CEOMorningBrief THURSDAY, FEBRUARY 29, 2024 ISSUE 725/2024 theedgemalaysia.com HOME: Court of Appeal reinstates four abuse of power charges against Muhyiddin p2 Affinity Equity Partners to start bidding for Penang’s Island Hospital valued at RM4 bil — WSJ p7 Maybank sees 2024 loan growth slowing to 6%-7% from 9.2% in 2023 p8 Jho Low working on a deal with govt in 2018, says ex-1MDB counsel Jasmine Loo p13 WORLD: Bitcoin hits US$60,000 as ‘FOMO’ rally gathers pace p19 COUNTRY GARDEN FACES LIQUIDATION PETITION IN NEW BLOW TO CHINA PROPERTY SECTOR p17 MOF: Expanded service tax scope at higher rate of 8% to bring in RM3 bil revenue Report on Page 4. REUTERS Capital A to list AirAsia brand manager on Nasdaq via US$1.15 bil SPAC deal Report on Page 3.
thursday february 29, 2024 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: eeditor@bizedge.com to advertise: advertising@bizedge.com the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list ceomorningbrief@bizedge.com Court of Appeal reinstates four abuse of power charges against Muhyiddin PUTRAJAYA (Feb 28): The Court of Appeal has allowed the prosecution’s appeal against a High Court decision last year, which struck out four abuse of power charges against former prime minister Tan Sri Muhyiddin Yassin and acquitted him of the charges. A three-judge bench led by Datuk Hadhariah Syed Ismail ruled that there were appealable errors in High Court judge Datuk Muhammad Jamil Hussin’s decision to allow Muhyiddin’s application to strike out the charges on Aug 15 last year. Hadhariah’s stance was backed by Datuk Azmi Ariffin and Datuk SM Komathy. Delivering the bench’s unanimous decision, they said that the High Court judge had erred in striking out the charges. “In our view, the four charges are clear and unambiguous [and] as such there is no necessity for the prosecution to set out the manner or give further particulars as to how the offence was committed. “Therefore we allow the appeal and set aside the High Court order. The case is remitted to the Sessions Court Kuala Lumpur for the next course of action,” Hadhariah said in delivering her judgement on Wednesday. It had been Muhyiddin’s contention that the charges lacked particulars and as such he could not mount a defence because of it. Muhyiddin, via his lawyers, argued that the phrasing or the wording of his charges were wrong. h o m e by Timothy Achariam theedgemalaysia.com His lawyers, led by Datuk Hisyam Teh Poh Teik, had argued that his party Bersatu cannot be categorised as an “associate” as stated in the charges against him and according to the Malaysian Anti-Corruption Commission (MACC) Act 2009. (Parti Bersatu is termed as being an “associate” to Muhyiddin in his charges.) Hadhariah said that the appellant (the public prosecutor) had contended that the term “political society” falls within the definition of the term “associate” under Section 3 of the MACC Act. She said that the bench agreed with the contention. “The appellant has contended that a political society comes within the definition of associate under Section 3 of the MACC Act. It is further argued by the appellant that a society falls within the definition of organisation under Section 3 of the same Act.” Muhyiddin’s defence argued that the word “society” from “political society” is not mentioned in Section 3, and as such it could not come under the definition of an “associate”. However, Hadhariah did not agree to his submission. “We do not agree with this submission. We find that there is no merit in the respondents submission that because the word ‘society’ is not mentioned in Section 3 therefore society cannot come within the definition of associate,” she said. They surmised that Bersatu is a political society which comes within the definition of “associate” under Section 3 of the MACC Act. “In our view, the ordinary meaning of organisation is a group formed for a particular purpose; as a society is also a group formed for a particular purpose, it’ll fall within the definition of organisation. It follows that Bersatu, a political society, comes within the definition of associate as we find under Section 3 of the MACC Act,” said Hadhariah. Lead prosecution lawyer Datuk Dusuki Mokhtar had argued that if there were a lack of details, it cannot be classed as a defective charge. “The missing details (if there were), like how the respondent (Muhyiddin) used his position (whether in action or making a decision) can’t be classified as a defective charge. “This is a matter of facts, and this has to be decided when witnesses take the stand in the trial (to ascertain the details).” The deputy public prosecutor (DPP) said that the prosecution has to be given the opportunity to prove a prima facie case at the lower courts against Muhyiddin. Photos by Suhaimi Yusuf/The Edge Lawyer Datuk Hisyam Teh Poh Teik, representing the former prime minister, says the team is 'seriously considering' appealing against the Court of Appeal decision. Read the full story
THURSDAY FEBRUARY 29, 2024 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Feb 28): Capital A Bhd is carving out its aviation brand AirAsia and injecting it into Nasdaq-listed special purpose acquisition company (SPAC) Aetherium Acquisition Corp for US$1.15 billion (RM5.48 billion) — a move to pave way for its exit from Practice Note 17 (PN17) status, besides selling its aviation business to AirAsia X Bhd. In return, Capital A will get an equity stake worth US$1 billion in the US-listed entity, which will be called Capital A International (CAPI). On top of that, Capital A will also offload a US$150 million loan to CAPI as part of sale consideration settlement. The proposal announced also includes distribution of CAPI shares to Capital A’s shareholders. Capital A, which owns low-cost carrier AirAsia Bhd, said it has entered into a letter of intent with Aetherium for the reverse listing of its brand management outfit CAPI on Nasdaq in the US. The proposed plan is to merge Aetherium with a unit of CAPI, which will house the AirAsia brand and a portfolio of other owned trademarks or intellectual properties (IPs). As CAPI takes over Aetherium’s listing status, Capital A will receive 94% of its enlarged share capital at a value of US$1 billion. Of that, Capital A plans to distribute a 47.94% stake in CAPI to shareholders, while Capital A will hold 46.06%. The remaining 6% will be held by existing Aetherium shareholders. For the balance consideration of US$150 million from the sale, Brand AA will take on a US$150 million term loan currently held by Capital A’s unit, Asia Aviation Capital Ltd (Labuan). The announcement does not mention a transfer of aircraft leasing unit Fleet Consolidated Pte Ltd to Aetherium, which was part of the initial proposal. The announcement confirms a newsbreak by The Edge, which reported that the branding management to be listed in the US will involve the transfer of all IP rights across Capital A brands, and not just the AirAsia brand, citing sources. The announcement also confirms the report in the Feb 19-25 edition of the The Edge Malaysia weekly, which said that parts of the proceeds of the deal, likely in the form of CAPI shares, will be distributed to Capital A shareholders. The deal will help boost its shareholder equity by RM2.49 billion, a back-of-theenvelope calculation showed. At end-September, Capital A’s negative total equity stood at RM10.53 billion. Capital A to list AirAsia brand manager on Nasdaq via US$1.15 bil SPAC deal BY ADAM AZIZ theedgemalaysia.com Read also: AirAsia eyeing addition of Tier 2, Tier 3 cities to India route It is understood that the gains from the disposal will help Capital A in its road to exit its PN17 status. Royalty fee for AirAsia brand Moving forward, CAPI will charge AirAsia Aviation Group Ltd a royalty fee amounting to 1% of revenue from AirAsia’s four airlines in Malaysia, Thailand, Indonesia and the Philippines. For long-haul carrier AirAsia X, the fee is 0.5%, while Thai AirAsia X will see a higher fee rate of 1.5% of revenue. CAPI holds IP rights spanning 23 countries, said Capital A in a statement. It has a “stable and recurring revenue stream” from royalty fees, it added. “The company benefits from access to Capital A’s ecosystem, boasting over 50 million users, 22 million loyalty members, and over 56 million social media followers, expanding brand reach and enhancing CAPI’s brand-building capabilities,” it said. On prospects, Capital A said CAPI would extend the AirAsia brand beyond the travel sector, develop new brands that capitalise on Asean markets, create more IPs and enhance value through partnerships and merchandising, and acquire other Asean-based brands, it added. Capital A chief executive officer Tan Sri Tony Fernandes, in the statement, said the AirAsia brand evolution “has created a loyal global consumer base”. Capital A is the first Asean-based brand in the travel sector eyeing to expand through licensing, he added. “AirAsia has transformed from a small Malaysian airline into a leading global aviation and travel brand” valued by Brand Finance at between US$1.01 billion and US$1.31 billion, Fernandes said. Capital A is building a diversified portfolio spanning aviation, aviation services, logistics, and digital companies in fintech, travel and hospitality, he added. Fernandes will lead CAPI, whose platform “integrates brand strategy, creative marketing and intellectual property development” to position its brands and cultivate cultural significance among consumers, the statement said. NEWSBREAK 12 corporate MALAYSIA FEBRUARY 19, 2024 B Y I N TA N FAR H A N A Z AI N U L AND JOSE BARROCK D RB-Hicom Bhd, a conglomerate controlled by tycoon Tan Sri Syed Mokhtar Albukhary, is exploring an initial public offering (IPO) for its banking subsidiary Bank Muamalat Malaysia Bhd, sources familiar with the matter tell The Edge. Bank Muamalat is 70% owned by DRB-Hicom, while the remaining 30% is held by sovereign wealth fund Khazanah Nasional Bhd. Low-profile businessman Syed Mokhtar has a 55.92% stake in DRB-Hicom through his private vehicle Etika Strategi Sdn Bhd. Sources say DRB-Hicom has called banks and other financial institutions for a request for proposal geared towards the flotation exercise. Bank Muamalat executives are keeping the information close to their chests. “The IPO could be [undertaken] for a variety of reasons. It could be because of the requirement to pare down DRB-Hicom’s stake in Bank Muamalat to comply with Bank Negara Malaysia’s requirements,” a source familiar with the goings-on at Bank Muamalat tells The Edge. Under the Financial Services Act (FSA), individuals are not allowed to control more than 10% of a bank. There were exceptions made, known as the grandfathering rule in the past, as the law only came into force in 2013. But it seems unlikely to be extended to Syed Mokhtar, who has already delayed paring down his stake for many years. Another source who has heard of the potential flotation exercise says Bank Muamalat was supposed to go for a listing a few years ago, but it was postponed. “If I’m not mistaken, it has been postponed several times. Once was due to subdued market conditions, which made it challenging to fetch a better valuation.” Should the IPO take place, a conservative estimate of the valuation could be RM2.89 billion, based on Bank Muamalat’s FY2022 shareholders’ equity and priceto-book value (P/B) of one time. Bank Muamalat is the country’s third standalone Islamic bank after Bank Islam Malaysia Bhd and MBSB-MIDF. It has more than 60 branches, total assets of RM31.53 billion and shareholders’ equity of RM2.89 billion. DRB-Hicom bought its 70% stake in Bank Muamalat for RM1.07 billion from Bukhary Capital Sdn Bhd in 2008. The central bank allowed the deal on condition that the diversified group would eventually pare down its stake to more palatable levels. The bank was priced at about 1.2 times book value when the group bought the controlling stake. A market observer says, “An IPO is a consideration for DRBHicom to meet the shareholding require- ment, and could help pare down debts.” Most banking stocks on the local bourse are trading at a P/B of between 0.5 and 1.3 times. The exception is Public Bank Bhd, which has a P/B of 1.6 times. It is worth noting that in previous years, there were a few attempts to merge Bank Muamalat with other banks, including one with Employees Provident Fund-controlled Malaysia Building Society Bhd (MBSB) back in 2015, but the deal lapsed due to disagreements over the valuation and control. Last October, MBSB completed its acquisition of Malaysian Industrial Development Finance Bhd (MIDF) from Permodalan Nasional Bhd (PNB) for RM1.01 billion via issuance of new shares. The final purchase consideration represents a P/B of 0.85 times. Prior to the acquisition, the last Islamic banking transaction was done in 2013 at 1.8 times book value when BIMB paid RM2.96 billion to take full control of Bank Islam. Previous attempts by DRBHicom to pare down its stake to several financial institutions, namely Affin Holdings Bhd, Bank Islam Malaysia Bhd and Bahrain-based Islamic lender Al Baraka, also failed. It is understood that the deals back then fell through because the group had sought to maintain control of the merged entity and also unrealistically high price expectations. It is understood that Khazanah has been considering letting go of its 30% equity interest in Bank Muamalat as it sees the stake as a non-core holding. On the operation side, Bank Muamalat has been working to clean up its books. It has seen a steady improvement in its profitability. The bank’s gross impairment financing ratio improved to 0.85% in FY2022 from 1.43% in FY2018, while its total assets grew to RM31.5 billion in FY2022 from RM22.89 billion five years ago. For FY2022, Bank Muamalat registered a record profit before zakat and tax of RM306.7 million, representing a growth of 20.3% from the RM254.9 million in the previous corresponding period. This is on the back of an 18% jump in revenue to RM1.34 billion from RM1.14 billion previously. DRB-Hicom, which is involved in the automotive, property and construction sectors, among others, considers banking as one of its core businesses. For FY2022, Bank Muamalat accounted for about 8.6% of the group’s revenue of RM15.51 billion and about 47% of its profit. Home financing makes up the bulk (almost 31%) of its business, followed by personal financing (28%). DRB-Hicom’s share price closed at RM1.37 last Friday. This translated into a market capitalisation of RM2.65 billion. Bank Muamalat looking at listing Capital A International listing likely at midyear, seeking US$1.3 bil valuation B Y KAMARUL AZHAR T he listing of Capital A International (CapAI) in New York has been in the works since Capital A Bhd announced a deal that would see Aetherium Acquisition Corp, a special purpose acquisition company (SPAC) that listed on the Nasdaq in November last year, acquire the entire share capital of CapAI in a business combination. Sources tell The Edge that the parties involved are close to completing the deal, which will see all Capital A brands — including AirAsia Bhd, BigPay, MOVE and Teleport — transferred to CapAI and be valued at about US$1.3 billion (RM6.2 billion). “This will allow Capital A to monetise its brands and position itself beyond aviation,” says one of the sources who is working on the deal. “The investment thesis is that this is an opportunity for investors to participate in a large, Asean-wide brand,” says another. Recall that on Nov 1, 2023, Capital A entered into a letter of intent with Aethereum (Nasdaq: GMFI) for a proposed business combination that would see the latter acquire the entire share capital of CapAI and eventually list it on the Nasdaq. According to the announcement, CapAI would acquire 100% equity interest in Brand AA Sdn Bhd, the registered proprietor of all the rights of the AirAsia brand and is principally involved in the management of the brand. Note that on May 31 last year, AirAsia and AirAsia Aviation Group Ltd (AAAGL) entered into a master brand licensing agreement (MBLA), and subsequently on June 27, AirAsia, Capital A and Brand AA executed an intellectual property (IP) assignment agreement for the transfer of all the rights of the AirAsia brand to Brand AA. Under the MBLA, Brand AA has the right to collect royalty fees from AAAGL, the exclusive licensee of the AirAsia brand for its aviation-related business. Meanwhile, AAAGL has the right to collect a sublicence royalty fee from the airline operating companies under Capital A and its subsidiaries for the use of the AirAsia brand. However, according to the sources The Edge spoke to, the business combination will involve the transfer of the IP rights of all Capital A brands, and not just the AirAsia brand, to CapAI. The AirAsia brand is the largest of all the brands under Capital A. “CapAI will look at growing the brands beyond aviation. They are also thinking of expanding the brands into the healthcare industry,” says one of the sources. Questions sent to Capital A for their confirmation of the deal went unanswered at press time. However, it is believed that a definitive agreement between CapAI and Aethereum will be announced as early as this week. Following the business combination, Capital A will hold a 46.5% stake in Aethereum, while its existing shareholders will own 48.5% of the company. The royalty fee that CapAI is looking at is between 0.5% and 1% of the revenue of the companies. For illustrative purposes, 1% of Capital A’s revenue for the financial year ended Dec 31, 2022, was RM66 million. For the nine months ended Sept 30, 2023, Capital A made RM9.9 billion in revenue, while AirAsia X Bhd made RM1.71 billion. The listing of CapAI on the Nasdaq will be part of the proposed plan undertaken by Capital A to regularise its financial position, to have its Practice Note 17 (PN17) status lifted. Capital A — then known as AirAsia Group Bhd — fell into PN17 status under the Main Market Listing Requirements of Bursa Malaysia on July 8, 2020, when its external auditor Ernst & Young PLT issued an unqualified audit opinion with emphasis of matter on material uncertainty related to the business as a going concern in respect of its audited financial statements for the financial year ended Dec 31, 2019. Its shareholders’ equity on a consolidated basis as at March 31, 2020, was 37% of its share capital (excluding treasury shares). After getting an 18-month relief period from Bursa Malaysia, Capital A’s appeal to have it extended beyond Jan 7, 2022, was dismissed by the capital market regulator. Capital A announced on Jan 19 this year that Bursa Securities had granted it an extension until June 30, 2024, to submit its regularisation plan to the relevant regulatory authorities. As at Sept 30, 2023, Capital A had accumulated losses of RM10.33 billion, and RM8.68 billion in share capital. The group has a negative total equity value of RM10.53 billion. According to the sources, the proceeds raised from the proposed listing will be partly used to pare down Capital A’s debt. While the numbers cannot be confirmed at this point, the sources say RM1.8 billion in debt will be settled through the issuance of redeemable convertible securities (RCS) to the creditors. Capital A had a total of RM3.01 billion in non-current borrowings and RM762.6 million in current borrowings as at Sept 30, 2023. The group also had RM1.73 billion in non-current term loans. Meanwhile, part of the proceeds from the proposed listing will be distributed to the existing shareholders of Capital A, say the sources. This is likely to be in the form of shares in CapAI rather than a cash dividend. Capital A has been growing a slew of aviation-related businesses such as Santan, the in-flight meal catering operation that doubles as an offline café; Teleport, an air logistics business; GTR, an airport ground services company; and Asia Digital Engineering, an airline engineering and maintenance services firm. It also has non-aviation businesses such as BigPay, which operates a money app, and the AirAsia SuperApp, which integrates a variety of services, from travel and ride-hailing to ticketing services and insurance, all on a single platform. With the group having the ambition to grow its brands beyond the aviation sector, will Capital A still be known as an aviation group? Or will it be a diversified conglomerate whose businesses stretch far and wide across the region. E E FLASHBACK: The Edge Malaysia Feb 19, 2024 Before the proposals Capital A Brand AA CAPI Merger Subsidiary Holders of GMFI Common Stocks Aetherium (listed on NASDAQ) Other subsidiaries and assosciated companies of Capital A 100% 1 2 100% 100% After the proposals Capital A Brand AA Aetherium Holders of GMFI Common Stocks Shareholders of Capital A CAPI (listed in US) Other subsidiaries and assosciated companies of Capital A 46.1% 100% 100% 47.9% 6% Read the full story
THURSDAY FEBRUARY 29, 2024 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Feb 28): The government has not made a decision on the exemption of water and electricity bills from the planned service tax hike, which is expected to start in March. Deputy Prime Minister Datuk Seri Fadillah Yusof said this is because there are pertinent issues, such as who will be entitled to the exemption, that needs to be discussed When asked on the whether the matter will be brought up during the upcoming Cabinet meeting, Fadillah, who is also the energy transition and water transformation minister, said the Ministry of Finance is looking at the overall situation right now. He told the media this after witnessing the signing of a financing agreement between Bank Islam Malaysia Bhd and Sand Town Solar Sdn Bhd, a subsidiary of Gading Kencana Sdn Bhd. From March 1, the service tax rate for most services, including overseas-based digital services, will increase to 8% from the current 6%. Currently, only food and beverage, telecommunications and vehicle parking services have been given exemption from the tax hike. Previously untaxed services like karaoke outlets, delivery services, brokerage DPM Fadillah: No final decision on service tax hike for utilities just yet KUALA LUMPUR (Feb 28): The service tax scope expansion and rate hike from 6% to 8% on select services is expected to generate an extra RM3 billion in revenue for the government’s coffers, according to the Ministry of Finance (MOF). The service tax’s scope expansion, which took effect on Monday (Feb 26), and the upcoming 2% tax rate hike effective this Friday (March 1), are done in order to support the government’s ongoing efforts to strengthen the country’s fiscal foundation. “The expanded tax system is expected to generate an estimated additional RM3 billion in revenue to the country, which will help the Madani government increase its support for the rakyat through better social assistance schemes and improved critical public infrastructure like healthcare, schools and roads,” the MOF said in a statement on Wednesday. The service tax’s scope is expanded to include maintenance (preventive and corrective), brokerage, underwriting and karaoke services. The services that will see its tax rate unchanged at 6% are logistics, food and beverage (F&B), telecommunications and parking space services. For logistics services, service tax is exempted on a service that was procured by a customer, but subcontracted to another company. For example, if a customer procured for a haulage service for 1,400 containers to a logistics company, but the company could only provide the service for 700 containers, and procured another haulage service provider for the rest of the containers, service tax is exempted on the procurement of haulage services from the second provider. As for maintenance services, service tax is exempted for repairs, sinking funds, and maintenance charges imposed by a joint management body for residential buildings. According to the MOF, new registered businesses will have by April 1 to implement the service tax on the newly taxable services, while existing registrants will begin implementing it on Friday. MOF: Expanded service tax scope at higher rate of 8% to bring in RM3 bil revenue BY IZZUL IKRAM theedgemalaysia.com Bernama “The government does not anticipate the changes to engender sharp price increases that would lead to an economic shock as the small two-percentage increase affects selected taxable services,” it added. According to the MOF, the service tax amendments have been designed to protect the rakyat from shouldering higher consumption tax for key essential services, reiterating that the tax rate hike from 6% to 8% will not affect key essential services, such as food and beverage, telecommunications, parking and logistics. The ministry noted that for electricity services, the service tax is only applicable for usage above 600kWh — equivalent to an electricity bill of RM219.80. and underwriting services will now be subject to the service tax. The increase in tax rates and taxable items was previously announced as part of taxation reforms in Budget 2024 last year as part of the government’s efforts to boost the country’s financial resilience while reducing its budget deficit. Meanwhile, Fadilah said his ministry was evaluating several proposals related to largescale floating solar power supply schemes. “Insha Allah (God willing), we will be approving a pilot project for this system and then open for applications for industry players who wish to participate,” he said. CONTINUES ON PAGE 6 Groups and the applicable service tax rate Taxable service group Previous rate New rate A Accommodation 6% 8% B Food and beverages 6% 6% C Night club, dance halls, cabarets, health 6% 8% and wellness centers, massage parlours, Including karaoke (new) public houses and beer houses Notes: Service tax is not imposed on TCM D Private club 6% 8% E Golf club 6% 8% F Betting and gaming 6% 8% G Professional 6% 8% Notes: Including maintenance services H Credit card and charge card RM25 RM25 I Other service providers 6% 8% Including expansion of brokerage other than financial except telecommunication (6%) vehicle parking space (6%) Notes: Service tax is not imposed on cellular pre-paid telecommunication services provided to Malaysian citizens J Logistics (new) — 6% including warehousing management (Group G) custom agent (Group I) courier (Group I) #Tax Division MOF 2024 Source: Ministry of Finance Malaysia
thursday february 29, 2024 5 The E dge C E O m o rning brief
THURSDAY FEBRUARY 29, 2024 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Feb 28): The Ministry of Investment, Trade, and Industry said on Wednesday it has proposed a oneoff subsidy to boost electric vehicle (EV) ownership and encourage the shift from conventional internal-combustion engines. The proposal had already been submitted to the Ministry of Finance under the national EV steering committee meeting, Deputy Minister of Investment, Trade, and Industry Liew Chin Tong said in Dewan Rakyat. The proposed subsidy could contribute toward reducing fuel subsidies in the longer-term, he noted. “This proposal is currently under consideration by the Finance Ministry,” Liew said. Malaysia already has existing incentives to promote EV ownership, including exemptions on excise duty, import duty, and road tax, as well as income tax relief for charging facility expenses. Both national car manufacturers Proton and Perodua have also pledged to introduce their own EVs by 2025. In the meantime, the government will prioritise expansion of the network of fast chargers in the country amid a 400% surge in electric vehicle sales, he said in response to a question from Datuk Iskandar Dzulkarnain Abdul Khalid (Perikatan Nasional-Kuala Kangsar). Govt mulling one-off subsidy to boost EV ownership, says deputy minister BY CHOY NYEN YIAU theedgemalaysia.com Sales volume of new battery electric vehicles reached 13,257 units in 2023, compared to 3,127 units in 2022, according to Liew. Recognising the need to address “range anxiety” for EV users, particularly during long-distance travel, Liew emphasised that the government is prioritising the installation of more direct current (DC) fast chargers. Under the Low Carbon Mobility Blueprint, the government aims to install 10,000 EV chargers by 2025, consisting of 9,000 alternating current (AC) chargers and 1,000 DC chargers. As of December 31, 2023, Liew said that 2,020 chargers have been deployed across 750 locations nationwide, with 1,591 units being AC chargers, and the remaining 429 units being DC chargers. Liew said that his ministry — in collaboration with agencies such as the Malaysia Automotive, Robotics, and Internet of Things Institute and the Malaysian Green Technology and Climate Change Corporation — is conducting a comprehensive review of the targets. “Proposals to enhance the deployment of DC fast chargers will be presented during the upcoming National Electric Vehicle Steering Committee meeting in the second quarter of 2024,” he said. BERNAMA “Almost 85% [of] electricity users fall below this threshold, and therefore will not be affected by the service tax,” it said, adding that service tax does not apply to treated water supply services. “To truly transform our economy, the government has taken a measured approach to reform our tax system. While it is important for the government to raise its revenue, there is a balancing act that we have to consider between improving the tax base and cushioning the rakyat from any undue burden,” said Minister of Finance II Datuk Seri Amir Hamzah Azizan. “It is necessary for us to broaden the tax base to realign and strengthen our national fiscal foundation as we set the stage for a new era of economic growth under the Ekonomi Madani framework. At the same time, we will continue to take on a ‘Whole of Government’ approach to right our economic trajectory, including being more prudent in our spending, reducing leakages and attract FDI (foreign direct investments),” Amir Hamzah added. Malaysia has been trying to shrink a long running fiscal deficit that stretches back to the 1998 Asian Financial Crisis. Most recently, the government has introduced a slew of measures ranging from trimming subsidies to imposing additional taxes in a bid to fix its weakened finances. This year, the government is targeting to narrow its budget gap as a proportion of economic output to 4.3% from 5% last year. Surprise inclusion of maintenance and repair services due to internal shortcomings The inclusion of maintenance and repair services under the taxable scope of the service came as a surprise to tax consultants as it was not previously announced under Budget 2024, which listed the inclusion of logistics, brokerage, underwriting and karaoke services. At a media briefing on Wednesday, MOF Treasury secretary general Datuk Johan Mahmood Merican explained that the wider scope of the service tax than what was previously announced in Budget 2024 was the result of ongoing engagements with industries, and was to ensure consistency of tax treatments. “It is the shortcoming of me and my team...we should have [had] more extensive communications [prior to the national budget],” Johan commented when asked why the wider scope of the service tax was not included in Budget 2024. FROM PAGE 4 Service tax on maintenance services • Maintenance management services (preventive) subjected to service tax • Corrective maintenance not subjected to service tax • Exemption for residential building: - Sinking fund - Maintenance charges imposed by the developer/Joint Management Body/Management Corp to the home owner • All maintenance services (regardless preventive or corrective) subjected to service tax • Exemption for residential building: - Repair - Sinking fund - Maintenance charges imposed by the developer/Joint Management Body/Management Corp to the home owner #Tax Division MOF 2024 Source: Ministry of Finance Malaysia Before Feb 26, 2024 (Sept 1, 2018 – Feb 25, 2024) Feb 26, 2024 and onwards
thursday february 29, 2024 7 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): The shortage of some 40,000 foreign workers in the palm oil sector has significantly impacted yields, leading to an estimated loss of RM7.9 billion in export value for Malaysia, according to Minister of Plantation and Commodities Datuk Seri Johari Abdul Ghani. Recognising palm oil as being Malaysia’s most exported commodity, Johari emphasised that the palm oil plantation sector cannot afford to face a labour shortage. “However, based on the feedback received by the ministry, the plantation sector is currently grappling with a shortage of 40,000 workers. When translated into economic terms, assuming each harvester can cut one metric tonne of palm fruit per day over 260 days per year, we potentially face a staggering loss in export value of RM7.9 billion,” Johari said during the oral question and answer session in Dewan Rakyat on Wednesday. Johari was responding to Datuk Mohd Shahar Abdullah (Barisan Nasional-Paya Besar), who enquired about the actions taken by the ministry to address the labour shortage. Johari explained that the Ministry of Home Affairs and the Ministry of Human Resources have frozen entry of foreign workers into Malaysia, excluding the plantation sector. “One of the dilemmas we are currently facing is that foreign workers arriving in Malaysia are primarily for the manufacturing and service sectors, and they are not inclined to work in the plantation sector. Nevertheless, we are making efforts to persuade them to consider employment in the plantation sector,” Johari added. KUALA LUMPUR (Feb 28): Buyout firm Affinity Equity Partners will start a bidding process in April for the sale of Penang-based Island Hospital, one of Malaysia’s largest healthcare providers, which is likely to fetch more than US$800 million (RM3.81 billion). Citing people familiar with the process, the Wall Street Journal (WSJ) on Monday reported that one of the people said foreign and domestic companies, as well as some international private-equity firms, had expressed interest in buying Island Hospital. It said the asset is likely to be valued at RM4 billion, according to the sources. The WSJ said the sale, which was being planned in 2020 but didn’t move ahead due to the Covid-19 pandemic, is gaining traction again, after the recently concluded US$1.2 billion sale of Asia-focused private-hospital group Ramsay Sime Darby Health Care. Ramsay Sime Darby Health Care, a 50- 50 joint venture between Australian hospital operator Ramsay Health Care and Malaysian conglomerate Sime Darby Bhd, was sold to TPG-backed hospital operator Columbia Asia in November. Meanwhile, the 600-bed Island Hospital provides specialty services, including cardiology, clinical oncology, pediatrics, and plastic surgery. It also offers a medical-tourism hospital programme catering to patients in Southeast Asia. The WSJ said one of the people said that given the interest in the region’s healthcare sector, the sale of the hospital will likely be concluded in four to six months. The healthcare sector remains an attractive market for private-equity investors and other companies seeking to expand their business, especially in Asia, where there is significant demand. In 2019, TPG and Malaysian conglomerate Hong Leong Group acquired Columbia Asia Hospitals in Southeast Asia in a transaction valued at US$1.2 billion. On the whole, Affinity Equity Partners has US$14 billion in assets and funds under management, with five offices in Asia and investments in 11 countries. Its investments include South Korea’s Shinhan Financial Group, Indonesian video-streaming service company Vidio, Australian food and beverage company Prime Foods, and New Zealand’s Tegel Foods. Affinity Equity Partners to start bidding for Penang’s Island Hospital valued at RM4 bil — WSJ Malaysia faces RM7.9 bil loss in palm oil exports due to worker shortage — Johari by Surin Murugiah theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com KUALA LUMPUR (Feb 28): Genting Bhd’s Resorts World Genting said it will close two of its three casinos effective Wednesday. The gaming group posted the announcement on the Resorts World Genting website, stating that Genting Casino 1 (Circus Palace) and Genting Casino 2 (Hollywood) will be closed with effect from Wednesday. The notice advised customers to instead proceed to SkyCasino for gaming, with a shuttle service to be provided to SkyCasino between 10am and midnight daily. Resorts World said in a statement that the closure of certain sections of its casinos would be temporary to facilitate improvements to its facilities. “In our ongoing effort to improve our operational efficiency and enhance the gaming and entertainment experience for our guests, we continuously upgrade our facilities,” it said. Resorts World added that its gaming by Surin Murugiah & Hee En Qi theedgemalaysia.com Resorts World Genting shuts two of its three casinos for upgrades operations continue to operate as usual. However, the company did not provide a timeline for when the upgrade works will be completed.
thursday february 29, 2024 8 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): IJM Corp Bhd’s net profit rose 34.3% to RM100.43 million for its third quarter ended Dec 31, 2023 (3QFY2023) from RM74.79 million a year earlier on the back of higher revenue across all its business segments. Total revenue for the quarter was up 34% year-on-year at RM1.48 billion from RM1.1 billion, according to the group’s stock exchnage filing on Wednesday. IJM did not recommend any dividend for the quarter. For the nine-month period, net profit surged 118% to RM294.76 million from RM135.23 million in the corresponding period of the previous financial year, while revenue increased 28.2% to RM4.16 billion from RM3.25 billion. On a segmental basis, the group saw a higher revenue for its construction segment in 3Q, with an increase of 60.3% to RM427.6 million due to higher construction work activities. The property segment also saw an increase of 33.7% in quarterly revenue to RM501.4 million due to the higher work progress in ongoing projects and the successful completion of the sale of two parcels of land in Kuala Lumpur and Bandar Rimbayu, Shah Alam, Selangor. Quarterly revenue for its industry division increased 22.3% to RM293.6 million thanks to a higher volume of deliveries and higher selling prices achieved, while that for its infrastructure division also increased by 9.6% to RM240.2 million due to higher port revenue, higher ship revenue and new tariff rates. Looking ahead, IJM chief executive officer Lee Chun Fai said the group was well-placed to grow its businesses, given its strong balance sheet with a net gearing of 0.24 times and established credentials to undertake large-scale projects. “The momentum in construction activities has picked up, spurred by increased public infrastructure spending and numerous industrial property projects,” he said in a statement. Furthermore, IJM reported an outstanding order book of RM6.6 billion, which includes new projects secured in FY2024 such as the Immigration Customs and Quarantine Complex for the Johor Bahru-Singapore Rapid Transit System link project and the ECRL Kuantan Port spur line. IJM posts 34% rise in 3Q profit, says group wellplaced to grow its businesses KUALA LUMPUR (Feb 28): Malayan Banking Bhd (Maybank) is projecting a lower growth in its overall loan portfolio of between 6% and 7% for the year ending Dec 31, 2024 (FY2024), compared with the strong 9.2% year-on-year (y-o-y) growth it achieved in FY2023. Speaking at a press conference on the bank’s full-year financial results on Wednesday, Maybank group president and chief executive officer Datuk Khairussaleh Ramli said the projected growth will be broad-based driven by consumer consumption, private investments as well as infrastructure projects. “This year we are still looking at a fairly reasonable and decent loan growth of between 6% and 7%. We think that it will come from a fairly broad base across these three home markets (Malaysia, Singapore, and Indonesia), as well as across various sectors within each country,” he said. Maybank, the country’s largest lender by assets, saw its total group gross loans grow 9.2% y-o-y in FY2023, lifted by increases in all home markets of Malaysia by 6.7%, Singapore by 8.7% and Indonesia by 6.2%. The group’s deposits, meanwhile, expanded by 9.0% y-o-y in FY2023 on growth across its Singapore (13.5%), Indonesia (9.4%) and Malaysia (4.9%) markets. Group fixed deposits were also up 11.2% mainly from growth in Singapore and Indonesia while group current account savings accounts (Casa) declined 1.7%, coming from Malaysia and Singapore. On the other hand, Khairussaleh expects a lower net interest margin (NIM) compression of five basis points in FY2024, after the group saw a steep NIM decline of 27 basis points to 2.12% in FY2023, primarily due to higher funding costs and deposit competition. “The impact of this competition was really felt from the end of 2022 and the Maybank sees 2024 loan growth slowing to 6%-7% from 9.2% in 2023 cost then spilled over to the large part of the first half of 2023. That’s where the big NIM compression came about. But towards the end of the third quarter and fourth quarter, we saw a huge moderation in that compression. “While competition was really hot at the end of 2022, we did not see that at the end of last year. And with the expectation that interest rates will remain at this level throughout the year, we think that the impact from deposit expenses will be much less compared to last year,” Khairussaleh explained. Earlier on Wednesday, Maybank reported that its net profit for FY2023 climbed 17% to RM9.35 billion, from RM7.96 billion in the previous year. Net interest income fell 7.4% to RM12.79 billion on higher interest expenses on deposits for customers, while non-interest income surged 74% to RM7.98 billion, thanks to higher investment income and paper gains. At market close, Maybank shares were unchanged at RM9.51 with a market capitalisation of RM114.69 billion. Read also: Maybank’s 4Q net profit rises 8.3%, declares 31 sen dividend by Emir Zainul theedgemalaysia.com by Hee En Qi theedgemalaysia.com IJM Corporation Bhd’s quarterly earnings 0 40 80 120 0.0 0.3 0.6 0.9 1.2 1.5 Net profit (RM mil) Revenue (RM bil) 74.8 23.1 100.6 93.7 100.4 Financial year ends on March 31 Source: Bursa Malaysia 3Q 4Q 1Q 2Q 3Q FY2023 FY2024 1.1 1.48 1.33 1.23 1.46 “The outlook of the property division appears promising given the pause in interest rate hikes and improving consumer sentiment. With its unbilled sales of about RM2.5 billion, the property division is poised to continue its strong performance,” said the group in the statement. It added that the industry division is expected to be supported by strong orders in hand, while its port operations are expected to benefit from tariff increases and a rebound in cargo. IJM’s share price closed down two sen or 0.91% at RM2.17 on Wednesday, giving the group a market capitalisation of RM7.92 billion.
thursday february 29, 2024 9 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): Berjaya Corp Bhd’s net loss more than quadrupled in September-December last year, compared with the same quarter in 2022, as its food retail business was badly hit by the boycott of Starbucks cafes amid the ongoing Israel-Palestine conflict. The group’s net loss for the second quarter ended Dec 31, 2023 (2QFY2023) jumped to RM116.32 million from the RM24.81 million it incurred in 2QFY2022, though revenue only dipped 4.4% to RM2.23 billion from RM2.34 billion, its bourse filing showed. Aside from its boycott-hit food retail segment, its non-food retail business recorded higher pre-tax loss as its HR Owen luxury car retail business in the UK registered higher losses due to lower revenue and higher operating expenses due to inflationary pressures. “Additionally, higher depreciation charges following the completion and full operation of the Hatfield Centre contributed to the loss,” the group said, referring to its new centre that hosts five showrooms and fully fitted service centres. “Furthermore, HR Owen’s results were negatively impacted by higher finance costs arising from interest rate hike and higher stocking loans in the current quarter under review,” it said. At the same time, its property segment recorded lower pre-tax profit due to lower sale of overseas residential units, while its services business also recorded a drop in profit due to lower sales achieved by its number forecast operator STM Lottery For the first six months of FY2023, the group recorded a net loss of RM100.55 million, over two times the RM41.22 million it incurred in the same six months in FY2022, though revenue rose to RM4.8 billion from RM4.58 billion. No dividend was recommended for the quarter under review. Going forward, the group expects the performance of its businesses to improve on the back of moderate consumer spending, rebound in tourism activities and better-than-expected labour conditions. “Barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the business operations of the group for the remaining quarters of the financial year ending June 30, 2024 to be satisfactory,” it added. Berjaya Corp’s shares slipped half a sen or 1.69% to close at 29 sen on Wednesday, valuing the group at RM1.7 billion. More on corporate earnings: HLB’s 2Q profit up 4.4%, pays 25 sen dividend Kelington posts record-high profit, shares near three-year high Press Metal’s 4Q net profit up 23% on better margins, contribution from associates Berjaya Corp’s net loss quadruples in 2Q as Starbucks boycott hits KUALA LUMPUR (Feb 28): Public Bank Bhd, the country’s third largest bank by assets, said on Wednesday its net profit fell 5.73% in the fourth quarter (4Q) from a year earlier hit by high allowance for loan impairment and higher operating expenses as well as lower net interest income. Net profit for the three months ended Dec 31, 2023 was RM1.62 billion versus RM1.71 billion in the same period a year earlier. Revenue for the three months, meanwhile, increased by 8% to RM6.55 billion from RM6.06 billion. The bank’s net interest income for the quarter was 6.41% lower at RM2.3 billion. Other operating expenses expanded 5.6% to RM1.1 billion while allowance for impairment on loans, advances and financing rose 7.75% to RM96.99 million. “2024 is likely to be another year of challenges. However, given the domestic banks’ strong fundamentals with healthy capital and liquidity buffers, coupled with the sufficient pre-emptive provisioning and prudent coverage ratios, the banking sector will remain resilient in navigating any headwinds,” said Public Bank managing director and chief executive officer Tan Sri Dr Tay Ah Lek. The group will focus on growing its core retail and commercial banking business, he added. For the full year ended Dec 31 (FY2023), Public Bank’s net profit expanded 8.66% to RM6.65 billion from RM6.12 billion, while revenue climbed 18.91% to RM25.42 billion from RM21.43 billion. Public Bank’s 4Q profit down 6% to RM1.6 bil, declares 10 sen dividend Public Bank declared a 10 sen dividend per share for the quarter, to be paid on March 22. This brings the total dividend per share for FY2023 to 19 sen — amounted to RM3.69 billion — higher than the total dividends paid in the past three years. The bank recorded healthy loans and deposits growth of 5.9% and 4.6% respectively during the year. It registered an average net interest margin of 2.2% during the year, contributing to a net interest and financing income of RM10.53 billion. Non-interest income grew by 2.6%, contributed by higher income derived from the group’s unit trust, foreign exchange and stockbroking businesses. Public Bank’s cost-to-income ratio stood at 33.7%, gross impaired loans ratio remained low at 0.59%. Loan loss allowances were lower by 57.1% as compared with 2022, with loan loss coverage ratio still standing at a prudent level of 181.8% as at the end of 2023. At Wednesday’s noon break, shares of Public Bank were a sen or 0.22% lower at RM4.46, giving it a market value of RM86.57 billion. by Syafiqah Salim theedgemalaysia.com by Hee En Qi theedgemalaysia.com Sdn Bhd, coupled with higher prize payouts and higher expenses. Only its hospitality business saw improved earnings due to higher overall room rates and contribution from its new Iceland Parliament Hotel that commenced operations in December 2022. Low Yen Yeing/The Edge
thursday february 29, 2024 10 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): MyEG Services Bhd’s net profit for the fourth quarter ended Dec 31, 2023 (4QFY2023) doubled to RM150.16 million from RM74.69 million a year earlier, on the back of 42.4% growth in revenue of RM222.06 million against RM155.99 million a year ago. In a bourse filing, MyEG said the higher quarterly earnings were mainly contributed by its Zetrix blockchain platform, sale of Zetrix tokens, and the initial exchange offering of Zetrix tokens on three major global digital asset exchanges. Earnings per share was two sen versus one sen previously. The digital service provider proposed a final dividend of 1.68 sen per share, raising its dividend payout for FY2023 to 1.93 sen, which is 0.51 sen higher than 1.42 sen it paid for FY2022. For the full financial year ended Dec 31, 2023 (FY2023), MyEG’s net profit expanded 22.32% to RM487.65 million from RM398.66 million in FY2022, as revenue increased by 20.57% to RM774.28 million against RM642.16 million a year earlier. Besides its Zetrix blockchain platform and tokens, the annual earnings were also driven by the existing concession and commercial services, as well as the increase in foreign worker job-matching service due to the uplifting of the freeze on foreign worker recruitment. On its outlook, MyEG said that it is cautiously optimistic on its long-term outlook to remain positive as it continues to introduce innovative services in Malaysia and in the global. Shares in MyEG closed up half a sen or 0.64% to 79 sen on Wednesday, with a market capitalisation of RM5.93 billion. More on corporate earnings: Genting Plantations pays 13 sen dividend after 4Q profit rises 13% Farm Fresh’s 3Q profit up 8.9% as sales lift, Aussie ops drag Pecca posts record high profit, banks on aviation segment for next growth KUALA LUMPUR (Feb 28): Bottled water manufacturer Spritzer Bhd’s net profit for the fourth quarter rose 17.27%, driven by increase in bottled water sales volume and average selling prices, as well as reduction in cost of raw materials. Net profit for the three months ended Dec 31, 2023 (4QFY2023) increased to RM13.21 million or 4.15 sen per share, from RM11.27 million or 3.57 sen per share a year earlier, while revenue rose 15% to RM125 million from RM108.7 million. For the full FY2023, the group said its net profit jumped by 33.87% to a record high of RM49.49 million or 15.54 sen per share, against RM36.97 million or 11.75 sen per share in FY2022. This was attributed to strong sales of bottled water products on robust demand, strong recovery in tourism activities and the hot weather environment. Revenue for the full year rose 13.24% to RM490.68 million from RM433.3 million. The group also proposed a first and final dividend of 5.5 sen per share for FY2023, which is subject to the shareholders’ approval. The dividend is higher than 4.17 sen per share paid for FY2022 (based on enlarged share base post-bonus issue). Looking ahead, Spritzer plans to use more recycled PET (Polyethylene Terephthalate) in the manufacturing process of their bottles. MyEG’s profit doubles as blockchain platform lifts Spritzer logs record profit on better volume, prices and costs KUALA LUMPUR (Feb 28): Diversified conglomerate PPB Group Bhd recorded a steep drop in earnings for its financial year ended Dec 31, 2023 (FY2023) mainly on lower contribution from Wilmar International Ltd, which was 38% lower at RM1.3 billion against RM2.1 billion in FY2022. PPB’s FY2023 profit drops 37% on lower Wilmar input by Justin Lim theedgemalaysia.com by Anis Hazim theedgemalaysia.com by Syafiqah Salim theedgemalaysia.com PPB’s full-year net profit stood at RM1.39 billion, falling by 36.53% yearon-year (y-o-y) from RM2.2 billion, while revenue also dropped 7% to RM5.72 billion from RM6.15 billion a year ago during the same period, according to its filing to the bourse on Wednesday. In the fourth quarter ended Dec 31, 2023 (4QFY2023), PPB’s net profit rose 6.23% y-o-y to RM441.4 million from RM415.5 million, despite a 21.62% drop in revenue to RM1.26 billion from RM1.61 billion on lower revenue recorded at its grain and agribusiness, consumer products as well as film exhibition and distribution segments. The better earnings in 4QFY2023 were boosted by higher share of results of associates, joint ventures, as well as lower finance costs and tax expense. Earnings per share for the quarter amounted to 31.03 sen versus 29.21 sen for 4QFY2022. The group declared a final dividend of 30 sen per share, payable on June 7, 2024, taking the total declared for FY2023 to 42 sen, from 40 sen in FY2022. PPB’s share price closed up two sen or 0.1% to RM15.32, giving the group a market capitalisation of RM21.79 billion. Over the past year, the stock has fallen about 13%. Spritzer’s annual net profit and revenue (RM mil) Source: Bursa Malaysia 0 10 20 30 40 50 0 100 200 300 400 500 Net profit Revenue FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 31.2 35.7 24.2 3749.5 490.68 374.38 308.45 331.03 433.30
thursday february 29, 2024 11 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): Former deputy defence minister Datuk Seri Ikmal Hisham Abdul Aziz has raised questions about whether the additional RM2 billion increase in the cost of the troubled littoral combat ships (LCS) includes the expenses for taking over Boustead Naval Shipyard Sdn Bhd (BNS) by the government. Ikmal, the Member of Parliament for Tanah Merah, inquired if the planned takeover of BNS by the Ministry of Finance’s (MOF) special purpose vehicle (SPV) Ocean Sunshine Bhd (OSB) would clear BNS of its debt amounting to RM417 million before the takeover deal is finalised. “My first question is whether the announced RM2 billion cost increase by the government includes the expense of taking over BNS by OSB, and if it will discharge BNS from its RM417 million debt before the takeover deal is finalised? “I would also like to ask where will OSB obtain the funds to settle the RM417 million owed by BNS, considering OSB is a shell company under MOF,” Ikmal questioned when debating the royal address in Dewan Rakyat on Wednesday. BNS has been in the spotlight in the last few years due to delays and cost overruns in building the six LCS vessels for the navy. The project was awarded to the company in December 2011 and RM6 billion has been paid for the RM9.128 billion project, but not a single vessel has been delivered as yet. The first Former deputy defence minister questions if RM2 bil hike in LCS cost includes BNS takeover deal KUALA LUMPUR (Feb 28) The High Court (Appellate and Special Powers division) has overturned a previous decision of the Special Commissioner of Income Tax (SCIT) by ruling on Wednesday that the Inland Revenue Board (IRB) does not have the authority to apportion contributions claimed as deductions under the Petroleum (Income Tax) Act 1967 (PITA). Judge Datuk Ahmad Kamal Md Shahid, in allowing Petronas’ appeal, ruled that SCIT had erred in allowing apportionments, and that this had led to the issuance of Notices of Additional Assessment on Petronas. SCIT initially did not address whether the IRB had the power to apportion part of Petronas’ contribution to the National Trust Fund and Advertising and Promotion expenses which Petronas had considered as valid deductions. While SCIT agreed with Petronas that these deductions could not be apportioned, the comissioner concluded that there was an agreement on the apportionment between the IRB and relevant Petronas companies, although Petronas’ counsels S Saravana Kumar and Nur Amira Azhar from Messrs Rosli DahlHigh Court overturns tax commissioner’s decision in Petronas case by Hafiz Yatim theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com an Saravana Partnership disputed such an agreement. Petronas claimed that its contribution to the National Trust Fund amounted to RM140 million, while its Advertising & Promotional expenses were RM112.321 million. Here the SCIT allowed the deduction for the National Trust Fund contribution, but only to an amount of 65%. Similarly, it allowed the Advertising and Promotion expenses at a ratio of 30:70 for upstream and downstream activities. Saravana had argued that the Petroleum (Income Tax) Act 1967 (PITA) allowed for total deductions and that the IRB and SCIT should not apportion it. The decision on Wednesday was confirmed by Saravana to The Edge. Petronas had named the director-general of the IRB in the judicial review appeal and the board was represented by lawyers Noor Faezah Zainodin and Munirah Abd Wahid. Saravana, commenting on the decision, said this is the first case in Malaysia which pertains to an appeal against SCIT over its decision to allow the apportionment of deductible expenses under PITA. vessel was supposed to be delivered by 2019. After the government intervened in the project last year, the project was downsized to five vessels instead of six, but at a higher cost of RM11.22 billion. The five LCS are expected to be delivered in phases, one each in August 2026, April 2027, December 2027, August 2028, and April 2029. In August 2023, Boustead Heavy Industries Corp announced it is selling a 20.77% stake in BNS to OSB for RM1, as part of the government’s plan to ensure delivery of the five naval ships. But two months later, it was revealed in a Public Accounts Committee report on the LCS project that the government was in talks to take over the entire stake in BNS, which was different from the initial plan of just taking up the 20.77% stake from BHIC. In the meantime, the stake disposal for RM1 has yet to be completed as the deadline for the fulfilment of conditions precedent in the deal, originally set for Oct 3 last year, was repeatedly postponed. Earlier this month, the deadline was extended for the fifth time to March 31. For the transaction to take place, four conditions precedent must be fulfilled, one of which involves the execution of a conditional agreement for inter-company trade receivables reorganisation between BHIC and BNS. This agreement aims to settle the repayment of RM383.94 million or any other sum owed by BNS to BHIC.
thursday february 29, 2024 12 The E dge C E O m o rning brief FORUM2024 INTERNATIONAL WOMEN'S DAY Invest in Women: Accelerate Progress MONDAY MARCH 11 11.30AM – 5.00PM HILTON KuALA LuMPuR On average, women constitute 50% of any population and yet, systemic disparities and discrimination persist. Find out what can be done to promote parity and empower individuals interested in investing in women to close the global gender gap as well as drive economic growth and social progress. #INSPIREINCLUSION #INVESTINWOMEN by invitation only For enquiries, email events@bizedge.com PARTNERS
thursday FEBruary 29, 2024 13 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): Former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo admitted that she was a “close friend” to fugitive Low Taek Jho (Jho Low). Loo, who is prosecution witness in the ongoing 1MDB-Tanore trial, said this in reply to lead defence counsel Tan Sri Muhammad Shafee Abdullah’s queries on Wednesday. The senior defence counsel asked this in the midst of questions regarding lavish gifts and holidays with celebrities to Brazil, Abu Dhabi and Las Vegas. Shafee argued that Loo, 50, had benefited from the perks of joining Jho Low on these trips, but Loo countered that these were the usual forays which he labelled “friends and family” trips. She did not deny attending these trips, adding that she thought the fugitive was a “close friend” and that he would invite other “common friends” for these outings as well. Shafee: You know he has contacted me before, he never invited me. Jho Low a ‘close friend’ KUALA LUMPUR (Feb 28): Former 1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo, who was away from Malaysia from 2018 until last year, said she was “moved” between countries in the region while waiting for fugitive Low Taek Jho (Jho Low) to negotiate a deal with the government of the day, the High Court heard on Wednesday. Testifying in the ongoing 1MDB-Tanore trial, Loo said she was in Thailand in April to September 2018 — the year the Datuk Seri Najib Razak-led Barisan Nasional coalition fell out of power in the general election. Loo was later “moved” to neighbouring Cambodia, the court heard. She was also in China and Myanmar while on the run previously. Jho Low had warned Loo not to “spoil” his negotiation plans and she feared there would be consequences if she went against him, the prosecution witness added. Lead defence counsel Tan Sri Muhammad Shafee Abdullah asked, “Moved? Who moved you?” by Tarani Palani theedgemalaysia.com by Tarani Palani theedgemalaysia.com Jho Low working on a deal with govt in 2018, says ex-1MDB counsel Jasmine Loo Loo: Are you his close friend? Shafee: So you are a close friend? Loo: I don’t deny it. Shafee went on to talk about trips to watch the 2014 Football World Cup matches in Brazil where Hollywood A-lister Leonardo DiCaprio, football royalty David Beckham and Brazilian model Adriana Lima also joined them. There was also a skiing trip to Canada with Jho Low, his “family and friends”, including songstress Alicia Keys. Jho Low’s penchant for gift-giving, which has been raised several times throughout the trial, came up again on Wednesday. This time around, Loo said that she received a luxury watch and handbag from Jho Low. The watch was a Richard Mille piece, a brand which Shafee said costs a minimum of RM500,000 and could go up to RM3 million. Loo said she also received a Hermes handbag after leaving 1MDB. Soft-spoken Jho Low turned harsh after 1MDB scandal broke Earlier, Shafee also insinuated that Jho Low had given these gifts to Loo in order to maintain their relationship. To this, Loo said Jho Low was a very soft spoken person who didn’t really use “harsh words” up until 2015 or 2016 after the 1MDB scandal broke. After which, he seemed a bit more “irritated”. Shafee: You know, in 2015 the 1MDB and Jho Low matter became scandalous. That’s because of his partying and womanising. Loo: I don’t know. Shafee: But he was seen a lot with actresses and models. Loo: Yes. The former lawyer also contradicted Assistant Commissioner of Police (ACP) Foo Wei Min’s testimony that Loo had met the fugitive financier in 2019. Loo testified that she last met Jho Low in China in 2017 to discuss a project he was working on. She, however, could not recall the nature and specifics of the project. “Jho Low warned me, he asked me not to spoil his plans, in the sense that he was negotiating with the then new government, because something was happening in Thailand which he did not explain. I felt if I didn’t follow his instruction, there would be consequences,” Loo replied. Shafee: You could have chosen to return to Malaysia. Loo: I didn’t see how I could return to Malaysia. On that matter, Loo referred, for the second time on the stand, to the Xavier Justo case in Thailand, where the Swiss national spent 18 months in a Thai prison for trying to blackmail Petrosaudi over stolen documents in 2015. Shafee countered that Justo had actively laid out documents and was to some degree “extorting money”. He asked if Jasmine had been doing something similar. To this, Jasmine said if she were to return to testify, she would be subject to investigations. Shafee: [How many times did you go to these countries] when you were at large? Not when you were visiting as a tourist. Which part of China? Loo: I was in Hainan. Then I moved to Shenzhen. The 50-year-old also testified earlier on Wednesday that she was in direct contact with Jho Low while abroad. Previously, she testified that Jho Low had threatened to make life difficult if she were to return to Malaysia. When asked if she felt that she had done anything wrong, Loo replied in the negative. Shafee: Did you lodge a police report that you were under threat? Loo: I was overseas at that time. Shafee: So what? You know we have embassies. Loo: As I said before, I felt I was under threat and didn’t want to [contradict Jho Low’s instructions]. Asked if she has lodged a report following her return to Malaysia. Loo said she has not done so. continues on Page 14
thursday FEBruary 29, 2024 14 The E dge C E O m o rning brief home Shafee: Ah, I’ve just reminded you. So will you lodge a report on Jho Low? Loo: I have to take advice [from my legal counsels]. Loo returned to Malaysia in July last year. In September, the police said Loo had helped identify assets worth over RM93.2 million purchased using 1MDB monies. Loo is still being investigated by other agencies over 1MDB. ‘I returned all assets to DOJ as part of settlement’ Loo also testified on Wednesday that she took instructions from Jho Low even when he did not have any official designation within the strategic development firm. Shafee: Did you take instructions from Jho Low when you were in 1MDB? Loo: Yes I did. Shafee: And Jho Low is not part of 1MDB? Loo: He does not have an official role at 1MDB. Shafee: But you took instructions from him? Loo: Yes. Shafee: So did many others in the management of 1MDB. You may not agree that all took instructions, but many others [did]. Loo: Yes. Loo testified that she believed that 1MDB money was swindled when she read the US Department of Justice (DOJ)’s report or claim in 2016. Shafee: You are aware there are allegations against Jho Low (in the report)? Loo: Yes. Shafee: You are aware there are allegations against you? Loo: Yes. Shafee: Are the allegations against Jho Low true? Loo: I don’t know whether the allegations are true. It’s not for me to say whether it’s true or not. When asked, Loo said the allegations against her were not true. However, when asked if she lodged a report or filed a defamation suit against the DOJ, she said she had lawyers who were prepared to defend the forfeiture suit against her. The suits, she said, have since been settled. Loo said she would try to reproduce the terms of the settlement, but she said that generally, everything was surrendered to the DOJ, which would return the assets to Malaysia. Shafee is expected to resume his cross-examination of Loo when the trial resumes on March 14. In this trial, Najib faces four counts of abuse of power for using his position as the then prime minister, finance minister, and chairman of 1MDB’s board of advisers, to receive gratifications worth RM2.27 billion. He also faces 21 money-laundering charges. KUALA LUMPUR (Feb 28): Former 1Malaysia Development Bhd (1MDB) general counsel, Jasmine Loo has denied that she was a “key component” in the entire 1MDB scam. Testifying in the ongoing 1MDB-Tanore trial as the prosecution’s 50th witness, Loo also denied making away with 1MDB funds and allegations that she was not satisfied with the sum she had purportedly received from the elaborate scheme. Loo said this on Wednesday in response to lead defence counsel Tan Sri Muhammad Shafee Abdullah’s questions on former Goldman Sachs banker Tim Leissner’s testimony in a separate case in the US concerning 1MDB. Shafee: He described you as the number one henchman of Jho Low (fugitive Low Taek Jho). Loo: That’s his opinion. Shafee: No, are you aware he said this? Loo: No. Shafee: He said that you were appointed basically to legalise documents that were basically illegal. Loo: I’m not aware. Shafee was loosely paraphrasing from Leissner’s testimony in Roger Ng’s trial back in 2022, in which the former Goldman Sachs’ Southeast Asia head was a star witness. It has to be noted that these were not Leissner’s exact words per court documents. Among others, Leissner had testified that Loo was a “key component of the 1MDB-Jho Low connection” who worked f rom Page 13 Jasmine Loo denies being a ‘key component’ in 1MDB scam by Tarani Palani theedgemalaysia.com on “pretty much all” the transactions and structuring terms at the strategic development company. Leissner also testified that he would go through Loo or former 1MDB chief financial officer Terence Geh to get to Jho Low. He also testified that Loo received money from the 1MDB transactions. Leissner said that Jho Low confirmed this to him along with Loo herself. “She expressed this to me in a meeting I had with her in Singapore, where she was waiting for her money to arrive in a Credit Suisse account that she had and she felt that money she was about to receive and waiting for was also not adequate,” he testified during the Ng trial in New York. However, on the stand on Wednesday, Loo denied all of Leissner’s claims. “I don’t agree with any of the statements he has made. They are not true,” she said. Asked by Shafee if she had lodged any report on this, Loo, who had been a fugitive over the last five years, said that although she was aware of Ng’s trial as reported by the press, she had not come across the allegations the lawyer was referring to. Loo says it was her impression that things had to be referred to Najib for green light Earlier, Loo once again reiterated that when she joined 1MDB, it was her impression that everything needed to be floated up to Najib for his blessings before any project could be taken on. “[My impression was] whatever 1MDB was going to undertake needed the blessing [of Najib] both [in his role] as PM of Malaysia and chairman of the Board of Advisors (BOA),” she said. Shafee countered that, saying there is a distinction between Najib’s role as the BOA chairman and his role as the then prime minister. Shafee went back to his line of argument established throughout this trial — that the BOA cannot commence without the BOD referring to them. This was not done in 1MDB’s case. He said the chairman of BOA is the first among equals and has no particular power in that role. Loo disagreed, countering that the sole shareholder, the BOA chairman and the prime minister, was essentially the same person. Shafee also argued that there were no documents to indicate which role Najib was acting under in the fund’s various decisions. He said this should have been indicated clearly and that Loo was not performing her duties as general counsel. However, she reiterated that the practice in 1MDB was to refer to Najib. Then it was Loo’s job as legal counsel to advise the company on how to adhere to the terms of the company’s mergers and acquisitions, said Shafee. Shafee: But that is your job. Loo: That is not my job. The practice was to refer to the PM of Malaysia, who is also the BOA chairman.
thursday FEBruary 29, 2024 15 The E dge C E O m o rning brief home KUALA LUMPUR (Feb 28): Datuk Wan Saiful Wan Jan, the Member of Parliament for Tasek Gelugor, claimed on Wednesday that he had been pressured and threatened multiple times to support Prime Minister Datuk Seri Anwar Ibrahim in exchange for the dropping of graft charges against him. During the debate on the royal address in the Dewan Rakyat, Wan Saiful alleged that since he pleaded not guilty to 18 charges of money laundering amounting to RM5.59 million in October last year, he had been contacted numerous times via phone by unidentified individuals, after which he agreed to meet with them. “The first meeting was on Jan 17, 2024, at the Westin Hotel in Bukit Bintang, then the next meeting changed to the JW Marriott hotel. Wan Saiful claims pressure to support PM in exchange for dropping graft charges PUTRAJAYA (Feb 28): The Masjid Tanah parliamentary seat in Melaka remains in the hands of Perikatan Nasional’s (PN) Datuk Mas Ermieyati Samsudin. A three-member Federal Court bench on Wednesday unanimously dismissed the appeal by Barisan Nasional (BN) candidate Abdul Hakim Abdul Wahid to nullify Mas Ermieyati’s victory in the 15th general election for purportedly giving bribe money to voters after they cast their ballot. Mas Ermieyati is also the current Public Accounts Committee chairman. Federal Court judge Tan Sri Nallini Pathmanathan, who sat with Datuk Mary Lim Thiam Suan and Datuk Abu Bakar Jais, said while the court abhors and does not condone such acts of giving money during elections, the bench found Abdul Hakim had failed to prove that the inducement led electors to vote or refrain from voting. Nallini said the critical word of ‘inducement’ meant that such an act had persuaded voters to vote or not to vote. “There is no evidence that electors were persuaded to vote or not to vote. This, in turn, is an essential element in Section 10(a) of the Election Offences Act 1954, [which] is not met or sufficient to amount to bribery under the Act.” The judge noted that the promise of money would need to be linked to an action. “We do not think so, as the act (bribery) requires inducement to be proven, similarly for corrupt practice. As a result, the appeal by the petitioner (Abdul Hakim) is dismissed with no order as to costs,” Nallini added. Section 10(a) of the Act stipulates that every person who, before, during or after an election, who directly or indirectly, by himself or by any other person on his behalf, gives, lends, or agrees to give or lend, or offers, promises, or promises to procure or to endeavour to procure, any money or valuable consideration to or for any elector or voter, or to or for any person on behalf of any elector or voter or to or for any other person, in order to induce any elector or voter to vote or refrain from voting, or corruptly does any such act as aforesaid on account of such elector or voter having voted or refrained from voting in any election, shall be deemed guilty. PN’s Mas Ermieyati retains Masjid Tanah parliamentary seat On Oct 23, Election Court judge Datuk Abu Bakar Katar dismissed Abdul Hakim’s petition, resulting in this appeal. Money given behind restaurant Abdul Hakim’s counsel Datuk Mohd Hafarizam Harun earlier argued that his client had managed to prove that money was given out behind a Pizza Hut restaurant between 2pm and 3pm on the polling day by Mas Ermieyati’s agent. That would show that bribery was committed, a sufficient proof to nullify the Parti Pribumi Bersatu Malaysia leader’s win, he argued. However, all three apex court judges asked Hafarizam how such evidence had led voters to vote or not to vote, as the word inducement in the Act requires an actual action. Hafarizam asked the court to make an adverse inference, as three witnesses had testified that they received the money. But the bench asked whether the petitioner’s lawyer had questioned the witnesses why they accepted the money and who they voted for. The BN lawyer admitted that he did not do so. Mohd Yusfarizal Yussoff for Mas Ermieyati also said the petitioner had failed to prove that the purported act of bribery had influenced the recipients. Yusfarizal said the petitioner would have to prove that the money had induced the recipients to procure or endeavour to procure the election of Mas Ermieyati, and this was not proven. During the 15th general election, Mas Ermieyati won the seat with a majority of 4,411 votes, in a four-cornered fight against Abdul Hakim, Mutalib Uthman (Muda), and Handrawirawan Abu Bakar (Gerakan Tanah Air-Pejuang). by Hafiz Yatim theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Suhaimi Yusuf/The Edge Low Yen Yeing/The Edge continues on Page 16
thursday FEBruary 29, 2024 16 The E dge C E O m o rning brief home BANGI (Feb 28): The Ministry of Agriculture and Food Security is optimistic that it will be able to submit on March 20 proposals to resolve the paddy and rice issues in the country, as instructed by Prime Minister Datuk Seri Anwar Ibrahim. Minister Datuk Seri Mohamad Sabu, who is also known as Mat Sabu, said his ministry will seek input from other ministries before finalising any proposals. “On the paddy and rice issues, we cannot act in silos. We need to work with the Ministry of Domestic Trade and Cost of Living, the Ministry of Finance, the Ministry of Economy, and the Ministry of Rural and Regional Development, because any announcement would be related to several other ministries. “That was why when we decided to do something like floating the price of chicken, we consulted with farmers, distributors, and sellers before announcing the matter. “Likewise with the price of rice, it is more complicated, because it involves imported rice, imported white rice, local white rice, briyani rice, and so on,” Mohamad told reporters after attending the 2024 National Young Farmers Symposium, in conjunction with the 51st Anniversary of the Farmers’ Organisation Authority, here on Tuesday night. Mohamad said his ministry would hold discussions with the relevant agencies prior to gathering feedback from stakeholders, including farmers and manufacturers. “Some are asking if everything will be resolved by March 20. No. This is an initial step, and we will look at it from various aspects,” he said. Last Friday, Anwar issued a statement asking the ministry to lead and coordinate more thorough engagement sessions on the paddy and rice issues as soon as possible. The prime minister said the engagement sessions should take into account the purchase price of paddy, supply factors, world import rice prices, the sustainability of local rice supply, and the impact on consumers. On Sunday, Anwar said that the ministry and the National Action Council on Cost of Living are given until March 20 to resolve the issues of paddy and rice prices. Meanwhile, Mohamad said young farmers need to be aware and well informed of government policies, particularly those concerning the agricultural sector. He said that the government, through his ministry, had introduced numerous forms of aid, incentives, and programmes to encourage young people’s participation in the agricultural sector. “In addition to financial aid, the government offers extensive training and advisory services tailored for young individuals, aiming to equip them with the necessary knowledge and skills in the agricultural industry. “All the incentives and assistance provided by the government would be futile if the young people are unaware of them,” he added. KUALA LUMPUR (Feb 28): More than half or 54% of 100,696 medical officers in the country left the public-service sector in 2022, with wanting to work in the private sector being the main reason, the Dewan Rakyat was told. In fact, Health Minister Datuk Seri Dr Dzulkefly Ahmad said, the ministry’s survey also found that of the total number of doctors who left, 45% are currently working abroad. “Furthermore, 28% of them left due to personal reasons, including being offered to work in public universities (6%), pursuing further studies (2.7%), and opening their own clinics (0.8%), while the other 0.5% did not state any reasons.” Dzulkefly said this during question time on Wednesday, in reply to a supplementary question from Fong Kui Lun (Pakatan Harapan-Bukit Bintang), who wanted to know the reasons medical officers left the public-service sector. The minister said the government had implemented various initiatives to ensure medical officers stay in the public sector, including setting the starting salary of contract officers in Grade UD41 at RM5,197, a significantly higher amount compared to other public service schemes. He said the government also appointed 9,822 medical officers to permanent posts between 2019 and 2023, with another 6,000 appointments to be made in 2024 and 2025. Dzulkefly added that the government also provides incentives for specialised studies through facilities such as full-paid study leave with federal training allowances and the skill training programme. Mat Sabu: Ministry able to meet PM’s March 20 deadline for rice, paddy proposals Dzulkefly: 54% of medical officers left public sector in 2022 Bernama Bernama “The latest call I received was on Monday, the same day when the King of Malaysia opened Parliament. I had to meet them at Saujana Hotel Subang, out of fear that I didn’t want to risk what might happen to me since they are in power,” he said. Wan Saiful added that one of the individuals who approached him during one encounter was a friend whom he did not want to name. He explained that the modus operandi of these individuals was to ask him to meet in a closed-door room, and they did not use real names. “I was told that I must support YB Tambun (Anwar) as the prime minister, and in return I would be rewarded with an allocation of RM1.7 million for my constituency.... they even offered to drop my charges,” Wan Saiful claimed. However, Wan Saiful could not elaborate on the details of the allegation as the Dewan Rakyat descended into chaos, with government MPs challenging him to lodge a report with the authorities. The speaker, Tan Sri Johari Abdul, had to intervene and stop Wan Saiful from citing hearsay sources in the sitting. In October 2023, Wan Saiful allegedly received RM6.96 million into an account of WSA Advisory Group Sdn Bhd, where he is a director, and allegedly solicited RM232 million over the Central Spine Road project from the federal government. The charges of money laundering are related to the graft he allegedly received, with Wan Saiful alleged to have committed money laundering between Aug 12 and Nov 7, 2022, using funds from WSA Advisory. Wan Saiful has claimed trial to 18 counts of money laundering. Shahrill Basri/ The Edge from Page 15
Thursday february 29, 2024 17 The E dge C E O m o rning brief world BENGALURU (Feb 28): China’s Baidu said fourth-quarter revenue rose 6%, helped by gains from its artificial intelligence (AI) applications and a growing advertising business. For the three months through December, the company reported revenue of 34.95 billion yuan (RM23.13 billion), broadly in line with analysts’ average estimate of 34.97 billion yuan, according to LSEG data. The company’s adjusted net income rose by 44% to 7.76 billion yuan, compared with 5.37 billion yuan for the same period a year earlier, beating analysts’ forecasts for 6.32 billion yuan. As China’s largest internet search engine, Baidu makes the majority of its revenue from advertising. But as China’s economy slows and consumers spend less, Baidu has increasingly invested in AI. In March last year, it launched its ChatGPTlike ERNIE Bot in bid to capture from the potential of the technology. The company said ERNIE AI services have already started to contribute to Baidu’s revenues. “Throughout 2023, we made significant strides in advancing ERNIE and ERNIE Bot, reinventing our products and services, and achieving breakthroughs in monetization,” co-founder and chief executive officer Robin Li said in a statement. Baidu’s revenue grows 6% in 4Q as AI and advertising boost business (Feb 28): Country Garden Holdings said on Wednesday a liquidation petition has been filed against the embattled developer for non-payment of a loan worth US$205 million (RM976.2 million), adding to the woes for China’s liquidity crisis-hit property sector. Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would “resolutely” oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Kingboard Holdings. A court hearing had been set for May 17. Country Garden’s shares fell more than 12% in early trade, lagging a 0.2% gain for the benchmark Hang Seng Index. The petition is set to revive homebuyer and creditor concerns about the Chinese property sector’s debt crisis at a time when Beijing is ramping up efforts to boost confidence in the industry that accounts for a quarter of China’s GDP. It comes a month after China Evergrande Group, the world’s most indebted property developer with US$300 billion in liabilities, was ordered to be liquidated by a Hong Kong court. It now faces a complicated restructuring process that some investors think could last more than a decade. China’s property industry, a pillar of the world’s second-largest economy, has lurched from one crisis to another since 2021 after a regulatory crackdown on debtTOKYO (Feb 28): Japanese retailer Aeon and drugstore chains Tsuruha and Welcia said on Wednesday they will merge their businesses by 2027 to form Japan’s largest pharmacy. Aeon also said it plans to spend about 102.3 billion yen (US$679 million) to acquire a 13.6% additional stake in Tsuruha from Hong Kong-based hedge fund Oasis Management. Oasis and Aeon each have about a 13% holding in Tsuruha. Increasing Aeon’s stake would add to its drugstore business, a key growth driver for the firm, which holds 51% of Welcia and 10% of Kusuri No Aoki Holdings in the same sector. The three companies said they will seek to expand their businesses outside Japan, including the Southeast Asian market. fuelled construction triggered a liquidity squeeze. A string of developers have defaulted on their repayment obligations since then, and many of them have either launched or are in the process of starting debt restructuring processes to avoid facing bankruptcy or liquidation proceedings. ‘Radical actions’ Country Garden said would continue to “proactively communicate and work with its offshore creditors on its restructuring plan” as it aimed to announce terms to the market as soon as practicable. Country Garden’s debt restructuring process, which gathered momentum in recent weeks, is set to be clouded by the liquidation petition. Country Garden faces liquidation petition in new blow to China property sector Aeon to merge with drugstore chains Tsuruha and Welcia by Scott Murdoch, Clare Jim & Xie Yu Reuters Reuters by Yuvraj Malik & Yelin Mo Reuters “The radical actions of a single creditor will not have a significant impact on our company’s guaranteed delivery of buildings, normal operations and the overall restructuring of overseas debts,” Country Garden said in statement to Reuters. Investment holding company Kingboard in October became one of the first known listed companies to take legal action against Country Garden when its unit Ever Credit, which is owed HK$1.6 billion, issued a statutory demand seeking repayment. Country Garden has appointed KPMG and law firm Sidley Austin as advisers to examine its capital structure and liquidity position and formulate what it called a “holistic” solution. The company in October missed a US$15 million bond coupon repayment and so-called ad hoc bondholder groups were formed consisting of international and fund manager investors. “Country Garden has taken way too long, messing around with switching advisors and wasting time, so it’s no surprise people lose their patience and would rather liquidate them,” a Country Garden dollar bond investor told Reuters. The investor could not be named as they were not permitted to speak to media. Read also: China’s state-backed funds have bought US$57 bil of stocks, UBS says reuters
thursday february 29, 2024 18 The E dge C E O m o rning brief world SEOUL (Feb 28): Meta Platforms CEO Mark Zuckerberg on Wednesday met LG Electronics executives to discuss a stronger partnership in extended reality (XR) devices as well as potential cooperation in artificial intelligence (AI), LG said. Zuckerberg arrived in South Korea late on Tuesday and is widely expected to hold talks on AI and meet with President Yoon Suk Yeol and heads of the country’s technology powerhouses. He held discussions with LG Electronics CEO William Cho and parent company LG Corp COO Kwon Bong-seok about business strategy related to next-generation XR device development, LG Electronics said in a statement. Cho also expressed interest in Meta’s large language model-based AI technology and discussed possible on-device AI cooperation, his company said. Cho has previously said LG Electronics is looking for opportunities in XR. Meta launched its latest mixed-reality headset, Quest 3, in June before rival Apple ramped up competition this month with its Vision Pro device. It has also been intensifying AI efforts this year including plans for a custom chip Meta’s Zuckerberg discusses mixed reality devices, AI with LG leaders in South Korea (Feb 28): Hong Kong will raise the tax on high earners — the first increase in two decades — in a surprise move designed to lower the city’s fiscal deficit. A two-tier tax system will be introduced from April, with income of up to HK$5 million (RM3 million) taxed at 15%, and anything higher than that being taxed at 16%. Previously, tax for all individuals was capped at 15%. The move will affect about 12,000 people, or about 0.6% of taxpayers, Financial Secretary Paul Chan said in his annual budget speech on Wednesday. Hong Kong is looking at ways to plug the hole in its budget, with the deficit for the year ending March 31 projected at HK$101.6 billion, almost double the estimate laid out a year ago. Yet increasing the tax on the high earners may deter finance workers at a time when the government is seeking to revive the industry and attract talent. The move will bring in about HK$910 million of additional revenue each year, Chan said, adding that the new tax rate will still be lower than in other advanced economies. “It’s a fair principle in many countries to let the high earner pay more instead of making a fundamental change to the entire tax system,” said William Chan, tax partner at Grant Thornton Hong Kong. “The impact of this two-tier tax system to high-income earners should be small.” HK raises tax for high earners, first hike in two decades by Linda Lew & Venus Feng Bloomberg Reuters Read also: Hong Kong GDP to grow 2.5%-3.5% in 2024, scraps property tightening measures Read also: Apple cancels work on electric car, source says and adding AI functions to products. Zuckerberg is on his first known visit to South Korea in about 10 years. It comes as part of a tour of Asian countries that includes Japan and India, South Korean media reported. He was due to meet President Yoon as well as Samsung Electronics Chairman Jay Y Lee, said a government source with knowledge of the matter, declining to be identified as they were not authorised to speak to media. Zuckerberg is widely expected to discuss AI chip supply and expanding ecosystems for generative AI during his South Korea visit, as Meta seeks to get generative AI technology into its core social media products and hardware devices this year. Meta plans to deploy into its data centres this year a new version of a custom chip aimed at supporting its AI push, Reuters reported this month. It also plans to secure about 350,000 H100 graphics processing units from leading AI chipmaker Nvidia by end-year to support the push. Hong Kong last raised the overall tax rate on salaries in 2003, when it was increased to 16%. The rate was cut back to 15% from 16% in 2008 after the city reported a record budget surplus. The city has no goods services tax or capital gains tax. As the biggest landlord, the government has historically relied on land sales to bolster revenues. Yet a collapse in demand for housing and office space prompted the government to halt sales of residential land for the first time in 14 years, as well as commercial land. The government has reached only 23% of its annual targeted sale revenue of HK$85 billion with just one month left in the financial year, according to Chan. He removed all cooling measures on housing to boost the market in his Wednesday speech. While the tax increase is a marginal one, it’s still a surprise, said John Mullaly, Hong Kong managing director of recruiting firm Robert Walters. “The first reaction I have been getting from my network is that they didn’t expect this,” Mullaly said. “For now, it’s not a significant enough increase to make most people to question whether they should be in Hong Kong.” Bloomberg
thursday february 29, 2024 19 The E dge C E O m o rning brief world (Feb 28): A gauge of US applications for home purchases dropped for a fifth week, approaching the lowest level since 1995 as mortgage rates held above 7%. The Mortgage Bankers Association’s (MBA) index of mortgage applications for home purchases dropped 4.5% in the week ended Feb 23. At 127.6, the gauge is the weakest since October when it slid to levels not seen in nearly three decades, suggesting momentum in the housing market is fading. The contract rate on a 30-year fixed mortgage eased 2 basis points to 7.04%, hovering near the highest since early December. Mortgage rates started the year below 7%, boosting sales of new and existing homes in January. But Federal Reserve officials — cognizant of strong economic growth, a healthy job market and somewhat-sticky inflation — have said they’re in no rush to lower interest rates, which has pushed home-financing costs higher in recent weeks. The MBA’s overall index for mortgage applications, which tracks both home purchases and refinancing, declined 5.6% last week to a three-month low. The measure for refinancing dropped 7.3%. The MBA survey uses responses from mortgage bankers, commercial banks and thrifts and has been conducted weekly since 1990. The data cover more than 75% of all retail residential mortgage applications in the US. Read also: Hawkish Fed impedes regional banks’ efforts to shed commercial real estate risks US home-buying demand nears worst since 1995 with rates above 7% LONDON (Feb 28): Bitcoin hit US$60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange traded products fuelled a 42% price rally in February, which would mark its largest monthly gain since December 2020. Bitcoin was last up 6% at US$60,131, its highest since November 2021, when it hit a record just below US$70,000. Bitcoin was also heading for its largest week-on-week gain in a year, up 18.5% since Feb 21. Traders have poured into bitcoin ahead of April’s halving event — a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investor appetite for higher-yielding or more volatile assets. “Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April’s halving event and June’s Fed interest rate cuts,” Ben Laidler, global markets strategist at retail investment platform eToro, said. The value of all the bitcoin in circulation has topped US$2 trillion this month for the first time in two years, according to crypto platform CoinGecko, while the price of the token itself has doubled in just four months. The bigger bitcoin exchange-traded funds (ETFs) have seen a definite pickup in interest this week. The three most popular, run by Grayscale, Fidelity and BlackRock, have seen trading volumes surge. On Monday and Tuesday, around 110 million shares in the biggest three changed hands, about 51% of the 215 million shares traded in the market’s most valuable companies — Apple, Microsoft and Nvidia, according to LSEG data. Three weeks ago, this percentage was closer to 15%. (Feb 28): Vietnam will encourage more initial public offerings and shares sales to boost its stock market, including allowing foreign-owned businesses to list, according to a government website post. Bitcoin hits US$60,000 as ‘FOMO’ rally gathers pace Vietnam seeks more IPOs, share sales to boost its stock market by Amanda Cooper Reuters by Linh Vu Nguyen & Nguyen Dieu Tu Uyen Bloomberg by Vince Golle Bloomberg The Ministry of Planning and Investment has asked the finance ministry and Stock Securities Commission to work on steps to facilitate the trading of foreign companies on the stock exchange under certain conditions, Deputy Minister Nguyen Thi Bich Ngoc was quoted as saying at a Hanoi conference Wednesday. The bourse must continue to diversify its financial products and encourage more public offerings, according to State Securities Commission Chairwoman Vu Thi Chan Phuong. In 2023, capital raised in the Vietnam stock market rose 33.5% to 418.27 trillion dong (RM81 billion), she said. Vietnam in early February said its officials will work to resolve a legacy issue in its stock market that’s stopping international rating organisations from upgrading local equities to emerging market status. bloomberg
thursday february 29, 2024 20 The E dge C E O m o rning brief world JAKARTA (Feb 28): Indonesia’s President Joko Widodo said on Wednesday the economy remains strong despite global risks and the probability of the country falling into recession is only 1.5%. Jokowi, as the president is known, was speaking at an event with the country’s military and police in Jakarta. “We should be grateful that Indonesia’s probability is at 1.5%, we must maintain it,” he said. Jokowi also said Indonesia must be vigilant over geopolitical tensions that have affected global supply chains and caused food prices to rise. Indonesia aims to book 5.2% economic growth in 2024, higher than the 5.05% growth of last year. Indonesia president says economy remains strong, probability of recession only 1.5% (Feb 28): Singapore property giants City Developments Ltd and CapitaLand Investment Ltd reported bigger-than-expected declines in full-year profits, after being battered by high interest rates and a global real estate downturn. Net income at CDL dropped to S$317 million (RM1.1 billion) for the year ended December, down 75% from a record in 2022, the city-state’s largest listed developer said Wednesday. That missed the S$358 million average analyst estimate compiled by Bloomberg. Real estate investment manager CapitaLand Investment said net income fell 79% to S$181 million. That fell short of a consensus estimate of S$815 million. The results cap a tough year for the firms. Singapore’s residential market is cooling, China remains mired in a three-year housing crisis and a commercial real estate slump is reverberating around the world, hurt by the double whammy of high interest rates and post-pandemic remote work. CDL pointed to higher financing costs and the absence of substantial divestment gains compared to 2022. CapitaLand Investment said it was impacted by valuation losses in China and the US. CDL’s results were “resilient” despite an “extremely challenging year for the global real estate sector, with a high interest rate environment, inflation, weak global economies and geopolitical tensions,” executive chairman Kwek Leng Beng said in a statement. Kwek also highlighted the challenge posed by measures to cool the local housing market. Singapore’s developers sold the fewest private residential units since 2008 last year after authorities raised stamp duties. Still, a recovery in residential and hotel earnings has helped to cushion the blow. CDL’s revenue rose 50% to a record S$4.94 billion last year. That beat analysts’ average estimate of S$4.08 billion. For CapitaLand Investment, which is backed by state investor Temasek Holdings Pte, its sizable property holdings in China remain a major drag. About 34% of its S$134 billion in assets under management are in the country, the largest slice of its geographical allocation. It made divestments of S$2.1 billion last year. Revenue fell 3.2% to S$2.78 billion in 2023, in line with analysts’ estimates. The company said it is on track to meet a 2024 target of S$100 billion worth of funds under management and announced a new goal of doubling it to S$200 billion in the next five years. Read also: Singapore’s OCBC Q4 profit misses expectations, sees softer 2024 margins JAKARTA (Feb 28): Indonesian tech firm GoTo and Chinese-owned partner TikTok will be wholly compliant in a month and a half with the Southeast Asian nation’s regulation that bans inapp transactions on social media, GoTo’s CEO said on Wednesday. Short video app TikTok acquired in December majority shares in GoTo’s e-commerce unit Tokopedia after the Indonesian trade ministry banned transactions on its TikTok Shop e-commerce unit. “Integration process is going well. All parties continue to communicate with the related ministries and as far as we know the process is nearing completion,” CEO Patrick Walujo said in an online briefing. Indonesian minister for small and medium enterprises Teten Masduki said last week TikTok had yet to comply with the regulation. TikTok, owned by Chinese company ByteDance, did not immediately respond to a request for comment. Following December’s deal, TikTok has reopened its e-commerce services, which are now facilitated by Tokopedia. GoTo’s management said in the briefing that it will receive a quarterly e-commerce fee from Tokopedia, with the sum being dependent on Tokopedia’s gross merchandise value. Based on a GMV of US$2.9 billion (RM13.8 billion) recorded in the third quarter of last year, the e-commerce service fee for GoTo will be US$11.4 million, GoTo said. GoTo also expects its partnership with TikTok will benefit not only its e-commerce business but also its financial services segment as it will be able to offer digital payments and “buy now, pay later” credit schemes on TikTok. Read also: Indonesia awards presumed next president Prabowo rank of fourstar general Singapore property giants hit by high rates, global downturn GoTo, TikTok compliance with Indonesia’s trade regulation nears 100%, says GoTo CEO by Low De Wei Bloomberg by Stefanno Sulaiman & Stanley Widianto Reuters by Stanley Widianto & Stefanno Sulaiman Reuters bloomberg
Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 THURSDAY FEB 29, 2024 SCAN ME No. 8469 PP 2644/12/2012 (031195) More youths will go bankrupt if they do not kick their impulsive shopping habit. – SYED AZAHAR SYED OSMAN/THESUN Virtual internship potential security risks Virtual interns using personal devices and network connections that are less secure in remote environment that lacks supervision exposes businesses to cybersecurity threats including data breaches. AI, automation reshaping workforce Studies show around 4.5mil Malaysian workers out of 16.15mil at risk of being displaced within next six years Youths warned against impulsive shopping No thanks to availability of ‘buy now, pay later’ option, zero interest payments and credit card usage, some 31,000 Malaysians aged 35 and below were declared bankrupt between 2014 and 2023. - Report on page 5 Empowering mpowering Bumi economy economy Report on hpage 3 Report on hpage 4 Report on hpage 2 Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi says what is crucial is a new policy to make use of land resources to drive a high-impact cyclical economy and reduce the economic gap between urban and rural Bumiputera communities.
THURSDAY | FEB 29, 2024 2 PUTRAJAYA: The introduction of a new policy to empower the Bumiputera economy through land resources is crucial, especially to take advantage of Malaysia’s vast and fertile land, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. He said the policy needs to be implemented aggressively and collectively to support agricultural transformation initiatives to increase food security, create a just transition of the Bumiputera economy and use of land to drive a high-impact cyclical economy. “This includes reforming the existing land act to reduce restrictions on land use, introducing a carbon tax and establishing a certification agency to stimulate carbon trading activities at the Asean level. “These measures are expected to reduce the economic gap between urban and rural Bumiputera communities, create a sustainable cyclical economy through sustainable development, and make Malaysia a leader in the cyclical economy and carbon trading at the Asean level.” Ahmad Zahid said this in conjunction with the Bumiputera Economic Congress, to be held for three days from today at the International Convention Centre here. He said in developing the Bumiputera economy, emphasis should be on new technologies such as digitalisation in the agricultural sector, the use of renewable energy technology and carbon reduction mechanisms. He added that this includes aspects of innovation and creativity in the management of natural resources, the development of modern agricultural technology to increase productivity and sustainability as well as increased capacity in carbon trading. Ahmad Zahid also emphasised the use of artificial intelligence (AI) in the development of the cyclical economy and agricultural transformation as it could optimise productivity and increase efficiency in the use of resources, which is an important component in empowering the Bumiputera economy. “AI applications can improve the innovation process, strengthen the value chain and increase reliability in making decisions based on ‘real-time data’ to achieve a more inclusive and sustainable economic policy for the Bumiputera community.” A total of 10 clusters covering 10 sectors will be established at the congress, namely Education Reform and Human Capital, Technical, Vocational Education and Training, strengthening of halal industry, Rural Development and Empowerment of Orang Asli Communities, Wealth Creation and Corporate Dominance, competitiveness of Bumiputera enterprises, mastery of New Technologies, Felda and Federal Territory Land, socioeconomy of Sabah Bumiputera and socioeconomy of Sarawak Bumiputera. ‘Liberal’ in Rukun Negara explained PUTRAJAYA: National Unity Minister Datuk Aaron Ago Dagang urged all parties to stop misinterpreting the meaning of the word “liberal” found in the ideals of Rukun Negara. He said one of Rukun Negara’s objectives is to “guarantee a liberal approach to its (the nation’s) rich cultural traditions and diverse patterns”, where the word “liberal” refers to an attitude of openness and acceptance (Understanding, Respect and Acceptance) of cultural differences among the races and ethnicities. “People are free to practise their respective religions, customs and cultures in accordance with the interests of national unity,“ he said in a statement yesterday to explain the word “liberal” in the Rukun Negara. He said the ideals of Rukun Negara affirm the principles that are the basis for the formation of a united, democratic, fair, liberal and progressive Malaysian society. “The application of liberal values (openness to cultural differences among races) in society will help create a more inclusive, dynamic and progressive environment, as well as give every individual the opportunity to grow and contribute to the development of the country in a positive way.” Explaining the process of the Rukun Negara’s formation, Aaron said the National Consultative Council consisting of 13 national figures from various racial backgrounds and expertise had produced the Rukun Negara as a new national philosophy. Rukun Negara was also drafted based on the seven main pillars that had been put forward through the “Pillars of Nation” paper. “Finally, Rukun Negara was drafted and organised into two parts, which are five ideals and five principles. The ideals and principles of Rukun Negara were later translated into a form of national philosophy or ideology.” – Bernama Empowering Bumiputera economy through land use oNew policy needs to be implemented for agricultural transformation, boosting food security, optimising fertile areas for high-impact cyclical growth: DPM Waiver for power, water bills SST hike not decided KUALA LUMPUR: The government has not made a decision on the exemption of the planned sales and service tax (SST) hike for water and electricity bills, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said this is because there are pertinent issues that need to be discussed first, such as who would be entitled to the exemption. When asked whether the matter would be brought up during the next Cabinet meeting, Fadillah, who is also the energy transition and water transformation minister, said the Finance Ministry is currently looking at the overall situation. He was speaking after witnessing the signing of a financing agreement yesterday between Bank Islam Malaysia Bhd and Sand Town Solar Sdn Bhd, a subsidiary of Gading Kencana Sdn Bhd. From March 1 the SST rate for most services, including overseas-based digital services, will increase to 8% from the current 6%. At present, only food and beverage, telecommunications and vehicle parking services have been given exemption from the tax hike. Previously untaxed services like karaoke outlets, delivery services, brokerage and underwriting services will now be subject to the SST. The increase in tax rates and items that will be taxed were announced last year as part of taxation reforms under Budget 2024, as an initiative by the government to boost the nation’s financial resilience while reducing its budget deficit. Meanwhile, Fadilah said his ministry is evaluating several proposals related to largescale floating solar power supply schemes. “Insha Allah, we will be approving a pilot project for this and then call for applications from industry players who wish to participate.” – Bernama Reasons why doctors left public sector KUALA LUMPUR: More than half or 54% of the 100,696 medical officers in the country left public service in 2022, with the main reason cited being wanting to work in the private sector, the Dewan Rakyat was told yesterday. Health Minister Datuk Seri Dr Dzulkefly Ahmad said the ministry’s survey found that of the total number of doctors who left, 45% are currently working abroad. He said others left due to personal reasons, to work in public universities, for further studies or to open their own clinics. Dzulkefly was replying to a supplementary question from Fong Kui Lun (PH-Bukit Bintang), who wanted to know the reasons why medical officers left the public service. He added that the government has implemented various initiatives, including setting the starting salary for contract officers in Grade UD41 at RM5,197, a significantly higher amount compared with other public service schemes, to ensure that medical officers stay put in the public sector. – Bernama ‘No favouritism in probe by MACC’ KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) does not practise favouritism in investigating individuals linked to the Pandora Papers, said Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She said the MACC conducts its investigations professionally in accordance with the laws and regulations set and without any interference or influence from external parties. “In this issue, the quality of the information and documents obtained is prioritised. All the lists of names mentioned in the Pandora Papers are under MACC investigation, which is not known to the general public.” – Bernama PREVENTIVE MEASURE ... Raja Permaisuri Perak Tuanku Zara Salim, accompanied by the prime minister’s wife Datuk Seri Dr Wan Azizah Wan Ismail, observing the human papillomavirus vaccine being administered, in Bandar Baru Tambun, Ipoh yesterday. – BERNAMAPIC
THURSDAY | FEB 29, 2024 3 70% of patients at Socso rehab centre return to work KUALA LUMPUR: Seventy per cent of the 10,695 individuals who sought treatment at the Social Security Organisation’s (Socso) Rehabilitation Centre for the period between 2019 and last January have been able to return to work. Human Resources Minister Steven Sim said that of the number of those who sought treatment, 494 of them were from Sabah and Sarawak. “Those who are eligible to receive treatment at the Socso’s Rehabilitation Centre consist of two categories, namely Socso contributors (90%) and non-Socso contributors (10%),” he said during the question and answer session at the Dewan Rakyat yesterday. He was responding to a supplementary question from Datuk Seri Richard Riot (GPSSerian) regarding the number of those who were able to return to work after attending the Socso Rehabilitation Centre and the criteria to be eligible for the treatment there. Socso Rehabilitation Centre was built to help Socso Insureds and workers recover physically and vocationally until they finally return to work and society with maximum ability. In response to a supplementary question from Datuk Seri Ismail Abd Muttalib (PN-Maran) about whether the government plans to build an occupational health and safety hospital, Sim said the matter had to be discussed and approved by the Health Ministry. Earlier to an original question from Richard whether the government plans to build a Socso Rehabilitation Centre in Sarawak, Sim said the government hoped to set up three more in the next five years. “The (Human Resources) Ministry is prepared to hold further discussions regarding the location and requirements, and cooperation with the Sarawak government since the establishment of the centre involves a huge cost,” he said. – Bernama Onion programme to cut imports by 30% KUALA LUMPUR: The onion cultivation programme, which will be implemented in phases starting this year until 2030, is expected to reduce the country’s onion imports by 30%. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the programme would be implemented in two phases, namely the precommercial phase from this year to next year, followed by the commercial phase from 2026 to 2030. He said the pre-commercial phase aims to assess the viability of small red onion cultivation in Malaysia, with the Malaysian Agricultural Research and Development Institute (Mardi) supplying 70 tonnes of small onion seeds and 230kg of small red onion seeds. Mohamad said during the pre-commercial phase, an onion cultivation area spanning 100ha will be established, with an estimated production yield of five tonnes per hectare. – Bernama 2,338 new telco towers built under Jendela KUALA LUMPUR: A total of 2,338 new telecommunication towers out of the 3,884 planned through the National Digital Network Plan (Jendela) to upgrade broadband networks have been completed and operational as of the fourth quarter of last year. The Communications Ministry said the 39,979 transmitting stations out of the planned 40,214 have also been upgraded and 3.31 million premises out of the planned 4.19 million have been made available with fibre optic networks. “The rest of all planned initiatives are expected to be completed and operational in stages by the end of 2025,” according to the ministry in a written reply posted on the Parliament’s website yesterday. It was in reply to a question by Datuk Dr Zulkafperi Hanapi (PNTanjong Karang) about the latest results of the government’s plans to expand the broadband network throughout the country. According to the ministry, the government also implemented the Point of Presence (PoP) fibre optic hub method to expand the implementation of broadband with 653 PoPs out of 677 PoPs for Phase One and 294 PoPs out of 3,693 PoPs for Phase Two completed nationwide as of Feb 15. In other developments, the ministry said 155 complaints were received and investigated by the Malaysian Communications and Multimedia Commission regarding offences under Section 233 of the Communications and Multimedia Act 1998 (Act 588) throughout last year. A total of 66 cases or 43% involved fake content, 47 cases or 30% offensive content, 36 cases or 23% obscene content and three cases each of threatening and indecent content. Of the total number of cases, 108 cases have the status of No Further Action (NFA) and No Offence Disclosed (NOD), 33 cases are still being investigated, eight cases have been issued with warning notices and three have been charged in court and three have been offered a compound. “Cases are classified as NFA or NOD because there is no strong evidence to link the suspect to the offence investigated under Section 233 of Act 588,” according to the Communications Ministry. The ministry was answering a question from Syerleena Abdul Rashid (PH-Bukit Bendera) regarding the statistics of cases under Section 233 of Act 588, Bernama reported. The ministry said MCMC had blocked 1,122 pornographic sites from Jan 1, 2023 to Feb 15, 2024. AI and automation reshaping workforce PETALING JAYA: The rise of artificial intelligence (AI) and automation is set to significantly impact the workforce, with studies indicating that around 4.5 million Malaysian workers out of the current 16.15 million are at risk of being displaced within the next six years. The Singapore founder and CEO of a major Asia-based non-executive job portal, Julian Tan, said approximately 40.1% of jobs in Malaysia are considered “highly at risk” due to AI and automation and those engaged in these jobs will likely lose them by 2030. “It is projected that around 57% of all jobs in Malaysia will be affected by AI and automation in the next two decades. Jobs at high risk of being replaced are vehicle drivers, data entry personnel, manufacturing workers, travel agents, dispatchers and even teachers.” Tan said rather than fixating on jobs that are at risk of being replaced, people can benefit from focusing on positions that are likely to be enhanced by AI and automation. “Jobs that require complex problemsolving, critical thinking, creativity, emotional intelligence, and human interaction are less susceptible to automation. They include roles in data analysis, software development, digital marketing, healthcare, and strategic decisionoStudies show around 4.5m Malaysian workers out of 16.15m at risk of being displaced within next six years █ BYALLEN WONG newsdesk@thesundaily.com making.” As automation and AI continue to reshape the job market, he said it is essential for individuals to adapt and position themselves in roles that are susceptible to automation and also strengthened and augmented by it. “Individuals should embark on careers that are more resilient to technological disruption and contribute to advancing AIdriven solutions in the workforce. “Jobs that augment AI present opportunities in emerging fields such as the development and implementation of AI technologies, ethical AI governance, human-AI interaction design, and AI strategy consulting. “These are areas where individuals can leverage their skills and expertise to create value in a technology-driven economy.” Tan said future job seekers should also consider developing skills that complement AI and automation. These include proficiency in data analysis, programming, machine learning, and understanding human-AI collaboration. He said soft skills such as adaptability, creativity, emotional intelligence and leadership will become increasingly valuable in a technologically driven work environment. However, Tan said it is crucial to note that the impact of AI and automation will not result in just job losses. He said sectors and occupations that are likely to remain relatively resilient to automation or AI disruption are those that limit the feasibility of automation or AI implementation. “Healthcare involves intricate decisionmaking processes and often requires human judgement, empathy and adaptability. This makes certain healthcare roles less susceptible to automation. “Jobs involving direct patient care and interaction, such as nurses, therapists and social workers necessitate human touch and emotional intelligence, apart from being too challenging to replicate with automation.” Tan said customer-facing roles and operational jobs also tend to remain relatively resilient to automation or AI disruption. “Human interactions play a significant role in ensuring customer satisfaction and loyalty because they often involve personalised experiences and problem-solving that AI may struggle to replicate.” To prepare for the impact of emerging technologies like AI and automation on the workforce, the company’s general manager Joelle Pang said organisations can take several proactive measures. These, he said, include investing in retraining and upskilling employees, establishing ethical frameworks for AI and automation, redeployment and fostering a culture of innovation. “By implementing such strategies, organisations can effectively navigate the impact of AI and automation on the workforce to ensure a smooth transition while capitalising on the opportunities presented by such advancements.” 1,300 homes for young Felcra settlers KUALA LUMPUR: A total of 1,322 homes for second generation of Felcra settlers have been built in three locations in Perak, Pahang and Sabah, the Dewan Rakyat was told yesterday. Deputy Rural and Regional Development Minister Datuk Rubiah Wang said this comprises 1,059 homes in Seberang Perak, Perak; 140 units in Felcra Seri Makmur, Pahang; and 123 units in Felcra Sukau, Sabah, Bernama reported. “The Felcra Second Generation Housing programme employs both grant funding and loans, with house construction costs covered by Felcra loans while basic infrastructure costs are financed through government grants,” she said in reply to a question from Jamaludin Yahya (PN-Pasir Salak) about the number of homes built for the second generation of Felcra settlers during the question and answer session. FUN WITH SCIENCE ... Young participants of Exploring Energy and Colourful Creations camp look excited as they venture into the world of science at Innohub UPM in Serdang, Selangor yesterday. – AMIRUL SYAFIQ/THESUN
THURSDAY | FEB 29, 2024 4 READ OUR HERE /thesun Malaysian Paper RM2m nod for Sabah heritage preservation TUARAN: The government has approved an allocation of RM2.2 million this year to develop two projects aimed at preserving and protecting Sabah’s cultural heritage. Chief Minister Datuk Seri Hajiji Noor said the two projects were approved under the MidTerm Review of the 12th Malaysia Plan. The two projects are the implementation of the Sabah Integrated Cultural Mapping System Development, costing RM2 million, while the remaining RM200,00 is for a study on the restoration of the Welfare Services’ old office building. Hajiji said the mapping project aims to transform the management of information on Sabah’s ethnic culture into a modern information system in line with the Government’s Digitalisation Plan. “The study will witness the restoration of the historic building – the British North Borneo Chartered Company Office, which was destroyed by fire,” he said when opening the Rumpun Bajausama Sabah cultural festival here yesterday. Hajiji said both the projects would be handled by the Sabah Cultural Board, adding that the government had implemented various efforts to achieve the target of getting three million tourist arrivals in the state this year. Hajiji said community-based tourism is also a segment of ecotourism that has increasingly received attention from the local and international community. He urged associations representing the various ethnicities to continue developing their respective culture and community-based tourism products. Hajiji, who is also the president of the Sabah Rumpun Bajausama Association, hoped that the festival, which started last Sunday, would be a platform for the conservation of the state’s culture, as well as a medium to attract the young generation to be involved in various artistic and ethnic cultural events. – Bernama Cloud seeding move to alleviate water woes GEORGE TOWN: The Penang Water Supply Corporation hopes that the cloud seeding operations conducted on Tuesday and yesterday would trigger as much rainfall as possible in the catchment areas of the Air Itam and the Teluk Bahang reservoirs. CEO K. Pathmanathan said the operation was directed and coordinated by the National Disaster Management Agency (Nadma) and conducted by the Royal Malaysian Air Force (RMAF). He expressed gratitude to Nadma, RMAF, the National Water Services Commission and the Penang government for their swift response to the cloud seeding request made earlier this month. “According to the official notice from the Penang Water Supply Regulatory Body, the scheduling and implementation of cloud seeding operations are subject to atmospheric and cloud conditions. “From Feb 1 until Tuesday, the corporation had recorded 45mm of rain in the Air Itam Reservoir catchment area and 71.5mm of rain in the Teluk Bahang Reservoir catchment area. “We would like to thank the federal and state governments for initiating this much-needed cloud seeding operation,” he said in a statement. Pathmanathan added that last year’s consecutive cloud seeding operations in May and June contributed to a total of 30.5mm of rain in the Air Itam Reservoir catchment area, which help to ensure no water crisis in Air Itam last year. – Bernama Security downside of ‘flexible’ virtual internships PETALING JAYA: While virtual internships offer benefits such as flexible schedules, an absence of geographical limits, savings on commuting costs, and allow students to gain experience without having to disrupt studies, they pose security risks for businesses, said an academic. Universiti Teknologi Mara human resources senior lecturer Dr Muhammad Aiman Arifin said internship durations typically range from three to six months, during which time it is challenging to ensure interns remain loyal to business policies. “In remote working environments, where virtual interns operate outside the traditional office setting, such vulnerabilities for businesses can be amplified.” Muhammad Aiman said the heightened risk arises from the lack of direct oversight and control over the intern’s work environment, potentially less secure network connections, and the use of personal devices that may not adhere to the same security standards as company-owned equipment. oLack of direct control over intern’s working environment, unauthorised access to data pose risks for businesses: Expert █ BYSIVANISVARRY MORHAN newsdesk@thesundaily.com Another dead green sea turtle found on Labuan beach LABUAN: A dead male green sea turtle was found on Manikar Beach near Palm Beach and SPA Resort on Tuesday. The carcass, measuring one metre in length, and weighing more than 50kg, was found by a tourist couple from England at 3.15pm, who promptly alerted a local friend. The Fisheries Department was alerted for further action. This marks the second such discovery this month following a similar incident on Feb 19 when workers at the Thai Beach Restaurant found a green sea turtle carcass on Nagalang Beach. Labuan Fisheries Department director Sufian Ahmad said based on checks, the green sea turtle was believed to have died at sea before being washed ashore. He said Labuan’s beaches, known as favoured landing spots for green turtles, are under increased scrutiny as authorities work to determine the cause of these occurrences and implement measures to protect the marine ecosystem. – Bernama WELLNESS DRIVE ... PLT Scientific Sdn Bhd product sales specialist Shree Dharishini showing one of the health products during the Exhibition & Regenerative Medicine Fair at Komune Living & Wellness, Cheras, Kuala Lumpur. – AMIRUL SYAFIQ/ THESUN “These vulnerabilities can pave the way for a range of cybersecurity threats, including data breaches where sensitive company information is compromised. “The unauthorised access to systems or data by individuals without proper permissions, and other malicious activities that exploit weaknesses in the remote working setup also pose a danger to security breaches.” He said while some students and employers embrace the flexibility and accessibility of virtual internships, one should maintain cautious scepticism regarding its effectiveness in cultivating essential skills. A third-year animation student from a public university, Thivyhaalakshmi Ganeson, 23, said virtual internships can be convenient for some individuals, even though she was not enthusiastic about it. “Virtual internships do not provide hands-on experience, especially in animation where learning specific software and techniques are essential. I am concerned about not receiving adequate guidance without being physically present on-site.” She said without spontaneous conversations or informal interactions at the university, she missed out on valuable networking opportunities and mentorship that could shape her career trajectory. “Virtual internships for aspiring animators may provide the opportunity to collaborate with individuals from various countries. However, the lack of hands-on experience and direct interaction with professionals hinder networking opportunities. “I prefer to take on traditional internships to build a strong network and learn through hands-on work,” she said. Human resource manager and talent recruiter at a software company, Kavinthiran Shanmugam, supported a continuation of traditional internships over virtual ones. “In traditional internships, face-to-face interactions provide a level of accountability that is often lacking in virtual settings. When interns are physically present in an office, it’s easier to gauge their commitment and work ethics. “It is also easier to observe their attendance, punctuality, and overall engagement, which helps to reduce the risk of hiring interns who may be unreliable or prone to absenteeism,” he said. Kavinthiran said virtual internships present challenges in monitoring and ensuring the consistent participation of interns. “Without the ability to physically observe interns, it is more difficult to detect absenteeism or lack of productivity. Apart from this, virtual internships lack the hands-on learning that traditional internships provide.” Kavinthiran said being physically present in an office exposes interns to the day-to-day operations of a business, fosters networking opportunities, and allows for mentorship under seasoned professionals – matters that are difficult to replicate virtually. Once the risks are acknowledged, Kavinthiran said businesses should act pre-emptively. He suggested a proactive implementation of policies governing remote work, provision of training on security practices to virtual interns, and leveraging technology to enhance security in remote settings.
THURSDAY | FEB 29, 2024 5 PETALING JAYA: Youths have been warned to stop their impulsive shopping habits, failing which they will add themselves to those who have already been made bankrupt. Financial adviser Bryan Zeng was commenting on the Department of Insolvency statistics, which recorded a total of 31,140 individuals aged 35 and below who have been registered as bankrupt from 2014 to May 2023. The Malaysian Association of Borrowers and Consumers Solution also said it receives an average of 15 complaints daily from youths who have been made bankrupt. Calling on the government to address the problem, Zeng said among the main reasons for youth bankruptcies is the lack of financial literacy and insufficient discipline in managing their finances. “Youths seem to live beyond their means, no thanks to the availability of the ‘buy now, pay later’ option, zero interest payments and credit card usage. “While buying now and paying later may seem convenient, purchasers are indirectly coerced into a false sense of financial flexibility due to deferred payments. But it leads to financial strain in the long run, especially if individuals fail to budget effectively.” Zeng said materialism, instant gratification and the need to stay fashionable with current lifestyle trends contribute to an extravagant way of life that many youths cannot afford. He warned youths to recognise the warning signs of financial difficulties, such as the inability to meet monthly commitments, shortage of funds after making monthly payments and expenses exceeding income. He said the younger generation may not fully grasp the consequences of borrowing money, especially through loans or credit cards, as they usually underestimate the real cost of borrowing and the time it takes to repay debts. “Due to easy access and convenience, youths may find themselves accumulating debts without fully comprehending the long-term financial consequences associated with credit cards, for instance. “As a result, high-interest credit card debts can quickly spiral out of control, leading to financial distress and difficulty in making repayments,” he said, adding that the lack of emergency savings adds a layer of complexity to their financial difficulties. Emergency savings serve as a financial safety net and provide a buffer against unexpected expenses or unforeseen circumstances. However, many youths do not prioritise or have emergency savings, and without this, they usually resort to borrowing to cover emergency expenses. This perpetuates the vicious debt cycle. He emphasised the importance of youths being mindful of how their actions could impact their future. “If an individual takes the matter lightly and is declared bankrupt, he will face significant challenges in obtaining loans, which can affect his ability to acquire assets such as a house or car. “It may also affect his employment because when one declares bankruptcy, it becomes a matter of public record.” Zeng said potential employers can access such information during background checks and this may raise concerns about a candidate’s financial responsibility and trustworthiness. He said it is crucial to be financially literate so that one can better assess opportunities, evaluate potential returns, reduce the risk of bankruptcy and prioritise savings. “Reducing discretionary spending to typically save about 5% to 10% of income and gradually increasing it over time can make a lot of difference,” he said. He advised youths to underscore the importance of adopting responsible spending habits by tracking their expenses. “Identify areas where you can reduce or eliminate unnecessary expenses and better allocate resources towards your financial goals.” Facebook online safety tops complaints list PETALING JAYA: Facebook surpassed WhatsApp last year as the social media platform in Malaysia with the most number of complaints about online safety, said Communications and Multimedia Content Forum (CMCF) CEO Mediha Mahmood. She said out of 239 cases lodged with its Complaints Bureau last year, 167 cases were related to social media content while 72 involved false advertising, fake websites and blogs. “By comparison, of the 734 cases that were lodged in 2022, 518 related to social media while 216 involved false advertising, fake websites and blogs. This means social media made up 70% of all complaints in 2023 or 1% lower than in 2022.” Mediha said complaints about general online content, including offensive material, accounted for 47% and scams 35%, while those involving fake accounts accounted for 7%, threats (5%), hacked accounts (3%), cyberbullying (2%), and fake news (1%). “Facebook accounted for the highest proportion of complaints at 34%, followed by WhatsApp at 23% and Instagram at 14%. Telegram and TikTok constituted 12% and 9% of the reported cases respectively, while X made up 6%. YouTube had the lowest share, comprising 2% of reported cases.” She said Facebook, which has 24.8 million Malaysian users, has a diverse audience, which results in a higher instance of reporting violations. However, she said WhatsApp which accounts for 24.89 million Malaysian users, is primarily for private communication and may have a more closed environment, stricter privacy controls, and limited visibility and reach to shared content. Youths need to adopt better spending habits oAge group living beyond their means with many facing bankruptcy due to compulsive buying: Adviser Illegal immigrants urged to return home voluntarily Muhyiddin’s bribe case returned to sessions court PUTRAJAYA: The Court of Appeal yesterday ordered the case involving former Prime Minister Tan Sri Muhyiddin Yassin, who used his position for bribes amounting to RM232.5 million for Bersatu, to be sent back to the sessions court for further action. A panel of three judges chaired by Datuk Hadhariah Syed Ismail made the unanimous decision after allowing the prosecution’s appeal to set aside the High Court’s decision, which acquitted the Bersatu president of the four charges on Aug 15 last year. Siting with Hadhariah were judges Datuk Azmi Ariffin and Datuk S.M Komathy Suppiah. On Aug 15 last year, High Court Judge Datuk Muhammad Jamil Hussin acquitted and discharged Muhyiddin on four counts of abuse of power, involving RM232.5 million, in connection with the Jana Wibawa project. The prosecution filed an appeal on the same day at the Court of Appeal. – Bernama █ BYQIRANA NABILLA MOHD RASHIDI newsdesk@thesundaily.com Over 14,000 illegals detained in two months PUTRAJAYA: The Immigration Department conducted a total of 2,528 operations from Jan 1 to Feb 23, arresting 14,361 illegal immigrants, said its director-general Datuk Ruslin Jusoh. He said 139 employers were arrested for various offences under the Immigration Act 1959/63, including the offence of employing and harbouring illegal immigrants. “Even though we are implementing the Migrant Repatriation Programme from March 1, the Immigration Department will continue to crack down on undocumented foreigners. “It should be noted that the department is not only targeting illegal immigrants, but also employers. There are some employers who want to avoid the process of hiring foreign workers because they do not want to pay the levy. This is wrong because we have laws that must be followed.” – Bernama The presence of illegal immigrants is a problem as they cannot be tracked down. – AMIRUL SYAFIQ/THESUN █ BYQALIF ZUHAIR newsdesk@thesundaily.com PUTRAJAYA: Illegal immigrants are urged to take advantage of the Migrant Repatriation Programme, which will be from next month until December, to return to their country of origin voluntarily. The programme will facilitate illegal foreigners to be sent home on the condition that they have valid travel documents and a one-way ticket home after they have settled compounds for various immigration offences, including overstaying and entering Malaysia without valid travel documents. Immigration director-general Datuk Ruslin Jusoh urged illegal immigrants to make the most of this opportunity to return to their country of origin without prosecution. “But they have to pay the compound for the (immigration) offences. However, those who are being detained, remanded and charged are not eligible to participate in programme,” he said. He expected between 300,000 and 400,000 illegal immigrants to take up the programme. “The documents they (illegal immigrants) need to bring to the immigration office to join the programme are their flight ticket home and valid travel documents issued by their country of origin or the embassy of their respective country in Malaysia. “For those who do not have any documents, they need to consult their respective embassy for the documents,” he said, adding that the department will hold engagement sessions with foreign embassies such as Indonesia and Bangladesh this week to explain the programme and seek their cooperation. He said upon getting the necessary documents, including the ticket home, and surrendering themselves at the immigration office, the immigrants are required to leave the country within 14 days. The Immigration Department will issue them the checkout memo, which will enable them to leave the country, but only after they have paid the compound for the (Immigration) offences. Those below the age of 18 are exempted from paying the compound. Asked about the implications of the programme to the government, Ruslin said it has a positive impact, especially in terms of national security, as well as reducing the public’s concerns about the influx of foreigners into the country. He said the presence of illegal immigrants in the country is a problem because they could not be tracked down. – Bernama
THURSDAY | FEB 29, 2024 6 Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to subscribe@thesundaily.com *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour Subscribe now for Monday-Friday copies of theSun newspaper 6 month subscription (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: subscribe@thesundaily.com *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 ) Nov 8 to Nov 10 Malaysian Paper www.thesun.my RM1 WEDNESDAY NOV 8, 2023 No. 8389 PP 2644/12/2012 (031195) SCAN ME Casino chip heist: Five more identified Police have detained a total of 10 suspects, including a Chinese national, in connection with the RM4.6m theft at Genting Highlands on Oct 28. Congratulations! You are holding the first edition A new sunrise of our new 32-page paper featuring more of the great content you have loved for the past 30 years. Copies will be free until Friday and will be available via subscription and at newsstands beginning Monday for only RM1. Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE Good fortune lies ahead GEORGETOWN: The annual flame-watching ceremony, traditionally organised by Poh Hock Seah temple for the past 200 years and held at the Thai Pak Khoong (also known as Hai Choo Soo) temple in Tanjong Tokong, predicted good to average economic growth this year. The economic growth is predicted to take place during three quadrimesters, from February to May, June to September and October to January 2025. The quadrimesters correspond with the lunar calendar months from the 1st to the 4th month, the 5th to 8th month and the 9th to 12th month. The ceremony, known as Chneah Hoay, took place on Feb 23 and coincided with the 14th day of the Lunar New Year. Thai Pak Khoong is in the Hakka dialect, while Hai Choo Soo, referring to the Tanjong Tokong area, means sea pearl in Hokkien. The temple committee members gathered by the seaside to observe the rising tide before the start of Chneah Hoay. “We waited until the first wave covers the stone as an indication to start the ceremony. Then, we proceeded to the temple to ignite the fire in the urn, with our master leading Temple committee members and devotees gathered to celebrate Chneah Hoay on the 14th day of the Lunar New Year in Tanjong Tokong, Penang. – MASRY CHE ANI/THESUN oAnnual flame-watching ceremony predicts promising economic growth during three quadrimesters of this year █ BYT.C. KHOR Penang welcomes two mega cruises GEORGE TOWN: Penang welcomed two renowned cruises, Genting Dream and Royal Caribbean Spectrum Of The Seas, which are concurrently docked at Penang Swettenham Pier Cruise Terminal. In an effort to support cruise tourism and strengthen partnerships within the industry, Penang State Tourism and Creative Economy chairman Wong Hon Wai and key stakeholders of the cruises visited the terminal on Tuesday. Wong said Penang is situated strategically in the heart of Southeast Asia and it serves as an ideal port for cruise liners traversing the region, adding that it is one of a few city ports in Malaysia. He said the terminal in George Town is as a testament to Penang’s dedication in providing world-class facilities and services for cruise tourists. “With the recent completion of terminal’s expansion, the capacity of this port has been elevated to cater up to two quantum-size cruise ships and its top-tier facility to accommodate 12,000 passengers, resulting in the berthing of both Genting Dream and Royal Caribbean Spectrum of the Seas concurrently. “The terminal’s strategic location allows tourists to immediately be greeted by an Unesco World Heritage Site the moment they disembark the cruise and visitors will get a teaser of Penang from the eight hours excursion that ultimately serves as a return bait.” – Bernama the ceremony,” said Ewe Chee Way, who is one of the committee members. The fire was lit by burning a bundle of incense at 12:01am and the results for the quadrimesters were announced a minute apart, starting at 12:06am, as “Good”, “Average” and “Bad”. The height and intensity of the flames indicated the economic growth for each of the three quadrimesters. Amid the festive atmosphere, many devotees thronged the temple to pay their respects and pray for prosperity, good fortune and protection from harm. Some also lit up giant joss sticks, which they had ordered beforehand. Each year, before the 14th day of the lunar new year, the statue of the Tua Pek Kong deity and urn is brought from the Poh Hock Seah Tua Pek Kong temple in Armenian Street to the Thai Pak Khoong (Hai Choo Soo) temple. Both the statue and the urn were returned to Poh Hock Seah temple after the ceremony has ended at around 5am. Tua Pek Kong is a revered deity among the Taoist Chinese community in Malaysia. According to local legend, it is believed that Tua Pek Kong, also known as Zhang Li, arrived at the shores of Tanjong Tokong with his brother around 1700, which is forty years before Francis Light. Zhang Li, who was a merchant, was well-known for his benevolence and when he died in Penang, people began praying to him. Tua Pek Kong began gaining popularity as more of his devotees’ wishes were fulfilled. Their tombs remain beside the temple in Tanjong Tokong.
THURSDAY | FEB 29, 2024 7 Philippines firm on its maritime stance MANILA: Philippine President Ferdinand Marcos Jr yesterday said the Chinese navy’s presence in the South China Sea is “worrisome” but will not deter his country from defending its maritime territory and protecting its fishermen. The Philippine Coast Guard (PCG) spotted the presence of Chinese navy vessels during a patrol mission by a vessel of the Bureau of Fisheries and Aquatic Resources (BFAR) at the hotly contested Scarborough Shoal in the South China Sea last week. The BFAR vessel, which the PCG said was shadowed and blocked by Chinese coast guard ships, also distributed fuel to Filipino fishermen. “We continue to support all our fishermen, our fisherfolk who make a living from these fishing grounds and we will continue to help them despite ... blocking attempts, shadowing,” Marcos said before leaving for a state visit to Australia. In a recent speech, the Philippines ambassador to Washington, Jose Manuel Romualdez, said Manila will not let up in asserting its maritime claims as tensions in the South China Sea continue to simmer. The “aggression” we are facing is very real, Romuladez said, adding the Philippines hopes China will see the value of continuing economic activity between them while trying to peacefully resolve their issues. In an interview, Romualdez said security engagements have stepped up considerably under US President Joe Biden and Marco. The Philippines has nearly doubled the number of its bases accessible to US forces. A 1951 Mutual Defence Treaty binds them to defend each other in the event of attack and Marcos last year succeeded in pushing Washington to make clear the extent of its commitment. Romualdez on Tuesday said it was possible there could be one major “accident” in the South China Sea that could lead to that treaty being invoked, but hoped that would never happen. – Reuters 11 Chinese naval vessels detected around Taiwan TAIPEI: Eleven Chinese naval vessels were detected around Taiwan, Taipei’s Defence Ministry said yesterday, the highest number this year as a row between the island and China over a fatal fishing boat incident drags on. A Chinese speedboat carrying four people capsized on Feb 14 near Taiwan’s Kinmen islands while being pursued by the Taiwanese coast guard, throwing all on board into the water. Two of the crew died and two others were rescued and temporarily detained in Kinmen – a territory administered by Taipei but located just 5km from China’s city of Xiamen. The incident occurred against a backdrop of heightened tensions between China and Taiwan, a selfruled island that Beijing claims as part of its territory. A survivor reportedly claimed the boat was “rammed” after returning to the mainland, though Taiwan insists the coast guard was following legitimate procedures. In the 24 hours leading up to 6am yesterday (6am in Malaysia), Taiwan’s Defence Ministry said China sent 15 warplanes, 11 naval vessels and one balloon into the waters and skies around the island. It said at least 15 more warplanes had been detected since then. The number of Chinese naval ships was more than the usual four to six spotted in a 24-hour window, and the highest so far this year, according to Taiwan’s official data. In December, 11 Chinese naval vessels were detected around Taiwan in the run-up to its January presidential elections won by Lai Ching-te. On Monday, one Chinese maritime surveillance ship and four Chinese coast guard boats briefly entered restricted waters around Kinmen, according to Kuan Bi-ling, minister of Taiwan’s Ocean Affairs Council, which supervises the coast guard. Beijing has accused Taiwanese authorities of “seeking to evade their responsibilities and hide the truth” about the Feb 14 incident, while a Taiwanese coast guard official has said the boat involved was zigzagging, “lost its balance and capsized” while trying to evade a patrol vessel. – AFP Prabowo awarded rank of four-star general JAKARTA: Indonesia’s president yesterday awarded Prabowo Subianto, his presumed successor and a former special forces commander, the rank of honorary four-star general, decades after he was dismissed from the military amid allegations of rights abuses. Defence Minister Prabowo, who took an insurmountable lead in the Feb 14 presidential election according to unofficial quick counts, was awarded the rank of four-star general by outgoing President Joko Widodo in a ceremony at the military headquarters here. “This honour is a form of appreciation, it reaffirms devotion to the people and the country. I would like to say congratulations to Gen Prabowo Subianto,” he said, before attaching lapels with four gold stars on Prabowo’s blazer. The award marks the culmination of a decades-long rebrand for Prabowo, 72, a once rising military star who was dismissed from the military in 1998 amid accusations he was involved in human rights abuses in East Timor and in the disappearance of 13 prodemocracy activists. At the time, he was a three-star Lieutenant General. Prabowo, the former son-in-law of late Indonesian dictator Suharto, has always denied wrongdoing, but was previously banned from entering the United States on account of the claims. Prabowo (left), military chief Gen Agus Subianto (centre) and police chief Gen Listyo Sigit inspecting military vehicles yesterday. – AFPPIC oHonour marks culmination of decades-long rebrand B R I E F SA.I. RISKS TOPS META CHIEF’S TOUR AGENDA TOKYO: Meta chief Mark Zuckerberg met Prime Minister Fumio Kishida while on a visit to Japan, with reports saying they discussed the risks of generative AI. “We had a good, productive conversation about AI and the future of technology,” media quoted Zuckerberg as saying on Tuesday. “I’m really excited for the work that is happening here in Japan.” Spearheaded by OpenAI’s ChatGPT, generative artificial intelligence is a technology that can conjure up text, images and audio in just seconds from simple prompts. Its rapid development has been heralded as potentially revolutionary for everything from video games to politics but with negative as well as positive consequences. This month, Meta was one of 20 major tech firms including OpenAI to sign a pledge to crack down on AI content intended to deceive voters ahead of crucial elections. Tech groups had previously agreed to use a common watermarking standard that would tag images generated by AI applications such as ChatGPT, Meta’s Llama, Microsoft’s Copilot and Google’s Gemini. – AFP S. KOREA BIRTH RATE DROPS TO RECORD LOW SEOUL: South Korea’s fertility rate, already the world’s lowest, dropped to a fresh record low last year, defying the billions of dollars spent by the country to try to reverse the trend as the population shrank for a fourth straight year. The average number of expected babies for a South Korean woman during her reproductive life fell to 0.72 from 0.78 in 2022, data from Statistics Korea showed yesterday. Since 2018, South Korea has been the only member of the Organisation for Economic Co-Operation and Development (OECD) to have a rate below 1. The South Korean government has made it a national priority to reverse the falling birth rate and in December promised to come up with “extraordinary measures” to tackle the situation. Ahead of elections in April South Korea’s major political parties vowed more public housing and easier loans in an effort to stem population decline, aiming to allay fears of “national extinction” as fertility rates crumble. The parties’ focus on population in their election planks reflects growing alarm after spending of more than 360 trillion won (RM1.3 trillion) in areas such as childcare subsidies since 2006 has failed to reverse record low fertility rates. Being married is seen as a prerequisite to having children in South Korea, but marriages are also falling in the country with high financial burden cited as the main reason. – Reuters He has never faced prosecution. Prabowo sought self-exile in Jordan following his discharge from the military, but in the decades since he has returned to Indonesia, has built an influential political party and civilian career. In 2014 and 2019 he lost consecutive presidential bids to Jokowi before being brought into the government as defence minister in 2019. Preliminary but unofficial results show Prabowo with a clear lead in this year’s election, with the expectation that he will be inaugurated as Indonesia’s next president in October. Analysts have warned that Prabowo’s presumed win comes as Indonesia is experiencing a democratic backslide, with Amnesty International Indonesia saying Prabowo’s new title was an attempt to “whitewash” his alleged dark past. A spokesperson for Prabowo did not immediately respond to request for comment. The alliance between Prabowo and Jokowi has strengthened considerably in recent months and particularly after Jokowi’s millennial son was controversially named as Prabowo’s running mate. – Reuters
THURSDAY | FEB 29, 2024 8 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper HK moves towards tougher security law HONG KONG: A public consultation period for a new Hong Kong national security law closed yesterday amid concerns that the legislation, which authorities want to put in place soon, will further erode freedoms in the financial hub. The law, known as Article 23, is aimed at addressing what officials call deficiencies or loopholes in the national security regime, which was bolstered just four years ago by another national security law imposed directly by China. It will target crimes including treason, theft of state secrets, espionage, sabotage, sedition and “external interference” including from foreign governments. The Hong Kong legislature, which is dominated by pro-Beijing lawmakers, is expected to approve it. The law comes as the former British colony is trying to improve its image, and economy, amid international criticism of a China-led crackdown on freedoms and dissent which has sent many pro-democracy politicians and activists into jail or exile. Several lawyers and activists say the law criminalises basic human rights such as freedom of expression. “Many of these proposed provisions are vague and criminalise people’s peaceful exercises of human rights, including the rights to freedom of association, assembly, expression and the press,” a group of 80 civil society groups, including British-based Hong Kong Watch, wrote in a joint letter. Hong Kong authorities, however, say the new law is necessary as “threats posed by external forces and local terrorism remain”, adding that national security is the “fundamental prerequisite for the survival and development of a state”. The government also said Article 23 would give “full and prudent consideration” to the United Nations’ International Covenant on Civil & Political Rights”. A previous attempt to enact Article 23 in 2003 was shelved after an estimated 500,000 people protested against it. This time, there have been no large-scale protests and most public submissions support the legislation. – Reuters B R I E F SN. KOREA SPY SATELLITE IMPRESSES EXPERT SEOUL: North Korea’s first spy satellite is “alive”, a space expert said on Tuesday, after detecting changes in its orbit that suggest Pyongyang is successfully controlling it. After two fiery failures, North Korea successfully placed the Malligyong-1 satellite in orbit in November. “But now we can definitely say the satellite is alive,” Marco Langbroek, a satellite expert at Delft University of Technology in the Netherlands, wrote in a blog post. From Feb 19-24, the satellite raised its perigee, or the lowest point in its orbit, from 488km to 497km, he said, citing data from the US-led Combined Space Operations Center. The manoeuvre was a surprise as the presence of a propulsion system is unexpected, and previous North Korean satellites never manoeuvred. “Having the capacity to raise the satellite’s orbit is a big deal.” – Reuters NUKE PLANT PAUSES OVER TEXAS WILDFIRES HOUSTON: A nuclear weapons plant in Texas paused operations on Tuesday as wildfires approached the facility, while nearby towns were evacuated. “Operations at the Pantex Plant have paused. All weapons and special materials are safe and unaffected,” plant operators said. Satellite imagery from the Amarillo National Weather Service showed the fires spreading near the northern city of Amarillo, spurred by strong winds and unseasonably warm temperatures. The Texas A&M Forest Service reported 31 fires in the state. The largest blaze, known as the Smokehouse Creek Fire, had burnt 121,406ha and was uncontained by late Tuesday. The Pantex plant, 34km from Amarillo, said earlier there was no fire on the facility’s site. – AFP Fukushima discharges radioactive wastewater TOKYO: Japan yesterday started its fourth round of release of nuclear-contaminated wastewater from the crippled Fukushima Daiichi Nuclear Power Plant into the Pacific Ocean, despite opposition from fishermen and residents, as well as backlash from the international community. As Tokyo Electric Power Company (Tepco), the plant’s operator, started discharging the radioactive wastewater, conservationists deemed such intentional spreading of radioactive substances unacceptable. Similar to the previous three rounds, about 7,800 tonnes of wastewater, which still contains tritium, a radioactive substance, will be discharged over 17 days. In Indonesia, a group of plaintiffs filed a lawsuit against Japan at the Central Jakarta oStop release at once, demand residents and conservationists District Court last Thursday, demanding an end to the release of the wastewater. Marthin Hadiwinata, a member of the local environmental organisation Ekomarin and one of the plaintiffs, said the release “will directly impact Indonesia’s ecosystem”. Hit by a 9.0-magnitude earthquake and an ensuing tsunami on March 11, 2011, the Fukushima nuclear plant suffered core meltdowns that released radiation, resulting in a level-7 nuclear accident, the highest on the International Nuclear and Radiological Event Scale. The plant has been generating a massive amount of water tainted with radioactive substances from cooling down the nuclear fuel in the reactor buildings, which is now stored in tanks at the nuclear plant. In August 2023, Japan started to discharge the wastewater into the Pacific Ocean, despite repeated objections by governments and communities, environmental groups, nongovernmental organisations, and anti-nuclear movements in Japan and the Pacific region. Japanese fishermen have long opposed the discharge, while distrust and anger towards the government and Tepco have been mounting among the public. Chiyo Oda, a resident of Fukushima’s Iwaki City, stated that “the intentional spread of radioactive substances” in the ocean discharge of nuclear-contaminated water is “unacceptable”, adding that the recent powerful 7.6-magnitude earthquake that struck the Noto Peninsula has raised concerns about the safety of nuclear power plants. “As someone who lived through the Fukushima nuclear disaster, I believe that people should no longer have to go through radiation hazards,” she said. “The ocean discharge should be stopped immediately as the whole decommissioning process is ambiguous,” said Masahide Kimura, a Japanese civic group member. “There is no clear path forward, and now, it seems increasingly uncertain when the discharge will end,” said Toshihiro Inoue from a Japanese citizens group against atomic and hydrogen bombs. “It could last for ... hundreds of years, with worrying impacts on the environment.” He said it was “unreasonable” for the government and Tepco to treat the discharge as “fait accompli”. – Bernama China classifies ‘work secrets’ as restricted information BEIJING: Chinese lawmakers have expanded Beijing’s state secrets law for the first time since 2010, widening the scope of restricted sensitive information to “work secrets” according to a full text of the law published online, state media reported. China’s top legislative body passed the revised Law on Guarding State Secrets on Tuesday and it will take effect from May 1, Xinhua reported. Analysts say the expanded law is further evidence of Chinese President Xi Jinping’s increased focus on national security which has already led to a wide-ranging update to Beijing’s anti-espionage law last April that some countries fear could be used to punish regular business activities. Raids last year by Chinese police on several management consultancies, including Mintz Group and Bain & Co, have raised concerns among the foreign business community in China, and a Japanese pharmaceutical executive has also been detained in Beijing on espionage allegations since last March. State secrets involve areas ranging from government and Communist Party decisionmaking to military and diplomatic activities, as well as economic development, science and technology. The update to the state secrets law requires government agencies and work units to protect pieces of information “that are not state secrets but will cause certain adverse effects if leaked”. It added that rules on the specific management of work secrets would be released separately, without giving a date. The revised law would “strengthen the systematisation, comprehensiveness and synergy” of the set of laws concerning national security and state secrets, an unnamed official from the State Secrets Bureau was quoted in Xinhua as saying. “This revision ... has clearly written the Party’s management of secrecy into the law,” the official said, adding that online operators should “cooperate with relevant departments in investigating and handling cases suspected of leaking state secrets”. The legislation also “strengthens” coordination with China’s Data Security Law for the management of confidential data, the official said. The Ministry of State Security has increasingly taken to its official WeChat social media account since last year to warn the public to stay vigilant against foreign espionage efforts. – Reuters JOBS GALORE ... A man checks job postings at a recruitment fair in Qingdao, in eastern China’s Shandong province. – AFPPIC
THURSDAY | FEB 29, 2024 9 Gaza’s hungry get desperate the few trucks that try to get through. The World Food Programme last week said its teams reported “unprecedented levels of desperation” while the United Nations warned that 2.2 million people were on the brink of famine. In the camp, bedraggled children wait expectantly, holding plastic containers and battered cooking pots for what little food is available. With supplies dwindling, costs are rising. A kilo of rice, for example, has shot up from seven shekels (RM9) to 55 shekels, complains one man. The UN children’s agency Unicef has warned that the alarming lack of food, surging malnutrition and disease could lead to an “explosion” in child deaths in Gaza. One in six children aged under two in Gaza was acutely malnourished, it estimated on Feb 19. Residents have taken to eating scavenged scraps of rotten corn, animal fodder unfit for human consumption and even leaves to try to stave off the growing hunger pangs. “There is no food, no wheat, no drinking water,” said one woman. “We have started begging neighbours for money. We don’t have one shekel at home. We knock on doors and no one is giving us money.” Tempers are rising in Jabalia about the Palestinians inspect the site of an Israeli strike in Rafah. – REUTERSPIC oUnited Nations warns 2 million people face famine Warring enemies cautious over truce talks DUBAI: Israel and Hamas as well as Qatari mediators all sounded notes of caution about progress towards a truce in Gaza, after US President Joe Biden said he believed a ceasefire could be reached in under a week to halt the war for Ramadan. Hamas is weighing a proposal, agreed by Israel at talks with mediators in Paris last week, for a 40-day ceasefire, which would be the first extended truce of the fivemonth-old war. Both sides have delegations in Qatar this week hammering out details. According to a source close to the ceasefire talks, the Paris proposal would see militants free some but not all of the hostages in return for Israel’s release of hundreds of Palestinian detainees, a surge in humanitarian aid for Gaza and Israeli troops pulling out of populated areas in the enclave. But it appears to stop short of satisfying Hamas’ main demand that any agreement include a clear path towards a permanent end to the war and Israeli withdrawal, or resolving the fate of fighting-age Israeli men among the hostages. In remarks broadcast on NBC’s Late Night with Seth Meyers, Biden said Israel agreed to halt fighting in Gaza for Ramadan, which is expected to begin on March 10. On Monday, the president said he hoped a ceasefire agreement would be nailed down by March 4. At the United Nations in New York, aid officials told the Security Council on Tuesday that one-quarter of Gaza’s population is “one step” away from famine. “Simply put, Israel must do more” to increase the flow of aid, said Robert Wood, deputy UN ambassador for the US, Israel’s longtime ally. In an interview with the Guardian newspaper, a UN appointed expert on the right to food, Michael Fakhri, accused Israel of “intentionally depriving people of food” in Gaza, saying this “is clearly a war crime”. Israel’s Deputy UN Ambassador Jonathan Miller told the council that Israel is committed to improving the humanitarian situation in Gaza and that the quantity and pace of aid depended on the capacity of the UN and other agencies. “Israel has been clear in its policies. There is absolutely no limit, and I repeat, there is no limit to the amount of humanitarian aid that can be sent to the civilian population of Gaza,” Miller told the Security Council. Earlier, Israeli government spokesperson Tal Heinrich said any deal for a ceasefire in Gaza would still require Hamas to drop “outlandish demands”. She added: “We are willing. But the question remains whether Hamas are willing.” Qatar, which has acted as the main mediator, said a breakthrough had yet to be reached. “We don’t have a final agreement on any of the issues that are hampering reaching an agreement,” said Majed Al Ansari, spokesperson for Qatar’s Foreign Ministry. “We remain hopeful that we can get to some kind of agreement.” Two senior Hamas officials said that Biden’s remarks seemed premature. There are “still big gaps to be bridged”, one of them said. – Reuters White House warns of ‘dire’ Ukraine fate WASHINGTON: US President Joe Biden warned top congressional leaders of the dire cost of failing to help Ukraine, as high-stakes talks at the White House ended without a deal. Biden called the rare Oval Office meeting on Tuesday to persuade Republican House speaker Mike Johnson to unblock vital aid for Kyiv, and avoid a government shutdown at home. The leaders said they were optimistic they could keep the government’s lights on – but on Ukraine they remained deadlocked, with Johnson insisting on the need for more border reforms first. “On Ukraine, I think the need is urgent,” said Biden, who was flanked by VicePresident Kamala Harris for the meeting at the historic office. He added that the “consequence of inaction every day in Ukraine is dire”. President Volodymyr Zelensky has warned that Ukraine desperately needs more Western support to defeat Russia’s invasion, and voiced hope the United States would approve the stalled package that includes US$60 billion (RM286 billion) of weapons and other aid. But Johnson, a Donald Trump ally who leads a razor-thin Republican majority in the House of Representatives, has refused to even allow a vote on a supplemental funding bill containing the Ukraine aid. Johnson, who also held a one-on-one meeting with Biden, insisted the crisis on the Mexican border was his priority. He said the House would deal with the supplemental bill “in a timely manner, but again the first priority of the country is our border and making sure it’s secure”. Biden met Johnson and his Democratic counterpart Hakeem Jeffries, as well as the Senate’s Democratic Majority Leader Chuck Schumer and opposition chief Mitch McConnell. “It was the consensus in that room Zelensky and Ukraine will lose the war” without help, Schumer said. – AFP B R I E F SRUSSIA PLEDGES MORE AID FOR LATIN AMERICA MOSCOW: Russian Security Council Secretary Nikolai Patrushev, a top ally of President Vladimir Putin, pledged to help Latin American countries counter what he described as US attempts to interfere in their internal affairs. He made his comments in Nicaragua, led by former guerilla Daniel Ortega, after meeting Cuba’s former leader Raul Castro in Havana. Russia’s TASS state news agency quoted Patrushev as saying that Latin American countries were well aware of attempts by the US to resort to economic and political pressure against those whose policies did not suit Washington. “Latin America remains an important zone of peace, a sort of island of stability. It is important for us that more countries in the region strive towards independent policies,” Patrushev said in Managua. “And Moscow will continue within the framework of existing means to prevent interference in the internal affairs of your countries, campaigns to discredit their legitimate authority, intimidate populations and destabilise economies.” – AFP UK POLICE CHARGE SIXTH BULGARIAN WITH SPYING LONDON: UK police on Tuesday charged a sixth Bulgarian national as part of an investigation into alleged spying offences. Tihomir Ivanov Ivanchev, 37, was arrested on Feb 7 as part of a probe led by the Metropolitan Police’s Counter Terrorism Command. He was remanded to appear at court. Ivanchev is charged with “conspiring to collect information intended to be directly or indirectly useful to an enemy for a purpose prejudicial to the safety and interest of the state”. As part of the investigation, five people have already been charged, and are due to face a trial in October. They are alleged to have “conspired together and with Jan Marsalek, and others unknown, to obtain, collect, record, publish or communicate documents or information” for Moscow. Marsalek is the Austrian former chief operating officer of payments firm Wirecard, who became a wanted man in Germany over fraud allegations. – AFP GAZA STRIP: At the Jabalia refugee camp in northern Gaza, Abu Gibril was so desperate for food to feed his family that he slaughtered two of his horses. “We had no other choice but to slaughter the horses to feed the children. Hunger is killing us,” he said. Jabalia was the biggest camp in the Palestinian territories before the war, which began after Hamas fighters attacked southern Israel on Oct 7, leaving about 1,160 dead, based on Israeli figures. Abu Gibril, 60, fled there from nearby Beit Hanun when the conflict erupted. Home for him and his family is now a tent near what was a UN-run school. Contaminated water, power cuts and overcrowding were already a problem in the densely populated camp, which was set up in 1948 and covers just 1.4 sq km. Poverty, from high unemployment, was also an issue among its more than 100,000 people. Now food is running out, with aid agencies unable to get into the area because of the bombing – and the frenzied looting of lack of food and the consequences. On Friday, an impromptu protest was held involving dozens of people. One child held up a sign reading: “We didn’t die from air strikes but we are dying from hunger.” Another held aloft a placard warning “Famine eats away at our flesh”, while protesters chanted “No to starvation. No to genocide. No to blockade.” In Beit Hanun, Abu Gibril used his two horses to harvest a parcel of land. But the conflict destroyed that, along with his house, leaving him with nothing. Over the weeks and months, Israel’s relentless bombardment has left Gaza largely a place of shattered concrete and lives. Abu Gibril kept the radical decision to slaughter his horses to himself, boiling the meat with rice, and giving it to his unwitting family and neighbours. Despite the necessity, he said he was still wary of their reaction. “No one knows they were in fact eating a horse.” – AFP
10 THURSDAY | FEB 29, 2024 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Refreshing royal address THE inaugural royal address by His Majesty Sultan Ibrahim, King of Malaysia, to Parliament on Monday was a refreshing departure from the norm. In tone and style, as well as demeanour and substance, it was low-key, far from the usual embellished royal speeches. Yet, there was no mistaking the gravity of his message to the nation’s leaders and lawmakers. And through them, Malaysians. First, a necessary note of caution. Significant differences exist between the official transcript posted on Parliament’s website and the live speech. These variances go beyond the usual editorial adjustments made to render oral presentations more readable. What struck me with this royal address was His Majesty’s first sentence after his obligatory and brief traditional Islamic salutation. What surprised and impressed me was the ending of his first sentence. “. . . Saudara saudari yang Saya hormati sekalian” (“Ladies and gentlemen whom I respect” or “Respected ladies and gentlemen”). He used the uncustomary Saya firstperson pronoun and not the traditional Beta. The capitalised “S” of Saya was in the official transcript but in his speech, it sounded like a simple and modest saya. His Majesty used “saya” many more times. In tandem, he referred to Members of Parliament (MPs) as “Saudara saudari”. However, in the transcript they were referred to as “Ahli-ahli Yang Berhormat sekalian” (Honourable Members). Midway through his address, the King emphasised his desire for MPs to maintain decorum and treat each other with civility, avoiding rude language and uncouth behaviour. The necessity of reminding them of this basic courtesy speaks volumes. His Majesty admitted that he felt embarrassed to enter Parliament, noting what had transpired in the House during the past few years. This drew loud applause. The King added that he had given the “green light” to the Speaker to suspend any unruly MP for a period of two weeks, which prompted another round of loud applause. Once more, this segment, along with his earlier remarks regarding rude MPs, was also omitted from the transcript. Sultan Ibrahim went on to urge MPs to respect the current unity government, emphasising: “If MPs want to engage in politics, they should wait until the next election.” This statement was met with enthusiastic applause. Towards the end of the address, His Majesty urged the Malaysian AntiCorruption Commission to be more aggressive in pursuing the corrupt, and for the courts to expedite their processes. This portion of the speech was also omitted from the transcript. I had intimations that Sultan Ibrahim is cut from a different cloth, literally and figuratively. Unlike the traditional Malay sultan attire of embroidered songket and samping with a towering tanjak, Sultan Ibrahim opted for the ceremonial white military garb, complete with a green beret. He resembled that of a commanding officer, moving his quarters to the fore. In tone and content, His Majesty meant business. He is precisely the King Malaysia needs today. Perhaps, being in Johor and seeing how they do it so crisp and well across the causeway, Sultan Ibrahim is intolerant of the challenges endured by his fellow citizens for the past generation or two. He wants change, radical and immediate. May he achieve great success, for with that, the success of Malaysia will follow suit. As for the significant difference between the official transcript and the actual Royal Speech, that is emblematic of the vast gulf between reality and what the government’s documents report. M. Bakri Musa Heed King’s call for national harmony His Majesty Sultan Ibrahim LETTERS letters@thesundaily.com “THE King has spoken” is a powerful and authoritative phrase that aptly encapsulates the message delivered by His Majesty Sultan Ibrahim, King of Malaysia, during the opening of the third session of the 15th Parliament on Monday. It is pertinent to acknowledge the immediate responses of a cross-section of the public, with many welcoming the King’s exhortations. Now the people are anxiously waiting to see how the government intends to fulfil the promises made to enhance their well-being. Much rests on the actions of the government and politicians. The crucial question remains: Will they be able to translate their words into action? Thus far, certain institutional reforms pledged by the government remain unimplemented. It is imperative for the government to revisit these reforms and expedite their implementation without delay. The King also addressed the importance of unity, and expressed his concern for the people. It is not untrue to say that Malaysians are currently divided, often by irresponsible politicians who exploit racial issues. Instead, they should lead by example, adhering to the five principles of the Rukun Negara and actively implementing them in practice. Merely reciting the five principles without putting them into practice is meaningless and defeats the purpose of our national philosophy. Another pressing issue that demands immediate attention is the problem of bureaucratic red tape within the government’s delivery system. Many of the current processes, procedures and requirements need to be simplified to ensure that people have easy access to essential facilities and services. Equal emphasis must be placed on improving the economy and higher education as they are crucial in enabling all citizens to progress together in nation-building. The King also expressed concern over a host of other issues, including motivating the young, excessive government spending, the importance of attracting high-value investments and the necessity of being forthright and forceful on world affairs, especially on the Palestine cause. These matters require the attention and action of not only the MPs but also all ministers, the civil servants and the rakyat. The message is clear: the King is watching. It is now incumbent upon all stakeholders to heed his guidance. As we move forward, may the resonance of his words steer our actions towards building a united, prosperous and harmonious nation. Tan Sri Lee Lam Thye Chairman Alliance for a Safe Community “In tone and style, as well as demeanour and substance, it was low-key, far from the usual embellished royal speeches. Yet, there was no mistaking the gravity of his message to the nation’s leaders and lawmakers. And through them, Malaysians.
11 THURSDAY | FEB 29, 2024 Revolutionary power of listening LET us dive into the world of active listening, a skill so potent, yet so underappreciated that it can transform mundane conversations into bridges of deep understanding and connection. Imagine for a moment standing at the edge of a bustling marketplace, your senses bombarded with a cacophony of sounds. Amid this chaos, a single, clear note from a distant flute reaches your ears. That is active listening – filtering through the noise to find and focus on the essence. The journey begins with presence, the cornerstone of active listening, but what does it mean to be truly present? It is the art of anchoring yourself in the “now”, ensuring that your mind is not wandering through the corridors of the past or the future’s unknown realms. It is about giving the person in front of you the gift of your undivided attention, an increasingly rare commodity in our digital age. Being present is akin to a musician tuning their instrument before a performance to ensure that they are in perfect harmony with the orchestra. Active listening is not just about keeping silent while someone else speaks, it is about creating a space where the other person feels free to express his thoughts and emotions without fear of interruption or judgement. This space is sacred, a sanctuary where words are respected and valued. Imagine a dancer moving across the stage with grace and fluidity, each movement telling a story. Your role is to be the audience, captivated and appreciative of the performance, understanding the narrative being woven before your eyes. To listen actively, one must approach conversations with a sense of emptiness. This does not mean you come as a blank slate with no thoughts or feelings. Instead, it is about clearing your mind of preconceptions and biases, making room for the other person’s words to resonate within you. Think of it as preparing a garden bed for new seeds, the soil must be nurtured and ready to support new growth. This openness allows you to truly hear what is being said, beyond mere words. One of the greatest enemies of active listening is defensiveness. When we are defensive, we are not listening, we are waiting to retaliate. To listen actively, we must disarm ourselves, lay down our shields, and enter the conversation with a heart open to understanding, not defending. It is like a dance where both partners move in sync, aware of each other’s steps, and responsive to the rhythm of the dialogue. Active listening shifts the focus from a quest to find faults to understanding. It is easy to listen with an agenda, to sift through someone’s words looking for points to argue or weaknesses to exploit. However, active listening invites us to listen with empathy, to hear the emotions and intentions behind the words. It is a move from a confrontational stance to a collaborative one, where the goal is mutual understanding, not victory. Active listening is not a passive act. It involves radiating positivity, showing through your body language and responses that you are engaged and supportive. Feedback, when given thoughtfully, becomes a mirror reflecting the essence of what has been shared, offering clarity and promoting deeper understanding. It is a dialogue, a two-way street paved with respect and a genuine desire to understand the other person’s perspective. Active listening is akin to conducting a symphony. Each participant in the conversation is an instrument, contributing unique sound to the collective performance. The active listener is the conductor, attentive to each note, ensuring harmony and balance, and bringing forth a beautiful piece of music from the ensemble. When we embrace active listening, we transform our conversations into opportunities for growth and connection. We move beyond the superficial layers of dialogue and touch the core of human experience – our shared desires to be understood, valued and respected. Active listening becomes a bridge, a passage connecting two souls in a dance of words and silence, where every pause, word and response is a step towards deeper understanding. It is not just a skill, it is a way of being in the world. It requires practice, patience and a deep commitment to truly understanding those around us. As we cultivate this art, we open ourselves to the rich tapestry of human experience, finding in every conversation a chance to connect, learn and grow. In a world eager to speak, the power of listening is revolutionary. Let us be listeners who can change the narrative, one conversation at a time. The writer is a certified mental health and awareness practitioner specialising in narcissistic abuse recovery. Comments: letters@thesundaily.com Preparing rakyat for digital landscape MALAYSIA recently introduced the central database integrated system, which is a game changer in data management. Subsequently, the Madani government launched another digital programme under the purview of the Economy Ministry. This programme is aimed at narrowing the digital literacy gap among Malaysians nationwide. It is also in line with Malaysia’s vision of transforming the country into a digitally driven, high-income nation and a regional leader in digital economy. Prime Minister Datuk Seri Anwar Ibrahim highlighted the objectives of artificial intelligence (AI) for the rakyat, which are to increase the awareness of AI and to encourage the appreciation of AI. In addition, Economy Minister Rafizi Ramli explained that this online self-learning programme aims to provide a basic understanding of AI as well as bring great technological benefits to individuals within the populace. By grasping the rudiments of AI, individuals can unlock opportunities to enhance their technological expertise, a necessity in today’s digital landscape. The online learning website is accessible in four languages: Malay, English, Mandarin and Tamil, which was built with the support of Intel Malaysia and MyDigital. This online selflearning programme is designed to promote public understanding and awareness of AI. Two interactive and engaging learning modules, AI Aware (Kesedaran AI) and AI Appreciate (Hargai AI), are accessible to everyone, anytime and anywhere. The AI Aware module introduces AI usage cases and addresses common misconceptions about AI. On the other hand, AI Appreciate delves into application features and the impacts on industries, catering to anyone seeking to enhance their understanding of AI. During the launch, Rafizi emphasised the programme’s benefits for students, aiming to pique their interest and encourage them to pursue careers in the digital technology sector. He also announced the government’s ambitious target of enabling one million Malaysians to master AI skills within three years. The Statistics Department’s report depicted the current annual figures of digital usage and accessibility in the country as lagging. In 2018, the percentage of individuals using a computer by state, type of ICT skills and strata showed deficiencies in nine common computerrelated skills such as copying or moving a file or folder, sending an email with attached files, using basic arithmetic formulas in a spreadsheet, connecting and installing a new device, transferring files between a computer and other devices, writing a computer programme using a specialised programming language and searching, downloading, installing and configuring software. However, within four years, the 2022 percentage of individuals using computers by state, type of ICT skills and strata exhibited significant improvement. In 2022, the five activities with the highest percentage of usage were copying or moving a file or folder (97%), using copy and paste tools to duplicate or move information within a document (96.3%), sending an email with attached files (89.4%), transferring files between computers and other mobile devices (83.1%) and connecting and installing new devices (79.2%). The post-pandemic era of Covid-19 has brought about some positive impacts in the realm of digital technology. We can observe a significant increase in the percentage of individuals utilising computers with ICT skills in Malaysia, as reported in the latest Statistics Department’s ICT Use and Access by Individuals and Households Survey 2022. The application of high-tech equipment and technology-enabled innovations in education can cultivate critical, creative and innovative thinkers in science, technology, engineering and mathematics (STEM) subjects. The AI for the rakyat programme comes at an opportune time to encourage youths and students at all levels of education to engage in shaping human talents for digital advancement. The education system must prioritise lifelong learning, foster greater interest in STEM degrees and bolster ICT literacy skills such as computational mathematics, coding, educational robotics, peer-to-peer learning, AI and collaborative machine learning. Therefore, introducing appropriate ICT skills and digital literacies will give the rakyat better opportunities. Malaysia needs to realise the economic and potential benefits stemming from the emergence of a digital economy to help Malaysia achieve sustainable growth and greater inclusivity. The writer is a research fellow at the Ungku Aziz Centre for Development Studies at Universiti Malaya. Comments: letters@thesundaily.com COMMENT by Dr Sayed Mohammad Reza Yamani Sayed Umar Active listening is akin to conducting a symphony. Each participant in the conversation is an instrument, contributing unique sound to the collective performance. – REUTERSPIC MIND THE MIND BY DR PRAVEENA RAJENDRA P8: NEW COLUMN: Green Inspiration LOGO with photo,HEADLINE: “Active listening is not just about keeping silent while someone else speaks, it is about creating a space where the other person feels free to express his thoughts and emotions without fear of interruption or judgement.
PROPERTY PROPERTY THURSDAY | FEB 29, 2024 12 Demand for affordable housing remains strong oIntent is there but decision to buy may be impacted by factors such as economic uncertainties, interest rates: PropertyGuru KUALA LUMPUR: PropertyGuru Malaysia’s biannual Consumer Sentiment Study (CSS) for H1 2024 revealed that 30% of respondents are looking to purchase a property in the next two years. Among this group, 60% are considering purchasing a home valued at RM400,000 or lower, particularly low-income and younger Malaysians. Country manager Malaysia (PropertyGuru.com.my and iProperty.com.my) Sheldon Fernandez said that the study showed continued strong demand for affordable housing, particularly among low-income earners and young families. However, he added that the PropertyGuru Malaysia Property Market Outlook 2024 showed a quarter-on-quarter decline of 7.4% in the Sale Demand Index in Q4’23 which suggested that while the intent to purchase is there, the actual conversion may be impacted by various factors such as economic uncertainties and rising interest rates. “Our study also shows that 60% of respondents agreed that the increase in the service tax rate, as introduced in Budget 2024, will affect the cost of property purchase. This will lead to buyers becoming more pricesensitive and cautious in their purchase decisions. Moreover, high asking prices has steered buyer interest towards the rental market. The rental trend has sustained strong demand throughout 2023 and is anticipated to increase in the near term. “As the market evolves, it is crucial for industry players to understand current consumer preferences and trends. This will enable them to customise their property offerings and contribute to the development of more affordable housing for Malaysians,” he said. Aside from financial concerns, Sheldon said potential homebuyers expressed worries about the delays in projects (65%) and low construction quality (64%) when considering a newly launched property. These concerns highlight the importance of project management and quality control, and the need for developers to address these issues to attract potential buyers. “According to the Ministry of Housing and Local Government, 481 sick projects and 112 abandoned projects has been identified across the country as of June 2023. Therefore, it was not surprising to see that 66% of respondents are calling for better enforcement by the authorities to ensure the highest compliance during the defect liability period. In a similar vein, 66% expressed the need for the establishment of Developers Guarantee Fund to protect buyers against loss of funds due to bankruptcy or fraudulent activities by developers. “These findings underscore the need for stronger policies to safeguard the buyer interest and boost confidence in the property market,” he added. When questioned on which housing initiative is perceived as the most useful, the 1Malaysia Housing Programme (PR1MA) is the preferred choice for 23% of respondents, particularly those who are middle-income earners in their 30s. On the other hand, Rumah Selangorku is favoured by 15% of respondents, predominantly those who are married with children. TH Properties signs deals for sale of land in Bandar Enstek SEREMBAN: TH Properties Sdn. Bhd. (TH Prop), a wholly owned subsidiary of Lembaga Tabung Haji, signed sale and purchase agreements (SPA) with four companies that are investing in Bandar Enstek, Negeri Sembilan recently, kick-starting the first quarter land sale of the township into high gear. The companies GoBuilders Netsoft Sdn Bhd, Epsom College in Malaysia (Educ8 Group Sdn Bhd), Malindo Airways Sdn Bhd (Batik Air) and Meta Legends Sdn Bhd purchased plots of industrial and agriculture land in Bandar Enstek totalling RM70,257,115.23 in sales value. Epsom College in Malaysia via Educ8 Group Sdn Bhd acquired 30 acres of land beside its existing 50- acre for the campus’ future expansion plan while Meta Legends, a commercial developer purchased 2.254 acres of agriculture land for future commercial development. Within the township’s industrial park, Malindo Airways (Batik Air) purchased 4.134 acres of land in phase 1 of techpark@enstek for its proposed training and in-flight catering complex. GoBuilders Netsoft, a cold chain logistics technology company, purchased 13.43 acres of land in phase 2 of techpark@enstek. TH Prop chairman Datin Paduka Kartini Abdul Manaf said that the land deals are a significant achievement for Bandar Enstek after the group successfully launched phase 3 of techpark@enstek in November last year. “To date, techpark@enstek phase 1 has been fully sold and phase 2 is 91.5% taken up. Bandar Enstek is fast becoming the choice location for big names such as Epsom College, Coca Cola, Mahsuri Foods, Purecircle Sdn Bhd, Farm Fresh Bhd, Kellogg’s Malaysia, Ajinomoto Malaysia, Dutch Lady Milk Industries Sdn Bhd, Mac Food Services and many more due to its strategic location. The addition of these three new investors will be a boon to the economic development of the area specifically and Negri Sembilan state as a whole,” she added. Collectively, the companies are expected to bring in more than RM420 million of future investment and created more than 2,000 jobs in Bandar Enstek. LBS Bina posts record high revenue in FY23 PETALING JAYA: LBS Bina Group Bhd which announced its unaudited financial results for the fourth quarter (Q4’23) and full year ended Dec 31, 2023 (FY23) recently said that it achieved revenue of RM596.7 million, marking a significant increase of 58.9% compared to the corresponding quarter last year, which recorded RM375.6 million. This notable surge in revenue was predominantly attributed to the property development segment’s 60.2% increase, which contributed RM571.2 million to the total revenue. The group’s profit after tax (PAT) also experienced a considerable rise, reaching RM41.1 million, translating to a surge of 31.2%. For the full year 2023, LBS achieved a PAT of RM159 million, reflecting a yearon-year increase of 15.6%. This growth was supported by a 6% rise in revenue, reaching RM1.83 billion. The surge was attributable to increased development activities across ongoing projects. The property development segment, maintaining its position as the group’s primary revenue contributor, accounted for 95.9% of the total revenue. Key development projects such as KITA @ Cybersouth, Bukit Jalil projects, LBS Alam Perdana, Idaman projects and Prestige Residence, played a significant role in driving this revenue increase. LBS Group executive chairman Tan Sri Lim Hock San said that LBS delivered outstanding financial results for 2023, with RM1.83 billion in revenue, marking the group’s highest achievement to date and these positive financial results present a solid foundation for it to build upon as it embarks on the next phase of its journey. As of Dec 31, 2023, the group’s land bank covered about 2,767 acres ensuring a strategic reserve for the next 10-15 years. Bangsar Heights Pavilion teams up with Hyatt to manage hotel in JB KUALA LUMPUR: Bangsar Heights Pavilion (BHP) has partnered with an affiliate of Hyatt Hotels Corporation, one of the world’s leading global hospitality brands, to manage the 200-room Hyatt Place Johor Baru City Centre to be located at Quayside JBCC – a new lifestyle, retail and entertainment destination in the heart of Johor Baru. This collaboration marks a significant occasion for both parties, bringing Hyatt Place’s renowned select service offering tailored for those working on-the-go or travelling with families to Quayside JBCC, and solidifying Bangsar Heights Pavilion’s position as a leader in innovative development projects. Quayside JBCC is a freehold mixed development comprising retail, hotel, serviced suites, and sky bar fine dining with an expected gross development value of RM600 million. BHP CEO Aaron Yap said they believe that this partnership will add value to the stakeholders of both companies, locally and internationally. Hyatt Asia Pacific group president David Udell said that with BHP’s legacy of over 30 years of experience in developing residential, commercial, and industrial properties in the country, they are proud to give their guests a place they can call their own, defined by a comfortable and convenient stay during their travel. Yap said Bangsar Heights Pavilion is a subsidiary of angsar Heights Group, inheriting a legacy of over 30 years of experience in property development. Lastly, the Projek Perumahan Rakyat is chosen by 14% of respondents, mainly those from the low-income bracket. This finding emphasises the need for the government to tailor housing initiatives to meet the preferences of diverse demographic groups. They should also collaborate with financial institutions to offer advantageous loan rates and conditions, and to periodically update policies to address upcoming housing needs. Among renters or those intending to rent, 59% expressed that rental payments should be factored into their credit score as this could provide an opportunity for potential homeowners to establish a robust credit profile, particularly when it comes to repaying debts. “Considering that many young Malaysians might not have liabilities such as hire purchase or student loans, their credit histories could be viewed as limited. This initiative could help them enrich their financial profiles,” Sheldon said. To bring down the selling price of residential properties, 37% of lowincome respondents and 40% from middle-income households are willing to forgo certain amenities. These include a yoga deck (42%), jacuzzi (38%), tennis court (29%), swimming pool (24%), gym and designated parking lot (23%). Meanwhile, 62% of respondents, more so among the middleincome, believe that homes with green features will help reduce properties’ operational costs in the long run. Sheldon said 50% of those intending to purchase a home after one year or those with no purchasing intent, have plans to rent in the future. This is especially predominant among younger Malaysians. Among those intending to rent, 69% allocate a monthly rental budget of RM1,500 or lower. Meanwhile, more than 90% of existing renters are paying the same amount and 35% low-income earners paying less than RM500 per month. When it comes to regulatory expectations surrounding the rental market, 53% of all respondents support the government’s inclusion of the Rent-To-Own scheme in the Mid-Term Review of the 12th Malaysia Plan. This scheme allows renters to build equity over time and eventually own a property for those who are unable to afford the upfront costs of buying a property. Digging deeper into the reasons for this agreement, 36% cited the inability to save for a downpayment as a key factor. This scheme might help promote affordable rental options that cater to renters’ financial needs while allowing them to gradually transition into homeownership in the future.
THURSDAY | FEB 29, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: sunbiz@thesundaily.com Advertising T: 03-7784 8888 E: advertise@thesundaily.com SCAN ME Pernas to provide franchise financing worth RM50m this year KUALA LUMPUR: The Ministry of Entrepreneur and Cooperatives Development (Kuskop) through its agency Perbadanan Nasional Bhd (Pernas) is providing franchise financing worth RM50 million this year, with a total of 290 entrepreneurs targeted. Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick said that in 2023, Pernas approved financing amounting to RM25.23 million for 155 franchise entrepreneurs, creating 594 job opportunities through various programmes and schemes funded. “The commitment given by Pernas, with full support from Kuskop, has forged various successes in the development of the country’s franchise industry. I hope that Pernas’s performance can be further enhanced through strategic planning so that the direction of franchise entrepreneurs aligns with the mandate given,” he said at the launching ceremony of the “Focus Point Sightsavers’ Franchise Package” and signing of a memorandum of understanding between Pernas and Focus Point Care Group Sdn Bhd for financing of participating franchisees. Ewon expressed his wish for Pernas to explore other sectors besides food and beverage to provide more opportunities for entrepreneurs to join franchise programmes in the country. “This is one of the sectors that we offer to entrepreneurs, the optometric sector, and, hopefully, I would like to see Pernas explore even more sectors that we can offer to new entrepreneurs to join the franchise programme in this country,” he said. He added that the franchise industry has recorded an increase in sales value of 105.48%, amounting to RM30 billion in 2021 compared with RM14.6 billion in 2020. “The commitment shown by all parties in providing support and organising various entrepreneurship-based programmes and initiatives to support these franchise entrepreneurs is crucial to ensuring good economic growth for our country,” he said. Focus Point Vision Care Group introduced the Focus Point Sightsavers franchise package with initial business cost savings of up to 70%, an initiative utilising franchise financing provided by Pernas. Ewon (standing, centre) witnessing the signing of a memorandum of understanding between Focus Point Vision Care Group president Datuk Liaw Choon Liang (right) and Pernas COO Tengku Mohamed Fadhli Tengku Hamzah. With them are Deputy Entrepreneur and Cooperatives Development Minister Datuk Ramanan Ramakrishnan (left) and ministry secretary-general Datuk Seri Suriani Ahmad. – BERNAMAPIC █ BYHAYATUN RAZAK sunbiz@thesundaily.com Gold price expected to average US$2,059 an ounce in 2024 KUALA LUMPUR: The average price of gold is projected to increase by 6.1% in 2024 to US$2,059 (RM9,806) per ounce (28.35 grams) compared with the average price of US$1,940.54 (RM9241.82) in 2023, said London Bullion Market Association (LBMA). According to its senior adviser, Jeremy East, the expected increment in gold prices will be underpinned by three main drivers – US monetary policy, central bank activity and geopolitical risks. He explained that central banks have been a key driver of gold, as evidenced by notable net buying recorded last year, which supported global gold demand. “Central bank buying continued to be strong through 2023, (involving) net purchases of 1,037 tonnes which is 4.3% lower than 1,136 tonnes recorded in 2022. “Based on the World Gold Council Survey May 2023, a quarter of central banks reported plans to increase reserves in 2023 into 2024,“ he said in a video presentation at the 2nd Edition Gold Conference 2024 yesterday. In addition, LBMA expects China to lead the way as the People’s Bank of China was a net buyer for 14 consecutive months as of end-2023. East noted that the Chinese central bank purchased an estimated 230 tonnes last year, with declared gold reserves at 2,226 tonnes. “Poland (100 tonnes) and Singapore (75 tonnes) were also notably active buyers to end-October,“ he said. Meanwhile, Malaysian Gold Association (MGA) president Datuk Wira Louis Ng said the price of gold in Malaysia is expected to reach US$2,200 (RM10,474) per ounce this year, compared to around US$2,030 (RM9,664) currently. He explained that demand for gold is increasing not only from central banks, but also from retailers and companies due to economic uncertainty as well as geopolitical tensions. Ng said the MGA has submitted a proposal to the government that the threshold value for the imposition of Luxury Goods Tax for the purchase of gold be increased to RM50,000 compared to the RM10,000 threshold, with a tax rate of 5%. “Many players in the jewellery industry are concerned that the imposition of this new tax risks affecting the entire industry, which currently involves hundreds of thousands of jobs,“ he added. Established in 2014, MGA has over the years played a role in advancing local precious metals industry through various activities from active involvement in national policy making to maintaining regional gold standards. Gathering over 300 global precious metals leaders and key industry players from varied countries around the world, this conference saw world gold leaders share valuable insights on global gold market trends and highlighted its potentials for international trades. █ BYGLORIA HARRY BEATTY sunbiz@thesundaily.com PETALING JAYA: Berjaya Corporation Bhd (BCorp) registered revenue of RM2.23 billion in the second quarter ended Dec 31 2023 (Q2’24) compared with revenue of RM2.34 billion in the previous year corresponding quarter. However, the group registered a pre-tax loss of RM114.84 million in the quarter under review compared to a pre-tax profit of RM92.08 million in the previous year’s corresponding quarter. The group’s results in the quarter under review were contributed by the following business segments: 0 Retail segment posted a lower revenue mainly due to a drop in the food retail business, primarily stemming from the boycott of Starbucks’ cafes arising from the Middle East conflict. The non-food retail business reported an increase in revenue due to favourable foreign exchange impact when H.R. Owen Plc’s revenue was converted into ringgit. The retail segment reported a pre-tax loss as opposed to a pre-tax profit in the corresponding quarter of the previous year. This shift can be attributed primarily to the pre-tax loss reported by the food retail business, along with the higher pre-tax loss incurred by the non-food retail business. 0 Property segment reported lower revenue and lower pre-tax profit mainly due to lower sales of overseas residence units compared with the previous year’s corresponding quarter. 0 Services segment posted lower revenue mainly due to lower revenue reported by the gaming business, which is operated by STM Lottery Sdn Bhd (STM Lottery). The drop in revenue was mainly due to fewer draws conducted. However, this was mitigated by the higher revenue recorded by the managed telecommunications network service business, attributed to the higher project activities under the Universal Service Provision project. The segment reported lower pre-tax profit due to lower sales achieved by STM Lottery, higher prize payout coupled with higher operating expenses. 0 On a positive note, the hospitality segment posted higher revenue and improved results mainly due to the higher overall average room rates and the full three months’ revenue from Iceland Parliament Hotel, which commenced its operations in December 2022, when compared with the corresponding quarter of the last year. For the six-month period ended Dec 31 2023, the group registered revenue of RM4.8 billion and pre-tax loss of RM12.86 million compared with revenue of RM4.58 billion and pre-tax profit of RM199.67 million in the previous year’s corresponding period. The board does not recommend any dividend for the quarter ended Dec 31, 2023. The management of the number forecast operation (NFO) segment of the group is of the view that the business in Malaysia will continue its upward trajectory of per draw sales growth driven by favourable consumer spending during the festive period and continued consumer interest in the jackpot games. The performance of the group’s business segments is expected to improve on the back of moderate consumer spending, rebound of tourism activities and better-than-expected labour market conditions. BCorp said it will monitor the prevailing global and local political developments in the countries where the group has business operations. Barring any unforeseen circumstances, the directors are cautiously optimistic that the performance of the group’s businesses for the remaining quarters of the financial year ending June 30, 2024 will be satisfactory. Berjaya Corp registers RM2.23b revenue for Q2’24 oDirectors cautiously optimistic that performance of group’s businesses for remaining quarters of financial year will be satisfactory
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 14 PETALING JAYA: Farm Fresh Bhd, one of Malaysia’s leading dairy producers, reported record-breaking revenue of RM211.6 million for its third quarter ended Dec 31, 2023 (Q3’24). This represented an increase of 30.5% compared to the previous year’s corresponding quarter, and 6.7% growth compared to the preceding three-month period. The increase in revenue is contributed by the hotel, restaurant and cafe (Horeca) distribution channel, higher sales volume coming from UHT (ultra heat treatment) products as well as contributions from Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd. The group recorded a significant increase in profitability mainly driven by reduction in input costs from dairy raw materials, higher prices for chilled ready-to-drink products in Malaysia effective mid-July 2023 and contribution from Inside Scoop and Sin Wah. In comparison to the preceding quarter, gross profit (GP), profit before tax (PBT) and profit after tax (PAT) grew 25.7%, 67.8% and 57% respectively to RM65.6 million, RM24 million and RM20.6 million. In comparison to the corresponding quarter of the preceding financial year, the group recorded improvements of 66.2%, 18.1% and 9.6% in GP, PBT and PAT respectively, compared to RM39.5 million, RM20.4 million and RM18.8 million. Farm Fresh group managing director and group CEO Loi Tuan Ee’s said they look forward to launching their consumer packaged goods ice cream by June. “We plan to install our new production line which is set to arrive in April at our Taiping plant and will commence production while waiting for the completion of our Enstek plant in 2025. Moreover, the recent acquisition of Sin Wah provides immediate access to strategic distribution drop points and logistical capabilities, which will further fortifying our ice cream distribution network,” he added. Loi said they are also starting their butter production at their Taiping plant, targeting both Horeca and modern trade segments, alongside cultured milk, which is to be produced at their Larkin plant. In pursuit of regional growth, he added, Farm Fresh is focused on having its Philippines plant operational by May, pending the completion of necessary licences and registrations. “Our initial plans will be centred around assortment of chilled products, UHT products, and growing-up milk powder for the Philippine market, with a primary focus on the Greater Manila area,” said Loi. Farm Fresh reports record-breaking quarterly revenue I-Berhad posts vibrant Q4 financial results PETALING JAYA: I-Berhad posted profit before tax of RM7.2 million in the fourth quarter of 2023 (Q4’23), an increase of 14%, thanks to the strengthening of i-City’s position as a notable vibrant destination in Shah Alam for immersive experiences, dining and living. The group reported revenue of RM44.5 million for Q4’23, an increase of RM2.2 million from RM42.3 million in the corresponding quarter ended Dec 31 2022. I-Berhad chairman Tan Sri Lim Kim Hong (pic) said the group’s focus on positioning i-City as a vibrant destination has created sustained long-term multiplying effects for its property development, property investment and leisure divisions in the face of a dynamic economic landscape. As at Dec 31, 2023, the group’s unbilled sales for BeCentral increased by 30% to RM112.8 million from RM87.3 million in 2022. Lim said the group laid a strong foundation for a thriving city through various business innovation, enhancement and partnership projects last year. This has resulted in consistent demand in i-City, including a five-times increase in footfall, leading to more commercial activities and revenue for retail partners. The cascading effects left a positive imprint on its property investment division – DoubleTree by Hilton i-City and Best Western Hotel, Central i-City Mall and CityWalk i-City. Capitalising on the upswing this year, iBerhad will focus on targeted marketing initiatives for BeCentral while continuing to solidify i-City’s position as a notable destination in Shah Alam city centre through various enhancements. Lim disclosed that the group is strengthening its investment properties portfolio by maximising returns from key components such as Mercu Maybank Corporate Tower, data centre, Central i-City Mall and car-parking blocks. “Our goal is to create a compelling value proposition for tenants and business partners befitting of our billion-dollar investment properties. Similarly, the leisure and hospitality segment will be another focus in 2024, with investments aimed at enhancing the visitor experience and reinforcing i-City’s reputation as a vibrant destination for leisure and entertainment,” he said Hong Leong Bank H1 net profit rises to RM2.1b, 25 sen dividend declared KUALA LUMPUR: Hong Leong Bank Bhd’s net profit for the first half of its financial year ending June 30, 2024, (H1’24) rose 4.7% to RM2.11 billion versus RM2.02 billion registered in H1’23, amid strong loans/financing expansion, improved non-interest income and robust contributions from associates. Revenue for the first six months ended Dec 31, 2023, stood at RM2.85 billion compared with RM2.98 billion before, it said in a filing with Bursa Malaysia. Gross loans and financing maintained its strong growth trajectory, expanding 7.5% yearon-year (y-o-y) to RM185.2 billion, while asset quality remained solid with a Gross Impaired Loan ratio of 0.56% and prudent Loan Impairment Coverage ratio of 163.4%, it said in a separate statement here, yesterday. For the second quarter of financial year 2024, net profit was higher at RM1.08 billion from the RM1.04 billion it posted in the same quarter previously. Revenue slipped to RM1.46 billion against RM1.48 billion previously. Group managing director and CEO Kevin Lam said the bank stands firm in its brand promise of “Built Around You” by delivering innovative and customer-centric banking solutions to its customers while pursuing opportunities where we can deliver business growth and drive franchise value. “To make this possible, it remains crucial for us to build world-class digital capabilities and continue to support and enable our employees to develop to their greatest potential.” The board has declared an interim dividend of 25 sen per share for H1’24. – Bernama Ericsson and DNB to collaborate on 5G Advanced PETALING JAYA: Ericsson and Digital Nasional Bhd (DNB) have formalised plans to collaborate on 5G Advanced to maintain DNB’s 5G network as one of the best in the world. The commitment to collaborate was formalised with the exchange of a memorandum of understanding yesterday at the Mobile World Congress 2024 (MWC 24) in Barcelona, Spain. 5G Advanced delivers a new paradigm of 5G connectivity, bringing significant enhancements to network performance, sustainability and intelligence besides making it possible to address new applications and use cases, bringing new features and artificial intelligence-based capabilities to 5G RAN, Core and operational domains. The collaboration will focus on enhancing the 5G experience and accelerating digital services for consumers, government and enterprises; including offering on-demand services. This will be done by introducing enhanced radio access network (RAN) functionalities coupled with award-winning AI intent-based operations to build a highperforming network while optimizing user experience. Ericsson and DNB will collaborate for use cases enabled by end-to-end network slicing, high reliability and low latency features for public events such as live video broadcasting, industrial surveillance and industrial automation applications. Driving the adoption of 5G for enterprises and small and medium enterprises with new Hagerbro (third from left) and DNB chief strategy officer Datuk Ahmad Zaki Zahid (fourth from left) at the Malaysian Pavilion at Mobile World Congress 2024. oCountry’s network already among Top 5 in the world, leveraging latest technology network capabilities and innovation to accelerate growth for Malaysia’s digital economy will be another focus area. With Advanced Threat Detection, network security and resiliency is another area that will be enhanced to provide cybersecurity, protection of user data and privacy. The sustainability of the network will continue to be improved with the introduction of new advanced AI capabilities to optimise energy consumption and efficiency for a green network, steering Malaysia towards net-zero carbon emissions. David Hagerbro, head of Ericsson Malaysia, Sri Lanka and Bangladesh, said the next phase of 5G capabilities will allow businesses of all types to reap the benefits of enhanced mobility, flexibility, reliability and security. “Malaysia’s 5G network is among the top five in the world and already leveraging the latest in 5G technology. It is ready for 5G Advanced and new use cases that emerge. Ericsson’s focus is on evolving and optimising it as the enabler to make Malaysia a leading digital nation,” he added. Meanwhile DNB COO Nasution Mohamed said, ”DNB has successfully accelerated the 5G deployment to cover 80% coverage of populated areas by the end of 2023. We will continue to work with our strategic partner, Ericsson to upgrade DNB’s world-class 5G network with the latest technology as standardised by global standard 3GPP.” He added that this new “5G Advanced” technology will bring advanced radio security, superior user experience and enterprise capabilities, as well as empowering sustainability through enhanced energy management.
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 15 Bank Islam, Sand Town Solar in RM91.5m Perak solar farm deal He said that among the GKSB projects supported by the bank are the development of the 8MW solar farm in Bandar Hang Tuah Jaya, Malacca and the 30MW large-scale solar farm in Bidor, Perak. “Bank Islam’s business strategy is to target RM4 billion in Shariah environmental, social and governance (ESG) assets by 2025. “This target was achieved two years ahead of time with the bank’s Shariah ESG assets reaching RM4.5 billion by the end of 2023,” he added. Meanwhile, GKSB managing director Datuk Guntor Tobeng said through Neda, the group is helping to build an energy market ecosystem that is more competitive for Malaysia. “Although the terms of the guarantee prepared by the bank through Neda are flexible, the financial institution is still taking a risk as it needs to take steps to ensure the energy generated is sold and paid to the project owner’s account without involving TNB. “There is great potential for renewable energy in Malaysia, especially solar-based energy for export and exploring this potential requires support from the financial industry in terms of funding,” he added. – Bernama Mohamad Salim (centre) flanked by Rao (left) and Idham at the signing ceremony in Spain. oPartnership to support Malaysia’s renewable energy objectives, demonstrates commitment to sustainable energy CelcomDigi teams up with Amazon Web Services to develop AI solutions PETALING JAYA: CelcomDigi Bhd and Amazon Web Services (AWS), the world’s leading cloud, yesterday signed a Letter of Collaboration (LoC) to leverage AWS capabilities to cocreate generative artificial intelligence (AI) solutions aimed at improving operational excellence and delivering enhanced user experience. The LoC was signed by CelcomDigi CEO Datuk Idham Nawawi, and AWS Enterprise, Asean director Vikram Rao, witnessed by Malaysian Communication and Multimedia Commission (MCMC) chairman Tan Sri Mohamad Salim Fateh Din and CelcomDigi’s chair of the board Tengku Datuk Seri Azmil Zahruddin at Mobile World Congress 2024 in Barcelona, Spain. CelcomDigi will establish an AI Sandbox driven through its Innovation Centre for its employees to experiment, innovate, and implement generative AI solutions. This includes leveraging the expertise of CelcomDigi’s IT engineers as well as AWS AI capabilities and experts to develop generative AI solutions for use cases that will be integrated into CelcomDigi’s operational platforms for human resources, customer service, legal, finance, and more. CelcomDigi and AWS will also collaborate to train CelcomDigi employees on AI capabilities. Idham said that through their adoption of AWS’s generative AI Solarvest nine-month FY24 revenue surges past previous year’s amount KUALA LUMPUR: Regional clean energy expert, Solarvest Holdings Bhd revenue has surged 56.8% YoY to RM395.7 million for the 9M FY24 as compared to RM252.3 million from the previous year’s corresponding period (9M FY23). In announcing its third quarter (Q3 FY24) and nine months financial results for the period ended Dec 31, 2023 (9M FY24) yesterday, the company said this performance surpassed the group’s FY23 revenue of RM365.5 million. Similarly, net profit for 9M FY24 witnessed a significant 69.2% YoY increase from RM14.5 million in 9M FY23 to RM24.5 million, exceeding FY23 net profit of RM19.7 million. Meta Bright’s Q2 marked by growth, diversification KUALA LUMPUR: Bursa Malaysia Main Market listed company Meta Bright Group Bhd announced its financial results for the second quarter financial year ending June 30, 2024 (Q2 FY24), showcasing a period marked by strategic growth and diversification, despite facing increased operational costs due to pivotal investments. Meta Bright reported a profit after tax of RM2.7 million, representing an increase of 143% year-on-year and 627% quarter-on-quarter. The company’s revenue stood at RM9.98 million, a 25% increase from the previous year. The registered net profit reflects the company’s strategic execution in various sectors. However, operational costs were higher this quarter due to significant corporate activities and investments in business expansion. The company’s increased costs are primarily due to acquisition-related expenses for Expogaya Sdn Bhd, including professional fees and costs associated with the extraordinary general meeting; development costs for the leasing business in Australia, including US$5 million (RM24 million) in loan expenses and professional fees; increased depreciation following the completion of the latest phase of hotel renovation and elevated food and beverage costs as the hotel sector looks to expand and grow this part of the business. Meta Bright corporate and strategic planning executive director Derek Phang Kiew Lim said that their strategic initiatives over the past few years are now beginning to bear fruit, reflected in their improved financial performance. “Our focus on sustainable and highdemand sectors, coupled with strategic acquisitions like Expogaya, positions us strongly for continued growth. We are confident in the future prospects of MBGB as we continue to innovate and adapt in an ever-evolving market landscape,” he added. KUALA LUMPUR: Bank Islam Malaysia Bhd has signed a RM91.5 million financing agreement with Sand Town Solar Sdn Bhd (STS), a subsidiary of Kumpulan Gading Kencana Sdn Bhd (GKSB), for a solar photovoltaic (PV) farm project in Perak. STS is a renewable energy service company specialising in designing and installing solar PV systems and establishing and maintaining electrical and energy management systems. Bank Islam group CEO Datuk Mohd Muazzam Mohamed said STS is a special purpose vehicle for a 29.99-megawatt (MW) solar PV farm project in Bidor, Perak, and supplies electricity generated to Tenaga Nasional Bhd (TNB) under the New Enhanced Dispatch Arrangement (Neda) mechanism. “STS will utilise the financing from the bank to cover necessary capital expenses, including refinancing the land and the development costs for the 29.99MW solar PV farm. “This financing will aid in Malaysia’s energy transition, from power generation based on fossil fuel and coal to renewable energy sources like solar power, thus promoting the adoption of eco-friendly solutions,” he said at the financial agreement’s signing ceremony yesterday. Neda is an initiative by the Energy Commission to enhance efficiency in the short-run electricity generation competition and drive down electricity prices. The agreement signing was witnessed by Deputy Prime Minister cum Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof. Mohd Muazzam said Bank Islam has been collaborating with GKSB to carry out several projects since 2019 successfully. solutions, they can create more possibilities for future talent development and achieve operational excellence throughout their firm. “This initiative also enables us to refine these solutions and bring its benefits and value to our customers and Malaysian enterprises across industries. We look forward to working closely with AWS as part of our aspiration to build the nation’s digital ecosystem,” he added. Pete Murray, country manager, Malaysia at AWS said, “CelcomDigi’s collaboration with AWS is a great example of how telcos can enhance end-to-end operational efficiency and redefine the user experience for both employees and customers with the power of generative AI technology.” He added that this collaboration also accelerates the delivery of new innovative AI services to Malaysian enterprises. “We are excited to support CelcomDigi in advancing its 5G and AI transformation with our upcoming AWS region in Malaysia, and our joint commitment to develop AI talent in the country,” he said.
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 16 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM HONG KONG: The special administrative region has axed three major property transaction taxes in a bid to revive its depressed housing market, Finance Minister Paul Chan said in his annual budget speech yesterday. Hong Kong is among the world’s least affordable residential markets, but home prices retreated last year amid high interest rates and China’s economic slowdown. Chan said Hong Kong immediately scrapped three types of stamp duty, reversing measures introduced more than a decade ago to rein in speculation fuelled in part by mainland Chinese buyers. “After prudent consideration of the overall current situation, we decide to cancel all demand-side management measures for residential properties with immediate effect,” Chan told the legislature. The cancelled taxes include stamp duties – which were once as high as 15% – imposed on property buyers who are not Hong Kong permanent residents and on those purchasing a second home. “No Special Stamp Duty, Buyer’s Stamp Duty or New Residential Stamp Duty needs to be paid for any residential property transactions starting from today,” Chan said. “We consider that the relevant measures are no longer necessary amidst the current economic and market conditions,” he said, noting that residential market sentiment became “very cautious” since the middle of last year. The Asian finance hub had already reduced stamp duty last October in a bid to revive the market, but the reception had been largely muted. Flat prices fell 7% last year and transactions slid 5% to around 43,000. The weak housing market has also hurt public finances, with the Hong Kong government heavily reliant on land sales for revenue but only netting HK$19.4 billion (RM12 billion) last year. Hong Kong recorded a HK$102 billion deficit in 2023/2024, with fiscal reserves falling to HK$733 billion due to “challenges posed by the epidemic and external environment”, Chan added. The economy is expected to grow between 2.5% and 3.5% this year, the finance chief said, aided by factors such as the US Federal Reserve’s expected interest rate cut. “Amid a complicated and ever-changing international environment ... more strenuous efforts are required to strengthen momentum of our economic recovery.” Hong Kong hopes to reboot its reputation as a finance capital following years of strict pandemic curbs and social unrest, with critics saying that Beijing’s ongoing political crackdown on the city has led to an exodus of talent and capital. – AFP HK scraps property taxes to revive sluggish market oFinance minister says three types of stamp duty ‘no longer necessary’ A man checking his phone outside a bank advertising mortgages in Hong Kong yesterday. – AFPPIC Nissan plans self-driving taxi service in Japan TOKYO: Nissan is planning to launch a self-driving taxi service in Japan in the financial year starting April 2027, the auto giant said yesterday. The company said it will begin trials of the commercial service in the upcoming financial year from April, using minivans in an area of Yokohama, south of Tokyo. “Local communities have been facing several mobility challenges, such as driver shortages, which are a result of an ageing population,” Nissan said in a statement. It plans to work with local authorities and transport operators on the venture to “provide a broad range of new services that enable free movement”. Japan is far from the only place with autonomous vehicles on the roads, but its government has set acceleration of the technology as a key priority as it faces labour shortages and an ageing population in need of transport. Since last year, road traffic laws have allowed “Level 4” self-driving vehicles to operate on public roads in certain circumstances. Vehicle autonomy is classified along a scale from 0-5, with 5 indicating essentially total autonomy. Nissan says it has been “testing business models for self-driving mobility services in Japan and abroad since 2017”. Last year, its rival Honda, US auto giant General Motors and GM’s autonomous driving unit Cruise announced they will establish a joint venture which will begin a driverless ride service in Japan in early 2026. Toyota is also reportedly planning to launch a Level 4 ride service within a limited area in Tokyo later this year. – AFP Country Garden faces winding-up petition HONG KONG: A petition to wind up debt-hit Country Garden has been filed in a Hong Kong court, the company said yesterday, the latest Chinese property developer to face possible liquidation. One of China’s biggest real estate firms, Country Garden has racked up more than US$190 billion (RM906 billion) in debt, becoming a symbol of an industry-wide crisis that has fuelled fears of a spillover into the wider economy. The petition, filed by a lender demanding payback of approximately HK$1.6 billion (RM973 million), came weeks after Hong Kong’s High Court granted a similar petition against peer Evergrande, which is more than US$300 billion in debt, kickstarting its offshore assets liquidation and management replacement. “The company will oppose the petition vigorously,” Country Garden said in its disclosure to the Hong Kong Exchange. “The company intends to continue to proactively communicate and work with its offshore creditors on its restructuring plan, with the objective of announcing terms to the market as soon as practicable.” Country Garden has incurred debts estimated in June at 1.36 trillion yuan (RM910 billion). The petitioner Ever Credit Limited is a licensed money lender subsidiary of Hong Kong-listed Kingboard Holdings. Last October, Kingboard disclosed that Country Garden had failed to repay HK$1.598 billion to Ever Credit, from a loan of HK$1.88 billion. The share price of Country Garden dropped by 11% yesterday following the petition disclosure. – AFP TOKYO: Meta Platforms CEO Mark Zuckerberg (pic) met Prime Minister Fumio Kishida to discuss the risks of generative AI during a visit to Japan, a government spokesman said yesterday. Zuckerberg is on a mini-tour of Asia that includes stops in Japan, India and South Korea, where he travelled on Tuesday night. The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a master craftsman. Zuckerberg and Kishida met on Tuesday and “discussed a broad range of topics including the status of AI’s technological advancement ... (and) the risk surrounding generative AI”, top Japanese government spokesman Yoshimasa Hayashi told reporters yesterday. Japanese media quoted Zuckerberg as saying “We had a good, productive conversation about AI and the future of technology”. “I’m really excited for the work that is happening here in Japan,” he said after the 30-minute meeting. Spearheaded by OpenAI’s ChatGPT, generative artificial intelligence is a technology that can conjure up text, images and audio from simple prompts in just seconds. Its rapid development has been heralded as potentially revolutionary for everything from video games to politics – but with negative as well as positive consequences. Meta was one of 20 major tech firms, including OpenAI, to sign a pledge this month to crack down on AI content intended to deceive voters ahead of crucial elections around the world this year. Tech groups had previously agreed to use a common watermarking standard that would tag images generated by AI applications such as ChatGPT, Meta’s Llama, Microsoft’s Copilot and Google’s Gemini. Zuckerberg arrived in Seoul on a private flight on Tuesday night for the second leg of his Asia trip and is expected to meet South Korean President Yoon Suk Yeol, local media reported. “We are coordinating with Meta to arrange a meeting,” a spokesman for Yoon’s office told AFP yesterday. Zuckerberg met the CEO of consumer tech giant LG Electronics to discuss extended reality projects, South Korea’s Yonhap news agency reported. Meta is collaborating with LG to develop a premium headset that will compete with Apple’s Vision Pro, the Korea Economic Daily reported. South Korean media said the Meta boss also plans to meet the head of Samsung Electronics, one of the world’s biggest producers of smartphones and computer chips. – AFP Zuckerberg discusses AI risks with Japan premier
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 17 Warner Bros shutters major NZ news outlet WELLINGTON: US entertainment giant Warner Bros Discovery announced plans to shutter major New Zealand news outlet Newshub yesterday, in what the deputy prime minister called a “disaster for this country’s democracy”. Citing cratering advertising revenues, Warner Bros Discovery said it was closing “all Newshub’s multi-platform news operations” in June, with a reported loss of about 300 jobs. The announcement effectively spreads the impact of massive recent US media cost-cutting beyond America’s shores. But Deputy Prime Minister Winston Peters told local media the move was an “absolute disaster” for the individuals involved and a “disaster for this country’s democracy”. Newshub is one of two major players in New Zealand’s free-to-air news television market. Its demise could leave public oDeputy premier calls it ‘disaster for country’s democracy’ broadcaster TVNZ with a virtual monopoly. “We are acutely aware of our position in the local media landscape and what this means for our people, and for the country as a whole,” Warner Bros Discovery Asia-Pacific president James Gibbons said. “Advertising revenue in New Zealand has disappeared far more quickly than our ability to manage this reduction, and to drive the business to profitability. “Everyone can see that the media sector, here in New Zealand and around the world, is facing some very tough circumstances,” he said in a statement. The announcement comes on the back of a turbulent few years for US news outlets, which have cut tens of thousands of jobs. In many cases, newspapers and news websites are owned by larger corporations looking to shed loss-making and costly-to-run news operations. But hollowing out newsrooms that hold the powerful to account has raised concerns that the cuts could weaken democracies. New Zealand Prime Minister Christopher Luxon told local media he had spoken to the company’s chief executive to “understand the rationale for the decision”. In a social media post, Newshub’s Wellington bureau chief Caitlin Cherry called the news “very sad” and said “there are a lot of pretty devastated staff”. The NZ Herald, a major daily newspaper and website, reported that 300 jobs would be lost, including about 200 journalists – a huge number for a country with a population of five million people. – AFP Australia considers tax credit for minerals processing SYDNEY: The Australian government is considering a tax credit for companies that build processing facilities to boost the value of green energy minerals such as nickel and lithium, the head of a mining industry association said yesterday. Australia’s government is seriously considering a possible 10% production tax credit that would apply to companies developing processing facilities for critical minerals, Association of Mining and Exploration Companies (Amec) chief executive Warren Pearce said. The tax credits would extend beyond companies in Australia’s nickel sector to include producers of lithium, vanadium, cobalt, graphite and rare earths, he said to reporters in Canberra, according to a recording of his news conference provided by Amec. “Around the world, other countries are making major market interventions that are making it difficult for Australian companies to compete. “We want to keep more of the value of our minerals here in Australia ... by building value adding industries,” Pearce said. Asked if the government had taken Amec’s advice on board, he said: “We know it’s under serious consideration in the 2024 budget process.” Australian Treasurer Jim Chalmers and Resources Minister Madeleine King did not immediately respond to an e-mailed request for comment on the tax credit. However, King said last month the production tax credit was under consideration, although she could not guarantee it would be enacted. Companies that are building, or have said they would consider building value-adding plants include Pilbara Minerals, IGO and Mineral Resources. It is unclear whether any production tax credit could be used by companies like BHP that need to refurbish their operations. The 2024 Federal Budget is expected to be handed down in May. – Reuters UK govt meets with Shein boss over possible London flotation LONDON: Speculation mounted on Tuesday that Chinese-founded “fast fashion” giant Shein was mulling floating on the London Stock Exchange, with Sky News reporting that the UK government has held talks with its boss. Chancellor of the Excheque Jeremy Hunt met Shein executive chairman Donald Tang earlier this month “as part of efforts to convince it to list in the United Kingdom”, the broadcaster reported. If the government succeeds, it would be one of London’s biggest-ever corporate flotations. Shein, founded as ZZKKO in 2008 in China and based in Singapore, has quickly conquered the global fast fashion market by catering to young customers through social media. Valued at US$66 billion (RM315 billion) last year with revenues reportedly over US$23 billion, the online retailer is eyeing a major initial public offering, with The Wall Street Journal reporting in November that it was initially looking at New York. However, Sky reported that it was concerned the US Securities and Exchange might reject the application. It has been accused of exploiting unpaid labour, obscuring production processes and encouraging overconsumption as it faces the wrath of environmental and human rights activists. Chinese-owned online retailer Temu recently sued Shein in a US court, accusing it of “mafia-style” intimidation tactics to keep the upper hand in the local market. – AFP Aston Martin annual losses narrow as prices hit record levels LONDON: Aston Martin’s annual losses more than halved last year, coming in smaller than market expectations, after selling prices reached record levels as the British luxury carmaker delivered its Valkyrie models and other special edition cars. Fictional secret agent James Bond’s car brand of choice, Aston Martin has had a tough time since its market debut in the London stock exchange in 2018. However, top shareholder and executive chairman Lawrence Stroll has been trying to bolster its cash and margins by rolling out next-generation sports cars – the latest of which was the new Vantage sports car model unveiled this month. Aston Martin kept its near- and mediumterm forecasts unchanged. “While recognising the ongoing geopolitical and macroeconomic volatility and associated inflationary and supply chain uncertainties, our world-class teams continue to collaborate with our partners, seeking to minimise potential impacts on our operations,” the company said in a statement. Aston Martin reported an adjusted pretax loss of £171.8 million (RM1.04 billion) for the year ended Dec 31, compared with £451 million a year earlier. Analysts, on average, were expecting an adjusted pre-tax loss of £209 million, according to a company-compiled consensus. – Reuters James Bond archivist Meg Simmonds, from Eon Productions, speaking next to the Aston Martin Vanquish from Die Another Day during a press preview of the “Bond in Motion” exhibition at the International Spy Museum in Washington. – AFPPIC
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 18 @thesundaily FOLLOW ON TWITTER Malaysian Paper SAN FRANCISCO: Apple has abandoned its ambitions to produce an electric car, US media reported on Tuesday, ending a struggling decade-long project. The iPhone maker had dedicated nearly 2,000 employees to its secretive car development programme, Bloomberg reported, but faced an increasingly competitive electric vehicle (EV) sector. The target of Project Titan, beginning around 2014, was to develop a fully autonomous car, according to media reports. The decision to shut down the car project was announced internally on Tuesday, Bloomberg and The New York Times reported, citing unnamed sources. Apple had reportedly invested billions of dollars in the project. The tech giant did not respond to AFP requests for comment. Apple has never publicly disclosed its EV plans, despite a steady drip of media leaks over the years. In 2022, the specialist site The Information published a report detailing the problems faced by the project, including the departure of multiple executives due to a lack of support from the leadership. Several US automakers have hit the brakes on EVs in recent months as demand has slowed. Self-driving carmakers Cruise and Waymo – which is owned by Google parent Alphabet – have also struggled to expand their products beyond San Francisco. Elon Musk’s Tesla, one of the EV industry’s leaders, has also warned of slower growth this year. In a post on X, Musk responded to news of Apple shutting down its car project with emojis showing a salute and a cigarette. Apple will transfer many employees from the shuttered car division to generative artificial intelligence (AI) projects, Bloomberg reported. “On one hand this is a modest disappointment, as the view within (Apple headquarters was) ... with roughly 2,000 employees on this initiative that an Apple Car was still on the medium-term horizon,” Wedbush analyst Dan Ives said in a statement. But on the other hand, he said, “the laser focus within Apple is ramping up and executing a broad AI strategy within the Apple ecosystem, as it appears the vast majority of these engineers and developers will now focus their efforts on AI”. Generative AI – popularised by the success of ChatGPT, from the Microsoft-backed OpenAI – makes it possible to produce text, images, sound and other output simply by submitting a request in everyday language. Around the world, major tech companies including Google, Microsoft, Meta and Amazon are rapidly pursuing the development and deployment of AI products. But so far, Apple has had little to say on the subject beyond using AI in photo editing. – AFP OpenAI seeks dismissal of parts of NYT copyright suit NEW YORK: OpenAI asked an American judge to dismiss several elements of a lawsuit brought by The New York Times (NYT), which accuses the ChatGPT creator of using millions of articles for training without permission. In its filing, made on Monday in a federal court in New York, OpenAI specifically asked the judge to dismiss what it believes are secondary elements of the case so that the company could better focus on the main points. The requests were largely based on legal technicalities and included an argument that materials that were treated by OpenAI more than three years ago should be ruled out. The NYT lawsuit, filed in December, has become the biggest challenge yet to AI upstarts from publishers and creators that fear being displaced by generative AI, the technology that conjures images or texts in just seconds from simple prompts. The newspaper believes that ChatGPT has the capability to become a substitute for its journalism and was built from scraping its content from the internet without payment or permission. But in its bid for dismissal, OpenAI said: “Contrary to the allegations in the complaint ... ChatGPT is not in any way a substitute for subscription to The New York Times.” “In the real world, people do not use ChatGPT or any other OpenAI product for that purpose,” the filing said. “Nor could they. In the ordinary course, one cannot use ChatGPT to serve up Times articles at will.” In its lawsuit, which also targets OpenAI backer Microsoft, the NYT alleged that full articles from the newspaper were churned out by ChatGPT on demand. The ChatGPT creator said that “the truth, which will come out in the course of this case, is that the Times paid someone to hack OpenAI’s products” in order to generate that content. OpenAI also underlined its main contention that NYT content was widely available and shared on the internet when the company built the powerful AI models that undergird ChatGPT. It also argued that the newspaper has no special privilege over reporting facts. “OpenAI and the other defendants in these lawsuits will ultimately prevail because no one, not even The New York Times, gets to monopolise facts or the rules of language.” – AFP Apple abandons electric car plans oTech giant to transfer employees from shuttered division to generative AI projects US consumer confidence dips sharply WASHINGTON: US consumer confidence fell much more than expected this month, according to survey data published on Tuesday, as respondents voiced concern about the American political environment ahead of high-stakes elections this year. The fall in consumer confidence could cause concern for President Joe Biden’s administration, which has been looking to highlight US economic strength ahead of the Democrat’s likely rematch in November against Republican Donald Trump. Despite data showing falling inflation, strong growth and a surprisingly resilient labour market, public perception on the American economy has proven to be an ongoing challenge. Consumer confidence slipped to 106.7 in February, the Conference Board said in a statement, while last month’s figure was reduced to 110.9. The February data was well below market expectations of 114.6, according to Briefing.com. The survey responses “revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices”, Conference Board chief economist Dana Peterson said in a statement. “But they are more concerned about the labour market situation and the US political environment.” The drop in consumer confidence was broad-based, affecting most income groups, as well as among people under 35 and those aged 55 and over, according to Peterson. It was not all bad news though, as the average 12 month inflation expectations continued to decline, edging down slightly to 5.2% in February from 5.3% a month earlier, according to the Conference Board. “The retrenchment in confidence in February followed gains in the prior three months,” High Frequency Economics chief US economist Rubeela Farooqi wrote in a note to clients. – AFP Struggling American retailer Macy’s to close 150 stores NEW YORK: The iconic but struggling American department store Macy’s announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale’s and Bluemercury brands. In a new strategy aimed at breathing life into the 166-year-old retailer, the company said it would shut 150 “underproductive” Macy’s locations. The plan, dubbed a “Bold New Chapter”, said around 50 stores would be closed by the end of the current fiscal year, without mentioning how many employees would be impacted. The plan comes a week after Arkhouse Management unveiled a proxy challenge to replace nine members of the Macy’s board. The challenge follows a rejection by Macy’s last month of an unsolicited takeover proposal from Arkhouse Management and Brigade Capital Management. The company, which had also announced last month it would pare its workforce by 3.5%, said in a statement that the new strategy would prioritise investment in the remaining 350 Macy’s locations. It also plans to open 15 Bloomingdale’s stores and at least 30 Bluemercury stores in new and existing markets over the next three years, along with 30 remodelled Bluemercury sites. Department stores have seen their results suffer for years as consumers increasingly move online, and have been forced to reduce in size – a dynamic exacerbated by the Covid-19 pandemic. These trends have put pressure on shopping malls throughout the United States, particularly older retail sites that have fallen out of favour. The 150 stores targeted for closure account for 25% of Macy’s gross square footage, but less than 10% of sales, chief executive Tony Spring said on a conference call with analysts. Macy’s has undertaken prior rounds of store closures, but Spring – who took over as CEO this month – said the process was more “stringent” this time, involving interviews with some 60,000 customers who described what they were looking for. From that process, the company also determined that there was an opportunity to grow the Bloomingdale’s brand, including through smaller stores and more locations away from the US coasts, Spring said. – AFP Customers entering a Macy’s store that is set to close at Bay Fair Mall in San Leandro, California. – AFPPIC
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) TENAGA 10.96 -0.46 152546 ALLIANZ-PA 19.8 -0.24 13 TEOSENG 2.03 -0.23 96687 MPI 28.42 -0.2 3330 NPC 1.76 -0.19 50 NHFATT 3.57 -0.18 1,864 GAMUDA-C2E 0.11 -0.17 10,000 PETDAG 22.9 -0.16 3,657 UCHITEC 3.94 -0.16 26,970 CGB-WA 2.32 -0.15 250 ULICORP 1.35 -0.15 86269 YTLPOWR 4.01 -0.14 513,434 HKEX-H6 0.065 -0.135 1,066 HSI-HST 0.17 -0.105 100 LHI 0.61 -0.105 355064 ALLIANZ 19.04 -0.1 526 HAPSENG 4.62 -0.1 10,815 HSI-CVC 0.63 -0.1 830 QL 5.85 -0.1 24,507 TONGHER 2.29 -0.1 1,833 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME HONGSENG 5,217,126 0.015 -0.005 -25 VELESTO 3,537,864 0.28 0.015 5.66 ARMADA 2,078,912 0.52 -0.065 -11.11 TWL 1,122,918 0.035 - - FITTERS 1,082,044 0.05 0.005 11.11 VELESTO-WA 903,938 0.01 - - ASB 900,684 0.1 -0.025 -20 HSI-CTQ 768,304 0.085 -0.05 -37.04 MINETEC 625,087 0.16 -0.005 -3.03 HSI-HSL 555,552 0.2 0.035 21.21 YTL 544,596 2.64 -0.07 -2.58 HSI-CVB 525,450 0.24 -0.065 -21.31 YTLPOWR 513,434 4.01 -0.14 -3.37 PUC 461,705 0.05 -0.005 -9.09 DCHCARE 424,247 0.235 -0.015 -6 HSI-HP2 398,111 0.165 0.04 32 WIDAD 372,386 0.115 -0.005 -4.17 LHI 355,064 0.61 -0.105 -14.69 OCK 296,497 0.585 -0.005 -0.85 RGB 276,944 0.29 -0.01 -3.33 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: FEBRUARY 28 [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 11,463.60 -91.00 FBMKLCI 1,545.59 -13.21 CONSUMER PRODUCTS 576.95 -4.25 INDUSTRIAL PRODUCTS 175.94 -1.85 CONSTRUCTION 209.78 -2.30 FINANCIAL SERVICES 17,299.60 -42.52 ENERGY 924.64 -6.84 TELECOMMUNICATIONS 612.79 -5.29 HEALTH CARE 1,917.01 -12.76 TRANSPORTATION 968.46 -2.72 PROPERTY 921.83 -6.21 PLANTATION 7,155.72 -27.34 FBMSHA 11,482.90 -98.13 FBMACE 4,765.24 -39.71 TECHNOLOGY 64.28 -0.38 TURNOVER: 4.775 bil VALUE: RM3.300 bil Top 20 Actives Top 20 Losers (By RM) Bursa Indices INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 38,972.41 -96.82 -0.25 S&P 500 (US) 5,078.18 +8.65 +0.17 NASDAQ (US) 16,035.30 +59.05 +0.37 NYSE (US) 17,598.32 +31.71 +0.18 EURO STOXX 50 (EUR) 4,881.84 -3.90 -0.08 FTSE 100 (UK) 7,665.28 -17.74 -0.23 DAX (GER) 17,586.01 +29.52 +0.17 NIKKEI 225 (JPN) 39,208.03 -31.49 -0.08 TOPIX (JPN) 2,674.95 -3.51 -0.13 HANG SENG INDEX (HK) 16,536.85 -253.95 -1.51 CSI 300 (CHN) 3,450.26 -44.53 -1.27 SH SE COM (CHN) 2,957.85 -57.63 -1.91 KOSPI INDEX (SK) 2,652.29 +27.24 +1.04 MSCI ASIA PACIFIC 173.26 +0.48 +0.28 ASX 200 (AUS) 7,660.42 -2.59 -0.03 ALL ORDINARIES INDX (AUS) 7,917.13 -5.09 -0.06 SENSEX INDEX (IND) 72,617.69 -477.53 -0.65 FBM KLCI 1,547.47 -11.33 -0.73 STRAITS TIMES INDEX (S’PORE) 3,143.46 -13.86 -0.44 WTI (US$/BBL.) 77.94 -0.93 -1.18 BRENT (US$/BBL.) 82.77 -0.88 -1.05 GOLD (COMEX) (US$/T OZ) 2,036.00 -8.10 -0.40 SILVER (COMEX) (US$/T OZ) 22.53 -0.23 -1.00 PLATINUM (US$/T OZ) 880.28 -11.16 -1.25 COPPER (COMEX) (US CENTS/LB.) 382.65 -2.40 -0.62 COPPER 3MO (LME) (US$/MT) 8,474.00 8.00 0.09 CORN (US CENTS/BU.) 422.50 -1.00 -0.24 WHEAT (US CENTS/BU.) 578.75 -5.50 -0.94 SOYBEAN OIL (CBOT) (US CENTS/LB.) 44.96 -0.57 -1.25 COCOA (ICE) (US$/MT) 6,455.00 -102.00 -1.56 RUBBER (S’PORE) (US CENTS/KG) 163.10 -0.90 -0.55 World Stocks/Commodities as at 5pm, Feb 28 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) DRBHCOMC2Z 0.005 -75 20,254 HKEX-H6 0.065 -67.5 1,066 ARMADA-C87 0.01 -66.67 101,116 BAT-C26 0.015 -66.67 500 LHI-C13 0.025 -61.54 31,768 GAMUDA-C2E 0.11 -60.71 10,000 LHI-C11 0.05 -54.55 18,780 VS-C80 0.07 -53.33 10,000 EDUSPEC-WB 0.005 -50 15 HSI-CR4 0.005 -50 17,623 HSI-CRW 0.005 -50 1,200 LHI-C8 0.07 -50 8725 LHI-C12 0.045 -47.06 49,465 LHI-C10 0.03 -45.45 46,062 LHI-C9 0.065 -43.48 3,245 TENAGA-C2B 0.1 -42.86 56700 NEXGRAM-WD 0.015 -40 60 VITROX-C3 0.015 -40 200 HSI-HST 0.17 -38.18 100 HSI-CTQ 0.085 -37.04 768,304 Top 20 Losers (By %) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) NESTLE 123.8 2.3 1,232 UTDPLT 21.68 0.54 3,228 HEIM 22.64 0.3 4,380 RCECAP 2.81 0.23 56,202 SP500-C34 1.86 0.21 100 GESHEN 2.63 0.18 20,868 LPI 12.74 0.16 1,624 YTL-C59 0.885 0.15 62 QUALITY 1.19 0.14 388 ARK 0.42 0.13 2575 LIAUTO-C1 0.18 0.12 100 VSTECS 1.61 0.11 22,371 RCECAP-CE 0.405 0.105 5,760 GENETEC 2.29 0.1 93477 SHH 1.2 0.1 189 APB 1.94 0.09 159 APM 3.04 0.09 3,372 KSENG 5.8 0.09 212 ENRA 0.7 0.08 220 HLFG 16.68 0.08 2,880 Top 20 Gainers (By RM) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) LIAUTO-C1 0.18 200 100 FBMKLCI-HMN 0.01 100 500 HENGYUANC51 0.01 100 5,551 KGROUP 0.01 100 24,123 PHB 0.01 100 5612 HSI-HSD 0.015 50 217566 ARK 0.42 44.83 2,575 LBICAP-WB 0.055 37.5 35549 RCECAP-CE 0.405 35 5,760 CTOS-C5 0.04 33.33 10751 PETDAG-C8 0.06 33.33 306 HSI-HP2 0.165 32 398,111 GENM-C2P 0.105 31.25 496 AXTERIA-WA 0.025 25 296 DRBHCOMC2X 0.025 25 20 OVERSEA-WB 0.05 25 1,082 HSI-HSJ 0.155 24 1,250 GENETEC-CB 0.08 23.08 3,848 HSI-HUA 0.08 23.08 249,434 HSI-HSM 0.085 21.43 239,769 Top 20 Gainers (By %) 1,545.59pts Feb 28, 2024 Participation 20.7 43.0 36.3 100.0 Retail Institutions Foreign Bought RM m 720.1 1517.4 1063.7 3301.2 Sold RM m 645.8 1323.4 1332.0 3301.2 Net RM m 74.3 194.0 -268.3 0.0 % 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) 28/2/2024
BIZ & FINANCE BIZ & FINANCE THURSDAY | FEB 29, 2024 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information. MISC’S FY23 core profit of RM2.2 billion (excluding EI of RM234 million impairment loss, on receivables, RM16.9 million fair value loss on other investments, RM64.5 million reversal of JV losses and RM84 million petroleum renegotiation gain and RM12 million disposal gain on ships) met expectation. It declared a DPS of 12 sen, largely within our expectation. YoY, its FY23 revenue rose by 3% mainly due to better tanker rates and the addition of new vessels at its petroleum shipping division, alongside more work orders at its marine & heavy engineering division. Its gas & asset solutions divisions were largely flat. However, its core profit grew by a sharper 12% driven by higher margins from new petroleum tankers which covered the higher finance costs, though partially offset by losses from the marine & heavy engineering division. QoQ, its revenue surged by 27% due to improved tanker rates in the petroleum division and increased contributions from the offshore business, notably from FPSO Mero 3 project completions. Its core profit nearly doubled, boosted by higher earnings from the petroleum division and offshore business, along with greater joint venture profits, partially offset by increased administrative expenses. We like MISC due to: (i) recent fleet expansion and modernisation, (ii) success in securing mega FPSO projects (i.e. Mero-3) and new contracts from international clients and (iii) margin expansion coupled with improved earnings visibility following diversification to less commoditised specialised vessels (e.g. DP Shuttles, VLECs). However, incoming FPSO Mero 3 project’s execution risks remains high particularly when final acceptance is expected to approach in Q4’24. We raise our FY24F net profit forecast by 9%, lift our TP by 7% to RM7.51 (from RM7) and maintain our MARKET PERFORM call. PETGAS’S FY23 full-year core profit of RM1.85 billion met expectations. It declared a fourth interim NDPS of 22 sen (ex-date: March 11; payment date: March 25), bringing FY23 full-year NDPS to 72 sen, which matches the pay-out in FY22 but below our assumption of 81.5 sen (as we imputed a special dividend). YoY, its FY23 revenue rose 5%, mainly attributable to the utilities segment (+18%) while the gas processing (+2%), gas transportation (-2%) and regasification (RGT, -4%) segments were flattish to slightly negative. However, its EBIT was flat (-2%) as the doubling in utilities profits were offset by earnings decline at gas processing (-11%) and RGT (-15%). Nonetheless, its core profit grew 7%, thanks to a high share of profits from JV companies (+87%), a lower effective tax rate (-5% as FY22 was impacted by Prosperity Tax) and lower minority interest (-28%). Gas processing: The segment’s EBIT fell by 10%, despite a 2% hike in top line, due to higher depreciation following the completion of several capital projects. Gas transportation: The segment’s EBIT was flattish, although topline dipped 2%, as lower revenue was partially offset by lower internal gas consumption. Utilities: The segment’s top line grew 18% on higher product prices as well as higher electricity tariff with upward revision of ICPT surcharge. RGT: The segment’s EBIT fell 15% as revenue fell 4% due to lower RP2 tariff for Pengerang RGT coupled with higher floating storage charges and depreciation expense. QoQ, its Q4’23 revenue rose 2% on the back of higher revenue contributions from utilities (+5%) and gas transportation (+3%). We raise our FY24F net profit forecast by 1%, lift our TP by 2% to RM17.80 (from RM17.45) and maintain our MARKET PERFORM call. RHBBANK’S FY23 net profit of RM2.81 billion made up of 101% of our full-year forecast and 99% of consensus full-year estimate. Meanwhile, an interim dividend of 25 sen was also within expectations for a full-year payment of 40 sen (60%) against our anticipated 41 sen. YoY, FY23 total income declined (-5%) as net interest income fell (-10%) on the back of NIM pressures (1.92%, -34 bps) from tight deposits competition, undermining a 4.8% loans growth. On the flipside, non-interest income grew 14% following stronger treasury and investment performances. While operating expenses increased by 2%, owing to the softer top line, cost-income ratio expanded to 47.5% (+3.2ppt). Impairment-wise, credit cost was slightly higher at 16bps (+1bps) on stable asset quality, albeit with minor write-backs on tow. Thanks also to write-backs on financial investments, FY23 net profit managed to come in at RM2.81 billion (+5%). QoQ, Q4’23 top line saw similar trends as the above, with NIMs being aggravated by year-end deposits competition. Meanwhile, operating expenses were deeper (+8%) from IT enhancements and loan provisions rising as more accounts had emerged into Stage 3. All this led Q4’23 net profit to be 10% lower at RM585.9 million. FY23 loans growth of 4.8% missed its 5-5.5% target due to delayed drawdowns during the year-end which came in at January 2024. Conservatively, the group earmarks 4.5% to be delivered for FY24 with strong support expected from its regional operations. Its digital bank, Boost Bank is not likely to incur deep heavy losses to the group going forward, as it has mostly incurred the bulk of its development expense in FY23. Maintain OUTPERFORM with a higher rolled over GGM-derived PBV TP of RM7.25 (from RM7.15). FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.8230 4.6900 4.6800 1 Australian Dollar 3.1770 3.0510 3.0350 1 Brunei Dollar 3.5910 3.4880 3.4800 1 Canadian Dollar 3.5640 3.4690 3.4570 1 Euro 5.2420 5.0740 5.0540 1 New Zealand Dollar 2.9910 2.8820 2.8660 1 Singapore Dollar 3.5910 3.4880 3.4800 1 Sterling Pound 6.1290 5.9370 5.9170 1 Swiss Franc 5.4750 5.3500 5.3350 100 UAE Dirham 132.9600 126.1300 125.9300 100 Bangladesh Taka 4.4810 4.1900 3.9900 100 Chinese Renminbi 67.5100 64.7000 N/A 100 Danish Krone 72.0800 66.3600 66.1600 100 Hongkong Dollar 62.3500 59.2700 59.0700 100 Indian Rupee 5.9200 5.5600 5.3600 100 Indonesian Rupiah 0.0319 0.0289 0.0239 100 Japanese Yen 3.2120 3.1120 3.1020 100 New Taiwan Dollar N/A N/A N/A 100 Norwegian Krone 47.0400 43.3000 43.1000 100 Pakistan Rupee 1.7600 1.6500 1.4500 100 Philippine Peso 8.7500 8.2500 8.0500 100 Qatar Riyal 133.8700 127.0900 126.8900 100 Saudi Riyal 130.1700 123.5700 123.3700 100 South Africa Rand 26.2100 23.6700 23.4700 100 Sri Lanka Rupee 1.6000 1.4700 1.2700 100 Swedish Krona 48.3100 44.0200 43.8200 100 Thai Baht 14.0600 12.4800 12.0800 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit, regional peers slip ahead of US inflation reading THE ringgit and most of its regional peers were traded lower yesterday as the US dollar gained across the board ahead of US inflation data release this week. At 6pm, the ringgit edged down to 4.7690/7730 against the greenback compared with Tuesday’s close of 4.7585/7635. The Singapore dollar, Thai Baht and the Indonesian rupiah weakened by 0.20%, 0.48% and 0.60%, respectively. SPI Asset Management managing director Stephen Innes said the ringgit’s rebound following Bank Negara Malaysia’s (BNM) comments that the local unit was undervalued was overshadowed by the strong greenback. Head of wealth research and advisory, designated portfolio manager at UOB Kay Hian Wealth Advisors, Mohd Sedek Jantan said the market seems to be reacting well to BNM’s assurance on the local currency’s valuation and the government’s efforts to tackle the declining ringgit. Meanwhile, the ringgit was traded higher against a basket of major currencies. The local currency improved vis-a-vis the Japanese yen to 3.1635/1664 from 3.1671/1706 at Tuesday’s close, rose against the British pound to 6.0199/0250 from 6.0362/0425 yesterday, and strengthened versus the euro to 5.1510/1553 from 5.1625/1679 previously. The ringgit also performed better against other Asean currencies. It edged up versus the Thai baht to 13.2252/2421 from Tuesday’s close of 13.2782/2984 and was up against the Singapore dollar at 3.5405/5437 compared to 3.5419/5459 previously. Bumi Armada reports net profit of RM332m for FY23 KUALA LUMPUR: Bumi Armada Bhd reported a net loss of RM165.5 million in Q4’23 mainly due to impairment of PPE of RM514.4 million on Armada Kraken FPSO and subsea construction (SC) assets. Even though there has been no change to the contracted charter cash flows, adjustment to the carrying value of Armada Kraken FPSO (impairment) was required in Q4’23 mainly due to the impact caused by accounting depreciation recognised on a straight-line basis and the reduction in the charter revenue during the optional extension period. The impairment on SC assets was due to the prolonged Russia-Ukraine conflict and resultant sanctions imposed which have delayed certain potential projects in the Caspian Sea. Quarterly operating profit before impairment improved to RM386.3 million with net operating cash flow of RM210.8 million generated. Net profit of RM332.1 million was recorded for the 2023 financial year while cash generation remained strong with annual cash flow from operating activities of RM988.6 million. In October 2023, the group finalised a syndicated term loan facility of US$105.5 million to refinance the previous term loan facility. At year end, net current liabilities were RM1.4 million due to the classification of the sukuk murabahah debt as current liabilities. The group will continue working towards refinancing the sukuk murabahah debt before it falls due in September 2024. The future firm order book at the end of Q4’23 remained robust at RM9.8 billion, with additional optional extensions of up to RM9.5 billion. Bumi Armada CEO Gary Christenson said, “Our vessels particularly Armada Kraken FPSO performed well during the quarter despite recognition of non-cash impairment of PPE, which impacted our quarterly results.” RHB Bank Bhd Outperform. Target price: RM7.25 Petronas Gas Bhd Market Perform. Target price: RM17.80 MISC Bhd Market Perform. Target price: RM7.51 Source: Kenanga Research Source: Kenanga Research Feb 28, 2024: RM18.02 Source: Kenanga Research Feb 28, 2024: RM7.58 Feb 28, 2024: RM5.60
Power of ower of authenticity uthenticity Fiedzah Ibrahim’s approach iedzah Ibrahim’s approach to social media influence - P22 to social media influence - P22 WEEKLY FOCUS MONDAY Discover cuttingedge world of Gaming and Tech TUESDAY Ultimate guide to Travel and Leisure WEDNESDAY Latest in Fashion and Beauty sense THURSDAY Inside the world of Social Media Influencers FRIDAY Culinary delights and Beverage trends THURSDAY | FEB 29, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: lifestyle@thesundaily.com Advertising T: 03-7784 8888 E: advertise@thesundaily.com SCAN ME INSIDE p 23 Jon Kung’s culinary revolution p 24 Linkin Park’s new album INSIDE p 25 Honouring indie music’s finest p 26 Analysing True Detective season four
LYFE LYFE THURSDAY | FEB 29, 2024 22 and beauty do help followers better understand the industry.” As a lifestyle influencer, Fiedzah engages with her audience beyond traditional content formats. Q&A sessions, relatable content, polls and challenges encourage audience participation. This also include sharing personal stories, responding to comments and creating dedicated spaces for followers to connect and build a community where everyone feels heard, valued, and part of a shared experience. Continued impact and future endeavours Fiedzah’s impact extends beyond her current achievements. Her commitment to authenticity and community-building positions her as a trailblazer in the dynamic landscape of content creation. Looking ahead, she envisions further collaborations, innovative content and deeper connections with her audience. As the landscape of social media continues to evolve, Fiedzah stands as a testament to the enduring power of authenticity in capturing the hearts of diverse audiences worldwide. Her story is a compelling narrative of creativity, resilience and the art of fostering a thriving community in the digital age. Fiedzah’s influence extends beyond content creation, leaving an indelible mark on the everexpanding canvas of social media storytelling. Follow Fiedzah on Instagram: @fiedzahibrahimm / TikTok: @FiedzahIbrahimm. /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper The art of being real I N a world saturated with superficial media and digital content that is wafer-thin on substance, authenticity becomes a much-valued commodity. Netizens want, nay demand, that social media influences elevate their platforms by creating relevant content that is both engaging and genuine. Hence, Fiedzah Ibrahim has always tried to infuse her posts on beauty, fashion, travel and lifestyle with plenty of authentic content, allowing the influencer to identify with and make meaningful connections with her followers. The Kuala Lumpur native spoke exclusively to theSun on how she manages to keep things real, giving her social media platforms added validity and trustworthiness. Fiedzah also provided insights into her unique perspective and what makes her tick. She also spoke at length about maintaining the delicate balance between personal style and industry trends. Relatable content In the world of social media influencers, Fiedzah stands out by infusing relatable and diverse perspectives into the beauty industry. Her focus includes showcasing real-life product applications, diverse beauty standards and personalised routines. Authenticity and genuine connection drive her content, shaping consumer choices and influencing industry trends in friendly and gentle ways. Fiedzah emphasises that her journey began with a deep passion for beauty, fashion, trave and lifestyle. Starting was not easy, but armed with research, personal experiences and engaging content creation, she laid the foundation. The key, she suggests, is to establish a unique style, gradually expanding into diverse topics based on audience interests and industry trends. oMultifaceted content creator who believes in making genuine connections █ BYYASMIN ZULRAEZ Travel is a big part of Fiedzah’s social media content. Her goal is to build a community where every one feels heard, valued is part of a shared experience. “Consistency is vital for regular brand collaborations and catching the eyes of the audience,” she counselled. Travel tales One of Feidzah’s favourite topics is travel. She admits to falling for her sense of wanderlust often and names Tadom Hills and Genting Glamz as among her favourite travel destinations. The former for its stunning views, the latter for its tranquil landscapes. These places inspire nature-infused, visually appealing content, allowing her to share experiences, cultural insights and travel tips. Each journey creates a captivating narrative, raising awareness for brands in the process. Balancing personal style As a fashion content creator, Fiedzah navigates the balance between personal style and staying on-trend. Infusing her unique aesthetic with current trends helps her maintain authenticity while appealing to a diverse audience. This approach enables her to resonate with followers who appreciate both niche styles and broader fashion movements. “Fashion content allows you to be yourself, so I constantly use this content as a means to showcase my personality,” she explained. Personalised beauty and skincare regimes Fiedzah advocates for personalised beauty and skincare routines, emphasising the importance of understanding one’s skin type and needs. Real experiences, visible results and relatable content build trust in her advice, fostering a community centred around self-care and confidence. “There is no ‘one size fits all’ solution for beauty and skincare tips,” she said. “I try to provide personalised solutions that suit different people.” Incorporating cultural influences into content Adapting as a content creator in a saturated market, Fiedzah authentically infuses cultural influences into travel and lifestyle content. By showcasing local traditions, cuisine and customs, she engages with diverse communities, fostering an appreciation for global diversity. This approach not only educates followers but also leverages brand and place awareness. Adapting to algorithm changes and public scrutiny Fiedzah acknowledges the challenges of burnout, evolving algorithms, market saturation and public scrutiny. Her adaptation strategy involves staying updated on social media platform changes, diversifying content and authentically engaging with the audience. Navigating competition, handling criticism gracefully and fostering genuine connections build resilience in the dynamic social media landscape. Branding it right Fiedzah showcases her versatility through collaborations with brands like Hada Labo, Spa Concept, Rimmel, cosmoderm and more. Striking the right balance between curated and personalised content is key to social media success, says Fiedzah - PICS COURTESY OF FIEDZAH IBRAHIM These collaborations, spanning beauty and fashion, create memorable moments and offer diverse content for the audience. By harmoniously incorporating different elements, she demonstrates her adaptability in the content creation space. Balancing authenticity and curated content In the realm of beauty and fashion content creation, Fiedzah prioritises genuine experiences while maintaining aesthetic appeal. Sharing behind-the-scenes glimpses, candid moments and real-life challenges keeps her content relatable. This balance fosters trust with followers, creating a genuine connection amid the curated nature of the industry. “I try to keep it real by even showing the less-than-perfect moments,” she shared. “The behind-the-scenes posts on fashion
LYFE LYFE THURSDAY | FEB 29, 2024 23 FOOD influencers play a significant role in shaping tastes, trends and preferences. With their engaging content and insightful recommendations, these influencers have become trusted sources for food enthusiasts seeking the hottest spots and the latest culinary experiences. Here are four talented local food influencers whose captivating content and passionate advocacy for Malaysian cuisine have earned them a dedicated following. Tiong Sue Lynn (@bangsarbabe) Tiong Sue Lynn, more popularly known as Bangsar Babe, is one of the most prominent food bloggers and social media i n f l u e n c e r s operating in the country. Her blog and Instagram account feature a diverse range of food reviews, spanning from local street food gems to upscale dining establishments. With her honest and candid writing style, Bangsar Babe provides her followers with authentic insights into Malaysia’s vibrant food culture. Her passion for food and dedication to uncovering hidden culinary gems have earned her a loyal following. Khairul Amin (@khairulaming) Khairul Amin, better known as @khairulaming on Instagram, has emerged as a prominent figure in Malaysia’s food i n f l u e n c e r community. With a discerning palate and a penchant for exploring culinary delights, Khairul’s Instagram feed offers a tantalising glimpse into the vibrant world of Malaysian cuisine. Through his engaging reviews and mouthwatering food photography, he guides his followers and highlights must-try dishes across the country. Khairul’s enthusiasm for food and his commitment to sharing his culinary adventures have earned him a dedicated following, making him a trusted source of inspiration for food lovers in Malaysia and beyond. Samantha Lee (@leesamantha) Samantha Lee is a r e n o w n e d Malaysian food artist whose Instagram feed is a delightful blend of food and art. Her intricate food a r r a n g e m e n t s and creative p l a t i n g techniques have garnered her a m a s s i v e following. Lee’s content often features adorable bento box creations inspired by Malaysian cuisine, showcasing her love for local flavours in visually captivating ways. Follow her for daily doses of culinary inspiration and to witness the magic she weaves with her food artistry. █ BYTHASHINE SELVAKUMARAN with Jif peanut butter, Kung’s culinary journey is a proof of the fluidity of taste and tradition. Kung’s impact becomes a voice for a generation caught between cultures. Through his candid voiceovers and personal anecdotes, he confronts issues of identity and belonging, challenging conventional notions of authenticity and cultural ownership. For Kung, the essence of “third culture” lies not in a fixed identity but in the freedom to embrace change and evolution. “Fusion was always a showcase of another culture’s cuisine for a dominant culture,” explained Kung. “Third culture is informed by lived experience.” Now, with the release of his debut cookbook, Kung Food, Kung invites readers to hop on a culinary journey unlike any other. The book brims with delightful third-culture treasures, some steeped in unabashed nostalgia. It offers innovative interpretations of classic recipes alongside dishes that draw inspiration from diverse culinary traditions. A significant portion of the book focuses on the fundamental elements of ChineseAmerican cooking – flavoured oils, master stocks and spice blends. Kung encourages cooks from various cultural backgrounds to use these components to create their own fusion dishes. He critiques the predominant influence of white, male chefs in shaping culinary discourse in the US and advocates for broader representation and exchange among different ethnic groups. Kung envisions a dialogue among Chinese, Nigerians, Mexicans and others who reside in America, aiming to extend the concept of thirdculture cuisine beyond Chinese food to encompass diverse culinary traditions. From nostalgic childhood favourites to bold culinary experiments, each dish reflects Kung’s unique perspective and unbridled creativity. Follow Kung on TikTok at tiktok.com/@jonkung MEET Jon Kung, a culinary maverick whose innovative approach to food has captured the attention of TikTok users worldwide. With a background steeped in both the arts and law, Kung’s journey from theatre arts and creative writing at Eastern Michigan University to earning a law degree from the University of Detroit Mercy may seem unconventional. However, it is this diverse background that inspires his culinary creations. Kung’s transition from law to the world of gastronomy led him to explore the rich tapestry of flavours and techniques from his Chinese heritage and American upbringing, culminating in a captivating fusion he dubs “third culture cooking”. From his bustling kitchen to the digital world, Kung’s infectious energy and imaginative dishes have garnered him a devoted online community of over two million followers, eager to embark on culinary adventures that blur the lines between tradition and innovation. Having honed his skills in some of Detroit’s most esteemed kitchens, Kung’s culinary journey took a pivotal turn with the launch of his own pop-up sensation, Kung Food Market Studio. This venture became a playground for his boundless creativity, where he crafted whimsical dishes that defy expectations and delight the senses. Whether it is a colossal Shanghainese-style meatball taking a playful plunge into a pool of tomato-sauced spaghetti or Buffalo wingflavoured shredded chicken finding harmony within crispy wonton wrappers, Kung’s kitchen is a place where culinary imagination knows no bounds. Kung’s initial breakout video gained widespread attention when he cleverly responded to a derogatory remark targeting him as an ignorant millennial, suggesting he “go eat toast”. In retaliation, he created a video showcasing the preparation of honey-torched brie on toast, intertwining the cooking process with a direct response to the commenter. This moment marked a pivotal shift for him in grasping the essence of creating concise cooking content and smoothly blending culinary demonstrations with storytelling. In Kung’s world, authenticity takes a backseat to creativity. Rejecting the notion of a singular culinary heritage, he embraces the eclectic tapestry of his experiences. From his childhood memories of spaghetti paired with oversized meatballs to his revelation of Chinese dan dan noodles adorned Just good Kung food oAmerican-Chinese chef and influencer gives rise to ‘third culture cooking’ Kung is an author and self-taught cook. – AMAZON █ BYTHASHINE SELVAKUMARAN Fhazila Nasir (@jielanasir) Known as @jielanasir on Instagram, Fhazila Nasir has swiftly become a notable figure in Malaysia’s food influencer sphere. With a keen eye for authentic flavours and a talent for visual storytelling, Fhazila’s Instagram feed is a captivating exploration of Malaysia’s diverse culinary landscape. Through engaging reviews and stunning food photography, she not only showcases delicious dishes but also promotes local businesses, fosters community engagement and offers valuable recommendations to her loyal followers. Her genuine passion for food and commitment to celebrating Malaysia’s rich heritage make her a must-follow for anyone seeking culinary inspiration in the country. The next time you are looking for a mouthwatering meal or an unforgettable dining experience, be sure to check out these influencers for some interesting recommendations. Note: User names / handles are for Instagram. Local influencers you need to follow Kung uses the term ‘third culture cuisine’ to describe food shaped by lived experiences . – WDET
LYFE LYFE THURSDAY | FEB 29, 2024 24 New Linkin Park song features late singer AMERICAN rock band Linkin Park recently released a preview of a synthpop-inspired track on their social media channels. The song, dubbed Friendly Fire, originated during the band’s recording sessions for their final album, One More Light, which was released just two months before lead singer Chester Bennington’s tragic suicide in 2017. At the time of publication, there is no official confirmation regarding the release The song with Bennington’s vocals was recorded for Linkin Park’s 2017 album One More Light. – LOUDWIRE oSynthpop-inspired tune featuring Chester Bennington was shared on band’s social media platforms █ BYHAZIQUE ZAIRILL Gosling to sing live at Oscars AS expected, Ryan Gosling is officially set to perform I’m Just Ken live at the Oscars. This has been confirmed by Variety through its sources. Traditionally, it is very common for Best Original Song nominees to perform their tunes at the Oscars, with a few exceptions. For example, during the 89th Academy Awards, the song City of Stars from La La Land was nominated for an Oscar. In the film, Gosling performed the song, but during the awards show, it was performed by John Legend. As such, whether Gosling would agree to singing and performing the song at the Oscars was a big question since both Gosling and the song received the nomination in January. The actor has also been nominated in the Best Supporting Actor category. “It might be too much of a risk to have me do it,” Gosling told Variety for its February cover story. “I don’t know how that would work. But I’m open to it.” Written by Mark Ronson and Andrew Wyatt, the former told Variety that if Gosling did not want to perform the song live during the Oscars, they would not do it. Alongside I’m Just Ken, the second song from Barbie that was nominated in the same category is What Was I Made For? by Billie Eilish and her brother Finneas. - BY MARK MATHEN VICTOR Gosling is open to the idea of performing I’m Just Ken live at the Oscars. - WARNER BROS PICTURES Manisha makes comeback in Netflix series VETERAN actress Manisha Koirala has been absent from the limelight for awhile but is set to make a return in a Netflix series called Heeramandi: The Diamond Bazaar. The eight-episode drama, directed by famed director Sanjay Leele Bhansali, centres around the lives of courtesans before the independence of India. “After 30 years and 100 films, I think I have earned my “me” time. I work when I know I would love the process of work,” declared the 53-year-old on her Instagram account. The actress, who is originally from Nepal, states she is constantly asked what she is doing with her time by “concerned” parties, but she reassures them that she is enjoying life and “tasting a different flavour of life”. Koirala includes doing “absolutely nothing” as one of her favourite past times, though she went on to list nature walks, gym time and globe trotting as among the many activities that have kept her occupied. She also hints that a drama-free existence away from the limelight suits her as she no longer has to face intrusive media and fake news that constantly hounds India’s movie stars. But she best be ready for a fresh salvo of attention with the Netflix series, which is sure to thrust her back into the spotlight. The exact date of release for the series has yet to be confirmed.- S. TAMARAI CHELVI Manisha will return in Heeramandi: The Diamond Bazaar. - INSTGRAM/@M_KOIRALA date of the track. The existence of the song was initially disclosed by Shinoda in 2020 via AltPress. “We mixed more songs than are on the finished album and we mixed a couple of other songs just to see if one of them would make the cut or whatever. Or if we could use it for a B-side and it was Friendly Fire,“ he explained. After sharing that the song was cowritten by One More Light collaborator Jon Green, Shinoda added, “I still love that song. Is that out somewhere? Did we put Friendly Fire out at some point? We didn’t, did we?” Following fans urging Shinoda to release the previously unavailable song, he responded by stating, “You literally are going to have to wait years to hear that song, FYI.” Shinoda, addressing the future of Linkin Park, confirmed, as reported by New Musical Express (NME), that there are currently no plans in place. He stated that he always informs people that when there is news, he will share it. Shinoda expressed his reluctance towards putting out Greatest Hits stuff or remasters of their work, emphasising their high expectations for a proper reissue. He explained that if they were to reissue one of their albums, they wanted it to be a significant event and if they could not achieve that level of quality, they would not proceed with it.
LYFE LYFE THURSDAY | FEB 29, 2024 25 Foster, Portman bond over shared experiences FAMOUSLY known for her acting debut in Leon: The Professional at the age of 11, Natalie Portman told the Smartless podcast recently that Jodie Foster had once reached out to her after hearing Portman’s speech about being sexualised as a young actor. “I gave a speech at a Women’s March about being sexualised as a young actress, and she reached out to me after that, and we talked and it was amazing,” Portman said. “She’s still a role model.” Similar to Portman, Foster’s breakthrough in acting came at a young age when she was cast in Martin Scorsese’s Taxi Driver at just 12 years old. Following her critically acclaimed performance as a child sex worker in the 1976 film, Foster was nominated for the Academy Award for Best Supporting Actress. Portman said that she learned at a young age to project a tough exterior on film sets to avoid sexualisation by potential predators. “That kind of projection of seriousness protected me in a way,” Portman claimed. “‘Cause I feel like it was almost a warning signal like, ‘Oh, don’t do shit to her.’ Not that anyone ever, you know, deserves it or is asking for it. But I felt like that was my unconscious way of doing it.” Portman added that her mom “was with me all the time and made sure that no one got near me” while working as a child actor. The actress had to confront the reality of her stardom in Leon: The Professional last year after sexual assault allegations were hurled at Portman (left) says Leon: The Professional launched her career. - GAUMONT BUENA VISTA INTERNATIONAL the film’s director, Luc Besson. “It’s a movie that’s still beloved, and people come up to me about it more than almost anything I’ve ever made,” Portman told The Hollywood Reporter. “And it gave me my career, but it is definitely – when you watch it now – has some cringey, to say the least, aspects to it. So, yes, it’s complicated for me.” - BY MARK MATHEN VICTOR 15 songs vying for glory THE Anugerah Lagu Indie 2023 (ALI2023) has recently unveiled the muchanticipated lineup of finalists spanning across three vibrant genres: pop, hip-hop and rock. As the competition enters its fourth year, enthusiasts of indie music eagerly anticipate the showcase of top talents and innovative sounds. The announcement ceremony for the finalists was a momentous occasion, held at the prestigious ESI Hub, Spacerubix last week. It served as a platform to introduce the talented musicians who would grace the stage with their performances. These finalists are set to captivate audiences with a diverse array of 15 songs across the mentioned genres during the gala event next Thursday, set to unfold at the same venue. ALI2023 has distinguished itself by implementing a novel scoring format, one that blends 30% public voting with 70% professional jury scoring. This innovative approach aims to strike a balance between popular opinion and expert assessment, ensuring a fair and comprehensive evaluation of the entries. Additionally, this year’s edition marks a significant milestone with the introduction of cash prizes totaling RM36,000 for the deserving winners. This generous reward underscores ALI2023’s unwavering commitment to recognising and supporting emerging talent in the indie music scene, a commitment that has been steadfast since its inception in 2020. Executive producer Ahmed Faris Amir provided insights into the selection process, revealing that ALI2023 received an impressive 626 song applications this year. Furthermore, the competition garnered over 11,000 public votes, a testament to the widespread enthusiasm and engagement within the indie music community. Co-executive producer Jennifer Thompson emphasised the rigorous criteria used to shortlist the finalists. Each song was meticulously evaluated based on its quality, with a strong emphasis on originality in The finalists of the Anugerah Lagu Indie 2023. – PICS BY AMIRUL SYAFIQ /THESUN oAnugerah Lagu Indie 2023 announces top five finalists across diverse genres █ BYHAZIQUE ZAIRILL Ahmed (left) and Thompson speak to the press during the finalist unveiling at Puchong Spacerubix. both lyrics and music composition. The result is a stellar lineup of top-notch talent representing the best of indie music across the pop, hip-hop, and rock genres. Among the highlights of the finalist selection are the top five hip-hop tracks, which include the dynamic and diverse sounds of Ice Cold Castle, Candy Mind, LXF, Gard O Gard and Mimpi untuk Semalam. In the pop category, audiences can expect to be enchanted by the melodic offerings of Pura, Pembunuh Malam, Stargazing and Luka dan Derana. Meanwhile, rock enthusiasts are in for a treat with the captivating sounds of Jiwa (Takhta Milik Kita), In the Haze, Inti Sari, Terra Luna and Souled Out. Looking ahead, ALI2023 promises an exhilarating event that celebrates the rich tapestry of indie music talent in Malaysia. Supported by esteemed partners such as the Ministry of Youth and Sports, Gaya Hidup Rakan Muzik and Rakan Muda, the competition embodies a spirit of collaboration and community within the indie music ecosystem. Audiences can join in the excitement by tuning in to the gala event, which will be livestreamed on YouTube on March 7 at 8pm. To participate in the voting process and show support for your favourite songs in each category, visit the official ALI2023 website at anugerahlaguindie.com.my.
LYFE LYFE THURSDAY | FEB 29, 2024 26 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper A bang leads to a whimper THE first episode of True Detective’s fourth season started strong. Titled True Detective: Night Country, the season takes place in the furthest northwest reaches of the planet, in the fictional Alaskan town of Ennis. Nearby the town, the eight member team of scientists working at the Tsalal research station disappear overnight and are later found frozen to death. Stark naked and huddled together, the deceased scientists form an image of body horror right out of a David Cronenberg film. Their disappearance and death are then cryptically tied to an unsolved case involving the brutal murder of an indigenous Alaskan woman over five years ago. In the long weeks of endless night, Ennis police chief Liz Danvers (Jodie Foster) and Alaska state trooper Evangeline Navarro (Kali Reis) work to solve the mystery. Night Country has a riveting setup, setting up themes of indigenous rights, police corruption and the exploitation of natural resources by big corporations at the expense of the local community’s health. But then, from the second episode onwards, the ice sheet below its feet quickly breaks, sending the entire season plunging into the cold, freezing depths of the ocean. Reinforcing stereotypes There is a current, ongoing trend in Hollywood where the idea of strong female characters is constantly being pushed. In ordinary circumstances, this has to be applauded, if done in a smart way. In Night Country, showrunner and writer Issa Lopez takes the juvenile route of writing women, with no forethought in the repercussions of what she is putting down on paper and executing in action. Foster, Reis and the rest of the cast are very good, despite the flimsy material they have to work with. Before heading into the story, it is worth noting that the dialogue is shallow. The dialogue between Foster, an Academy Award-winning actress and Reis’ characters in their car rides is Lopez’s attempt to recreate the deep, introspective Matthew McConaughey-Woody Harrelson dialogue from the first season of True Detective. Each one of these scenes falls flat. If this season only had bad dialogue, it would be forgivable, but coupled with the mental gymnastics the story participates in and gets a Reis (left) and Foster do the best they can with Night Country’s circus of a script. - PICS COURTESY OF HBO oFifth season ofTrue Detective squanders its strong cast and themes █ BY MARK MATHEN VICTOR gold medal in, it is baffling how no one stepped in to tell Lopez the script was progressively becoming dumber as the season went on. For example, one of the big revelations in Night Country has a female character finding out something shocking. Instead of the smart action of bringing that knowledge to the Foster famously played an investigator in The Silence of the Lambs, which is a better time investment than watching Night Country. intelligence, also enter a state of unexplained hysteria. This attempt at portraying strong women by ironically having them be beset by hysteria does not end there. No justice, only hysteria At the climax of the season finale, Danvers and Navarro confront a person they suspect is behind the deaths of the Tsalal scientists. As the person being confronted begins to reveal what actually happened, a group of women, one by one, begin to enter the room where the confrontation is taking place. Lopez frames this walk-in as a “badass boss woman” thing, but when you think about it, the entire reveal becomes comical. For some context, Night Country’s ancillary villain is Silver Sky, a mining company whose operations are causing pollution that is affecting the water, livelihood and health of the mostly Indigenous Alaskans in the area. Night Country then reveals the connection between the Tsalal scientists and Silver Sky and when this group of women found out, they decided to force the scientists into revealing Silver Sky’s operations to the media and the public. Intelligently, they realised this was the best way to get Silver Sky to stop its operations and clean up the pollution. Also, all of that was a joke. That is not what happened. Instead, this group of women were overcome by hysteria and did some things that caused the deaths of the Tsalal scientists, which they are seemingly proud of. Here is the thing. Their actions, while cathartic, only harm the community. Guided by hysteria and wanting revenge, they have essentially freed Silver Sky to continue operating and polluting the area, while reinforcing Lopez’s views that the only way women can be strong and initiate change is by becoming hysterical. This ludicrous writing was apparently so good that HBO has renewed True Detective for a fifth season, with Lopez returning as the showrunner. On top of everything else, the season also has jumpscares. Night Country disappointingly portrays spirituality in Indigenous communities as generic horror fare. public, the character is instead overcome by hysteria and bad things happen to them. Due to the writing being extra silly, the bad things are done by male characters, who, despite their
PERISYTIHARAN JUALAN DALAM MAHKAMAH TINGGI MALAYA DI PULAU PINANG PERMOHONAN UNTUK PERLAKSANAAN NO: PA-38-945-12/2023 Dalam perkara mengenai Seksyen 256 dan 257 Kanun Tanah Negara, 1965 Dan Dalam perkara mengenai Gadaian Perserahan No: 0704SC2013002947 ( bertarikh 18/09/2013) ke atas semua bahagian tanah yang dipegang di bawah Hakmilik Strata No. Hakmilik GM3294/M1/1/9, Lot 10314, Mukim 13, Daerah Timor Laut, Pulau Pinang Dan Dalam perkara mengenai Aturan 83 Kaedah- Kaedah Mahkamah, 2012 ANTARA OCBC BANK (MALAYSIA) BERHAD (No. Syarikat : 295400-W) ...PLAINTIF DAN TEOW SEAN YAO (No. Kad Pengenalan : 840407075787) ...DEFENDAN Menurut Perintah Mahkamah Tinggi Malaya di PULAU PINANG mengenai Perintah Jualan dan Perintah bertarikh 9 Mei 2022 dan 19 Januari 2024, adalah dengan ini diisytiharkan bahawa Timbalan Pendaftar/Penolong Kanan Pendaftar Pusat Operasi e-Lelong di Kuantan AKAN MENJUAL SECARA LELONG AWAM Pada Hari Khamis, 14 Mac 2024, Pada Jam 11:00 pagi, SECARA ELEKTRONIK DI LAMAN WEB e-LELONG, PUSAT OPERASI e-LELONG, KOMPLEKS MAHKAMAH KUANTAN, PAHANG DARUL MAKMUR NOTA: Bakal pembeli adalah dinasihatkan agar membuat carian Hakmilik secara rasmi di Peiabat Tanah dan memeriksa semua tanggungan, bebanan serta mengenal pasti dengan tepat hartanah tersebut sebelum jualan lelongan dijalankan. Sila layari https://eIelong.kehakiman.gov.my/bidderweb BUTIR-BUTIR HAKMILIK: No. Hakmilik : Hakmilik Strata No. Hakmilik GM3294/M1/1/9 No. Lot : Lot 10314 Mukim/Daerah/Negeri : 13 / Timor Laut / Pulau Pinang Pegangan : Hakmilik Kekal No. Petak/No. Tingkat/No. : 9 / 1 / M1 Bangunan : Keluasan Tanah : 0.0000000000 kaki persegi : 0.0000000000 meter persegi Pemilik Berdaftar : TEOW SEAN YAO Syarat Nyata : Petak ini hendaklah digunakan untuk tujuan rumah bandaran sahaja Sekatan Kepentingan : Tiada Bebanan / Lain-Lain : Kawasan Rizab : Kaveat : LOKASI DAN PERIHAL HARTANAH : Hartanah tersebut adalah Rumah Bandar yang beralamat pos di 2-G-8, Lorong Lembah Ria 1, Taman Happy Valley, 11500, Ayer Itam, Pulau Pinang. HARGA RIZAB : Hartanah tersebut akan dijual atas “sepertimana sedia ada” tertakluk kepada satu harga rizab sebanyak RM 850,000.00 (RINGGIT MALAYSIA: LAPAN RATUS LIMA PULUH RIBU SAHAJA) dan kepada syarat-syarat jualan yang dilampirkan. Pembida yang berminat hendaklah mendepositkan 10% daripada harga rizab dalam bentuk Bank Draf di atas nama OCBC BANK (MALAYSIA) BERHAD 1 HARI BEKERJA sebelum tarikh lelong awam. Baki harga belian hendaklah dibayar oleh pembida yang berjaya kepada OCBC BANK (MALAYSIA) BERHAD dalam tempoh seratus dua puluh (120) hari dari tarikh jualan. Untuk butir-butir selanjutnya, sila berhubung dengan:- Firma Guaman : GHAZI & LIM Alamat : 19TH FLOOR, PLAZA MWE NO 8, LEBUH FARQUHAR, 10200, PG, MY No. Telefon : 04-2633688 No. Fax : 04-2633188/2627433 No. Rujukan : O138/16/JB/LJL/mmz/(sz) NOTIS NAMA PEMOHON: LIM LIP HONG NAMA PREMIS : JIRAN MESRA SDN BHD ALAMAT PREMIS : 171, JALAN C.Y. CHOY 10300, GEORGETOWN PULAU PINANG JENIS LESEN : RUMAH AWAM KELAS 1 Permohon lessen minuman keras telah dikemukakan kepada Lembaga Pelesenan (Eksais) Negeri Pulau Pinang seperti maklumat di atas. Sesiapa yang ada bantahan terhadap permohonan ini hendaklah menghantar bantahannya secara bertulis dalam masa 14 hari dari tarikh iklan ini ke alamat: Pengerusi, Lembaga Pelesenan (Eksais), Bahagian Pelesenan, Jabatan Kewangan Negeri, Tingkat 18, KOMTAR, 10990 Pulau Pinang DIGITAL MARKETING SENIOR EXECUTIVE / ASSISTANT MANAGER Job Description: • Design and develop online marketing strategies, digital roadmap and creative campaign that align with the business goals and directions. • Provide creative ideas for content marketing. • Manage all digital marketing channels. • Plan and manage social media platforms. • Able to create content & produce graphics for social media posts. Requirement: • Diploma / Degree in Marketing, Digital Marketing or equivalent. • At least 3 years experience in digital marketing. • Excellent understanding of digital marketing concept and best practices. • Required skill(s): Google Analytics, SEO/SEM, social media marketing and optimisation. • Team player and great communication skills. ADVERTISING SALES & MARKETING EXECUTIVE / SENIOR EXECUTIVE Job Description: • Building and sustaining strong working relationship with advertising clients. • Plan and executive new, creative, exciting and innovative marketing campaigns for the company. • Develop and continuously improve marketing material, product/services presentations and proposals. • Passionate in serving client accounts to improve sales revenue. Requirement: • Diploma or Bachelor’s degree in business, marketing or other related fields. • At least 2 years of sales and marketing experience in media industry. • Good communication, presentation, problem-solving and organisational skills. • Possess own transport and willing to travel. • Able to start work immediately. Submit your CV with your photo via e-mail to: thesun.hr2@gmail.com Office based in Petaling Jaya (5-day week) WE ARE HIRING Manager – Finance and HR Job Description: • To handle full set of accounts, month-end closing, year - end closing, audit schedules, tax, stock control, etc. • Responsible for management, statutory and group reporting, development of business plans, budget and cash flow forecast. • Oversee recruitment, manage payroll system, staff benefit, yearly performance and appraisal. • Develop & implement HR policies to support company business objectives and compliance with law and regulatory requirements. • To handle legal and disciplinary matters including staff counselling in compliance with local Labour Law. • Other administration duties where required and part of job scope. • Any other duties as assigned by the superior / management from time to time. Requirements: • Candidate must possess at least Professional or Degree in Finance/Accountancy or equivalent. • At least 5 years managerial/supervising of working experience in audit, financial accounting and HR. • Familiarity with Accpac, ERP Accounting & HR software would be added advantages. • Computer literate and skillful in Ms Excel, Word & PowerPoint. • Good command of written and spoken English. Proficiency in Bahasa Malaysia & Mandarin will be added advantages. DAWN "Dawn" translates to "senja" in Malay. This serviced apartment project pays homage to new beginnings, reflecting the characteristics of successful individuals seizing opportunities early in the morning when the world is still asleep. It is strategically located in the heart of Kuala Lumpur, less than 500 meters from the KLCC Twin Towers, Dawn symbolizes the main gateway from the northern part of the city to Kampung Baru via Saloma Bridge. This serviced apartment adds value as a new landmark in a bustling metropolis. Moreover, the masculine name "Dawn" is also called "Don," signifying world leaders with spirit, hope, and high aspirations. Conceived as vibrant vertical community, the building amplifies the dynamism and vibrancy of its locale by drawing the 'energy' of the street up into its upper floors and expressing them as large diagonal portals/windows, connecting residents to unparalleled views and vistas to the surrounding city and distant mountain ranges. Designed as a haven for business travelers, especially those who aim to compete proactively, this serviced apartment will renew your perspective on life and healthy competition in business. For further information about this development, please contact: Tel: 011-1722 6998 Website: https://dawnklcc.com.my CADANGAN PINDAAN KEPADA PERINTAH PEMBANGUNAN BERTARIKH 27.12.2021 BAGI CADANGAN 2 BLOK PEMBANGUNAN BERCAMPUR 69 TINGKAT (MENARA A) & 22 TINGKAT (MENARA B) YANG TERDIRI DARIPADA: A) BLOK MENARA A 61 TINGKAT YANG TERDIRI DARIPADA : I. 12 TINGKAT UNIT PEJABAT STRATA (276 UNIT) (ARAS 10 HINGGA ARAS 21) II. 42 TINGKAT UNIT PANGSAPURI SERVIS (492 UNIT) (ARAS 24 HINGGA ARAS 43 DAN ARAS 46 HINGGA ARAS 67) III. 3 TINGKAT KEMUDAHAN AWAM (ARAS 9, ARAS 22 DAN ARAS 23) IV. 2 TINGKAT RUANG MEKANIKAL (ARAS 45 & ARAS 68) V. 2 TINGKAT RUANG PERNIAGAAN (ARAS 44 & ARAS 69) B) BLOK MENARA B 14 TINGKAT YANG TERDIRI DARIPADA :. I. 12 TINGKAT UNIT PEJABAT STRATA (192 UNIT) (ARAS 10 HINGGA ARAS 21) II. 2 TINGKAT KEMUDAHAN AWAM (ARAS 9 DAN ARAS 22) DI ATAS 8 TINGKAT PODIUM YANG TERDIRI DARIPADA 1 TINGKAT LOBI UTAMA, 1 UNIT KEDAI DAN KEMUDAHAN AWAM (ARAS 1 & 2) DAN 7 TINGKAT TEMPAT LETAK KERETA (ARAS 2 HINGGA ARAS 8) DENGAN 1 TINGKAT TEMPAT LETAK KERETA BAWAH TANAH DI ATAS LOT-LOT 54, 74 DAN 192, SEKSYEN 44, OFF JALAN AMPANG, KUALA LUMPUR. NO RUJUKAN DBKL : JPRB. 1606/72/2 JLD.2 FIAMMA LAND SDN. BHD. (657482-X) Wisma Fiamma, No. 20, Jalan 7A/62A, Bandar Manjalara, 52200 Kuala Lumpur. Tel: +603 – 6279 8888 Fax: +603 – 6279 8766 You Are Invited To Attend The Information Communication Strategy Session On: Date : 02nd March 2024 (Saturday) Time : 8.00am - 12.00pm Venue : PELITA NASI KANDAR AMPANG RESTAURANT (Opposite Hotel Maya) No. 113, Jalan Ampang, 50450 Kuala Lumpur. (Bilik Berhawa Dingin Haji KK) TAPAK DIRUJUK SCAN ME THURSDAY FEB 29, 2024 TEL: 03-7784 6688 FAX: 03-7785 2625 EMAIL: classifieds@thesundaily.com
SPORTS THURSDAY | FEB 29, 2024 28 In The Matters Of Companies Act 2016 And Matters Concerning FON KIM YUM REALTY SDN. BHD. Registration No. 197901008570 (52854-D) (In Members Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016 a FINAL MEETING of the members of the above Company will be held at Lot 4.81, 4th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur on 3RD MARCH, 2024 at 11.00 a.m. for the purpose of passing the following special resolutions :- 1. To receive and discuss the final liquidation account laid before the meeting showing the manner in which the winding-up of the Company has been conducted and the assets of the Company disposed off and hearing any explanation that may be given by the Liquidator. 2. To direct under Section 518(3)(b), Companies Act 2016, the manner in which the books of accounts and documents of the Company and of the Liquidator shall be disposed off. Poo Chooi Ying (Liquidator) Kuala Lumpur Dated This : 29th February, 2024 NOTE : 1. A member entitled to attend and vote at this Meeting is entitled to appoint a proxy to attend and vote in his stead; such proxy, may but need not be a member of the Company. 2. The instrument appointing a proxy must be deposited with the liquidators office at Lot 4.81, 4th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur not later than 48 hours before the time fixed for the meeting or any adjournment. 322 Notices DALAM MAHKAMAH TINGGI MALAYA DI SHAH ALAM PENGGULUNGAN SYARIKAT NO. BA-28NCC-225-05/2023 Dalam perkara di bawah Akta Syarikat, 2016 Dan Dalam perkara di bawah Seksyen 465 (1) (e) dan Seksyen 466 (1) (a) Akta Syarikat, 2016 Dan Dalam perkara di bawah Kaedahkaedah (Penggulungan) Syarikat 1972 Antara GREEN ISLAND FEED MILLS SDN. BHD. (No. Syarikat 883873-M) ... Pempetisyen Dan AGRO CAPITAL MANAGEMENT BERHAD (No. Syarikat 201401020709 (1096795-U)) ... Responden NOTIS PERINTAH PENGGULUNGAN Di dalam perkara Agro Capital Management Berhad (No. Syarikat 201401020709 1096795-U). Perintah Penggulungan dibuat terhadap Agro Capital Management Berhad (No. Syarikat 201401020709 1096795-U) pada 01-02-2024. Nama dan alamat perlikuidasi: Pegawai Penerima Malaysia, (Cawangan Selangor) East Entrance, Lot F23-F45, Level 1, Bangunan IDCC Shah Alam, Jalan Pahat L 15L, Seksyen 15, 40200 Shah Alam, Selangor. ....................t.t.................. PEGUAMCARA PEMPETISYEN Tetuan Wong-Chooi & Mohd Nor Peguambela dan Peguamcara No. 27, Tingkat Satu, Jalan Maju Jaya, Pusat Perniagaan Maju Jaya, 14000 Bukit Mertajam, Penang NOTIS PERINTAH PENGGULUNGAN ini diiklankan oleh Tetuan WongChooi & Mohd. Nor, Peguambela dan Peguamcara, yang beralamat di No. 27, Tingkat Satu, Jalan Maju Jaya, Pusat Perniagaan Maju Jaya, 14000 Bukit Mertajam, Pulau Pinang Peguamcara bagi pihak Pempetisyen tersebut. Rujukan No: WCMN(BM)/ GIFMSB/2023-059/ACMB (YKY/lim) 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF PROPERTY DEVELOPMENT AND CONSTRUCTION SERVICES SDN. BHD. (Registration No. 198201005556 (85310-P)) (In Members’ Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN, pursuant to Section 459 (2) of the Companies Act 2016, that the Final Meeting of the Members of the above-named Company will be held at Conference Room, Wisma Golden Eagle Realty, 11th Floor, South Block, No. 142-A, Jalan Ampang, 50450 Kuala Lumpur on Monday, April 1, 2024, at 10.00 a.m. for the following purposes:- (1) To receive and consider the Liquidator’s Statement of Receipts and Payments showing the manner in which the winding up of the Company has been conducted and to receive any explanations thereon. (2) To resolve, pursuant to Section 518(3)(b) of the Companies Act 2016, that the books, accounts and records of the Company be destroyed after the expiration of three (3) months from the date of filing of the Return by Liquidator relating to Final Meeting. KHOR YONG YONG Liquidator c/o MAZARS RISK MANAGEMENT SDN. BHD. Wisma Golden Eagle Realty, 11th Floor, South Block, No 142-A, Jalan Ampang, 50450 Kuala Lumpur. Tel: +60 3 2161 5222 Dated : February 29, 2024. 322 Notices In The Matters Of Companies Act 2016 And Matters Concerning LIGHTSPACE SDN. BHD. Registration No. 201101031350 (959485-K) (In Members Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016 a FINAL MEETING of the members of the above Company will be held at Lot 4.81, 4th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur on 3RD MARCH, 2024 at 11.00 a.m. for the purpose of passing the following special resolutions:- 1. To receive and discuss the final liquidation account laid before the meeting showing the manner in which the winding-up of the Company has been conducted and the assets of the Company disposed off and hearing any explanation that may be given by the Liquidator. 2. To direct under Section 518(3)(b), Companies Act 2016, the manner in which the books of accounts and documents of the Company and of the Liquidator shall be disposed off. Poo Chooi Ying (Liquidator) Kuala Lumpur Dated This : 29th February, 2024 NOTE : 1. A member entitled to attend and vote at this Meeting is entitled to appoint a proxy to attend and vote in his stead; such proxy, may but need not be a member of the Company. 2. The instrument appointing a proxy must be deposited with the liquidators office at Lot 4.81, 4th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur not later than 48 hours before the time fixed for the meeting or any adjournment. 322 Notices 322 Notices SL SHIYUAN SDN. BHD. Registration No. 201101015236 (943370-U) (In Members’ Voluntary Winding-Up) (Incorporated in Malaysia) NOTICE IS HEREBY GIVEN THAT the Final General Meeting of the Company will be held at the office of the Liquidator, Suite D23, 2nd Floor, Plaza Pekeliling, No. 2 Jalan Tun Razak, 50400 Kuala Lumpur on Friday, 29th day of March 2024 at 10.00 a.m. for the following purposes:- (1) To receive accounts from the Liquidator showing how the winding-up has been conducted and to receive any explanations thereon. (2) To resolve under Section 518 of the Companies Act 2016 that after the expiration of three months from the date of the Final Meeting, the books and papers of the company may be destroyed. 29th February 2024 Kuala Lumpur Yap Siew Cheng Liquidator NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that HEALTHHIKE PLT [LLP No. 201704000239 (LLP0010365-LGN)] will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. Date: 29.02.2024 322 Notices 322 Notices CALL TO PLACE CLASSIFIED ADS MS. SHOBA / MS. BALQISH 03 7784 8888 018 261 6626 Excited to be back Djokovic thrilled to return to Indian Wells after five year hiatus NOVAK DJOKOVIC yesterday said he was excited to be back in Indian Wells to compete at the BNP Paribas Open for the first time since 2019 after US travel restrictions related to Covid19 had kept him away. The world No. 1 is seeking an unprecedented sixth title at the Masters 1000 event that begins next week and is regarded as the biggest tennis tournament outside of the four Grand Slams. “It has been five years, way too long to not be part of the Tennis Paradise tournament, one of the best tournaments in the world without a doubt,” Djokovic said in a video from the small, picturesque city in the Southern California desert. “It’s probably the favourite Masters tournament of so many players including myself. I can’t wait to come and perform once again in front of some of the best tennis fans that we have on the tour.” The Serb won the first of his 24 Grand Slams at the Australian Open in 2008 and backed that up a few months later by capturing his first Indian Wells crown. “The first time I won the title in Indian Wells, it was one of the greatest titles of my career at that point. I remember I played Mardy Fish in the finals,” he said. “I was fortunate to win the tournament another four times and played some epic matches in the finals against (Roger) Federer and (Rafa) Nadal and many of the great players in that era. I’m really looking forward to coming back.” Three-times Indian Wells champion Nadal is set to compete at the tournament after missing last month’s Australian Open due to a muscle tear. The 2020 BNP Paribas Open was canceled due to the Covid-19 outbreak and Djokovic missed the next three editions as the United States did not allow unvaccinated foreigners to enter the country. Carlos Alcaraz and Elena Rybakina are the defending champions at this year’s BNP Paribas Open, which runs from March 3-17. – Reuters Gooch questions value of Masters victory after snub STILL smarting over not being invited to this April’s Masters Tournament, Talor Gooch said the idea of basing majors eligibility on the Official World Golf Ranking is antiquated. Gooch, the LIV Golf individual champion in 2023, isn’t earning ranking points because of his league affiliation. He’s fallen to No. 449 in the rankings because the OWGR system doesn’t recognise LIV participation. In an interview with Australian Golf Digest, posted yesterday, Gooch said not having the top players in the field only dilutes the end results. “If Rory McIlroy goes and completes his (career) Grand Slam without some of the best players in the world, there’s just going to be an asterisk,” he said. “It’s just the reality. I think everybody wins whenever the majors figure out a way to get the best players in the world there.” Gooch, 32, gave up his PGA Tour membership in 2022 when he moved to the upstart, big-money LIV circuit. He had one career PGA Tour win and US$9.25 million (RM44m) in earnings – well eclipsed by the US$46.5 (RM221m) he won in his first two LIV seasons. Despite winning three tournaments and the LIV title in 2023, Gooch didn’t receive one of three invitations to the Masters issued by officials at Augusta National. “Hopefully the day will turn when the majors decide to start rewarding good play on LIV. Hopefully that’ll be sooner than later,” Gooch said. England’s Lee Westwood, a former World No. 1 now playing in the LIV league, told Australian Golf Digest that it’s time for a change. “I think the Official World Golf Ranking has got itself into a real hole. It’s got itself to a point where it’s obsolete, really, if I’m being completely honest. “It’s managed to be so stubborn that it no longer ranks all the best golfers in the world fairly. And it’s gone so far that I don’t see how it can come back from the hole that it’s in because you can’t backdate them.” – Field Level Media DANIIL MEDVEDEV returned to action for the first time since his Australian final defeat yesterday with a straight sets win over Alexander Shevchenko in Dubai. Elsewhere, 18-year-old Jakub Mensik beat Borna Coric 48 hours after becoming the youngest finalist at a tour event since 2021, in Doha. The man who ended the Czech teenager’s dream run in Qatar on Sunday, Karen Khachanov, was also among the round of 32 winners. World No. 4 Medvedev got his title defence at the hardcourt ATP 500 event up and running, overcoming Shevchenko 6-3, 7-5. The Russian top seed shrugged off his month-long absence – part holiday, part injury – breaking his Kazakh opponent in three consecutive return games in the first set before reeling off four games in a row from 3-5 in the second set to complete an 88-minute triumph. In January, Medvedev reached his second Australian Open final. He lost to Rafael Nadal in the Melbourne decider two years ago, and this time had to settle for second best in the season’s opening Grand Slam to Jannik Sinner. He was forced to skip his title defence in Doha last week because he was dealing with a number of physical issues – with his foot, adductor, and shoulder. “In general, to be honest, I am happy with my level, because it is not easy to come back after an injury. “You always try to straight away put your game back, but its not easy and I’m happy to beat such a good opponent and am looking forward to the next round,” said Medvedev courtside. He added: “When you take a week or two off, but it’s something you planned, then it’s kind of easy tennis-wise, just a couple of points or games to get back. “I did take a week and a half off by myself and then when I came back I started feeling pain here and there, not practising 100 per cent. “It’s very tricky, because when you come into a match you have to forget about it and when you think about something other than tennis you are going to lose the match.” Medvedev will meet next Lorenzo Sonego after the Italian despatched wild card Sumit Nagal of India 6-4, 5-7, 6-1. Mensik let slip a match point and then saved one in his 4-6, 6-3, 7-6 (9-7) victory over Coric to book a date next with Spain’s world No. 24 Alejandro Davidovich Fokina. – AFP Winning return for Medvedev Winning return for Medvedev Daniil Medvedev in action during his round of 32 match against Alexander Shevchenko (not pictured). – REUTERSPIX