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CEOMorningBrief THURSDAY, NOVEMBER 9, 2023 ISSUE 667/2023 theedgemalaysia.com CRACK IN US DOLLAR STRENGTH TO SPREAD AS ECONOMY SLOWS p15 HOME: Malaysia studying regulations for TikTok Shop, says Fahmi p2 MCMC explores measures to encourage MNOs to heed ministry’s waiver of 5G upgrade fee, says deputy minister p2 Govt developing new Bumiputera action plan — Rafizi p3 Hiap Teck’s Eastern Steel to shift product focus to hot rolled coils next year p6 WORLD: World’s most expensive city to face first rental slump in four years p20 BLOOMBERG Report on Page 3. Anwar says palm oil actually a solution to deforestation, calls on EU to be fair Report on Page 4. Malaysia sees RM13.6 bil net foreign outflow in Aug-Oct; YTD RM16.1 bil net inflow

THURSDAY NOVEMBER 9, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Malaysia studying regulations for TikTok Shop, says Fahmi MCMC explores measures to encourage MNOs to heed ministry’s waiver of 5G upgrade fee, says deputy minister KUALA LUMPUR (Nov 8): Malaysia said it is studying the possibility of regulating TikTok and its e-commerce features, a move that could further dent the social media company’s online shopping ambitions in Southeast Asia. Malaysia is looking into registering online social media platforms and implementing a global minimum tax, Communications and Digital Minister Fahmi Fadzil told reporters in Kuala Lumpur. He said he will meet with representatives from TikTok on Thursday (Nov 9). “It’s a continuation on the discussions we have been having,” Fahmi said of the coming BY KOK LEONG CHAN Bloomberg BY CHOY NYEN YIAU theedgemalaysia.com HOME meeting. “There are some regulatory aspects we are looking into. On top of that, we are looking to see how TikTok Shop is working.” The move highlights Southeast Asia’s growing push-back against ByteDance Ltd’s TikTok, amid the company’s plans to invest billions of dollars in the region. TikTok suspended its online-retail operation in neighbouring Indonesia, after its government announced new regulations that will force TikTok to split its shopping feature from the video-scrolling service. TikTok is the only social media company that sells goods directly on its app. Fahmi in the past raised concerns over TikTok, accusing it of spreading fake news and censoring content on the Israel-Hamas conflict. TikTok said it is taking proactive measures to address the issues which Fahmi had raised. KUALA LUMPUR (Nov 8): The Malaysian Communications and Multimedia Commission (MCMC) is exploring options to encourage mobile network operators (MNOs) to heed the Ministry of Communication and Digital's request to waive additional charges for 5G subscriptions. Deputy Minister of Communication and Digital Teo Nie Ching stated that at present, a few MNOs are still insisting on imposing additional charges on users for upgrading to the 5G network. “The reason provided by the MNOs is their need to purchase the 5G network access from Digital Nasional Berhad (DNB), and this is considered a commercial decision,” said Teo in response to Datuk Mohd Isam (BN-Tampin) during the oral question and answer session in Dewan Rakyat on Wednesday (Nov 8). Teo stressed that the ministry, particularly the minister, has, on several occasions, expressed the expectation that MNOs should waive the additional charges, and the ministry hopes that MNOs will heed this request. Teo added that the ministry will explore, together with MCMC, measures that can help “ensure MNOs comply with the request”. Currently, CelcomDigi, along with Maxis Bhd, are charging users up to RM20, depending on their subscription plans, for access to the 5G network provided by DNB under the single wholesale network model. Earlier in October, Communications and Digital Minister Fahmi Fadzil said that the government is expediting discussions with local MNOs to automatically onboard subscribers onto DNB’s 5G network. In a separate matter, Teo announced that MCMC will be conducting audits of network service quality at 4,000 locations throughout the year 2023 to ensure that consumers receive a satisfactory level of service meeting minimum and acceptable standards. “As of September 2023, MCMC has already audited 3,280 locations, and the remaining audits will be conducted in the coming weeks. If MCMC finds that the quality of service does not meet the mandatory standards set by the MCMC, a notice or warning letter will be issued to the relevant MNO,” Teo added. LOW YEN YEING/THE EDGE Minister of Communications and Digital Fahmi Fadzil

THURSDAY NOVEMBER 9, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): The government is developing a new action plan for Bumiputera as it re-examines the implementation approach in such programmes involving the group, said Economy Minister Rafizi Ramli. He said that as such, allocations for Bumiputera development in Budget 2024 would be placed under the Economy Ministry first, instead of being channelled directly to agencies such as the Bumiputera Agenda Steering Unit (Teraju) or Ekuiti Nasional Bhd (Ekuinas). “Allocations for Bumiputera empowerment and education under Yayasan Peneraju would go on as usual, including a RM300 million development programme and a special allocation programme for Bumiputera next year. “I made a decision for this to be placed at the ministry level first while we develop a new action plan for Bumiputera,” he said when winding up the committee-level debate on the Supply Bill 2024 for his ministry in parliament on Wednesday. Last March, Rafizi was reported to have said that Teraju’s effectiveness in managing the Bumiputera agenda would be re-examined following the fact that the funds provided by the government were not fully channelled to the target groups. Rafizi said Teraju still has a balance fund of RM800 million from the previous years including the allocation for development and management expenses that can be used for Bumiputera-related activities next year. “Yes, there will be a new Teraju programme because the balance that was allocated three or four years ago (is still there). It means that the programmes might not receive a good response or might not be right. We need to improve and recalibrate the programmes, then we can launch new ones,” he added. Teraju was established in 2011 under the Prime Minister’s Department to lead, coordinate and drive the Bumiputera agenda with the aim of bolstering the group’s participation in the national economy. Govt developing new Bumiputera action plan — Rafizi KUALA LUMPUR (Nov 8): The government has urged for the European Union Deforestation-free Regulation (EUDR) implementation to be carried out in a fair and balanced manner, said Prime Minister Datuk Seri Anwar Ibrahim. When officiating the MPOB International Palm Oil Congress and Exhibition 2023 (PIPOC 2023) on Wednesday, he highlighted the government’s commitment to taking proactive and responsible steps to safeguard the country’s palm oil production from having adverse effects on the environment’s well-being. “The government had taken very aggressive and responsible measures so the EU (European Union) should show some sort of appreciation. At least give recognition and recognise the efforts by Malaysia, as well as Indonesia in this regard,” Anwar stressed. “The government has set regulations to ensure that the palm oil produced meets the international food safety standards of importing countries, including EU requirements. “The new Prime Minister of Thailand [Srettha Thavisin] has also given me the assurance that Thailand will come on board to work together with Malaysia and Indonesia and hopefully other countries in presenting our case, particularly to the EU,” he said. Malaysian agricultural commodity products, primarily palm oil, timber, cocoa, and rubber exports, will fall under the purview of the EUDR starting in January next year. Nevertheless, this ban has prompted industry concerns regarding its potential impact on farmers and producers, particularly smallholders. In response to these concerns, Malaysia, along with Indonesia, as the world’s largest palm oil producers, has reached an agreement with the EU to establish an ad hoc joint task force. This collaborative effort aims to foster muAnwar says palm oil actually a solution to deforestation, calls on EU to be fair tual understanding and address the apprehensions surrounding the EUDR, to ensure the regulation does not negatively affect the livelihoods of agricultural commodity producers. Anwar said he strongly believes that oil palm is in fact the solution to deforestation as the country’s palm oil only takes up only 2% of the total 312 million hectares of total area for oilseed crops production globally. As sustainable production is the way forward for the palm oil industry, the prime minister also mentioned that almost 100% of the plantations and palm oil mills in the country have been certified sustainable under the Malaysian Sustainable Palm Oil (MSPO) certification scheme. “Malaysia is also committed to protecting its forests, flora and fauna through conservation and sustainable management. Malaysia pledged to maintain 50% of its landmass under forest cover at the 1992 Rio Earth Summit and it is still intact. “Meanwhile, the Food and Agriculture Organisation’s State of the World’s Forests (SOFO) flagship publication reported that since 1990, 22 countries, including Malaysia have succeeded in raising national food security levels while at the same time preserving and increasing the forest cover,” he added. Read also: Govt proposes synergy between smallholders and big players to boost palm oil production — PM Malaysia likely a ‘low risk’ under EUDR benchmarks — MPOC BY SYAFIQAH SALIM & LEE MING HUI theedgemalaysia.com Bernama Prime Minister Datuk Seri Anwar Ibrahim speaks at the MPOB International Palm Oil Congress and Exhibition 2023 (PIPOC 2023) at Plenary Hall, Kuala Lumpur Convention Centre (KLCC) on Wednesday, Nov 8, 2023. SHAHRILL BASRI/ THEEDGE

THURSDAY NOVEMBER 9, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): Economists are keeping their 2023 growth estimates for Malaysia’s gross domestic product (GDP) intact despite the country’s industrial production index (IPI) seeing a wider decline in September — a 0.5% year-on-year contraction compared with a 0.3% decrease in August — largely due to a slowdown in the mining sector’s oil and gas activities. HLIB Research said it maintained that Malaysia’s economy will grow by 3.8% year-on-year (y-o-y) in 2023, while Kenanga Research expects GDP to expand by 3.5% to 4%. Public Investment Bank predicted that GDP will grow by 4% in 2023. In a note on Wednesday, HLIB Research said Malaysia’s industrial production is likely to stay soft for the rest of the year, weakened further by tight financial conditions. The dampened production is in line with the contraction of the global manufacturing purchasing managers’ index (PMI) to 48.8 in October, from 49.2 in September, which reflects a further decline in new orders. “The lack of demand led to further caution among firms, causing them to scale back on their purchasing of materials and employment,” it said. Meanwhile, Kenanga Research said it was expecting slower growth in the second half of 2023 at 3.1% and particularly weak growth in the third quarter, which it estimates is 2.9%, following the weaker PMI figure in October, coupled with the impact of higher interest rates in advanced economies on external demand. “However, we believe growth will remain supported by a resilient domestic demand, as reflected by a steady and lower unemployment rate as well as a steady improvement in the tourism and transport sectors,” it said. The research house also noted that the Department of Statistics Malaysia (DOSM) had on Oct 20 released its advanced GDP estimates of 3.3% for the third quarter. The DOSM said its quarterly GDP projection was supported by the services sector which continued to steer the overall performance during the quarter, underpinned by the wholesale and retail trade, transportation and storage, and business services sub-sectors. Economists keep 2023 GDP growth forecasts intact despite weaker Sept IPI KUALA LUMPUR (Nov 8): Malaysia reported a net foreign outflow of RM4.9 billion in bonds and equities in October 2023, marking the third consecutive month of continuous foreign fund outflow from the country, according to UOB Global Economics & Markets Research. Larger foreign portfolio outflows in October exacerbated the ringgit weakness, which fell 1.6% against the US dollar to 4.766 as at end-October, it said in a research note on Wednesday. Net foreign selling of Malaysian debt securities and equities amounted to RM2.6 billion and RM2.3 billion respectively. “Foreign net selling of debt securities sustained for a third month, albeit narrower at RM2.6 billion. This was mainly across government bonds (Malaysian Government Securities, or MGS; and Government Investment Issues, or GII) of RM1.8 billion. “Meanwhile, foreign holdings of government bonds came down to RM250.3 billion, or 22.6% of total bonds outstanding,” said UOB. Net outflow was RM3.8 billion in September 2023 and RM4.9 billion in August 2023. However, year to date, cumulative foreign funds remain at a net inflow of RM16.1 billion, mainly in Malaysian debt securities (RM20.4 billion) which was offset by equities (RM4.2 billion). For the January-October 2022 period, a net outflow of RM1.9 billion was recorded. On the equities front, foreigners turned net sellers of Malaysian equities at RM2.3 billion in October, following three months of net buying worth RM2.2 billion in July to September. UOB highlighted that geopolitical and macro risks kept investors on edge, as Asia foreign exchange (Asia FX) currencies, including the ringgit, retreated against the US dollar (USD). “We continue to expect a prolonged bottoming process for Asia FX, alongside the CNY (Chinese yuan), reiterating our view for broader USD weakness in 2024. “This is supported by a peak in [the US] Fed (Federal Reserve) rates, followed by expected rate cuts from June 2024 [onwards], and as China’s sentiment and macro data stabilises further,” it shared. Meanwhile, Bank Negara Malaysia’s foreign reserves also fell to a 12-month low after it dropped US$1.6 billion (RM7.49 billion) month on month to US$108.5 billion as at end-October 2023. This was the third straight month of decline in foreign reserves. Following the dovish Fed pause in early November and softer US jobs report, UOB said bonds staged a brief rally though it was interrupted by recent Fed official comments that leaned towards a more hawkish tilt. “Geopolitics, uncertainties from the Middle-East crisis, and global macro risks have whipsawed yields and FX. Brent oil prices have come back down to US$81/ bbl. Another risk event is the expiry of the US government funding bill (on Nov 17) though we expect a probable extension.” The next Federal Open Market Committee (FOMC) meeting on Dec 12-13 will come with an updated summary of Fed economic projections and dot-plot, which could provide clues on the Fed’s stance in 2024. “We expect the Fed to keep its current Fed Funds Target Range (FFTR) unchanged at 5.25%-5.50% in December 2023 FOMC and maintain this terminal FFTR level until mid-2024 when we forecast 75 bps of rate cuts for 2024,” it added. Malaysia sees RM13.6 bil net foreign outflow in Aug-Oct; YTD RM16.1 bil net inflow BY SULHI KHALID theedgemalaysia.com BY LAM JIAN WYN theedgemalaysia.com Read the full story Foreign holdings of Malaysian bonds and equities 4.8 4.7 4.6 4.5 4.4 4.3 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 4.2 2022 2023 Sources: Macrobond, UOB Global Economics & Markets Research RM bil per US$ 30 25 20 15 10 5 0 -5 -10 4.64 16 billion -2.30 billion -2.56 billion Net purchases of equities, LHS Net purchases of Malaysian debt securities, LHS RM spot rates, end of period, RHS Total net purchases (cumulative since Dec 2016), LHS

THURSDAY NOVEMBER 9, 2023 5 THEEDGE CEO MORNING BRIEF presents real estate matters Official Solar Partner Supported By Malaysia’s outstanding property personalities of the year? Who are

THURSDAY NOVEMBER 9, 2023 6 THEEDGE CEO MORNING BRIEF HOME KEMAMAN, Terengganu (Nov 8): Eastern Steel Sdn Bhd (ESSB), a steel slabs and billets producer that is 27.3%-owned by Hiap Teck Venture Bhd, is determined to shift its focus to mainly hot rolled coils (HRCs) next year now that its annual production has jumped nearly fourfold. ESSB’s annual production capacity increased from 700,000 tonnes previously to 2.7 million tonnes currently, following the completion of its Phase 2 expansion project in August, and the ignition of a new two million-tonne blast furnace in Kemaman, Terengganu. Hiap Teck executive deputy chairman and major shareholder Tan Sri David Law Tien Seng pointed out that ESSB shareholders have to date made a cumulative investment of nearly RM7 billion, of which RM5.5 billion was invested in the Phase 2 expansion project. Out of the RM5.5 billion, RM4 billion has been invested to expand the annual production capacity by two million tonnes. At the same time, ESSB is in the midst of putting up a hot rolling mill — also under Phase 2 expansion — which is expected to be completed next year at an estimated RM1.5 billion. “We will be the only HRC producer in Malaysia,” Law told reporters at a press conference before the Phase 2 project completion ceremony here on Wednesday. In Malaysia, ESSB is the sole producer of steel slabs — a core ingredient in the manufacture of steel plates, HRCs and cold rolled coils (CRCs). However, Law said from next year onwards, ESSB’s product focus will shift to the production of HRCs, which are widely used in downstream products such as CRCs, galvanised and pre-painted steel coils, welded steel pipes and tubes for industries such as manufacturing, automotive, electrical and electronics, oil and gas, and shipbuilding. It is learnt that Malaysia’s demand for HRCs in 2022 was around two million tonnes, which was mainly met by imports that reached RM6 billion in value based on the current exchange rate. Law said that ESSB aims to bridge the gap by producing 2.7 million tonnes of HRC a year. For the longest time, Megasteel Sdn Bhd — part of Tan Sri William Cheng Heng Jem’s Lion Group — was the only HRC maker in the country, but it ceased operations in 2016, owing to cash constraints. Its assets were sold to sister company Lion Industries Corp Bhd. Phase 3 on the cards On ESSB’s Phase 3 expansion, which involves the production of high-end steel products and special steel, Law said, “I think we will only kick-start the investment and construction of Phase 3 in 2025. And then, the expansion will take at least three to four years to be completed.” ESSB is 68.8%-controlled by Shanxi Jianlong Industry Co Ltd, whose parent company Beijing Jianlong Heavy Industry Group Co Ltd (Jianlong Group) is the world’s eighth largest steel producer in terms of crude steel output. Main Market-listed Hiap Teck is the second largest shareholder of ESSB with a 27.3% stake, while Chinaco Investment Pte Ltd owns the remaining 3.9%. Founded in 1993, Hiap Teck is 28.28%-owned by Law, a steel and mining magnate who is better known as TS Law. The group’s earnings dropped 80% to RM30.911 million for the financial year ended July 31, 2023, against RM156.013 million a year before. On funding for Phase 3 expansion, Law said ESSB will be looking at bank borrowings from both China and Malaysia. “The banks have been very supportive BY LIEW JIA TENG theedgemalaysia.com Hiap Teck’s Eastern Steel to shift product focus to hot rolled coils next year to us in our Phase 2 expansion, so funding shouldn’t be an issue for our Phase 3 expansion as well,” he said. Given the size of the Phase 3 expansion project, Law acknowledged that ESSB will not be solely relying on Malaysian banks in providing financing. “Obviously, Jianlong Group is the fifth largest Chinese steel enterprise that produces over 36 million tonnes of steel, so I am pretty sure the Chinese banks are more than willing to lend us the money,” he said. Moreover, ESSB has an annual capacity of 2.7 million tonnes, which would provide future earnings for the company, or have its own internally generated funds too. “At this point in time, we don’t see any need for Shanxi Jianlong to make further cash injection into ESSB. I think all of us are quite comfortable with our shareholding levels in ESSB,” Law said. Wang Shifeng, the group vice-president of Jianlong Group and managing director of ESSB, opined that based on the current trend of steel prices, the favourable markets for the company include Mexico, Türkiye, Thailand and Malaysia. “As we expand our production capacity and venture into HRCs, we will have a higher product mix and better prospects, while our cost of production will also come down tremendously,” he explained. Read the full story (From left) BNP Paribas Malaysia MD Han Li Ching, Shanghai Baoye Group Deputy chairman Chen Gang, Youfa Steel Pipe Group chairman Li Maojin, Hiap Teck Venture Bhd deputy chairman Tan Sri Law Tien Seng, Ceri Group chairman Yue Wenyan, Eastern Steel Sdn Bhd MD Wang Shifeng and 22MCC general manager Zhu Xiaofei at the completion ceremony of Eastern Steel Sdn Bhd phase 2 project on Nov 8. PATRICK GOH/THE EDGE

THURSDAY NOVEMBER 9, 2023 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): Hup Seng Industries Bhd’s net profit in the third quarter ended Sept 30, 2023 (3QFY2023) jumped threefold to RM13.02 million, from RM3.84 million in the same period last year. In 3QFY2022, it was adversely affected by the escalation of input costs. With better profit, its earnings per share increased to 1.63 sen from 0.48 sen, its Bursa Malaysia filing showed on Wednesday. Quarterly revenue expanded by 34.19% to RM94.19 million, against RM70.19 million, driven by higher contribution from its export markets, mainly from Thailand and Singapore. For the nine-month period (9MFY2023), the biscuit maker’s net profit surged by 130.17% to RM 31.41 million, from RM13.64 million, due to its cost reduction strategy and higher sales recorded. Revenue climbed by 17.41% to RM262.12 million, from RM223.26 million. In comparison with the immediate preceding quarter, the group’s net profit in 3QFY2023 came in higher from RM8.72 million in 2QFY2023, while revenue surged from RM81.55 million. Envisaging that the market conditions will continue to improve, Hup Seng said it will evolve to meet consumer demand and strive to continue to maintain and improve product quality. “The group will also focus on maintaining market share and product competitiveness, in order to increase the popularity of Hup Seng biscuits in the industry. “Taking into account the aforesaid and barring any unforeseen circumstances, the group believes business operations for the fourth quarter of the financial year [will] be satisfactory,” it said. Shares in Hup Seng Industries closed five sen or 0.7% higher at 72 sen on Wednesday, giving it a market capitalisation of RM576 million. Hup Seng’s 3Q net profit jumps threefold to RM13.02 mil KUALA LUMPUR (Nov 8): Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) incurred a net loss of RM105.21 million for the third quarter ended Sept 30, 2023 (3QFY2023), its second straight quarterly loss amid cost escalation in existing projects, and has warned that its heavy engineering segment and marine business will remain challenging. In the corresponding period last year (3QFY2022), the group made a net profit of RM15.95 million, it said in a filing with the local stock exchange on Wednesday. MHB — 66.5%-owned by MISC Bhd, the shipping arm of state-owned oil company Petroliam Nasional Bhd (Petronas) — attributed the loss-making performance to additional cost provisions as a result of revised schedule and price escalation impact on ongoing projects in its heavy engineering division. “The revised schedule has caused the extension of delivery dates of the ongoing projects, which was necessary to cater for the delayed onshore works,” the group said. “In addition, the weakening of Malaysian ringgit against US dollar had impacted the hedging of receivables for a project,” it said. The net loss was inspite of MHB recording 56% growth in its revenue for 3QFY2023 to RM638.47 million, from RM409.23 million a year ago. Cumulatively, for the first nine-month period of the year (9MFY2023), MHB incurred a net loss of RM490.37 million versus a net profit of RM40.63 million in the previous corresponding period, despite revenue grew 78% to RM2.19 billion, from RM1.23 billion over the same period. Going forward on project execution, MHB said its heavy engineering segment continues to face challenges in executing some of its ongoing projects within the original budgeted margins, due to the impact of raw material price escalations and global supply chain disruption. “These projects were awarded on a lump sum EPCIC (engineering, procurement, construction, installation, and commissioning) basis by clients a few years ago. The group will continue to pursue the recovery of these inflationary and schedule impact from clients,” it said. Commenting on the group’s outlook, outgoing MHB managing director and chief executive officer Pandai Othman said management will improve contracting strategies with clients going forward, through “alliance concept or cost-plus basis where possible, to mitigate the risks of global inflation for future projects”. “Notwithstanding the major setbacks, we remain committed to deliver all projects that meet our clients’ requirements. We are also committed to collaborate with clients, subcontractors and vendors in recovering the additional costs,” he said. Pandai said demand for energy shipment is expected to rise, particularly in the Far East countries and Europe, in the upcoming winter. “Therefore, demand for dry-docking activities is likely to be slower. This could potentially lead to a decrease in market share, as vessel owners prepare for a surge in seaborne trade requirements for the remainder of the year. “Furthermore, competition among shipyards is anticipated to remain stiff. As such, we expect the marine business to remain challenging,” he said. Pandai also said that MHB will continue to explore opportunities in both domestic and international markets, with increased emphasis on decarbonisation and renewable energy. The 52-year-old, who was appointed to the post in October 2020, will finish his secondment in MHB by the end of this month, and he will be succeeded by Mohd Nazir Mohd Nor in December. Shares of MHB were trading 2.5 sen or 4.7% lower at 50.5 sen at 3pm on Wednesday, giving it a market capitalisation of RM808.00 million. MHB incurs second straight quarterly loss amid cost escalation in ongoing projects BY CHESTER TAY theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com MHB.COM.MY

THURSDAY NOVEMBER 9, 2023 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): Swift Haulage Bhd’s net profit more than doubled to RM28.39 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM11.72 million a year earlier. Earnings per share rose to 3.22 sen from 1.32 sen. In a filing to Bursa Malaysia on Wednesday (Nov 8), the country’s largest haulage operator said its improved earnings were due to higher other income earned from gain from bargain purchase through the acquisition of a 17.5% stake in Global Vision Logistics Sdn Bhd (GVL). Revenue increased 5.52% to RM168.04 million, from RM159.25 million, contributed by all its business segments, mainly from container haulage and land transportation segments. On a quarter-on-quarter basis, Swift Haulage’s net profit jumped almost three times from RM9.72 million in 2QFY2023, while revenue grew marginally by 1.78% from RM165.1 million in the immediate preceding quarter, on the back of higher revenue in container haulage and warehousing and container depot. For the nine-month period ended Sept 30, 2023 (9MFY2023), its net profit expanded by 23.02% to RM48.25 million from RM39.22 million in 9MFY2022, as revenue rose 3.8% to RM497.9 million against RM479.67 million in the same period last year. The group is cautiously confident of its financial performance for the next financial year. “Despite the foreseeable hurdles, we aim to continue seizing all possible opportunities to achieve another year of resilient results, whilst making meaningful progress in our ESG [environmental, social and governance] agenda to contribute to Malaysia’s sustainable progress,” it said. The group also plans to expand its warehouse capacity in both the northern and central regions. Moreover, its 42.5%-owned GVL, which will establish Asean’s largest logistics hub in Shah Alam with Phase 1 operational in 4QFY2025, will further underpin its warehouse growth strategy. Swift Haulage shares finished unchanged at 55 sen on Wednesday, valuing the group at RM489.41 million. Swift Haulage’s 3Q net profit more than doubles on bargain purchase gain KUALA LUMPUR (Nov 8): Duopharma Biotech Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell by 45.13% to RM8.97 million from RM16.35 million due to higher finance costs, among others. Earnings per share declined to 0.93 sen from 1.72 sen, its Bursa Malaysia filing showed on Wednesday. The group’s quarterly revenue fell by 4.43% to RM169.24 million compared to RM177.07 million, underpinned by a decrease in demand from the consumer healthcare sector and the prolonged impact of increased operational costs. In comparison with the immediate preceding quarter, the group’s net profit came in lower than the RM12.54 million reported in 2QFY2023 while revenue edged higher from RM167.52 million. KUALA LUMPUR (Nov 8): AME Real Estate Investment Trust (AME REIT) reported a net income of RM8.72 million for the second quarter ended Sept 30, 2023 (2QFY2024) on the back of a net property income of RM10.78 million. It continued to maintain 100% occupancy rates across its industrial properties. The industrial REIT proposed an interim distribution of 1.8 sen per unit, payable on Dec 18 to unitholders at the close of business on Nov 24, according to its filing with local stock exchange on Wednesday (Nov 8). As the REIT was only listed on Bursa Malaysia in September last year, financial results for 2QFY2023 were not comparable. For the first half of FY2024 (1HFY2024), AME REIT reported a net income of RM17.37 million, on the back of a net property income of RM21.49 million. “We are optimistic on the prospects for the rest of FY2024, as we are making encouraging headway in finalising the remaining renewals with the four existing tenants that will be expiring in the current financial year,” said Chan Wai Leo, chief executive officer and executive director of I REIT Managers Sdn Bhd, the management company of AME REIT. “Of the 12 tenancies expiring in the current financial year, we successfully renewed seven existing tenants and obtained one replacement tenant representing about 66% of the total space up for renewal for the industrial properties segment. “Maintaining the current 100% occupancy rates across all industrial properties, with longer term tenancies, is a testament to the quality of service and properties we delivered to our customers,” he added. Meanwhile, for the nine-month period ended on Sept 30 (9MFY2023), the pharmaceutical company’s net profit decreased by 16.63% to RM44.14 million from RM52.95 million a year ago, largely due to increased operational costs resulting from the upward adjustment in electricity tariff and elevated labour cost. Revenue fell by 1.38% to RM537.23 million from RM544.76 million, underpinned by decrease in demand from the consumer healthcare sector. Commenting on the group’s financial performance, Duopharma managing director Leonard Ariff Abdul Shatar said the gradual revenue registered on a monthly basis augurs well in the longer term, as it continues to strengthen its portfolio with high-value innovative offerings and niche products. “We are also heartened by the government’s commitment to healthcare funding, with a record allocation of RM41.2 billion in Budget 2024. “The 13.5% increase in funding will undoubtedly enable essential reforms in the healthcare system, thus stimulating demand growth for pharmaceutical supplies,” he said. Shares in Duopharma settled two sen or 1.61% lower at RM1.22, giving it a market capitalisation of RM1.17 billion. Since the beginning of the year, the stock has fallen by 26.06%. Duopharma 3Q net profit nearly halves to RM8.97 mil AME REIT delivers RM8.7 mil net income for 2Q, sustains 100% occupancy rates BY SULHI KHALID theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com Read the full story

THURSDAY NOVEMBER 9, 2023 9 THEEDGE CEO MORNING BRIEF HOME SHAH ALAM (Nov 8): A former executive of Petronas Carigali Sdn Bhd (PCSB) was jailed for one day and fined RM177,000, in default 18 months in jail, by the Sessions Court here accepting gratification. Judge Datuk Anita Harun meted out the sentence on Mohd Amal M Razalan, 36, after he changed his plea to guilty at Wednesday’s proceeding, which had been set to hear the case. He paid the fine. Mohd Amal pleaded guilty to conspiring with another company director to obtain gratification amounting to RM35,217.50 for himself for assisting the company in securing structural maintenance works for PCSB. The offence was committed at a bank branch in Bandar Puteri, Puchong on Oct 25, 2019 and Jan 20, 2020. He was charged under Section 16(a)(A) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 read together with Section 28(1)(c) and can be punished with Section 24 of the same law which provides imprisonment for up to 20 years and a fine of not less than five times the amount of gratification or RM10,000 whichever is higher, upon conviction. Former Petronas Carigali executive jailed, fined for accepting bribe KUALA LUMPUR (Nov 8): Panda Eco System Bhd is pricing its shares at 16 sen apiece, seeking to raise some RM17.5 million through an initial public offering (IPO) on Bursa Malaysia’s ACE Market by end of this month. The valuation gives the retail management solutions provider a market capitalisation of RM107.4 million, based on an enlarged share capital of 671.19 million shares upon listing, according to its prospectus published on the local stock exchange on Wednesday. The IPO involves issuing 109.29 million new shares, representing 16.3% of the enlarged share capital. Of this total, 33.56 million or 5.0% of the enlarged share capital are meant for subscription by the Malaysian public, whereby half of them are for ordinary public investors and the remaining half for Bumiputera public investors. For the remaining portion, 42.77 million or 6.4% of enlarged share capital are reserved for eligible persons like directors or employees, and the balance 32.95 million shares will be sold via private placement. Existing shareholders also offered to sell 61.81 million shares, representing 9.2% of the enlarged share capital. Prior to the IPO, Panda Eco has been controlled by its chief executive officer Loo Chee Wee and chief technology officer Tay Kheng Seng via their private vehicle Goldcoin Capital Sdn Bhd, which owns a 94.2% shareholding in the company. Panda Eco prices IPO at 16 sen, seeks to raise RM17.5 mil on ACE Market BY CHESTER TAY theedgemalaysia.com Bernama Read also: Cable and wire manufacturer Master Tec gets Bursa nod to list on ACE Market On the remaining 44 charges of corruption, including five for money laundering, made against him, the court ruled that they are to be taken into consideration (TIC) under Section 171A of the Criminal Procedure Code. The prosecution was conducted by deputy public prosecutors from MACC, Muaz Ahmad Khairuddin and Mohamad Fadhly Mohd Zamry, while Mohd Amal was represented by lawyer Datuk Hasnal Rezua Merican. On Jan 11, Mohd Amal was charged in the Sessions Court here with 46 counts of corruption, including five charges of money laundering, amounting to RM9.65 million in relation to maintenance works. He was also charged with 37 counts of corruption and six counts of money laundering involving more than RM6 million at the Kuala Lumpur Sessions Court on Jan 4 this year. Former Petronas Carigali Sdn Bhd executive was jailed for one day and fined RM177,000, in default 18 months in jail after after he changed his plea to guilty for accepting gratification. BERNAMA Upon public listing, Goldcoin’s shareholding will be diluted to 69.6%. Of the proceeds raised, 17.2% will be used for expanding the company’s headquarters, 16.2% for working capital, 15.6% for estimated listing expenses, 15.5% for research and development, 15.1% for establishing additional service hubs and workforce expansion, while the remaining 10.8% for regional expansion in Asean. For the first half of its financial year ending Dec 31, 2023 (1HFY2023), the group reported a net profit of RM2.75 million, a slight increase of 2.7% from RM2.67 million a year ago, while revenue grew 22% to RM10.8 million from RM8.88 million. M&A Securities Sdn Bhd is the IPO’s adviser, sponsor, underwriter and placement agent. PANDASOFFWARE.MY

THURSDAY NOVEMBER 9, 2023 10 THEEDGE CEO MORNING BRIEF HOME NEWS IN BRIEF OCK clinches RM48.73 mil ICT hardware contract from Education Ministry KUALA LUMPUR (Nov 8): Telecommunications tower company OCK Group Bhd has accepted a RM48.73 million contract from the Ministry of Education to rent out eco-friendly information and communications technology (ICT) hardware to school computer laboratories in Sarawak. In a filing on Wednesday (Nov 8), the group said its wholly owned subsidiary OCK Setia Engineering Sdn Bhd had accepted the letter of acceptance on Oct 25, in respect of the rental of ecofriendly ICT hardware that meets green requirements on a lease-to-use basis for teaching and learning needs in the schools. The contract is set to last for 65 months, with a commencement date of Oct 26 until March 25, 2029. This entails four months for setup, 60 months for laptop leasing, and a one-month return period. — by Anis Hazim High Court denies UEM Sunrise unit leave for judicial review of minister’s decision on additional tax assessment KUALA LUMPUR (Nov 8): The Kuala Lumpur High Court has ordered UEM Sunrise Bhd’s wholly owned subsidiary Symphony Hills Sdn Bhd (SHSB) to pay costs of RM2,500 to the Minister of Finance and Director General of Inland Revenue Board respectively in relation to notices for additional tax assessments totalling RM82.18 million in May 2021, after it denied SHSB’s leave for a judicial review of the minister’s decision. The property developer told Bursa Malaysia on Wednesday that the High Court disallowed SHSB’s leave for a judicial review application against the Minister of Finance. “Upon receipt of the decision, the company has applied for and been granted an interim stay until the disposal of the stay application at the High Court. The formal stay application is to be filed within 30 days from Nov 8, 2023. “The company intends to file the formal stay application within the stipulated deadline,” it said. — by Sulhi Khalid Malaysia’s unemployment rate drops to 3.4% as labour market shows positive trends — DOSM KUALA LUMPUR (Nov 8): Malaysia’s unemployment figures declined to 573,700 individuals in September 2023, yielding an unemployment rate of 3.4%, as reported by the Department of Statistics Malaysia (DOSM).  The labour force saw a slight 0.1% increase to 16.95 million individuals, maintaining a labour force participation rate (LFPR) of 70.1%.  Chief statistician Datuk Seri Dr Mohd Uzir Mahidin noted a small rise in employed persons to 16.38 million and a decline in unemployment, reflecting current economic progress. “In September 2023, the country’s labour force position remained in a positive growth trend, with a marginal increase in the number of employed persons, while unemployment continued to decrease, in line with the current economic developments,” he said in a statement. — by Isabelle Francis KUALA LUMPUR (Nov 8): With the recent groundbreaking of the group’s integrated dairy farm in Gemas, Negeri Sembilan, Fraser & Neave Holdings Bhd (F&N) said it is on track to begin the initial milking for its fresh milk project by early 2025, with the products set to be available in the market thereafter. F&N chief executive officer Lim Yew Hoe said the integrated farm will feature a corn farm (to be used as the main feedstock for the cattle), a dairy farm and a milk processing facility capable of producing 100 million litres of fresh milk yearly for local and international markets. “In the beginning, we will most likely focus on manufacturing plain milk first, then we will go into flavoured milk, and as we get better, we can go on to making cream,” he said during F&N’s FY2023 financial results briefing on Wednesday (Nov 8). F&N on track to start milking from integrated dairy farm by early 2025 BY EMIR ZAINUL theedgemalaysia.com Lim indicated that the food and beverage giant has allocated up to RM1.3 billion in capital expenditure (capex) for Phase 1 of the project, which is mostly channelled to expenses for land clearance, Bursa to close on Nov 13 for Deepavali KUALA LUMPUR (Nov 8): Bursa Malaysia Bhd and its subsidiaries will be closed next Monday, Nov 13, 2023, in conjunction with the Deepavali public holiday. Monday is a replacement holiday for Deepavali which falls on Sunday, Nov 12. “Bursa Malaysia and its subsidiaries will resume operations on Tuesday, Nov 14,” the exchange said in a statement on Wednesday. — Bernama BLOOMBERG F&N chief executive officer Lim Yew Hoe: In the beginning, we will most likely focus on manufacturing plain milk first, then we will go into flavoured milk, and as we get better, we can go on to making cream. barn construction as well as acquisition of the dairy cattle. Under Phase 1, a total of 4,000 dairy cattle will be brought in from the US, Lim said. Eventually, the farm will have the capacity of housing up to 20,000 dairy cattle. On Tuesday (Nov 7), F&N reported a net profit of RM536.9 million for the financial year ended Sept 30, 2023 (FY2023), the group’s highest full-year net profit since FY2010, thanks to festive sales and out-of-home consumption, as well as contributions from snack and candy maker Cocoaland Holdings Bhd. Revenue climbed 11.88% to a record high of RM5 billion from RM4.47 billion in the previous year. Following the stellar results, F&N announced a final dividend of 33 sen and a special dividend of 17 sen for a 50 sen payout — bringing the total dividend for FY2023 to 77 sen per share. LOW YEN YEING/THE EDGE

THURSDAY NOVEMBER 9, 2023 11 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): Former prime minister Datuk Seri Najib Razak told Investigating Officer (IO) Foo Wei Min that he opened an initial account with AmBank in order to receive donations from the Middle East. Foo, the prosecution’s 48th witness in the ongoing 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial, confirmed this under cross-examination by lead defence attorney Tan Sri Muhammad Shafee Abdullah on Wednesday (Nov 8). Shafee: My client instructed me that he opened the account in order to receive the Saudi donation. [This] was indicated to him when he met [Saudi Arabia’s late] King Abdullah — that is the instruction he maintained throughout. Did he not mention that to you? Foo:Yes. Shafee: That account that he said [was] opened in order to receive the donation, [monies] did in fact come from Saudi, the Riyad Bank. Foo: Yes. On Wednesday, when shown related bank documents, Foo confirmed that the first seven transactions in Najib’s account were from Saudi Arabia through Riyad Bank. Shafee also implied that the monies that his client is charged with laundering in this trial are in fact donations from Saudi Arabia. The account in question is Najib’s personal account ending 694, which is one of five AmBank accounts the ex-finance minister opened between 2011 and 2013. The claim that the monies which flowed into Najib’s account were donations has been maintained by the defence from the start of this trial — as well as throughout the SRC International Sdn Bhd case, where Najib was found guilty on all seven graft charges in relation to monies belonging to the former 1MDB unit. Najib is currently serving a 12-year prison sentence, as the apex court dismissed his final appeal in the RM42 million SRC case last year. A review of this decision was also dismissed earlier this year. 1MDB-Tanore trial: Najib told money laundering investigator his account was for receiving Saudi donations BY TARANI PALANI & TIMOTHY ACHARIAM theedgemalaysia.com Shafee and witness locked horns over alleged gaps in money trail Foo is the IO who traced the monies in Najib’s personal account that had received about RM2.08 billion from Tanore Finance Corp, an outfit linked to fugitive financier Low Taek Jho, and which has resulted in the 21 money laundering charges the exPM faces in this trial. Foo’s investigation centres on the third phase of the 1MDB debacle — the ‘Tanore phase’ which refers to the issuance of a US$3 billion (RM14.05 billion) bond by 1MDB’s wholly owned subsidiary 1MDB Global Investment Ltd (1MDBGIL) in 2013. The prosecution claims a part of the US$3 billion was subsequently deposited into Najib’s account. Earlier during the proceedings, Shafee and Foo locked horns over alleged gaps in Foo’s money trail and investigation. The point of contention is whether Foo had traced 1MDB monies from three trust funds Cistenique, Enterprise Emerging Markets Fund (EEMF) and Devonshire. Shafee maintained that without such inquiry, Foo could not possibly ascertain if the investment funds had monies from other sources in its account. The defence counsel asserted that Foo cannot with certainty say that these are the monies from 1MDBGIL to the three funds. However, Foo asserted that he has the money trail indicating that monies to these funds originated from 1MDBGIL and that these transactions are related to the predicate offence investigated by the MACC IO. “I have the money trail that showed from 1MDBGIL to these trust funds. These are predicate offences, our focus is money coming in from Tanore and then AmBank. This investigation is conducted by MACC IO. However we have the trail to indicate,” the witness said. Shafee: They transferred the illegal funds, they went to Falcon [Bank] but you only examined Falcon [Bank onwards]. In between, you did not examine. So I’m suggesting there is a gap, maybe not your fault. I’m suggesting you don’t have the documents therefore you cannot be sure what transpired in this fund called EEMF? Foo: I didn’t investigate it. Shafee: How you connect Tanore with GIL [when] you did not detail [it] out. Foo: The connection [will be done] by MACC IO. I have the trail and the knowledge but that is not my scope of investigations so [best for] MACC IO to explain. In reply to Shafee’s query, Foo said that he did not investigate or interview anyone from these funds as it was not within the purview of his investigation. Shafee then suggested to Foo that the trail between Tanore and 1MDBGIL is something Foo ought to have investigated. The witness disagreed. The defence counsel also suggested that there are gaps in Foo’s investigation because he does not have particular documents. Foo, who is currently the Assistant Director of PDRM’s Anti-Money Laundering Investigation Division, disagreed. Previous witnesses, such as Bank Negara Malaysia analyst Adam Ariff Mohd Roslan, have also testified that Tanore received proceeds from the bond through these three funds. Apart from the 21 money laundering charges, Najib faces four counts of abuse of power for using his position as prime minister, finance minister and chairman of 1MDB’s board of advisers to receive gratification worth RM2.277 billion. The trial before judge Datuk Collin Lawrence Sequera continues on Wednesday with the continued cross-examination of Foo. ZAHID IZZANI/THE EDGE Read also: Roger Ng cooperating with police in 1MDB case, says Ayob Khan

THURSDAY NOVEMBER 9, 2023 12 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): Australia’s Lynas Rare Earths intends to withdraw its application for a judicial review of its operating licence conditions in Malaysia, a Malaysian government lawyer said on Wednesday. Lynas earlier this year approached a Malaysian court to review its licence to operate in the Southeast Asian country, after the government barred it from importing and processing lanthanide concentrate from January 2024 due to concerns of radiation from cracking and leaching operations. However, the government last month said it will allow Lynas to import raw materials containing natural radioactive material and process rare earths until March 2026, provided the miner carries out thorium extraction to remove radioactive waste. The court will decide on Lynas’ application to withdraw its case on Nov 14, senior federal counsel Sallehudin Md Ali told Reuters. Lynas to withdraw court request to review Malaysia licence conditions KUALA LUMPUR (Nov 8): Lawyer Rosli Dahlan has applied to strike out the Malaysian Anti-Corruption Commission’s (MACC) application to obtain documents from him that are allegedly related to the settlement of the 1Malaysia Development Bhd (1MDB) corruption and money laundering case between the Malaysian government and Goldman Sachs. Rosli, 62, filed the notice of motion at the High Court on Nov 3 through Messrs Vin Law Co, naming the MACC as the respondent. The lawyer is seeking punitive and exemplary damages from the MACC for allegedly abusing the court process and slandering him by naming him as the first respondent in the application to obtain the documents. In his notice of motion, Rosli, who is representing Bersatu president Tan Sri Muhyiddin Yassin in the case involving Jana Wibawa, stated that the MACC has no locus standi to obtain such an order. Rosli also alleged that the MACC’s action of naming him as the first respondent was in bad faith, humiliating, frivolous, aggravating and slanderous, claiming that there were no documents that were related to him in MACC’s application to obtain the documents. Case management has been set before Judge K Muniandy on Thursday. On Oct 11, the MACC requested for the lawyer to submit 10 documents, including Rosli’s letter of appointment as a lawyer for 1MDB and bank account statements for the firm Rosli Dahlan Saravana Partnership. The MACC stated that the documents were needed to identify Rosli’s appointment as 1MDB’s lawyer in the settlement between the Malaysian government and Goldman Sachs regarding the 1MDB issue. BENTONG (Nov 8): Two men were charged in the Magistrate’s Court here on Wednesday with breaking into a casino room in Genting Highlands last month and stealing 1,160 casino chips worth RM4.6 million belonging to Genting Highlands Bhd. Koay Boan Seng, 32, and Hoo Chee Chuan, 38, pleaded not guilty after the charge was read out before Magistrate Nadhratun Naiem Zainan. They were charged with two others still at large with committing housebreaking at a storage room by stealing 1,160 casino chips worth RM4,607,800 from the Twilight 3 room at Sky Casino Genting Highlands at 7.12am on Oct 28. They were charged under Section 457 of the Penal Code, read together with Section 34 of the same Act, which provides for imprisonment of up to five years and a fine. If the offence includes theft, the jail term could be extended to 14 years, with a repeat offence also carrying a fine or whipping. Deputy public prosecutor Muhammad Zamharir Muhammad Zuhid prosecuted the case while lawyer Kenny Tan Cheng Yee represented both the accused. In asking for a low bail, Tan said Koay was a contract worker earning RM1,800 a month while Hoo earned RM2,000 a month as a farm worker. The court allowed bail of RM8,000 in one surety for each accused and fixed Jan 10 next year for mention. On Tuesday, Bernama reported that police were tracking down five local men including the mastermind in the RM4.6 million casino chip heist at Genting Highlands on Oct 28, believed to be the largest chip theft in the highlands resort. Pahang police chief Datuk Seri Yahaya Othman said police had arrested 10 suspects, aged between 30 and 59, including a Chinese national, in raids made in Genting Highlands, Raub in Pahang, Kuala Lumpur and Nilai in Negeri Sembilan, between Oct 29 and Nov 1. 1MDB settlement: Rosli Dahlan applies to strike out MACC’s application to obtain documents Two men claim trial over RM4.6 mil Genting casino chip theft Bernama Bernama BY DANIAL AZHAR & ROZANNA LATIFF Reuters Lynas did not immediately respond to requests for comment. Lynas has been operating in the central Malaysian state of Pahang since 2012. Its share price jumped last month, after the government allowed its flagship local refinery to continue operating. Lawyer Rosli Dahlan applied to strike out the Malaysian Anti-Corruption Commission’s application to obtain documents allegedly related to the settlement of the 1Malaysia Development Bhd (1MDB) corruption and money laundering case from him, alleging that it's abusing the court process and slandering him by naming him as the first respondent in the application. BERNAMA

THURSDAY NOVEMBER 9, 2023 13 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 8): The High Court here will deliver its verdict on Thursday (Nov 9) on the case of Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman, who is facing four charges of abetting in criminal breach of trust (CBT), misappropriation of property and money laundering in connection to Angkatan Bersatu Anak Muda (Armada) funds. Judge Datuk Azhar Abdul Hamid is scheduled to deliver his judgement at 9am. On March 14, the defence closed its case after calling Syed Saddiq and three other witnesses, namely Armada Information Chief Ulya Aqamah Husamudin, as well as Mohamed Amshar Aziz and Siti Nurul Hidayah, who are Syed Saddiq’s former special officer and former private secretary respectively. A total of 30 prosecution witnesses testified in the trial, which started on June 21, 2022. They included Syed Saddiq’s father Syed Abdul Rahman Abdullah Asagoff, his mother Shariffah Mahani Syed Abdul Aziz, and former Armada assistant treasurer Rafiq Hakim Razali, as well as Malaysian Anti-Corruption Commission (MACC) investigating officers Nurul Hidayah Kamarudin, Syahmeizy Sulong, and Asbi Munip. The case was conducted by deputy public prosecutors Datuk Wan Shaharudin Wan Ladin and Mohd Afif Ali, while lawyers Gobind Singh Deo and Haijan Omar represented Syed Saddiq. On Oct 28 last year, the High Court here ordered Syed Saddiq to enter his defence after the prosecution successfully established a prima facie case against him. The former youth and sports minister was charged with abetting Rafiq, who was entrusted with RM1 million of Armada’s funds, to commit a criminal breach of trust by misappropriating the funds. The offence was allegedly committed at CIMB Bank Bhd, Menara CIMB KL Sentral, Jalan Stesen Sentral 2 here, on March 6, 2020, and the charge was framed under SecSyed Saddiq to know fate on CBT, money laundering case today PUTRAJAYA (Nov 8): The Court of Appeal on Wednesday unanimously dismissed a motion by lawyer Mohd Hatta Sanuri to adduce further evidence, namely a press statement issued by former attorney general Tan Sri Idrus Harun in January, for his appeal in connection with the government’s decision to withdraw a review application over the International Court of Justice’s (ICJ) decision over the Pulau Batu Puteh claim. A three-member bench led by Datuk Supang Lian ruled that Idrus’ opinion does not constitute further evidence as stipulated under Section 69 of the Evidence Act, and that the statement is not relevant in Hatta’s two appeals. The other two members of the bench were Datuk Hashim Hamzah and Datuk Wong Kian Kheong. Hatta’s counsel Mohaji Selamat wanted Idrus’ statement, which was made on Jan 27, to be used in his appeal over his misfeasance suit against the federal government and the prime minister over Malaysia’s decision to drop the Pulau Batu Puteh appeal in 2018. Mohaji told the bench that the statement made by Idrus about the withdrawal of the appeal was not in order and improper. He said the statement should be admitted as it is relevant to his case to show misfeasance, as the suit was struck out by the court without going through a full trial. He added that the statement made by Idrus was not available when the case was decided, and hence should be admitted. The hearing of Hatta’s appeal is fixed for Nov 15. Appellate court dismisses lawyer’s motion to adduce ex-AG Idrus’ statement for Pulau Batu Puteh appeal BY HAFIZ YATIM theedgemalaysia.com Bernama tion 406 of the Penal Code, which is punishable by up to 10 years imprisonment, and liable to whipping and a fine, upon conviction. On the second charge, he is accused of misappropriating RM120,000 from Armada Bumi Bersatu Enterprise’s Maybank Islamic Bhd account, by making Rafiq Hakim dispose of the money. Syed Saddiq allegedly committed the offence at Malayan Banking Bhd, Jalan Pandan 3/6A, Taman Pandan Jaya here between April 8 and 21, 2018, and the charge was framed under Section 403 of the Penal Code, which is punishable by up to five years imprisonment, and liable to whipping and a fine, upon conviction. He is also facing two counts of money laundering, via transactions of RM50,000 each, believed to be proceeds from unlawful activities, from his Maybank Islamic Bhd account into his Amanah Saham Bumiputera account in a bank at Jalan Persisiran Perling, Taman Perling, Johor Baru, on June 16 and June 19, 2018. The charges were framed under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, which is punishable by up to 15 years imprisonment and liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity, upon conviction. Read the full story Read the full story On July 1 last year, Kuala Lumpur High Court judge Hayatul Akmal Abdul Aziz allowed the federal government’s application to strike out Hatta’s suit on the grounds that the issue raised was non-justiciable and touched on foreign policy. Hayatul Akmal also said Hatta did not have the locus standi (legal standing) in initiating the suit. Senior federal counsel Ahmad Hanir Hambaly objected to Idrus’ statement being admitted as it was not relevant to the suit at hand. He added that the issue with regard to the appeal over the suit being struck out was whether Hatta was right in filing a suit which is considered non-justiciable as it touches on foreign policy. “The statement has no bearing to the suit at hand, and hence the motion should be dismissed,” he said, adding the other appeal by Hatta was over the documents deemed classified by the government and court, which should not be released to the public. FILEPIX BY SHAHRIN YAHYA/THE EDGE

thursday november 9, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 8): The unity government has never held any meetings with opposition Members of Parliament (MPs) in regard to their declaration of support for Prime Minister Datuk Seri Anwar Ibrahim’s leadership. However, Minister of Communications and Digital Fahmi Fadzil said that the support given by the opposition MPs proved that they are now open to working together with the prime minister and the unity government to restore Malaysia to the path of economic growth and political stability. “I was surprised myself... but I do welcome the support. This has brought the support for prime minister among the MPs to 150 (from the 222-seat Dewan Rakyat),” he told reporters after the re-launch of The Sun newspaper here on Wednesday. Fahmi said this in response to the three MPs from Perikatan Nasional (PN) who had pledged full support to Anwar’s leadership, with the latest being Gua Musang MP Datuk Mohd Azizi Abu Naim. Last month, Kuala Kangsar MP Datuk Iskandar Dzulkarnain Abdul Khalid and Labuan MP Datuk Suhaili Abdul Rahman also pledged their support to Anwar. Read also: More than 3,700 posts involving fake news and hate speech taken down over January-October, says deputy minister Support for PM: Unity govt never held meetings with opposition MPs — Fahmi KUALA LUMPUR (Nov 8): There were 1,920 residential units auctioned in the first nine months of 2023, with a total value of RM529.03 million, according to Local Government Development Minister Nga Kor Ming. These auctioned residential units include 1,033 units priced at RM300,000 and below; 418 units priced at RM300,000 to RM500,000; 267 units priced from RM500,000 to RM1 million; and 202 units priced at RM1 million and above. For 2022, based on the Auctioned Residential Data report issued by the National Property Information Center (Napic), there were 2,203 auctioned residential units valued at RM504.57 million. “This included 1,325 units priced at RM300,000 and below; 477 units KUALA LUMPUR (Nov 8): The government’s proposed progressive wage model will be voluntary and employ a carrot-andstick approach, according to Economy Minister Rafizi Ramli. Rafizi said that if employers choose to opt for the progressive wage scheme and pay their employees according to the government’s prescribed rates, based on sector and skill level, they will be eligible for specific cash incentives. “In addition, employees placed under the progressive wage scheme will be required to undergo specific skills training to enhance their abilities,” Rafizi said when winding up his ministerial response for Budget 2024 in the Committee stage in Dewan Rakyat on Wednesday. As for the “stick” approach, Rafizi said that if employers choose to opt out of the progressive wage scheme, they may find it difficult to attract talent. “When the public and potential employees become aware of which employers have opted for the progressive wage model and pay their employees a competitive wage, the workforce’s focus is likely to shift towards those employers,” Rafizi said, adding further details about the progressive wage model will be disclosed when the ministry presents a white paper to Parliament on Nov 30. The progressive wage policy aims to increase employee wages and achieve fairer income distribution. According to the 1Q2023 formal sector wages report by the Department of Statistics Malaysia, the median monthly wage in March 2023 for citizen formal employees was RM2,600, and there were a total of 6.45 million citizen formal employees. The highest median monthly wage in March 2023, at RM3,500, was recorded for formal employees aged 45 to 49 and aged 40 to 44, accounting for nearly 20% of the total formal employees. In contrast, the age group below 20 years received the lowest median monthly wage, amounting to RM1,500, as per the report. Over RM529 mil worth of residential units auctioned in first nine months of 2023 — Nga Employers opting for progressive wages will be eligible for cash incentives, says Rafizi by Choy Nyen Yiau theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Bernama priced at RM300,000 to RM500,000; 293 units priced from RM500,000 to RM1 million; 108 units priced at RM1 million and above,” Nga said in written parliamentary response to Datuk Shamshulkahar Mohd Deli (BN-Jempol) on Wednesday. Shamshulkahar inquired about the research conducted by the ministry to address the 20% increase in the country’s real estate auction market following the fifth increase in the overnight policy rate (OPR) since May 2022. Nga explained that while the increase in OPR may be one of the reasons for the rise in the real estate auction market, other factors have also been identified as having a greater impact, such as the increase in the cost of living and the post-pandemic impact. “Although the increase in OPR leads to higher loan repayments, depositors also enjoy better returns on deposits at higher rates, further encouraging individuals to save money,” Nga added. The increase in the sale of homes in the auction market at prices lower than the market price and located in mature areas, according to Nga, presents a great opportunity for first-time home buyers. “(The public can) finance their purchase through the i-Biaya initiative under the Housing Credit Guarantee Scheme (SJKP), which is provided by the government and guarantees a financing limit of up to RM500,000, even for auctioned homes,” Nga added.

THURSDAY NOVEMBER 9, 2023 15 THEEDGE CEO MORNING BRIEF WORLD (Nov 8): US Treasuries may face renewed selling pressure into the new year if one measure of the nation’s swelling debt repayment bill is any guide. Estimated annualised interest payments on the US government debt pile climbed past US$1 trillion (RM4.67 trillion) at the end of last month, Bloomberg analysis shows. That projected amount has doubled in the past 19 months from the equivalent figure forecast around the time. The estimated interest expense is calculated using US Treasury data which state the government’s monthly outstanding debt balances and the average interest it pays. Of course, the gauge of estimated interest costs is different than what the Treasury actually paid. Interest costs in the fiscal year that ended Sept 30 ultimately totalled US$879.3 billion, up from US$717.6 billion the previous year and about 14% of total outlays. But, looking forward, the rise in yields on long-term Treasuries in recent months suggests the government will continue to face an escalating interest bill. The worsening metrics may reignite debate about the US fiscal path amid heavy borrowing from Washington. That dynamic has already helped drive up bond yields, threatened the return of the so-called bond vigilantes and led Fitch Ratings to downgrade US government debt in August. “There will be further increases to Treasury coupon auctions and T-bills outstanding going forward,” Bloomberg Intelligence strategists Ira Jersey and Will Hoffman wrote in a research note. “Besides deficits of over US$2 trillion in the foreseeable future, climbing maturities following the increase of issuance from March 2020 will also need to be refinanced.” Read also: US high-grade bonds lose appeal with some foreign investors — JPMorgan Investors turn risk-on for some junk debt but not all US debt interest bill rockets past a cool US$1 trillion a year BENGALURU (Nov 8): The dollar’s recent weakness will linger for the rest of the year, according to a majority of foreign exchange strategists in a Reuters poll, who also said economic data will be the primary influencer of major currencies for the rest of 2023. Renewed expectations the Federal Reserve (Fed) is done with its rate hikes have put the dollar at a disadvantage, with the currency losing almost 2.0% from last month’s peak, leaving the dollar index up around 2% for the year. Suggesting the current dollar weakening trend has further to go, a near two-thirds majority of analysts, 28 of 45, who answered a separate question said the dollar is likely to trade lower than current levels against major currencies by year end. They also expect it to slip against the euro and other Group of 10 currencies over the next 12 months, a position analysts have held all year but have been proven wrong each time. Some are sounding more confident this time they will be right. “The dollar and US yields have had a strong bullish trend over the [past] two to three months...but it looks like we’ve reached a point where yields and the dollar have peaked out,” said Lee Hardman, a senior currency analyst at MUFG. “It’s going to be harder for yields to hit fresh highs this year because markets are now more confident that the Fed is done hiking, speculation has already started to intensify again that next year we could see a policy reversal from the Fed with speculation building over more aggressive Fed rate cuts next year.” When asked what will be the primary influencer of major currencies for the rest of the year, a slim majority of analysts, 26 of 49, said economic data. Another 20 said interest rate differentials, and three said safe-haven demand. Recent employment data suggest cracks are finally appearing in the world’s largest economy’s surprising resilience to rate hikes over the past year and a half. But the US economy is still performing better than all of its peers. The latest data from the Commodity Futures Trading Commission showed currency speculators were still overwhelmingly netlong on the US dollar, suggesting there was still plenty of support for the greenback. “At the moment, we’re still tactically long dollar and we think this will have further to run into year end, primarily against currencies where they continue to show weak fundamentals. EUR/USD (euro/US dollar) would be the primary case of that,” said Simon Harvey, the head of foreign exchange analysis at Monex Europe. The eurozone economy shrank 0.1% last quarter and is expected to flat-line in this one, barely skirting a recession. The euro, after clawing back all of its losses for the year, is predicted to gain around 4.0% over the coming 12-months. Median predictions from 72 foreign exchange strategists showed the common currency trading at US$1.07, US$1.08 and US$1.11 in the next three, six and 12 months. Those estimates are broadly unchanged from an October survey. The Japanese yen, the worst-performing major currency for the year, is expected to remain under pressure in the near term. Asked what is the weakest level the yen will trade against the dollar by year end, 20 analysts who answered a separate question returned a median of 152/dollar. However the currency, which has lost about a third of its value since 2021 including 13% this year alone, is expected to recoup most of its 2023 losses over the next 12-months. The yen is expected to gain over 10% to change hands at 136/dollar in a year, the poll showed. Sterling, already up around 1.5% in 2023, is forecast to gain 3.5% to US$1.27 in a year. Emerging market currencies are expected to take well into next year to post noticeable gains against a retreating US dollar. Read also: Oil prices sputter near threemonth lows as demand concerns mount BY RUTH CARSON & MARK CUDMORE Bloomberg REUTERS Crack in US dollar strength to spread as economy slows BY HARI KISHAN Reuters

THURSDAY NOVEMBER 9, 2023 16 THEEDGE CEO MORNING BRIEF WORLD BEIJING (Nov 8): China’s Foreign Minister Wang Yi said maritime disputes should be resolved through talks and warned against “camp” confrontations, but stopped short of naming the United States (US), days before an expected meeting between the countries’ leaders. The Philippines, Japan and the US have complained about what they say is growing Chinese aggression in the South China Sea. Beijing says most of the region is part of its territory, a claim that is hotly disputed by several littoral nations. Last month, China and the Philippines traded barbs over a collision in the South China Sea, as Chinese vessels blocked the passage of Philippine ships. Beijing said the vessels were “trespassing” on Chinese territory when trying to send supplies to Philippine troops stationed on a disputed shoal, which lies in the Philippines’ exclusive economic zone. The tense encounters between China and the Philippines at the contested shoal have led Japan to call for trilateral cooperation with the US on helping Manila bolster its security capabilities. “Historical maritime disputes should be resolved through friendly consultation between direct parties, and maritime camp confrontations and zero-sum games should be resisted,” Wang said at a symposium on maritime governance in Hainan on Tuesday (Nov 7), without identifying any nation. Read the full story Read also: China unlikely to launch ‘D-Day’ on Taiwan, says Hsien Loong China warns against maritime ‘camp’ confrontations but stops short of naming US (Nov 8): The world is facing a “moment of danger” with wars in Ukraine and Gaza, conflict “tripwires” in Taiwan and the South China Sea, and the same “cast of characters” on either side of those territorial disputes, Singapore Foreign Minister Vivian Balakrishnan said. “I’m very uncomfortable,” the minister said at the Bloomberg New Economy Forum in Singapore on Wednesday. “I don’t want to be excessively alarmist, but the last time that happened globally was the First World War. So this is a moment of danger.” Ukraine has fought to repel a full-scale Russian invasion since February last year, with Kyiv getting aid from the US and the European Union (EU), and Moscow seeking support from China and North Korea. In Gaza, Israel is battling Hamas, which is designated as a terrorist organisation by the US and EU. The Palestinian group stormed into southern Israel on Oct 7, killing 1,400 people and abducting more than 240 others. “We view the global developments and instability from a point of great anxiety,” (Nov 8): Inflation is the biggest risk to the global economy, and that’s providing opportunities for investors, as policymakers grapple with their fight to rein in prices. That’s according to senior executives at banks and money managers speaking at the Bloomberg New Economy Forum in Singapore. While John Waldron (pic), the president and chief operating officer of Goldman Sachs Group Inc, said the key risk remains inflation, Lim Chow Kiat, the chief executive officer of GIC Pte Ltd, sees that as a chance to buy. Markets haven’t seen the current yield on 10-year Treasury inflation protected securities of around 2.5% for “a long time”, Lim said on a panel at the forum. “That’s very attractive I would say, and that is actually great competition for other asset classes.” As markets bet US interest rates will need to start reducing next year, Federal Reserve policymakers continue to battle with balancing tightening conditions against economic growth, and chair Jerome Powell has hinted his central bank may be finished hiking. “I would say inflation is still to me the single biggest risk,” Waldron said. “So I think inflation is far and away my biggest concern, and I think the geopolitics that are now overlaid in a much more profound way.” Meantime, speaking on the same panel, Jennifer Johnson, Franklin Templeton’s CEO, said it only gets tougher for central banks from here. “The journey to 2% (the inflation target) is going to be a lot more challenging,” she said. Singapore sees ‘moment of danger’ for world divided by wars Goldman, GIC differ on whether inflation is risk or opportunity Balakrishnan said. “If we get a world that’s caught up in war and distracted in ultimate strategic dead-ends, it’s going to be a world which is unstable, hyper-inflationary, disrupted and war will be the defining feature.” Rising tensions between Washington and Beijing have centred around Taiwan, the democratically governed island China regards as part of its territory. Over the past few years, an increasingly assertive China has increased its diplomatic, military and economic pressure against the government of President Tsai Ingwen, which rejects Beijing’s claim to sovereignty over the island. The US has bolstered its support for Taiwan in the form of increased sales of weapons and high-profile official visits. The South China Sea is another point of contention between the two powers, with each side accusing the other of provocative or unprofessional actions in the region. The US and China each released videos last month showing tense encounters between military vessels or warplanes, incidents that raise the risk of an accident spiralling into a bigger conflict. Balakrishnan also expressed concern about the possible effect on oil prices in the event that the Israel-Hamas war escalates. “The real issue is that if you get a regional conflagration, and, in particular, Iran gets into the act, I think you can easily imagine the impact of this on global oil supplies and therefore the price,” he said. The New Economy Forum is being organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. BY PHILIP J HEIJMANS & REBECCA CHOONG WILKINS Bloomberg BY CHANYAPORN CHANJAROEN & HASLINDA AMIN Bloomberg BY RYAN WOO Reuters BLOOMBERG

THURSDAY NOVEMBER 9, 2023 17 THEEDGE CEO MORNING BRIEF WORLD COLOMBO (Nov 8): China Harbour Engineering Company (CHEC) and its partners will invest US$1.56 billion on a phase of a port city project near Sri Lanka’s Colombo, in the single biggest injection of foreign direct investment for the financial crisis-hit country. The investment will go into the next phase of the project to build the city, which will be adjacent to the central business district of Colombo, Dinesh Weerakkody, chairman of the Colombo Port City Economic Commission, said on Wednesday. CHEC, part of China Communications Construction Co Ltd, has reclaimed land for the “world class city for South Asia”. Port City Colombo will span 269 hectares and is expected to attract a total investment of about US$15 billion, according to the project’s website. China is Sri Lanka’s biggest bilateral lender and its companies have built highways, sea and air ports, and other infrastructure projects in the strategic island off India’s southern coast. Work on some major sections of the city will start by the second quarter of 2024, Dinesh told Reuters, including “the Colombo International Financial Centre, China’s CHEC, partners to invest US$1.56 bil in Sri Lanka’s Port City Colombo (Nov 8): The US will provide US$553 million (RM2.59 billion) in financing for a port terminal in Sri Lanka’s capital being developed by Indian billionaire Gautam Adani, as New Delhi and Washington look to curtail China’s influence in South Asia. The funding from International Development Finance Corp (DFC) underscores renewed US and Indian efforts to loosen Beijing’s sway over Sri Lanka after Colombo borrowed heavily to splurge on Chinese port and highway projects before its economic meltdown last year. For Adani, US money may offer a stamp of legitimacy after allegations of fraud by short seller Hindenburg Research erased billions from the conglomerate’s market value earlier this year. The deepwater West Container Terminal in Colombo is the US government agency’s largest infrastructure investment in Asia, and among its biggest globally. It will bolster Sri Lanka’s economic growth and “its regional economic integration, including with India, a key partner to both countries”, DFC said in a statement. The funding is part of a global acceleration of DFC investments that totalled US$9.3 billion in 2023. “It is a high priority for the US to be active in the Indo-Pacific region,” Scott Nathan, DFC’s chief executive officer, told reporters in Colombo on Wednesday. “It is obviously the engine of economic growth for the world.” China had invested about US$2.2 billion in the island nation as of the end of last year, its biggest foreign direct investor. US officials have publicly criticised Sri Lanka’s little-used southern Hambantota port as unsustainable and part of what US invests US$553 mil in Adani’s Sri Lanka port to curb China’s influence BY IAIN MARLOW, CHRIS KAY & P R SANJAI Bloomberg BY UDITHA JAYASINGHE Reuters a yacht marina, and oceanfront villas”. The Colombo commission, along with CHEC, Chinese state-owned Hunan Construction Investment and Sri Lankan conglomerate Browns Investments, signed a cooperation framework agreement last month in Beijing. The US$500 million financial centre would be one of the larger projects involved, a statement from the commission said, while the marina and a marina hotel would cost an estimated US$250 million. A luxury villa complex project would need US$527 million, and some infrastructure development work will cost more than US$280 million, it said. Much of the ground infrastructure work should be completed by early next year, the statement added. A retail and duty-free mall is expected to open by the end of 2023, while construction on an international school, a university, and a hospital are earmarked to begin next year. The investment is the largest commitment of foreign direct investment since Sri Lanka plunged into its worst financial crisis in decades last year, caused by record low foreign exchange reserves. IILUSTRATION FILEPIX Read the full story it calls China’s “debt-trap diplomacy”. Colombo’s port is one of the busiest in the Indian Ocean, given its proximity to the international shipping routes. Nearly half of all container ships pass through its waters. DFC said it’s been operating at more than 90% utilisation for two years and needs new capacity. DFC said it will be working with sponsors John Keells Holdings plc and Adani Ports & Special Economic Zone Ltd, relying on their “local experience and high-quality standards”. Adani Group The US funding may serve as an endorsement for the short seller-stung Adani Group, as well as the controversial port project in which it holds a majority stake. The conglomerate has been fighting a raft of corporate fraud allegations levelled by Hindenburg Research and various media investigations, which it has repeatedly denied. “We see this as a reaffirmation by the international community of our vision, our capabilities and our governance,” Karan Adani, the tycoon’s son and CEO of Adani Ports, told reporters in Colombo on Wednesday. The port project, set to be operational by December 2024, will entail a total capital expenditure of US$1 billion, he said, adding that dredging work was complete. The site for the West Container Terminal in Colombo, Sri Lanka.

thursday november 9, 2023 18 The E dge C E O m o rning brief world (Nov 8): Indonesia sold US$2 billion (RM9.33 billion) in the form of a US-currency sukuk, its first such issuance in 18 months against the backdrop of a global rise in borrowing costs. Southeast Asia’s largest economy issued US$1 billion of five-year shariah-compliant notes for general financing, according to a person familiar with the matter, who asked not to be identified as they are not authorised to speak about it. It also launched US$1 billion worth of 10-year green notes for expenditure as outlined under its sustainable securities framework. The 2028 bonds priced at par to yield 5.4%, according to data compiled by Bloomberg, while the 2033 notes were issued at par to yield 5.6%. The sharp rise in US interest rates over the past two years is having knockon effects on economies around the world including Indonesia, where the government regularly taps the offshore bond market. Officials in Jakarta sold dollar debt in January, while their last dollar sukuk transaction took place in May 2022. Bloomberg’s analysis of data at the initial price talk stage indicated the deal was being offered at a premium to the seller’s existing dollar securities. In addition to the change in US interest rates, other factors may have also contributed to the difference in the offer pricing. While the Indonesian government didn’t lay out exactly how the green proceeds would be allocated, its sustainable securities framework lists a number of projects, such as developing wind or hydro-power plants, or implementing energy performance standards and energy efficient labels for equipment. Earlier this year, Indonesia sold yen-denominated bonds, with funds from some tranches earmarked for ocean conservation and climate change mitigation. CIMB Group Holdings Bhd, Citigroup Inc, Dubai Islamic Bank PJSC, Mandiri Securities and Standard Chartered Bank plc acted as joint book runners for the deal, according to the person. Indonesia sells US$2 bil dollar sukuk, first in 18 months (Nov 8): Ping An Insurance (Group) Co sold all of its shares in Country Garden Holdings Co and has no plans to acquire the distressed developer, according to people with knowledge of the matter. The Chinese insurer offloaded the stake last quarter, the people said, asking not to be identified because the matter is private. Ping An held 4.9% of Country Garden shares as of August, according to data compiled by Bloomberg. Reuters reported earlier Wednesday that China’s State Council instructed the local government of Guangdong province to ask the company to take a controlling stake in Country Garden. Ping An said the report is untrue and it hasn’t received any such requests. Country Garden said the company wasn’t aware of the information in the report. Speculation over Country Garden’s fate has been swirling since the company defaulted on a dollar bond for the first time last month. While Chinese authorities have recently increased efforts to put a floor under the biggest property downturn in decades, analysts have expressed skepticism over the logic of a Ping An-Country Garden combination. Ping An has said it’s trying to reduce exposure to the sector, and regulators have been encouraging insurers to focus on their core business. As a non-state company, Ping An lacks ready access to government funding of the sort that would likely be required to restore market confidence in Country Garden without putting the insurer’s own financial health in doubt. “The odds are low for such a move to happen,” said Willer Chen, senior analyst at Forsyth Barr Asia Ltd. “It’s a weird move to ask a non-state-owned insurer to take on such national service.” Shares of Ping An fell 5.4% in Hong Kong trading after the Reuters report. Country Garden closed 12% higher. Country Garden and another defaulted property giant, China Evergrande Group, have played an outsized role underpinning the livelihoods of tens of thousands of employees and construction workers. They sold homes to buyers who are still waiting for them to be built. Chinese President Xi Jinping has ramped up steps to support the economy recently, such as by issuing more sovereign debt for infrastructure spending, raising the budget deficit ratio and even making an unprecedented visit to the central bank. Authorities have taken several moves in recent months to fine-tune real estate policy, including a broad relaxation of down-payment requirements for homes and cuts to some mortgage rates. That hasn’t been enough to turn things around: Property investment contracted 9.1% in the first nine months of the year. Country Garden’s September contracted sales tumbled 81% from a year earlier. Ping An itself has already been burnt by the real estate crisis. About 24 billion yuan (US$3.3 billion) of its profit was wiped out in 2021 due to its investments in China Fortune Land Development Co. The company’s exposure to the property sector stood at about 4.5% of total investments at the end of September. “Ping An is unlikely to take over Country Garden because residential projects aren’t assets that offer long-term returns, unlike offices. The insurer took a 24 billion yuan profit hit in 2021 due to its China Fortune Land stake, and we believe the firm would scrutinize any potential investment to safeguard shareholders’ and policyholders’ interest,” Bloomberg Intelligence Insurance analyst Steven Lam said. The central government has long held the stance that Ping An should focus on its core business in insurance and financial services, said Zerlina Zeng, an analyst at CreditSights. “Given the property-related impairments that it has incurred in the past, I think the hurdle is not low for taking a controlling stake in another defaulted developer,” she said. Ping An exited its Country Garden stake, has no takeover plan Bloomberg by Harry Suhartono & Ameya Karve Bloomberg Read also: Chinese authorities ask Ping An to take controlling stake in Country Garden, sources say Read also: Indonesian bonds no longer darlings in emerging markets

thursday november 9, 2023 19 The E dge C E O m o rning brief world (Nov 8): Shein is touting its hopes for a valuation of as much as US$90 billion (RM419.76 billion) as it lays the groundwork for an eventual US initial public offering (IPO), a level that far exceeds how the fast-fashion giant is valued in private trades, according to people familiar with the matter. The company has told prospective investors that it’s aiming to fetch a valuation of US$80 billion to US$90 billion in a listing, the people said. The timing of the share sale remains uncertain given the market volatility, according to the people. In private trades, Shein’s valuation has dropped below the US$66 billion it got in a funding round in May, the people said. Stakes that have recently changed hands in the secondary market valued the company at around US$50 billion to US$60 billion, the people said. While valuation in private trades doesn’t necessarily reflect the company’s actual valuation, the gap underlines investor concerns over Shein’s challenges ranging from intensifying competition to allegations of copyright thefts and potential use of forced labour. It may also complicate Shein’s ambitions for a blockbuster listing. Shein was the world’s third most valuable start-up in 2022, when a funding round valued the company at US$100 billion. Its valuation has since dropped along with other start-ups and technology companies as investors grew wary towards risk assets amid uncertain economic outlook and higher interest rates. Valuation of ByteDance Ltd, the parent of short-video hit TikTok, fell to below US$300 billion in secondary market in July, down at least 25% from last year, Bloomberg News has reported. Deliberations are ongoing, and no final decision has been made regarding Shein’s IPO, including its valuation and timing, the people said. A representative of Shein declined to comment. Challenges ahead Shein pioneered ultra-fast fashion, selling new and stylish items such as shirts and swimsuits for as little as US$2 each. Its direct-to-consumer e-commerce sales took off in the US during Covid, and the company quickly became one of the most downloaded shopping apps in the country, targeting teens and young women. Founded in China more than a decade ago, Shein recently moved its headquarters to Singapore, and has worked to distance itself from its country of origin. Shein still gets most of its clothing for the US from suppliers in southern China, though it has announced plans to source from other countries. The retailer hired former SoftBank Group Corp executive Marcelo Claure earlier this year to help run its Latin American business. Shein’s success has prompted scrutiny into its supply chain practices. A member of Congress called for an investigation into Shein’s use of cotton from China’s Xinjiang region. If a probe is launched, and Shein is found to have broken US laws against forced labour, its products could be banned from entering into the country. The company acknowledges that 2% of its cotton comes from Xinjiang, but says it doesn’t use forced labour. Shein has also Bloomberg Shein targets up to US$90 bil valuation in US IPO, sources say been criticised alongside its fast-fashion peers for issues with the industry’s environmental impact. The online retailer is also facing intense competition from Temu, owned by Chinese e-commerce giant PDD Holdings Inc. In September, sales on Temu were more than double Shein’s in the US after topping Shein for the first time in May, according to Bloomberg Second Measure, which analyses consumers’ credit and debit card transactions. The duo have sued each other, with Shein accusing Temu of trademark and copyright infringement, while Temu said Shein violated antitrust laws by using bullying tactics to block clothing manufacturers from working with the platform. Shein has said the suit is without merit, and the firm will vigorously defend itself. The online retailer expects its net income to reach US$2.5 billion this year despite the intensifying competition, said the people, who asked not to be identified as the information is private. Its net income in 2019 was around one billion yuan (US$137 million or RM641.68 million), an investor presentation at the time showed. Shein has been trying to diversify its products beyond clothes and accessories under its own name. In August, the company bought about one-third of Sparc Group, which owns rival retailer Forever 21 through a joint venture. As part of the deal, Forever 21 products will be made available to Shein’s online customers. In October, Shein acquired British online brand Missguided from Frasers Group plc, further expanding its third-party offerings. Shein was the world’s third most valuable start-up in 2022, when a funding round valued the company at US$100 billion. Its valuation has since dropped along with other start-ups and technology companies as investors grew wary towards risk assets amid uncertain economic outlook and higher interest rates. bloomberg

thursday november 9, 2023 20 The E dge C E O m o rning brief world news In brie f UK home prices defy pressure with more buyers than houses on sale (Nov 8): Britain’s housing market is shaking off forecasts for a crash, with a slump in the number of properties changing hands preventing a sizable drop in prices. A stand-off between buyers and sellers has dried up housing transactions but also limited any plunge in valuations, with few households forced into selling up. Data from the mortgage lender Halifax on Tuesday showed the first month-on-month increase in prices in seven months. That added to evidence that the market is stabilising after a dip many had expected to turn into a sizable correction. While analysts predicted a 10% drop in prices from the peak in summer 2022, the slide so far is only half of that level and well short of the most apocalyptic forecasts. Halifax said a lack of houses for sale helped deliver the biggest monthly price gain since February. There’s other factors supporting the market. The Bank of England’s (BOE) decision to halt its quickest series of interest-rate increases in over three decades eased upward pressure on mortgage rates, while low unemployment and lender forbearance headed off the risk of forced sales. — Bloomberg Read the full story Dubai home sales zoom past last year’s record in ten months (Nov 8): A property boom in Dubai that pushed the number of residential transactions to a record high last year has continued into 2023, with sales surpassing those levels in the first 10 months of this year. The Middle East’s tourism and financial hub recorded 93,590 transactions through to the end of October, surpassing 92,178 in all of 2022, according to CBRE Group Inc. Still, the number of sales slowed in October, falling 23.6% from a year earlier as developers offered fewer new off-plan projects. “Demand hasn’t weakened even as monthly transactions have started to slow because fewer new projects are being started,” Taimur Khan, CBRE’s head of research, said in an interview. “The absorption that we have seen within the off-plan segment of the market has been almost unprecedented.” — Bloomberg Read the full story (Nov 8): The longest rally in Singapore’s housing rents in a decade may be coming to an end. The city-state’s residential rents may decline as much as 10% in 2024 after rising up to 15% this year, Bloomberg Intelligence analyst Ken Foong said in a report on Wednesday. He said the drop may be even greater if the macro-economy worsens or a crisis emerges. Twice as many new homes were built in 2023 compared with the previous year as construction bottlenecks eased after the pandemic, he wrote. Running down this supply will take time, as it’s above the annual average in the 10 years before. More new homes coming onto the market next year will also suppress rents. “Tenants are likely to push back on skyhigh rents due to higher vacancy, with more units to choose from, macro uncertainties and the rising cost of living,” Foong said. High rents, a pain point for Singapore expats and locals alike, are already easing. The government’s index for private housing leasing costs gained just 0.8% in the third quarter (3Q), the slowest increase since rents started climbing at the end of 2020. The expected drop would give some relief to tenants hit by increasing costs in what’s become the world’s most expensive city for luxury living. Leasing costs surged 30% last year, the most in 15 years as Singapore became one of the first countries in Asia to reopen its borders during the pandemic, driving its attractiveness to the rich. The number of vacant homes has also risen to 34,341 units in 3Q, outpacing the average of 27,000 between 2014 and 2017, when rents fell for four straight years, the longest stretch of annual declines since the end of the last century, government data show. While rents overall are expected to fall, some landlords may still increase prices on expiring leases that were entered two or three years ago, though at a lower rate, Foong added. World’s most expensive city to face first rental slump in four years by Ranjeetha Pakiam Bloomberg Bloomberg

thursday november 9, 2023 21 The E dge C E O m o rning brief world news In brie f Samsung tests AI chatbot that may wind up in smartphones (Nov 8): Samsung Electronics Co is testing a generative artificial intelligence (AI) model named “Gauss” after a 19th century German mathematician, joining the growing ranks of companies hoping to create rivals to ChatGPT. The world’s largest smartphone maker has begun internal testing of a bot that can help staff in the mobile and consumer electronics divisions compose emails, summarise documents and translate content, executives told attendees to a company conference on Wednesday. Samsung joins companies from the US to China in trying to stake a claim on a buzzy market since the advent of ChatGPT. Other AI tools it’s developing include a coding assistant and a platform that can create visuals from simple keywords. Samsung aims to weave its AI services into a variety of products in the near future. Samsung may also be responding in part to mounting concerns around the pervasiveness of the technology. Earlier this year, it banned employee use of generative AI after discovering staff had uploaded sensitive code to the platform. — Bloomberg Moderna investor Flagship Pioneering expands into Asia-Pacific with Singapore regional hub US biotech venture creation company Flagship Pioneering has announced its expansion into the Asia-Pacific region, with the opening of a regional hub in Singapore. This follows the company’s expansion into the UK earlier this year. Flagship is best known for its role in backing Moderna, which created a widelyused Covid-19 vaccine. Flagship currently counts 43 companies in its ecosystem, spanning human therapeutics, agriculture and nutrition. Companies in its stable include the Nasdaq-listed firms Denali Therapeutics, Foghorn Therapeutics, Omega Therapeutics, Sana Biotechnology and Seres Therapeutics. — theedgesingapore.com India’s NCDEX to launch sunflower oil futures amid volatile prices MUMBAI (Nov 8): India’s National Commodity and Derivatives Exchange (NCDEX) will launch sunflower oil futures contracts on Nov 12, to provide importers with a hedging tool amid volatile prices, a senior exchange official told Reuters on Tuesday (Nov 7). India is the world’s biggest importer of sunflower oil, fulfilling more than 90% of its demand through imports of 2.5 million to three million metric tonnes from Russia, Ukraine, Romania and Bulgaria. “Imports keep going up every year, and there’s no way for importers to protect themselves. The industry really needs sunflower oil futures to deal with the volatility in global prices,” Arun Raste, managing director of NCDEX, told Reuters. The exchange would initially launch three monthly contracts with a delivery option at Chennai in the southern state of Tamil Nadu, he said. Sunflower oil, which typically commands a premium over rival palm oil and soybean oil, is preferred in the southern states of India. — Reuters Nationwide outage in Australia leaves millions without phone, internet access (Nov 8): A nationwide outage that struck Australia’s second-largest telecommunications company Optus on Wednesday — wreaking havoc at peak hour as millions were left without phone and internet services — has been resolved. “Services have now been restored, and customers should now be able to be back online,” Optus said on X. “Optus sincerely apologises to customers for today’s outage. We again thank customers for their patience.” Optus, owned by Singapore Telecommunications Ltd (Singtel), earlier said engineers were investigating a “network fault”, but didn’t provide details of the cause. The crash stretched from Perth in Western Australia and Darwin in the north, to east coast cities including Sydney and Brisbane, according to a network tracker on Optus’ website. The outage exposed the country’s modern-day reliance on phone companies for a range of services. Train commuters stranded in Melbourne found themselves unable to call for ride-share services like Uber, while home workers were stranded without a web connection. Westpac Banking Corp said it was unable to take some calls because of the crash. The network failure is another blow for Optus, which last year was hit by a major cyberattack. That security breach exposed the details of almost 10 million former and current customers, while more than two million of them had identity document numbers compromised. Singtel shares fell 4.8% in Singapore on Wednesday, breaking a five-day run of gains. — Bloomberg Nintendo jumps as it plans liveaction Legend of Zelda movie (Nov 8): Nintendo Co is developing a liveaction film based on The Legend of Zelda video game franchise, expanding efforts to bring its popular characters to the big screen. The Kyoto-based entertainment firm wants to release one movie every year, Mario and Zelda creator Shigeru Miyamoto told analysts on Wednesday. The upcoming film builds on a decade of internal discussions about film adaptations, an endeavour that scored with The Super Mario Bros Movie. Released by Universal Pictures in April, the Mario flick generated US$1.36 billion (RM6.35 billion) in global ticket sales and was the highest grossing film of the year until it was dethroned by Greta Gerwig’s Barbie. Zelda is among Nintendo’s biggest franchises, with its two most recent titles among the top 10 bestselling Switch games. 2017’s The Legend of Zelda: Breath of the Wild was a launch-day title for the Switch and the must-have game that helped propel the console’s early sales. Nintendo will finance more than 50% of the movie production, with Sony Pictures Entertainment also providing funding and handling global distribution. Nintendo shares rose as much as 6.6% in Tokyo on Wednesday, their biggest intraday gain in almost three years. Nintendo also raised its annual profit forecast on Tuesday, thanks to the weak yen’s boost to earnings and expectations for stronger game sales. — Bloomberg Read the full story bloomberg Flagship Pioneering founder and chief executive officer (CEO) Noubar Afeyan Bloomberg filepix

thursday november 9, 2023 22 The E dge C E O m o rning brief world SYDNEY/MEXICO CITY/BUDAPEST/ BANGKOK/CAPE TOWN/TORONTO (Nov 8): The historic transition from the century-long era of the internal combustion engine (ICE) to the electric vehicle (EV) age is creating flashpoints in surprising corners of the world economy. And it’s only just beginning. In Canada’s resource-rich “Ring of Fire”, green goals are colliding as permits to dig up EV minerals are slowed by concerns over environmental degradation. In Thailand — dubbed Asia’s Detroit — Japanese automakers are losing ground to Chinese companies. In Mexico, Western automakers are expanding fast to sell EVs across the northern border, but in the meantime Chinese firms are ramping up sales to local consumers. China is the standout leader in the EV race with a more than 80% share of the world’s lithium-ion battery capacity and huge leads in most other critical components. President Joe Biden wants to change that, with the US’s Inflation Reduction Act spending billions of dollars to lure producers to America and its closest trading partners. Playing catchup is the European Union, with its investigation into Beijing’s EV subsidies as surging sales of Made-in-China cars put millions of jobs at risk. Caught in the crossfire are smaller economies — some winning out as Chinese investment floods in, others benefiting from the IRA’s friend-sourcing rules and an equal measure losing ground as their car industries built for a bygone era face obsolescence. The stakes are enormous: BloombergNEF forecasts the cumulative value of all forms of EV sales will hit US$8.8 trillion (RM41.21 trillion) by 2030 and US$57 trillion by 2050 in its base case scenario. That jumps to over US$88 trillion by the middle of the century if the world ditches its gas-guzzling vehicles even more quickly. “The automotive sector is a major source of manufacturing jobs, R&D investment, and innovation, but not everyone is going to make this transition smoothly,” said Colin McKerracher, head of transport and automotive analysis at BNEF. “It’s all up for grabs, and nobody wants to be left behind.” The following five examples show how the EV revolution is creating geopolitical, environmental and societal tensions across the globe and draws on BNEF’s micro analby Malcolm Scott, Amy Stillman, Zoltan Simon, Patpicha Tanakasempipat, Paul Burkhardt & Jacob Lorinc Bloomberg EV market’s surge toward US$57 tril sparks global flashpoints ysis of the industry and Bloomberg Economics’s macro view to explore what comes next. Superpowers jostle on the streets of Mexico On the smoggy streets of Mexico City, more than a thousand electric taxis and public buses labelled “Soy Electrico” (“I’m Electric”) zip around the traffic-ridden streets. The Vemo-branded taxis are comprised of EVs from Chinese car makers BYD Co and Anhui Jianghuai Automobile Group Co, while the Mexico City-owned buses and trolleybuses are from Chinese companies Yutong and Zhongtong. “They are very popular,” says Vemo taxi driver Kay Joyce Lavariega Sumano, who likes the cars and their safety features. Mexico stands to be one of the biggest winners from Biden’s tax credits of as much as US$7,500 for consumer purchases of EVs manufactured in North America. General Motors Co, BMW AG, Ford Motor Co, Stellantis NV and Kia Corp have all announced plans to expand their EV production there to take advantage of those juicy near-shoring perks, while Tesla Inc is planning to build a mega-factory in the northern state of Nuevo Leon. While those Western carmakers gear up to make vehicles for the American market, Chinese automakers have got a jump on them by ramping up their sales to Mexicans. Mexico was the second-biggest importer of Chinese cars in the first five months of the year after Russia and the top destination last year. While the bulk of those are gasoline powered, EVs and hybrids are growing fast. Read the full story

thursday november 9, 2023 23 The E dge C E O m o rning brief world (Nov 8): Masayoshi Son retreated almost completely from venture investing as his Vision Fund unit lost ¥6.9 trillion (RM210 billion) in the last two years on startups like WeWork Inc, which just filed for bankruptcy. Now SoftBank Group Corp founder is tip-toeing back into dealmaking after overhauling his strategy to make more modest, focused investments. In one prominent example, Son has made a series of bets this year on autonomous technologies that could disrupt transportation and logistics. SoftBank agreed to put more than US$1 billion (RM4.68 billion) into Stack AV, an autonomous trucking startup, and joined a US$100 million joint venture with Symbotic Inc to develop AI-infused warehousing. Then SoftBank injected US$280 million into Mapbox Inc, a creator of AI-powered maps and navigation software. The startup, whose clients include Toyota Motor Corp and General Motors Co, also got a starring role at SoftBank World in October — an event where Son exhorted business leaders to embrace AI or perish. “AI-based map generation is a required ingredient for autonomy,” Peter Sirota, chief executive officer of Mapbox, said in an interview. “SoftBank has a thesis about AI, autonomy, autonomous vehicles — we are an interesting component of that overall architecture.” The 66-year-old Son is making the latest investments directly from SoftBank, rather than from the once highly touted Vision Fund unit. SoftBank has been accumulating cash as it sells off stakes in portfolio companies, including chip designer Arm Holdings plc. Son has a lot riding on his latest effort. He missed out on leaders of the AI revolution such as OpenAI and Anthropic, despite investing more than US$140 billion in hundreds of startups, and lost billions on the likes of WeWork and Zume Pizza Inc. Investors will get an idea of how his latest deals are working out when SoftBank reports financial results on Thursday. The Japanese conglomerate is projected to report net income of about ¥229 billion, according to the average estimates of four analysts surveyed by Bloomberg. Mapbox’s latest product, MapGPT, functions like a combination of ChatGPT and navigation maps. It has an AI assistant by Min Jeong Lee Bloomberg SoftBank’s Son edges back into dealmaking with a bet on autonomy that allows drivers to conduct web searches, purchase items and reserve places as they drive. Its voice is trained by AI to sound more natural. For large language models, Mapbox borrows technology from OpenAI, Microsoft Corp, Cohere Inc and Anthropic depending on what clients prefer. Mapbox’s proprietary AI action model is what enables the machine to execute orders. Mapbox’s growing client pool offers a glimpse of how Son imagines SoftBank-backed startups creating a tightly-knit web of businesses — a concept he’s touted for years without much benefit. Sirota said there’s a “big overlap” between his target customers and startups supported by SoftBank. PayPay, Japan’s largest QR-code payment app, and search engine Yahoo Japan are both under the SoftBank umbrella and now use Mapbox. At least three other SoftBank portfolio companies are Mapbox clients, including Pittsburgh-based Stack AV, according to people familiar with the matter, who asked not to be identified because the details are private. In another break from SoftBank’s traditional investment strategy, Mapbox is not a nascent business: it counts major automakers like BMW AG and e-commerce players among its customers and has 700 million monthly active users. It uses AI and data from those users’ cars and mobile phones to perfect and constantly update its maps. The founders of Stack AV — Bryan Salesky, Pete Rander and Brett Browning — previously ran the self-driving operation Argo AI, which Ford Motor Co. and Volkswagen AG shut down last year. Their efforts were resurrected as SoftBank agreed to provide “patient capital” to see the startup through to commercialising its autonomous trucking technology. Stack AV has hired 150 people and runs a test fleet of trucks on US roads. The Japanese conglomerate is betting Stack AV will generate high growth by eliminating supply chain hiccups that surfaced during the pandemic as more consumers turned to online commerce. “We have access to the entire SoftBank Group, the entire team,” Stack AV’s Salesky said in an interview with Bloomberg TV. “They see a lot in terms of business models and what works and what doesn’t.” Read the full story SoftBank Group Corp founder Masayoshi Son has made a series of bets this year on autonomous technologies that could disrupt transportation and logistics. bloomberg

THURSDAY NOVEMBER 9, 2023 24 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) FITTERS DIVERSIFIED BHD 115.6 0.000 0.050 -28.57 117.1 SMTRACK BHD 86.6 0.005 0.045 -10.00 55.0 TOP GLOVE CORP BHD 84.0 0.010 0.790 -12.71 6,326.4 KANGER INTERNATIONAL BHD 73.1 0.000 0.095 137.50 61.7 WIDAD GROUP BHD 65.2 0.005 0.455 5.81 1,408.9 ASDION BHD 59.6 0.015 0.080 -15.79 37.1 EDARAN BHD 52.0 0.150 0.965 77.06 55.9 TWL HOLDINGS BHD 51.9 0.005 0.035 0.00 170.5 LEFORM BHD 45.3 -0.005 0.245 18.70 362.8 EA TECHNIQUE M BHD 42.6 -0.055 0.330 94.12 175.1 SARAWAK CONSOLIDATED 42.4 0.010 0.585 303.45 374.5 DAGANG NEXCHANGE BHD 39.0 -0.005 0.450 -11.76 1,420.3 AGESON BHD 35.9 -0.010 0.060 -70.73 18.7 KUMPULAN JETSON BHD 35.6 0.005 0.290 34.88 77.7 SIME DARBY PROPERTY BHD 33.9 -0.010 0.600 33.33 4,080.5 JAKS RESOURCES BHD 33.7 0.010 0.205 -12.77 485.8 PUNCAK NIAGA HOLDINGS BHD 32.3 0.060 0.425 80.85 190.1 IMPIANA HOTELS BHD 30.6 0.020 0.220 144.44 177.5 HARTALEGA HOLDINGS BHD 29.3 0.060 2.390 40.59 8,157.7 SEDANIA INNOVATOR BHD 29.0 0.015 0.220 -16.98 80.4 Data as compiled on Nov 8, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AT SYSTEMATIZATION BHD 0.0 100.000 5973.100 -33.33 67.9 PBA HOLDINGS BHD 1.1 36.590 8904.900 47.37 370.7 METRONIC GLOBAL BHD 0.0 33.330 439.000 0.00 30.6 ASDION BHD 0.1 23.080 59607.200 -15.79 37.1 DOLPHIN INTERNATIONAL BHD 0.2 21.210 2957.400 -20.00 26.8 KUMPULAN PERANGSANG 0.8 20.860 20534.900 20.86 451.4 EDARAN BHD 1.0 18.400 51991.100 77.06 55.9 ADVANCE INFORMATION 0.2 17.650 1408.000 -11.11 19.5 CME GROUP BHD 0.0 16.670 145.000 16.67 36.2 NEXGRAM HOLDINGS BHD 0.0 16.670 2054.700 -50.00 22.7 TWL HOLDINGS BHD 0.0 16.670 51898.800 0.00 170.5 PUNCAK NIAGA HOLDINGS BHD 0.4 16.440 32308.400 80.85 190.1 BRITE-TECH BHD 0.3 15.090 2049.500 22.00 76.9 DESTINI BHD 0.1 15.000 3265.700 43.75 191.3 MYTECH GROUP BHD 0.4 14.470 573.200 -11.22 97.3 BARAKAH OFFSHORE PETROLEUM 0.0 14.290 719.900 60.00 40.1 BSL CORP BHD 0.0 14.290 4317.600 -40.83 77.3 HUBLINE BHD 0.0 14.290 102.200 0.00 171.6 EFFICIENT E-SOLUTIONS BHD 0.2 13.510 2026.600 10.53 148.9 SMTRACK BHD 0.0 12.500 86628.300 -10.00 55.0 Data as compiled on Nov 8, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AGESON BHD 0.060 -14.29 35,895.1 -70.73 18.7 EA TECHNIQUE M BHD 0.330 -14.29 42,593.5 94.12 175.1 INNITY CORP BHD 0.440 -12.00 3.8 6.02 61.3 INDUSTRONICS BHD 0.040 -11.11 575.1 -46.67 28.3 CSH ALLIANCE BHD 0.045 -10.00 3,463.0 12.50 62.2 KNM GROUP BHD 0.090 -10.00 16,765.7 80.00 364.0 MIKRO MSC BHD 0.240 -9.43 4,490.7 14.29 257.6 CITRA NUSA HOLDINGS BHD 0.050 -9.09 192.8 -23.08 36.0 PAN MALAYSIA HOLDINGS BHD 0.050 -9.09 1,142.0 -28.57 46.4 CHINA OUHUA WINERY HOLDINGS 0.055 -8.33 43.1 -15.38 36.7 MALAYAN UNITED INDUSTRIES BHD 0.055 -8.33 702.3 -26.67 177.4 GOPENG BHD 0.340 -8.11 9.8 -15.00 137.2 CLASSITA HOLDINGS BHD 0.060 -7.69 2,660.2 -83.56 74.0 MALAYSIA MARINE AND HEAVY 0.490 -7.55 2,508.8 -17.65 784.0 SEREMBAN ENGINEERING BHD 0.770 -7.23 11.7 -31.25 61.4 YGL CONVERGENCE BHD 0.135 -6.90 183.7 3.85 34.5 HANDAL ENERGY BHD 0.140 -6.67 13,642.7 -9.68 37.3 SNS NETWORK TECHNOLOGY BHD 0.245 -4.85 668.0 -3.92 395.1 ACO GROUP BHD 0.255 -5.56 6,154.4 15.91 88.6 BOUSTEAD HEAVY INDUSTRIES 0.525 -5.41 91.4 26.51 130.4 Data as compiled on Nov 8, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HONG LEONG FINANCIAL GROUP 17.140 -0.460 435.1 -7.85 19,629.5 PPB GROUP BHD 14.700 -0.340 1,073.2 -15.71 20,912.2 BATU KAWAN BHD 20.420 -0.180 4.0 -8.43 8,032.8 HONG LEONG BANK BHD 19.120 -0.180 244.7 -7.00 41,446.8 HEXTAR TECHNOLOGIES 23.480 -0.120 16.1 37.63 3,020.7 PETRONAS GAS BHD 17.000 -0.120 1,502.2 -0.70 33,638.4 YNH PROPERTY BHD 4.930 -0.100 88.6 16.55 2,605.4 TELEKOM MALAYSIA BHD 5.230 -0.070 1,958.2 -3.15 20,065.4 AEON CREDIT SERVICE M BHD 11.540 -0.060 263.5 -8.27 2,946.3 ANALABS RESOURCES BHD 1.510 -0.060 2.0 9.42 164.5 INNITY CORP BHD 0.440 -0.060 3.8 6.02 61.3 SEREMBAN ENGINEERING BHD 0.770 -0.060 11.7 -31.25 61.4 EA TECHNIQUE M BHD 0.330 -0.055 42,593.5 94.12 175.1 CHIN TECK PLANTATIONS BHD 7.600 -0.050 3.4 -10.77 694.4 HIBISCUS PETROLEUM BHD 2.640 -0.050 2,495.6 -1.31 2,125.1 IHH HEALTHCARE BHD 6.000 -0.050 7389.6 -1.92 52841.9 BRITISH AMERICAN TOBACCO 9.420 -0.040 248.0 -16.04 2,689.7 CIMB GROUP HOLDINGS BHD 5.770 -0.040 12,994.7 -0.52 61,537.6 GENTING BHD 4.230 -0.040 1,500.1 -5.58 16,287.9 GLOBETRONICS TECHNOLOGY 1.530 -0.040 2464.7 33.1 1027.4 Data as compiled on Nov 8, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) FRASER & NEAVE HOLDINGS BHD 27.500 1.680 550.6 27.43 10,086.4 NESTLE MALAYSIA BHD 124.800 0.800 202.4 -10.86 29,265.6 BLD PLANTATION BHD 10.900 0.400 16.1 6.24 1,019.2 MALAYSIAN PACIFIC INDUSTRIES 27.100 0.300 73.3 -5.77 5,390.1 PBA HOLDINGS BHD 1.120 0.300 8,904.9 47.37 370.7 APOLLO FOOD HOLDINGS BHD 5.090 0.150 50.5 31.87 407.2 EDARAN BHD 0.965 0.150 51,991.1 77.06 55.9 KUMPULAN PERANGSANG 0.840 0.145 20,534.9 20.86 451.4 UNITED PLANTATIONS BHD 16.920 0.140 109.2 12.72 7,018.2 CI HOLDINGS BHD 3.110 0.110 12.2 6.14 503.8 ALLIANZ MALAYSIA BHD 16.720 0.100 40.4 18.08 2,975.6 RAPID SYNERGY BHD 27.080 0.100 490.9 69.67 2,894.8 APB RESOURCES BHD 2.300 0.080 66.7 53.33 255.0 NEW HOONG FATT HOLDINGS 3.240 0.080 61.2 12.89 267.9 COUNTRY VIEW BHD 1.050 0.050 45.2 9.38 105.0 Y&G CORP BHD 0.765 0.065 6.0 8.51 167.1 AJINOMOTO MALAYSIA BHD 15.440 0.060 16.1 18.04 938.7 HARTALEGA HOLDINGS BHD 2.390 0.060 29,283.0 40.59 8157.7 PANASONIC MANUFACTURING 17.760 0.060 10.2 -22.45 1,078.8 PIE INDUSTRIAL BHD 3.180 0.060 196.1 23.06 1,221.3 Data as compiled on Nov 8, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 34,152.60 56.74 0.17 S&P 500 * 4,378.38 12.40 0.28 NASDAQ 100 * 15,296.02 141.09 0.93 FTSE 100 * 7,410.04 2.85 0.04 AUSTRALIA 6,995.45 18.37 0.26 CHINA 3,052.37 -4.90 -0.16 HONG KONG 17,568.46 -101.70 -0.58 INDIA 64,975.61 33.21 0.05 INDONESIA 6,804.11 -39.68 -0.58 JAPAN 32,166.48 -105.34 -0.33 KOREA 2,421.62 -22.34 -0.91 PHILIPPINES 6,155.03 23.71 0.39 SINGAPORE 3,129.72 -44.09 -1.39 TAIWAN 16,740.83 55.88 0.33 THAILAND 1,411.77 3.47 0.25 VIETNAM 1,113.43 33.14 3.07 Data as compiled on Nov 8, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,768.0048.00 OIL US$ 81.02-0.59 RM/USD 4.6830 RM/SGD 3.4507 RM/AUD 3.0075 RM/GBP 5.7348 RM/EUR 4.9947

THURSDAY | NOV 9, 2023 2 Govt prompts talks on media ad revenue slide KUALA LUMPUR: The government is advocating an in-depth dialogue between traditional media and social media platforms to address the decline in advertising revenue of traditional media companies, said Communications and Digital Minister Fahmi Fadzil. “We have studied what is done in countries such as Australia, Canada, Indonesia and so on, but in Malaysia, we may have our own reality, our different context. So, what we are trying to recommend is a more in-depth discussion between media companies and the operators of social media platforms. Perhaps, a commercial solution can be arranged among them to handle this issue effectively,” he said at an oCommercial solution can be worked out through in-depth discussions between mainstream and online content operators, says minister █ BYHAYATUN RAZAK [email protected]. M’sia to raise Palestine issue at Apec KUALA LUMPUR: Malaysia will fulfil its responsibilities to the best of its ability in voicing its views on the Palestinian crisis at the Asia-Pacific Economic Cooperation (Apec) Economic Leaders’ Week in San Francisco, California next week, said Prime Minister Datuk Seri Anwar Ibrahim. He said certain developments related to the crisis need to be discussed first. “We will discuss some developments, and we will carry out our responsibilities to the best of our ability,” he said briefly after opening the Malaysian Palm Oil Board International Palm Oil Congress and Exhibition 2023 yesterday. Anwar said this when asked whether he would use the Apec 2023 platform to address the issue of Israeli brutality against the Palestinians, Bernama reported. Anwar had confirmed that he would be attending the summit amid demands for him not to. He said the decision to participate in the conference was to protect the country’s interests in terms of diplomatic and economic relations and security. He said at the same time, he would not budge from defending justice and supporting the struggle of the Palestinian people. Apec is a regional economic forum established in 1989 to capitalise on the growing interdependence of countries in the Asia-Pacific region, and this year, it will be held from Nov 11 to Nov 17. The congress and exhibition, which is taking place at the Kuala Lumpur Convention Centre from Tuesday until today, has gathered over 100 speakers and some 2,000 participants from around the world. It serves as a platform for sharing insights, economic trends and the latest technology in the industry. Anwar, accompanied by Deputy Prime Minister Datuk Seri Fadillah Yusof, visiting one of the booths at the exhibition in Kuala Lumpur yesterday. – BERNAMAPIC event to relaunch theSun yesterday. He added that the ministry and the government had also held discussions with representatives of social media platforms. “Recently, I met with Google, for example, and I will meet with TikTok. We will have a meeting with Meta and so on.” He said it could not be denied that there have been changes in the attitude of readers and viewers with the advent of social media. He added that although some of these changes have led to transformation in behaviour or how information is consumed, it should not lead to media companies having to close shop or lay off employees. Fahmi said he felt responsible for the future of journalists. “We don’t want to see too many people affected by changes in the ecosystem I’m referring to.” He said he had conveyed this to some social media providers, and they understand and are open to having discussions with traditional media companies. “On the government’s side, we will continue to monitor. There is no need for the government to intervene too deeply in these discussions.” He said he would be meeting representatives from TikTok to discuss regulatory issues and the registration of social media platforms. “We don’t have plans right now (to regulate TikTok Shop). But I think, as the prime minister announced, we will be implementing the global minimum tax. One of the things that we are looking into is the distinct possibility of registering online social media platforms.” ‘Seek help if adversely affected by Gaza news, images’ KUALA LUMPUR: Communications and Digital Minister Fahmi Fadzil has reminded users of all social media platforms in the country to take care of their mental and emotional wellbeing while browsing news and images on Gaza. He also advised those who feel mentally and emotionally disturbed by the images and news from Gaza to seek counselling from experts. “Nowadays, we get a lot of distressing and saddening news from Gaza. So, we need to focus on our mental health because sometimes, what we see on social media is unfiltered. “Images of death, especially involving children, may have a lasting impact on us,” he said at the precelebration event for the 50th anniversary of Pantai Hospital Kuala Lumpur yesterday. Fahmi admitted that he, too, was emotionally disturbed, especially during the first few weeks of the attacks on Gaza last month. “I, myself, when I open Instagram, Facebook, Twitter and TikTok, I can’t control my emotions. It is very, very sad to see a mother holding her dead child, or bodies being taken out of the rubble. “When we see images like that, it will leave an impact. So, prioritise your mental health. If you feel that they (images and news from Gaza) disturb your emotions, seek counselling from experts.” In another development, Fahmi said Digital Nasional Berhad (DNB) is currently collaborating with the Health Ministry to provide 5G services at Kuala Lumpur Hospital and connect it with the National Institutes of Health in Setia Alam, Selangor, to assist the work of specialists in both facilities, Bernama reported. “As for 5G facilities in private hospitals, I encourage DNB and telecommunications companies to have further engagements. Information about areas with 5G facilities can be found on the map of the National Digital Network portal.” On the revocation of Harakah’s media accreditation by the Information Department, Fahmi said he was confident that the department had its own reasons for doing so, hence further clarification should be sought with the department. He said Harakah could still file an appeal to the department. ‘Countries must unite to stop Israeli attacks on innocent civilians’ NEW DELHI: All countries must come together to put an end to the relentless Israeli attacks on civilians in Gaza, said Foreign Minister Datuk Seri Dr Zambry Abdul Kadir, adding that Malaysia is working with like-minded countries for an immediate ceasefire. “What is happening now is alarming and unprecedented,” Zambry said here on Tuesday. “All countries must come together to address this issue,” he said, highlighting the killing of more than 10,000 people in Gaza, including 4,000 children and dozens of journalists and United Nations staff in the Israeli bombing since Oct 7. Israel has blockaded Gaza and cut off all food, water, medicine and electricity supply to its 2.3 million residents. Its military has bombed water sources, fishing boats, hospitals, schools, mosques and wiped out entire residential blocks, drawing charges of committing genocide on a scale never seen before. “No individual, leader or country with a moral conscience would tolerate such atrocities perpetrated against innocent people.” Zambry said horrendous atrocities are taking place “without any sense of humanity”. “This is unacceptable,” he added. – Bernama

THURSDAY | NOV 9, 2023 4 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. 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Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) PUTRAJAYA: Anwar Ibrahim said the government Prime Minister Datuk Seri will continue providing subsidies to the people in Budget 2024. However, he emphasised that subsidies need to be targeted to avoid leakage and to ensure they only benefit deserving groups. Anwar, who is also finance minister, said this was because at present, the super-rich and 3.5 million foreigners in the country were also enjoying the benefits of government subsidies. “The government has been providing RM81 billion in subsidies, the highest in the world. Although I was often criticised for the statement promising that “the day we come to power, the following day fuel prices will drop”, it is a different context because at the time, the oil price in Saudi Arabia was 50 sen, and now it’s RM2.85 there while here, it’s RM2.05. “The subsidies for fuel, chicken and electricity are also enjoyed by 3.5 million foreigners and 10% of the super-rich, and this does not include those smuggled out. “Hence, proper planning needs to be done to prevent leakage,” he said at the monthly assembly with staff of the Prime Minister’s Department yesterday. Citing the diesel subsidy as an example, Anwar said there is a need for a policy to address subsidy leakage because the government found that the number of vehicles has not shown an increase as significant as the increase in diesel consumption. “This means that diesel is being taken out (smuggled) ... that’s why we are improving the policies on diesel subsidy.” Anwar also said the early incentive payment of RM2,000 for civil servants in Grade 56 and below as announced in Budget 2024 is a form of recognition for the services of civil servants. He said the incentive payment is pending review of the Public Service Remuneration System (SSPA), and signalled that the oAssistance to be targeted to avoid leakage and ensure only deserving groups benefit: Anwar Subsidies continue INSIDE TELLING IT AS IT IS OCTOBER 17, 2023 ON No. 8373 PP 2644/12/2012 (031195) TUESDAY www.thesundaily.my Anwar said the 114-page Budget 2024 was the result of teamwork. – BERNAMAPIC government is paying serious attention to the wage rate of the 1.6 million civil servants in the country, Bernama reported. “It is not reasonable to expect better performance and higher productivity, but no increase in the wage rate. “If we look at a study by the Statistics Department, there is an increase in productivity, but the increase in wages is moderate. There is no encouragement,” said Anwar. He hoped employers in the private sector would make a similar move, taking into account the current economic factors. On the review of SSPA, he said he wanted it to be completed before the middle of next year so that the outcome could be shared during the tabling of Budget 2025. PETALING JAYA: Budget 2024 provisions to enhance potency of EPF schemes The Employees Provident Fund (EPF) has hailed Budget 2024, saying it prominently addresses some of the concerns it had raised on the long-term financial well-being of Malaysians, and specifically lauding four key points involving EPF savings. Increase of government matching incentive for i-Saraan programme EPF said it welcomes the government’s initiative to extend the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year. Additionally, the i-Saraan programme has also been enhanced to allow eligible Malaysians in the informal sector, including housewives and those with no fixed income under the age of 60 to have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year. This incentive is set to benefit more than 350,000 current and new i-Saraan participants. Expanding i-Sayang programme to husbands Beginning next year, the i-Sayang programme will be expanded to include husbands, and working wives will also have the option to allocate 2% of their monthly EPF contributions (employee’s portion) to the husband’s EPF account. The i-Sayang programme, launched in March 2023, allows husbands to voluntarily allocate 2% of their monthly EPF contributions (employee’s portion) to the EPF account of the wife. Since its launch, about 34,000 husbands have registered and participated in i-Sayang, involving a cumulative savings of RM14.7 million. Extension of i-Suri programme with matching contributions and maximum incentive amount for housewives Acknowledging the contribution of housewives to family development and nation-building, the government seeks to enhance incentives for the i-Suri Programme, in which a matching incentive will be provided for every ringgit contributed to EPF by housewives under the age of 60 registered in the e-Kasih database. Additionally, participants of the i-Suri programme will receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year. Turn to — page 2 Turn to — page 2 Prostitution scourge on social media 5 page SST hike will create fair economy: Expert 3 page SCAN TO SUBSCRIBE Precious gift for Penan BARAM: Tadika SeDidik, which operates from a single-storey concrete building, is situated at the Penan community settlement in Long Jenalong, about 200km from Miri town. For the 154 Penan families in the far-flung settlement, early education is an entirely new experience. Until three years ago, the nearest kindergarten for them is at Long Bedian, which is about half an hour away by foot during hot weather, but could stretch up to more than one hour when it rains as the pupils have to traverse a logging road, with no available transport. However, the winds of change have blown across the Long Jenalong settlement since 2020 through a Petronas initiative in collaboration with the Sarawak state government, resulting in the construction of Tadika SeDidik under the Community Education Programme. The kindergarten has brought significant changes to the rural community, especially in giving Penan pupils exposure to the 3M basic education skills (reading, writing and arithmatic) besides allowing them to interact with others before stepping into real school life. Sharing her life story, Atika Fazila, a teacher at the kindergarten said: “My parents could not send me to the kindergarten in Long Bedian due to financial constraints and transport problem, and I only started learning the basic 3M when I was seven years old in Year One. I was forced to stay in the school hostel at a tender age. “I struggled to grasp the lessons during my first year in school, having had no exposure to early education, and the medium of instruction was Malay, which is not our mother tongue.” Atika teaching her pupils basic living skills at the kindergarten’s talent corner. – BERNAMAPIC oConstruction of kindergarten allows pre-schoolers of Long Jenalong uninterrupted access to early education Atika said it was during the period of utmost challenge that she strengthened her resolve for selfempowerment and to help improve the livelihood of her family and the Penan community. “My own experience was the catalyst for change. I made up my mind to become an educator and teach Penan children so that they receive basic early education as this serves to prepare them for primary school. I know how difficult it is to go to school without the foundation of early childhood education.” Atika, who has been teaching Penan children at the kindergarten since 2020, is pursuing her Diploma in Early Childhood Education online at the Open University Malaysia, with her studies fully sponsored by the state government. She also said it is crucial that she equips herself with various skills, knowledge in psychological aspects as well as the best teaching techniques to allow her to teach preschoolers on essential life skills and prepare them for school life. Long Jenalong village chief Ugat Kong, 67, described the opening of Tadika SeDidik as a precious gift for the Penan community, as they are now able to send their children for early education. “A one-way fare to Long Bedian is RM3 for adults and RM2 for children using a four-wheel drive. However, with no fixed income, we couldn’t afford to send our children to the kindergarten daily (in the past). “This was one of the reasons why many Penan children dropped out of school and could not complete their studies. “Early education at the new kindergarten is free, as such we don’t have to worry about fees. What’s important is parents should realise the importance of sending their children for early education.” Tadika SeDidik is one of the five kindergartens built under Petronas’s corporate social responsibility initiative in collaboration with the state government. The others are located in Kampung Long Kawa, Kampung Long Leng, Kampung Long Kerangan and Kampung Ba’ Selulong. – Bernama

THURSDAY | NOV 9, 2023 5 English essay competition for teens PETALING JAYA: The English Speaking Union of Malaysia (Esum) and Taylor’s College recently launched the Esum-Taylor’s Essay Writing Competition, which aim to address the global issue of illiteracy affecting over 750 million adults worldwide. The competition, launched on Oct 30, invites young Malaysians between the ages of 13 to 18 to contribute to the cause and showcase their writing skills. Esum chairman Tunku Dara Tunku Tan Sri Naquiah Tuanku Ja’afar said mastering written English is equally important as mastering spoken language skills as part of overall language proficiency. “The competition is one of our activities to help students enhance their writing skills, leading towards high proficiency in the English language. “To communicate properly, we need to not only speak it, but to also write properly to be able to deliver our message. Since English is the language of the world and spoken by more than three billion people, we should master it,” she said. Meanwhile, Taylor’s College campus director Josephine Tan said the institution is committed to help students pursue their passions and make a positive impact on communities and industries. “At Taylor’s, we believe education must help every student to pursue their passion and purpose, and make an impact towards communities and industries. “The competition supports our cause and serves to enhance critical thinking and persuasion skills among youth,” she said. For the first time in the competition, participants will have the choice to write their own essay based on the theme “Promoting literacy for a world in transition: Building the foundation for sustainable and peaceful societies”. Category A, for ages 16 to 18, requires essays to be between 800 and 1,000 words, while Category B (for ages 13 to 15) allows essays to be 700 to 800 words in length. Top performers in both categories will be awarded cash prizes. Category A winners will receive RM1,000 for the first prize, RM800 for second, RM500 for third and two consolation prizes of RM250 each. In Category B, the first prize is RM800, second is RM500, third is RM300 and there will also be two consolation prizes of RM150 each. All participants are required to submit their essays by Nov 30 via https://tinyurl.com/esutaylorsessayw ritingcomp2023 Event to promote Putrajaya, Selangor tourism products PUTRAJAYA: Producing video content of places of interest to promote tourism in Putrajaya and Selangor is one of the tasks that must be fulfilled by the 80 participants of Tourism Malaysia Media Explore Race (Tomer). Tourism Malaysia directorgeneral Datuk Dr Ammar Abd Ghapar said the participants were divided into 20 groups and each had to upload creative videos on tourism products at every checkpoint during the race on their respective social media accounts. “The concept for this race is ‘explore and expose’. We want the participants to not only answer the treasure hunt questions and solve the challenges given, but we also want them to promote tourism products that are in Putrajaya and Sepang. “There are a lot of hidden gems around us that many people still do not know about,” he said after flagging off the participants in 20 vehicles yesterday. Ammar said Tomer, the second to be organised since last year, involved the participation of five international media teams, namely from Indonesia, Thailand, Singapore, the Philippines and Brunei. Participants are required to stop at eight check-points in Putrajaya, namely Dataran Putra, Astaka Morocco, Wetland Studio, Nasyrul Quran Complex, Anjung Floria, Equestrian Park, Secret Garden Putrajaya and Tangga Putrajaya. The race in Selangor involves six checkpoints, namely Homestay Banghuris, Pantai Bagan Lalang, Pantai Morib, Pantai Kelanang, Istana Bandar Jugra and the Mah Meri Cultural Village in Carey Island. “In line with the government’s aspiration to make 2026 Visit Malaysia Year, Tourism Malaysia has carried out various promotional and marketing activities to increase the contribution of the tourism sector to the country’s economic growth. “Through this event, we hope to promote tourism products as well as strengthen public-private cooperation to make Malaysia a preferred tourism destinations in the region,” Ammar said. Tomer, which will be held for three days and two nights beginning yesterday, was organised through a collaboration between Tourism Malaysia and Perodua, Putrajaya Corporation and Tourism Selangor. – Bernama RM60m revenue achieved via Agro Madani Sales KUALA LUMPUR: The Agro Madani Sales organised nationwide as of Oct 29 recorded revenue of more than RM60 million and benefited more than seven million households. The Agriculture and Food Security Ministry said in a statement yesterday the programme, carried out with the Federal Agricultural Marketing Board (Fama), Farmers’ Organisation Authority and the Fisheries Development Board, drew the participation of 54,300 entrepreneurs, exceeding the target of 46,000. “The Agro Madani Sales is seen as one of the ministry’s ‘quick win’ programmes in helping producers market their products directly to consumers, which helps to reduce the people’s living costs, with oInitiative among ministry’s ‘quick win’ programmes to help reduce cost of living burden on people Deepavali preparations in full swing KUALA LUMPUR: With three days left to Deepavali, preparations are at their peak. Even heavy rain, which has been an almost daily occurrence in the Klang Valley, could not dampen the spirit of Hindu devotees in preparing for the Festival of Lights on Sunday. Many were seen shopping in the rain for traditional costumes, jewellery, sweet delicacies and traditional cookies such as murukku and ghee-soaked nei urundai, especially at Little India in Brickfields, Jalan Tengku Kelana in Klang and Lebuh Ampang. Preparations were also in full swing at the 21st Deepavali Carnival at the open car park in Bukit Jalil, which provided attractive offers to customers, Bernama reported. Organiser Agenda Suria Communication Sdn Bhd founder and CEO Jaggarao Simancha said about 100,000 people have visited the carnival, which began on Nov 3. “An interesting fact about this carnival, which has been going on for 20 years, is that it has attracted visitors not only from Malaysia but also from Singapore, Indonesia and Australia,” Jaggarao said, adding that the carnival was also aimed at making Malaysia a trading hub for Indian goods and services in Southeast Asia. TIMELESS APPEAL ... Botany enthusiast Ahmad Kharsani Ariffin carefully pruning his prized ‘bonsai tree’ at his home in Taman Kesedar Jaya, Kelantan. – BERNAMAPIC products sold at 10% to 30% lower than market prices for selected items.” The ministry said it has held 71% of the Agro Madani Sales events for this year at 3,569 locations nationwide, comprising 401 government complexes, 926 highdensity housing areas and 2,242 Fama retail outlets. Among the special attractions at the Agro Madani Sales is the sale of selected fresh products such as vegetables, fruits, chicken, eggs, fish, sugar and cooking oil as well as the Madani Combo promotion. Apart from that, the ministry also focused on the issues and challenges of food security, supply sufficiency and the increase in living costs, Bernama reported. “Therefore, to deal with this issue, several initiatives have and are being implemented. Among them are fresh agro-food marketing services covering the purchase of agricultural produce from farmers, or the buyback programme known as i-Bela, and the Agro Madani Sales programme, which is the latest to offer affordable prices to consumers.” The statement said the ministry is committed to ensuring that the food supply for the people’s needs is sufficient and guaranteed through the 2021-2030 National Agro-Food Policy and the 2021-2025 National Food Security Policy Action Plan. “Various initiatives and programmes have and are being implemented to increase the capacity of local food production to reduce the country’s dependence on food imports and, at the same time, guarantee the country’s food security.”

THURSDAY | NOV 9, 2023 6 Court to rule on Muar MP case today oSyed Saddiq faces jail term, whipping, fine if found guilty of committing CBT, misappropriation of property and money laundering KUALA LUMPUR: The High Court will deliver its verdict today on the case of Muar MP Syed Saddiq Syed Abdul Rahman, who is facing four charges of abetting in criminal breach of trust (CBT), misappropriation of property and money laundering in connection to Angkatan Bersatu Anak Muda (Armada) funds. Judge Datuk Azhar Abdul Hamid is scheduled to deliver his judgment at 9am, Bernama reported. On March 14, the defence closed its case after calling Syed Saddiq and three other witnesses, namely Armada information chief Ulya Aqamah Husamudin as well as Mohamed Amshar Aziz and Siti Nurul Hidayah, who are Syed Saddiq’s former special officer and former private secretary, respectively. A total of 30 prosecution witnesses testified in the trial, which started on June 21, 2022. They included Syed Saddiq’s father Syed Abdul Rahman Abdullah Asagoff, his mother Shariffah Mahani Syed Abdul Aziz and former Armada assistant treasurer Rafiq Hakim Razali as well as Malaysian Anti-Corruption Commission investigating officers Nurul Hidayah Kamarudin, Syahmeizy Sulong and Asbi Munip. The case was conducted by deputy public prosecutors Datuk Wan Shaharudin Wan Ladin and Mohd Afif Ali while lawyers Gobind Singh Deo and Haijan Omar represented Syed Saddiq. On Oct 28 last year, the High Court here ordered Syed Saddiq to enter his defence after the prosecution successfully established a prima facie case against him. The former youth and sports minister was charged with abetting Rafiq, who was entrusted with RM1 million of Armada’s funds, to commit a criminal breach of trust by misappropriating the funds. The offence was allegedly committed at CIMB Bank Bhd, Menara CIMB KL Sentral, Jalan Stesen Sentral 2 on March 6, 2020, and the charge was framed under Section 406 of the Penal Code, which is punishable by up to 10 years’ imprisonment and liable to whipping and a fine. On the second charge, he is accused of misappropriating ELITE FORCE ... Deputy Inspector-General of Police Datuk Seri Ayob Khan Mydin Pitchay inspecting a special operations commando unit in conjunction with its 54th anniversary celebrations at Sultan Nazrin Shah Parade Square in Ipoh, Perak yesterday. – BERNAMAPIC Court upholds 42-year jail term on rapist stepdad PUTRAJAYA: The Court of Appeal yesterday upheld a 42-year jail sentence imposed by the High Court on an unemployed man who raped his underage stepdaughter 105 times over three years. The 36-year-old man was also ordered to be given 24 strokes of the rotan. This followed a decision by a Court of Appeal three-man bench comprising Judges Datuk Hadhariah Syed Ismail, Datuk Ahmad Zaidi Ibrahim and Datuk Azmi Ariffin, who dismissed the man’s appeal against the jail sentence. “What kind of a father (would) rape his own daughter or stepdaughter. (Even) one time we cannot forgive, what more 105 times,” said Hadhariah during the appeal proceedings. “Fathers are supposed to protect their children and not hurt them,” she said, adding that the court is more concerned with protecting young children and young girls. She said the court did a study which showed that such cases were on the rise and she was not convinced that the man was remorseful. Earlier, lawyer K.A. Ramu, representing the man, told the court that his client would be in prison until he is 63 years old and urged the court to reconsider lowering his jail term to 30 years. Deputy public prosecutor Dhiya Syazwani Izyan Mohd Tahir, who described the appellant as “a sick man”, said the 42-year imprisonment is appropriate. On Jan 27, 2021, the Klang Sessions Court sentenced the man to 1,050 years in jail after he pleaded guilty to 105 charges of raping the girl at a house in Sungai Way, Petaling Jaya, Selangor. The girl was 12 years old in 2018. On March 7 last year, the High Court in Klang reduced the sentence to 42 years and upheld the sentence of 24 strokes handed down by the Sessions Court. He appealed to the Court of Appeal. – Bernama More flood evacuees in Selangor, Perak KUALA LUMPUR: The number of flood evacuees in Selangor and Perak continued to rise yesterday, with 1,108 people having relocated to 13 relief centres. In Selangor, the number of evacuees in four districts rose to 768 people from 196 families yesterday compared with 722 from 184 families on Tuesday night. The affected districts were Hulu Langat, Sepang, Petaling and Kuala Langat. The Department of Irrigation and Drainage’s Infobanjir portal reported that Sungai Langat in Bukit Changgang, Kuala Langat was still above the warning level with a downward trend, while Sungai Bernam at the SKC Bridge, Hulu Selangor had exceeded the alert level and showed an upward trend. In Perak, the number of evacuees being housed at four relief centres rose to 340 from 99 families, compared with 310 from 91 families on Tuesday night. The state disaster management committee secretariat said 186 of the evacuees were in the Hilir Perak district while the other 154 were in the Kerian district. – Bernama ‘Insp Sheila’ in court again KUALA LUMPUR: A policewoman known as “Inspector Sheila” was charged again in the Magistrate’s Court yesterday for causing a public nuisance by scolding, shouting and honking her car at a woman in a parking lot of a shopping mall in June. Police inspector Sheila Sharon Steven Kumar, 35, pleaded not guilty to the charge. She was charged with committing the offence against Nuraihan Nadzirah Ibrahim, 27, at a shopping centre in Brickfields on June 16. The charge carries a maximum fine of RM400. The court allowed her bail of RM500 with one surety and set Dec 18 for mention. On June 26 this year, Sheila was charged in the Selayang Magistrate’s Court with insulting the modesty of two men and criminally intimidating an elderly woman. – Bernama Chemical spill at hospital cleaned up JOHOR BAHRU: About 20 litres of formalin was spilled at a storage area in the Sultanah Aminah Hospital on Tuesday. However, no one was injured in the incident. Firefighters used absorbent materials to clean up the spill, transferring the substance into plastic bags for safe disposal. Johor Health and Unity Committee Chairman Ling Tian Soon said yesterday healthcare assistants accidentally spilled the chemical during a rearrangement exercise at the specimen storage section. Johor Health Director Dr Mohtar Pungut @ Ahmad said formalin, used as a preservative, does not pose a hazardous threat. – Bernama RM120,000 from Armada Bumi Bersatu Enterprise’s Maybank Islamic Bhd account by making Rafiq Hakim dispose of the money. Syed Saddiq allegedly committed the offence at Malayan Banking Bhd, Jalan Pandan 3/6A, Taman Pandan Jaya here between April 8 and 21, 2018 and the charge was framed under Section 403 of the Penal Code, which is punishable by up to five years’ imprisonment and liable to whipping and a fine. He is also facing two counts of money laundering, via transactions of RM50,000 each, believed to be proceeds from unlawful activities, from his Maybank Islamic Bhd account into his Amanah Saham Bumiputera account in a bank at Jalan Persisiran Perling, Taman Perling, Johor Bahru on June 16 and 19, 2018. The charges were framed under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, which is punishable by up to 15 years’ imprisonment and liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity. Syed Saddiq was charged in the Kuala Lumpur Sessions Court for the CBT and misappropriation of assets charges, while the other two money laundering charges were at the Johor Bahru Sessions Court.

THURSDAY | NOV 9, 2023 7 N. Korea slams upcoming Seoul trips by top US officials SEOUL: North Korean state media yesterday slammed upcoming visits to Seoul by a top US diplomat and defence chief as “provocative” acts that would raise tensions in the region. US Secretary of State Antony Blinken is set to arrive on Wednesday and will meet his South Korean counterpart Park Jin the following day to discuss issues including nuclear-armed North Korea, according to Seoul’s foreign ministry. His two-day trip will be followed by a visit by US Secretary of Defence Lloyd Austin to Seoul next week for minister-level meetings. “Uninvited guests from across the ocean will seek the extreme confrontation on the Korean oPyongyang labels move ‘provocative act’ that would raise tensions in region Typhoon survivors pray for victims on 10th anniversary TACLOBAN: Survivors of Super Typhoon Haiyan prayed for their departed loved ones in the devoutly Catholic Philippines yesterday as they commemorated the 10th anniversary of a storm that killed more than 6,000 people. Haiyan, one of the strongest storms ever recorded, unleashed winds of up to 315kph and whipped up tsunami-like waves that devastated central islands in the archipelago nation. Tacloban, the capital of Leyte province, bore the brunt of the storm and was almost totally destroyed by five-metre storm surges that crashed over mostly Storm survivor Nene Natividad looking at the names of her six children engraved on a memorial wall for victims during the 10th anniversary of Super Typhoon Haiyan. – AFPPIC peninsula, which is the biggest hotspot in the world and has reached the height of explosion,” said a commentary carried by the Korean Central News Agency. “This provocative act reminds one of the visits of the warmongers for field inspection to ignite the second Korean war,” the commentary added. It said Blinken and Lloyd’s visits would bring “new war clouds” to the region. The visit comes as Seoul and Washington ramp up defence cooperation in the face of a record-breaking series of weapons tests by Pyongyang this year. A US nuclear weapons capable B-52 bomber made a rare landing in South Korea last month, less than a week after a South Korean port visit by the nuclear-powered aircraft carrier USS Ronald Reagan. It also comes as North Korea is strengthening its relations with Russia. North Korea and Russia, who are historic allies, are both under a raft of global sanctions – Moscow for its invasion of Ukraine and Pyongyang for its testing of nuclear weapons. The countries’ leaders, Kim Jong Un and Vladimir Putin, held a summit in September in Russia’s far east, with Seoul and Washington subsequently claiming that Pyongyang had begun providing Moscow with weapons for its invasion of Ukariane. South Korea’s spy agency said last week Pyongyang appeared to have received Russian advice on satellite technology in return. North Korea has failed twice this year in its bid to put a military spy satellite into orbit and is in the final stages of preparing for a third launch, according to the spy agency. – AFP Telecoms outage cuts off millions in Australia SYDNEY: More than 10 million Australians were cut off from internet and phone services yesterday after unexplained outages struck one of the country’s largest communications companies. The mystery glitch crashed electronic payment systems, disrupted phone lines used by ambulances and police, and briefly halted rush-hour trains in the country’s largest city, Melbourne. Optus, a subsidiary of Singapore telecommunications company Singtel, said “some” services have been restored but it was unable to pinpoint what had caused the fault. “Our team is still pursuing every possible avenue. We had a number of hypotheses and each one so far that we’ve tested and put in place new actions for has not resolved the fundamental issue,” said company chief executive Kelly Bayer Rosmarin. “When we have identified a root cause and a time for restoration, we’ll be updating everybody as soon as we can.” She said there was “no indication” the outage was the result of hacking. Just over a year ago, more than nine million Optus customers had their personal data stolen in a cyberattack. In a separate statement, the company said it “may take a few hours for all services to come back on line”. The Australian government said mobile phones, landlines and broadband internet were impacted. Optus, Australia’s second-largest telecoms firm with more than 10 million customers, said it had identified the outage. Subsequently, widespread issues plagued Optus networks as engineers scrambled to find a fix. Dozens of hospitals were unable to receive phone calls and landline phones on the Optus network could not ring emergency services. The poisons hotline in the state of New South Wales also said it was impacted. There was also rush-hour chaos in Melbourne after a “communications outage” disrupted train services. “I’m looking forward to Optus resolving this technical issue,” said Metro Trains Melbourne chief executive Raymond O’Flaherty yesterday. “We need to have our backup contingency arrangements in place and I’m hoping they’ll solve their issues as soon as possible.” Australian Communications Minister Michelle Rowland said the Optus outage had been caused by a “deep fault” in a “fundamental” part of the company’s network. “What we do know is that this is a deep fault. It has occurred deep within the network,” she said. “It has wide ramifications across mobile, fixed and broadband services for Optus customers. “They are clearly frustrated about it and Optus should respond to that accordingly.” Australia’s Communication Workers Union said the outage was an “absolute disgrace”, linking it to recent job losses at the company. Other companies to report issues included health insurer Bupa, airline Virgin Australia and health and safety watchdog WorkSafe. – AFP poor coastal communities. A decade later, people returned to Tacloban’s seaside convention centre, which was used as an evacuation site during Haiyan, for a Catholic mass to remember the victims and pay tribute to those who helped rebuild the city. Philippine President Ferdinand Marcos Jr attended the ceremony along with members of his Cabinet, foreign diplomats and survivors of the storm. “Ten years have gone by, and yet the memory of this tragedy remains indelible in our hearts and in our thoughts,“ Marcos said. He added that the Philippines needed to build “stronger and more resilient communities” in the face of climate change, which scientists have long warned is making storms more powerful. “Be assured that the government is always striving to ensure that tragedies of this magnitude will be avoided and will be adapted to,” he said. “We must make climate change a vital component of our national policies.” About 6,300 people were killed by Haiyan and a decade later, more than a thousand are still missing. More than four million people were also left homeless. – AFP B R I E F SCHINA READY TO IMPROVE TIES WITH U.S. ‘AT ALL LEVELS’ Singapore: China is ready to hold talks with the US at “all levels”, Beijing’s vice-president said yesterday ahead of an expected summit in San Francisco between leaders Xi Jinping and Joe Biden next week. Speaking at the Bloomberg New Economy Forum in Singapore, Chinese vice-president Han Zheng said recent high-level meetings between Beijing and Washington were sending “positive signals” that relations were improving. “We’re ready to strengthen communication and dialogue with the United States at all levels, advance mutually beneficial cooperation, properly manage differences and jointly address global challenges,” Han said. Relations between Washington and Beijing sunk to some of their deepest lows in recent years over a host of issues, including export controls, human rights and national security. But both sides appear willing to patch things up, with Washington sending a number of top officials to Beijing this year in a bid to strengthen communications. Biden has said he expects to meet Xi on the sidelines of a summit in San Francisco next week for “constructive” talks. – AFP INDIA PIGEON PEA IMPORTS DELAYED, LIFTING PRICES MUMBAI: At least 150,000 metric tons of pigeon peas bound for India are held up at ports in Mozambique awaiting export permission from Customs despite multiple requests from sellers over the past few weeks, five industry officials said on Wednesday. India, the world’s biggest producer and consumer of pigeon peas, relies on imports during the final quarter of the year before the new crop harvest in January. Over half of India’s imports of pigeon peas are sourced from Mozambique. The delay in shipments has pushed up prices of the protein-rich staple, known in India as arhar or tur, used to make daal curry in the peak-consumption festive season. “Stocks are currently held in port-based warehouses and sellers are incurring huge storage and refumigation costs,” said Suhas Chougule, managing director at MozGrain Lda, a local subsidiary of Ma’aden Saudi Arabia, based at Beira, Mozambique. The delay has lifted wholesale prices in India by nearly 10% in two months as stocks diminish during the lean supply season, adding to food inflation ahead of state elections this month and national polls due early next year. – Reuters

THURSDAY | NOV 9, 2023 8 READ OUR HERE /thesun Malaysian Paper This year ‘virtually’ the warmest in 125,000 years BRUSSELS: This year is “virtually certain” to be the warmest in 125,000 years, European Union (EU) scientists said yesterday, after data showed last month was the world’s hottest October in that period. Last month smashed through the previous October temperature record from 2019 by a massive margin, said the EU Copernicus Climate Change Service (C3S). “The record was broken by 0.4°C, which is a huge margin,” said C3S deputy director Samantha Burgess, adding that the October temperature anomaly as “very extreme”. The heat is a result of continued greenhouse gas emissions from human activity, combined with the emergence this year of the El Nino weather pattern, which warms the surface waters in the eastern Pacific Ocean. Globally, the average surface air temperature in October was 1.7°C warmer than the same month in 1850 to 1900, which Copernicus defines as the pre-industrial period. The record-breaking October means 2023 is now “virtually certain” to be the warmest year recorded, C3S said in a statement. The previous record was 2016, another El Nino year. Copernicus’ data goes back to 1940. “When we combine our data with the Intergovernmental Panel on Climate Change (IPCC), then we can say that this is the warmest year for the last 125,000 years,” Burgess said. The longer-term data from UN climate science panel IPCC includes readings from sources such as ice cores, tree rings and coral deposits. The only other time before October a month breached the temperature record by such a large margin was in September 2023. “September really, really surprised us. So, after last month, it’s hard to determine whether we’re in a new climate state. But now records keep tumbling and they’re surprising me less than they did a month ago,” Burgess said. Michael Mann, a climate scientist at University of Pennsylvania, said: “Most El Nino years are now record-breakers, because the extra global warmth of El Nino adds to the steady ramp of human-caused warming.” Climate change is fuelling increasingly destructive extremes. This year, that included floods that killed thousands of people in Libya, severe heatwaves in South America, and Canada’s worst wildfire season on record. “We must not let the devastating floods, wildfires, storms and heatwaves seen this year become the new normal,“ said Piers Forster, climate scientist at University of Leeds. “By rapidly reducing greenhouse gas emissions over the next decade, we can halve the rate of warming,“ he added. Despite countries setting increasingly ambitious targets to gradually cut emissions, so far that has not happened. Global CO2 emissions hit a record high in 2022. – Reuters B R I E F SDOMINICAN REPUBLIC BOOSTS BORDER SECURITY PORT-AU-PRINCE: The Dominican Republic said on Tuesday it will beef up security at its northern border with Haiti, following an incident it labeled a “provocation”, in which it said a group of Haitians entered Dominican territory and interfered with an army patrol. Dominican government spokesperson Homero Figueroa said on messaging platform X that the situation fortunately did not escalate, but the army would as a preventive measure increase the number of soldiers and vehicles patrolling the area. “The situation seems to be due to an apparent misunderstanding by Haitian citizens regarding the border limits that separate both countries,” said Figueroa, adding that the Dominican Army “has full authority to patrol this area”. Unverified videos shared on social media showed a helicopter circling the border while Haitian and Dominican soldiers stand near a border wall and a burning tyre exuding a column of black smoke. A spokesperson for the Haitian government did not immediately respond to a request for comment. – Reuters CANADIANS EVACUATED FROM GAZA OTTAWA: Nearly 60 Canadian nationals, residents and their dependents have been evacuated from the Gaza Strip to Egypt through the Rafah border crossing, Canadian officials said Tuesday. “The first group of Canadians have left Gaza. Our team of officials met them on the Egyptian side of the border, providing them with support and care,” Foreign Minister Melanie Joly said on X, formerly known as Twitter. The ministry said 59 Canadians, permanent residents and family members have crossed the Rafah border into Egypt, from 400 nationals registered with Canada seeking to leave. They will be taken to Cairo before heading to Canada or another country of their choice. “As the situation is quite fluid and unpredictable, Canadians should be prepared for significant delays at the Rafah border,“ the ministry said. Around 80 Canadian citizens, residents and family members had been expected to leave Gaza on Tuesday, according to the ministry. People were allowed to leave between Wednesday and Friday last week, including dozens of wounded Palestinians as well as foreign nationals. – AFP Tunisia arrests business owner for stealing funds TUNIS: A Tunisian public prosecutor ordered on Tuesday the arrest of one of the country’s richest business owners, Marouan Mabrouk, son-in-law of former president Zine El Abidine Ben Ali, on suspicion of stealing funds from state companies, a judicial official told Reuters. Mabrouk has not been charged. It was not clear how much money Mabrouk is suspected of stealing or from which companies. The government took ownership of the companies when it seized property of the former president’s family after the 2011 revolution that toppled his autocratic rule. A complaint about Mabrouk was submitted by the public prosecutor for state disputes, said Mohamed Zaitouna, the spokesman for the Tunis court. Mabrouk is part of an influential family with business interests in trade, banking, communications and car dealerships. He also controls a major supermarket chain and owns shares in BIAT Bank, French telecom Orange and a biscuit company. President Kais Saied, who seized control of the government and dissolved parliament in 2021 in a move that the opposition described as a coup, struck a committee last year to collect money from business owners involved in financial corruption cases, to reduce Tunisia’s budget deficit. The president had said the business owners must pay and that the state will not give up what is owed to it. G7 top diplomats to issue statement on Gaza conflict TOKYO: Foreign ministers at the G7 are set to issue a joint statement on the Israeli military action against Palestine, and are expected to call for temporary pauses in the assault to allow humanitarian aid into the besieged Gaza Strip. It would mark only the second joint statement from the group of wealthy nations on the crisis since the conflict began on Oct 7. The communique, to be issued near the end of a two-day meeting in Tokyo, is also likely to reiterate that G7 support for Ukraine in its war with Russia remains undimmed despite the spiralling conflict in the Middle East. “We hope to be able to present a united G7 position on the situation in the Middle East in the G7 Foreign Ministers’ Statement, which we understand is currently being coordinated,” said Japan’s chief cabinet secretary Hirokazu Matsuno. The issue of humanitarian pauses in the conflict was raised at a working dinner attended by ministers from Britain, Canada, France, Germany, Italy, Japan, the US and the European Union (EU) on Tuesday, hosts Japan said in a statement. The communique is expected to include a call for such pauses, temporary breaks in fighting to allow aid into the besieged enclave, several Japanese media outlets reported. Israeli Prime Minister Benjamin Netanyahu has said Israel would consider “tactical little pauses” but, alongside its close ally the US and other Western countries, has rejected calls for a ceasefire. The G7 has appeared to struggle to agree on a firm, united approach to Israel’s actions in Gaza, raising questions over its relevance as a force to tackle major crises. The only other G7 statement came after a meeting of its finance ministers on Oct 12 and amounted to a few, brief sentences. Other group Palestinians carry their belongings as they flee amid the ongoing conflict in Gaza City. – REUTERSPIC oCommunique expected to call for temporary pauses in bombing of Palestinians, reiterate support for Ukraine members have issued joint statements. G7 divisions have also been evident at the United Nations (UN), with France voting in favour of a resolution calling for a humanitarian truce in the conflict on Oct 26, the US opposing it and the group’s other members abstaining. The ministers on Tuesday also discussed what happens after the Gaza conflict recedes and how to revitalise peace efforts in the Middle East. It gave no details of options being discussed if Hamas is ousted from Gaza as a result of the Israeli bombardment of the Palestinian enclave. Israel has been vague about its long-term plans for Gaza. In some of the first direct comments on the subject, Netanyahu said this week that Israel would seek to have security responsibility for Gaza “for an indefinite period”. But Israeli foreign minister Eli Cohen told the Wall Street Journal that Israel wanted the territory to be under an international coalition, including the US, EU and Muslim-majority countries, or administered by Gaza political leaders. Diplomats in Washington, the UN, Middle East and beyond have also started weighing the options. – Reuters

THURSDAY | NOV 9, 2023 9 Ukrainian troopsthwart Russian attacks oAssaults repelled near Kupiansk and Mayinka, where battles have raged for months LVIV: Ukraine’s military said on Tuesday its troops had repelled Russian assaults in widely separated sectors of the war and braced for a fresh attempt to capture the key frontline eastern town of Avdiivka. Russia is engaged in a slow-moving campaign in eastern areas of the 1,000km frontline after failing in its bid to march on Kyiv in the conflict’s early days. Ukraine has registered only limited progress in a counteroffensive launched in the east and south in June. Ukraine’s general staff, in its evening report, said its forces had beaten back 15 attacks near Kupiansk in the northeast and 18 attacks near Maryinka further south, where battles have raged for months. Nine attacks were repelled in and near Avdiivka, where Moscow launched the latest of several drives in mid-October. Vitaliy Barabash, head of Avdiivka’s military administration, said several days of rain had for the moment ruled out any new Russian advance, what he described as the “third wave”. “We’ve had nearly a week of heavy rain,” he said. “The terrain is too difficult and equipment cannot move.” Barabash said Russian troops have been targeting the town’s vast coking plant with artillery for the past week. He said the last 16 workers keeping the plant operating have finally been evacuated and only two doctors and four nurses remained in what was a town of 32,000 before Russia’s February 2022 invasion. Avdiivka has become a hallmark of Ukrainian resistance and is seen as a gateway if Ukraine is to retake main areas in the east, including the town of Donetsk 20km away. Occupied briefly when Russian-backed separatists seized large areas of eastern Ukraine in 2014, the town was retaken by Ukrainian forces who subsequently erected substantial fortifications around it. Russian accounts of the fighting said Moscow’s troops had launched strikes on Ukrainian men and equipment in villages near the eastern town of Bakhmut, seized by Russian forces last May. Reuters could not independently confirm battlefield accounts made by either side. Biden boosted by Ohio abortion vote, Kentucky win COLUMBUS: The US state of Ohio voted on Tuesday to enshrine abortion rights in the state’s constitution, while the Democratic governor of Kentucky won re-election, in results that boosted President Joe Biden ahead of the 2024 White House race. The “yes” vote victory in Ohio’s referendum, known as Issue 1, inserts the right in the Republican-run state’s constitution for residents to “make and carry out one’s own reproductive decisions”, including on abortion. A watch party of “yes” campaigners exploded with joy as the projected results were announced in the midwestern state’s capital of Columbus, with many erupting into tears, screams and hugs. “I don’t even have the words to express it,” 27-year-old campaigner Summer McClain told AFP, while other organisers broke into cries of “Abortion is healthcare”, “Abortion is a winning issue” and “Your body, your rights”. Reproductive rights were also in the spotlight in the Kentucky governor’s race as the conservative-leaning southern state was projected to re-elect incumbent Democratic Governor Andy Beshear, who made abortion rights a key issue in his battle against Republican Daniel Cameron. Elsewhere, in Virginia, Republican hopes for legislative wins that would allow them to tighten abortion restrictions appeared all but dashed as Democrats seemed poised to take several key state General Assembly seats. Biden celebrated the Ohio result, saying voters “rejected attempts by MAGA Republican elected officials to impose extreme abortion bans that put the health and lives of women in jeopardy”, referring to his likely 2024 opponent Donald Trump’s slogan “Make America Great Again”. The president, who faces grim polling numbers and harsh criticism over his handling of Israel’s military action in Gaza, pointed to Tuesday’s election outcomes as a galvanising moment for his own re-election campaign. “Voters vote. Polls don’t. Now, let’s go win next year,” he posted on X, formerly known as Twitter. America’s politics watchers had their eyes on Ohio, where activists on both sides of the reproductive rights issue have waged a fierce, multi-million-dollar campaign. The referendum came 17 months after the Supreme Court struck down the national right to abortion, paving the way for some states to completely outlaw the practice, even in cases of rape or incest. In Ohio, the reversal of the landmark Roe versus Wade decision triggered a state law to ban all abortions after a heartbeat is detected in the womb, usually at around six weeks of gestation, before many people even know they are pregnant. The so-called trigger law sparked a national outcry last year, when a 10-year-old rape survivor was forced to travel to neighboring Indiana for an abortion. Over the past year, multiple states including California, Kansas and Kentucky have voted to preserve abortion rights or voted down efforts to restrict them. Two killed in Panama protest as anti-govt tensions rise PANAMA CITY: Two people taking part in an anti-government protest in Panama were shot dead on Tuesday by an unknown assailant, authorities said, aggravating social tension that has welled up since anger over a lucrative mining contract sparked demonstrations. The deaths come as street protests by thousands of Panamanians during the past weeks over a new mining contract signed with Canadian mining firm First Quantum Minerals spilled into wider discontent with the government. One person has been arrested in connection with the deaths, state prosecutors said in a post on social media platform X, without giving further information about the individual. Road blocks set up by protesters have caused up to US$80 million (RM374 million) in daily losses to businesses, according to Panama’s association of company executives, with schools closed nationwide for over a week and more than 150,000 medical appointments missed. The Association of Teachers of Panama said on X that the perpetrator of the shooting was a US citizen, although it could not immediately be confirmed by authorities. Officials have urged people to end the protests, although construction workers’ and teachers’ unions have vowed to continue taking to the streets until the First Quantum contract is annulled. The new contract, agreed on Oct 20, was signed into law by Panama’s government, and provides First Quantum a 20-year mining right with an option to extend for another 20 years, in return for US$375 million in annual revenue to Panama. – Reuters B R I E F SKAZAKHSTAN TO ACCEPT RUSSIAN GAS, OIL DEAL NEW YORK: Kazakhstan is ready to transport more Russian oil and gas, President Kassym-Jomart Tokayev told the Russian daily Izvestia in remarks published early yesterday, a day before President Vladimir Putin was set to visit his country. After initially trying to distance itself from Russia following Moscow’s full-scale invasion of Ukraine, the central Asian country seems to be warming to a “gas union” idea that Putin proposed last year and which would also involve Uzbekistan. “We are interested in making full use of our transit potential and are ready to further increase the volume of Russian gas transportation,” Tokayev said. Keen to boost sales of its energy and commodities in Asia, after being hit by Western sanctions over its invasion of Ukraine, Putin proposed the “gas union” idea late last year to support shipments between the three countries and to other energy buyers, including China. – Reuters UKRAINE MOVES CLOSER TO EU MEMBERSHIP BRUSSELS: The European Union (EU) executive will give its advice on whether Ukraine is ready to begin formal membership talks, as momentum builds in favour of Kyiv’s ambition to join the bloc. Ukraine launched its bid to become part of the EU in the weeks after Moscow’s all-out invasion in 2022, and was officially named a candidate to join last June. The European Commission is expected to give its verdict on whether Kyiv has made good on initial reforms and then it will be for the EU’s 27 leaders at a summit in December to decide to start talks or not. The broad expectation in Brussels is that Ukraine – along with ex-Soviet neighbour Moldova – will get the commission’s backing to move to the next stage. – AFP NATURE’S WRATH ... View of Caletilla Beach after the passage of Hurricane Otis in Acapulco, Guerrero state in Mexico on Sunday, with Mexico’s government announcing an aid and reconstruction plan worth nearly US$3.5 billion for victims. – AFPPIC

10 THURSDAY | NOV 9, 2023 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ National Service needs deeper scrutiny I N 2007, I was drafted to join the National Service (PLKN) programme in Segari Camp, Manjung, Perak. Initially, I had reservations, but I discovered that my PLKN experience was fulfilling enough to make me contemplate a career in the military. However, not all trainees had positive experiences. Given the huge cost of PLKN 1.0 and 2.0, coupled with the uncertain outcomes, it is reasonable to have concerns about PLKN 3.0, which must be addressed by the Defence Ministry. 0 Trainees’ safety top priority No parent should send their child away only to have them return injured or dead. In 2013, Deputy Defence Minister Datuk Abd Rahim Bakri told Parliament that PLKN 1.0 and 2.0 reported 20 deaths, one rape case, 442 misunderstandings/fights, and 242 police reports. Due to the haphazard rollout of PLKN 1.0, camp infrastructure was shoddy while food hygiene was inconsistent across all camps. To prevent a repeat of the past, the PLKN Establishment Committee and Council should hold in-depth discussions with trainers, parents, past trainees and youth representatives. All military camps and police training centres designated for PLKN 3.0 must be thoroughly inspected for safety. To maintain discipline and manage conflict, there must be a disciplinary and complaints tribunal on individual camps or state level. The tribunal should establish clear guidelines for the reporting of issues by all parties involved and specify the requirements for escalating matters to relevant authorities, such as hospitals and the police. We should maintain a zerotolerance policy on any form of harassment, bullying and discrimination. 0 Modules must be relevant and diversified A typical day in the life of a PLKN 1.0 trainee begins with morning routines, such as washing up and assembling in formation for morning exercises. After that, trainees have breakfast and attend civics classes. In the afternoon, the schedule includes physical fitness and marching drills, jungle expeditions as well as water confidence activities. Towards the end of the second month, trainees are taught on how to handle M16 Colt rifles. In the evening, their time is occupied with activities in the jungle and attending lectures on personal development and selfimprovement. Generally, the majority of them would doze off during the civics classes and lectures. This is primarily due to their physical exhaustion from the day’s activities, and secondly, because they find the content rather dull. If the goal is to produce youths who are resilient, energetic and keen on nation-building, the proportion of 90% military exercise and 10% civics needs to be reviewed. Collaboration between the Education Ministry, Youth and Sports Ministry and non-government organisations (NGOs), such as Architects For Diversity, is necessary to develop meaningful, interactive, up-to-date civic modules conducted by ethnically diverse trainers so that trainees can interact outside their comfort zone, and benefit from a multiracial, multicultural setting, which they may not always encounter in their daily lives. 0 Service-based modules The general public often feels disconnected from the military and associated agencies. Some may hold a dismissive view, thinking, “No war, not much work to do,” when the reality is quite different. Published in 2019, Malaysia’s inaugural Defence White Paper sought to foster a sense of security consciousness among the rakyat, with one of its key objectives being comprehensive defence, to bolster the nation’s preparedness for security challenges. Security readiness does not solely rely on military might, it involves the enhancement of social cohesion, which includes unity, resilience and strength, when confronted with unexpected events, such as the Covid-19 pandemic, the 2021 floods disaster, or the RussoUkraine conflict. PLKN can contribute to this through service-oriented modules, where trainees and trainers can interact with the local community outside their camp, and collaborate on projects or initiatives that benefits the community. These projects can be overseen by relevant NGOs or private sector partners interested in fulfilling their corporate social responsibility. The intended outcome is that the community and the military can gain valuable insights from each other and share experiences, contributing to social cohesion. 0 Make National Service two years One of the three phases proposed for PLKN 3.0 includes trainees being welcomed by agencies such as the fire department, civil defence, police force or military force. This experience will enhance their eligibility for permanent positions after they undergo the standard recruitment process. The recruitment pathway leading to agencies is a positive step, but the current 45-day proposal runs the risk of resembling a “summer camp” experience. Although Malaysia is not at war, we should consider shaping PLKN 3.0 along the lines of the two-year model utilised in Singapore, Germany or South Korea. This extended duration will provide a broader range of recruitment options for the military and other civil defence as well as service authorities. For SPM leavers who are still uncertain about their career paths or higher education options, the two-year model would offer them the opportunity to explore diverse environments and acquire valuable skills. This period will allow them to re-evaluate their choices. Nonetheless, the matter of allowances or salaries during those two years must be carefully considered. PLKN provides a wealth of benefits and valuable exposure to our youth, but we must establish a strong foundation for the programme. The writer is the Kampung Tunku State Assemblywoman. Comments: [email protected] “PLKN offers a world of benefits and exposure to our youths, but meaningful efforts must be made to lay the foundation right. PLKN can help in building social cohesion and a security culture through service-based modules. COMMENT by Lim Yi Wei

11 THURSDAY | NOV 9, 2023 Orchestra against ignorance AS the casualties climb and the divide between Israel and Palestine deepens, the question remains: How do the communities traumatised by the horrors of this past month find a way to live together? One very unexpected ray of hope will be evidenced this Saturday at London’s Southbank Centre, featuring an elite ensemble of young musicians from Israel and Palestine – led by violinist Michael Barenboim, son of Daniel Barenboim, the visionary behind this orchestra. Together, they will be performing a chamber concert that promises to be a remarkable showcase of unity through music. The West-Eastern Divan orchestra may have been formed in 1999, but the origins of its name and the concept it represents can be traced back to the early 19th century. The term “Divan” originates from the Persian language, meaning “a collection of poems”. In 1819, renowned German poet Johann Wolfgang von Goethe used the title “West-Eastern Divan” for his collection of poems in the Persian style. When he wrote these poems, he was exploring, with astonishing prescience, the possibilities of cross-cultural exchange between what was commonly referred to as the “Orient” and “Occident”. By learning Arabic and immersing himself in the works of the mediaeval Persian poet Hafiz, Goethe was not only proposing but also pioneering a unique literary rapprochement. In 1999, the city of Weimar, which was Goethe’s adopted home, wanted to celebrate the 250th anniversary of his birth while also highlighting its apotheosis as a cultural capital of Europe. Daniel, a profound intellect in classical music, was approached to devise a plan that could achieve both objectives simultaneously. His response to this invitation took everyone by surprise as he initiated a project that will be enjoyed by Londoners this week. Daniel had been cognisant of instances where young musicians from Israel and Arab nations had occasionally been assembled to perform together in music camps. However, in tandem with his friend, Palestinian writer Edward Said, he decided to establish a youth orchestra. This orchestra would travel under the same felicitous banner as Goethe’s anthology and would pursue a truly revolutionary goal. At a time when Israel had severed diplomatic ties with Syria and Lebanon, and had strained relations with the rest of the Arab world, Daniel aspired for this orchestra to bring together musicians from across the entire Middle East. Two hundred Arab music students applied to join the inaugural workshop, which was jointly overseen by cellist Yo-Yo Ma in Weimar. The resulting orchestra boasted musicians from diverse backgrounds, including Egyptian, Israeli, Palestinian, Jordanian, Lebanese and Syrian origins. Iran, being a non-Arab nation with a complex relationship with Israel, also emerged as an additional recruitment source. Daniel has always resisted the facile label of an “orchestra for peace”, preferring instead to describe it as an “orchestra against ignorance”. Nevertheless, right from the beginning, he and Said had the shared aspiration of taking meaningful steps to dissolve the perennial conflict between Israelis and the Palestinians. After Said’s death in 2003, Daniel carried the torch alone. “I am not trying to convert the Arab members of the Divan to the Israeli point of view,” he once said in 2010. Nor was he seeking to sway the Israelis to adopt the Arab perspective. “I want to create a platform where the two sides can agree, and not resort to knives”. He provided a concise rationale for why a symphony orchestra should be the perfect template for democracy: “When you play in an orchestra, you have to express yourself, and listen to what others are playing and saying simultaneously.” Under this arrangement, an Arab musician was to be placed next to an Israeli musician. More significantly, in the first half of every concert, an Arab violinist would be the leader, with an Israeli violinist taking over after the intermission, and vice versa. However, the road has never been easy. If the young players found it initially hard to settle on a common musical style, they found it harder to suppress their political differences – or as one Israeli aptly put it, the struggle was to “tear down the wall in our minds”. A turning point came when they visited the Nazi concentration camp of Buchenwald, after which a young Arab violinist observed that in the days of the Nazis, they would all have been equal victims of racist persecution. The fact that the project has some Andalusian players, and that one of its bases is now in Seville – where Christians, Muslims and Jewish people had co-existed peacefully – represents an additional glue. The orchestra has often allocated three chairs for Iranian musicians to play in concerts – a forlorn hope, perhaps, but one they will not give up. Daniel frequently stressed the orchestra’s musical achievements as evidenced by its recordings of Beethoven, Tchaikovsky and Mozart. Additionally, the orchestra’s alumni are now making significant strides in securing prominent positions within the European orchestras. Nonetheless, his political message always remains at the heart of his work. This is evident in the fact of his dual Israeli-Palestinian citizenship, and his unwavering commitment to conducting Wagner with the Berlin Philharmonic – an act that was vehemently criticised by the Knesset Education Committee in 2021 as a “disgusting deed”. His provocative address to the Knesset while receiving one of Israel’s most prestigious accolades, the Wolf Prize, in 2004, also underscores the depth of his political engagement. “Can the state of Israel afford to indulge in an unrealistic dream of an ideological resolution to the conflict, instead of pursuing a pragmatic, humanitarian one based on social justice?” he had posed to the assembled politicians. He provoked them further by giving his US$100,000 (RM467,000) prize money to education projects in Ramallah, one of which was to research Arab folk music. In 2005, Daniel and the youth orchestra made a bold foray into Ramallah for a concert, which had to be conducted under the watchful protection of heavy military security. This was a bold gesture on behalf of all the young people in the region, and following the conclusion of the performance, Daniel gave a speech: “It is our belief that the destinies of these two peoples, Israel and Palestine, are inextricably linked. Either we all kill each other or we share what there is to share. It is this message that we have come here to bring.” Daniel’s message of unity only grows more urgent with each passing year. It is further supported by a conservatoire in Berlin, the Barenboim-Said Akademie, founded by him in 2016. The primary aim of this academy is to assist Arab musicians, especially those who cannot afford private lessons, in elevating their skills to match their more privileged peers. However, the academy also extends its reach to include students from farther afield, with many hailing from Iran. Daniel, now 80, suffers from a neurological ailment, and his son Michael, who joined the orchestra when he was 14, has assumed his father’s role as orchestral leader and dean of the academy. As Michael put it, the past month has been an ultimate test of these musicians’ resilience: the horrific events of the past weeks have left them too conflicted and anxious to engage the press. So how does he think they are coping? “Each one deals with their problems in their own way, but we offer all the assistance we can,” said Michael. “We are there for them. Some just need solitude to reflect while others seek companionship. However, I want to emphasise that this situation did not originate on Oct 7. It has been going on for at least 50 years. “We have been offering psychological support for those in need for a long time, and we have increased that support now.” The academy students and the orchestra have put out a statement: “Our hearts are heavy, our minds are elsewhere with every single person affected by the devastating situation in Palestine and Israel. “It is difficult for many of us to be playing a concert right now. However, even in this darkest hour, we will still follow in the footsteps of our founders, Daniel Barenboim and Edward Said. “May our music bring us together, may it heal a little piece of our hearts. At the end of the day, all we can do is hope for peace, freedom and the safety of everyone.” What is Michael’s hope for the future? “For Utopia, and it is probably not going to happen in my lifetime,” he said. “I want the Divan to play in all the countries where its players are drawn from.” At present, he said ruefully, they perform everywhere else but there. He and his fellow musicians are looking forward to presenting a variegated and sparky programme at Southbank. “The orchestra is showing another aspect of the Middle East. It is showing that we can be better than what you see on the news,” he said. “The more visible we can be, the better.” – The Independent █ BY MICHAEL CHURCH Daniel conducting the West-Eastern Divan orchestra at one if the concerts. – REUTERSPIC “May our music bring us together, may it heal a little piece of our hearts. At the end of the day, all we can do is hope for peace, freedom and the safety of everyone.

PROPERTY PROPERTY THURSDAY | NOV 9, 2023 12 Tropicana unveils township project in Puncak Alam PETALING JAYA: Tropicana Corporation Bhd has expanded its footprint to Puncak Alam with the unveiling of the 362-acre Tropicana Alam township. “We are excited to kickstart this new township that is designed amidst a tranquil fiveacre lake surrounded by a 1.3km lakeside jogging trail and a 4.5- acre picturesque central park. Tropicana Alam is envisioned as a muhibbah community, blending heritage and nature while getting you closer to the modern amenities and daily essentials at the convenience of your doorstep,” said Tropicana marketing & sales and business development managing director oTropicana Alam blends heritage and nature while getting people closer to modern amenities at the convenience of their doorstep Ixora Ang. “Since we rolled out our early registration campaign, we have recorded over 2,500 keen registrants. We will be launching part of our first 87.4-acre residential phase featuring 431 double-storey terrace homes sited within a 39.9-acre land.” Nestled in the heart of the mature Puncak Alam town, the 362-acre Tropicana Alam is a harmonious mix of nature, a picturesque central park, a tranquil lake and spacious homes all within a gated setting. In conjunction with the launch, the property developer opened the doors of its brand new 3,600 sq ft property gallery to preview the first residential phase featuring double-storey terrace homes. The launch attracted over 600 early bird registrants during its opening weekend. Owners and residents in the township will benefit from the established commercial hub, educational, healthcare and recreational amenities nearby such as Lotus, Econsave, Universiti Teknologi Mara, Hospital Al-Sultan Abdullah and the Puncak Alam Golf Driving Range. Tropicana Alam also features a robust connectivity profile. In addition to the Kuala LumpurKuala Selangor Expressway, the township is easily accessible from major routes such as the Guthrie Corridor, New Klang Valley Expressways and DamansaraShah Alam elevated highway. Bespoke Habitat launches co-living space in Johor Baru KUALA LUMPUR: Singapore-based property management company and co-living startup Bespoke Habitat has expanded to Malaysia by launching a co-living space in Johor Baru. Bespoke Habitat’s co-living units are strategically located in close proximity to the Customs, Immigration, and Quarantine (CIQ) checkpoint. The property situated near Mid Valley Southkey is currently at 80% occupancy with majority of tenants already in residence. In addition to the prime location, Bespoke Habitat will provide dedicated transportation services daily to facilitate travel between Singapore and Malaysia for its residents. The convenience Bespoke’s new co-living units are fulyl designed for the working professional. Makeover Guys offers renovation services for MRCB Land’s Sentral Suites KUALA LUMPUR: Home renovators The Makeover Guys have entered into a strategic partnership with the master developer of KL Sentral CBD, MRCB Land Bhd to provide the owners, buyers and tenants of MRCB’s Sentral Suites with renovation solutions. The Makeover Guys’s expertise as a turnkey solution provider means that property owners can opt to utilise their one-stop renovation services. With their fully-furnished packages, property owners can effortlessly navigate the complexities of property renovations, with access to services from a tier-1 renovator facilitating hassle-free property management. “Partnering with renowned developers like MRCB serves as a testament to our prowess and reliability in the industry, things that go a long way in fostering client confidence and expanding our reach in the property development industry,” shares The Makeover Guys founder and CEO Gavin Liew. Tenants also stand to benefit immensely from this collaboration, enjoying a hassle-free moving experience facilitated by fullyfurnished units. Beyond mere functionality, the designs offered by The Makeover Guys, spanning a diverse range of meticulously tailored themes suited for different tastes and preferences, present tenants with living spaces that are not only attractive but also stylish and comfortable. “There is less pressure in terms of upfront costs as well — purchasing furniture, appliances and so on — which makes renting a more accessible option for working professionals. It’s more wallet-friendly, and there’s less fear of making mistakes like buying unnecessary pieces of furniture for example; there’s only so many chairs a home needs,” Liew added. “Our collaboration with The Makeover Guys is our way of ensuring that every aspect of our projects reflect the same level of quality and sophistication as our architectural designs,” MRCB group chief operating officer Kwan Joon Hoe said. SP Setia introduces third phase of Casa Collection at Setia Alamsari KAJANG: SP Setia Bhd’s Setia Alamsari township development here has launched the third phase of the Casa Collection doublestorey linked semi-detached homes, Candella 2. With a gross development value of RM40 million, the two-acre Candella 2 is scheduled to be completed by the end of 2025. “Candella 2 is our latest Casa collection of freehold lakefront landed homes, which offers residents a luxurious living experience while embracing the beauty of nature within the Moroccan-themed gardens. “The collection is thoughtfully designed with a North-South orientation, ensuring that selected units can enjoy an uninterrupted lake view of Serenity Lake Park,” said SP Setia divisional general manager Koh Sooi Meng. Built within a guarded community, Candella 2 is made up of 44 exclusive units featuring built-up areas ranging from 1,961 sq ft to 1,999 sq ft and prices starting from RM879,000. These lakefront homes boast four bedrooms and four bathrooms, with all three bedrooms on the first floor featuring en-suite bathrooms. Additionally, Candella 2 is equipped with Setia iHome sustainable and future-ready features namely 2.25 kWp solar PV panels, rainwater harvesting system and EV slow charging port to promote the use of renewable energy and reduce reliance on traditional resources. Other sustainable features include a green switch and a smart lock for a smart yet eco-friendly living experience. Offering easy access to various major highways such as PLUS highway, Lekas highway & Silk highway, Candella 2 caters to the needs of local homebuyers from surrounding areas such as Seremban, Nilai, Sepang, and Semenyih who seek to upgrade their homes and relocate closer to Kuala Lumpur. It is also conveniently located just a short drive away from public transport, providing residents on-themove with convenient commuting options. Setia Alamsari represents an impressive town plan that works all wonders with the natural landscape to establish an entirely new neighbourhood within the city’s most esteemed enclave tucked in greenery. of proximity to the CIQ checkpoint and the availability of essential amenities such as shopping malls enhance the appeal of Bespoke Habitat’s co-living space. The room rates for these exclusive co-living spaces are affordably priced starting at RM800 and ranging up to RM1,400 depending on factors such as location, size, and the inclusion of en suite facilities. In all, Bespoke Habitat’s new space will have 200 rooms and will come equipped with fully furnished apartments that are specifically designed for working professionals, complete with functional living areas, fully equipped kitchens, and private bedrooms. The apartments will also come with a range of amenities that are designed to make life easier for working professionals including high-speed Wi-Fi, on-site laundry facilities, concierge customer care service and weekly cleaning. “As a trusted solution provider in the B2B market, we understand the challenges HR departments face when it comes to housing their colleagues.There are approximately 350,000 people commuting from Johor Baru to Singapore for work through the Johor-Singapore Causeway, and there has to be a go-to place for them to seek convenience with better transport and a comfortable living solution,“ said Bespoke Habitat co-founder Ernee Ong.

THURSDAY | NOV 9, 2023 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] Maybank expands cross-border QR pay service to China KUALA LUMPUR: Malayan Banking Bhd (Maybank) has expanded its cross-border QRPay service to China, one of the first in the market for a Malaysian bank, amplifying the financial group’s capabilities and enhancing the ease and efficiency of financial transactions. In a statement yesterday, Maybank said the initiative will benefit over eight million Maybank MAE app users visiting China as well as more than 700,000 Maybank QRPay merchants in Malaysia via transactions made by visitors from China. Group CEO of community financial services Datuk John Chong said Maybank’s cross-border initiative demonstrates its commitment to provide convenience to customers and aligns with the group’s strategic thrusts to strengthen its regional presence. “Our entry into China offers a big opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint. This is a significant milestone in our mission to deliver unmatched payment solutions that is seamless and secure, and we are excited to bring this new development to our customers,” he said. Maybank said Malaysian MAE app users will be able to make cashless payments in China with AliPay merchants. Users will need to scan the QR code using the MAE app and enter the payment amount which will be converted to the Chinese Renminbi. This is followed by an instant payment confirmation which details the exchange rate and deductible amount in ringgit, it said. “Similarly, merchants in Malaysia are now able to accept QR payments from incoming travellers from China. It is fast, convenient and secure by scanning the DuitNow QR through Alipay, one of the preferred payment platforms in China,” it added. – Bernama Exports to rebound in 2024 after falling this year: MIDF Research KUALA LUMPUR: Malaysia’s exports are expected to rebound and expand by 4.5% in 2024 after a projected 6.4% decline for this year, MIDF Research said. The research firm said improvement in China’s imports in October signals a more encouraging domestic demand in China, which suggests Malaysia would also report better exports to China in that month. “If the increased demand from China continues, this would support recovery in external trade in the coming months,” it said in a note yesterday. China’s customs agency earlier announced that imports in October rose by 3% year-on-year in US dollar terms although exports fell more than expected, by 6.4%. MIDF Research said China’s imports from Asean rose by 10.2% year-on-year (y-o-y) with imports sourced from Malaysia expanding strongly by 8.0% (September 2023: -1.4%). “The surge in October 2023 was the first expansion since February 2023, contributing 27.1% of China’s imports value from Asean,” it said. Overall, China’s imports rebounded by 3% y-o-y (September 2023: -6.3% y-o-y), up for the first time after seven consecutive months of contraction. On a month-on-month (m-o-m) basis, imports into China declined 1.4% (September 2023: up 2.2% m-o-m) after two months of expansion. – Bernama PayNet teams up with Ant Group, travellers from 8 countries can use DuitNow in Malaysia KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) has partnered with Ant Group to launch its cross-border digital payment, enabling travellers from eight countries to use PayNet’s DuitNow QR in Malaysia. The collaboration will allow travellers with Alipay+ supported wallets from Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (Japan), Toss Pay (South Korea) as well as TrueMoney (Thailand) to travel cashless to Malaysia. The travellers can do digital payments via scanning DuitNow QR at its network of over 1.8 million merchant touchpoints nationwide. The collaboration will also enable DuitNow QR users in Malaysia to make payments at Alipay+ global merchants gradually starting next year. Currently, the Alipay+ merchant ecosystem includes tens of millions of merchants in more than 50 markets. According to PayNet group CEO Farhan Ahmad, the collaboration is timely as the Malaysian tourism industry is now returning to a stable growth trend, that is expected to be further bolstered by Visit Malaysia Year in 2026 (VMY 2026). “Most small merchants in Malaysia don’t accept cards, but they accept DuitNow QR. Gearing up for VMY 2026, we want to make sure that we open up these cross border channels so tourists coming in, (with) whatever wallet they have, they can use,” he told reporters after the launch of PayNet and Alipay+ cross border digital payment system yesterday. Moving towards VMY 2026, he said the company will work hard to ensure that Ant Group senior vice-president and head of Alipay+ Cross-Border Mobile Payment Services Douglas Feagin (left) and Farhan at the launch. █ BYGLORIA HARRY BEATTY [email protected] M’sia, India looking at using nationalcurrencies for trade NEW DELHI: Malaysia and India are looking at using national currencies in bilateral trade transactions to expand economic cooperation, Foreign Minister Datuk Seri Dr Zambry Abdul Kadir said. It was one of the issues discussed during the Joint Commission Meeting (JCM) the foreign minister co-chaired with his Indian counterpart Subrahmanyam Jaishankar in New Delhi on Tuesday. “Using local currencies is another way forward for trade between the two countries,” Zambry told reporters. “Malaysia started it with Thailand and Indonesia. Now we have proposed it to India,” he said, adding that the Indian side is receptive to the idea. The foreign minister said while the move may be viewed in “certain quarters” as dedollarisation, Malaysia looks at it as a way to strengthen the national currencies and protect them against “fluctuations all the time.” India is Malaysia’s top economic partner in South Asia, with bilateral trade in 2022 valued at RM86.2 billion. The joint commission meeting was held for the first time since 2011 and resulted in the two countries renewing their commitment to further strengthen relations oGovt views it as a way to strengthen the units and protect them against fluctuations all the time, says Zambry in a range of sectors. The discussions covered areas such as digital economy, semiconductor and chip manufacturing, defence, tourism, healthcare, financial technology, digital economy, agriculture, education and food security. Zambry said the Indian government has promised to look into some technical issues that the Malaysian carriers were facing in adding more flights on the India route. It was highlighted that “small issues” should not be a “major hindrance” in promoting connectivity between the two countries. The JCM also discussed amending the Malaysia-India Comprehensive Economic Partnership Agreement to reflect the new economy and latest developments in the digital sector. The two sides need to take a fresh look at some of the areas in the free trade deal that was signed in 2011, the minister said. – Bernama Malaysia is ready to welcome tourists including developing payment mechanisms that will be convenient for tourists to support local merchants. “This will help the small merchants in Malaysia to sell to tourists and open up the night market as well as the rich Malaysian heritage to them in an easy way. “Similarly, we are opening up the same corridors for Malaysians travelling abroad,” said Farhan, adding that it will make payments convenient when travelling. He added the company aims to broaden the payment method to other countries in the future, to 10 from the current eight countries. Meanwhile, Farhan explained that the cross-border payment service will reveal exchange rates in real time, allowing customers to know the amount paid in their own currency. In addition, it will not impose any service charges. “Currently, we have no intentions of adding on any additional tariff or charges for cross border,” he said. However, he noted that each country will impose its own domestic schemes and payments. “Malaysia has the lowest cost (for domestic payments) as compared to any other country in the region – much cheaper than Singapore, Thailand, Indonesia, India, China,” said Farhan.

BIZ & FINANCE BIZ & FINANCE THURSDAY | NOV 9, 2023 14 KUALA LUMPUR: Panda Eco System Bhd, a home-grown retail management solutions provider, has taken a significant step in its corporate milestone with the launch of its prospectus yesterday, ahead of its anticipated listing on the ACE Market of Bursa Malaysia Securities later this month. As a retail management solutions provider, the group is primarily involved in the development, customisation, implementation, and integration of Retail Management Ecosystem for its customers. Its comprehensive inhouse developed retail management solutions have been implemented by more than 1,400 retail stores nationwide, as well as retail stores in Indonesia and Brunei. For the financial year ended Dec 31, 2022, the group recorded revenue of RM21 million and profit after tax of RM7 million. Through the upcoming IPO, the group will raise proceeds of approximately RM17.5 million, which will serve as a powerful catalyst for expanding its business, enhancing internal capabilities, and driving growth. From the IPO proceeds raised, RM2.7 million will be allocated for the development of new solutions, RM4.5 million is earmarked for domestic and regional business expansion, while RM1.7 million will be dedicated for the recruitment of additional engineers for its customer technical service department and RM3 million is designated for the expansion of its new HQ. The remaining RM5.6 million will be @thesundaily FOLLOW ON TWITTER Malaysian Paper F&N on track to complete first phase of dairy farm oCompany will start to bring in 2,000 cows before increasing the number in phases to about 4,000 cows in the first year KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N) is on track to meet its Phase 1 completion of the group’s dairy farm in Ladang Permai Damai in Gemas, Negeri Sembilan, by early 2025 when the first milking is expected to begin. CEO Lim Yew Hoe said for Phase 1, the company would start to bring in 2,000 cows before slowly increasing the numbers in phases to about 4,000 cows in the first year, with a capital expenditure of around RM1.3 billion. “We are creating an integrated dairy farm where there will be corn planting (the main feedstock for the cows), dairy farming, followed by milk processing and packaging all at the same site. Thus, we will be able to offer Malaysian consumers quality fresh milk at an affordable price. “Our integrated farm will feature a milk processing capacity of producing 100 million litres per annum (Phase 1) and is likely the largest dairy farm in Southeast Asia. “As of Sept 15, 202.34ha of land have been cleared, and we will then start planting the feed,” he said at the company’s financial year 2023 results briefing yesterday. He further said the company also envisioned the fresh milk produced by its dairy farm to be sustainable, with the lowest carbon footprint end-to-end. “F&N is committed to using 100% Roundtable on Sustainable Palm Oil (RSPO) Certified Sustainable Palm Oil by 2025 and enhancing the circularity of its product packaging. “For 2023, the group used 60% Certified Sustainable Palm Oil and the remaining 40% with RSPO credits,” said Lim, adding that currently, 25% of its beverage and dairy packaging is sourced from recycled material. Besides fresh milk, Lim said that the company plans to extend its product range into flavoured milk and cream-based milk in the future. Spreading over 2,726ha, the integrated dairy farm would eventually house 20,000 dairy cows, producing 200 million litres of fresh milk yearly for local and international markets. Meanwhile, following the acquisition of Cocoaland and Sri Nona, which have begun contributing to the group’s revenue, Lim said it hopes to move 100% of Sri Nona’s factory to Rawang, where the current Cocoaland factory is situated, in 2024 so that both productions would share the same logistics facilities. – Bernama From left: Panda Eco System independent non-executive directors Siew Suet Wei, Chan Kam Chiew, independent non-executive chairman Nicholas Yap, chief technology officer & executive director Tay Kheng Seng, Loo, M & A Securities corporate finance head Gary Ting, corporate finance associate director Chong Hsu-Yeung and Panda Eco System Independent nonexecutive director Datuk Leanne Koh Li Ann. AME REIT posts RM10.8m net property income for Q2 PETALING JAYA: AME REIT recorded net property income (NPI) of RM10.8 million on revenue of RM11.8 million for the second quarter of financial year 2024 (Q2’24). For the first half of FY24, AME REIT achieved NPI of RM21.5 million on revenue of RM23.2 million. The industrial REIT proposed an interim distribution of 1.8 sen per unit, payable on Dec 18 to unitholders in the Record of Depositors of at the close of business on Nov 24. As AME REIT was listed on the Main Market of Bursa Malaysia Securities Bhd on Sept 20, 2022, the financial results for the previous corresponding quarter covered the period from Sept 20, 2022 to 30 Sept 30, 2022 only and is therefore not comparable. Chan Wai Leo, CEO and executive director of I REIT Managers Sdn Bhd, the management company of AME REIT, says “We are optimistic on the prospects for the rest of FY2024, as we are making encouraging headway in finalising the remaining renewals with the four existing tenants that will be expiring in the current financial year. Of the 12 tenancies expiring in the current financial year, we successfully renewed seven existing tenants and obtained one replacement tenant representing about 66% of the total space up for renewal for the industrial properties segment. Maintaining the current 100% occupancy rates across all industrial properties, with longer term tenancies, is a testament to the quality of service and properties we delivered to our customers. Furthermore, we have recently concluded the third and final acquisition of Plot 16 Indahpura, marking the successful culmination of our maiden post-listing acquisition exercise of three industrial properties in Iskandar Malaysia. The rental commencement of Plot 16 Indahpura will be reflected in AME REIT’s financial performance from the third quarter ending Dec 31, 2023 onwards. This, along with the positive development on the tenancy renewals, enables us to generate healthy distributable income which we can distribute to unitholders.” AME REIT acquired three industrial properties from AME REIT’s Sponsor, AME Elite Consortium Berhad for RM69.3 million. The acquisitions of Plot 15 at i-Park @ Indahpura and Plot 43 at i-Park @ Senai Airport City were completed on March 24, 2023 while the acquisition Plot 16 Indahpura was completed on Oct 16, 2023. Tony Fernandes named Apac CEO of the Year 2023 PETALING JAYA: Capital A Bhd CEO Tony Fernandes has been named Asia Pacific CEO of The Year at the Airline Economics’ Aviation 100 Asia Pacific Awards 2023 in Singapore. The awards ceremony was held on the sidelines of the Airline Economics Growth Frontiers Asia Pacific conference, with some 700 aviation professionals attending. Capital A executive chairman Datuk Kamarudin Meranun said, “Congratulations to my partner Tony for this great achievement, as it reflects the hard work, resilience and dedication of all Allstars across Capital A. This recognition comes at a high time that the industry has hit the ground running, building and growing after the global Covid-19 pandemic and highlights the value we deliver to our customers as a low-cost, value driven aviation and travel services group. Looking ahead, we will continue our mission in delivering unparalleled customer experience whilst continuing to positively contribute to the economy and the industry, regionally and beyond.” Meanwhile, group chief finance officer Pattra Boosarawongse said, “We are so proud of our CEO for receiving this prestigious aviation award given by bankers and lessors. His strategic foresight in dealing with dynamic challenges of balancing finance in this industry has been the cornerstone of our success, and we are confident we will continue to soar above market turbulence with strong financial foundation, under his leadership and guidance.” Airline Economics managing director Philip Tozer-Pennington said Tony Fernandes’ recognition as the Aviation 100 Apac CEO of The Year is a well-deserved acknowledgment of his remarkable leadership and notable contributions to the aviation industry. His vision and dedication have not only transformed AirAsia and Capital A but have also left an indelible mark on the broader aviation landscape in the Asia-Pacific region. This award is a testament to his outstanding achievements, and we are proud to celebrate his success, he added. Panda Eco System launches prospectus, aims to raise RM17.5m from IPO used for working capital purposes and listing expenses. Speaking at the prospectus launch ceremony, executive director/CEO Loo Chee Wee said that amid constant shifts and transformations in the retail sector it’s imperative that retailers embrace technology to maintain agility, ensuring rapid responses and seamless operations. “We aim to simplify and empower our customers’ retail management, facilitating efficient expansion and scalability,” he added. Yesterday marked the opening of the IPO comprising the total offering size of 171.1 million shares at the IPO price of RM0.16 per share, where 94.8 million shares via private placement to selected investors, 42.8 million shares to eligible directors, employees as well as persons who have contributed to the success of the group, and 33.5 million shares to the Malaysian public via way of balloting.

BIZ & FINANCE BIZ & FINANCE THURSDAY | NOV 9, 2023 15 PETALING JAYA: GenomeSelect, the super high-yielding oil palm seed from Sime Darby Plantation Bhd (SDP), is now commercially available in the market. To kickstart the adoption of GenomeSelect within the industry, SDP offered selected valued partners the opportunity to purchase it at only RM5.50 per seed. Some 180,000 seeds have been sold to six customers so far and any further commitment to purchase GenomeSelect™ seeds during the launch, was honoured at the same price. This early adoption pricing is designed to incentivise and reward SDP’s pioneering partners who are keen to embrace this transformative technology. Following the initial launch period, the price will be adjusted to RM6 per seed until the full allocation of 300,000 seeds is subscribed. Subsequently, sales for the year 2025 will commence. The seeds can be purchased through SDP’s subsidiary, Sime Darby Plantation Seeds & Agricultural Services Sdn Bhd. GenomeSelect, a superior planting material in terms of yield per hectare, is a culmination of SDP’s pioneering research into oil palm genomics since 2007. SDP’s R&D team was recognised for this groundbreaking work to significantly increase potential yield sustainably when it was awarded the distinguished Edison Award in 2017 under the Energy & Sustainability category. SDP is the first and only Malaysian company to have received the prestigious accolade. In 2019, the commercial harvesting of GenomeSelect oil palms that were planted three years earlier demonstrated a remarkable 20% increase in yield compared to the calixQ6TM, SDP’s previous best planting material. GenomeSelect™ oil palm planted in 2018 also yielded 10%-34% more oil per hectare across coastal, inland, and basaltic soils in SDP’s operations in Malaysia in 2021– 2022. According to SDP’s group managing director, Datuk Mohamad Helmy Othman Basha, SDP will have sufficient GenomeSelect seeds for its entire replanting needs by 2026. With the seed’s track record and yield potential clearly mapped in its plantations, Mohamad Helmy said SDP is now ready to offer the supercharged seeds to other producers in the industry. “Sixteen years after we started working on the oil palm genome, we have arrived at this momentous day, the opportunity to see a stepchange in yield for the industry, within our grasp. “We published our genome research three years ago to help others use the knowledge available to increase oil palm yield substantially on existing land. By offering the seeds for sale, we are making it even easier for our industry colleagues to increase yield on their existing landbank. “Planting and replanting are only done once in every 25 years. It goes without saying that you cannot get this wrong and the best seeds must be used. This is what GenomeSelect can offer,” said Mohamad Helmy. SDP has set a bold target to double its commercial yields by 2050. As a step towards that, the planting of GenomeSelect across all its Malaysian plantations over the next 15 to 20 years is projected to yield an additional 300,000 tonnes of palm oil per year. This can directly cater to the nutritional needs of over 15 million individuals. From 2025 onwards, SDP will continue to scale up production of the GenomeSelect. This is to ensure consistent supply of the seeds for interested customers. SDP’s super oil palm seed now commercially available o Some 300,000 of Sime Darby Plantation’s high-yielding GenomeSelect will be on sale in 2024, with plans to ramp up production in 2025 Econpile, SKL to collaborate on proposed highway project PETALING JAYA: Piling and foundation specialist Econpile Holdings Bhd has signed a memorandum of understanding (MoU) for collaboration with Sungai Klang Link Sdn Bhd (SKL) to carry out construction works for an elevated highway project proposed by SKL to the government. The proposed collaboration entails Econpile’s wholly owned subsidiary Econpile (M) Sdn Bhd, providing its know-how, experience and expertise to plan, construct, complete, and provide its services, manpower, material, machinery and equipment as required for the construction works of the elevated highway project. The construction works include but are not limited to piling, pilecap and foundation works. SKL is the party proposing the elevated highway project to the government and is seeking for the right to build, own and operate it as a concessionaire. The proposed highway is in its final stages of approval by the government. Upon request by SKL, Econpile has been providing conceptual geotechnical input to SKL including giving geotechnical engineering and project budget recommendations for the design and construction of foundation systems for the proposed highway. The proposed highway stretches 53km and is aligned along the Klang River, which will be integrated with the existing highway networks through seven proposed interchanges starting from Klang with access through an interchange of the West Coast Expressway and ends at interchange of New Pantai Expressway 2. Econpile’s previously completed infrastructure projects include Klang Valley Mass Rapid Transit, Light Rail Transit 3, and the Immigration, Customs and Quarantine Complex for Rapid Transit System Link from Johor to Singapore. The seeds can be purchased through Sime Darby Plantation Seeds & Agricultural Services Sdn Bhd. TNB teams up with Chargeplus to facilitate cross-border EV charging KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is collaborating with Chargeplus Sdn Bhd (Charge+) to explore a ground-breaking crossborder roaming platform to connect their customers to electric vehicle (EV) charging points across Malaysia and Singapore. Charge+ is a subsidiary of Charge+ Pte Ltd, a leading integrated EV charging solution provider for Southeast Asia. The commitment to the innovative partnership was solidified with the exchange of a memorandum of understanding (MoU) during the TNB Energy Conference 2023 held in August. The MoU forms the cornerstone for the development of a seamless cross-border network of electric vehicle charging infrastructure, in alignment with the National Energy Transition Roadmap’s (NETR) goal to deploy 10,000 EV charging stations by 2025. TNB president and CEO Datuk Seri Baharin Din said the collaboration is an opportunity to explore the technical and commercial feasibility of international roaming arrangements. “As part of our grand vision, this strategic partnership will be integrated into an expansive network of 30,000 charging points by 2030, spanning a 5,000km EV highway across Singapore, Malaysia, Thailand, Cambodia and Vietnam,” he said in a statement yesterday. Baharin said this expansion of the TNB Electron network not only enhances the convenience of charging facilities but also reaffirms TNB’s dedication to delivering seamless services for their valued customers. He highlighted that this strategic partnership will enable users of the TNB Electron charging stations’ mobile application (GO TO-U) and Charge+ to conveniently access the EV charging assets of both companies, providing a more convenient cross-border charging experience for TNB Electron and Charge+ customers. The MoU was exchanged by TNB programme director of project management office EV, Wan Ahmad Zam Zam Wan Abd Wahab and Charge+ CEO Goh Chee Kiong, and was witnessed by Transport Minister Anthony Loke. – Bernama Master Tec receives Bursa’s approval for ACE Market listing PETALING JAYA: After securing approval from Bursa Malaysia, Malacca-based Master Tec Group Bhd targets to list on the ACE Market by the first quarter of 2024. Master Tec is a cable and wire manufacturer that is primarily involved in the production and distribution of a wide range of safe, quality and high-performance low voltage power cables, control and instrumentation cables and solar direct current power cables under its “Mastertec” trademark since 2009. The group is also involved in the trading and distribution of a wide range of medium voltage power cables and fibre optic cables to cater for various end-user markets. Master Tec’s IPO entails the public offering of 285.6 million ordinary shares comprising a public issue of 158.1 million new shares and an offer for sale of 127.5 million existing shares which collectively represent 28.0% of the group’s enlarged issued share capital of 1.02 billion ordinary shares. Of the 158.1 million new shares, 51 million new shares will be made available for application by the Malaysian public; and 2.144 million new shares will be made available for application by eligible directors and employees of the group. The remaining 104.956 million new shares will be allocated for private placement to selected investors. There is also an offer for sale of 127.5 million existing shares which will be allocated for private placement to identified bumiputera investors approved by the Ministry of Investment, Trade and Industry. Carsome appoints Miguel Fernandez as CFO PETALING JAYA: Southeast Asia’s largest integrated car e-commerce platform, Carsome Group Inc, has appointed Miguel Fernandez as its group CFO, effective from Nov 1. Fernandez, who reports directly to Carsome chairman and group CEO Eric Cheng, succeeds Juliet Zhu, who will remain as group president. Fernandez’s experience spans public, private, and venture capital-funded firms, with successful tenures in a diverse range of industries including fintech, e-commerce, manufacturing, distribution, private equity and financial services. Cheng said Fernandez’s impressive background, strategic acumen, and financial leadership experience make him an invaluable addition to the team as they approach 2024, a year of accelerated profitable growth for Carsome. Fernandez said, “Carsome’s commitment to innovation in elevating the customer and car ownership experience within Southeast Asia’s used car industry has unlocked significant value creation potential. I look forward to contributing to Carsome’s financial strategy, operational excellence, and overall success.”

COMMUNITY COMMUNITY 16 THURSDAY | NOV 9, 2023 P Penang lights up for Deepavali ENANG: If we were to look at the satellite map tomorrow and spot a radiant luminance where Penang should be, chances are that would be due to Deepavali celebrations. While there are some pretty and lit satellite pictures of India during Deepavali, we can only imagine Penang to be just as spectacular. Deepavali would not be celebrated in Penang on a scale as grand as in India, but it is a much-awaited festival by Hindus as well as non-Hindus. When Indian migrant wokers started coming to Malaya through Seberang Prai in 1840, they brought along their culture and traditions, which are practised until today, creating a blend of diversity in the country. According to the Statistics Department Census 2020, there are about two million citizens of Indian descent here, roughly 6.7% of the population, of which 6.1% are Hindus. In Penang alone, there are 9.7% Indian Malaysians and 8.4% Hindus, while Negeri Sembilan, the most populous state with Indian origins, stands at 14.3% Indian Malaysians and 13.1% Hindus. Despite the overall decline in the percentage of ethnic Indians in Malaysia, which dropped from 7.3% in 2010 to 6.6% as of July this year, the spirit of Deepavali remains strong, and Penang takes the lead in preserving and celebrating this cherished tradition. During festival seasons like Deepavali, Penang is transformed into a vibrant hub of culture and heritage. As the days inch closer to Deepavali, the island takes on a new identity. The bustling streets in Little India come alive with a kaleidoscope of colours, sounds and scents, transporting one back to age-old memories rich in traditions and customs that have become an integral part of Penang’s cultural essence. Adaikalaraja Packiam is a man of few words but with a big heart. Raja, as he is fondly known, regulary donates to the less fortunate through the Penang Hindu Association. “Among the items that are most needed are rice, sugar and cooking oil. We pack these items together with other foodstuff to distribute to those who need them,” he replied when asked about the charitable work he does for the community. A trader arranging decorative garlands at a stall in King Street, Penang. – MASRY CHE ANI/THESUN oStreets in Little India come alive with a kaleidoscope of colours, sounds and scents, bringing back memories rich in traditions and customs █ BYTC KHOR LRT stations in cito go undergrounPENANG may soon join the likes of London’s famed Tube when some of its proposed Light Rail Transit (LRT) stations go underground instead of being elevated. This possibility comes following an announcement by the Penang government in August. Following a meeting with Transport Minister Anthony Loke and a presentation by MRT Corp (Mass Rapid Transit Corporation) on the latest alignments on Aug 17, Chief Minister Chow Kon Yeow said the proposed underground sections would be in the city centre in George Town. “Despite the proposal, MRT Corp will first conduct a fesualefanofinsethfucoSerethalbeBuKothstState prepares to deal with Northeast monsoon PENANG: As the country enters the Northeast monsoon phase, Penang is making the necessary preparations to face the season, which is expected to last until March. State Natural Disaster Management Unit head D. Ambika Devi said the unit recently met all relevant departments and authorities to discuss preparations for the upcoming monsoon season. Ambika said among the topics discussed were the allocation of manpower, an assessment of available assets (machinery), technical aspects of disaster management and other pertinent considerations. “At the meeting, the Meteorological Department presented an overview of the current weather conditions and the expected transition of the monsoon phase, while the state Department of Irrigation and Drainage highlighted the flood hotspots and flood alerts. “The Penang Social Welfare Department also provided information regarding the status of supply depots, the total inventory of resources and preparations for flood relief centres. “Apart from that, the Department of Environment discussed issues related to the illegal disposal of toxic waste,” Ambika said when she was contacted by Buletin Mutiara. Ambika added that during the meeting, she explained the procedures for distributing the “Bantuan Wang Ihsan Bencana”, a disaster relief fund. It is learned that representatives from various agencies, including the Penang Island City Council, Seberang Perai City Council, Public Works Department and the Civil Defence Force attended the meeting. Ambika also revealed that a workshop called “Bengkel Pengurusan Pengoperasian Bencana Siri 2 Tahun 2023” was organised for all statelevel authorities and agencies responsible for disaster management. The workshop, which had the participation of National Disaster Management Agency and Department of Mineral and Geoscience, was aimed at enhancing the coordination and operational readiness among the relevant entities in the face of potential disasters in 2023. Ferry services expansion possible THE new ferry services (catamarans) that were introduced on Aug 7 to connect the Sultan Abdul Halim terminal on the mainland and the Raja Tun Uda terminal on Penang island can be expanded to other parts of the state as well. Transport Minister Anthony Loke has proposed a broader ferry network, highlighting the need to consider additional destinations beyond the Butterworth-George Town route. “It can be explored to other destinations within Penang. There are other locations that can cater to this ferry service provided suitable jetties are available. “We should not be too rigid by only connecting Butterworth and George Town. We need to be creative in exploring other places where this ferry service could meet the demand. “I have had discussions with the ferry operator Penang Port Commission regarding the feasibility of expanding the ferry network,” he said recently. – Buletin Mutiara Penangites head to Little India to buy clothes and accessories to be worn on Deepavali. As the owner of Jayam Spice Mart, Raja said business has remained stable, with little difference from previous years. “We have our regular customers. However, our customers comprise mainly people from the older generation,” he said. Jayam Spice Mart offers a variety of products, including rice, spices, herbs, nuts, prayer paraphernalia and imported food items such as vegetables from India. Homes across the Pearl of the Orient are adorned with exquisite oil lamps known as “diyas”, casting a warm and inviting glow that extends well beyond individual doorsteps. This illumination symbolises the victory of light over darkness, a central theme of the festival. Deepavali transcends cultural boundaries, fostering unity among all who come to join in the festivities. During this time, elected representatives and NGOs often hold open houses or offer welfare aid to the less fortunate. Friends and relatives visit each others’ homes, and it is customary to serve traditional Deepavali food, which often includes sweets like “mithai” and “ladoo,” snacks like “murukku,“ “achu murukku” and “teepi gavvalu” and various other favourites. It is more than just a festival – it is a day of renewal, unity and the victory of positivity over adversity. Deepavali embodies the enduring spirit of Penang, where tradition and modernity coexist harmoniously, where culture and heritage have been revered, observed, preserved and upheld by the Indian diaspora that has thrived for almost 200 years. In the spirit of Deepavali, the Penang Hindu Association (PHA) and Klinik Derma Sivasanta (KDS) recently organised an event to provide goodie bags worth RM150 each and distribute money packets of RM5 each. PHA president P. Murugiah lamented the rise in the cost of living, saying: “Not only have the rental rates increased, but the prices

COMMUNITY COMMUNITY 17 THURSDAY | NOV 9, 2023 12 new faces sworn in as councillors ity centre nd easibility study on the uitability of the updated lignments, the possible ffects on the land surface nd soil erosion issues. “If this is successful, one f the underground stations n the city centre would erve as a major interchange hat will pave the way for a uture undersea train line onnecting the island and eberang Prai,” Chow said ecently. In May, Loke announced hat the proposed first ignment of the LRT would e extended to Tanjung ungah instead of ending in omtar. In the initial plan, here were a total of 27 tations. The first alignment, which falls under Phase One, will stretch as far as 29km, and the proposed LRT station was at the Sia Boey Urban Archaeological Park. Chow said as per the latest proposal, the undersea train link would be a part of a future phase of LRT lines that would extend to the entire length of Seberang Prai – from Kepala Batas to Simpang Ampat. Phase One construction works are expected to start later this year and are to be completed in five years. On a related matter, Chow said MRT Corp has proposed four depots to be built as part of the entire Penang LRT project. – Buletin Mutiara PENANG: A total of 23 councillors, 12 of whom are new faces from various backgrounds, have been appointed as Penang Island City Council (PICC) councillors for the 2023 - 2024 term. Their appointments take effect from Oct 1 until Dec 31, 2024. They were sworn in during a ceremony at the City Hall in Esplanade on Oct 2. Chief Minister Chow Kon Yeow, who witnessed the swear ing-in ceremony, congratulated all the selected councillors. “On behalf of the state, I welcome their appointments and I hope they will serve the locals diligently and are committed to ensuring Penang moves to greater heights. “Bridging the connection between the state and the people, the councillors play a respon sible role in delivering their services,“ Chow said. He also thanked both long-time councillors Harvinder Singh and Datuk Francis Joseph for their services to the council. All the councillors who were sworn in are aged between 24 and 61. Chow expressed hope the new councillors would continue to strive to achieve the goal of the state’s Penang2030 vision. “As I have stated before, I will continue to deliver my best for the state by bringing in more infrastructure projects for the betterment of Penangites,“ he added. State Local Government, Town and Country Planning Committee chairman Jason H’ng lauded the appointment of the 23 councillors. “The state has always been prioritising the efforts of both the city councils, PICC and the Seberang Perai City Council (SPCC) to increase the quality of life of the community. Many projects that will benefit the people are in the pipeline,“ he said. H’ng said Umno would have three representatives – one as an PICC councillor and the remaining two as SPCC councillors. “Under the regulations, a council can be formed once it has eight councillors,“ he added. PICC mayor Datuk A. Rajendran, in his speech, extended his heartfelt gratitude to the councillors’ appointments. Among those present were Deputy Chief Minister I Datuk Dr Mohammad Abdul Hamid, Deputy Chief Minister II Jagdeep Singh Deo, former State Secretary Datuk Mohd Sayuthi Bakar and state assemblymen. – Mutiara Penang A trader arranges rows of cookies at his stall in Jalan Pasar, George Town. – MASRY CHE ANI/THESUN A shopper makes her pick of earrings on sale at a shop in Lebuh Pasar, George Town. – MASRY CHE ANI/THESUN SK Seri Permai shortlisted for World’s Best School Prize INNOVATION creates positive change and opens up more opportunities. That is exactly the case with SK Seri Permai after being shortlisted for the World’s Best School Prize in the innovation category. Education Minister Fadhlina Sidek visited the school on July 17, and was given a tour of the classrooms that have been equipped with the Smart and Easy Desk (SnET) 2.0. She said she was proud to see what SK Seri Permai has produced in the last few months, redefining innovation and elevating Malaysian education. “Through such an innovative model, it is proven that we can succeed with our creations. Students just need a platform to allow them to exploit their abilities, and SK Seri Permai is certainly a very good example of it. “Besides being given the platform to pursue, what’s even more important is to have the right guidance from dedicated teachers. “I believe with the right guidance, all the students can soar high and achieve their goals,” Fadhlina said during a brief celebration to mark the school’s success at the Seri Permai premises in Bayan Baru. She also expressed admiration for the Boria performance by the students, acknowledging its powerful messages, and the students’ incredible energy and commitment. At the event, Fadhlina also announced an allocation of RM150,000 from her ministry to enhance the school’s facilities. The five World’s Best School Prizes, founded last year by T4 Education in collaboration with Yayasan Hasanah, Accenture, American Express, and the Lemann Foundation, are the world’s most prestigious education prizes. – Buletin Mutiara of basic food items such as rice, dhal and other essentials have also increased between 30% and more than 100%. This increase is not in tandem with salaries, and some have to resort to borrowing money to make ends meet.” Deputy Chief Minister Jagdeep Singh was recently at The Caring Society to give away the hampers filled with grocery items to 95 underprivileged families. Also present were Penang Exco for Social Development, Welfare and Non-Islamic Religious Affairs Lim Siew Khim and MP for Bukit Bendera Syerleena Abdul Rashid. The Penang Hindu Association and KDS committee members will personally deliver the remaining charity items to 55 more families who were unable to attend the event. Batu Uban state assemblyman A. Kumaresan said he would distribute between 100 and 150 shopping vouchers to the needy to assist them in celebrating Deepavali. List of MBPP councillors: 1. Alan Lim Wei Lun (DAP) 2. Benji Ang Ming Quan (DAP) - New 3. Choong You Ray (DAP) - New 4. Koay Gaik Kee (Gueno) (DAP) - New 5. Lee Seng Hwai (DAP) - New 6. Quah Boon Lim (DAP) 7. Rohaizat Hamid (DAP) 8. Tan Soo Siang (DAP) 9. Theng Jie Wey (DAP) 10. Vickneson a/l Rajendran (Soresh) (DAP) - New 11. Abdul Latif Mohamad (PKR) 12. Chan Soon Aun (PKR) - New 13. Tan Chiew Choon (PKR) 14. Mohd Suhairi Arumugam Abdullah (PKR) 15. Hari Krishnan Ramakrishnan (PKR) 16. Shafiz Rahim Raja (PKR) - New 17. Mohd Roshidi Roslan (PKR) - New 18. Ooi Mei Mei (PKR) - New 19. Mohd Hafiz Abd Aziz (Amanah) 20. Mohd Faruk Abdul Rahman (Amanah) 21. Saiful Azwan Abd Malik (Amanah) - New 22. Bakar Noordin (Amanah) - New 23. David Chen Wooi Teong (NGO) - New 24. Datuk Abdul Razak Abdul Rahman (Umno) - New

BIZ & FINANCE BIZ & FINANCE THURSDAY | NOV 9, 2023 18 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper TOKYO: France’s Renault has cut its stake in Nissan to 15% from about 43% by placing 28.4% of the Japanese automaker in a French trust, the alliance partners said in a statement, putting them on equal footing of cross-ownership. The new agreement for the restructured alliance between Renault, Nissan and junior partner Mitsubishi Motors came into effect yesterday, the automakers said in the statement. “This next chapter of the alliance will build on the foundations of the long standing partnership and will maximise value creation for each alliance member,” the statement said. Renault has no obligation to sell the Nissan shares that were transferred to the trust within a specific time period, according to the statement. The French carmaker can sell the entrusted shares flexibly in coordination with Nissan, and the Japanese automaker or a third party may get a right of first offer, the statement said. “After having obtained all required regulatory approvals, the New Alliance Agreement between Renault Group and Nissan comes today into force,” the companies said in a joint statement yesterday. Renault chief executive Luca de Meo said in yesterday’s statement that the companies were “now effectively entering this new era of the Alliance with a pragmatic and businessoriented approach”. Nissan CEO Makoto Uchida said: “Based on this equal footing, Nissan will continue to harness our core competencies and be more agile to explore further growth opportunities that support our business strategy”. Nissan and Renault finalised the terms of the deal in July after unveiling a sweeping overhaul of their partnership in London early this year, after months of intense negotiation amid the Japanese automaker’s concerns about protecting its intellectual property in future collaborations. The companies had already said in January that Renault would put roughly 28% of Nissan in a French trust to make them more equal partners. Nissan has as part of the deal committed to invest up to €600 million (RM3 billion) in Renault’s electric vehicle unit, Ampere, consistent with it being a strategic investor and securing a board seat on the company. Mitsubishi has separately committed to invest up to €200 million in the unit, which Renault hopes to list on the market through an initial public offering by next spring. – Reuters, AFP Renault cuts stake in Nissan to 15% after transferring shares to trust Bank Indonesia to woo foreign investors with forex securities JAKARTA: Indonesia’s central bank is eyeing investment from foreign institutional investors and asset managers with its new securities in US dollars to be launched on Nov 21, officials said yesterday. The inaugural auction for the so-called SVBI and its Islamic finance version SUVBI will be days behind Bank Indonesia’s (BI) original announcement of Nov 17 for the launch. The securities will replace the regular USdollar term deposits for tenures between one and 12 months in the central bank’s open market operations. They will be offered with a minimum purchase of US$1 million (RM4.68 million). They can be traded in the secondary market or used for repurchase transactions. Monetary policymakers are still considering whether to conduct fixed or variable rate tenders, said Rahmatullah, BI’s head of Reserve Management Department, adding BI is looking at pricing the securities with a premium over the Secured Overnight Financing Rate. The instruments are aimed not only to manage any excess US dollar liquidity in domestic banks, but to also bring capital inflows through nonresident purchases in the secondary market, Edi Susianto, BI’s head of Monetary Management Department, said in a press conference. “What’s important is how we can fill up our pool (of foreign exchange supply), attract capital inflows, by opening the room for foreign investors, not only from domestic”, he said. – Reuters B R I E F SKEPCO TO HIKE INDUSTRIAL ELECTRICITY PRICE, SELL ASSETS SEOUL: Korea Electric Power Corp (Kepco) said yesterday it plans to raise the industrial electricity price for larger companies and sell off more assets after its debt hit 201 trillion won (RM719 billion) at the end of June. However, the South Korean state utility said that it will keep electricity prices unchanged for the public and smaller companies. As of June, Kepco had reported nine consecutive quarterly operating losses of 47 trillion won combined. – Reuters CHINA’S CHEC, PARTNERS TO INVEST IN SRI LANKA PORT CITY COLOMBO: China Harbour Engineering Company (CHEC) and its partners will invest US$1.56 billion (RM7.3 billion) in a phase of a port city project near Sri Lanka’s Colombo, in the single biggest injection of foreign direct investment for the financial crisis-hit country. The investment will go into the next phase of the project to build the city, which will be adjacent to the central business district of Colombo, Dinesh Weerakkody, chairman of the Colombo Port City Economic Commission, said yesterday. Port City Colombo will span 269ha and is expected to attract total investment of about US$15 billion, according to the project’s website. – Reuters Sri Lanka, Argentina top list of most vulnerable economies: Study LONDON: Sri Lanka and Argentina remain very vulnerable amid a worsening in global financial conditions while China has suffered a sharp deterioration in financial resilience since pre-Covid times, a think-tank study found yesterday. The resilience indicator, published by the Washington-based Center for Global Development, assesses which countries would be most economically and financially affected if an external shock were to materialise. It is based on data published by the International Monetary Fund, the World Bank and governments. China was found to be “most weakened country” across a sample of 37 countries, having ranked among the top 10 most resilient emerging economies in 2019 and dropping to 18th place in 2023. Emerging markets were now more vulnerable than in 2019 on an overall basis, economist Liliana Rojas-Suarez wrote in the report. “The scars of the 2020-2022 shocks that started with the Covid pandemic and the subsequent multiple shocks, such as Russia’s war on Ukraine and the US Fed’s increases in interest rates, are deep and have weakened emerging markets’ economic and financial conditions,” Rojas-Suarez wrote. A severe shortage of dollars tipped Sri Lanka into its worst financial crisis since independence from Britain in 1948 last year, triggering its first foreign debt default in May 2022. Argentina is in recession for the sixth time in a decade, with triple-digit inflation and foreign net reserves in the red. The study also showed that debt sustainability has declined over the last four years across emerging market economies. “In 2019, only Tunisia, Pakistan, Argentina, and Sri Lanka had ratios of external financing needs above 100%. Now, 12 of the 37 countries we examined, or about one third, are in that position,” Rojas-Suarez said, adding these countries have very large and unsustainable large public debt ratios. The study calculated external financing needs by measuring short-term external debt plus current account deficits as a proportion of international reserves. Bolivia, Egypt, Turkey and El Salvador are also on the list of vulnerable countries, while the study shows that Indonesia, Peru and Bulgaria are the most resilient countries in the group. – Reuters Global asset managers talk up China as long-term bet HONG KONG: Top executives at global asset managers talked up China at an event here yesterday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption. While many multinational firms are working to spread risk away from China amid ongoing tension with the West, the country’s importance to the global marketplace is undeniable, they said at the Global Financial Leaders Investment Summit. The head of BlackRock’s global client business, Mark Wiedman, told the summit that future investment in China is likely to be more driven by capital markets as individuals diversify savings away from property and term deposits. “Those are big opportunities for us,” Wiedman said. “Long term, (China) has to be part of a global investment portfolio.” Dozens of international executives took part in the event which began on Tuesday against a backdrop of economic slowdown in China where a massive debt crisis in the property sector has crippled some of its biggest firms and scared off investors. Reflecting continued tension with the West, China recorded its first-ever oExecutives highlight significant investment opportunities quarterly deficit in foreign direct investment, while the European Chamber of Commerce criticised a recent trade fair as more “political showcase” than business event. Still, the economy grew faster than analysts expected in the third quarter, improving the chance of the government meeting its growth target of around 5% for 2023 after the authorities introduced a string of support measures. “If you lean into where the policies (are) going, you’ll have a better opportunity to benefit from investing in those areas,” Capital Group CEO Mike Gitlin said at the summit. Similar comments highlighting investment opportunities came from other executives including HillHouse founder and chairman Lei Zhang, Fidelity International CEO Anne Richards and Invesco president and CEO Andrew Schlossberg. Citadel Securities CEO Peng Zhao called China a driver of growth a n d innovation and said it was “baffling” to think otherwise. He also said Citadel doubled its Hong Kong headcount in the face of pandemicinduced challenges, leveraging the talent the city hosts and its connectivity to other markets. Trustar Capital CEO Zhang Yichen said multinational firms want to reduce China exposure but not exit. At a Singapore forum yesterday, HSBC Group CEO Noel Quinn said his bank had seen a 70% lift in business from Chinese clients looking to diversify outside of mainland China. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown three to four times this year. – Reuters Wiedman says that long term, China has to be part of a global investment portfolio. – REUTERSPIC

BIZ & FINANCE BIZ & FINANCE THURSDAY | NOV 9, 2023 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) HLFG 17.14 -0.460 4,350 PPB 14.70 -0.340 10,731 HSI-CR3 0.33 -0.185 88 BKAWAN 20.42 -0.180 40 HLBANK 19.12 -0.180 2,447 XIAOMI-H7 0.02 -0.130 3,080 HEXTECH 23.48 -0.120 161 NIO-C6 0.04 -0.120 10,000 PETGAS 17.00 -0.120 15,022 MALAKOFC53 0.05 -0.100 450 YNHPROP 4.93 -0.100 886 ECOWLD-C26 0.06 -0.090 400 EKOVEST-C47 0.07 -0.085 20 TM 5.23 -0.070 19,581 AEONCR 11.54 -0.060 2,635 ANALABS 1.51 -0.060 20 HSI-CTG 0.35 -0.060 60 HSI-CTH 0.30 -0.060 60 INNITY 0.44 -0.060 38 SEB 0.77 -0.060 117 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) F&N 27.50 +1.680 5,506 NESTLE 124.80 +0.800 2,024 BLDPLNT 10.90 +0.400 161 MPI 27.10 +0.300 733 PBA 1.12 +0.300 89,048 ALLIANZ-PA 17.28 +0.280 35 APOLLO 5.09 +0.150 505 EDARAN 0.97 +0.150 519,911 KPS 0.84 +0.145 205,345 UTDPLT 16.92 +0.140 1,092 CMBANK-C3 0.14 +0.120 40 CIHLDG 3.11 +0.110 122 ALLIANZ 16.72 +0.100 404 RAPID 27.08 +0.100 4,909 APB 2.30 +0.080 667 JCBNEXT 1.60 +0.080 100 NHFATT 3.24 +0.080 611 HSI-HPN 0.73 +0.070 15 NVIDIA-C1 1.61 +0.070 30 CVIEW 1.05 +0.065 452 STOCKS VOLUME (’00) CLOSING (RM) +/- (RM) +/- (%) FITTERS-WC 1,407,302 0.005 -0.005 -50.00 FITTERS 1,156,406 0.050 - - MOBILIA-WA 929,804 0.035 +0.015 +75.00 SMTRACK 866,282 0.045 +0.005 +12.50 TOPGLOV 839,676 0.790 +0.010 +1.28 KANGER 730,570 0.095 - - WIDAD 652,287 0.455 +0.005 +1.11 ASDION 596,072 0.080 +0.015 +23.08 EDARAN 519,911 0.965 +0.150 +18.40 TWL 518,988 0.035 +0.005 +16.67 LEFORM 452,902 0.245 -0.005 -2.00 EATECH 425,935 0.330 -0.055 -14.29 SCIB 423,717 0.585 +0.010 +1.74 DNEX 390,458 0.450 -0.005 -1.10 HSI-HPK 362,942 0.270 +0.010 +3.85 AGES 358,951 0.060 -0.010 -14.29 JETSON 356,117 0.290 +0.005 +1.75 HSI-HPF 355,402 0.065 - - SIMEPROP 338,609 0.600 -0.010 -1.64 JAKS 336,596 0.205 +0.010 +5.13 SUNBIZ presents a summary of the day’s trading activity on Bursa Malaysia and other markets in an easy to digest format. MARKET ROUND-UP: NOVEMBER 8 [ Sources: Bursa Malaysia, Bernama, shareinvestor.com and websites DISCLAIMER: The data and reports are provided as a service to investors. Sun Media Corporation Sdn Bhd shall not be liable or responsible for any consequences resulting from usage of the information. INDEX CHANGE FBMEMAS 10,779.30 -22.70 FBMKLCI 1,457.60 -5.77 CONSUMER PRODUCTS 559.36 +0.75 INDUSTRIAL PRODUCTS 173.41 +0.56 CONSTRUCTION 187.9 +1.12 FINANCIAL SERVICES 16,370.20 -89.58 ENERGY 864.95 -5.93 TELECOMMUNICATIONS 573.09 -1.00 HEALTH CARE 1,740.28 +9.46 TRANSPORTATION 938.99 +1.00 PROPERTY 856.93 +2.37 PLANTATION 6,956.36 -1.50 FBMSHA 10,999.40 +1.32 FBMACE 5,130.10 +32.57 TECHNOLOGY 62.87 +0.13 TURNOVER: 3.453 bil VALUE: RM1.975 bil Top 20 Actives Top 20 Gainers (By RM) Top 20 Losers (By RM) Bursa Indices STOCKS CLOSING (RM) +/- (%) VOLUME (’00) CMBANK-C3 0.14 +800.00 40 BURSA-C75 0.03 +150.00 7,959 SIMEPROP-C13 0.08 +128.57 4,400 AT 0.01 +100.00 59,731 KOSSAN-C54 0.02 +100.00 19,304 TWL-WD 0.01 +100.00 100 MOBILIA-WA 0.04 +75.00 929,804 GIIB-WA 0.03 +66.67 109,560 GOCEAN-WB 0.03 +66.67 24,224 CLASSITA-WB 0.02 +50.00 1,655 HARTA-C1N 0.14 +50.00 1 JOE-WA 0.02 +50.00 2,404 MYEG-C4Z 0.02 +50.00 8,000 PASUKGB-WA 0.02 +50.00 4,099 SUPERMX-C3O 0.06 +50.00 3,000 SUPERMX-C3P 0.02 +50.00 7,500 KOMARK-WD 0.21 +40.00 12 JFTECH-CA 0.17 +37.50 10 PBA 1.12 +36.59 89,048 SUPERMX-C3V 0.08 +36.36 320 Top 20 Gainers (By %) STOCKS CLOSING (RM) +/- (%) VOLUME (’00) XIAOMI-H7 0.02 -86.67 3,080 MATRIX-CO 0.01 -75.00 120 NIO-C6 0.04 -75.00 10,000 MALAKOFC53 0.05 -66.67 450 ECOWLD-C26 0.06 -60.00 400 EKOVEST-C47 0.07 -56.67 20 FITTERS-WC 0.01 -50.00 1,407,302 HSI-CRN 0.01 -50.00 3,411 INARI-HC 0.03 -50.00 800 IHB-WA 0.01 -50.00 300 TOPGLOV-C3R 0.01 -50.00 2,000 TOPGLOV-HJ 0.06 -42.11 220 PINGAN-C16 0.02 -40.00 5,130 HSI-CO4 0.03 -37.50 500 HSI-CR3 0.33 -36.27 88 ARMADA-C78 0.01 -33.33 2,800 KLK-C23 0.03 -33.33 1 MYEG-C5R 0.08 -27.27 10,000 VELESTO-C37 0.04 -27.27 1,000 ANCOMNY-CC 0.05 -25.00 5,000 Top 20 Losers (By %) INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 34,152.60 +56.74 +0.17 S&P 500 (US) 4,378.38 +12.40 +0.28 NASDAQ (US) 13,639.86 +121.08 +0.90 NYSE (UK) 15,388.48 -52.02 -0.34 EURO STOXX 50 (EUR) 4,141.17 -12.20 -0.29 FTSE 100 (UK) 7,423.02 +12.98 +0.18 DAX (GER) 15,112.95 -39.69 -0.26 NIKKEI 225 (JPN) 32,166.48 -105.34 -0.33 TOPIX (JPN) 2,305.95 -26.96 -1.16 HANG SENG INDEX (HK) 17,568.46 -101.70 -0.58 CSI 300 (CHN) 3,611.07 -8.69 -0.24 SH SE COM (CHN) 3,052.37 -4.90 -0.16 KOSPI INDEX (SK) 2,421.62 -22.34 -0.91 MSCI ASIA PACIFIC 157.61 -2.11 -1.32 ASX 200 (AUS) 6,995.45 +18.37 +0.26 ALL ORDINARIES INDX (AUS) 7,198.39 +21.77 +0.30 SENSEX INDEX (IND) 64,909.59 -32.81 -0.05 FBM KLCI 1,457.60 -5.77 -0.39 STRAITS TIMES INDEX (S’PORE) 3,129.72 -44.09 -1.39 WTI (US$/BBL.) 77.18 -0.19 -0.25 BRENT (US$/BBL.) 81.54 -0.07 -0.09 GOLD (COMEX) (US$/T OZ) 1,973.40 -0.10 -0.01 SILVER (COMEX) (US$/T OZ) 22.63 +0.04 +0.16 PLATINUM (US$/T OZ) 887.98 -6.77 -0.76 COPPER (COMEX) (US$/LB.) 369.00 +1.10 +0.30 COPPER 3MO (LME) (US$/MT) 8,186.50 -51.50 -0.63 CORN (US$/BU.) 471.25 +2.75 +0.59 WHEAT (US$/BU.) 578.25 +8.00 +1.40 SOYBEAN OIL (CBOT) (US$/LB.) 49.74 +0.25 +0.51 COCOA (ICE) (US$/MT) 3,905.00 -36.00 -0.91 RUBBER (S’PORE) (US$/KG) 146.80 +1.70 +1.17 World Stocks/Commodities Participation 27.4 46.7 25.9 100.0 Retail Institutions Foreign Bought RM m 532.5 882.2 561.2 1975.9 Sold RM m 550.2 964.9 460.8 1975.9 Net RM m -17.7 -82.7 100.4 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 8/11/2023 Banking counters weigh on Bursa, FBM KLCI down 0.39% KUALA LUMPUR: Losses in heavyweight counters, led by banking stocks, weighed on Bursa Malaysia amid caution ahead of US Federal Reserve chairman Jerome Powell’s speech on the US interest rate outlook later yesterday and today. However, the broader market was positive as interest centered on lower liners due to optimism over corporate earnings and improving economic conditions, according to Rakuten Trade equity research vice-president Thong Pak Leng. At 5pm, the FBM KLCI fell 0.39%, or 5.77 points to end at 1,457.60 from Tuesday’s closing of 1,463.37. The index opened 2.24 points easier at 1,461.13 and moved between 1,454.46 and 1,462.01 throughout the trading session. The broader market was positive as gainers led decliners 490 to 412, while 454 counters were unchanged, 1,008 untraded and 10 others suspended. Turnover expanded to 3.45 billion units valued at RM1.97 billion from Tuesday’s 3.27 billion units valued at RM2.17 billion. Thong said the near-term outlook for Malaysian stocks is likely to remain positive, supported by their attractive valuations, robust corporate earnings and improving economic conditions. “We anticipate the benchmark index to rebound anytime soon and expect it to trend within the range of 1,455-1,470 for the rest of the week,” he told Bernama. Among heavyweights, Public Bank lost three sen to RM4.21, Hong Leong Financial Group slid 46 sen to RM17.14 and CIMB fell four sen to RM5.77. Maybank dropped three sen to RM9.12 and IHH Healthcare was five sen weaker at RM6. Of the actives, Fitters and Kanger were flat at 5 sen and 9.5 sen, respectively, while Top Glove added one sen to 79 sen. SMTrack and Widad were both flat at 4.5 sen and 45.5 sen, respectively. 1457.60pts Nov 8, 2023

BIZ & FINANCE BIZ & FINANCE THURSDAY | NOV 9, 2023 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shalll not be liable or responsible for any consequences resulting from usage of the information. MORIMATSU International Holdings Co. Ltd. (Morimatsu) and Dialog Group Bhd (Dialog) expanded its collaborative venture, Morimatsu Dialog (Malaysia) Sdn. Bhd. (MDSB) in Pengerang, Johor. This is an investment worth approximately RM250m and is projected for gradual completion by 1Q’25. Morimatsu will be focusing on manufacturing equipment and modules used in the production of raw materials for EV batteries, semiconductors, and green energy. It was anticipated that the rapid growth in overseas demand will contribute to MDSB’s growth, with targetted annual revenue of RM300m. Under MDSB, Dialog had also secured projects from other countries including USA, UK, Korea and Vietnam. We believe with Malaysia’s call for an orderly energy transition and a boost in the oil and gas sector’s role in advocating cleaner energy, Dialog is on a positive track. This expansion will further enhance the value proposition of the collaboration, and further expand Dialog’s portfolio in the near future. In consideration that the collaboration project in Pengerang is yet to commence until CY25, we make no changes to our earnings forecast. However, we are positive on Dialog’s role in this venture, as it contributes partly to the nation’s NETR and NIMP initiatives. We maintain our BUY call on Dialog with a target price of RM3.28, ahead of its 1QFY24 earnings announcement. - (Nov 8, 2023). F&N’S FY23 core net profit of RM485m (excluding RM51m gains mainly comprising fair value gain on Cocoaland’s privatisation) met our forecast but beat the consensus estimate by 6%. A total dividend of 50 sen declared (comprising a surprise 17 sen special dividend plus a 33 sen final dividend) exceeded our forecast of 33 sen. F&N’s earnings prospects remain positive, supported by the normalisation of economic activities and consumption patterns, the return of international tourists to Malaysia and Thailand coupled with a rebound in export sales. We fine-tune up our FY24F net profit by 3% after raising our EBIT margin assumption. Consequently, we also raise our TP to RM29.40 (from RM28.45 previously) based on unchanged FY24F targeted PER of 22x, consistent with the industry’s average forward PER. There is no adjustment to our TP based on ESG given a 3- star rating. We continue to like F&N for: (i) robust demand rebound for its products, notably in the beverage and ready-to-drink categories, as economies have restarted and border restrictions lifted, (ii) resurgent export sales driven by competitively priced products, (iii) the steady demand for essential food items, and (iv) the expected recovery in the Thailand market, driven by a revival in domestic consumption and a resurgence in tourism. Maintain OUTPERFORM rating. - (Nov 8,2023) HARTALEGA recorded a net loss of RM24.8m for 1HFY24 (vs. net profit of RM116.6m in 1HFY23). However, we deem the results as within expectation as FY24 earnings are expected to be back-end loaded. QoQ, the group turnaround with a net profit of RM27.7m in 2QFY24 as compared to a net loss of RM52.5m in 1QFY24. Revenue rose 2.7% QoQ to RM452.1m mainly driven by higher sales volumes of 8%, mitigating the lower ASP of circa-4%. In addition, the performance was boosted by lower operating costs and ongoing operational rationalisation exercise of Bestari Jaya facility. Overall, plant utilisation rate rose to 44% (vs. 41% in 1QFY24). Going into 3QFY24, we expect Harta’s performance to improve further, driven by higher volumes and cost savings. We do see higher demand for gloves as customers are replenishing inventory. Having said that, we believe that 3QFY24 ASP will trend lower by circa-5-8% due to competitive pricing. Management shared that Bestari Jaya operations are still running (2 lines) due to product qualification but will be fully decommissioned by mid January 2024 (4QFY24). Post decommissioning, operating costs will come down further. In addition, there is a possible reversal of some of the severance provision (RM47m in 1QFY24) in 4QFY24 as the group was conservative previously. Meanwhile, we understand that negotiations arestill on-going for the contractual obligation expenses of around RM23m. We maintain our Buy recommendation with a higher TP of RM2.60/share (previously RM2.33) based on 1.9x (previously 1.7x) FY25 P/B. FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.722 4.589 4.579 1 Australian Dollar 3.054 2.934 2.918 1 Brunei Dollar 3.488 3.388 3.38 1 Canadian Dollar 3.427 3.337 3.325 1 Euro 5.061 4.899 4.879 1 New Zealand Dollar 2.815 2.712 2.696 1 Papua N Guinea Kina N/A N/A N/A 1 Singapore Dollar 3.488 3.388 3.38 1 Sterling Pound 5.816 5.634 5.614 1 Swiss Franc 5.234 5.114 5.099 100 UAE Dirham 130.14 123.45 123.25 100 Bangladesh Taka 4.366 4.083 3.883 100 Chinese Renminbi 65.34 62.6 N/A 100 Danish Krone 69.55 64.04 63.84 100 Hongkong Dollar 61.06 58.05 57.85 100 Indian Rupee 5.77 5.42 5.22 100 Indonesian Rupiah 0.0313 0.0283 0.0233 100 Japanese Yen 3.146 3.047 3.037 100 New Taiwan Dollar N/A N/A N/A 100 Norwegian Krone 43.34 39.88 39.68 100 Pakistan Rupee 1.68 1.57 1.37 100 Philippine Peso 8.55 8.06 7.86 100 Qatar Riyal 131.05 124.41 124.21 100 Saudi Riyal 127.37 120.91 120.71 100 South Africa Rand 26.71 24.13 23.93 100 Sri Lanka Rupee 1.48 1.36 1.16 100 Thai Baht 13.92 12.35 11.95 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit extends losses to close lower against US dollar KUALA LUMPUR: The ringgit extended Tuesday’s losses to close lower against the US dollar yesterday, as it continued to experience technical correction after appreciating over the last three trading days, said an analyst. At 6pm, the ringgit slipped to 4.6800/6860 against the greenback from Tuesday’s close of 4.6675/6725. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit appreciated quite significantly on Monday following the latest job reports in the United States (US). He foresees that markets may reassess the future stance of the US Federal Reserve as the journey towards the 2% inflation goal might take some time to materialise. “There are also important deadlines such as the possible US government shutdown on Nov 17. “In that sense, the possibility for a risk-off mode to prevail in the immediate terms could also drive higher demand for the US dollar,” Mohd Afzanizam told Bernama. At the close, the ringgit was traded mostly lower versus a basket of major currencies. It eased against the Japanese yen to 3.1045/1087 from 3.1026/1061 at Tuesday’s close, decreased versus the euro to 4.9917/9981 from 4.9863/9916 but strengthened against the British pound to 5.7321/7394 from 5.7415/7476. Against other Asean currencies, it depreciated against the Singapore dollar to 3.4493/4540 from 3.4444/4483 on Tuesday and shrank against the Thai baht to 13.1453/1670 from 13.1154/1346 previously. Swift Haulage posts net profit of RM28.39m for 3Q’23 KUALA LUMPUR: Swift Haulage Bhd’s net profit for the third quarter ended Sept 30, 2023 (3Q’23), rose to RM28.39 million from RM11.72 million in the same period last year. Revenue for the same period advanced to RM168.04 million from RM159.25 million previously, said Malaysia’s largest haulier and integrated logistics service provider in a filing with Bursa Malaysia yesterday. The higher revenue was mainly contributed by gains generated from an increase in fleet capacity for land transportation and higher revenue from its warehousing business segment as three new warehouses were completed in the financial year 2022. Group chief executive officer Loo Yong Hui said the persistent softness in the broader economy continues to subdue the overall performance of the group in addition to higher finance costs and increased overheads due to expansion. “We expect the demand for warehousing to remain strong. We intend to capitalise on this as we aggressively expand our warehousing footprint and capacity. In the near term, our new warehouse in Pulau Indah will add 260,000 square feet (sq ft) and bring our total warehousing capacity to above 1.5 million sq ft. “Our overall performance will continue to track overall economic activities while the expansion of our fleet of prime movers for the land transportation division as well as the increased capacity of our warehouse footprint is expected to be key drivers of long-term growth,” he said. The group’s net profit for the nine months ended Sept 30, 2023, increased to RM48.25 million from RM39.22 million while revenue went up to RM497.90 million from RM479.67 million previously. Hartalega Holdings Bhd Buy. Target price: RM2.60 Fraser & Neave Holdings Bhd Outperform. Target price: RM29.40 Dialog Group Berhad Buy. Target price: RM3.28 Source: MIDF Research Source: Kenanga Research Source: TA Securities

LYFE LYFE THURSDAY | NOV 9, 2023 22 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM The issue I am conveying is very serious. It’s a global issue that is becoming increasingly critical. The main focus is on education and the discrimination imposed against human beings in educational institutions or systems. It is through education that the value of humanity is learned, and it is important for all communities to care about issues around us. Walid is a folk film for the public, and it is meant to create awareness to fight crime and be aware of human rights. This is a very important issue. Q: What kind of research did you do for the film? I read about current news in the country and overseas. I have adventured out to certain places in the country and in foreign countries, discussing with journalists, humanitarians and members of NGOs. From there, I learned firsthand about these issues and realised that they have never been resolved directly and that there are people who are still continuing their struggle with the mission of helping the community, especially children, by providing educational assistance. We should appreciate these people. Q: What kind of crisis or unforeseen event occurred on the set, and how did you manage to overcome it or find a solution? While filming, it was almost certain that there would be a problem. We need to be calm, think quickly and make a decision without hesitation. I have always encouraged the team to continue working hard and maintain a positive environment, no matter what may come. As such, I don’t consider them a problem or a challenge. Instead, I view it just as part of the filming process. Q: What can Silat practitioners look forward to? The action is definitely quite terrifying for those who are interested in or looking forward to action in movies. Q: Share some insights about the film and why it is important for Malaysians to watch. This movie simply highlights that knowledge is important. Knowledge can bring good and may be used to harm others. That’s why this movie is divided into two parts - drama and action. The long-action scenes are meant to represent “fighting or combating a crime that is always continuous without end’”. The audience may feel overwhelmed by the number of action scenes, just like the tired enforcement officers who never stop fighting crime. Movies only give space for thought and awareness for those who are learning a point of view or message in the story, not viewers who are looking for empty entertainment. Q: Who is your favourite director? In Malaysia, P. Ramlee, as for foreign directors, is Majid Majidi from Iran. In my opinion, the Pendekar Bujang Lapok story is about finding knowledge until they get to use it for their future, however, P. Ramlee turns it into comedy, but actually it’s a serious warning for viewers. Children of Heaven, on the other hand, showcases how people struggle to want something but cannot get what they want, but God has his own plan. The spirit and their ambition to get something they want make me feel motivated and inspired. DESPITE having just a few movies to his credit, up-and-coming film director Areel has won prestigious awards for his film, Geran. Areel’s Geran, under the title Silat Warriors: Deed of Death, won the Daniel A Craft Award for Excellence in Action Cinema at the 19th New York Asian Film Festival in 2020 and racked up a Special Jury Award at the 31st Malaysian Film Festival in 2021. Areel, whose real name is Mohd Shahreel Abu Bakar, debuts his latest film, Walid, with a novel concept to highlight social issues such as discrimination and depriving rights to education, human trafficking, migrant and stateless children’s rights. The film includes thrilling Malaysian silat-based fight scenes. Written by Areel and Hafiz Derani, Walid was unveiled at Cinema Village in New York and in Leammle Glendale in Los Angeles recently. Released on Sept 14, Walid has received positive reviews. theSun interviewed Areel, whose fervour for filmmaking particularly shines in his exploration of fresh story concepts and uncharted territories. Q: How did you get involved in filmmaking? I got involved in production after completing my Diploma in Broadcasting at the Malaysian Institute of Integrative Media (TV3 Academy) in 2007. Then, I started as an assistant cameraman before becoming a cinematographer. Q: How did you feel when Walid was shown at Cinema Village in New York and in Leammle Glendale in Los Angeles? I did not expect this film to be shown there because their criteria for a foreign film are very complicated. Maybe I was lucky too because my first film, Geran, has already received recognition there after winning the Best Action Movie Special Award at the New York Asian Film Festival (NYAFF) in 2020. Q: Why was that screening important for local cinema? I just want to see how well the movie is perceived in terms of quality and get feedback on our films there. If our films can penetrate the international market, then I will be more confident that my future films will go a step further. It’s important for local cinemas and I hope more space and screening time are allocated for our local films. I also hope that local movies are given priority in foreign countries. Q: What do you want to convey or highlight through Walid? Behind-the-scenes of the making of Walid. Viewing through the camera. █ BYS. TAMARAI CHELVI Making a mark Areel and actor Megat Iskandar show their Silat stance against the backdrop of the iconic Hollywood sign in Los Angeles. oRising director’s vision in Walid and the power of film to highlight critical issues

LYFE LYFE THURSDAY | NOV 9, 2023 23 BTOB leaves Cube Entertainment ON Nov 6, Cube Entertainment has ended its 11-year partnership with talented boy group BTOB. This significant decision follows the expiration of BTOB’s second exclusive contract, marking a pivotal moment in the history of both the band and the entertainment agency. In a heartfelt statement, Cube Entertainment shared its perspective on the matter, shedding light on the collaborative discussions that have taken place over an extended period. After careful consideration, both parties mutually agreed not to renew the contracts, signifying the amicable end of an era. BTOB, comprising the remarkable talents of Seo Eun-kwang, Lee Min-hyuk, Lee Changsub, Im Hyun-sik, Peniel and Yook Sung-jae, has left an indelible mark on the K-pop industry since their debut on March 21, 2012. Known for their exceptional vocal abilities and music that resonated with a wide audience, the six-member band played a pivotal role in shaping the third generation of K-pop. Their success story encompasses a string of chart-topping hits, mesmerising live performances, and an unwavering connection with their fan club, Melody. The loyal support of their fans serves as a constant source of strength throughout their journey under Cube Entertainment. While the chapter between Cube Entertainment and BTOB may come to a close, the agency expressed its unwavering commitment to the members’ continued growth and promising futures. BTOB, a group brimming with untapped potential, now looks forward to charting a new course. As we bid farewell to this extraordinary partnership, it is important to recognise the impressive achievements of BTOB, which took the significant step of renewing their exclusive contracts with Cube Entertainment in 2018. Their journey has been marked by musical innovation, memorable moments and the unwavering support of their fans. This marks a new beginning for BTOB and we wholeheartedly wish them the very best in this exciting new phase of their careers. Let us continue to shower BTOB with the same unchanging love and support as they embark on their next remarkable journey. Thank you for the memories and here is to a bright future for BTOB. - BY THASHINE SELVAKUMARAN The group’s decade long journey with Cube Entertainment concludes. – INSTAGRAM/@CUBE_OFFICIAL_BTOB Perry’s daughter Daisy makes public debut at Las Vegas finale AMERICAN singer-songwriter Katy Perry and Orlando Bloom’s daughter, Daisy Dove, made her first public appearance at Perry’s Las Vegas final performance. Three-year-old Daisy appeared on the big screen while Perry gave a shoutout to her daughter, who was in the audience while she was performing on Saturday. “Daisy, I love you so much. You’re my best friend, I’m so glad you’re here,“ she gushed, according to footage posted on X/Twitter. Daisy, dressed in an adorable red-and-white polka-dot outfit, was seated with her father. She came into the world three years ago, a mere two days before Perry’s fifth album, Smile, was released. The album then achieved a peak position at number five on the Billboard 200 chart and featured the Billboard Hot 100 top 20 hit, Never Really Over. The Firework singer kicked off her Play residency at the Resorts World Theatre in Las Vegas in December 2021. As she neared the end of her almost two-year run, Perry thanked members of her team and her fans, as well as her husband Bloom and their daughter. “To my partner, Orlando, for being an incredible support system and an amazing father, I love you.” She addressed the actor from Pirates of the Caribbean, whom she began dating in 2016. Speaking through tears, Perry continued, “I created this show after the birth of my daughter, Daisy Dove. When I met her, it was like all the love I was ever searching for finally showed up. She made me whole, and she healed me, and she showed me how to play again. “So this show is for everyone’s inner child and for the hope that maybe if we could all see life through the eyes of a child, we would be free.” Prince Harry and Meghan, the Duchess of Sussex and Celine Dion were spotted in the audience at Perry’s closing night. The My Heart Will Go On singer has been largely out of the spotlight since she announced she had been diagnosed with Stiff-Person Syndrome, a rare neurological disorder, in December 2022. - BY HAZIQUE ZAIRILL Katy Perry greets Daisy Dove during the show. –ABC DESPITE the unfathomable trend of blockbuster films reaching a runtime length of 150 minutes at a minimum, The Marvels is set to buck the trend. Unlike all the films in he Marvel Cinematic Universe’s (MCU) 15 years of life, Nia DaCosta’s The Marvels will be the shortest film in the franchise at only 105 minutes. Speaking to Digital Spy, DaCosta explained that the goal was always for her to make an MCU film in under two hours. “I always think about the runtime, actually, when I go into a film. I just feel like there’s no need to have it long if you don’t need to, because one hour 45 minutes is pretty average for a movie, so we were all really excited”. Though DaCosta has shaved off the usual time excess that has bloated other films, she goes on to claim that the film does not skimp on the action. “We get to add to that history that Marvel is starting to really dig into now, like women beating the shit out of each other,” DaCosta said. “We do a lot of that in this film, which is really exciting for me because I love fight scenes. I was very excited to do it. I think it’s the main fight scene that I’m really proud of. It’s something you have not seen before in the MCU because of the nature of it, the switching.” As the director puts it, “the switching” refers to the film’s three leads, Carol Danvers (Brie Larson), Monica Rambeau (Teyonah Parris) and Kamala Khan (Iman Vellani), swapping places whenever they use their powers. The team-up film is the collective sequel to 2019’s Captain Marvel, 2021’s WandaVision and 2022’s Ms Marvel. The Marvels opens in cinemas starting today. █ BY MARK MATHEN VICTOR Short and hort and sweet oThe Marvels’ shortest runtime explained The Marvels unite as the MCU’s first allfemale superhero team to break new ground in the world of superheroes. – WALT DISNEY STUDIOS MOTION PICTURES

LYFE LYFE THURSDAY | NOV 9, 2023 24 Aman suffers from eye problem POPULAR Indian actress from the 1970s, Zeenat Aman, has revealed that she has been suffering from an eye condition called ptosis that has obstructed her vision for the past 40 years of her life. “There has been an elephant in the room for the past 40 years. It’s time to show the elephant the door,“ posted Zeenat. “I have a condition known as ptosis, the result of an injury I suffered many decades ago that damaged the muscles around my right eye. Over the years, it caused my eyelid to droop further and further, and a few years ago, it became so acute that it began to obstruct my vision.” She went on to post that it was difficult for her to come to terms with the “dramatic change.” However, in April, a leading ophthalmologist suggested surgery to lift the eyelid and restore vision was possible. On May 19, she went through the surgery. “Recovery has been slow, steady and on-going. But I am happy to share that my vision is so much clearer now,“ posted Zeenat on her Instagram page, @thezeenataman. She also shared two photos of herself before being wheeled into the operation theatre. Zeenat being kissed by son Zahaan. – INSTAGRAM █ BYS. TAMARAI CHELVI Apes rule earth in Kingdom of the Planet of the Apes THE 20th Century Studios has recently unveiled an initial teaser trailer for the film Kingdom of the Planet of the Apes, which continues the storyline several years following the occurrences depicted in the 2017 film War for the Planet of the Apes. Following the death of Julius Caesar in the last movie, the fourth chapter of the modern-day Planet of the Apes series unfolds many generations beyond his reign. The teaser trailer for the new Planet of the Apes depicts a young generation of apes ruling the world. –20TH CENTURY STUDIOS oTheir leader shapes destiny of humans and apes █ BYHAZIQUE ZAIRILL Five Nights at Freddy’s still tops box office SUPERNATURAL horror movie Five Nights at Freddy’s remained in first place at the North American box office, beating out the awards-tilted biopic on Elvis Presley’s wife, Priscilla, estimates showed on Sunday. Despite maintaining its lead in ticket sales, Freddy’s still had a frightening drop from US$78 million (RM364 million) in its debut weekend to only US$19.4 million (RM90 million) this week, according to industry watcher Exhibitor Relations. The video-game-based film, released both in theatres and on Universal’s Peacock platform, is “crashing in its second weekend of simultaneous streaming,“ said analyst David A Gross. Josh Hutcherson, starring in his biggest role since the Hunger Games franchise, leads the cast as a security guard working nights at an abandoned family entertainment centre, where creepy animatronic characters spring murderously to life after dark. The horror film was followed again by “Taylor Swift: The Eras Tour,“ earning another US$13.5 million (RM63 million) in its fourth week out, for a total domestic haul of US$166 million (RM775 million). Martin Scorsese’s Killers of the Flower Moon maintained its thirdplace spot at US$7 million (RM32 million) in North American theatres while also crossing the symbolic US$100 million (RM467 million) figure in worldwide sales. The over-three-hour film is to be released on Apple’s streaming platform, but a date has not yet been announced. In its first wide-release weekend, Sofia Coppola’s Priscilla landed in fourth place at just US$5 million (RM23 million). The film charts the rocky relationship between Elvis and Priscilla Presley, from their first meeting on a German army base when she was just 14 and the rock and roll star was 24, through to their acrimonious split. In the titular role, 25-year-old Cailee Spaeny has already earned the Venice Film Festival’s best actress award, while Jacob Elordi has received strong reviews for his Five Nights at Freddy’s is most watched but has seen dropped in earnings this week. In this evolved world, a fresh ape leader has risen to prominence, firmly establishing apes as the dominant force on the planet. As a result, humans have been relegated to a secondary role, and the trailer clearly depicts their experiences of fear and flight. Yet, as a new authoritative ape figure emerges, a young member of the ape community embarks on a transformative journey. The decisions made by this youthful ape have the potential to shape the destinies of both apes and humans, signifying a pivotal juncture in the unfolding narratives of these two intertwined species. The upcoming film is under the direction of Wes Ball, known for his work on the Maze Runner franchise. The cast includes Owen Teague, Freya Allan, Kevin Durand, Peter Macon and William H. Macy. The screenplay was crafted by Josh Friedman, Rick Jaffa, Amanda Silver and Patrick Aison. The film’s production is in the hands of producers Rick Jaffa, Amanda Silver, Joe Hartwick Jr and Jason Reed, while Peter Chernin and Jenno Topping serve as executive producers. Filming for the movie began in Sydney in October 2022 and concluded in February 2023. The original series comprised six films, debuting between 1968 and 2001. Subsequently, a reboot series was introduced, with the inaugural movie, Rise of the Planet of the Apes, hitting screens in 2011. This was followed by Dawn of the Planet of the Apes in 2014 and War for the Planet of the Apes in 2017. Disney’s acquisition of 20th Century Fox in April 2019 led to the announcement of additional films in the franchise entering production. Kingdom of the Planet of the Apes will be released in theatres on May 24, 2024. performance as Elvis. The latest Elvisrelated biopic to hit theatres had a “fair opening for a romance drama,“ said analyst Gross. It may find some more momentum, he said, given its “excellent reviews and very good audience scores.” In fifth was the newly released Spanish-language film Radical at US$2.7 million (RM12 million). Based on a true story, it follows a teacher in a Mexican border town who “tries a radical new method to unleash the curiosity and potential of his students,“ according to production company Pantelion Films.

LYFE LYFE THURSDAY | NOV 9, 2023 25 HRITHIK ROSHAN, the Bollywood sensation who has clinched six Filmfare Awards, is celebrated not just for his acting prowess but also for his awe-inspiring dance skills. As one of the highest-paid actors in the Indian film industry, his name is synonymous with cinematic excellence. The news of Roshan’s triumphant return to Malaysia, after an eight-year hiatus, is nothing short of a dream come true for his legion of fans. Yess Boss Groups, the event promoter, turned this dream into reality when they unveiled the “Stars On Fire Kuala Lumpur Live In Concert” on Dec 1. This grand spectacle is set to unfold at the Bukit Jalil National Stadium and promises to be the defining concert of 2023. Leading the star-studded line-up is the Global Dance Icon himself. Known for his unforgettable roles in films like Kaho Na Pyar Hai, War, Bang Bang, Krrish and many more, Roshan is gearing up to deliver a concert that will be nothing short Hrithik will be meeting Malaysian fans after eight years. – YESS BOSS GROUPS █ BYTHASHINE SELVAKUMARAN The mask from Scream has become sexy trend on TikTok HALLOWEEN has long been associated with a host of “sexy” costumes, particularly for women, but this year some TikTok users have been discussing how they find the Scream mask sexy, in a surprising turn of events. In the runup to Halloween, videos on TikTok showing men wearing the mask of the serial killer from the Scream saga proliferated. And far from simply being used to talk about the cult horror film during the spooky season, the “Ghostface” mask has become a sex symbol and a fantasy for some female users. Behind this particular trend lies a softerotic novel, Scream for Us by Molly Doyle. On TikTok, the author has found success with her sultry story involving a woman locked in a house with three male characters wearing the masks of cult killers from the legendary horror films Scream, Friday the 13th and Halloween. The hashtag #screamforus has racked up 21.3 million views on TikTok, while #screamforusaudiobook reached 173,500. The Scream for Us audiobook takes advantage of the trend for erotic audio content, which is taking off on social networks. Popular with the BookTok community, the realm of literary fans on the platform, the book was the subject of comments shared by many users, who admitted that while the story was not elaborate, the lascivious scenes kept them on the edge of their seats. And it is precisely this aspect that has prompted users to launch a “trend” involving their partners. It consists of asking their partner to wear the Scream mask before leaning lasciviously over her. And while it may be mostly women who are participating in this trend, some men are also riding the wave. Posing provocatively shirtless, with sexy music in the background, in videos or photos, content creators have decided to wear the mask, and it is working. Some videos are reaching the million-view mark, generating substantial monetisation. However, this trend raises another question - should we really sexualise toxic characters and even worse, bloodthirsty killers? The trend took a turn when users recreated disturbing scenes in which a woman played the role of a victim abused by the masked man from Scream. And some users even responded rather positively. Another, however, recognised the problematic side of enjoying this kind of content glorifying aggression “I need to contact my therapist again.” While the trend gained momentum at the end of October, the Scream mask was already buzzing back in 2022. The latest opus in the Scream franchise came out in March 2023. of spectacular. In addition to Roshan, the concert features the legendary dance maestro Prabhu Deva, the enchanting Vaani Kapoor, the sensational Malaika Arora and the charismatic rising star Sanya Malhotra. Versatile singers Kanika Kapoor and Aastha Gill are set to get the audience grooving to their blockbuster dance tracks, and the dynamic duo of Bharti and Haarsh will provide endless entertainment. The countdown has officially begun, and Malaysia is poised to witness the enchantment of Hrithik Roshan live on stage. Yess Boss Groups guarantees an unforgettable evening, where fans will be treated to live performances by their beloved stars. This concert is a collaboration with Dembi Production and is conceived, written, designed, and produced by Heart Art Production. “Stars On Fire Tour Kuala Lumpur Live In Concert” promises an unprecedented and entertaining evening filled with stars and captivating performances. It is a historic moment as Roshan and Prabhu Deva come together for the first time, making this concert truly unforgettable. This exclusive event is brought to you by Yess Boss Groups, as stated by Yess Boss Groups Managing Director Shahkeer Azzat. The organisers describe the “Stars On Fire Tour Kuala Lumpur Live In Concert” as the blockbuster concert of 2023, a testament to the enduring influence of Bollywood art. Rehearsals are already in full swing and anticipation is building. Amid a year marked by successful concerts spanning diverse genres, the “Stars On Fire Kuala Lumpur Live In Concert” is set to stand as a testament and a defining benchmark for the timeless allure of Bollywood. Enthusiastic fans are eagerly anticipating the appearance of their cherished stars, with Roshan, who holds a special place in the hearts of Malaysians, being a focal point of this grand excitement. You can now purchase tickets at various price levels, including RM149 (silver), RM249 (gold), RM549 (Platinum), RM649 (Blue Sapphire), and RM3,500 (VIP), by visiting https://yessbossticket.com/event/stars-onfire-tour/ or by calling the hotline at 011- 11546805. Roshan returns oBollywood’s dance icon Roshan makes acomeback to Malaysia for a spectacular concert

LYFE LYFE THURSDAY | NOV 9, 2023 26 Crafting dreams in 3D A WEDDING is a tapestry woven with love, commitment and dreams coming true. It is a day when memories are etched into the hearts of the couple and their loved ones. Among the myriad elements that orchestrate the enchantment of a wedding, decor stands out as one of the most influential. The way a venue is adorned serves as the backdrop for the event, painting the canvas that reflects the couple’s unique style and personality. Crafting the art of wedding decoration requires a harmonious blend of creativity, aesthetics and practicality. This is where The Key Wedding takes centre stage, a luminary in the industry, boldly introducing Malaysia to the realm of 3D wedding decor. Under the skilled and visionary leadership of Katherine Chong, this enterprise is poised to turn every wedding into a resounding success. Chong’s journey into the realm of wedding planning began during her high school years, driven by an unyielding quest for perfection. What started as a solo venture, embellishing events one at a time, has since evolved into a thriving team at The Key Wedding. With a wealth of experience that spans over 350 weddings in a fulfilling six-year journey, she has been an integral part of countless love stories, each as unique and delightful as the one before. In a conversation with Chong, we dive into the creation of the groundbreaking 3D castle wedding decor and the meticulous process that ensures it mirrors the couple’s personality and preferences. Conceptualising and executing the 3D castle wedding decoration Chong explains, “Our client engagement initially revolved around the proposal, featuring mood boards and theme concepts. While we initially suggested a castle theme, the clients sought something truly exceptional. Following budget discussions and brainstorming with our team, we presented refined options - a printed board castle, a 2D castle and an impressive 3D castle.” The 3D castle concept was met with enthusiasm, and after receiving approval, it was meticulously designed to encompass the entire theme, radiating elegance and sophistication. The final 3D castle wedding exceeded all expectations, epitomising grace and class and aligning seamlessly with the clients’ aspirations. Reflecting the couple’s personality and preferences For Chong, it all begins with meaningful conversations to understand the couple’s preferences, passions and stories. This understanding becomes the foundation for creating an inspiration board where meaningful elements are thoughtfully woven into the design. “Ensuring the castle decor’s colour palette resonates with the couple’s preferences or chosen wedding colour scheme is equally crucial,“ Chong notes. As the grand day approaches, a final walkthrough with the couple meticulously aligns every aspect of the 3D castle decor with their vision and distinctive identity. The result is elegant and sophisticated wedding decor that beautifully narrates the couple’s love story. Planning and design of the 3D castle wedding Chong elaborates on the challenges faced during the project, “Our primary challenge was harmonising the couple’s dreamy vision with structural practicalities. This necessitated close collaboration with skilled designers. We emphasised the use of high-quality materials like foam to achieve excellence, while meticulous logistics planning ensured a seamless setup.” Overcoming technical hurdles during testing and rehearsals, especially those related to interactive features and lighting, was of paramount importance. As the overseer, Chong ensured that the 3D castle setup installation at the venue seamlessly matched the couple’s vision and slotted effortlessly into the wedding day schedule. Advice for aspiring wedding planners and entrepreneurs For those venturing into the wedding planning field, Chong offers valuable advice. “This profession may appear fascinating, but it demands caution and patience. You hold the trust of the bride and groom on their most important day and there’s no room for error.” Chong emphasises the need for vigilance, inventiveness, caution and persistence in navigating the challenges that come with the territory. She concludes by underscoring the importance of involving couples in the design process, understanding their preferences, and customising themes to their unique style and story. Chong stands beside 3D wedding deco. –PICS BY THEKEYWEDDING █ BYHAZIQUE ZAIRILL oThree-day extravaganza commemorating art, music and creativity in Kuala Lumpur LOCATED within the historic walls of the former Rex Cinema, REXKL, the iconic cultural and artistic hub, is gearing up to celebrate its fifth anniversary with a grand event. This vibrant festival aims to pay homage to the rich history, arts and community spirit of Kuala Lumpur, promising an unforgettable threeday experience. Taking place from Nov 24 to Nov 26 and in collaboration with Connor’s Stout Porter, this event brings together an eclectic mix of live music, digital art, workshops, performances, exhibitions and gastronomic delights, completely transforming downtown Kuala Lumpur into a dynamic and creative playground. This collaboration focuses on celebrating creativity in all its diverse forms. Festival director Lim Kok Kean describes this event as a harmonious blend of art, culture and innovation that brings together established artists and fresh talents. The festival kicks off with a groundbreaking event, Afterlife x Goen - Divergence, a fully immersive party featuring 270-degree projection mapping that challenges conventional notions of freedom. With an impressive DJ lineup, including Suhsi, Hazel, Raven and WCKD, the event promises to captivate music enthusiasts with genres like psytrance, techno, melodic and hard techno. The event also showcases Azarikh, a digital immersive artist with a global portfolio of collaborations. The exclusive ticketed event line-up continues with “Kuantum - forgotten facades, a concept-driven blend of electronic music and visual arts curated by the Kuantum collective. The event features a lineup of talented DJs, including Rimka, Lzzy, Gasing, Nazreth and Intermissions’ 535 Eye, offering a d i v e r s e Immerse in the creative energy of REXKL’s 5thanniversary celebration, a vibrant fusion of art, music and culture. █ BYTHASHINE SELVAKUMARAN REXKL to mark fifth anniversary in style soundscape that promises a journey through time and artistic expression. Rexperience, an integral part of this event, boasts a fully immersive projection and sound system that fuses futuristic electronic music, architectural designs inspired by REXKL, and emotionally evocative visuals. Visitors will be treated to the creative talents of immersive visual artists such as Vuevossa, Zhonkvision and Shared Mind Visuals. Soundscape Records x Flamen - Odyssey offers another unique ticketed event, featuring exhilarating performances by notable artists across various genres, accompanied by mesmerising visuals. Throughout this event, attendees can enjoy a lineup of free events and activations, including Homeground, Pop Rising, Fono kl’s jazz evening and the Hush and Snap open mic night. Adding to the festivities are the Mixologist Masterclass and the immersive Bar experience. Food enthusiasts can savour a unique and exclusive menu created by this collaboration, offering a diverse range of culinary experiences. For art and culture enthusiasts, the event offers a chance to participate in a live graffiti session, the BiangBiang 911 Challenge, and immersive walks exploring the history of Petaling Street. Creative workshops and shopping opportunities are also on offer, including a w a t e r c o l o u r workshop by Long Thien Shih and an u p c y c l i n g workshop by Kanoe. The Stellar Flower Stand and Friends Club Mini Flea Market provide opportunities to pick up flowers and unique treasures. This celebration is a testament to the power of creativity and community, and most events offer free entry unless specified. To be part of this unforgettable threed a y extravaganza, secure your tickets today at ticket2u.com.