TheEdge + Sun-291223

ceoMorningBrief friday, december 29, 2023 Issue 694/2023 theedgemalaysia.com Half of Red Sea container-ship fleet avoids route after attacks p21 HOME: Glove bear JP Morgan turns bullish on Malaysian rubber gloves sector p4 Saudi Aramco eyes larger downstream footprint in Malaysia p19 WORLD: Year-end China market rally takes hold as foreign funds pile in p23 China’s Xiaomi unveils first electric vehicle, plans to become top automaker p25 Inside the record year for India’s US$585 bil mutual funds industry p26 Report on Page 2. Daim denies wrongdoing, calls investigation ‘nothing short of a political witch-hunt’ Report on Page 3. IJM Corp-led consortium to complete KLIA aerotrain replacement project, sources say the edge file photo friday december 29, 2023 6 The e dge C e O m O rning brief home -5 5 10 15 2023 equity markets review: Soft landing hopefuls DJIA: 33,147.25 pts KLCI: 1,495.49 pts At the start of 2023 DJIA: 37,656.52 pts As at Dec 27, 2023 13.6% YTD KLCI: 1,457.41 pts As at Dec 28, 2023 -2.55% YTD Dow Jones Industrial Average FBM KLCI home friday december 29, 2023 6 The e dge C e O m O rning brief Nasdaq up 53%, India’s Nifty 50 touched new highs in 2023 ‘Magnificent Seven’ recouped 2022 losses -20 -10 0 10 20 30 40 50 60 YTD change (%) Nasdaq 100 53.4 Nikkei 225 27.1 S&P 500 23.8 India Nifty 50 17.9 KOSPI 16.2 DJIA 12.8 JCI 5.6 FTSE 100 3.3 KLCI -2.7 Straits Times Index -3.4 Shanghai Composite -5.6 Shenzen 300 -13.8 SET Index -15.8 As at Dec 22, 2023 Source: Bloomberg -100 -50 0 50 100 150 200 250 (%) As at Dec 22, 2023 Source: Bloomberg Nvidia Meta Tesla Apple Amazon Alphabet Microsoft -26.4 -50.3 -64.2 -65.0 -49.6 -39.1 -28.0 49.8 234.3 193.7 105.0 82.6 60.4 57.6 2022 2023 COMPILED BY SYAFIQAH SALIM & EMIR ZAINUL INFOGRAPHIC BY tUN MoHd ZAFIAN MoHd ZA’AbAH As at Dec 28, 2023 Source: Bloomberg While inflation and interest rates set the narrative in 2023, US equities breached new records amid rising expectations of a soft landing in the world’s biggest economy while China’s growth faltered. With few exceptions, other equity markets underperformed as investors flocked to the US for better returns. CEO Morning Brief’s 2023 in review See Pages 6 to 18

FRIDAY DECEMBER 29, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Daim denies wrongdoing, calls investigation ‘nothing short of a political witch-hunt’ HOME Note: Dear readers, there will be no CEO Morning Brief on Tuesday (Jan 2, 2024) as we are taking a break for New Year. We will be back on Wednesday (Jan 3, 2024). For the latest news during the holidays, check out https://www.theedgemalaysia.com/. Read also: MACC seizes Ilham Tower belonging to Daim Zainuddin Let MACC probe, no protection for ‘big shots’, says Anwar on seizure of Ilham Tower Below is the full statement of former finance minister Tun Daim Zainuddin in response to statements by Prime Minister Datuk Seri Anwar Ibrahim and the Malaysian Anti-Corruption Commission (MACC) on an ongoing investigation against him. I refer to statements issued by Prime Minister Datuk Seri Anwar Ibrahim and MACC chief commissioner Tan Sri Azam Baki on the purported investigation against myself and my family members. I deny categorically any corrupt act or wrongdoing of whatsoever nature by myself or my family. This investigation is nothing short of a political witch-hunt against us. Till today, I have never been informed as to what offence I am alleged to have committed despite my repeated written queries to the MACC. I can reveal that we received a letter signed by Azam himself declining point-blank to tell me what the offence is. Yet, there has been an organised effort to discredit me by releasing misinformation and baseless insinuations against me. It is public knowledge that Anwar for reasons best known to him regards me as a political threat and foe who must be discredited. It would be futile and dishonest for him to deny this. It is also an irrefutable fact that under the MACC Act 2009, the chief commissioner is dependent upon the prime minister for an appointment or extension of tenure. Anwar’s latest tirade against me on Dec 22 (it is an open secret; someone had reaped so much wealth) is a reckless and an unsubstantiated insinuation that I am guilty of some unspecified offences. This amply THE EDGE shows his animus against me. It is also highly inappropriate and an abuse of power for a prime minister to interfere or influence an ongoing investigation by making blatant public insinuations of guilt. I have consulted my lawyers on this, and will take the appropriate action in due course. As for Azam, it is unacceptable, unprofessional and suspicious that he has resorted to making various prejudicial comments against me in public while the investigation is still ongoing. As the head of the organisation, Azam must also be held responsible for a slew of “source” news leaks on the purported investigation. These so-called “sources” can only be coming from within the MACC, as it purports to reveal details of the said investigation. The purpose of the leaks is clearly to justify their high-handed actions against me, and to paint myself as a corrupt person and offender. Not being told of the offences against me, I am in no position to answer them or defend myself. I have, since the beginning of this investigation, extended the fullest cooperation to the MACC, and regularly communicated with them via my lawyers. As such, it is patently false for the MACC “sources” to claim that I have not made a proper disclosure of the financial details demanded by the MACC. I reiterate that all that was asked for in writing by the MACC was disclosed and in accordance with the law. As a former senior member of government, and out of respect for the investigative process, I have kept silent until now. However, the prime minister and MACC have not shown the same respect for the process with their continuing uncalled-for comments and statements leaving me with no choice but to respond in order to protect my reputation and good name. But it is not only that which concerns me. I am deeply concerned about the fairness and integrity of our institutions. The institutions must be protected for the sake of the nation. It is in the highest public interest that the investigative and prosecution process is not tainted and subverted by bias, unfairness, or political motives. This will affect every Malaysian. In remembering the oath of office they both swore to uphold, Anwar and Azam must respect the rule of law and due process, and act accordingly. Tun Daim Zainuddin Kuala Lumpur Dec 28, 2023

FRIDAY DECEMBER 29, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Dec 29): Malaysia Airports Holdings Bhd (MAHB) is said to be mulling on hiring a IJM Corp Bhdled consortium to carry on with the aerotrain replacement project that was halted in August, according to sources familiar with the matter. Sources told The Edge that MAHB is currently ironing out the details before issuing the letter of intent to the consortium for the resumption of upgrading of the automated people mover (APM) system. Besides IJM, the other two consortium members are said to be Pestech International Bhd and French rolling stock maker Alstom, both of which are the original contractors. It is worth noting that IJM Corp is in the midst of taking up a 44.83% stake in Pestech by injecting fresh capital of RM124 million by subscription to new shares at 15 sen apiece via a restricted offer. When contacted, MAHB said it is still in talks with parties involved, and hence cannot reveal details of the matter. Although the latest development offers a glimmer of hope that upgrading work will be resumed sooner than later, it remains uncertain whether passengers will get the aerotrain ride next July as per the original timeline. The three-year APM replacement project came with two deadlines originally, the first being July 2024 for the first of the two aerotrains to be operational, followed by the second one in March 2025 for full completion with both aerotrain services – spanning about 1.5 km — coming online. The 25-year-old aerotrain was suspended in March this year, after a major breakdown that resulted in 114 passengers being stranded midway on the track. This came midway of the replacement programme, which was awarded to Pestech in December 2021, with Alstom supplying the aerotrain. In August, MAHB decided to terminate Pestech, citing “non-performance, compromising significant project milestones and risking delays to deliver the project within the required deadline” as the reasons. “This project is of significant importance to ensure the comfort and convenience of our passengers travelling through the Kuala Lumpur International Airport (KLIA). Our focus moving forward is on the timely delivery of the aerotrain while observing stringent quality control and safety standards of the project, with no compromise on our operations and governance processes,” said then managing director and group chief executive officer Datuk Seri Iskandar Mizal Mahmood. About two months later in October, MAHB announced that Iskandar Mizal’s tenure was not renewed and expired in the same month, with the board of directors naming group chief financial officer Mohamed Rastam Shahrom as the acting group CEO in the interim. BY CHESTER TAY theedgemalaysia.com Development of KLIA aerotrain saga December 2021 • Aerotrain replacement project awarded to Pestech with Alstom as partner, with three-year completion timeline, 10-year maintenance until 2034. March 2022 • Pestech establish work programme to start work on one track only, while the remaining track to be remain operational. August 2022 • Pestech reported its first quarterly loss in 4QFY2022 and has not returned to profit since. March 2023 • KLIA aerotrain experience breakdown causing 114 passenger stranded, services suspended until further notice. June 2023 • Pestech submitted new work programme upon full closure of both aerotrain tracks, claiming it still capable of delivering on time: first aerotrain operational by July 2024, full completion by March 2025. July 2023 • IJM Corp announced injection of RM124 million into Pestech, taking up 44.8% stake. August 2023 • MAHB terminates Pestech’s contract, invites previous tender participants to submit new proposals. October 2023 • MAHB MD Iskandar Mizal tenure not renewed, CFO Mohamed Rastam Shahrom named acting CEO. • Transport Minister Anthony Loke visited Alstom-CRRC JV plant in China, noting KLIA’s first aerotrain is nearly 90% done, urging MAHB to resolve contractor dispute swiftly. Sources: MAHB, Pestech, IJM, The Edge, Anthony Loke’s Facebook account IJM Corp-led consortium to complete KLIA aerotrain replacement project, sources say

FRIDAY DECEMBER 29, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Dec 28): Wires and cable manufacturer Master Tec Group Bhd, en route for an ACE Market listing on Jan 29 next year, has set an issue price of 39 sen per share for its initial public offering (IPO) exercise to raise RM111.39 million, of which about 45% or RM49.73 million will go to a selling shareholder via an offer for sale. The IPO comprises a public offering of 285.6 million new shares, or 28% of the enlarged share base of 1.02 billion. Of the RM111.39 million to be raised, the remaining RM61.66 million or 55% for the company will come from the public issue portion of 158.1 million new shares. The 39 sen issue price is at a price-earnings multiple of 20.31 times based on the group’s net profit of RM19.56 million or 1.92 sen per share for the financial year ended Dec 31, 2022. Against the enlarged share base of 1.02 billion shares and the IPO price of 39 sen per share, the group is expected to have a market capitalisation of RM397.8 million. Breaking down the public issue, 51 million shares will be made available for application by the Malaysian public, followed by 2.14 million for eligible group directors and employees, while 104.96 million shares will be placed to selected investors. Notably, Master Tec is targeting a dividend payout ratio of 30% of its net profit. The group has declared a dividend of RM9.78 million or 50% of its net profit for FY2022, which was paid to its managing director and sole shareholder Datuk Lau Kim San in April 2023. After the listing, Lau will left with a 17% direct stake and 55% indirect stake in Master Tec, after he transferred 561 million shares to the group for RM218.79 million. Master Tec is primarily involved in the manufacturing and distribution of a wide range of safe, quality and high-performance low-voltage power cables, control and instrumentation cables, and solar direct current power cables under its Mastertec trademark since 2009. ACE Market-bound Master Tec to price IPO at 39 sen apiece to raise over RM111 mil KUALA LUMPUR (Dec 28): JP Morgan Asia Pacific Equity Research, which earlier in April 2023 had said that the path to profitability of Malaysia’s glove sector still lacked visibility, has turned bullish on the sector by going selectively (and non-consensus) with “overweight” ratings on Hartalega Holdings Bhd and Kossan Rubber Industries Bhd while retaining its “underweight” rating on Top Glove Corp Bhd. In a note on Dec 27, the research house said the industry has witnessed a pick-up in demand following 2.5 years of inventory de-stocking. In April, JP Morgan reiterated its bearish stance, as overcapacity-led average selling price (ASP) weakness will continue until at least end-2024. “Information asymmetry was the main cause of the recent momentum-led 30% to 60% rally, in our view, as glove ASPs are traded over the counter,” it said. In its latest update, however, JP Morgan said ASP has stabilised on tightening supply and demand, and producers will benefit from improved utilisation and the resulting operating leverage, though the recovery will be uneven across producers. “Hartalega and Kossan have both returned to profitability while we expect Top Glove to only see profit in 3QCY2024 (third quarter of calendar year 2024). “Hartalega and Kossan’s more efficient cost structures will also see them emerge from the downturn stronger, as we expect both Hartalega and Kossan to return to pre-Covid profitability by CY2025 while Top Glove’s 2025 estimated earnings will remain 46% below 2019,” it said. JP Morgan said it values all players on 25 times 12-month forward earnings per share (price target end date December 2024). “We are changing our valuation method to P/E (price-earnings) as the industry finally emerges from a downturn and returns to profitability, versus our prior methodology of asset replacement cost as industry recovery was uncertain and all glovemakers were loss-making previously. Glove bear JP Morgan turns bullish on Malaysian rubber gloves sector BY SURIN MURUGIAH theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com It is also involved in the trading and distribution of a wide range of medium-voltage (MV) power cables and fibre optic cables to cater to various end-user markets. Towards expanding its annual production capacity, Master Tec has earmarked RM24.39 million or 39.55% of proceeds from the public issue to purchase new machineries and equipment, as well as RM16.78 million (27.22%) for construction of two new MV power cable manufacturing plants in in Alor Gajah, Melaka. Meanwhile, RM16.29 million (26.42%) is for general working capital, followed by the remaining RM4.2 million (6.81%) for listing expenses. “We aim to increase our annual production capacity to produce approximately 3,600 tonnes of MV power cables per year, and we target to commence the production of MV power cables by the fourth quarter of 2024,” Lau said during the prospectus launch on Thursday. Master Tec currently produces up to 9,500 tonnes of wires and cables annually, of which it has the capacity to produce up to 4,000 tonnes of copper-cored wires and cables, and up to 5,500 tonnes of aluminium-cored wires and cables per year. Read the full story “Key catalysts include the upcoming earnings improvement across producers thus confirming the sustainability of earnings and a calculated supply addition by Chinese producers,” it said. JP Morgan said Hartalega has emerged stronger following the closure of less efficient lines (14 billion pieces) leading to depreciation and amortization savings of RM20 million/year. “Kossan is most well capitalised. “It has a net cash of RM2 billion (43% of market cap) and generates circa RM40 million-RM50 million of interest income. It has also rationalised capacity by nine billion,” it said. Overcapacity JP Morgan earlier in April had said overcapacity may take another three full years to hit equilibrium. It said applying the Malaysian Rubber Glove Manufacturers Association’s (Margma) assumption that global glove demand will increase 10% to 15% in CY2022 to CY2023 versus pre-pandemic levels, the annual incremental demand would be about 30 billion pieces per year. “Comparing this figure against the overcapacity situation, we calculate it will take three years for excess supply to be absorbed by the incremental demand,” it had said.

friday december 29, 2023 5 The E dge C E O m o rning brief FGV Holdings Berhad: 2023 In Review FROM wholesome fresh milk and farm-totable produce to everyday cooking ingredients like cooking oil, margarine, and refined sugar, the mission to provide Malaysians with quality and affordable food products has never been stronger. Over the decade, FGV has come to be an important player in the Malaysian economy beyond contributing to national income and employment - even more so with the looming food security agenda at home. 2023 has been marked by a series of moments that demonstrate FGV’s ongoing commitment to moving Malaysia forward towards the future. Supporting food security agenda FGV is fully committed to meeting the demand for quality, nourishing and affordable products in the market through its various consumer goods brands, namely SAJI, Adela, Seri Pelangi, Gula Prai, Ladang’57 and Bright Cow. It aims to play a significant role in the country’s national food security agenda by bringing highquality and nutritious food products at affordable prices to all Malaysians and to achieve the vision of delivering sustainable foods and agriproductsto the world. Empowering localsmallholders The group is the biggest off-taker of smallholders’ fresh fruit bunches (FFB) in Malaysia, with 70% of its processed FFB derived from Felda settlers and independent smallholders throughout the country - at a price set by the Malaysian Palm Oil Board. 2023 saw the group’s continued efforts in educating independent smallholders and FFB suppliers on Malaysian Sustainable Palm Oil (MSPO) and the Roundtable of Sustainable Palm Oil (RSPO) sustainability certifications and best practices. The FGV led consultation sessions that were started in January 2020 are aligned with the government’s call to have all palm oil entrepreneursin the country certified. FGV CONSUMER PRODUCT HIGHLIGHTS IN 2023 SAJIrange of products: Synonymous with cooking oil in Malaysia, SAJI continues to see growth in the consumer segment. The last decade saw SAJI achieved 177% growth in Consumer Reach Points (CRP), surging from 8.9 million in 2012 to 24.7 million in 2021. Adela Margarine & Cooking Oil: Adela expanded its presence in the Middle East and North Africa (Mena) market with Adela Margarine in February at Gulfood 2023 in Dubai. This market is poised for growth, with huge opportunities in traditional retail outlets such as grocers, hyper and super markets, convenience stores, and e-retail markets. Ladang’57 Ayam Kampung: Ladang’57 Ayam Kampung was launched in August to meet local demand for fresh, quality, free-range chicken that are affordably priced. Available in 21 Aeon Big locations in Peninsula Malaysia. BrightCowAcerolaYogurt&UHTMilk: FGV entered the local dairy scene via the Bright Cow brand in 2020 by offering a range of milk-based products such as fresh milk, UHT milk, flavoured kefir, milk yogurt, yogurt drinks and cheese products. Distribution agents appointments in July 2023 looks to expand its reach to 5,000 new retail locations nation-wide. Horeca Fragrant Rice: Produced by 361 farmers in Selangor who employ FGV’s Fortified Field Fragrant Rice (3FR) programme - a planting system that integrates paddy farming activities through smart agricultural practices such as IoT technologies, mechanisation, and automation. Present in mind, future in sight FGV recognises and embraces its history and role within corporate Malaysia since charting its journey in 2012. In its mission of RE-Defining FGV into a company that champions sustainable foods and agriproducts for generations to come, the group has concluded the year with notable milestones. FGV released its corporate video, ‘Cultivating a Sustainable Future’ which showcases its sustainability strategies, encompassing farm-to-table approach, biological pest control methods like owls, as well as investing in extensive R&D efforts. FGV endeavoured to preserve the habitat of endangered endemic wildlife particularly the sun bear, gibbons as well as pangolins and planting 10,000 fruit-variant tree seedlings on 350 hectres of land in Gerik, Perak. In its logistics sector, the group bolstered its fleet with 54 units of eco-friendly Euro 5 Prime Movers from Volvo Trucks Malaysia in June 2023. FGV’s corporate zakat contributions amounting to RM35.3mil in 2023 has benefitted B40 communities from Perlis to Sabah. In the spirit of Rahmah, FGV Seikhlas Hati programme sold 10,000 units of FGV Seikhlas Hati packs at a low price of RM10, each consisting basic food items such as 2kg SAJI cooking oil, 500 gram SAJI sweetened creamer, 200 gram SAJI coconut cream, and 1kg Gula Praisugar. BrandLaureate recognized SAJI with the “Sustainable BestBrand award.” Kantar Group recognized SAJI as “Top outstanding brand with the most incrementalshoppersin 2022.” SAJI bagged the “Gold Award for the Best Bahasa Malaysia Copy, Content & Script Writing” during the Kancil Awards 2023. FGV bagged “Gold award in Renewable energy category by a large company” during ESG Positive Impact Awards 2023. FGV’s biofuel business located in Kuantan was awarded with the “Malaysia Brand Leadership Awards 2023” by the World Brand Congress. FGV was recognized as “Malaysia’s Most Preferred Employers (conglomerate category)” by the Graduan Brand Awards 2023. World HRD Congress has recognised FGV with “Malaysia Best Employer Brand 2023 award” and “Top Most HR Leaders Malaysia award.” On 15 December, FGV launched an upsized Sukuk Murabahah programme of RM3 billion and received an AAinvestment grade corporate rating from Malaysian Rating Corporation Berhad (MARC) with a stable outlook. As well as other notable awards in safety & health, governance, etc. . . . . . . . . . . . . . PROGRESS ON WRO IMPOSED BY USCBP FGV hassuccessfully completed the third phase of itsrecruitment feesreimbursement on September 15, which is part of the remediation process in relation to the Withhold Release Order(WRO) by the US Customs and Border Protection department (USCBP). RM72.2mil was disbursed to 19,673 FGV migrant workers in three separate tranches: in March, June and September. Various initiatives implemented to enhance welfare and well-being of FGV migrant workers, including investing approximately RM227mil to enhance workers’ facilities. . FGV’smotto of‘Cultivating aSustainableFuture’ describesitsmission of RE-Defining theGroup into an organisation that championssustainable foods and agriproductsfor generationsto come. FGV Holdings Berhad 800165-P

friday december 29, 2023 6 The E dge C E O m o rning brief home -5 5 10 15 2023 equity markets review: Soft landing hopefuls DJIA: 33,147.25 pts KLCI: 1,495.49 pts At the start of 2023 DJIA: 37,656.52 pts As at Dec 27, 2023 13.6% YTD KLCI: 1,457.41 pts As at Dec 28, 2023 -2.55% YTD Dow Jones Industrial Average FBM KLCI home friday december 29, 2023 6 The E dge C E O m o rning brief Nasdaq up 53%, India’s Nifty 50 touched new highs in 2023 ‘Magnificent Seven’ recouped 2022 losses -20 -10 0 10 20 30 40 50 60 YTD change (%) Nasdaq 100 53.4 Nikkei 225 27.1 S&P 500 23.8 India Nifty 50 17.9 KOSPI 16.2 DJIA 12.8 JCI 5.6 FTSE 100 3.3 KLCI -2.7 Straits Times Index -3.4 Shanghai Composite -5.6 Shenzen 300 -13.8 SET Index -15.8 As at Dec 22, 2023 Source: Bloomberg -100 -50 0 50 100 150 200 250 (%) As at Dec 22, 2023 Source: Bloomberg Nvidia Meta Tesla Apple Amazon Alphabet Microsoft -26.4 -50.3 -64.2 -65.0 -49.6 -39.1 -28.0 49.8 234.3 193.7 105.0 82.6 60.4 57.6 2022 2023 COMPILED BY SYAFIQAH SALIM & EMIR ZAINUL INFOGRAPHIC BY tun mohd zafian mohd za’abah As at Dec 28, 2023 Source: Bloomberg While inflation and interest rates set the narrative in 2023, US equities breached new records amid rising expectations of a soft landing in the world’s biggest economy while China’s growth faltered. With few exceptions, other equity markets underperformed as investors flocked to the US for better returns.

friday december 29, 2023 7 The E dge C E O m o rning brief home Southeast Asia stocks underperformed Asia, western peers Total return YTD (%) No valuation premium for Southeast Asia stocks as forward PE lag peers Forward P/E ratio (times) -20 0 20 40 60 80 100 120 140 160 180 DJIA Nasdaq 100 S&P 500 FTSE 100 2018 2019 2020 2021 2022 2023 14.4 60.3 89.7 165.0 0 10 20 30 40 DJIA Nasdaq 100 S&P 500 FTSE 100 2018 2019 2020 2021 2022 2023 29.9 11.3 22.0 21.9 15.7 11.9 17.9 16.0 US, UK US, UK Southeast Asia Asia Asia -20 0 20 40 60 80 100 120 140 160 180 KOSPI Nikkei 225 India Nifty 50 Shenzen 300 2018 2019 2020 2021 2022 2023 96.5 27.4 65.7 10.8 0 10 20 30 40 15.7 8.23 10.8 15.5 11.7 15.8 22.1 24.3 KOSPI Nikkei 225 India Nifty 50 Shenzen 300 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 -20 0 20 40 60 80 100 120 140 160 180 16.8 -14.0 -10.2 2.30 KLCI Jakarta Thailand Singapore 2018 2019 2020 2021 2022 2023 0 10 20 30 40 Thailand Singapore 10.2 14.5 15.5 16.7 12.5 14.8 16.6 17.5 KLCI Jakarta Smaller cap companies outperform KLCI over five-year period Performance of key Bursa Malaysia indices (% change since 2019) -50 0 50 100 150 200 As at Dec 26, 2023 Source: Bloomberg 2019 2020 2021 2022 2023 -14.18 -6.27 20.88 44.61 FBM KLCI FBM ACE FBM EMAS FBM Small Cap Southeast Asia

friday december 29, 2023 8 The E dge C E O m o rning brief home Bursa Malaysia’s biggest gainers and losers in 2023 Super big cap (above RM10 bil) Total return YTD (%) Mid cap (RM500 mil to RM1 bil) Total return YTD (%) Small cap (below RM500 mil) Total return YTD (%) Big cap (RM1 bil to RM10 bil) Total return YTD (%) -100 0 100 200 300 YTL Power International YTL Corp Fraser & Neave Holdings Sunway Gamuda Inari Amertron Malaysia Airports Holdings KLCCP Stapled Group CelcomDigi QL Resources IHH Healthcare Kuala Lumpur Kepong Sime Darby Plantation IOI Corp MISC Petronas Chemicals Group PPB Group Axiata Group MR DIY Group Malaysia HAP Seng Consolidated 253.8 225.9 31.1 24.7 22.7 14.9 11.7 5.8 4.0 4.0 -2.8 -2.1 -2.6 -2.7 -2.8 -16.3 -16.5 -21.7 -27.0 -28.9 -200 0 200 400 600 800 Sarawak Consolidated Industries Central Global AirAsia X EG Industries Iskandar Waterfront City Pelikan International Corp Leform Cypark Resources Crescendo Corp Pappajack GHL Systems Kawan Food Thong Guan Industries Supercomnet Technologies Chin Hin Group Property Signature International Kotra Industries Coastal Contracts Pharmaniaga Shangri-La Hotels Malaysia 531.0 241.4 231.6 179.6 174.1 145.3 101.1 95.7 93.1 84.1 -18.6 -18.9 -19.5 -22.9 -24.6 -26.4 -28.0 -30.0 -31.2 -34.8 -200 0 200 400 600 800 Silver Ridge Holdings SMRT Holdings Sarawak Cable Ewein Salutica Minetech Resources FSBM Holdings Marine & General HSS Engineers Epicon InNature K Seng Seng Corp Borneo Oil Coraza Integrated Technology Senheng New Retail Iris Corp Kobay Technology Texchem Resources Revenue Group Hong Seng Consolidated 707.4 631.0 500.0 250.7 230.2 181.8 125.1 123.8 123.3 120.0 -38.5 -38.9 -40.0 -40.5 -45.5 -46.2 -49.3 -56.4 -68.9 -90.9 -100 0 100 200 300 UEM Sunrise WCE Holdings Boustead Plantations Hume Cement Industries Ranhill Utilities Malayan Cement MSM Malaysia Holdings Rapid Synergy RCE Capital Ideal Capital Panasonic Manufacturing Malaysia Duopharma Biotech Dagang NeXchange Guan Chong Dutch Lady Milk Industries Hong Leong Capital PMB Technology Astro Malaysia Holdings Berjaya Food Hextar Industries 225.5 223.0 141.9 139.4 101.1 99.1 94.1 83.0 80.5 76.5 -21.5 -21.7 -22.5 -23.3 -25.1 -29.1 -38.8 -39.2 -42.2 -49.4 As at Dec 27, 2023 Source: Bloomberg As at Dec 27, 2023 Source: Bloomberg As at Dec 27, 2023 Source: Bloomberg As at Dec 27, 2023 Source: Bloomberg

friday december 29, 2023 9 The E dge C E O m o rning brief knowledgeable subject matter experts to support employee coaching, consultation and training. Among the initiatives planned for 2024 are the quarterly leadership team engagements, bi-weekly process performance review and technical coaching. Plant benchmarking with international peers from the region has been arranged throughout the year. The Refinery Reliability improvement will be the focus for MSM Johor in 2024. This year, MSM Johor has completed its second boiler change out works for sustainable refinery reliability and availability. The work and procedures have been certified to be fully compliant with standard industry requirements and policies, particularly with regard to safety and quality. With the completion of the second boiler rectification work, MSM Johor target to achieve utilisation factor (UF) from 27% in FY2023 to 50% in FY2024. For added mitigation, MSM Johor is in the initial phase of third boiler procurement to further strengthen operations sustainability. Industrial Effluent Treatment System Industrial Effluent Treatment System (IETS) plant has been upgraded to meet the operation demand and requirement by law to meet standard A discharge, Environmental Quality (Industrial Effluent) Regulations 2009, Environmental Quality Act 1974. Currently, the IETS plant is under testing and commissioning and will be following the prescribed discharge limits and meet the standards required by early 2024. The IETS at MSM Johor was upgraded and reseeded with new microbes to revive the system. MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor), a subsidiary of FGV Group Member, MSM Malaysia Holdings Berhad (MSM), sited on a 50.63-acre land plot in Tanjung Langsat, Johor. The integrated complex has commenced its operations in November 2018 and fully commercialised in April 2019. At present, MSM Group’s annual production capacity is up to 2.05 million tonnes of refined sugar. Gula Prai, which is MSM’s brand for refined sugar product and an iconic brand in Malaysia, produce locally at MSM’s refinery in Prai, Penang with an annual production capacity of 1.05 million tonnes of refined sugar - Malaysia’s largest sugar refinery, and in Tanjung Langsat, Johor with an annual production capacity of 1 million tonnes ofrefined sugar. MSM’s plant in Johor is strategically located at Tanjung Langsat Port and significantly reduce cost across the value chain following the strategic port facilities which contribute towards costefficiency to reduce cost of receiving raw sugar supply via vessels imported from other countries. The refinery plant was also designed and constructed to be highly automated to reduce manpower through the usage of state-of-art machines with better technology and streamlined sugar refining process. Although there has been challenges for the past year, MSM Johor has addressed most issues and have plans to move forward and chart better prospect forfinancial year(FY) 2024. People Management and Development MSM Johor constantly invests in their greatest assets, the employees. Less than five years since their official commercialisation, various internal training, knowledge and skill enhancement programme designed for the technical team to improve their knowledge and technicalskill. MSM Johor engaged with renowned and MSM Malaysia Holdings Berhad: Sweet prospects in Johor ContinuousImprovement With unrestrained melting from all mitigation and improvements completed, MSM Johor is optimistic for the future ahead. In November 2023, based on a single boiler MSM Johor recorded its highest daily melting achieved at 1,039 tonnesin October at 34.6% UF, 1,308 tonnes in November at 43.6% UF and target to achieve 1,416 tonnes at 47.2% UFin December 2023. The goal moving forward is to make the highest melting as an average melting rate throughout the month which will require the refinery to be more reliable and optimised. MSM Johor would achieve breakeven at 40% UFaverage. Over the years, MSM has developed a strong foundation and continually transform the business model to enhance production efficiency, capacity, and sustainability. Amidst prolonged challenging environment with high input costs due to increase in global raw sugar, freight and natural gas as well as cost associated to the weakening of Ringgit, the local sugar industry remained resilient. The sugar refining business is capital intensive in nature.Investmentsin fixed and long-term assets are inherent to the business. Continuous maintenance and rejuvenation are vital to ensure the assets have a longer life span, in addition to centralising operational maintenance plans via digitalisation. Among future plans for MSM Johor is to incorporate green energy initiatives such as biomass from palm oil empty fruit bunch and installation of solar panels to supplementthe energy requirements. MSM is currently managing most of its wastes in a circular economy. As example, its sugar refining by-product precipitate, namely mudcake, is converted into fertilisers, and molasses into high value products. MSM Malaysia Holdings Berhad (935722-K)

friday december 29, 2023 10 The E dge C E O m o rning brief home by Tan Choe Choe, Emir Zainul, Luqman Amin & Tarani Palani theedgemalaysia.com The top 12 financial news of 2023 1 MYAirline’s suspension, SKS Airways woes Despite there being green shoots of recovery in the aviation industry after three challenging years of the Covid-19 pandemic, MYAirline Sdn Bhd could not hold on long enough to survive. The low-cost carrier halted its flight operations after only 10 months of flying. On Oct 12, MYAirline announced the suspension of its flight operations citing "significant financial pressure", making it potentially the first Malaysian-based airline to collapse post-pandemic. This has left 125,000 passengers stranded with RM22 million worth of tickets to nowhere. The airline had sold tickets with travel dates until March 2024. MYAirline interim accountable executive Datuk Seri Azharuddin Abdul Rahman was quoted by the media as saying that a combination of high overhead costs, falling capital, and an aggressive expansion plan were among the reasons for the carrier’s financial woes. Its inaugural flight took off on Dec 1, 2022. The airline reached an average of 91% load factor, and had flown eight Airbus A320-200 till Oct 12. MyAirline started with two aircraft, and within its 10 months of operation, it expanded its fleet to nine aircraft. Its 10th and 11th aircraft arrived at the point of its suspension. The incident has raised questions about the two local aviation authorities that oversee the industry, namely the Civil Aviation Authority of Malaysia (CAAM) and the Malaysian Aviation Commission (Mavcom). CAAM came under scrutiny for granting MYAirline a two-year extension of its air operator’s certificate (AOC) until 2025, just three days before the airline suspended its operations. CAAM admitted that it was unaware that MYAirline was financially stressed when the extension was granted. The shutdown of MyAirline is an indication of the cut-throat competition in the crowded industry resulting in razor thin margins, in addition to high fuel costs. SKS Airways also made headlines on speculation of its financials as the airline, which was launched in January 2022, was also said to be seeking investors to raise equity capital. The news came on the heels of an unsuccessful attempt by MYAirline to secure new investors to sustain its operations. However, SKS Airways clarified that it has no financial problems and that its flights were halted due to the monsoon season. The airline also said the group has secured financing to fund its aircraft leases, engine maintenance, and working capital. 2 Sime Darby strikes two mega deals in 2023 Within four months, between August and November, Sime Darby Bhd sealed two agreements. In late August, the group announced that it is paying RM3.57 billion, or RM5 per share, to buy its parent Permodalan Nasional Bhd’s (PNB) 61.18% stake in UMW Holdings Bhd, which owns a 38% stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua), and subsequently to launch a mandatory general offer to take UMW private. The other shareholders of Perodua are Daihatsu Motor Co holding a 25% stake, public-listed MBM Resources Bhd (20%), PNB (10%), and Mitsui & Co (7%). The takeover, which is dubbed as the country’s biggest automotive deal, will cost Sime Darby RM5.48 billion in total. It will be funded by internal funds and borrowings. As a result, Sime Darby's gearing is expected to rise sharply. On Nov 10, Sime Darby together with its Aussie joint venture (JV) partner Ramsay Health Care Ltd entered into a sale and purchase agreement to sell Ramsay Sime Darby Health Care Sdn Bhd to Columbia Asia Healthcare Sdn Bhd for RM5.7 billion cash. The divestment of a 50% stake in the healthcare JV is expected to help replenish Sime Darby’s cash coffer by RM2.75 billion. On top of that, the group will also recognise a net gain of RM2 billion. A few days after the announcement of the healthcare business, shareholders at an extraordinary general meeting gave the green light for Sime Darby’s proposed takeover of UMW — a deal that will bolster Sime Darby’s position as the leading automotive player in Malaysia. Sime Darby has regional distribution rights for several foreign marques, including BMW, Hyundai, Ford, Jaguar, Land Rover, Volvo, and Porsche. With the disposal of its healthcare division and the acquisition of UMW, Sime Darby is poised to focus on its core businesses of industrial and motors, which accounted for 87% of its revenue and 95% of its profit before interest and tax in FY2023. 3 MAHB’s aerotrain project faces twists and turns; Pestech terminated, IJM enters the picture The aerotrain service at the Kuala Lumpur International Airport (KLIA) has been suspended for 10 months after breaking down in March. All eyes are watching for whether Malaysia Airports Holdings Bhd (MAHB) will be able to have the first aerotrain commencing service in July 2024 — seven months from now, and two aerotrains serving KLIA passengers by end-2024. Currently, the progress of the aerotrain replacement project has been halted for four months, if not longer, after MAHB terminated the contract that it awarded to Pestech International Bhd in August. Pestech, in partnership with France’s Alstom, won the RM742.95 million tender from MAHB in December 2021 to develop a new Automated People Mover (APM) project. The contract was for the design, supply, installation, testing, and commissioning of three new trains and related systems to replace the existing ones, which had been in service since 1998. continues on Page 11 facebook simedarby.com

friday december 29, 2023 11 The E dge C E O m o rning brief home MAHB explained that the reason it decided to terminate Pestech as the contractor was because Pestech failed to meet the project deadline and committed several material breaches. Pestech disputed the termination, however, claiming that it had completed 37% of the project and procured all long lead time items. Following the termination of Pestech’s contract, MAHB issued a tender by invitation to four companies that had participated in the previous aerotrain project tender, adhering to procurement best practices. The four bidders included SMH Rail Sdn Bhd in a standalone bid; MMC Corp Bhd, partnered with China’s CRRC-MRT and Mobilus Sdn Bhd, under the leadership of Tan Sri Syed Mokhtar from Page 10 4 Bursa Malaysia fines adviser RHB IB for breaches of IPO rules Bursa Malaysia Securities Bhd has publicly reprimanded and fined RHB Investment Bank Bhd (RHB IB) RM350,000 for two breaches of the listing requirements related to an initial public offering (IPO) of an ACE Market applicant. In mid-September, Bursa Malaysia revealed that the first breach involving RHB IB’s failure to conduct proper due diligence as a sponsor and principal adviser for the applicant. The regulator found that RHB IB had failed to make all reasonable due diligence enquiries and consider all relevant matters to ensure that there was no misstatement or material omission in the submission and disclosures made in the initial listing application and draft prospectus which were submitted to Bursa Malaysia for the applicant. The second breach was over RHB IB’s failure to immediately notify Bursa Malaysia of “material developments concerning the applicant’s business, operations, future plans and prospects after the initial submission”, the regulator said in a statement. According to Bursa Malaysia, RHB Albukhary; Malaysian Resources Corp Bhd (MRCB) in collaboration with South Korea’s Woojin Industrial Systems Co Ltd; and Hartasuma Sdn Bhd, partnered with Austrian company Doppelmayr Seilbahnen GmbH. Hartasuma later withdrew from the bid. In an unexpected turn, IJM Corp Bhd, which is in the midst of acquiring a 44.83% stake in Pestech, expressed interest in bidding for the project. This caused discontent among the other four bidders in the closed tender. MAHB stated that the current tender process is progressing as scheduled and declined to reveal details. Time will tell if MAHB will be on time to meet the deadline or has to set a later deadline due to the delay. IB had failed to inform the regulator of three material agreements, including an agreement with a related party entered by the applicant after the initial submission. The breaches led to the rejection of the proposed IPO of the applicant, whose name was not disclosed by Bursa Malaysia. Bursa Malaysia said it views the breaches seriously due to the primary and crucial role played by sponsors and advisers in the assessment of the suitability of an applicant for admission to the ACE Market, which is a ‘sponsor-driven’ market, aimed at ensuring quality, accurate and adequate disclosure in the IPO and prospectus for the proposed listing of an applicant. In response to the rebuke, RHB IB said in a statement that it has taken immediate steps to strengthen its internal policies, processes and procedures relating to its role as an adviser and sponsor for submissions to Bursa Malaysia. “RHB IB is committed to upholding the highest standards of integrity and professionalism in all its dealings and will continue to work closely with the regulators to ensure compliance with all applicable rules and regulations,” it said. Source: Bloomberg Still in the red in 9MFY2023 Pharmaniaga earnings -700 -600 -500 -400 -300 -200 -100 0 100 200 300 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 Net profit/(loss) (RM mil) Revenue (RM bil) 9M FY23 FY19 FY20 FY21 FY22 2.62 2.82 2.73 4.82 3.51 -44.7 -149.2 27.5 172.2 -607.3 5 Pharmaniaga’s stress in the aftermath of the Covid-19 pandemic Pharmaniaga Bhd fell into Practice Note 17 (PN17) status after booking half a billion ringgit in impairments caused by unsold Covid-19 vaccines. The massive impairment pulled the generic drug maker into its biggest quarterly net loss of RM664.39 million in the financial quarter ended Dec 31, 2022 (4QFY2022). The financial stress sparked panic selling of its shares in February. Its share price almost halved in a span of three days to 25 sen, from 44 sen. The counter closed at 36.5 sen on Thursday (Dec 28), valuing Pharmaniaga at RM526 million. This was adding more to its parent company Boustead Holdings Bhd’s financial woes. Boustead, which was taken private by Lembaga Tabung Angkatan Tentera (LTAT) in June, owns a 47.12% stake in Pharmaniaga, while LTAT holds 7.83%. Nonetheless, there is a light at the end of Pharmaniaga’s tunnel. The Ministry of Health (MOH) extended its concession to supply medical supplies and medicines to public hospitals by seven years, despite it being in financial trouble. Pharmaniaga hogged the limelight again in November, when Deputy Health Minister Datuk Lukanisman Awang Sauni revealed in Parliament that the company had refused to comply with the letter of demand (LOD) issued by MOH regarding shortcomings in the procurement of faulty ventilators during the height of the Covid-19 pandemic in 2020. This came after a Public Accounts Committee (PAC) report in October con tinues on Page 12 the edge file photo

friday december 29, 2023 12 The E dge C E O m o rning brief home revealed that Pharmaniaga helped MOH acquire 136 ventilators for RM20.13 million, of which just 32 were working following repairs and replacements. The PAC report also revealed there was no written agreement drawn up on the procurement of ventilators, resulting in no party being able to be held accountable for the malfunctioning ventilators. from Page 11 6 Renewable energy export ban lift a precursor for industry boom The government in May lifted an 18-month ban on renewable energy (RE) exports, a much-anticipated move that experts said will energise the local RE sector by tapping into rising demand in Singapore. The decision is part of the government's strategy to improve its RE policies, making sure Malaysia’s power sector will be supportive of the country’s new growth engines. Meanwhile, the government is restructuring the electricity tariff to address ballooning subsidy bills. Also announced this year were additional quotas of 450MW for rooftop solar and large scale solar (LSS) programmes, and another 180MW for non-solar RE projects under a feed-in tariffs mechanism. This is on top of plans to introduce new mechanisms to encourage more residential rooftop solar, currently hindered by the high costs of over RM20,000 at the minimum. The government also announced plans to develop large RE projects, including 500MW solar parks through Tenaga Nasional Bhd and another 1 gigawatt (GW) of hybrid solar plant integrated with an RE industrial park, led by UEM Group Bhd. Additionally, the government intends to put RM2 billion into a seed fund to finance marginally bankable energy transition projects or those yielding below-market returns, such as electric-vehicle charging, hydrogen and carbon capture technologies. These announcements, cemented in the National Energy Transition Roadmap (NETR), lifted stocks of RE-linked companies higher, from RE producers to engineering, procurement, construction and commissioning (EPCC) companies, and even energy traders. This was in anticipation of faster project roll-outs compared with the pace seen in the last few years, amid hiccups in LSS project executions mainly attributable to shocks in solar panel prices when global demand boomed post-Covid. While the roadmap provided an assurance on government direction with regards to RE, industry players are now awaiting more clarity on how the government will approach new projects domestically, as well as how the export mechanism will work, which would be revealed only in late 2024 at the earliest. Most electricity/solar-linked companies rose in 2023 Company Total return Share YTD price (%) (RM) YTL Power International 253.8 2.53 Ranhill Utilities 101.1 0.92 Cypark Resources 95.7 0.92 MN Holdings 85.7 0.52 Jentayu Sustainables 76.6 1.28 Solarvest Holdings 52.0 1.30 Samaiden Group 37.9 1.11 Tenaga Nasional 3.8 10.00 Kinergy Advancement -1.3 0.39 Pekat Group -7.6 0.43 G Capital -11.1 0.40 As at Dec 27, 2023 7 NIISe another major halted public contract The road to integrate and digitalise the country’s immigration system has never been smooth. The change of government did not help at all. The project was halted again in 2023. The Ministry of Home Affairs terminated the RM1.16 billion National Integrated Immigration System (NIISe) contract that was awarded to Iris Corp Bhd in August. The termination came as a surprise, as the ministry had in May extended the NIISe contract to Iris by 12 months from Sept 1, 2025 to Aug 31, 2026. The contract was originally awarded to Iris by the Perikatan Nasional government in 2021. Iris is challenging the termination and brought it to the Asian International Arbitration Centre (AIAC), having claimed the termination as “invalid and unlawful” in a letter to the ministry. Home Affairs minister Datuk Seri Saifuddin Nasution Ismail had previously mentioned the potential replacement of the NIISe contractor if Iris’ wholly-owned subsidiary Iris Information Technology Systems Sdn Bhd (IITS) could not successfully carry out the project. In November, Saifuddin told Parliament that the government had spent RM106.93 million on the NIISe contract before its termination. He pointed to a four-month delay in physical works, and failure by the company to complete its handovers within the prescribed remedy period. An interesting twist was that Iris had wanted to sell an 80% stake in IITS, the unit that undertook the NIISe project. NIISe is the second such project announced by the government in recent years. In 2019, the Pakatan Harapan government terminated a RM3.5 billion Sistem Kawalan Imigresen Negara (SKIN) project, which was awarded to Prestariang Bhd (now Awanbiru Technology Bhd) in 2017. Awanbiru is claiming over RM732 million from the government for works done on SKIN, and the trial is ongoing. This is among the public contracts that have been halted. Naturally, lobbying is expected to emerge. Pharmaniaga has since denied that the group ignored the LOD and said it is committed to the ongoing process of finding amicable and fair resolutions for the defective ventilators issue with MOH. c ontinu es on Page 13

friday december 29, 2023 13 The E dge C E O m o rning brief home 8 Malaysia Airlines and Brahim’s 25-year marriage ends When Malaysia Aviation Group (MAG) ended its decades-old partnership with caterer Brahim’s Holdings Bhd in August, it took almost four months until November to fully restore its in-flight catering. This drew flak from the public. Business class passengers were being served pre-packaged meals in the absence of hot offerings during the early weeks of the transition. MAG, parent of Malaysia Airlines Bhd (MAB), bit the bullet to split after a “thorough and prolonged” negotiation for a contract extension, which intensified in 1H2023 amid surging travel demand after more than two years of Covid-19-driven restrictions. At the core of the dispute is Brahim’s disagreement over a clause which allows either MAG or Brahim’s to terminate the contract within a one-month period. The clause, Brahim’s has said, was a condition that had never been included in its agreements with its 35 airline customers, including the national carrier. To make it even more complicated, the duo jointly own Brahim’s Food Services Sdn Bhd (BFS) — the catering unit. MAB has a 30% stake while Brahim’s controls a 70% stake. It was noted that the national carrier contributed to almost 50% of BFS’ revenue. Now MAB offers its meal service through partnerships with nine different third-party meal suppliers, and the establishment of a temporary distribution centre — the MAG Catering Operations (MCAT). While the new arrangement has resulted in an increase in its catering costs from 2% of its total operational cost during its partnership with Brahim’s to 2.5% currently, MAG group managing director Datuk Captain Izham Ismail, however, was quoted as maintaining that it is “worth the investment”. In fact, MAG is looking into partnering with foreign in-flight catering companies to potentially set up its own catering unit. Meanwhile, Brahim’s service for its other airline customers here continues. from Page 12 9 KLK's spurned lifeline for Boustead Plantations and LTAT Some quarters say that taking Boustead Holdings Bhd private would make the restructuring process of the debt-laden conglomerate easier and quicker. This wasn’t quite the case, as was evident in the scuttling of the partnership with Kuala Lumpur Kepong Bhd (KLK) to rejuvenate its plantation arm, Boustead Plantation Bhd (BPlant). Under the proposal, KLK would first acquire a 33% stake plus one share in BPlant for RM1.15 billion cash from Boustead Holdings, which owns a 57.42% stake in BPlant. Subsequently, KLK and Boustead Holdings would jointly extend a takeover offer at RM1.55 per share to privatise BPlant. Upon completion of the exercise, Boustead and LTAT would collectively retain a 35% equity interest in BPlant, while KLK as a joint venture partner would fund the annual replanting costs of RM150 million that BPlant desperately needs over the next few years. The proposal would enable LTAT to unlock the value of BPlant by selling the 33% stake to KLK while having a strong partner to revive the latter’s plantation operation. But, opposition MPs did not see the deal in a positive light. They claimed it did not fit with the government's aim of achieving the 30% Bumiputera corporate equity target by 2025. If the deal had gone through, BHB could have received RM1.15 billion from KLK and been able to address some of its financing needs. BHB, which LTAT privatised in June, needed RM800 million by year-end to meet its debt obligations. As of October, the Boustead group had total debts amounting to RM6.8 billion. With KLK out of the picture, LTAT forked out the RM1.15 billion cash that was paid to BHB in exchange for the 33% BPlant stake, which raised LTAT’s direct shareholding to 43.59%. LTAT also has to fork out an additional RM1.11 billion for the remaining 32% not owned by the fund and BHB. To make it work, the government stepped in to issue a guarantee — that it defended as “not a bailout” — for LTAT to take up RM2 billion worth of bank loans to part-fund the entire Boustead restructuring. LTAT's offer to take BPlant private turned unconditional last Friday, after it secured 90.26% of BPlant's issued shares. BPlant’s shares will be suspended five days after the closing date of the privatisation offer, which has been extended from Dec 22 to Jan 5. 10One obstacle after another in Malaysia’s 5G roll-out Not long after the Unity Government was formed in November last year, Prime Minister Datuk Seri Anwar Ibrahim said the government would rigorously review the national 5G network rollout under Digital Nasional Bhd (DNB), claiming the previous administration did not manage it in a transparent manner. No wrongdoings were found after a five-month-long review. DNB undertook an open tender process in awarding the project’s development to Ericsson Malaysia, and it does not rely on government funding for the project. Nevertheless, then Communications and Digital Minister Fahmi Fadzil announced in May that Malaysia would transition to a dual network model (DNM) once DNB's rollout reaches 80% coverage of populated areas by early 2024. This was decided even as he lauded DNB's single wholesale network model (SWN) as helping accelerate the 5G rollout. It is also noted that the SWN rollout is deemed effective, as Malaysia now ranks third in 5G speed globally despite DNB's “unconventional deployment strategy”, according to internet connectivity intelligence provider Ookla Research in a Dec 19 report. Ahead of the second network rollout, five mobile network operators — CelcomDigi Bhd, Maxis Bhd, U Mobile Sdn Bhd, Telekom Malaysia Bhd and YTL Communications Sdn Bhd — finally sealed a deal that has been up in the air for more than a year, to each subscribe to a 14% stake in DNB in exchange for RM233 million. An option is on the cards for Putrajaya to eventually divest its entire stake in DNB to the telcos, while retaining just its golden share in the company. While the fate of a second wholesale network is still an uncertainty, MNOs are again in the spotlight as some have begun charging subscribers up to RM20 a month to get 5G service, despite the government’s repeated “request” to waive such fees. The MNOs, however, argued that the 5G fees were justified because of their “commercial decision” to buy access to DNB’s 5G network, even though getting the 5G network access from DNB had saved them capital expenditure and reduced their need to spend on capacity expansion on their existing 4G network. continues on Page 14

friday december 29, 2023 14 The E dge C E O m o rning brief home 11Malaysia scores significant wins against Sulu ‘heirs’ in on-going legal saga This year, Malaysia made progress in the years-long legal battle mounted by a group of self-proclaimed Sulu Sultanate’s heirs over a controversial US$14.92 billion award against the Malaysian government in relation to a colonial-era land deal in Sabah. The decisive wins in the courts of Paris and The Hague quashed the controversial award, which saw the claimants attempting to seize the assets of Petronas in Luxembourg and the Netherlands, as well as Malaysian diplomatic assets in France. The dispute originated from an alleged breach of an 1878 contract for the annual 12Unpopular moves in Penang It has been an eventful 2023 for the Penang state government. It had the state polls in August, in which the incumbent managed to retain power but lost its two-third majority for the first time in 15 years. Politics aside, the state made two controversial moves during the year — the sale of 558.96 acres of land near Batu Kawan that sparked public outcry, and the scaling down of the Penang South Islands (PSI) reclamation project, a decision which its consortium member Gamuda Bhd described as showing a “scant regard for the rule of law”. In late September, Penang Development Corp (PDC) signed a joint development agreement (JDA) with Umech Land Sdn Bhd to kickstart the development of Phase 2 of Batu Kawan Industrial Park. Under the JDA, PDC, which owns the 558.96 acres of lands in Byram, Seberang Perai Selatan, will be entitled to RM646 million cash, which will be paid in instalments by Umech Land within 48 months. Meanwhile, Umech Land as the master developer will bear all the costs and expenses to undertake the developments, including a bridge, access roads and supporting infrastructures. It will in turn earn all profits generated from the developments. Such land owner-developer partnership model is quite common in the property industry. However, PDC’s land deal raised questions on transparency and governance, mainly because the state did not conduct an open tender. Umech Land’s shareholders are Karen Cheng Pui Kwan (21%), Nathaniel Rajakumar (9%), and Sunway Bhd (70%). Sunway emerged as a majority shareholder two days before announcing the agreement. Furthermore, it was later revealed that the company that was in talks with PDC was Umech Construction Sdn Bhd. However, the firm that signed the deal was Umech Land. The two companies have common shareholders, namely Cheng and Nathaniel. According to Penang chief minister Chow Kon Yeow, PDC had been wanting to jointly develop an industrial park on site, but no one expressed any interest as the land was located next to the Pulau Burung landfill. As criticism got louder, PDC, in mid-October, terminated the JDA, on grounds that the change in Umech Land’s shareholdings was done without informing PDC and without PDC’s approval. This “is a serious issue and cannot be accepted by the board of PDC”, it said at the time. Nonetheless, the board of PDC maintained that the selection process that resulted in Umech Land’s appointment was transparent and in line with PDC policy. In May, prior to this controversial land deal, the state announced that it was scaling down the PSI reclamation project to one island instead of three. It said this was on request from Prime Minister Datuk Seri Anwar Ibrahim, who in turn promised federal funds for the George TownBayan Lepas LRT. The rail project is part of the Penang Transport Master Plan (PTMP), which the Penang state government had planned to part-fund via the PSI reclamation project. Before the federal government came into the picture, the state had roped in SRS Consortium Sdn Bhd for the PSI project back in 2015, and in turn, SRS Consortium was to fund the PTMP as its project delivery partner (PDP). Gamuda Bhd, which holds a 60% stake in SRS Consortium, lamented the state government’s move. The other stakeholders are Penang-based Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd with 20% equity interest each. That said, Gamuda was awarded the RM3.717 billion contract for Phase 1 of the reclamation works, which was kick-started on July 1. payment of RM5,300 to the Sulu Sultanate in exchange for perpetual sovereign rights over part of what is now known as Sabah. On June 6, the Paris Court of Appeal had refused to recognise the “preliminary award” granted by Spanish arbitrator, Dr Gonzalo Stampa in May 2020 to the eight Philippine citizens claiming to be the Sultanate’s heirs. Another big win was on June 27, when The Hague Court of Appeal dismissed the Sulu group’s application to recognise and enforce the controversial final award — also granted by Stampa in 2022 — in the Netherlands. The Hague court ruled that the original agreement did not have a clause which bound parties to arbitration. It also noted that an existing stay order by the French Court meant the claim was not enforceable in the Dutch jurisdiction. Later on Nov 6, a Paris enforcement judge quashed an order of a statutory mortgage against three Malaysian diplomatic buildings in Paris. Three days later on Nov 9, the court recorded the claimants’ withdrawal from the attempted seizure of the three properties. Welcoming these developments, Minister in the Prime Minister’s Department (Law and Institutional Reforms), Datuk Seri Azalina Othman Said said Malaysia was confident that it is only a matter of time before the controversial award is fully annulled by the Paris Court of Appeal. Stampa himself was accused by the Spanish Public Prosecutor’s office of suspected criminal offences and “unqualified professional practice” in relation to the controversial award. If found guilty, he faces a jail sentence and fine. from Page 13 the edge file photo

friday december 29, 2023 15 The E dge C E O m o rning brief

Syed Saddiq Syed Abdul Rahman embraced by his mother Sharifah Mahani Syed Abdul Aziz at the High Court on November 8, after the Muar MP was found guilty of money laundering, abetting in breach of trust, and misappropriation of his former party Bersatu’s funds. He is appealing against the decision, where he was sentenced to seven years in jail, one stroke of the rotan, and a RM10 million fine. Photo by Zahid Izzani Datuk Seri Mohamed Azmin Ali (left) and his former protégé Datuk Seri Amirudin Shari in Gombak, during the 2023 state election nomination day on July 29. Both are Selangor Menteri Besar candidates for Perikatan Nasional and the unity government respectively. On the Aug 12 polling day, Azmin won the Hulu Kelang state seat, while Amirudin won in Sungai Tua. Photo by Sam Fong Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor struck a familiar pose on nomination day on July 29. Sanusi later went behind the police tape to taunt supporters of Barisan Nasional and Pakatan Harapan, and met with jeers from the crowd. He went on to retain the Jeneri seat and lead Kedah as its Menteri Besar for a second term. Photo by Zahid Izzani Bersatu secretary-general Datuk Seri Hamzah Zainudin wearing a headband donning the hashtag #AbahTabah (persevere) at the Kuala Lumpur Court Complex on March 10, the day Bersatu president Tan Sri Muhyiddin Yassin was brought to court for allegedly receiving RM232.5 million in bribes when he was PM. The High Court struck out the charges in August, but Muhyiddin still faces three other charges of money laundering. Photo by Suhaimi Yusuf friday decemB ER 29, 2023 16 The E dge C E O m o rning brief through the lens of our photographers h o m e [year in pictures] 2023 Supporters of Datuk Seri Najib Razak picketing outside the Kuala Lumpur High Court during the hearing of the 1MDB-Tanore trial in October. The former PM, currently doing jail time for misappropriating SRC International Sdn Bhd funds, faces four counts of abuse of power and 21 counts of money laundering involving RM2.3 billion belonging to 1MDB. Photo by Shahrin Yahya

A PAS supporter and her child at the PN’s Terengganu state election candidate announcement ceremony in Rusila, hometown of PAS president Tan Sri Abdul Hadi Awang, last July. PAS would make a clean sweep in the east coast state, winning all 32 seats in the state polls in August. Photo by Shahrin Yahya Amirudin leads PH’s celebration in Shah Alam after officially retaining the Selangor state. While the Aug 12 state polls saw no change in any state governments, opposition PN managed to secure more percentage of votes compared with in GE15. In Selangor, PH and BN lost its two-thirds majority and retained just 34 seats, from 51 seats won by PH alone previously, out of the 56 in total. Photo by Patrick Goh A mass rapid transit (MRT) train approaches the Tun Razak Exchange station on the MRT Putrajaya line (MRT2) launched in March. In the background is PNB’s Merdeka 118 — the world’s second tallest building at 678.9 metres tall — which is expected to be opened in 2024. Photo by Low Yen Yeing Home-grown artists with top-notch performance at Dama Asia Productions’ musical “In Perfect Harmony, Too” which ran in the Merdeka month of August. The musical pays tribute to the popular music and songs from all races that have tugged on Malaysians’ heart strings since Independence. Photo by Shahrill Basri Prime Minister Datuk Seri Anwar Ibrahim flanked by his deputy prime ministers Datuk Seri Fadillah Yusof of GPS (left) and Datuk Seri Ahmad Zahid Hamidi of Umno-BN (right), on the eve of polling day in Taman Keramat, Selangor. By year end, Anwar’s government has retained its seven state governments, as well as its two-third majority in Dewan Rakyat; Fadillah’s Cabinet portfolio was expanded to include the Ministry of Energy Transition and Public Utilites; and Sabah and Sarawak matters; while Ahmad Zahid was awarded a discharge not amounting to an acquittal (DNAA) on all 47 of his charges of criminal breach of trust, money laundering and corruption in relation to Yayasan Akalbudi funds. Photo by Sam Fong friday decemB ER 29, 2023 17 The E dge C E O m o rning brief h o m e [year in pictures]

The Tun Razak Exchange, which boasts Southeast Asia’s third tallest building the Exchange 106, was officially opened in November. Photo by Sam Fong Airline passengers passing by the unmanned MYAirline counter in KLIA. Due to a cash crunch, the airline collapsed in October, just 10 months after its inaugural flight in December 2022, affecting 125,000 passengers holding RM20 million worth of flight tickets. A suit brought against MYAirline’s cofounder Datuk Allan Goh is now set to go for full trial, after a failed attempt by Goh to strike out the legal action. Photo by Low Yen Yeing Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz in a media briefing in his capacity as Minister of Investment, Trade and Industry. The former finance minister and Umno Supreme Council member surprised observers when he did not contest in the August state elections. Zafrul is now in his second term as Dewan Negara senator, which continues up until Dec 2, 2025. Photo by Suhaimi Mohd Yusuf Two homeless individuals taking shelter and sleeping rough in a bus stop in Kuala Lumpur. PM Anwar has made ambitious plans to end hard-core poverty, including through special monthly cash assistance for those unable to earn due to age and health factors. Photo by Patrick Goh PASTAK, the Immigration Department’s elite enforcement team, marches along in a parade held in Putrajaya to celebrate Malaysia’s 66th independence day. Photo by Shahrill Basri friday decemB ER 29, 2023 18 The E dge C E O m o rning brief h o m e [year in pictures]

friday december 29, 2023 19 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 28): Economy Minister Mohd Rafizi Ramli has denied allegations from “voices of dissent” claiming that the development of the government’s Central Database System (Padu) is a waste, as it involves contracts worth hundreds of millions of ringgit. Rafizi said Padu was fully developed by civil servants from three agencies (the Ministry of Economy, the Department of Statistics Malaysia or DOSM, and the Malaysian Administrative Modernisation and Management Planning Unit or Mampu) in collaboration with all other agencies. “For me, the strength of Padu lies in the fact that it involves the expertise of the entire civil servants, not consultants and external contractors,” he said in a post on his Facebook page here on Thursday. He said civil servants developed the system using existing allocations and infrastructure without the need to open new tenders to private entities, thus not incurring additional expenses, as is often the case whenever a new system is introduced to the government. “It surpasses all projects involving systems implemented by private entities in the past in terms of the capability to complete systems that cater to the needs of the government and the people in such a short period,” he said. Rafizi said Padu was developed within seven months (May to December this year), and would not involve annual payments to private system providers, because it belongs to the government. “Padu was completed within a short period by civil servants who worked day and night for seven months without additional allocations. “I threw a challenge to the core team from the Ministry of Economy, DOSM and Mampu, saying that it is an opportunity to prove the expertise of civil servants,” he said, adding that kudos should be handed out to the civil servants. Prime Minister Datuk Seri Anwar Ibrahim will launch Padu on Jan 2. The system will be open for three months for Malaysian citizens to verify and update their socio-economic data. “When you enter Padu, information in all government databases (over 270) is already available — for example, personal information (the name, identification card, age, gender, etc), information on income, vehicles, children, dependents, and so on. “But the information must be verified and updated to ensure that the government data is applied fairly to the people, because data from Padu will be used to target subsidies for eligible groups in the future,” he said. According to him, Padu involves the development of the largest data system ever made by the public sector, and possibly the largest in the country’s history, because it involves details for each of the 32 million Malaysians, forming hundreds of millions of data points. “Thank you to all civil servants and the whole team from various agencies for their hard work since May 2023 until Padu can be officially launched by the prime minister next week,” he added. Rafizi denies allegations Padu database a waste DHAHRAN, Saudi Arabia (Dec 28): Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, is looking at expanding its downstream activities in Malaysia, as it aims to make the Pengerang Integrated Complex (PIC) in Johor the largest hub in Southeast Asia. Aramco president (downstream) Mohammed Y Al Qahtani said the company is excited about the Pengerang project and looking forward to not only sustaining the operation, but also its potential expansion in the future. Asked if the 90-year-old company is looking at retail operations in Southeast Asia, Mohammed said that is something that Aramco is currently doing globally. “We always look at our assets to see any potential for upgrades, expansion and, most importantly, converting liquids to chemicals. “That will be something that we will be evaluating for the future,” he said in a recent interview with Bernama and selected media outlets from China, South Korea and Japan at Aramco’s headquarters here. Citing Aramco’s recent 100% equity acquisition of Esmax, a leading diversified downstream fuels and lubricants retailer in Chile, Mohammed said the move was part of the company’s strategy to expand retail, lubricants and trading businesses globally. He said the acquisition would enable Aramco to enter the South American retail market, adding that the company’s downstream segment’s activities consist of refining petrochemicals, base oils and lubricants, retail operations, distribution, supply and trading, as well as power generation. These activities, he said, support Aramco’s upstream and downstream operations by enabling it to optimise crude oil sales and product placement through its significant infrastructure network of pipelines and terminals, as well as access to shipping and logistics resources. On the PIC, which is jointly developed with Petroliam Nasional Bhd (Petronas), Saudi Aramco eyes larger downstream footprint in Malaysia Mohammed noted that the facility is running at its full potential, improving reliability and profitability, and securing the right platform for growth in the future. During his visit to Riyadh in October, Prime Minister Datuk Seri Anwar Ibrahim said that Aramco is committed to expanding its Pengerang facilities by adding petrochemical and gas downstream activities for it to become the largest hub in Southeast Asia. He said the commitment was conveyed to him by Saudi Arabia’s Trade Minister Dr Majid Abdullah Alkassabi, and the president and chief executive officer of Saudi Aramco, Amin H Nasser. Aramco had teamed up with Petronas to set up Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd, in Pengerang, Johor, with an investment of US$7 billion (RM32.25 billion) in the joint venture. The PIC has a production capacity of 300,000 barrels of crude oil per day, and produces a range of refined petroleum products, including low-sulphur jet fuel, motor gasoline and diesel that meets Euro 5 fuel specifications. Headquartered in Dhahran, Saudi Aramco has crude oil reserves of about 197 billion barrels, and currently employs about 70,000 people globally. by D Arul Rajoo Bernama Bernama Zahid Izzani/The Edge

friday december 29, 2023 20 The E dge C E O m o rning brief A high-quality workforce is the most important determinant not only of corporate success but also of economic progress. Driven by the Shared Prosperity Vision 2030, Malaysia implements conducive policies and actions that strengthen its position as a top destination for businesses and talents globally. Talent Corporation Malaysia Berhad (TalentCorp) collaborates with key Government stakeholders, including the Immigration Department of Malaysia (JIM), to facilitate high-achieving working expatriates through the Residence Pass-Talent (RP-T). Also known as the talent pass, the RP-T helps top foreign talents to work in and commit to Malaysia for a longer term through a 10-year multiple entry visa which is employer-independent. RESIDENCE PASS-TALENT (RP-T) BY TALENTCORP MORE FLEXiBiLiTY FOR EXPATRiATES An Initiative By MINISTRY OF HUMAN RESOURCES GROUP OF COMPANIES www.talentcorp.com.my TalentCorpMsia For more information on RP-T applications and eligibility, please visit: rpt.talentcorp.com.my TOP 5 SECTORS Oil, Gas, & Energy Information Technology Education Business Services Financial Services TOP 5 COUNTRiES India United Kingdom Australia Japan Indonesia TOP 5 DESiGNATiONS Managing Director Director Chief Executive Officer Associate Professor General Manager WHO ARE OUR RP-T HOLDERS? TOP BENEFITS OF THE RP-T Ability to live and work in West Malaysia for up to 10 years. Flexibility to change employers without having to renew the pass. Spouse and children under 18 years old are eligible for the RP-T dependent pass. Dependents over 18 years old, parents, parents-in-law are eligible for a renewable one-year social visit pass for up to five years. Spouse can also seek employment without the need to apply for an Employment Pass. Spouse and children under 18 years old are also eligible to study in Malaysia. *Please note that RP-T applications are subject to employer consent HEAR FROM OUR RP-T HOLDER “I found out about the RP-T by coincidence about ten or so years ago, when I was involved in a collaboration with TalentCorp to develop young engineers in Penang. Once I learned about the pass and the certainty it offers, it was an easy decision to make. Talent is key to UST’s business strategy and over the years, we have established several Centers of Excellence (COE) in the country which were set up by global leaders of UST who the RP-T helped to facilitate. These leaders have gone on to contribute to knowledge transfers and growing a large pool of local technical workers. Personally, the RP-T gave a lot of certainty to settle in Malaysia with my family. The feeling that your host country wants you to stay longer and play a role in nation building, it goes a long way to making us feel welcomed. I am proud to have contributed my skills and experience to so many national initiatives for digital talent development and ecosystem creation.” Amar Chhajer is the Senior Director APAC and Country Head – Malaysia for UST, a Digital Transformation Solutions company which is headquartered in the United States. With around 35,000 employees across 35 countries including Malaysia, UST provides IT & Engineering services to leading global corporates. Amar is responsible for Engineering business of UST in APAC and the centre of operations for the company in South-East Asia.

FRIDAY DECEMBER 29, 2023 21 THEEDGE CEO MORNING BRIEF WORLD BEIJING (Dec 28): China’s defence ministry lashed out at the US on Thursday, a week after their top military officials resumed high-level talks, criticising its continued meddling in the Asia-Pacific region and saying it maintained a “Cold War” mindset. Both sides had pledged at the talks to work towards restoration of contacts to avert miscalculation and misunderstanding, with the US calling for “more work” to ensure military communications stayed open and reliable. But a Chinese defence ministry spokesperson took a more hawkish tone at the year’s last regular press conference. “The United States continues to strengthen its Asia-Pacific deployments, this is full of a Cold War mindset,” the spokesperson, Wu Qian, said on Thursday. “Its goal is for its own selfish gains and to maintain its hegemony. Its nature is to stoke confrontation.” US officials had hoped last week’s talks, when top US General Charles Brown and his Chinese counterpart, General Liu Zhenli, held a videoconference in the first such event in more than a year, could bring a broader restoration in military ties. Those talks followed a pact in San Francisco last month between the leaders of both countries to resume such ties, which Beijing had snapped after a visit to self-ruled Taiwan in 2022 by Nancy Pelosi, then speaker of the House of Representatives. The video call yielded “positive and constructive outcomes”, Wu said. But Beijing expected Washington to “take concrete actions on the basis of equality and respect to promote the sound and steady development of China-US military-to-military relationship”, he added, with specifics to be announced later. Read also: Top China political advisory body ousts three defence executives Norwegian pension fund blacklists Aramco, other Gulf companies over climate risks, human rights concerns China’s military lashes out at US after breakthrough talks (Dec 28): Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. The tally compiled by Flexport Inc shows 299 vessels with a combined capacity to carry 4.3 million containers have either changed course or plan to. That’s about double the number from a week ago, and equates to about 18% of global capacity. The diverted journeys around Africa can take as much as 25% longer than using the Suez Canal shortcut between Asia and Europe, according to Flexport. Those trips are more costly, and may lead to higher prices for consumers on everything from sneakers to food to oil if the longer journeys persist. The attacks in the Red Sea are being carried out by Yemen-based Houthis, who say they are targeting ships linked to Israel in support of the Palestinians. But ships without direct links to Israel also have been targeted, and as the escalation of the war threatens global trade, a US-led task force is trying to bolster security on the key waterway. Some ships are trying to broadcast their neutrality as they continue using the route. Three vessels — two container ships and an oil tanker — are currently traversing the waterway and signalling they had no contact with Israel, according to TankerTrackers.com Inc and ship tracking data compiled by Bloomberg. All three previously called at Russia. The trend in Flexport’s numbers mirrors a separate count by Swiss freight-forwarder Kuehne + Nagel International AG that, as of Wednesday, showed 364 vessels with capacity for five million, 20ft container units being rerouted around Africa. That compares with 314 vessels on Dec 22. The figures show the scale of the mounting maritime disruption after Houthis launched more than 100 attacks on commercial ships in the past month. The MSC United VIII container ship was targeted on Tuesday while en route to Pakistan from Saudi Arabia. Fifteen container vessels — 10 of them operated by AP Moller-Maersk A/S — have either stayed on course or recently abandoned diversion plans in order to cross into the Red Sea towards Suez, according to Flexport’s analysis of Alphaliner data as of Wednesday. Read the full story Half of Red Sea container-ship fleet avoids route after attacks BY BRENDAN MURRAY & ALEX LONGLEY Bloomberg BY LAURIE CHEN Reuters The diverted journeys around Africa are more costly, and may lead to higher prices for consumers.

FRIDAY DECEMBER 29, 2023 22 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): Bank of Japan (BOJ) governor Kazuo Ueda continued to prepare the ground for the nation’s first interest rate increase since 2007, with another round of comments that further build the case for a move in the spring, while not ruling out the less probable option of a January hike. “It’s possible to make some decisions even if the bank doesn’t have the full results of spring wage negotiations from smalland middle-sized businesses,” the governor said in an interview with public broadcaster NHK released on Wednesday. The latest comments from the governor, in a busy week of signalling from the central bank, suggest the BOJ may be less likely to wait until July to raise rates when more complete pay deal data is compiled by Rengo, the nation’s largest union federation. Ueda said the chances of having enough information to support a policy change by the central bank’s January meeting are not so high, but he refused to rule out that possibility. The governor’s remarks are likely to support the view among economists that the central bank will move in April, after it has assessed early annual pay deal figures due in March, and confirmed that the economy is expanding again, with gross domestic prodBank of Japan’s Ueda prepares ground for rate hike with salvo of comments (Dec 28): The world’s debt market is on track to post its biggest two-month gain on record as traders ramp up expectations that central banks everywhere will slash interest rates next year. The Bloomberg Global Aggregate Total Return Index has risen nearly 10% over November and December, its best run in Bloomberg data going back to 1990. Jitters around recession risks are percolating across markets, underscoring the case to own bonds, as traders bet policymakers may have to aggressively cut interest rates next year to bolster growth. Expectations of aggressive policy easing are getting front-loaded, according to Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd in Singapore. “The ferocity of the bond market rally has really augmented the total returns for investors — there’s a feeling markets are signalling we’re heading half-way toward easy monetary policy again.” Swaps traders are pricing about 150 basis points of rate cuts in the US and UK next year, and about 175 basis points in the eurozone as investor confidence builds that central banks have won their battle against inflation after embarking on the most aggressive rate-hiking cycles in decades. Yields on 10-year US Treasuries, a global borrowing benchmark, have tumbled around 120 basis points from its October peak to around 3.81% in Asia trading Thursday. US mortgage-backed securities, Treasuries as well as French and German government bonds were the biggest contributors to the index’s gain over November and December, Bloomberg data showed. “What we are seeing now is a bond carnival,” said Hideo Shimomura, a senior portfolio manager at Fivestar Asset Management Co in Tokyo. “Bond investors have been hibernating and now I feel that their explosive desire is to come out of their lair.” Global bonds eye biggest ever twomonth gain amid rate cut bets BY RUTH CARSON & MASAKI KONDO Bloomberg BY ERICA YOKOYAMA & YUMI TESO Bloomberg uct data scheduled for release in February. “As major companies will have made their pay increase decisions by the middle of March, Ueda’s comments yesterday (Wednesday) suggest we have a higher chance of seeing an end to the negative rate in April,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. Unlike its peers among advanced economies, Japan has long sought to spur inflation as a way of reinvigorating growth and activity. While the Federal Reserve and the European Central Bank raised rates aggressively to tackle soaring prices, the BOJ has stuck with the world’s last remaining negative interest rate, as it tries to fuel a positive cycle of inflation supported by pay gains. Still, this week’s remarks including Ueda’s speech at the Keidanren business lobby on Monday indicate that the BOJ is edging closer to a decision that would essentially call time on the central banking world’s experimentation with negative interest rates. Read the full story Read also: ECB’s Holzmann says rate cuts in 2024 aren’t guaranteed BLOOMBERG

FRIDAY DECEMBER 29, 2023 23 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): The slump in China’s housing construction will continue in 2024, dragging down economic growth and suggesting that government efforts to stabilise the sector haven’t been enough to reverse the downturn. That’s the consensus from 10 investment banks and securities brokerages, including Goldman Sachs Group Inc, Morgan Stanley and UBS Group AG. If they’re right, that leaves China on track to post three straight years of contractions in property construction, a record streak. The country’s main measure of real estate investment fell 8% on year in the first 11 months of 2023. For all of last year, the measure dropped 8.4%. The outlook signals the downturn in the property market is far from over, despite the government’s rollout of measures mostly aimed at stoking demand for homes. The prolonged slump means the sector’s role as a driver of demand for goods and services has shrunk. Real estate-related demand accounts for about 20% of gross domestic product (GDP) now, down from 24% in 2018, Bloomberg Economics estimates. Goldman economists led by Hui Shan have one of the most bearish forecasts, expecting a “double digit” contraction in real estate fixed-asset investment next year. The ongoing property slump will reduce real GDP growth by one percentage point, they added. Other forecasts are less gloomy. Morgan Stanley sees the gauge dropping 7%, while UBS expects a 5% decline. Chinese economists are bearish, too, with China Merchants Bank International expecting real estate investment to fall 7%. The key reason for pessimism is a sharp decline in newly started real estate projects in 2023, according to Ming Ming of Citic Securities Co Ltd and other economists. That suggests the area of completed projects has room to fall. Another reason is the decline in real estate sales, which leaves developers with less incentive to start construction. Both Goldman and UBS see real estate sales dropping 5% next year. The property downturn has wider reaching effects. Given the large size of the sector, falling construction activity is a major cause of weak domestic demand, which in turn is one of the main reasons China has seen deflation this year. Goldman, Morgan Stanley expect China’s housing slump to persist (Dec 28): Chinese stocks rallied heading into the year-end, boosted by a rotation into some of 2023’s worst-performing sectors and a supportive global backdrop. The CSI 300 Index gained 2.3% to cap its best day in five months, as overseas investors bought onshore equities worth 13.6 billion yuan (RM8.86 billion) on a net basis in Thursday’s session. A subgauge of industrial stocks — this year’s biggest loser on the CSI 300 — surged the most, climbing nearly 4%. The yuan strengthened in both onshore and offshore markets. Investors largely attributed the jump to bottom fishing and year-end position adjustments, with some of the most battered renewables leading Thursday’s gain. Solar equipment maker Suzhou Maxwell Technologies Co rose by the 20% limit while blue-chip Contemporary Amperex Technology Co ended 5.6% higher. The upswing comes as the CSI 300 benchmark is poised to cap an unprecedented third straight year of losses, a selloff that’s dragged valuations sharply lower and prompted some money managers to add to their holdings of the nation’s equities heading into 2024. Global equities have been gaining over the past few sessions, buoyed by bets that the Federal Reserve will cut interest rates next year. “We started to get excited about a pending rally this week, and the move affirms our view that this is not the time to be fretting about risks, rather to be actively seeking opYear-end China market rally takes hold as foreign funds pile in Bloomberg BY TOM HANCOCK Bloomberg Many economists still see Beijing setting an ambitious GDP growth target for 2024 of around 5%, meaning that large fiscal stimulus would be required to offset the drag on growth from housing. One analyst bucking the consensus for a deeper housing construction slump is Logan Wright, director of China market research at Rhodium Group. He sees low single-digit growth in both real estate construction and sales next year. There are already signs of a stronger outlook for consumption in improving government land sales, Wright said. He also pointed to a pickup in the usage of equipment in China made by Japanese firm Komatsu Ltd. That’s widely seen as one of the most reliable high-frequency construction measures. “The worst of the industry’s correction is already behind us,” Wright said. Some economists argue that China’s government will inject further stimulus in an attempt to stabilise the market. Those measures could include further use of central bank or fiscal funds to directly buy-up excess housing. “I expect housing stimulus to continue to be scaled up,” said Allan Von Mehren, chief China economist at Danske Bank A/S. “My baseline scenario is that the housing crisis continues in the first half, but gradually improves in the second.” portunities,” said Zeng Jiqing, fund manager at Beijing Nuohua Investment Management Co. “While this may not be the start of a fullfledged rally, it’s clear that for many undervalued stocks, there is upside potential for the next quarter at least.” China stocks were looking cheap by various measures following a relentless rout. The estimated price-to-book ratio for the CSI 300 fell to the lowest since 2014, while the spread between China’s 10-year sovereign bond yield and the CSI 300’s estimated dividend yield just reached the narrowest since early 2020, making stocks close to the cheapest ever compared with bonds. In Hong Kong, the Hang Seng China Enterprises Index jumped more than 3%. The yuan rallied to the strongest level in two weeks against the greenback, with traders saying sentiment has been boosted by large foreign inflows and an unwinding of long dollar positions. “After all the yuan has been lagging its Asian peers in the recent dollar drop,” said Stephen Chiu, chief Asian foreign-exchange strategist at Bloomberg Intelligence. “Month and year-end always sees big swings around dollar selling.” Read also: Hong Kong home prices fall to lowest since 2017 as rents rise BLOOMBERG

FRIDAY DECEMBER 29, 2023 24 THEEDGE CEO MORNING BRIEF WORLD SINGAPORE (Dec 28): Singapore households are bracing for a sales tax hike that takes effect in the new year as the government shores up coffers ahead of an expected surge in social spending in the rapidly ageing city-state in the years ahead. The goods and services tax, which is levied on everything from groceries to diamond rings, will be increased by one percentage point to 9% on Monday, the second phase of a two-stage rate hike. This year the sales tax was raised to 8% from the previous 7%, which had been unchanged for 15 years. The hikes comes on top of already rising living costs, prompting opposition lawmakers to call for a delay in the rise. Core inflation in Singapore has moderated to 3.2% in November from a peak of 5.5% in January and February, but remains stubborn with the central bank expecting it to average 2.5%–3.5% in 2024. The government has said the tax increment was necessary to bolster state finances as it prepares for a surge in Singapore’s ageing population and rising healthcare costs. It is estimated that a quarter of the population will be 65 and older by 2030. In August, Deputy Prime Minister Lawrence Wong wrote in a parliamentary response that “deferring the GST increase will only store up more problems for the future, leaving us with less resources to take care of our growing fiscal needs”. The government has handed out fiscal relief to households in an “assurance package” worth more than S$10 billion (RM35.05 billion), including S$200 to S$800 paid out to all adult Singaporeans this month. Some retailers have pledged not to pass on the tax hikes for now. Home furnishing brand IKEA said it will absorb the 1% hike but did not say when it would end the initiative, while supermarket chain FairPrice Group will absorb the hike on 500 essential items like rice and vegetables. Singapore readies sales tax hike as demographic crunch looms Thailand’s current account turns to deficit in November, consumption grows SINGAPORE (Dec 28): The Monetary Authority of Singapore (MAS) has fined Credit Suisse AG (Credit Suisse) S$3.9 million (RM13.67 million) for its failure to prevent or detect misconduct by its relationship managers (RMs) in the Singapore branch. The regulator says in a Dec 28 release that these RMs had provided clients with BANGKOK (Dec 28): Thailand’s private consumption and investment grew in November but exports increased less than in October leading to a current account deficit, the central bank said on Thursday. The country recorded a current account deficit of US$1.2 billion (RM5.58 billion) in November, after a surplus of US$700 million the previous month, the central bank said in a statement. Exports, a key driver of Thai growth, rose 3.9% in November from a year earlier, after October’s 7% increase on the year, it said. Revenue generated by foreign tourist arrivals dropped in November and manufacturing decreased, the central bank said. However, private consumption increased by 0.8% from October and private investment rose by 1.8%, the central bank said, noting domestic demand was expected to continue underpinning economic activities in December. Southeast Asia’s second-largest economy grew by 1.5% in the July-September quarter from a year earlier, the slowest pace this year and less than expected, on weak exports and government spending. inaccurate or incomplete post-trade disclosures, resulting in clients being charged spreads which were above bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions. According to the MAS, these RMs had made false statements to their clients regarding the executed interbank prices and/ or spreads charged; and/or omitted material information that the spreads charged were above the agreed rates for these 39 transactions. “Investigations revealed that the bank had failed to put in place adequate controls, such as post-trade monitoring, to prevent or detect the RMs’ misconduct,” says MAS. MAS notes that as part of the civil penalty settlement, Credit Suisse has separately compensated its affected clients. “We will continue to engage the banks to improve their controls in this area and will not hesitate to take firm enforcement action against financial institutions found to have breached our laws,” says Ho Hern Shin, deputy managing director of MAS. Singapore’s central bank fines Credit Suisse S$3.9 mil for misconduct by its relationship managers BY NICOLE LIM theedgesingapore.com BY XINGHUI KOK Reuters BY ORATHAI SRIRING & KITIPHONG THAICHAREON Reuters Read also: Vietnam widens probe into US$1.2 bil bonds sale by developer REUTERS REUTERS

FRIDAY DECEMBER 29, 2023 25 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): JD.com Inc plans sweeping salary increases for its workforce next year, a major move for an e-commerce company struggling with intense competition and uncertain Chinese consumption in 2024. JD, which like Alibaba Group Holding Ltd is grappling with hard-charging rivals ByteDance Ltd and PDD Holdings Inc, will nearly double the fixed salaries it pays to procurement, sales and other “front-line staff” starting Jan 1. JD retail staff will get 20%-plus pay hikes on average, the company said in a one-line statement on its official WeChat account. Once China’s No 2 online retailer by value, JD in recent years has ceded ground to newcomers such as ByteDance’s Douyin in the world’s largest internet market. This month, JD.com founder Richard Liu urged staff to address deep-seated issues within the company, calling for change in a response to an employee’s internal post. JD.com spent some 25.9 billion yuan (RM16.88 billion) on human resource costs last quarter, according to company filings. It has adopted discounts and lower prices this year to try and entice consumers to spend during a choppy post-Covid economic recovery. The company posted a stronger-than-expected 1.7% revenue rise last quarter, but growth remains anemic as shoppers tighten their belts. The e-commerce arena is expected to recover gradually next year. (Dec 28): South Korea’s semiconductor industry recorded the largest gains in years in both production and shipments, underscoring a revival of technology momentum that bodes well for the nation’s economic outlook next year and for the global tech sector. Chip production jumped 42% in November from a year earlier, the most since early 2017, while shipments soared 80%, the biggest gain since late 2002, according to data released Thursday from the national statistical office. Inventories expanded by 36% in the smallest rise since February. JD.com preparing big pay hikes next year with uncertain Chinese consumption BEIJING (Dec 28): Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle (EV) on Thursday and promptly announced it was aiming to become one of the world’s top five automakers. The sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that chief executive Lei Jun touted as having “super electric motor” technology capable of delivering acceleration speeds faster than Tesla cars and Porsche’s EVs. But the car — likely to go on sale in several months — is making its debut at a time when China’s auto market — the world’s largest — is wrestling with a capacity glut and slowing demand that have stoked a bruising price war. That didn’t stop Xiaomi chief executive Lei Jun from outlining big ambitions. “By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to lift China’s overall automobile industry,” he said at the unveiling. Those plans include building “a dream car comparable to Porsche and Tesla,” he added. The SU7 is also expected to appeal to customers due to its shared operating system with Xiaomi’s popular phones and other electronic devices. Its drivers will have seamless access to the company’s existing portfolio of mobile apps. “Xiaomi is a well-established consumer electronics brand with hundreds of millions of ‘Mi Fans’, or members of its smart device ecosystem,” said Bill Russo, CEO of Shanghai-based advisory firm Automobility. “As such, they have a significant opportunity to break through as the automobile becomes a smart device.” The SU7 will come in two versions — one with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800km. By comparison, Tesla’s Model S has a range of up to 650km. Pricing has yet to be announced. Lei said the cost would “indeed be a bit high, but one that will have everyone will think is justified.” Amid one of the coldest Decembers for China on record, the SU7 was also being positioned to appeal to consumers worried about winter. Lei said it had fast-charging capabilities in low temperatures and is equipped with advanced tech allowing it to recognise obstacles under challenging conditions such as falling snow. The autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry, he also said. Lei’s ambitions failed to boost Xiaomi’s share price however with the company’s Hong Kong-listed stock giving up earlier gains to finish 0.3% lower. China’s fifth-largest smartphone maker has been seeking to diversify beyond its core business to EVs amid stagnating demand for smartphones — a plan it first flagged in 2021. Other Chinese tech companies that have partnered with automakers to develop EVs include telecoms giant Huawei and search engine firm Baidu. Xiaomi has pledged to invest US$10 billion (RM46.53 billion) in autos over a decade and is one of the few new players in China’s EV market to gain approval from authorities who have been reluctant to add to the supply glut. Its cars will be produced by a unit of state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles. In an extremely crowded Chinese EV market, its biggest competition will likely come from BYD which commands a one-third share while Tesla has 9%, according to third-quarter figures from Zheshang Securities. China’s Xiaomi unveils first electric vehicle, plans to become top automaker South Korea’s chip output jumps in sign of returning global demand BY YELIN MO & CASEY HALL Reuters BY SAM KIM Bloomberg Bloomberg Read the full story The numbers suggest South Korea’s most important industry is roaring back from a slump that weighed on the economy for more than a year and add to optimistic signals for chipmakers such as Samsung Electronics Co and SK Hynix Inc, two of the country’s biggest companies. The figures also suggest a nascent recovery in global tech sector demand may be gaining momentum.

FRIDAY DECEMBER 29, 2023 26 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): South Korea’s share of so-called zombie companies jumped to a record in data going back more than a decade as higher interest rates pushed more businesses beyond a key metric for servicing their debts. Zombie companies refer to firms unable to meet all their interest payments from operating profit. Their share in the economy rose to 44.8% in the first half, compared with 37% at the end of last year, the Bank of Korea (BOK) said Thursday in its financial stability report. Zombie firms have to go beyond their operating income to keep up with their debt repayments in the hope that profitability will return someday. On Thursday, Taeyoung E&C, one of South Korea’s biggest developers, applied for creditor-led restructuring, sending its shares tumbling at one point to the lowest price since 2010. The rise of marginal companies underscores the corporate-sector pain of an export slump that has lasted most of this year and elevated borrowing costs as the central bank keeps its benchmark rate restrictive to combat inflation. The BOK report separately showed South Korea’s ratio of corporate debt to gross domestic product (GDP) reached a record 125.6% last quarter. That contrasted with the share of household debt to GDP edging down to 101.4%. The BOK report showed that larger companies were faring better overall, with 31% of them suffering from an interest coverage ratio of less than one, the bank said. About 59% of mid- and smaller-sized firms struggled to pay interest with profit, it said. The number of zombies may decrease if exports continue to recover and output improves. While private-sector leverage remains high, the nation’s overall financial system remains stable, the central bank said. Authorities should encourage companies to reduce their exposure to property debt, it added. South Korean ‘zombie’ firms surge with rising interest rates (Dec 28): A record surge in assets under management. More than 20 million new investment accounts added. And a planned return by BlackRock Inc, the world’s largest money manager. These are some of the milestones that mark what’s set to be a blockbuster year for India’s mutual funds industry. Powered by an insatiable thirst for financial gains, millions of young Indians armed with smartphones have taken to equity investments in the world’s most-populous nation. That’s helped boost fund assets by 19% in the first 11 months of 2023, data from Morningstar Inc show, beating major peers like the US, Japan and China. As the unforeseen gift of a pandemic-led boom in retail investing keeps on giving, and India’s US$4.1 trillion (RM19.08 trillion) equity market continues to grow — benchmark indexes are poised to cap a record eighth year of gains — industry veterans see mutual funds attracting a bigger slice of households’ financial assets in the years to come. Their share was under 9% as of March this year, versus about 45% for bank deposits. “This year has been a turning point, a major qualitative shift,” said Dhirendra Kumar, New Delhi-based head of independent investment research firm Value Research Ltd, which has been advising mutual fund investors for three decades. “We have seen a democratisation of investments in the sense that anyone who isn’t taking part feels like he or she is missing out.” The upswing in assets has been led by equity funds. While rising financial literacy and improving incomes in India were already facilitating a move away from physical assets such as real estate and gold, and even bank deposits, the shift was turbocharged by the pandemic as Covid-driven curbs and job losses left millions of people at home with little to do. Stellar stock-market returns have also helped attract new investors. Inside the record year for India’s US$585 bil mutual funds industry BY ASHUTOSH JOSHI Bloomberg BY SAM KIM Bloomberg The result: local equity funds have seen inflows for 33 straight months through November, with monthly recurring plans emerging as the most popular product among retail investors. Flows via such plans have grown at a compounded annual growth rate of more than 25% since the onset of the pandemic, with November drawing a record US$2.1 billion, according to Bloomberg Intelligence. Money managed by Indian funds makes up about 16% of the size of the South Asian economy, with the proportion having doubled in the last 10 years, Amarjeet Singh, a wholetime member of the Securities and Exchange Board of India — the markets regulator — said at a conference in Mumbai last month. Yet, there are only about 40 million unique mutual fund investors in the country of over 1.4 billion people, he noted, underscoring the scope for growth. Read also: South Korea pledges market aid as builder requests creditors to reschedule debt BLOOMBERG

FRIDAY DECEMBER 29, 2023 27 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): Britain’s economy probably will avoid a recession in 2024 and strengthen in the second half of the year as consumers benefit from falling inflation and the easing of a lengthy cost-of-living crisis. In aggregate, the 52 economists surveyed by Bloomberg believe the Treasury and the Bank of England (BOE) will engineer a soft landing for the economy next year, with growth of 0.3% and a recession averted. If the economy is to decide the outcome of the election, which must be called by January 2025, Prime Minister Rishi Sunak’s best chance is to wait until the summer, judging by forecasts for the year ahead. While those readings signal Britain will join Germany at the bottom of the Group of Seven (G7) growth table, next year also is expected to deliver an advance in real incomes for consumers after the worst inflation shock in three decades. “The outlook is far rosier for 2024 than expected 12 months ago,” said Barret Kupelian, chief economist at the consulting firm PwC. No issue matters more to voters than the economy, with polls by YouGov and Ipsos showing concerns about slipping living standards outranking those about health and immigration. The forecasts show the government’s may benefit from waiting until the summer to call a vote. Sunak and Chancellor of the Exchequer Jeremy Hunt have been laying the groundwork for a growth-enhancing consumer boom, scheduling a budget statement on March 6 to highlight the centrepiece of their agenda. The starting point for the economy is ugly. Revisions to gross domestic product for the second and third quarters of 2023 suggest the UK may have fallen into recession at the end of this year. Official estimates published on Dec 22 show the economy shrank 0.1% in the third quarter (3Q) as consumers tightened their belts. Almost a third of the economists who submitted quarterly forecasts to the Bloomberg survey expect a contraction in the final three months of 2023. That would put the UK in recession under the common definition of two consecutive quarters of negative growth. Early 2024 will be touch-and-go as well, according to Dan Hanson, senior UK economist at Bloomberg Economics. The UK will “tread a fine line between stagnation and contraction in the first half,” he said. BY PHILIP ALDRICK Bloomberg UK economy set to escape hard landing in boost for Rishi Sunak The backdrop will improve from the summer. In the second half, growth picks up to 0.2% a quarter in the Bloomberg survey. The outlook is for consumer comes to come to the rescue thanks both to government decisions and good luck, according to Simon French, head of research at Panmure Gordon. At last month’s Autumn Statement, Hunt announced a 9.8% increase in the minimum wage for those aged 21 and over, an 8.5% increase in the state pension and a 6.7% increase in working age benefits. The up-ratings take effect from April. At that point, Deutsche Bank chief UK economist Sanjay Raja expects headline inflation to be little more than 2%. For 20 million Britons, it will mean a big, immediate improvement in living standards, French said. By then, 33 million workers will already be benefitting from the 2% cut in National Insurance from January, which Raja estimates “will add nearly £10 billion (RM58.89 billion) to disposable incomes in 2024.” An improving outlook would help Sunak and Hunt’s argument that they’ve piloted the UK through a difficult patch following the pandemic and war in Ukraine, which sent inflation soaring. In a budget scheduled for March 6, Hunt is expected to put more money in the pockets of consumers by lopping 1% off income tax, handing households £7 billion a year from April. Sunak and Hunt may also get lucky. The typical household energy bill is on track to fall 14% from £1,928 a year in January to £1,660 in April, according to Cornwall Insight. Raja estimates energy bills will “cost households £10 billion less than they did in 2023.” Consumer price inflation is dropping faster than expected, helping the poorest households the most. That trend has shifted the debate about interest rates away from further increases and toward cuts starting from the middle of next year. Investors are pricing in five quarter-point reductions in the key rate, which at 5.25% now is at the highest level since 2008. That sentiment alone is a big help to mortgage borrowers, about 20% of whom will have to refinance their loans next year. With markets tilting towards rate cuts, those whose low-cost deals are ending are facing a much less severe hit than analysts had warned of. “We are back on the path to healthy, sustainable growth,” Hunt said this month after the surprisingly sharp fall in inflation from to 3.9% for November from 4.6% the month before. Living standards still have some way to go to make up ground lost during the pandemic and cost-of-living crisis, but, for the first time since 2018, households may feel noticeably better off. “I expect there will be quite a sizeable increase in real household disposable incomes at the back end of next year,” French said. Charles Goodhart, a former BOE ratesetter, is equally optimistic. “My expectation is that 2024 will look very nice because we’re having a reversal of the upsurge in energy prices,” he told the Financial Times in mid-December. Investors are buying into the positive story. The FTSE 100 jumped in the final weeks of 2023. House prices, so often a determinant of consumer confidence, will continue to tread water next year despite the huge rise in interest rates from 0.1% to 5.25% in the past 24 months, mortgage lenders Halifax and Nationwide both reckon. The outlook is far rosier for 2024 than expected 12 months ago.” — PwC economist. Read the full story BLOOMBERG

FRIDAY DECEMBER 29, 2023 28 THEEDGE CEO MORNING BRIEF WORLD (Dec 28): A wild 2023 for the US stock market is drawing to a close, and investors are full of optimism for 2024, as the S&P 500 Index sits within striking distance of its first all-time high in nearly two years. With the Federal Reserve (Fed) signalling that it’s likely done raising interest rates to tame inflation, markets are increasingly focused on risks beyond monetary policy, such as the outlook for the economy, earnings and the November US presidential election. One key challenge for investors will be assessing the lagging impact of the Fed’s hiking cycle, which has Wall Street strategists split on where stocks are headed next year. Of course, many were caught on the wrong side in 2023, as they predicted gloom and doom, but the S&P 500 jumped more than 24% despite bank collapses, recession fears and the highest borrowing costs in decades. Here’s a look at five key themes for traders in 2024: Rate-cut timing Equities have drawn support in recent months from growing speculation that the Fed will start lowering borrowing costs by mid-2024. Markets are pricing in earlier and deeper rate cuts, with swaps traders wagering that the central bank will reduce rates by roughly 150 basis points next year, double the forecast of Fed officials. The S&P 500 is less than 0.5% away from a closing record last reached on Jan 3, 2022. It’s also roughly 1% below the average full-year gain predicted by nearly two dozen analysts in a survey published on Dec 19, which forecast the index would end 2024 at 4,833. Big Tech’s growth status From Nvidia Corp to Microsoft Corp, the seven-largest US tech stocks were responsible for 64% of the S&P 500’s rally this year through last week as the artificial-intelligence frenzy took off. The Magnificent Seven — which also includes Amazon.com Inc, Apple Inc, Google parent Alphabet Inc, Meta Platforms Inc and Tesla Inc — are expected to post 22% earnings growth next year, twice the S&P 500’s advance, data compiled by Bloomberg Intelligence showed. The key is how much of that is already baked into share prices, especially with expectations for a soft landing building. As Louis Navellier of Navellier & Associates sees it, six of the seven stocks are looking good heading into 2024. Only ApBY JESSICA MENTON, ELENA POPINA & ISHIKA MOOKERJEE Bloomberg Five things to look for in US stocks in 2024 as S&P nears record ple will be sitting on the sidelines absent a cutting-edge product — or technology — to boost its bottom line, he wrote in a report. US presidential vote An election year with a sitting president running is historically a bullish scenario for US stocks. Since 1949, the S&P 500 is averaging a gain of nearly 13% in those election years, per the Stock Trader’s Almanac. When there’s an open field without an incumbent president, the index averages a 1.5% loss for the year. Part of the reason for equity gains is incumbents typically implement new policies or push for lower taxes to boost the economy and sentiment ahead of the vote. Asia risk: BOJ, China and Indian elections While the Nikkei 225 Stock Average climbed to a three-decade high in 2023 on the back of the Bank of Japan’s ultra-loose policy and a weak yen, Japanese shares face a hurdle in early 2024. The central bank is maintaining the world’s last negative rate, but two-thirds of economists forecast it will deliver its first rate hike since 2007 by April. Meanwhile, after another disappointing year for China bulls, investors will watch meetings of the National People’s Congress and the third plenum for Beijing’s growth target in 2024 and clues about fiscal stimulus. India is a big bullish bright spot, as the nation bags high-profile manufacturing contracts, ramps up infrastructure spending, and emerges as an alternative to China. ECB, BOE policy With the Stoxx Europe 600 Index near its highest level in two years, cyclical shares that are heavily exposed to Asia may hold the key to further gains given China’s potential fiscal boost. While a soft economy will likely weigh on European earnings, analysts’ consensus estimates are for roughly 4% profit growth in 2024, mostly relying on rising margins, Bloomberg Intelligence data showed. Bond markets expect the European Central Bank (ECB) to cut rates by April, which could provide an additional boost to the region’s shares. The Bank of England is expected to trail both the Fed and ECB in easing since the UK has one of the highest inflation rates among the Group of Seven nations. BLOOMBERG

friday december 29, 2023 29 The E dge C E O m o rning brief MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) Pelikan International Corp Bhd 257.5 0.165 0.335 -10.67 202.1 Hong Seng Consolidated Bhd 186.3 0.005 0.025 -88.64 127.7 Sarawak Cable Bhd 179.2 0.010 0.400 515.38 159.6 Vsolar Group Bhd 118.7 0.050 0.225 -25.00 36.3 Minetech Resources Bhd 115.3 -0.005 0.150 172.73 231.1 Velesto Energy Bhd 99.4 0.000 0.230 53.33 1,889.6 Widad Group Bhd 71.5 0.005 0.480 11.63 1,486.3 Leform Bhd 67.8 0.010 0.425 105.91 629.4 Sarawak Consolidated Industries 63.0 0.005 0.920 534.48 589.0 BSL Corp Bhd 56.9 0.000 0.045 -33.43 86.9 Jiankun International Bhd 54.5 0.000 0.190 -24.00 89.7 Frontken Corp Bhd 43.1 0.000 3.230 4.87 5,080.5 Top Glove Corp Bhd 38.8 -0.010 0.910 0.55 7,287.4 Ageson Bhd 36.6 0.000 0.075 -63.41 23.4 Ekovest BHD 35.6 0.010 0.500 47.06 1,482.7 Ta Win Holdings BHD 34.5 0.000 0.035 -36.36 120.2 Mercury Securities Group Bhd 33.2 0.030 0.660 0.00 589.4 CIMB Group Holdings Bhd 33.2 0.040 5.840 0.69 62,284.2 Classita Holdings Bhd 32.6 0.000 0.045 -87.67 55.5 Dataprep Holdings BHD 32.6 0.010 0.155 -31.11 114.4 Data as compiled on Dec 28, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AT Systematization Bhd 0.010 100.00 4,385.3 -33.33 67.9 Fintec Global Bhd 0.010 100.00 9,591.6 0.00 59.2 EA Holdings Bhd 0.010 100.00 275.2 -33.33 64.5 Pelikan International Corp Bhd 0.335 97.06 257,492.0 -10.67 202.1 TECHNA-X Bhd 0.015 50.00 1,007.7 -40.00 33.2 XOX BHD 0.015 50.00 3,678.7 0.00 75.8 Metronic Global Bhd 0.020 33.33 5,592.0 0.00 30.6 Vsolar Group Bhd 0.225 28.57 118,702.0 -25.00 36.3 Sanichi Technology Bhd 0.025 25.00 14.2 0.00 35.1 Hong Seng Consolidated Bhd 0.025 25.00 186,257.6 -88.64 127.7 CME Group BHD 0.030 20.00 107.3 0.00 31.0 MQ Technology Bhd 0.030 20.00 1,514.6 -40.00 44.1 Green Ocean Corp Bhd 0.125 19.05 7,250.7 -37.50 26.4 Kamdar Group M Bhd 0.190 18.75 1.2 15.15 37.6 Sedania Innovator Bhd 0.225 18.42 25,521.7 -15.09 82.2 PNE PCB BHD 0.075 15.38 9,698.0 36.36 42.0 JKG Land Bhd 0.115 15.00 17,418.1 15.00 261.6 TechnoDex Bhd 0.080 14.29 5,684.8 -20.00 67.5 JOE HOLDING BHD 0.160 14.29 5,579.8 -20.00 48.9 Ivory Properties Group Bhd 0.080 14.29 124.8 0.00 39.2 Data as compiled on Dec 28, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Borneo Oil Bhd 0.010 -33.33 8,276.7 -60.00 119.9 Mlabs Systems Bhd 0.010 -33.33 1,444.8 -50.00 14.5 Focus Dynamics Group Bhd 0.010 -33.33 617.0 -50.00 63.7 Smile-link Healthcare Global 0.160 -11.11 30.0 -15.79 40.1 Sentoria Group Bhd 0.085 -10.53 10,392.4 -5.56 52.1 Khee San BHD 0.135 -10.00 60.0 -3.57 18.5 mTouche Technology Bhd 0.045 -10.00 349.5 -10.00 41.7 SMTrack Bhd 0.050 -9.09 29,004.7 0.00 61.1 TFP Solutions Bhd 0.050 -9.09 2,249.5 -23.08 29.2 Ark Resources Holdings Bhd 0.345 -8.00 32.0 21.05 24.0 XOX Technology Bhd 0.060 -7.69 929.1 33.33 53.6 Eversafe Rubber Bhd 0.200 -6.98 17.1 0.00 48.1 Eurospan Holdings BHD 1.350 -6.90 11.4 19.47 60.0 BTM Resources BHD 0.070 -6.67 63.8 -17.65 88.0 Advance Information MKT Bhd 0.070 -6.67 13,190.0 -47.52 28.8 See Hup Consolidated Bhd 1.000 -6.8 1.0 -13.04 79.5 Spring Art Holdings Bhd 0.220 -6.38 1,423.2 22.22 91.5 LKL International Bhd 0.150 -6.25 7,943.9 -48.06 58.2 Bina Puri Holdings Bhd 0.080 -5.88 25,585.2 100.00 269.7 Ea Technique M Bhd 0.32 -5.88 11631.1 88.24 169.8 Data as compiled on Dec 28, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Nestle Malaysia Bhd 119.000 -2.400 117.8 -15.00 27,905.5 Allianz Malaysia Bhd 18.240 -0.260 52.2 28.81 3,246.2 Rapid Synergy Bhd 28.940 -0.260 245.4 81.33 3,093.6 Fraser & Neave Holdings Bhd 28.100 -0.200 32.7 30.21 10,306.5 Chin Hin Group Bhd 3.480 -0.180 895.2 7.74 6,157.6 Ajinomoto Malaysia Bhd 15.960 -0.180 18.5 22.02 970.3 Petronas Dagangan Bhd 21.920 -0.140 157.6 -4.06 21,776.5 United Plantations BHD 17.860 -0.140 1,211.3 21.97 7,408.1 Imaspro Corp Bhd 4.020 -0.130 1,607.6 -31.28 321.6 LPI Capital Bhd 11.980 -0.120 23.9 -5.22 4,772.6 YNH Property Bhd 4.250 -0.120 2,978.1 0.47 2,246.1 Eurospan Holdings BHD 1.350 -0.100 11.4 19.47 60.0 Ayer Holdings Bhd 6.750 -0.100 3.1 2.27 505.3 Carlsberg Brewery Malaysia 19.300 -0.100 121.6 -15.65 5,900.9 See Hup Consolidated Bhd 1.000 -0.073 1.0 -13.04 79.5 PIE Industrial BHD 3.150 -0.050 56.7 21.89 1,209.7 Pintaras Jaya BHD 1.570 -0.050 21.9 -24.52 260.4 Infomina Bhd 1.670 -0.050 369.6 15.97 1,004.1 Hibiscus Petroleum Bhd 2.530 -0.050 486.0 -5.42 2,031.9 KLCCP Stapled Group 7.050 -0.050 1.2 5.07 12,727.6 Data as compiled on Dec 28, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) MCE Holdings Bhd 2.890 0.360 1,912.5 114.07 178.5 Hong Leong Bank Bhd 18.820 0.320 1,946.8 -8.46 40,796.5 Heineken Malaysia Bhd 24.120 0.220 281.9 -4.29 7,286.6 Pelikan International Corp Bhd 0.335 0.165 257,492.0 -10.67 202.1 Dutch Lady Milk Industries BHD 22.800 0.160 16.8 -24.60 1,459.2 Malaysian PacificIndustries Bhd 28.100 0.100 79.2 -2.29 5,589.0 Greatech Technology Bhd 4.800 0.080 182.0 -0.83 6,020.2 DKSH Holdings Malaysia Bhd 4.600 0.070 4.0 6.94 725.2 RHB Bank Bhd 5.460 0.070 6,645.2 -5.70 23,403.5 Harrisons Holdings Malaysia 8.660 0.070 1.1 30.62 593.0 Unisem M Bhd 3.320 0.060 389.2 20.29 5,355.4 Ta Ann Holdings Bhd 3.700 0.060 790.7 -2.12 1,629.7 Batu Kawan Bhd 20.480 0.060 3.1 -8.16 8,056.4 Kein Hing International Bhd 1.440 0.060 246.4 -32.08 156.8 Amway Malaysia Holdings Bhd 5.750 0.060 13.5 18.78 945.2 Suria Capital Holdings Bhd 1.920 0.050 356.9 69.91 664.0 Sapura Industrial Bhd 0.880 0.050 20.0 14.29 64.0 PMB Technology Bhd 2.620 0.050 186.7 -37.62 4,246.7 Cahya Mata Sarawak Bhd 1.100 0.050 10,093.0 2.80 1,181.6 Silver Ridge Holdings Bhd 1.140 0.050 5,929.6 744.44 253.8 Data as compiled on Dec 28, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 37,656.52 111.19 0.30 S&P 500 * 4,781.58 6.83 0.14 NASDAQ 100 * 16,906.80 28.34 0.17 FTSE 100 * 7,724.95 -0.31 0.00 AUSTRALIA 7,614.28 53.05 0.70 CHINA 2,954.70 40.09 1.38 HONG KONG 17,043.53 418.69 2.52 INDIA 72,410.38 371.95 0.52 INDONESIA 7,303.89 57.97 0.80 JAPAN 33,539.62 -141.62 -0.42 KOREA 2,655.28 41.78 1.60 PHILIPPINES 6,519.11 56.31 0.87 SINGAPORE 3,214.40 43.64 1.38 TAIWAN 17,910.37 18.87 0.11 THAILAND 1,415.85 5.42 0.38 VIETNAM 1,128.93 6.94 0.62 Data as compiled on Dec 28, 2023 Source: Bloomberg CPO RM 3,733.00 41.00 OIL US$ 76.24 -0.31 RM/USD 4.6943 RM/SGD 3.5273 RM/AUD 3.1594 RM/GBP 5.9471 RM/EUR 5.1262 * Based on previous day’s closing

ceoMorningBrief friday, DECEMBER 29, 2023 Issue 694/2023 theedgemalaysia.com

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 FRIDAY DEC 29, 2023 SCAN ME No. 8425 PP 2644/12/2012 (031195) Award-winning singer’s journey to success Report on — page 2 Sarawak lass attributes achievements to Ola Bola project, inspiration from diary and guidance from US record label. Promote unity in schools Report on — page 4 Number of flood evacuees surpasses 28,000 Kelantan worst affected, followed by Terengganu and Pahang, while situation in Johor and Sabah unchanged. Report on — page 5 Survey data reflects evolving nature of cyber threats and need for comprehensive measures to safeguard personal information. Report on — page 3 A resident buying a container in George Town yesterday in preparation for the water supply disruption. – BERNAMAPIC 63% of M’sians worry about mobile security Teachers serve as catalyst to ensure next generation appreciates, embraces rich diversity of races, religions and cultures: Academician 590,000 in Penang to experience dry taps GEORGE TOWN: About 590,000 users in Penang will experience scheduled water supply disruptions or low water pressure for four days from Jan 10 to 14. State Infrastructure and Transport Committee chairman Zairil Khir Johari said the water cut was to allow the Penang Water Supply Corporation to carry out repair works at the Sungai Dua Water Treatment Plant. He said the repairs involve replacing two valves measuring 1,200mm that have been leaking. “This disruption is unavoidable because it involves large-scale maintenance. This is because some of the damaged valves have not been replaced for 50 years. “Repairs were supposed to be carried out at the end of last year but was postponed. So this time, it cannot be put off any longer for fear of causing sudden damage that may result in more serious problems, including for users in the long term,” he told a press conference. Zairil said in addition to the valve replacements, other repair works would also be carried out at 22 locations throughout Penang during the period. He added that water tankers would be mobilised to the affected areas, especially hospitals and dialysis centres during the period, Bernama reported. “In addition to water tanks, we are also working with local authorities and the Fire and Rescue Department to send water tankers to the affected areas.” More than 50 areas will be affected by the disruption, including Seberang Perai, as well as George Town, Pulau Tikus, Jelutong, Gelugor, Bukit Jambul, Relau, Bayan Lepas (including the airport), Bayan Baru, Batu Maung, Teluk Kumbar, Teluk Tempoyak, Pulau Jerejak and Pulau Betong.

FRIDAY | DEC 29, 2023 2 PUTRAJAYA: The Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah has expressed her appreciation to the Prisons Department for reviving the Royal Pahang Weave, which was considered a dying textile art form at one point. She said staff and inmates of the prison had contributed significantly to the production of the Royal Pahang Weave, making it wellknown globally. “Between 2004 and 2005, there were only 15 weavers in Pahang. For me, it was crucial. I said if nothing was done, the Royal Pahang Weave would just die off. “It was the Malaysian Prisons Department that helped me revive the Royal Pahang Weave.” She was speaking at the Symphony of Love 2023 event on Wednesday, organised by the department. The Queen, who is also the Royal Patron for Arts and Crafts of the department, said the beauty of the weavings by prison inmates attracted much attention, including when they were displayed at an exhibition held in May for the London Craft Week. She added that there were even requests from the prisons departments of Singapore, the Philippines and Japan to learn about the Malaysian textile art. “Fortunately, prisoners here can learn something that can uplift them when they get out. I ask you Play role in promoting unity, educators urged oTeachers serve as catalyst to ensure next generation appreciates, embraces nation’s rich diversity of races, religions and cultures: Academician PETALING JAYA: With racial stereotyping still a problem in the country despite 66 years of independence, an academician has called on educational institutions to play a key role in strengthening unity among the people. National Association of Private Educational Institutions secretarygeneral Dr Teh Choon Jin said initiatives that promote understanding within the framework of Malaysia’s diverse multicultural landscape are a must. “The Malaysia Madani concept, which is rooted in six core values, namely sustainability, compassion, respect, innovation, prosperity and trust, underscores the government’s commitment to fostering social inclusion. “Educators are driving initiatives that celebrate the country’s rich cultural tapestry. For instance, students are given platforms to host festivals representing Malaysia’s diverse ethnicities.” Teh said events like National Day and Cultural Day serve as reminders of “unity amid diversity”. He added that teachers serve as catalysts to guide students in their endeavours and ensure that the next generation appreciates and embraces the beauty of living in a country that has a rich diversity of races, religions and cultures. “However, achieving ‘real’ social inclusion in Malaysian schools can be challenging because, despite various efforts, the wider community’s polarised narratives are often made worse by ‘skewed’ media reporting that can reinforce race and religious biases among students.” Teh said language-centric environments such as those in vernacular schools, and limited cross-cultural interactions further entrench ethnic divisions. He said the home environment, which is pivotal in shaping young minds, sometimes perpetuates negative stereotypes and undermines school-driven initiatives. Teh said while educators aim to foster unity, in the broader societal context, familial and communal dynamics continue to be factors influencing racial biases. “Fostering inclusivity demands a holistic strategy that engages schools, families and communities in a concerted effort to build a harmonious coexistence.” Teh said professional development opportunities are important for educators aiming to bolster social inclusion and unity within classrooms. He said participation in diversity workshops offers practical insights into cultural and socioeconomic backgrounds and equips educators with strategies to nurture an inclusive environment that bridges communication gaps. “Tackling ethnic polarisation requires culturally sensitive measures that promote constructive interactions among different ethnicities in school. “Beyond the surface-level introduction of ‘tolerance’ in curricula, there is an urgent need to instil a profound appreciation for the nation’s diverse religions, cultures, festivals and histories, emphasising national unity.” Universiti Pendidikan Sultan Idris social communications lecturer Dr Khairul Azam Bahari said media portrayal plays an important role in shaping societal perceptions and attitudes. “Although the media showcases stories of unity, like during the Merdeka month, there’s a lack of consistent and sustained efforts to uphold these values. “For genuine unity to be fostered, media organisations must adopt a more proactive approach to showcase narratives that celebrate Malaysian diversity.” Khairul Azam said the role of influencers and content creators would become increasingly important in shaping perceptions and fostering inclusivity. “Although there is no denying the appeal of making money on the internet, influencers also must use their reach to benefit society and change negative perceptions of race and religion. “Efforts such as national peace movements led by influential figures, can create a lasting impact beyond online trends. Social communication should influence unity in society and not just be for personal gain.” Tunku Azizah handing the Ikon Anugerah Kasih award to Abu Hasan, who received it on behalf of Mohd Rosli at the event in Putrajaya yesterday. – BERNAMAPIC Queen lauds Prisons Dept for textile art initiative Damage to homes being assessed KOTA BHARU: The Housing and Local Government Ministry will, via its agencies, identify the damage caused to floodaffected homes before taking appropriate action. Its deputy minister Datuk Aiman Athirah Sabu said the ministry had to follow certain procedures before any form of aid could be given. “The programme to repair houses of flood victims is still ongoing and there has been no announcement for it to be stopped. “What we see is that the Madani government is very focused on such matters (assistance). Although Kelantan is not in the federal government, it is still given attention,” she said yesterday. Earlier, she visited the Kelantan Fire and Rescue Department, where she was given a briefing on the flood situation by its director Zainal Madasin. █ BYRAVEEN AINGARAN [email protected] not to look down on people in prison.” The Symphony of Love 2023 event, attended by more than 800 guests, was held with the strategic cooperation of the Malaysian Prisons Department, Malaysian Correctional Foundation, National Prihatin Foundation, Association of Wives, Children and Women Members of Prisons Department as well as the department’s staff. Tunku Azizah was accompanied by her daughter Tengku Puteri Raja Tengku Puteri Jihan Azizah Athiyatullah. The charity event was held to thank the Queen for the many opportunities provided to prison staff and inmates to work on textile art, including the Royal Pahang Weave, songket, and batik. Tunku Azizah also presented the Icon of Dedication Award (Prison Staff) to Sjn-Mej Raja Mohamad Raja Adam and the Icon of Love Award (Prison Inmate) to Mohd Rosli Zulkifli, who were represented by Pahang Prisons director Datuk Abu Hassan Hussain. – Bernama Hold prayers for flood-hit residents, says minister PUTRAJAYA: Mosques and surau in the country have been encouraged to hold solat hajat (prayer of need) for the safety and well-being of the country and all flood evacuees, said Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Na’im Mokhtar. He said the department is deeply saddened by the disaster that has befallen people in several states over the past few days. “May all those affected by floods be given strength in facing the challenges they are currently enduring,” he said in a statement yesterday. He added that he had instructed agencies and all units under the department to collaborate with the authorities and assist flood evacuees using existing aid funds. Mohd Na’im said he, along with the agencies, would go on the ground and assist flood victims in the affected states. “I will arrive in Kuala Lumpur after concluding my visit to Dayah Madani, Aceh, Indonesia. My visit to Indonesia was to strengthen cooperation between the two countries, especially involving Muslims of both nations. “I have cut short the visit due to the floods.” He also expressed his appreciation for frontline personnel. – Bernama RM6m for temporary embankments PASIR MAS: The government has approved an immediate allocation of RM6 million to construct temporary embankments, including a spillway structure for the Sungai Golok Integrated River Basin Development Project to solve the problem of stagnant floodwaters in Rantau Panjang. Prime Minister Datuk Seri Anwar Ibrahim said the embankments must be constructed as soon as possible. “The state Irrigation and Drainage Department (DID) has proposed for temporary embankments to be constructed at three locations, each to cost RM2 million. “So, the DID’s request for RM6 million has been approved immediately,” he said, after visiting flood evacuees at the temporary relief centre at SMK Agama Lati yesterday. – Bernama

FRIDAY | DEC 29, 2023 3 PETALING JAYA: Malaysia has been ranked second in a survey involving 48 Asian countries, with 63% of the people expressing concerns over privacy and security of their mobile devices. The report was released recently by Telenor Asia, a telecommunication company that accelerates mobile adoption and specialises in connectivity and digital services, apart from overseeing governance, strategy and planning for its Asian operations. “Across Asia, nine out of 10 individuals are (concerned) about their digital safety. The top three countries to express concerns are the Philippines, Malaysia and Pakistan.” Universiti Malaya Computer System and Technology Department senior lecturer Prof Dr Ainuddin Wahid Abdul Wahab said the high level of concern reflects the evolving nature of cyber threats and the need for comprehensive measures to safeguard personal information. “Telenor’s data underscores a pressing need for enhanced measures in data privacy protection and digital safety. “As our lives become increasingly digitised, individuals must be proactive and adopt secure practices, and companies must prioritise data privacy in their operations.” Ainuddin said it is now necessary to provide and disclose personal data to service providers, even those abroad, as it is a crucial aspect of a globalised economy and interconnected world. He also said external service providers play a key role in supporting functions such as data storage, IT services and customer support. “Malaysia is an export-oriented economy that attracts foreign direct investments and many of our businesses operate on a global scale. “Therefore, as multinational companies operate in the country, the exchange of personal data is essential for them to manage their global operations, coordinate cross-border activities and comply with international standards and regulations.” Ainuddin said the sheer volume of data exchanged between financial institutions, government entities and service providers raises questions about the ability of individuals to fully safeguard their personal information. “The report shows people are now more cognisant of the potential threats lurking in the digital realm. This heightened awareness calls for collective efforts from industry, policymakers and users themselves to effectively address the concerns.” While emphasising the importance of collaborative efforts between public and private sectors in data protection, he said it is crucial to work together to ensure the public feels secure in the digital space. He said this includes implementing robust data protection policies, raising awareness and fostering a culture of responsible digital citizenship. On the Privacy Protection Act, he emphasised the importance of understanding how personal data is processed to make informed decisions, adding that the overarching challenge lies in striking a balance between privacy concerns and the efficiency of the systems used. He also said the disclosure of personal data requires careful consideration to prevent compromising the security of individuals in the pursuit of economic and technological advancement. Ainuddin warned individuals to exercise control over their data through opt-in or opt-out options, even when disclosing personal data to official entities. “A growing trend among companies is to outsource functions like data analytics and customer support to third parties. “The disclosure of personal data to government departments for eligibility verification in financial assistance programmes may inadvertently expose individuals to greater privacy risks.” He said as technology continues to advance, the public and the government must remain vigilant in advocating for robust privacy protections that safeguard personal information from threats present in cyberspace. Rafizi quashes ‘waste of money’ claim KUALA LUMPUR: Minister of Economy Rafizi Ramli has denied allegations from “voices of dissent” claiming that the development of the government’s Central Database System (CDS) is a waste as it involves contracts worth hundreds of millions of ringgit. Rafizi said CDS was fully developed by civil servants from three agencies – the Economy Ministry, Statistics Department (DOSM) and the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) – in collaboration with all other agencies. “For me, the strength of the system lies in the fact that it involves the expertise of civil servants, not consultants and external contractors,” he said in a post on his Facebook page yesterday. He said civil servants developed the system using existing allocations and infrastructure without the need to open new tenders to private entities and did not incur additional expenses, as is often the case whenever a new system is introduced. Rafizi said CDS was developed within seven months (May to December) and would not involve annual payments to private system providers because it belongs to the government. “It was completed within a short period by civil servants who worked day and night for seven months without additional allocations. “I threw a challenge to the core team from the Economy Ministry, DOSM and Mampu, saying it is an opportunity to prove the expertise of civil servants,” he said, adding that recognition should be given to the civil servants. – Bernama Personal data privacy jitters oExercise control over information via exclusion option even when engaging with official entities, says expert Envoy keen to boost Algerian-M’sian interaction KUALA LUMPUR: Algerian ambassador to Malaysia Abdelhafid Bounour said efforts are under way to raise awareness among Malaysians about Algeria and showcase his country’s many opportunities and strengths. He said since his arrival in Malaysia over six months ago, he observed that Algeria is not well known in Malaysia. “In this regard, I wish to underscore the importance of developing Algeria-Malaysia relations in key areas such as trade, investment, tourism, education and culture,” he said. During a meeting with local journalists at his official residence here, Abdelhafid expressed desire to strengthen ties between the two “brotherly countries” and explore new opportunities for cooperation. He also said “significant progress” has been made in Algeria’s public health system, education, housing programmes, social security, food subsidies, economy and in ensuring equal status for men and women, adding that such initiatives have contributed to the social achievements of Algeria. While encouraging Malaysian companies to explore investment opportunities in Algeria, Abdelhafid expressed confidence that future bilateral relations would be fruitful. He advocated strengthening cooperation in the tourism sector and encouraged the creation of specialised agencies or organisations to develop bilateral tourism. He also said one of his objectives is to enhance cooperation opportunities and promote cultural exchanges, paving the way for exceptional tourism cooperation between the two countries. Abdelhafid concluded the meeting by reaffirming his commitment to “intensifying exchanges and strengthening AlgerianMalaysian cooperation. Also present at the meeting was Malaysian Inbound Tourism Association president Uzaidi Udanis, who said he looked forward to more tourism-related initiatives by Algeria, such as having a physical tourism centre in future. He added that such a centre would be very useful as a cultural bridge between the two countries, and invited Malaysians to explore the rich tapestry of Algerian culture while promoting Malaysia to Algerians. “With citizens of both countries enjoying visa-free travel, the centre could be a conduit for meaningful people-to-people connections, fostering a spirit of friendship and mutual understanding,” he said. Respite for residents facing eviction PUTRAJAYA: Minister in the Prime Minister’s Department (Federal Territories) Dr Zaliha Mustafa said the TAR Education Foundation has no objection in principle to allow Kampung Setia Jaya residents in Setapak to continue staying at the site until the relocation issue is resolved. She said this was the outcome of a discussion with representatives from the foundation, Tan Sri Lim Keng Cheng and Datuk Seri Yew Teong Look. “Overall, I found the discussion to be a positive one and I am confident that this issue can be resolved after more than 30 years,“ she said in a statement. Zaliha added that the discussion also focused on the issue of replacement houses for the residents, which will be detailed later. – Bernama █ BYSIVANISVARRY MORHAN [email protected] █ BYAZLAN RAMLI [email protected] FAMILY FUN ... Graphic designer Izmi Haarith Mohamad Danari and his children enjoying some of the school holiday activities held yesterday at the National Library in Kuala Lumpur. – BERNAMAPIC

FRIDAY | DEC 29, 2023 4 Award-winning singer recounts journey to top /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour Subscribe now for Monday-Friday copies of theSun newspaper 6 month subscription (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) Nov 8 to Nov 10 Malaysian Paper www.thesun.my RM1 WEDNESDAY NOV 8, 2023 No. 8389 PP 2644/12/2012 (031195) SCAN ME Casino chip heist: Five more identified Police have detained a total of 10 suspects, including a Chinese national, in connection with the RM4.6m theft at Genting Highlands on Oct 28. Congratulations! You are holding the first edition A new sunrise of our new 32-page paper featuring more of the great content you have loved for the past 30 years. Copies will be free until Friday and will be available via subscription and at newsstands beginning Monday for only RM1. Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE CNY cheer for senior citizens KUALA LUMPUR: Senior citizens aged 60 and above are in for a treat, thanks to STM Lottery Sdn Bhd, which is launching its 37th Sports Toto Chinese New Year Ang Pow Donation Campaign on Jan 18. To be launched at the main entrance of the Boulevard at the iconic Berjaya Times Square, the campaign will continue until Jan 23 and aims to benefit senior citizens in 50 cities and towns nationwide. STM Lottery deputy general manager (Communications and Sustainability) Giam Say Khoon said qualified senior citizens would receive a mini hamper and a red packet. “Recipients must bring their MyKad for age verification. Please be at the venue before 9am as we will start distributing the items on a first-come, first-served basis from then until 10.30am. Representatives of recipients are not allowed to collect items on their behalf,“ he said, adding that those from other locations must register on an earlier date. The campaign started in 1988, with STM Lottery contributing more than RM24.3 million, benefitting over 437,000 senior citizens nationwide. “The campaign is an integral part of our Helping Hands programme, which is a CSR and sustainability initiative by STM Lottery,“ Giam said. For more information, visit any Toto outlet, sportstoto.com.my or call the Sports Toto customer careline at 03-2148 9779. – by Joshua Purushotman STM Lottery staff during a photo shoot to promote the event. PETALING JAYA: Popular Malaysian singer-songwriter Zee Avi recently bagged the award for Asean Master Class Performance Artiste of the Year at the Asean Outstanding Business Awards 2023. The Sarawakian-born performer, whose full name is Izyan Alirahman, has had her tunes featured in many popular movies and television series such as 21 Jump Street, Gossip Girl, Good Doctor and most notably, local film Ola Bola. She said she started her career in 2009 when she signed with Brushfire Records, a record label in the US. Currently, she is a self-funded and independent artiste. “Brushfire Records were genuine people with a passion for making music, and I am fortunate to have them guide me through the music industry.” Zee said her success led her to win “Best Original Theme Song” at both the 28th Malaysia Film Festival and Taipei Golden Horse Film Festival in 2016, for her hit song Arena Cahaya. The song was featured oArtiste attributes achievements to Ola Bola project, inspiration for songs from diary and guidance from US record label █ BYALLEN WONG [email protected] in Ola Bola, the 10th-highestgrossing Malaysian film of all time, which she cited as her favourite collaborative project. “I was a big fan of the director Chiu Keng Guan because I enjoyed his previous movie The Journey. Zee said the inspiration for her songs came from the pages of her diary, and were based on her experiences and relationships. “Music is not just about putting a melody together. It calls for understanding the kind of stories you wish to tell, and the emotions you would like for it to evoke within yourself.” After spending almost two decades building her career abroad, Zee returned to Malaysia in 2019 and said her family was the reason she did so. “Before I made my career move to the US, I was a student in the UK for three years. I have been away from home for more than half my life since I was 18 years old. “I had a good run. But now, I want to be with my family because my parents are getting old.” Aside from focusing on her musical pursuits, Zee wants to support local talents by offering advice and lending an ear to aspiring musicians and songwriters who are just starting out. “I have a 21-year-old brother. He is a talented musician who is at his starting stage. I will be there to support him until he becomes a successful artiste someday.” Zee also said having a community with people of the same interest and mindset is good for young musicians. “It is important for them to have the support of those around them.” Her advice to aspiring musicians and songwriters is to explore more while still young.

FRIDAY | DEC 29, 2023 5 GUA MUSANG: The Orang Asli Development Department will send food aid to seven posts of the Orang Asli community in the Gua Musang district affected by floods through the assistance of strategic partners. Its deputy director-general (development) Mohd Zamri Mustajap said roads being cut off due to floods was one of the factors behind the department’s decision to rope in agencies and strategic partners for the purpose. He also did not rule out the possibility of needing the services of the Fire and Rescue Department to send aid by air to settlements in the interior such as Pos Hau, Pos Tohoi, Pos Belatim, Pos Balar, Pos Bihai, Pos Simpor and Pos Gob involving more than 1,000 families. “We have discussed with suppliers and agencies involved. “For areas that require air services, we will discuss with the relevant agencies on weather conditions and other matters,” he said at the Kuala Betis Resettlement Scheme here on Wednesday. The distribution of food baskets had already started on Tuesday in several settlements that could be reached by road. More than 200 food baskets were distributed to the affected residents. – Bernama oMore than 28,000 being housed at 137 relief centres, with Kelantan having highest number at over 21,000 displaced residents KUALA LUMPUR: The number of flood evacuees being housed at 137 relief centres in five states rose to 28,032 yesterday morning from 25,763 the previous night. The latest report issued by the national disaster management agency’s national disaster command centre stated that Kelantan still have the highest number of evacuees with 21,377 at 68 relief centres in five districts, up from 19,423 at 8pm on Wednesday. According to the report, 37 relief centres were opened in Pasir Mas housing 18,289 people, 19 centres in Kuala Krai with 1,136, five centres each in Tanah Merah with 327 and Tumpat with 1,507 as well as 118 at two centres in Gua Musang, as at 6am yesterday. In Terengganu, the number of evacuees rose to 6,289 at 59 relief centres yesterday morning compared with 5,983 at 60 centres the previous night in Dungun, Hulu Terengganu, Kemaman, Kuala Terengganu, Marang and Setiu, Bernama reported. The number of evacuees in Pahang rose to 214 yesterday morning from 206 the night before, all staying at five relief centres in Jerantut, Kuantan, Lipis and Cameron Highlands. The report said a relief centre in Cameron Highlands was opened to accommodate 87 people, who were Prime Minister Datuk Seri Anwar Ibrahim visiting evacuees at a relief centre in SMK Agama Lati in Pasir Mas, Kelantan yesterday. – BERNAMAPIC Agencies enlisted to send aid to Orang Asli Wheelchair-bound traveller on mission to raise accessibility awareness GEORGE TOWN: Hassan Imam became paralysed due to polio when he was a child, but that did not stop him from exploring Southeast Asia on a wheelchair to raise awareness about the critical need for accessibility. Hassan, 25, from Bihar, India started his journey after he successfully travelled from India to Bangladesh in his wheelchair crossing approximately 10,000km. He had taken seven months to complete the India-Bangladesh expedition starting from March. “The awareness campaign aims to improve accessibility for people with disabilities in public places. This is a campaign that deserves a lot of attention in the contemporary world.” Hassan, who studied Russian at Jawaharlal Nehru University, Delhi, hopes to someday travel to the country. He arrived in Kuala Lumpur from Chennai, India by plane early this month. “From Kuala Lumpur, I continued my journey using a wheelchair to Perak before arriving in Penang in four days. “I will continue my journey to Kedah and Perlis before continuing to Thailand, Cambodia, Vietnam, Laos and China.” Hassan said throughout his “World Trip On Wheelchair” journey, people had came forward to help with food, money and accommodation. During his expedition, Hassan learned that most tourist attractions and public transport systems do not have ramps for wheelchair users. “Many theatres, hotels and malls in India are still not wheelchair friendly, but most places like in Malaysia have adopted a wheelchair-friendly concept,” he added. His vehicle is battery-powered and can be used as a wheelchair and a scooter at the same time. The vehicle is the brainchild of a group of students from Indian Institute of Technology Madras, Chennai, and can travel about 40km on a single charge. – Bernama Man gets 15 years for raping friend’s daughter KLANG: The Sessions Court yesterday sentenced an unemployed man to 15 years’ jail and ordered him to be given three strokes of the cane after finding him guilty of raping his friend’s daughter last year. Judge Syafeera Mohd Said passed the sentence on Mohamad Zainol Hafiz Mohamad Azmi, 26, after finding that the defence had failed to raise a reasonable doubt. She ordered Mohamad Zainol Hafiz to serve the jail sentence immediately, and to undergo counselling throughout his imprisonment, as well as to be placed on a two-year probation supervision after completing his time. He was charged with raping the 12-year-old girl at a house in Sawah Sempadan, Tanjung Karang at 4am on Feb 6, 2022. The charge, under Section 376 (1) of the Penal Code, provides for a maximum 20-year jail term and whipping. Deputy public prosecutor Nurul ‘Izzati Mohamad appeared for the prosecution while Mohamad Zainol Hafiz was represented by counsel Izzat Amir Saharudin. – Bernama Jail, caning for committing unnatural sex KLANG: A restaurant assistant was sentenced to 10 years’ imprisonment and three strokes of the cane by the Sessions Court here yesterday after being found guilty of committing unnatural sex on his seven-year-old niece three years ago. Judge Syafeera Mohd Said ordered the 20-year-old man to serve the jail sentence immediately, and to undergo counselling throughout his imprisonment. He was charged with committing carnal intercourse against the order of nature without consent on the victim at a house in Banting near here at 11.30pm on March 27, 2020. The charge, under Section 377C of the Penal Code, provides for a maximum 20-year jail term and whipping. Deputy public prosecutor Nur Ayuni Jamri appeared for the prosecution while the man was represented by counsel Muhammad Syawal Mohd Razak. In the same court, Ahmad Iszhar Hardy, 20, was charged under Section 14(a) of the Sexual Offences Against Children Act 2017 for sexual assault of his 17-year-old female friend. He pleaded not guilty. – Bernama evacuated due to a landslide. In Sabah, 31 evacuees were being housed at two relief centres in Pitas as at 6am yesterday, a slight increase from 30 at 8pm on Wednesday. In Johor, the number of evacuees remained unchanged at 121 at three relief centres in Mersing and Segamat districts. Meanwhile, Sungai Kelantan in Pasir Mas, Sungai Golok in Tumpat, Sungai Golok in Pasir Mas and Sungai Kelantan in Kota Bharu were at the danger levels. In Terengganu, Sungai Kemaman, Sungai Dungun and Sungai Terengganu were also at danger levels. Number of flood evacuees increases in five states

FRIDAY | DEC 29, 2023 6 READ OUR HERE /thesun Malaysian Paper KUALA LUMPUR: The murder of Zayn Rayyan Abdul Matiin, an autistic boy whose body was found in a stream near his home at Apartment Idaman in Damansara Damai on Dec 6, is among the criminal cases that caught public attention in 2023. A day before the tragic discovery, his mother Ismanira Abdul Manaf, 28, shared on Facebook that her son had gone missing while they were using the stairs to their home in Block R after a trip to a playground nearby. Although initially classified as a missing child and sudden death case, an autopsy revealed that the six-year-old boy had been murdered, based on defensive wounds on his body. As of Dec 23, authorities have recorded statements from 225 individuals and collected 248 DNA samples. They have also sought Interpol’s assistance to unravel the mystery behind the child’s murder, which at press time remains unsolved. This year also saw some brutal murder cases, in which the perpetrators repeatedly stabbed or slashed their victims. On Dec 9, an elderly couple were found stabbed to death at their home in Kampung Sungai Penchala at around 7pm. Police sources said the couple, aged 82 and 72, were found lying in pools of blood in the living room after an argument with their son, 42, a suspected drug addict. On Dec 18, a woman was fatally stabbed multiple times by her lover at Jalan Bayu Tinggi 5 in Klang, in a case that is believed to be motivated by jealousy, Bernama reported. In another case, a 19-year-old man was killed during a fight with his girlfriend’s brother, and his body was found buried in the undergrowth behind the suspect’s home in Kampung Sungai Choh in Rawang on Dec 23. Police have arrested eight individuals, including three women aged between 19 and 45, to assist in the investigation under Section 302 of the Penal Code. Meanwhile, the influx of illegal immigrants into the country, which caused many problems, also received the attention of police top brass. On Dec 21, security forces conducted a surprise raid on “Mini Dhaka” in Jalan Silang in the federal capital and apprehended 1,101 illegal immigrants for various offences. This year, police also successfully dismantled several drug syndicates, with the most recent featuring the arrest of a man with a “Datuk” title. He is believed to be the mastermind behind Sabah’s largest drug ring. The man, who also serves as the patron of an NGO to mask the illegal activities conducted since 2015, was nabbed alongside nine other syndicate members. On Nov 18, Malacca police successfully crippled a drug trafficking syndicate with the seizure of various drugs estimated to be worth RM6.94 million following the arrest of three men aged 27 to 51. At the same time, the 1Malaysia Development Berhad (1MDB) scandal remained in the public eye. The company’s former lawyer, Jasmine Loo Ai Swan, was arrested by police on July 7. Former Goldman Sachs banker Roger Ng Chong Hwa, who is believed to have played a key role in the embezzlement of 1MDB funds, arrived from the US on Oct 8 to assist investigations into the case after being sentenced to 10 years in prison in New York. With Loo’s arrest, Inspector-General of Police Tan Sri Razarudin Husain said more assets linked to the 1MDB case would be confiscated and forfeited by the government through a court process. Body of boy who fell into river found KUALA TERENGGANU: The body of an 11-year-old boy, who fell into Sungai Tok Hakim in Kampung Tok Hakim near here on Wednesday, was found at 11am yesterday. Kuala Terengganu Fire and Rescue station chief Rozizah Abni Hajar said her team found the body of Muhammad Harraz Ilman Mohd Syahril Redhuan about 30m from where he was last seen. “The body was found face down at the bottom of the river. “We had difficulty finding the body due to weather conditions and the riverbed being full of undergrowth.” Muhammad Harraz Ilman was reported missing on Wednesday after he slipped and fell into the river while playing with his brother Muhammad Firas Wafiy, nine, and a friend at 4.46pm. A total of 72 personnel from various agencies, including the fire department K9 unit, took part in the search. – Bernama Murder cases capture public attention in 2023 oPolice seek help from Interpol in Zayn Rayyan probe Two lose RM500,000 in job, love scams JOHOR BAHRU: Two men have fallen prey to separate online job and love scams in Johor, losing a combined sum of RM495,520. In the first incident, a 57-year-old unemployed man was scammed of RM252,900 after falling prey to a part-time job offer by an individual via WhatsApp. Johor deputy police chief DCP M. Kumar said yesterday the victim lodged a police report on Dec 21 claiming the individual promised quick and lucrative earnings if he uploaded certain videos on social media as instructed and clicked on the “like” tab of provided links. “The victim did so and also transferred RM252,900 to several accounts as instructed. “However, he realised he had been cheated after failing to receive any of the returns promised, in addition to being instructed to transfer more funds to access the earnings,” he said in a statement. In the second case, Kumar said a 69-year-old retiree lost RM242,620 in a love scam. He said the man lodged a police report yesterday claiming he befriended a foreigner on social media and was cheated a month later. Kumar said the foreigner, who purportedly had a job in Malaysia, told the victim she was detained at the Immigration Department for not declaring cash which exceeded the permitted sum. “The foreigner sought the victim’s help to release her from detention and instructed him to transfer funds to several accounts, before vanishing.” He said both cases have been classified under Section 420 of the Penal Code. Kumar advised the public to be vigilant in their financial transactions and refer to the Commercial Crime Investigation Department Facebook and TikTok pages for information on the modus operandi of scams. – Bernama Four ‘Superman’ stunt bikers detained KUANTAN: Three university students and a secondary school boy, suspected of riding their motorcycles dangerously on the Ahmad Shah Bridge of the East Coast Expressway, were detained on Wednesday. Temerloh district police chief ACP Mazlan Hassan said his officers tracked down the motorcycles and detained the suspects, aged between 15 and 22, at their homes in Temerloh and Maran. “The suspects, who rode Yamaha YI5ZR motorcycles, also sustained various injuries, including to their hands and legs,” he said in a statement. He added that the suspects, all males, were taken to the Temerloh traffic police station to assist in the investigations under Section 42(1) of the Road Transport Act 1987 for riding recklessly and dangerously. Mazlan said his officers are in the process of tracking down another suspect and urged those with information on the incident to contact police at 09-271 6222. Earlier, a 28-second video showing a group of motorcyclists performing a “Superman” stunt that caused an accident on the expressway was posted on social media. The incident was found to have occurred on Sunday and was recorded by one of the motorcyclists. – Bernama Missing Singaporean found drowned KOTA TINGGI: A Singaporean man, who was swept away by waves while swimming off Desaru Coast in Kota Tinggi, was found dead early yesterday. Penawar Fire and Rescue station operations commander Masri Ibrahim said members of the public discovered the body of the 49-year-old at the beach at 5.30am. “The victim, who wore black shorts, was found by members of the public about 5km from where he was reported to have gone missing. The victim’s wife has also identified his body,” he said. The man and his 16-year-old son were reportedly hit by waves while they were at the water’s edge, before being swept away. However, the boy was rescued by the public and sent to the Kota Tinggi Hospital. Masri said even before the incident, a red flag had been raised at the site to warn visitors against having activities on the beach due to dangerous weather and sea conditions. – Bernama ALTERNATIVE USE ... Abandoned vehicles being used to store goods at a public parking lot on Jalan Reko in Kajang. – AMIRUL SYAFIQ/THESUN

FRIDAY | DEC 29, 2023 7 Hong Kong opposition party shuts down HONG KONG: Six lapel pins bearing the Civic Party’s founding date are all Hong Kong veteran politician Alan Leong kept when the once-prominent opposition group cleared its headquarters and shuttered its doors days before the new year. Founded in 2006, the Civic Party, nicknamed “the barristers’ party”, was made up of attorneys, academics and other professionals who wanted to promote democratisation in Hong Kong, becoming at one point the city’s second-largest opposition party in the legislative council. “Times have changed,” co-founder Leong said, speaking to AFP in a series of interviews during the party’s six-month shutdown process. Since China imposed a sweeping national security law that quelled dissent after massive pro-democracy protests rocked Hong Kong in 2019, the Civic Party has seen three members jailed, its elected politicians unseated and a former lawmaker listed as a most wanted fugitive. Under a leadership vacuum, the party decided to disband in May. In the final months of 2023, it donated its office furniture and campaign loudspeakers, and stripped bare its walls of newspaper clippings and party signage. But Leong held on to the green-and-purple pins bearing the date “19.03.06”, the party’s birthday. “What is left of the initial batch of the lapel pins would be all that we have,” he said. The lawyer cited Hong Kong’s “political reality” as well as a lack of money and morale as reasons for the party’s closure. “I have never doubted the ability of the Hong Kong people ruling Hong Kong, but there are things that are beyond our control,” he said. “There are a few of our legislators who are still behind bars now. So that’s reality. That also explains why we are winding up.” Once an electoral reform advocacy group, oCivic Party co-founder rues China’s sweeping national security law that landed its members behind bars, winding up the faction Call for action after eviction attempt in Banda Aceh BANGKOK: The UN Refugee Agency (UNHCR) has called on local law enforcement authorities for urgent action to ensure the protection of Rohingya in the wake of attempts to evict them from shelters in Banda Aceh, Indonesia. In a statement, UNHCR said it is deeply disturbed to see a mob storming a site sheltering vulnerable refugee families, the majority being children and women, and demanding that they be deported before forcibly taking them to a different location. “UNHCR remains deeply worried about the safety of refugees and calls on local law enforcement authorities for urgent action to ensure the protection of all desperate individuals and humanitarian staff. “The attack on refugees is not an isolated act but the result of a coordinated online campaign of misinformation, disinformation and hate speech against refugees and an attempt to malign Indonesia’s efforts to save desperate lives in distress at sea,” it said. On Wednesday, hundreds of youngsters believed to be students of higher education institutions stormed a building basement where refugees were sheltered. The mob broke a police cordon, forcibly put 137 refugees on two trucks and moved them to another location in Banda Aceh. The incident has left refugees shocked and traumatised. UNHCR is also alerting the public to be aware of the coordinated and well-choreographed online campaign on social media platforms, attacking authorities, local communities, Indonesia starts paid vaccinations effective Jan 1 JAKARTA: The DKI Jakarta Health Service will implement paid Covid-19 vaccination starting on Jan 1, 2024, and reminded people to immediately complete their vaccination at the nearest health service while it is still free, reported Antara news agency. “Starting on Jan 1, 2024, the public must pay for Covid-19 vaccination,” head of the DKI Jakarta Health Service, Ani Ruspitawati, stated yesterday. She remarked that this paid Covid-19 vaccine applies to all vaccine doses. However, the elderly and vulnerable groups will still receive free Covid-19 vaccines. Ruspitawati has not yet detailed the cost that will be charged for each vaccine dose. Her side still awaits service mechanisms and technicalities from the health ministry. “Maybe it will be disbursed to the public with normal service mechanisms just like any other paid vaccine. However, we still must wait for the ministry’s regulation,” she said. Until the end of this year, she confirmed that all Covid-19 vaccines will still be free and available at all sub-district health centres in Jakarta. The DKI Jakarta provincial government also reminds the public to complete the Covid-19 vaccination, wear masks, and maintain health to prevent virus transmission amid the New Year holiday period. In addition, the Health Ministry urged the public to continue wearing masks and practicing clean and healthy living behavior to prevent a potential spike in Covid-19 cases, especially among the elderly and unvaccinated people. Earlier, President Joko Widodo reminded the public that treatment of Covid-19 patients would no longer be covered by the government since the status has changed from pandemic to endemic. – Bernama-Antara B R I E F SOVER 40 FEARED DEAD AFTER TANKER CRASH MONROVIA: More than 40 people were feared dead when a tanker truck exploded after crashing in central Liberia, the country’s chief medical officer told local media on Wednesday. The tanker carrying gasoline crashed and tipped into a ditch along a road in Totota, about 130km from the capital Monrovia. Dr Francis Kateh told local broadcaster Super Bongese TV said it was difficult to determine the number of victims because some had been reduced to ashes but estimated that more than 40 people were killed in the incident. “We have our team going from home to home to check those that are missing,“ he told AFP. Police earlier put the death toll at 15 and said at least 30 people were injured as locals gathered at the scene. “There were lots of people that got burned,” said Prince B. Mulbah, deputy inspector general for the Liberia National Police. – AFP TRIBUTES FLOOD IN FOR EX-EU CHIEF PARIS: Tributes from across Europe poured in for Jacques Delors, a former EU Commission chief who played an instrumental role in European integration, following his death on Wednesday at 98. European Council President Charles Michel said Delors “led the transformation of the European Economic Community towards a true Union”. “A great Frenchman and a great European, he went down in history as one of the builders of our Europe,” Michel posted on social media. Current European Commission chief Ursula von der Leyen said Delors had “shaped entire generations of Europeans, including mine” and was “a visionary who made our Europe stronger”. European Central Bank chief Christine Lagarde highlighted Delors’s role for the single European market and “the path he laid out towards our single currency, the euro”. Europe, she said, “has lost a true statesman”. – AFP CHINA ASKS CITIZENS TO LEAVE MYANMAR YANGON: China's embassy in Myanmar yesterday asked its citizens to leave a northern district along the countries' shared border, citing heightened security risks as ethnic minority armed groups battle the junta. Fighting has raged across Myanmar’s northern Shan state since October, when the so-called “Three Brotherhood Alliance” of ethnic minority groups launched an offensive against the military. The alliance has seized several towns and border hubs vital for trade with China in what analysts say is the biggest military challenge to the junta since it seized power in 2021. – AFP the Civic Party was formed by four lawyers who were also lawmakers – Ronny Tong, Margaret Ng, Audrey Eu and Leong. Aspiring to become a “governing party”, it recruited elites from different professions, such as civic engineer Albert Lai. “It had then been a decade since Hong Kong’s handover, but Beijing had not realised its promise of universal suffrage for the city, that was the triggering point of the party’s formation,” Lai said. Hong Kong was handed over from Britain to China in 1997, with Beijing promising a wide degree of freedoms and an “ultimate aim” of having the city’s leader and lawmakers democratically elected. This year, Beijing’s state television called the party an “anti-China destabilising organisation”. Seven Civic Party members have been prosecuted for leading pro-democracy protests, raising funds for demonstrators and joining an unofficial primary to shortlist legislative candidates, which Hong Kong’s government alleges to be a national security crime. By the end of 2021, all its members on the city’s district and legislative councils had been ousted under Beijing’s “patriots” doctrine in which anyone deemed politically disloyal is weeded out from Hong Kong public office. Rohingyas being transported from their temporary shelter following a protest for the deportation of the Rohingya refugees on Dec 27. – REUTERSPIC refugees and humanitarian workers alike, inciting hate and putting lives in danger. “UNHCR appeals to the public in Indonesia to cross-check information posted online, much of it false or twisted, with AI-generated images and hate speech being sent from bot accounts,” the statement said. The UNHCR reminded everyone that desperate refugee children, women and men seeking shelter in Indonesia are victims of persecution and conflict, and are survivors of deadly sea journeys. It said Indonesia – with its longstanding humanitarian tradition – has helped save these desperate people who would have otherwise died at the sea like hundreds of others. – Bernama

FRIDAY | DEC 29, 2023 8 Washington releases final military aid for Ukraine oDecision to continue support in hands of Republicans as Congress reconvenes on Jan 8 WASHINGTON: The US government on Wednesday announced what it said was the last remaining package of weapons available for Ukraine under existing authorisation, with Congress now needing to decide whether to keep supporting Kyiv’s battle against Russian invasion. “The year’s final package” includes air-defence and artillery munitions, the State Department said in a statement. It added that Congress, where Republicans are split on supporting Ukraine, should “act swiftly” to renew the flow. President Joe Biden has made backing Ukraine a priority and US weapons and financial assistance have been crucial in helping the proWestern country battle against a far larger attacking Russian force. However, right-wing Republicans have led a push to halt the effort, refusing to authorise new budget outlays if the Democrats do not first agree to sweeping, tough new measures against illegal migration over the US southern border. The final tranche of aid is worth up to US$250 million (RM1.15 billion) and includes “air-defence munitions, other air-defence system components, additional ammunition for high mobility artillery rocket systems, 155mm and 105mm artillery ammunition, antiarmor munitions, and over 15 million rounds of ammunition”, the State Department said. The statement underlined the US-led coalition helping Ukraine, noting that “more than 50 countries” are involved. “It is imperative that Congress act swiftly as soon as possible to advance our national security interests by helping Ukraine defend itself and secure its future,” it said. In Kyiv, Ukrainian presidential aide Andriy Yermak welcomed the aid. A week ago, White House National Security Council spokesman John Kirby made clear that the upcoming drawdown of US military aid would be the last available, leaving “no more replenishment authority”. “We’re going to need Congress to act without delay,” he said. Democrats in the Senate, where they hold a narrow majority, tried to push Republicans in December for a last-minute deal, but with little progress the two parties left for the end-of-year holidays. Congress reconvenes on Jan 8. However, finding agreement on immigration – one of the most complex and longest-running headaches in US politics – is expected to be difficult in the Senate. Even then, a deal would have to be approved in the House of Representatives where Republicans – dominated by a hard-right faction – hold their own narrow majority. – AFP Kim calls for ‘accelerated’ war preparations SEOUL: North Korean leader Kim Jong Un urged his party to “accelerate” war preparations including its nuclear programme, state media said yesterday. The comments came just a week after Kim warned Pyongyang would not hesitate to launch a nuclear attack if “provoked” with nukes. Kim made the comments at the North’s ongoing year-end party meeting, where he is expected to unveil key policy decisions for 2024. Kim asked the party to “further accelerate the war preparations” across sectors, including nuclear weapons and civil defence, Pyongyang’s official Korean Central News Agency reported. He also stressed that the “military situation” on the Korean peninsula had become “extreme” due to “unprecedented” anti-North confrontations with Washington. Seoul, Tokyo and Washington have ramped up defence cooperation in the face of a recordbreaking series of weapons tests by Pyongyang this year and recently activated a system to share realtime data on North Korean missile launches. Earlier this month, a US nuclearpowered submarine arrived in the South Korean port city of Busan and Washington flew its long-range bombers in drills with Seoul and Tokyo. The North has previously described the participation of US strategic assets such as B-52 bombers in joint drills on the Korean peninsula as the “intentional nuclear war provocative moves of the US”. Pyongyang this year successfully launched a reconnaissance satellite, enshrined its status as a nuclear power in its constitution, and testfired the most advanced intercontinental ballistic missile in its arsenal. Kim earlier this week defined 2023 as a “year of great turn and great change” in which Pyongyang saw “eye-opening victories”. Last week, the United Nations atomic agency said a second reactor at North Korea’s Yongbyon nuclear facility appeared to be operational, calling it “deeply regrettable.” North Korea is likely to “deploy tactical nuclear weapons in areas near the inter-Korean border” and further advance its nuclear programme in the new year, Ahn Chan-il, a defector-turnedresearcher who runs the World Institute for North Korea Studies, told AFP. Pyongyang would make such moves to exert “great pressure” on South Korea and the US, while maintaining close ties with traditional allies Russia and China, he added. Oil spill blackens part of Venezuelan western coast PUERTO CABELLO: An oil spill is sloshing tarry ooze onto beaches in the state of Carabobo along Venezuela’s western coastline, several environmental groups said on Wednesday. The spill was first detected on Tuesday, Yohan Flores, a regional director of the Azul Ambientalistas NGO, told AFP. “A large part of the beaches of Puerto Cabello are affected,” he said, referring to the country’s largest port 210km west of the capital Caracas. State oil giant PDVSA has not addressed the spill even as NGOs such as the Caribe Sur Foundation say it originated at a waste lagoon near the El Palito refinery, one of the most important in Venezuela. A brief report from the National System for Risk Management noted a “spill of hydrocarbons from the waste lagoon” without offering more details. “A large part of the beaches of Puerto Cabello (in Carabobo state) are affected,“ said Flores, adding that marine fauna may also be affected. Teams from PDVSA, volunteers and fishermen all were seen working on cleanup. The National Organisation for Rescue and Maritime Safety of Venezuela’s Aquatic Spaces called for “environmental contingency” action. The last oil spill recorded in the area was in July 2020, when waste from the refinery also flowed into the sea. B R I E F SBLINKEN SEEKS WAY FORWARD ON MIGRATION MEXICO CITY: US Secretary of State Antony Blinken opened talks on Wednesday in Mexico in hopes of tackling surging migration, which has become a major political headache for President Joe Biden as he enters an election year. The unusual Christmas week trip by the top American diplomat was abruptly scheduled as the rival Republican Party presses Biden to crack down on migration as a condition for providing the votes in Congress for one of his key priorities – support for Ukraine. Mexican President Andres Manuel Lopez Obrador, who spoke to Biden by telephone yesterday, opened the closed-door meeting with small talk about the city’s notorious traffic with Blinken and the rest of the high-level US delegation. Speaking to reporters earlier, Lopez Obrador said Mexico was “helping a lot” on addressing migration. “We’re going to keep doing it and we want to reach an agreement,“ he said, adding that next year’s US elections were giving fresh impetus to the issue. – AFP THREE KILLED IN ‘COUNTER-TERRORISM’ OP TUNIS: Tunisian security forces killed on Wednesday three “terrorists” during an ongoing operation in a mountain area near the Algerian border, said the interior ministry. National guard and army forces were involved in the “counterterrorism operation” near the city of Kasserine, the ministry said, without providing further details on those killed. The forces seized explosives, weapons and munitions, it said. Tunisia has faced a rise in jihadist groups after the 2011 revolution that overthrew the dictatorship of Zine El Abidine Ben Ali. Attacks claimed by jihadists in recent years have killed dozens of soldiers, police officers and some civilians and foreign tourists. – AFP South Korean soldiers take part in an anti-terror drill amid mounting tensions on the Korean peninsula on Dec 27. – REUTERSPIC

FRIDAY | DEC 29, 2023 9 GAZA: Israeli forces pounded central Gaza by land, sea and air, and Palestinian authorities reported dozens more deaths, with the UN health agency saying thousands of people were trying to flee the fighting. Israel remains resolved to wipe out the Palestinian militant group Hamas, despite international calls for a ceasefire and easing of a worsening humanitarian crisis in the Gaza Strip. Israeli planes carried out three strikes in Al Nuseirat in central Gaza, killing seven people and wounding several others, medics said late on Wednesday. The UN World Health Organisation said its staff had seen tens of thousands of people fleeing heavy strikes in Khan Younis and the Middle Area on foot, on donkeys or in cars. Makeshift shelters were being built along the road, it said on Wednesday. On the diplomatic front, where international pressure on Israel has grown, French President Emmanuel Macron told Israeli Prime Minister Benjamin Netanyahu in a call of the need to work towards a durable ceasefire with the help of regional and international partners. A Gaza health ministry statement said an Israeli airstrike killed 20 Palestinians on Wednesday near Al-Amal Hospital in Khan Younis in the southern Gaza Strip. There was no immediate comment from the Israeli military. In central Gaza’s Al-Maghazi district, five Palestinians were killed in one airstrike, medics said, while to the north in Gaza City, health officials said the bodies of seven Palestinians arrived at Al Shifa Hospital. Residents in the central Gaza Strip said with nightfall, Israeli tank shelling intensified east of Al-Bureij and Al-Maghazi where tanks have been trying to force their way through. Israel’s military reported three more soldiers killed in action in Gaza, bringing total military losses to 166 since ground operations began on Oct 20. The Gaza health ministry said the recorded toll in the enclave was 21,110 killed and 55,243 wounded in Israeli attacks. Nearly all of Gaza’s 2.3 million people have been driven from their homes. Many Western and Middle Eastern governments have expressed concerns about the conflict broadening, including on Israel’s northern border with Lebanon. On Wednesday, Hezbollah fired more rockets and weaponised drones than it has in any previous day, security sources said. The Israeli military said its warplanes had targeted Hezbollah military sites and other places in Lebanon, and cabinet minister Benny Gantz said the situation must change. “If the world and the Lebanese government don’t act in order to prevent the firing on Israel’s northern residents, and to distance Hezbollah from the border, the IDF will do it,” he told a press conference, referring to the Israel Defence Forces. In Washington, US President Joe Biden said US military strikes in Iraq on Monday aimed to deter Iran and Iran-backed militia groups from attacks on American personnel and bases. A drone attack by Iran-aligned militants earlier on Monday had wounded three Americans. – Reuters oIsrael remains resolved to wiping out Hamas despite calls for ceasefire and easing of worsening humanitarian crisis Israeli strike kills three in south Lebanon BEIRUT: An Israeli strike in south Lebanon killed a Hezbollah fighter, the group said Wednesday, as state media reported two of his relatives were also killed and the Iran-backed movement launched rockets in retaliation. The border between Lebanon and Israel has seen escalating exchanges of fire, mainly between the Israeli army and Hamas ally Hezbollah, since the Israel-Hamas war began on Oct 7, raising fears of a broader conflagration. “Enemy warplanes raided, before midnight, a house in the centre of the town of Bint Jbeil” about 2km from the border, killing a man, his brother and his wife, Lebanon’s National News Agency (NNA) said. The NNA identified the dead as Ali Bazzi, his brother Ibrahim and his wife Shourouk Hammoud, and said another family member was wounded. Hezbollah later announced that Ali Bazzi was one of its fighters. A relative said Ibrahim Bazzi was an Australian citizen who had flown in for a visit about a week earlier. The Australian government said two Australian citizens had been killed in the airstrike, without identifying them by name. Australia’s attorney-general Mark Dreyfus urged Australians to leave Lebanon while commercial flights were still operating. Hezbollah later on Wednesday said it launched a barrage of 30 Katyusha rockets towards Kiryat Shmona in northern Israel “in response to the enemy’s repeated crimes and its targeting of civilian houses in Bint Jbeil”. Since the cross-border hostilities began, more than 150 people have been killed on the Lebanese side, most of them Hezbollah combatants but also more than 20 civilians, three of them journalists, according to an AFP tally. On the Israeli side, at least four civilians and nine soldiers have been killed, according to figures from the military. Exchanges of fire have been largely confined to the border area, although Israel has conducted limited strikes deeper into Lebanese territory. Hezbollah said on Wednesday it carried out a series of other attacks on Israeli troops and positions, including one on the contested Shebaa Farms involving “suicide drones”, missiles and artillery. The Israeli military said in a statement that “a number of launches were identified crossing from Lebanon toward various areas in northern Israel”, adding that the army struck the sources of fire and “additional areas in Lebanon”. An aerial view of destroyed buildings in Beit Lahia following Israeli bombardment. – AFPPIC B R I E F S‘NETANYAHU NO DIFFERENT FROM HITLER’ ANKARA: Turkish President Tayyip Erdogan said on Wednesday that Israeli Prime Minister Benjamin Netanyahu was no different from Adolf Hitler and likened Israel’s attacks on Gaza to the treatment of Jewish people by the Nazis. Nato member Turkey, which supports a two-state solution to the Israeli-Palestinian conflict, has criticised Israel’s air and ground assault on Gaza, called it a “terror state” and said its leaders must be tried in international courts. Sharpening his rhetoric, Erdogan said Turkiye would welcome academics and scientists facing persecution for their views on the conflict in Gaza, adding Western countries supporting Israel were complicit in what he called war crimes. “They used to speak ill of Hitler. What difference do you have from Hitler? They are going to make us miss Hitler. Is what this Netanyahu is doing any less than what Hitler did? It is not,” Erdogan said. – Reuters MOURNERS CHANT ‘DEATH TO ISRAEL’ AT FUNERAL NAJAF: Mourners chanted “Death to America, Death to Israel” during the funeral service on Wednesday for a senior adviser in Iran’s Revolutionary Guards who was killed in an air strike in Syria. Three security sources and Iranian state media said an Israeli air strike outside Damascus on Monday killed Sayyed Razi Mousavi. The sources said he was responsible for coordinating the military alliance between Syria and Iran. The coffin of Mousavi was passed over the heads of members of the Iraq’s Popular Mobilisation Forces, a heavily armed state paramilitary grouping that contains dozens of Iranbacked factions, during the funeral in Iraq’s holy city of Najaf. Following the funeral at Iraq’s most revered Shi’ite Muslim shrine, his coffin will be flown to Iran for burial. The powerful Revolutionary Guards, Iran’s dominant military force, with its own army, navy, air force and intelligence wing, has said Israel will suffer for killing Mousavi. – Reuters Dozens arrested in pro-Palestinian protests LOS ANGELES: Pro-Palestinian protesters blocked morning traffic on Wednesday around Los Angeles International Airport (LAX) and New York’s John F. Kennedy International Airport (JFK) – two of the nation’s busiest – in coast-to-coast demonstrations that ended with dozens of arrests. Thirty-six people were taken into custody at LAX, where demonstrators became unruly, the Los Angeles Police Department said. “Protesters threw a police officer to the ground, used construction debris, road signs, tree branches and blocks of concrete to obstruct” a road leading into the airport “while attacking uninvolved passersby in their vehicles”, police said in a statement. Airport police said the entrance to the complex was reopened within about 45 minutes with “no impacts to fights,“ the Los Angeles City News Service reported. Across the country, the Port Authority Police Department of New York said 26 people were arrested for disorderly conduct and impeding vehicular traffic during a protest along the Van Wyck Expressway inside JFK Airport in Queens. During the disruption, the Port Authority dispatched two airport buses offering rides to travelers caught in the resulting traffic backup to help them reach the airport safely, the agency said. The roadway was reopened after about 20 minutes, police said. Local news coverage of both protests showed demonstrators carrying banners with messages such as “free Palestine” and “divest from genocide”, in opposition to Israeli military action in the Gaza Strip over the past 11 weeks. The protests came as the UN health agency reported thousands of people trying to flee fighting that has raged in the coastal Palestinian enclave since Oct 7. – Reuters Gaza attacks take heavy toll

10 FRIDAY | DEC 29, 2023 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Link between Covid and stroke among the young THE Covid-19 pandemic has fundamentally altered the physiological landscape of individuals around the globe. Beyond the oft-quoted and widely recognised respiratory impact, the virus has also demonstrated its ability to traverse various bodily functions, leaving a trail of physiological changes in its wake. From the intricate dynamics of the immune response to cardiovascular issues, Covid has brought about unprecedented impacts on human health in various ways. But what are the correlations, if any, between Covid and an increase in stroke incidents, especially among the young? In light of the increasing number of Covid cases in Malaysia, let us investigate the links. Traditionally, when we speak about strokes, it tends to be an “elderly persons” disease, a health concern prevalent among those aged 50 and above. However, over the past three years since the first outbreak of Covid-19, caused by the novel coronavirus SARSCoV-2, an intriguing and worrying connection has emerged between the virus and incidents of stroke in younger individuals. Covid is associated with a higher risk of stroke, a majority of them being ischemic strokes (caused by a blockage in an artery that supplies blood to the brain). A study by a highly respected database from the National Institutes of Health, PubMed Central, suggested a connection between the high prevalence of vascular risk factors and concurrent elevation of proinflammatory and procoagulation biomarkers in this. It also indicated that the virus that causes Covid-19 infects the cells that line the inside of blood vessels, and these infected cells release several proinflammatory factors that attract other immune cells to the affected area. This leads to damage to the lining cells, activating platelets and other factors involved in clotting. This chain of events eventually increases the risk of a blood clot that can potentially travel up to the brain and cause a stroke. In essence, hypercoagulability and inflammatory response cause vascular it remains a risk, especially for individuals with pre-existing health conditions that are known to boost the risk of stroke. Young individuals who have preexisting health conditions such as hypertension, diabetes or obesity face an elevated risk of experiencing severe complications from Covid-19, including the potential for strokes. Effectively managing these underlying health conditions emerges as a critical measure in preventing adverse outcomes and improving the overall prognosis for those affected by the virus. Prioritising the control and treatment of these existing health issues supports overall well-being and plays a pivotal role in mitigating the severity of Covid-19-related complications. Maintaining vigilance and monitoring for symptoms associated with stroke, such as sudden weakness or numbness, difficulty speaking or severe headache, is crucial for early detection and intervention. Seeking prompt medical attention can significantly improve outcomes in case of a stroke. While the correlation between incidents of stroke, Covid-19 and how it affects younger individuals remains a subject of ongoing research and study, it is crucial to recognise the potential risks and take appropriate and proactive measures. Additionally, staying informed through reputable health sources, taking care of one’s diet, and lifestyle habits and consulting with medical professionals will lower the risk of stroke. The writer is a consultant neurologist at Aurelius Hospital in Nilai. Comments: [email protected] “Data and evidence gathered point to a heightened risk of stroke brought about by Covid-19, regardless of age. Even though it remains an uncommon occurrence, it remains a risk. The Covid-19 pandemic has fundamentally altered the physiological landscape of individuals around the globe. – REUTERSPIC COMMENT by Dr Joyce Pauline Joseph complications, increasing the risk of strokes, regardless of age. Findings from another large-scale study by the British Medical Journal, wholly owned by the British Medical Association, suggested that Covid-19 is a risk factor for deep vein thrombosis, pulmonary embolism and bleeding. The risk of developing blood clots in the lungs and legs is significantly elevated for up to six months upon contraction of Covid-19. From data collected from the US Department of Veteran Affairs, which consisted of 153,760 individuals who contracted Covid-19, evidence suggested that after the initial 30 days of infection, individuals afflicted with Covid displayed heightened susceptibilities and endured a yearlong burden of newly emerging cardiovascular conditions. These encompassed a spectrum of disorders, ranging from cerebrovascular issues and dysrhythmias to inflammatory heart disease, ischemic heart disease, heart failure, thromboembolic disease and assorted cardiac disorders. Strikingly, these risks manifested consistently across various demographic factors, such as age, race and gender, as well as other established cardiovascular risk factors such as obesity, hypertension, diabetes, chronic kidney disease and hyperlipidemia. Notably, even those without any pre-existing cardiovascular conditions before exposure to Covid-19 exhibited these risks, suggesting a propensity for these complications to manifest in individuals traditionally considered at low risk for cardiovascular diseases. In summary, data and evidence gathered do point to a heightened risk of stroke brought about by Covid-19, regardless of age. Even though it remains an uncommon occurrence,

11 FRIDAY | DEC 29, 2023 Housing done, time for water AT a dialogue session between Prime Minister (PM) Datuk Seri Anwar Ibrahim and senior media practitioners last Saturday, I was ready to address the omission of two keywords from the names of ministries when he formed the Madani Cabinet in November last year. And it happened again when the prime minister reshuffled his Cabinet on Dec 12. To ensure I did not miss certain points for argument’s sake, I jotted in my reporter’s notebook the two important words that always featured in the portfolios of previous Cabinets but were omitted in Anwar’s Cabinet: water and housing. In the original unity government Cabinet, water fell under Natural Resources while housing came under Local Government Development. However, due to the multitude of questions and time constraints, I did not get a chance to suggest to the PM – despite raising my hand several times – to reinstate “water and housing” in the respective ministries’ names. The point I had intended to make was that without water and housing specifically identified in the Cabinet portfolios, these two vital components in our daily lives may not get the priority they deserve. They run the risk of being sidelined in the order of priority. However, here is the good news – the Local Government Development Ministry announced on Tuesday that it is now known as the Housing and Local Government Ministry. It said the name change was decided during the Cabinet meeting on Dec 13, adding that providing affordable housing remains the ministry’s main thrust. The ministry’s target is to construct 500,000 housing units nationwide, especially for the B40 and M40 g r o u p s through the ongoing 12th Malaysia Plan. Now with housing back on the frontline, what about water – life’s most vital resource? It was not publicly stated in the Cabinet reshuffle announcement whether water now remains with the Natural Resources and Sustainability or under the Energy Transition and Public Utility Ministry. Firstly, I would regard it as an oversight to have dropped these two nomenclatures that have been part and parcel of our everyday existence. The earlier “water” returns as part of the ministry’s name, the better as water is life. Readers who have been following this column, now in its 13th year, can vouch that water is a pet issue that I have written about against the backdrop that is something Malaysia and Malaysians have taken not only for granted but perhaps, too much for granted. A myriad of initiatives are offered in either the federal or state budget presentations annually but rarely, if at all, do we read or hear about specific allocations, for example, an increase in water supply capacity to meet the rapidly growing population. The water supply situation is a critical issue in the Klang Valley, which encompasses Kuala Lumpur and Selangor, Malaysia’s most populated and No. 1 economic state. Selangor has the highest population, simply because Malaysians from the other 12 states are flocking here, given its vast business and job opportunities. It is also the fastest-growing state industrially. Look at the mushrooming of highrise condominium blocks, soaring 50 storeys skyward over the past 10 to 15 years in an overbuilt city such as Kuala Lumpur and neighbouring Selangor, not to mention Putrajaya. This seemingly uncontrolled property development is the main reason why Selangor’s water reserve margin is running precariously low, obviously the lowest in the country. For the three years from 2018, Selangor’s water reserve margin was zero. However, it has been boosted to 17.4% in 2021 and 15.25% last year. With global issues such as climate change and some two-thirds of countries globally reportedly facing water shortage, the last thing we want to see happening is water politics. Selangor, under a previous state government, even came up with the world’s first free water policy for household consumption. It was meant to be a populist move but which, in effect, costs the state government billions in payment to the privatised water concessionaires. It is a bad policy, considering water is a precious resource, and when given free can lead to a tremendous amount of wastage, aggravating the problem of nonrevenue water. No one minds paying for such a vital resource because given the low water tariffs prevailing in the country, water is the cheapest utility bill compared with others. The average household only pays about RM15 to RM30 for their water monthly, much lower than what parents spend to top up their children’s mobile phones. In this regard, I applaud the move by the Penang government to seek Federal government approval to raise water tariffs for households in the state. Chief Minister Chow Kon Yeow said on Christmas Day that the current tariff for domestic consumers had not been increased since 2015 and was heavily subsidised. The Penang Water Supply Corporation spends more than RM1 to treat every 1,000 litres of water but only charges households 30 sen. Without any tariff increase, the state government spends RM100 million annually on water. The bottom line is that no effort should be spared to prevent a water crisis because such a crisis, if it happens, is the mother of all crises. Comments: [email protected] “With housing back on the frontline, water needs to get the priority it deserves or risks being sidelined, as it is part and parcel of our everyday existence. The water supply situation is a critical issue in the Klang Valley, which encompasses Kuala Lumpur and Selangor. – REUTERSPIC Empathy and forthrightness vital for navigating family challenges Q: My husband recently left me and moved in with another woman. My children are confused because their dad has been lying to them about where he is living and the reasons for our separation. What should I tell them? Focus on the Family Malaysia: We are sorry to hear about your situation. Even though we can understand your desire to protect your children’s innocence, it is important to be honest with them about what is going on. Be as forthright as you can while taking their age and maturity into account. We suggest you explain to your children, using age-appropriate language, that you and their father have not been getting along, and he has made some bad choices that are hurting the family. Resist the temptation to criticise your spouse because you do not want to alienate him further from the children. If they ask about the other woman, give them a straightforward answer and explain that it makes you sad that their father has moved in with her. Most importantly, reassure your children of your love, and that it is not their fault that this has happened. Emphasise that you understand how painful this situation is for them. Encourage them to be open about their sadness and anger but do not allow them to engage in aggressive or destructive behaviour. Writing and journalling are good emotional outlets for older children. Younger children sometimes find it helpful to express their feelings by drawing pictures. Focus on the Family Malaysia is here to help people in your situation, so we invite you to contact our counsellors for more insights. Q: One of my parenting struggles is that I tend to let misbehaviour and disobedience go unchallenged. I know this does not help my children in the long run. How can I change? Focus on the Family Malaysia: There are four basic parenting styles: authoritarian, authoritative, permissive and neglectful. Studies consistently show that authoritative parenting is the most effective and beneficial style for children. Researchers have discovered that authoritative parenting can lead to fewer behavioural, mental, social and emotional issues in children. It can also yield academic and relational benefits. Authoritative parenting involves high levels of warmth, responsiveness and sensitivity accompanied by limits and expectations. A practical starting point and template can be found in the Seven Traits of Effective Parenting: adaptability, respect, intentionality, steadfast love, boundaries, forgiveness and gratitude. To become a more authoritative parent, consider focusing on these three areas: 1. Yourself: Do you need to create more boundaries for yourself and your children? Take inventory of what you are doing well and where you may need improvement. Give your list to someone you trust who can weigh in with their observations while encouraging you as you try to make improvements. 2. Your child/children: What do your children need to learn emotionally, mentally and socially? Get involved in what interests them. Your children want a relationship with you and need your wise and intentional direction. Work on modelling wisdom and true humility, along with respect, love and gratitude. 3. Your family: Ultimately, we all carve out time for the things that are most important to us – so make your family a priority. Take time to connect and develop the kind of memories you want for your family. Strengthen relationships through grace and forgiveness. Visit our website to read more about the Seven Traits of Effective Parenting. The article was contributed by Focus on the Family Malaysia, a non-profit organisation dedicated to supporting and strengthening the family unit. It provides a myriad of programmes and resources, including professional counselling services, to the community. For more information, visit family.org.my. Comments: [email protected] UNDER ONE ROOF

COMMUNITY COMMUNITY 12 FRIDAY | DEC 29, 2023 From despair to renewed faith KUALA LUMPUR: “Please kill me. I just want to die … I can’t take the pain anymore,” said Devika Rajamanickam, now 42, after her first chemotherapy session in 2019. Her husband, Ramesh Suparammanayam, 43, was distraught. Here was a woman he loved more than anything else in the world, but she was going through so much suffering and there was little he could do to ease her pain. A high-profile couple, Devika is the country head of corporate sustainability at a major financial institution, while Ramesh is the sales director at a software company. The couple, who live in USJ, Subang Jaya, have been married since 2005 and are blessed with two sons, Yuhaan, 16, and Nihaan, eight. Devika’s ordeal started in 2011 when she felt some discomfort during her monthly periods. She consulted her gynaecologist, only to be told that she had a 2cm ovarian cyst. “It grew bigger each time I had my period, and subsided when it was over. I lived with it for eight years as my gynaecologist said there was nothing to worry about.” In 2014, even though the cyst caused her some discomfort while she was pregnant with her second son, Devika’s gynaecologist reassured her that it did not pose a problem. But this was not entirely true. When Nihaan turned five, Devika suffered extreme pain in her lower abdomen and was rushed to the hospital. There, it was discovered that she had ovarian cancer. This was the beginning of her nightmare. “I couldn’t believe this was happening to us. Devika has always been a very strong, well-balanced and happy person. Career-minded, she has always striven to give her best at work, while balancing her family commitments too. “So, to find her in extreme pain, weak, and vulnerable was something our family was unprepared for. And for her to say ‘please kill me’ was just too much to bear,” said Ramesh. Devika and Ramesh have gone through the most trying of times but have always found strength in each other. – ADIB RAWI YAHYA/THESUN oWoman’s battle with Big C takes her down spiritual path after harrowing experiences █ BYJOSHUA PURUSHOTMAN [email protected] Eye-opening book by cancer survivor CANCER SURVIVOR Devika Rajamanickam has detailed her journey with the disease in her book, ABC – A Battle of Cancer. Part of the proceeds will be donated to the National Cancer Society of Malaysia. In her book, there are times when Devika is candid. On other occasions, one can feel the pain and seriousness with which she speaks. In her words, Devika said she lived the life of her dreams – a loving husband, two amazing children, and a pretty awesome, well-paying job. “Then one day you wake up to a living nightmare – an insidious parasite gnawing deep inside you, blind to reason and hungry to invade. “This sinister presence becomes your new reality, and darkness becomes you.” Her vibrant life, once in full swing, came to an abrupt halt in 2019, hurling her into the blackness. She grappled with life-altering decisions, saw her body change, which made her hate the mirror, and confronted the brutal reality of chemotherapy. Devika speaks of her fears upon learning she had ovarian cancer and the strength she derived from her husband, children and parents to carry on with her fight. She also speaks of the extreme pain she encountered with ovarian cancer and advises readers to always get a second opinion and do something about it if one is ill. Do not ignore your medical problem as she did for eight years with a cyst. In a lighter tone, she says her late mother would have killed her for telling her story. “Out of love, she would’ve wanted me to ‘safeguard my dignity’, insisting that my health journey is a secret to keep. “But there is another outcome to consider; the chance to offer hope and help to others.” The book is a recommended read for anyone dealing with lifechanging issues and those who wish to learn what it takes to be a cancer survivor. Priced at US$10 (RM46.50), ABC – A Battle of Cancer can be purchased via an online bookstore using the following links: E-sentral e-sentral.com/search/Devika%20 rajamanickam?fbclid=IwAR0CkQQUG q j N m Z B K g c f - nIq8BEbQpEIPfbofy50eya4d1H9fPavq 5unTsAE Amazon amazon.com/dp/B0CPWPJWV9 Barnes and Noble barnesandnoble.com/w/abc-a-battleo f - c a n c e r - d e v i k a - rajamanickam/1144428370;jsessionid =A71111C907DB83F114EA797F848F 3 B 2 C . p r o d n y _ s t o r e 0 1 - atgap05?ean=2940179072010 To purchase a hardcopy, email Devika at [email protected]. – By Joshua Purushotman A recommended read for anyone dealing with life-changing issues and those who wish to learn what it takes to be a cancer surivor. Ultrasound scans showed that the cyst had grown to 9cm and was twisting her left ovary, which was why she suffered sharp pains in her lower abdomen. Devika had emergency surgery to remove the cyst and an ovary which was damaged. The sample was sent for a biopsy, and two weeks later, it was confirmed that she had stage one ovarian cancer. “Thank God, it was detected early. But the surgical oncologist said I had to undergo a ‘hysterectomy’ to remove my remaining reproductive organs as well. “While we were not planning to have another child, what the oncologist said meant I could never conceive again even if Ramesh and I wanted one.” The surgical oncologist’s words also meant Devika would spend the rest of her life experiencing “surgically induced menopause” with hormonal changes, poor bone density, hot flushes that made sleeping difficult, and other overwhelming symptoms. “I was only 38 years old when I had the hysterectomy and menopause. The surgical oncologist said apart from the negative symptoms I would experience, having the hysterectomy would help prolong my life. “I asked God why. Why me? Ramesh and I have so many plans and dreams for our lives. We want to see our children grow, enjoy each other’s company and travel to places we have never been to.” Her hysterectomy was done within 10 days of her first ovarian surgery. She was then referred to a medical oncologist who started her on a double dose of drugs and six cycles of chemotherapy, which she has since completed. “My first chemotherapy session as an outpatient was really bad. I couldn’t eat, constantly vomited and was in a lot of pain. It was decided that I should be readmitted to the hospital and given lots of painkillers. “So, after every chemotherapy session, which I had at three-week intervals, I had to be warded as I was very weak. Before long, my hair started to fall out and I decided to shave it bald.” The steroids Devika was given to suppress the side effects of chemotherapy made her feel bloated and she put on a lot of weight. Somehow, she completed all six chemotherapy cycles in three months. Devika also tried Hormone Replacement Therapy (HRT) which doctors usually recommend for those below 45 years. HRT is supposed to help reduce her hot flushes. But then, she discovered it has side effects, including the possibility of contracting breast cancer, and decided to stop it. Throughout her chemotherapy sessions, Ramesh, her late mother, Rajeswary Krishnasamy, 68, and now widowed father, Rajamanickam Packirisamy, 74, were always by her side. “That’s what family is for … to support each other in sickness and in health, right? “There is nothing I wouldn’t do for Devika. We have been married for 18 years, and she has always been there for me too,” Ramesh said. Meanwhile, her two sons noticed that their mother was not her normal self and wondered why Amma was losing her hair and finally shaved it bald. But like all children, they were wrapped up in school, studies and extracurricular activities. “Their lives went on as usual, thank God for that. Ramesh, their grandparents and aunts were always there for them as well,” Devika said. Food was another major problem. For a week after each chemotherapy session, Devika had a “metal” taste in her mouth. She only had a five to 10-minute window to eat before the metal taste returned. Besides, she could only eat Chinese fried rice with chilli padi or dried chilli yee-mee as she couldn’t taste anything else. Even her tongue had black spots on it and her fingernails turned black too. Throughout their journey with cancer, one thing the couple stressed was the importance of medical coverage. “Cancer treatment is very expensive. While Devika’s employer provided excellent medical coverage, it is critical to have private insurance too as a backup,” Ramesh said. For three years after her hysterectomy, Devika underwent an annual Positron Emission Tomography scan as a preventive measure to detect the presence of any tumour in her body. She is now under surveillance. So, what is life like after the Big C? “I am very proud of my employer. My company and colleagues have supported me throughout my journey with cancer. While I still take my job very seriously, I have also renewed my faith in God. “I have become more spiritual. I take my private life less seriously and prefer more stress-free activities. Above all, I value my husband and family even more and will never give them up for anything.” Devika has written a book, ABC – A Battle of Cancer and has committed to donate part of the proceeds to the National Cancer Society of Malaysia. Please see sidebar for story.

LYFE LYFE FRIDAY | DEC 29, 2023 14 THE New Year is just around the corner, and as we bid farewell to the old and welcome the new, there’s no reason our furry friends shouldn’t be a part of the celebration. Ring in the New Year with your pets by following these pet-friendly suggestions for a memorable and safe celebration. Cosy movie night in Transform your living room into a pet-friendly movie theater. Pick petfriendly movies and create a cosy space with blankets and pillows for both you and your pet. Snuggle up together and enjoy a quiet night away from the loud fireworks. Gourmet pet feast Prepare a special New Year’s Eve dinner for your pet. Make sure to use pet-safe ingredients, and perhaps even try your hand at baking homemade pet treats. Celebrate the bond you share by having a delightful meal together. Pet-friendly party treats If you are hosting a New Year’s Eve party, make sure to include petfriendly treats for your furry guests. Prepare snacks that are safe for pets to enjoy, like bite-sized bits of plain chicken or dog-friendly biscuits. Themed pet photoshoot Capture the moment with a themed New Year’s Eve photoshoot for your pet. Dress them up in adorable pet-friendly outfits or accessories that match the festive theme. Documenting these moments will give you plenty of cherished memories for years to come. Calming activities Many pets get anxious during fireworks. Create a calming environment with activities that help soothe your pet’s nerves. Play soft music, use calming pheromone diffusers, or consider trying a pet anxiety wrap to provide comfort. Pet-friendly countdown Who says countdowns are just for humans? Celebrate the stroke of midnight with your pet by counting down together. You can even have a small, pet-safe noisemaker to add a touch of celebration. Interactive playtime Engage your pet in interactive playtime to keep them distracted from the noise and fireworks outside. Whether it’s a game of fetch or trying out a new toy, spending quality time with your pet is a great way to usher in the New Year. Safe haven setup Create a safe haven for your pet to retreat to if they become overwhelmed by the festivities. Set up a quiet, comfortable space with familiar toys and bedding where your pet can feel secure. Virtual celebrations If your pet isn’t a fan of crowds or noise, consider participating in virtual celebrations. Many petfriendly apps and websites offer interactive games or live-streamed events designed specifically for pets. Set New Year’s resolutions together Reflect on the past year and set New Year’s resolutions for both you and your pet. Whether it’s committing to daily walks, trying out new activities, or simply spending more quality time together, sharing resolutions can strengthen your bond. Pet-friendly mocktails While you sip on your favourite beverages, craft pet-friendly mocktails for your furry friend. Create a refreshing concoction using pet-safe ingredients like diluted chicken or beef broth. DIY pet confetti poppers Make DIY pet-friendly confetti poppers using pet-safe materials. It’s a fun way to add a touch of celebration without exposing your pet to harmful substances. Keep it light and entertaining to avoid overwhelming your furry friend. Reflective walk under the stars Take a quiet, reflective walk with your pet under the stars. Enjoy the peaceful moments together as you welcome the New Year. Ensure your pet is safely leashed, and use reflective gear for visibility. Pet spa night Turn New Year’s Eve into a spa night Paw-sitively perfect New Year’s Eve oGuide to pet-friendly celebrations █ BYTHASHINE SELVAKUMARAN Including pets in New Year celebrations can involve creating pet-friendly traditions. (Left) For a memorable start to the year, pet owners could capture the moment by taking photos or videos of their furry friends joining the celebration. (Top) It is important to consider the well-being of pets by minimising loud noises and providing a safe and comfortable environment. Celebrating the New Year with pets can be a joyous experience, as their presence add warmth and companionship to the festivities. for your pet. Pamper them with a gentle brush, a relaxing massage, and a soothing bath using pet-friendly products. This can be a calming prelude to the evening’s festivities. Emergency preparedness Prepare for the unexpected. Make sure your pet’s identification tags are up-to-date and they are microchipped. Familiarise yourself with the location of the nearest emergency veterinary clinic, just in case. Make sure it will be open! This New Year’s Eve, make it a point to include your pets in the celebration. With a little planning and consideration, you can ensure that your furry friends have a safe and enjoyable start to the year. After all, what better way to embark on a new beginning than with those who fill our lives with unconditional love and joy?

LYFE LYFE 16 FRIDAY | DEC 29, 2023 qumasStirof vegetasauce, this importance of tedelivering a delicious umami notes. Rice pudding Sweet comfort worldA classic dessert worldwide, rice puddcomforting treat mademilk with sugar and aWhether adorned wor a drizzle of hoembodies the sweet grain, offering a glculinary indulgence. Onigirazu Innovative convenienA modern twist on onigiri, onigirazu is awith grilled chickenvariety of sauces. Wrapped in nori offers a convenient aenjoy the goodnessrepresenting the innJapanese culinary evoIdli Healthy breakfast traHailing from southsteamed ricMiddle E a s t , d o l m a f e a t u r e s grape leaves stuffed with a flavorful mixture of rice, pine nuts and a variety of aromatic herbs. The cooking process transforms the rice into a tender and savoury delight, creating a dish that is both elegant and refreshing, symbolising the rich culinary heritage of the Middle East. Risotto Slow-cooked indulgence Hailing from the culinary heart of Italy, risotto is a creamy and extremely indulgent dish crafted by slow-cooking arborio rice with broth. The dish’s versatility allows for the incorporation of v a r i o u s ingredients, such as m u s h r o o m s , seafood or seasonal vegetables, creating a rich and satisfying dining experience that Congee Versatile comfort A comforting dish deeply rooted in Chinese cuisine, congee is a rice porridge that serves as a versatile canvas for diverse toppings. W h e t h e r adorned with p i c k l e d v e g e t a b l e s , century eggs or savoury meats, congee offers a customisable and nourishing start to the day, embodying the comfort and adaptability found in Chinese culinary traditions. Dolma Savoury elegance Originating from the RICE, a dietary foundation across diverse cultures, transcends its conventional role as a side dish, elevating it to the forefront of gastronomic creativity. This humble grain, with origins dating back thousands of years, has become the central figure in various cultures resulting in countless culinary masterpieces. Join us as we embark on a delectable journey exploring rice-based dishes, each a testament to the rich tapestry of global cuisine. Sushi Origins and artistry Originating in Japan, sushi is a culinary masterpiece that marries vinegared rice with an assortment of fresh seafood, vegetables and occasionally tropical fruits. The meticulous artistry and precision in its creation and presentation make sushi a globally recognised and revered dish, symbolising the perfection found in Japanese culinary traditions. Paella Vibrancy and tradition Hailing from the diverse regions of Spain, Sushi ... world famous Japanese delicacy. - PEXELS █ BYTHASHINE SELVAKUMARAN Fragrant Biryani from South Asia. – FREEPIK Congee is Chinese comfort food in a bowl. – FREEPIK Ric Idli ... steamed delight from Southern India. – PEXELS Dolma is a stuffed grappaella is a one-pan wonder that unites saffron-infused rice with an array of proteins like chicken, rabbit and seafood. Rooted in Spanish tradition, paella represents a communal culinary experience, bringing people together to savour the vibrant flavours and textures of this iconic dish. Biryani Aromatic elegance A fragrant and aromatic dish hailing from South Asia, biryani is a symphony of flavours where basmati rice intertwines with a rich blend of spices, herbs and marinated meat. The slow-cooking process imparts an unforgettable fragrance, making biryani a cherished culinary creation that reflects the diversity of South Asian culinary heritage. Arancini Crisp and gooey contrasts From the heart of Italy come arancini, enticing rice balls stuffed with a variety of fillings like mozzarella, ragù or mushrooms. Coated in breadcrumbs and deep-fried to golden perfection, these crispy delights offer a delightful contrast between the crunchy exterior and the gooey, flavorful centre, showcasing the artistry of Italian culinary craftsmanship. Rice culinary canvas oMouthwatering creations from the grain of life Fried rice is Asian fusion in a wok. – PEXELS Arancini is an Italian crispy delight. – PEXELS

LYFE LYFE 17 FRIDAY | DEC 29, 2023 Paella ... Spanish feast in a pan. – PEXELS from this region. Rice, with its global presence, proves to be a culinary chameleon capable of transforming into a multitude of delightful dishes. Each of these twelve rice-based creations tells a unique story of culture, tradition and culinary innovation. Whether you are a seasoned food enthusiast or a curious beginner, exploring the world of rice dishes is a delicious journey that knows no bounds. fermented rice and urad dal batter. Served with coconut chutney and sambal, this light and s p o n g y dish offers a healthy a n d d e l i c i o u s b r e a k f a s t o p t i o n , e m b o d y i n g the rich culinary traditions of Southern India. Thosai (Dosa) Versatile crepe-like wonder Also known as dosa, this is a popular South Indian dish made from a fermented batter of rice and urad dal. This thin, crispy crepe-like delight is versatile, often filled with spiced potatoes or served with various chutneys and sambal, showcasing the diversity of flavours in South Indian cuisine and the culinary marvels that have emerged reflects the luxurious side of Italian cuisine. Fried rice Texture and balance A beloved dish in many Asian cultures, fried rice showcases the culinary prowess of t r a n s f o r m i n g leftover rice into a uick and flavourful sterpiece fit for a king. r-fried with a medley ables, meats and soy dish highlights the exture and balance, fusion of savoury and wide found in cultures ding is a creamy and e by simmering rice in romatic spices. with nuts, dried fruits oney, rice pudding side of this versatile lobal celebration of nce traditional Japanese a rice sandwich filled n, vegetables, and a (seaweed), onigirazu and portable way to of rice on the go, novative spirit within olution. adition ern India, idli is a ce cake made from ce pudding is a sweet global treat. – FREEPIK Onigirazu is a modern Japanese rice sandwich. – PEXELS Thosai ... the South Indian culinary marvel. – FREEPIK Middle Eastern pe leaves. – PEXELS Risotto is a creamy indulgence from Italy. – PEXELS

SCAN ME powered by Contributing Editor Keshy Dhillon / [email protected] Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 E: [email protected] FRIDAY | DEC 29, 2023 S OME may not know, but many manufacturers always save the best for last. This is basically practiced by every mainstream manufacturer where they make the final model the best one. This final-run model or “end of life” model will come with all the bells and whistles, with features that can overwhelm the most tech savvy drivers. All that at the cheapest price the model has ever been sold at. But why do manufacturers do this? Simply because there is a brand-new model just around the corner. The new one is not just a facelift, but almost every nut and bolt is new, so the manufacturer knows that it will sell well. Even if they skimp out on all the gadgets and features that have become the raison d’etre of the new model. Manufacturers of cars, tech products and almost every other thing in the world, consistently use a tactic called market skimming. The Monash Business School defines market skimming as, “a pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market.” So, when the product is a Mercedes-Benz, it is not that difficult to skim the market. Mercedes-Benz could practically put their logo on a well-dressed cardboard car and put an exorbitant price on it and tycoons would still buy it. Such is the strength of the brand. However, the car we preview here is the last of the W213 E300 facelift variant, and it is a proper Mercedes-Benz in every sense of the word. This writer has to confess to a few things though. Having owned a W212 Mercedes-Benz for eight years, and having had an ownership experience I wouldn’t wish on my own worst enemy, I have to say that my view of the German brand is not the best. That is the first confession. Having also had a less than remarkable experience reviewing an electric version of a luxury Mercedes-Benz recently, my view of the brand has been further cemented. Truth be told, anyone who asked my opinion of Mercedes-Benz, I would simply point them to Lexus. Because why would I recommend a brand after my own experience with it. And Lexus is by far one of the best at the game. That is the second confession. So recently a cousin asked which car they should buy with a budget of about RM400,000. The person was past 50, small sized and didn’t mind any car as long as it felt luxurious and looked good. I told her to make an appointment with a Lexus sales advisor to check out the Lexus NX. █ BY KESHY DHILLON Brand power Good time to buy ‘end of life’ W213 Mercedes-Benz E300 New19” AMG wheels. The Multibeam LED headlights come with Adaptive Highbeam Assist Plus Technology that automatically illuminate dark spots. The stance of the car is sporty yet does not look out of taste. The 2.0L, four-cylinder, turbo engine is geared for power and efficiency.

MOTORING MOTORING FRIDAY | DEC 29, 2023 19 And that is the final confession. Then I drove the W213 E300 and was astounded. It felt good, there were no ill-fitting interior panels that were buzzing annoyingly, road noise and vibrations were acceptable, and performance was surprisingly good. I was in love. Before going any further, there was just one thing I did not like and that is the black openpore ash wood trimming. Not because of quality issues, but because of personal preference. I like brighter, rather than dark, gloomy interiors. But to each his own. Now that is out of the way, the E300 here is the AMG line variant and it received an update in the first quarter of 2023. The update includes a new set of 19-inch wheels, bigger cross-drilled brake discs and a boot lid spoiler. Inside, there is a new sports steering wheel. That is just the aesthetic upgrade. In terms of tech, the new car gets a HandsFree Access function. This lets you open the boot by placing your foot under the rear bumper and moving it left to right. Perfect for when you have your hands full. Other than that, everything remains the same. The design of this E300 is probably the biggest appeal, especially in black. The stance and the way it sits on its wheels gives it a sporty appearance that just about anyone can appreciate. It is not extravagant, and neither is it dull. The headlights are Multibeam LEDs with Adaptive Highbeam Assist Plus technology. This is perfect for driving in the dark where the headlights illuminate all the dark spots automatically and even dip to avoid glaring oncoming traffic. This was brilliant during a drive to Janda Baik for a birthday party in pitch dark conditions. Getting there highlighted the other strengths of the E300, such as its powerplant. It is powered by a 2.0-litre, four-cylinder, turbocharged, petrol engine that puts out 258PS and 370Nm of torque. This propels the car to 100kph in a respectable 6.2 seconds and onto a top speed of 250kph. But it is not just decently powerful, it is also quite efficient thanks to a nine-speed transmission. MercedesBenz claims the E300 needs just 6.5-litres to travel 100km. With today’s petrol costing RM2.05 per litre (RON95), it will cost you just RM13 to travel from Kuala Lumpur to Ipoh. On the highway, the E300 will happily cruise at 150kph all day long without feeling strained and the interior hushed. And when you hit traffic, it has features that will keep you comfortable and entertained. As we found out when we hit the Deepavali rush during the drive to Janda Baik. The Burmester sound system provided an immersive experience for all our favourite music that played via Apple CarPlay. And it was also a dark cloudy day which allowed us to open the full-length panoramic roof. And that let in some muchneeded light into the interior, instantly making it feel more comfortable. The E300 also comes with the Distronic Plus system, which is basically Mercedes-Benz lingo for adaptive cruise control. This is perfect for heavy traffic conditions when you can simply let the car do the braking and accelerating while you focus on steering and maintain your lane. There were three of us during the drive to Janda Baik, and that meant we had to install the child seat. That is no big deal since Mercedes-Benz does have the most easily accessibly Isofix mounts in the business, though the removable caps that hide the mounts may go missing if you are careless. Installing a child seat for a three-year-old is basically a litmus test for the interior packaging of any car. Child seats are great for safety and ensuring the little monsters don’t terrorise you when you’re driving. But that also means they are sitting higher and closer to the seat ahead, so they tend to kick and soil the front passenger seat. The solution to that would be to move the seat forward, but that sacrifices on leg space at the front. However, it was not too bad in the E300. A 175cm passenger could still get comfortable up front, making the E-Class comfortable for everyone. And so, the Mercedes-Benz E300 won my heart, and I do not usually sulk when returning a car, but I was sad to be returning the car as it proved to be the perfect family partner. The W213 model is nearing the end of its life, and it will soon be replaced by the all-new W214 E-Class. But that also means that this is a great time to buy the E300 as it comes with all the features it never had before. And all of that is priced at RM349,888, which is already RM50,000 cheaper than it was at the beginning of the year. As for whether that cousin of mine that bought the Lexus, she bought the E300 without telling me (not like she has to). When I asked her why she bought that instead of the Lexus, she simply said, “people will know I have made it in life when I arrive in a Mercedes-Benz”. Such is the power of the Benz brand. SPECIFICATIONS Engine: 2.0L, four-cylinder, turbocharged Power: 258PS @ 5800rpm Torque: 370Nm @ 1800rpm Transmission: 9G-Tronic automatic Acceleration (0-100kph): 6.2 seconds Fuel consumption: 6.5L/100km Top speed: 250kph Comfort, Features, Tech. Dark interior trim. The interior feels well built but the dark Ash Wood trim may not be everyone’s taste. The new sports steering wheel looks and feels great. The 12.3” infotainment screen is where all the controls are placed. The driver also gets a 12.3” digital meter panel. The Burmester sound system provides an immersive experience for all passengers. Rear passengers get their own climate settings. Front seats are some of the most comfortable in the segment.

MOTORING MOTORING FRIDAY | DEC 29, 2023 20 VW recalls 6,671 vehicles VOLKSWAGEN Passenger Cars Malaysia (VPCM) has issued a recall for certain models manufactured between 2010 and 2014, affecting a total of 6,671 vehicles. The models subject to inspection include the sixth generation Golf GTI, Eos, Passat CC, Polo, Beetle, and Vento. The focus of the recall is on vehicles equipped with a specific driver front airbag gas generator housing. The concern revolves around the degradation of the front driver airbag housing generator’s propellant. This deterioration is attributed to prolonged exposure to high humidity and temperature fluctuations. The potential consequence is an increased risk of injury to both the driver and passengers. In response to this issue, VPCM has collaborated with its dealer partners to ensure the availability of necessary parts and to facilitate a smooth and efficient recall process. The nationwide recall will be executed in phases to effectively manage the number of affected cases. Owners of the identified vehicles will receive notifications through email and WhatsApp, utilising information from the Volkswagen database. For those who acquired their vehicles from previous owners or used car dealerships, an urgent recommendation is made to contact the nearest Volkswagen authorised dealer for verification. In the event that parts replacement is required, VPCM assures owners that all labour and replacement parts necessary for the service will be provided at no cost. To check whether their vehicle is subject to the recall, owners can visit the Volkswagen Malaysia website and enter their 17-digit VIN number, located at the bottom left of the vehicle’s windscreen. VPCM says it is committed to prioritising the safety of its customers and encourages prompt action from all affected vehicle owners to ensure a swift and effective resolution to this recall. State control biggest car dealership PRESIDENT Vladimir Putin has placed Russia’s largest car dealership under temporary state management, a move the Kremlin claimed was driven by commercial considerations. However, the founder of Rolf, Russian businessman Sergei Petrov, argued that this action portrayed the country as uninvestable. Rolf, founded by Petrov and currently owned by a Cyprusbased firm, was one of the earliest car dealerships to emerge after the collapse of the Soviet Union The temporary state control, outlined in a decree published on a government website, follows Moscow’s trend of seizing Western-owned assets in response to sanctions disrupting Russian assets in the West. While Danish brewer Carlsberg and French dairy giant Danone have been affected before, the takeover of Rolf marks the first instance of a prominent Russian business leader losing control of his property in this manner. Petrov, residing in Austria, faces accusations from Russian authorities of illegally moving money abroad, allegations he vehemently denies. Kremlin spokesman Dmitry Peskov insisted that the move was driven by economic expediency and compliance with Russian legislation amid the current international economic situation. Although Rolf was a Russian company, its ownership structure included offshore elements, prompting state intervention, according to Peskov. Rolf, which traditionally sold a variety of foreign-branded cars, announced the appointment of Alexei Gulyaev as its new CEO, with Svetlana Vinogradova as the first deputy. The temporary management, Rolf asserted, would not impact its operations. Russia’s federal property management agency, Rosimushchestvo, aims to develop and enhance Rolf’s financial performance. Petrov criticised the move, viewing it as another blow to Russia’s investment landscape. He questioned whether investors, particularly from Asia, would be willing to risk purchasing stakes in Russian assets. Petrov expressed scepticism about the temporary nature of the management, suggesting it might be a cover to redistribute assets, driven by political motives and agreements. The founder of Rolf raised concerns about the inefficiency of state involvement in retail, highlighting the potential devastating effects on businesses. Petrov, who, in 2014, was one of the few Russian businessmen to criticise the damage to EastWest relations after the annexation of Crimea, faced investigations in 2019. The accusations against Rolf included buying shares at inflated prices, a charge Petrov believed could be linked to his political views. In September, a former senior manager at Rolf was sentenced to 8� years in prison for allegedly participating in an illegal fund transfer abroad, and an arrest warrant was issued for Petrov. Volvo set to launch ES90 VOLVO’S upcoming electric vehicle, the ES90, is set to replace the S90, marking the automaker’s commitment to electrification. Built on the SPA2 platform, the mid-size luxury sedan will feature one or two electric motors and a substantial 111kWh gross or 107kWh net battery, providing a range of over 600km. The ES90 will be slightly larger than its internal combustion engine counterpart, measuring 4,999mm in length, 1,945mm in width, and 1,547mm in height, with a wheelbase of 3,102mm. Internally known as Project V551, the allwheel-drive ES90 is expected to weigh 2600kg, while the single-engine variant will weigh 2500kg. Production is scheduled to begin in May 2024, with the first customer deliveries anticipated in mid-2025. It will initially be available in China and Europe, with a particular focus on expanding into markets such as the United States. There are no reports of it being introduced into the Malaysian market so we will just have to play the waiting game for now. This move is part of Volvo’s broader strategy to introduce six electric models by 2026, with the new electric Volvo contributing to the brand’s commitment to sustainability and innovation. Sweden investigates Tesla’s suspension failures SWEDEN’S Transport Agency announced that it is currently conducting an investigation into suspension failures in Tesla vehicles, a parallel effort to a similar probe initiated by Norway’s traffic safety regulator. In an emailed statement to Reuters, the Swedish agency confirmed, “We can… confirm that investigative work is also underway with us.” As of now, Tesla has not responded to requests for comment on the matter. Meanwhile, the Finnish transport and communications agency informed Reuters that it has not been approached regarding any issues related to faulty suspension failures. The Norwegian Public Roads Administration (NPRA) disclosed last week that it had commenced an inquiry into Tesla in September 2022. The NPRA has asked the automaker to evaluate consumer complaints about lower rear control arms breaking on its Model S and X vehicles. Depending on the findings, the Norwegian agency may recommend a recall of the vehicles for part replacement if they are deemed to pose a “serious risk.” Alternatively, they may conclude the investigation if no safety concerns are identified or choose to extend the review. Regarding the Norwegian probe, the Swedish agency acknowledged that it, too, had received “a number of notifications about cars from the Tesla brand that have suffered from similar problems.” However, a spokesperson for the Swedish regulator declined to provide additional details, citing the ongoing nature of the investigation. These inquiries in Sweden and Norway come on the heels of a Reuters investigation published earlier in the week. The investigation was based on an examination of thousands of Tesla documents and interviews with former employees, including service managers and technicians in Norway.