CEOMorningBrief FRIDAY, JANUARY 5, 2024 ISSUE 697/2024 theedgemalaysia.com DEADLY IRAN BLASTS AND US WARNINGS ESCALATE MIDEAST TENSIONS p15 Report on Page 3. Rafizi skirts question of who has access to Padu’s database HOME: MACC quizzes four in Daim probe as lawyers slam agency’s ‘high-handedness’ p2 Johari proposes RM30,000 fine per foreign worker on recruitment agencies if they fail to provide jobs p5 Penang CM sues tycoon Tan Kok Ping over state land sale remarks p6 Ministry denies existence of cartel, Mafia controlling prices of rice, paddy seeds p7 WORLD: Fed sees rates staying high for some time with cuts eyed in 2024 p16 SHAHRILL BASRI/ THEEDGE
friday january 5, 2024 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: eeditor@bizedge.com to advertise: advertising@bizedge.com the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list ceomorningbrief@bizedge.com MACC quizzes four in Daim probe as lawyers slam agency’s ‘high-handedness’ Iran blasts: Malaysia conveys condolences, calls for mastermind to be brought to justice — PM KUALA LUMPUR (Jan 4): The Malaysian Anti-Corruption Commission (MACC) on Thursday summoned four individuals in relation to its investigations involving former finance minister Tun Daim Zainuddin. However, lawyers representing the individuals have criticised the anti-graft body’s alleged “high-handed” manner in handling investigations. Lawyers Rajesh Nagarajan and Sachpreetraj Sohanpal claimed that their clients were denied legal representation during interrogations on Thursday at the MACC’s headquarters, despite cooperating with the graft busters. KUALA LUMPUR (Jan 4): Malaysia expresses its condolences to Iran and its people following the bombing incident in Kerman Province in the southeastern part of the country that claimed nearly a hundred lives on Wednesday. Prime Minister Datuk Seri Anwar Ibrahim through a post on Facebook said Malaysia also mourns and stands in solidarity over the incident which has resulted in more than 200 people injured. “Malaysia protests and strongly condemns any form of violence against the innocent. It’s been almost three months since the world witnessed Israel’s massacre of the innocent people in Palestine and the latest in Lebanon two days ago,” he said. The prime minister said Malaysia also called for the mastermind of the violent action to be brought to justice. In conjunction with the new year, Anwar said, Malaysia would like to invite the world to protest the violent and vicious culture together and save universal humanity. According to international media reports, two bomb explosions occurred near the burial site of the Islamic Revolutionary Guard Corps (IRGC) commander Qasem Soleimani who was killed in 2020. The incident reportedly occurred when people gathered in a ceremony near the burial site to commemorate the fourth anniversary of Soleimani’s death. home by Tarani Palani theedgemalaysia.com Bernama “In particular, one of the lawyers representing the individual was with the client in the interview room when suddenly MACC officers rushed in and forced the lawyers to leave,” they said in a statement to the media. When asked, the MACC officers allegedly claimed that it was upon orders from “someone high up”. “The conduct of the MACC was extraordinary and uncalled for. The right to legal representation when questioned by enforcement bodies is fundamental to our criminal justice system. “The right to legal representation is sacrosanct and it is completely unacceptable for a person to be denied the right to consult his lawyer. The MACC is acting in an abhorrent manner,” the lawyers said in a brief statement. They added that MACC chief Tan Sri Azam Baki has to bear responsibility for the denial to have counsels present. “We urge that he give a full explanation for doing so, as this involves public interest and the integrity of the criminal justice system,” they added. It is believed that the four are staff at Ilham Tower, the 60-storey building said to be owned by Daim, which was seized by the graft busters on Dec 21. Azam had reportedly revealed that the agency was probing Daim for alleged corruption and money laundering. He was also reported to have said that the seizure was “normal” and meant to prevent the building from being sold while investigations were ongoing. Daim, in turn, has denied wrongdoing, calling the investigations “nothing short of a political witch-hunt” against him and his family. The MACC later released a statement saying that it had opened an investigation paper in February 2023 based on information from the Pandora Papers. The moniker refers to a massive leak of millions of documents in 2021 exposing hidden wealth and tax avoidance of past and present leaders across the globe. Read also: No reports of Malaysian casualties in Iran bombing — ministry See also story on Page 15
FRIDAY JANUARY 5, 2024 3 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (Jan 4): The government’s Central Database Hub (Padu) will be flagging false information stored in various data systems to ensure the accuracy and reliability of information housed within Padu databases, said Economy Minister Rafizi Ramli. He said that upon registration with Padu, any conflicting or erroneous data stored across various databases — such as Sumbangan Tunai Rahmah (STR), Inland Revenue Board (IRB) and Employees Provident Fund (EPF) — would be flagged to rectify the false information. “We don’t have any other means and this is the reason and the focus of Padu, [which] is to flag up all those who declare wrong information that does not match with other information,” said Rafizi at a press conference on Thursday. He said Padu will automatically crosscheck information across any other daPadu to flag false info from existing databases like IRB, EPF and the cash aid STR PUTRAJAYA (Jan 4): A set of access control mechanisms has been put in place for government officers’ access to data in the Central Database Hub (Padu), said Economy Minister Rafizi Ramli. Rafizi, however, did not reveal the specific government agencies that have the access to the data collected. During a press conference on Thursday, in response to a question on who in the government can access the data stored in Padu, Rafizi said Padu has been developed in compliance with industry standards, including a mechanism of access control as a security measure is in place. “It’d be long if I had to say it all, but the whole architecture [of Padu] has been developed in compliance with industry standards, a security measure for any application is access control,” said Rafizi. “So access control means only some... if you are at this level, you can only access that. So, all the access controls are Rafizi skirts question of who has access to Padu’s database BY IZZUL IKRAM & ANIS HAZIM theedgemalaysia.com BY ANIS HAZIM & IZZUL IKRAM theedgemalaysia.com Read also: Padu’s March 31 deadline crucial to govt’s fiscal consolidation plans — Rafizi Launch of Padu before amending PDPA 2010 raises legitimate and serious concerns — Lawyers for Liberty IDEAS: Uptake among ministries, public, key to ensure Padu’s success Wearing glasses not a problem to carry out Padu registration, says Rafizi tabases to ensure a fairer distribution of government subsidies. “We want to update [the national data],” he said. “[For example), we want to ensure that the M40 group who previously declared their income on the STR match with others. “From the data available in that filing — indeed, the data also comes from STR — but that data (from the STR) is not connected to vehicle ownership data and it is not linked to other income data and so on,” he said. Padu, therefore, is a comprehensive data mechanism with more variables for the government to access, the minister said. He also stressed that STR recipients are still eligible to receive the cash aid if they fulfil the criteria outlined for the scheme. “If they still qualify (for the cash aid), then there will be no issue. But if they basically do not meet the set criteria, they will be flagged up,” he added. I don’t think that telling every single thing...while it’s good for your (the media) story... I don’t think it will help us (the government) to manage the security of the system.” in place,” he added. Rafizi also said that data retrieved by individuals will only have access to “granular data” and not a whole data set, which will also be scrambled — have sensitive data obfuscated or removed. “I don’t think that telling every single thing...while it’s good for your (the media) story...I don’t think it will help us (the government) to manage the security of the system,” he said. Towards further allaying data security concerns, Rafizi explained that the government employed the help of an independent panel of non-government experts with an independent mandate to audit Padu’s system architecture and security measures. “And, based on their recommendation and endorsement, Padu was allowed to go live on Jan 2,” he said. “[However], you can think of everything, but people have a way of using a system differently than using it as designed. “That’s just how apps and software work nowadays, that’s why it has to go out and we have to be responsive and be transparent and we have to fix it as we go along,” he added. Besides this, Rafizi also noted that the server storing data inputted by users on the Padu portal is separate from the data stored in the Padu system.
friday january 5, 2024 4 The E dge C E O m o rning brief home PUTRAJAYA (Jan 4): Economy Minister Rafizi Ramli has dismissed privacy concerns about data collected by the government via the Central Database Hub or Padu, which is exempted from the Personal Data Protection Act 2010 (PDPA). This is because data collected by Padu is already covered by existing legislations regulating government agencies that dictate how the data is handled as well as its confidentiality, said Rafizi. Lawyers For Liberty (LFL) earlier on Thursday pointed out that the government is exempted from liability under the PDPA, meaning that data collected by Padu can be disseminated or used by the government beyond its declared purpose of targeted subsidies. This, it warned, placed the public at a “terrible disadvantage and danger of loss and damage”, with no legal recourse if a privacy breach or data security issue arises. As such, it called on the government to amend the PDPA to place responsibility and liability on the government for the protection and security of data collected. “If we project this argument (from LFL), if no PDPA is extended to public data, then the government cannot continue any process that involves the rakyat’s data. This would mean all the government agencies would have to close, because indeed the PDPA does not cover the government agencies, and there is a reason for it. “Public data is controlled by each agencies’ respective legislation. For example registration at JPJ (Road Transport Department), matters regarding the responsibility of data confidentiality and handling by public servants is included under the JPJ (Road Transport) Act,” Rafizi told a press conference on Thursday. “It’s the same with the National Registration Department, which also has its own Act. So why doesn’t the PDPA cover government bodies? Because every government body that collects data already has its own respective Act. “I was hoping that at least the LFL, before they issue statements like this, would understand what the difference is between PDPA and public data because public data is regulated by the respective Acts of every agency that collects public data,” Rafizi added. Rafizi rubbishes Lawyers for Liberty’s claim, says PDPA exemption not an issue for Padu by Izzul Ikram & Anis Hazim theedgemalaysia.com He also said civil servants have dozens of Acts that regulate the handling of data that are in line with the risks that exist in their work. “I find it very difficult to comprehend that before this, we didn’t have an issue with registering here and there, at government departments and so on. Suddenly, when the government wants to digitalise the service — and for us to digitalise the service we need a central database like this — everyone turns away from data. “Understanding the whole concept is very important because otherwise, we look silly if we start talking about an Act that we don’t understand,” Rafizi added. What has changed with Padu, said Rafizi, is that agencies can now contribute their data to Padu via data sharing agreements inked between respective government agencies, while the legislation governing the aforesaid data remains the same. Rafizi further explained that the government decided to use data sharing agreements instead of waiting for the Omnibus Act — which is at this stage a proposed law to allow for data sharing between agencies — as it would delay the deployment of targeted subsidies. “We could wait for the Omnibus Act, but previous administrations usually took three to four years to enact a law; we are trying to set a new record by enacting it in one year,” he said, noting that the government can accomplish “a lot” in that one year. With or without the Omnibus Act, Rafizi reiterated that the protection and security of data in Padu are already covered under existing legislations that regulate the respective government agencies. “That is why the best way is to allow for data sharing first using agreements while we work in parallel to have the Omnibus Act,” he added. Omnibus Act to resolve unneeded bureaucracy While the data-sharing agreements and Omnibus Act serve the same purpose of enabling agency-to-agency data sharing, Rafizi said the proposed legislation will enable the government to cut red tape. “The [data sharing] agreements have a limited timeframe and entail a specific purpose. Without the Omnibus Act, civil servants would have to ink agreements between agencies every year — the bureaucracy of that just doesn’t make sense,” he said. The minister also stressed that the government’s digitalisation aspirations will require the development of digital services and products, which is an iterative process that is both agile and continuous. “Imagine, you want to design an application but the data doesn’t allow for it. So, we have to negotiate a data sharing agreement first because the previous one is about to expire, or its scope is limited,” Rafizi said. “There are over 490 government databases. Do you have one Omnibus Act that governs all these [databases] or replicate the [data sharing agreement] process and renew it when needed — which is better? “That [replication of data sharing agreement] will slow down everything and we will never catch up,” he said. If we project this argument (from LFL), if no PDPA is extended to public data, then the government cannot continue any process that involves the rakyat’s data. This would mean all the government agencies would have to close, because indeed the PDPA does not cover the government agencies, and there is a reason for it.”
friday january 5, 2024 5 The E dge C E O m o rning brief home BUKIT MERTAJAM (Jan 4): The Housing and Local Government Ministry (KPKT) stressed that it has never granted licences to illegal immigrants to run any business in the country. Its minister Nga Kor Ming said this was due to the fact that the government has always been consistent in safeguarding the safety and welfare of the local community. “KPKT, through the local authorities, has never issued licences to illegal immigrants to run any businesses, such as opening (of) stalls or shops. “We always take legal action (against business owners who misuse their licences), and last year 1,539 enforcement operations were conducted and 26,108 business licences were revoked due to violations of licence conditions (by foreigners),” he said. He said this to reporters here after attending the prize-giving ceremony of the architectural design competition for the Bukit Mertajam here on Thursday. Meanwhile, Nga said the ministry has introduced an open architectural design competition for the large-scale redevelopment projects of public markets nationwide. “KPKT has allocated RM110 million to upgrade public markets throughout the country, and starting today, any large-scale redevelopment projects involving public markets, such as the Bukit Mertajam Market complex, will use the open architectural design competition concept,” he said. Local govt minister says no business licence ever issued to undocumented foreigners PUTRAJAYA (Jan 4): The Plantation and Commodities Ministry has proposed a compound of up to RM30,000 per worker to be imposed against companies that fail to provide jobs for foreign workers that they recruit. PUTRAJAYA (Jan 4): The rubber plantation sector needs an estimated 80,000 workers to meet the needs of rubber smallholders, said Minister of Plantations and Commodities Datuk Seri Johari Abdul Ghani. “There are about 420,000 hectares of rubber smallholdings, which are still untapped due to a shortage of workers. This is a major issue. “It is estimated that one and a half hectares require one worker. So, we need between 70,000 and 80,000 workers,” he said at a press conference after attending the ministry’s assembly here on Thursday. On Dec 29, Johari was reported as saying Malaysia lost RM2.3 billion in gross domestic product as a result of 420,000 hectares of rubber smallholdMinister Datuk Seri Johari Abdul Ghani, who presented the proposal in the Cabinet meeting on Wednesday, said the issue impacts all sectors, including the plantation sector, which is facing a labour shortage. In a media conference held after the Plantation and Commodities Ministry gathering here on Thursday, Johari said the proposed fines commensurate with the offences committed that could also cover the costs of repatriating the foreign workers, currently being borne by the government. “We must ensure that fines are imposed against these companies so they won’t dare to bring in foreign workers if they cannot provide them jobs. This creates a bad image of the country,” he said, adding that Prime Minister Datuk Seri Anwar Ibrahim supports the proposal and wants the issue to be resolved quickly. Johari said he was compelled to present the proposal following media reports on Dec 25 regarding the detention of 171 foreign workers who were walking to the Bayu Damai Police Station in Pengerang, Johor, to lodge a report against their agent who allegedly failed to provide them with jobs. Johari proposes RM30,000 fine per foreign worker on recruitment agencies if they fail to provide jobs Bernama Bernama Bernama Rubber sector needs 80,000 workers — minister ings being left untapped due to a lack of manpower. Johari said the last 10 years recorded a decline in the production of rubber products due to several issues, including labour shortage, high production costs, and small economically unviable smallholdings. “This situation will impact the country’s economic growth if the government does not implement any mitigation measures,” he said. Johari also highlighted the welfare of workers, both local and foreign, by urging plantation-sector employers to provide better accommodation and facilities for them. “This will affect the rating and certification of our exports. We must address this matter, because people will buy our country’s products when they know we comply with everything,” he said. Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said the government must ensure that fines are imposed against companies so they won’t dare to bring in foreign workers if they cannot provide them jobs. bernama
friday january 5, 2024 6 The E dge C E O m o rning brief home PUTRAJAYA (Jan 4) : After almost a year since the High Court upheld its guilty verdict on former Repco Holdings Bhd chairman Low Thiam Hock for market manipulation, the records of his appeal and the Securities Commission (SC)’s appeal are said to not be ready yet for their final appeals to be heard at the Court of Appeal (COA). This was informed to Court of Appeal deputy registrar Mohd Khairi Haron during case management on Thursday. As a result, the appellate court has fixed March 26 as another case management date. The outcome was confirmed by both Low’s lawyer and the SC prosecutors. The record of appeal normally contains the notes of proceedings of the hearing of the appeal and the grounds of judgement. Normally, after this is ready, the petition of appeal would then be filed by both parties, containing the grounds of appeal. On Feb 17 last year, High Court judge Datuk Azhar Abdul Hamid upheld the conviction of Low but reduced his sentence to a one-year jail term, while maintaining the fine at RM5 million. Low was initially acquitted without his defence being called, and the decision was upheld by the High Court. But the Court of Appeal reversed the decision and ordered him to enter his defence, and the trial resumed in the Sessions Court before another judge, which ended in his conviction. Azhar had twice postponed delivering his decision on the appeal, before delivering his verdict on Feb 17, 2023. Repco Low’s records of appeal not ready yet after almost a year, COA told KUALA LUMPUR (Jan 4): Penang Chief Minister Chow Kon Yeow is suing business tycoon Tan Sri Tan Kok Ping over the latter’s remarks, made in October last year, about a state land sale. In a brief Facebook statement on Thursday, Chow said that Tan had used his capacity as the life honorary president of the Penang Chinese Chamber of Commerce (PCCC) to have a press conference on an agreement for a proposed development project between Penang Development Corp (PDC) and Umech Land Sdn Bhd. “Even though the termination of the agreement was already announced by PDC to the media and the public on Oct 16, 2023, [Tan] deliberately made slanderous statements in Mandarin during the press conference calculated to attack my character, credibility, competency and capability as the chief minister of Penang and as the chairman of PDC,” Chow said, adding Penang CM sues tycoon Tan Kok Ping over state land sale remarks On Oct 3 last year, the PCCC called for a press conference on the land deal, claiming it was sold at a price significantly below market value, and questioned why the sale was not done through an open tender. The deal had come under scrutiny after Sunway Bhd on Sept 27 announced that its 70%-owned unit Umech Land had inked a joint development agreement with PDC to co-develop a prime industrial land in Batu Kawan. Sunway only emerged as a majority shareholder of Umech Land two days prior to the announcement of the agreement by injecting RM23.33 million into the company, thus diluting the shareholding of original shareholders Karen Cheng Pui Kwan to 21% and Nathaniel Rajakumar to 9%. Before Sunway’s cash injection, Umech Land was 70:30 owned by Cheng and Nathaniel. Subsequently, on Oct 17, PDC announced that it was terminating the controversial collaboration agreement with Umech Land for the development of the 558.96-acre (226.20-hectare) Batu Kawan Industrial Park 2. In a statement announcing the termination on Chow’s Facebook page, the board of directors of PDC said the change in majority shareholders of Umech Land’s equity structure was done without informing PDC and without PDC’s approval, and that it was “a serious issue and cannot be accepted by the board of PDC”. by Tarani Palani theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com that the statements were published in several prominent Chinese language dailies. Given that there were no attempts to apologise or retract the statements by Tan, Chow said he was “compelled” to pursue legal action against the tycoon. Case management for the matter has been set for Jan 24 in the Penang High Court. Chow added that his lawyers had extracted the sealed copy of the writ and statement of claim on Wednesday evening, and it will be served on Tan. When contacted, Tan said he had yet to be served with the suit, adding that he will leave the legal matter to his lawyers. As a result, Low’s lawyers filed the notice of appeal, while the SC also filed a cross-appeal over the sentence. Initially, Low, or better known as Repco Low, was sentenced to five years of jail and a RM5 million fine by the Sessions Court in 2016. He was convicted under Section 84(1) of the Securities Industry Act 1983 for carrying out acts calculated to create a misleading appearance, with respect to the price of Repco shares on the Kuala Lumpur Stock Exchange on Dec 3, 1997. Penang Chief Minister Chow Kon Yeow Low Thiam Hock Zahid Izzani/the edge Low Yen Yeing/ The Edge
friday january 5, 2024 7 The E dge C E O m o rning brief home GEORGE TOWN (Jan 4): The majority of factories, especially small and medium enterprises (SMEs), operated by members of the Federation of Malaysian Manufacturers (FMM) in Penang will only shut down for two days out of the scheduled four-day water supply disruption beginning Jan 10. FMM Penang chapter chairman Datuk Seri Lee Teong Li said factory owners have no choice but to suspend operations due to their heavy reliance on water. He said FMM received information from factories, especially SMEs, that they will implement the shutdown based on the survey and feedback conducted with factory owners who are also FMM members, adding that they will halt operations on the first and second day of the water disruption. Lee said this was because the majority of FMM members comprise factories involved in the food industry, metal fabrication, mix chemicals, metal polishing and others that use a significant amount Penang FMM: Most factories to shutter for two days during next week’s scheduled water cut KUALA LUMPUR (Jan 4): The Ministry of Agriculture and Food Security has denied allegations of the existence of a cartel or mafia that controls prices of rice and paddy seeds in the country. In a statement on Thursday, the ministry clarified that the country’s rice industry was regulated by the Kawalselia Padi dan Beras (KPB) regulatory body through the Rice Control Act 1994 (Act 522). According to this Act, the ministry carries out regulatory activities through licensing and enforcement to ensure a healthy and orderly development of the rice industry. “This Act also grants powers to the Director-General of the KPB to issue licences and permits for padi and rice transactions, including manufacturing, wholesale, retail, import or export, and inter-state transfers,” the statement read. The statement also mentioned that the issuance of 39,000 various licences, such as wholesale rice licence, export licence, import licence, paddy mill licence, paddy purchase licence, retail rice licence, and special approvals to sell paddy seeds for certified paddy seeds, clearly indicates that there is no cartel or Mafia capable of monopolising the rice industry. “As for certified paddy seeds, the ministry has allocated 72,000 metric tons of these seeds to meet the needs of farmers for the year 2023. “The manufacturing licence for certified paddy seeds is also granted to government-linked companies (GLCs) to supply paddy seeds to farmers. The confirmation of BPS through laboratory tests is carried out by the Malaysian Department of Agriculture,” according to the statement. Ministry denies existence of cartel, Mafia controlling prices of rice, paddy seeds Bernama Bernama of water during their operations. “On the third day, factories will be on standby to monitor whether water supply has been restored or not. “If it’s a food processing factory, they undoubtedly use a substantial amount of water in their operations. Meanwhile, factories engaged in plating processes also need water for cleaning processes. There must be water for the factories, otherwise they cannot operate,” he said when contacted on Thursday. Lee said the water available in each factory can only last for 48 hours for basic usage such as toilet facilities and not for the daily operations of the factory. The Penang Water Supply Corporation (PBAPP) announced that around 590,000 users, including non-domestic consumers, would experience a scheduled water disruption for 96 hours from 6am on Jan 10 to 6am on Jan 14. This is to facilitate the replacement of two valve units at the Sungai Dua Water Treatment Plant and other works at 22 locations throughout Penang. Meanwhile, KPKM announced that it conducted the certified paddy seeds Operation Task Force from Nov 7 to 21 in an effort to ensure that all retailers sell certified paddy seeds at the government-set prices and there is no element of adulteration in certified paddy seeds. Through this operation, the ministry revoked a total of 22 certified paddy seeds sales licences held by retailers who violated licence conditions. “The ministry warns all manufacturers, wholesalers, and retailers to always comply with the laws, and will not compromise with any party attempting to take advantage of this issue. Firm action will be taken, including licence cancellation, if any legal violations are found,” according to the statement. Farmers and consumers are also advised to submit complaints or information officially to the ministry if there are any legal violations through the KPB complaint portal at https://skpb.kpkm.gov.my/adu or aduankpb@kpkm.gov.my or through the hotline 03-88701751/1748/1183. Earlier, the Chairman of the Malaysian Rice Manufacturers Association, Marzukhi Othman, was reported as claiming the existence of a rice cartel or Mafia monopolised by four to five large companies for a long time, shaping the direction of the country’s rice industry, leading to prolonged issues of paddy seeds every season and rice supply problems. Bernama Bloomberg
friday january 5, 2024 8 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 4): Pharmaniaga Bhd’s wholly-owned unit, Pharmaniaga Logistic Sdn Bhd (PLSB), has entered into a concession agreement with the Ministry of Health (MOH) for the medical supply logistics services. In a bourse filing, the Practice Note 17 (PN17) company said that the agreement will take effect retrospectively from July 1, 2023, and remain in force for a period of seven years until June 30, 2030, subject to earlier termination. Under the agreement, PLSB is granted the rights and authorities to undertake the procurement, storage, supply, and delivery of medical products to public sector customers. PLSB is also authorised to carry out Pharmacy Information System services and construct or acquire four new warehouses for the storage of medical products. However, the value of the contract was not disclosed, as the pharmaceutical company stated that the information provided under the agreement needs to be kept fully confidential. PLSB was initially granted the concession agreement by the MOH in 1994 to supply public health facilities with medicines and medical supplies for 25 years. The contract was then given a five-year extension for an interim period of 25 months, from Dec 1, 2019, to Dec 31, 2021. Another six-month extension was granted from end-December 2022 until end-June 2023. Then on July 12, 2023, Pharmaniaga announced that the MOH had issued a letter to PLSB for the new seven-year concession agreement to provide medical supply logistics services to the ministry. With the letter, PLSB had continued to provide its services to the MOH based on agreed salient terms, while the terms of the new agreement were being finalised. Pharmaniaga is 52%-owned by the delisted Boustead Holdings Bhd, which is 97.63%-owned by Lembaga Tabung Angkatan Tentera (LTAT) following its privatisation of the group. LTAT also has a direct 8.6% interest in Pharmaniaga. Pharmaniaga has been classified as a PN17 company since February 2023 after falling into losses following a massive half-billion-ringgit impairment. The group reported a net loss of RM49.34 million for the third quarter ended Sept 30, 2023 (3QFY2023), more than double the RM13.99 million quarterly net loss it logged a year earlier, while quarterly revenue was marginally lower at RM885.49 million, against RM894.94 million last year. Shares in Pharmaniaga traded half a sen or 1.33% lower at 37 sen at the noon break on Thursday, giving the group a market capitalisation of RM533.25 million. Pharmaniaga signs sevenyear concession agreement with MOH for medical supply logistics services KUALA LUMPUR (Jan 4): RHB Banking Group has appointed Datuk Fad’l Mohamed as its new managing director of group wholesale banking, effective from Feb 2. In a statement on Thursday, the group said he succeeds Syed Ahmad Taufik Albar, who resigned on Wednesday. Fad’l stepped down as the chief executive officer of Maybank Investment Bank (Maybank IB) on Wednesday. He joined the investment bank in 2015 as its deputy CEO. He started his career as a lawyer at Messrs Rashid & Lee in 1991, before joining the Securities Commission Malaysia in 1993. After that, he joined investment banking firm Dresdner Kleinwort Benson. In 2004, he founded Maestro Capital Sdn Bhd, a licensed corporate finance adviser advising on mergers and acquisitions, capital raising and initial public offerings, before joining Maybank IB. According to RHB, Fad’l holds a Master of Business Administration from Imperial College London, the UK, and a Bachelor of Law (Honours) degree from the University of London. He is also a Fellow Chartered Banker with the Asian Institute of Chartered Bankers. “We are delighted to welcome [Fad’l] to RHB as part of our group’s senior RHB hires former Maybank IB CEO Fad’l Mohamed as group wholesale banking MD management team. With over two decades of experience in capital markets and investment banking, Fad’l is well equipped to lead our group wholesale banking. “His deep understanding and insights into the financial markets and proven leadership capabilities are vital to navigating the complex financial landscape, driving the group’s corporate strategy of Together We Progress 2024 and enhancing value for our clients. “The appointment of [Fad’l] as the MD of group wholesale banking is a strategic move that complements our robust succession planning programme, blending external expertise with our existing talent pool to foster a more diverse and dynamic leadership team. “By bringing in fresh perspectives and skills, we will be able to enhance our ability to adapt to market changes, innovate and spur innovation within the group,” said RHB group MD and group CEO Mohd Rashid Mohamad. “We would also like to take this opportunity to express our sincere appreciation to Syed Ahmad Taufik for his invaluable contributions and commitment to the group, and wish him all the best in his future endeavours,” he added. by Lam Jian Wyn theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Shahrill Basri/The Edge the edge file photo
THURSDAY DECEMBER 21, 2023 FRIDAY JANUARY 5, 2024 X95 THEEDGE CEO MORNING BRIEF THEEDGE CEO MORNING BRIEF
friday january 5, 2024 10 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 4): UEM Sunrise Bhd, which was one of the top 10 most actively traded stocks on Bursa Malaysia on Thursday, jumped as much as eight sen or 8.08% to hit RM1.07 — its highest in about six years since February 2018. It saw over 100 million shares traded, indicating investors’ avid interest in the company due to its huge land bank in Johor, which is seen as a hotspot for the property sector due to upcoming high-value transit developments such as the Johor-Bahru Singapore Rapid Transit System and the formation of the Johor-Singapore Special Economic Zone (SEZ) in the state. The SEZ is planned to enhance the movement of goods and people across the Johor-Singapore Causeway and to bolster the overall ecosystem of Iskandar Malaysia — in which one of the five flagship zones is Iskandar Puteri, of which UEM Sunrise is the master developer. The stock later pared most of its gains for the day to close at RM1, giving it a net gain of just 1 sen or 1.01% over Wednesday’s close, but up 17 sen or 20.48% over the past three trading days. The current price level, which has already breached the 12-month consensus target price of 66 sen for the stock by 51%, according to Bloomberg data, gives the group a market capitalisation of RM5.06 billion. Its net tangible assets per share stood at RM1.34. The group is controlled by Khazanah Nasional Bhd’s UEM Group, with a 69.56% stake, while the Minister of Finance Inc’s investment holding company Urusharta Jamaah Sdn Bhd owns 4.95%. It now only has one ‘buy’ call from analysts who cover the stock, while six have placed it on ‘sell’ while two put it on ‘hold’. When contacted, Rakuten Trade Sdn Bhd equity vice-president Thong Pak Leng said UEM Sunrise’s huge land bank in Johor also makes it a prime beneficiary of potential investments that could come into the state, which had attracted the most foreign direct investments in the country in 2022, a whopping RM70.6 billion — a huge jump over the RM6.8 billion recorded in 2020 and RM7 billion in 2021, according to the Malaysian Investment Development Authority. For the nine months of FY2023 (9MFY2023), UEM Sunrise reported a net profit of RM48.39 million, down 19.45% from RM60.07 million in 9MFY2022, partly due to higher finance cost and lower share of results from joint ventures and associates. Revenue dropped to RM917.09 million from RM1.14 billion. UEM Sunrise hits highest in nearly six years as it continues to climb amid active trades KUALA LUMPUR (Jan 4): LBS Bina Group Bhd has lowered its sales projection for 2024 to RM1.8 billion after it missed its RM2 billion sales target last year as the group deferred launches of three property projects. Executive chairman Tan Sri Lim Hock San, however, maintained that the property outlook this year remains bright, citing the widely expected stronger economic growth in the country and continued landbank expansion by other property developers. “LBS had to push back a few launches to this year taking into account market sentiments and economic conditions, which led to a slight dip in our property sales. Nevertheless, we remain focused on delivering our targets for this year,” he told reporters at a media briefing on Thursday. “You can see the recent acquisition of lands by other developers. It means that other developers are so confident. Otherwise, if the market is not good, no point for them to buy [new lands]. In fact, LBS has also acquired one or two [parcels of land] for the future,” he added. Lim said the group is also seeking authority approvals for a few industrial projects, which already saw “many bookings” and could potentially be launched by the second or third quarter this year. LBS Bina targets RM1.8 bil sales for 2024, with 10 new projects planned by Luqman Amin & Chester Tay theedgemalaysia.com by Justin Lim theedgemalaysia.com More hot stocks: Ekovest and IWCity shares surge in active trade UEM Sunrise Bhd 0 50 100 150 200 250 300 350 Jan 3, 2023 Jan 4, 2024 0.2 0.4 0.6 0.8 1.0 Vol (mil) RM/sen *RM1.00 25 sen *As at market close on Jan 4, 2024 Source: Bloomberg “There are many bookings [for] industrial projects, so we are waiting for approvals, once the approval is out, I think the sales will be very strong. That is why we are confident we can achieve our goal, maybe more,” he said. For the financial year ended Dec 31, 2023 (FY2023), LBS recorded RM1.701 billion in property sales, about RM300 million short of its RM2 billion target, after deferring one project each in Cameron Highlands, Gohtong Jaya in Genting, and Puchong, Selangor. For FY2024, the group planned to launch 10 new projects with a combined gross development value (GDV) of RM2.33 billion. Currently, Lim said LBS is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion. As at FY2023, he updated that LBS’ landbank spans approximately 2,767 acres, with unbilled sales totalling around RM1.99 billion, providing earnings visibility for the next two-to-three years. For the first nine-month period of FY2023 (9MFY2023), LBS recorded a net profit of RM103.72 million or 5.73 sen per share, a 3.1% growth from RM100.64 million or 5.48 sen per share in the previous corresponding period. Nine-month revenue dropped 8.6% to RM1.23 billion from RM1.35 billion. Sam Fong/the edge
friday january 5, 2024 11 The E dge C E O m o rning brief home Maybank IB still ‘neutral’ on telco sector as uncertain outlook drags on HLIB: Property sector tailwinds to diminish in 2024 by Syafiqah Salim theedgemalaysia.com Bernama news In brie f MISC appoints Afendy Mohamed Ali as new CFO KUALA LUMPUR (Jan 4): MISC Bhd, which is 51% controlled by national oil company Petroliam Nasional Bhd (Petronas), announced the appointment of Afendy Mohamed Ali as its new chief financial officer (CFO) on Thursday. His appointment will take effect from March 1, the shipping company’s bourse filing showed on Thursday. Afendy, 50, succeeds Raja Azlan Shah Raja Azwa, who has held the CFO position since April 2019. Concurrently, Raja Azlan will transition into the role of MISC’s vice president of corporate planning. According to MISC, Afendy started his career as an auditor with DSG Chartered Accountants (Liverpool, United Kingdom) in 1996. In 2002, he joined Petronas as audit executive and since then, he has held various senior positions in the area of finance, corporate services and risk in the Petronas group. At Thursday’s noon break, shares of MISC were seven sen or 0.95% lower at RM7.33. This gave the company a market capitalisation of RM32.72 billion. — by Syafiqah Salim KUALA LUMPUR (Jan 4): Hong Leong Investment Bank (HLIB) Bhd has maintained its “neutral” stance on the property sector on the expectation of a normalised pace of billings and moderate growth in new property launches and sales throughout the year of 2024. The property sector stood out as the second best performing sector on Bursa Malaysia in 2023 as the KL Property Index recorded an impressive return of 34.5% — compared with FBM KLCI’s loss of 2.7% — amid correction of an earlier sector mispricing, sector recovery boosted by transient factors such as stronger earnings from accelerated billings; higher sales as there were more new products in the primary market; and higher launches as supply conditions improved. In a note on Thursday, HLIB noted that many of the favourable conditions driving the property sector’s growth in 2023 will diminish this year. Specifically, the research house highlighted that the accelerated billings observed in 2023, attributed to developers catching up on progress to avoid liquidated ascertained damages (LAD) payment, are anticipated to diminish and normalise in 2024. “Secondly, the higher sales in 2023, in our view, was partly due to some buyers shifting from secondary to primary market as more new products were available in the latter. “As developers had scaled up launches significantly in the domestic market in 2023, these products will take some time for the market to absorb. As such, developers are unlikely to raise their launches significantly in 2024,” said the research house. At the time of writing, the KL Property Index was 10.8 points or 1.2% higher at 908.71. Despite an overall “neutral” view on the sector, the research house identified several names under its coverage that have the potential to outperform. The recommended stocks are Sunway Bhd, OSK Holdings Bhd, Sime Darby Property Bhd, and IOI Properties Group Bhd with “buy” ratings and target prices of RM2.76, RM1.77, 81 sen, and RM2.50, respectively. Shares of Sunway were up 0.94% at RM2.15 with a market value of RM11.83 billion while OSK increased by 1.73% to RM1.33, valuing it RM2.79 billion. Sime Darby Property grew 3.05% to 68 sen, translating into a market capitalisation of RM4.59 billion. IOI Properties was unchanged at RM1.84, with a market value of RM10.13 billion. KUALA LUMPUR (Jan 4): Maybank Investment Bank Bhd (Maybank IB) has maintained its “neutral” call on the telecommunications sector over its challenging outlook for 2024, as the sector is plagued by uncertainty over the phased transition to dual fifth-generation (5G) networks. The research house said the “possible step-up in Digital Nasional Bhd (DNB) lease payments could adversely impact telecommunications companies’ (telcos) earnings”. “Telcos are currently paying a nominal amount to use DNB’s 5G services. When the required conditions (such as DNB achieving 80% coverage) are fulfilled, the minimum annual fee would rise to RM360 million for Maxis Bhd and RM288 million per telco for the rest. “Assuming telcos maintain their current level of network investment (thus discounted cash flow-neutral), the higher proportion of operational expenditure (which is not depreciated) would theoretically be earnings dilutive to telcos,” Maybank IB said in a research note. The research house noted that concerns over access price reduction for fixed broadband had somewhat dissipated, after Maxis finalised its commercial agreement with Telekom Malaysia Bhd (TM). It added that “the telecommunication industry increasingly depicts a long-drawn race to the bottom, as competition hampers monetisation and regulatory demands intensify”. “As revenue stagnates, we believe telcos can only rely on optimising costs (including engaging in mergers) to preserve earnings. “In Malaysia, telcos with headroom to address costs, in our view, are TM, Axiata Group Bhd and CelcomDigi Bhd,” said Maybank IB. Dayang bags rectification works contract from Petronas Carigali KUALA LUMPUR (Jan 4): Dayang Enterprise Holdings Bhd has secured a contract from Petronas Carigali Sdn Bhd for the provision of rectification works for asset integrity findings in relation to a package involving Sarawak Oil Asset. In a bourse filing on Thursday, Dayang said the value of the contract will be based on work orders to be issued by Petronas Carigali throughout the contract duration The contract is valid for three years starting from Dec 15, 2023. Dayang said the contract is expected to contribute to the group’s earnings throughout the three years. Dayang’s share price closed up four sen or 2.44% at RM1.68, bringing the group a market capitalisation of RM1.95 billion. — by Justin Lim
friday january 5, 2024 12 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 4): The value of contracts for Bumiputera companies in the construction of the East Coast Rail Link (ECRL) will increase through the construction of the dual gauge track from the Port Klang ECRL Station (Jalan Kastam) to Westports and Northport wharves. According to the Malaysia Rail Link Sdn Bhd (MRL), efforts to boost Bumiputera participation in the ECRL project remained a priority, even though this was not stipulated in the engineering, procurement, construction and commissioning (EPCC) agreement which only requires the involvement of local companies. “Various initiatives have been taken to achieve this objective, the latest being China Communications Construction Company Ltd’s (CCCC) cooperation with state governments on the involvement of Bumiputera contractors (category G1 and G2) in the relevant scope of work,” it said in a statement on Thursday. The company said this in response to comments related to the involvement of Bumiputera contractors in the construction of the ECRL following an article published by a news portal recently. MRL said that the CCCC is in the process of shortlisting G1 and G2 Bumiputera contractor companies recommended by the state governments, adding that a call for tenders will be made soon. Meanwhile, it said a total of RM13.64 billion worth of ECRL construction contracts had been awarded to local companies as of Nov 30, 2023, surpassing the target of RM10.8 billion estimated for Bumiputera companies’ participation in ECRL project to increase the implementation of the project from 2017 to 2026. “The amount comprises ECRL contract works in Kelantan worth RM1.20 billion, Terengganu (RM6.18 billion), Pahang (RM5.62 billion) and Selangor (RM0.64 billion), involving 2,801 local companies. “From this amount, we would like to clarify that the value of contracts that have been awarded to Bumiputera contractors, consultants and suppliers as of Nov 30, 2023, is at RM2.66 billion or 76.07 per cent of the target of RM3.5 billion,” MRL said. Of the total, RM1.69 billion worth of contracts comprising 172 contract packages (Kelantan:28, Terengganu:79, Pahang:50, Selangor:15) were awarded to 129 Bumiputera contractor companies for ECRL project works in Kelantan, Terengganu, Pahang and Selangor. This includes groundworks, bridge works and station construction. Meanwhile, RM0.28 billion worth of contracts were awarded to Bumiputera consulting companies and RM0.69 billion to Bumiputera supplier companies. Bernama news In brie f Ibraco forms JV with China Railway units for Kuching rapid transit project KUALA LUMPUR (Jan 4): Ibraco Bhd, through its wholly-owned unit Ibraco Construction Sdn Bhd (ICSP), has partnered with two units of China Railway Group Ltd to incorporate Ibraco CREC JV Sdn Bhd (ICJVSB), a joint venture company to undertake infrastructure works for the Kuching Urban Transportation System (KUTS). In a bourse filing on Thursday, the property developer said that the joint venture company was set up with China Railway Engineering Corporation (M) Sdn Bhd (CRECM) and Nanyang Tunnel Engineering Sdn Bhd. The JV company has an initial paid-up capital of RM2 million, comprising 2 million shares, with ICSP holding a 51% stake, CRECM with 39% and Nanyang with 10%. Ibraco said that the incorporation of the JV is specifically for the construction and completion of infrastructure works for Blue Line-Package 1 from Rembus to Stutong for the KUTS project. On Nov 10, 2023, ICSB, together with CRECM and Nanyang Tunnel Engineering, secured the tender for the package from KUTS project implementer Sarawak Metro Sdn Bhd (SMSB), which is worth RM568.81 million. The project is expected to be completed by Dec 31, 2025, for Stage 1 and June 30, 2026, for Stage 1A. Ibraco noted that the project would be funded through internally-generated funds and external borrowings. — by Choy Nyen Yiau Sinaran Advance Group plans RM68 mil share capital reduction to offset losses KUALA LUMPUR (Jan 4): Sports footwear and apparel maker Sinaran Advance Group Bhd (SAG), formerly known as K-Star Sports Ltd, has proposed to undertake a RM68 million capital reduction via cancellation of its issued share capital to eliminate its accumulated losses. The proposed exercise will result in its share capital being reduced to RM42.74 million, resulting in a capital reduction of RM68 million, which will be utilised to offset the accumulated losses of RM69.21 million at the company level. “The proposed capital reduction will accurately reflect our group’s financial position by eliminating the accumulated losses of our company via the cancellation of our company’s issued share capital, which is substantially unrepresented by available assets of our company,” said SAG in a filing with Bursa Malaysia on Thursday. The proposal is also aimed at enhancing SAG’s ability to declare and pay dividends out of its retained earnings in the future and provide a better financial platform for the group’s future growth moving forward, it added. As at Jan 3, 2024, the issued share capital of SAG was RM110.74 million, comprising 914.96 million shares. SAG said the proposed capital reduction will not result in any adjustment to its share price and the existing number of shares in issue. — theedgemalaysia.com MN Holdings bags data centre contract worth RM98 mil KUALA LUMPUR (Jan 4): MN Holdings Bhd has bagged a RM98 million contract to undertake high voltage horizontal directional drilling and cable bridge works for a data centre located in the southern region of Peninsular Malaysia. In a bourse filing, the infrastructure utilities services provider said its wholly-owned subsidiary Mutu Nusantara Sdn Bhd was awarded the contract by a customer that provides data centre services. MN Holdings said the customer did not provide consent for the “disclosure of information in relation to the customer”. The tenure of the contract is 13.5 months commencing from Dec 1, 2023. — by Justin Lim
friday january 5, 2024 13 The E dge C E O m o rning brief home ALOR GAJAH (Jan 4): The Melaka state government is offering various special incentives to investors from China in an effort to attract investment in various sectors including the tourism industry, particularly involving arts and culture. Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said the initiative also aims to strengthen bilateral relations between Malaysia and China in conjunction with the 50th anniversary of diplomatic relations between the two countries this year. “The state government is focusing on attracting investors from China in all sectors including the tourism sector because Malaysia, particularly Melaka, has a history of close relationship for the last 600 years with China, especially during the heydays of Admiral Cheng Ho. “Thus, the state government is offering special incentives to welcome more investors from China,” he told reporters after officiating at the Edra Education Support Programme 2023 and the launch of the Edra book donation campaign which was also attended by the state education, higher education and religious affairs exco member Datuk Rahmad Mariman. Ab Rauf said the incentive offered was an attraction for several investment companies from China to invest in Melaka and expand their business, including Edra Power Holdings Sdn Bhd. He said that in conjunction with the celebration of the 50th anniversary of diplomatic relations between Malaysia and China, Melaka will also participate in the celebration through various programmes and activities that have been designed. The Edra Education Support Programme implemented since 2005 was a programme for the distribution of school supplies to students as well as financial contributions to primary schools. In the programme, a total of 10 selected schools in the Alor Gajah district received assistance from Edra Power Holdings involving shoe vouchers and school bags worth RM120 as well as financial assistance to schools involving an allocation Melaka offers special incentives to investors from China KUALA LUMPUR (Jan 4): Negligence by the contractor led to the Dec 12 railway track crane collapse incident in Rawang, resulting in over RM2.4 million in losses for Keretapi Tanah Melayu Bhd (KTMB), Transport Minister Anthony Loke Siew Fook said. Revealing the findings of the investigation into the incident on Thursday, he said the contractor failed to ensure the work area was safe by entering a prohibited work site area that was not secure, and also slippery, causing the crane to tilt onto the track. “This was the cause of the incident when the contractor entered the danger zone without the knowledge of the Public Works Department,” he told a press conference here on Thursday. On Dec 12 last year, the Klang Valley Komuter train service and Electric Train Service (ETS) experienced disruptions, after a crane used for the construction of a multistorey parking project of the Railway Asset Corporation collapsed on the railway track between Rawang and Kuang at around 5.53pm. Following the incident, Loke said KTMB faced numerous difficulties, as it disrupted train operations involving over 20,000 ETS and Komuter passengers. Rawang crane collapse caused by contractor’s negligence, says Loke He said his ministry takes a serious view of the contractor’s disregard for safety in executing work, as entering restricted areas can lead to major incidents. “I feel we were very fortunate that day as no trains were passing by the area at the time of the incident. Imagine if a train, be it a Komuter or ETS, had been passing through the area when the crane collapsed onto the track. There would have been a tragedy,” he said. The contractor concerned had been instructed to stop work in the area until further investigation by the Land Public Transport Agency (APAD) is completed, he added. He said that the APAD is preparing an investigation report for action under Section 128 (1)(a) of the Land Public Transport Act (APAD Act 715) before submitting it to the Attorney General’s Office for further action. Loke also reminded contractors working in railway track construction areas to adhere to directives, and not overlook safety aspects during their work. “I want to issue an open warning to all contractors not to take safety issues lightly. They must adhere to the set conditions. “Do not enter restricted railway areas. It’s a matter of life and death. By trying to make your work easier, you might be risking human lives. This is a very serious matter,” he said. Bernama Bernama Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said state government is focusing on attracting investors from China in all sectors including the tourism sector because Malaysia, particularly Melaka, has a history of close relationship for the last 600 years with China, especially during the heydays of Admiral Cheng Ho. of RM4,000 to RM6,000 for each school involved. Also, more than 2,000 exercise books were donated to the schools involved, such as books for mathematics and science subjects. bernama Zahid Izzani/ The Edge
friday january 5, 2024 14 The E dge C E O m o rning brief home KUALA LUMPUR (Jan 4): If you missed Man on the Run, the documentary on the 1Malaysia Development Bhd (1MDB) scandal when it was in the cinema in October, you can now watch it on Netflix from Jan 5. Directed by US-based Cassius Michael Kim, it zoomed in on the role Low 1MDB documentary Man on the Run makes Netflix premiere on Jan 5 KUALA LUMPUR (Jan 5): The adjustment of water tariffs expected to take place this year is aimed at ensuring the sustainability of services, and not for water companies to make excessive profits, National Water Services Commission (SPAN) Corporate Communications and Consumer Affairs Unit director, Mohd Fazil Ismail said. He said SPAN has conducted a Tariff Setting Mechanism (TSM) study to ensure a fair tariff adjustment for both water companies and consumers. “We take into account the company’s operating expenses (opex) and capital expenses (capex), and we have determined the rate (tariff) that should be implemented, and it is not the operator who determines it,” he said when appearing in Bernama TV’s Ruang Bicara programme on Thursday night that discussed the topic ‘Water Tariff Adjustment 2024’. At the same time, he said if the water tariff increase is implemented this year, the expected average increase imposed on consumers would only be an additional RM3 per monthly bill. “(For example) If consumers currently pay about RM20 for their bills, it will become RM23, only a 10 sen increase per day, and it is a minimum increase imposed on consumers,” he said. Mohd Fazil said current water tariffs, perceived as being too low, are causing water companies to be unable to upgrade basic infrastructure, including replacing pipes and facilities. “Most of the problems (with water services) are due to old pipes and facilities. They want to carry out the work (upgrading), but because the tariff is low and operators don’t have enough funds, how can the work be carried out?” he said. KUALA LUMPUR (Jan 4): A man with expertise in information technology has been arrested on suspicion of hacking and selling data belonging to a government agency on the dark web. Bukit Aman Commercial Crime Investigation Department (CCID) director Datuk Seri Ramli Mohamed Yoosuf said the 24-year-old was arrested here on Dec 25. Speaking at a press conference here on Thursday, he said police investigation found that the man had sold data on the website for US$200 (RM927) for each data set and that payment was in the form of cryptocurrency. “We successfully traced the man thanks to the efficiency of the CCID Cryptocurrency Crime Investigation Unit. “The investigation also found that the Upcoming water tariff adjustment for service sustainability, not to benefit companies — SPAN Man nabbed for hacking, selling govt agency data on dark web Bernama Bernama by Surin Murugiah theedgemalaysia.com Taek Jho (Jho Low) allegedly played in the theft of billions of dollars from 1MDB that brought down the government of then prime minister Datuk Seri Najib Razak in 2018. Najib, who started 1MDB in 2009 with the aim of undertaking joint ventures with entities in Saudi Arabia and Abu Dhabi with the help of Jho Low, is now serving time on one of several 1MDB charges filed against him after he lost power. Jho Low, however, remains a fugitive, and is wanted by Malaysia, the US, and Singapore for what is thought to be his pivotal role in the embezzlement that saw billions of dollars moved around the world. US banking giant Goldman Sachs and two of its top Asian executives also ran afoul of the law over the issuance of three bonds totalling US$6.5 billion that it raised for 1MDB. In Man on the Run, a few key individuals involved in the case and its exposure tell their side of the story. Also featured are Prime Minister Datuk Seri Anwar Ibrahim, who was then the leader of the opposition, and Najib himself before he went to jail. In November 2023, Netflix acquired worldwide distribution rights to the documentary after it was released in selected cinemas in several countries including Malaysia on Oct 19. suspect was just ‘dabbling’ in this crime and does not have any criminal record,” he said. Ramli said the man was released on police bail on Dec 29 and the case was being investigated under Section 4(1) of the Computer Crimes Act 1997. Meanwhile, police investigated four cases of criminal breach of trust involving RM9.7 million in zakat collection, with two cases in Selangor and one case each in Terengganu and Perak throughout 2023. “The Perak case recorded the highest loss at RM9.6 million. In this case, the company appointed as a zakat collection agent by the Perak Islamic Religious and Malay Customs Council is suspected of having failed to deposit zakat collection money from March to September 2023. “The case was investigated under Section 409 of the Penal Code. It is very disheartening when zakat money is also misappropriated by individuals entrusted to collect the money,” he said. “Zakat collection should be properly managed in accordance with the requirements of the religion. “CCID gives a stern warning to perpetrators that firm action will be taken to ensure that this kind of crime does not happen again,” he said. facebook
friday january 5, 2024 15 The E dge C E O m o rning brief world Spot container shipping rates soar 173% on Red Sea diversions Deadly Iran blasts and US warnings escalate Mideast tensions by Patrick Sykes & Arsalan Shahla Bloomberg by Brendan Murray Bloomberg The risk remains that a smaller incident could suddenly spill into something larger with a growing military buildup in the region. (Jan 4): Iran said blasts that killed almost 100 people in a central province were aimed at punishing its stance against Israel’s invasion of Gaza, building on signs the war against Hamas could tip into a broader regional conflict. No group immediately claimed responsibility for the twin explosions in Kerman on Wednesday, which detonated in a crowd marking the anniversary of the death of Qassem Soleimani, one of Iran’s most powerful generals killed by the US in a 2020 drone strike. Tehran said more than 200 were wounded. Separately, more than a dozen countries warned the Iran-backed Houthi group in Yemen against continuing their attacks on shipping in the Red Sea, which have disrupted global commerce and triggered a build up of Western naval power in the area. Groups backed by Iran have escalated attacks across Iraq, Syria, Lebanon and Yemen, since Israel struck back against Hamas, the Gaza-based group designated as a terrorist organization by the US and European Union. Hamas infiltrated Israel on Oct 7, killed some 1,200 people and kidnapped another 240. More than 100 hostages remain in Gaza. People familiar with the matter have said the US and its allies are considering possible military strikes against the Houthis in Yemen, in a recognition that a maritime task force launched by Washington may not be enough to eliminate the threat to the vital waterway that normally handles about 12% of the world’s commerce. While risks of a wider war have spiked this week, direct US-Iran confrontation is still seen as less likely, with most analysts predicting instead a growing number of tit-for-tat proxy attacks. However the risk remains that a smaller incident could suddenly spill into something larger with a growing military buildup in the region. The sea attacks and war on Hamas will be top of the agenda when US Secretary of State Antony Blinken heads to the Middle East this week. The strike near Soleimani’s grave was especially sensitive because his assassination in 2020 also led to fears of a direct military confrontation between Iran and the US, and in the aftermath Tehran mistakenly shot down a passenger plane and continues to vow to avenge his death. Although Iran cited its opposition to Israel as the motive for the graveyard attack, Washington said it had no reason to believe Israel was involved and said any suggestion of the US taking part was “ridiculous.” The initial US supposition was that Islamic State or a related militant group was responsible, according to two people familiar with the US government’s analysis. Israel’s foreign ministry said it had no comment on the blasts. Wednesday’s strike came less than 24 hours after an explosion blamed on Israel killed a senior Hamas leader in Lebanon’s capital Beirut, in another potential flashpoint for regional spillover. Iran-backed Hezbollah has launched attacks against Israel from its bases in Lebanon since the war began. Last week, Iran accused Israel of killing another senior IRGC officer — and Soleimani’s former colleague — Seyyed Razi Mousavi, in Syria. (Jan 4): Short-term rates for container shipping between Asia, Europe and the US are climbing on reduced capacity caused by the ongoing threats to cargo vessels in the Red Sea. The spot rate for shipping goods in a 40-foot container from Asia to northern Europe now tops US$4,000 (RM18,370), a 173% jump from just before the diversions started in mid-December, Freightos. com, a cargo booking and payment platform, said late on Wednesday. The cost for goods from Asia to the Mediterranean increased to US$5,175, Freightos said, adding that some carriers have announced prices above US$6,000 for this route starting in mid-January. Rates from Asia to North America’s East Coast have risen 55% to US$3,900 for a 40-foot container. Services from Asia to northern Europe and to the Mediterranean both cost more than twice their levels in January 2019 but are still well below their peaks during the pandemic, said Judah Levine, head of research at Freightos. The rate spike is part of the fallout from a slowdown in Suez Canal traffic, which has slumped by more than a quarter in recent days as vessels take longer routes to avoid missile strikes from Yemen’s Iran-backed Houthi militants. The Houthis say they are going after any vessels that have a connection with Israel, although those purported links have looked increasingly tenuous. Shipping lines raise their prices when capacity is stretched, and add surcharges for the extra time it takes to deliver the goods and during busier-than-normal times of the year. Meanwhile, blasts near the grave of Iranian commander Qassem Soleimani, that have killed nearly a 100 people, threaten to widen the Middle East conflict, with Tehran saying the attacks were carried out to punish its stance against Israel, although the US said neither Israel nor itself were involved. “This is no longer taking place during the holiday lull either — demand may be increasing as shippers start to pull forward volumes to make up for longer transit times and in preparation for China’s Lunar New Year holiday in early February,” Levine said in a blog post. “Together, this could increase the risk of congestion.” In the 10 days through Jan 2, the number of Suez transits was down 28% from a year earlier, according to figures released on Wednesday by the International Monetary Fund’s (IMF) PortWatch platform, which is produced with Oxford University. That’s consistent with 3.1% of global commerce being diverted away from the Red Sea, according to the data. The IMF called the Red Sea a “systemically important” shipping lane that handles more than 19,000 vessel transits a year. Reduced traffic has been observed since Dec 16, the Washington-based institution said in the note. Read the full story
friday january 5, 2024 16 The E dge C E O m o rning brief world (Jan 4): Federal Reserve (Fed) policymakers agreed last month that it would be appropriate to maintain a restrictive stance “for some time”, while acknowledging they were probably at the peak rate and would begin cutting in 2024. “Participants viewed the policy rate as likely at or near its peak for this tightening cycle,” according to the minutes of the Dec 12-13 Federal Open Market Committee (FOMC) meeting released on Wednesday. That said, officials “reaffirmed that it would be appropriate for policy to remain at a restrictive stance for some time until inflation was clearly moving down sustainably”. The minutes indicated increased optimism among participants about the path of inflation, noting “clear progress”. The committee expressed a willingness to cut the benchmark lending rate in 2024 should that trend continue, though they gave no indication easing could begin as soon as March, as futures traders expect. “In their submitted projections, almost all participants indicated that, reflecting the improvements in their inflation outlooks, their baseline projections implied that a lower target range for the federal funds rate would be appropriate by the end of 2024,” the minutes said. The S&P 500 remained lower and Treasuries pared losses. At the meeting, central bankers voted unanimously to hold the benchmark lending rate steady in a range of 5.25% to 5.5% for a third consecutive time. While the FOMC’s statement left the door open for another hike, officials’ forecasts signalled the end of the most aggressive tightening cycle in a generation. The quarterly projections implied three interest-rate cuts in 2024 — or some 75 basis points of cuts. The updated outlook, paired with Fed chair Jerome Powell’s comments following the meeting, ignited a rally in stocks and bonds, fuelling a broader easing in financial conditions. “What December taught us is they are willing to pivot,” said Laura Rosner-Warburton, a senior economist and partner at Macropolicy Perspectives LLC. “They see a soft landing in sight, and they are willing to go for it as long as the moderation in inflation continues.” Officials’ individual expectations for the federal funds rate at the end of 2024 ranged widely, however. The Fed’s “dot plot” showed eight officials saw two quarter-point cuts or less, while 11 officials expected three or more. A tweak to the Fed’s post-meeting statement also highlighted the shift in tone, with officials noting they will monitor a range of data and developments to see if “any” additional policy firming is appropriate. March expectations Futures markets have been anticipating the Fed will cut rates six times this year, beginning with a likely quarter-point reduction in March. Several Fed officials, however, have pushed back against expectations of an imminent policy move in recent weeks. The FOMC will next meet on Jan 30- 31 to discuss policy. Powell said at the press conference that it was premature to declare victory, though he did acknowledge the question of when to begin “dialling back” policy restraint was discussed. Officials slowed the pace of rate increases last year after a series of rapid hikes in 2022. Inflation has cooled considerably, by Craig Torres Bloomberg Fed sees rates staying high for some time with cuts eyed in 2024 to 3.2% on an annual basis, as measured by the Fed’s preferred benchmark minus food and energy. Participants pointed to six-month inflation readings, as well as growing signs of demand and supply coming into better balance. Staff economists appeared even more optimistic on the path of inflation, marking down their forecast and judging inflation would be “less persistent”. Fed officials debated the role of supply in lowering inflation further. Several officials said help from healing supply chains and increased labour supply was “largely complete” while a few others saw potential for further improvement. The Fed’s preferred underlying inflation gauge rose just 1.9% in November on a six-month annualised basis, the first time in more than three years the measure slipped below the Fed’s 2% target. The labour market, meanwhile, has remained relatively healthy despite higher interest rates. Payrolls grew an average of 204,000 over the most recently reported three months and job openings declined, consistent with a gradual moderation in hiring. December employment figures will be released on Friday. Persistently strong wage gains or unexpectedly buoyant economic growth could slow or even threaten inflation’s progress to the central bank’s target. Officials’ latest projections show the economy expanding at a much slower 1.4% rate in 2024 with little cost to jobs. “Participants generally perceived a high degree of uncertainty surrounding the economic outlook,” the minutes said. bloomberg
friday january 5, 2024 17 The E dge C E O m o rning brief world (Jan 4): Apple Inc was already the leastloved big tech stock on Wall Street. Growing concerns over iPhone sales have now triggered a second downgrade this week, cementing analysts’ cautious approach. Piper Sandler & Co’s Harsh Kumar cut his Apple rating on Thursday, citing a weak macro environment in China that will dampen demand for iPhones. “We are concerned about handset inventories,” Kumar said in a note, lowering his recommendation for Apple to neutral from overweight after holding a bullish view since March 2020. “Growth rates have peaked for unit sales,” he said. Kumar’s downgrade follows a more bearish move by peers at Barclays Plc, where analysts led by Tim Long cut their rating to underweight on Tuesday. Coming into 2024, Apple was already the big tech stock with the least number of bullish recommendations, according to data compiled by Bloomberg. Piper Sandler’s downgrade now pushes the company’s buy-equivalent ratio down even further — with the percentage of analysts bullish on the company at a three-year low. Apple was the only big tech firm to see revenues contract for the past four quarters. Wall Street is currently anticipating revenue growth of just 3.6% in fiscal 2024 and profit expansion of 7.9%, according to the average of analyst estimates compiled by Bloomberg. The stock, which had rallied nearly 50% last year, has stumbled in the first sessions of 2024. It has slid 4.3% this year, wiping off nearly US$130 billion (RM603.2 billion) in market value, according to data compiled by Bloomberg. The shares are now on the brink of breaching into the oversold territory as they’re set to extend losses for a fourth consecutive session. Nearly unanimously bullish on big tech, Wall Street is more cautious when it comes to Apple. The stock has attracted only 33 buy-equivalent recommendations. That pales in comparison to Amazon.com Inc’s 68, Meta Platforms Inc’s 66 and the 59 bullish ratings for Nvidia Corp. Apple hit with second downgrade this week as iPhone worries grow (Jan 4): US chip stocks added to a string of losses on Wednesday, with Wall Street’s main semiconductor benchmark tumbling from record highs following its strongest year since 2009, when the sector bounced back after the financial crisis. Drops of over 2% in Advanced Micro Devices, Qualcomm and Broadcom weighed most on the PHLX semiconductor index, which was down 2.1%. The chip index has now declined almost 7% since reaching a record high close on Dec 27. This week’s drop in semiconductor stocks has tracked a broad Wall Street decline as investors await the Federal Reserve’s December meeting minutes due later on Wednesday for clues on its interest rate path. Fuelled by optimism about artificial intelligence and more recently by expectations the Fed will cut interest rates this year, the PHLX surged 65% in 2023, its strongest performance since 2009. That compares to annual gains of 43% for Nasdaq and 24% for S&P 500. Chip stocks have also benefited from bets that a downturn in global demand last year that saw memory chip makers cut production has largely bottomed out. Nvidia, viewed as the top provider of AI-related chips, saw its stock market value more than triple in 2023 to US$1.2 trillion (RM5.6 trillion), making it Wall Street’s fifth most valuable company. It dipped almost 1% on Wednesday. In a client note, BofA Global Research analyst Vivek Arya recommended exposure to cloud computing and cars through stocks including Nvidia, Marvell Technology, NXP Semiconductors and ON Semiconductor. Arya also recommended stocks including KLA Corp and Arm Holdings for exposure to the increasing complexity of chip designs. In another note, Wells Fargo analyst Joe Quatrochi said he expects a muted recovery for chip equipment sellers in 2024, and pointed to KLA and Applied Materials as top picks in that industry. (Jan 4): Mark Zuckerberg sold nearly half a billion dollars of Meta Platforms Inc shares in the final two months of 2023, after a twoyear hiatus in which the company’s stock price hit its lowest in seven years. US chip stocks tumble after strongest year since 2009 Zuckerberg sold nearly half a billion dollars of Meta stock in last two months by Noel Randewich Reuters by Rachel Phua Bloomberg by Subrat Patnaik Bloomberg The Meta chief executive sold shares on every trading day between Nov 1 and the end of the year, unloading nearly 1.28 million shares for about US$428 million (RM1.99 billion), according to a Tuesday regulatory filing. On average, each sale took in US$10.4 million, with the largest on Dec 28 at US$17.1 million. Before this period, Zuckerberg had not sold Meta shares since November 2021. The company’s share price rebounded 194% last year from a seven-year low near the end of 2022. Meta shares outperformed those of every other major technology giant except Nvidia Corp last year, and is now near its September 2021 record high.
friday january 5, 2024 18 The E dge C E O m o rning brief world (Jan 4): ByteDance Ltd’s TikTok aims to grow the size of its US e-commerce business 10-fold to as much as US$17.5 billion (RM81.23 billion) this year, according to people familiar with the matter, posing a bigger threat to Amazon.com Inc. The 2024 merchandise volume goal for the US version of TikTok Shop — which melds online entertainment with impulse buying — was discussed in internal meetings in recent weeks and may still change depending on how the business goes, said the people, who asked not to be named discussing private information. TikTok’s ambitious target sets up a clash not just with Amazon but also fellow Chinese-owned outfits Temu and Shein, who’ve been making big strides among younger American shoppers. Unlike its two rival discounters, TikTok is counting on its social media reach and the appeal of viral videos to hook buyers. TikTok was last year on track to amass around US$20 billion in global gross merchandise value, with Southeast Asia contributing the bulk of sales through its platform, Bloomberg News reported. Now, the company is seeking to expand sales in the US and Latin America, where it’s planning to launch the e-commerce operation in coming months, two people familiar with the matter said. “The speculated US merchandise sales figures represented by Bloomberg are inaccurate,” TikTok said in a statement. ByteDance, founded more than a decade ago by Zhang Yiming and Liang Rubo, grew into an internet leader worth more than US$200 billion thanks to the virality of short-video platforms TikTok and Douyin. TikTok Shop is one of the fastest-growing features for the Beijing-based, closely held company, which is seeking a new growth driver beyond social-media advertising. ByteDance’s revenue surged roughly 30% in 2023 to more than US$110 billion, outpacing the projected growth of far more established social media rivals Meta Platforms Inc and Tencent Holdings Ltd. TikTok Shop lets users buy items while scrolling through a perpetual feed of short videos and live streams within its main social media app, hoping consumers use it as an alternative to Amazon or Sea Ltd’s Shopee. That format — an effort to combine the ease of shopping on Amazon with the product discovery afforded by apps like Meta’s Instagram — has already helped Douyin snatch a significant portion of Chinese consumer spending from Alibaba Group Holding Ltd and JD.com Inc, particularly after lockdown rules during the pandemic drove people to spend more time online. Read the full story Read also: South Korea draws record foreign investment on tech prospects TikTok eyes US$17.5 bil shopping business on Amazon’s turf (Jan 4): Tencent Holdings Ltd bought a record HK$10 billion (RM6 billion) of shares in December, when China’s gaming regulator surprised investors with a raft of new regulations that triggered a broad tech selloff. China’s most valuable company sharply accelerated its pace of purchases as the shock announcement triggered a 12% plunge on Dec 22. Tencent has since ramped up its pace of daily purchases to about HK$1 billion, compared with an average of HK$375 million a day last year prior to the sweeping restrictions. The controversial regulations, which encompass caps on in-game spending and a ban on rewards for frequent log-ins, revived fears that the country was reverting to a 2021-style crackdown on the internet arena. While Beijing has since sought to contain market damage, reportedly sacking a top official who helped oversee the sector, Tencent remains about 4% below where it was before the new rules were proposed. Some industry watchers argue that the watchdog’s intent was consistent with yearslong efforts to police content and gaming. Tencent and rivals such as NetEase Inc already labour under some of the world’s strictest constraints, from limits on playing time for minors to censorship. Still, for many investors, who remain traumatized by a spate of abrupt rules and guidelines that crippled sectors from e-commerce to entertainment in 2021, the latest incident has only reinforced the notion that China’s policy unpredictability remains a big risk. Tencent spokespeople didn’t immediately respond to email and text message queries from Bloomberg for this story. “Confidence in Tencent and NetEase may recover further after China’s regulaTencent buybacks hit record as China watchdog roiled markets tor approved 105 video-game titles in December, a 17-month high and above the 2023 monthly average of 80-90. Tencent had three titles approved, ending its recent drought, and NetEase got two. Their shares’ Dec 22 crash was due to concern about potential tightening of rules for video games. We see this as incremental change in a sector that’s already highly regulated and think Tencent’s fundamental game outlook is largely unchanged,” said Bloomberg analyst Robert Lea. The latest gaming restrictions caught industry players and investors off guard on the final trading day before Christmas, exacerbating the fallout and triggering a selloff in gaming stocks worldwide. The episode underscores the challenge facing President Xi Jinping as he looks to revive an economy struggling to arrest a slide in the property sector, while maintaining control of a vast and powerful tech sector. Tencent, the largest Chinese company by market value, is considered crucial to reviving the world’s No 2 economy. Tencent fell 0.7% before trimming losses on Thursday, while a Hang Seng gauge of Chinese tech shares lost 0.8%. “If you look at the market, the valuation in the market for China internet stock is almost at historic lows,” Tencent president Martin Lau said on the company’s most recent earnings call. “At this point, buyback will be a more favorable means for our shareholders than other means.” by Jeanny Yu Bloomberg by Zheping Huang, Alex Barinka, Dong Cao & Olivia Poh Bloomberg reuters
FRIDAY JANUARY 5, 2024 19 THEEDGE CEO MORNING BRIEF WORLD (Jan 4): Four Chinese bad-debt managers were downgraded by Fitch Ratings Inc on concern over their financial situation and expectations of reduced government support. The issuer default ratings of China Cinda Asset Management Co and China Orient Asset Management Co were lowered to A- from A, Fitch said in a release on Thursday. China Huarong Asset Management Co and China Great Wall Asset Management Co were cut to BBB from BBB+, it said. The firms’ ability to buy non-performing assets has been hampered by their financial underperformance, capital constraints, as well as the government’s inconsistent support, the statement said. “Fitch’s across-the-board downgrade of the AMCs (asset management companies) should not come as a huge surprise, given the persistent weakness in China’s property sector and its economy more broadly, leading to continued weak underlying fundamentals of the AMCs,” said Nicholas Yap, the head of Asia credit desk analysts at Nomura Holdings Inc. The ratings are still well within investment grade territory, he added. The outlook on China Cinda is stable, while the other three have been placed on Rating Watch Negative ahead of their 2023 financial results, Fitch said. In December, the rating agency said it had a neutral outlook on China’s economy, while flagging persistent risks including property sector woes and forecasting a slowdown in growth next year. Moody’s Investors Service a month ago put China Cinda and China Orient on review for a downgrade after cutting its outlook on Chinese sovereign bonds. Bad loans at the nation’s commercial banks rose to a record 3.2 trillion yuan (US$447 billion or RM2.09 trillion) at China’s bad-debt managers cut by Fitch on weaker state support (Jan 4): China’s government spending will rise this year, the nation’s minister of finance said, as authorities look for ways to bolster domestic demand and help the world’s second-largest economy regain momentum. “We will make sure the overall size of fiscal spending increases to play a better role stimulating domestic demand,” Finance Minister Lan Fo’an said in an interview published Thursday by the People’s Daily, the Communist Party’s mouthpiece. Lan’s remarks add to pledges from top Chinese officials who have stressed the need to strengthen fiscal support for the economy this year. Those vows have raised expectations that Beijing may set an ambitious economic growth target during a year in which it still faces several challenges to growth, including from an ongoing property slump and still-weak confidence among businesses and consumers. Lan also told the newspaper that the size of the country’s budget deficit will be maintained at a “certain level” in 2024, and added that authorities will continue to set an “appropriate” quota for new special local government bonds, a key source of infrastructure investment. That way, overall government spending will increase and “play a better role stimulating domestic demand.” To help cash-strapped local authorities meet basic spending needs, Lan said the central government would continue transferring funds to them, with poorer areas receiving preference. He also said officials would roll out some tax cuts focusing on support for technological innovation and manufacturing development. Government fiscal support was generally weak last year as authorities struggled to pull revenue from selling land, a consequence of the property crisis. The most recently available official data showed a broad measure of government spending falling 0.5% through the first 11 months of last year compared to 2022. That put Beijing’s initial goal of boosting that so-called augmented expenditure by about 6% for the year far beyond reach. Some economists expect the official China fiscal spending will rise in 2024, finance chief says Bloomberg Bloomberg We will make sure the overall size of fiscal spending increases to play a better role stimulating domestic demand.” Read also: China 10-year yield hits lowest since 2020 as easing bets mount end-September, according to official data, as a protracted economic downturn and property crisis weighed on businesses. China’s four bad-debt managers were created in the aftermath of the Asian financial crisis, when decades of government-directed lending to state companies had left the country’s biggest banks on the brink of insolvency. The bad-debt firms went on to expand beyond their original mandate, creating a labyrinth of subsidiaries to engage in other financial businesses and borrow billions from the bond market. Huarong was the most aggressive of the four under former chairman Lai Xiaomin, who was executed three years ago for crimes including bribery. State-run financial conglomerate Citic Group led a US$6.6 billion government-orchestrated bailout of Huarong in 2021. “Huarong will continue to benefit from its deeper integration with Citic Group,” Yap said. budget deficit this year to be similar, if not slightly bigger, than last year’s. Beijing set that deficit-to-gross domestic product ratio at 3% last March, but made a rare mid-year budget revision to 3.8% by issuing an additional one trillion yuan (RM649.6 billion) of sovereign debt for disaster relief and construction. Lan described the government’s debt ratio in the interview as being “in a reasonable range,” adding that officials have been “appropriately expanding spending and meeting realistic needs, while saving room for tackling potential risks and challenges in the future.” “There is a possibility that the official deficit may not be increased as much as markets are expecting,” said Michelle Lam, Greater China economist at Societe Generale SA. While authorities want to send a “positive signal,” she said they “also want to have some flexibility.” There will be additional support not accounted for in the official budget deficit ratio. For example, some economists see the government keeping its quota for new special local government bonds unchanged from last year at around 3.8 trillion yuan. The central bank could also keep making use of its Pledged Supplemental Lending programme, a tool used to give policy-oriented banks low-cost funds for housing and infrastructure projects. “The key is execution of the budget,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc. “If the plan is rolled out better than last year, the effective impact of the deficit will be bigger.”
FRIDAY JANUARY 5, 2024 20 THEEDGE CEO MORNING BRIEF WORLD JAKARTA (Jan 4): Indonesia’s vote watchdog ruled on Thursday the president’s son — the leading candidate’s running mate in coming elections — had broken rules during his campaign, a breach that one expert said could leave him facing a reprimand but not disqualification. Gibran Rakabuming Raka, who is seeking to become vice-president in the vote scheduled for Feb 14, denied any wrongdoing. The watchdog, known by the abbreviation Bawaslu, said 36-year-old Gibran had violated a Jakarta gubernatorial regulation when he handed out free milk to people at a public “car-free day” in December. A 2016 Jakarta gubernatorial order bars “events for the interests of political parties” during car-free days, when vehicles are banned from major thoroughfares as part of an environmental push. The watchdog said it did not have the power to penalise him itself for breaking an order imposed by authorities in the capital. Jakarta governor Heru Budi Hartono did not respond to a Reuters request for comment. Bawaslu made the announcement a day after calling Gibran in for hours of questioning. He later told reporters his actions had not had any links to any political party. Titi Anggraini, an analyst from the Association of Elections and Democracy, told Reuters the most Gibran could face would (Jan 4): Asia’s currency markets are growing increasingly jittery as the first presidential elections of a politically eventful year are about to take place. An index of expected volatility in the Taiwan dollar over the next two weeks — which now includes the presidential vote on Jan 13 — jumped to the highest level in more than a year this week. A gauge that measures anticipated volatility of the Indonesian rupiah before a similar vote in February is also increasing. Developments surrounding the Taiwan election remain fluid and the outcome is far from certain, said Christopher Wong, a foreign-exchange strategist at Oversea-Chinese Banking Corp in Singapore. “A surprise opposition win may bode well for cross-straits relationship and lead to unwinding of election risk premium,” serving as a positive factor for the local currency, he said. Two-week option volatility for the Taiwan dollar climbed to 9.5 vol on Jan 1, the highest level since December 2022, and up from as low as 5.2 on Dec 19 before the tenor captured the Jan 13 vote. Indonesian uncertainty A similar pattern is emerging for the rupiah. The spread between one-month and Currency volatility rises in Asia as year’s first elections near BY TANIA CHEN & MATTHEW BURGESS Bloomberg two-month volatility — which isolates the impact of the first round of the election on Feb 14 — is about eight basis points higher than last year’s average ever since the calendar started covering the date of the vote. Next month’s election has a relatively high uncertainty factor as it will result in a change of leader for the first time in a decade as incumbent Joko Widodo is ineligible to stand for a third term. Signs of rising volatility in currency markets conflict with these views of analysts covering regional equity markets who say the elections are unlikely to have much impact on Taiwan and Indonesian shares. The price signals being given by the options markets may also be skewed to some extent by the broader dollar cycle, analysts at NatWest Markets wrote in a research note last month. The cost of hedging holdings of Taiwan dollars, a measure of sentiment toward the currency, fell to the lowest level since 2008 last month after the Federal Reserve’s relatively dovish policy decision prompted a global risk rally. “The main focus for the Taiwan dollar will eventually shift back to macro drivers such as growth and exports, the tech story, and the Fed’s policy,” OCBC’s Wong said. be a reprimand for what was considered a light violation. She said the watchdog did have the power to reprimand Gibran directly for breaching other regulations that required him to seek permission for campaigning at the car-free day. But that sanction would also fall short of a disqualification. President Joko Widodo’s eldest son is running with presidential candidate Prabowo Subianto, the current defence minister. Most polls suggest the pair command a solid lead over rival presidential candidates Anies Baswedan and Ganjar Pranowo — though there has been an uptick in popularity for Anies, and two surveys in December by independent pollsters had him overtaking Ganjar. Gibran’s candidacy has been divisive because it was only allowed after the constitutional court ruled a minimum age requirement of 40 for candidates need not apply in all cases. Indonesia vice presidential candidate Gibran Rakabuming Raka gestures during a televised debate at the Jakarta Convention Center in Jakarta on Dec 22. The eldest son of Indonesian President Joko Widodo was summoned by election watchdog (Bawaslu) chapter for allegedly violating campaign rules by handing out free milk to people at a public 'car-free day' event last month. BLOOMBERG REUTERS Indonesia vote watchdog says president’s son broke rules BY STANLEY WIDIANTO & ANANDA TERESIA Reuters
FRIDAY JANUARY 5, 2024 21 THEEDGE CEO MORNING BRIEF WORLD (Jan 4): China has regained the title of world’s biggest buyer of liquefied natural gas (LNG), as a further rebound in deliveries threatens to tighten supply of the heating and power plant fuel. LNG shipments to China rose 12% last year to nearly 71 million tonnes, according to ship-tracking data compiled by Bloomberg. High prices and virus restrictions had significantly cut demand in 2022, which helped free up LNG shipments to gas-hungry nations elsewhere. Saudi Arabian companies warn Aramco fuel price hike may curb earnings China regains LNG buyer’s crown as rivals brace for more growth (Jan 4): Morgan Stanley sees Brent crude prices anchored near US$80 per barrel in the first half in 2024 before declining towards the end of the year as it expects supply to outpace global oil demand growth this year. Growth in world oil demand is set to slow as post-Covid recovery tailwinds abate. Morgan Stanley analysts peg 2024 oil demand growth at 1.2 million barrels per day (bpd), down from 2.2 million bpd in 2023, they said in a note dated Wednesday. Supply from outside the Organization of the Petroleum Exporting Countries (Opec) producer group is also expected to decelerate, but less so — still growing by about 1.7 million bpd in 2024, partially driven by the US as well as Brazil, Guyana and Canada, the analysts said. “We expect the production cuts (from Opec) agreed in late Nov 2023 eventually to be extended throughout all of 2024, and do not exclude a further deepening of these cuts”, they said. “This will likely limit the pace of inventory builds in 2024, but probably not prevent them. In our base-case projections, we still see inventories build modestly by about 0.5 mb/d this year,” they added. Opec said on Wednesday cooperation and dialogue within the wider Opec+ producer alliance would continue, after Angola last month said it would quit Opec, and that it plans a Feb 1 meeting to review implementation of its latest oil output cut. Brent crude was trading around US$78.63 a barrel at 0440 GMT on Thursday, while US West Texas Intermediate crude futures were at US$73.22. Morgan Stanley sees lower oil prices in 2024 on oversupply concerns BY TINA PARATE & BRIJESH PATEL Reuters BY HADEEL AL SAYEGH Reuters BY STEPHEN STAPCZYNSKI Bloomberg BLOOMBERG Although China’s LNG deliveries remain below 2021 levels, due in part to cheaper alternatives, the nation is expected to drive global demand growth for the next decade. China’s imports are slated to increase almost 20% to 84 million tonnes through 2025, and to 136 million tonnes by 2030, according to Rystad Energy. A surge in shipments to China before new supply comes online later this decade risks upending the gas market’s careful balance. Europe is far more dependent on the fuel after the loss of Russian pipeline gas, and a jump in Chinese LNG buying — especially this year or next — could threaten a price war between the regions. Gas makes up just 8.5% of China’s total energy mix, based on data from the Energy Institute, leaving it with plenty of room to grow as it replaces dirtier alternatives like coal. In Japan, by contrast, gas makes up a fifth of the mix, while it’s a third in the US. China imported 17% of all LNG shipments last year, according to ship-tracking data. For comparison, the entirety of western Europe accounted for 26%. DUBAI (Jan 4): Several Saudi Arabian companies released regulatory filings late on Wednesday and Thursday, saying that state energy company Saudi Aramco's decision to raise feedstock and fuel prices for this year will raise production costs and lower earnings. Saudi Aramco notified the companies in the kingdom of the price hike this week, saying it will be effective from Jan 1. Aramco increased retail diesel prices for 2024 by 53% to 1.15 riyals (US$0.3067) per litre, its third increase since 2016. The companies have said the impact from the increase in prices could start to filter through in the first quarter, and that businesses are looking for ways to enhance their efficiencies to offset the rising costs. Nama Chemicals, Saudi Ceramic, Qassim Cement, Saudi Aramco Base Oil Co, and Rabigh Refining and Petrochemical are among the scores of companies that said they were affected by the price increases. Middle East Company for Manufacturing and Producing Paper on Thursday said it expects the financial impact of the price hike to be an increase of about 3% in total annual sales costs. Saudi Industrial Investment Group on Thursday said its subsidiaries face higher production costs this year because of the fuel increase. Saudi Arabia's Tadawul stock index fell 1.6% in early trading on Thursday.
FRIDAY JANUARY 5, 2024 22 THEEDGE CEO MORNING BRIEF WORLD WASHINGTON (Jan 4): US private employers hired more workers than expected in December, pointing to persistent strength in the labour market that should continue to sustain the economy. Private payrolls increased by 164,000 jobs last month, the ADP National Employment Report showed on Thursday, the largest monthly increase since August. Data for November was revised slightly lower to show 101,000 jobs added instead of 103,000 as previously reported. Economists polled by Reuters had forecast private payrolls rising 115,000. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor Department’s more comprehensive and closely watched employment report for December. The ADP report has been a poor gauge for predicting the private payrolls count in the employment report. The labour market is steadily slowing in the aftermath of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022. The government reported on Wednesday that job openings dropped to nearly a three-year low in November. There were 1.40 vacancies for every unemployed person. According to a Reuters survey of economists, the Labor Department’s Bureau of Labor Statistics is expected to report that private payrolls increased by 130,000 jobs in December. Total nonfarm payrolls are estimated to have increased by 170,000 jobs after rising 199,000 in the prior month. US private payrolls increase in December — ADP (Jan 4): The yen is coming under renewed pressure as a powerful earthquake that hit Japan on New Year’s Day makes it harder for the Bank of Japan (BOJ) to abolish negative interest rates this month. Morgan Stanley MUFG Securities Co changed its call for the BOJ rate decision this month, and now sees it leaving current policy in place, partly as the central bank has to assess the adverse impact from the Noto Peninsula disaster on the economy. Any move may not come until April at the earliest, according to Mitsubishi UFJ Morgan Stanley Securities Co. While speculation about a January tweak is receding, many still expect an end to negative rates in April, or later in 2024. The yen weakened to as low as 143.88 per dollar in Tokyo on Thursday, from 141.04 at the end of 2023 in New York trading. The Japanese currency had been widely expected to strengthen in 2024, on speculation the US Federal Reserve (Fed) would start cutting interest rates in the first half of the year, while at the same time normalisation of ultra-easy monetary policy in Japan would narrow the yield gap between the two economies. “Although there must be quite a few foreign investors who have been anticipating the end of negative rates in January, under these circumstances, the BOJ will almost certainly not move this month,” said Daisuke Karakama, the chief market economist of Mizuho Bank Ltd. “Should negative rates not be lifted in January, ending it in the first half of 2024 will also become doubtful.” Mari Iwashita, the chief market economist of Daiwa Securities Co, removed her forecast for an end to negative rates in January, following governor Kazuo Ueda’s speech on Dec 25 and his interview with NHK on Dec 27. “The January move seems even more impossible,” Iwashita said. The earthquake is likely to depress production activity, while the government may have to set up a supplementary budget for recovery measures, she said. Iwashita now expects an exit from negative rates in April. Ueda said on Thursday in a speech that the BOJ will be fully prepared to support the financial system after the earthquake, and he hopes wages and inflation will rise in a balanced manner this year. Kentaro Okuda, the chief executive officer of Japan’s biggest brokerage Nomura Holdings Inc, is also among those who thinks the earthquake may delay an exit from negative rates from this month, although it depends on the impact of the disaster. Shares in Kokusai Electric Corp, Murata Manufacturing Co, Hokuriku Electric Power Co, and other companies with factories and operations in the area hit by the tremor slumped as investors tried to assess the damage. But the weaker yen supported automakers such as Toyota Motor Corp. The yen extended declines for a third day against the dollar, and reached a twoweek low on shifting BOJ bets. The currency has lost almost 2% this year after dropping 7% in 2023, that biggest loss among Group of 10 peers. Earthquake raises bar for Bank of Japan to end negative interest rates BY MASAHIRO HIDAKA & YUMI TESO Bloomberg BY LUCIA MUTIKANI Reuters Read also: US weekly jobless claims fall more than expected Should negative rates not be lifted in January, ending it in the first half of 2024 will also become doubtful.” — Economist. The yen’s decline following the major tremor is contrary to what happened in March 2011, when a deadly earthquake and tsunami triggered coordinated intervention to sell the yen by Japan, the US and Europe. That move aimed to halt a sharp rally in the yen, on the back of repatriation of assets held overseas by Japanese companies. Japan’s currency subsequently hit an all-time high of 75.35 in October that year. Mizuho’s Karakama said that Japan had accumulated trade surpluses over many years at that time, and corporate demand for the yen supported the currency’s appreciation. It now has a deficit. “It’s unreasonable to expect the same reaction in the yen to the earthquake,” he said. “Any lingering expectation for an end to negative rates in January is completely shattered,” said Ataru Okumura, a senior Japan rates strategist at SMBC Nikko Securities Inc. BLOOMBERG
FRIDAY JANUARY 5, 2024 23 THEEDGE CEO MORNING BRIEF WORLD Hong Kong bars sit empty as residents make record 8 mil trips to China Australia struggles to ditch SUV habit even as electric vehicle sales hit record BY LEWIS JACKSON Reuters BY SHIRLEY ZHAO Bloomberg SYDNEY (Jan 4): Electric vehicle (EV) sales in Australia hit an all-time high in 2023, according to the country’s automotive association. However, light vehicle sales remained dominated by emissions-intensive trucks and sports utility vehicles (SUVs). Battery-electric vehicles were 7.2% of all vehicles sold last year, more than double the 3.1% recorded in 2022, according to data from the Federal Chamber of Automotive Industries (FCAI) on Thursday. The sales share for 2023 rises to 16.2% of all new vehicle sales once hybrids and plug-in hybrids are included, almost one in every five vehicles. After a decade under conservative governments that opposed EV adoption, the current centre-left Labor government, which won power in 2022, has launched a national EV strategy and provided hundreds of millions for clean transport. Transport is one of Australia’s largest sources of emissions and the growing adoption of electric vehicles bolsters the government’s pledge to cut emissions by 43% by 2030. However, Australians continue to prefer SUVs or light commercial vehicles, models which usually come with higher emissions when fossil fuelled. The two categories accounted for 78.4% of all new vehicle sales last year. The Ford Ranger and Toyota Hi-Lux, the two most popular vehicles and a tenth of all those sold in 2023, tend to emit more carbon dioxide than average. Efforts to increase the takeup of electric vehicles have long been plagued by shortages, a limited number of models, and sparse and sometimes faulty charging equipment. As a result, adoption for many years lagged countries like the US or Britain, where sales of EVs and plug-in hybrids hit 7.7% and 23% respectively in 2022, according to the International Energy Agency. Energy Minister Chris Bowen said in November that the government would soon release details of its long-awaited fuel efficiency standards, a policy that advocates say will spur manufacturers to send more EVs to Australia and further boost adoption. (Jan 4): Hong Kong’s efforts to revive its ailing retail and hospitality sectors are facing mounting headwinds, with some of the city’s top nightlife spots left deserted as residents flock across the border to mainland China for cheaper shopping and entertainment options. Residents made more than 7.7 million departures in December from Hong Kong via land and sea ports, which are typically used to travel to nearby cities like Macau and Shenzhen, according to data from the Immigration Department. That’s the highest tally for the month since the government began reporting the statistics in 1984. Almost half of the trips were made during weekends and over the two-day Christmas public holiday, and more than 86% of the departures were through borders between Hong Kong and mainland China. Helped by the weakening of the yuan over the past year, Hong Kongers are spending their money on spicy hotpot to haircuts and indoor skiing, pro-democracy protests later that year and then three years of strict Covid-19 controls that saw tourism dry up. The easing of virus restrictions early last year was meant to herald Hong Kong’s big comeback as a world city. Instead, a raft of glitzy campaigns to lure visitors has fallen flat, with an economic slowdown in mainland China weighing on sentiment and local residents not picking up the slack. As well as neighbouring Shenzhen, the tax-free Chinese island of Hainan has been particularly appealing to Hong Kong and mainland consumers alike. REUTERS Read the full story or stocking up at Walmart Inc’s discount warehouse chain Sam’s Club. “In the past, we all looked forward to weekends and holidays because that was when business came in,” said Ben Leung, founding president of the Licensed Bar and Club Association of Hong Kong. “Now we dread weekends and holidays.” Comeback stalls It’s a reversal of fortunes for Hong Kong, which at its peak saw more than 5.5 million mainland tourist arrivals in January 2019, with visitors splashing out on items from Louis Vuitton and Hermes handbags to cosmetics and baby formula. But the boom swiftly fizzled, first due to months of
FRIDAY JANUARY 5, 2024 24 THEEDGE CEO MORNING BRIEF WORLD (Jan 4): Microsoft Corp is adding a button to the Windows keyboard to activate its AI Copilot service, with the first devices to sport the new key available this month. The Copilot key, which will sit to the right of the space bar, is the first change to the Windows keyboard layout since Microsoft added the Windows/Start key in 1994, underscoring the company’s commitment to artificial intelligence. Microsoft’s hardware partners will show off Windows 11 computers with the Copilot button over the coming days at the CES technology conference, and over time, it will become a required feature. The shortcut will help users create images, write emails and summarise text with the help of AI. “AI will be seamlessly woven into Windows from the system, to the silicon, to the hardware,” Microsoft’s consumer chief marketing officer Yusuf Mehdi said in a blog announcing the change. The Redmond, Washington-based company sees 2024 as “the year of the AI PC,” according to Mehdi, mirroring the budding trend among smartphone makers to tout their latest models as “AI phones”. Those labels don’t carry much weight by themselves, but Microsoft has spent the past year retooling its biggest products around AI tech that can generate new content from massive datasets. That list now includes Windows, Office, Bing search, security software, and customer and finance products. The work heavily leverages the GPT-4 technology from OpenAI, in which Microsoft has invested US$13 billion. For device makers, Microsoft’s push into AI services has not yet translated into a boost for sales, as the novel Copilot features are being rolled out to new and existing devices alike. Mehdi’s promise of weaving AI into hardware and silicon may signal more pressure on consumers to upgrade, as Microsoft evolves and improves its AI proposition. Microsoft adds AI key in first change to PC keyboard in decades PARIS (Jan 4): Carrefour is telling customers it will no longer sell PepsiCo products like Pepsi, Lay’s crisps and 7up because they had become too costly, in the latest tug-of-war over prices between retailers and global food giants. From Thursday, shelves with PepsiCo products at Carrefour stores in France will be accompanied by a note saying “We are no longer selling this brand due to unacceptable price increases,” a spokesperson for the French retailer said. PepsiCo did not respond to a request for comment. The US company said in October it planned “modest” price hikes this year as demand held up despite rises, leading it to hike its 2023 profit forecast for a third straight time. Over the past year, grocery retailers in several countries including Germany and Belgium have announced they stopped orders from consumer goods firms due to price rises, a tactic in price negotiations that have become more fraught due to inflation. It is unclear whether PepsiCo products already on Carrefour shelves will be withdrawn, the spokesperson said, adding it cannot stop shoppers from buying those on display. The signs would only be put up in Carrefour’s stores in France, the spokesperson said, confirming local media reports. Carrefour has been one of the most active retailers to challenge big consumer products and food companies over prices. Last year, it started a “shrinkflation” campaign of sticking warnings on products that have shrunk in size but cost more. The spokesperson could not immediately confirm on Thursday if this was still the case. In its efforts to bring down inflation, the French government has asked retailers and suppliers to wrap up annual price negotiations in January, two months sooner than usual. A preliminary reading from the INSEE statistics office on Thursday showed consumer prices in France rose 4.1% yearon-year in December, with yearly food inflation slowing down to 7.1% from 7.7% the month earlier. France’s finance minister has previously threatened to claw back what he described as “undue” profits from food companies with special taxes if they did not pass on their own lower costs to consumers already struggling with high energy bills. (Jan 4): Crypto asset manager Grayscale Investments is in talks with firms, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed bitcoin exchange-traded fund (ETF), according to a person familiar with the matter. Both are being considered to be authorised participants (APs) — firms that have the power to create and redeem shares of the fund, said the person, who asked to remain anonymous to discuss the private talks. Authorized participants have a crucial job because they ensure the ETF share price tracks with the underlying assets of the fund and provide a key source of liquidity. BlackRock previously named JPMorgan Securities as an AP for its proposed Carrefour says it will not sell PepsiCo goods due to price hikes JPMorgan, Goldman in talks with Grayscale about bitcoin ETF role BY PIOTR LIPINSKI Reuters BY ALLYSON VERSPRILLE Bloomberg BY VLAD SAVOV Bloomberg bitcoin ETF, along with Jane Street Capital. CoinDesk reported earlier that Goldman was in talks with Grayscale and BlackRock. REUTERS
FRIDAY JANUARY 5, 2024 25 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) MINETECH RESOURCES BHD 313.10 0.035 0.210 44.83 324.0 HONG SENG CONSOLIDATED BHD 287.00 -0.005 0.025 0.00 127.7 EKOVEST BHD 153.58 0.010 0.550 12.24 1,631.0 ASDION BHD 138.51 0.035 0.140 33.33 66.3 BSL CORP BHD 132.23 0.005 0.045 0.00 86.9 SAUDEE GROUP BHD 115.87 0.005 0.035 40.00 52.1 UEM SUNRISE BHD 101.08 0.010 1.000 22.70 5,058.5 SEALINK INTERNATIONAL BHD 96.44 0.050 0.220 29.41 110.0 ISKANDAR WATERFRONT CITY BHD 90.94 0.035 0.865 18.49 796.8 TOP GLOVE CORP BHD 86.76 -0.005 0.970 7.78 7,767.9 REVENUE GROUP BHD 79.35 -0.015 0.235 14.63 130.4 YTL POWER INTERNATIONAL BHD 76.81 0.200 3.000 18.11 24,306.5 YTL CORP BHD 71.43 0.040 2.050 8.47 22,477.0 WIDAD GROUP BHD 70.86 0.005 0.485 0.00 1,501.8 RANHILL UTILITIES BHD 66.74 0.110 1.140 26.67 1,470.0 LEFORM BHD 60.50 0.015 0.455 3.41 673.9 SIME DARBY PROPERTY BHD 57.47 0.025 0.680 8.80 4,624.6 DAGANG NEXCHANGE BHD 54.52 -0.015 0.390 -2.50 1,231.0 SARAWAK CONSOLIDATED 49.50 0.010 0.980 4.81 627.4 BUMI ARMADA BHD 46.93 0.005 0.505 2.02 2,990.9 Data as compiled on Jan 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AT SYSTEMATIZATION BHD 0.010 100.00 2,326.9 0.00 67.9 COMPUGATES HOLDINGS BHD 0.015 50.00 5.0 0.00 82.5 ASDION BHD 0.140 33.33 138,505.7 33.33 66.3 SEALINK INTERNATIONAL BHD 0.220 29.41 96,445.2 29.41 110.0 TALAM TRANSFORM BHD 0.025 25.00 18,381.2 66.67 107.4 METRONIC GLOBAL BHD 0.025 25.00 3,839.6 66.67 38.3 TAS OFFSHORE BHD 0.505 20.24 9,249.2 24.69 89.7 SANICHI TECHNOLOGY BHD 0.030 20.00 18,534.0 20.00 42.1 MINETECH RESOURCES BHD 0.210 20.00 313,110.0 44.83 324.0 XIDELANG HOLDINGS LTD 0.035 16.67 37,206.1 40.00 74.1 SAUDEE GROUP BHD 0.035 16.67 115,872.6 40.00 52.1 PDZ HOLDINGS BHD 0.070 16.67 43,004.1 40.00 41.2 SC ESTATE BUILDER BHD 0.035 16.67 992.3 0.00 37.6 TA WIN HOLDINGS BHD 0.040 14.29 1,313.9 0.00 137.4 XOX NETWORKS BHD 0.040 14.29 6,186.8 14.29 45.4 BARAKAH OFFSHORE PETROLEUM 0.040 14.29 364.0 14.29 40.1 EDARAN BHD 1.380 14.05 19,802.3 58.62 79.9 BSL CORP BHD 0.045 12.50 132,227.6 0.00 86.9 TSR CAPITAL BHD 0.270 12.50 34.0 10.20 47.1 SEDANIA INNOVATOR BHD 0.245 11.36 22,650.3 6.52 89.5 Data as compiled on Jan 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) MLABS SYSTEMS BHD 0.010 -33.33 855.6 -33.33 14.5 LIEN HOE CORP BHD 0.300 -18.92 5.0 -3.23 99.7 HONG SENG CONSOLIDATED BHD 0.025 -16.67 286,962.3 0.00 127.7 MQ TECHNOLOGY BHD 0.025 -16.67 18,387.3 0.00 36.8 ALAM MARITIM RESOURCES BHD 0.030 -14.29 3,289.3 0.00 46.0 G3 GLOBAL BHD 0.030 -14.29 34,731.2 20.00 113.2 ALDRICH RESOURCES BHD 0.040 -11.11 608.3 0.00 44.5 BINTULU PORT HOLDINGS BHD 5.300 -10.17 36.3 3.11 2,438.0 INDUSTRONICS BHD 0.050 -9.09 14,049.3 0.00 35.4 BIOALPHA HOLDINGS BHD 0.105 -8.70 11,838.8 -4.55 147.7 AVILLION BHD 0.055 -8.33 3,430.8 10.00 62.3 SINMAH CAPITAL BHD 0.110 -8.33 481.4 4.76 43.2 WAJA KONSORTIUM BHD 0.055 -8.33 290.9 -8.33 61.3 SEE HUP CONSOLIDATED BHD 1.010 -8.18 27.5 1.00 80.3 NI HSIN GROUP BHD 0.115 -8.00 2,087.6 0.00 60.2 JOHAN HOLDINGS BHD 0.060 -7.69 2520.1 -7.69 70.1 KUCHAI DEVELOPMENT BHD 1.470 -7.55 1,789.7 17.60 181.9 VIZIONE HOLDINGS BHD 0.065 -7.14 5,067.7 8.33 133.0 HIAP HUAT HOLDINGS BHD 0.140 -6.67 603.0 -3.45 55.3 TECHNODEX BHD 0.07 -6.67 611.8 -12.5 59.1 Data as compiled on Jan 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) BINTULU PORT HOLDINGS BHD 5.300 -0.600 36.3 3.11 2,438.0 PETRONAS DAGANGAN BHD 21.080 -0.480 465.8 -3.48 20,942.0 HEXTARTECHNOLOGIES SOLUTIONS 22.080 -0.240 9.5 -1.87 2,840.6 PANASONIC MANUFACTURING 17.960 -0.220 40.4 -0.22 1,091.0 KESM INDUSTRIES BHD 6.880 -0.170 9.8 -2.69 295.9 KLUANG RUBBER CO MALAYA BHD 4.020 -0.130 150.1 11.05 249.9 KUCHAI DEVELOPMENT BHD 1.470 -0.120 1,789.7 17.60 181.9 GENETEC TECHNOLOGY BHD 2.190 -0.120 9,595.8 -7.20 1,694.7 KOTRA INDUSTRIES BHD 4.750 -0.110 22.0 -1.66 704.5 SEE HUP CONSOLIDATED BHD 1.010 -0.090 27.5 1.00 80.3 RIVERVIEW RUBBER ESTATES BHD 3.230 -0.090 4.0 -1.52 209.5 APM AUTOMOTIVE HOLDINGS BHD 2.800 -0.080 204.9 12.00 547.4 D&O GREEN TECHNOLOGIES BHD 3.480 -0.080 2,812.4 -3.87 4,309.3 FRASER & NEAVE HOLDINGS BHD 28.180 -0.080 107.8 0.07 10,335.8 LIEN HOE CORP BHD 0.300 -0.070 5.0 -3.23 99.7 PENTAMASTER CORP BHD 4.400 -0.070 3,000.0 -4.35 3,129.8 IDEAL CAPITAL BHD 2.940 -0.060 6.5 -2.00 1,470.0 DUFU TECHNOLOGY CORP BHD 1.830 -0.060 973.5 -3.68 970.5 SUNGEI BAGAN RUBBER CO MALAYA 4.180 -0.060 94.3 28.62 276.6 GUAN CHONG BHD 1.720 -0.050 4,485.9 -6.01 2,020.2 Data as compiled on Jan 4, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) RAPID SYNERGY BHD 27.700 0.500 354.3 -2.74 2,961.0 HONG LEONG BANK BHD 18.880 0.380 835.8 -0.11 40,926.5 TENAGA NASIONAL BHD 10.420 0.360 9,776.4 3.78 60,304.0 UNITED PLANTATIONS BHD 18.200 0.320 1,211.9 2.25 7,549.1 MALAYAN CEMENT BHD 4.660 0.310 3,652.8 10.17 6,105.5 HEINEKEN MALAYSIA BHD 23.580 0.280 280.8 -2.32 7,123.5 YNH PROPERTY BHD 4.350 0.280 2,743.0 2.35 2,298.9 KUALA LUMPUR KEPONG BHD 22.000 0.240 1,015.5 0.82 23,725.6 DUTCH LADY MILK INDUSTRIES BHD 25.000 0.240 15.2 7.94 1,600.0 NESTLE MALAYSIA BHD 118.700 0.200 365.0 0.94 27,835.2 YTL POWER INTERNATIONAL BHD 3.000 0.200 76,816.2 18.11 24,306.5 GAMUDA BHD 4.870 0.180 14,267.3 6.10 13,283.7 EDARAN BHD 1.380 0.170 19,802.3 58.62 79.9 MALAYAN BANKING BHD 9.030 0.140 5,561.0 1.57 108,903.9 LPI CAPITAL BHD 12.100 0.140 37.0 1.17 4,820.4 IMASPRO CORP BHD 3.560 0.120 1,032.6 -7.05 284.8 HUME CEMENT INDUSTRIES BHD 2.460 0.120 1,775.0 9.33 1,525.9 IJM CORP BHD 2.010 0.110 13,492.9 6.91 7,047.4 RANHILL UTILITIES BHD 1.140 0.110 66,743.7 26.67 1,470.0 AXIATA GROUP BHD 2.490 0.110 5,702.9 4.62 22,855.9 Data as compiled on Jan 4, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 37,430.19 -284.85 -0.76 S&P 500 * 4,704.81 -38.02 -0.80 NASDAQ 100 * 16,368.49 -175.45 -1.06 FTSE 100 * 7,682.33 12.50 0.16 AUSTRALIA 7,494.10 -29.10 -0.39 CHINA 2,954.35 -12.90 -0.43 HONG KONG 16,645.98 -0.43 0.00 INDIA 71,847.57 490.97 0.69 INDONESIA 7,359.76 80.67 1.11 JAPAN 33,288.29 -175.88 -0.53 KOREA 2,587.02 -20.29 -0.78 PHILIPPINES 6,602.52 103.64 1.59 SINGAPORE 3,174.01 -25.43 -0.79 TAIWAN 17,549.65 -9.66 -0.06 THAILAND 1,434.59 4.97 0.35 VIETNAM 1,150.72 6.55 0.57 Data as compiled on Jan 4, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 3,657.0036.00 OIL US$ 78.940.69 RM/USD 4.6350 RM/SGD 3.4923 RM/AUD 3.1256 RM/GBP 5.8964 RM/EUR 5.0839
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Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 FRIDAY JAN 5, 2024 SCAN ME No. 8430 PP 2644/12/2012 (031195) MASKING UP ... Pupils seen taking precautionary measures by wearing face masks due to the recent spike in Covid-19 cases, in this photo taken outside a school in Wangsa Maju, Kuala Lumpur yesterday. – ADIB RAWI YAHYA/THESUN Digitalisation top agenda Shining light for special people Starbucks Malaysia has employed and empowered many deaf people since 2016 with the setting up of ‘signing stores’. Fiction based on real happenings Report on hpage 6 Report on hpage 4 Report on hpage 2 Opposition can have whatever move, for government, the focus remains on digital transformation, says Loke Power tariff hike to impact 1.2mil households Decision to remove subsidies for those consuming between 601kWh and 1,500kWh monthly reflects a shift to targeted subsidies: Energy Commission Report on — page 3 Marriage and Mutton Curry author makes history come alive for all generations of Malaysians, so that current generation understands what older generations went through to build the country.
FRIDAY | JAN 5, 2024 2 ‘Govt focused on efforts to ensure country thrives’ SEREMBAN: The government is focusing on strengthening its “digitalisation move” to ensure the country will continue to thrive, said Transport Minister Anthony Loke. He said the launch of the Central Database Hub, which is an integrated system that would enable any government policy to be effectively implemented for the people’s benefit, is one of the government’s initiatives. “Whatever move (other parties want to take), they can do so. For the government, the focus remains on the digitilisation agenda, and the Transport Ministry is also focusing on efforts to empower the MyJPJ app and so on,” he said when asked Loke and his secretary-general Datuk Jana Santhiran Muniayan at a Transport Ministry event in Putrajaya yesterday. – BERNAMAPIC oNotwithstanding any agenda others may have, ‘digitalisation move’ remains primary focus, in addition to promoting MyJPJ app and other initiatives: Minister Spectacles not an issue for e-KYC selfie KUALA LUMPUR: Those wearing spectacles will not have problems uploading a selfie while holding their MyKad for the electronic Know Your Customer (e-KYC) process while registering on the Central Database Hub (CDH), said Economy Minister Rafizi Ramli. He said in a post on X that the eKYC process requires users to update their mobile phone operating system to the latest version, clear the cache and ensure that the browser is not in private settings. He added that the e-KYC process could be done in less than five minutes, and as of 9am yesterday 230,443 users had done it, with 61% verification completed. Rafizi said since the CDH was launched on Tuesday, it has recorded 456,136 users. On the problem of “error code 100”, he said users who register using a computer or laptop would be given a QR code which they need to scan using a smartphone for the process of taking a photograph of the front and back of their MyKad as well as a selfie. “Currently, there are users who are having problems completing the process and get ‘error code 100’. They have to update their respective smartphone operating systems to the latest version, clear the cache and make sure the browser is not in private settings.” He said if the problem persists, they could go to the nearest CDH counter for assistance, adding that the list of such counters could be found at padu.gov.my/hubungi/lokasi. Rafizi said users also need to update their employment information, while those who are unemployed could enter the amount of aid or contributions they received from government agencies or family members. He said the information control mechanism in the CDH system requires individuals to certify and verify updated information after undergoing identity verification through the e-KYC process. “Every information that has been verified cannot be amended except by making a complaint to the Public Complaints Management System to enable action to be taken by CDH administrators.” Rafizi said the government viewed the issue of cyber security as serious and would constantly monitor and test the CDH system to ensure that there are no defects or weaknesses. – Bernama to comment on the reported “Dubai Move”. Last Saturday, Community Communications Department deputy director-general Datuk Ismail Yusop was reported to have said that the “Dubai Move” happened during a vacation taken by some opposition and government leaders in the United Arab Emirates recently. On Wednesday, Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor confirmed that there was a move by Perikatan Nasional to topple the federal government through a democratic process that is in accordance with the Federal Constitution. Asked to comment on Muhammad Sanusi’s statement, Loke said the Kedah menteri besar should prioritise efforts to develop the state, Bernama reported. “Those who talk about moves to overthrow the government are irresponsible people. “As menteri besar and a politician, he (Muhammad Sanusi) should focus on his work. As transport minister, I only have one ‘move’, and that is to digitalise the Transport Ministry.” Earlier, Loke presented RM1 million in donations from the YTL Foundation to Sekolah Menengah Kebangsaan St Paul here. Management of foreign workers to be improved KUALA LUMPUR: The Home Ministry and the Human Resources Ministry are committed to improving the management of foreign workers in the country, said Home Minister Datuk Seri Saifuddin Nasution Ismail. He said issues involving the shared scope of both ministries were discussed during his meeting with Human Resources Minister Steven Sim Chee Keong in Putrajaya on Wednesday. Saifuddin Nasution said the discussions also covered cases of exploitation of foreign workers. “The hot issue involving the exploitation of foreign workers was a serious topic discussed, along with the way forward for 2024 related to improvements in the management of foreign workers in Malaysia,” he said in a post on his Facebook page. He said the meeting touched on several related matters, and they agreed to issue a joint media statement soon to provide clarification on issues raised. Previously, Sim was reported to have said that he would hold discussions with the Home Ministry on the issue of foreign workers, including proposing to place matters related to this group under the jurisdiction of one ministry. – Bernama King confers awards, medals on 288 recipients KUALA LUMPUR: The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah conferred the Darjah Johan Mangku Negara (JMN) award on former Cheka assemblyman Lee Ah Wong. Lee headed the list of 288 recipients of federal awards, medals and honours at an investiture ceremony held at Istana Negara yesterday. Al-Sultan Abdullah also bestowed the JMN award on 31 other recipients, including the army’s Eastern Field Commander Lt-Jen Datuk Mohd Sofi Md Lepi, Royal Malaysian Air Force Joint Force Commander Lt-Jen Datuk Noor Mohamad Akmar Mohd Dom and Perak police chief Datuk Seri Mohd Yusri Hassan Basri. The King conferred the Darjah Johan Setia Mahkota on 33 recipients, including Pemanis assemblyman Anuar Abd Manap, Jerai MP Sabri Azit and Federal Territories Syariah Court Syarie Chief Judge Mohd Asri Tahir. Al-Sultan Abdullah awarded the Bintang Kesatria Mangku Negara to 52 individuals, the Bintang Ahli Mangku Negara to 108 and the Pingat Pangkuan Negara to 63. – Bernama No Malaysians affected by Iran bombings PUTRAJAYA: There have been no reports of Malaysians affected by the bombings in Kerman, Iran on Wednesday, which claimed at least 95 lives and left several hundreds injured. The Foreign Ministry in a statement said the Malaysian embassy in Tehran is closely monitoring the situation and actively liaising with local authorities. “All Malaysians in Iran, particularly in the city of Kerman, are urged to keep abreast of the latest developments, take due precautions and adhere to travel advisories from local authorities. “Malaysia expresses its deepest condolences and sympathies to the victims and families who have lost their loved ones in this tragedy, as well as to the government and people of Iran. We also pray for the speedy recovery of those injured.” The statement added that the Malaysian embassy in Tehran could be reached for assistance at No. 25, 2nd Alley, North Zarafshan St, Shahrak-eGharb or via telephone (+98 21 880724444 or +98 21 88078606) or email at mwtehran@kln.gov.my or mwconsular.teh@gmail.com. – Bernama
FRIDAY | JAN 5, 2024 3 PETALING JAYA: Some 1.2 million households will be impacted by the electricity tariff adjustments that took effect in Peninsular Malaysia on Jan 1 under the Imbalance Cost Pass-Through (ICPT) mechanism. The Energy Commission said the adjustments, which will be applicable until June 30, will not affect users in the industrial and commercial categories, in which a surcharge of 17 sen/kWh will remain. Households that pay between RM220 to RM737 a month in electricity bills will experience a hike ranging from 4.2% to 6%. This will translate to a potential monthly rise of RM12 to RM32. The government’s decision to remove subsidies for those using between 601kWh and 1,500kWh monthly reflects a shift to targeted subsidies that aim to ensure financial support is directed where it is needed most. Based on this, the government has allocated RM1.9 billion in subsidies to users in the domestic category. The commission said the financial injection is designed to alleviate the burden of the ICPT surcharge on the identified categories of users throughout the stipulated implementation period. In response to the changes, Negeri Sembilan Consumers Association former president Bulbir Singh said consumers must use electricity efficiently, especially by understanding how electrical appliances work. “Consumers have to ensure the appliances they are about to buy or use should have a 5-star rating as they are designed to consume less energy, and thus contribute to overall power savings. “The most important part of reducing electricity is switching off the power when it is not in use. This is a habit that is often overlooked but can significantly contribute to energy conservation,” he said. In addition to these basic practices, Bulbir recommended the installation of solar panels, especially for those with electricity bills exceeding RM200. He said solar energy, harnessed through photovoltaic panels or mirrors concentrating solar energy, presents a sustainable alternative to traditional power generation and consumption. “The energy generated from solar sources can either be used directly or stored in batteries for later use. They offer a solution for those seeking to reduce reliance on conventional power sources.” Bulbir said consumers play a critical role in reducing electricity costs through responsible practices, adding that by using energy-efficient appliances, being mindful of usage patterns and exploring renewable energy options, consumers could contribute to a more sustainable and cost-effective energy landscape. “Consumers must embrace energy-efficient practices and explore sustainable alternatives. This will ultimately contribute to a more resilient and responsible approach to power consumption.“ He added that as the government aims to strike a balance between financial responsibility and consumer welfare, individual efforts to use power judiciously become paramount in navigating these changes. “Without consumers themselves using power efficiently, household electricity expenses will not be reduced.” Rural leaders vital in registration process KUALA LUMPUR: Community leaders in rural areas are playing a crucial role in ensuring the target of registering 29 million Malaysians in the Central Database Hub system before March 31 is achieved. Chief statistician Datuk Seri Mohd Uzir Mahidin said to ensure no one is left out from benefiting from the system, engagement sessions were also being held with state governments to achieve the set target. “For interior areas, operational work has been organised and communication and coordination with state governments have been established through engagement sessions. “We have held meetings in the state data statistics council platform chaired by the premier (of Sarawak), chief ministers or menteri besar and also through the state secretaries. “We also had the same at the district level and had contact with village heads and community leaders. This means efforts to implement the ‘whole of nation’ approach have been implemented.” He added that feedback received from the state statistics departments and field staff on the acceptance of the system in rural areas has been positive, aided by information dissemination efforts conducted by the Information Department. “We also cooperate with the department through the implementation of the ‘Info On Wheels’ programme, in which they go out to disseminate information. So, the publicity is widespread and we can say the developments these two days have been positive.” On feedback received from several quarters, especially regarding security, Mohd Uzir said the system was developed internally, making it versatile and easy to upgrade to ensure the best service delivery to the community. “We welcome public feedback. Actually, it is a process for us to inculcate the digital culture among people and intellectuals in the country, in which positive feedback can be used,” he added. – Bernama Electricity tariff changes to affect 1.2m households oPrudent usage, energy saving appliances and solar panels could help reduce costs: Consumer group ex-chief Database hub offers hope for M40 singles KUALA LUMPUR: Unmarried professionals residing in cities and earning a gross monthly income of more than RM5,000, categorised as M40, are often left out of government assistance programmes because they are classified as ineligible. In reality, those in the group are also financially burdened, especially those who are the breadwinners in the family. In addition to paying for all the household needs, they are also responsible for the medical expenses for parents and younger siblings. Several experts said there is a possibility such individuals do not receive subsidies or assistance due to incomplete information provided. “What is needed is a space that details the financial situation of every person registered in the Central Database Hub system so that the unique aspects of the financial situation can be taken into account and addressed to solve the financial problems of every family,” said Universiti Tun Abdul Razak economist Prof Dr Barjoyai Bardai. The need for detailed information was raised by Universiti Kebangsaan Malaysia Faculty of Education Graduate Programmes head Assoc Prof Dr Ku Suhaila Ku Johari during a counselling session attended by single M40s recently. She said based on several studies, single M40s were more comfortable being alone than getting married due to the huge commitments involved. “It is subjective. We may think M40 singles are happy, as they don’t have children to send to nurseries or childcare centres and so on. But some family heads have parents and siblings to support although they may not be staying in the same house. “As such, I believe that the Central Database Hub system needs to be further refined for groups like this because they fear they may not be eligible, with the government announcing the implementation of targeted subsidies,” she added. Universiti Utara Malaysia Student and Alumni Affairs deputy vice-chancellor Prof Dr Ahmad Martadha Mohamed said many of those in the M40 group are pressured by the challenges of life and the increasing cost of living. “There should be no more classification of B40, M40 and T20 in determining the distribution of aid and subsidies, given that the M40 group living in cities such as Kuala Lumpur, Shah Alam and Penang are increasingly pressured from the impact of Covid-19. “Considering their salary increase is not (proportionate to) the increase in living costs and price of goods, the Central Database Hub is the answer that the M40 has been waiting for.” – Bernama Civil servants warned against corrupt acts SEREMBAN: Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun has issued a stern warning to state civil servants against committing misappropriation and graft, before the Malaysian Anti-Corruption Commission (MACC) shows up at their office. He said MACC has been given full authority to investigate any civil servant in the state suspected to be involved in such acts. “During the launch of the Central Database Hub system, Prime Minister Datuk Seri Anwar Ibrahim lauded MACC and police for acting against those who were found to be corrupt, giving them full authority to probe individuals involved in corruption within the civil service. “I fully support him. If anyone is planning for that purpose, they better stop before MACC comes to their office,” he said at the state administration assembly yesterday. He added that civil servants also need to increase state revenue through good governance, avoid wastage and prevent leakage. – Bernama █ BY QIRANA NABILLA MOHD RASHIDI newsdesk@thesundaily.com BACK TO BASICS ... Kampung Limbongan resident Zulkifli Mohammad bathing his son Muhammad Aish Ilman with water from an old well that had not been used for 25 years, after the area in Jertih, Terengganu was hit by a 21-day water cut. – BERNAMAPIC
FRIDAY | JAN 5, 2024 4 READ OUR HERE /thesun Malaysian Paper Plan to repair ‘strategic’ Labuan bridge LABUAN: The Fisheries Department here will address the problem of a damaged bridge at Rusukan Besar Island, which has been unusable for over two years, in efforts to enhance tourism potential. Its director Faizal Ibrahim SuhailI said a collaborative engagement session with local government agencies was held last year to discuss the construction of a new bridge. “We have engaged local authorities, including the Labuan Corporation, on the matter. Considering its tourism significance, repairing or reconstructing the bridge is imperative,” he said, adding that several issues were identified in the process. Faizal said the Director of Lands and Mines Office owns the land on which the bridge is situated. “We have submitted a letter requesting a transfer of land ownership to us. This step is essential to seek funding for the bridge construction.” Rusukan Besar Island is also home to the Turtle Rehabilitation Centre managed by the Fisheries Department. According to Labuan Rusukan Besar Resort director Jeffrey Lee, the bridge is crucial to facilitate the arrival of tourists. “It was damaged and rendered unusable by large waves about two to three years ago. Since then, we have had to use wooden steps for tourists to disembark from boats.” He said the majority of visitors were from Peninsular Malaysia, China, Nepal, European countries, the UK and Brunei. “We hope the government expedites construction of the bridge. Adequate facilities are vital to draw more tourists.” – Bernama Include animals in disaster management plans, govt urged GEORGE TOWN: The Consumers Association of Penang has urged the government to give serious consideration to the implementation of policies and strategies to minimise the impact of disasters on animals. Its president Mohideen Abdul Kader said in a statement livestock farmers were among those severely affected by natural disasters because animals are not a priority in disaster management. He said disaster risk reduction is a proactive measure and suggested cooperation with international animal welfare organisations to enhance the safety of pets and livestock. Mohideen added that Malaysia needs to enhance its knowledge in livestock responsiveness. “The Agriculture and Food Security Ministry and the Veterinary Services Department need to seriously consider implementing policies and strategies to minimise the impact on animals.” He said data from the Statistics Department recorded losses totalling RM36.9 million in the livestock sector in 2022, which affected the country’s economy. – Bernama Love for writing put on slow cook mode finally served PETALING JAYA: Pursuing a dream career in literature during tumultuous times seemed like a far-fetched idea. But years later, Datuk Dr M. Shanmughalingam (pic) turned his experiences into a book, titled Marriage and Mutton Curry. Published by Epigram Books in Singapore in 2018, it sold more than 5,000 copies before entering the UK market in 2020. Shanmughalingam said he always had a passion for literature and writing, but had to put the idea aside as he was told to study economics instead by his professor. “My father came from a poor family and he always told me to put duty before pleasure. At the time, he said economics may not be what I want, but it’s good for me and the country.” Recounting his time in university, Shanmughalingam said he would be envious when he saw his friends going for literature classes while he was attending economics lessons. Some of Shanmughalingam’s works detail colourful experiences during his time working for the Finance Ministry. oMalaysian author rewrites historical facts through viewpoint of human interest stories in ‘fac-tion’ themed book █ BY ALLEN WONG newsdesk@thesundaily.com Special tourism body for Perlis KANGAR: The state government will establish a special body known as Perlis Tourism to oversee and manage tourism affairs, including the Perlis Geopark, said Menteri Besar Mohd Shukri Ramli. He added that the State Secretary Office is in the process of finalising appointments, office facilities and other necessities for the organisation. “Perlis Tourism will operate under the supervision of the State Economic Planning Unit at the state government administrative complex for six months, before being established as an entity under Perlis State Secretary Incorporation.” He said Perlis Tourism will be fully operational in July. Mohd Shukri also said the state government has lined up various programmes in line with Visit Perlis Year 2024-2025, such as the Pesta Angin Timur, Water Festival, Perlis Farmers, Breeders and Fishermen Day and the Perlis Marathon. “Tourist arrivals exceeded 100,000 in December. As of October 2023, it surpassed 3.2 million.” – Bernama FINAL FAREWELL ... Sarawak Fire and Rescue Department director Datuk Khirudin Drahman @ Hussaini (right) with a member of the K9 unit laying a wreath at the burial site of tracker dog Cliff in Serian yesterday. The canine died due to cancer. – BERNAMAPIC “I never lost my love for writing even after earning my degree with honours from Universiti Malaya, Masters from Harvard and PhD from Oxford. I published my first short story in 1977, which won second prize in an Oxford University short story competition.” The former Finance Ministry deputy secretary, Petronas general manager and current Trilogic Sdn Bhd managing director has published short stories and poems in 37 anthologies and broadcasts. Shanmughalingam describes Marriage and Mutton Curry as a historical “fac-tion”, which stands for fiction based on real events. He said “fac-tion” is his way of rewriting historical facts through the viewpoint of human interest stories. “The storylines are inspired by true life events from history. It covers the three major periods of Malaysian modern history – colonial times under the British, the Japanese occupation during World War II and the period leading to Independence. “I’m trying to make history come alive for all generations of Malaysians, so that the current generation understands what their parents and grandparents went through to build the country.” Shanmughalingam had the honour of Perak Ruler Sultan Nazrin Shah launching his book at the Cooler Lumpur Festival in October 2016. “Historical fiction fills an important gap by giving us the stories of people who fought much smaller battles, whether domestically or professionally, and who sometimes lost them,” Sultan Nazrin was quoted as saying. Some of Shanmughalingam’s works also detail colourful experiences during his time working for the ministry. For instance, “Seek and Ye Shall Find?” is about a civil servant who longs for a promotion, only to have the unexpected happen. Marriage and Mutton Curry is available online or in-store at MPH Bookstores, Gerakbudaya, Kinokuniya, Popular, Lit Books and Riwayat.
FRIDAY | JAN 5, 2024 | 5
FRIDAY | JAN 5, 2024 6 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Coffee franchise chain empowers deaf community oStarbucks celebrates 25th anniversary and success of its ‘signing stores’ nationwide PETALING JAYA: As Starbucks Malaysia commemorates its 25th anniversary, Group CEO of Berjaya Food and managing director of Berjaya Starbucks Datuk Sydney Quays reflects on its progress as a brand that enriches communities across Malaysia. This includes assisting the differently abled with its “signing stores”, that are staffed with deaf employees. Established in 2016 and nestled in the heart of Bangsar Village II, its first signing store now stands as a beacon of light for its “special” staff, who look forward to fulfilling their dreams of career advancements. Quays said in collaboration with local deaf associations, Starbucks had also set up two more signing stores in Burmah Road, Penang and Vivacity Megamall, Kuching. “We have successfully employed and empowered many deaf people since 2016. These aspiring individuals have now become qualified Coffee Masters and shift supervisors, who contribute their skills and unique perspectives to the Starbucks family.” Aside from employment, he said the brand also provides a platform for the deaf community to showcase their talents. “Some of our stores are adorned with the artwork of deaf artists like Lim Anuar and Madang Ding Anyi. “This initiative is a testament to our commitment to going beyond being a coffee destination. We aspire to be a canvas on which dreams are painted, talents are nurtured and the deaf community is embraced with open arms.” Quays said the company launched an initiative called the “Starbucks Upcycled Flavorlock Pouch” programme, which empowers young girls and women from the B40 communities through tailored curriculums in 2019. “Through our collaborative efforts, Starbucks customers donated used ‘Flavorlock’ Whole Bean coffee bags, which are meticulously upcycled into useful pouches. “The materials are processed by the sewing and tailoring students from the Young Women’s Christian Association of Kuala Lumpur (YWCA KL) Vocational Training Opportunity Centre (VTOC),” he said, adding that for every pouch purchased, RM1 is donated to support the YWCA KL VTOC. He said the programme also contributes to Starbucks’ commitment to reducing its carbon footprint and environmental impact beyond having products with an aesthetic appeal. Quays also said Starbucks Malaysia is involved in a long-term partnership with NGOs such as What a Waste to eradicate food insecurity among low-income families. “We helped to achieve this through a one-off grant of US$50,000 (RM232,000),” he said, adding that the foundation of a resilient society lies in ensuring universal access to nutritious food. “Starbucks is fully committed to this cause as we recognise the daily struggles faced by many in breaking free from the shackles of poverty and malnourishment. “Through these grants and our long-term partnerships, we aim to ensure every marginalised community receives the sustenance they deserve and that no one is left behind.” Quays said in addition to its corporate social responsibility, Starbucks Malaysia is committed to ensuring the brand lives up to its halal compliance, which has been a part of its identity since it received its Jakim halal certification in 2006. “In 2017, we became one the few companies that were listed in Jakim’s Rahmah Halal Malaysia initiative, a highly-valued initiative introduced to encourage industry engagement in Malaysian halal certification. “Being certified by Jakim is more than a regulatory requirement. It is a symbol of our commitment to our racially and religiously diverse consumers. “Since day one, the company has pledged to consistently meet and exceed the expectations set by Jakim, to ensure every product and service resonates A Starbucks employee with exclusive 25th anniversary merchandise. – ADIB RAWI YAHYA/THESUN with the essence of halal principles.” Five charged over death of security guard KUALA LUMPUR: Five individuals, two of them siblings, were charged in the Selayang Magistrate’s Court yesterday with the murder of a security guard, whose body was found buried in a backyard of a house in Sungai Choh in Rawang last month. G. Ganong Segaran, 34, and his sister G. Malani, 33, as well as S. Devi, 30, P. Saravanan, 31, and P.K. Vikinesvaran, 20, were charged with murdering S. Ashok, 20, at the house in Jalan Sungai Buaya in Sungai Choh between 8am and 3.30pm last Dec 23. The charge, framed under Section 302 of the Penal Code and read together with Section 34 of the same law, provides the death penalty or imprisonment of between 30 and 40 years and if not sentenced to death, shall be subjected to not less than 12 strokes of the cane. The charge was read to them before Magistrate Nur Hafizah Rajuni, but no plea was recorded as murder cases are under the jurisdiction of the High Court. In the same court, Ganong and his brother, G. Dandem Bain, 30, pleaded not guilty to a charge of causing the disposal of evidence to avoid detection of the crime. They were jointly charged with committing the offence at the same location and date. The charge, framed under Section 201 of the Penal Code and read together with Section 34 of the same law, provides up to seven years’ jail or a fine. DPP Mohamad Nor Hakimi Mohamad Rosedin did not propose bail, but lawyer Erni Ahmad, from the National Legal Aid Foundation, requested bail for her client, Dandem Bain. Nur Hafizah then set bail at RM5,000 in one surety for Dandem Bain and ordered him not to intimidate the witnesses. The court set March 4 for mention of both cases. – Bernama Court orders couple to enter defence KUALA LUMPUR: The Sessions Court yesterday ordered a man and his wife to enter their defence on a charge of illegal deposit-taking, involving RM364,000. Judge Mohd Kafli Che Ali made the order after finding the prosecution succeeded in establishing a prima facie case against Ho Kok Keong, 62, who is a former CEO of a telecommunications company, and housewife, Koh Orchid, 56. He said the accused had three options to defend themselves, either to remain silent, testify under oath from the dock without being cross-examined by the prosecution or testify under oath from the witness stand with the prosecution being allowed to cross-examine. Lawyer Sean Dudley, representing the couple, told the court his clients would testify under oath from the witness stand. Mohd Kafli then set two days, March 13 and 14, for the defence proceedings. On Aug 12, 2022, the couple pleaded not guilty to the charge. The offence was allegedly committed between Dec 16, 2015 and April 16, 2016 at a restaurant in Sentul. The charge, framed under Section 137(1) 10 of the Financial Services Act 2013 and read together with Section 34 of the Penal Code, provides imprisonment up to 10 years or a maximum fine of RM50 million or both. – Bernama Man dies, granddaughter injured in crash ALOR SETAR: An elderly man was killed and his granddaughter injured, when the motorcycle they were riding was involved in a crash with a vehicle on Jalan Kuala PegangParit Panjang on Wednesday. District police chief Supt Shamsudin Mamat said Mohamad Norzizan Ismail, 61, from Kampung Lela in Kuala Pegang died on the spot due to serious injuries while his nine-year-old granddaughter Nur Damia Qaisara Norazlimi suffered head and body injuries. The crash occurred when they collided with the vehicle driven by a 63-year-old man, who was heading towards Parit Panjang. “The vehicle made a right turn into a petrol station and Mohamad Norzizan attempted to overtake it but failed, crashing into the right side of the vehicle. The driver escaped unhurt,” he said, adding that the body was sent to the Kulim Hospital for a post mortem while the injured victim was taken to the Baling Hospital for treatment. The case is being investigated under Section 41(1) of the Road Transport Act 1987. – Bernama Two brothers accused of murder JOHOR BAHRU: Two siblings were charged in a Magistrate’s Court yesterday with murdering a man. P. Jagdeeshraj, 20, and P. Vasantharaj, 21, were charged with murdering Muhammad Syafiq Abd Latif, 25, on Oct 27 last year. The charge, framed under Section 302 of the Penal Code, provides the death sentence or imprisonment of between 30 and 40 years, and a minimum of 12 strokes of the cane if the death penalty is not applied. The charge was read out to them before Magistrate Nurul Farahah Mohd Suah, but no plea was recorded as the case is under the jurisdiction of the High Court. The court then set March 6 for mention pending post-mortem and medical reports. The prosecution was conducted by DPP R. Nevina, while the siblings were unrepresented. – Bernama █ BY ALLEN WONG newsdesk@thesundaily.com
FRIDAY | JAN 5, 2024 7 US slammed over military drills in South China Sea BEIJING: China yesterday slammed what it called “provocative” moves by the United States and its ally the Philippines in the South China Sea, as both sides held drills in the disputed waters. Warships from China and the US conducted rival exercises in the sea this week amid heightened tensions involving US ally the Philippines. Beijing’s People’s Liberation Army Southern Theater Command said on Wednesday a two-day deployment of its navy and air force was carrying out “routine patrols” in the sea. It did not mention where exactly the patrols took place or give specific details of the goals of the exercises. They took place as the United States said an aircraft carrier strike oBeijing describes manoeuvres as ‘flaunting military might’ as tensions involving American ally the Philippines mount Hundreds cut off after Japan quake leaves 78 dead NANAO: More than 50 people were reported missing yesterday as Japanese rescuers battled to reach hundreds still cut off from help three days after a devastating earthquake left at least 78 dead. As the frantic search for survivors continues, more than a dozen communities remained isolated by landslides and blocked roads in central Japan, where the 7.5-magnitude quake struck on Monday. The powerful main tremor, followed by hundreds of aftershocks, injured at least 330 people, local authorities said. Authorities also published a list yesterdy of 51 people whose whereabouts could not be confirmed. Further scenes of destruction were seen in the coastal town of Anamizu, including cars crushed under crumbling concrete and whole facades torn off threestorey structures. Thousands of soldiers, firefighters and police officers from across Japan combed through the rubble of collapsed wooden houses and toppled commercial buildings for signs of life. Around 29,000 households were without electricity in Ishikawa prefecture on the Sea of Japan coast, and more than 110,000 homes across Ishikawa and two neighbouring regions had no water. Access was blocked to small communities in the hardest-hit Noto Peninsula region – with 300 people desperately waiting for aid at a school in the town of Ooya in the Suzu area. Monday’s main shockwave triggered tsunami waves at least 1.2m high in Wajima, and a series of smaller tsunamis were reported elsewhere. – AFP Broadcaster NHK reported that one person was swept away by the tsunami in Noto’s Suzu area, with the coast guard investigating. “This is a very difficult situation. But from the viewpoint of protecting lives, I ask that you make every effort to save and rescue as many lives as possible by this evening, when the critical 72 hours (a timeframe when the hope of finding survivors typically fades) of the disaster will have passed,“ Prime Minister Fumio Kishida said at a government meeting yesterday. – AFP Policemen clearing the rubble of a collapsed house yesterday in the aftermath of the earthquake in Wajima. – REUTERS PIC group led by the USS Carl Vinson was conducting two days of drills with the Philippine Navy. Beijing condemned those manoeuvres as “provocative military activities” aimed at “flaunting their military might”. Foreign ministry spokesman Wang Wenbin said the exercises were “detrimental to management and control of the maritime situation and related disputes”. “We urge relevant countries to stop their irresponsible actions and earnestly respect the efforts of countries in the region to maintain peace and stability in the South China Sea,” he said. Beijing, he pledged, would “continue to firmly safeguard its territorial sovereignty and maritime rights and interests”. Beijing claims almost the entire South China Sea and has ignored an international tribunal ruling that its assertions have no legal basis. It deploys boats to patrol the busy waterway and has built artificial islands that it has militarised to reinforce its claims. And while China typically uses its coast guard to enforce its claims in the area, military exercises are not uncommon, with Beijing’s navy conducting “routine” drills in late November. Footage from Chinese state broadcaster CCTV showed what Beijing called a “live fire drill”, with aircraft flying over the seas and one jet firing a missile. This week’s drills follow a month of tense standoffs between China and the Philippines in disputed reefs in the area that saw a collision between vessels from the two countries and Chinese ships blasting water cannons at Philippine boats. – AFP. Amnesty for over 9,000 Myanmar prisoners YANGON: Myanmar’s junta announced an amnesty for more than 9,000 prisoners yesterday, part of an annual release to mark the country’s Independence Day. The traditional event comes as the army, which took power in a military coup in 2021, faces growing resistance from allied groups in the country’s north. A coalition of ethnic armed groups has said it has captured military positions and border hubs vital for trade with China, posing a serious threat to the junta, according to analysts. Independence Day in Myanmar has previously been marked by a parade in the capital Naypyidaw, followed by an address from junta chief Min Aung Hlaing. But the junta leader was absent this year, leaving a subordinate to read prepared remarks in his stead. In a statement yesterday, the State Administration Council said it had “granted amnesty to 9,652 prisoners from respective prisons and jails as a gesture for the 76th Independence Day and to respect the peace in peoples’ hearts and minds”. There was no immediate indication that political detainees were among those to be released. In a separate statement, the junta said 114 foreign prisoners were among those granted amnesty and would be deported “on bilateral relations and humanitarian grounds”. No further details were given. In the commercial capital Yangon, friends and family members of prisoners gathered outside Insein prison, where detainees were to be released. – AFP B R I E F SS. KOREA OPPOSITION LEADER OUT OF ICU SEOUL: South Korea’s opposition Democratic Party leader Lee Jaemyung was out of intensive care and was recovering from surgery to repair a major vein that was sliced in a knife attack two days ago, a surgeon who operated on him said yesterday. Lee requires continued observation as the injury to the jugular vein he suffered required difficult procedures to repair, and post-surgery complications could not be ruled out, Prof Min Seungkee said. “(Lee) is fortunately recovering well,“ said Min from Seoul National University Hospital’s vascular surgery unit. Lee was attacked in Busan by a man in his 60s who approached him at an outdoor public event, stabbing him in the neck with a camping knife. The assailant was quickly subdued and taken into police custody. – Reuters NO ‘VISUAL CONTACT’ BEFORE CRASH TOKYO: Pilots on a Japan Airlines plane that burst into flames just after all 379 passengers and crew escaped had no “visual contact” with the other aircraft in the collision, the airline said yesterday. The three pilots were also unable to see the fire from the cockpit when it first broke out and were informed of it by cabin crew, a JAL spokesman said. The airliner hit a coast guard plane after landing at Tokyo’s Haneda Airport on Tuesday evening. All but one of the six people on the smaller aircraft were killed. A ball of flame erupted from the airliner before it came to a halt and was consumed by a huge blaze, eventually leaving a charred husk on the tarmac. – AFP
FRIDAY | JAN 5, 2024 8 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Elvis ‘back to life’ with help of AI at new London show LONDON: A new immersive Elvis Presley show will open in central London later this year, bringing the king of rock ‘n’ roll back to life with the help of artificial intelligence (AI), organisers said yesterday. “Elvis Evolution”, featuring a life-size digital Elvis performing on stage, is designed to be the first of a series of shows in cities including Las Vegas, Tokyo and Berlin. British company Layered Reality put together the spectacle using AI, holographic projections, augmented reality, live theatre and multi-sensory effects to celebrate the singer’s life and legacy. It promises previously unseen performances created through access to thousands of personal photos and home-video archive after striking a deal with Authentic Brands Group, which owns his estate. Layered Reality chief executive Andrew McGuinness called the show “a next-generation tribute to the musical legend that is Elvis Presley”. “Elvis maintains superstar status globally and people around the world no longer want to sit there and passively receive entertainment – they want to be a part of it,“ he added. The show, which is scheduled to open in November, will use music, technology and storytelling to chart Elvis’s rise to fame and his cultural significance to the 1950s and 1960s. Marc Rosen, head of entertainment at Authentic Brands Group, said it would give fans “a new, immersive way of experiencing Elvis Presley’s life and legacy”. Presley, one of the best-selling music artists of all time, died aged 42 at his Graceland mansion in Memphis, Tennessee in 1977. “Elvis Evolution” comes after the success of Swedish supergroup ABBA’s “ABBA Voyage” digital avatar show, which opened at a purposebuilt venue in east London in May 2022. – AFP B R I E F SPOLISH FARMERS RESUME BORDER PROTEST WARSAW: Polish farmers blockaded the Medyka border crossing with Ukraine yesterday, private broadcaster Polsat News reported, resuming a protest intended to secure government subsidies for corn and prevent tax increases. The farmers, who are demanding a written agreement with the government, had suspended their protest at the crossing in southeastern Poland on Dec 24 after a meeting with Agriculture Minister Czeslaw Siekierski. Protest leader Roman Kondrow was quoted by Polsat News as saying the farmers were happy with talks they had with the minister and the local governor, but that they wanted a formal agreement. – Reuters ‘BANGLADESH ELECTION WILL BE A SHAM’ LONDON: Bangladesh’s election on Sunday will be a “sham” designed to cement Prime Minister Sheikh Hasina’s rule, exiled opposition leader Tarique Rahman said defending his party’s boycott. Tarique is heir to one of the country’s two main political dynasties, the other led by Sheikh Hasina, and has helmed its largest opposition party since the 2018 jailing of his mother, two-time premier Khaleda Zia. Six years ago he was convicted in absentia of masterminding a deadly grenade attack on a campaign rally for Sheikh Hasina, a charge he insists is fabricated, and sentenced to life imprisonment. His party staged a months-long protest campaign last year demanding the prime minister’s resignation that saw at least 11 people killed and thousands of its supporters arrested. – AFP Trump, Clinton named in Epstein court documents NEW YORK: Forty court documents containing information on associates of late paedophile Jeffrey Epstein – including former US presidents Donald Trump and Bill Clinton – have been made public. More than 150 associates of the disgraced paedophile are expected to be unmasked in the trove of documents, which are being unredacted as part of an Dec 18 court order. The newly released documents name Trump and Clinton on multiple occasions but at no point accuse either of any wrongdoing. US judge Loretta Preska ordered that the court filings in a lawsuit by Epstein victim Virginia Giuffre must finally be unsealed and the names of up to 200 “John and Jane Does” unredacted. Giuffre sued Ghislaine Maxwell for defamation in 2015 after Maxwell branded her a liar over her claims that she was sexually abused as a minor. The suit was settled in 2017 but the names have remained under lock and key – until now. In last month’s ruling, judge Preska found that there was no legal justification to keep the names in the documents redacted, paving the way for several famous figures to find themselves tied to the disgraced financier. As well as the unmasking of Epstein’s associates, the trove of documents is expected to shed further light on Epstein’s decades-long campaign of abuse and sex-trafficking. – The Independent Russia, Ukraine exchange hundreds of prisoners KYIV: Russia and Ukraine have exchanged hundreds of prisoners of war in the biggest such swap since Russian President Vladimir Putin launched a full-scale invasion of Ukraine in February 2022. At least 230 Ukrainian prisoners of war returned to their homes and a total of 248 Russian servicemen were released from Ukrainian territory on Wednesday after the United Arab Emirates (UAE) brokered a swap deal between the two nations. This is the 49th prisoner exchange between Ukraine and Russia during the war, Kyiv’s human rights ombudsman Dmytro Lubinets said. The UAE is among a handful nations to have maintained close ties with Russia in spite of Putin’s decision to invade a European neighbour, which has otherwise left Russia isolated on the world stage and facing mounting Western and international sanctions. Officials from the UAE’s foreign ministry said the successful swap was due to “strong friendly relations between the UAE and both the Russian Federation and the Republic of Ukraine, which were supported by sustained calls at the highest levels”. Ukrainian president Volodymyr Zelensky said of the 230 of Ukrainian troops freed, 213 are soldiers and sergeants, 11 are officers and six were civilians. More than 200 Ukrainian soldiers have been released during a prisoner of war exchange with Russia. – AFPPIC oBiggest swap deal brokered by UAE since Putin launched full-scale invasion in February 2022 “Despite all of the challenges, we have good news today... 230 freed people. Initially, there was no information about some of them being held captive. They were considered missing in action. It is critical to keep hope alive,” he said. Ukraine is seizing every opportunity and raising the issue of returning prisoners of war at any international meeting that may be helpful, he said, adding that negotiations have “not ceased for a single moment”. Ukraine will keep working to bring back its people, Zelensky said, thanking top officials in Kyiv who worked on the exchange. Some of the Ukrainians released yesterday were held by Russia since 2022. Among them were those who fought in milestone battles for Ukraine’s Snake Island and the Ukrainian city of Mariupol. Russia has not offered any details of the exchange of its prisoners with Ukraine. – The Independent
FRIDAY | JAN 5, 2024 9 95 killed in two blasts near Iran general’s burial site oWorld leaders condemn attack while US refutes suggestions of involvement TEHRAN: Two explosions near the burial site of Iran’s slain general Qassem Soleimani killed at least 95 people and wounded more than 210 others on Wednesday, reported local media. The blasts occurred as many people gathered at the cemetery in Iran’s southeastern city of Kerman to mark the fourth anniversary of Qassem’s death in a US drone strike. The first blast was about 700m from Qassem’s tomb and the second was a kilometre away, Xinhua quoted the official IRNA news agency. Meanwhile, the Islamic Republic of Iran News Network said the cause of the blasts was still under investigation and that rescue teams were at the scene. It added that most of the injuries were caused by overcrowding and panic. The Iranian government declared yesterday as a day of national mourning. Qassem, one of the most powerful military commanders in Iran, was killed on Jan 3, 2020, near Baghdad’s international airport in a drone strike ordered by then-US president Donald Trump. He was buried in his hometown of Kerman after a funeral that drew millions of mourners across Iran. Iran denounced the assassination as “state terrorism” and vowed revenge. Following the latest incident, Iran’s supreme leader Ali Khamenei said the attackers will face “a harsh response”. Iranian President Ebrahim Raisi said, “Undoubtedly, the perpetrators and leaders of this cowardly act will soon be identified and punished.” US officials, meanwhile, rejected any suggestion that it or its ally Israel was behind the deadly blasts. “The United States was not involved in any way. And the suggestion to the contrary is ridiculous... and we have no reason to believe that Israel is involved in this,” Department of State spokesman Matthew Miller said on Wednesday. The United Nations, European Union, and several countries including Russia, Turkiye, and Germany denounced the blasts. UN Secretary-General Antonio Guterres condemned the attack in the strongest possible terms according to a statement issued by the UN chief’s office. In a phone call with Iranian Foreign Minister Hossein AmirAbdollahian, EU foreign policy chief Josep Borrell strongly condemned the deadly incident, and extended condolences to the victims’ families and the Iranian government and people. According to a statement from the Kremlin, Russian President Vladimir Putin had sent a message to Ali and Ebrahim, saying that Russia strongly condemns terrorism in all forms. Turkish President Recep Tayyip Erdogan, in a phone call with Ebrahim, condemned the twin attacks “targetting civilians”. “We are deeply saddened by the many deaths in today’s explosions in Kerman,” Germany’s Foreign Ministry wrote on social media platform X. – Bernama Buildings destroyed by Israeli bombardment in central Gaza. – AFPPIC Israel focuses assault on southern Gaza BEIRUT/CAIRO/GAZA: Israeli shelling killed 14 Palestinians yesterday in Khan Younis in a southern coastal area of the Gaza Strip packed with people who had fled attacks in other parts of the enclave, Gaza health ministry officials said. The dead included nine children, an official told Reuters. There was no immediate comment from the Israeli military on the attack although it had separately reported fighting and air strikes against Hamas in the Kkan Younis area on Wednesday. Gaza residents also said Israeli planes and tanks bombarded three refugee camps in the centre of the shattered enclave in heavier attacks than in previous days. The latest action took place as Israel’s war against Hamas neared the three-month mark amid international concern that the conflict was spreading beyond Gaza, drawing in the Israelioccupied West Bank, Hezbollah forces on the Lebanon-Israel border, and Red Sea shipping lanes. Fears were heightened after a drone strike on Tuesday killed Hamas deputy leader Saleh alArouri in the Lebanese capital Beirut. Hezbollah leader Hassan Nasrallah vowed on Wednesday that his powerful Iran-backed Shi’ite militia “cannot be silent” following the killing. Hassan said his forces would fight to the finish if Israel chose to extend the war to Lebanon, but he made no concrete threats to act against Israel in support of its ally Hamas. Israeli military spokesman Rear Admiral Daniel Hagari declined to comment when asked what Israel was doing to prepare for a potential Hezbollah response, saying only: “We are focused on the fight against Hamas.” Hezbollah has been embroiled in nearly daily exchanges of shelling with Israel across Lebanon’s southern border since the Gaza war began. But US officials said on Wednesday they saw little sign that Hezbollah was about to escalate actions against Israel. Israel neither confirmed nor denied assassinating Arouri but has promised to annihilate Hamas, which rules Gaza, following its Oct 7 cross-border assault in which Israel said 1,200 people were killed. Israel unleashed a ground and air blitz of Gaza in response to the Hamas attack, and the total recorded Palestinian death toll had reached 22,313 by Wednesday – almost 1% of its 2.3 million population, according to the Gaza health ministry. US Secretary of State Antony Blinken was heading for the Middle East, including a stop in Israel, to continue “diplomatic consultations” on the Israel-Gaza conflict, a US official said. – Reuters US imam shot multiple times near mosque dies NEW YORK: An imam who was shot on Wednesday outside a mosque in New Jersey has died, the US state’s attorney general said. Hassan Sharif was shot multiple times near a mosque in Newark, just west of New York, before being taken to hospital where he later died, New Jersey Attorney General Matt Platkin said. “We do not yet know the motivation for this crime (but) the evidence collected thus far does not indicate that this was an act motivated by bias, or an act of domestic terrorism,“ said Platkin. He added that “in light of global events, and with a rise in bias that many communities are experiencing across our state, particularly the Muslim community, there are many in New Jersey right now who are feeling a heightened sense of fear.” The state is home to 300,000 Muslim Americans, he said. Since the outbreak of the IsraelHamas war, there has been an increase in Islamophobic and anti-Semitic attacks across the United States. The Essex County prosecutor, Ted Stephens, confirmed Hassan was shot more than once, and that “it does not appear the imam was the victim of a bias crime or that this is related to terrorism”. “We are dedicated to bringing justice for the imam’s family,“ said Stephens. The United States Transportation Security Administration earlier confirmed that Hassan had worked as a security screener at Newark airport since 2016. – AFP B R I E F SEL SALVADOR CLAIMS LOWEST MURDER RATE SAN SALVADOR: El Salvador last year recorded its lowest murder rate in three decades, the government said on Wednesday, hailing President Nayib Bukele’s controversial war on gangs. A total of 154 murders registered in the country of 6.6 million people amounted to a rate of 2.4 per 100,000 inhabitants, down from 495 murders in 2022, officials said. The rate was almost a third lower than the world average as tallied by UN agencies. When Bukele took power in 2019 elections, the poverty-stricken Central American country had one of the world’s highest murder rates at 38 per 100,000 inhabitants, with drug gangs controlling 80% of the country, according to the government. – AFP TEEN IS FIRST HUMAN TO BEAT TETRIS LOS ANGELES: A US teenager has beaten classic computer game Tetris, forcing it into a game-ending glitch in a feat previously achieved only by artificial intelligence. Willis Gibson, 13, a competitive gamer known as “blue scuti,“ became the first human to reach the “kill screen” of the Nintendo version of the puzzle game. “Oh my God!” Willis screams repeatedly towards the end of a video he uploaded to YouTube this week. “It’s never been done by a human before,“ Classic Tetris World Championship president Vince Clemente said, according to The New York Times. – AFP
10 FRIDAY | JAN 5, 2024 South Africa seeks justice for Gaza THE International Movement for a Just World (Just) commends the Government of South Africa for requesting the International Court of Justice to issue an urgent order declaring that Israel is in breach of its obligations under the 1948 Geneva Convention for its massive slaughter of Palestinians living in Gaza. It is alleged that Israel is attempting through its relentless bombardment of life and property to destroy “in whole or a part” the Palestinian community and identity. This is a clear violation of the Geneva Convention. As of Jan 2, according to various sources, over 22,000 Palestinians have been killed by Israeli armed forces or by armed settlers. Of this number, 9,100 are children and 6,500 are women. Access to food, fuel, water, electricity and medicine has been severely restricted by Israeli authorities since the outbreak of hostilities almost three months ago. A significant segment of the population in Gaza faces the grim prospect of starvation. Hospitals, schools, other public amenities and much of Gaza’s infrastructure have also been destroyed. Indeed, Gaza including its farmlands have been laid to waste. This tiny strip of land – 363 sq km – has become almost uninhabitable. The wanton, barbaric massacre of Palestinians and the colossal destruction and devastation caused by Israel have convinced a lot of people that what is happening in Gaza is blatant ethnic cleansing – a continuation of a process that began with the creation of Israel in 1948. The ethnic cleansing that Israel is responsible for is nothing short of genocide targeting Palestinians. It must be emphasised that this has become routinised in the last 75 years. Even before this recent tragedy linked to Oct 7 last year, Gaza was under Israeli siege from land, sea and air. The siege, which began in 2006, was Israel’s way of punishing both the voters in occupied Palestine (Gaza and the West Bank) and the election winner, namely Hamas. Incidentally, the 2006 general election was certified by observers from the US and Europe as free, fair and truly democratic but it was an outcome that Israel did not want. The Israeli response exposed Israel, which the West regarded as the only genuine democracy in the region, for what it is, a sham attempt at governance bereft of even an iota of commitment to democratic principles. The Palestinian election not only unmasked Israel. It also revealed the hidden ugliness in the democratic face of the US and the European Union and because Hamas had won, these two so-called democratic entities decided to impose sanctions upon Gaza. That is not the end of the story. Starting from 2008 to 2009, Gaza has been subjected to a series of assaults by Israel. The present assault is the sixth. Any attempt by the people of Gaza to assert their basic rights is met with fierce suppression. Gaza has never been allowed to develop its economic strength. This explains why there is massive poverty in the strip with youth unemployment exceeding 60%. The population of 2.3 million are squeezed into this small space making it one of the most congested places on earth. What exacerbates Gaza’s poignancy is the fact that the majority of its inhabitants are descendants of the refugees from the initial Israeli occupation and annexation of Palestine in 1948. It is because more and more people have come to know the Gazan story that there is increasing sympathy and support for the beleaguered Gazan population. If anything, the cruel and heartless massacre of children and babies in the last few months has come to epitomise the ongoing 75-year-long catastrophe or Nakba. The 153 nations that demanded an immediate ceasefire in Gaza and the West Bank in a UN General Assembly vote on Dec 12, 2023, reflect the global concern for the plight of the Palestinian people. South Africa has been at the forefront of this concern for many decades. The leaders of post-apartheid South Africa were among the most vocal in the Global South to denounce the inhuman Israeli treatment of the Palestinians. Former South African president Nelson Mandela and bishop and theologian Desmond Tutu realised that Israeli discrimination and marginalisation of the indigenous Palestinians was akin to apartheid. Mandela who described the Palestinian struggle for self-determination as one of the greatest moral issues of our time even observed that South Africans will not be truly free until the Palestinians are free. It is partly because of their own experience with apartheid that the people and leaders of South Africa display such rapport with the Palestinian cause. Other nations in the Global South should also come forward. Indeed, since justice at the heart of the Palestinian struggle is so universal let South Africa’s example inspire people everywhere to act. DrChandra Muzaffar is the president of the International Movement for a Just World (JUST). Comment: letters@thesundaily.com Lessons from miraculous evacuation THE world held its breath on Jan 2 as news of Japan Airlines Flight 516 emerged. The Airbus A350 wasn’t in mid-air trouble. Instead, upon landing at Haneda Airport in Tokyo, it collided with a Japan Coast Guard aircraft, sparking a fire that engulfed the plane during landing. While the incident was undoubtedly terrifying, the outcome was astonishing: within minutes, all 379 passengers and crew were safely evacuated, thanks to swift action and calm leadership. This miraculous escape offers a crucial lesson: the role of flight attendants extends far beyond coffee and tea. In emergencies, they become our guides, our anchors in the storm. Their training, quick decisions, and efficient execution of safety procedures were instrumental in this successful evacuation. However, Flight 516 also begs a crucial question: are we, in our everyday lives, equipped to handle similar crises? Are our workplaces, schools, places of worship and even our homes truly prepared for fire or other emergencies? Do we regularly practice evacuation drills, or do we take safety for granted, assuming routine fire alarms are mere inconveniences, unaware of the true potential for chaos? The reality is sobering. Statistics reveal countless lives lost each year due to inadequate fire safety education and preparedness. Panic-blocked exits and confusion can rapidly transform escape routes into death traps, turning precious seconds into lost lives. Therefore, it’s imperative that we, both individuals and organisations, redefine our approach to emergency preparedness. Fire drills shouldn’t be mere formalities, but opportunities to learn and refine life-saving skills. Every home should have a well-practised evacuation plan with designated escape routes and meeting points. Workplaces must prioritise regular safety training, simulating emergencies and ensuring clear communication channels. Remember, safety training isn’t a luxury, it’s a necessity. It’s not just about checking a box. It’s about investing in our most precious asset – life. This is not about fear but about empowerment. The knowledge and skills gained through proper training can turn us, the passengers in our life journeys, from potential victims to proactive survivors. Let Japan Airlines Flight 516 serve as a beacon of hope, not a chilling reminder of near tragedy. Let’s honour the heroism of the crew by taking responsibility for our safety. Let’s commit to learning, practising and prioritising emergency preparedness because in the face of danger, it’s not just coffee and tea that saves lives, but the knowledge and training that turns ordinary people into extraordinary heroes. Chin Yew Sin Shah Alam LETTERS letters@thesundaily.com COMMENT by Chandra Muzaffar Q: My wife and I enjoy being connected with family and friends through various social media platforms. But it seems like the tech is starting to dominate our lives and even negatively impact our marriage. How do we keep things in balance? Focus on the Family Malaysia: Like so many areas of life, the simplest solution makes the most sense. You just need to take control. Make it a priority to manage technology instead of letting it manage you. One way to do this is to draw up a household “mission statement” to govern your use of social media. We suggest you begin by asking yourself some basic questions, such as “What am I hoping to accomplish through Facebook, Twitter, Instagram, and so on?” Sort these questions out with your spouse and write down your answers in the plainest possible terms. For example, “Use Facebook to stay in touch with Mum and Dad, my sister Jean, and cousin John” or “Follow these 10 to 15 individuals on Twitter”. Then post those guidelines on the refrigerator and/or bathroom mirror and stick to them. Strategically limit your social media circles to your closest ties. It’s also important to set limits on the time you engage with social media and help each other stay accountable to those standards. Along those lines, you might find it beneficial to cut down the number of devices you are using to access your accounts. Finally, permit yourselves to set tech completely aside while you’re doing more important things, for example, a dinner date with your spouse or a game night. Some families find it helpful to have a “No Tech Box” where phones and tablets can be laid aside voluntarily as a way of disconnecting for a while. You can probably come up with additional strategies of your own. Remember, you’re in the driver’s seat. Q: I’m really struggling trying to teach my two-year-old to clean up after herself. She’ll go into her sisters’ room and trash it, then won’t help with the mess unless I threaten to punish her or she only picks up a couple of things before getting distracted. My older daughters complain about the unfairness of having to clean after their little sister doesn’t. What else can I do? Focus on the Family Malaysia: One of the most challenging elements of raising a toddler is setting boundaries. It’s a necessary lesson with life-long application. First, take time to validate your older daughters’ concerns – this is frustrating. But they can be part of the solution by modelling good behaviour for their little sister. Begin by limiting her play areas to give her a sense of healthy limits. If she consistently trashes her sisters’ room, make that place offlimits. Keep play spaces confined to her own room or a family room. Within those “approved” areas, limit the number of toys she has access to at a given time. Then, show her how to clean up one thing immediately before she moves on to the next. Use music, an audio story, or a timer to make cleaning up enjoyable or competitive to drive motivation. Admittedly, it’s a slow process that requires time, creativity, consistency and patience. The good news is that the lesson of cleaning up a few toys will transfer to greater responsibility in years to come. Resist the temptation to swoop in and clean up for her – but remember that you need to model what “clean up” looks like. For more marriage, parenting, and family resources, or if you would like to speak to a counsellor, visit family.org.my The article was contributed by Focus on the Family Malaysia, a non-profit organisation dedicated to supporting and strengthening the family unit. It provides a myriad of programmes and resources, including professional counselling services, to the community. For more information, visit family.org.my. Comments: letters@thesundaily.com UNDER ONE ROOF Improving family communication Let Japan Airlines Flight 516 serve as a beacon of hope, not a chilling reminder of near tragedy. – AFPPIC
LYFE LYFE FRIDAY | JAN 5, 2024 12 Finding love and purpose AS the first rays of the new year week gently illuminate the horizon, a pervasive sense of renewal and the promise of fresh opportunities linger in the air. This juncture, laden with the potential for positive transformations, presents an ideal moment to extend the borders of your abode and welcome a fourlegged companion into your life. Beyond the surface charm of pet adoption lies a profound tapestry of benefits, intricately weaving the destinies of both the adopter and the adopted pet in a symbiotic dance of mutual enrichment. The advent of a new year often acts as a catalyst for resolutions and a deep-seated yearning for positive change. What better manifestation of this spirit of transformation is the act of offering a nurturing home to a pet in need? In our culturally vibrant country, where the love for animals is deeply ingrained in the societal fabric, numerous reputable nongovernmental organisations (NGOs) stand as stalwart advocates, dedicated to facilitating the adoption process and ensuring that pets find enduring homes. Unconditional love and companionship At the core of the pet adoption experience lies the unparalleled ability of animals to bestow unconditional love and companionship. Whether you seek solace in the comforting presence of a furry friend after a long day at work or a loyal companion for your daily activities, an adopted pet has the transformative power to infuse your life with warmth and joy. Health and well-being A plethora of studies attest to the positive impact of pet ownership on both physical and mental well-being. The companionship of a pet has been shown to reduce stress, alleviate anxiety and dispel feelings of loneliness. Furthermore, the responsibility of caring for a pet fosters a more active lifestyle, thereby promoting enhanced physical health for the adopter. Saving lives By choosing the noble path of pet adoption, you become a beacon of Adopting a pet provides constant companionship. – PICS BY PEXELS o Enrich your life by embracing new beginnings through pet adoption █ BY THASHINE SELVAKUMARAN Shelters offer a diverse selection of breeds and mixed-breed animals. hope for an animal in need of a second chance. Many of these pets have weathered hardships and your decision not only rescues them from an uncertain fate but also creates valuable space in shelters for other animals eagerly awaiting their chance at a new beginning. Building a strong bond The process of adopting a pet transcends a mere transaction - it lays the foundation for building a robust and enduring bond between the pet and the adopter. This connection becomes a source of solace and support, evolving into a lifelong companionship that transcends the conventional boundaries between humans and animals. Commitment that reaps rewards The decision to adopt a pet is not a fleeting impulse but a commitment that, when embraced wholeheartedly, yields a multitude of rewards. It is a commitment to providing love, care and a forever home to a creature that becomes an integral part of your life’s narrative. NGOs paving the way for pet adoption A constellation of NGOs stands as pillars of support, dedicated to championing pet adoption and advocating for animal welfare. Consider reaching out to these organisations as you embark on the transformative journey of finding your perfect furry companion. PAWS Malaysia (People for Animal Welfare Society) PAWS stands tall as one of Malaysia’s oldest and most esteemed animal shelters. Its tireless efforts revolve around the rescue, rehabilitation and rehoming of stray and abandoned animals. Venture to its facility in Petaling Jaya to explore the profound possibility of adopting a pet and, in doing so, changing lives. Society for the Prevention of Cruelty to Animals (SPCA), Selangor Committed to the protection and care of animals in need, SPCA Selangor actively promotes pet adoption and serves as a haven for animals awaiting loving homes. Explore adoption opportunities by visiting their website or the centre in Ampang, where the promise of a new beginning awaits both adopter and adoptee. Furry Friends Farm (FFF) Nestled in Kundang, Selangor, Furry Friends Farm focuses on the rescue and rehoming of a diverse array of animals, ranging from dogs and cats to farm animals. Their advocacy extends beyond mere adoption; they actively promote responsible pet ownership and champion the overall well-being of all creatures. As you embark on the profound journey of pet adoption, bear in mind that it is a commitment demanding time, effort and boundless love. By choosing to adopt, you not only enhance the tapestry of your own life but also contribute meaningfully to the welfare of animals in Malaysia, rendering the new year an extraordinary time for both you and your newfound companion. The decision to adopt is a transformative act, echoing the spirit of renewal that the new year embodies and the rewards are as boundless as the love you share with your adopted companion. Adopting a pet helps curb the issue of stray animals.
FRIDAY | JAN 5, 2024 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: sunbiz@thesundaily.com Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: advertise@thesundaily.com Malaysia set to achieve 2023 GDP growth target interviewed on Bernama TV’s Ruang Bicara programme on Wednesday night. Asked whether GDP growth for Q4 is forecast to be higher than in Q3, Mohd Uzir said it should be, gauged based on available data. Looking at the Industrial Production Index in October, Mohd Uzir said, the mining, electricity and manufacturing sectors recorded growth, while Malaysia’s trade expanded and continued to show a surplus. It was reported that trade surplus reached RM12.87 billion in October, marking the 42nd consecutive month of trade surplus since May 2020. At the same time, unemployment has seen a decline, Mohd Uzir said. The country’s unemployment rate in October stood at 3.4%. “So the data for October signals that the Malaysian economy is moving towards growth. Up to this month (January), we have seen economic activities in November and December remaining in growth territory . “GDP growth for the first three quarters combined was already 3.9%. Therefore, I expect the country’s economic growth for 2023 is going in the direction that the government has targeted,” he said. According to Bank Negara Malaysia, the Malaysian economy grew by 3.3% in the third quarter (second quarter: 2.9%), while overall, the economy expanded by 3.9% in the first three quarters of 2023. On the Central Database Hub (Padu) which went live on Jan 2, Mohd Uzir said that up to 8pm on Wednesday, the system recorded a total of 396,181 registered users. Malaysians have been given until March 31 to update their information in the system. Based on the response towards Padu usage to date, he expressed confidence that the target of getting 29 million Malaysian citizens to register will be achieved. “To ensure that no one is left out from benefitting from the implementation of Padu, the (federal) government will conduct engagement sessions with leadership at the state government level to achieve the target set,” he said. He added that feedback received by DoSM and its staff on the ground so far has indicated positive reception to the system in the rural areas, aided by the efforts of the Information Department. – Bernama oGoal of 4-5% will be reached based on positive economic momentum: Statistics Dept EP Manufacturing seals vehicle assembly deal with Great Wall Motor PETALING JAYA: Main Market-listed EP Manufacturing Bhd (EPMB), via subsidiary PEPS-JV (Melaka) Sdn Bhd (PJVM), has been appointed as contract vehicle assembler for Great Wall Motor Co Ltd’s subsidiary, Great Wall Motor Sales Malaysia Sdn Bhd (GWM Malaysia). With the recent signing of a vehicle assembly agreement, EPMB has become a key player in the assembly and production of selected GWM models in Malaysia for the next eight years. EPMB group CEO Ahmad Razlan Mohamed (pic) said the decision to venture into car assembly reflects its commitment to vertically integrate its operations. “This move presents a prime opportunity to expand our revenue streams and broaden our business portfolio. Moreover, our involvement in GWM’s inaugural CKD (completely knocked down) project in Asean demonstrates our agility and ability to adapt to global automotive market demand. “We anticipate a close partnership with GWM as they introduce their renowned brand portfolio to Malaysia, commencing with Haval, a top-selling SUV brand in China,” he said in a statement. The group will initially focus on assembling and producing the Haval H6, a mid-size sport utility vehicle model, and the Haval Jolion, a compact SUV model. The agreement allows for potential adjustments to the production lineup in the future. Anticipating a gradual production ramp-up, EPMB aims to achieve an annual output of 20,000 units by 2028. The assembly and production activities will be centred at the group’s automotive manufacturing facility located at the Heavy Industries Corporation of Malaysia Pegoh Industrial Park in Malacca. In addition, the expansion is poised to contribute significantly to EPMB’s growth and create about 1,000 new job opportunities in Malacca with more than RM100 million committed to ensure the success of the initiative. Northport marks record-breaking feat in conventional cargo PORT KLANG: Northport (Malaysia) Bhd, a member of MMC Group, set a new milestone by handling 11,405,312 freight weight tonnes (fwt) of conventional cargo in 2023. This record-breaking achievement surpassed its previous high of 11,115,670 fwt recorded in 2022. During its New Year 2024 countdown event at Wharf 8A, Northport on Dec 31, 2023, Northport CEO Datuk Azman Shah Mohd Yusof, said, “As we bid farewell to 2023, our conventional cargo segment concluded the year on a high note, surpassing our record set in 2022 by 2.6%,” he said. The record-breaking achievement for Northport’s conventional cargo was driven by a significant increase in break bulk commodities, which registered growth of 9.5% compared with the previous year as well as increases in the dry bulk and liquid bulk segments. In the roll-on rolloff segment, the company also witnessed a significant increase in the handling of electric vehicles in 2023, resulting from the government’s policies of promoting electric vehicles. “Northport also recorded the highest ever monthly conventional throughput in the month of October by clocking 1,129,145 fwt, surpassing Malacca offers special incentives to China investors ALOR GAJAH: The Malacca state government is offering various special incentives to investors from China in an effort to attract investment in various sectors including the tourism industry, particularly involving arts and culture. Chief Minister Datuk Seri Ab Rauf Yusoh said the initiative also aims to strengthen ties between Malaysia and China in conjunction with the 50th anniversary of diplomatic relations between the two countries this year. “The state government is focusing on attracting investors from China in all sectors including the tourism sector because Malaysia, particularly Malacca, has a history of close relationship for the last 600 years with China, especially during the heydays of Admiral Cheng Ho. “Thus, the state government is offering special incentives to welcome more investors from China,“ he told reporters after officiating at the Edra Education Support Programme 2023 and the launch of the Edra book donation campaign. Ab Rauf said the incentive offered was an attraction for several investment companies from China to invest in Malacca and expand their business, including Edra Power Holdings Sdn Bhd. He said that in conjunction with the celebration of the 50th anniversary of diplomatic relations between Malaysia and China, Malacca will also participate in the celebration through various programmes and activities that have been designed. The Edra Education Support Programme implemented since 2005 was a programme for the distribution of school supplies to students as well as financial contributions to primary schools. In the programme, a total of 10 selected schools in the Alor Gajah district received assistance from Edra Power Holdings involving shoe vouchers and school bags worth RM120 as well as financial assistance to schools involving an allocation of RM4,000 to RM6,000 for each school involved. Also, more than 2,000 exercise books were donated to the schools involved, such as books for mathematics and science subjects. – Bernama KUALA LUMPUR: Malaysia is set to achieve the gross domestic product growth target of 4-5% for 2023 based on the good economic momentum seen so far, the Department of Statistics Malaysia (DoSM) said. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said consumer spending sentiment is normally at an above average level in the fourth quarter (Q4) of the year compared with other quarters. “It is during Q4 that consumers tend to spend more than usual, including for back-to-school, new year and festive spending, with demand for goods being higher. “Demand is the largest component of GDP so we expect there’s room for growth in Q4 GDP performance,” he told Bernama prior to being Northport employees celebrating the recordbreaking achievement for its conventional cargo segment at Wharf 8A on Dec 31. its previous best of 1,078,538 fwt set in May 2022. What we lack in terms of land area, we made up for it through higher productivity and process improvements. “This success holds special significance for Northport, particularly as it coincided with the celebration of the 60th anniversary of port operations at the North Port terminal on Dec 27, 2023,” Azman said, adding that the back-to-back record-breaking achievement will continue to inspire and drive them towards even greater successes for Northport.
BIZ & FINANCE BIZ & FINANCE FRIDAY | JAN 5, 2024 14 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM LBS Bina targets RM1.8b in property sales this year PETALING JAYA: LBS Bina Group Bhd aims to secure RM1.8 billion in property sales for 2024 based on a positive outlook for the Malaysian property market. The group concluded 2023 with RM1.70 billion in property sales, missing its initial target of RM2 billion. This year, the property developer planned to launch 10 new projects encompassing 4,858 units with a total gross development value (GDV) of RM2.33 billion in Klang Valley, Johor and Pahang. Executive chairman Tan Sri Dr Lim Hock San (pic) said the property market is expected to remain strong this year due to continued demand for affordable housing in Klang Valley and other parts of the country. “The economic growth forecast of 4.5-5.5% for 2024 has added optimism to us,” he told reporters after a media briefing yesterday. Moreover, Lim said recent developments, such as visa exemptions for tourists from China, oDeveloper plans to launch 10 projects with total gross development value of RM2.33b India and the Arab region, are expected to draw more tourists and boost business activities in Malaysia. “Overall, this year looks very optimistic, and while I use the term cautiously, we are confident of achieving (the sales target of) RM1.8 billion,” he said. Recounting 2023’s performance, Lim said that given the less encouraging market sentiments and economic conditions, the group had to push back a few launches to 2024, which led to a slight dip in property sales. “Nevertheless, we remain focused on delivering our target for this year. A key highlight is our successful delivery of vacant possession for 4,872 units worth RM 2.4 billion. “We will continue to monitor the market and implement appropriate strategies to ensure our operations are not disrupted, and we remain optimistic about our g r o w t h p r o s p e c t s for 2024,” he added. According to the group’s statement, LBS is actively engaged in 19 ongoing development projects, collectively estimated to have a GDV of RM5 billion. As of Dec 31, 2023, the group’s landbank spans about 1,119.77 hectares, a substantial reserve expected to keep the group occupied for the next 10 to 15 years. The group also has unbilled sales totalling RM 1.99 billion, ensuring a clear and robust earnings outlook for the next two to three years. – Bernama Ministry aims to strengthen Bank Rakyat-Insken cooperation KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (Medac) is looking to boost the existing cooperation between Bank Rakyat and the National Entrepreneurship Institute (Insken) to facilitate access to business finance for micro, small and medium enterprises. Deputy Minister Datuk R. Ramanan said this proposal was based on the findings of a briefing he had attended at Insken on Wednesday, where about 90% of those trained at the institute were successful with their business ventures. “I have discussed with the Bank Rakyat acting chairman Datuk Mohd Irwan Mohd Mubarak and Bank Rakyat CEO Datuk Dr Mohammad Hanis Osman, on how this collaboration can be realised. “What I discussed is to find a way to involve Insken to work with Bank Rakyat and take over those who have been trained in the institution. “After the training, they have the opportunity to come to Bank Rakyat to get financing or business loans for their ventures,” he told reporters after attending the special briefing session at Menara Kembar Bank Rakyat yesterday During the briefing, Ramanan said, Bank Rakyat expressed its support for the expansion and improvement of financial services for the bumiputera and the Indian communities. “If we look at retail financing for the general public as a whole, Bank Rakyat provided RM29.8 billion to Malays, RM406 million to Chinese and RM1.14 billion to Indians last year,“ he said. Bank Rakyat’s retail banking services include mortgage, hire purchase, and personal financing. Bank Rakyat disbursed over RM50 million in microfinance to 1,856 entrepreneurs and micro enterprises last year. – Bernama HLIB maintains CPO price forecast at RM4,000 a tonne KUALA LUMPUR: Crude palm oil (CPO) price will likely remain lacklustre in the next few months, possibly until the second quarter of 2024 in the absence of catalysts, Hong Leong Investment Bank (HLIB) said yesterday. The investment bank believed CPO’s unattractive price discount against soybean oil, narrow palm oil and gas oil (POGO) spread, high stock levels among key vegetable importing countries, in particular China and India, will curb nearterm demand for palm oil. “Demand sentiment for palm oil will improve once El Nino’s lagged impact on palm production is felt (likely by end-first half of 2024 or early-second half of 2024). We maintain our ‘Neutral’ stance on the sector, given the absence of clear catalyst,” it said in a research note. For 2024, HLIB has maintained the CPO price forecasts at RM4,000 per tonne in 2024 and RM3,800 per tonne in 2025, based on the assumption that El Nino’s impact on palm production and prices would kick in around mid-2024. The investment bank said, depending on the intensity and timing of the occurrence, weather anomaly arising from El Nino would in turn result in lower fresh fruit bunch yield through bunch failure, floral abortion and prolonged male flowering phase. It noted that during the recent two El Nino episodes (which happened in 2009-2010 and 2015- 2016), its impact on CPO yield was felt eight to nine months after the occurrence. “Hence, El Nino’s impact on palm production will likely be felt by the end of the first half of 2024 or early second half of 2024 (if history is a guide), and this will in turn boost CPO price sentiment,” added HLIB. – Bernama Challenging outlook for telecommunications sector KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has maintained its “neutral” call on telecommunications over its challenging outlook for 2024 as the sector is plagued by uncertainty about the phased transition to dual 5G networks. The research house said the “possible step-up in Digital Nasional Bhd (DNB) lease payments could adversely impact telecommunication companies (telcos) earnings.” “Telcos are currently paying a nominal amount to use DNB’s 5G services. “When the required conditions (such as DNB achieving 80% coverage) are fulfilled, the minimum annual fee would rise to RM360 million for Maxis Bhd and RM288 million per telco for the rest. “Assuming telcos maintain their current level of network investment (thus discounted cash flow-neutral), the higher proportion of operational expenditure (which is not depreciated) would theoretically be earnings dilutive to telcos,“ it said in a research note. Maybank IB noted that concerns over access price reduction for fixed broadband have somewhat dissipated after Maxis finalised its commercial agreement with Telekom Malaysia Bhd. “The telecommunication industry increasingly depicts a long-drawn race to the bottom as competition hampers monetisation and regulatory demands intensify. “As revenue stagnates, we believe telcos can only rely on optimising costs (including engaging in mergers) to preserve earnings. “In Malaysia, telcos with headroom to address costs, in our view, are TM, Axiata Bhd and CelcomDigi Bhd,“ said Maybank IB. – Bernama Maybank IB says sector is plagued by uncertainty about the phased transition to dual 5G networks. – BERNAMAPIC Rubber plantations need 70,000-80,000 workers: Johari KUALA LUMPUR: The rubber plantation sector needs an estimated 80,000 workers to meet the needs of rubber smallholders, said Plantations and Commodities Minister Datuk Seri Johari Abdul Ghani. “There are about 420,000 hectares of rubber smallholdings which are still untapped due to a shortage of workers. This is a major issue. “It is estimated that one and a half hectares require one worker. So, we need between 70,000 and 80,000 workers,“ he said at a press conference after attending the ministry’s assembly, here yesterday. On Dec 29, Johari was reported as saying Malaysia lost RM2.3 billion in gross domestic product (GDP) as a result of 420,000ha of rubber smallholdings being left untapped due to a lack of manpower. Johari said the last 10 years recorded a decline in the production of rubber products due to several issues, including labour shortage, high production costs and economically unviable smallholdings. “This situation will impact the country’s economic growth if the government does not implement any mitigation measures,“ he said. Johari also highlighted the welfare of workers, both local and foreign, by urging plantation sector employers to provide better accommodation and facilities for them. “This will affect the rating and certification of our exports. We must address this matter because people will buy our country’s products when they know we comply with everything,“ he said. – Bernama
BIZ & FINANCE BIZ & FINANCE FRIDAY | JAN 5, 2024 15 StanChart: Stronger ringgit this year KUALA LUMPUR: The Malaysian ringgit and Indonesia’s rupiah are expected to be outperformers in the region this year “on a relative basis”, benefitting most from monetary policy divergence, said Standard Chartered. “In terms of relative performance, we expect the IDR (Indonesian rupiah) and MYR (Malaysian ringgit) to outperform and the PHP (Philippine peso) to underperform; we are relatively neutral on the SGD (Singapore dollar), THB (Thai baht) and VND (Vietnamese dong),” the bank said in its global research report. StanChart said it believes US policy rate differentials have bottomed out as the US Federal Reserve has moved clearly into a pause phase. “This should help return flows in favour of regional Asean currencies. oLocal currency among beneficiaries of monetary policy divergence That said, we see two factors limiting the upside. “First, based on our projections, US policy rates could remain historically high versus Asean economies by the end of 2024. “Second, Asean central banks may also cut rates, particularly those who had hiked partly to stave off foreign exchange (forex) weakness.” Therefore, it reckons that Malaysia, Thailand and Vietnam’s interest rate differentials will improve, while Indonesia’s rate differential against the US will remain similar to current levels, while Philippines’ rate differential versus the US dollar will worsen in 2024. “Besides interest rate differentials, looser US financial conditions should also aid Asean forex.” StanChart sees the ringgit being potentially the largest regional beneficiary on onshore US dollar deposit positioning. “Due to broad and persistent American dollar strength and relatively high US interest rates, the region has seen an increase in greenback deposits. “The Asean-4 (Indonesia, Malaysia, Philippines, and Thailand) foreign currency deposits rose by US$15 billion (RM70 billion) in October 2023 from October 2022 levels. “The increase was most notable in Malaysia, with its foreign currency deposits as a percentage of total banking deposits reaching a record-high 10%. In particular, Malaysian foreign currency deposits rose even amid the country’s shrinking trade surplus.” StanChart said stabilisation in China’s economy is also a boost to Asean currencies, estimating the Asian giant drives between 4% and 12% of the region’s GDP. In addition, it expects the US dollar-renminbi pair to ease to 7.0 by year end as China’s economy bottoms out, capital outflows abate and Fed-People’s Bank of China monetary policies become less divergent. The bank sees the ringgit gaining in the event commodity prices rise and from a recovery in electronics demand. “In 2024, our commodities strategy team believes that markets are underpricing the upside to oil prices from geopolitical risks and proactive supply management by Organisation of the Petroleum Exporting Countries members. “Commodity prices also appears to be bottoming out. October prices indicate some improvement in natural gas and palm oil export prices, as per Malaysian trade data.” As for electronics, StanChart thinks the sector has bottomed out, with exports picking up in the fourth quarter. Nonetheless, it remains cautious about the strength and sustainability of this recovery given still-high inventory levels and the lacklustre global economic outlook. – Bernama 1.5 million new local talents join Shopee marketplace PETALING JAYA: Shopee marketplace integrated 1.5 million new local talents last year comprising over one million Malaysians registered to stream on Shopee Live besides over 450,000 new homegrown sellers, influencers, and affiliates incorporated into its marketplace ecosystem nationwide. Shopee stated that this is a demonstration of Malaysia’s inclusive digital economy. It said the impact on economic empowerment is clear where in 2023, some 80,000 sellers boosted earnings by 25% year on year, while affiliate orders grew 420% and livestream orders grew 500% respectively. Shopee Malaysia marketing head Kenneth Soh said Malaysian brands and sellers align with its platform because Shopee Guarantee, Shopee Mall and 360 Marketing Solutions enable them to showcase how their values align with the values of customers. Shopee incorporates government partnerships, free Chan talking to Communications Minister Fahmi Fadzil at the OKU Celik Digital Programme. MARC Ratings turns positive on UEM Edgenta PETALING JAYA: MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Edgenta Bhd’s Islamic commercial papers and Islamic medium-term notes under its Sukuk Murabahah Programme of up to RM1 billion. Concurrently, the rating outlook has been revised to positive from stable. The outstanding sukuk currently stands at RM250 million. MARC said the rating affirmation takes into account UEM Edgenta’s well-established track record in providing support services to the healthcare sector and maintenance services to the infrastructure sector. “The affirmation is underscored by the group’s resilient credit profile, characterised by low leverage and a healthy liquidity position. “The outlook revision reflects the continued progress UEM Edgenta has made in strengthening its key businesses that would increase its operating margin and consequently strengthen its financial performance,” it said in a statement. MARC said the group steadily expanded its support operations to private hospitals in Singapore and Taiwan through its wholly-owned Singapore-based subsidiary UEMS Ltd. As at end-September last year, it serves 300 hospitals with contracts worth RM2.3 billion. The rating agency noted that the steadily increasing overseas contracts have led to a decline in the contribution from lower-margin government contracts to 54% as at end-June last year from 82% in 2018. Notwithstanding this, UEM Edgenta is exposed to contract termination and renewal risk, although the rating agency views this to be low on the basis of the group’s established track record. MARC said in regard to infrastructure services undertaken through wholly-owned Edgenta Propel Bhd, UEM Edgenta benefits from a long-term master maintenance services contract worth RM6.3 billion with Projek Lebuhraya Usahasama Bhd that provides assured income stream through 2038. It provides maintenance services for over 3,500km of highways and state roads. It has also secured highway maintenance contracts in Indonesia. MARC said the group is expanding its services to the United Arab Emirates through the acquisition of a 60% stake in property management firm Kaizen Group for RM55.1 million. Property stocks outperformed in 2023: HLIB KUALA LUMPUR: The property sector stood out last year as the second-best performing sector on Bursa Malaysia, with the Kuala Lumpur Property Index recording an impressive return of 34.5% versus the Kuala Lumpur Composite Index’s loss of 2.7%. In a note yesterday, Hong Leong Investment Bank Bhd (HLIB) said the property sector was an outperformer last year. “In 2023, with improving supply-side conditions, the time was ripe for a correction of the earlier sector mispricing.” HLIB said the sector also saw a triple boost from stronger earnings from accelerated billings, higher sales as there were more new products in the primary market and higher launches as supply conditions improved. Nonetheless, the investment bank said these three factors did not reflect a fundamental change in underlying demand dynamics. HLIB also said it maintained the sector’s “neutral” rating after downgrading from “overweight” in December last year. “Share prices of property stocks such as Sunway Bhd, OSK Holdings Bhd and Matrix Concepts Holdings Bhd achieved their all-time highs last year. “Despite an overall neutral view on the sector, we nonetheless identified several names under our coverage that have the potential to outperform – our top picks are Sunway, OSK, Sime Darby Property Bhd and IOI Properties Group Bhd,” the report said. HLIB said it expects moderate growth this year, and much of the sector tailwinds enjoyed last year to diminish. “As such, developers are unlikely to raise their launches significantly in 2024. “With the expectation of moderate growth in the economy and new launches, consequently, we think sales will also see a similar pace of moderate growth in 2024,” the report said. – Bernama Shopee University upskilling programmes, and seamless marketplace technology. Shopee said that by investing in high quality studio production and livestream services, increasing livestream touch points across the user journey, and offering in-stream tools to optimise live streams for conversions, Shopee Live has become a key channel for discovery of locally made products. Over the last 12 months, livestream orders surged by 500% compared to the previous year. The adoption of Shopee Live by new local sellers saw a ten-fold increase in sales and a sixteen-fold surge in orders compared to the previous year Over 89,000 new affiliates onboarded to drive traffic to local sellers on Shopee Live. For sellers who realised over RM500,000 in sales this year, livestream orders represented up to 40% of total platform orders. Shopee has partnered with the government through the #ShopeeSapotLokal initiatives to ensure that local businesses can scale up and succeed. Shopee recently teamed up with the Communications Ministry to aid OKU sellers through the OKU Celik Digital Programme Shopee OKU seller Kelly Chan was invited to share her experience and tips for navigating the digital marketplace.
BIZ & FINANCE BIZ & FINANCE FRIDAY | JAN 5, 2024 16 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ HONG KONG: Most Asian markets fell yesterday, tracking another loss on Wall Street after minutes from the US Federal Reserve’s December meeting dampened hopes for an early interest rate cut. The global rally that characterised the last months of 2023 has petered out at the start of the new year owing to worries the buying may have run a little ahead of itself, leading traders to take a breather. The selling pressure was enhanced on Wednesday when the Fed minutes showed officials expect to keep rates elevated for some time as they want to make sure they have inflation under control. That dealt a blow to confidence on trading floors, where investors had been betting on a cut as soon as March after the bank’s post-meeting statement last month showed they envisioned three reductions in 2024. “Participants viewed the policy rate as likely at or near its peak for this tightening cycle,” the minutes said, adding there was growing optimism among decision-makers that there was “clear progress” on inflation, which continues to fall. Officials were keen to begin cutting this year but gave no indication of when. Still, data on Wednesday provided fresh evidence that policymakers’ measures were kicking in but not enough to send the economy into a recession, with job openings falling last month, while the factory sector remained in contraction. Focus now turns to the release of key non-farm payrolls data due today. “Overall, the labour market remains strong, but demand is cooling, coming into better balance with supply,” said Rubeela Farooqi at High Frequency Economics. “These data will be welcome news for policymakers and support the Fed’s view that the next move in rates will be lower, likely in the second quarter.” Laura Rosner-Warburton of Macropolicy Perspectives added: “What December taught us is they are willing to pivot.” Meanwhile, Richmond Federal Reserve Bank president Tom Barkin said the likelihood of a so-called soft landing was “increasingly conceivable but in no way inevitable”. Wall Street’s three main indexes all fell, with the Nasdaq down more than 1% as tech firms continue to retreat after a strong advance in recent weeks. And Asia was no different, though traders pared morning losses while some bounced back. Tokyo dipped on Japan’s first day back from a long break, while there were also losses in Shanghai, Sydney, Seoul, Singapore, Taipei and Bangkok. Wellington, Manila, Mumbai and Jakarta rose while Hong Kong was flat. London, Paris and Frankfurt rose at the open. – AFP China’s services activity expands BEIJING: China’s services activity expanded at the fastest pace in five months thanks to a solid rise in new business, a private-sector survey showed yesterday, lifting the degree of optimism in the sector to a three-month high. The data, offering a snapshot of business sentiment, was in contrast to an official survey on Sunday which showed a sub-index of services activity shrank again at the end of 2023, raising calls for more stimulus measures in the new year. The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 52.9 last month from November’s 51.5, above the 50-mark separating growth from contraction and posting the highest reading since July. Aided by robust new business which expanded at the fastest rate since May, firms attributed the improvement to rising customer numbers and spending. “The overall number of customers rose slightly in December compared with November,” said a restaurant owner surnamed Jin, based in Hangzhou, a city in eastern Zhejiang province. “But still, businesses in 2023 were worse than 2022 due to the macro economic trend.” Foreign demand for Chinese services also increased last month. Around 214,000 travellers from France, Germany, Italy, the Netherlands, Spain and Malaysia entered China last year after the visa-free policy took effect, up 28.5% from November, according to the National Immigration Administration. Improved demand conditions led firms to increase their staffing levels as they planned to meet rising business requirements. A sub-index of employment returned to expansion last month following November’s contraction. Services firms remained upbeat about their business activity this year, with the level of positive sentiment increasing to a three-month high, though it was still below the series average. Taken together with the better-than-expected Caixin manufacturing PMI, the Caixin/S&P’s composite PMI rose to 52.6 last month from November’s 51.6, the highest reading since May. The vibrancy in the services sector extended to the new year as travel data suggest an improvement in the number of domestic visitors during the New Year’s holiday from Saturday to Monday. However, the downbeat PMI survey by the National Bureau of Statistics suggests the world’s second-largest economy is still under pressure as the property sector fails to show any meaningful rebound, consumers are tightening their belts and factories have been cutting selling prices. Analysts interpret the divergence between Caixin PMI and the official PMI as differences in their geographic and sector coverage. – Reuters Fed minutes dent early rate cut hopes oMost Asian markets fall, tracking another loss on Wall Street Philippine central bank to ensure no unnecessary monetary tightening MANILA: The Philippine central bank wants to make sure it does not unnecessarily tighten monetary policy, its governor Eli Remolona said yesterday. The Philippines’ economic growth prospects remain firm and the banking system is in good shape, Remolona said at a business event. In December, the central bank kept its benchmark interest rate steady at 6.5% for a second straight meeting after a series of tightening moves to rein in inflation, including an off-cycle hike in October. Inflation eased to 4.1% in November, bringing the year-to-date inflation to 6.2%, still above the central bank’s target range of 2% to 4% for 2023. Inflation figures for December will be released today. – Reuters Traders working on the floor of the New York Stock Exchange. – AFPPIC
BIZ & FINANCE BIZ & FINANCE FRIDAY | JAN 5, 2024 17 Oil extends gains on Middle East supply worries SINGAPORE: Oil prices rose yesterday, adding to solid gains in the previous session on persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war. Brent crude rose 38 cents, or 0.5%, to US$78.63 (RM364.41) a barrel by 0440 GMT, while US West Texas Intermediate crude futures rose 52 cents, or 0.7%, to US$73.22 (RM339.34). Both benchmarks rose by around 3% to settle higher for the first time in five days on Wednesday, with WTI seeing the biggest daily percentage gain since mid-November. “A confluence of headlines around further tensions in the Red Sea and a full shutdown of Libya’s Sharara oilfield from local protests have renewed concerns about global oil supply disruptions,” said Yeap Jun Rong, market strategist at IG. On Wednesday, local protests forced a full shutdown of production oShutdown of Libya’s Sharara field adds to concerns JAL expects losses from fiery collision to top US$100m TOKYO: Japan Airlines said yesterday it expected losses of more than US$100 million (RM463.35 million) after one of its planes was destroyed when it collided with another aircraft on the runway at Tokyo’s Haneda airport this week. All 379 people on board the JAL Airbus A350 widebody jet escaped before the plane was completely engulfed in flames that took more than six hours to extinguish. But five of the six crew of the other aircraft - a smaller Coast Guard plane that had been on its way to deliver aid to quake-hit regions on Japan’s west coast – were killed, with the surviving pilot badly injured. As investigators combed the charred wreckage yesterday, transport authorities are probing the circumstances that led to the Coast Guard plane entering the runway where the passenger jet was landing. Police are also looking into possible professional negligence in the case, according to media reports. Transcripts released by authorities show air traffic control ordering the Coast Guard plane to proceed to a holding point near the runway minutes before the crash, instructions the pilot appeared to have read back in acknowledgement. Japanese authorities said on Wednesday the passenger jet had been given permission to land, but the smaller plane had not been cleared for take-off, based on the transcripts. The Coast Guard pilot said after the crash that he had been given permission to enter the runway, Coast Guard officials have said. Authorities have only just begun their investigations and aviation experts say it usually takes the failure of multiple safety guardrails for an airplane accident to happen. A notice to pilots in force before the accident suggested that a strip of stop lights embedded in the tarmac as an extra safety measure to prevent wrong turns, was out of service, according to a copy of the bulletin posted by US regulators. Haneda was the world’s third-busiest airport in 2023, according to UK-based travel industry data provider. Japan Transport Safety Board (JTSB) is leading the safety investigation, and has been joined by 14 overseas investigators from Airbus, French and British authorities as well as one representative from the jet’s engine maker Rolls Royce, a JTSB official said. Police are conducting their own investigation in parallel, the official said. BIG LOSSES Japan Airlines (JAL) estimated on Thursday the disaster would result in an operating loss of about 15 billion yen (RM0.48 billion). The loss of the aircraft will be covered by insurance, the company said, adding it was assessing the impact on its earnings forecast for the financial year ending March 31. The airline was discussing compensation individually with passengers, two of whom had pets that died in the incident, JAL officials said. Insurance industry sources have said US insurer AIG was the lead insurer on a $130 million (RM602.49 million) “all-risks” policy for the two-year-old plane that was destroyed by the fire. It was the first-ever hull loss globally for the A350 model, according to Aviation Safety Network. The type, made largely from carbon composite, entered commercial service in 2015. Shares of JAL fell as much as 2.4% as trading resumed after the New Year’s holidays, before closing up 0.8%. From the moment of the collision, it took crew 18 minutes to get everyone off the plane and safely accounted for. Most of the passengers on the flight from Hokkaido were Japanese with at least 43 foreigners confirmed among them including Australians, Swedish, Hong Kong, Chinese and South Korean nationals, a JAL spokesperson said. Wreckage from the planes remained scattered around the runway on Thursday as several officials, some wearing masks, gloves and hard hats, surveyed the debris, footage on public broadcaster NHK showed. A Coast Guard official on Wednesday said they had recovered a voice recorder from the Coast Guard plane. Hundreds of flights in and out of Haneda have faced cancellation or delays since the crash on Tuesday, leaving many frustrated passengers at the airport. Nearly 200 passengers were also stranded overnight at New Chitose airport in Hokkaido — Reuters Guests conduct a silent prayer for the victims of the earthquake in Ishikawa prefecture and the Haneda airport accident at the Tokyo Stock Exchange. India’s state-run firms surpass dividend goals NEW DELHI: The Indian government will likely exceed its fiscal year target for dividends from state-run companies by at least 120 billion rupees (RM6.68 billion), partly offsetting an expected shortfall from share sales, a government source aware of the matter said yesterday. The dividend receipts could range from 550 billion rupees (RM30.62 billion) to as much as 600 billion rupees (RM33.40 billion), the source said, potentially topping the government’s target of 430 billion rupees (RM23.94 billion) for the April-March fiscal year and the 595 billion rupees (RM33.12 billion) it collected in dividends last fiscal year. So far this fiscal, India has received 438 billion rupees (RM24.38 billion) in dividends from stateowned firms, according government data. The high dividend will partly offset the shortfall in government’s revenue from sale of equity in state-run enterprises. The government may not be able to mop up even 300 billion rupees (RM16.70 billion) through stake sales this fiscal year, which will be an over40% shortfall, the source said. The government is likely to meet its 5.9% fiscal deficit target of gross domestic product for 2023-24, as tax collection would be higher than projected. The Indian government collected 14.36 trillion rupees (RM0.80 trillion) as net tax revenue in AprilNovember. — Reuters at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day. The field, one of Libya’s largest, has been a frequent target for local and broader political protests. Earlier on Tuesday, Hamas’ deputy leader was killed in a strike in Beirut - the first strike to hit the Lebanese capital in almost three months of near daily fire between the Israeli military and Iran-backed Hezbollah that had been confined to the border region. Shipping concerns in the Red Sea ingered after Yemen’s Iran-backed Houthis said on Wednesday they had “targeted” a container ship bound for Israel. US Central Command said the militant group had fired two anti-ship ballistic missiles in the southern Red Sea the previous day. The market was also supported by data from the American Petroleum Institute, showing US crude stocks fell by 7.4 million barrels in the week ended December 29, which was double the drawdown that analysts polled by Reuters had expected. Weekly data from the Energy Information Administration, the statistical arm of the US Department of Energy, is due at 11am (12am) today, delayed by a day due to the New Year’s holiday on Monday. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that cooperation and dialogue within the wider OPEC+ producer alliance will continue, after OPEC member Angola said it would leave the bloc last month. A meeting of the group has been announced for February 1 to review implementation of its latest oil output cut. Analysts at Goldman Sachs expect Brent to range between $70 (RM324.42) and $90 (RM417.11) a barrel in 2024 based on flexible OPEC+ supply, a low risk of recession and opportunistic strategic petroleum reserve purchases by China and the US. Geopolitical risk scenarios will remain a key upside risk to the forecast, the analysts added in a January 3 client note. — Reuters Argentine labour reforms suspended BUENOS AIRES: A top Argentine court on Wednesday suspended a package of labour reforms decreed by new President Javier Milei last month, after the nation’s largest union filed an injunction. The ruling by the National Chamber of Labor Appeals also temporarily blocks enforcement of the labour regulations in Milei’s so-called “megadecree,“ which includes measures aimed at deregulating the South American country’s economy. Labour elements of the decree include the repeal and modification of laws related to employment contracts, terms for dismissal, and severance payments. The powerful General Labor Confederation (CGT) union has staunchly opposed those measures, planning a nationwide strike set to kick off at the end of the month. The dispute highlights the roadblocks ahead for Milei, who won November’s run-off election under the promise of rescuing the economy.The Milei administration said it plans to appeal the suspension. — Reuters
BIZ & FINANCE BIZ & FINANCE FRIDAY | JAN 5, 2024 18 Private sector funding key to climate transition o World Bank to expedite duration of financing projects French inflation ticks up in December PARIS: Inflation in the eurozone’s second-largest economy France accelerated in December, official data showed yesterday, with food prices a persistent sore point for consumers. Prices grew 3.7% year-on-year last month, statistics authority Insee said in preliminary figures, up from the 3.5% pace in November. There had been “acceleration... in the price of energy and services,“ Insee said, although price growth slowed for manufactured goods and the closely-watched food items in the consumer basket. With food inflation still running at 7.1% last month, many shoppers have been switching to lower-cost alternatives or scouring supermarkets for special offers. In response, Paris has brought forward annual talks between food producers and retailers, hoping lower costs for food inputs can be passed through more swiftly to the public. “We’re going to be looking for areas to bring prices down, we’re going to kick inflation in the teeth,“ Michel-Edouard Leclerc, head of the E.Leclerc supermarket chain, told broadcaster France 2 on Tuesday. Measured using the Harmonised Index of Consumer Prices, the preferred yardstick of the European Central Bank, French inflation also rose from 3.9% year-on-year in November to 4.1% last month. In line with other major central banks, the Frankfurt-based institution has increased its benchmark deposit rate to a record high of four percent in a bid to tame price growth in the 20- nation eurozone. — AFP Spain’s Telefonica to spend €1.3b in layoff plan MADRID: Spanish telecoms group Telefonica said on Wednesday it had reached a deal with unions to lay off up to 3,421 employees in Spain in a plan it estimates will cost around €1.3 billion (RM6.6 billion) before taxes as it seeks to reduce costs. In a statement to the stock regulator, Telefonica said the departures are expected to take place during the first quarter of 2024 after weeks of negotiations with unions. Employees turning 56 years or older in 2024 and with seniority of more than 15 years can participate in the agreement, the company said. Telefonica said it estimates average annual savings from direct expenses of around €285 million (RM659.93 million) from 2025 due to the layoffs and said the impact on cash generation will be positive from 2024. The announcement came as Telefonica said it had reached a new collective bargaining agreement with unions, running until 2016 and which could be extended for another year, with “the aim of moving towards a more digital, flexible and prepared company for future challenges in a highly competitive context”. Telefonica, Spain’s largest telecom, employs about 21,000 people in its home country, while the global workforce exceeds 103,000. The layoffs are part of the company’s threeyear strategic plan to boost profitability by reducing capital expenditure, raising revenue and cutting costs. The Spanish government said last month it would buy a stake of up to 10% in Telefonica to counterbalance a similar-sized acquisition by Saudi Arabia’s STC. - Reuters WASHINGTON: The World Bank is working to slash how long it takes to get financing projects off the ground as part of a push to speed up and scale up the 79-year-old development lender, its president told AFP on Wednesday. It currently takes 27 months, on average, before “the first dollar goes out the door,” Ajay Banga said in an interview in his brightly lit office in the Bank’s headquarters close to the White House. “If I can bring it down by one third over the first couple of years, that would be pretty good,” he said. “The Bank needs to change and evolve.” Banga, an Indian-born, naturalised US citizen who previously ran the payments company Mastercard, took over the management of the bank in June on a pledge to boost its lending firepower by encouraging greater private investment in the fight against climate change. In the seven months since, the 64-year-old has made some big changes, altering the development lender’s mission statement to include a reference to climate change, and setting up a private sector advisory body to recommend solutions to address the “barriers to private sector investment in emerging markets.” He’s also explored new ways to “sweat” the bank’s existing balance sheet in order to boost lending capacity without additional funding from donor countries. On Wednesday, Banga repeated a previous pledge to “fix the plumbing” of World Bank, and said he plans to “create the credibility” needed for the developed world to increase its capital investment in it. “For that you have to become a better bank. You have to be quicker, faster, more focused on impact, less focused on input,” he said. “Then you can say with credibility, ‘I’m now ready to absorb more capital.” Climate or development? As part of a push to increase its climate financing, the World Bank Group recently raised its target for climate-related projects from 35% of its annual financing to 45%. “I think people in the global south recognise very well that you cannot fight poverty without fighting climate change,” Banga said. “The only difference is, what do you mean by climate change?” Whereas the developed world tends to discuss climate change in terms of mitigating carbon emissions, “the developing world tends to speak about climate change as adaptation,” he said. “They see the climate change impact on them in terms of irrigation, rainfall, soil degradation, loss of biodiversity, forestry cover, that kind of thing,” he added. To meet both of these challenges, the World Bank has decided that half of the 45% committed to climate financing in the next financial year will go to adaptation, and the other half to mitigation. “You have to find these compromises, to enable the donors and the receivers to feel that the bank is navigating in the right way,” Banga said. Growing the pie However, even if the Bank succeeds in raising additional capital from its members and squeezing additional dollars from its balance sheet, it is still unlikely to meet the scale of the challenge posed by climate change alone, Banga said. The World Bank recently estimated that developing countries will need an average of $2.4 trillion (RM11.12 trillion) each year between now and 2030 in order to address the “global challenges of climate change, conflict, and pandemics.” Given that the Bank’s lending commitments in the most recent financial year were less than $130 billion (RM602.49), the only way to get close to this target is by encouraging far greater private sector participation, according to Banga. To encourage the scale of private financing needed, Banga said he was working to resolve three outstanding issues. The first is regulatory certainty, so investors have a “line of sight” to a country’s longer-term policy priorities. The second, more complex, challenge is foreign currency risk. In many cases, private investors looking to invest in emerging economies are unable to hedge against the risk of fluctuations in the value of local currencies, because local markets simply aren’t deep and wide enough, Banga said. “That’s the one that we’re really trying to work on,” he added. The third issue is how to protect investors better from risks like war and civil unrest. This task is currently split among three different World Bank Group institutions, and is done on far too small a scale, Banga explained. If the bank is able to boost the amount of political risk guarantees it can provide, and simplifies access, they could play a significant role in unlocking private capital, he said. “The reality is that that gap between tens and hundreds of billions to trillions is not a number that the bank can fill,” he added. “That’s why you do eventually need the private sector.” — AFP
LYFE LYFE FRIDAY | JAN 5, 2024 21 Send us your New Year’s plans at lifestyle@thesundaily.com AS the new year began, we invited readers to share their resolutions. Here are some responses we received. No pain, no gain Upon consulting my doctor, it became evident that shedding excess weight was imperative, given my significantly off-target BMI. My knees had persistently hinted at the need for weight loss throughout the past year, a message I didn’t require a physician to convey. The inability to zip up certain pants served as a blatant signal that affirmative action was necessary. Consequently, I enrolled in a nearby gym, committing to a minimum of two-weekday workouts and maximising my membership on weekends. My journey towards a healthier lifestyle involves not just physical transformation but also a mental commitment. It’s about recognising the signals my body has been sending and addressing them proactively. A gym membership is not merely a means to an end but a stepping stone to an ongoing dedication to fitness. Beyond achieving my ideal BMI, my New Year’s resolution extends to maintaining regular gym attendance to ensure continued fitness and prevent the reaccumulation of pounds lost through rigorous efforts. Here’s to hoping for success, not just in numbers on a scale, but in the enduring discipline of a healthier life. - Stephen Lim, 35 Post apocalyptic kitchen Although I adore cooking, my inherent untidiness transforms my kitchen into a chaotic scene post-meal preparation. Regrettably, my spouse and young children are not of much help in maintaining order. This year, I’ve dedicated myself to preparing simpler meals and vowed to efficiently clean up afterwards. The kitchen, often resembling the end of the world after my culinary adventures, is now becoming a space of order and simplicity. My culinary resolution is not just about tidiness; it’s a commitment to healthier, simpler meals that align with my overall wellness goals. It’s about making the kitchen a place of nourishment, both for the body and the soul. While it’s early days, I’m pleased to report adherence to the plan thus far, as each clean kitchen signifies not just a culinary achievement but a step towards a healthier lifestyle. - Lim CY, 29 New year, new wheels The desire for a new car has lingered for years, consistently postponed for various reasons. My sights are set on a specific marque, a childhood dream now within reach. Despite the recent surge in prices, I’ve resolved not to procrastinate any longer. Saving for a down payment by yearend requires sacrifices — less dining out, no weekend parties, and forgoing vacations. My journey towards acquiring my dream car is not just about financial discipline; it’s a testament to determination and delayed gratification. It’s about recognising that some goals require sacrifices and focused effort. While dining on homecooked meals remains tolerable, abstaining from weekend festivities proves challenging. Nevertheless, determination propels me towards the goal of acquiring my dream car this year, not just as a mode of transportation but as a symbol of perseverance and achievement. - Raymond, 28 Mindfulness by doing nothing No, I won’t be enrolling in a yoga class this year, but mindfulness is on my agenda for 2024. How? By doing nothing at all. My resolution involves dedicating half an hour each day to doing absolute nothing — no cellphone use or TV watching. The plan is to fully disconnect, allowing the mind a brief daily reset. In a world filled with constant stimulation, this act of deliberate stillness is a rebellion against the chaos. After a week of this routine before heading to work, I’ve experienced a rejuvenation and revitalisation that transcends the physical. Surprisingly, doing nothing has left me feeling better than ever! It’s a mindfulness practice, proving that sometimes the most profound transformations come from moments of quiet introspection. - Shoba, 32 SCORPIO Oct 23-Nov 21 Capricorn season brings activity to y o u r communication and commuting sectors. Use this time for journaling and gaining insight into your ideas. Mercury retrograde concluding in your personal resources area may delay financial transactions - keep receipts and be patient. Articulate your thoughts for an empowering experience. SAGITTARIUS Nov 22-Dec 21 In Capricorn season, the sun highlights your personal r e s o u r c e s , prompting budget scrutiny for the coming year or quarter. Venus clashes with Saturn, urging the introduction of structures or boundaries in areas like budgeting or personal space. Take a moment to pause and reflect, seeking clarity and connection with yourself. CAPRICORN Dec 22-Jan 19 The sun in your sign brings vitality, allowing you to focus on what matters most. This enhances relationships as you pay closer attention to yourself. Venus clashing with Saturn prompts tough conversations about fears or insecurities. Take time for silence and reflection. With Mars entering your sign, you feel more driven and ready to pursue your vision. AQUARIUS Jan 20-Feb 18 Capricorn season e m p h a s i s e s solitude and introspection with the sun in a secretive sector of your chart. Prioritise mental health and self-reflection to tie up loose ends. Venus clashing with Saturn may make you more sensitive about your social life. Contemplate your vision for the future. Identify your top priorities moving forward. PISCES Feb 19-March 20 The sun in your chart’s house of hopes and dreams motivates you to consider the future and pursue your goals. Venus clashing with Saturn brings career pressure, urging you to make long-term commitments and prioritise your selfopinion. With Mercury ending its retrograde in your public reputation sector, be sensitive to others’ opinions while prioritising your own perception. ARIES March 20-April 19 You have been contemplating your life path and beliefs. Take a moment to reassess your travel and education plans. Be patient while travelling and be open to spiritual or ethical questions that may arise. With Mars entering your chart’s career sector, it is time to take initiative and aim for new heights in your professional life. GEMINI May 21-June 20 You are grappling with relationship responsibilities as Venus clashes with Saturn, imposing restrictions on typically carefree dynamics. A serious tone prevails due to regulations and moral authority. Communication slowdowns persist with Mercury ending its retrograde and unanswered questions arise. It is advised to temporarily postpone addressing them this week. TAURUS April 20-May 20 You are making enduring changes, paving the way for a speculative future. Sensitivity to others’ expectations may lead to setting boundaries or acknowledging your own limits. The recent Mercury retrograde, affecting shared resources, might bring delays or miscommunications in finances as people sought more space and time for reflection. CANCER June 21-July 22 In Capricorn season, your attention is on partnerships and past conversations. Mercury retrograde triggered reflections on past connections. As it ends in your routine sector this first week of the new year, consider why past habits did not stick and find new approaches. Relationships become a motivating force, making you in high demand. LEO July 23-Aug 22 The recent Mercury r e t r o g r a d e prompted a reassessment of daily habits and leisure time. Now that it is over, expect smoother task handling in the coming month. The retrograde concludes in Sagittarius, influencing self-expression, humour and relationships with friends and children. VIRGO Aug 23-Sept 22 In Capricorn season, the sun in your leisure and pleasure zone brings enjoyment, but Venus clashing with Saturn adds a sense of guilt. Venus’ tough aspect to Saturn makes it challenging to fully enjoy things, as you are mindful of others’ morals and limits. With Mercury ending its retrograde in your home and family sector, expect a slowdown, addressing delays or questions in your private life. LIBRA Sept 23-Oct 22 Capricorn season calls for grounding, self-reflection and reconnecting with your past. Venus clashing with Saturn emphasises responsibility, potentially hindering emotional expression. With Mercury retrograde concluding in your communication sector, it is a good time to process recurring thoughts. Mars entering Capricorn motivates creating a personal home space. Reader’s personal chronicle Your weekly horoscope
LYFE LYFE FRIDAY | JAN 5, 2024 22 Green tea Rich in antioxidants, green tea can aid in detoxification and provide a gentle energy boost without the jitters associated with caffeine. The combination of hydration and antioxidants in green tea makes it a great choice for a natural recovery beverage. Sip on green tea throughout the day to cleanse your system and rejuvenate your body, supporting your overall recovery from the night’s festivities. Rest While not a direct remedy, ample rest is essential for your body to fully recover. Allow yourself some extra time to sleep and rest, as fatigue can exacerbate hangover symptoms. A short nap or a good night’s sleep can do wonders for your overall well-being, ensuring that your body has the time it needs to recuperate and restore itself to optimal functioning. While prevention is the best cure for hangovers, these home remedies can help alleviate symptoms and expedite your recovery. Remember, moderation is key and being mindful of your alcohol intake can go a long way in preventing the morning-after misery. Embrace these holistic hangover helpers and you will be back to your vibrant self in no time. Cheers to a healthier, happier you. @thesundaily FOLLOW ON TWITTER Malaysian Paper Healthy hangover cures WAKING up with a throbbing headache, a queasy stomach and an overall feeling of regret after a night of indulgence is an all-too-familiar experience. Hangovers can turn a night of celebration into a day of misery, but fear not — there are several effective home remedies to alleviate the symptoms and get you back on your feet. In this comprehensive guide, we will delve deeper into 10 holistic hangover helpers that can assist you in conquering the aftermath of a night out. Hydrate, hydrate, hydrate Alcohol, being a diuretic, increases urine production and depletes the body of essential fluids and electrolytes. Rehydrating is the first step to recovery. Start your day by sipping on water, coconut water or electrolyte-rich drinks. These beverages not only replenish lost fluids but also restore electrolyte balance, combating dehydration-induced headaches and revitalising your body from within. Ginger tea Known for its anti-nausea properties, ginger can be a soothing remedy for an upset stomach. Brew a cup of ginger tea by steeping fresh ginger slices in hot water. The warmth of the tea, coupled with ginger’s digestive benefits, can help ease nausea and Alcohol plays a direct role in causing hangover o symptoms. – FREEPIK Home remedies to revitalise your day after indulgence █ BY THASHINE SELVAKUMARAN Drinking lots of water is essential for overcoming hangovers. – PEXELS Ginger tea helps ease bowel discomfort arising from a night of over-indulgence. – FREEPIK Green tea helps with detoxification. – PEXELS Resting well after a long night of drinking is crucial for overall wellbeing. – PEXELS calm an uneasy stomach, providing gentle and natural relief after a night of excess. Lemon water Lemon water is a simple yet effective remedy. Mix fresh lemon juice with warm water to help kickstart your metabolism and support liver function. The vitamin C in lemons is an antioxidant that aids in detoxification, helping your body process alcohol remnants more efficiently. This zesty concoction not only refreshes your senses but also provides a burst of hydration, contributing to your overall recovery. Honey Natural sugars in honey can help boost blood sugar levels, which may be low after a night of drinking. Additionally, honey contains antioxidants and anti-inflammatory properties that can assist in reducing hangover symptoms. Add a spoonful of honey to warm water or herbal tea for a sweet and soothing remedy that not only satisfies your taste buds but also nurtures your body back into balance. Peppermint oil Peppermint oil is renowned for its ability to alleviate headaches and reduce nausea. Add a few drops of peppermint oil to a diffuser or inhale the scent directly to help soothe your senses. Alternatively, brew a cup of peppermint tea to aid digestion and provide refreshing relief for an upset stomach. The invigorating aroma and digestive benefits make peppermint oil a versatile and effective remedy for post-celebration discomfort. Bananas Loaded with potassium, bananas are a great choice for replenishing the electrolytes lost during a night of drinking. Potassium helps regulate fluid balance, which is crucial for combating dehydration. Grab a banana for a quick and nutritious snack to kickstart your recovery. The natural sugars and electrolytes in bananas provide a wholesome and delicious remedy that supports your body’s recovery process. Turmeric elixir Turmeric, with its anti-inflammatory and antioxidant properties, has been used for centuries in traditional medicine. Create a turmeric elixir by combining turmeric, black pepper, honey and warm milk. This golden concoction can help reduce inflammation, alleviate headaches and support liver health. The combination of warming spices and nourishing ingredients makes turmeric elixir a comforting and e f f e c t i v e remedy for p o s t - celebration woes. Oats A nutritious breakfast can help stabilise blood sugar levels and provide s u s t a i n e d e n e r g y throughout the day. Oats are an excellent choice as they contain complex carbohydrates that release energy gradually. Top your bowl of oats with fruits like berries or bananas for an extra nutritional boost. The fibre-rich and energy-sustaining properties of oats make them a perfect morning-after meal to nourish your body and promote a steady recovery. Lemon water is a great anti-oxidant. – FREEPIK Add a spoonful of honey to tea or water to revitalise your senses. – PEXELS Peppermint oil can help reduce headaches and nausea. – PEXELS Bananas are rich in potassium. – PEXELS Tumeric is known for its antioxidant properties. – PEXELS Oats can help you regain energy after a heavy night out. – PEXELS
LYFE LYFE FRIDAY | JAN 5, 2024 23 AFTER a night of revelry, a common consequence is the dreaded hangover. The pounding headache and unsettled stomach can leave you longing for comfort and nourishment. To help you recover, here are some simple and soothing recipes that aim to replenish essential nutrients and ease the aftermath of a night out. Whether you are craving a warm and hearty option or a refreshing drink to rehydrate, these recipes are designed to provide comfort and aid in your recovery. Classic chicken noodle soup Ingredients - 1 cup cooked chicken, shredded - 6 cups chicken broth - 1 cup carrots, sliced - 1 cup celery, sliced - 1 cup egg noodles - 1 small onion, finely chopped - 2 cloves garlic, minced - Salt and pepper to taste - Fresh parsley for garnish Instructions In a pot, sauté the onions and garlic until translucent. Add the chicken broth, carrots, and celery. Bring to a boil and then simmer until the vegetables are tender. Add the shredded chicken and egg noodles. Cook until the noodles are done. Season with salt and pepper to taste. Garnish with fresh parsley before serving. Avocado and banana smoothie Ingredients - 1 ripe banana - 1 ripe avocado - 1 cup Greek yogurt - 1 cup coconut water or plain water - 1 tablespoon honey - Ice cubes (optional) Instructions Peel and pit the avocado and banana. In a blender, combine the banana, avocado, Greek yoghurt, coconut water (or water), and honey. Blend until smooth. Add ice cubes if you prefer a colder consistency. Pour into a glass and enjoy this nutrient-packed, hydrating smoothie. Celery, fennel and green apple juice Ingredients - 2 (275gm) Granny Smith Apples - 1 (251gm) green pear - 1 150gm baby fennel - 6 celery stalks (with extra for garnishing) - Tray of ice cubes Instructions Wash all ingredients and dry well. Cut into small pieces and push through a dry press juicer for added fibre content. Otherwise, an electric juicer is fine. Serve with lots of ice. Garnish with extra celery stalks. Cheese toastie Ingredients - Unsalted butter or olive oil - 4 slices of white bread - 50g manchego cheese - 2 jarred roasted red capsicums in oil - Few slices of iberico ham - teaspoon of paprika powder Instructions Butter or il both sides of bread slices. Grate cheese over one side of the bread. Drain capsicum and tear into small strips. Layer capsicum and ham onto bread. Place other slice of bread on top. Cook sandwich until golden brown in non-stick pan. Grate more cheese onto pan and add paprika for flavour. Cook till cheese is bubbling. Serve piping hot. Thai herb and fruit juice Ingredients - 2 x 5cm pieces turmeric - 1/2 pineapple, peeled, chopped - 3 Granny Smith or pink lady apples - 3 pears - 2 limes, skin removed - 2 bunches pengaga - 1 bunch each mint, flat-leaf parsley, cavolo nero & dandelion leaves (from grocers – or extra parsley) - 2 passionfruit, pulp strained Instructions Juice the turmeric. Reserve and set aside. Juice all remaining ingredients. Divide juice between two serving glasses, then pour half the turmeric juice over each to serve. Bloody Mary and cheese combo Ingredients - 4 cups (1L) good-quality tomato juice - 100ml vodka or bourbon - Worcestershire sauce, to taste - Tabasco sauce, to taste - 1 tsp each celery salt, Dijon mustard, wholegrain mustard & cornichon brine - 5cm piece fresh horseradish, grated, or 1 tbs jarred - 1 lemon wedge, ice, & cornichons, drained, to serve - 100g clothbound cheddar Dill pickle salt - 1 tsp dried dill - 1 tbs citric acid (from supermarkets) - 1 tbs onion powder - 1/2 tsp granulated garlic Instructions For the dill pickle salt, combine ingredients with 1/2 tsp each salt and black pepper in a bowl and combine. Transfer to a plate. Place all ingredients, except lemon, ice, cornichons and cheddar, in a large jug. Season to taste and stir to combine. Rub the rim of 4 glasses with lemon, then dip in dill pickle salt. Fill each glass with ice, then pour in Bloody Mary and top with cornichons on a cocktail stick. Serve alongside sizeable pieces of cheddar for hearty, pick-me-up brunch beverage. Vegan waggles Ingredients - 500g plain flour - 2tbsp baking powder - 125g vegan butter, plus extra for the waffle iron - 125g caster sugar - 250ml soy milk Instructions Mix the flour and baking powder with ½ tsp salt in a bowl. Mix the vegan butter with the caster sugar in a separate bowl. Combine the soy milk with 175 ml water in a jug. Pour this gradually into the dry ingredients, continually stirring, then add the butter and sugar mixture and keep stirring to form a smooth batter. Add a little more water or soy milk if the mixture is very thick. Heat the waffle iron. Butter both sides of the waffle iron. Spoon about 3 tbsp of the batter into the hot waffle iron, close and cook for 4-6 mins until golden brown. Remove the finished waffle and cook the rest of the batter in the same way. The dough makes about 10-12 vegan waffles. Serve straightaway with a variety of favourite toppings. The road to recovery from a hangover often involves not only rehydration but also nourishing your body with wholesome ingredients. These simple recipes offer a combination of comfort and essential nutrients to ease the discomfort associated with a night of indulgence. Remember to pair these dishes with plenty of water and some rest, giving your body the time it needs to bounce back and restore itself to full vitality. █ BY THASHINE SELVAKUMARAN Avacado and banana smoothie. - PEXELS Cheese toastie. - DELICIOUS Celery, fennel and green apple juice. - DELICIOUS Bloody Mary and cheese combo. - DELICIOUS Recovery eats oSoothing recipes for the morning after revelry Chicken noodle soup. – PEXELS
SCAN ME powered by Contributing Editor Keshy Dhillon / keshy@piston.my Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: lifestyle@thesundaily.com Advertising T: 03-7784 8888 F: 03-7784 4424 E: advertise@thesundaily.com FRIDAY | JAN 5, 2024 Style & performance THE world of electric vehicle has been thriving in the past couple of years, with new models being introduced every other month from well-known brands. Even all-new brands have been sprouting up like mushrooms after rain as well. A lot of the all-new brands are from China, but some are also coming out of Europe and the good old USA as well. While that has been a common theme, some car makers are reviving well-known, legendary brands but as pure EV’s. Take Lotus for example, the iconic British brand was bought over by the Zhejiang Geely group, and save for just one model, it makes only electric vehicles while once upon a time it made nothing but ultra-light highperformance cars. Colin Chapman, founder of Lotus, may be rolling in his grave but the company is now making big bucks, which should stop his twirl. And we also have Smart, which is usually stylised in lower case. Though not as iconic as Lotus, Smart has been around since the 1980s and has made quite a name for itself over the years. Many associate Smart with Mercedes-Benz and they are not wrong about that. However, the Smart story goes further than that. Smart’s foundations lays with Swatch watches when the latter’s CEO wanted to create a car with the same manufacturing technologies and personalisation options as the watches. But rather than going at it alone, Swatch began looking for automotive partners. Volkswagen had initially agreed to support the brand but that changed when a new CEO took up the mantle. Smart and Daimler-Benz AG then reached an agreement in 1994 and a number of eye-catching cars such as the ForTwo and ForFour soon came around, but sales were abysmal. Mercedes-Benz and Geely then formed the Smart Automobile Co. Ltd in 2019 and began building Smart cars in China. The German brand handled design and marketing while Geely would focused on architecture and engineering. Fast forward a couple of years and Smart is officially in Malaysia with Proton thanks to Geely, except that this time there is a new company that manages the brand. Proton New Energy Technology (Pro-Net) was formed in 2022 and handles sales of Smart cars in Malaysia and in Thailand. The first point of business was to establish the Smart brand in Malaysia, and thus, after a series of teasers, Smart was officially launched in Malaysia in November of last year. Rather awkwardly called the #1 (pronounced as the hashtag one), the first model comes in three variants – The Smart #1 Brabus could just be a better buy than a Tesla █ BY KESHY DHILLON 13-speaker Beats sound system is one of the best in the industry. Front passenger and driver get a charge pad and two The gear stalk is in the same USB ports. position as a Mercedes-Benz which is unsurprising since Mercedes designed the #1. Thin rimmed steering wheel feels good with high-quality buttons. The interior quality is great but the gunmetal trim tends to glare in the afternoon sun.