CEOMorningBrief WEDNESDAY, NOVEMBER 8, 2023 ISSUE 666/2023 theedgemalaysia.com IMF UPGRADES CHINA’S 2023, 2024 GDP GROWTH FORECASTS p15 HOME: TalentCorp says better prospects, not ringgit weakness, the primary reason for brain drain p4 CGS-CIMB is ‘double overweight’ on construction sector on govt policy continuity p6 F&N posts highest profit in 13 years, declares 50 sen dividend p7 Investor sues Trillion Cove over failure to pay redemption sum on ‘high risk’ investment p13 WORLD: How Huawei plans to rival Nvidia in the AI chip business p21 ZAHID IZZANI/THEEDGE Report on Page 3. Bursa rejects EPF’s bid to vote in RM3.57 bil Sime Darby-UMW merger MOF sees extra RM800 mil annual revenue from capital gains tax Report on Page 3.
wednesday november 8, 2023 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe 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] Malaysia does not recognise US’ decision on unilateral sanctions, says PM Deadline for KL-Singapore HSR concept proposal submission extended to January 2024 on bidders’ requests KUALA LUMPUR (Nov 7): Malaysia will not recognise a unilateral decision by the United States (US) to penalise foreign countries supporting the Palestinian group Hamas, Prime Minister Datuk Seri Anwar Ibrahim said on Tuesday. He was also adamant that the move will not influence Malaysia’s policies or decision to continue supporting Hamas. “We do not agree with how the US is handling this, and Malaysia will only recognise sanctions imposed by the United Nations Security Council in a multilateral manner,” Anwar said in response to a question by Wan Ahmad Fayhsal (PNMachang) during the Prime Minister’s Question Time in Dewan Rakyat. Anwar said he had spoken to several countries, including Islamic nations, and they all share the same stance of not home by Choy Nyen Yiau theedgemalaysia.com by Anis Hazim theedgemalaysia.com recognising the US bill. “We will maintain relations with Hamas and will not categorise the group as terrorist,” said Anwar. Although Malaysia is not a signatory to the Rome Statute, it will support any country that wants to refer Israel to the International Court of Justice, he added. On Nov 1, the US House of Representatives passed a bill to allow the US to sanction foreign supporters of Hamas and the Palestinian Islamic Jihad movement. The Hamas International Financing Prevention Act was passed with 363 Congressmen voting in favour, and 46 members opposing the bill. Read also: PM to attend Apec 2023 in US from Nov 11 to 17 KUALA LUMPUR (Nov 7): The deadline for submission of concept proposals for the Kuala Lumpur-Singapore high-speed rail (KL-SG HSR) has been extended from Nov 15, 2023 to Jan 15 next year. MyHSR Corp Sdn Bhd, which has the mandate to develop the HSR, said the extension of the deadline for the KL-SG HSR request for information (RFI) was due to the “requests from international and local industry players in recent weeks”. “More than 60% of the companies, which had indicated their commitment to submit concept proposals for the KL-SG HSR project that was originally scheduled by Nov 15, have requested for an extension of time as they required more time to form consortium with potential partners and explore financial options, among others,” MyHSR said in a statement on Tuesday. MyHSR had on July 27, conducted the RFI briefing for the KL-SG HSR project, which drew more than 700 local and foreign participants representing the full spectrum of the project. The briefing explained the overview of the RFI process, including the timeline for local and international firms as well as consortia to submit concept proposals for the KL-SG HSR project based on a public-private partnership initiative and deliver the project based on the design-finance-build-operate-transfer (DFBOT) model. Participating firms and consortia are required to demonstrate technical expertise and overall ability to develop and operate this major infrastructure system and services with the required resources and within the budgeted cost, quality and time. They are also required to demonstrate viable commercial and business models as well as consortium and governance frameworks. To date, MyHSR has sold more than 30 copies of the RFI documents purchased by local and international firms, according to MyHSR chief executive officer Datuk Mohd Nur Ismal Mohamed Kamal. “We understand the companies need more time to produce quality proposals for the KL-SG HSR project that will be a growth engine and a much-needed impetus in catalysing the economic trajectory of Malaysia,” he said. He said that the RFI is also part of the government’s initiative to reactivate the KLSG HSR project via new funding mechanisms and implementation models in efforts to improve the rail transport infrastructure further and invigorate the national economy. Last week, Transport Minister Anthony Loke said the Malaysian government was still searching for a suitable financing method for the HSR project before bringing it to the Singapore government for further discussions. Previously, research house CGS-CIMB in a September note said five companies were believed to have been shortlisted for the KL-SG HSR, including YTL Corp Bhd, MMC Corp Bhd, Malaysian Resources Corp Bhd, WCT Holdings Bhd and Berjaya Land Bhd.
wednesday november 8, 2023 3 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): The government is expected to generate an additional annual revenue of RM800 million through the implementation of a 10% capital gains tax (CGT), which will come into effect on March 1, 2024, according to the Ministry of Finance (MOF). The revenue projection is based on the trend of share ownership transfers observed over the past few years, according to the ministry. “CGT will only be imposed on the disposal of unlisted shares, including those of companies, limited liability partnerships, cooperatives and trusts, whether they are local or foreign entities holding shares in a company. “For this purpose, relevant legislative amendments are being implemented, and guidelines will also be issued to provide clearer explanations regarding the implementation of the CGT,” MOF said in a written parliamentary response to Datuk Mohd Radzi Jidin (PN-Putrajaya) on Tuesday. Radzi Jidin inquired whether the government had conducted a comprehensive study regarding the implications of implementing the new tax on unlisted shares, and proposed a timeline for the implementation, as well as a projection for increased revenue resulting from the capital gains tax. MOF stated that since the capital gains tax was first proposed in Budget 2023, the ministry has conducted a series of studies and engagement sessions with stakeholders. The comprehensive study also compared the best practices of capital gains tax implementation in other countries, such as the United Kingdom (UK), Japan, India and Australia. “The results of the study have been translated into a CGT implementation proposal paper that has been distributed to various associations and other stakeholders, to obtain official feedback. “Among stakeholders providing feedback were the Malaysian International Chamber of Commerce and Industry (MICCI), The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), and the Malaysian Investment Banking Association (Miba),” the ministry said. After considering the stakeholders’ views and feedback, the ministry believes that the initial step of implementing the capital gains tax, with a focus on the disposal of unlisted shares in local companies by taxpayers other than individuals, is appropriate. MOF added that this step aligns with the direction of simplifying and improving aspects of tax administration, in addition to being one of the efforts to diversify the sources of national income. “The government’s decision not to impose CGT on listed shares is also aimed at ensuring the continued growth of the capital market for existing listed companies, and maintaining investor confidence. This step will also enhance the competitiveness of the country’s capital market at the global level,” the ministry added. Read also: Govt spent RM700 mil on publicity between 2020 and 2022 MOF sees extra RM800 mil annual revenue from capital gains tax KUALA LUMPUR (Nov 7): Bursa Malaysia has rejected the Employees Provident Fund (EPF)’s request for a waiver from categorising the pension fund as “persons connected” with Permodalan Nasional Bhd (PNB) in the RM3.57 billion merger deal between Sime Darby Bhd and UMW Holdings Bhd. “Accordingly, EPF is required to abstain from voting in respect of their direct and/or indirect shareholdings in Sime Darby on the resolution pertaining to the proposals to be tabled at the EGM [extraordinary general meeting],” Sime Darby’s filing with Bursa Malaysia on Tuesday (Nov 7) showed. According to the corporate exercise’s circular to shareholders, EPF is deemed to be a person connected to PNB because of a commercial arrangement between the two parties in a joint venture company. EPF owns a 15.23% stake in Sime Darby and 10.05% shareholdings in UMW. PNB, meanwhile, has a 5.11% stake in Sime Darby and is deemed to have 37.73% shareholdings via Amanah Saham Bumiputera. Other major shareholders of Sime Darby include Kumpulan Wang Persaraan Diperbadankan (7.81%), Yayasan Pelaburan Bumiputra (5.11%), Vanguard Group Inc (2.23%), BlackRock Inc (1.68%) and State Street Corp (1.17%). Bursa rejects EPF’s bid to vote in RM3.57 bil Sime DarbyUMW merger At UMW, Amanah Saham Nasional Bhd has the highest stake of 53.7%. Besides EPF, the other major shareholders are Kumpulan Wang Persaraan Diperbadankan (9.12%), Yayasan Pelaburan Bumiputra (4.08%), Oversea-Chinese Banking Corp Ltd (2.92%), Citigroup Inc (2.34%), State of Kuwait (1.68%), Norges Bank (1.67%), among others. The merger involves Sime Darby buying PNB’s entire 61.18% shareholdings in UMW at RM5 per share or RM3.57 billion, followed by a mandatory general offer (MGO) to buy the remaining 38.82% stake at about RM2.27 billion to pave the way for the delisting of UMW. CIMB Investment Bank Bhd is the principal adviser, while AmInvestment Bank Bhd has been appointed as the independent adviser for the deal. The acquisition is expected to be completed by the fourth quarter of this year, and the MGO by the first quarter of 2024. Sime Darby shares, which appreciated 15.6% since the deal announcement on Aug 24, closed five sen or 2.1% lower at RM2.33 on Tuesday, giving it a market capitalisation of RM15.88 billion. UMW, which had been climbing ahead of the merger announcement, settled one sen or 0.2% lower at RM4.86 on Tuesday, valuing it at RM5.68 billion. by Chester Tay theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com
WEDNESDAY NOVEMBER 8, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 7): Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has revised its sales volume target of 314,000 vehicles to 325,000 vehicles by the end of 2023, driven by improved parts supply by auto vendors and healthy demand for its vehicles. To support the higher sales volume target, the carmaker has also revised its production target of 330,000 units to 338,000 units, according to its statement on Tuesday (Nov 7). “This month saw our highest-ever production and sales performances of 35,111 units made and 33,836 units registered in a single month,” Perodua president and chief executive officer Datuk Seri Zainal Abidin Ahmad said. From January to October 2023, Perodua recorded a sales volume of 267,063 units, an increase of 20.2% from 222,203 units in the same period of 2022. Meanwhile, its production was up by 22% to 280,452 units from 229,811 units a year ago. “While some issues such as the long-term availability of semiconductor chips still persist, we are able to secure enough so that our fourth quarter performance would be the best in our history. “If this momentum continues, then the automotive industry might be able to sustain such growth in 2024, which would further help boost the consumer sentiment despite the economic uncertainties next year,” said Zainal. He noted that Perodua is currently focusing on maximising its potential in both production and sales to ensure its customers receive their Perodua vehicles faster. Perodua raises 2023 sales target, production on improved auto parts supply, vehicle demand KUALA LUMPUR (Nov 7): Amid a continuation of the ringgit’s depreciation, a senior talent strategy executive has emphasised that the local note’s decline is not the primary reason for domestic talents leaving for greener pastures. According to Talent Corp Malaysia Bhd (TalentCorp) group chief operating officer Siva Kumeren A Narayanan, the primary reason talented Malaysians leave is because of better opportunities for career development and job prospects. “The motivation for people to look for opportunities overseas has purely always been about career opportunities and exposure,” Siva said during a panel discussion accompanying end-to-end human resources platform Deel’s official launch in Malaysia on Tuesday (Nov 7). “The thinking has always been ‘if I were to work overseas, I would get overseas exposure, and eventually when I come back to Malaysia I would get higher pay or would go into a different market because I have overseas exposure’.” Siva said companies that are gearing for expansion would tap into this demand for talents with better exposure to fulfil their talent needs. However, Siva recognised that in some instances, favourable foreign exchange (forex) — both on the side of the employer and employee — plays a pivotal role in enabling this transfer of talent. Citing the Malaysian software industry as an example, he noted that a large share of workers are from India due to the favourable forex between the Indian rupee and the ringgit for both employers and employees — higher relative pay for employees, as well as lower costs for employers compared to hiring local talent. “But if you try and do the same (hire) for an American or Australian, they will not step into Malaysia. So, I feel currency doesn’t play that way, it is instead about whether they can source talent; currency comes secondary,” he observed. Speaking on Singapore, Siva noted that the bulk of Malaysians who emigrate look for employment opportunities in the island state due to the favourable forex coupled with its close proximity to Malaysia — leading to relatively low cost of living if a worker commutes from Johor. Without this low cost of living component, Siva said financial incentives from the favourable forex would diminish. According to Siva, 1.13 million or 60.75% of the 1.86 million Malaysians who have migrated overseas reside across the causeway in Singapore. Deel officially launches in Malaysia Further facilitating this globalisation of the employment market is end-toend human resources platform Deel, which officially launched in Malaysia on Tuesday. The tech unicorn’s platform enables companies — foreign and domestic alike — to compliantly hire employees in over 150 markets, accompanied by integrated services for workforce management ranging from onboarding, payroll and compliance. “Deel is thrilled to launch in Malaysia, a thriving market and ideal hub for expansion in Southeast Asia, thanks to its strong talent pool,” said Deel regional head of expansion and market lead for Malaysia, Singapore and Indonesia Karen Ng. “The way we work is going global, with businesses hiring people distributed all over the world. Global companies are shifting their talent recruitment to attractive markets like Malaysia as part of their business digitalisation, transformation and restructuring,” she added. Malaysia is Deel’s third Southeast Asian market foray, following its entry into Singapore in mid-2022 and Indonesia earlier in July this year. As there is no cost for entry, employers and employees alike are able to access Deel as a tool to expand and enter new markets. The platform charges employers a onetime fee per employee hired via the platform, with further charges from the use of additional services. The tech company has been cashflow positive since September last year. According to Ng, the platform is a proponent for wage growth as it invokes further wage competition industry-wide. Based on an online survey conducted by Rakuten Insight Global Inc in partnership with Deel, involving a pool of 300 businesses in Malaysia, Ng said over 91% of the businesses are actively looking to expand into at least an additional market in the next five years. TalentCorp says better prospects, not ringgit weakness, the primary reason for brain drain BY IZZUL IKRAM & LUQMAN AMIN theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com
WEDNESDAY NOVEMBER 8, 2023 5 THEEDGE CEO MORNING BRIEF BEYOND ZERO: ToyoTa’s mulTi-paThway sTraTegy for a susTainable fuTure ith 50 billion tonnes of greenhouse gases (GHG) released into the atmosphere annually, projections indicate that climate change is nearing its apex; humanity faces a crucial decision on sustainability as climate change becomes more critical. Overall, transport ranks as the second-largest contributor to global carbon dioxide (CO2) emissions, after electricity and heat production, with road transport accounting for a significant portion of emissions in this segment. While there is an urgent need to carve a more sustainable path, there is no direct off-switch for excessive carbon emissions. It is impossible to immediately cut off the dependency on coal, oil and natural gas from our energy mix, as our current lifestyles rely heavily on fossil fuels to varying degrees. Driving mobility in over 170 countries, Toyota recognises the need for a variable pace that suits each country in the global transition towards making transport more sustainable. A one-size-fits-all approach to the CO2 emissions puzzle is not pragmatic, given that each country is at a different point in its net-zero decarbonisation journey. Therefore, a multi-pronged approach is sorely needed. envisaging a mulTi-paThway fuTure The global race to net-zero carbon emissions and switching to renewables is not an even process, as the pace of each nation is subject to political, economic and technological factors. While nations such as Norway and Iceland have embraced fully electric battery-powered vehicles (known as battery electric vehicles or BEVs) due to their comprehensive renewable energy and charging infrastructures, others, perhaps closer to home, are still grappling with reducing their reliance on fossil fuels. In regions like Asia, where the economies significantly depend on fossil fuels, hybrid vehicles help reduce carbon emissions while still leveraging existing fossil fuel network infrastructure. Alternatively, in nations such as Japan, where hydrogen fuelling networks have matured substantially, hydrogen or fuel cell electric vehicles (FCEVs) have emerged as a viable option that does not rely on traditional energy grids and charging networks, as hydrogen can be sustainably produced from renewable sources. While BEVs were commonly thought to be the primary solution for cleaner mobility, Toyota believes an approach with multiple pathways would show that the future of transport goes beyond just batteries. With its sights set on achieving net-zero carbon emissions, the group is actively exploring alternative solutions, including hydrogen engines and carbon-neutral fuel. Closer to home, Toyota is actively moving the needle too. “Malaysia is taking huge leaps forward in becoming a nation more aware of green mobility, and Toyota has been a part of our nation’s electrification journey since the launch of the first hybrid car in Malaysia, the Toyota Prius, in 2009,” says Datuk Ravindran K., president of UMW Toyota Malaysia. “With Malaysia’s energy mix still predominantly coal-fuelled and charging infrastructure at its infancy, hybrid technology is still the most logical, affordable and best suited to mass adoption for now. Our multi-pathway philosophy will also soon see BEVs in the market, as well as other green solutions for commercial and controlled environments,” he adds. going beyond neT-zero emissions Toyota has contributed to the sustainability journey by underscoring its commitment to sustainability and environmental responsibility. In 2022, the group sold 2.73 million electrified vehicles worldwide, and 78% of its current models have an electrified option. The company has significantly leveraged renewable energy in its operations, purchasing 380,688 megawatt hours of renewable electricity in 2023, and managed to recycle, reuse and repurpose 93% of its waste in 2021. While the net-zero carbon emissions target can be seen as tangible and imminent, Toyota is already looking beyond the horizon with its Beyond Zero programme. The programme explores how net-zero carbon emissions can evolve into carbon-positive outcomes, aiming to leave the planet in a better state for future generations. Whether the group is decreasing plastic waste, supporting water conservation efforts or expanding programmes to protect critical species, Toyota is committed to reducing its environmental footprint and positively impacting society. Explore Toyota’s range of hybrid vehicles at your nearest showroom, or visit https://www. toyota.com.my/en/discover-toyota/toyotaelectrification.html to learn more about the multi-pathway journey. w daTuk ravindran k. President, UMW Toyota Sdn. Bhd.
wednesday november 8, 2023 6 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): Malaysia’s industrial production index (IPI) declined marginally by 0.5% year-on-year in September 2023, weighed mostly by the mining sector’s oil and gas activities, after a 0.3% decline in August. The IPI’s mining sector dropped by 5.2% in September, while the manufacturing sector returned to a marginal growth of 0.4%, after experiencing a declining trend for three consecutive months, according to data from the Department of Statistics Malaysia on Tuesday. The department’s chief statistician Datuk Seri Mohd Uzir Mahidin said output in the mining sector edged downward by 5.2% year-on-year in September, versus a 0.1% growth in August. “The downward trend was influenced by natural gas production, which returned to negative territory, with a decline of 7.8%, as opposed to the 2.6% increase in August 2023. “Additionally, crude oil & condensate output continued its declining trend, registering a negative 1.4% in September 2023 (August 2023: -3.3%). In comparison with the preceding month, the mining index decreased by 1.6%, as compared to the negative 5.4% recorded in August 2023,” he said in a statement. Mohd Uzir said expansion in manufacturing output was fuelled by the steady performance of domestic-oriented industries, which accelerated by 5.9% in September, from 4.2% in August. “This upturn was underpinned by the manufacture of fabricated metal products, except machinery & equipment (9.6%); manufacture of food processing products (8.2%); and manufacture of other non-metallic mineral products (8.0%),” he said. Export-oriented industries, which constituted about two-thirds of the manufacturing output, remained on a downward trend, albeit with a smaller negative growth of 2.0% in September 2023, compared to a 2.6% decline in August. “The decrease was mainly attributed to the manufacture of coke & refined petroleum products (-7.7%); manufacture of machinery & equipment not elsewhere classified (-4.9%); and the manufacture of computer, electronics & optical products (-1.9%),” he said. Mohd Uzir said this trend aligns with the country’s export performance, which fell by 13.7% in September, showing improvement from the negative 18.7% registered in August. Nonetheless, Mohd Uzir noted that Malaysia’s IPI has expanded on a monthly basis by 1.1%, after a growth of 2.8% in August. For the third quarter of this year (3Q2023), the IPI had registered a marginal decline of 0.04% year on year, versus a 0.3% drop in 2Q2023. Cumulatively for the nine-month period this year (9M2023), the IPI had expanded at a slower rate of 0.8%, as compared to 7.7% in previous corresponding period, when industrial production rebounded from 2021’s intermittent lockdown disruptions. Malaysia’s industrial production index slips 0.5% in September, mainly dragged by mining sector KUALA LUMPUR (Nov 7): CGS-CIMB has a ‘double overweight’ recommendation on the construction sector, owing to its higher confidence in the government’s policy continuity. According to a note on Tuesday, its top picks for the sector that offer “compelling exposure across the project spectrum” are Gamuda Bhd (‘add’, target price [TP]: RM5.65), YTL Corp Bhd (‘add’, TP: RM1.91), Sunway Bhd (‘add’, TP: RM2.57), Muhibbah Engineering Bhd (‘add’, TP: 90 sen), HSS Engineers Bhd (‘add’, TP: RM1.21), Sunway Construction Bhd, IJM Corp Bhd, and Malayan Cement Bhd. “Although the KL Construction index is up 21% year-to-date (partly driven by the property exposures of the larger listed construction companies, we suspect), it is trading at 45% below levels seen in mid2017, prior to the fall of the Barisan Nasional government. “There was understandably some pushback to our thesis and we got the sense that few investors, if any, have taken such an aggressive positioning on construction just yet,” CGS-CIMB noted. The research house had earlier noted that investors were increasingly concurring with its view that the government’s messaging of its medium-term plans and strategies have become clearer. CGS-CIMB is ‘double overweight’ on construction sector on govt policy continuity However, it also cautioned that there was also a growing sense of frustration among investors as they feel that the government is not initiating catalytic projects, which are essential to achieving Prime Minister Datuk Seri Anwar Ibrahim’s Madani Economy agenda. “While encouraged by the granularity provided in Budget 2024, such as, for example, in the planned rollout of its aggressive development expenditure budget of RM90 billion (plus a couple of high profile projects that are treated as off-balance sheet), we believe it is imperative that several project awards take place between November 2023 and March 2024 to generate greater confidence that the government is serious about taking the economy to the next level,” it said. CGS-CIMB said it will be keeping a close eye on the potential awards for the Pan Borneo Highway Sabah phase 1B project worth RM15.7 billion, the Sabah Sarawak Link Road (RM7.4 billion), the Mass Rapid Transit 3 (MRT3) project (RM30-45 billion), flood mitigation projects (RM11.8 billion), and the Bayan Lepas Light Rail Transit (LRT) project (RM10 billion). Read also: CGS-CIMB: Malaysia’s economic strategy gains investor confidence but needs swifter implementation by Lam Jian Wyn theedgemalaysia.com by Chester Tay theedgemalaysia.com Zahid Izzani/The Edge
wednesday november 8, 2023 7 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): Glove maker Hartalega Holdings Bhd returned to the black, with a net profit of RM27.7 million for the second quarter ended Sept 30, 2023 (2QFY2024), after registering three consecutive quarters of losses. For 1QFY2024, it posted a net loss of RM52.47 million. Revenue for the quarter of RM452.09 million was an improvement of 2.7% from the RM440.04 million registered for the immediate preceding quarter. Year-on-year, net profit for 2QFY2024 fell slightly by over 2% to RM27.7 million or 0.81 sen per share, from RM28.34 million or 0.83 sen per share a year ago, as global headwinds persisted into the second half of the year. In a filing with Bursa Malaysia on Tuesday, the glove maker attributed the lower earnings to lower revenue, and wider foreign currency translation difference for foreign operations. Revenue plunged 29% to RM452.09 million, from RM584.56 million a year earlier, due to lower sales volume and average selling prices (ASPs). No dividends were declared for the quarter. For the first half ended Sept 30, 2023 (1HFY2024), Hartalega posted a net loss of RM24.77 million, versus a net profit of RM116.62 million a year ago due to exceptional items. Notably, the group said it would have recorded a pre-tax profit RM38 million for 1HFY2024, compared with RM171 milHartalega returns to the black in 2Q after three quarters of losses KUALA LUMPUR (Nov 7): Fraser & Neave Holdings Bhd’s (F&N) net profit rose 40.11% to RM536.90 million for the financial year ended Sept 30, 2023 (FY2023), from RM383.21 million a year earlier, fuelled by festive sales and out-ofhome consumption, as well as contributions from snack and candy maker Cocoaland Holdings Bhd. For the same reasons, revenue climbed 11.88% to a record high of RM5 billion versus RM4.47 billion previously, according to the food and beverage (F&B) group’s bourse filing on Tuesday. This is the group’s highest full-year net profit since FY2010, when it logged a net profit of RM695.29 million on a revenue of RM3.64 billion. F&N has recommended a dividend of 50 sen per share — comprising a final dividend of 33 sen and special dividend of 17 sen. “Subject to shareholders’ approval at the forthcoming annual general meeting, the total dividend for FY2023 would amount to 77 sen per share (FY2022: 60 sen per share), bringing the total dividend payout to RM282.4 million (FY2022: RM220.1 million),” the group said in a statement. For the fourth quarter of FY2023, F&N posted a 39.1% increase in net profit to RM137.56 million, compared with RM98.89 million in 4QFY2022, with revenue rising 9.39% to RM1.24 billion from RM1.14 billion. The improved quarterly earnings was attributed to margin recovery in the F&B Thailand segment, sustained sales momentum in F&B Malaysia, Cocoaland’s contributions, and helped by favourable Thai baht to ringgit exchange. Going forward, F&N chief executive officer Lim Yew Hoe noted that while challenges, including commodity price fluctuations and inflationary pressures, continue to affect consumer demand, the group is confident in its ability to adapt and protect its margins. However, Lim said the group will remain vigilant in the uncertain environment, leveraging its diversified brand portfolio, businesses and geographical presence to proactively navigate the challenges. F&N chairman Tengku Syed Badarudin Jamalullail said the group anticipates new opportunities and looks forward to advancing its halal food pillar and supporting Malaysia’s food security agenda with its dairy farm. “These are but a few of the exciting developments ahead as we continue to pursue excellence as a sustainable F&B company,” he added. Shares in F&N closed 18 sen or 0.69% lower at RM25.82, valuing the group at RM9.47 billion. F&N posts highest profit in 13 years, declares 50 sen dividend by Izzul Ikram theedgemalaysia.com by Isabelle Francis theedgemalaysia.com lion a year ago, if the one-off provision for severance pay of RM47 million for Bestari Jaya facility decommissioning recognised in 1QFY2024 was excluded. Revenue for 1HFY2024 fell 37% to RM892.12 million, from RM1.43 billion a year ago. Kuan Mun Leong, the chief executive officer of Hartalega, said prevailing headwinds in the glove sector are expected to persist into 2HFY2024, as the industry remains impacted by the ongoing global oversupply and intense competition, putting pressure on ASPs. “However, recent capacity rationalisation across key domestic manufacturers as well as the exit of some smaller players from the sector have alleviated a certain degree of oversupply pressure on the market,” he said in a statement. “Our ongoing operational rationalisation exercise is a key initiative under this plan, which entails the decommissioning of our Bestari Jaya facility to consolidate operations at our state-of-the-art Next Generation Integrated Glove Manufacturing Complex in Sepang. This is expected to generate improved operational and cost efficiencies once completed by the first quarter of calendar year 2024, positioning the group for future market recovery,” he added. Source: Bursa Malaysia F&N’s net profit rises to 13-year high in FY2023 *Financial year ends on Sept 30 0 200 400 600 3 4 5 6 Net profit (RM mil) Revenue (RM bil) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 3.87 4.08 3.99 4.13 4.47 5.00 386.55 410.26 383.21 410.38 395.16 536.90 hartalega.com.my
wednesday november 8, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): Dialog Group Bhd and its partner Hong Kong-listed Morimatsu International Holdings Co Ltd said they will spend RM250 million for the expansion of their joint venture (JV) company’s engineering and fabrication facilities in Pengerang, Johor. “With the expansion estimated to be completed progressively by the first quarter of 2025, the 18,245-square metre facility will mainly consist of module production workshops equipped with modern workplace amenities and infrastructure. “This will support Morimatsu Dialog in meeting the demands and opportunities in the region and beyond while contributing more opportunities to the state’s job market,” Dialog and Morimatsu International said in a joint statement on Tuesday. Morimatsu International owns a 51% stake in the JV, Morimatsu Dialog (M) Sdn Bhd, while the remaining 49% is held by Dialog. Morimatsu International executive director Hirotaka Kawashima said the JV will focus on manufacturing equipment and modules used to produce raw materials for electric vehicle batteries, semiconductors and green energy. Dialog-Morimatsu JV plans RM250 mil fabrication facility expansion, eyes RM300 mil annual revenue SINGAPORE (Nov 7): Columbia Asia, a Southeast Asian healthcare firm backed by TPG, has emerged as the frontrunner to buy Malaysia-based private hospitals operator Ramsay Sime Darby Health Care for around US$1.5 billion (approximately RM7 billion), said two sources with direct knowledge of the matter. The acquisition will be the largest Southeast Asian healthcare acquisition since 2019, when Malaysian conglomerate Hong Leong Group and alternative asset firm TPG bought Columbia Asia’s assets for about US$1.2 billion. Started in 1996, Columbia Asia currently has 22 medical facilities in Malaysia, Vietnam and Indonesia, and focuses on building mid-size hospitals in residential areas, according to its website. The firm is competing with a consortium comprising of Hong Kong-based private equity firm Affinity Equity Partners and Indonesia-based hospital operator Mitra Keluarga, in the final round of the bidding process for the Asia-focused healthcare joint venture of Australia’s Ramsay Health Care and Malaysia’s Sime Darby Bhd, according to the sources. They declined to be named as the information remained confidential. A deal could be concluded as early as within this week, the sources said, cautioning that last-minute changes are possible. Ramsay, Australia’s largest private hospitals operator, and conglomerate Sime Darby, had hired Bank of America and Deutsche Bank to advise on the sale, Reuters reported in July. Ramsay Sime Darby referred Reuters’ request for comment to Ramsay and Sime TPG-backed Columbia Asia emerges as frontrunner to buy Ramsay Sime Darby Health Care for US$1.5 bil — sources by Yantoultra Ngui Reuters by Izzul Ikram theedgemalaysia.com “Overseas demand in these areas is increasing rapidly and the overseas business will drive our growth. We will firstly establish a production system with an annual revenue target of RM300 million,” he said. Johor Menteri Besar Datuk Onn Hafiz Ghazi, who graced the new facility’s groundbreaking ceremony, said the new facility will support the overall growth of Pengerang, solidifying the hub’s position as a preferred investment destination. “This is in line with our wish to attract high-quality and value-adding investments into the state (Johor),” he added. Onn Hafiz said the newly expanded facility is projected to create 500 additional employment opportunities, bringing the facilities’ total manpower to 650. Dialog shares ended one sen or 0.47% lower at RM2.13, giving the group a market capitalisation of RM12.03 billion. simedarby.com Darby. Ramsay, Deutsche Bank and TPG declined to comment. Sime Darby, Columbia Asia, Affinity Equity Partners, Mitra Keluarga and Bank of America did not immediately respond to requests seeking comment. The sale of Ramsay Sime Darby comes at a time when healthcare assets are attracting more interest, as investors bet on the sector’ s ability to weather tough economic conditions. Ramsay Sime Darby was set up in 2013 through an equal joint venture to expand both firms’ healthcare business in Southeast Asia. It has hospitals in Malaysia and Indonesia, including Subang Jaya Medical Centre (SJMC) in Selangor, and RS Premier Surabaya in Jawa Timur. An earlier effort to sell Ramsay Sime Darby to IHH Healthcare Bhd fell through last September, soon after a KKR & Co Inc-led consortium withdrew a near US$15 billion offer for Ramsay. IHH, one of Asia’s largest private healthcare groups, had presented a RM5.67 billion (US$1.21 billion) offer for Ramsay Sime Darby, but a binding agreement could not be reached.
WEDNESDAY NOVEMBER 8, 2023 9 THEEDGE CEO MORNING BRIEF AS A MEMBER of the Sompo Group, which is committed to addressing societal issues, Berjaya Sompo Insurance Bhd continues this legacy by focusing on social challenges through its socially responsible practices. These commitments are not only a means to address social challenges, it says, but also a strategy to mitigate risks and foster sustainable long-term outcomes. Driven by its vision and mission, Berjaya Sompo aims to achieve a net zero carbon footprint by 2050, contribute to developing a diverse and inclusive society, and ensure a robust governance structure and reliable disclosures that align with global standards. It also seeks to address several pillars under the United Nations Sustainable Development Goals (UN SDGs), namely SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), SDG 13 (Climate Action), SDG 16 (Peace, Justice and Strong Institutions) and SDG 17 (Partnerships for the Goals). From policies to planet From integrating climate risk assessments in underwriting to championing sustainable mobility and directly contributing to environmental conservation, Berjaya Sompo’s environmental initiatives cover many efforts. It currently integrates various underwriting methods, such as the climate change principle-based taxonomy (CCPT) classi cation — which is a way to classify and report climate-related risks and opportunities for businesses, thus helping nancial institutions identify and manage these factors. Another more direct initiative is its restriction against insuring and investing in new coal- red power plants to curb greenhouse gas (GHG) emissions, shifting its focus towards energy businesses with less BERJAYA SOMPO: INSURING A SUSTAINABLE FUTURE THROUGH ESG Berjaya Sompo together with GEC for the slope mitigation via tree-planting initiative at the Gombak River slope at Kampung Batu 12 in Selangor “We believe that a responsible insurance provider should actively contribute to the betterment of the communities it serves.” — Tan environmental impact. Berjaya Sompo’s commitment to environmental conservation also extends through other initiatives, such as incentivising lower emissions through the SOMPO MotorSafe policy, raising awareness of environmental waste through its Windscreen Repair roadshow and DIY Composting Workshop, as well as its tree planting initiative in Gombak with Global Environment Centre (GEC). Bridging insurance and social responsibility From educational scholarships to community welfare programmes, Berjaya Sompo extends its role beyond insurance to actively engage in social responsibility. Its Rising Star Scholarship Programme provides up to RM20,000 per person annually to promising students. Besides that, through recommendations to the Sompo Welfare Foundation in Japan, local organisations like Persatuan Sindrom Down Malaysia and Silent Teddies Bakery have received grant support. Berjaya Sompo also actively participates in social projects, including volunteering for Yayasan Generasi Gemilang’s programmes and hosting road safety awareness programmes, such as the Bantuan Car Sear campaign, which aims to raise awareness of the correct usage of child safety seats. From a governance perspective, Berjaya Sompo updated its Sustainability and Enterprise Risk Management frameworks in 2022 to align with Bank Negara Malaysia’s climate risk policies. The Good Policy In line with its Sustainability Framework, Berjaya Sompo recently launched “The Good Policy” campaign to improve the lives of those in need. Berjaya Sompo CEO Tan Sek Kee says The Good Policy campaign is a testament to the company’s dedication to positive change, demonstrating its commitment to improving the lives of the community at large. “We believe that a responsible insurance provider should actively contribute to the betterment of the communities it serves,” Tan notes, emphasising the campaign’s focus on fostering positive environmental and societal change. “The Good Bengkel” is one such initiative under the campaign, aimed at helping the B40 segment — which often faces nancial challenges in relation to vehicle maintenance — by subsidising RM250 for car repairs for selected models and years of manufacture. This initiative promotes inclusivity as it empowers individuals with a safe and well-maintained mode of transport, says Berjaya Sompo.
wednesday november 8, 2023 10 The E dge C E O m o rning brief home SHAH ALAM (Nov 7): Gas Malaysia Bhd is planning to commission another two biomethane projects by the first half of 2024 (1H2024) to be injected into the Natural Gas Distribution System (NGDS), as part of its venture into the biogas renewable and sustainable energy sector. Gas Malaysia group chief executive officer Ahmad Hashimi Abdul Manap said about RM15 million to RM20 million would be allocated in capital expenditure (capex) for the construction of each biomethane plant. “We are going to commission another two [biomethane projects] before the first half of next year and every year, we are going to double up the number of stations. They are basically biomethane stations where we can extract the biomethane, clean [them] up, and then reinject them] into our pipeline system, or we can even deliver the biomethane directly to the end customers who are residing in the area,” he told reporters at the Gas Malaysia business sustainability plan launch. At the moment, Gas Malaysia currently has a gas purchase agreement with Sedenak Palm Oil Mill and Coronation Palm Oil Mill in Johor, to buy the processed biogas produced by the mills and inject it into the NGDS network. It was reported that the Sedenak biomethane plant commenced commercial operations in June 2023. “We believe we are the pioneers in this (biomethane) and we would like to promote this further. There will be a continuous engagement with the government and regulatory bodies to ensure that we have enough support from the government and perhaps, there could be some incentive going forward,” Ahmad Hashimi added. Ahmad Hashimi also indicated that Gas Malaysia is allocating between RM1.2 billion and RM1.4 billion in capex to build another 700-kilometres (km) to 800km of natural gas pipeline under its NGDS network over the next five years. He noted that over the last 30 years of the company’s establishment, Gas Malaysia has built over 2,800km of natural gas pipeline under the NGDS network, which is centred around Peninsular Malaysia, serving more than 24,000 industrial, commercial and residential customers. Earlier, Gas Malaysia unveiled its business sustainability plan, anchored on four pillars which include advancing environmental sustainability, strengthening business delivery, fostering people-centric organisations, as well as enhancing governance and transparency. The sustainability plan is aligned with Gas Malaysia’s 10-year strategic business plan, known as GM32, reinforcing its commitment towards supporting the nation’s energy transition agenda. “We recognise our role in helping the nation achieve [its] energy transition goals. As we navigate the dynamic energy landscape, Gas Malaysia plays an even more crucial role in promoting cleaner and more efficient energy solutions. Our aim is to be a significant part of the solution in supporting the government’s effort to address climate change,” said Gas Malaysia chairman Tan Sri Wan Zulkiflee Wan Ariffin in his opening speech. As part of the plan, Gas Malaysia is looking to install rooftop solar panels in all of its office premises across Peninsular Malaysia. Additionally, the company is also planning to transition its entire fleet of about 120 to 130 petrol and diesel vehicles to electric vehicles (EV) by 2032. Gas Malaysia to build two more biomethane plants by 1H2024, allocates RM15 mil - 20 mil capex each KUALA LUMPUR (Nov 7): Voultier Sdn Bhd (VSB) is set to become the largest shareholder of the financially troubled EA Technique (M) Bhd (EATech) on the proposed plan to subscribe to 676.39 million shares or a 51% stake in the company through a share issuance exercise. VSB is largely owned by businessman Datuk Wira Mubarak Hussain Akhtar Husni with 70% stake and the remaining 30% is held by Kinery Advancement Bhd managing director Datuk Lai Keng Onn. VSB is also seeking an exemption from the obligation to undertake a mandatory general offer for the remaining shares in EATech. The share issuance exercise is part of EA Technique’s proposed regularisation plan to address its Practice Note 17 (PN17) status, which it fell into in February 2022 after its shareholders’ equity of RM5.96 million as at Dec 31, 2021 came in less than 25% of its share capital of RM179.76 million. It is expected to raise RM71.62 million from the share issuance of up to 795.75 million shares, representing about 60% of the company’s enlarged share capital. This is based on the subscription price of nine sen per share, a 76.3% discount compared to EATech’s closing price of Voultier the new white knight for EA Technique 38.5 on Tuesday that valued the company at RM204.2 million. The stock has jumped 126.5% since early this year. The bulk of the fund raised will be used to settle the balance due to scheme creditors and finance its working capital. Other subscribers for EATech’s share issuance exercise include Nasrul Asni Muhammad Dain, Lim Shave Hua and Datuk Seri Wong Choon Leong who are expected to hold 2.5%, 4% and 2.5% in the company, respectively. Following the corporate exercise, Sindora Bhd’s shareholding in EATech will be diluted to 20.02% from 50.05%. Sindora is a subsidiary of Kulim (M) Bhd, which in turn is a wholly-owned unit of Johor Corp Bhd. EATech believes that upon completion of the proposed regularisation plan, the company will be able to meet the criteria to uplift itself from being classified as a PN17 entity. For the first half ended June 30, EATech posted a net profit of RM15.29 million, compared with a net loss of RM8.61 million in the previous corresponding period, thanks to lower lay-up cost for vessels disposed of, as well as lower substitute vessel cost and lower foreign exchange losses. by Sulhi Khalid theedgemalaysia.com by Emir Zainul theedgemalaysia.co EATechnique.com.my
wednesday november 8, 2023 11 The E dge C E O m o rning brief home news In brie f Crescendo sells seven parcels of adjoining land in Pulai for RM117 mil cash KUALA LUMPUR (Nov 7): Crescendo Corp Bhd is divesting of seven parcels of adjoining land in Pulai, Johor to a data centre operator for RM117.02 million cash to boost its cash flow for other development projects. Crescendo’s wholly owned unit Panoramic Industrial Development Sdn Bhd entered into agreements for the disposals with STT GDC Malaysia 2 Sdn Bhd, a data centre operator wholly owned by Singaporeincorporated STT Malaysia DC Pte Ltd. Crescendo, which is 70% controlled by the founding Gooi family, disclosed that the parcels of land were acquired in December 2009 for a total of RM15.93 million. — by Chester Tay BNM’s international reserves slip 0.37% to US$108.5 bil as at Oct 31 KUALA LUMPUR (Nov 7): Bank Negara Malaysia’s international reserves slipped 0.37% to US$108.5 billion (RM507.1 billion) as at Oct 31, 2023, from US$108.9 billion a fortnight ago. “The reserves position is sufficient to finance 5.1 months of imports of goods and services, and is 1.0 times the total short-term external debt,” it said in a statement on Tuesday. The central bank said of the five main components of the reserves, foreign currency reserves was maintained at US$96.5 billion, while other reserve assets remained at US$2.7 billion. The International Monetary Fund’s (IMF) reserve position stood at US$1.3 billion while the Special Drawing Rights was maintained at US$5.7 billion. Gold was also unchanged at US$2.3 billion. — by Sulhi Khalid Icon Offshore to supply vessel for SEA Hibiscus’ drilling campaign KUALA LUMPUR (Nov 7): Icon Offshore Bhd said it has secured a contract to supply a 60-tonne anchor handling tug supply vessel, which will be used for SEA Hibiscus Sdn Bhd’s drilling campaign. The group said its wholly owned unit Icon Offshore Group Sdn Bhd received the letter of award from SEA Hibiscus on Oct 18 to perform its 2023/2024 drilling campaign. The provision of service commenced on Oct 24. Icon said the value of the contract is based on the schedule of rates issued by SEA Hibiscus throughout the contract duration, which is 450 days from the commencement date with a 30- day extension option. — by Syafiqah Salim GIIB plans private placement to raise up to RM6.56 mil for working capital, machinery upkeep KUALA LUMPUR (Nov 7): Rubber compound manufacturer GIIB Holdings Bhd has proposed to undertake a private placement of up to 10% of its issued shares to raise up to RM6.56 million, mainly to fund working capital and upkeep its machinery and equipment. In April, GIIB had also conducted a private placement to raise up to RM6.97 million, also to fund its working capital and to upkeep its machinery and equipment. The placement has yet to be completed. In a bourse filing on Tuesday, GIIB said the new private placement entails the issuance of up to 81.96 million shares to independent thirdparty investors to be identified later, at an issue price to be fixed. From the proceeds, the group plans to use RM5.43 million for working capital and RM1 million for machinery and equipment upkeep. The balance of RM130,000 will be used to defray expenses related to the private placement. — by Anis Hazim Sersol fires CEO Justin Lim after suspension since August KUALA LUMPUR (Nov 7): Chemical manufacturer Sersol Bhd has removed its chief executive officer Datuk Wira Justin Lim Hwa Tat, citing his absence from office without proper notice and not responding to a show cause letter since his suspension as CEO on Aug 30 this year.In a filing with Bursa Malaysia on Tuesday, Sersol said Lim’s termination is effective Nov 6. On Sept 1, Sersol announced that Lim had been suspended from the post of CEO for allegedly showing insubordination and failing to act as a responsible CEO due to non-response to any of the official requests made by the board of directors since July 20, 2023. The requests include asking him to return to the office to report to the board and pending his return from abroad to office, to provide a written response on the Malaysian Anti-Corruption Commission’s (MACC) inquiry on him and what work he has been doing as CEO while he was abroad, Sersol noted. — by Sulhi Khalid MPay’s group CEO for payment services division resigns after four years KUALA LUMPUR (Nov 7): ManagePay Systems Bhd’s (MPay) group chief executive officer for its payment services segment Tan Yew Loong resigned on Sunday (Nov 5) after spending four years with the electronic payment solutions provider’s senior management. In a filing with Bursa Malaysia on Tuesday, MPay said that Tan, 47, has stepped down due to his other personal commitments. Tan became group CEO of MPay’s wholly owned unit Managepay Cards Sdn Bhd in May 2019. Prior to that, he had served as managing director since December 2016. — by Anis Hazim Eco World co-founder Abdul Rashid transfers all shares to chairman Liew Kee Sin KUALA LUMPUR (Nov 7): Eco World Development Group Bhd co-founder Tan Sri Abdul Rashid Abdul Manaf has ceased to be a substantial shareholder of the group after he transferred his entire 219.88 million shares or a 7.47% stake in the group to the group’s executive chairman, Tan Sri Liew Kee Sin, on Tuesday. The stake, held through Eco World Development Holdings Sdn Bhd, a substantial shareholder of the group, was transferred via a share sale and purchase agreement, according to the group’s filing with Bursa Malaysia. Liew, who was previously SP Setia Bhd’s chief executive officer, holds a direct stake of 9.41% (276.99 million shares) and an indirect stake of 12.84% (378.13 million shares) in Eco World following the transfer on Tuesday. The reason for the transfer of shares was not stated in the group’s bourse filings. — by Anis Hazim Tan Sri Abdul Rashid Abdul Manaf transferred his entire 219.88 million shares or a 7.47% stake in Eco World Development Group Bhd to the group’s executive chairman Tan Sri Liew Kee Sin on Tuesday.
wednesday november 8, 2023 12 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): Lim Guan Eng wants PAS lawmaker Siti Mastura Mohamad to furnish proof of her claims that the DAP national chairman has family ties to the late Malayan Communist Party leader Chin Peng and Singapore’s former prime minister, the late Lee Kuan Yew. At a news conference in Parliament on Tuesday, Lim stated that he was giving Siti Mastura until Thursday to produce evidence of those ties, failing which he warned action would be taken against her. “I am providing an opportunity for [the] Kepala Batas [Member of Parliament] to present evidence. If she cannot prove it, we will take the necessary actions,” Lim said. He reiterated that neither he nor his father, DAP veteran Lim Kit Siang, have any connection to Chin Peng or Lee. In a video posted on social media, Siti Mastura was seen at an event in Kemaman, Terengganu, making allegations against DAP leaders including Anthony Loke, Lim Kit Siang, Lim Guan Eng, Nga Kor Ming, Teresa Kok, and Datuk Ngeh Koo Ham, accusing them of having family ties to Chin Peng and Lee. DAP national publicity secretary Teo Nie Ching had refuted the claims, and described them as slander. Guan Eng demands proof of family ties to Chin Peng and Lee Kuan Yew from PAS MP, threatens ‘further action’ KUALA LUMPUR (Nov 7): The defence in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial has contended that the monies in former prime minister Datuk Seri Najib Razak’s account were not used on lavish purchases for himself but rather for political and welfare purposes. Lead defence counsel Tan Sri Muhammad Shafee Abdullah said this during his cross examination of the investigating officer (IO), ACP Foo Wei Min, at the High Court on Tuesday. Muhammad Shafee: You agree [Najib] spent a lot on political and welfare purposes. Generally speaking, if you look at what [Najib] spent on, he paid for Umno Batu Kawan Penang, he paid for Umno here and there. [The] various expenses he made, they are either for corporate social responsibility, welfare or political purposes. Foo:Yes, [the money was spent on] political individuals and entities. Foo also confirmed that tracing of these funds were done to find out why these individuals were paid. Muhammad Shafee: There is no spending individually on [Najib], like for instance [Najib] goes and buys a yacht. Foo: No. Previously on the stand, Foo testified that Najib had transfered about RM22.65 million of the illegal 1MDB money through five cheques in August 2013. This included RM20 million to Umno and RM100,000 to Umno Batu Kawan division. The others who received the funds were: • An individual named Lim Soon Peng (RM246,000) • ORB Solutions Sdn Bhd (RM2 million). • Semarak Konsortium Satu Sdn Bhd (RM303,000) Foo had carried out his investigations based on “first in, first out” (FIFO), an accounting method used to determine “clean” and “dirty” money in money-laundering investigations. Foo, who is the prosecution’s 48th witness, is currently the assistant director of the federal police’s Anti-Money Laundering Investigation Division. He is the IO who traced monies in Najib’s personal account which received about RM2.08 billion from Tanore Finance Corp, an outfit linked to fugitive financier Low Taek Jho (Jho Low). Foo’s investigations centres on the third phase of the 1MDB debacle, known as the Tanore phase, which refers to the issuance of a US$3 billion bond by 1MDB via its wholly owned subsidiary, 1MDB Global Investment Ltd (1GIL), in 2013, leading to the 21 money-laundering charges against Najib in this trial. Shafee: US$620 mil Najib received in March 2021 were not from ill-gotten gain During the cross-examination on Tuesday, Muhammad Shafee also referred to Tanore’s bank statement with Falcon Bank. He said that based on the statement, there was an overdraft taken by Tanore and that money was the funds transfered to Najib in March 2021. “I’m suggesting that the minus means 1MDB-Tanore: Defence claims monies in Najib’s account were used for political, welfare purposes by Tarani Palani theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Read also: Amiruddin maintains what Sanusi alleges over Selangor Maritime Gateway was defamatory, trial dates fixed Read the full story Tanore took an overdraft of US$620 million, and that overdraft was paid into Najib’s account. It is not illegal money, it is the bank’s money,” the lawyer said. Muhammad Shafee said this is not technical issue but rather a matter of fact. He noted that the illegal money came into Tanore’s account only after that overdraft transfer to Najib. Foo disagreed with Muhammad Shafee’s assertion, and this led to the defence counsel and the witness going around in circles. Muhammad Shafee argued that it is important to establish which monies were sent to Najib, whether it was the overdraft or the funds from the bond. Foo, however, said he disagrees with the defence counsel’s assertion that the monies sent to Najib were not ill-gotten gains, as there were funds from other entities linked to 1MDBGIL. Muhammad Shafee: Whether it is an overdraft or facility has not been clarified with Falcon Bank? [...] The uncertainty is unresolved. Again, Foo asserted that he disagreed with this assertion. He added that this is because he is seeing this from the whole investigation point of view. Muhammad Shafee then said that although he understands where Foo was coming from, the defence has a different way of looking at this and asked Foo for an answer. But Foo disagreed with the assertion that the US$620 million was not illegal monies. Muhammad Shafee also asked Foo if anyone from Falcon Bank in Singapore was interviewed. The IO answered in the negative. Foo: Falcon bank was closed at that time of the investigations. Muhammad Shafee: The bank is closed but not the individuals. The individuals would be able to explain what this minus is.
wednesday november 8, 2023 13 The E dge C E O m o rning brief home PUTRAJAYA (Nov 7): The Court of Appeal (COA) on Tuesday adjourned the hearing of the appeals of six men, including medical doctor Col (Rtd) Dr K Kunaseegaran, who were convicted of the murder of Deputy Public Prosecutor Datuk Anthony Kevin Morais. Judge Datuk Hadhariah Syed Ismail, who led the three-member bench, allowed the final adjournment to next month, after counsel M Manoharan informed the court that he had just been appointed to represent R Dinishvaran by the court on Oct 31, and hence needs time to prepare the case. Manoharan said although the appellate court had given the link to the records, he was not well versed in downloading the documents and hence, needed a short adjournment date to see the record of appeal. Kunaseegaran’s counsel Datuk N Sivananthan, who appeared with Jasmine Chong, informed the court that he and the other lawyers representing the remaining five accused, had no objection. The prosecution, led by Deputy Public Prosecutor Datuk Mohd Dusuki Mokhtar, also told the court that they also do not have objections. Following that, Hadhariah, who sat with appellate court judges Datuk Ahmad Zaidi Ibrahim and Datuk Azmi Arifin, fixed Dec 4, 7, 14 as the final hearing dates of the appeal. Court adjourns appeal hearing of six men convicted of killing Kevin Morais to next month KUALA LUMPUR (Nov 7): An investor who entered into a subscription agreement for redeemable preference shares of Trillion Cove Holdings Bhd (TCHB) is suing the company for not paying the amount due to the investor upon the maturity date. Fazly Azry Abd Aziz sued TCHB for his subscription price of RM600,000, having subscribed for 600,000 Islamic redeemable preference shares in the share capital of TCHB in 2021 which were labelled as “high risk” and “speculative” investments. Fazly, according to his statement of claim sighted by The Edge, said that the maturity date for the redeemable preference shares was Jan 19 this year. However, the redemption price of RM744,000 (his principal of RM600,000 multiplied by RM1.24 interest which is a target annual return of 12%) that was due and payable was not paid by TCHB. As such Fazly is seeking an order from the Sessions Court directing TCHB to pay the RM744,000 he is owed including the compensation of late payment of 1% per annum calculated on daily basis, until the full and final settlement of such sum pursuant to the subscription agreement, totalling RM745,528.77. He is also seeking interest to be paid at a rate of 5% per annum on the damages awarded by the court, should it award damages. In TCHB’s defence statement sighted by The Edge, the company claimed it had been relieved of its obligation to perform under the subscription agreement because of force majeure. Investor sues Trillion Cove over failure to pay redemption sum on ‘high risk’ investment by Timothy Achariam theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com Read also: Court grants minister interpartes injunction for Papagomo to remove alleged defamatory post Kunaseegaran, 60, Dinishvaran, 31, along with money-lender S Ravi Chandaran, 52, and unemployed individuals AK Thinesh Kumar, 30, M Vishwanath, 30, and S Nimalan, 30, were found guilty of murdering Morais somewhere along Jalan Dutamas Raya Sentul and No 1, Jalan USJ 1/6D, Subang Jaya, between 7am and 8pm on Sept 4, 2015. Following the guilty verdict, they were sentenced by High Court judge (now COA judge) Datuk Azman Abdullah to the death sentence. Azman ruled that their defence failed to create doubts to the prosecution’s case against them. The other lawyers representing the four of them were Afifuddin Ahmad Hafifi, Kitson Foong, Burhanuddin Abdul Wahid and Amer Hamzah Arshad. Force majeure is an event or cause beyond the reasonable control of the party claiming force majeure, including, without limitation, government regulations or directions or the action or omission or purported action of any governmental authority. TCHB’s force majeure defence is based on Bank Negara Malaysia’s (BNM) investigation into the company and the freezing of its financial accounts on Nov 11, 2021. On Jan 28, 2022, the Attorney General’s Chambers, acting on the advice of BNM, seized the financial accounts of TCHB. As part of the investigation process, TCHB’s documents and records were also seized. TCHB claimed that Fazly was made aware of this, as BNM had published a press release to that effect and this was widely circulated to the public. “Fazly was made aware of the actions of BNM and its impact on TCHB,” it claimed. TCHB also claimed that while the seizure orders were finally uplifted in September 2022, the documents and records of TCHB have not been returned. “TCHB pleads that it had made attempts to retrieve the seized documents in order to resume its operations but to no avail as the relevant government authorities have refused to release the documents. Hence, the force majeure event is accordingly still in effect,” it said. TCHB also denied that it owes Fazly 12% targeted annual returns as the returns are “subject to the discretion of the board members (of TCHB)”. reuters
wednesday november 8, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 7): The Sessions Court here on Tuesday discharged and acquitted Umno Supreme Council member Datuk Lokman Noor Adam on the charge of spreading false news through audio-visual recordings about the Covid-19 virus two years ago. Judge N Priscilla Hemamalini made the decision after finding that the prosecution had failed to prove a prima facie case against Lokman Noor, 50, at the end of the prosecution’s case. “Accordingly, the accused is acquitted and discharged,” she said. On Oct 1, 2021, Lokman pleaded not guilty to a charge of spreading false news through an audio-visual recording about the spread of the Covid-19 virus due to the entry of Indian nationals into Malaysia. The information which was disseminated through Facebook under the profile name “Lokman Adam” with the intention of causing public uneasiness, was allegedly carried out at 10.55pm on May 3, 2021. The recording was then viewed at the office of the Cyber and Multimedia Crime Investigation Division, Commercial Crime Investigation Department, Bukit Aman police headquarters, Floor 27, Menara KPJ, here, at 4.40pm on May 9, 2021. The charge was framed under Section 4(1) of the Emergency (Essential Powers) (No.2) Ordinance 2021 which provides a maximum fine of RM100,000, or imprisonment for up to three years, or both, if convicted. Deputy public prosecutor Datin Kalmizah Salleh prosecuted, while Lokman Noor was represented by lawyer Logen Eskander. On June 23 this year, Lokman Adam was acquitted and discharged by the Sessions Court for spreading false news on his Facebook page regarding the death of a police officer due to vaccination in 2021. Lokman Adam freed on charge of spreading false news about Covid-19 KUALA LUMPUR (Nov 7): There will be little change to Malaysia’s production of palm oil for this year as compared with 2022, with the price of crude palm oil hovering around RM4,000 per tonne, according to the Malaysian Palm Oil Board (MPOB). “As we move towards year-end, we are still hoping that we can get more than what we achieved last year, which is 18.5 million tonnes,” MPOB director-general Datuk Ahmad Parveez Ghulam Kadir said. Ahmad Parveez said the country’s crude palm oil (CPO) production for the first nine months of 2023 is just 0.5% lower than the same period last year. He said this at the MPOB International Palm Oil Congress and Exhibition (PIPOC 2023) here on Tuesday. Ahmad Parveez noted that September and October usually would be good months for production, but the recent changes in the weather pattern have changed it. He also said that the effect of El Nino would only be seen in the next six months. Meanwhile, Ahmad Parveez said CPO demand is expected to increase slightly ahead of the festive season, with India reIPOH (Nov 7): The Human Resources Ministry (MOHR) has yet to receive any report of layoffs related to the boycott of Israel-related goods in the country. Its minister V Sivakumar confirmed this when asked if the ministry had received any reports of companies laying off workers due to the boycott nor any related complaints. “If there are complaints, we will investigate them. At this stage, since there are no complaints, I cannot comment further,” he told a media conference in conjunction with the Perkeso Deepavali 2023 celebration here on Tuesday. Media outlets have reported recently that many individuals had been affected by Malaysians coming together to boycott Israeli products, with parttime workers being eventually laid off as the companies saw a significant drop in customers. stocking CPO for Deepavali followed by China and Muslim countries for Chinese New Year and Ramadhan and Hari Raya Aidilfitri. Earlier, he gave a presentation where he highlighted seven challenges faced by the industry, namely the sustainability issues, allegations of deforestation and destruction of biodiversity, climate change, food safety issues and productivity. Stressing the need to enhance sustainability, Ahmad Parveez said the government has rescheduled the transition period of the Malaysian Sustainable Palm Oil (MSPO) 2015 or MSPO 1.0 standards to the revised MSPO 2022 or MSPO 2.0 from August 2023 to December 2024. “Companies and smallholders are given a 17-month period to upgrade their practices to the revised MSPO standards, which comprises eight parts,” he said. The MSPO standard was designed to strike a balance between economic prosperity, environmental protection, and social development and was introduced in 2015 and contained five principles comprising management commitment and responsibility; transparency; compliance with legal and other requirements; responsibility to social, health, safety, and employment conditions; and environment, natural resources, biodiversity and ecosystem services. Palm oil remains one of the Malaysian economy’s most vital sectors, contributing 3.04% to the gross domestic product in 2022, with a total export revenue of RM137.89 billion. MPOB expects CPO to hover around RM4,000 per tonne No reports on layoffs received over Israeli product boycott — Sivakumar Bernama Bernama Bernama Read the full story On a separate matter, Sivakumar said stern warnings were issued in the past to those who brought in foreign labour but did not manage them properly in terms of their wages and scope of work. He stressed the importance of preventing forced labour in the country as it can lead to numerous problems.
WEDNESDAY NOVEMBER 8, 2023 15 THEEDGE CEO MORNING BRIEF WORLD (Nov 7): China’s trade data for October offered a mixed picture for the economy’s outlook, as an unexpected pickup in imports was offset by signs that global demand for Chinese goods is struggling to gain traction. Imports rose 3% from a year earlier last month, the first gain in eight months, and bucking the consensus forecast of a drop. Overseas shipments dropped 6.4%, worse than expectations. The resulting trade surplus was US$56.5 billion (RM263.94 billion). The data underlines the fragility of the recovery in the final three months of 2023. Import growth suggests domestic demand may be recovering, but the decline in exports was a big disappointment for a period that should have been more favourable: This October compared to a month in 2022, when the pandemic and controls to contain it disrupted logistics and production. “Exports conditions remain fragile,” said Ding Shuang, the chief economist for Greater China and North Asia at Standard Chartered plc. “We’ll need more real activity data to verify whether the strong imports data indicates a recovery in domestic demand.” Chinese stocks maintained losses after the data release. The Hang Seng China Enterprises Index dropped 1.6%, and the CSI 300 Index declined 0.7% as of the midday break. Chinese stocks traded weak in the morning session as part of a sell-off across Asia on fresh doubts over the US Federal Reserve’s policy path. Investors are assessing the sustainability of China’s economic recovery. While figures in recent months have shown improvement, the rebound remains uncertain amid low consumer and business confidence. Economic data for October pointed to weakness in the manufacturing and services sectors. Official statistics this week are likely to show consumer prices slid back into deflation last month. Economies elsewhere in the region had offered some positive signs for trade. South Korea’s exports — which are seen as a bellwether of global demand and Asian exports — rose for the first time since late last year in October. That has fuelled hopes for an improvement in tech industries such as semiconductors. For China, however, exports to the US declined 8.2% in the first 10 months from a year ago in dollar terms, while that to the European Union dropped 12.6%, according to customs data. Read the full story Read also: Top PBOC official says he’s not too worried about China’s economy China’s import surprise offers hope as recovery risks linger BEIJING (Nov 7): The International Monetary Fund (IMF) on Tuesday upgraded its 2023 gross domestic product (GDP) growth forecast for China to 5.4% from 5%, citing a “strong” post-Covid-19 recovery, but said the fund still expected the world’s second-biggest economy to slow next year. GDP growth could slow to 4.6% in 2024 because of continued weakness in China’s property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2% in the IMF’s World Economic Outlook (WEO). The upward revision followed a decision by China to approve a 1 trillion yuan (RM640 billion) sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas, in a move to support the economy. “These projections reflect upward revisions of 0.4 percentage points in both 2023 and 2024 relative to October WEO projections due to a stronger-than-expected third-quarter outturn and recent policy announcements,” said IMF’s First Deputy Managing Director Gita Gopinath in the statement. Over the medium term, growth is projected to gradually slow to about 3.5% by 2028 amid headwinds from weak productivity and population ageing, according to Gopinath. China has introduced numerous measures to support the property market, but more is needed to secure a quicker recovery and lower economic IMF upgrades China’s 2023, 2024 GDP growth forecasts costs during the transition, she said. A comprehensive policy package should include measures to accelerate the exit of non-viable property developers, remove impediments to housing price adjustment, allocate additional central government funding for housing completion, and assist viable developers to repair balance sheets and adapt to a smaller property market, Gopinath said. The combination of the downturn in the property sector and local government debt crunch could wipe out much of China’s long-term growth potential, economists say. Local debt has reached 92 trillion yuan, or 76% of China’s economic output in 2022, up from 62.2% in 2019. China’s Politburo, a top decision-making body of the ruling Communist Party, said in late July it would announce a basket of measures to reduce local government debt risks. “The central government should implement coordinated fiscal framework reforms and balance-sheet restructuring to address local government debt strains, including closing local government fiscal gaps and controlling the flow of debt,” said Gopinath. China should also develop a comprehensive restructuring strategy to reduce the debt level of local government financing vehicles (LGFVs), she said. LGFVs were set up by local governments to fund infrastructure investment but now represent a major risk to China’s slowing economy, with their combined debt ballooning to roughly US$9 trillion (RM42.06 trillion). BY JOE CASH & RYAN WOO Reuters Bloomberg The upward revision followed a decision by China to approve a 1 trillion yuan sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas. REUTERS
WEDNESDAY NOVEMBER 8, 2023 16 THEEDGE CEO MORNING BRIEF WORLD SINGAPORE (Nov 7): The breakdown of geopolitical trust between the US and China is the biggest challenge that Singapore companies will face over the next decade, but Asean offers the best protection against this hostile environment, says Prof Kishore Mahbubani. There are lots of Singapore companies that do business in the US and in China, said Mahbubani, who previously served as Singapore’s ambassador to the United Nations (UN) and president of the UN Security Council. “In the past, it was an easy path to navigate, because there were no fundamental differences. But as the differences between the US and China accentuate, and as we try to do business with both, you’re going to get caught in the crossfire.” Speaking at the Securities Investors Association (Singapore) Corporate Governance Conference 2023 on Nov 6, Mahbubani says relations between the US and China will get worse. “I think it’s important on the US-China front to be ready for things to get more difficult.” Under the conference theme of “Building trust through effective corporate governance: navigating legal, ethical and social challenges”, he advises Singapore companies that are entering the two markets to be aware of local regulations. “I expect that there’ll be very little building of trust between the two parties. If one party is out to bring the other party down, how do you build trust?” Although Singapore companies will have to learn to live with “high levels of distrust” between the US and China, Mahbubani says there are “some protections” the country can develop. “The biggest protection Singapore can develop in terms of not being caught up in this crossfire between the US and China is to build a buffer, and the best buffer is Asean,” says Mahbubani, who is currently Distinguished Fellow at the Asia Research Institute in the National University of Singapore. Compared to Singapore’s population of five million, Asean has some 650 million people, he adds. “Asean combined can be a buffer from all kinds of pressures that are happening. Fortunately, there is a common interest among the 10 Asean countries, who don’t want to get caught in the crossfire. Most of them want to have ties with the US and they want to have good ties with China. If we all combine together, then we can fob off some of the demands that are coming our way.” Read the full story Asean offers Singapore companies ‘biggest protection’ against US-China ‘crossfire’, says professor SINGAPORE (Nov 7): Singapore Airlines (SIA) has posted record half-yearly net profit of S$1.44 billion (RM4.97 billion) in the first half ended Sept 30 (1HFY2024), up 26.9% year-on-year, with robust demand for air travel continuing into the Summer travel season, led by the rebound in passenger traffic to North Asia with the full reopening of China, Hong Kong SAR, Japan and Taiwan. For the period, group passenger load factor (PLF) improved by 5.8 percentage points to 88.8%, the highest ever half-yearly PLF recorded by SIA. SIA and Scoot carried 17.4 million passengers in the first six months of FY2024, 52.3% higher than a year before while passenger traffic grew 38.0% compared to 1HFY2023, outpacing the capacity expansion of 29.0%. Passenger traffic and load factors improved across all markets, with the y-o-y traffic growth of 49.0% outpacing the capacity expansion. However, demand for air freight remained soft due to inventory overhang, as well as geopolitical and macroeconomic headwinds, says SIA. The cargo load factor fell 8.4 percentage points y-o-y to 52.7% as cargo loads dipped 6.0%, while capacity grew 8.9% mainly due to increased passenger aircraft bellyhold space. Increased competition and softer demand also contributed to the downward pressure on cargo yields, which fell by 46.2% from a year before. Nevertheless, at 41.8 cents per load tonne-kilometre, cargo yields remained 37.0% above pre-pandemic levels. As a result, Group revenue rose $745 SIA posts record half-year net profit of S$1.44 bil million or 8.9% y-o-y to $9.16 billion, with the $1.57 billion or 26.3% increase in passenger flown revenue to $7.55 million partially offset by a $1.04 billion or 49.5% decline in cargo flown revenue to $1.06 billion. On costs, expenditure increased $427 million, up 5.9% y-o-y to $7.61 billion, with the rise in non-fuel expenditure of $840 million, up 18.7% y-o-y, partly offset by a $413 million decrease in net fuel cost, down 15.3% y-o-y. Net fuel cost fell to $2.28 billion, mainly due to a 29.1% decrease in fuel prices, despite higher volumes uplifted and lower fuel hedging gains. The 18.7% increase in non-fuel expenditure was within the 19.9% increase in passenger capacity. Consequently, the group recorded an operating profit of $1.55 billion, $320 million higher than a year before. For the half-year ended Sept 30, SIA has declared an interim dividend of 10 cents per share, amounting to $297 million. The interim dividend will be paid on December 22 for shareholders as at December 7. Read the full story BY BRYAN WU theedgesingapore.com BY JOVI HO theedgesingapore.com Prof Kishore Mahbubani seen speaking at the Securities Investors Association (Singapore) Corporate Governance Conference 2023 on Monday, Nov 6, 2023. ALBERT CHUA/THE EDGE SINGAPORE SIA and Scoot carried 17.4 mil passengers in April-September, up 52.3% y-o-y.
WEDNESDAY NOVEMBER 8, 2023 17 THEEDGE CEO MORNING BRIEF WORLD SYDNEY (Nov 7): Australia’s central bank raised interest rates to a 12- year high on Tuesday, ending four months of steady policy, but left it open on whether even more tightening would be needed to bring inflation to heel. Wrapping up its November policy meeting, the Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.35%, saying recent data suggested there was a risk inflation would remain higher for longer. “Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable time frame will depend upon the data and the evolving assessment of risks,” RBA Governor Michele Bullock said in a statement. This was a step back from the October decision which stated that some further tightening “may be required”, and was taken by markets as a sign this might be the last hike of the cycle. As a result, the local dollar slid 0.8% to US$0.6435 and bond futures rallied as investors lengthened the odds on a further rise in December. “It was a dovish hike... it’s not pointing to any immediate need for a follow-up,” said Rob Thompson, rates strategist at RBC Capital Markets. “You’d think they’d have opened the door to a bit more than this, but they are just trying to do as little as possible. The hurdle to hike is high.” Markets had favoured a move this week given policy makers had warned they had little tolerance for inflation which had surprised on the high side in the third quarter. Read also: Bank of England’s Pill says mid-2024 might be time for rate cuts Australia’s central bank raises rates to 12-year high, tempers hawkish stance (Nov 7): Fragile markets, shadow lenders, international tensions and too many wars — global bankers gathering in Hong Kong were meant to discuss how they’re adapting to the financial world’s “complexity”, and ended up dwelling on the potential for big blow-ups instead. “My biggest fear is there’s one more geopolitical escalation, and there’s a market event,” Deutsche Bank AG chief executive officer Christian Sewing said at the Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday. At one of the largest gatherings of industry bosses since the Israel-Hamas war broke out last month, the mood on the stage was dour, as banking and investing chiefs traded observations and fears. The event, hosted by the Hong Kong Monetary Authority, aimed to explore the theme “Living with Complexity”. Bridgewater Associates co-chief investment officer Bob Prince warned that markets are “under-discounting” how long interest-rate tightening in the US and Europe will last in the fight against inflation before an equilibrium is reached. Meanwhile, Citadel founder Ken Griffin said world leaders are already risking reigniting runaway prices. Deglobalisation is a “giant wild card”, Griffin said, urging listeners not to give up on investing in China. While economies have benefited from peace and globalisation, “we don’t know what a world looks like that involves deglobalisation,” Griffin said. That includes “how much that increases inflation systemically”. The growth of shadow banking — typically referring to lending by money managers and other non-banks to corporations and consumers — drew a few warnings. Roughly half of global financial assets are now in “the shadow sector”, UBS Group AG chairman Colm Kelleher estimated. “It’s a real cause of concern,” he said. “The next crisis, when it happens, will be in that sector. It’ll be a fiduciary crisis.” About 300 executives are gathering in Hong Kong, as part of the city’s effort to move beyond years of turmoil. The city has faced protests, pandemic lockdowns and ultimately job reductions, with tens of thousands of high-skilled people emigrating. More broadly, international investors and their money managers have been shifting funds out of mainland China. The annual forum, now in its second year, is part of a broader effort to revive the hub’s status. “Hong Kong is back in business,” Hong Kong Chief Executive John Lee told the audience at the outset on Tuesday. But at the same time, “the world today is more complex and challenging than ever”, he added. Potential disasters weren’t the only topic, but they were ample and wide-ranging. “We absolutely have to worry about what’s happening with deficits in the US,” Goldman Sachs Group Inc CEO David Solomon said. He pointed to the growing size of the nation’s debt, as well as the potential cost of refinancing in a different — less liquid — environment. The trouble is that big disruptions are often caused by unforeseen forces, said Morgan Stanley’s long-time leader James Gorman, who is preparing to step down as the CEO at year end. Potential causes could include politics or geopolitics, he said. But then again, Gorman added, “nobody in this room predicted Covid.” Wall Street bosses in Hong Kong see financial dangers everywhere BY CATHY CHAN & BEI HU Bloomberg BY WAYNE COLE Reuters ‘My biggest fear is there’s one more geopolitical escalation, and there’s a market event,’ says Deutsche Bank AG chief executive officer Christian Sewing. The growth of shadow banking — lending by money managers and other non-banks to corporations and consumers — drew a few warnings. BLOOMBERG
WEDNESDAY NOVEMBER 8, 2023 18 THEEDGE CEO MORNING BRIEF WORLD (Nov 7): WeWork Inc filed for bankruptcy, capping a tumultuous period that saw the once high-flying startup navigate a failed initial public offering (IPO), Covid-19 lockdowns, a blank-check merger and slow return-to-office trends. The company — which at its 2019 peak commanded a US$47 billion (RM219.56 billion) valuation — listed US$19 billion of liabilities and US$15 billion of assets in its bankruptcy petition in New Jersey on Monday. The Chapter 11 filing allows WeWork to continue operating while working out creditor repayment terms. WeWork entered bankruptcy after reaching a tentative restructuring deal with longtime backer SoftBank Group Corp and existing creditors to slash over US$3 billion of debt and wipe out most of its shares. It’s also seeking to reject more than 60 leases across North America and will use the court process to renegotiate other contracts, chief executive officer David Tolley said in court papers. WeWork’s real estate footprint sprawled across 777 locations in 39 countries as of June 30, with occupancy near 2019 levels. But the enterprise remains unprofitable. “WeWork is requesting the ability to reject the leases of certain locations, which are largely non-operational and all affected members have received advanced notice,” the company said in a statement. Long saga WeWork’s collapse into bankruptcy is the culmination of a years-long saga for the New York-based company, whose sudden rise and precipitous fall have captivated Wall Street and Silicon Valley alike. The firm’s undoing arguably started in 2019. In a matter of months, the company went from planning an IPO to laying off thousands and procuring a multi-billion-dollar bailout. WeWork goes bankrupt, signs pact with creditors to cut debt HANOI/SAN FRANCISCO (Nov 7): Intel has shelved a planned investment in Vietnam that could have nearly doubled the US chipmaker’s operation there, one person briefed on the plans said, in a blow to the country’s growing ambitions in the chips industry. The Southeast Asian electronics manufacturing hub is home to Intel’s largest factory worldwide for assembling, packaging and testing chips, and has been banking on the company further expanding there, especially after Joe Biden announced deals to support Vietnam’s chips industry during a visit in September. Vietnam is keen to position itself as an alternative to China and Taiwan, amid political risks and trade tensions with the United States. But shortly after Biden’s visit, US officials informed a select group of US businessmen and experts that Intel had shelved an expansion plan, one of the participants in the meeting told Reuters. The source, who declined to be named because the information was confidential, said Intel had made that decision around July. The company did not say why it had called off the expansion, the person said, but a second source who attended two separate meetings in recent weeks between US companies and top Vietnamese officials said Intel had raised concerns about the stability of power supplies and excessive bureaucracy. One of those meetings took place last week in Hanoi and was attended by Vietnam’s Deputy Prime Minister Tran Luu Quang. Asked about the plan, Intel declined to comment but told Reuters: “Vietnam will continue to be a critical part of our global manufacturing operations, as demand for semiconductors grows”. The US embassy in Hanoi declined to comment. The Vietnamese government did not reply to requests for comment. Intel’s about-turn would be a blow to Vietnam’s growing ambitions to play a larger role in the global semiconductor industry. It has been holding talks with chipmakers, hoping to lure firms seeking to diversify their supply chain. Intel shelves planned chip operation expansion in Vietnam — source The decision by Intel comes after it announced large investments in Europe in June and Vietnam suffered power shortages in the same month, forcing many manufacturers to temporarily suspend production. Intel is also expanding its investment in chip packaging in Malaysia, one of Vietnam’s main Southeast Asian rivals. During Biden’s visit to Hanoi, the White House unveiled new initiatives and investments by US chips companies, including Amkor, Synopsys and Marvell. Intel was not mentioned. “You cannot take for granted that because Intel has already invested here, it will invest more,” Chung Seck, partner at law firm Baker & McKenzie Vietnam told Reuters. Reuters reported in February that Intel was planning a new investment in Vietnam that could be worth about US$1 billion, to boost its US$1.5 billion factory in the country. Asked about the possible investment plan at the time, Intel told Reuters: “Vietnam is an important part of our global manufacturing network, but we have not announced any new investments”. The Vietnamese government’s official portal had mentioned plans to attract US$3.3 billion in additional investment from Intel, but it later removed that reference after the media reported it. Intel and other multinationals have pressed the Vietnamese government to offer handouts worth millions of dollars when it introduces a new levy on large companies as part of a global tax overhaul. Plans for the tax and subsidies, due to be imposed next year, are still being discussed. BY FRANCESCO GUARASCIO, MAX CHERNEY & KHANH VU Reuters BY ETHAN M STEINBERG & AMELIA POLLARD Bloomberg Read the full story Intel’s about-turn would be a blow to Vietnam’s growing ambitions to play a larger role in the global semiconductor industry. Read also: WeWork saga cost Masayoshi Son US$11.5 bil and his credibility Amazon workers at UK warehouse strike again
WEDNESDAY NOVEMBER 8, 2023 19 THEEDGE CEO MORNING BRIEF WORLD (Nov 7): Aramco maintained its dividend to the Saudi government, despite a drop in production and weaker oil prices, as the kingdom tackles a widening budget deficit. The total payout of US$29.4 billion (RM137.34 billion) to the state and other investors, including a special component, held at the previous quarter’s level, even as lower output helped push net income 23% down year-on-year to US$32.6 billion in the third quarter. The world’s biggest crude oil exporter provides much of the Saudi government’s income via generous dividends. The distribution is becoming ever more vital, as Crown Prince Mohammed bin Salman pursues expensive projects such as the futuristic city of Neom, the purchase of high-profile footballers and stakes in sporting leagues, while looking to diversify the economy from oil. But for now, oil remains key for Saudi finances. The market has shrugged off concerns that Israel’s war on Hamas will spill over to the wider region and threaten global supplies. Brent crude is back to where it was before Hamas’s Oct 7 attack on Israel, at about US$85 a barrel. That’s keeping the Saudis and their partner Russia in the Organization of the Petroleum Exporting Countries (Opec) intent on maintaining their unilateral output cuts for now. They may be forced to prolong those curbs into next year, amid signs that the physical oil market is weakening. Demand for fuels such as diesel is softening in Europe in a sign of lacklustre economic growth. Aramco’s profit from its upstream business, which includes oil and gas output, dropped 23% to US$60.6 billion. Saudi Arabia is keeping production at near nine million barrels a day, about one million below the average of the past decade. Opec and allied producers are scheduled to meet later this month to review their supply policy. Aramco partially compensated for the drop in upstream earnings with better third-quarter refining margins, which pushed the unit to a US$5.3 billion profit from a loss in the same quarter a year ago. The dividend for the quarter, a combination of a base payout and a component linked to the free cash flow, draws on last year’s bumper profits when oil averaged nearly US$100 a barrel. Other international oil majors have also prioritised shareholder returns, with Shell plc increasing its stock buy-back programme. Read also: Bitcoin’s grip on crypto eases after climb in smaller tokens like XRP Aramco keeps US$29 bil payout even as oil production falls (Nov 7): The US trade deficit widened by more than expected in September, reflecting the resilience of American demand for foreign goods. The shortfall in goods and services trade expanded 4.9% from the prior month to US$61.5 billion (RM286.41 billion), Commerce Department data showed on Tuesday. The median estimate in a Bloomberg survey of economists had called for a US$59.8 billion gap. The value of imports rose to the highest since February, while exports increased to a more than one-year high. The figures aren’t adjusted for inflation. With the help of solid hiring and low unemployment, American demand for foreign-made goods like cell phones and cars remains firm. That said, there are a growing number of headwinds at home and abroad in the final three months of the year. Economists anticipate consumer spending to slow markedly from last quarter’s breakneck pace as the labour market begins to cool. The October jobs report released last week showed notable signs of weakness, while tepid economic activity overseas — including growing recession risk in nations like Germany and the UK — may weigh on foreign demand for American products. The increase in imports reflected more inbound shipments of consumer goods as well as capital goods like computer parts. US trade deficit widens by more than forecast on goods demand Exports of petroleum and agricultural products also rose. Last quarter, net exports subtracted from gross domestic product for the first time since early 2022, reflecting a pickup in imports in the period. “Based on our early estimates, we expect a small contribution from net exports in 4Q,” Rubeela Farooqi, chief US economist at High Frequency Economics, said in a note. “The outlook for trade flows going forward is unclear, and will be depend on the trajectory for demand and growth, domestically and abroad.” On an inflation-adjusted basis, the merchandise trade deficit widened to US$86.5 billion. BY READE PICKERT Bloomberg BY FAHAD ABULJADAYEL & ANTHONY DI PAOLA Bloomberg BLOOMBERG BLOOMBERG US Commerce Department data showed on Tuesday a shortfall in goods and services trade expanded 4.9% from the prior month to US$61.5 billion (RM286.41 billion)
WEDNESDAY NOVEMBER 8, 2023 20 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (Nov 7): Banks tightened lending standards for US businesses and households in the third quarter, but the pace of change appeared to ease, and demand for loans fell broadly in a sign of the impact higher interest rates are having on the economy, the Federal Reserve (Fed) reported on Monday. The tightening of standards for business loans applied to firms of all sizes, the US central bank said in its latest survey of senior bank lending officers, while consumers faced tighter credit for home and home equity loans, credit cards, and tougher terms on auto loans. Demand for loans fell broadly, with 60% of banks citing moderately or substantially weaker demand for home mortgages in the third quarter, up significantly from 43% in the second quarter, as the Fed’s aggressive rate increases since March of 2022 continued to bite on the residential housing industry. The average rate for a 30-year fixed-rate home mortgage rose sharply through the summer and fall, and at more than 7.7% has hit levels not seen in nearly a quarter of a century. The detailed responses of the survey, fielded quarterly by the Fed and part of the data presented by staff to policymakers, did suggest, however, that the pace of credit tightening may be easing as the central bank’s rate increases reach a likely plateau in the nearly 20-month-old tightening cycle. The Fed has kept its policy rate steady in the 5.25%-5.50% range since July, and many analysts feel it is unlikely to go higher. While more than half of banks reported tightening business lending standards in the second quarter, just 35% said they cranked down further in the third quarter, with about 62% keeping standards the same. One bank reported easing standards slightly. Asked about the reasons for why standards may have shifted, bankers were also less likely in the third quarter to cite concerns about the overall economy or their own banks’ financial position, and more likely to point to lower risk tolerance and the ability to resell loans in the secondary market. Demand for commercial and industrial loans weakened most among small firms, with more than half of banks saying credit demand had fallen among firms with annual sales of less than US$50 million (RM233.08 million). About 39% of bank loan officers said loan demand had fallen among larger firms in the third quarter, compared to nearly 60% in the second quarter. For households, 86% of loan officers said they had kept standards for home mortgages about the same in the third quarter, though 12% said standards had gotten tighter. Just over 5% of banks said they had tightened standards in the second quarter. Analysts said the survey results were consistent with an expected economic slowdown in the final months of the year. “The survey continued to show tightening lending standards and decreases in demand across the major reported loan types that look broadly consistent with an economy that should be slowing,” said Daniel Silver, an economist at JPMorgan. Read also: UBS sees progress on winning back clients amid quarterly loss Fed report shows US loan officers see tighter credit, weaker demand (Nov 7): While the US banking sector is stable, growing vulnerabilities leave at least some institutions under a near-term threat of funding pressure and capital shortfalls, according to Federal Reserve Bank of New York staff. The risks to the system are rising, albeit modestly, and those weaknesses are still below the levels that preceded the global financial crisis, according to Matteo Crosignani, Thomas Eisenbach and economist Fulvia Fringuellotti, in a post on the Liberty Street Economics blog on Monday. That’s in large part because the biggest banks are less exposed to capital shortfalls and run-on-the-bank risks, their analysis of models through the second quarter of 2023 showed. “In the short-term, banks might suffer losses in their securities portfolio that might, in turn, induce funding dry-ups and substantially weakened effective capital levels,” the blog authors wrote. While Fed officials say the financial system is stable and “more resilient” than it was two decades ago, the banking system has been under a microscope in the wake of turmoil earlier this year that resulted in the collapse of institutions including California’s Silicon Valley Bank and New York’s Signature Bank. Large shifts in depositor cash also threaten to erode confidence in the system in the current high interest-rate environment. Because banks have been slower to pass along the Fed’s interest-rate hikes, depositors have put their cash to work in othUS banking system still vulnerable, NY Fed blog says er higher-yielding alternatives like money-market mutual funds. Those losses in institutions’ securities portfolios risk weakening capital levels. “The March 2023 banking crisis highlighted the vulnerability of the banking sector to a sudden rise in interest rates,” the blog authors said. “Specifically, banks’ ability to limit the pass-through of rate-hiking cycles into deposit rates allows them to benefit from higher rates, but only gradually.” Even though those outflows have slowed now that the central bank looks to be nearing the end of its hiking cycle, there’s still a risk that a higher-for-longer policy spurs additional outflows and even more losses on the banks’ security holdings that will require even more funding to replace. Shortterm markets are showing that banks are starting to pay up to protect their cash holdings from sinking and to safeguard against future runs on deposits. The NY Fed staff also noted it had updated its models for monitoring vulnerabilities in the banking sector since March. BY ALEXANDRA HARRIS Bloomberg BY HOWARD SCHNEIDER Reuters The US Federal Reserve's aggressive rate increases since March of 2022 continued to bite on the residential housing industry.. REUTERS
WEDNESDAY NOVEMBER 8, 2023 21 THEEDGE CEO MORNING BRIEF WORLD (Nov 7): OpenAI is now letting users build custom versions of ChatGPT to accomplish specific personal and professional tasks, as the artificial intelligence (AI) start-up works to beat back competition in an increasingly crowded market. With the new option, users will be able to quickly create their own specialised versions of ChatGPT — simply called GPTs — that can help teach math to a child, or explain the rules of a board game, the company said on Monday. No coding is required, the company said. OpenAI also plans to introduce a store later this month, where users can find tailored GPTs from other users — and make money from their own — much as they might with apps on Apple Inc’s App Store. The announcement came at its first-ever developer conference on Monday. OpenAI also said it’s introducing a preview version of GPT-4 Turbo, a more powerful and speedier version of its most recent large language model, the technology that underpins ChatGPT. ChatGPT was released to the public a year ago this month, kicking off a global frenzy around all things AI. Roughly 100 million people now use ChatGPT each week, the company said at the conference, and more than 90% of Fortune 500 businesses are building tools on OpenAI’s platform. But the ChatGPT maker is also confronting rival products from well-funded AI start-ups, tech giants and, most recently, Elon Musk, an early OpenAI backer. OpenAI now letting users build custom versions of ChatGPT HONG KONG (Nov 7): US curbs on the sales of advanced artificial chips by Nvidia to China are creating an opening for Huawei to win market share, with sources saying it won a sizeable AI chip order from Chinese tech giant Baidu this year. Better known globally for its telecoms and smartphones businesses, Huawei has for the past four years been building an AI chip line. Here is what we know about its Ascend AI chip series, and its main product to rival Nvidia’s A100 chip, the 910B. Why and how did Huawei enter the AI chip business? Huawei first unveiled its Ascend 910 in 2018 and the chip was officially launched in 2019 as part of a strategy to build a full-stack AI portfolio and become a provider of computing power. That same year, the company became the target of US export controls. At the time, Huawei claimed that its chip was the world’s most powerful AI processor and Chinese media reports said the original Ascend 910 was manufactured on a seven nanometer process. Huawei said the chip could deliver 256 TeraFLOPS for half-precision floating point (FP16) operations and 512 TeraOPS for integer precision calculations (INT8). The company also touted the chip’s efficiency, saying that its max power consumption was 310W which it said had exceeded Huawei’s original target at 350W. The chip, however, failed to dent Nvidia’s dominance both inside and outside China. Nvidia introduced its A100 and H100 chips in 2020 and 2022 respectively which swept up the majority of the AI chip market share globally, a trend supercharged by the emergence of generative AI. Experts said Nvidia enjoyed a massive incumbent advantage over Huawei, with one key edge being the reliance of existing AI projects on Nvidia’s software ecosystem. While Huawei has its own ecosystem version called CANN, analysts say it is much more limited in terms of the AI models it is capable of training. What is the latest chip, the 910B? Huawei has not officially announced the Ascend 910B, a newer version of the 910, but some details about the chip have emerged in public comments by some Chinese companies and academics, as well as in technical guides on Huawei’s website. In August, the chairman of Chinese AI giant iFlyTek, Liu Qingfeng, praised Huawei for producing a GPU that he said was “basically the same as Nvidia’s A100” and said iFlyTek was working with Huawei to develop a hardware. Chinese media outlet Yicai later reported that the hardware was powered by Ascend 910B, which had not been previously known. Reuters also found that documents related to Ascend 910B, such driver and firmware upgrade guides, started appearing on Huawei’s website this August. Last month, during iFlyTek’s earnings call, Senior Vice President Jiang Tao once again said the Ascend 910B’s capabilities were “comparable to Nvidia’s A100”. Baidu ordered 1,600 of Huawei 910B chips for 200 servers in August, one source told Reuters. Analysts and sources say that the 910B chips are comparable to Nvidia’s in terms of raw computing power, but they still lag behind in performance. Still, they are seen as the most sophisticated domestic option available in China. Why does this matter for Huawei and China? Analysts have estimated China’s AI chip market to be worth US$7 billion (RM32.7 billion) and grabbing market share from Nvidia could mark a win for Huawei against the US. Huawei has reiterated how it wants to become a key provider of computing power for AI, with chief financial officer Meng Wanzhou saying in September that Huawei wanted to build a computing base for China and give the world a “second option”, in a veiled reference to dominant provider the US. In the absence of Nvidia chips, China’s AI firms will have to rely on domestic products like Huawei’s less powerful chips, but analysts say that it could be only a matter of time before Huawei is able to close this gap, given the amount of support and investment the Chinese government is pouring into AI and semiconductors. BY RACHEL METZ Bloomberg Read also: Nintendo raises outlook and game sales target for the year Read the full story How Huawei plans to rival Nvidia in the AI chip business BY JOSH YE Reuters Ren Zhengfei, Huawei CEO REUTERS
WEDNESDAY NOVEMBER 8, 2023 22 THEEDGE CEO MORNING BRIEF WORLD (Nov 7): In the days after Oct 7, bombs started falling from the sky. Leaflets fell too, urging the 1.1 million residents of northern Gaza to head south for their safety. So Reda Sahoiun left her home. The 40-year-old charity worker packed into a taxi with her elderly mother, taking a ring, two necklaces, bracelets, blankets and some painkillers. But when they reached her friends’ house in the southern city of Khan Younis, Sahouin found it was no refuge from the explosions. “It was not safe at all there,” she recalled. “They bombed the house next to ours without warning.” Sahouin and her mother stayed only four days before finding a lift back home again. On Oct 24, just before Israeli ground troops began a ground assault of the north Gaza strip, she realised again she may have made the wrong choice. By then, escaping south had got much harder. With the Israeli military now wholly encircling the northern town of Gaza City, many are finding the journey has got harder still. Israel’s government has vowed to destroy Hamas, which the US and European Union designate a terrorist organisation and which a month ago killed more than 1,400 Israelis while taking around 240 people hostage. Their strategy has involved a bombing campaign of extraordinary ferocity, which the Hamas-run health ministry says has killed over 10,000 Palestinians and made Gaza intolerable for the living. That is a number relief organisations consider broadly accurate. At least 4,000 of the dead are children. Many are still buried under the rubble created by collapsed buildings. Children arrive at hospitals with their names scrawled on their arms to facilitate identification in case their parents don’t survive. Some of the dead are buried in mass graves. The Gaza death toll figures cannot be independently verified, and do not distinguish between civilians and active members of Hamas. Israeli officials have said Hamas inflates them. In response, authorities in Gaza have published the names of the dead alongside their ID numbers. Two-thirds of people died in the north, but the rest in places that were supposed to be safe. The Gazans who spoke to Bloomberg said they were having to make calculations about their safety in a place where supplies of food and water are rapidly dwindling. While on Nov 6 the United Nations said that 451 aid trucks have been allowed to enter in the weeks since hostilities began, in the besieged enclave that relies on such donations to survive, that compares to the 500 that were making deliveries daily before the war — and not a single one has brought in fuel. Israel says Hamas hoards fuel from the civilian population. In the wake of US Secretary of State Antony Blinken’s four-day trip to the Middle East, US officials told the Washington Post that Israel’s counterattack against Hamas has been excessively severe, costing too many civilian casualties and lacking a coherent endgame — but that they had been unable to exert enough influence on Israel to change its course. For so many ordinary citizens of the Hamas-run territory, this is not their fight. But they have been caught up in it nonetheless. They described a place that, at 25 mileslong, is small enough to entrap them yet large enough that traversing its length without transport is very difficult, even for the rare person trying to move without family and belongings in tow. According to the UN, almost half of Gaza’s population are children. Finding a way to escape Israel’s bombs became all the more risky since last week, when its military advanced west under a hail of tank shelling and airstrikes, effectively dividing the Gaza Strip in two. And with missiles targeting residential areas along its entire length, people say they have nowhere to go, and no means of getting there. In a rare instance of diplomatic progress since the Israel-Hamas war began Civilians trapped in Gaza are running out of food, fuel and hope BY FARES AKRAM Bloomberg last month, a deal brokered by Qatar and the US had allowed foreign passport holders to start leaving through the otherwise closed Rafah border crossing last week, though in recent days this has stalled. In any case some, like Mai, who is a Palestinian with German citizenship who didn’t want to give her last name, are trapped in the north. She said she didn’t know how she would get to the southern border, after learning roads were cut off. A few days after Mai spoke to Bloomberg, Israel said it was allowing people to leave by foot, but some are scared to make the journey after the Israeli navy gunned down vehicles on the coastal road last week. Photos from the Hamas-controlled seaside strip on Sunday showed some people walking south, their belongings piled high on donkey-pulled carts. Israel says it is targeting Hamas with such strikes. For Gazans, the situation Israeli Defense minister Yoav Gallant called a “total siege” has stopped time. It stopped schools, stopped businesses, stopped entrances and exits. Most cars, in the four weeks since Oct 7, are relying on the gas they had in their tanks at that moment. The war also stopped the accurate flow of information, in so far as it ever existed in a place where the truth has long been contested, in very different ways, by two adversarial powers: the militant group Hamas, which has been in charge since 2006, and neighbouring Israel which, with Egypt’s assistance — controls Gaza’s borders. Read the full story For so many ordinary citizens of the Hamas-run territory, this is not their fight. But they have been caught up in it nonetheless. BLOOMBERG
WEDNESDAY NOVEMBER 8, 2023 23 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) TOP GLOVE CORP BHD 170.9 0.020 0.780 -13.81 6,246.4 KANGER INTERNATIONAL BHD 95.4 -0.025 0.095 137.50 61.7 DAGANG NEXCHANGE BHD 80.0 0.015 0.455 -10.78 1,436.1 EA TECHNIQUE M BHD 53.8 0.045 0.385 126.47 204.2 WIDAD GROUP BHD 52.1 0.000 0.450 4.65 1,393.4 SARAWAK CONSOLIDATED 49.1 0.000 0.575 296.55 368.1 HARTALEGA HOLDINGS BHD 48.3 0.190 2.330 37.06 7,955.2 RANHILL UTILITIES BHD 44.3 0.000 0.880 93.41 1,134.8 EDARAN BHD 42.7 0.300 0.815 49.54 47.2 SALUTICA BHD 40.9 0.005 0.825 211.32 349.4 PUC BHD 39.8 -0.010 0.050 42.86 118.4 HANDAL ENERGY BHD 39.4 0.030 0.150 -3.23 40.0 PDZ HOLDINGS BHD 35.8 0.000 0.055 37.50 32.0 MQ TECHNOLOGY BHD 35.4 0.000 0.025 -50.00 34.5 LEFORM BHD 33.8 0.000 0.250 21.12 370.3 KNM GROUP BHD 32.0 0.005 0.100 100.00 404.4 ECONPILE HOLDINGS BHD 31.3 -0.005 0.310 82.35 439.4 FITTERS DIVERSIFIED BHD 30.1 0.005 0.050 -28.57 117.1 IMPIANA HOTELS BHD 28.6 0.005 0.200 122.22 161.4 CN ASIA CORP BHD 28.3 -0.010 0.180 -26.53 44.0 Data as compiled on Nov 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) MLABS SYSTEMS BHD 0.010 100.00 4,765.4 -50.00 14.5 EDARAN BHD 0.815 58.25 42,719.3 49.54 47.2 THETA EDGE BHD 0.780 26.83 21,834.1 14.71 92.0 HANDAL ENERGY BHD 0.150 25.00 39,449.6 -3.23 40.0 LAMBO GROUP BHD 0.025 25.00 1,350.0 -54.55 38.5 ALAM MARITIM RESOURCES BHD 0.030 20.00 2,047.4 20.00 46.0 TWL HOLDINGS BHD 0.030 20.00 13,867.0 -14.29 146.1 AGESON BHD 0.070 16.67 22186.0 -65.85 21.8 KOMARKCORP BHD 0.175 16.67 5,522.4 -36.36 118.1 TECHNODEX BHD 0.070 16.67 51.0 -30.00 59.1 HEITECH PADU BHD 0.730 15.87 898.7 7.35 73.9 HWA TAI INDUSTRIES BHD 0.485 15.48 1,673.0 -14.16 36.3 ALDRICH RESOURCES BHD 0.040 14.29 1,024.7 33.33 44.5 XOX NETWORKS BHD 0.040 14.29 973.1 33.33 45.4 EA TECHNIQUE M BHD 0.385 13.24 53,830.2 126.47 204.2 MULTI-USAGE HOLDINGS BHD 0.535 11.46 96.3 -8.55 30.2 FITTERS DIVERSIFIED BHD 0.050 11.11 30,063.0 -28.57 117.1 SKB SHUTTERS CORP BHD 0.725 10.69 7,587.9 90.79 95.7 PAN MALAYSIA HOLDINGS BHD 0.055 10.00 1,930.1 -21.43 51.1 DGB ASIA BHD 0.115 9.52 2,307.0 -23.33 21.6 Data as compiled on Nov 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AT SYSTEMATIZATION BHD 0.005 -50.00 1,225.4 -66.67 33.9 EA HOLDINGS BHD 0.005 -50.00 104.1 -66.67 32.3 FINTEC GLOBAL BHD 0.005 -50.00 2,197.5 -50.00 29.6 FOCUS DYNAMICS GROUP BHD 0.015 -25.00 376.1 -25.00 95.6 METRONIC GLOBAL BHD 0.015 -25.00 274.5 -25.00 23.0 KANGER INTERNATIONAL BHD 0.095 -20.83 95,363.2 137.50 61.7 G3 GLOBAL BHD 0.020 -20.00 573.5 -33.33 75.5 VIZIONE HOLDINGS BHD 0.045 -18.18 1,640.8 -18.18 92.1 PUC BHD 0.050 -16.67 39,789.8 42.86 118.4 ADVANCE INFORMATION 0.170 -15.00 66.3 -24.44 16.6 CME GROUP BHD 0.030 -14.29 381.6 0.00 31.0 HUBLINE BHD 0.035 -12.50 220.0 -12.50 150.1 TA WIN HOLDINGS BHD 0.035 -12.50 1,865.6 -36.36 120.2 IVORY PROPERTIES GROUP BHD 0.075 -11.76 50.0 -6.25 36.8 SMTRACK BHD 0.040 -11.11 19,817.6 -20.00 48.9 HONG SENG CONSOLIDATED BHD 0.045 -10.00 1,913.5 -79.55 229.9 PERMAJU INDUSTRIES BHD 0.045 -10.00 101.5 0.00 87.5 TFP SOLUTIONS BHD 0.050 -9.09 225.0 -23.08 29.2 OVERSEA ENTERPRISE BHD 0.055 -8.33 623.0 -30.53 124.7 CHINA OUHUA WINERY HOLDINGS 0.06 -7.69 473.0 -7.69 40.1 Data as compiled on Nov 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) BLD PLANTATION BHD 10.500 -0.400 19.0 2.34 981.8 MALAYSIAN PACIFIC INDUSTRIES 26.800 -0.300 44.2 -6.82 5,330.4 CARLSBERG BREWERY MALAYSIA 19.940 -0.180 65.3 -12.85 6,096.6 FRASER & NEAVE HOLDINGS BHD 25.820 -0.180 10.6 19.65 9,470.2 PPB GROUP BHD 15.040 -0.160 520.4 -13.76 21,395.9 QL RESOURCES BHD 5.650 -0.150 1,607.7 2.54 13,750.2 AEON CREDIT SERVICE M BHD 11.600 -0.120 244.3 -7.79 2,961.6 VITROX CORP BHD 6.760 -0.110 817.8 -11.63 6,390.6 HONG LEONG FINANCIAL GROUP 17.600 -0.100 151.8 -5.38 20,156.3 UNITED MALACCA BHD 4.950 -0.090 21.0 -10.00 1,038.4 SYARIKAT TAKAFUL MALAYSIA 3.650 -0.080 299.3 6.10 3,056.2 CELCOMDIGI BHD 4.310 -0.060 2,040.0 7.75 50,562.8 GE-SHEN CORP BHD 1.100 -0.060 398.0 -8.33 133.7 KUALA LUMPUR KEPONG BHD 22.040 -0.060 490.6 -1.43 23,768.7 PETRONAS CHEMICALS GROUP 7.280 -0.060 1,668.2 -15.35 58,240.0 GREATECH TECHNOLOGY BHD 4.770 -0.050 2373.9 -1.45 5982.5 IOI PROPERTIES GROUP BHD 1.810 -0.050 2,107.1 70.75 9,966.1 PERTAMA DIGITAL BHD 3.960 -0.050 1,453.4 125.00 1,735.3 PIE INDUSTRIAL BHD 3.120 -0.050 74.4 20.73 1,198.2 SIME DARBY BHD 2.330 -0.050 11360.9 1.3 15880.3 Data as compiled on Nov 7, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 124.000 0.900 289.7 -11.43 29,078.0 HEXTARTECHNOLOGIES SOLUTIONS 23.600 0.480 27.1 38.34 3,036.1 EDARAN BHD 0.815 0.300 42,719.3 49.54 47.2 PETRONAS DAGANGAN BHD 22.920 0.220 341.7 0.32 22,770.0 ALLIANZ MALAYSIA BHD 16.620 0.200 33.5 17.37 2,957.8 HARTALEGA HOLDINGS BHD 2.330 0.190 48,290.7 37.06 7,955.2 THETA EDGE BHD 0.780 0.165 21,834.1 14.71 92.0 TELEKOM MALAYSIA BHD 5.300 0.130 6,760.4 -1.85 20,334.0 YOONG ONN CORP BHD 1.880 0.110 918.8 49.21 298.3 AJINOMOTO MALAYSIA BHD 15.380 0.100 22.1 17.58 935.1 HEITECH PADU BHD 0.730 0.100 898.7 7.35 73.9 SURIA CAPITAL HOLDINGS BHD 1.720 0.090 774.3 52.21 594.8 PANASONIC MANUFACTURING 17.700 0.080 3.2 -22.71 1,075.2 ANALABS RESOURCES BHD 1.570 0.070 0.2 13.77 171.0 SKB SHUTTERS CORP BHD 0.725 0.070 7,587.9 90.79 95.7 HWA TAI INDUSTRIES BHD 0.485 0.065 1,673.0 -14.16 36.3 BIG INDUSTRIES BHD 0.700 0.060 5626.7 -2.78 44.4 DUOPHARMA BIOTECH BHD 1.240 0.060 522.4 -22.98 1192.8 IQ GROUP HOLDINGS BHD 0.905 0.060 3.9 -7.65 79.6 JF TECHNOLOGY BHD 1.100 0.060 3,035.9 35.80 1,019.8 Data as compiled on Nov 7, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 34,095.86 34.54 0.10 S&P 500 * 4,365.98 7.64 0.18 NASDAQ 100 * 15,154.93 55.44 0.37 FTSE 100 * 7,417.76 -2.38 -0.03 AUSTRALIA 6,977.07 -20.31 -0.29 CHINA 3,057.27 -1.14 -0.04 HONG KONG 17,670.16 -296.43 -1.65 INDIA 64,942.40 -16.29 -0.03 INDONESIA 6,843.79 -35.05 -0.51 JAPAN 32,271.82 -436.66 -1.34 KOREA 2,443.96 -58.41 -2.33 PHILIPPINES 6,131.32 53.29 0.88 SINGAPORE 3,173.81 -6.72 -0.21 TAIWAN 16,684.95 35.59 0.21 THAILAND 1,408.30 -8.91 -0.63 VIETNAM 1,080.29 -9.37 -0.86 Data as compiled on Nov 7, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,720.00-33.00 OIL US$ 83.58-1.60 RM/USD 4.6700 RM/SGD 3.4464 RM/AUD 2.9988 RM/GBP 5.7462 RM/EUR 4.9894
Nov 8 to Nov 10 Malaysian Paper www.thesun.my RM1 WEDNESDAY NOV 8, 2023 SCAN ME No. 8389 PP 2644/12/2012 (031195) Casino chip heist: Five more identified Police have detained a total of 10 suspects, including a Chinese national, in connection with the RM4.6m theft at Genting Highlands on Oct 28. A new sunrise Congratulations! You are holding the first edition of our new 32-page paper featuring more of the great content you have loved for the past 30 years. Copies will be free until Friday and will be available via subscription and at newsstands beginning Monday for only RM1. Muruku still a national favourite Buntong entrepreneur’s Deepavali snack, made from a 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
WEDNESDAY | NOV 8, 2023 2 PM to attend Apec summit oDecision to participate in conference made to protect national interests concerning diplomatic, economic relations and security NATURAL GOODNESS ... Deputy Prime Minister Datuk Seri Fadillah Yusof and Sarawak Food Industry, Commodity and Regional Development Minister Datuk Seri Dr Stephen Rundi Utom (left) with cups of black pepper tea at an exhibition stall after opening the 51st International Pepper Community meeting in Kuching yesterday. – BERNAMAPIC PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has decided to join the 2023 Asia Pacific Economic Cooperation (Apec) Economic Leaders’ Week in San Francisco, although there have been calls for him not to attend. Anwar, who is also finance minister, said the decision to participate in the conference is to protect the country’s interests in terms of diplomatic and economic relations as well as security. He added that he would not budge in defending justice and the Palestinian people’s struggle for their rights. Anwar expressed hope that he would not be punished as being pro-Israeli for attending the conference, which would be attended by all Asian member countries at the invitation of US President Joe Biden. “For me, the priority is to maintain diplomatic relations and peace,” he said at a gathering of staff of the Finance Ministry yesterday. “As the prime minister, I want to look after the interests of this country, I want to look after its security, economy and prosperity,” he said, admitting that there was pressure for him not to participate in the conference. Apec is a regional economic forum established in 1989 to capitalise on the growing interdependence of countries in the Asia-Pacific region, and this year, it will be held from Nov 11 to Nov 17. All 21 Apec member countries account for nearly 40% of the global population, nearly 50% of global trade and more than 60% of US exports. Apec member economies comprise Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taipei, Thailand, US and Vietnam. Anwar said the priority of Malaysia for Palestine is peace as well as humanitarian aid to assist the affected people of the country. “Contact big companies, find a Expedite implementation of planned projects: Anwar PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said the implementation of projects this year is better compared with last year but still not satisfactory. Speaking at the Finance Ministry’s monthly assembly yesterday, Anwar told all ministries to expedite the implementation of planned projects before the end of the year. “Projected expenditure and implementation for 2023 have to reach 90%.” Anwar has also asked Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz to coordinate the speed of implementation of investment projects in this country. “The challenge has always been on the execution of major decisions including projects, which has always been a problem. We want ease of doing business.” Meanwhile, Anwar asked Bank Negara and Petronas, which have expertise in the field of information and communication technology (ICT), to share the technology with government departments. He said he had discussed the matter with Petronas chairman Tan Sri Mohd Bakke Salleh and Bank Negara Governor Datuk Abdul Rasheed Ghaffour. “The field of ICT in the public sector needs to be improved and changed rapidly, in line with the changes in the ICT field, which are now considered challenging and extraordinary.” Anwar said while improving ICT expertise and skills, the welfare of the people remains the priority of the government led by him. “This is a matter of digital transformation, energy transition, new roadmap for industrialisation, it’s all a question of reaching something high. “But in reaching for the sky, let’s not forget to be rooted to the earth. We also have to think about the basic problems of the people such as the price of goods, school toilets and potholed roads.” – Bernama RM19b for national security KUALA LUMPUR: The allocation of RM19 billion for the Home Ministry under Budget 2024 is to strengthen national security and to ensure the welfare of the ministry’s personnel, said its minister Datuk Seri Saifuddin Nasution Ismail. He said this is in line with the ministry’s role in managing various departments that ensure public safety and border controls. “The ministry functions under 51 parliamentary Acts, through seven main cores, including strengthening of security and public order, management of detainees, management of foreign nationals’ affairs, drug rehabilitation and prevention, empowering communities and industries, ministry personnel’s welfare as well as border, maritime and entry controls. “The ministry has around 120,000 police personnel, 15,000 immigration department personnel and around 60,000 People’s Volunteer Corps personnel, among others. So, the RM19 billion allocation allows us to make improvements in various aspects, especially personnel welfare,” he said as a guest on RTM’s Naratif Khas programme on Monday titled “Post Budget 2024: Strengthening Unity and National Security”. Prime Minister Datuk Seri Anwar Ibrahim had raised the allocation to the ministry to RM19 billion when tabling the Malaysia Madani Budget 2024 on Oct 13, a RM500 million increase compared with the year before, Bernama reported. Saifuddin Nasution said the allocation would enable land and maritime border controls to be improved to curb illegal activities. ‘Unilateral sanctions not recognised’ KUALA LUMPUR: The Malaysian government does not recognise any unilateral decision made by any country, including the United States, to impose sanctions against individuals, agencies or countries supporting Hamas, said Prime Minister Datuk Seri Anwar Ibrahim. He said Malaysia only recognises decisions made by the United Nations that are multilateral in nature. “We do not agree with the decision made by the US, and it will not influence our policies and decisions,” he said during Minister’s Question Time in the Dewan Rakyat yesterday. Anwar was replying to Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang), who wanted to know the government’s stance on the recent decision of the US House of Representatives to pass a Bill regarding sanctions on foreign entities that support Hamas and the Islamic Jihad Movement in Palestine. He said he had contacted leaders of Islamic countries that share Malaysia’s views. – Bernama Call to improve education quality BANGI: Efforts by the government to improve learning facilities in the country need to be translated into improved quality of education for students, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar said he had instructed the Education Ministry and the Higher Education Ministry to focus on improving the quality of national education. “This year, we have given emphasis to a lot of details, focusing on the needs of students. The construction of new schools (to replace dilapidated ones) has been completed and infrastructure facilities are sufficient. “When they need help, we give. So (next year) the performance cannot be the same as 2023. There has to be an improvement. “The country cannot progress and develop if the quality of education does not improve,” Anwar said at Sekolah Kebangsaan Bandar Baru Bangi yesterday. – Bernama King witnesses signing of kindergarten programme agreement KUALA LUMPUR: The Yang diPertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah yesterday witnessed the signing of a memorandum of agreement (MoA) between the Community Development Department and the Pahang Foundation. The MoA is to enable the implementation of Kemas Pre-Tahfiz Kindergarten programme under the Rural and Regional Development Ministry to empower children with Al-Quran education. It was inked by Kemas directorgeneral Datuk Ahmad Kamal Idris Mohd Nawawi and Pahang Foundation director Datuk Dr Ahmad Munawar Abdul Jalil. Also present at the ceremony held at the Kemas Community Activity Centre in Kampung Seri Batu was Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail. Under Budget 2024, RM20 million was allocated for the implementation of the Kemas Pre-Tahfiz Kindergarten Programme. – Bernama way or add more funds to surpass the RM100 million of the Humanitarian Trust Fund for the People of Palestine collection. We will distribute and ensure that the shipment goes through a reliable body.” The fund, supervised by the Foreign Ministry, was established following the violent conflict and fighting in the Gaza Strip, Bernama reported. Anwar asked all parties in the country not to politicise the Palestine-Israel issue. “I see that sometimes, the polemics of parties and groups are quite extreme. It’s okay. “In this Gaza issue, let us work together. People are killed, small children die, think of how to help together.” The fighting in Palestine involving Hamas and the Israeli regime since Oct 7 has resulted in the loss of thousands of lives.
WEDNESDAY | NOV 8, 2023 3 IPOH: The government’s move to float chicken prices will benefit consumers as chicken producers, wholesalers and retailers will compete to offer competitive prices to customers. Universiti Pendidikan Sultan Idris (UPSI) Management and Economic Faculty, Economics Department Head Assoc Prof Dr Zainizam Zakariya said they would need to do so to avoid losing business as consumers would go for the lowest prices. “Almost a week after the subsidies for chicken ended, market prices for chicken are competitive and much lower than subsidised prices, which is at a national average of RM8.51 per kg for standard chicken while in Peninsular Malaysia, it is RM8.49. “Chicken is being offered at even lower prices at supermarkets, as low as RM7.49 a kg. In Terengganu, media reports showed that fresh chicken prices have dropped by around 15% or by RM1.40 a kg, with traders selling at between RM7.20 and RM7.99 a kg.” He added that the government’s move to discontinue chicken subsidies could indirectly save almost RM4 billion in expenditure annually and that as of February, the government has spent RM3.8 billion in subsidies for chicken, with breeders being the direct beneficiaries. “Even with subsidised prices, the price of chicken was still high during festive seasons. The question is, who benefits from chicken subsidies? Obviously not consumers,” Zainizam said. He added that with floating prices based on the mechanism of supply and demand, the chicken industry would be more dynamic and attract investment and the use of the latest technology that would reduce production costs. Zainizam also said there were many chicken producers in the country and consumers could differentiate prices and the quality of products offered, Bernama reported. He said there were concerns that the drop in chicken prices was only temporary in nature, deliberately brought about by breeders who intended to “kill off” smaller operators through pricing mechanisms. “Using this method, large-scale breeders lower prices to ensure small-scale breeders cannot compete on the open market and will eventually shutter their operations. “Without healthy competition, large-scale breeders might be able to monopolise the price of chicken in the long term. So, what we should hope for is the government and related agencies monitoring the situation periodically to ensure there is no drastic rise in chicken prices that would negatively impact consumers,” he said. On Oct 30, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu announced the termination of chicken subsidies and price controls effective Nov 1, in line with the approach of readjusting subsidies in phases. No new allocation for govt publicity KUALA LUMPUR: No new allocation will be provided by the government for publicity and promotion of announcements and achievements of the Madani government and the prime minister this year, the Dewan Rakyat was told yesterday. Prime Minister Datuk Seri Anwar Ibrahim said the government is only utilising the balance of the allocation approved and signed under the previous government led by his predecessor Datuk Seri Ismail Sabri Yaakob. He said this includes the allocation for the installation of billboards and publications of government policies such as on Malaysia Madani, Madani Economy framework and Budget 2024. “Between 2020 and 2022, the government has spent RM700 million on promotional advertisements and publicity. This means that RM500 million was spent during the administration of Pagoh MP (Tan Sri Muhyiddin Yassin) and the rest during the administration of the Bera MP (Ismail Sabri Yaakob). “Bera MP did not spend as much, hence the balance (of the allocation). That’s why in 2023, there was no allocation given, we are just utilising the balance of the allocation and what was already approved while he was the prime minister. “For me, spending RM700 million or more than RM300 million a year is just too much and against the rules and good governance,” he said in reply to P. Prabakaran (PH-Batu) during Minister’s Question Time. Prabakaran had wanted to know the amount spent on promotion and publicity of the government’s achievements via all media platforms since 2020. – Bernama oCompetitiveness among those in supply chain triggered by removal of subsidies would keep prices fair: Expert Alarming number at prediabetic stage SERI ISKANDAR: A total of 47,842 individuals from 119,002 in Perak have been screened through National Health Screening Initiative (NHSI) by the Health Ministry and found to be prediabetic. State Human Resources, Health, Indian Community Affairs, National Integration Committee chairman A. Sivanesan said the statistics on individuals at risk of developing the disease are cause for concern. He said screening should be done to identify the health status, disease and risk of disease occurrence, in addition to delaying complications of the disease. “This year, we have targeted 113,000 individuals aged 18 and above in Perak to undergo NHSI screening. “As of Oct 26, a total of 98,158 individuals have been screened through the MySejahtera platform and another 20,844 through the PekaB40 platform, making the total number 119,002,” he said at a state level World Diabetes Day event at Universiti Teknologi Petronas yesterday. Sivanesan said most of those involved were aware and knew the factors that cause diabetes, but do not consider it a serious matter and do not seek proper treatment. “Prediabetes is a stage at which a person has a screening reading range that is at risk of getting a chronic non-communicable disease if no early intervention is done. “Those who are in the prediabetes stage do not show any symptoms and only screening (would reveal) that someone is in the prediabetes stage.” He added that in Malaysia, about 3.9 million people aged 18 and above have diabetes and what is more worrying is half of that number were unaware of their condition. “A total of 547 million adults aged 20 to 79 globally had diabetes in 2021 and the International Diabetes Federation expects that number to increase to 643 million by 2030 and 783 million by 2045. “The Direct Healthcare Cost of Noncommunicable Disease in Malaysia report estimated that RM4.38 billion was spent for the year 2017 on diabetes treatment.” He said early detection or disease screening is an important element in the prevention of disease and it needs to be done so that it can be prevented at the right time before it is too late. – Bernama PKR not member of pro-Israel body KUALA LUMPUR: Parti Keadlian Rakyat (PKR) has never been a member of global organisation Liberal International, said Prime Minister Datuk Seri Anwar Ibrahim. “On Liberal International, Your Honourable can check as we were never a member. We were initially an associate but because some of their decisions, including recognising lesbians, gays, bisexuals and transgenders (LGBT) and the stand on (supporting) Israel, we did not become members,” said Anwar, who is also PKR president. He was speaking in the Dewan Rakyat yesterday during Minister’s Question Time, in reply to a supplementary question by Ahmad Fadhli Shaari (PAS-Pasir Mas), who wanted to know if PKR had ever been a member of an organisation that supported Israel. “We broke off the relationship over the issue of supporting Israel and this was announced by the Communications and Digital minister as the Head of Information. – Bernama EPF to conduct system upgrade KUALA LUMPUR: The Employees Provident Fund (EPF) will be conducting a four-day system upgrade from Nov 17 to 20, aimed at improving IT efficiency and reinforcing its longterm system resilience. It said in a statement yesterday during the period, online real-time EPF services will not be available, which will result in a temporary disruption that will impact access to EPF accounts or online transactions. “All our EPF branches will remain open. However, transactions will only be completed after the service adjustment period. “Members and employers are encouraged to plan their financial needs accordingly ahead of the service adjustment period and to visit the EPF branch when the system becomes available on Nov 21.” Chicken price float expected to benefit consumers Zainizam said there were many chicken producers in the country and consumers could differentiate between prices and the quality of products offered. – BERNAMAPIC
WEDNESDAY | NOV 8, 2023 4 Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour Subscribe now for Monday-Friday copies of theSun newspaper 6 month subsciption (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) PUTRAJAYA: Anwar Ibrahim said the government Prime Minister Datuk Seri will continue providing subsidies to the people in Budget 2024. However, he emphasised that subsidies need to be targeted to avoid leakage and to ensure they only benefit deserving groups. Anwar, who is also finance minister, said this was because at present, the super-rich and 3.5 million foreigners in the country were also enjoying the benefits of government subsidies. “The government has been providing RM81 billion in subsidies, the highest in the world. Although I was often criticised for the statement promising that “the day we come to power, the following day fuel prices will drop”, it is a different context because at the time, the oil price in Saudi Arabia was 50 sen, and now it’s RM2.85 there while here, it’s RM2.05. “The subsidies for fuel, chicken and electricity are also enjoyed by 3.5 million foreigners and 10% of the super-rich, and this does not include those smuggled out. “Hence, proper planning needs to be done to prevent leakage,” he said at the monthly assembly with staff of the Prime Minister’s Department yesterday. Citing the diesel subsidy as an example, Anwar said there is a need for a policy to address subsidy leakage because the government found that the number of vehicles has not shown an increase as significant as the increase in diesel consumption. “This means that diesel is being taken out (smuggled) ... that’s why we are improving the policies on diesel subsidy.” Anwar also said the early incentive payment of RM2,000 for civil servants in Grade 56 and below as announced in Budget 2024 is a form of recognition for the services of civil servants. He said the incentive payment is pending review of the Public Service Remuneration System (SSPA), and signalled that the oAssistance to be targeted to avoid leakage and ensure only deserving groups benefit: Anwar Subsidies continue INSIDE TELLING IT AS IT IS OCTOBER 17, 2023 ON No. 8373 PP 2644/12/2012 (031195) TUESDAY www.thesundaily.my Anwar said the 114-page Budget 2024 was the result of teamwork. – BERNAMAPIC government is paying serious attention to the wage rate of the 1.6 million civil servants in the country, Bernama reported. “It is not reasonable to expect better performance and higher productivity, but no increase in the wage rate. “If we look at a study by the Statistics Department, there is an increase in productivity, but the increase in wages is moderate. There is no encouragement,” said Anwar. He hoped employers in the private sector would make a similar move, taking into account the current economic factors. On the review of SSPA, he said he wanted it to be completed before the middle of next year so that the outcome could be shared during the tabling of Budget 2025. PETALING JAYA: Budget 2024 provisions to enhance potency of EPF schemes The Employees Provident Fund (EPF) has hailed Budget 2024, saying it prominently addresses some of the concerns it had raised on the long-term financial well-being of Malaysians, and specifically lauding four key points involving EPF savings. Increase of government matching incentive for i-Saraan programme EPF said it welcomes the government’s initiative to extend the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year. Additionally, the i-Saraan programme has also been enhanced to allow eligible Malaysians in the informal sector, including housewives and those with no fixed income under the age of 60 to have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year. This incentive is set to benefit more than 350,000 current and new i-Saraan participants. Expanding i-Sayang programme to husbands Beginning next year, the i-Sayang programme will be expanded to include husbands, and working wives will also have the option to allocate 2% of their monthly EPF contributions (employee’s portion) to the husband’s EPF account. The i-Sayang programme, launched in March 2023, allows husbands to voluntarily allocate 2% of their monthly EPF contributions (employee’s portion) to the EPF account of the wife. Since its launch, about 34,000 husbands have registered and participated in i-Sayang, involving a cumulative savings of RM14.7 million. Extension of i-Suri programme with matching contributions and maximum incentive amount for housewives Acknowledging the contribution of housewives to family development and nation-building, the government seeks to enhance incentives for the i-Suri Programme, in which a matching incentive will be provided for every ringgit contributed to EPF by housewives under the age of 60 registered in the e-Kasih database. Additionally, participants of the i-Suri programme will receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year. Turn to — page 2 Turn to — page 2 Prostitution scourge on social media 5 page SST hike will create fair economy: Expert 3 page SCAN TO SUBSCRIBE Three-generation muruku business IPOH: The celebration of Deepavali would be a little tasteless, meaningless even, without the traditional muruku, which is a favourite snack not only for Indians but also Malaysians from all walks of life. A muruku trader in Kampung Kacang Putih, Buntong, J. Ganesan, 42, said the product made by his family for the past three generations has always been in high demand. According to him, the family business was started 60 years ago by his grandfather N. Ammamuthu and inherited by his late father A. Jayabalan, who died in 2020. The muruku he sells is produced using a recipe passed down from his grandfather to his father and to this day, the same ingredients are maintained. He said no changes have been made in the past 60 years and the ingredients used must follow specifically prescribed measurements. The mixing of flour is done manually and cannot be mixed in large quantities, otherwise the quality and Ganesan with the finished product made by his family. –BERNAMAPIC oIngredients for traditional Indian snack unchanged for the past 60 years taste will be affected, Bernama reported. The specialty of Ganesan’s muruku lies in its crunchiness and the special spices used to make the snack. “Some muruku may be a bit thick and too hard. Sometimes, you can’t taste the spices used. We don’t say our products are the best, but we are religiously careful every step of the way. “That is why we focus on one product only and do not venture into other products. We want to take care of the quality.” Ganesan said he gets orders from distributors, companies and individuals nationwide and demand surges not only during Deepavali but also Hari Raya and Chinese New Year. He sells his muruku for RM20 a tub to traders, who usually retail the snack at RM25 to RM27. His wife T. Kavitha, 37, said she was proud to be part of the famous muruku makers and entrepreneurs in Buntong. “The muruku business has been a source of income for my husband’s family for ages, so we agreed to continue that tradition,” said Kavitha, who is also training their three daughters so that the family legacy will not be lost and will continue from generation to generation. “They have been taught how to mix the ingredients and the process of forming the twisty shape of the muruku while the cooking will be handle by my husband.”
WEDNESDAY | NOV 8, 2023 5 Initiative to foster responsible waste management LABUAN: Petronas Chemicals Group Berhad (PCG) has taken a step towards fostering responsible waste management and sustainability through an initiative that focuses on 3R (reduce, reuse and recycle). Established in 2013, “Be Green” is a social impact programme that aims to create positive influences on society through education and collaborative recycling activities. PCG recently organised a waste management competition in Labuan that involved the participation of SMK Labuan, SMK Taman Perumahan Bedaun, SM St Anne and SM St Anthony. The competition featured three categories – most waste collected, most innovative products from recyclable waste and best videos of sustainability activities – and was carried out by PCG subsidiary Petronas Chemicals Methanol Labuan Sdn Bhd (PC Methanol) in collaboration with the Labuan Corporation, Labuan Environment Department and Labuan Education Department. PC Methanol CEO Hiffani M. Jalil said PCG was collaborating with local schools and communities in areas where it operates to promote responsible waste management. “The 3R approach is to manage waste effectively and sustainably, and the company has made it a priority to instil these practices in communities. “We hope to contribute to a cleaner and more sustainable environment while promoting responsible citizenship,” he said at the Labuan International Sea Sport Complex. The programme includes community outreach through clean-up initiatives and awareness campaigns aimed at encouraging responsible waste disposal and recycling practices. – Bernama Vintage ambience at ‘run down’ cafe draws crowd KOTA BHARU: A row of old wooden shops from the 1950s along Jalan Sultanah Zainab near the Kubang Pasu Market looks shabby, with the exception of one coffee shop that stands out due to a constant stream of customers. Stepping inside, one would notice an array of vintage items decorating almost all corners of the cafe, which uses classic aluminium tables and chairs. It is this ambience that attracts customers to “Kodar Cafe”. oOriginal condition of wooden shop, classic decor items add to appeal Global higher education leaders attend summit KUALA LUMPUR: Higher education leaders from universities and organisations around the world have gathered in Malaysia for the “QS Higher Ed Summit: Asia Pacific” from yesterday until tomorrow. Focusing on universities and the future of work in the region, the event was organised by QS Quacquarelli Symonds, Universiti Kebangsaan Malaysia (UKM) and Education Malaysia Global Services and co-hosted by the Applied Science Private University in Jordan. The summit brought together policymakers, institutions and experts to foster collaboration, overcome challenges and enhance the quality of one of the world’s fastest-growing higher education sectors. UKM vice-chancellor Prof Datuk Dr Mohd Ekhwan Toriman said the summit serves as a platform for the varsity to engage with global universities while promoting sustainability and translational research, which are key criteria in the QS ranking system. “We are confident that the conference will provide valuable insights into the role of universities in shaping a better nation and delivering profound contributions to society.” He added that education is vital for honing skills, fuelling productivity, fostering creativity and driving technological progress. Mohd Ekhwan said the summit was structured around the theme “Shaping the Future: Universities and the World of Work in the Asia Pacific”, focusing on areas such as global engagement, employability, research, innovation and student demand. “These are among the most important aspects that all educators and stakeholders should consider in creating a better learning environment for our future generations.” The summit was officiated by Tunku Besar Seri Menanti Tunku Ali Redhauddin Tuanku Muhriz. – Bernama Programme to boost Quran literacy KUALA LUMPUR: The Rural and Regional Development Ministry is confident that the Community Development Department can produce a generation of Quran-literate individuals through its pre-tahfiz programme, said its minister Datuk Seri Dr Ahmad Zahid Hamidi. He added that the programme is expected to produce 100,000 young huffaz (Quran memorisers) by 2026. Ahmad Zahid said yesterday the move could have an impact on the development of human capital and the well-being of Muslims as a whole. “The pre-tahfiz module fully refers to the Hafazan module of the Pahang Tahfiz Kindergarten, with memorisation techniques and fun learning methods for surah (chapters) in juzu’ amma (last part of the Quran) and selected surah with recitation (Qiraat) of Adab (conduct) and Tadabbur (contemplation). “The pre-tahfiz module targets the involvement of at least 1,500 children who can read and memorise up to Surah Ad-Dhuha and are ready to enter Year One by the end of the 2023 school session.” – Bernama No change in Penang MP allocations GEORGE TOWN: The Penang government will continue giving a RM60,000 annual allocation to opposition elected representatives under Budget 2024, which is expected to be tabled in mid-November. Chief Minister Chow Kon Yeow said yesterday government elected representatives will receive RM500,000 a year. “We will continue giving allocations as we have done before,” he added. Prime Minister Datuk Seri Anwar Ibrahim previously reminded opposition MPs to negotiate with the government if they wanted to receive parliamentary allocations. However, Chow said the state government has no plans to follow Anwar’s suggestion as that was all it could afford. – Bernama Govt keen to export tech expertise KUALA LUMPUR: The Science, Technology and Innovation Ministry plans to promote trenchless technology and underground space technology abroad. Its minister Chang Lih Kang said yesterday they plan to further expand the field of technology before marketing the specialised manpower in that technology to other countries. “The technology already exists in Malaysia and we are among the pioneers. We are already using the technology and what we can do now is to popularise it so that we can export our expertise abroad,” he said at the Asian Conference on Development and Innovations in Trenchless and Underground Space Technology. He added that the technology would indirectly benefit the country in terms of more sustainable underground excavation compared with conventional methods. – Bernama Its owner Muhamad Faiz Rushdi, 36, said kodar in the Kelantan dialect means “just”. “Kodar Cafe means ‘Just a Cafe’. I wanted to open a small coffee shop that serves simple and cheap (offerings) such as toast, bottled drinks and Kelantanese delicacies laksa and laksam. “The reason I rented this old and worn-out wooden shop is to get that vintage ambience.” Muhamad Faiz, who is a collector of vintage items, said he runs the shop with his wife and an assistant. “Hardly a month after we opened, the response was overwhelming and (posts about the cafe were uploaded) on social media.” He said there were several cafes with a vintage concept in Kota Bharu town, but most occupy concrete buildings that do not provide the desired ambience, Bernama reported. “Kodar Cafe is different because it occupies a dilapidated wooden shop. I purposely maintained the shop’s original condition to have that vintage vibe and only spent about RM8,000 for wiring work. “I decorated the shop using some of my collection, while the classic aluminium tables and chairs were obtained from a friend,” said Muhamad Faiz, who is from Kubang Kerian. He added that the encouraging response from the public prompted some entrepreneurs to offer their services. “I got an offer from someone who wanted to provide a coffee machine so that the cafe could offer expensive coffee to customers, but I refused because it did not fit our concept.” Kodar Cafe is open every Tuesday to Sunday from 6pm to 11.30pm. Vintage items decorate all corners of the cafe, rendering a nostalgic atmosphere. – BERNAMAPIC
WEDNESDAY | NOV 8, 2023 6 READ OUR HERE /thesun Malaysian Paper Casino heist mastermind among five tracked down o428 chips worth RM2.99m seized from detained suspects, says Pahang police chief KUANTAN: Police have tracked down five local men, including the mastermind involved in a RM4.6 million casino chip heist at Genting Highlands on Oct 28. They are Lee Kien Keong, 44, of Taman Medan Indah Sungai Lui, Raub, who is believed to be among the masterminds, Sam Ting Gai, 42, of Taman Sri Damak in Jerantut, Ho Kian Lim, 46, of Kampung Baru Sempalit in Raub, Ho Kian Yew, 51, of Taman Ungku Tun Aminah in Johor Bharu and Chung Chee Lui, 39, of Taman Bayu Perdana in Klang, Selangor. Pahang police chief Datuk Seri Yahaya Othman said police had earlier detained 10 suspects, including a Chinese national, aged between 30 and 59 in raids held at Genting Highlands, Raub, Pahang, Kuala Lumpur and Nilai in Negeri Sembilan between Oct 29 and Nov 1, Bernama reported. Yahaya said the theft of 1,160 chips, that were kept in a special casino room, was discovered at 10am on Oct 28 by the casino management, and a closed-circuit television recording showed two men breaking into the room at 7am on the same day after opening a backdoor used as an emergency exit. “It is learned that the special casino room was not used for two days. “One of the suspects, who was picked up, had worked at the casino and the other suspect, who is self-employed, is believed to be a regular and is familiar with the surrounding of the casino. “After stealing the chips with denominations between RM500 and RM10,000, some of the suspects cashed out the chips within 48 hours after the incident. “Some of the suspects used the money to gamble and settle their debts,” he said at the Pahang contingent police headquarters here yesterday. Yahaya added that so far, police have managed to seize 428 chips worth RM2.99 million, comprising 149 pieces from the suspects and 279 pieces cashed out to the casino worth more than RM1 million. Efforts to trace the remaining 732 pieces are under way. Police also confiscated RM16,438 in cash from the suspects, and a gold chain believed to have been bought using the cash, in addition to finding two Genting Highlands membership cards. Yahaya said some of the suspects had a record of drug-related offences. Further investigations were carried out under Section 457 of the Penal Code, which carries a prison sentence of up to 14 years. Public members with information related to the case can contact investigating officer at 09-222 2222 or the nearest police station. DEADLY WEAPONS ... Kelantan police chief Datuk Muhamad Zaki Harun (centre) with his officers at a press conference yesterday showing pistols and bullets seized during raids in Pasir Mas and Tanah Merah. – BERNAMAPIC Selangor, Perak record rise in flood evacuees KUALA LUMPUR: Selangor and Perak recorded an increase in the number of residents evacuated due to floods. In Selangor, the number of evacuees increased to 673 people from 170 families yesterday morning compared with 547 from 144 families on Monday night. Another relief centre was opened at Dewan Serbaguna MBSJ Camelia Section 10, Putra Heights, Subang Jaya to house 91 evacuees. According to the Social Welfare Department’s Info Bencana, so far, a total of seven relief centres have been opened in Selangor to accommodate evacuees. They included two in Hulu Langat at SK Bangi and SK Semenyih as well as four in Sepang. The centres in Sepang are at the Dewan Orang Ramai Kampung Dato Ahmad Razali, Dewan Orang Ramai Jenderam Hilir, Dewan Orang Ramai Taman Gemilang and Sekolah Menengah Kebangsaan Dengkil. In Perak, the number of evacuees increased to 299 people, involving 87 families yesterday morning compared with 257 from 74 families on Monday night. They are housed at four centres in the Hilir Perak and Kerian districts. According to the Secretariat of the Perak Disaster Management Committee, 145 evacuees from 44 families are placed at a centre in Dewan Serbaguna Padang Tembak in Hilir Perak, while 97 from 24 families are housed at a centre in SK Changkat Lobak in Kerian and 57 evacuees from 19 families are at a centre in SK Alor Pongsu. Evacuees at Dewan Majlis Perbandaran Teluk Intan centre were reported to have returned to their homes. Meanwhile, the Irrigation and Drainage Department reported that the water in Sungai Bidor at Changkat Jong was at a dangerous level, with a reading of 4.10m, while Sungai Kerian in Selama was at a warning level with a reading of 12.21m and Sungai Kinta at the Tanjung Tualang Weir was at an alert level of 13.30m. Several road stretches in Perak are closed due to floods. The State Public Works Department said the FT 147 Jalan Selama route in Kerian is closed to all vehicles due to a landslide, and motorists are advised to use the alternative route A111 Jalan Pintasan Alor Pongsu-Bukit Merah. – Bernama Appeal hearing in Morais case adjourned PUTRAJAYA: The Court of Appeal yesterday allowed a final adjournment of the appeal hearing by six men against their conviction and death sentence for the murder of deputy public prosecutor Datuk Anthony Kevin Morais. The appeals by Dr R. Kunaseegaran, 60, money lender S. Ravi Chandaran, 52, and four others who are unemployed, namely R. Dinishwaran, 31, A.K. Thinesh Kumar, 30, M. Vishwanath, 33, and S. Nimalan, 30, were to be heard yesterday. The appeal hearing was to be heard before a panel of three judges comprising Justices Datuk Hadhariah Syed Ismail, Datuk Ahmad Zaidi Ibrahim and Datuk Azmi Ariffin. However, lawyer M. Manoharan requested a short adjournment to prepare the case as he was only appointed by the court to represent Dinishwaran on Oct 31 and had yet to see the records of appeal. Manoharan said he needed the hard copy as he was not well-versed in downloading the documents, adding that the records of appeal were voluminous. Kunaseegaran’s counsel Datuk N. Sivananthan said he and lawyers representing the other appellants did not object to the adjournment. Hadhariah set three days – Dec 4, 7 and 14 – to hear the appeals. – Bernama Umno man acquitted of false news charge KUALA LUMPUR: The Sessions Court yesterday discharged and acquitted Umno supreme council member Datuk Lokman Noor Adam on the charge of spreading false news through audio-visual recordings about the Covid-19 virus two years ago. Judge N. Priscilla Hemamalini made the decision after finding that the prosecution had failed to prove a prima facie case against Lokman Noor, 50, Bernama reported. On Oct 1, 2021, Lokman pleaded not guilty to a charge of spreading false news through an audio-visual recording about the spread of the Covid-19 virus due to the entry of Indian nationals into Malaysia The information, which was disseminated through Facebook under the profile name “Lokman Adam” with the intention of causing public uneasiness, was allegedly carried out at 10.55pm on May 3, 2021. On June 23, Lokman was acquitted and discharged by the Sessions Court for spreading false news regarding the death of a police officer due to vaccination in 2021. RM20,000 fine for using forged papers KUALA LUMPUR: A financial administrative assistant at the Naval Headquarters was yesterday fined RM20,000 by the Sessions Court for using forged documents to apply for catering services for two programmes at the Defence Ministry. Judge Rozina Ayob meted out the fine, in default 30 days in jail, on Norshuhada Ismail, 35. The woman was charged as an agent of the Defence Ministry to have conspired with the manager of Mieza Jaya Global Enterprise, Nordin Yaakop, 59, by using as genuine a document, namely the Kertas Kerja Permohonan Perkhidmatan Sajian bagi Kursus Bijak Urus Wang dan Bengkel Memperkasakan Modal Insan in March 2022 amounting to RM15,77,00 to deceive the ministry. – Bernama
WEDNESDAY | NOV 8, 2023 7 www.redtone.com Sales Hotline : 1800 87 7770 / +603 8084 8070 +6014 760 0155 Malaysian Paper Malaysian Paper THE LEADING INTEGRATED TELECOMMUNICATIONS AND DIGITAL SERVICES PROVIDER FOR ORGANISATIONS ‘Blue-eyed Korean’ to revamp Seoul politics SEOUL: South Korea-born American doctor John Linton is on a mission no other foreigner has ever undertaken in the ethnically homogenous Asian country – trying to reshape its highly confrontational politics. Born in rural Jeolla province, Linton has been nicknamed the “blue-eyed Korean” and speaks the language perfectly, albeit with a strong regional accent. He is well-known domestically, thanks to his family’s deep-rooted ties to the country, going back four generations. His great-grandfather first came to Korea as a missionary in 1895 and the family never left. His grandmother and father were also born in Korea. “I was born in 1959 after the Korean War,” said Linton, whose Korean name is Ihn Yohan. “Basically, I grew up in the village. So, I’m a country boy from Jeollado with a different looking face.” Apart from a few years stateside, including for his medical residency in New York, Linton has spent his entire life in Korea, graduating from Seoul’s prestigious Yonsei University and then leading the institution’s oAmerican doctor appointed to ‘Innovation Committee’ to make govt more appealing to youth International Health Care Centre for decades. But now he has taken on a new challenge – he has been put in charge of the ruling People Power Party’s “Innovation Committee,” tasked with revamping the staid institution and making the party more competitive by appealing to younger voters. It is no easy task, as two years into his term, President Yoon Suk Yeol is stuck with approval ratings hovering in the low 30s, with both the top leader and the party particularly unpopular with young Koreans. Moreover, South Korean politics is notoriously adversarial, with many former presidents being prosecuted and jailed for corruption after leaving office... and later pardoned. Linton is confident he can be a force for change. “I have received so much from this country. Now, it’s my turn to give back. This appointment shows how much Korea has changed,” he said. “We will chart a new direction and make it more pluralistic.” Stories about the Linton family have long captivated the South Korean public for their century-long contributions and love for the country. Linton’s grandfather, William, tried to raise international awareness of the country’s independence movement against Japan’s colonial rule and was later awarded the order of merit. His father, Hugh, was a Korean War veteran, serving as a captain in the US Navy. Linton himself acted as an interpreter for the foreign press during a civilian uprising for democracy in the city of Gwangju in 1980, which was brutally put down by then military strongman Chun Doo-hwan, with some 200 killed, according to official estimates. He then became the first foreigner to pass South Korea’s medical licence exam in 1987. “I am originally American, but Korean. And I have a lot of love from my home town in Korea and everything in my life is invested in Korea,” the 63-year-old, who was awarded Korean citizenship in 2012 in recognition of his contributions to the country. After his father was badly injured in a car accident and died while being transported to a hospital in 1984, he has worked tirelessly to bring better ambulances to Korea, designing a much-used domestic model. Linton first dabbled in politics in 2013 when he worked on the transition committee for then-president elect Park Geun-hye. But he says the stakes are higher this time, calling his new job “the most important thing in my whole life”. – AFP B R I E F SMALAYSIA DROPS TRANSBORDER HAZE BILL PLAN KUALA LUMPUR: The Environment and Climate Change Ministry has said Malaysia will not proceed with a proposed Bill to prevent transborder haze, citing difficulty in obtaining the necessary information for prosecution purposes. Almost every dry season, smoke from fires to clear land for oil palm and pulp and paper plantations in Indonesia blankets much of the region, leading to concerns on public health. In a written reply to Parliament on Monday, the ministry said a diplomatic approach through negotiations was a better way to “collectively address” haze issues involving international borders. “To enable the enforcement of a transboundary haze pollution Bill, clear evidence that it originates from neighbouring countries must be supported by sufficient data such as location maps, coordinates, landowner information and companies operating in the location of fires.“ It said such information was difficult to obtain as it involved matters of confidentiality, security and national sovereignty. Malaysia last month called on Indonesia and a grouping of Southeast Asian nations to take action as air quality worsened across the country due to fires in Indonesia. – Reuters JOKOWI SCHEDULED TO MEET BIDEN JAKARTA: Indonesia President Joko Widodo is scheduled to meet US President Joe Biden this month, “most likely” at the White House, a spokesperson for the Southeast Asian country’s foreign ministry said yesterday. Jokowi, as the Indonesian leader is known, is scheduled to attend the Asia-Pacific Economic Cooperation summit in San Francisco from Nov 15 to 17. Jokowi, leader of the world’s largest secular Muslim-majority country, had earlier said Indonesian support for Palestine would “never waver”. The country has joined a chorus of international condemnation of Israel’s military action on Gaza, and has called for an immediate ceasefire. – Reuters
WEDNESDAY | NOV 8, 2023 8 Boat captain convicted of ‘seaman’s manslaughter’ LOS ANGELES: The captain of a dive boat that caught fire and sank off the California coast in 2019, killing 34 people on board in one of the state’s deadliest maritime disasters, was found guilty on Monday of a federal charge of seaman’s manslaughter. Jerry Boylan, 70, was convicted by a US District Court jury in Los Angeles on a single count of “misconduct or neglect of a ship officer” under a federal homicide statute dating from steamboat accidents in the early 1800s. The felony conviction, capping a 10-day trial, carries a maximum penalty of 10 years in prison, according to US Attorney’s Office in Los Angeles spokesman Thom Mrozek. Sentencing has been set for Feb 8. Boylan remains free on US$75,000 bond. He was captain of the 75-foot dive boat Conception when the vessel went up in flames in the early hours of Sept 2, 2019, while anchored in Platt’s Harbor near Santa Cruz Island, off the Santa Barbara Coast, during a sport diving trip. Thirty-three passengers and one member of the crew died in the Labor Day holiday incident. They had been sleeping in a bunk room below deck when the fire started. Media have called the blaze the most lethal modern maritime accident on record in California. Five surviving crew members, including Boylan, escaped by leaping overboard as the burning vessel sank. They told investigators that flames coming from the passenger quarters were too intense to save anyone trapped below. But the jury unanimously agreed with prosecutors that Boylan, as charged in the indictment, acted with “reckless disregard for human life by engaging in misconduct, gross negligence and inattention to his duties”. – Reuters B R I E F SMODI, RIVALS FACE TEST IN STATE POLLS NEW DELHI: Two of five Indian states due to elect new legislatures this month began voting yesterday, a big test of Prime Minister Narendra Modi’s chances of winning a third term in a national election due by May. Modi and leaders of the main opposition Congress party headed by Rahul Gandhi have crisscrossed the five states, addressing campaign rallies and promising cash doles, farm loan waivers, subsidies and insurance covers, among others, to woo voters. Gandhi has worked hard to revive Congress since its drubbing in the 2019 general elections and helped form an alliance of 28 regional parties to give Modi’s Bharatiya Janata Party (BJP) a tougher fight in 2024. But surveys suggest Modi remains popular after a decade in power and will likely win a third term. – Reuters RUSSIA EXITS POST-COLD WAR TREATY MOSCOW: Russia has formally withdrew from a key post-Cold War security treaty designed to de-escalate potential East-West conflicts, in a latest sign of rising tensions between Russia and Nato. “At 00:00 yesterday, the procedure of Russia’s withdrawal from the Treaty on Conventional Armed Forces in Europe, was completed,“ Russia’s foreign ministry said in a statement on its website. “Thus, the international legal document, the validity of which was suspended by our country in 2007, has finally become history for us.” The 1990 treaty, negotiated and concluded at the end of the Cold War and signed a year after the fall of the Berlin Wall, placed limits on the deployment of military equipment to maintain military balance between Nato and the then-Warsaw Pact countries. – Reuters Zelensky: Not right time for elections KYIV: Ukrainian President Volodymyr Zelensky said on Monday he does not believe it is the right time for elections, as debate intensifies on holding a vote in 2024 while the country fights against Russia’s invasion. All elections, including the presidential vote set to take place next spring, are technically cancelled under martial law that has been in effect since the conflict began last year. “We must decide that now is the time of defence, the time of battle, on which the fate of the state and people depends,“ Zelensky said in his daily address, adding that it was a time for the country to be united, not divided.” The frontline between the warring sides has remained mostly static for almost a year despite a much-touted Ukrainian counteroffensive, with Russian forces entrenched in southern and eastern Ukraine. Officials from the United States and Europe – Kyiv’s key allies – are reported to have suggested holding negotiations to end the grinding 20-month-old conflict. But Zelensky has fiercely denied that Ukraine’s counteroffensive has hit a stalemate, or that Western countries were leaning on Kyiv to enter talks. The US and other supporters have publicly maintained they are ready to back Kyiv with military and financial aid for as long as it takes to defeat Russia. The president, who was elected in 2019, said in September that he was ready to hold national elections next year if necessary, and was in favour of allowing international observers. Voting could be logistically difficult due to the large number of Ukrainians abroad and soldiers fighting on the front. Zelensky’s approval rating skyrocketed after the war began, but the country’s political landscape has been fractious despite the unifying force of the war. Former presidential aide Oleksiy Arestovych has announced that he would run against his former boss, after criticising Zelensky over the slow pace of the counteroffensive. Meanwhile, Russian strikes in the southern Ukrainian region of Odesa left eight people wounded and damaged a historic art museum, Ukrainian officials said, in the latest barrage of drones and missiles. Three more were injured in shelling on the southern city of Kherson on Monday, as Kyiv doubled down on its warnings that Russia was planning to pummel Ukraine’s energy infrastructure ahead of the winter. – AFP GAZA/JERUSALEM: Israeli Prime Minister Benjamin Netanyahu has said he would consider “tactical little pauses” in fighting to facilitate the entry of aid or the exit of hostages from the Gaza Strip, but again rejected calls for a ceasefire despite international pressure. Having encircled the densely populated Gaza City in the north of the enclave, Israel’s military said it had taken a militant compound and was set to attack fighters hiding in a warren of underground tunnels. Since Oct 7, Israel has bombarded the enclave in an assault that Gaza health officials say has killed more than 10,000 Palestinians, including some 4,100 children. Netanyahu said a general ceasefire would hamper his country’s war effort, but pausing fighting for humanitarian reasons, an idea supported by Israel’s top ally America, would Palestinian children fleeing from Israeli bombardment in Rafah in the southern Gaza Strip. – AFPPIC oMove to be allowed based on circumstances to facilitate aid, exit of hostages: Netanyahu continue to be considered based on circumstances. “As far as tactical little pauses ... an hour here, an hour there, we’ve had them before. I suppose we’ll check the circumstances in order to enable goods, humanitarian goods to be delivered, or our hostages to leave,” Netanyahu told ABC News. “But I don’t think there’s going to be a general ceasefire.” US President Joe Biden discussed such pauses and possible hostage releases in a phone call with Netanyahu on Monday, reiterating his support for Israel while emphasising that it must protect civilians, the White House said. Netanyahu said when the conflict is over, “Israel will for an indefinite period ... have the overall security responsibility (in Gaza) because we’ve seen what happens when we don’t have that security responsibility”. International organisations have said hospitals cannot cope with the wounded and food and clean water are running out, with aid deliveries nowhere near enough. “We need an immediate humanitarian ceasefire. It’s been 30 days. Enough is enough. This must stop now,” said the heads of several United Nations’ bodies, including UN High Commissioner for Human Rights Volker Turk, World Health Organisation head Tedros Adhanom Ghebreyesus and UN aid chief Martin Griffiths, in a statement. The Israeli military on Monday released video of tanks moving through bombed-out streets and groups of troops moving on foot. It said it has surrounded Gaza City, cutting off northern parts of the narrow coastal strip from the south. The UN Security Council met behind closed doors on Monday. The 15-member body is still trying to agree a resolution after failing four times in two weeks to take action. Diplomats said a key obstacle is whether to call for a ceasefire, cessation of hostilities or humanitarian pauses to allow aid access in Gaza. When asked if there were any talks at the UN yet about what might happen in Gaza once the fighting stops, Deputy US Ambassador to the UN Robert Wood said: “Obviously, there is concern about what happens the day after, but we’re not at that point.” President Joe Biden’s administration has informed the US Congress that it is planning a US$320 million transfer of precision bombs for Israel. – Reuters Israel agrees to ‘little pauses’, but not ceasefire
10 WEDNESDAY | NOV 8, 2023 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Sowing seeds of dominance WHILE Malaysia’s palm oil industry basks in the limelight, a quiet revolution is taking root, poised to transform the nation’s agricultural landscape – the lemon myrtle industry. This overlooked sector holds the potential to position Malaysia as the world’s premier producer and supplier of versatile Australian native botanical. Indigenous Australians have utilised lemon myrtle for thousands of years, but now the world is awakening to its immense value. Today, this remarkable plant finds applications in an astonishing array of products, from culinary delights to personal care items and even household cleaning products. One product, in particular, that stands out is lemon myrtle tea, aka Australian tea, which is rapidly emerging as a commodity for international export. With its refreshing lemon flavour and an impressive antioxidant profile that competes with traditional black tea, it offers a caffeine-free alternative that is gaining the attention of health-conscious consumers worldwide. Malaysia’s strategic entry into the world of lemon myrtle holds the potential to establish the nation as a global leader in the tea market, a sector valued at an astounding RM38.8 billion. The aromatic and complex lemon notes inherent to lemon myrtle leaves, when dried and transformed into tea, yield a rich and revitalising citrus infusion that tantalises the taste buds and invigorates the senses. What truly sets Malaysia’s lemon myrtle cultivation apart is not only its remarkable potential but also its unique environmental advantages. The geographical conditions in Malaysia closely mirror lemon myrtle’s natural habitat in the Australian rainforest soil, making it a sustainable and long-term crop. These lemon myrtle plants thrive without herbicides or pesticides and are incredibly drought-resistant, requiring as little water annually as a typical household. Furthermore, the sustainability of lemon myrtle extends beyond the harvest itself. Bi-products from lemon myrtle cultivation are ingeniously repurposed into microfibres and mulch, enriching the soil, suppressing weed growth and conserving moisture. This illustrates Malaysia’s dedication to an eco-conscious and selfsustaining ecosystem, aligning with global efforts to promote sustainable agriculture. Of course, the business and cost perspective is another strong advantage of lemon myrtle plantation. The correct economic scale, viability and profitability of this venture surpass that of its country of origin – Australia. Malaysia should embark on this exciting journey into the world of lemon myrtle. It is worth considering innovative strategies for its expansion. One promising avenue is establishing a blank-check company dedicated to the lemon myrtle industry. This approach can attract investors and facilitate a more organised and efficient process for its development, accelerating its growth and impact. It is crucial to acknowledge the unexplored potential of this versatile botanical, not merely as an economic boon but also as a strategic shift toward lemon myrtle industrialisation that can herald a new spillover effect for Malaysia. This endeavour is poised to establish the nation as a formidable player in the everexpanding global demand for lemon myrtle and secure Malaysia’s position in its worldwide marketplace. Therefore, swift action in the form of business investment between private companies and the State Agricultural Development Corporation is essential to turn this potential into a reality. The future of Malaysia’s lemon myrtle industry is ripe with promise, and it is time to seize the opportunity and usher in this quiet revolution on the global stage without further ado. Comments: [email protected] “Malaysia’s strategic entry into the world of lemon myrtle holds the potential to establish the nation as a global leader in the tea market, a sector valued at an astounding RM38.8 billion. Flying Doctor’s unrivalled legacy WHILE form may be fleeting, true class endures, a timeless adage that holds strong to this day. Similarly, there are personalities in Malaysia and the world over who are in a class of their own and are simply irreplaceable in their stature. As far as Malaysian athletics is concerned, there is no one to fill the boots of the charismatic Tan Sri Dr Mani Jegathesan (pic). Mani Jegathesan, nicknamed “The Flying Doctor”, represented Malaysia in three Olympic Games from 1960 to 1968. He earned his nickname through unwavering passion, national pride and the pursuit of glory, securing places in two 200m semifinals. I remember as a 12-year-old, seeing in the newspapers the photo finish of Jegathesan pipping C. Kunalan of Singapore to the tape, in the 100m finals at the Asian Games held in Bangkok in 1966. Mani Jegathesan not only blazed the tracks but also in the academic field, belonging to the select group of true all-rounders. Another notable sportsman in this league is former national cricketer Dr Alex Delikan, who famously bowled Sir Garfield Sobers first ball for a duck in an invitational match. A sporting icon, Mani Jegathesan has always been an inspiration to sports-loving Malaysians. Welcome Tan Sri to the octogenarian club, and may your youthful looks and physique be with you for years to come. Thiagarajan Mathiaparanam Klang The geographical conditions in Malaysia closely mirror lemon myrtle’s natural habitat in the Australian rainforest soil, making it a sustainable and long-term crop. COMMENT by Fatos Othman LETTERS [email protected]
11 WEDNESDAY | NOV 8, 2023 Unmasking deepfakes and misinformation I N this digital era, the line between reality and illusion is becoming increasingly blurred. Deepfakes and misinformation have become prevalent, creating a labyrinth of truth and deception. As society grapples with these challenges, the field of cyberpsychology has emerged as a beacon, providing insights into how people perceive, interact with and are influenced by digital content. Digital doppelgangers Deepfakes, a portmanteau of “deep learning” and “fake”, are hyper-realistic digital manipulations that can make people appear to say or do things they never did. These deceptive visuals are crafted using sophisticated artificial intelligence (AI) techniques. Their potential for misuse in spreading misinformation and creating false narratives is immense, and their impact on individual psychology and collective belief systems is profound. Misinformation in digital age Misinformation, the spread of false or inaccurate information, whether intentional or not, has found a fertile breeding ground in the digital world. Social media platforms, with their rapid information dissemination capabilities, often act as accelerants, making it challenging to distinguish fact from fiction. Compass in digital maze Cyberpsychology, the study of the human mind and behaviour in relation to digital technology, is pivotal in understanding the psychological mechanisms behind the creation, spread and impact of deepfakes and misinformation. This field examines how digital content influences perceptions, attitudes and behaviours, and how individuals’ interactions with technology shape their understanding of reality. Allure of falsehoods One key aspect of cyberpsychology is understanding why people are drawn to and believe in deepfakes and misinformation. Cognitive biases, such as confirmation bias, play a significant role. People tend to favour information that confirms their pre-existing beliefs, making them susceptible to believing false narratives that align with their views. Deepfakes are deceptive visuals that are crafted using sophisticated artificial intelligence techniques. – REUTERSPIC Striving for balance in Gaza conflict DESPITE the United Nations (UN) General Assembly’s overwhelming vote for a humanitarian ceasefire in Gaza, violence continues to persist in the region, causing suffering to Israelis and Palestinians. The situation remains complex, with ongoing Israeli military operations and resistance from Hamas forces. Efforts for a peaceful resolution are desperately needed. The people of Gaza are caught in a dire situation, with heavy casualties and extensive damage affecting their lives. Hospitals, shelters and places of worship have not been spared in the bombings, compounding the humanitarian crisis. Food, water and medical supplies are wanting due to restrictions and an enforced embargo. As a result, there is widespread starvation, suffering and death in Palestine. The enduring conflict in the region, considered one of the world’s longest-running conflicts, shows no signs of abatement or a resolution in the foreseeable future. When warring nations do not heed the UN’s ceasefire calls, it can be extremely challenging to bring about a solution to the conflict. Israel and Hamas have shown reluctance to engage in peacekeeping efforts, further complicating the situation. The US, an ally of Israel, has cautioned neighbouring Arab nations in the Middle East to refrain from involvement in the conflict. Other nations have been vilified for their stand against Hamas. Malaysia has been at the forefront rallying for the Palestinian cause and ceasefire. We have reiterated our stand to be in solidarity with the Palestinians. There have been rallies, demonstrations and humanitarian relief efforts launched for the Palestinian cause. The US dollar has increased to an unprecedented level and our currency is at an all-time low. We find ourselves in a fragile economic situation. While our hearts are with the Palestinians, we face significant economic challenges of our own as a small developing nation. The Israeli-Palestinian conflict is complex and multifaceted, and it cannot be resolved by the entire world. It is a matter that ultimately needs to be resolved by Israel and Palestine themselves. The UN, in its current capacity, appears limited in its ability to bring about a resolution to this long-standing conflict. We have yet to find justice for the tragic incident involving our airline, MH Flight 17, in which 283 passengers and 15 crew members lost their lives. No responsible party has claimed accountability for the shooting, and the UN and the International Court of Justice were unable to secure convictions against Russia or Ukraine in connection with the incident. As a nation, we continue to pray for a ceasefire in Palestine. In the face of these intricate and complex issues in international politics, it is essential to strike a balance and refrain from being overly vocal on matters that may be beyond our immediate control. Samuel Yesuiah Seremban LETTERS [email protected] COMMENT by Vinorra Shaker Additionally, the novelty and emotional charge of certain content can override rational judgement, leading to the rapid spread of misinformation. Emotional impact of deepfakes Deepfakes do not just deceive the eyes, they tug at the heartstrings. Witnessing a familiar face in an uncharacteristic act can stir a storm of emotions, leading to confusion, distrust and even a sense of betrayal. This emotional manipulation can be a potent weapon in distorting public opinion or inflicting personal anguish. The betrayal of seeing a trusted figure apparently saying or doing something out of character can result in disillusionment. This powerful tool can be exploited to shape public opinion or cause personal harm. Echo chamber effect Cyberpsychology also explores how digital platforms can create echo chambers, where individuals are exposed primarily to information and opinions that reinforce their existing beliefs. This effect, amplified by algorithms that curate content based on user preferences, can lead to the entrenchment of misinformation and the polarisation of views. Countering mirage via education and technology Combatting the challenges posed by deepfakes and misinformation requires a two-pronged approach. Firstly, educating the public about the existence and nature of these digital deceptions is crucial. Media literacy programmes that teach critical thinking and factchecking skills can empower individuals to navigate the digital landscape more cautiously. Secondly, technological solutions are essential. Advancements in AI and machine learning can help in the detection and flagging of deepfakes and false information. However, this is a continually evolving battleground, with the creators of deepfakes and the developers of detection tools engaged in an ongoing arms race. Navigating towards informed future In conclusion, the role of cyberpsychology in understanding deepfakes and misinformation is indispensable. By unravelling the psychological underpinnings of how people interact with and are influenced by digital content, cyberpsychology provides valuable insights into combatting these modern challenges. As society navigates the digital mirage, the intersection of psychology, education and technology is critical in steering towards a more informed and discerning future. Vinorra Shaker is the associate head of the School of Psychology and a senior lecturer at the Asia Pacific University of Technology and Innovation. She plays a crucial role in promoting an environment that explores the convergence of psychology and technology. The views expressed here are her own. Comments: [email protected] “By unravelling the psychological underpinnings of how people interact with and are influenced by digital content, cyberpsychology provides valuable insights into combatting modern digital challenges.
ESG ESG WEDNESDAY | NOV 8, 2023 12 ESG is one of the buzzwords of the year 2023. There is no day without any mention of ESG in the news. All the while, it is an opaque concept without – so it seems – a clear definition. Broadly speaking, we can say that ESG is a business framework for considering Environmental issues and Social issues in the context of corporate Governance – but what does that really mean? This write-up sheds light on ESG in Malaysia by: ▶ providing a comprehensive definition of “Environment,” “Social” and “Governance” as the terms are used in ESG; and ▶ highlighting the key features of the most important environmental, social and governance-related laws in Malaysia What is the definition of ESG? The principles behind ESG are many decades or even centuries old. The “modern ESG” as we know it today, however, stems from 2004, when the United Nations Global Impact published a document named “Who Cares Wins.” This report encouraged all business stakeholders in the finance industry – managers, directors, investors analysts and brokers – to embrace ESG long-term. It is only more recently that the focus shifted from mainly the financial industry to business overall. The United Nations 17 Sustainable Development Goals (SDGs) now overlap with the concept of ESG and give it a very broad meaning, to include aspirations such as quality education, decent work and economic growth and climate action. Note that it is very difficult, if not impossible to provide an all-encompassing definition of ESG. The ‘E’ in ESG The best-known part of the “E” in ESG is the data that companies voluntarily collect or are required to collect. The major part of the so-called “ESGreporting” regards environmental information. Yet, what must be reported differs from applicable standard to standard. It is therefore helpful to go back to the United Nations Global Impact Principles, which give a comprehensive insight into what the “E” in ESG encompasses: ▶ Principle 7: Businesses should support a precautionary approach to environmental challenges; ▶ Principle 8: undertake initiatives to promote greater environmental responsibility; and ▶ Principle 9: encourage the development and diffusion of environmentally friendly technologies. The ‘S’ in ESG In order to better understand the “S” in ESG, it is equally useful to look into the United Nations Global Impact Principles. They are categorized into the Human Rights group (Principles 1 and 2) and the Labour group (Principles 3 through 6): ▶ Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; ▶ Principle 2: make sure that they are not complicit in human rights abuses. Labour ▶ Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; ▶ Principle 4: the elimination of all forms of forced and compulsory labour; ▶ Principle 5: the effective abolition of child labour; and ▶ Principle 6: the elimination of discrimination in respect of employment and occupation. The ‘G’ in ESG The United Nations Global Impact Principles are not that helpful when it comes to the “G” in ESG as they only list Principle 10, which states: Businesses should work against corruption in all its forms, including extortion and bribery. However, while corruption plays an important role, the “G” in ESG encompasses much more than just corruption. It can be said that corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Essentially, corporate governance involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community. What are the areas of application of ESG? It is clear from the above background information that the area of ESG is extremely broad. This is also clear from the graphics below, which highlight several important applications of ESG. The most important laws pertaining to ESG in Malaysia ESG is not just a fad, it is here to stay. The human influence on climate change is undeniable and unless companies undergo a substantial shift in how they conduct business, the consequences will be very severe. Foreign companies doing business in Malaysia must adhere to local laws no matter what. These laws may be less strict than in the foreign company’s home country, but the mere fact of having strict laws “at home” does not necessarily guarantee compliance with all local laws. Foreign companies are therefore advised to consult local experts so that they do not fall foul of any provisions. The many fines mentioned above – including the threat of imprisonment for Directors – should certainly be a warning. As regards domestic companies, the regulatory framework in Malaysia is less demanding than that of most Western countries, but as demonstrated above, laws from other countries nevertheless often apply to Malaysian companies in practice. In order not to lose out on profitable business deals Malaysian companies are still enjoying, becoming ESG-compliant is a must. Overview of ESG in Malaysia oEnvironmental and social issues in the context of corporate governance █ PROF. DR. HARALD SIPPEL, RAJA NADHIL AQRAN AND VISHNU VIJANDRAN ENVIRONMENT • climate change strategy • greenhouse gas emissions biodiversity loss • deforestation • energy usage & efficiency • waste reduction • biodiversity loss • carbon footprint reduction • water management Scan here for a comprehensive overview of the laws related to ESG. GOVERNANCE • corporate governance • bribery prevention • corruption • ethical business practices • diversity of board of directors • avoiding conflicts of interest • executive compensation • integrity & transparency • management structure SOCIAL • employee safety • employee health • fair and living wages • diversity and inclusion • equal employment opportunity • employee benefits • working conditions • community engagements • responsible supply chain partnership • adherence to labour laws United Nations Global Impact Princle 5: The effective abolition of child labour.
WEDNESDAY | NOV 8, 2023 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] Gas Malaysia plans RM1.2b-1.4b capex SHAH ALAM: Gas Malaysia Bhd will allocate between RM1.2 billion and RM1.4 billion for capital expenditure to build up to 800km of gas pipelines in Peninsular Malaysia in the next five years. Its group CEO Ahmad Hashimi Abdul Manap said despite the introduction of renewable energy, the company believes natural gas will still be relevant for a long time as this fuel emits lower carbon dioxide compared to other fossil fuels. “We believe more and more customers will subscribe to Gas Malaysia’s long-term contract because of our 31 years of experience in this business and even during the Covid19 pandemic we increased our workforce and continue to build our infrastructure,” he told reporters after the launch of Gas Malaysia’s “Business Sustainability Plan: A Greener Horizon” in Setia Alam here yesterday. The plan was launched by Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad. Also present was the chairman of Gas Malaysia Tan Sri Wan Zulkiflee Wan Ariffin. Ahmad Hashimi said over the last 30 years, Gas Malaysia has built over 2,800km of gas pipelines, mainly in industrial areas and in some residential and commercial facilities. On Gas Malaysia’s role in promoting biomethane as a renewable energy source, he said the company has established two operational sites in Johor and plans to build another two sites before the first half of next year. “With capital expenditure of about RM15 million to RM20 million per site that includes biomethane station and procurement of sales, we aim to Nik Nazmi delivering his speech at the launch of Gas Malaysia Business Sustainability Plan in Setia City yesterday. – BERNAMAPIC oAllocation to build up to 800km of gas pipelines in Peninsular Malaysia in next five years Grundfos Pumps Malaysia helps firms to save energy without initial investment PETALING JAYA: Denmark-based water technology company Grundfos Pumps Malaysia has introduced Grundfos Energy Earnings (GEE) which allows customers to finance the new pump solutions with a share of their energy earnings. This payment service based on the “as-a-service” business model enables businesses to save energy without an initial investment. Grundfos senior regional sales director for domestic building services for Asia-Pacific & China and country director Giancarlo Roggiolani (pic) said 70% of large corporate and mid-sized companies find it a major issue to obtain funding or financing for ESG and sustainability-related expenses, according to a survey of 300 companies across the world, including from Malaysia. “This hurdle has made it difficult for businesses to implement the required strategies derived from audits, since overhauls or installation of new sustainable equipment can be expensive, and businesses might not believe that they can expect strong returns from investing in implementing green solutions,” he told SunBiz. He said businesses have an important role in supporting Malaysia’s green transition as both energy users and solutions providers. Roggiolani said industrial and commercial sectors represent a significant portion of Malaysia’s energy use – around 74.4% of total electricity consumption in 2020. “This represents a vital opportunity for businesses to enable Malaysia to reach its net-zero goal by 2050 by transitioning to lowcarbon and sustainable practices, drive innovation, and contribute to a more sustainable future,” he said. He added that saving energy and water is a promising starting point into how businesses can contribute to sustainability. “Here, offerings like the Grundfos Energy Check Advanced, where we work with businesses to analyse existing pump performance and identify areas for potential energy savings, allow businesses to gain valuable insights into opportunities and gaps in optimising the energy efficiency of their water processes,” he said. Grundfos is the first water sector organisation in the world to receive approval of net-zero goals from the S c i e n c e - B a s e d Targets initiative, and in the top five Danish businesses to take leadership in this area. G r u n d f o s Malaysia’s facility in Selangor has taken diverse initiatives that are guided by its sustainability ambitions. To save energy, Roggiolani said, it invested in solar energy infrastructure, which generates double the energy that is consumed. The excess power is sold back to Tenaga Nasional Bhd, enabling it to achieve cost savings while maintaining the optimal performance of its operations. To save water, he added, it utilises rainwater harvesting to provide water used at on-site facilities such as washing bay, wastewater testing bay, clean water testing bay and water fountain. To support its water needs, it has upgraded its rainwater harvesting tank from a capacity of 1,000 litres in 2021/2022 to 6,500 litres in 2023. The company also seeks to reduce waste-to-landfill in its Selangor facility and has set targets to achieve this. “Our waste is collected and sorted into categories, with what can be recycled sent to a designated recycling centre, and the remaining collected and disposed of at a designated waste management area,” said Roggiolani. Another key challenge faced by the region, he added, is the threat of flooding. Flooding is the most common natural disaster faced in Southeast Asia, with 13% of the region’s population exposed to the threat. “In response, governments and local authorities are working towards short- to medium-term goals of preventing and adapting to urgent floods, improving drainage capacity, and increasing water management capacity. “However, challenges in land acquisition remain for local authorities when constructing new pumping stations, floodgates and retention ponds. Such structures require land, which can be especially difficult in densely populated urban areas such as those in Southeast Asian cities. “One possible solution is what we call a ‘pump gate’ that combines floodgates and axial flow pumps on an existing waterway, relieving flood pressure without consuming additional land,” he said. █ BYHAYATUN RAZAK [email protected] BNM international reserves at US$108.5b on Oct 31 KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to US$108.5 billion (RM505.6 billion) as at Oct 31, 2023. The central bank said the reserves position is sufficient to finance 5.1 months of goods and services imports and is 1.0 time the total shortterm external debt. The main components of the international reserves are foreign currency reserves (US$96.5 billion), International Monetary Fund reserves position (US$1.3 billion), special drawing rights (US$5.7 billion), gold (US$2.3 billion) and other reserve assets (US$2.7 billion). Total assets stood at RM610.34 billion, comprising gold and foreign exchange and other reserves, including special drawing rights (RM509.36 billion), Malaysian government papers (RM13.01 billion), loans and advances (RM23.99 billion), land and buildings (RM4.14 billion) and other assets (RM59.84 billion). BNM said capital and liabilities comprised paid-up capital (RM100 million), reserves (RM165.01 billion), currency in circulation (RM158.20 billion), deposits by financial institutions (RM172.78 billion), federal government deposits (RM4.61 billion), other deposits (RM37.87 billion), Bank Negara papers (RM36.76 billion), allocation of special drawing rights (RM29.85 billion) and other liabilities (RM5.16 billion). – Bernama double the number of our stations every year. “As the pioneer in this biomethane business, we would like to promote and continue the engagement with the government and regulatory bodies to ensure that we have enough support from the government and perhaps there could be some initiatives going forward,” he added. Nik Nazmi said in his speech that the transition away from fossil fuels is not just a response to global pressures but represents an opportunity for growth and innovation. “The successful execution of the National Energy Transition Roadmap is forecast to elevate the gross domestic product (GDP) value (for the sector) from RM25 billion in 2023 to RM220 billion by 2050, generating employment opportunities for 310,000 individuals,” he said. Nik Nazmi said the energy sector has historically contributed about 28% of GDP and employed 25% of the nation’s workforce and stands as a major source of national income, with petroleum-related products contributing 31% of fiscal revenue and energy exports representing 13% of total export value. “Anticipated economic and population growth, coupled with rapid urbanisation, will fuel an escalation in energy demand, projected to rise by 2% annually until 2050,” he added. – Bernama
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | NOV 8, 2023 14 Malaysia sees rapid growth in sustainability reporting KUALA LUMPUR: Sustainability reporting in Malaysia is expected to grow as the global demand for environmental, social, and governance (ESG) compliance becomes more relevant in the local market and gains greater significance for all stakeholders. According to the Institute of Chartered Accountants in England and Wales (ICAEW) global president Mark Rhys (pix), sustainability reporting is experiencing significant growth in Europe, and he believes Malaysia will also witness a gradual increase due to regulators such as Bursa requiring public-listed companies (PLC) to disclose sustainability statements or reports, following their guidelines and listing requirements on the exchange. In Malaysia, sustainability reporting became mandatory for all PLCs in 2016 to enhance accountability and transparency in business decisions, activities, and operations for investors. According to the exchange’s framework, sustainability is defined as conducting business in a responsible manner while considering its impact on the economy, environment, and social context, as well as simultaneously ensuring business continuity and competitiveness over the long term. Rhys foresees ESG or sustainability reporting providing significant opportunities for audit firms to capitalise on – as PLCs and small and medium enterprises become more aware of its significance to regulators, financial institutions, investors, and the public. He added that audit firms should not be solely driven by profit but also by a collective responsibility to create awareness among corporations and the public, as it will inspire the market as a whole to make significant changes in addressing the issue of climate change. “There is a move afoot very soon here to require disclosure of compliance with sustainability standards,” he told SunBiz. Meanwhile, he noted that Europe has the advantage of developing its ESG or sustainability goals and strategies ahead of developing countries such as Malaysia, which “have more to do to catch up.” Rather than focusing on the political facet of the ESG agenda, he pointed out that auditors, as neutral “preparers of accounts” are more focused on the informational aspect and relaying it to the companies as well as stakeholders. Rhys said that if local regulators such as Bursa Malaysia have set and outlined reporting requirements, it is imperative for audit firms to create “meaningful reporting” that is clear and concise to assist stakeholders in making informed decisions. “It’s quality information, trustworthy information, prepared by trusted individuals using a framework that we’ve globally agreed upon… then let’s make good business decisions about it. Without quality information, you cannot make good decisions. People want to make good decisions,” he added. In terms of investment, Rhys said that investors or “providers of capital, whether it’s debt or equity,” want to be privy to companies’ decisions regarding the sustainability of business environments. He added that investors need information from quality sustainability reporting contributing From left: Datuk Narendra Jasani (Grant Thornton), Elaine Hong (ICAEW director, China & SEA), Datuk Mohd Faiz Azmi (ICAEW council member Malaysia), Rhys, Syed Asif Zaman (ICAEW council member Middle-East), and Dr Ernest Kan (ICAEW Council Member SEA) at the Members’ Society Malaysian Chapter annual dinner. oRising demand for ESG compliance in local market a catalyst for more companies to play catch up █ BYGLORIA HARRY BEATTY [email protected] to the United Nations’ Sustainable Development Goals, particularly on a company’s carbon footprint and its impact on global warming. According to Rhys, more stakeholders are concerned about the overall business aspect of the companies they invest in, as they recognise the global impact of investing in companies conscious of their contribution to the environment. In addition, investors are more inclined to invest in businesses adhering to global ESG standards and emphasising the minimisation of their carbon footprint such as using renewable energy and sustainable materials in their buildings. As sustainability becomes increasingly prevalent globally as well as the local market, many businesses have become more inclined to work with suppliers adhering to global ESG standards. “It is so important because for companies that are part of a supply chain, and the people they supply to want them to know the answers. People want to know whether companies are taking their responsibilities seriously in terms of sustainability,” Rhys said, adding that it has become a collective responsibility for all parties to combat climate change and support the ESG agenda. He observed a growing trend of people wanting to work for businesses that understand and deliver on their environmental responsibilities. “It’s the pressure to do the right thing that is really going to change. People are going to find it less and less appealing to work for companies that do not care about their climate impact,” Rhys said. On the other hand, he said that while one does not necessarily have to be a chartered accountant to set up a business, holding professional accounting and finance qualifications such as those offered by ICAEW can be useful for business owners, as they provide overall knowledge of how businesses operate including the legal framework of taxes, bookkeeping, and other important skills needed to run a successful company. “It’s about thinking about business and your responsibilities as well as ethics. You need some basic knowledge about how to keep track of who you owe money to, who owes you money, the importance of cash, and paying taxes. There’s a legal framework you’ve got to apply as well as systems and processes you must learn,” said Rhys. Touching on the ACA, which is the ICAEW’s chartered accountant qualification, he said that those with the qualifications are not only equipped with accounting skills but also trained in overall business skills, which include knowledge of tax rules, corporate law, and more. “That’s what makes us more valuable, generally in the market for people with accounting skills because it’s more than accounting skills... it’s business skills.” To date, there are approximately 2,000 ICAEW members in Malaysia. Established by royal charter in 1880, the ICAEW is a professional membership organisation that promotes, develops, and supports chartered accountants and students globally. As of July 2022, it has more than 198,000 members and students in over 140 countries. Recently, the institute celebrated its Members’ Society Malaysian Chapter annual dinner, with 450 chartered accountants, authorised employers, government stakeholders and university partners in attendance.
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | NOV 8, 2023 15 Manufacturing sector sales hit RM158.7b in September PUTRAJAYA: The manufacturing sector sales value dipped by 1.9% year-on-year to RM158.7 billion in September 2023, but showed a 4.3% increase compared to August 2023 according to the Department of Statistics, Malaysia (DoSM) report released yesterday. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “The sales value of the manufacturing sector decreased at a slower pace of 1.9% in September 2023 as compared to the 3.3% deterioration in the preceding month. The decrease was predominantly influenced by the continuous 12.3% decline in the petroleum, chemical, rubber & plastic subsector.” Additionally, the food, beverage & tobacco sub-sector contracted by 1.7%; and the wood, furniture, paper products & printing sub-sector fell by 0.7%. Compared with the preceding month, the sales value increased by 4.3% as against RM152.2 billion recorded in August 2023 (5.7%). The sales value of export-oriented industries, which represented more than twothirds of total sales, declined by 5.1% in September 2023 after shrinking by 6.8% in August 2023. The downturn was mainly attributed to the decrease in the manufacture of coke & refined petroleum products (-21.6%); manufacture of machinery & equipment n.e.c. (-10.5%); and manufacture of vegetable & animal oils & fats (-8.4%). Nonetheless, the domestic-oriented industries sustained their resilience and grew 8.1% in September 2023 (August 2023: 7.2%). The continuous expansion was primarily underpinned by the substantial rise in the sales value of the manufacture of fabricated metal products, except machinery & equipment which rose by 10.5%; as well as manufacture of motor vehicles, trailers & semi-trailers at 10.4%; and manufacture of food products at 9.5%. On a month-on-month comparison, export-oriented and domestic-oriented industries posted increases of 4.4% and 4.1%, respectively. Mohd Uzir pointed out that the manufacturing sector engaged 2.37 million persons in September 2023, an increase of 2.4% compared with the 2.32 million persons registered a year earlier. The rise was mainly supported by the food, beverage & tobacco (7.4%); non-metallic mineral products, basic metal & fabricated metal products (2.8%); and electrical & electronic products (2.0%) subsectors. On a month-on-month basis, the number of employees in the manufacturing sector increased by 0.8%. On the same note, salaries & wages paid in the manufacturing sector posted an increase of 3.2% year-on-year, totalling RM8.1 billion in September 2023. Compared with August 2023, salaries & wages paid grew by 1.7% as against 0.9% growth registered in the preceding month. Mohd Uzir said the sales value of the manufacturing sector for the first nine months of 2023 hit RM1.34 trillion, up by 1.3% compared with the same period in the preceding year (January-September 2022: 17.6%). oValue down 1.9% from year ago but up 4.3% compared with previous month Hartalega records RM29m net profit for second quarter PETALING JAYA: Amid challenging market conditions, Hartalega Holdings Bhd made a return to profitability in its second quarter ended Sept 30, 2023, recording a profit after tax (PAT) of RM29 million, on par with the previous financial year’s corresponding quarter. Profit before tax (PBT) came in at RM36 million compared with RM37 million in the same quarter last year. Revenue stood at RM452 million, a decline from RM585 million in the same quarter last year due to lower sales volume and average selling prices (ASP). For the first six months ended Sept 30, 2023, the group registered a loss before tax of RM9 million. Revenue for the six-month period was lower at RM892 million compared with RM1.4 billion in last year’s corresponding period. Excluding the one-off provision for severance pay of RM47 million for the decommissioning of its Bestari Jaya facility recognised in the first quarter of financial year 2024, the group would have recorded PBT of RM38 million for its first six months, compared with RM171 million in the same period last year. CEO Kuan Mun Leong said, “Prevailing headwinds in the glove sector are expected to persist in the second half of the financial year, as the industry remains impacted by the ongoing global oversupply and intense competition, putting pressure on ASP. However, recent capacity rationalisation across key domestic manufacturers as well as the exit of some smaller players in the sector have alleviated a certain degree of oversupply pressure in the market.” Amid this tough environment, he added, the group is focused on its five-year strategic plan to weather the current challenges and strengthen its sustainability and resilience for the longer term. “Our ongoing operational rationalisation exercise is a key initiative under this plan, which entails the decommissioning of our Bestari Jaya facility to consolidate operations at our state-ofthe-art Next Generation Integrated Glove Manufacturing Complex in Sepang. This is expected to generate improved operational and cost efficiencies once completed by the first quarter of calendar year 2024, positioning the group for future market recovery,” Kuan said. ‘Malaysia’s success in Islamic finance model for others’ KUALA LUMPUR: Malaysia’s success in Islamic finance is a model for other countries in the world, World Islamic Economic Forum Foundation (WIEF Foundation) managing director Datuk Syed Abu Bakar S Mohsin Almohdzar said. He credited the achievement to the unique structure of Islamic finance in Malaysia that is governed by Bank Negara, which sets it apart from other countries. “Malaysia has been looked at as the forefront and also the success story regarding Islamic finance because Islamic finance in this country is structured under Bank Negara unlike elsewhere … under the purview of the central bank,” he said during 14th World Islamic Economic Forum press conference yesterday. The 14th edition, to be held at the Abu Dhabi National Exhibition Centre, is themed “Global Economic Agenda: Shaping a Sustainable Future” on Feb 6 to 8 2024. The forum will focus on shaping a sustainable future by addressing key challenges, exploring new opportunities, and showcasing the latest innovative strategies and solutions to drive socio-economic development. “Previously, the forum extensively discussed Islamic finance. Now, we have a topic related to Islamic finance, but we are also discussing sustainability and the environment. We must adapt to the times, but we never forget Islamic finance is the main component of the Malaysian economy and the success story is here,“ he said. WIEF Foundation chairman Tan Sri Dr Syed Hamid Albar similarly stated, “WIEF pioneered the platform to discuss on Islamic finance and banking as well as Waqaf which are all issues of importance. There will be a follow-through to that,” he added. He said the forum is also an opportunity for Malaysia to go on a global stage to explain about Malaysia’s Economic Madani policy. “When talking about the Madani Economy, this is an opportunity for us to explain it all, because the people who will be attending are from the government, business leaders. “We have workshops and also networking. Various ministries will be participating. It will provide a platform for us to communicate, explain, and also to create and establish better understanding of what Malaysia can offer,” Syed Hamid added. The forum’s panel discussions will focus on ESG, green economy and Islamic finance, food security, halal industry, role of youth and women in business, trade relations, investment opportunities, and technologydriven solutions for economic growth. █ BYHAYATUN RAZAK [email protected] BlackBerry voices intention to collaborate with Malaysia: Anwar KUALA LUMPUR: BlackBerry, Canada’s leading company that offers software and cyber security solution services, has expressed its intention to support the country’s economic growth through collaborations with Malaysia. Prime Minister Datuk Seri Anwar Ibrahim said this was informed to him during a courtesy visit from the Canadian High Commissioner to Malaysia Wayne Robson, along with the president and CEO of BlackBerry Cybersecurity, John Gianmatteo. Also present were Malaysian Communications and Multimedia Commission chairman Tan Sri Mohamad Salim Fateh Din and National Cyber Security Agency chief executive Dr Megat Zuhairy Megat Tajuddin. Anwar, who is also Finance Minister, said in a post on Facebook recently that Gianmatteo also said the company plans to open the first BlackBerry Cyber Security Centre of Excellence in the Asia-Pacific region. “I stated Malaysia’s stance to continue to open up opportunities and facilitate quality investments that foreign parties want to bring in. “May the commitment and integrated efforts being carried out by the Unity Government in structuring the economy attract the interest of more foreign investors,” he said. – Bernama
COMMUNITY COMMUNITY 16 WEDNESDAY | NOV 8, 2023 Klang’s action plan towaKLANG: Amid the grand celebration marking 133 years of local governance in Klang, its municipal council president Noraini Roslan announced plans to redefine its future as it journeys towards attaining full-fledged city status on Nov 23. Noraini said the Klang Municipal Council (MPK) is ready for the historic declaration, adding: “Essential services, particularly public cleanliness, are being elevated to meet the standards expected of a city. “The Engineering Department is actively managing extensive landscaping and beautification projects, in addition to critical infrastructural improvements and the creation of new public facilities. “The Communication and Corporate Department is actively fostering community engagement by orchestrating an exciting competition to design a brand new city logo and flag for Klang’s imminent elevation to city status.” Noraini added that Klang’s new city logo and flag will represent its distinct character and values, providing a visual depiction of its identity and goals. She said it will symbolise the journey of growth and progress that has led to this significant milestone. “These initiatives are just the tip of the iceberg when it comes to showcasing MPK’s preparedness as it eagerly anticipates the transition to cityhood.” Noraini also said Klang is brimming with development potential, and MPK’s mission is to provide the best services to its residents without leaving any segment behind. Emphasising the importance of shared responsibility, in which Klang residents must also play a significant A busy part of Klang’s Little India with high customer footfall. oEmphasis on well-being of residents and infrastructure embodies the inclusive approach that is driving its transformation █ BY RAVEEN AINGARAN [email protected] THE economy of Klang is closely linked with the greater Klang Valley area which is the most densely populated, urbanised and industrialised region of Malaysia. There is a wide range of industries within the Klang municipality, whilst major industrial areas are also found in Bukit Raja, Kapar, Meru, Taman Klang Utama and Sungai Buloh, Pulau Indah, Telok Gong and others. Rubber used to be an important part of the economy of the region, but from the 1970s onwards, many rubber plantations have switched to palm oil. These have since then been converted for urban and housing development and infrastructure use. Port Klang forms an important part of Klang’s economy. It is home to shipping companies and agents, custom brokers, container storage centres, as well as freight and transport companies. The port handled almost 50% of Malaysia’s sea-borne container trade in 2013. The Free Trade Zone area was established in 2004 to transform Port Klang into a regional distribution hub as well as a trade and logistics centre. Klang is also well connected to key strategic areas within the Klang valley via a series of major roads and highways including the Federal Highway, NKVE, KESAS, etc. It is 30 minutes from the Kuala Lumpur International Airport (KLIA), making it the ideal hub for international freight and logistics in the country. Istana Alam Shah. Becoming A City Duties Of City Council 0 Public health and sanitation 0 Waste removal and management 0 Town planning 0 Environmental protection and building control 0 Social and economic development 0 General maintenance functions of urban infrastructure Eleven Criteria For Qualification 0 The council must have an administrative centre 0 A population of over 500,000 0 Have steady income from financial resources (fiscally sustainable) with annual income not less than RM100 million and able to afford steady expenditure 0 Provision of a higher level of service, including revenue collection activity, approval of development projects, local enforcement and various other local authority functions 0 Urban development that stresses steady development (namely, sustainable developments) and is able to focus on efforts to tackle municipal issues such as squatters, illegal factory operations, security issues, housing for lower-income groups and environmental conservation 0 To foster the suitable image/identity of a city, which align with its function (economic role) and represents its history and heritage values. Areas with historical values, buildings, cultures and unique architecture are to be preserved and maintained 0 Industrial centres, finance and facility institutions and hotel facilities to carry out business and trade to attract investors and tourists. Key focus on services and economic development that add value and are knowledge-oriented 0 Range of educational institution centres such as universities, colleges, museums and public libraries 0 Centre/main location for the organising of cultural activities, sports and recreational events and conventions at the national and international levels 0 Complete infrastructural facilities and adequate public utilities, including public parks, especially for disabled persons (OKU) 0 Receive recognition, either at the national or international levels, for having met the standards of a city Benefits Of City Status 0 It will give the council more authority in dealing with related matters 0 The standard of living for residents in the area will improve as the value of property prices will rise 0 Greater potential investment, higher cultural opportunities and more tourist interest 0 City council is in a better position to respond more speedily and carry out repair works 0 Improved transportation systems, more efficient public services and access to technologydriven amenities Sri Sundaraja Perumal Temple Klang Kwan Imm Temple Sultan Abdul Aziz Royal Gallery role in achieving city status, she said continuously committing to delivering exceptional services after attaining it is paramount. “We cannot sit on our laurels once we have attained city status. The work must continue and we must develop a city that meets the aspirations of its dwellers. “In MPK’s vision, a key focus to achieving this lies in economic development and addressing the needs of the population regarding urban planning, transportation and environmental sustainability. “All of these are aimed at improving the quality of life in Klang so that the people live in a city that meets their needs.” In stressing the significance of Klang’s journey to achieving its full potential, Noraini underscored the pivotal roles played by development projects and the well-being of its population. “Our combined emphasis on the well-being of Klang residents and infrastructure embodies the inclusive approach that is driving its transformation into a prosperous and dynamic city. “MPK has integrated these aspects into its ‘Action Plan towards City status’ move, which involved several committees that are dedicated to various areas of city development.” They include city design, infrastructure, public facilities, cleanliness, preparation of programmes and even publicity. “These committees meet monthly, and their proposals are presented at our full council meetings, at which the head of the Klang district department is also present,” Noraini said. She reiterated that the journey to becoming a city is not solely MPK’s responsibility but requires collaboration from all parties, including departments, agencies and the community to make Klang a “city of dreams”. On Klang’s cleanliness aspects, Noraini said they are directly related to the tourism industry and that keeping clean is a priority, particularly for a city that is rapidly growing in popularity. “Klang residents need to understand their role in maintaining cleanliness and the importance of waste management and recycling. “MPK has conducted various cleanliness programmes in the community, such as awareness campaigns and meetings with contractors for solid waste management, just to ensure a clean and attractive environment. “This emphasis underlines Klang’s unwavering commitment to fostering community involvement and nurturing a sense of shared Economy and Business
COMMUNITY COMMUNITY 17 WEDNESDAY | NOV 8, 2023 ards city status Shah Alam, three other locations to get DRT service by Q1 2024 PETALING JAYA: Selangor’s DemandResponsive Transit (DRT) service will be expanded to four new locations by the first quarter of next year, including its capital Shah Alam. State executive councillor for mobility Ng Sze Han said the initiative is expected to get additional funding in the upcoming state budget, in line with the government’s effort to improve its transportation network with an emphasis on first and last-mile connectivity. “We’ve made significant progress this year, having successfully launched the DRT service in regions like Ampang, Bandar Utama, Puchong and USJ. “The start of 2024 will see the service become available for residents in Serdang, Klang, Hulu Klang, and Shah Alam,” he said at a press conference following the conclusion of the Selangor E-Commerce Xccelerator (ECX23) programme at Menara PNS recently. Ng also confirmed that the DRT service in four other locations – Ampang, Bandar Utama, Puchong and USJ – is expected to start in stages by this month, as had been announced previously. He added that partnerships with two private firms are already in motion to further improve the DRT service, while talks are ongoing with van-based e-hailing service Kumpool to enhance its scope and reach. Last year, Selangor Menteri Besar Datuk Seri Amirudin Shari announced a RM25 million allocation to strengthen the public transport system under the Selangor Mobility programme, with RM22 million allocated for the state’s 11 local authorities to continue operating the Smart Selangor buses. Ng said the DRT service will complement existing Smart Selangor bus routes as well as other public transportation services. On his expectations on the upcoming state budget for his investment portfolio, Ng anticipates a somewhat consistent allocation this year. “A significant chunk of these funds will likely be channelled towards prominent trade exhibitions like the Selangor Aviation Show and Selangor International Business Summit. “Additionally, we intend to support startup initiatives spearheaded by the Selangor Information Technology and Digital Economy Corporation (Sidec),” he said. Despite his expectations for a consistent budget, Ng expressed hope for an enhanced focus on digital transformation. “I hope the state will consider a more substantial allocation dedicated to digitalisation. This is to help our startups, particularly those under Sidec,” he said, adding that a push towards digitalisation aligns with Selangor’s goal of transitioning into a Smart State by 2025. – Selangor Journal Noraini fielding questions from the media after MPK unveiled proposed amendments to its Draft Local Plan 2035. – AMIRUL SYAFIQ/THESUN responsibility among its residents,” she said. In regard to the future of tourism in Klang, Tourism Selangor Sdn Bhd emphasises that as Klang strides towards attaining city status, it is focusing on urban development and preserving its invaluable historical legacy and vibrant cultural heritage. “Klang aspires to become the first ‘Royal City’ in Malaysia and aims for recognition from the United Nations Educational, Scientific and Cultural Organisation (Unesco) as a Royal Heritage City on the global stage. “MPK actively engages in tracking Klang’s history and heritage through initiatives like the ‘Royal Klang Town Heritage Walk’, which features 11 prominent tourist sites, and showcases the icons of its rich heritage. “These locations, which include the Royal Gallery Sultan Abdul Aziz, Chartered Bank Building and the Royal Klang Club, form a part of Klang’s heritage journey.” Noraini also said Klang’s journey towards city status is a testament to its growth and development potential. “With our strong commitment to preserving its heritage, enhancing cleanliness and involving the community, we do not doubt that Klang is poised to become a vibrant and thriving city that offers a blend of historical charm and modern progress. “As Klang embarks on this exciting transformation, it is set to be a place where residents and visitors can take pride in its rich history and promising future,” she said. 0 Little India Klang Jalan Tengku Kelana, Kawasan 1, 41000 Klang, Selangor 0 Sultan Abdul Aziz Royal Gallery 3, Jalan Stesen, Kawasan 1, 41000 Klang, Selangor 03-3373 6500 0 Kota Bridge River, 41300 Klang, Selangor Istana Alam Shah Jalan Istana, Kawasan 1, 41000 Klang, Selangor 0 Ijan’s Corner Taman Rakyat, Taman Sri Andalas, 41100 Klang, Selangor 017-388 8731 0 Sri Sundaraja Perumal Temple, Klang No. 80, Jalan Mastika Off Psn Raja Muda Musa, Selangor, 41100 Klang 03-3371 1763 0 Tanjung Harapan Kawasan Perindustrian Selat Klang Utara, 42000 Port Klang, Selangor 03-3176 6929 0 Klang Kwan Imm Temple 30, Jalan Raya Barat, Selangor Darul Ehsan, 41000 Klang, Selangor 016-331 6989 0 Sultan Sulaiman Royal Mosque Jalan Raya Timur, Kawasan 1, 41000 Klang, Selangor 03-3374 3391 0 Parklands City People’s Park 42000 Klang, Selangor Data from myhometown.com.my Tourist Attractions “All of these are aimed at improving the quality of life in Klang so that the people live in a city that meets their needs.” – MPK president Noraini Roslan What residents have to say I am very proud of my hometown transitioning from a humble setting to achieving city status. For someone who was born and spent his entire life in Klang, I am certainly welcoming this transition with an overwhelmed heart. My wish is the new status achieved would bring more benefits to the residents in Klang. They should have a plan to come up with an effective transport network within Klang City. They should also look into ways to collaborate with schools to complement programmes carried out in schools as they represent the bulk of the population. The other area that has to be prioritised is having more green lungs in the city by creating recreational parks and more playgrounds for the youth. Finally, get the stakeholders involved in any plans for the city. Hamidi Mookkaiyah Abdullah Treasurer of Malaysian Association for Education Klang's growth from a humble setting to a city is amazing. Tun Perak during the Malacca sultanate was the chieftain of Klang. If Tun Perak were still alive, he would certainly be very proud of this transformation. Embracing city status is a proud moment for all Klangites. The people in authority should have a paradigm shift in their mindset to bring the needed changes long aspired by Klangites. The areas of major concern are cleanliness and security. The authority should look into upgrading the basic facilities for the benefit of the people. In addition, the greenery of the city has to be enhanced and improved to reflect its harmonious relationship with nature . The people should be given a say in the running of the city and not left solely in the hands of the bureaucrats and politicians. Finally, every step must be taken to bring added value to Klang residents, not only to enjoy city status, but with minimal increase in assessment, with this transition from a statutory body to a city. Mejar Singh Aircraft engineer Klang has long been a bustling place for trade and commerce, and it also has the prominent status of a Royal City and former state capital. It is currently the centre of a sprawling metropolis, surrounded by Kota Kemuning, Shah Alam, Bukit Raja, Setia Alam, Kapar, Meru and Port Klang. It is thus high time this city is accorded this well-deserved recognition. Yeoh Oon Chun Journalist Klang becoming a city will bring up the economy. Publicity on historical buildings would encourage more tourism. Every race has their own culture and custom. The town should be kept clean, which is very important for city status. Teoh Soo Kiang Retired government servant
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | NOV 8, 2023 18 BEIJING: The International Monetary Fund (IMF) yesterday upgraded its 2023 gross domestic product (GDP) growth forecast for China to 5.4% from 5%, citing a “strong” post-Covid-19 recovery, but said the fund still expected the world’s second-biggest economy to slow next year. GDP growth could slow to 4.6% in 2024 because of continued weakness in China’s property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2% in the IMF’s World Economic Outlook (WEO). The upward revision followed a decision by @thesundaily FOLLOW ON TWITTER Malaysian Paper IMF upgrades China’s GDP growth forecasts oFund revises projections for 2023 and 2024 but says more support measures needed to secure quicker recovery WeWork, once most valuable US startup, succumbs to bankruptcy NEW YORK: WeWork, the SoftBank Groupbacked startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured. The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy. A WeWork spokesman said about 92% of the company’s lenders had agreed to convert their secured debt into equity under a restructuring support agreement, wiping out about US$3 billion (RM14 billion) of debt. The company, which also intends to file recognition proceedings in Canada, said it expected to have the financial liquidity to continue business normally and that its locations outside of the US and Canada, as well as its franchisees around the world, were not affected by these proceedings. WeWork had office space available at 777 locations worldwide as of the end of June. SoftBank said it believed WeWork’s restructuring support agreement was the appropriate action for the company to reorganise its business and emerge from Chapter 11 proceedings. “SoftBank will continue to act in the best long-term interests of our investors,” the Japanese company said in a statement. WeWork shares have fallen about 98.5% so far this year. Profitability has remained elusive, as WeWork grapples with expensive leases and corporate clients cancelling because of a trend toward employees working from home. Paying for space consumed 74% of WeWork’s revenue in the second quarter of 2023, the last time it reported financial results. In a filing with the New Jersey bankruptcy court, WeWork listed assets of US$15.06 billion and liabilities of US$18.66 billion as of June 30. WeWork managed to amend 590 leases, saving about US$12.7 billion in fixed lease payments. But this was not enough to compensate for the fallout from the Covid-19 pandemic, which kept office workers at home. Many of its landlords, who were also feeling the squeeze, had little incentive to give WeWork a break on the terms of their leases. – Reuters US sanctions on Russia LNG project won’t harm supplies: Japan TOKYO: Japan will make sure its energy supplies are not affected by sanctions the US recently imposed on the Arctic LNG 2 project in Russia in which it has a stake, Industry Minister Yasutoshi Nishimura said yesterday. Japan, the world’s second-largest liquefied natural gas (LNG) buyer, relies on LNG as a transition fuel before it reaches carbon neutrality in 2050, and has supply contracts and stakes in projects globally to guarantee imports. The Arctic LNG 2 project is to be launched next month, with shareholder Japan eligible for 2 million metric tonnes of LNG per year, or 3% of total imports, once the plant is fully operational in the second half of this decade. “A certain degree” of impact from the US sanctions imposed on the Siberian project last week to punish Russia for its war in Ukraine is “inevitable”, Nishimura told reporters. “We will work with the Group of Seven countries to make a comprehensive judgment and respond appropriately so as not to impair the stable energy supply to our nation,“ he added. – Reuters B R I E F SSAUDI ARAMCO’S Q3 NET PROFIT DROPS 23% DUBAI: Saudi Aramco yesterday reported a 23% fall in thirdquarter net profit, marginally beating analyst estimates, on lower crude oil prices and volumes sold. Net profit fell to US$32.6 billion (RM152 billion) for the quarter to Sept 30 from US$42.4 billion a year earlier. That topped the US$31.8 billion expected by 12 analysts in a company-provided forecast. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties. The group’s shares were flat at 33.45 riyals at 0733 GMT. – Reuters UBS IN THE RED WITH CREDIT SUISSE TAKEOVER ZURICH: UBS Group posted a US$785 million (RM3.6 billion) loss in the third quarter after expenses tied to the Swiss bank’s takeover of Credit Suisse while signalling that its core wealth business is stabilising. The loss was worse than the US$444 million loss attributed to shareholders that analysts had expected in a UBS poll. “We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition,“ said CEO Sergio Ermotti. The loss came with a silver lining. The group had net new money in its wealth management arm of US$22 billion, driven in part by winning new customers. – Reuters MARINA BAY SANDS HIT BY DATA BREACH SINGAPORE: A luxury resort operator in Singapore said yesterday that the personal data of about 665,000 members of its shopping loyalty programme had been hacked. The breach of Marina Bay Sands was the latest in a string of major cybersecurity incidents reported in the citystate. Last week public healthcare institutions had their internet access disrupted by a flood of malicious traffic in a socalled DDoS attack. – AFP China to approve a 1 trillion yuan (RM638 billion) sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas, in a move to support the economy. “These projections reflect upward revisions of 0.4 percentage points in both 2023 and 2024 relative to October WEO projections due to a stronger-than-expected third-quarter outturn and recent policy announcements,” said IMF’s first deputy managing director Gita Gopinath in the statement. Over the medium term, growth is projected to gradually slow to about 3.5% by 2028 amid headwinds from weak productivity and population aging, according to Gopinath. China has introduced numerous measures to support the property market, but more is needed to secure a quicker recovery and lower economic costs during the transition, she said. A comprehensive policy package should include measures to accelerate the exit of nonviable property developers, remove impediments to housing price adjustment, allocate additional central government funding for housing completion, and assist viable developers to repair balance sheets and adapt to a smaller property market, Gopinath said. The combination of the downturn in the property sector and local government debt crunch could wipe out much of China’s longterm growth potential, economists say. Local debt has reached 92 trillion yuan, or 76% of China’s economic output in 2022, up from 62.2% in 2019. – Reuters
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | NOV 8, 2023 20 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM FROM THE BROKER’S DESK SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [ Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shalll not be liable or responsible for any consequences resulting from usage of the information. MALAYSIA’S Industrial Production Index (IPI) contracted by -0.5% yoy in Sept 2023 (Aug 2023: -0.3% yoy), falling for the second month despite a rebound in manufacturing output. The -0.5% yoy contraction in Sept 2023 was similar to average market consensus polled by Bloomberg but lower than our expectation as we anticipated stronger IPI in view of better export performance. In particular, the decline in mining sector output (-5.2% yoy) was the main drag to the overall IPI in Sept 2023 mainly because of sharper fall in natural gas output (-7.8% yoy). Manufacturing output, on the other hand, rebounded to a marginal growth of +0.4% yoy (Aug 2023: -0.6% yoy),registering the first growth after three months of contraction. This was driven by sustained rise in domestic-oriented output and stabilization in E&E output. Electricity output also increased in Sept 2023, growing faster at +2.5% yoy, on the back of increased electricity demand. We expect manufacturing output will improve further in the coming months, to be supported by recovering external demand as well as continued growth in domestic demand. Despite the weaker-than-expected Sept 2023 IPI reading, we maintain our forecast that IPI will grow at +1.6% this year, relatively slower than last year (2022: +6.7%). - MIDF Research (Nov 7, 2023). NOVA Wellness Group Bhd’s (Nova) 1Q’24 results missed our expectations, we believe, as consumers held back purchases after having overstocked right upon the economy reopening. We expect growth in FY24 to be fuelled by gradual ramp-up of its new plant and full-year impact from the introduction of 35 new SKUs in FY22 (compared to 15 in FY21) including six low glycemic index bread (croissant and sourdough bread), six health supplements, and 23 Activmax and Sustinex range of functional food products such as plant-based protein including specialty Activmax for hospitals. Activmax and Sustinex are house-brand products developed with embedded vitamins and other nutrients to fulfill consumers’ nutritional needs. We cut our FY24-25F net profit by 13-12%, respectively, as we moderate our sales volume growth assumptions from 15-18% to 8-11%. Consequently, we reduce our Top Perform (TP) by 13% to RM0.84 (from RM0.96) based on 15x FY24F Earnings Per Share (EPS), in line with closest comparable peers.There is no adjustment to our TP based on ESG given a 3-star ESG rating by us. We continue to like Nova for its: (i) integrated business model which encompasses the entire spectrum of pharmaceutical value chain, (ii) superior margins due to its original business manufacturing business model, and (iii) earnings growth driven by capacity expansion, a widening distribution network and penetration into local public hospitals. Maintain OUTPERFORM. - Kenanga Investment Bank (Nov 7,2023) KERJAYA Prospek Group Bhd (KPG) announced its ninth job win (fourth in Penang) for FY23 worth RM104.7 million, for the completion of 69 units of houses in Andaman Island (part of Seri Tanjung Pinang phase 2 (STP2) development). The project will commence from Dec, 2023 for 26 months. We raise FY23F-FY25F earnings by 1-5% as we revise our FY23F job replenishment assumption to RM1.8 billion from RM1.5 bilion. Near-term project wins may come from STP2, eg. the Arica project, which is likely to be worth RM100-200 million. Valuation wise, we now ascribe a target Price Earnings Ratio (P/E) of 12.5x (previously 11x) to KPG’s construction arm in our Sum-of-Parts (SOP) valuation. We believe this target valuation (above the small- to mid-cap target range of 8x-10x) is fair for KPG – for its consistent job wins and its larger market capitalisation vs other small mid cap contractors. Our new SOP-derived Top Perform (TP) is RM1.78 (previously RM1.56). BUY with a higher RM1.78 TP from RM1.56, 20% upside and c.6% yield. We expect KPG’s 3Q’23 core earnings to be 8-10% higher year-on-year, backed by higher progress billings, and improved labour supply. With a plethora of bright prospects underpinning its job replenishment trends, we consider the stock undervalued, trading at 1.5SD (Standard Deviation) below the Bursa Malaysia Construction Index’s 5-year mean P/E. - RHB Research (Nov 7,2023). FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 Australian Dollar 3.078 2.955 2.939 1 Brunei Dollar 3.489 3.387 3.379 1 Canadian Dollar 3.44 3.347 3.335 1 Euro 5.063 4.897 4.877 1 New Zealand Dollar 2.822 2.718 2.702 1 Papua N Guinea Kina N/A N/A N/A 1 Singapore Dollar 3.489 3.387 3.379 1 Sterling Pound 5.838 5.657 5.637 1 Swiss Franc 5.24 5.121 5.094 100 UAE Dirham 129.91 123.16 122.96 100 Bangladesh Taka 4.359 4.073 3.873 100 Chinese Renminbi 65.32 62.54 N/A 100 Danish Krone 69.57 64.01 63.81 100 Hongkong Dollar 60.96 57.91 57.71 100 Indian Rupee 5.76 5.41 5.21 100 Indonesian Rupiah 0.0314 0.0284 0.0234 100 Japanese Yen 3.154 3.055 3.037 100 New Taiwan Dollar 15.8 N/A N/A 100 Norwegian Krone 43.79 40.27 40.07 100 Pakistan Rupee 1.69 1.58 1.38 100 Philippine Peso 8.55 8.05 7.85 100 Qatar Riyal 130.77 124.15 123.95 100 Saudi Riyal 127.1 120.66 120.46 100 South Africa Rand 26.7 24.11 23.91 100 Sri Lanka Rupee 1.49 1.37 1.16 100 Swedish Krona 44.56 40.57 40.37 100 Thai Baht 13.89 12.31 11.91 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit eases against US$ on IPI, technical correction KUALA LUMPUR: The ringgit reversed the previous day’s gains to close lower against the greenback yesterday due to lower Industrial Production Index (IPI) data and a technical correction after appreciating over the last three trading days, said an analyst. At 6pm, the ringgit slid to 4.6675/6725 against the greenback from Monday’s close of 4.6340/6400. According to the Department of Statistics Malaysia (DoSM), Malaysia’s IPI, which consists of three sectors, namely, mining, manufacturing and electricity, slipped by 0.5% year-on-year (y-oy) in Sept 2023. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the IPI showed that the Malaysian economy is susceptible to the external environment. Hence, he said the central bank is expected to maintain their accommodative stance to support overall growth. On another note, Mohd Afzanizam said it is quite common for the local note to undergo some technical correction given its sharp appreciation since last Friday’s publication of the US Nonfarm Payroll. “From the technical standpoint, the US$-RM is currently hovering slightly above the prevailing support level of RM4.6611 while the resistant level is at RM4.7958. “Perhaps, the markets are still anxious about the US Federal Reserve’s monetary stance and the next US Federal Open Market Committee meeting on Dec 12-13 will be quite crucial as they will share their latest economic projection,” he told Bernama yesterday. At the close, the ringgit was traded mostly lower versus a basket of major currencies and against other Asean currencies. F&N FY23 net profit rises 40% y-o-y to RM536.9m KUALA LUMPUR: Fraser & Neave Holdings Bhd’s (F&N) net profit rose 40.1% to RM536.90 million in the financial year ended Sept 30, 2023 (FY2023) from RM383.21 million posted in FY2022. Revenue increased 11.9% to RM5 billion from RM4.47 billion previously, as markets recovered and the price management strategies implemented since last year took effect, the company said in a filing with Bursa Malaysia yesterday. It said group export revenue crossed the RM1 billion mark in FY2023 (FY2022: RM800 million). The group also benefitted from an expanded revenue stream following the acquisition of Cocoaland Holdings Bhd on Nov 4, 2022. Group operating profit for FY2023 rose to RM642.9 million on the back of higher revenue and one-off non-operating items (mainly the remeasurement gain of the 27.62% equity interest previously held in Cocoaland prior to the privatisation exercise and other one-off items). Excluding one-off non-operating items, the adjusted group operating profit grew by 26.8% to RM592.1 million underpinned by a concerted focus on margin improvement, operational excellence, supply chain management, and sustainability initiatives. “These efforts mitigated the impact of higher input costs and rising energy expenses, contributing to the overall profitability of the group,” F&N said. Meanwhile, the company reported a net profit of RM137.56 million for the fourth quarter (4Q) from RM98.89 million a year ago. - Bernama. Kerjaya Prospek Group Bhd Buy. Target price: RM1.78 Nova Wellness Group Bhd Outperform. Target price: RM0.84 September IPI down slightly
LYFE LYFE WEDNESDAY | NOV 8, 2023 22 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper I N the heart of Kuala Lumpur, a grand spectacle is about to unfold, and it is not just about beauty - it is a celebration of intelligence, peace and global unity. The Miss and Mrs Gaia World 2023 beauty pageant competition is all set to dazzle audiences from around the world. Scheduled for Dec 5 at the exquisite HGH Convention Centre, this event promises to be an exceptional blend of elegance, intellect and a celebration of diversity. Where beauty meets purpose This dazzling international beauty pageant, Miss and Mrs Gaia World 2023, is more than just a runway - it is a platform that champions intelligence, environmental consciousness and peace. The brainchild of the Grand Gaia International founder is Irene Wong and co-founder Emily Tang. This event has a powerful vision - to empower women, foster global unity and promote environmental awareness. Wong shares that Grand Gaia International is more than a beauty and fashion platform - it is a cultural exchange and business cooperation hub that brings together outstanding individuals from various industries worldwide. It Is a space where innovative ideas are exchanged, international perspectives are broadened, and global development and shared prosperity are promoted. Empowering women and embracing diversity The Miss and Mrs Gaia World competition celebrates women’s leadership and social responsibility. It is not just about showcasing physical beauty - it is about demonstrating intelligence, cultural knowledge and a commitment to environmental protection and peace. This competition transcends borders and embraces diversity with contestants from China, Taiwan, Singapore, Japan, Thailand, Indonesia, the Philippines, Vietnam, the United States, Australia, Russia, Bangladesh and Malaysia. It is a true melting pot of cultures, united by a common goal - to make the world a better place. Making a positive impact One of the most remarkable aspects of The international beauty pageants Grand Finals is set to dazzle in Kuala Lumpur. - PICS BY ADIB RAWI YAHYA/THE SUN. █ BYHAZIQUE ZAIRILL Air Jordan celebrates ‘Year Of The Dragon’ EACH year, the prominent sportswear and apparel brand Nike celebrates the Chinese zodiac by launching a collection of sneakers inspired by the animal symbolising the respective year. Following the extensive release of Dunks inspired by the rabbit this year, the brand will kick off the year 2024 with the introduction of the Air Jordan 1 Low OG “Year of the Dragon.” Let us delve into the characteristics of this 2024 dragon. These sneakers not only incorporate culturally meaningful colours such as gold, red and jade but also feature leather overlays that emulate the scales of the zodiac animal. While the majority of the shoe’s construction follows a conventional approach, utilising standard materials on a neutral white base, a distinctive element is introduced through the light grey satin lining on the inner collar. Moving to the top of the shoe, it boasts a “Sail” leather base that elegantly complements the “Oil Green” scale overlays extending from the mudguard to the heel counter. The swooshes have a glossy red finish, matching the laces, tongue tag and embroidered wings logo on the heel. A touch of gold appears at the base of the heel tab and the Nike Air branding on the tongue, while silver accents the lining and the semitranslucent outsole. To complete the theme, significant details are integrated into the design, including the sock liner, the inside of the tongue and a celebratory red envelope. At present, Nike has not disclosed precise information regarding the sneaker’s “Year of the Dragon” collection, which includes the Air Jordan 1 Low OG version. To stay informed, keep an eye out for updates, as these sneakers are anticipated to be released on Jan 24, with availability through Nike SNKRS and select retailers. █ BY HAZIQUE ZAIRILL All set for Miss, Mrs Gaia 2023 this competition is its dedication to supporting charitable and environmental initiatives. A portion of the revenue generated from ticket sales for the Grand Finals will be directed towards the Qian Hai International Foundation. This commitment to sustainability and social betterment is at the core of what makes Miss and Mrs Gaia World 2023 truly remarkable. The grand showdown With two distinct categories, Miss and Mrs, this pageant caters to a wide range of participants. The Miss category is open to unmarried contestants aged 18 to 28, while the Mrs category welcomes participants aged 21 and above. This diversity is a testament to the international flavour of the competition, showcasing the oCelebrating beauty, intelligence and global unity beauty and intelligence of women from various walks of life. Join the celebration The Miss and Mrs Gaia World 2023 competition is not just a beauty pageant, it is a celebration of unity, purpose and empowerment. It is where women from across the world come together to celebrate their individuality and shared values. This event is not just about crowning winners, it is about inspiring change, fostering environmental awareness and promoting peace. It is a celebration of intelligence and the many facets of beauty that go beyond the surface. For more details, ticket information and the latest updates, visit the official website at grandgaiainternational.com Jordan Brand unveils a prosperous Air Jordan 1 Low OG colourway for the Chinese New Year calendar. –JD SPORTS UK.
LYFE LYFE WEDNESDAY | NOV 8, 2023 24 Hurricane ravages Tarzan’s Acapulco house A SYMBOL of Acapulco’s glory days, the iconic hotel and clifftop villa of late Tarzan star Johnny Weissmuller have been reduced to ruins by hurricane Otis. The residence was the last address of the “King of the Jungle” until his death in 1984, at age 79, and a hideout for international jet-setters who once flocked to the Mexican resort city. Weissmuller’s love affair with Acapulco began during the filming of the 1948 movie Tarzan and the Mermaids, the former Olympic swimming champion’s last appearance as the man who was raised by apes in the jungle. In one memorable scene, Weissmuller’s character plunged shirtless into the Pacific from Acapulco’s famous “La Quebrada” rock. For decades, daredevil cliff divers have wowed tourists by making the same 35-metre (115-foot) leap. Together with his friend and fellow Hollywood icon John Wayne, Weissmuller bought the Flamingos hotel, which became a magnet for stars like Elizabeth Taylor, Orson Welles, and Errol Flynn — away from the paparazzi. As he grew older, Weissmuller had a house built on the grounds, away from the noise, where he retired in the last years of his life. Also known as the “Round House,“ its design is said to have been based on the huts in one of his movies. On Oct 25, the fuchsiacoloured villa and hotel were battered by hurricane Otis, which left a trail of destruction and at least 46 people dead, as well as dozens unaccounted for. “It knocked down trees and shattered windows,” Flamingos hotel manager Victor Manuel Hernandez told AFP. “As for Tarzan’s house, it is totally destroyed,” he said. Hollywood playground In total, 274,000 homes and 600 hotels were affected by the Category five hurricane, a major setback to the city of 780,000 inhabitants, who rely heavily on tourism income. In its heyday in the 1950s and 60s, “the pearl of the Pacific” was the playground of the rich and famous. Elizabeth Taylor was married there for the third time. John F Kennedy spent his honeymoon there with Jacqueline. The seaside city inspired dozens of movies, such as Fun in Acapulco, starring Elvis Presley, who never actually set foot in the Mexican city as filming took place in California. In the 2000s, Acapulco was engulfed by violence linked to drug trafficking, which scared away tourists. So far, only 10 of the 40 Flamingos hotel employees have been able to return to their jobs due to the disruption to transportation since Otis. “The situation is sad. But we have to be positive,” its manager said. One glimmer of hope: the government has promised a US$3.5 billion (RM16.3 billion) recovery plan to get Acapulco back on its feet. - ETX STUDIO Picture of the aftermath caused by hurricane Otis to the so-called Tarzan house. Rod Stewart to kick off Asia tour in KL SIR Rod Stewart is making a comeback to Asia with the “Rod Stewart ‘Live in Concert, One Last Time’” tour. The legendary British superstar will perform at the Axiata Arena in Kuala Lumpur on March 4 followed by performances in Bangkok, Kaohsiung, Hong Kong, Manila, Singapore and Tokyo. Stewart, who is a two-time Rock and Roll Hall of Fame inductee, said, “It’s been 15 years since my last Asian tour, which is far too Stewart’s “Live in Concert, One Last Time” is set to kick off in KL next March. – INSTAGRAM/@SIRRODSTEWART. oExpect huge bash at the iconic star’s concerts in seven cities █ BYHAZIQUE ZAIRILL long. I truly cannot wait to return with a set list of all my biggest hits and one of the most extraordinary productions of my career. It’s going to be quite a bash.” Maintaining his legendary status, Stewart embarked on one of the most significant tours of his career in 2022. His tour last year saw him captivating audiences in packed venues across North and South America, the UK, Australia and New Zealand. The show has garnered enthusiastic praise from both critics and fans. Rolling Stone described it as a “knock-down, drag ‘em out triumph,” the Telegraph hailed it as a “masterclass in entertainment and fun,“ and USA Today celebrated him as “a veritable one-man journey through the history of pop music.” With a remarkable music career spanning more than five decades, fans can anticipate a journey through every era of Rod Stewart’s chart-topping hits, including classics like Maggie May, You Wear It Well, Hot Legs, You’re in My Heart and Do You Think I’m Sexy. The set list also includes fan favourites such as Some Guys Have All the Luck, Rhythm of My Heart, Young Turks, Sailing, Tonight’s The Night, Broken Arrow, Infatuation and Forever Young, with a few surprises and legendary covers thrown into the mix. The Maybank Cardmembers Presale starts at 10am on Nov 9 and runs until 9.59am tomorrow. General ticket sales will begin at noon tomorrow via goliveasia.com. For additional information and ticket details, visit livenation.asia.
LYFE LYFE WEDNESDAY | NOV 8, 2023 25 PREPARE to embark on a captivating journey as destiny unites two individuals from vastly different backgrounds in the upcoming series Tell Me That You Love Me, debuting on Disney+ Hotstar on Nov 27. This touching narrative unfolds when fate intervenes and love transcends language and sound. Meet Jung Mo-eun, a struggling actor whose career takes an unexpected turn after being dismissed from a film set on her very first day. Her life takes a transformative course as she crosses paths with Cha Jin-woo, a gifted deaf artist. Through a series of serendipitous encounters, their connection deepens, revealing that love can be expressed beyond words and that there are melodies only the heart can hear. Tell Me That You Love Me invites audiences to witness a one-of-akind love story that grants a unique perspective on the world. This series re-imagines a beloved Japanese classic and the TBS television drama series Tell Me That You Love Me, originally scripted by Eriko Kitagawa and produced by TBS Television Inc. The stellar cast includes Jung Woosung as the deaf artist Cha Jinwoo and Shin Hyun-been as the struggling actor Jung Mo-eun. The movie also features Kim Ji-hyun as Song Seo-kyung, the director of an art centre and Jinwoo’s ex-girlfriend and Lee Jae-kyun as Yoon Johan, a composer and Moeun’s childhood friend. Tell Me That You Love Me is penned by Kim Min-jeong and directed by Kim Youn-jin, promising a heartfelt and unforgettable viewing experience. Do not miss the enchanting story of Tell Me That You Love Me, exclusively on Disney+ Hotstar. Fraser perfect in latest movie, says Scorsese AFTER winning an Oscar for Best Actor for The Whale earlier this year, movie-goers might have high expectations for Brendan Fraser’s performance in Killers of the Flower Moon. The latest film by Scorsese would feature the actor as WS Hamilton, an attorney who represents Robert De Niro’s William Hale, and the role is Fraser’s first film since the Oscar win. Unfortunately, certain reviewers online have taken to criticising Fraser due to his playing the role in a way that was “too over-the-top”. First reported by LADBible and confirmed by Entertainment Weekly (EW), Scorsese has defended the actor’s delivery as “perfect”. “We thought he’d be great for the lawyer, and I admired his work over the years,” Scorsese said. “He actually came in for, I think, a couple of weeks on the picture, particularly when it was in our later shoot. We had a really good time working together, especially with Leonardo DiCaprio. Particularly in the scene where he says, “They’re putting a noose around your neck - he’s saving you, dumb boy.’” The veteran director defined it as Fraser “bringing the whole scene down” on DiCaprio’s Ernest Burkhart. “It was perfect. And he had that girth. He is big in the frame at that time. He is a wonderful actor, and he was just great to work with”. In the film, Hamilton acts as a legal defence for Hale and Burkhart, who are on trial for their connection to the murders of the Native American Osage women. Another criticism people had occurred during a courtroom scene was when Hamilton turned to Burkhart and loudly yelled, “This man is my client.” On X (formerly Twitter), Apple Films, which produced the film, also defended Fraser’s delivery, posting a page from the book the film was adapted from. “Note the exclamation point,” Apple wrote. Fraser as he appears in the film. – APPLE TV+ oFilmmaker defends actor’s delivery in Killers of the Flower Moon █ BY MARK MATHEN VICTOR Unique romance Experience the unforgettable tale of Tell Me That You Love Me on Disney+ Hotstar. – DISNEY+ HOTSTAR █ BYTHASHINE SELVAKUMARAN Kamal Haasan reprises yet another iconic role KAMAL HAASAN is reprising his role as a vigilante in a movie sequel after 27 years since the original movie, Indian, was released. In Indian 2, Haasan stars as Senapathy, an ageing retired freedom fighter who fights against corruption and injustice. The actor and filmmaker, who started acting as a child in 1960, had carried many roles, some of which became iconic. Another iconic role he played was as the lead in Vikram. The movie was released in 1986 and became a success. Last year, Haasan reprised the role in the sequel movie Vikram 2 after 37 years, and it was a huge success, and now he will be seen in another iconic role. Well known for his superb acting talent, the actor has appeared in many languages in India and has won numerous awards for his roles. The fans got to watch a glimpse of the much-anticipated Indian 2 introduction, in which Haasan’s character was introduced. In this movie, Senapathy is expected to return from hiding, and the movie is expected to break all the records. Apart from acting, Haasan is also said to have been involved in the editing of the movie directed by the popular director S. Shankar. A poster of Indian 2 announcing the release of ‘Introduction’ – TAKEN FROM S.SHANKAR’S X PLATFORM █ BY S. TAMARAI CHELVI
LYFE LYFE WEDNESDAY | NOV 8, 2023 26 The messages conveyed resonated with the audience and prompted reflection among many. The meticulously designed light show also effectively encapsulated the mood that Fourtwnty aimed to create. Perhaps this is where Fourtwnty’s true strength lies — not only in their profound lyrics but also in their artistic essence, which shines through. They can convey powerful and impactful verses. The concert featured a lineup of songs, including Kusut, Realita, Hitam Putih, Aku = Kamu, Kursi Goyang, Nyanyian Surau, Aku Mencintai Traumaku, Larasuka and Kita Pasti Tua. The warmth and connection with the audience were most prominent during the final few songs, which included Besi Tua, Zona Nyaman, Fana Merah Jambu and Diskusi Senja. At that point, the audience was no longer silent — they sang their hearts out and danced with joy. Organised by Shiraz Projects, the evening was particularly meaningful for Fourtwnty as Zepp marked the concluding stop of the Nalar tour. Undoubtedly, it left numerous indelible memories for the fans and the audience who attended that night. Their concerts had previously taken place at the Persada Johor International Convention Centre in Johor Bahru and the Vervea Trade and Exhibition Centre (VTEC) in Batu Kawan, Penang. /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper I NDONESIAN folk-pop band Fourtwnty concluded their most recent album tour, Nalar, at Zepp, Kuala Lumpur, last month. With over 1500 fans present at the end of the tour’s final stop, Fourtwnty undeniably had a unique way of carving their presence into the hearts of their fans. Nalar tour kicked off at Singapore’s Capitol Theatre on Oct 7, followed by a series of performances in various cities across the country, including Penang, Johor Bahru and Pahang. The band members, Ari Lesmana, Asep Nurohman, Andika Dwi Putra Arman, Primanda Ridho and Ryan Maulana, were dedicated right from the start of the tour to making a lasting impact on every audience. Starting at 8.30pm, the stage unveiled a visual projection conveying the band’s message, aiming to leave sweet memories for attendees. As they took the stage, the entire hall erupted with excitement when they opened with the song Nematomorpha. The surge of energy and the enthusiastic cheers from the audience could be felt right away. The band proceeded to perform other tracks from their album, including Argumentasi Dimensi, Diam Diam Kubawa Sat, Mangu and RammangRammang. The inclusion of the song High, the sole English-language track, brought a distinct vibe to the night, delighting every member of the audience in the hall. The band’s frontman, Ari, appeared remarkably at ease and comfortable on stage, even under the gaze of thousands of eyes. His manner of communication was akin to a friendly chat, creating an intimate atmosphere during the concert. Nevertheless, this relaxed approach did not compromise the quality of his singing in the least. It must be acknowledged that Ari’s distinctive vocals possess a natural sincerity that can deeply touch a listener’s heart. Certainly, he did not cease to express his appreciation and affection for their fans in Malaysia. Their enduring enthusiasm for performing in this country was abundantly evident. “We’ve had the privilege of visiting Kuala Lumpur four times, and to be completely honest, your country is truly remarkable. “The energy here is incredible, and it makes me feel as though I’m performing in my own homeland. We’re always thrilled and delighted to return to Kuala Lumpur, which has come to feel like a second home,” he expressed during the concert at Zepp Kuala Lumpur. “Thank you for your ongoing appreciation of our music. I hope that we all continue to enjoy good health and that you’ll have the opportunity to hear more of our work,” Ari added. The album Nalar marks the third fulllength release by the band Fourtwnty, known for their soul-stirring and poetic lyrics. It is no surprise how they have managed to cultivate a devoted fan base that follows the band’s evolution from Jakarta. The track Aku Tenang, loved by many, was delivered by Ari as a tribute to a departed friend, infusing the song with a poignant sense of sorrow and adding a deeper, more profound meaning to it. Throughout the performance, interludes featured visuals with a similar theme, symbolising the “restlessness” that often follows the madness, adding a sense of performative art to this tour. In terms of the stage setup, the backdrop visuals played a pivotal role. Fourtwnty wrap up wrap up Nalar tour oPopular Indonesian folk band thrill thousands of fans Fourtwnty spectacular performances in Zepp KL. –ALL PICS BY SHIRAZ PROJECTS Performing in front of over 1500 people. The bands concludes its Nalar Tour. █ BYHAZIQUE ZAIRILL Band’s frontman Ari Lesmana.
SPORTS SPORTS WEDNESDAY | NOV 8, 2023 28 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF KHH (PUCHONG) HARDWARE SDN. BHD. (Company No. 201001016265 [1000943-D]) (In Members’ Voluntary Liquidation) At a Meeting of Members of the abovenamed Company duly convened and held on Tuesday 31 October 2023 at 10.00 a.m., the following special resolution was duly passed:- Special Resolution Members’ Voluntary Liquidation (a) “THAT the Company be wound up as Members’ Voluntary Liquidation and that Ms Khoo Chew Moey be and is hereby appointed as the Liquidator of the Company for the purposes of winding-up the Company’s affairs and distributing of assets with all powers and duties as specified under Eleventh Schedule of the Companies Act, 2016.” (b) “THAT the liquidator be authorised to distribute surplus assets in specie or kind to the shareholder(s).” LIU CHIN HENG Director Kuala Lumpur Date : 08 November 2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF KHH (PUCHONG) HARDWARE SDN. BHD. (Company No. 201001016265 [1000943-D]) (In Members’ Voluntary Liquidation) NOTICE IS HEREBY GIVEN that the creditors of KHH (Puchong) Hardware Sdn. Bhd. which is being voluntarily wound-up are required on or before 07 December 2023 to send their names and addresses with particulars of their debts and claims and the names and addresses of the solicitors (if any) to the undersigned, the Liquidator of the said Company at Suite 102, B09/2 Blok B, 2nd Floor, Pusat Perdagangan Taman Dagang, Jalan Dagang Besar, 68000 Ampang, Selangor. The creditors (either through their solicitors or personally) who do not file their debts or claims on or before the specified date will be excluded from the benefits of any distribution. KHOO CHEW MOEY Liquidator Kuala Lumpur Date : 08 November 2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF TAN KAH EE CONSTRUCTION SDN. BHD. [Company No. (197301000662) (14194-W)] (In Members’ Voluntary Liquidation) At an Extraordinary General Meeting of the Members of Tan Kah Ee Construction Sdn. Bhd., duly convened and held on Tuesday, 31.10.2023, the following resolutions were duly passed: 1. That the Company be wound up voluntarily by way of Members’ Voluntary Winding Up pursuant to Section 439(1)(b) of the Companies Act, 2016. 2. That in accordance with Section 445(1) of the Companies Act, 2016, Tan Poh Guan of No. 64, Zenith Park, Jalan Kamunting, 34600 Kamunting, Taiping, Perak, be and is hereby appointed as the liquidator for the purposes of the winding up. Tan Poh Guan Director Dated this: 08.11.2023 NOTICE IS HEREBY GIVEN THAT the creditors of the abovenamed Company which is being voluntarily wound-up are required on or before the 08.12.2023 to send in their names and addresses with particulars of their debts and claims and the names and addresses of their solicitors (if any) to the abovementioned Liquidator and if so required by notice in writing from the said Liquidator, by their solicitors or personally, to come in and prove their debts and claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts and claims are proved. Tan Poh Guan Liquidator Dated this: 08.11.2023 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF LINGKARAN TIARA SDN. BHD. (Registration No. 201201015636 (1001147-W)) (In Members’ Voluntary Winding Up) At a General Meeting of the abovenamed Company duly convened and held on 1st November 2023, the following resolutions was duly passed:- “THAT pursuant to Section 439(1)(b) of the Companies Act 2016, the Company be wound up voluntarily.” “THAT the Liquidator may exercise any powers in accordance with Section 456 and Eleventh Schedule of the Companies Act 2016.” “THAT in accordance with the Articles of Association of the Company, the Liquidator may distribute to the members in kind the whole or any part of the assets of the Company.” YEAP LEONG CHIN Chairman Dated this 8th day of November, 2023. IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF LINGKARAN TIARA SDN. BHD. (Registration No. 201201015636 (1001147-W)) (In Members’ Voluntary Winding Up) NOTICE IS HEREBY GIVEN that the creditors of the abovementioned Company, which is being wound up voluntarily, are required on or before 8th December 2023 to send in their names and addresses with particulars of their debts or claim and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said Company; and if so required by notice in writing from the said Liquidator, are, by their solicitors or personally, to come and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proved. LEE EWE HOCK Liquidator 33B Jalan Pahang 10400 Georgetown Pulau Pinang Tel: +60 4 286 4111 Dated this 8th day of November, 2023. S RI LANKA’S Angelo Mathews branded Bangladesh captain Shakib Al Hasan as “disgraceful” after he became the first player in 146 years of international cricket to be given “timed out” in a bitter World Cup clash. Mathews was adjudged to be out after failing to take strike within the two-minute time limit when he came out to bat on Monday. He had been unable to secure his helmet strap, an action which delayed the resumption of play and prompted Shakib to successfully appeal for his wicket. Shakib refused to withdraw the appeal. “I don’t know where the common sense went because obviously it’s disgraceful from Shakib and Bangladesh if they want to play cricket and to stoop down to that level. I think there is something drastically wrong,” an angry Mathews told reporters in New Delhi. “In my 15-year career, I’ve never seen a team going down to that level because the umpires also admitted that it’s e q u i p m e n t malfunction, and they could have gone upstairs and checked again.” He added: “I don’t think any other team would do that because it was black and white. It was equipment malfunction, the helmet coming off. It was a big safety issue as well. “Shakib had the option (of recalling me) but he decided to go the other way.” According to laws of cricket, after the fall of a wicket or the retirement of a batsman, the incoming player must be ready to receive the ball within two minutes. O n - f i e l d umpires Marais Erasmus and R i c h a r d Illingworth talked to both teams before the decision was upheld. The 36-yearold Mathews r e l u c t a n t l y trudged off with most spectators appearing bemused by the decision. Mathews said the team has proof of the time it took him to reach the crease and it was less than two minutes and therefore well within the rules. “We will put out a statement later on,” said Mathews. “We have video evidence, footage, everything was looked at. I’m not just coming and saying things here. I’m talking proof.” The dismissal contributed to an acrimonious atmosphere and the players of both teams did not shake hands after the match, which was won by Bangladesh by three wickets and ended Sri Lanka’s slim chances of making the semifinals. “You need to respect people who respect us. They have to respect the game as well. We are all ambassadors of this beautiful game including the u m p i r e s , ” Mathews said on not going ahead with the c u s t o m a r y handshakes after the match. “If you don’t respect and don’t use common sense than what more you can ask for.” – AFP Timed out drama Mathews brands Shakib ‘disgraceful’ for ‘stooping so low’ Writing was on the wall: Moeen VICE-CAPTAIN Moeen Ali has urged England to rebuild their ageing team after the World Cup, claiming “the writing was on the wall and we just didn’t see it”. Moeen was part of a golden generation who became world champions on home soil in 2019 and are likely to go down as the country’s best ever white-ball side, but their story is ending in disarray. After arriving in India with genuine hopes of defending their crown, they have crashed out of the competition in humiliating fashion with six defeats from their seven matches so far. For the last three games England have fielded a side comprised entirely of over-thirties and prospects of a radical overhaul will surely prove irresistible. “I just think everything good comes to an end at some point,” he said. “Maybe the writing was on the wall and we just didn’t see it as players because we thought we’d be performing well. “I think if I was in charge I’d play the younger guys, I’d just start again and I’m sure they’re going to do that. “It’s common sense more than anything. You want that fearless approach and it’s a great time to start again.” Jonny Bairstow and Joe Root are among the stalwarts who have publicly said they want to carry on in 50-over cricket, but Moeen appears ready to step away with no grudges. “I’m obviously going to speak to Jos Buttler and Motty (head coach Matthew Mott) and see what they want from me, whether they want me around or whatever,” he said. “I don’t know. If they say, ‘look we’re going to go with younger players and start again’ then I’m more than happy. “I get it, I understand and like I said, everything good comes to an end at some point.” – The Independent STEVE HARMISON has called on England to send Ben Stokes home from the World Cup or risk losing their Test captain for the start of their forthcoming series in India. Stokes has revealed he will undergo surgery on his longstanding left knee injury once England’s tournament is over but, with the defending champions no longer able to reach the semifinals, they could decide to cut their losses and bring things forward. The first Test of a major five-match series starts in Hyderabad on Jan 25, with a training camp in Dubai beginning two weeks earlier, meaning Stokes is already on a tight recovery schedule for a major operation. The 32-year-old’s instincts will be to see a grim campaign through to the bitter end, with games against the Netherlands in Pune and Pakistan in Kolkata still to come, but former England quick Harmison feels decisive action is needed to take the decision out of his hands. “I am amazed Ben is still in the country, I don’t see any point in him being there,” Harmison told the PA news agency. “I’m sure that conversation has been had but it needs strong leadership. It needs someone to say, ‘Ben, you’re going home. Here’s a ticket, there’s the plane, get on it’. “I’ve got a good relationship with Ben and I know for a fact he won’t thank me for saying this, but I’m saying it because it’s what is best for the England cricket team. “He has the chance to get a 10-day head start and it’s common sense to take it. You never know what they are going to find with a big op, or what the rehab looks like. “So give yourself the extra time because it could be the difference between being fully fit for the first Test or the third.” “The single most important person in that Test setup is Ben Stokes. They need their leader and that’s why he has to go home,” said Harmison, who is commentating in India for Star Sports. – The Independent ‘England must send Stokes home’ ‘Umpire asked me if I was serious’ BANGLADESH captain Shakib Al Hasan (pix) said he “didn’t know if it was right or wrong” and that the umpires asked if he was “serious” when he controversially appealed to have Sri Lanka batsman Angelo Mathews given “timed out” in the World Cup on Monday. “One of our fielders came to me and said that if I appealed, he would be out,” said Shakib who was voted man of the match in his team’s three-wicket win. “The umpire asked me if I was serious and whether I would take it back or not. I said no. It’s in the laws; I don’t know if it’s right or wrong. I felt like I was at war. Whatever I had to do, I did it. There will be debates. Today that the timed out helped, I won’t deny that.” Sri Lanka court restores sacked cricket board SRI LANKA’S Court of Appeal quashed the sports minister’s decision to sack the country’s cricket board and restored the expelled officials y e s t e r d a y pending a full hearing. The court accepted a petition by b o a r d p r e s i d e n t Shammi Silva challenging minister Roshan Ranasinghe’s move on Monday to dismiss the Sri Lanka Cricket board and appoint an interim committee. “The restoring of the board is for two weeks, when the court will hear the case again,” a court official said. Board officials said Silva was due to return to work after securing an order that prevented the interim committee – headed by former skipper Arjuna Ranatunga – from continuing in office. The government has also appointed a cabinet committee to address “outstanding issues” of the board. The minister’s action followed a humiliating defeats by at the World Cup. INSIDE EDGE Sri Lanka’s Angelo Mathews walks after losing his wicket due to time out. – REUTERSPIX
SPORTS SPORTS WEDNESDAY | NOV 8, 2023 29 I GA SWIATEK dominated American Jessica Pegula 6-1, 6-0 to win the season-ending WTA Finals in Cancun yesterday and regain her world No. 1 ranking from Aryna Sabalenka. The Pole broke Pegula five times and won the final 11 games in a 59-minute slaughter to capture her first WTA Finals title in a match delayed by a day due to rain. “I want to thank my team who have been with me for the whole season,” Swiatek said during the trophy ceremony. “We’ve had many ups and downs but this is for sure an up, and we’ll have many more if we keep working like that.” She also thanked the fans that endured countless rain delays and gusting winds over the course of the event at the coastal Mexican resort town. “Thank you guys for coming and cheering for us, you really made it special,” she said. “Thank you for all these Polish flags and Polish people who are coming to every tournament and those from many countries. Every year I feel like I have more and more support.” Swiatek came into the tournament red hot having won last month’s China Open and never dropped a set over the course of her five matches at the event, which brings together the top eight players in the world. Swiatek ends the season on an 11-match winning streak and will finish the year in the top spot for the second year in a row, having lost the position to Sabalenka after the US Open. Swiatek, 22, collected six out of her total 17 career titles this season. She retained the French Open crown in June to lift her fourth Grand Slam trophy. The 29-year-old Pegula, who struggled on her serve and failed to match Swiatek’s energy level, was gracious in defeat. “Congrats on ending the year number one and winning this tournament, it’s really incredible” she said. “You continue to push me to be a better player and I appreciate that aspect of it. I wish I could have done better today but that’s not how it goes sometimes.” Swiatek’s triumph drops the curtain on a WTA Finals where players were vocal in their criticism of their sport’s governing body over the slapdash nature of the event. Cancun was named the venue for the US$9 million (RM42m) Finals less than two months before it started and construction of the courts was only completed the weekend before it kicked off on Oct. 29. Sabalenka was particularly outspoken, blasting the WTA over the court conditions after the opening day of group play and saying she felt “disrespected” by the organisation at the prestigious event. – Reuters Swiatek back at No. 1 Three things we learned from the Brazilian Grand Prix MAX VERSTAPPEN and Red Bull continued their domination of the Formula One season on Monday while their rivals, once again, toiled in frustrated pursuit. On the evidence of a frantic Brazilian Grand Prix, only McLaren, with a strong second half of the season, have lifted themselves into a position to maintain a challenge and dream of success next year. Aston Martin may have bounced back after a lean run, but like Ferrari and Mercedes who left Interlagos cursing their equipment and their luck, their form has been too patchy to promise much in 2024. Here’s a look at three things we learned from Monday’s contest: Newey’s genius is unrivalled RED BULL have a three-time champion driver and, at his best, an able No. 2 in Verstappen and Sergio Perez, but the key contributor to their dominance is design genius Adrian Newey. The 64-year-old chief technical officer of the Milton Keynes-based team has built a car and technical team that have won 19 of 20 races this year. That statistic confirms not only the sheer speed of Newey’s car, but also its reliability in all conditions and on all circuits except for the unique challenge of the heat and humidity of Singapore’s street track. Alonso shows age is no problem FERNANDO ALONSO produced a memorable drive to third place, winning an epic late duel with Perez, and a fine podium finish for Aston Martin, shrugging aside his 42 years with smiling aplomb. The way his drive stirred the passions of a big Brazilian crowd, who were singing his name as he cavorted on the podium, confirmed his status among the greatest drivers in F1 history. Journey into the unknown AFTER three contrasting events in the Americas, the return to race in the United States at Las Vegas on Nov 18 will be an expensive gamble for Formula One. Reports at the weekend suggested the project was already more than US$35 million (RM161m) above an original budget of US$400 million (RM1.84b). Teams and drivers are treating it as an adventure. “I think we are there more for the show than the racing, if you look at the layout of the track,“ said an unimpressed Verstappen. – AFP WHEN Jon Rahm announced he was backing out of TGL, the new indoor golf league spearheaded by Tiger Woods and Rory McIlroy, it ignited rumours that the Spaniard might be planning a leap from the PGA Tour to LIV Golf. McIlroy doesn’t see it that way. The four-time major champion spoke with reporters at a press conference for his TGL team, Boston Common, yesterday and said Rahm has given him the impression he is staying with the PGA. “I spoke to Jon a couple days ago and would be very, very surprised if that were to happen… I’m pretty confident Jon is a PGA Tour player,” McIlroy said. Rahm, the reigning Masters champ, bowed out of TGL last week after he was included in an initial roster of 24 players who would participate in the league. “I am sad to confirm that I will not be participating in the first TGL season,” Rahm wrote on social media. “While I still think it’s a great opportunity, right now it would require a level of commitment that I can’t offer. Best of luck to everyone (involved) and may the best team win!” A statement from TGL officials said they “understand that players have to balance a lot of different facets of their professional and personal lives and respect Jon’s choice and wish him well.” In the past, Rahm has not been as vocal a critic of the Saudi-funded LIV Golf League as McIlroy, and he wanted fellow Spaniard Sergio Garcia to be included in future Ryder Cup teams despite his defection to LIV. But Rahm made clear in June 2022 that he did not play golf for monetary reasons and he didn’t consider LIV’s 54-hole, no-cut format to be worthwhile. “I’ve always been interested in history and legacy and right now the PGA Tour has that,” he said. “There’s a meaning when you win the Memorial championship. There’s a meaning when you win Arnold Palmer’s event at Bay Hill. “There’s a meaning when you win LA, Torrey (Pines), some of these historic venues. That, to me, matters a lot. My heart is with the PGA Tour.” – Field Level Media McIlroy confident of Rahm’s Tour stance Iga focuses on the right stuff WTA FINALS champion Iga Swiatek said the poor playing conditions in Cancun forced her to focus on her game instead of being distracted by the prospect of regaining the world No. 1 ranking. The WTA conceded this year’s edition of the Finals was “not a perfect event”, with the court condition and stormy weather among the issues affecting players. “The conditions that were kind of tricky also helped me to just, you know, focus on adjust my footwork, my shots… that kept me busy from thinking about all of that,” Swiatek told reporters yesterday. “So I think today was… just being narrow with your head, only thinking about the right stuff.” The 22-year-old Pole said she had been distracted by the ranking race at other tournaments and it had affected her performance. “It played (in my mind) a lot in the US Open and the tournaments before but I kind of learned my lesson,” she said. “This time I didn’t want it to have an impact on me… it’s hard not to think about stuff like that but actually when I went on court I knew that I had to focus on different things.” The tournament was supposed to conclude on Nov. 5 but rain and high winds meant the semifinal between Swiatek and Sabalenka was not completed until Monday, with the final shunted to yesterday. Fenway boss confirms PGA Tour ‘conversations’ THE Fenway Sports Group has had talks with the PGA Tour about a potential partnership as questions arise about the proposed business agreement with Saudi-funded LIV Golf. Tom Warner, the chairman of the Fenway Group, confirmed as much in an interview yesterday with CNBC’s Halftime Report. He was flanked by PGA Tour star Rory McIlroy, who has spoken out often against LIV. The two were on the show primarily to discuss the founding of TGL, the simulator golf league launched by Tiger Woods and McIlroy. It is set to begin play in January, and Fenway owns the league’s Boston franchise, named Boston Common. “We confirm that we’ve had conversations,” Werner said, but he declined to say anything else about an investment with the PGA Tour. Fenway Sports also owns the Boston Red Sox, the Pittsburgh Penguins and Liverpool FC of the English Premier League. Reports have popped up that the Fenway group could make the PGA Tour a more lucrative offer than the Saudis did. SHORTS Pole wins WTA Finals, regains top ranking from Sabalenka Iga Swiatek celebrates with the trophy after winning her final match against Jessica Pegula (not pictured). – REUTERSPIX
SPORTS SPORTS WEDNESDAY | NOV 8, 2023 30 MAURICIO POCHETTINO showed his classy side in his post-match interview after Chelsea’s hard-fought win over Tottenham yester. The hosts went ahead in the first half but threw away their lead after Cristian Romero and Destiny Udogie were sent off, allowing Chelsea to capitalise and secure all three points. Cole Palmer equalised from the penalty spot before Udogie was dismissed after picking up two yellow cards, giving the Blues a significant numerical advantage. They initially found it hard to break down Tottenham, who were playing an unusually high line in a bid to catch players offside, but a late Nicolas Jackson hattrick ensured the points went back to Stamford Bridge. The result allowed Pochettino to have the last laugh upon his return to Spurs, but the 51-year-old was in no mood to gloat after the final whistle as he insisted that Chelsea’s victory did not taste any sweeter than usual despite the win coming against his former club. “I am so happy because the points mean a lot to us,” said Pochettino on Sky Sports. “We are in a situation where we need to win points. “I am so happy because we came back and showed to people that we had the positivity. “For me the most important thing is the three points. It’s Tottenham, but it’s not more special because of that.” Pochettino went on to heap praise on Tottenham’s tactical approach after going down to nine men, insisting that Ange Postecoglou’s high line made it difficult for Chelsea to gain control of the match despite having two extra players at their disposal. “We made too many mistakes in possession and Tottenham started the game with full of energy,” he added. “After we conceded, the team started to play and played with more freedom. We didn’t show our quality in the first 10 to 15 minutes of the match that we are supposed to have. “The line of the defence was so high and we started to build from the back. We didn’t have the patience to move the ball from one side to another and find the right moment. “We ran into spaces at the wrong time and were disappointed at half-time for not exposing the space that Tottenham gave us. “We didn’t find the right moment to kill the game because the line of defence was so high. The most important thing for us is the three points.” – Express Newspapers NEWCASTLE boss Eddie Howe is making no apologies for his team’s no-nonsense approach to winning football matches. The Magpies muscled their way past Premier League rivals Arsenal on Sunday to add another significant scalp to their season’s collection. Gunners manager Mikel Arteta was incandescent in the wake of the 1-0 defeat at St. James’ Park, which was secured by Anthony Gordon’s lone strike, but only after it survived – much to the Spaniard’s disgust – three separate VAR checks, although his mood was not improved by the manner in which the Magpies blunted his attack. However Howe, whose team was on the end of side-swipes from Arteta and Manchester United counterpart Erik ten Hag last season, said: “We’re not intentionally ruffling any feathers, we’re just trying to win. “I want the players to stand up for each other, I want them to play competitive football. “I want us to be strong in certain moments – which we have to be – and I think we did all of those things (against Arsenal). I’ve got no issue at all with how we played. Howe said: “We just play the game. Look, I think we play hard, we play the game in a really strong way because we want to win. But I think we play fair and we will do the same again.” Magpies centreback Fabian Schar was unrepentant when asked if he enjoyed the nastier side of the game. “I enjoy doing whatever it takes to win a game. Sometimes, it is what is needed,” the Switzerland international said. “A game can go different ways. We know what we need to do. Sometimes you play nice football and sometimes you have games that are really tight and intense, a lot of fouls. There were things off the pitch too. But I don’t really care, it’s the three points that matters.” – The Independent ‘We have to accept decision’ Spurs boss Postecoglou calls for an end to questioning of officials’ rulings in matches TOTTENHAM manager Ange Postecoglou has called for an end to the questioning of officials’ decisions in order to prevent their authority being undermined. Spurs had two players sent off in the 4-1 defeat – their first loss of the Premier League season – at home to Chelsea but refused to criticise referee Michael Oliver. However, after a first half which had 12 minutes added on due to several VAR checks, the Australian felt a number of incidents have led to an overuse of technology. Arsenal boss Mikel Arteta called Newcastle’s winning goal against his team after three VAR checks a “disgrace” on Saturday and the club issued a statement calling for the standard of officiating to be “urgently addressed”. “Decisions are decisions: you either accept it or you don’t,” Postecoglou told Sky Sports. “Some of it is selfinflicted (but) if we are going to go out and complain about bad decisions every week what will happen is what happened today: a forensic study of every decision. “I think that’s the way the game is going. I don’t like it – I could be a lone voice as I’m told that’s the way forward. With VAR intervention it just felt like a lot of standing around. “At some point we have to accept the referee’s decision. This constant erosion of referees’ authority, this is what the game is going to get: they will not have any authority. “It is going to get diminished and we are going to be in the control of someone a few miles away watching a TV screen.” Spurs had led through Dejan Kulusevski’s sixth-minute deflected goal and had a second from Son Heung-min ruled out for offside by VAR. But when Cristian Romero was sent off for a challenge on Enzo Fernandez which allowed Cole Palmer to equaliser from the penalty spot the game changed and a reckless second yellow card for Destiny Udogie early in the second half left the hosts with an uphill battle. They held out until the 75th minute when Nicolas Jackson scored the first goal of his hattrick, adding two more deep into added time. “It’s pretty hard to process because it’s almost impossible to analyse the game,” added Postecoglou. “Disappointed by the result but really proud of the players, they gave everything and that is the positive we will take. “We were very close to getting an equaliser a couple of times and it shows their spirit.” The defeat is Tottenham’s first in the top-flight this season and they remain a point behind League leaders Manchester City in second place. – The Independent VIRGIL VAN DIJK says Liverpool’s players have created a “safe place” for Luis Diaz in the days since his father was kidnapped in Colombia. The 26-year-old came off the bench in the 83rd minute of the team’s 1-1 draw with Luton on Monday and scored a dramatic equaliser deep into added time. It was his first appearance since his father, Luis Manuel Diaz, was abducted in the town of Barrancas on October 28. The striker was absent for Liverpool’s wins over Nottingham Forest and Bournemouth but marked a sensational return to action by heading in Harvey Elliott’s cross five minutes into stoppage time at Kenilworth Road. The group responsible for the abduction, the National Liberation Army, has asked for “security guarantees” in exchange for his father’s release. Following the game against Luton, Van Dijk said: “He’s been training with us, knowing that it’s so fresh, what’s going on. He feels like being with us is a safe place, so it helps him. “We’re here for him. We mentioned it last week, it’s an absolutely horrible situation. Hopefully there will be a solution. “We’ll be here for him and everybody should support him. Hopefully it will be sorted as soon as possible.” Liverpool had looked set to fall to a shock defeat before Diaz’s late intervention, falling behind 10 minutes from time to a goal by Luton substitute Tahith Chong. “He’s still disappointed because he also wanted to win,” said Van Dijk. “There’s a lot of emotions in his head. “It must have been (meant to be) that he should have scored. I’m happy for him, but hopefully we can get his father back as soon as possible. “You can’t imagine it, that’s the scary part. The only thing we can do is hope they will find him safe and sound and they get him back to his family. “When it happened it was a shock to everyone. We spoke about it and it should give us extra motivation. He doesn’t want us to suffer from what he’s going through, he wants us to take fuel from it.” – The Independent Classy Poch shows true colours █ CARL MARKHAM Howe makes no apologies for Newcastle’s must-win approach █ ROBERT O’CONNOR Being among teammates ‘safe place’ for Diaz, says Van Dijk Chelsea’s Cole Palmer (right) in action with Tottenham Hotspur’s Brennan Johnson during their Premier League match. – REUTERSPIX