPS is expected to realise about RM265.48 million from the divestment. KPS acquired 60% interest in Kaiserkorp for RM116.66 million in 2016. Kaiserkorp’s subsidiary owns the “King Koil” mattress brand and related intellectual properties (Kaiserkorp Group). The acquisition marked KPS’s first foray into the global business sphere with opportunities to penetrate high-growth international markets. KPS managing director/group CEO Ahmad Fariz Hassan said KPS has built a healthy relationship with Kaiserkorp Group in setting the business strategy to push for growth, encouraging collaboration between both leaderships in capitalising business opportunities such as market and customer base expansion. Over the years, Kaiserkorp Group has strengthened its foothold in the bedding industry, with presence in almost 80 countries through 24 international licensees, and achieved impressive revenue and profit compound annual growth rates of 30% and 19%, respectively, between 2018 and 2022. “The decision to monetise our investment in Kaiserkorp follows a comprehensive review of the group’s business, demonstrating its active approach to investment management. It is a strategic move with a few aims in mind, which are streamlining our core business and serving as a catalyst for debt reduction, with the generated proceeds directed towards optimising our balance sheet. This financial manoeuvre is designed to enhance the Group’s fiscal stability and resilience,” he added Ahmad Fariz said with the new ownership having vast business exposure and deep sector experience, there would be bigger growth plans for Kaiserkorp Group, helping it thrive stronger for the long term on a higher growth trajectory, while creating lasting value for its stakeholders. “Retaining a 10% stake would provide KPS Bhd with potential financial upside to its investment whilst maintaining a connection to future growth, potentially yielding additional returns over time,” he added. KPS’s board has allocated RM24.2 million of the proceeds for the issuance of special dividends. The entitlement and payment dates of the dividends will be announced later, following the conclusion of the proposed divestment, which is conditional upon approval of KPS’s shareholders at an extraordinary general meeting. Subject to the completion of the proposed divestment, its shareholders will be entitled to receive 4.5 sen per ordinary share as appreciation for their steadfast support of KPS’s strategic initiatives. Makeover Guys and CelcomDigi to transform their living space can enjoy a complimentary Samsung 55” 4K UHD TV and Samsung Soundbar, valued at RM3,548. Additionally, they will enjoy six months of free home fibre, complete with free installation service and a WiFi 6 router. The offer of the TV and the soundbar are both limited to the first 120 signups. “Internet connection is an important feature in today’s home; most aspects of our lives are managed online, and we need to acknowledge this. With CelcomDigi as our official home fibre partner, we’re looking to offer our customers improved accessibility and efficiency both in terms of setting up their new home and the relevant bells and whistles,” said The Makeover Guys founder and CEO Gavin Liew. Overall, the collaboration collectively aims to streamline the whole process — instead of needing a separate provider for internet connectivity, he added. This works in tandem with an alternative fiscal solution by The Makeover Guys as they introduce an all-new customer-exclusive renovation financing service – The Makeover Loan. Offering a personalised financing option tailored specifically for makeover projects, this exclusive renovation financing service makes it possible to achieve a fully-furnished, designer home for as little as RM455 per month with interest rates starting at 4.99% and loan tenures of up to seven years. Alternatively, customers can opt for the 0% Easy Payment Plan for up to 24 months, facilitating easy financial management while removing the need for substantial upfront payments – making the dream of owning a home a more accessible one. Moreover, the promise of a fully furnished unit completed within a concise timeframe of 30 to 40 working days is a notable feature. This ensures buyers receive an effective turnkey solution, sparing them the effort and time of furnishing a new space. Known as the go-to folks for modern renovations, The Makeover Guys has completed over 7,000 makeovers for own-stay and investment properties across Klang Valley, Johor Bahru, Kuching, and Kota Kinabalu. Selangor’s PROTUNe rakes in RM2.48m revenue in 10 months SHAH ALAM: The Tunas Niaga Programme (PROTUNe) 2023 organised by Selangor State Development Corporation (PKNS) recorded revenue of RM2.48 million within 10 months from March last year, through businesses set up by 1,225 young entrepreneurs from 49 secondary schools in the state. PKNS deputy chief executive officer (corporate and entrepreneurship) Suhaimi Kasdon said the state agency was grateful to have been able to continue the PROTUNe legacy since 1998 with the support of the Selangor State Education Department. “PKNS continues to be committed to implementing the PROTUNe initiative to boost entrepreneurship among the community, especially students, through exposure, guidance and training as well as encouragement to venture into business from the early stage towards producing knowledgeable and successful entrepreneurs,“ he said at the PROTUNe 2023 convention here yesterday. Suhaimi described the programme as successful as it attracted an encouraging participation of a total of 29,300 students, with the guidance of 2,344 teachers, and involved the establishment of 1,152 companies to date. “Last year saw 1,225 participants, consisting of students from Form One to Five, with the guidance of 98 teachers from 49 selected secondary schools in Selangor,” he said. Suhaimi said the PROTUNe Convention at the Selangor state level yesterday was the right platform for PKNS to select the best companies through 10 award categories contested, including the Best Company Award trophy. PROTUNe is held with the objective of inculcating entrepreneurship among Bumiputera students especially in rural schools. – Bernama Malaysia’s jobless rate in November falls to pre-pandemic level of 3.3% PETALING JAYA: Malaysia’s unemployment rate in November 2023 fell to 3.3% and returned to the pre-pandemic level, registering 569,200 unemployed persons, according to Chief Statistician Malaysia Datuk Sri Dr Mohd Uzir Mahidin. In a statement yesterday, he said the performance of the country’s labour force portrayed an improvement in November, signalling the positive growth of the current economy, with the continuous increase in the number of employed persons, whereas unemployment further declined. Therefore, the number of labour force continued to register an increase in November, rising by 0.2% month-onmonth to 17 million persons (October: 16.97 million persons). The labour force participation rate in November stood at 70.1%, similar to the preceding month, Mohd Uzir said, adding that the number of employed persons in November continued to rise with an addition of 0.2% month-on-month, reaching a total of 16.43 million persons compared with the prior month (October: 16.4 million persons). In contrast, he said the number of unemployed persons in November 2023 saw a persistent decrease, marking a reduction of 0.3% to 569,200 persons (October: 570,900 persons). The unemployment rate during the month fell to pre-pandemic level of 3.3% from 3.4% recorded in the previous month. “Out of the total employed persons in November 2023, 75.3% were in the employees’ category. This category posted a slight increase of 0.1% to 12.37 million persons (October 2023: 12.35 million persons). On the same note, the own-account workers category was on an upward trend, rising by 0.3% to 2.99 million persons (October: 2.99 million persons),” said Mohd Uzir. The number of employed persons in the services sector increased, particularly in information & communication; food & beverage services; and transport & storage. Similarly, the manufacturing, construction and mining & quarrying sectors also showed rises. The agriculture sector recorded a decline in the number of employed persons during the same month. The unemployment rate for youth aged 15 to 24 years edged down by 0.1 percentage point to 10.6% in November, registering 308,500 unemployed (October: 10.7%; 313,300 persons). Likewise, the unemployment rate among youth aged 15 to 30 years declined by 0.1 percentage point to 6.5%, with the number of unemployed youths at 432,000 persons (October: 6.6%; 439,600).

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Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE FGV reimburses RM72.2m to 19,673 migrant workers oPlantation group has allocated RM112m to repay recruitment fees to its foreign employees, including former ones KUALA LUMPUR: FGV Holdings Bhd has reimbursed RM72.2 million in recruitment fees to its 19,673 migrant workers, in its efforts to modify the Withhold Release Order (WRO) issued by the US Customs and Border Protection (CBP). The plantation company, in a statement released on its website, said it has allocated RM112 million to reimburse recruitment fees to its migrant workers, including former migrant workers. The reimbursements were made in three tranches paid in March, June, and September 2023, respectively. It said FGV has given top priority to implement a remediation plan to uphold labour rights and address any gaps in its labour practices. A key component of FGV’s remediation programme is the reimbursement of recruitment fees imposed on its migrant workers by third-party recruitment agencies. On completion of the reimbursement programme for its current workers, FGV appointed global assurance partner LRQA to conduct a verification of the reimbursement exercise. LRQA’s verification procedures between Oct 30 and Nov 24, 2023 concluded that all the workers interviewed received all three tranches. The outcome of LRQA’s verification process reflects “FGV’s determination to fulfill its commitment to recompense workers” and to “safeguard” their rights and welfare, FGV said, adding that eligible former migrant workers will also receive recruitment fee reimbursements. FGV is reaching out to former workers with LRQA support to inform them about the programme which is publicised periodically on FGV’s social media accounts as well as in local newspapers in the workers’ countries of origin. The former worker reimbursement programme will be carried out until end2024. FGV has reimbursed 415 former workers amounting to RM1.77 million to date. FGV group CEO Datuk Nazrul Mansor said FGV is fully committed to the principle of “no recruitment fee for workers”. “We have made every effort towards ensuring that our procedures are aligned with ethical recruitment standards,” he said. FGV instituted additional measures including engaging LRQA to conduct surveys among newly recruited workers to ascertain if they had paid any recruitment fees. FGV’s revised agreements with appointed recruitment agencies stipulate the agencies’ obligations to reimburse workers who claimed to have made any form of fees during recruitment. LRQA will verify reimbursements made by the agencies. Recruitment agencies will also be screened before their appointments and must undergo an assessment and capacity-building programme facilitated by LRQA to ensure they comply with ethical recruitment standards. FGV believes that these initiatives and measures will further strengthen its labour practices as it continues efforts to lift the WRO. LRQA is expected to conduct its follow-up assessment in the first quarter of 2024 to verify the implementation of FGV’s overall remediation plan. “With the outcome of the assessment, FGV will then prepare a petition to the CBP to modify the WRO, which will be submitted by the end of the second quarter of 2024,” it added. – Bernama Palm oil stocks down to 2.29m tonnes last month: MPOB KUALA LUMPUR: Malaysia’s total palm oil stocks fell by 4.64% to 2.29 million tonnes in December from 2.40 million tonnes in November, according to the Malaysian Palm Oil Board (MPOB). In its latest industry performance report for December 2023, the MPOB said crude palm oil (CPO) inventory decreased by 9.43% to 1.2 million tonnes last month from 1.32 million tonnes in November. Meanwhile, processed palm oil stocks increased by 1.23% to 1.09 million tonnes in December from 1.08 million tonnes previously. CPO production fell 13.31% to 1.55 million tonnes in December from 1.79 million tonnes in the previous month, and palm kernel output went down by 14.00% to 371,202 tonnes from 431,641 tonnes earlier. The MPOB said palm oil exports slipped by 5.12%, or 72,021 tonnes, to 1.33 million tonnes in December from November’s 1.41 million tonnes, and oleochemical exports slipped by 5.38% to 245,048 tonnes. Biodiesel exports dropped 0.76% to 17,834 tonnes in December from 17,971 tonnes in the preceding month. Exports of palm kernel cake were down 33.77% to 178,436 tonnes last month, while palm kernel oil exports were 11.53% lower to 88,261 tonnes from 99,768 tonnes in November. CPO imports stood at 11,103 tonnes in December, while total palm oil imports dropped 7.87% to 36,573 tonnes compared with 39,696 tonnes in the previous month. – Bernama

BIZ & FINANCE BIZ & FINANCE THURSDAY | JAN 11, 2024 16 China’s exports seen improving in December BEIJING: China’s exports likely grew more quickly and for a second month in December, a Reuters poll showed, adding to signs global trade is starting to recover thanks to an upturn in the electronics industry and expectations of lower borrowing costs in 2024. Outbound shipments from the world’s second-largest economy are expected to have risen 1.7% in December from a year earlier, after ending a seven-month slump and growing 0.5% in November, according to the median forecast of 32 economists polled. Global trade slowed in 2023 as higher interest rates in the US, Europe and other major consumer markets crimped demand. The United Nations warned trade in goods likely contracted by nearly US$2 trillion (RM9.3 trillion) or 8% last year. But improving Chinese, South Korean and German export data suggests conditions are slowly turning a corner. South Korea’s exports, a closely watched indicator of global trade, rose for a third month in December, while the latest German export data for November surprised on the upside, increasing 3.7% month-on-month. Analysts also anticipate that interest rates will drop at least 1.5 percentage points in the US and Europe this year, which should improve demand for imported goods. “There’s increasing evidence that a cyclical upturn in the global electronics sector is driving a bottoming-out of global trade,” said Xu Tianchen, senior economist at the Economist Intelligence Unit, noting betterthan-expected growth in Taiwan’s export data for December, buoyed by stronger demand for high-tech products from the US. “This gives us reason for optimism about a rosier trade picture in 2024,” he added. China’s trade data, which will be released Boeing delivered 396 narrowbody 737 jets last year, meeting its revised goal of at least 375 single-aisle planes but falling short of the initial target of 400 to 450 jets. – AFPPIX oGlobal trade rebounds as electronics industry improves, with anticipated lower borrowing costs this year US regulator probes fake post on its X account, says bitcoin ETF not yet approved WASHINGTON: The US securities regulator said someone briefly accessed its X social media account on Tuesday and posted a fake message saying it had approved exchange traded funds (ETF) for bitcoin, a move eagerly awaited by the crypto industry. However, the Securities and Exchange Commission (SEC) said it has not yet approved spot bitcoin ETFs and its account on X, the platform formerly known as Twitter, had been compromised briefly by an unknown party after about 4pm Eastern time (2100 GMT). The “unauthorised access has been terminated,“ the agency said. It will work with law enforcement to investigate the hack and “related conduct,“ the SEC said. X confirmed late on Tuesday that the SEC’s account was compromised and said it was because of an “unidentified individual” obtaining control over a phone number associated with the agency’s account through a third party. The social media site owned by Elon Musk also said the SEC did not have two-factor authentication enabled at the time the account was compromised and the hack was not due to any breach of X’s systems, citing a preliminary investigation. The unauthorised post said the SEC had granted approval for bitcoin ETFs on all registered national securities exchanges and included a picture purporting to quote SEC chair Gary Gensler. The price of bitcoin rose after the post, which was picked up by Reuters and other news media that monitor the SEC’s account. The posting came as the SEC was widely expected yesterday to finally approve a batch of ETFs that track the price of bitcoin, in a potential watershed moment for the crypto industry. The unauthorised post surprised the industry, with insiders scrambling to find out whether it was true and why the SEC would first publish something on social media. Executives from some ETF issuers, speaking on condition of anonymity because of the sensitivity of the matter, said they were startled and surprised by the initial tweet. One executive said he was “concerned” that the SEC might delay or withhold approval for spot bitcoin ETFs as a result of the hack. Two issuers, speaking on condition of anonymity, said it was not immediately clear whether the hack would impact the timeline for approvals of the spot bitcoin ETFs. The SEC is due to deliver a decision on a joint proposal from Ark Investments and 21Shares yesterday. Anthony Tu-Sekine, a lawyer who heads the blockchain and cryptocurrency group at the firm of Seward & Kissel in Washington, said he did not believe the incident would change the likelihood of approvals at this late stage. Tu-Sekine said it was not clear why someone would do something like that when the approval was already widely expected. “This is really puzzling,“ Tu-Sekine said. By 4:11pm ET, the post on the SEC’s X account had received at least 1 million views. Fewer than 20 minutes later, it was no longer visible and appeared to have been deleted. The price of bitcoin shot up to around US$48,000 (RM223,000) on the fake post, before falling to below US$45,000 minutes later. It was last down 3.15% at US$45,513 after the SEC deleted and disavowed the information. Some analysts had expected bitcoin to fall on the ETF approvals, after gaining more than 70% in recent months on the expectation of a greenlight. – Reuters Boeing hits 2023 jet delivery goal but lags Airbus WASHINGTON: Boeing met jetliner delivery goals and recorded a 70% boost to net orders in 2023, reflecting strong air travel and aircraft demand, while European rival Airbus remained the largest planemaker for the fifth year running. Boeing released its year-end figures on Tuesday as it contends with the fallout from an accident involving an Alaska Airlines 737 MAX 9, which lost a fuselage panel in mid-air last week. The US planemaker delivered 528 aircraft in 2023 and booked 1,314 net new orders after allowing for cancellations, up from 480 deliveries and 774 net new orders in 2022 and its third-best year. It delivered 396 narrowbody 737 jets last year, meeting its revised goal of at least 375 single-aisle planes but falling short of the initial target of 400 to 450 jets. The target was downgraded in October after a manufacturing flaw by fuselage supplier Spirit AeroSystems forced it to inspect planes, slowing deliveries. Boeing delivered 73 787 Dreamliners in 2023, meeting its goal of 70 to 80 aircraft. Boeing’s orders and deliveries will be eclipsed by its European rival Airbus, which broke industry records for gross and net orders and beat its delivery target of 720 airplanes in 2023 with 735 deliveries, sources have said. Based on January-November Airbus figures alone, the European planemaker came out on top for a fifth year. Based on Boeing full-year data and the 735 Airbus deliveries cited by industry sources, Boeing’s market share against its rival held steady at 42%, compared with 50% before an earlier crisis caused by a wider grounding of all MAX jets in 2019. Boeing won 1,456 gross orders for 2023, or 1,576 net orders after accounting adjustments. In December, the company booked 371 gross orders, including highest-ever monthly sales of the 737 MAX at 301 planes. Spanish carrier Air Europa cancelled a booking for two Dreamliners. The company delivered 44 737 MAXs and one older-model 737NG last month. It also handed over seven 767s, four 777 freighters and 11 787s. Train drivers in Germany start 3-day strike, bringing rail travel to near halt BERLIN: German commuters face train cancellations across the country from yesterday, as a three-day nationwide rail strike adds to travel chaos in Europe’s largest economy, where ongoing farmers’ protests have also snarled road traffic. The GDL train drivers’ union began its main strike in the early hours of yesterday, following one by cargo train drivers who walked out on Tuesday evening. The strikes will continue until tomorrow evening, forcing national rail operator Deutsche Bahn to run only stripped-back emergency timetables. The company said the strike action would impact the travel plans of millions and encouraged people to cancel or postpone all non-essential travel. The long-running row over pay and working hours has flared up again following a truce over Christmas. GDL is demanding a reduction in working hours from 38 to 35 hours per week for shift workers, as well as a pay increase of €555 (RM2,815) per month and a one-off inflation compensation bonus of €3,000. Deutsche Bahn has offered flexibility on working hours but refused to reduce them without a pay cut. The nationwide rail strikes come on top of a growing economic headache faced by Germany this year, driven by weak macroeconomic data, high interest rates and mounting criticism of the coalition government. This week’s farmers’ protests, sparked by anger over planned subsidy cuts, have piled further pressure on Chancellor Olaf Scholz, whose government is trying to get its 2024 budget over the finish line. The head of German farmers’ association DBV vowed to ramp up protests yesterday, after convoys of tractors and trucks blocked roads across the country earlier this week. “Too much is too much,“ DBV head Joachim Rukwied told broadcaster RTL/ntv on Tuesday, calling for the government to take the subsidy cuts off the table completely. – Reuters on Friday, is also expected to show imports grew by 0.3% last month, after dropping 0.6% in November. But South Korean exports to the Asian giant, a leading indicator of China’s imports, declined 2.9% on the year in December, as did outbound shipments from Taiwan, which fell 6.4% year-on-year. German exports to China grew 3.1% in November compared with a month earlier. In its December Global Trade Update, the United Nations Conference on Trade and Development said the forecast for global trade in 2024 remained “highly certain and generally pessimistic.” Global trade activities, represented by the Baltic Dry Index, fell 7.3% to its lowest since Nov 23 on Tuesday, reflecting the challenges facing shipping companies, including attacks by Iran-aligned Houthi militants on container ships in the Red Sea. The median estimate in the poll indicated that China’s trade surplus would increase, with analysts predicting it will come in at US$74.8 billion, compared with US$68.4 billion in November. – Reuters Its order backlog increased from 5,324 to 5,626. Airbus is set to announce orders and deliveries today. Boeing executives are expected to lay out new goals for 2024 alongside fourth-quarter results on Jan 31. – Reuters

BIZ & FINANCE BIZ & FINANCE THURSDAY | JAN 11, 2024 17 NEW DELHI: India’s Prime Minister Narendra Modi yesterday made a strong pitch to woo global investors to the world’s fastest growing large economy, saying there are new opportunities across sectors and regions for mutual prosperity. His pitch at the Vibrant Gujarat Global Summit comes months before he seeks a third term in national elections, in which the economy is a central issue, and also as global businesses look at India to diversify supply chains beyond China. Modi said the world looks at India as a “powerhouse for talented youth, a technology hub for finding solutions and a democracy that delivers”, and the country is on its way to becoming the third largest economy in a few years. He said India’s economy has shown momentum and resilience despite geopolitical troubles around the world and invited investors to be a part of its growth journey. Thousands of chief executive officers, investors and diplomats have gathered for the three-day biennial Vibrant Gujarat Global Summit. Meanwhile, India’s top carmaker Maruti Suzuki announced during the summit that it will invest 350 billion rupees (RM19.5 billion) to build a second car plant in Gujarat and will add a new production line at an existing plant. The investments will see the company’s annual production capacity in Modi’s home state jump to two million vehicles from 750,000 currently. The additional production line is expected to start operating in the 2027 financial year and the new plant about two years later. The maker of the popular Swift hatchback has said it wants to double its annual production capacity to four million units by the 2031 financial year. Toshihiro Suzuki, president of Japan’s Suzuki Motor which is the parent company of Maruti, also said the group’s first battery electric vehicle will be rolled out from an existing plant in Gujarat by the end of the year. In addition to being sold in India and Europe, the car will be exported to Japan – marking the first time for Maruti to export to its parent company’s home country. Maruti, which commands more than 40% market share in the world’s third-largest auto market, plans to have six EV models by 2030. Suzuki said Maruti – which is mainly based in India’s Haryana state – had come a long way. “It is noteworthy that as compared to 10 years ago, we expect 1.7 times in vehicle production and 2.6 times in export sales in the current fiscal year.” – Reuters TSMC posts flat Q4 revenue but beats expectations TAIPEI: Taiwan Semiconductor Manufacturing Co (TSMC) reported a largely flat fourth quarter revenue yesterday, but that still beat both the company’s and market’s expectations. The world’s largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from a boom in artificial intelligence applications that has helped it weather the tapering off the pandemic-led demand. Revenue in the final three months of last year came in at T$625.5 billion (RM93 billion), according to Reuters calculations, compared with T$620.2 billion in the year-ago period. That beat the chipmaker’s previous prediction for fourth-quarter revenue being in a range of between T$585 billion and T$610 billion, and also beat an Lseg SmartEstimate of T$617.1 billion drawn from 21 analysts. SmartEstimates give greater weighting to forecasts from analysts who are more consistently accurate. For December alone, TSMC reported that revenue fell 8.4% year-on-year to T$176.3 billion, which was down 14.4% compared with the previous month. TSMC, Asia’s most valuable publicly listed company with a market capitalisation of T$15 trillion, did not provide any details or forward guidance in its brief revenue statement. It is due to report fourth-quarter earnings on Jan 18, where it will also update its outlook for the current quarter and the year. TSMC’s Taipei-listed shares closed down 0.3% yesterday ahead of the release of the sales data. The broader market ended down 0.4%. TSMC shares surged 32% last year, compared with a 27% gain for the broader Modi touts India’s market. – Reuters growth and resilience oPremier in final push to attract more investment before national election Thai PM discusses interest rates with central bank chief BANGKOK: Thai Prime Minister Srettha Thavisin told reporters yesterday he discussed interest rates with the country’s central bank governor, but said he has no power to interfere in monetary policy decisions. Srettha has been outspoken over his differences with the Bank of Thailand (BOT) on interest rates that are at a decade high of 2.50%, as he seeks to breathe life into a sluggish economy with a plan to transfer 10,000 baht (RM1,326) to 50 million people to spend within six months. Srettha, who is also finance minister, earlier this week said interest rates hikes were hurting Southeast Asia’s second-biggest economy while his deputy Julapun Amornvivat said the hikes were “a bit too fast, too aggressive”. In a rare move just minutes before yesterday’s meeting between Srettha and BOT chief Sethaput Suthiwartnarueput, the central bank announced a Jan 15 “policy briefing” to disclose its views, without elaborating. The meeting marks the second time Srettha has publicly discussed raising his objection directly with the central bank over its monetary policy stance, the last time after a surprise rate hike in September to 2.50%. The central bank has raised rates by 200 basis points since August 2022 to curb inflation, but held the rate steady at its November meeting. Its next policy review is on Feb 7. Sethaput has voiced concern about the potential impact of the government’s signature “digital wallet” handout scheme on inflation and has said the economy needed structural change, not fiscal stimulus. A group of more than 80 economists and bankers, including two former central bank governors, in an open letter last year warned the plan could breach fiscal discipline. The government intends to finance it through borrowing. Real estate mogul Srettha this week said the central bank might need to consider reducing rates as inflation was very low. Thailand’s headline consumer price index dropped 0.83% in December from a year earlier to a 34-month low – an eighth straight month below the central bank’s 1% to 3% target range. A bond market survey released yesterday saw the central bank cutting rates by up to 50 basis points in the second half of this year. – Reuters Indonesia approved 53,000ha of oil palm replanting last year JAKARTA: Indonesia last year approved the replanting of 53,012ha of oil palm trees on land owned by smallholder farmers under a subsidised programme, data from palm oil funding agency BPDPKS showed yesterday. The size of the replanting increased from 30,759ha in 2022, but still fell below Indonesia’s annual target. BPDPKS is in charge of distributing subsidies for the replanting of oil palm trees. Indonesia, the world’s top palm oil producer, set a target to replant 180,000ha of palm trees on smallholders’ land every year to boost output without clearing more forest. Experts said Indonesia urgently needs to replant its oil palm trees as yields have been falling while demand for the vegetable oil rises, including for biodiesel. The smallholders palm replanting scheme was launched in 2016 but only 326,308ha have been approved by the end of last year, and only 205,524ha have actually been planted. – Reuters A videographer taking visuals at a stall ahead of the Vibrant Gujarat Global Summit in the city of Gandhinagar. – AFPPIC

BIZ & FINANCE BIZ & FINANCE THURSDAY | JAN 11, 2024 18 READ OUR HERE /thesun Malaysian Paper EU scrutinises Microsoft investment in OpenAI oMove part of efforts to stop major players shutting out competitors BRUSSELS: The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a preliminary study of Microsoft’s multi-billion-dollar investment in ChatGPT developer OpenAI to see if it could be a disguised merger. The early-level examination is “checking whether Microsoft’s investment in OpenAI might be reviewable under the EU Merger Regulation”, the European Commission said. The move is part of efforts by Brussels to make sure its regulatory oversight can catch up with AI developments and stop major players shutting out competitors in a field promising upheaval in multiple sectors. EU competition chief Margrethe Vestager, who will meet top tech bosses in California this week, said “it is fundamental that these new markets stay competitive”. “We are inviting businesses and experts to tell us about any competition issues that they may perceive in these industries, whilst also closely monitoring AI partnerships to ensure they do not unduly distort market dynamics,” she said. Alongside meetings with Apple boss Tim Cook and Google chief Sundar Pichai, Vestager is also set to hold talks with OpenAI’s head of technology and strategy chief. The launch of the ChatGPT chatbot in November 2022 – at the time the fastest-adopted app the world has seen – marked the popular arrival of the AI revolution. Microsoft last year invested around US$13 billion (RM60 billion) in OpenAI and got a seat on the board as a non-voting observer after an abortive boardroom coup against CEO Sam Altman, whom it supported and even briefly hired. Britain’s competition watchdog last month also said it was looking into whether the partnership between Microsoft and OpenAI resembles a merger. A Microsoft spokesman said of the EU move that the US tech giant’s four-year “partnership with OpenAI has fostered more AI innovation and competition, while preserving independence for both companies”. “The only thing that has changed recently is that Microsoft will now have a non-voting observer on OpenAI’s board.” Europe has ambitions of nurturing its own AI champions, such as Germany’s Aleph Alpha and France’s Mistral AI. But the massive financial investments needed to develop AI at scale requires have regulators that worried deep-pocketed corporations like Microsoft, Google owner Alphabet, Facebook parent Meta and China’s Baidu could scoop up start-ups. The EU in December reached agreement on a legislative text that, once adopted, aims to rein in the potential for AI misuse – such as for biometric surveillance and behavioural manipulation – while fostering innovation. Brussels views the bill as a possible legal template for regulation in other areas of the world. The United States already has a presidential executive order on AI safety standards while China has implemented a law specifically regulating generative AI. – AFP Outlook for German construction sector grim: Researchers BERLIN: The outlook for Germany’s construction sector is grim this year, according to two prominent research institutes yesterday, a further bad sign for the nation’s struggling property industry as it suffers its worst crisis in decades. German construction spending is set to fall this year for the first time since the 2009 financial crisis, according to a study by the DIW economic institute. A separate survey by the Ifo economic institute showed sentiment in residential construction at an all-time low. For years, the property sector in Germany and elsewhere in Europe boomed as interest rates were low and demand was strong. But a rapid rise in rates and costs put an end to the upsurge, pushing some developers into insolvency as bank financing dried up and deals froze. “The slump in the construction industry is taking longer than expected,” said Laura Pagenhardt, an author of the DIW study. Construction volume will shrink by 3.5% this year to €546 billion (RM2.7 trillion) before recovering slightly with a 0.5% increase in 2025, DIW said in the study. The last time that German construction spending declined was in 2009. The Ifo survey showed sentiment in residential construction dropped to -56.8 points last month, worse than -54.4 points in November. It was the lowest level since Ifo began tracking the index. “The prospects for 2024 are bleak,” said Ifo head of surveys Klaus Wohlrabe. Germany has been falling short of its efforts to build 400,000 apartments a year, and the industry has been calling on German Chancellor Olaf Scholz to stem the property crisis. “Berlin, we have a problem. We are not talking about abstract things, but about affordable housing, which is urgently needed,“ German Construction Industry Federation head Tim-Oliver Muelle said yesterday. – Reuters US rep calls for probe of UAE tech firm WASHINGTON: A key US lawmaker has called on Washington to mull trade curbs on Emirati artificial intelligence firm Group 42 Holdings (G42) over its ties with China, according to a letter released on Tuesday. Mike Gallagher, the Republican chair of the House Select Committee on the Chinese Communist Party, raised concerns over the firm’s business links with Chinese military companies, state-owned entities and intelligence services. “G42 maintains active relationships with blacklisted entities including Huawei and Beijing Genomics Institute,” said Gallagher in a letter to the Department of Commerce dated last week. He said G42 CEO Peng Xiao runs and is affiliated with “an expansive network” of Emirati and China-based companies developing dual-use technologies and which support human rights abuses. He urged for the Department of Commerce to consider if the company, alongside 13 subsidiaries and affiliates, should be added to a trade blacklist. Five of the firms were said to have links with Emirati cyberintelligence company DarkMatter. Companies added to the so-called Entity List are restricted from obtaining US items and technologies without government authorisation. US companies that have commercial ties with G42 and its subsidiaries include Microsoft, Dell and OpenAI. “Without restrictions on G42, the hardware and software developed by these US companies are at significant risk for diversion to G42’s PRC-based affiliates,“ Gallagher’s letter said, referring to the People’s Republic of China. Many of these affiliates, he added, “support the CCP’s surveillance state and human rights abuses”. The letter marks the latest push by Gallagher to heighten scrutiny over trade flows involving China and take action against firms with links to Beijing. – AFP Tesla launches restyled Model 3 in North America WASHINGTON: Tesla yesterday launched the restyled version of its Model 3 sedan in North America and kept the prices unchanged, according to the company’s website and a post on X. The electric car maker has removed the most expensive version of the Model 3, the “performance” variant, from its North American websites, and now only lists the rear-wheel drive and the long-range variants. The Model 3’s rear-wheel drive variant is currently priced at US$38,990 while its long-range variant costs US$45,990. The restyled version of both variants includes new features such as a rear display for backseat passengers, two new colours – “Stealth Grey and Ultra Red” – and newly styled wheels, according to Tesla’s website. Tesla first unveiled the restyled Model 3 in China in September last year at a higher price. The Model 3 rear-wheel drive and long-range vehicles became ineligible for the US$7,500 federal tax credit at the end last year, based on new guidance under the US Inflation Reduction Act. – Reuters An apartment building under construction in the German city of Frankfurt. – REUTERSPIC

LYFE LYFE THURSDAY | JAN 11, 2024 23 Pods and playlists LAST year’s musical landscape was unquestionably dynamic, as Spotify points out the resurgence of prominent female pop stars and a substantial presence of “sonic diversity” on the charts. Furthermore, Spotify’s annual summaries reveal that more than 74 million individuals worldwide were engaged with music on the platform in 2023. Spotify introduced new features alongside its traditional wrapped summaries last year. These innovations include a unique city designation system based on users’ listening habits, personalised messages from popular musicians if they rank among your top artists and an advanced AI DJ feature that guides users through their personalised wrapped experience. Now, let us delve into the statistical insights. Most-streamed artists globally In line with expectations, pop star Taylor Swift rightfully claims the spotlight as the top artist of last year, accumulating an impressive 26.1 billion global streams since Jan 1, 2023. Her achievements include reimagined re-releases, recordbreaking world tours and the popularity of vibrant friendship bracelets. In the 48 hours leading up to this achievement, Spotify unveiled 21 puzzle pieces with Swift-themed Easter eggs on billboards worldwide. These clues led to a spotlight video offering glimpses into her universe, featuring elements from cats to her iconic red lips. As an added treat, for a limited time, playing one of her songs on Spotify will make the progress bar change and sparkle to match the song’s era colour. Claiming the second spot was reggaeton sensation and Spotify powerhouse Bad Bunny, who experienced a remarkable year with the launch of his new album, Nadie sabe lo que va a pasar manana (No one knows what’s going to happen tomorrow). The top five were then rounded out by The Weeknd, Drake and Peso Pluma. The top global songs of 2023 Miley Cyrus’s groundbreaking track Flowers clinched the title of the year’s top song, sustaining remarkable popularity from its debut through the summer months and amassing over Swift is Spotify’s top global artist of 2023. – BETH GARRABRANT oSpotify’s data-driven recap of 2023’s audio universe █ BYHAZIQUE ZAIRILL Shakira honoured with her own statue Shakira’s statue created by Yino Marques. – PIC BY SHAKIRA/INSTAGRAM Bunny claimed top global spot for album and artist. – SPOTIFY SHAKIRA, the Grammy-winning artist, recently received a tribute in the form of a bronze statue in her hometown of Barranquilla, Colombia. The 46- year-old singer shared the news on Instagram, revealing that the 21-foottall statue, crafted by artist Yino Marques, captures her iconic Hips Don’t Lie dance move from the 2005 music video. In a heartfelt Instagram post, Shakira showcased a photo carousel featuring her family at the statue’s site. The first photo, capturing her parents William Mebarak Chadid and Nidia Ripoll Torrado at the statue’s feet, coincided with her mother’s birthday. Shakira expressed joy in sharing the moment with her family, especially on her mother’s special day. Additional images in the carousel included shots of Shakira’s parents and brothers with the Mayor of Barranquilla, as well as a solo picture of the statue accompanied by a dedication. Overwhelmed by the gesture, Shakira admitted, “This is too much for my little heart.” As the dedicationon the sculpture highlights her impact on music and various philanthropic endeavours, describing her as having “a heart that composes” and “bare feet that march for the good of childhood and humanity”. Preceding the statue tribute, Spotify honoured Shakira, the most streamed female Latin artist in its history, with her own day on Sept 29, known as “Shakira Day.” This recognition followed the viral #ShakiraDeservesADay campaign initiated by her Colombian fanbase on social media. Expressing gratitude for her fans’ integral role in her career, Shakira acknowledged their understanding and unwavering support. In an interview with Spotify’s For the Record, she emphasised the inspiration drawn from her home country, Colombia, stating, “Colombia is a never-ending source of inspiration, for colours, culture, sounds, stories, folklore and food.” She expressed profound gratitude for being raised in such a culturally rich environment, declaring it her lifelong muse. The statue unveiling and Spotify’s tribute further solidify Shakira’s enduring connection with her roots and the profound impact she has had on the world of music. 1.6 billion global streams. In the second and third spots, SZA’s Kill Bill and Harry Styles’s As It Was hold a dominant presence across various regions worldwide. Securing the fourth and fifth positions are Jung Kook with Seven (feat Latto), Eslabon Armado and Peso Pluma with Ella Baila Sola (She dance alone). The top global albums of 2023 Listeners exhibited a nostalgic inclination, opting for albums released before the previous year, as evident in last year’s top five album choices. Continuing its dominance for the second consecutive year, Bad Bunny’s Un Verano Sin Ti (A summer without you) emerged as the most-streamed album, accumulating an impressive 4.5 billion global streams. Swift’s Midnights secured the second spot, capturing the attention of audiences with its compelling sound. SZA’s SOS claimed the third position, offering a unique musical experience for listeners. The fourth and fifth spots were solidified by The Weeknd’s Starboy, known for its captivating tracks, and Karol G’s Manana Sera Bonito (Tomorrow will be beautiful), which rounded out the top albums, contributing to the diverse musical Rogan’s Experience crowned top global podcast. – YOUTUBE/@JOEROGANEXPERIENCE █ BYYASMIN ZULRAEZ landscape enjoyed by audiences worldwide. The top global podcasts of 2023 According to the latest data from Edison Research, Spotify stands out as the most widely used audio podcast platform in key global markets and holds the title of the leading podcast publisher in the US. The Joe Rogan Experience has been named the top podcast globally for the fourth consecutive year, with Call Her Daddy securing the second spot for the second year. Huberman Lab follows in third place, alongside Anything Goes with Emma Chamberlain and On Purpose with Jay Shetty. Notably, eight out of the top 25 global podcasts and nine out of the top 25 in the US are owned or licensed by Spotify. Throughout the year, these podcasts, along with others, highlighted significant moments in pop culture, spanning music, movies and technology. The spring and summer particularly saw a surge in girl-and women-powered media, driven by events like Beyonce’s Renaissance Tour, Swift’s The Eras Tour and the success of the Barbie movie. These cultural phenomena sparked discussions across various podcast genres, addressing both economic and entertainment perspectives. Additionally, the year 2023 witnessed a heightened global interest, mixed with fascination, frustration and occasional apprehension, regarding the rise of artificial intelligence (AI).

LYFE LYFE THURSDAY | JAN 11, 2024 24 to modern living spaces. Turntables and vinyl collections are becoming statement pieces, blending vintage aesthetics with contemporary design. This fusion enhances the overall ambience of homes and social spaces. Building personalised music collections Vinyl encourages a curated approach to music consumption. Building a vinyl collection involves thoughtful selection, reflecting individual tastes and preferences. This intentional act of collecting transforms music into a more personal and cherished aspect of one’s lifestyle. Vinyl’s enduring legacy Unlike digital files susceptible to corruption or loss, vinyl records have proven r e m a r k a b l y resilient. Many vinyl records from past decades are still playable today, showcasing the enduring nature of this analogue format. This longevity adds to the allure of I N an era dominated by digital streaming and instant access to music, the unexpected revival of vinyl records has become a cultural phenomenon, reshaping the landscape of entertainment and lifestyle. This resurgence goes beyond mere nostalgia - it reflects a desire for a tangible and immersive musical experience. Here are ten compelling reasons why vinyl records are making a triumphant return. Rediscovering the warmth of analogue Vinyl records offer a distinct and warm sound quality that digital formats struggle to replicate. Audiophiles and music enthusiasts are drawn to the rich, analogue sound of vinyl, creating a renewed appreciation for the way music was originally intended to be heard and experienced. Enjoying a tangible format In a world saturated with virtual experiences, vinyl provides a tangible connection to music. The act of choosing a record from a collection, carefully placing the needle on the groove and holding album artwork in hand creates a sensory experience that transcends the purely auditory. Celebrating album art Vinyl records celebrate the visual aspect of music with larger-than-life album art. The resurgence of vinyl allows artists to showcase intricate designs, often lost in the era of digital thumbnails. Collectors appreciate the opportunity to display these artistic masterpieces as part of their home decor. Exclusivity in the digital age The vinyl comeback has given rise to a surge in limited-edition releases. Collectors and fans alike are drawn to the exclusivity of these editions, often featuring unique coloured vinyl, bonus tracks or special packaging. This trend adds a layer of excitement and value to the vinyl experience. A mindful musical experience Vinyl listening is a deliberate act that demands attention. Unlike the background noise of digital playlists, playing a vinyl record involves focus and invites listeners to completely i m m e r s e themselves in the music. This r i t u a l i s t i c approach to m u s i c consumption has become a form of mindfulness for those seeking a b r e a k Vinyl records provide music lovers with tangible ownership and involvement that is just not there with streaming. vinyl as a timeless medium. Bridging generational gaps The vinyl resurgence serves as a bridge between generations. Younger listeners, raised in the digital age, are discovering the joy of vinyl through their parents or older siblings. This inter-generational connection fosters a shared appreciation for music history and the evolution of audio technologies. A cultural shift in music consumption The vinyl revival is not just a resurgence of outdated technology; it signifies a cultural shift in how we consume and value music. In an age where convenience often trumps experience, vinyl is a testament to the enduring power of a more deliberate, immersive and personal connection with music. The vinyl comeback is a celebration of artistry in both sound and design, inviting us to slow down, appreciate the nuances and savour the timeless joy of a needle finding its groove on a spinning record. As this analogue renaissance continues to captivate music lovers across generations, it reaffirms that, amid the digital revolution, some traditions are worth preserving. Preserving the soul of music vinyl records not only offer a sonic journey but also serve as cultural artefacts, preserving the soul of music. The crackle of the needle, the unfolding of album art and the warmth of analogue sound collectively contribute to an immersive experience that transcends time. In an age marked by fleeting digital streams, the vinyl resurgence champions the idea that music is not merely a disposable commodity but a cherished legacy that deserves to be passed down through the generations. As more people embrace the vinyl renaissance, it becomes a powerful statement, a reclamation of the tangible, the enduring and the soulful in our rapidly evolving musical landscape. from the constant digital buzz. Vinyl enthusiasts unite Vinyl has rekindled a sense of community among music lovers. Once considered relics, record stores have become hubs for vinyl enthusiasts to connect, share recommendations and immerse themselves in the shared passion for physical music. Vinyl fairs and events further amplify this sense of camaraderie. A retro aesthetic in modern spaces The resurgence of vinyl extends beyond audio quality - it brings a touch of retro nostalgia Needles, grooves and legacy █ BY YASMIN ZULRAEZ Many are drawn to flea markets selling second hand records. Its vintage charm is part of its appeal with new enthusiasts. - PICS BY FREEPIK Vinyl junkies now scour antique stores in search of hidden treasures. oMusic lovers rediscovering joy of long playing analogue records in digital age

LYFE LYFE THURSDAY | JAN 11, 2024 25 Parton’s heart of gold DOLLY Parton has made a lifelong dream come true for Utah resident LeGrand Gold, a devoted fan who was diagnosed with stage four colorectal cancer in 2021. Part of Gold’s uplifting bucket list included meeting the country superstar, and just before Christmas, the 77-year-old Jolene singer surprised him with a heartfelt phone call. During the call, Parton sang a song with Gold’s name incorporated, leaving him feeling “immortal” and overjoyed. Gold’s wife, Alice, expressed the profound impact of the call on their family, Gold (left) was greatly uplifted by Parton’s phone call. – COURTESY OF GOLD FAMILY; CHRISTOPHER POLK/VARIETY VIA GETTY oCountry superstar helps uplift uber fan suffering from cancer with phone call █ BY YASMIN ZULRAEZ Goldberg’s cameo a welcoming surprise IN a surprising and symbolic cameo, Whoopi Goldberg, renowned for her role in Steven Spielberg’s 1985 film adaptation of Alice Walker’s The Color Purple, makes an appearance in the new film adaptation of the Broadway musical. Goldberg, now 68, originally portrayed Celie Johnson and earned an Oscar nomination for her performance. In the current film, based on the Broadway musical adaptation of Walker’s book, Phylicia Pearl Mpasi and Fantasia Barrino take on the role of Celie at different life stages. The challenge for the creative team was to find the right way to include Goldberg in the new version. Early in the film, during a pivotal scene depicting a young Celie giving birth, Goldberg appears as a midwife assisting her through the process. Screenwriter Marcus Gardley explained the thought process behind Mpasi (left) in The Color Purple and Goldberg (right). – PIC BY WARNER BROS. ENTERTAINMENT; DIA DIPASUPIL/GETTY █ BY YASMIN ZULRAEZ Eason announces engagement to longtime girlfriend Meyer KNOWN for his appearances on The Challenge and The Circle, Ed Eason celebrated a joyful moment on Dec 23 by proposing to his longtime girlfriend, Miranda Meyer. Eason took to Instagram to share a carousel of pictures capturing the magical proposal on a boat. In one image, Meyer reacts with hands covering her face in delightful shock, while another includes a glimpse of Meyer’s son in the background. Expressing his happiness, Eason captioned the post, “My heart my soul.” He announced Meyer’s positive response to the proposal, humorously noting, “She said yes, turns out angels do love goofballs.” Eason went on to express his deep love for Meyer, calling her “the most perfect girl in this whole world” and stating, “I’m so happy we get to spend our life together.” Meyer reciprocated the love on her own Instagram, sharing engagement photos and expressing gratitude with the caption, “Thank God I have you forever.” Eason responded with a heartfelt acknowledgment, “I love you forever. My fiance.” The couple’s journey to engagement was marked by earlier moments of celebration, including Eason’s special early birthday post for Meyer in October. Their social media accounts have been intertwined since they began dating, with Meyer featuring Eason in various posts. Additionally, Meyer’s Instagram showcases her close relationship with her son from a previous relationship, creating a heartwarming blend of family moments. As the couple embarks on this new chapter, filled with love and commitment, fans can look forward to a video capturing the proposal, as teased by Eason in his Instagram post. The engagement adds another layer of joy to Eason’s journey, both on and off the screen. Eason happily engaged. – PIC BY ED EASON/INSTAGRAM █ BY YASMIN ZULRAEZ stating that out of the 11 items on the bucket list, meeting Parton was initially deemed impossible. However, Parton, true to form, turned the seemingly impossible into reality, demonstrating her heart of gold. In a shared YouTube video capturing the call, Parton warmly greeted Gold as “LG” and playfully referred to herself as “Dolly P”. Expressing her happiness at having a devoted fan like Gold, she acknowledged their shared journey and emphasised her desire to bring joy through her music and actions. Gold, a father of five and computer programmer from Tennessee, frequently visits Parton’s Dollywood and has been a long-time admirer of her work. Last year, facing a challenging phase in his battle with cancer, he and Alice created a bucket list called LG’s List of Living, which included diverse items like attending a March Madness game and experiencing a Natalie Merchant concert. Despite Gold’s terminal prognosis and challenging health journey, the couple managed to tick off several items from the list, with meeting Parton being the most recent achievement. Parton expressed gratitude for being a source of comfort during Gold’s cancer battle and Alice praised not only Parton’s music but also her charitable efforts, such as the Imagination Library book gifting programme. As the call concluded, Parton humorously noted that she “will always love” Gold and playfully suggested she should have sung those words. True to her promise, she ended the call by singing, swapping her iconic lyrics with a personalised touch, “I will always love LG.” Despite Gold’s health challenges and a prognosis of less than six months to live, he continues to cherish moments with his wife and children during the holiday season. The family is actively working on completing the remaining items on Gold’s bucket list, including a planned fake wedding on Jan 13 next year, providing their four daughters with the opportunity for a special father-daughter dance. incorporating Goldberg into the narrative, acknowledging the original film’s cultural significance. He chose to write Goldberg’s character as a midwife as a symbolic passing of the torch, emphasising the idea that Goldberg, having played Celie in the original, is now passing the role down to the new generation. Gardley expressed the beauty of the scene, noting Goldberg’s pride as she encourages Mpasi’s character during the birth. He described the moment as a powerful representation of Goldberg looking upon Mpasi and conveying the sentiment, “You can do it.” Goldberg’s role in the 1985 adaptation marked only her second on-screen credit, launching a successful career spanning decades in acting, producing, and co-hosting The View. Blitz Bazawule, the director of the new film, shared insights into the filming process of Goldberg’s cameo, highlighting the humour she brought to the set with her stand-up comedy background. Despite the laughter, Bazawule emphasised Goldberg’s caring and loving demeanour, particularly towards Mpasi. Goldberg, along with the film’s director and cast members Barrino, Danielle Brooks, and Taraji P Henson, recently appeared on The View to discuss the movie. During the show, the cast expressed their admiration for Goldberg, acknowledging her pivotal role in inspiring generations with her powerful portrayal in Spielberg’s movie. In a poignant moment on The View, the cast, including the director, rose to applaud Goldberg, recognising her influence on the success of The Color Purple. Bazawule expressed gratitude, stating, “We would not be here without you.” Brooks echoed the sentiment, acknowledging Goldberg’s significant impact. The Color Purple, co-produced by original star Oprah Winfrey, is currently in theatres, continuing to captivate audiences with its powerful narrative and Goldberg’s surprise appearance only adds to its cinematic allure.