THEEDGE

UK INFLATION HITS 9.4%, BOLSTERING BETS ON BIG
BOE RATE HIKE p17

T H U R S DAY, J U LY 2 1 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 413/2022

CEOMorningBrief
HOME: Apex court denies IRB access to law firm’s client accounts p2
Allowing bigger labour applications through CLAB does not address shortage issue p6

Perodua to ramp up production to cope with demand p8
Dewan Rakyat passes Anti-Sexual Harassment Bill p14
WORLD: Palm oil exports from top grower set to soar 60% in price blow p19

Cash trust UBB sues webinar platform,
Rockwills for allegedly equating it to a Ponzi scheme

Report on Page 5.

Economists raise
2022 export forecasts

after Malaysia’s
record 2Q showing

Report on Page 4.

T H U R S DAY, J U LY 2 1 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 413/2022

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THURSDAY JULY 21, 2022 2 THEEDGE CEO MORNING BRIEF

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Apex court denies IRB access
to law firm’s client accounts

PUTRAJAYA (July 20): In a landmark de- BY HAFIZ YATIM (b) of the ITA stipulates that “notwith-
cision, a seven member bench onWednes- theedgemarkets.com standing any other written law, where any
day (July 20) unanimously ruled that the document, thing, matter, information, com-
Inland Revenue Board (IRB) cannot look is not bound by the privilege and (the firm) munication or advice consists wholly or
into the client accounts of a law firm, in must report the illegal activity,” she added. partly of, or relates wholly or partly to, the
its bid to study and impose further taxes receipts, payments, income, expenditure,
on the law firm. The CJ also ruled that the IRB can- or financial transactions or dealings of any
not embark on a fishing expedition to go person (whether an advocate and solicitor,
The apex court ruled that this is to pre- through all the accounts of clients of the his client, or any other person), it shall not
serve solicitor-client privilege, and the law solicitor to impose taxes. be privileged from disclosure to a court,
firm was entitled not to disclose or divulge the Special Commissioners, the Director
such information to the IRB in relation The apex court bench further ruled that General or any authorised officer if it is con-
to client accounts without the consent of Section 142(5)(b) of the Income Tax Act tained in, or comprises the whole or part
the clients. However, the court added a 1964 (ITA) does not oust Section 126 of of, any book, account, statement, or other
caveat — the privilege is not protected by the Evidence Act that requires law firms record prepared or kept by any practitioner
attempts to hide illegal activities of the cli- to disclose such information. or firm of practitioners in connection with
ent. Where such circumstances arise, the any client or clients of the practitioner or
law firm was not bound by such privilege. Following the decision today, the apex firm of practitioners or any other person”.
court dismissed the appeal by the IRB and
Chief Justice (CJ)TunTengku Maimun its director-general, and upheld the deci- She argued that it was the Parliament’s
Tuan Mat, who led the bench, asked why sion of the High Court and Court of Ap- intention to have the 1974 amendment that
it was necessary for the IRB to audit the peal on the issue. empowers the IRB to gather such docu-
client accounts in a bid to tax the law firm. ments, information, communication, and
The bench made no order as to costs. others as stipulated from the ITA involving
“It appeared to us that the IRB has The other members of the bench were the client account of the law firm to the IRB.
failed to comprehend that the client ac- Federal Court judges Justices Datuk Nalini
counts comprise monies and documents Pathmanathan, Datuk Vernon Ong Lam Hazlina contended that the IRB was not
belonging to the client. In short, the con- Kiat, Datuk Harmindar Singh Dhaliwal, asking the lawyers to violate solicitor-client
tents of client accounts belong to the client Datuk Rhodzhariah Bujang, Datuk Mohd privilege, but only to divulge information.
and not [to] the solicitor as such. Zabidin Md Diah, and Court of Appeal
judge Datuk Hanipah Farikullah. On this issue alone, Hazlina, who ap-
“Therefore, the question as to why is it If solicitors can disclose client peared with Senior Federal Counsel Ahmad
necessary to audit an account of the clients accounts to auditors, why not IRB? Isyak Mohd Hassan and Mohamad Asyraf
for the purpose of imposing tax on the so- The IRB led by senior federal counsel Dr Zakaria, argued that the IRB should have
licitor firm [does not arise].There has not Hazlina Hussain said that Section 142 (5) been allowed to gain access to such client
been any credible reason for the IRB to go accounts, as the Section 142 (5)(b) argues
into the third-party account to impose tax that it shall not be privileged from disclosure.
on the solicitor firm,” she added.
Hazlina added that if the law firms
However, the CJ qualified the bench’s could disclose the accounts to an account-
decision by imposing a proviso or excep- ant or auditor, then such disclosures could
tion — namely that such solicitor-client be made to IRB for income tax purposes.
privilege is not protected by attempts
to hide the illegal activities of the client. The Malaysian Bar is challenging the dis-
Where such circumstances arise, the law closure demanded by the IRB on the grounds
firm was not bound by such privilege. that it violates the solicitor-client privilege.
Read the full story
“This means that if there is illegal ac-
tivity or commission that comes to the
knowledge of the solicitor, [this decision]

THURSDAY JULY 21, 2022 3 THEEDGE CEO MORNING BRIEF

THURSDAY JULY 21, 2022 4 THEEDGE CEO MORNING BRIEF

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Economists raise 2022 export forecasts
after Malaysia’s record 2Q showing

BY SYAFIQAH SALIM External trade statistics, 2018 - 2022 (Jan - June)
theedgemarkets.com
2,400 Exports Imports
KUALA LUMPUR (July 20): Malaysia’s 2,200
exports rose 38.8% year-on-year in June to RMbi lion 2,000 879.8 849.4 800.5 987.3
RM146.16 billion, driven by strong demand 1,800
for electrical and electronic (E&E) products, 1,600 1,003.6 995.1 983.8 1,241.0 616.0
petroleum products, liquefied natural gas 1,400
as well as palm oil and palm-oil based ag- 1,200 2018 2019 2020 2021 739.1
riculture products, prompting economists 1,000
to raise their full year 2022 export forecasts Jan-Jun 2022
even as they caution of the possibility of 800
slower growth momentum in the second 600
half of 2022. 400
200
The expansion is the 11th consecutive
month of double-digit growth for the coun- 0
try’s exports — above the 20.1% rise forecast
in a Reuters poll, and higher than Bloomb- Source: Department of Statistics Malaysia
erg’s 21.2% consensus expectation — and
up from the 30.5% growth posted in May. billion; consequently, trade surplus climbed na [has been] trending downwards since the
6.7% to RM123.13 billion. beginning of the year amid slower economic
The stronger export showing came as ex- activities in China due to continued imple-
ports to most major trading partners, notably Slower global growth could hurt mentation of strict containment measures.
Singapore, US, European Union (EU) and Malaysia’s trade outlook
Japan recorded double-digit growths. Sin- Despite the strong 1H2022 growth, econ- “To recap, China GDP growth has con-
gapore registered the highest export value omists are wary that slower global growth tracted by 2.6% in 2Q22 (0.4% y-o-y) com-
increase of RM9 billion, followed by RM3.9 could hurt Malaysia’s trade outlook for the pared with the last quarter.The emergence
billion to the US, RM3.5 billion to the EU, second half of the year. of a more infectious strain of Covid-19’s
and RM3.1 billion to Japan. Omicron variant as reported in some ma-
Risks could come from weaker global de- jor China’s cities is likely to lead to higher
Total trade for the month rose 43.4% y-o-y mand amid rising global inflation, a possible uncertainties,” Chin wrote in a separate note.
to RM270.39 billion — the 17th consecu- sharp slowdown in the US due to aggressive
tive month of double digit growth — while monetary tightening and a shortage of raw Nevertheless, UOB and MIDF raised
imports jumped 49.3% y-o-y to RM124.23 materials or supply chain disruption, be- their 2022 export growth forecast after fac-
billion.The increase in imports were driven sides weak recovery in China following the toring in the robust 26.1% growth in 1H22.
by petroleum products (up RM11.7 billion); Covid-19 lockdowns there earlier this year. UOB raised its export forecast to 18% from
E&E products (up RM9.3 billion); transport 8% previously, while MIDF upgraded it to
equipment (up RM2.6 billion) and crude pe- The drag could come from the E&E and 20.9% from 16.9%. MIDF also raised its
troleum (up RM2.6 billion).As imports grew commodity sectors, they said. imports forecast to 25.6% from 19.2%.
faster than exports, trade surplus declined a
marginal 0.8% y-o-y to RM21.93 billion. In particular, UOB Global Economics “We expect growing external demand for
& Markets Research economists Julia Goh E&E and commodities, particularly palm oil
On a month-on-month basis, trade ex- and Loke Siew Ting pointed out that the and petroleum products, to drive overall ex-
panded by 18.4%, exports grew 21.3% and near-term outlook for Malaysian palm oil ports growth this year, and the firm imports
imports rose 15.2%, while trade surplus exports is clouded, with the recent sharp growth will continue on the back of con-
expanded 72.7%. decline in crude palm oil prices (CPO). tinued improvement in domestic economic
activities,” the MIDF wrote in another note.
With the June figures, total trade for “The rapid fall in CPO prices has also
the second quarter of 2022 grew 32.7% to prompted contract renegotiations between RHB is expecting a full-year export growth
RM730.36 billion compared with 2Q2021. CPO traders and buyers who are taking the of 21.9%.“We opine that uncertainties in the
Exports climbed 30% y-o-y to RM394.24 deliveries now. However, surging supplies global landscape might taper the upward mo-
billion and imports increased 36.1% y-o-y in global top exporter Indonesia and its re- mentum of the trade performance. We ex-
to RM336.13 billion.“This was the highest moval of export levy for all palm oil products pect Malaysia’s exports to register a full-year
quarterly value for total trade, exports and until Aug 31, 2022 could further depress growth of 21.9% with slower export growth
imports thus far.A trade surplus of RM58.1 CPO prices and affect Malaysia’s palm oil expected in 2H2022, affected by a bleaker
billion was recorded for the period, shrinking shipments over the next few months,” they global economic outlook,” Chin added.
by 10.6%,” according to a statement from wrote in a noteWednesday. Read also:
the Department of Statistics Malaysia. Malaysia posts highest quarterly trade,
Locally, foreign labour shortage will fur- export, import values — DOSM
For the first half of 2022, total trade grew ther constrain manufacturers’ production
28.2% to RM1.355 trillion from 1H2021, capacity even as demand remains decent, Ringgit ends marginally lower against
exports rose 26.1% to RM739.13 billion, the duo added. US dollar on July 20
while imports grew 30.9% to RM616.00
RHB Research economist ChinYee Sian,
meanwhile, highlighted that June data had
already shown some signs of slowing momen-
tum in exports to the US and China. “The
momentum of outbound shipments to Chi-

THURSDAY JULY 21, 2022 5 THEEDGE CEO MORNING BRIEF

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Cash trust UBB Amanah sues webinar
platform, Rockwills for allegedly
equating it to a Ponzi scheme

KUALA LUMPUR (July 21): Cash trust BY IZZUL IKRAM titled “Several cash trusts said to be Ponzi
UBB Amanah Bhd has filed a suit against theedgemarkets.com schemes” was published by The Edge.
online business training webinar provid-
er Learnabee International Sdn Bhd and ades, with more than RM2.5 billion worth It alleged that the article contains “var-
three others for a webinar series which al- of assets under their trust. ious references” which insinuated UBB
legedly maliciously portrayed and equat- Amanah and its business.
ed cash trust companies, and particularly “The said assertion directly refers to
UBB Amanah, as being Ponzi schemes. [UBB Amanah] and its business, as [UBB “The Edge article was either drafted by
Amanah] was established in 1988 and at [Learnabee and/or Johari] and arose from
In court documents sighted by The the material time, had more than RM2.5 the webinars conducted by [Learnabee,
Edge, UBB Amanah said that the 15-ses- billion worth of assets under their trust,” Low and Johari],” it also purported.
sion webinar series launched by Learna- UBB Amanah said in its statement of
bee also insinuated that the cash trust is claim. Meanwhile, it claimed that Rockwills
involved in illegal and fraudulent business had taken a series of marketing moves —
operations with the intent of cheating its Elaborating on its allegation, UBB via a video, write-up, and “aggressive” mar-
clients and customers of their money. Amanah said that Evanna had also made keting of Learnabee — to bolster its rep-
references to its corporate structure via utation while damaging UBB Amanah’s.
UBB Amanah has also named Learna- the adoption of acronyms or abbrevia-
bee directors Evanna Low FeiTing (Low) tions which are purportedly identical to It alleged that the publication of webi-
and Johari Low Abdullah as well as its par- the initials, acronyms or abbreviations of nars, The Edge article and Rockwills’ mar-
ent company Rockwills Corp Sdn Bhd its directors. keting were calculated to damage UBB
— an alleged direct competitor of UBB Amanah’s business and reputation as an
Amanah of which Johari is also a director UBB Amanah also alleged that through established and reputable trust company
and its largest shareholder — as defend- webinars, Learnabee and Low had repeat- — which it asserted would directly bene-
ants in the suit. edly instigated fear and concern among the fit Rockwills’ business, due to the latter’s
webinars’ participants that their money purported position as a direct competitor.
The trust company said that the defend- held under UBB Amanah was being mis-
ants’ actions in interfering with its business managed and was at risk. As a result of the defendants’ acts and/
resulted in UBB Amanah suffering losses or conduct, UBB Amanah claims it has
in the sum of RM8.615 million from July “[Learnabee and Low] also provided suffered losses amounting to RM8.61 mil-
2021 to June 28, 2022. participants of the webinars with samples lion between July 2021 and June 2022,
of termination letters and inquiries let- due to termination payments paid to its
It alleged that Low — who is also a ters, which can be adopted by them for the clients and/or customers, cancellation of
content producer for Learnabee — in a purpose of terminating their trust deeds trust applications and refunds of trust ap-
webinar series had demonstrated a foren- or raise queries with [UBB Amanah],” it plications.
sic investigation on a particular trust com- added, claiming that the defendants had
pany described as “ATrustee Company”, actively persuaded the webinars’ partici- UBB Amanah is seeking several court
which UBB Amanah noted bore striking pants to terminate their trust deeds with declarations, including that the defendants
similarities to itself. UBB Amanah. had unlawfully interfered with its business,
and that they had misrepresented the com-
“[Low] asserted that the said ‘ATrustee The cash trust claimed that the afore- pany’s business.
Company’ has been operating in the trust said fear and concern among the public
industry and business for nearly three dec- was further enhanced after an article en- It also sought orders for the removal
of the content which interfered with its
cash trust business, damages, aggravat-
ed damages, exemplary damages as well
as costs.

In June this year, Low was reported as
saying that she had received notices of de-
mand to remove her webinar content that
discussed how one should do due diligence
on high-return cash trust products.

She told a press conference on June 14
that she had received a total of five such
notices from law firms alleging that their
clients had been defamed by her educa-
tional webinar content, and demanded
that she remove the content immediately.

Read also: Content producer claims she
was harassed, threatened after conduct-
ing webinars about high return cash trusts

THURSDAY JULY 21, 2022 6 THEEDGE CEO MORNING BRIEF

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Allowing bigger labour applications through
CLAB does not address shortage issue

KUALA LUMPUR (July 21): Industry BY CHESTER TAY Nonetheless, he said involving CLAB
players said the labour shortage issue could theedgemarkets.com would help ensure workers’ welfare is tak-
still affect local builders, despite the govern- en care of.
ment’s approval for Construction Labour Nepal, Myanmar, Laos, Vietnam, Philip-
Exchange Centre Bhd (CLAB) to manage pine, Pakistan, Sri Lanka, Bangladesh,Turk- “If that is what the government is aim-
the hiring of more than 100 foreign workers menistan, Uzbekistan, Kazakhstan, India ing to do — to assure their Indonesia and
at any one time. and Indonesia. Bangladesh counterparts about workers’
welfare — then it might help.
CLAB is an organisation under the Con- Master Builders Association Malaysia
struction Industry Development Board (MBAM) immediate past presidentTan Sri “The construction industry requires a
(CIDB), tasked with bringing in and re- Sufri Mohd Zin lauded the government’s certain skillset, so as long as Bangladesh
distributing foreign workers for companies move, as it provides clarity to industry play- and Indonesia are opened up, our [labour
and organisations in Malaysia. ers on the entity responsible for resolving shortage] issues will be resolved,” he added.
labour issues.
CIDB chief executive officer (CEO) Da- Last week, MoHR announced that the
tuk Ahmad ‘Asri Abdul Hamid said the gov- “Overall, it is a good decision by the gov- technical issues involving the process of
ernment’s decision makes the foreign work- ernment. It will solve the industry’s imme- hiring foreign workers from Bangladesh
er recruitment process more efficient and diate need for a one-stop centre, so there has been resolved and over 2,000 labour-
cost-effective, while also ensuring that the is less confusion on who is responsible for ers will be available after the Bangladesh
labourers’ welfare is taken care of. resolving labour issues,” he said when con- High Commission completes its verification
tacted. of 15 recruitment companies.
However, he does not think this measure
would resolve the labour supply issue, point- However, a CEO of a public-listed con- MoHR’s statement came shortly after In-
ing out that the number of source coun- struction firm said CLAB’s involvement in donesia reinstated a temporary freeze on its
tries stipulated by the Ministry of Home bringing in over 100 foreign construction workers from entering Malaysia, as it viewed
Affairs (MOHA) remains unchanged at workers at any one time would mean an the recruitment system used by the Immi-
15 nations, meaning that there would be additional step for builders to hire foreign gration Department as a tool that facilitates
no actual change in the total supply of for- workers. human trafficking and forced labour.
eign labour.
“Previously, CLAB only handled appli- At the joint press conference on Monday,
“It remains the same as before where cations for less than 100 workers — our Hamzah said the Malaysian government is
there are exactly 15 source countries that applications are all higher than that, so looking to clear the air on certain “misun-
were allowed by the government,” he told all of our processes were done at MoHR derstandings” between the two countries.
theedgemarkets.com when contacted. (Ministry of Human Resources). Now, we
have an additional step — going through Malaysian businesses, particularly those
This was announced by Home Minister CLAB,” he said. in the palm oil and manufacturing sectors,
Datuk Seri Hamzah Zainudin and Human have faced several allegations of employing
Resource Minister Datuk Seri M Saravanan “When we applied through MoHR forced labour in their operations over the
in a joint press conference on Monday (July previously, we can actually fly over to the past two years, which has resulted in several
18), that three sectors, namely the construc- source country, say Indonesia; we can in- of them losing contracts, being banned from
tion, manufacturing and services industries, terview the workers and select them based exporting, or having their goods seized by
would be allowed to hire foreign workers on their skills. But if it is through CLAB, importing countries.
from 15 source countries. based on past practices, we will only be giv- Read also: What is the Construction
en an online biodata, and choose directly Labour Exchange Centre?
According to MOHA’s website, these from there,” he said.
countries comprise Thailand, Cambodia,

FGV says it will proceed with recruitment of
1,210 Indonesian workers despite temporary ban

KUALA LUMPUR (July 20): FGV BY HAILEY CHUNG shortage of 30% (approximately 10,000
Holdings Bhd said on Wednesday (July theedgemarkets.com migrant workers in FGV),” FGV said
20) that the oil palm planter will pro- in an emailed statement to The Edge.
ceed with the recruitment of 1,210 sending their migrant workers to Malay-
workers from Indonesia as part of the sia, we wish to inform that FGV shall wait FGV was responding to The Edge’s
company’s earlier arrangement, de- for further instructions from the author- queries on how Indonesia’s move to
spite Indonesia imposing a temporary ities for the workers’ future recruitment impose a temporary freeze on sending
freeze on sending migrant workers to arrangement. migrant workers to Malaysia will affect
Malaysia. FGV’s foreign worker hiring process
“However, FGV will proceed with the and operations.
“With reference to the recent an- recruitment of 1,210 workers from Indo- Read the full story
nouncement by the Indonesian govern- nesia as part of our earlier arrangement,
ment to impose a temporary freeze on and it will help to reduce the current

thursday juLY 21, 2022 7 TheEdge CEO morning brief

home

RM5 bil to Central Forest said in a statement here.
RM6 bil savings Spine Master Plan He said the master plan would also be
targeted from to be guideline for
remaining operating planning, physical able to reduce human-wildlife conflict
allocation for 2022 by ensuring that the natural wildlife cor-
—Tengku Zafrul development ridors from one forest area to another
of forests in would not be affected by development
Bernama Peninsular M’sia activities.

KUALA LUMPUR (July 20):Finance Min- Bernama In addition, he said Malaysia’s pledge
isterTengku Datuk Seri Zafrul Abdul Aziz is at the Rio Earth Summit 1992 to main-
targeting an estimated RM5 billion to RM6 KUALA LUMPUR (July 20):The Cen- tain at least 50% of its land mass un-
billion worth of savings from the remaining tral Forest Spine Master Plan for Eco- der forest and tree cover, would also be
operating allocation in 2022. logical Linkages, the main policy re- achieved through the implementation of
lating to town and rural planning, was the master plan and commitment from
He said the savings involved several approved on Wednesday as the guide- the Federal government and State gov-
things, including a reduction in the pur- lines for planning and physical develop- ernments involved.
chase of imported goods and expenditure ment of forests in Peninsular Malaysia.
out of the country. Meanwhile, Ismail Sabri said the
Prime Minister Datuk Seri Ismail meeting also took note of the Report
“The value of 5% (is) not that big, even if Sabri Yaakob said the 40th meeting of on the Status of Public Open Spaces in
you look at (Budget 2022) our expenditure the National Physical Planning Council, Peninsular Malaysia and Federal Terri-
is RM332 billion, this year’s development which he chaired, had agreed to approve tories 2020, which was prepared by the
expenditure is RM75 billion, while subsidies the master plan which was an initiative Ministry of Housing and Local Govern-
reach RM77.7 billion and we expect it may to connect eight major forest complex- ment through PLANMalaysia.
reach RM80 billion. es located in Kedah, Perak, Kelantan,
Terengganu, Pahang, Johor, Selangor He said the meeting also called on
“Although the value is small, but every and Negeri Sembilan. State governments, through their rele-
sen counts for us to help the people and vant agencies, to expedite the process
therefore we have to find other ways, not “This is to protect forest areas within to gazette the public open spaces under
only from additional revenue from high oil Peninsular Malaysia so that there will Section 62 of the National Land Code.
and commodity prices, but also by means be a physical link that connects the for-
of savings,” he told reporters at the R&D ests in the Central Forest Spine areas, “The total size of public open spaces
Studio’s (animation based) 10th anniversary in line with the vision of reconnecting in the peninsula and the Federal Terri-
celebration here onWednesday. the forests. tories is 23,433 hectares (ha), but only
33% or 7,662.6 ha were gazetted, 24%
Tengku Zafrul stressed that no projects “The master plan has also identified (5,738.4 ha) are in the process of being
will be cancelled but (maybe) there are pro- 39 ecological linkages to connect forest gazetted, while the rest have not been
jects that can be temporarily postponed. areas or forest islands which were sep- gazetted,” he said.
arated due to forest fragmentation,” he
On the question of the possibility of a new The Prime Minister said the gazet-
tax to be introduced to help in increasing the ting of the land would ensure that they
country’s revenue, he said no new form of will remain preserved to function as
tax would be made at this time. public open spaces that can be used by
the people for leisure and recreational
“Our economy is still in recovery mode, purposes towards a more liveable Ma-
so no new taxes will be introduced, but in laysia.
the announcement of Budget 2022, in terms
of revenue we have introduced for example The government has set a target of
the ProsperityTax. having two hectares of open spaces per
1,000 urban residents.
“The government will continue to focus
on helping the people and the continuation
of our business,” he added.

THURSDAY JULY 21, 2022 8 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (July 20):Perodua plans Perodua to ramp said, adding that maybe the waiting time
to ramp up production to resolve the long up production for Aruz can be [adjusted to] less than
waiting time amid the rise in bookings which to cope with three months, while for Alza, it can be more
currently stands at 243,000 units. demand than three months.

The carmaker is facing a supply short- Bernama Zainal Abidin said the company has re-
age of foreign workers and semiconductor corded bookings of 30,000 units, its high-
chips, resulting in an average waiting time Perodua has targeted sales of 247,800 est ever. Of its total bookings so far, near-
of between six and seven months depending units in 2022, an increase of 30.2% from ly 15% of it is for the new Alza, he said,
on car models, said president and chief ex- 190,291 vehicles sold last year. adding that the company aims to produce
ecutive officer Datuk Zainal Abidin Ahmad. 3,000 units of the model monthly.
Zainal Abidin said production balanc-
To solve the chips shortage, he said Per- ing will be done to ensure that the waiting About 4,300 Alza units are expected to
odua has sought alternative suppliers so period issue can be addressed, especially be registered this month, he said.
that it can source from other vendors, he among sought-after models like Perodua
told reporters after the launch of the new Myvi, Alza and Aruz. “The first all-new Alza unit was regis-
Perodua Alza model. tered today and will be delivered,” he said.
“We need to manage these models care- Perodua has invested RM770 million to
The use of local components can pro- fully.We need to [come to a] balance,” he develop the all-new Alza since April 2018.
tect Perodua from global market uncer-
tainties, he said, adding that the new Alza On the impact of the SST exemption
has a high local component rate of 95%. coming to an end, he said it is too early to
assess its impact on demand.
Bookings for the new Alza started
on June 23 at RM62,500 for the X var- Asked on possible production of elec-
iant, RM68,000 for the H variant, and tric vehicles (EVs), he said Perodua is still
RM75,500 for the AV variant for Penin- studying the matter.
sular Malaysia with the sales and service
tax (SST) but without insurance. “It is in the planning stage.We will will
make an announcement when there is con-
Meanwhile, on the foreign workers is- crete cooperation with other national com-
sue, Perodua said it is being resolved in- panies,” he said.
crementally.
Prime Minister Datuk Seri Ismail Sabri
“So, for Perodua it would not have a Yaakob suggested earlier that Perodua
huge impact on production for this year forge a cooperation with national utility
at least. The 2022 sales target is still on companyTenaga Nasional Bhd (TNB) to
track,” he said. introduce affordable EV charging rates for
the people.

PM: TNB, Perodua should forge cooperation
to introduce affordable EV charging rates

KUALA LUMPUR (July 20): Datuk Bernama private sector to ensure that all policies
Seri Ismail SabriYaakob on Wednesday Ismail Sabri said the or initiatives introduced are in line with
(July 20) proposed to national utility cooperation would the country’s direction.
company Tenaga Nasional Bhd (TNB) also help achieve
and Perusahaan Otomobil Kedua Sdn Malaysia’s target In fact, the prime minister said he had,
Bhd (Perodua) to forge cooperation in of being a carbon- just recently, asked Universiti Pendidikan
introducing affordable electric vehicle neutral nation by as Sultan Idris, located in the High-Tech
(EV) charging rates for the people. early as 2050. Valley, to develop a training and research
centre, to be known as the Centre of Ad-
The prime minister saidTNB is current- to overcome the effects of climate change vanced Automotive Research andTrain-
ly working to increase its energy produc- that had hit the world, and also to ensure ing (CAART).
tion by using renewable energy sources and sustainable development of the country.
providing adequate EV charging stations. On the all-new Perodua Alza, Is-
He said the cooperation would also mail Sabri said the new model will be
“At the same time, Perodua can use help achieve Malaysia’s target of being well-received by the people because of
this opportunity by exploring new fields a carbon-neutral nation by as early as its competitive price and improved safe-
such as producing high-quality EVs that 2050. ty features.
[Malaysians] can afford.
Meanwhile, Ismail Sabri said the gov- “Based on media reports on this all-
“In fact, telecommunication compa- ernment is willing to discuss with the new Perodua Alza, I am also impressed
nies likeTelekom Malaysia can also work with its advanced features with signif-
with these two parties to provide data icant improvements made in terms of
package that will enable users to book EV driving comfort and versatility,” he
charging sessions online,” he said when added.
launching the all-new Perodua Alza at Read also: Govt ready to help
the Kuala Lumpur Convention Centre Perodua expand overseas markets,
here on Wednesday. says Ismail Sabri

Ismail Sabri said such smart coopera-
tion should be forged as soon as possible

THURSDAY JULY 21, 2022 9 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (July 20): Petronas PetGas seeks “All applicants shall be notified in writing on
Gas Bhd’s (PetGas) 100%-owned sub- expressions the assessment results latest by [Sept 2,] 2022.
sidiary Regas Terminal (Sg Udang) Sdn of interest for
Bhd (RGTSUSB) is seeking expressions regasification “Successful applicant(s) to provide con-
of interest (EOIs) from shipping licensees capacity at Melaka firmation of the offer and provide commit-
for regasification capacity at RGTSUSB’s ment bank guarantee to RGTSUSB latest
Melaka regasification facility, to gauge facility by [Oct 7,] 2022,” PetGas said.
potential demand in 2023 for regasifi-
cation, which converts liquefied natural by Chester Tay PetGas said the EOI assessment criteria
gas to natural gas. theedgemarkets.com include technical feasibility, credit risk and
legal compliance assessments.
RGTSUSB’s Melaka regasification fa- PetGas said the EOI is open to shipping
cility is known as the RegasificationTermi- licensees only, and that the EOI is to be According to PetGas, RGTSU began its
nal Sungai Udang (RGTSU), which has a made through the submission of a com- commercial operation in the second quar-
storage capacity 260,000 m3 of natural gas. pleted access request form (ARF). ter of 2013.The facility is owned and op-
erated by RGTSUSB.
“In anticipation of annual operation “Applicant(s) to submit EOI via ARF to
planning for year 2023, RGTSUSB wishes RGTSUSB including the capacity required RGTSU is known as the world’s first-
to call for EOI from shipping licensees for and duration no later than 1600 [hours, of-its-kind regasification unit on an island
regasification capacity at RGTSU. Aug 5,] 2022, Malaysian time. jetty, according to PetGas.

“The intention of this EOI is for RGT- “Two floating storage units are equipped
SUSB to gauge potential demand for re- at the facility to receive and store LNG (liq-
gasification capacity at RGTSU for effec- uefied natural gas) prior to being regasified
tive operation planning in support of gas and injected into Malaysia’s Peninsular Gas
market liberalisation in Peninsular Malay- Utilisation pipeline network,” PetGas said.
sia,” PetGas said in an announcement on
its website. At Bursa Malaysia onWednesday (July
20), PetGas’ share price rose 44 sen or
2.66% at 4.22pm to RM16.96 for a market
value of about RM33.58 billion.

KUALA LUMPUR (July 20): Demand for Eonmetall CEO: Yeoh said while the group’s racking
steel racking systems is expected to be ro- Demand for business is expected to remain resilient, its
bust on the back of soaring e-commerce steel racking shelving business is seeing a slowdown es-
growth propelled by the Covid-19 pandem- pecially in terms of the consumer market as
ic, according to Eonmetall Group Bhd man- systems robust high inflation has left consumers with less
aging director and chief executive officer as e-commerce money to spend.
Yeoh Cheng Chye. fuels warehouse
“Shelving for the consumer market is not
Yeoh said e-commerce has been growing expansion a mandatory thing that one needs to buy.
“like nobody’s business” and such business- But it is nice to have such an item,” he said.
es would need to set up more warehouses. by Shazni Ong
theedgemarkets.com Looking ahead, Yeoh said having ob-
“Gone are the days when people talked tained the rights to manufacture the “Con-
about centralised warehouses. People are “That’s why you see the demand for structor” brand of static racking products
talking about decentralisation as you need warehouses keep on increasing. REITs are from Norway’s Gonvarri Material Handling
the speed of delivery. With the emerging buying properties and converting them into AS in 2018, he hopes it will contribute to-
growth of online internet business, definite- warehouses and renting them out. As they wards Eonmetall’s racking business after a
ly more warehouses will need to be built. grow, demand for racking grows,” he said. challenging start because of the pandemic.

“In addition, space is getting more Eonmetall exports its products almost The brand’s contribution to the compa-
expensive everywhere in the world. Peo- worldwide. It exports to countries in Asia, ny’s total racking business last year was 2%
ple have started to elevate and go higher Asean, Asia-Pacific, Middle East, North Af- to 3%, and is projected to double to 5% to
and this can be done through racking. As rica, and Europe but has not entered South 6% this year, and to 10% next year.
such, the growth looks to be huge,” he America.
told The Edge after an investors briefing Yeoh said the ongoing Russian-Ukraine
on Wednesday. war has not had a significant impact on de-
mand for Eonmetall’s products; the group
The Penang-based company’s principal also has not encountered any supply chain
activity is in the manufacture of steel stor- disruptions for its raw materials which it sourc-
age and racking systems, metalwork and in- es mainly fromVietnam,Taiwan and Japan.
dustrial process machinery and equipment.
But he said a slowdown in the United
Yeoh pointed out that this industry has States and European markets could affect
been further boosted by the capacity ex- its coming quarters.
pansion of logistics and home improvement
companies, as well as real estate investment Eonmetall posted a 77% rise in profit to
trusts (REITs) which have also been ex- RM11.2 million in the first quarter ended
panding their warehouses. March 31, 2022 (1QFY22) from RM6.34
million in the same period last year on the
“We are seeing a slowdown on the back of a 25% jump in revenue to RM70.61
shelving but the racking [of] warehouses, million from RM56.54 million a year ago.
[and] online business are actually boom-
ing and as online business continues to Eonmetall’s share price finishedWednes-
boom, more warehouses need to be built. day 1.75% or one sen lower to 56 sen, for a
market capitalisation of RM156.6 million.

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KUALA LUMPUR (July 20): Genting GenM unit among United Teachers (eighth), and Doordash
Malaysia Bhd’s (GenM) unit Genting NewYork state’s (ninth).
New York LLC (GenNY) ranked fourth top spending
among top spending lobbying entities Notably, the JCOPE also said that the
in the state of New York last year, with lobbying entities in trend in lobbying spending in the state
US$1.898 million forked out for the prac- 2021 — report continued to shift more towards compen-
tice, according to the state’s Joint Com- sations — salaries, fees, gifts, payments
mission on Public Ethics (JCOPE). by Izzul Ikram or any other thing of value paid or owed
theedgemarkets.com to lobbyists in exchange for lobbying, or
According to JCOPE’s 2021 annual services related to lobbying activity — and
report, GenNY’s lobbying focused on reuters away from expenses — which by them-
gaming and was among the many filers selves do not constitute lobbying, but
who were involved in the state’s third most Greater New York Hospital Association when used as part of a lobbying effort
lobbied bill in 2021 — the NewYork Sen- (which ranked first on the lobbying en- become reportable expenses — in 2021.
ate Bill S2509 (the budget bill). tities by total spending list), American
Association of Retired Persons (third), It said lobbying spending increased to
“That bill, signed on April 19, 2021, NYS Nurses Association (sixth), NYSTri- US$292.9 million in 2021, a 9.2% rise
provides, among other things, for the al Lawyers Association (seventh), NYS from US$268.1 million in 2020. It said
regulation of sports wagering and mo- compensations paid to retained and in-
bile sports wagering and implements a house lobbyists climbed to US$270.4 mil-
tax on sports wagering gross revenue,” lion, a US$21.7 million jump from the
it added. US$248.7 million logged in 2020.

Meanwhile, in terms of lobbying enti- “Compensation constituted 92.3% of
ties ranked by payments to retained lob- total lobbying spending in 2021, while
byists — a person or organisation engaged lobbying expenses accounted for only
to lobby for the benefit of an unaffiliated 7.7%.
client — GenNY topped the list with its
US$1.898 paid to seven different retained “The 10 highest-spending lobbying en-
lobbyists. tities followed the industry-wide trend to-
ward proportionally greater spending on
The commission noted that GenNY’s compensation for the second consecutive
lobbying efforts, which focused on gam- year, with 57.4% spent on compensation
ing, shared nothing in common with other and 42.6% on expenses,” it added.
top lobbying entities.
At noon break on Wednesday (July
It said that labour was the biggest fo- 20), shares in GenM were up three sen
cus among the top 10 spending lobbying or 1.06% to RM2.85, giving the group a
entities — with it being a large focus of market capitalisation of RM16.92 billion.

KUALA LUMPUR (July 20): Catcha Dig- Catcha Digital iMedia Group recorded more than
ital Bhd — a digital media group formerly one step closer 100% year-on-year growth of its profit be-
known as Rev Asia Bhd — has received ap- to exiting GN2 fore tax from financial year 2019 (FY19) to
proval from shareholders for its long-await- FY21. Catcha Digital expects this growth
ed regularisation plan. status to continue through FY22.

According to Catcha Digital, upon by Sulhi Khalid Meanwhile, Catcha Digital also shared
the completion of the regularisation plan, theedgemarkets.com that its shareholders have also approved the
the group will have its Guidance Note 2 company’s plan to launch a rights issue,
(GN2) status lifted and will begin to ex- Patrick which may raise up to RM41.04 million
ecute its strategic plan in the digital and Grove (based on an indicative issue price of 23.5
technology industry in Southeast Asia. sen per rights share) to settle first hurdle
The regularisation plan will involve payment and second hurdle payment, as
“We are very glad to have received tre- the acquisition of the entire equity inter- well as working capital.
mendous support from our shareholders est of iMedia Asia Sdn Bhd, an integrat-
who share the same vision as us, which is ed digital media solutions provider, with “The company has secured the undertaking
for Catcha Digital to be a leading force approximately 12.7 million users visiting for the rights issue from its major shareholder,
in the digital and technology industry in its websites and social media platforms Catcha Group, which will see the company
Southeast Asia,” the group’s director Pat- in June 2022. raise a minimum of RM18 million,” it said.
rick Grove said in a press statement on
Wednesday (July 20). Recall that in September 2020, Catcha
Digital, then known as Rev Asia, proposed
Grove elaborated that Catcha Digital the acquisition of iMedia for RM10 million
is well placed to ride the fast-growing dig- as part of its regularisation plan.
ital wave, with a strong pipeline of value
accretive merger-and-acquisition oppor- Rev Asia had been a cash company fol-
tunities which the company and iMedia lowing the sale of its then digital asset —
Group can tap into to achieve its vision. Rev Asia Holdings Sdn Bhd — to Media
Prima Bhd for RM105 million in 2017.
Catcha Digital slipped into the GN2
list in August 2017. Grove is the major Shares of ACE Market-listed Catcha
shareholder of the company with a 43.75% Digital gained two sen or 10.26% to close
stake, held through Catcha Group. at 21.5 sen onWednesday, giving it a mar-
ket capitalisation of RM28.95 million.

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news In brief

Axis REIT 2Q net property income up 18.34%, declares 2.55 sen DPU Singapore CoA affirms Italian
KUALA LUMPUR (July 20): Axis Real Estate Investment Trust’s (Axis REIT) net plant maker to pay RM83 mil to
property income rose 18.34% to RM63.24 million for the second quarter ended Southern Steel but sets aside
June 30, 2022 (2QFY22) from RM53.44 million a year earlier, owing mainly to RM176 mil damages
higher property and profit income. The commercial property REIT announced a KUALA LUMPUR (July 20): The
second interim income distribution of 2.55 sen per unit for 2022. Axis had paid a first Singapore Court of Appeal (CoA) has
interim income distribution of 2.42 sen on June 15, taking the current total income affirmed that Southern Steel Bhd
distribution to 4.97 sen against 4.63 sen a year ago. In a bourse filing, Axis REIT (SSB) is to receive RM82.57 million
said it proposed to distribute 99% of its realised income available for distribution from Italian plant maker Danieli
generated from operations from April 1 to June 30. The 2022 second interim income & C Officine Meccaniche, but it
distribution will be payable on Aug 30. — Hailey Chung set aside the RM176.25 million in
damages awarded by a Singapore
Read the full story Tribunal. In a bourse filing, SSB
said the Singapore CoA affirmed
Tex Cycle’s JV unit inks 20-year MAHB records 20.25 mil passenger the Tribunal’s transfer order, which
PPA in Thailand movements in 1H2022, up six times entailed that SSB’s wholly-owned
y-o-y subsidiary Southern HRC Sdn Bhd
KUALA LUMPUR (July 20): ACE Market- (SHRC) transfer a factory plant which
listed home-grown scheduled waste SEPANG (July 20): Malaysia Airports Danieli contractually constructed for
recycling company Tex Cycle Technology Holdings Bhd (MAHB) saw its total the former, back to the Italy-based
(M) Bhd’s joint venture (JV) unit has inked domestic passenger movements increase company. The court also affirmed a
a 20-year solar power purchase agreement by over six times year-on-year (y-o-y) to repayment order which comprised a
(PPA) with Thailand-based Bothong Rubber 20.25 million passengers in the first half contract price of €92.7 million minus
Fund Cooperative Ltd. In a filing with of this year (1H2022). In a statement on €15 million and RM270 million in
Bursa Malaysia, Tex Cycle said its JV unit Wednesday (July 20), MAHB highlighted the plant’s diminution in value, or
EFS MySolar (Thailand) Co Ltd will design, that the resumption of foreign carriers approximately RM82.57 million as
construct, instal, own, operate and maintain and international routes had contributed at July 20, to be made by Danieli to
a solar photovoltaic energy generating to the encouraging performance of its SHRC. The damages of RM176.25
system with the capacity of 999.24 network of airports nationwide. For million to be paid to SHRC were set
kilowatts of electricity at the premises of June 2022, Malaysia’s total passenger aside, however. “The net financial
Bothong Rubber Fund. The authorised traffic movements came in at 4.54 million impact will be disclosed after due
director of Bothong Rubber Fund is Pracha passengers, making up 63% of the group’s assessment. SHRC is currently seeking
Sapphipattana. — Chester Tay total passenger movements of 7.21 legal advice on the next course of
million, which included Istanbul Sabiha action, following the decision of the
Malaysia Airlines nears deal for Gokcen International Airport (SGIA). — Singapore CoA,” it added. — Izzul Ikram
Airbus A330neos — sources Liew Jia Teng
Read the full story
FARNBOROUGH/SYDNEY (July 20): United Plantations 2Q earnings up
Malaysia Airlines Bhd is nearing a deal for 36% amid strong palm oil prices 2022. “If the government does not
Airbus SE’s A330neos to replace its fleet provide an urgent yet safe avenue to
of 21 earlier-model A330s, two sources KUALA LUMPUR (July 20): United recruit guest workers, it will become
familiar with the matter said. Malaysia Plantations Bhd net profit for the impossible to avoid further crop losses
Airlines chief executive Captain Izham second quarter ended June 30 in 2022, as the acute labour shortages
Ismail said last month that the carrier was (2QFY22) grew 36% to RM184.63 have gone beyond the ‘breaking point’
looking to make a decision on a one-for- million from RM135.79 million a year for many plantation companies,” it said.
one replacement of its A330 fleet by mid ago, amid elevated crude palm oil “With significant uncertainties related
to late July. At the time, he declined to (CPO) prices. Revenue for the quarter to consequences of the Russia-Ukraine
say whether the airline would order the under review rose 46% year-on-year war and the unresolved situation of
planes, meant to replace 15 A330-300s to RM701.26 million from RM481.87 the chronic labour shortages faced by
and six A330-200s, from a manufacturer million in 2QFY21, according to the Malaysia, it is difficult to predict the
directly or from lessors. Malaysia Airlines group’s filing with Bursa Malaysia. results for 2022,” it added. — Chester Tay
has A330s and A350s in its fleet and For the first half of this year, United
placed a provisional order for Boeing Co’s Plantations’ net profit grew 16% to
787s in 2017 but let the deal lapse. The RM244.33 million from RM210.61
sources, who could not be named because million in the previous corresponding
they were not authorised to speak period, while revenue rose 53% to
publicly about the matter, told Reuters RM1.34 billion from RM881.52 million
that the A330neo had been selected as over the same period. Moving forward,
the preferred model. — Tim Hepher & Jamie the group said labour shortages remain
Freed/Reuters the primary risk for the remainder of

Read the full story

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KUALA LUMPUR (July 20): A debate Debate on Sulu “It is clear that the matter (Sulu group’s
on the Sulu group’s claims on Sabah at group’s claims claims) is the core issue in the litigation pro-
the Dewan Rakyat may jeopardise Malay- may jeopardise ceedings in Spain and Paris, hence subject to
sia’s interest in the litigation proceedings national interest rebuttal and argument submissions. So, in
of the case. — Dewan Rakyat my opinion, the matter is sub judice,” he said.

In fact, Speaker Tan Sri Azhar Azizan Speaker Last March, a French arbitration court
Harun said the debate may also reveal ruled that Malaysia must pay at least
the government’s strategies in handling Bernama US$14.92 billion claimed by the Sulu
the case, hence giving an advantage to the group over the lease of land in Sabah.
other party involved. As such, Azhar said it was his respon-
sibility to disallow the debate from tak- However, the Malaysian government did
“Do we really want to debate it? Because ing place. not recognise the claims and proceedings
who knows who will say what, what strat- by the arbitration court as the decision
egies will be revealed and what criticisms “The first rule of litigation is the el- made by the arbitrator, Dr Gonzalo Stam-
will be hurled at the government... which ement of surprise, so as the first rule of pa, was null and void after his appointment
the other party can read (in the media). war.We are trying the protect our coun- was revoked in 2021.
try’s sovereignty... why would we reveal
“Won’t that jeopardise our national in- our strategies?” he said. On July 12, the Paris Court of Appeal
terest in the litigation proceedings? Do we allowed the Malaysian government’s appli-
really want to reveal our strategies to the Earlier, in reply to Opposition Leader cation to stay the enforcement of the final
world?” Datuk Seri Anwar Ibrahim’s request for award issued by the arbitration court on
the Foreign Ministry to give all mem- the ground that it would affect the immu-
The Speaker said this in reply to Mo- bers of Parliament a detailed explana- nity of Malaysia’s sovereignty.
hamed Hanipa Maidin (PH-Sepang) tion on the issue, Azhar said the matter
who questioned Azhar’s decision to re- was sub judice. On the same day, it was reported that the
ject the motion to debate the issue of the assets of two Petronas subsidiaries in Azer-
Sulu group’s claims in Parliament on the baijan have been seized by the Sulu group.
grounds of sub judice on Monday (July 18).
The move was said to be part of le-
Azhar said that based on Standing Or- gal efforts launched in 2017 by the Sulu
der 36.2, reference shall not be made to group to receive compensation over land
any matter which is sub judice in such a in Sabah which they claimed their ances-
way as might in the opinion of the Chair tor had leased to a British trading compa-
prejudice the interests of parties thereto. ny in 1878.

KUALA LUMPUR (July 20):The Parlia- Parliamentary building here on Wednesday.
mentary Caucus for Multi-Party Democ- Caucus for Meanwhile, Maria Chin said, for a start,
racy was officially formed on Wednesday Multi-Party
(July 20) to promote inter-party dialogues, Democracy the caucus members had agreed to review
engagement and participation in issues on formed and mobilise efforts to revise the Standing
institutional reforms, especially the Dewan Orders of the Dewan Rakyat to improve
Rakyat. Bernama the operations of Parliament.

The caucus is jointly led by conveners we want to see a more level playing field “This includes simplifying the Private
Datuk Seri Azalina Othman Said (BN- in Parliament. Member’s Bill and digitising Parliamentary
Pengerang) and Maria Chin Abdullah processes, empowering Parliamentary Se-
(PH-Petaling Jaya), while the Coalition “... being the former deputy speaker (of lect Committees and holding discussions
for Clean and Fair Elections (Bersih) will Dewan Rakyat), I know the separation of and hearing sessions with stakeholders,
act as the secretariat. power of the government but I think the such as experts, civil societies, media and
rakyat want to see the MPs do and function the general public on the agenda to em-
Its members comprise Datuk Seri Sai- fairly, regardless of which side of the bench power Parliament and strengthen the Ma-
fuddin Nasution Ismail (PH-Kulim Bandar we sit,” she told reporters at the Parliament laysian democracy,” she said.
Baharu), Datuk Hasanuddin MohdYunus
(PH-Hulu Langat), Datuk Dr Xavier Jay- She said the caucus hoped that the plat-
akumar (Bebas-Kuala Langat), Loke Siew form provided would be put to optimal
Fook (PH-Seremban), Datuk Seri Mohd use by all quarters in a bid to empower
Redzuan MdYusof (Bersatu-Alor Gajah), the real role of members of Parliament as
Wong Shu Qi (PH-Kluang), Datuk Seri lawmakers and national policymakers, thus
Madius Tangau (UPKO-Tuaran), Datuk making the Parliament a professional and
Ignatius Darell Leiking (Warisan-Penam- world-class institution.
pang), Larry SngWei Shien (PBM-Julau) More Parliament stories:
and Baru Bian (PSB-Selangau). Energy ministry to submit proposal on
implementation of targeted electricity
Azalina said the formation of the cau- bill subsidy
cus was vital to foster and drive healthy
and productive multi-party competition Seven amendment bills under Finance
in creating better democratic practices in Ministry tabled in Parliament
Malaysia.

“Most importantly, all of us MPs from
both sides of the House, whether govern-
ment backbenchers or opposition bench,

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KUALA LUMPUR (July 20):The efforts Dewan individuals with credibility, experience and
in formulating and holding engagement Rakyat passes expertise in sexual harassment cases in-
sessions since 2011 for the Anti-Sexual Anti-Sexual cluding police officers, counsellors, health
Harassment Bill 2021 (AGS 2021) paid Harassment Bill officers NGOs and academicians.
off when it was finally passed by Dewan
Rakyat on Wednesday (July 20). Bernama Touching on the operation of the tribu-
nal, Rina said the tribunal, which would ini-
It is hoped that AGS 2021, which has She said an evaluation committee com- tially be set up in the KlangValley, can sit at
four sections, four chapters and 27 clauses, prising individuals from related non-gov- any time and place according to the needs
would be able to address sexual harassment to facilitate the people before the tribunal
in Malaysia, which does not have dedicat- ernmental organisations (NGOs), acad- is established and expanded to all states.
ed laws on sexual harassment. emicians and related agencies would
be set up to monitor the effectiveness She said the operation of the tribunal
Women, Family and Community Devel- would take into consideration the views of
opment Minister Datuk Seri Rina Harun of the law and to issue reports on it. all stakeholders, besides intensifying efforts
when winding the AGS 2021 said the Rina also assured that tribunal to educate and create awareness among
legislation is an important the target groups.
manifestation and proves members would be appointed from
the commitment of the She said the development of policy and
government in the effort issuance of guidelines on prevention and
to eradicate discrimina- awareness creation on sexual harassment
tion based on gender. would be carried out.

“This included encouraging activities
or providing notices relating to prevention
or awareness on sexual harassment. The
application of notice would not be punitive
but more towards providing awareness on
sexual harassment, implications, as well as
the ways to prevent it,” she said.

Meanwhile, both government and op-
position members of Parliament when
debating on the Bill were unanimous in
supporting the minister for succeeding to
table AGS 2021.

Read the full story

KUALA LUMPUR (July 20):The Court Singapore to LFL had required the NGO to insert
of Appeal has reinstated a suit by Lawyers minister a correction notice on top of an article
for Liberty (LFL) against the Singapore Shanmugam published on its website, which the Min-
government, represented by its Minister must defend LFL istry of Home Affairs said contained “un-
for Home Affairs K Shanmugam, which lawsuit after High true, baseless and preposterous allegations
was previously quashed by the High Court. Court decision about judicial executions conducted in
overturned Changi Prison”.
The lawsuit was filed by the non-gov-
ernmental organisation (NGO) on Jan by Timothy Achariam “Singapore has no business interfering
24, 2020, in response to a Protection theedgemarkets.com with the freedom of speech of Malaysian
from Online Falsehoods and Manipula- citizens making statements within our own
tion Act (Pofma) direction issued to the The judges said a suit brought by LFL country,” LFL had said.
outfit by the Singapore government two against the Malaysian government to re-
days earlier. strain it from assisting the Singapore gov- LFL was represented by Datuk Gurdial
ernment in this matter must also be heard Singh Nijar, Latheefa Koya, Shahid Adli
The lawsuit was subsequently quashed at the High Court. and Abraham Au. Suzana Atan acted as
by the High Court here later that year. counsel for the government.
They surmised that the suits must be giv-
However, upon appeal, a Court of Ap- en mature consideration and ordered that the K Shanmugam
peal three-member panel overturned the matter be heard before a High Court judge.
2020 decision. Bloomberg
According to news reports at that
The bench, led by DatukYaacob Md Sam time, the Pofma direction given
accompanied by DatukVazeer Alam Mydin
Meera and Datuk Mohd Nazlan Ghazali,
found that the case had merits and that it
was not “fit and proper for striking out”.
The decision means that Shanmugam must
now put in an appearance at the Malaysian
High Court to defend the suit

The Court of Appeal also ordered that
another separate suit be heard at the High
Court in relation to this matter.

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Syed Saddiq trial: MACC officer denies practising
‘double standards’ to protect Muhyiddin

KUALA LUMPUR (July 20): An of- BY TARANI PALANI to another prosecution witness — MACC
ficer with the Malaysian Anti-Corruption theedgemarkets.com forensic officer Nor Fadhillah Mohd Salleh
Commission (MACC) denied in court on — and asked why she had not lodged a po-
Wednesday (July 20) that the agency prac- ZAHID IZZANI/THE EDGE lice report against the Bersatu president
tised “double standards” when it went after for similar wrongdoing.
former Bersatu Youth chief Syed Saddiq Syed Saddiq Syed Abdul Rahman
Syed Abdul Rahman. During his cross examination of Nor
Mohd Syahmeizy: I’m not sure. Fadhillah, Gobind said the video indicated
MACC investigating officer Mohd Syah- Gobind: Because you did not inves- that neither Bersatu’s president nor other
meizy Sulong denied suggestions from lead tigate? leaders in the party’s leadership had ta-
defence counsel Gobind Singh Deo that the Mohd Syahmeizy:Yes. bled fund withdrawals to the party’s Su-
agency was trying to protect Bersatu presi- Gobind: Double standards. So com- preme Council since the party’s inception
dentTan Sri MuhyiddinYassin,who was then plaints on other people you investigate, but in 2016.
prime minister and who allegedly withdrew complaint on the (then) prime minister
party funds without prior approval from the you didn’t investigate. In response, Nor Fadhillah said she
party’s Supreme Council, an act for which Mohd Syahmeizy: No. I only focused had only been tasked to extract a small
Gobind pointed out that his client has been on the withdrawal of the RM1 million portion of the video for analysis and that
charged for criminal breach of trust (CBT) from the (Bersatu youth wing) Armada’s Muhyiddin’s name was not mentioned in
and is now standing trial for. account without the approval of the party that portion.
Supreme Council.
Mohd Syahmeizy said he was only put Gobind: There were no investigations Gobind: Yesterday, I said the video had
in charge of investigating the CBT charge on others because you want to protect mentioned the actions of (tingkah laku)
against Syed Saddiq, who is accused of them. MACC is used as a political tool the president, which I named as Muhyid-
abetting youth wing Angkatan Bersatu to bring actions to some parties. din, and I asked why a police report was
Anak Muda’s (Armada) former assistant Mohd Syahmeizy: No. not lodged.
treasurer Rafiq Hakim Razali in commit- Despite not investigating the party pres-
ting CBT involving RM1 million belonging ident at the time, the witness told the court Nor Fadhillah: I didn’t see the en-
to BersatuYouth, when they withdrew the that Muhyiddin had withdrawn the money tire video.
funds from a party account without per- for party use and not personal expenditure.
mission from party leadership. But when questioned further by Gobind highlighted that per Section 25
Gobind, Mohd Syahmeizy said this was of the MACC Act 2009, it was the respon-
The funds, according to Rafiq’s earlier merely his “view” on the matter. sibility of an officer to lodge a report on
testimony and confirmed by Syahmeizy, He then agreed with Gobind that the any transactions of bribery. Subsequent-
was later distributed to FederalTerritories anti-graft body falls within the purview of ly, he asked if Fadhillah was prepared to
BersatuYouth information chief Muham- the Prime Minister’s Office (PMO), but do that now.
mad Daniel Kusari (RM650,000) and Ber- denied that MACC would not be able to
satuYouth member Muhammad Naqib Ab investigate the then PM because of this. Gobind: Are you prepared to lodge a
Rahim (RM250,000), while RM100,000 Gobind also highlighted that the court police report against Muhyiddin now?
was used to fund Armada programmes. had heard that an MACC officer named
“Ehsan”, who was involved in investigat- Nor Fadillah: I didn’t hear his name.
Gobind: It was also raised in this case ing the case, had told Syed Saddiq that Gobind: Were you ready to make a
that Muhyiddin had also withdrawn large the young politician was a “victim of pol- report against the (Bersatu) president at
sums from (Bersatu) account without (Su- itics”. Mohd Syahmeizy said he was not that time?
preme Council) approval? unaware of this. Nor Fadillah: There was no reason to,
During proceedings earlier in the day, as I didn’t hear his name.
Mohd Syahmeizy: I’m not sure. Gobind referred to a Facebook live video Gobind: With respect, yesterday, you
Gobind:You said you read everyone’s Syed Saddiq had posted on July 22, 2020 (agreed that you heard that it is Bersatu
statements in this case. It was mentioned president).You are an officer of the law.You
that (Bersatu) President had also with- took an oath. Don’t play the fool.
drawn large sums? Nor Fadillah: I don’t know and it is
Mohd Syahmeizy: Yes. outside my jurisdiction in the forensic de-
Gobind: President (Bersatu) at that partment.
time was Muhyiddin and he was also the Besides the CBT charge, Syed Sad-
(then) prime minister, correct? diq is standing trial for the misappropri-
Mohd Syahmeizy: Yes. ation of RM120,000 of party funds, and
Gobind:Any statements taken from him? two money laundering charges involving
Mohd Syahmeizy: No. I only focused RM50,000 each.
on the withdrawal of the RM 1 million The trial before Judicial Commissioner
from the (Bersatu Youth wing) Armada’s Datuk Azhar Abdul Hamid continues on
account without the approval of the party Thursday (July 21).
Supreme Council. Read also: MACC: Delay in charging
Gobind: Isn’t that the norm (amalan), Syed Saddiq due to having to synchro-
to take money without the approval (of nise statements from various investiga-
party Supreme Council)? tion papers

T H U R S D A Y J U LY 2 1 , 2 0 2 2 16 T H E E D G E C E O M O R N I N G B R I E F

|P R E S E N T E D B Y |M A I N P A R T N E R |S U P P O R T I N G P A R T N E R |S U P P O R T E D B Y

ENDORSED BY

MINISTRY OF HOUSING AND
LOCAL GOVERNMENT

Is your building the best managed
& sustainable property
in Malaysia?

t h u r s d a y j u LY 2 1 , 2 0 2 2 17 T h e E d g e C E O m o r n i n g b r i e f

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LONDON (July 20): Surging petrol and UK inflation hits The ONS pointed to a 42% year-on-
food prices last month pushed British infla- 9.4%, bolstering year rise in petrol prices and an almost
tion to its highest rate in 40 years, according bets on big BOE 10% increase in food prices as the main
to official figures that bolstered the chances drivers of inflation last month, a hammer
of a rare half percentage-point Bank of Eng- rate hike blow for families on low incomes.
land (BOE) interest rate hike next month.
by Andy Bruce & William Schomberg The Resolution Foundation think tank
The Office for National Statistics (ONS) Reuters said inflation for this group had already
said annual consumer price inflation rose passed into double digits.
in June to 9.4%, the highest since Febru- “Soaring inflation means that momen-
ary 1982, up from May’s 9.1% and above tum for a half-point interest rate rise in The cost-of-living crunch has triggered
the 9.3% consensus in a Reuters poll of August is growing,” SurenThiru, econom- a wave of industrial action by trade unions
economists. ics director of accountancy trade body and been hotly debated among the three
ICAEW, said. remaining candidates in the race to replace
The latest increase means Britain had Boris Johnson as prime minister.
the highest rate of inflation seen in any “However, tightening monetary policy
Group of Seven advanced economy since too aggressively increases the risk of reces- Two are promising immediate tax cuts,
1985, although many smaller European sion and will do little to address the glob- something the other contender, former fi-
Union countries are currently seeing even al factors driving this inflationary surge.” nance minister Rishi Sunak, said risks fuel-
faster growth in prices. ling inflation.
Investors now see an almost 100%
Wednesday’s data bolstered bets that the chance of the BOE raising the bank rate There were signs of further inflation
BOE will opt for a 50-basis-point rate hike to 1.75% from 1.25% next month. It said pressure ahead in Wednesday’s figures.
next month, which would be the biggest in June that it was ready to act “forceful-
since 1995. The European Central Bank ly” if needed. Prices paid by factories for materials
was considering such a move this week, and energy — a key determinant of prices
sources told Reuters on Tuesday. The ONS said core inflation in June fell later paid by consumers in shops — were
to 5.8% from 5.9% in May, in line with the 24% higher in June than a year earlier, the
BOE governor Andrew Bailey onTues- Reuters poll median forecast, which could biggest increase since these records began
day said that scale of borrowing costs in- reassure BOE rate-setters who may be re- in 1985, the ONS said.
crease was on the table but not “locked in”. luctant to hike rates more aggressively.
Prices charged by factories jumped
The BOE has raised rates five times 16.5%, the most since September 1977.
since December as it tries to stop the surge
in inflation from becoming embedded in In response to the data, finance minister
Britain’s economy, and it is expected to Nadhim Zahawi said Britain was not alone
increase them again on Aug 4. in facing runaway inflation and the govern-
ment was joining forces with the BOE to
tackle the problem.

KUALA LUMPUR (July 20): Inflation Inflation peak “In particular, we expect the US Fed-
across emerging Asia remains benign not too far eral Reserve funds rate to end 2022 at
compared with in other regions, but 3.25%, the European Central Bank’s de-
it picked up in most regional econo- ahead, says Fitch posit rate at 0.25%, and the Bank of Eng-
mies, with the exception of India, said Solutions land’s bank rate at 2%,” it said.
Fitch Solutions Country Risk & Indus-
try Research. by Surin Murugiah However, on a more positive note,
theedgemarkets.com Fitch Solutions said market-based meas-
In a statement on Monday (July 18), ures of inflation expectations had started
the firm said that in Latin America and reuters to ease, suggesting lower (but still above
emerging Europe, inflation accelerated target) inflation in the medium term.
in June 2022, keeping high pressure on “With inflation remaining elevated, we
central banks to tighten monetary policy. forecast further monetary policy tighten- This suggested that markets had start-
ing across DMs; overall, we anticipate a ed pricing in lower inflation over the me-
Fitch Solutions said developed mar- cumulative 1,575 basis points (bps) worth dium term, as central banks had been at
kets (DMs) and emerging markets con- of hikes in 2022, with risks to the upside pains to communicate that containing
tinued to record high inflation readings as as inflation continues to rise. inflation and inflationary expectations
a result of the ongoing high energy prices’ was their main priority, despite head-
pass-through to price growth. winds to growth.

The firm said its estimate for global in- Commenting on Malaysia, the firm
flation came in at 8% year-on-year (y-o-y) said inflation came in at 2.8% y-o-y in
in July 2022, up from 7.7% in June 2022, May, up from 2.3% in April and beating
with inflation momentum accelerating market expectations of 2.6%.
again after decelerating for two consec-
utive months in May and June 2022. It said this was the highest reading since
December 2021, with food prices rising
Overall, it said inflation readings re- the most since October 2011 (up by 5.2%
mained well above central bank targets y-o-y), amid soaring commodity prices.
in all of the 24 economies that it followed
closely. It said out of the 24 economies, “Rising inflation prompted Bank Ne-
21 saw higher y-o-y inflation readings gara Malaysia to hike its benchmark over-
than in last month, two economies saw night policy rate by 25 basis points (bps)
unchanged inflation and Russia saw a to 2.25% at its meeting on July 6, and we
lower inflation print. expect it to raise its policy rate further by
50 bps to 2.75% by end-2022,” it said.

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SHANGHAI (July 20): China kept its China stands pat A PBOC official told a press confer-
benchmark lending rates for corporate and on LPR lending ence last week that liquidity conditions
household loans unchanged onWednesday, were ample, suggesting no urgent need to
as policymakers adopted a cautious ap- benchmarks, further lower key lending rates.
proach amid signs of economic recovery, hopes for
growing domestic inflationary pressure and economic “Overall, the latest tone implies that
aggressive global rate rises. rebound PBOC is in no urgency to cut its RRR (re-
serve requirement ratio) or LPR in the near
At the monthly fixing, the one-year by Winni Zhou & Brenda Goh term,” said Tommy Xie, head of Greater
loan prime rate (LPR) was kept at 3.7%, Reuters China research at OCBC Bank.
and the five-year LPR was unchanged at
4.45%, in line with market expectations But Xing still sees the possibility of “We think monetary policy may not be
of 22 respondents in the Reuters snap poll LPR reductions in the fourth quarter of the best tool to solve the current housing
conducted this week. this year. Many economists expect Chi- problem while focus is likely to be shifted
na’s economy to face more pressure over to fiscal policy and administrative meas-
China, along with Japan, has been a ma- the coming months from a slowdown in ures.”
jor outlier in a global run of policy tight- global growth and a hit to consumption
ening to tame rampant inflation with Bei- from soaring consumer prices. China’s property market, which has
jing focussed on stimulating a Covid-19-hit been hit hard by a debt crisis, is facing
economy. The People’s Bank of China (PBOC) more pressure from a scare caused by the
had recently signalled a less accommo- proliferation of threats by homebuyers to
However, analysts see a lessening need dative monetary policy in the second half withhold payments for stalled projects.
for aggressive monetary easing after June of the year.
economic data pointed to signs of recov- China slashed the five-year LPR by
ery, even as China’s second quarter gross an unexpectedly wide margin of 15 basis
domestic product only grew a tepid 0.4% points in May, as policymakers sought to
from a year earlier. revive the ailing housing sector and prop
up the economy.
“The economy has started to recover
and there is no need to lower LPR,” said Most new and outstanding loans in
Xing Zhaopeng, senior China strategist China are based on the one-year LPR.
at ANZ. The five-year rate influences the pricing
of mortgages.

(July 20): A Chinese city facing the most China’s mortgage are even considering giving homeowners
boycotts by angry homeowners is setting up boycott capital a grace period on payments, according to
a bailout fund to help cash-strapped devel- plans property people familiar with the matter.
opers complete housing projects. bailout fund
Henan Asset Management planned to
Henan Asset Management Co and gov- Bloomberg sell a short-term bond, according to a no-
ernment-backed developer Zhengzhou Real tice this week.The deadline for subscription
Estate Group will jointly set up a fund for Financial regulators have urged banks has been extended, which usually indicates
the real estate sector, the provincial asset across China to boost lending to builders weak demand.
manager said in a statement datedTuesday to help them finish projects, and officials
(July 19) on its website, without providing The government of Henan, a province
further details. of about 100 million people in central Chi-
na, has also faced protests over an alleged
Zhengzhou’s fund marks the first state- banking scam. Hundreds of bank custom-
backed bailout proposal in China, as the ers protested earlier this month, calling on
government grapples with a property crisis authorities to return tens of billions of yuan
that risks engulfing the country’s banks and of deposits.
middle-class homeowners. Henan’s
capital city of Zhengzhou has seen Governments in Chongqing and
the most mortgage boycott notices, Ningbo have also set up working
according to data tallied by the re- groups to tackle the issue of un-
search institute affiliated with Shang- finished property projects, accord-
hai-based E-House (China) Enter- ing to local media reports. Cities in
prise Holdings Ltd. Guangdong and Hebei meanwhile
have urged banks to tighten control
The wild boycotts have spread to of escrow accounts, local media have
at least 301 housing projects in about reported.
91 cities as of Sunday as consumers Read also:
withhold payments to protest delayed It’s not just China homebuyers,
construction, according to figures now property suppliers are
from a crowdsourced document ti- boycotting loans
tled “WeNeedHome”. Loans worth
as much as two trillion yuan (US$297 China junk debt on brink of record
billion) threaten to deepen China’s low as property woes grow
real estate slump by spreading to its
massive banks, which have relied on
mortgages as their safest source of
revenue.

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JAKARTA (July 20): Palm oil shipments from Palm oil exports option of paying a special tax to get additional
Indonesia, the world’s biggest supplier, may surge from top grower export quotas.
more than 60% in second half of the year from set to soar 60%
the first six months as the government ramps up “Forget the DMO policy for the time being,”
exports to reduce bloated inventories. in price blow Sinaga said.“It’s complicating export procedures.”
Converting actual DMO volumes into export
The country is likely to ship 17.3 million tons by Eko Listiyorini quotas takes time, and after that, exporters must
overseas from July to December, according to Sa- Bloomberg get shipment permits and seek buyers and vessels
hat Sinaga,acting chairman of the Indonesia Palm before they can send supply to the global market,
Oil Board, which represents the industry.That tion this year to 50.2 million tons from an initial he said, noting that high local prices, the main
compares with just 10.7 million tons in the first estimate of 53.8 million tons and compared with reason for the curbs, have been declining anyway.
half, which was way below expectations because 51.3 million tons last year, he said. Other comments from Sinaga:
of an export ban imposed in late April and other • Delays implementing the programme to blend
curbs, he said in a phone interview onTuesday. Exports need to speed up to free storage ca-
pacity for the incoming production, which Si- 35% palm oil with diesel means the drawdown
The boom in supply will keep prices of the naga said will reach a peak of 4.6 million tons in domestic stockpiles will be slower.
world’s most consumed cooking oil under pres- in November. • Local use of palm oil estimated at 9.6 million
sure and probably bring a further slowing in glob- Export call tons in the first half, including 4.3 million tons
al food inflation from a record earlier this year. The government can boost exports by extending for food and 4.2 million tons for biodiesel.
Veteran analyst Dorab Mistry saidTuesday palm the levy waiver to October and by cutting the ex- • Indonesia needs a bourse like Bursa Malaysia
oil prices could drop over 20% by September on port tax by 25%, Sinaga said. A zero export levy Derivatives to play a role in setting the price
the increase in cargoes. throughout August will not be enough to accel- for palm oil.
erate shipments, he said. • Domestic use of palm oil should be increased
Stockpiles have ballooned in Indonesia be- to 65% from 35% by inviting more investors
cause of the export curbs, which were brought Indonesia removed the halt in exports in May, to build processing plants in the country.
in to cool domestic prices. Mistry estimated the three weeks after it was imposed, and replaced it • Government should stop expanding planta-
inventories are now around 10 million tons and with a policy that requires producers to sell some tions and focus instead on increasing yields
will continue to climb in August because of high output locally, the so-called domestic market ob- per hectare of fresh fruit bunches.
local output. Sinaga said stockpiles exceeded sev- ligation (DMO), and also gives companies the • Indonesia should have just one body that is
en million tons in early July. responsible for the industry, reporting directly
to the president. Several ministries, including
The main issue that has to be resolved right those for agriculture, trade, and industry, are
now is the high inventory level, Sinaga said.The now involved in regulating palm oil.
bloated reserves mean that mills are not buying
fresh fruit bunches from farmers, leaving them to
rot in the plantations.That could reduce produc-

BRUSSELS (July 20):The European Union is EU set to target June were less than 30% of the 2016-2021 av-
set to propose a voluntary 15% cut in natural-gas 15% reduction erage, according to the document.
use by member states starting from next month in natural-gas
on concern Russia may halt supplies of the fuel. use on Russian The commission’s plan goes in the right di-
rection, according to SimoneTagliapietra, a re-
The goal would be embedded in a regula- supply woes searcher at the Bruegel think tank in Brussels.
tion accompanying a demand-reduction plan
the European Commission is scheduled to un- by Ewa Krukowska & John Ainger “EU member states must now adopt the
veil onWednesday to cope with a potential full Bloomberg proposed gas demand-reduction targets and
cut-off by Moscow. The measure also would make comprehensive efforts to reduce demand
include a mandatory trigger if the situation winter, according to a draft commission estimate wherever possible,” he said.“Governments must
worsens and voluntary curbs are insufficient, seen by Bloomberg News. ask people to consume less and should have the
according to three EU diplomats with knowl- courage to tell their citizens that Europe is in the
edge of the matter. The commission was working under the as- midst of what possibly represents the greatest
sumption that Russia would not resume full de- energy crisis in its history.”
The EU’s biggest challenge this winter is liveries via the Nord Stream 1 pipeline that has
to ensure sufficient gas supplies to fuel fur- been closed since earlier this month for repairs, The planned regulation would grant the com-
naces and power generators. Russian Presi- Budget Commissioner Johannes Hahn told re- mission the right to declare a union-wide alert
dentVladimir Putin signalled that Europe will porters onTuesday. Putin said later on the same when there is a substantial risk of a severe supply
start getting gas again through a key pipeline, day that if a pipeline part that was caught up in shortage or a demand spike, according to the
but warned that unless a spat over sanctioned sanctions was not returned to Russia, then the diplomats, who asked not to be identified as talks
parts is resolved, flows will be tightly curbed. link would only work at 20% of capacity as soon on the proposal are private.The EU has a policy
as next week — as that is when another part that of not commenting on draft rules.
Under its “Save gas for a safe winter” is now in Russia needs to go for maintenance.
plan, the commission aims to recommend The measure will need approval from mem-
steps that include reducing heating and cool- Curtailments of Russian shipments have af- ber states, which the commission may seek as
ing, as well as market-based measures.The fected 12 member states and prompted Germany soon as next week during an emergency meeting
road map will be unveiled around noon in to raise its gas-risk alert to the second-highest of energy ministers. A large group of countries
Brussels at a press conference with European level last month. Overall flows from Russia in opposes mandatory cuts, arguing that national
Commission President Ursula von der Ley- governments already have emergency plans and
en, climate chief FransTimmermans, energy will reduce demand regardless of whether they
commissioner Kadri Simson, and internal are obliged to by the EU, the diplomats said.
market commissioner Thierry Breton. Read also: Russia is China’s top oil supplier
for 2nd month, Saudi volumes tumble — data
As much as 1.5% of the region’s gross do-
mestic product is at risk in the event of a harsh

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LOS ANGELES (July 20): After losing Netflix sees of a season at the same time. It released
more than a million customers in the first return to growth the drama “StrangerThings” and the final
half of 2022, Netflix Inc has a message for season of “Ozark” in two batches.
investors: It could have been worse. after million-
customer loss The batching strategy allows Netflix to
The leader in paid streaming TV lost extend the life of its biggest shows.When
970,000 subscribers in the second quar- by Lucas Shaw every episode is released at once, the ma-
ter, according to a statement Tuesday Bloomberg jority of the viewing happens in the first
(July 19). That was less than half what couple of weeks. The number of people
Wall Street feared, thanks in large part That missed Wall Street estimates of who cancel Netflix has jumped 87% since
to a new season of “Stranger Things”, the US$8.04 billion, in part because of the a year ago, according to Antenna.
service’s most popular English-language strong dollar.
series. The popularity of the fourth season of
During the quarter, Netflix lost 1.3 mil- “Stranger Things” exceeded the expecta-
That cheered investors, who sent the lion customers in the US and Canada, tions of Netflix executives.The supernat-
stock up as much as 12% in extended its largest region, and another 770,000 ural drama has been one of the service’s
trading. This quarter, Netflix expects to in Europe, the Middle East and Africa, most successful titles since its debut in
sign up one million subscribers in the cur- its second-largest. Those are the steep- 2015, and turned star Millie Bobby Brown
rent three-month period.While that’s well est quarterly declines the company has into one of the most in-demand female
short of the 1.83 million analysts forecast reported in either place since it started actors in Hollywood.
this period, it reverses the losses of the supplying individual results from those
first half. markets. The release of “StrangerThings” meant
that fans who had Netflix in the second
Shares of Netflix jumped as high as Growth in the Asia-Pacific region offset quarter would want to keep the service
US$225 in extended trading.They closed those declines. Netflix added 1.1 million until the start of the third quarter to fin-
at US$201.63 in NewYorkTuesday, down customers in APAC, after cutting prices ish the season. The company is looking
67% this year. in India. to turn hits like “Stranger Things” into
franchises that can outlast any individu-
Despite concerns about increased com- Hastings had positioned Netflix as an al show.The creators of the show are de-
petition and a potential recession, Netf- advertising-free alternative to cable TV, veloping a spinoff series, and Netflix has
lix remains confident in its position.The but now says commercials are necessary also announced plans for a Broadway play.
company said its share of total TV view- to appeal to people who find the service
ing in the US hit an all-time high in June too expensive. Netflix has raised prices OnTuesday, Netflix said it will acquire
at 7.7%. several times and is now one of the most Animal Logic, an Australian animation
expensive streaming services. studio that worked on “The Lego Movie”.
Management has responded to the sub-
scriber slide by cutting costs and adjusting The company will introduce the adver- “We have some headwinds right now;
its strategy on several fronts.The company tising-supported option first in a handful we’re navigating through them,” co-chief
plans to introduce a lower-priced version of countries, and just tapped Microsoft executive officerTed Sarandos said on the
of the service with advertising around early Corp to handle ad sales and technology. call. “This company and this team has
2023, and is testing ways to charge cus- Advertising will start small and look a lot navigated through a lot of change.”
tomers for password sharing. like other video businesses ads. But Netflix
believes it can be substantial, chief oper- Total subscribers in the second quar-
“We’re talking about losing one million ating officer Greg Peters said. ter came to 220.7 million, compared with
instead of two million — our excitement is estimates of 220.2 million. Earnings of
tempered by the less-bad results,” Chair- Netflix has also started to release new US$3.20 a share beat analysts’ projections.
man Reed Hastings said on an earnings episodes of shows in batches, breaking
call moderated by analyst Doug Anmuth with its tradition of dropping every episode This quarter, Netflix forecasts revenue
of JPMorgan Chase & Co. “But looking of US$7.84 billion, shy of Wall Street es-
forward, streaming is working everywhere. timates of US$8.1 billion. The company
Everyone is pouring in.” sees earnings of US$2.14 a share, com-
pared with estimates of US$2.72, and says
For the second quarter, revenue grew total membership will reach 221.7 million,
8.6% to US$7.97 billion, Netflix said. also shy of estimates.

STOCKHOLM (July 20): AutomakerVol- Volvo Cars sees Supply problems, above all a global short-
vo Cars reported onWednesday higher sec- stabler supply age of semiconductors, has squeezed output
ond-quarter profits but said it expected full chain, but flat or and retail sales in recent quarters, butVolvo
year retail deliveries to be lower or on par lower retail sales said it was seeing a “marked improvement”
with 2021 as production sought to pick up in the stabilisation of its supply chain.
pace amid an easing of supply chain issues. by Helena Soderpalm
Reuters “Provided this normalisation continues,
The Sweden-based carmaker’s quarterly the company expects production to pro-
operating profit rose to 10.8 billion Swed- gressively increase in the coming months,”
ish crowns ($1.06 billion) from 4.8 billion the company said.
a year ago as accounting effects from the
listing of high-performance automaker “As a result, Volvo Cars expects its
Polestar gave a boost. wholesale volumes for 2022 to be better
than in 2021. However, due to the time lag
Operating earnings for the core business between production and retail deliveries,
atVolvo Cars, majority owned by China’s those improvements are not expected to
Geely Holding, reached 4.6 billion in the result into an increase in retail sales during
quarter. the calendar year.”

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world

Amazon fails
to halt India’s
Future Retail

going into
bankruptcy

by Upmanyu Trivedi
Bloomberg

(July 20): An Indian court agreed to send over Jeff Bezos’s Amazon in the fight for the court-led resolution process. Indian
Future Retail Ltd into bankruptcy, allow- Indian retailer’s assets, as the two billion- laws, however, curb foreign direct invest-
ing the creditors to find a new owner for aire-led firms tussle to dominate the mar- ment in retail companies, which rules out
the beleaguered retailer that once operat- ket with almost 1.4 billion consumers. Re- the possibility of Amazon becoming the
ed the largest chain of department stores liance can have another go at Future Retail future owner of Future Retail.
across the country and was the prized tro- under the court-overseen insolvency pro-
phy for two retail sector giants. cess, after its 2020 deal to buy these assets Facing a severe cash crunch during a
for US$3.4 billion was thwarted by the hard lockdown in India 2020 amid the
The National Company Law Tribunal American e-commerce giant through legal Covid-19 pandemic, Future Retail agreed
on Wednesday gave its verdict on a peti- challenges across courtrooms in India and to sell most of its assets to Reliance. Am-
tion by Bank of India to start bankruptcy Singapore in the past two years. azon later said the deal flouted its earlier
resolution process for the cash-strapped investment contract with another Future
retailer. It dismissed allegations from the While Reliance group is the country’s Group firm and sought legal intervention.
local unit of Amazon.com Inc that Fu- biggest retailer, there is no certainty of Courts halted the takeover deal that was
ture Retail’s lenders were colluding with its who will win an insolvent firm through eventually scrapped in April this year.
founders to push the firm into insolvency.

The court also appointed an admin-
istrator to take over the management at
Future Retail.

The court ruling gives Mukesh Am-
bani-led Reliance Industries Ltd an edge

JAKARTA (July 20): Google was among the Google yet to sign and ByteDance’s TikTok have also signed
last remaining tech platforms yet to com- up to Indonesia’s up, according to the ministry’s records.
ply with Indonesia’s new licensing rules on
Wednesday, ministry data showed, as a dead- new licensing With a young, tech-savvy population of
line loomed which may see their services rules — ministry 10 million, Indonesia is a top-10 market in
temporarily blocked in the country. terms of user numbers for a host of social
by Stanley Widianto media companies.
The registration is required under rules Reuters
released in late 2020 that give authorities The government says the new rules have
broad powers to compel platforms to dis- Google did not immediately respond to been formulated to ensure internet service
close data of certain users and take down requests for comment. providers protect consumer data, and that
content deemed unlawful or that “disturbs online content is used in a “positive and
public order” within four hours if urgent, Twitter said in a statement on Wednes- productive” way.
and 24 hours if not. day that it had “taken appropriate steps to
comply with” the rules. It can also compel companies to reveal
The communications ministry has said communications and personal data of spe-
companies that do not register before the Meta Platforms Inc’s units Facebook, In- cific users if requested by law enforcement
deadline just before midnight on Wednes- stagram, andWhatsApp registered onTues- or government agencies.
day will be reprimanded, fined, and then day, while other services like Spotify, Netflix,
blocked — a decision that will be reversed Two sources at large internet platforms
once they register. said they remain concerned about the data
and content implications of the regulation
While the ministry did not say when ex- and the risk of government overreach.
actly the block would take effect, it is unlikely
to be immediate. The Alliance of Independent Journalists
in Indonesia said some provisions in the new
As ofWednesday afternoon,Twitter was rules were “very elastic” and open to abuse.
among the latest companies to be added to
a communications ministry list of foreign “The consequence could be that news
providers that have signed up to the new or content that reveals rights violations...or
rules, while Alphabet Inc’s Google still had investigative reports could be considered
not registered. unsettling...by certain parties, or even by
the government or law enforcement,” the
organisation said on Twitter.

t h u r s d a y j u LY 2 1 , 2 0 2 2 22 T h e E d g e C E O m o r n i n g b r i e f

world

COLOMBO (July 20): Sri Lankan law- Wickremesinghe The 225-member parliament gave 134
makers voted in acting President Ranil wins parliamentary votes toWickremesinghe and 82 to the oth-
Wickremesinghe as the new president er main candidate, ruling party lawmaker
on Wednesday, hoping his long experi- vote to be Dullas Alahapperuma. A third candidate,
ence in government would help pull the Sri Lanka’s Anura Kumara Dissanayaka, got just three
country out of a crippling economic and new president votes, according to the secretary general
political crisis. of parliament.
by Uditha Jayasinghe,
The mood of protesters was muted, Devjyot Ghoshal & Alasdair Pal The win for Wickremesinghe, a six-
with only around 100 people on the steps time prime minister, came despite public
of the presidential secretariat. Many of the Reuters anger with the ruling elite after months
hundreds of thousands on the streets who of severe shortages of fuel, food, and
forced the ouster of previous president Bloomberg medicines.
Gotabaya Rajapaksa last week had want-
edWickremesinghe gone too, labelling him Ranil Wickremesinghe Wickremesinghe became acting pres-
an ally of the Rajapaksa family. ident last week after Rajapaksa fled on a
military plane to the Maldives and then
“We’re shocked. He’s a person handling took a commercial flight to Singapore.
things in a very cunning way,” protester
Damitha Abeyrathne said of Wickremes- “Now everyone must come together,”
inghe. “He will start controlling us in a the 73-year-old said after his victory.
different way. As protesters, we will start
our struggle again.” Alahapperuma, although more accept-
able to the protesters and the opposition,
Chameera Dedduwage, an organis- does not have any top-level governance
er of previous protests, said one of the experience in a country with barely any
goals of the movement was the removal dollars for imports and desperately in need
of Rajapaksa, and with that achieved, it of a bailout by the International Mone-
“will have to be satisfied with its prima- tary Fund.
ry demand”.
“I accept the decision of parliament,”
“Unlike GR, Ranil is not a populist. he said. “My effort was to support con-
He’s known to be a ruthless pragmatist,” sensus-based policymaking to provide
Dedduwage said of Rajapaksa, using his solutions to a deeply suffering popu-
initials. lation. I believe the space for that still
exists.”

MANILA (July 20):The likelihood of sov- Laos, Myanmar The Central Bank of Myanmar or-
ereign defaults is growing with frontier exposed to dered companies and individual borrow-
nations including Laos and Myanmar at ers to suspend payment of foreign loans
risk, after Sri Lanka failed to pay its foreign sovereign default last week, the latest move to defend the
debt, Malayan Banking Bhd (Maybank) risk in Asia, nation’s dwindling foreign-exchange re-
warned. serves.
says Maybank
Laos is most exposed to default due to “Given the authorities’ apparent dis-
high external borrowing, a surging import by Karl Lester M. Yap regard for the private sector’s foreign
bill and scarce foreign reserves, while My- Bloomberg loan commitments as demonstrated by
anmar’s ban on payments of private ex- the latest restrictions, it is plausible that
ternal debt suggests it may choose not to the government may even choose not
honour its obligations, Maybank analysts to honour its debt,” the analysts wrote.
Brian Lee Shun Rong and Chua Hak Bin
wrote in a report. Bloomberg

Cambodia has the lowest risk of dis- A man counts some kyat (Myanmar currency) in this close-up photo.
tress, they said.

Frontier markets are facing difficul-
ties in raising financing as the Federal
Reserve’s aggressive interest-rate hikes
boost borrowing costs globally. Elevat-
ed commodity prices are also leading to
surging imports, depleting their reserves,
with Sri Lanka stopping payments on
its foreign debt for the first time in its
history.

In Laos, currency controls imposed
in June have succeeded in stabilising the
kip for now, but the government may
be forced to further tighten FX restric-
tions if the currency resumes its down-
ward spiral, Maybank said in the report
Tuesday.

t h u r s d a y j u LY 2 1 , 2 0 2 2 23 T h e E d g e C E O m o r n i n g b r i e f

world

news In brief

Crypto exchange Zipmex halts Indian e–scooter maker Ather says to firmer commodity prices, some of
withdrawals, citing ‘partners’ high costs pushing back profit timeline which have been passed on to customers,
ZURICH/NEW YORK (July 20): Zipmex, NEW DELHI (July 20): Indian electric- Mehta said. The company’s production
a cryptocurrency exchange operating in scooter maker Ather Energy said a surge volumes have also been curtailed by a
markets like Singapore and Thailand, said in raw material costs and supply chain chip shortage and challenges in procuring
it halted withdrawals as a series of defaults disruptions were delaying the company’s lithium-ion cells for batteries, made worse
continues to haunt the digital-assets path to profit despite high demand for its by COVID-19 lockdowns in China and
industry. In a Tweet on Wednesday, the vehicles. “I was hoping to break even later logistics disruptions, he added. — Reuters
company cited “volatile market conditions, this year itself. I would add a few quarters
and the resulting financial difficulties of our to that now,” its Chief Executive and co- Global nanomedicine market to
key business partners” as reasons for its founder Tarun Mehta told Reuters. Electric- reach US$242.66 bil by 2027
decision. Zipmex Chief Executive Officer vehicle manufacturers globally have seen KUALA LUMPUR (July 20): The global
Marcus Lim didn’t immediately respond to a spike in demand as more people shift to nanomedicine market is expected to
requests for comment. Zipmex joins crypto cleaner transport, but a sharp increase in grow at a compound annual growth
firms from Celsius Network Ltd to Vauld in commodity prices and severe supply chain rate (CAGR) of 8.28% from 2023 to
suspending withdrawals, leaving depositors disruptions have slowed their growth. 2027, to reach US$242.66 billion (about
in the lurch and underscoring the perils of Ather has witnessed an addition of “several RM1.08 trillion) by 2027. In a report by
leveraged bets permeating the industry. hundreds of dollars” in material costs due ResearchAndMarkets.com published
Vauld, a crypto lending and trading platform on BusinessWire on Tuesday (July 19),
based in Singapore, is trying to stave off Striking workers at South Korea it said the market is driven by factors
collapse by seeking relief from courts and shipyard in talks to end siege such as growing healthcare expenditures
selling itself to a rival. — Bloomberg SEOUL (July 20): Striking contract workers and increased demand for personalised
and Daewoo Shipbuilding & Marine medicines. It said the massive prevalence
reuters Engineering (DSME) have made some of chronic and lifestyle disorders such as
progress in talks over wage hikes, the cancer and cardiovascular diseases across
Filepic of Arleigh Burke-class guided-missile two sides said on Wednesday, seeking to the globe is accelerating the application
destroyer USS Benfold. avoid the use of force to end a siege of of nanomedicine in various healthcare
the shipyard. About 100 sub-contractors applications. — by Surin Murugiah
China says US ‘a maker of security have occupied DSME’s main dock in the
risks’ after Taiwan Strait sailing south coast city of Geoje since last month Singaporeans need a record
The United States is “a maker of security demanding a 30% pay increase, halting work S$114,001 for the right to buy a car
risks” in the Taiwan Strait with its frequent at the yard that the company has said have (July 20): The cost for the right to buy a
provocations there, China’s military said led to delivery delays. DSME and the Korean car in Singapore has reached a record high
on Wednesday after another US warship Metal Workers’ Union, which represents the for large automobiles and risen across the
sailed through the sensitive waterway. strikers, said the two sides have been talking board for all categories. In Singapore, such
The US Navy’s 7th Fleet said the destroyer to narrow a difference over proposed pay rights are acquired by buying certificates
USS Benfold conducted a “routine” Taiwan increases, with the striking workers lowering of entitlement, or COEs, issued by the
Strait transit through international waters their demand to 15%. — Reuters government and they represent costs
“in accordance with international law”. The incurred before purchasing the actual
United States has been carrying out such reuters vehicle. Premiums on open category
voyages about once a month, angering permits, which may be bought for any
China, which views them as a sign of support vehicle but end up being used mainly for
for Taiwan, the democratically governed large cars, increased to a record S$114,001
island that Beijing views as Chinese (US$81,897) in July’s second round of
territory. — Reuters bidding, according to the latest data. The
bids in the open group, called Category E,
Dairy prices fall as weak demand outweighs tight supplies set a new record for the second consecutive
time. COE bids for large and powerful cars in
WELLINGTON (July 20): Global dairy prices are now trading at 10-month lows, as once Category B also reached their highest level
resilient demand has fallen off, particularly from China where widespread Covid-19 at S$110,003. — Bloomberg
lockdowns are taking a toll on the economy. The downward move comes even as milk
supplies remain tight worldwide due to dry weather in New Zealand, and as rains in Australia
and the war in Ukraine push up feed costs for dairy farmers, particularly in Europe and the
United States. “The recent weakness in the Chinese economy is a likely catalyst for weaker
global dairy demand,” Westpac senior agri economist Nathan Penny said in a note. — Reuters

t h u r s d a y j u LY 2 1 , 2 0 2 2 24 T h e E d g e C E O m o r n i n g b r i e f

world

Putin says Ukraine did not make good
on preliminary peace deal

(July 20): Russian PresidentVladimir Pu- by Reuters bureaux Ukraine’s general staff reported wide-
tin on Wednesday said Moscow did not Reuters spread shelling and attacks in various areas
see any desire from Ukraine to fulfil the of the country.
terms of what he described as a prelimi- reuters
nary peace deal agreed to in March. “In the Bakhmut direction, the occu-
Russian President Vladimir Putin speaking at a piers are conducting combat operations
Putin, speaking to reporters in televised news conference following the Astana Process with the aim of creating conditions for an
comments after a visit to Iran, said Sau- offensive on the city of Bakhmut and taking
di Arabia and the United Arab Emirates summit in Tehran, Iran on July 19, 2022. over the territory of the Vuglegirsk power
were offering to mediate between Russia plant,” the general staff said.
and Ukraine, which Moscow’s forces in- Isolated
vaded in late February. The trip showed how isolated Russia has “There is a shortage of ammunition,
become, said White House national secu- food, and water in the enemy units,” it add-
There was no immediate response from rity spokesman John Kirby. ed, without elaborating.
the Ukrainian government to Putin’s re-
marks in the early hours of Wednesday. Kirby also said the United States was Five civilians had been killed and 16
preparing to unveil another weapons pack- had been wounded by Russian forces in
Putin, asked about a possible meet- age for Ukraine. Citing US intelligence, he the Donetsk region, while two civilians had
ing with Ukrainian President Volodymyr accused Russia of laying the groundwork to been killed by shelling in the city of Nikopol
Zelenskiy, said Kyiv had not stuck to the annex Ukrainian territory, which the Rus- in the south, the respective regional gover-
terms of a preliminary peace deal he said sian embassy denied. nors said on Telegram.
were “practically achieved” in March,
without elaborating. The Kremlin said there is no time limit Reuters could not immediately verify the
to a conflict it called a “special military Ukrainian accounts.
“The final result of course... depends operation” to ensure its own security.
on the willingness of the contracting par- Ukraine and the West condemned it as At least one person was killed in a Rus-
ties to implement the agreements that an unprovoked war of aggression against sian missile strike on the centre of the east-
were reached. Today we see the powers its neighbour. ern Ukrainian city of Kramatorsk, author-
in Kyiv have no such desire.” ities said.
Russia was trying to “drag” Ukraine into
Negotiations took place in March, with a protracted conflict into the winter, Zelen- “I felt a really powerful explosion and I
both sides making proposals but without skiy’s chief of staff AndriyYermak said in a understood it was somewhere here,” said
a breakthrough. At the time, Zelenskiy magazine interview published onTuesday. Valentina, 70-year-old local resident whose
said only a concrete result from the talks son-in-law, Maksym, was critically injured
could be trusted. “It is very important for us not to enter in the attack.
the winter. After winter, when the Russians
Putin met Iran’s Supreme Leader Aya- will have more time to dig in, it will cer- “I called my daughter and she said that
tollah Ali Khamenei in Tehran on Tues- tainly be more difficult” for any Ukrainian Maksym is not picking up the phone. He
day, deepening ties between the two counteroffensive,Yermak said. must have been knocked off then,” she
countries who are both under Western cried.
sanctions. Russia’s offensive in the eastern Donbas Gas exports
region continues to make minimal gains As the war drags on, concerns that Russia
During the visit to Iran, Putin also met as Ukrainian forces hold the line, British may halt supplies of natural gas to Europe
Türkiye’s PresidentTayyip Erdogan to dis- military intelligence said on Wednesday. have risen.
cuss a deal that would resume Ukraine’s
Black Sea grain exports, now blockaded More than two weeks have passed In response, the European Union is con-
by Russia. since Russia’s last major territorial gain sidering a voluntary 15% cut in natural gas
— capturing the city of Lysychansk in use by its member states beginning next
Russia was ready to facilitate Ukrainian the Donbas. month, Bloomberg reported on Tuesday,
grain exports by the Black Sea, but also citing EU diplomats.
wanted the remaining curbs on Russian
grain exports to be removed, said Putin, Brussels is expected to publish plans
who was shown by Rossiya state TV an- on Wednesday for how the 27 EU mem-
swering questions from media at the end bers can reduce gas use.The exact num-
of his visit to Iran. ber for the reduction target was not spec-
ified in a draft document of the plan seen
On Tuesday, the Russian leader said by Reuters.
not all the issues had been resolved yet on
grain shipments, “but the fact that there Kremlin-controlled energy giant Gaz-
is movement is already good”. prom was ready to fulfil its obligations on
gas exports, Putin said, and was not to
It was Putin’s first in-person meeting blame for a reduction in gas transit capacity,
with a North Atlantic Treaty Organiza- including shutting down one of the routes
tion leader since Russian troops invaded via Ukraine to Europe by Kyiv.
and was a pointed message to the West
about Russian plans to forge closer stra- Read also:White House says Russia laying
tegic ties with Iran, China, and India to groundwork to annex Ukraine territory
help offset Western sanctions imposed
over the invasion.

t h u r s d a y j u LY 2 1 , 2 0 2 2 25 T h e E d g e C E O m o r n i n g b r i e f

MARKETS

CPO RM 3,937.00125.00 OIL US$ 105.82-1.53 RM/USD 4.4520 RM/SGD 3.1969 RM/AUD 3.0828 RM/GBP 5.345 RM/EUR 4.5627

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)

Bintai Kinden Corp Bhd 243.10 0.035 0.120 -44.19 102.3

MMAG Holdings Bhd 146.50 0.000 0.050 -33.33 85.2

Metronic Global Bhd 49.70 0.000 0.085 -30.37 25.9

Top Glove Corp Bhd 49.10 -0.030 0.990 -61.78 7,927.1

G3 Global Bhd 46.30 0.000 0.040 -50.00 116.1

Avillion BHD 45.80 0.010 0.090 -14.29 102.0

Hibiscus Petroleum Bhd 43.30 -0.015 0.825 1.23 1,660.2

Dagang NeXchange Bhd 37.00 0.020 0.750 -1.32 2,367.2

Malaysian Genomics Resource 35.80 -0.120 1.030 -11.21 127.9 World equity indices

My EG Services Bhd 33.80 0.005 0.775 -27.57 5,723.8

Minda Global Bhd 30.40 0.005 0.065 18.18 85.9 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%)
Sapura Energy Bhd 28.00 0.000 0.045 -10.00 719.1 DOW JONES 31,827.05 754.44 2.43 (%)
INDONESIA 6,874.74 138.65 2.06
Kumpulan Jetson BHD 25.80 0.030 0.255 21.43 68.3

Widad Group Bhd 21.70 0.005 0.375 2.74 1,032.2 S&P 500 3,936.69 105.84 2.76 JAPAN 27,680.26 718.58 2.67

Jade Marvel Group Bhd 20.90 -0.005 0.845 28.03 277.2 NASDAQ 100 12,249.42 371.92 3.13 KOREA 2,386.85 15.88 0.67

Impiana Hotels Bhd 19.70 0.000 0.020 -73.33 28.9 FTSE 100 7,312.40 16.12 0.22 PHILIPPINES 6,274.80 -11.44 -0.18

Serba Dinamik Holdings Bhd 19.30 0.005 0.080 -77.14 296.8 AUSTRALIA 6,759.21 109.61 1.65 SINGAPORE 3,170.29 52.50 1.68

NWP Holdings Bhd 16.20 0.000 0.255 4.08 134.2 CHINA 3,304.72 25.29 0.77 TAIWAN 14,733.22 39.14 0.27

Public Bank Bhd 15.60 0.030 4.430 6.49 85,989.4 HONG KONG 20,890.22 229.16 1.11 THAILAND 1,539.32 5.89 0.38

Velesto Energy Bhd 15.10 0.000 0.080 -33.33 657.2 INDIA 55,397.53 629.91 1.15 VIETNAM 1,194.14 15.81 1.34

Data as compiled on Jul 20, 2022 Source: Bloomberg Data as compiled on Jul 20, 2022 Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

MNC Wireless Bhd 0.015 50.00 221.7 0.00 34.3 Alam Maritim Resources Bhd 0.025 -28.57 1,558.9 0.00 38.3

AT Systematization Bhd 0.015 50.00 621.0 -50.00 90.0 DGB Asia Bhd 0.015 -25.00 550.3 -50.00 25.5

Bintai Kinden Corp Bhd 0.120 41.18 243,140.9 -44.19 102.3 AE Multi Holdings Bhd 0.015 -25.00 130.0 -50.00 32.5

XOX BHD 0.020 33.33 6,647.5 -33.33 101.0 Sanichi Technology Bhd 0.025 -16.67 433.2 0.00 35.1

BCM Alliance Bhd 0.025 25.00 157.0 -16.67 50.9 CME Group BHD 0.040 -11.11 2.2 -33.33 39.4

UCrest Bhd 0.105 23.53 14,438.3 -34.38 65.3 FSBM Holdings BHD 0.250 -10.71 10.0 35.14 44.4

Lambo Group BHD 0.055 22.22 1,862.9 -35.29 84.7 Carzo Holdings Bhd 1.260 -10.64 0.1 -26.32 111.2

XOX Networks Bhd 0.030 20.00 6,542.6 0.00 34.1 Oversea Enterprise Bhd 0.085 -10.53 1.0 -29.17 96.5

Sycal Ventures Bhd 0.210 20.00 59.9 20.00 87.4 Malaysian Genomics Resource 1.030 -10.43 35,825.9 -11.21 127.9

Fast Energy Holdings Bhd 0.030 20.00 180.3 -68.42 22.1 Saudee Group Bhd 0.045 -10.00 999.9 -18.18 44.6

S&F Capital Bhd 0.070 16.67 50.1 -22.22 38.5 WMG Holdings Bhd 0.095 -9.52 68.0 0.00 42.2

Industronics BHD 0.075 15.38 499.8 -31.82 30.9 Eksons Corp BHD 0.560 -8.94 35.0 -13.85 89.5

TECHNA-X Bhd 0.040 14.29 1,591.2 -46.67 88.6 Orgabio Holdings Bhd 0.255 -8.93 4,905.0 0.00 63.2

Kumpulan Jetson BHD 0.255 13.33 25,830.9 21.43 68.3 South Malaysia Industries 0.310 -8.82 6,613.8 55.00 65.1

AbleGroup Bhd 0.130 13.04 853.6 8.330 34.3 Permaju Industries Bhd 0.055 -8.33 365.3 -8.33 106.3

BSL Corp Bhd 0.090 12.50 14,178.5 -91.18 25.0 ABM Fujiya Bhd 0.385 -8.33 0.1 -4.94 69.3

Avillion BHD 0.090 12.50 45,837.6 -14.29 102 Yong Tai Bhd 0.055 -8.33 6,608.3 -57.69 78.0

Kanger International Bhd 0.045 12.50 1,059.1 -77.50 27.1 TWL Holdings Bhd 0.055 -8.33 1,702.1 10.00 202.8

Top Builders Capital Bhd 0.045 12.50 1,029.5 28.57 31.8 Sasbadi Holdings Bhd 0.110 -8.33 14.4 -18.52 46.7

Progressive Impact Corp Bhd 0.090 12.5 46.7 -14.29 59 Warisan TC Holdings Bhd 1.010 -8.18 12.5 -22.9 65.8

Data as compiled on Jul 20, 2022 Source: Bloomberg Data as compiled on Jul 20, 2022 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Malaysian Pacific Industries 30.44 1.440 259.4 -38.33 6,054.4 Dutch Lady Milk Industries 32.500 -0.400 0.5 -3.04 2,080.0

Petronas Gas Bhd 16.98 0.460 478.7 -5.11 33,598.9 Genting Plantations Bhd 6.410 -0.230 123.0 -2.76 5,751.0

AEON Credit Service M Bhd 14.18 0.420 230.2 4.49 3,620.3 Nestle Malaysia Bhd 133.600 -0.200 33.4 -0.45 31,329.2

Kesm Industries Bhd 6.50 0.340 47.3 -47.07 279.6 HAP Seng Consolidated Bhd 7.240 -0.190 156.6 -5.97 18,025.2

Chin Hin Group Bhd 3.70 0.330 1,269.5 41.76 3,273.4 Carzo Holdings Bhd 1.260 -0.150 0.1 -26.32 111.2

HextarTechnologies Solutions 4.07 0.300 76.7 62.15 523.6 Hong Leong Financial Group 18.360 -0.140 99.9 5.88 21,026.7

Kuala Lumpur Kepong Bhd 21.44 0.280 742.5 -1.56 23,115.7 Malaysian Genomics Resource 1.030 -0.120 35,825.9 -11.21 127.9

Petronas Chemicals Group 8.55 0.250 9,869.7 -4.15 68,400.0 Riverview Rubber Estates BHD 3.300 -0.100 2.0 9.15 214.0

Bonia Corp Bhd 2.13 0.230 1,284.6 122.01 426.9 United Plantations BHD 14.000 -0.100 178.7 2.15 5,786.2

Berjaya Food Bhd 3.72 0.220 322.5 73.02 1,320.0 Warisan TC Holdings Bhd 1.010 -0.090 12.5 -22.90 65.8

Chin Teck Plantations BHD 8.70 0.220 9.3 23.41 794.9 PPB Group Bhd 16.120 -0.080 190.6 -5.73 22,932.3

Heineken Malaysia Bhd 22.62 0.200 151.2 8.54 6,833.5 DSR Taiko Bhd 0.900 -0.080 15.0 0.00 281.6

UWC BHD 3.58 0.200 3,095.4 -42.35 3,942.9 Mega First Corp BHD 3.410 -0.070 1,063.6 -2.57 3,223.5

Petron Malaysia Refining & 4.78 0.190 446.4 9.13 1,290.6 DKLS Industries Bhd 2.040 -0.070 6.0 16.57 189.1

Allianz Malaysia Bhd 12.88 0.180 73.0 0.16 2,292.1 TIME dotCom Bhd 4.490 -0.070 1,122.9 -1.84 8,197.0

Padini Holdings Bhd 3.22 0.170 408.1 15.00 2,118.5 Pimpinan Ehsan Bhd 1.060 -0.070 1.0 -27.4 73.3

ViTrox Corp Bhd 7.18 0.170 299.3 -27.91 6,782.6 Muda Holdings Bhd 1.920 -0.060 138.1 -30.43 585.7

Shangri-La Hotels Malaysia 3.32 0.140 94.9 0.00 1,460.8 QL Resources Bhd 5.200 -0.060 694.3 13.79 12,655.0

Carlsberg Brewery Malaysia 22.48 0.140 123.7 11.95 6,873.2 Hartalega Holdings Bhd 2.690 -0.060 5,085.6 -53.05 9,193.0

Scientex BHD 3.26 0.130 1,288.7 -31.94 5,056.3 Seni Jaya Corp BHD 2.430 -0.060 17.2 -7.95 117.9

Data as compiled on Jul 20, 2022 Source: Bloomberg Data as compiled on Jul 20, 2022 Source: Bloomberg