TheEdge & Sun-180424

CEOMorningBrief THURSDAY, APRIL 18, 2024 ISSUE 750/2024 theedgemalaysia.com MORE MALAYSIANS BELIEVE COUNTRY ON THE WRONG TRACK, CORRUPTION REMAINS PRIMARY CONCERN — STUDY p2 Zafrul: There are factual errors in Zahid’s affidavit Report on Page 4. Zahid confirms having sighted ex-Agong’s house arrest order for Najib in affidavit Report on Page 3. HOME: PJD Link project discontinued as developer failed to meet conditions, says Fahmi p6 Employees can apply for flexible working arrangements, says HR minister p6 Loke: HeiTech Padu’s MySikap contract value raised due to job merger; no link to Anwar’s former aide p7 WORLD: IMF steps up its warning to US over spending and ballooning debt p14 Apple CEO says it is considering a manufacturing facility in Indonesia p19 SHAHRILL BASRI & ZAHID IZZANI/THEEDGE Datuk Seri Dr Ahmad Zahid Hamidi Tengku Datuk Seri Zafrul Abdul Aziz

thursday A P R IL 18, 2024 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe 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] More Malaysians believe country on the wrong track, corruption remains primary concern — study Former PBRS president Joseph Kurup passes away KUALA LUMPUR (April 17): The number of Malaysians who believe the country is on the wrong track has been on the rise, with financial and political corruption remaining the primary concern, says Ipsos Malaysia. According to a study conducted by the market research firm, the number of Malaysians who think the country is on the wrong track climbed to 47% in March 2024 from 26% in January 2023. Conversely, optimism regarding the country’s direction has waned, with only 53% of Malaysians believing that the country is on the right track in March 2024, down from 74% in January 2023. This falls below the global average, where an average of 62% of citizens across 29 countries believe their nations are on the right path. “Soon, more Malaysians are likely to be pessimistic than optimistic about the country’s direction,” Ipsos Malaysia remarked. The results suggest a persistent decline in satisfaction with the way the country is run at a time when the government is grappling with rising cost of living and concerns over the handling of several high-profile corruption cases. As much as 50% of Malaysians surveyed pointed to financial and political corruption as their primary concern, nearly double the global average of 26%. Other key concerns expressed by Malaysians were by Hee En Qi theedgemalaysia.com Bernama inflation (38%), unemployment (32%) and poverty and social inequality (31%). Notably, concern on taxes has increased 12% year-on-year. This coincides with the government’s proposal of several new taxes during the tabling of Budget 2024 in October 2023, such as capital gains tax and high value goods tax. Entities such as the Federation of Malaysian Manufacturers and the Malaysian Chinese Association (MCA), however, have advocated for the reintroduction of the goods and services tax instead. Nevertheless, Malaysians are less worried about crime and violence, compared to the global average, amid ongoing geopolitical tensions. A previous report from public opinion researcher Merdeka Center, conducted in October 2023 in conjunction with the first anniversary of the unity government, highlighted similar sentiments among voters. Results from the report were less optimistic, with as much as 60% of respondents believing the country to be headed in the wrong direction. Economic concerns — particularly unfavourable economic conditions and high cost of living — were cited as primary reasons for this perception. Ipsos said the decline in optimism among Malaysians is reflected in consumer confidence, which has dipped to 49% in the first quarter of the year, from 54% in the first quarter of last year. On a monthly basis, Malaysia’s consumer confidence has dived 4.2% in March 2024, compared to a more marginal 0.5% decline globally. “As the hopeful months of the New Year have subsided, more Malaysians have become deeply concerned about their financial situation and are extremely apprehensive about spending,” it noted. The Ipsos study involved Malaysian adults aged between 16 and 74, with a monthly sample size of 500 individuals. KOTA KINABALU (April 17): Former Parti Bersatu Rakyat Sabah (PBRS) president Tan Sri Joseph Kurup passed away on Wednesday night. This was confirmed by an officer to his son, Datuk Arthur Joseph Kurup, home who is the current PBRS president and the deputy agriculture and food security minister. It is understood that the elder Joseph, 79, died at the National Heart Institute in Kuala Lumpur. The former Pensiangan Member of Parliament had held several important positions, including as a minister in the Prime Minister's Department (national unity and integration). His body is scheduled to be flown back to Sabah on Thursday. Meanwhile, Arthur in a brief statement on Wednesday night expressed his grief over the loss of his father. “Thank you dad. You are the best. I love you with all my heart,” he said.

thursday A P R IL 18, 2024 3 The E dge C E O m o rning brief home Court bars media from covering Najib’s house arrest challenge at Shafee’s request Zahid confirms having sighted ex-Agong’s house arrest order for Najib in affidavit by Hafiz Yatim theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com KUALA LUMPUR (April 17): Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has affirmed an affidavit that he had sighted the addendum order purportedly issued by the 16th Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, for former prime minister Datuk Seri Najib Razak’s jail sentence to be commuted to house arrest instead. Zahid, who is also the Umno president, is the so-called “critical witness” who had affirmed an affidavit in support, dated April 9, of Najib’s judicial review application against the government and six others. The DPM said in the affirmed document that on Jan 30, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz went to Zahid’s Kajang house. “I was informed by him (Tengku Zafrul) of the addendum order. Upon querying further, he (Tengku Zafrul) showed me a copy of the addendum order from his phone, which showed a scan of the original copy,” Zahid added. “The contents of the addendum order expressly stated that the applicant (Najib) be allowed to serve his reduced sentence of his imprisonment under condition of ‘house arrest’ instead of the current prison confinement in Kajang Prison. I further sighted the addendum order [dated] Jan 29, which had the seal and signature of the 16th Yang di-Pertuan Agong. “I further confirm that the addendum order is genuine and in fact the royal prerogative order as the main order,” the DPM said. Zahid, who is also the Bagan Datuk Member of Parliament, further confirmed the existence of the addendum order dated Jan 29 by the former Agong. However, the DPM said he does not have a copy of the order. “I also believe that other than myself and KUALA LUMPUR (April 17): The High Court here on Wednesday has allowed Datuk Seri Najib Razak’s application to bar the media from covering his judicial review leave application where he sought to be placed under house arrest for the duration of his jail sentence. This follows Najib’s solicitors Shafee & Co writing in to court to ask the matter be heard privately. Tan Sri Muhammad Shafee Abdullah, Najib’s lead counsel, asked Judge Datuk Amarjeet Singh that due to the sensitive matter of the subject, he is asking that the matter be declared a chambers matter and the media is not allowed to report the proceedings. Following this, Amarjeet allowed Shafee’s request. Najib is among others seeking leave for an order that he be placed under house arrest for the duration of his six years’ jail sentence, which was coupled with a RM50 million fine, after being found guilty of abuse of power, criminal breach of trust, and money laundering of SRC International Sdn Bhd funds. A royal pardon in January had reduced his sentence from the original 12 years and RM210 million fine for the offence. Besides this, Najib is also seeking a mandamus order for the addendum order purportedly containing the order by the 16th Yang di Pertuan Agong dated last Jan 29 to be produced before him and for it to be implemented. Najib had named the Federal Territory minister, the FT Pardons Board, Home minister, Attorney General, the Prisons Department commissioner general, the government, and Minister in the Prime Minister’s Department (Law and Institutional Reform) as respondents. Prior to this, Shafee has indicated to court that a critical witness would affirm the affidavit in support of the application. Tengku Zafrul, other members of the government have seen the addendum order, namely Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail, who has seen the order and confirmed the same,” he said, adding that the addendum order had not been executed or enforced yet. “I was further informed that the attorney general had the original copy of the addendum order for his legal input.” Najib had prior to this filed a judicial review application on April 1, claiming that the former Agong, Al-Sultan Abdullah, had issued a decree that Najib could serve the remaining six years’ jail sentence under house arrest. The former PM is also seeking a mandamus order to compel the production of the original copy of the main pardon order, along with the addendum order by the 16th Yang di-Pertuan Agong as well as costs of the action. Royal pardon matters, however, are protected by the Official Secrets Act. Earlier on Wednesday, the media were prohibited by the court to cover the proceedings, with Najib’s lead counsel Tan Sri Muhammad Shafee Abdullah citing the sensitivity of the matters involved. Following this, High Court judge Datuk Amarjeet Singh declared that proceedings be held in chambers, and barred members of the public from sitting in the proceedings even via video link. Zahid’s affidavit not barred from public scrutiny After proceedings, Shafee questioned the government’s move to conceal the existence of the addendum order as the critical witness had affirmed its existence, and warned the media not to report as to who the person is, citing a court order. However, since then, The Edge and other media have verified with court officials that there is no protective order barring reports on the contents of the additional affidavit, including this one by Zahid. A search on the court documents also revealed that the affidavit by Zahid was not locked or blocked. Prior to this, Najib had filed two affidavits in support of the application. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi is the so-called critical witness who had affirmed an affidavit in support dated April 9 of former prime minister Datuk Seri Najib Razak’s application against the government and six others. Patrick Goh/The Edge

thursday A P R IL 18, 2024 4 The E dge C E O m o rning brief home KUALA LUMPUR (April 17): Datuk Seri Najib Razak’s lead counsel Tan Sri Muhammad Shafee Abdullah is asking the government for the reasons why they were concealing the addendum order made by the 16th Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, with regard to his client’s purported house arrest. Shafee, speaking to reporters after the former prime minister’s judicial review application over the house arrest issue, said the matter is not as straightforward as it seems. “An issue like this has not come up before, where an order from the Agong was not shown to Najib and enforced on. One cannot dispute the Agong’s order. “This is the first case [of an order from the Agong] not being enforced. Why did they (the government) conceal the Yang di-Pertuan Agong’s order, when you [were] authorised to expose it? They should expose and enforce it,” Shafee added. He confirmed that the addendum to the Jan 29 order by the then Agong exists, but when asked whether the critical witness who affirmed the affidavit had done so, Shafee merely said “yes”, but advised the media not to report it. He said the person who affirmed the affidavit had seen the addendum. Shafee explained that the court had barred the public from accessing the document. “We got an affidavit. I cannot name to you who has confirmed that he saw the addendum. I cannot name as to who confirmed seeing the order,” he added. Explaining further, Shafee said if the media want to print the affidavit, they would have to take the risk. “The court gave the order. It is sealed. If you get it leaked, you take the risk. The order is that it cannot be Shafee asks why govt concealed former Agong’s addendum order KUALA LUMPUR (April 17): The affirmed affidavit by Datuk Seri Dr Ahmad Zahid Hamidi about sighting an addendum order — purportedly issued by the previous king for Datuk Seri Najib Razak’s jail sentence to be commuted to house arrest — contains “certain factual errors”, claimed Tengku Datuk Seri Zafrul Abdul Aziz. Tengku Zafrul, who was cited in the deputy prime minister’s (Ahmad Zahid’s) sworn statement that was revealed on Wednesday, said he would be taking steps to obtain appropriate legal advice and seek to write to the High Court to ask for permission or leave to file an affidavit to correct those errors, but did not disclose what they were. Zahid’s affidavit, dated April 9, was in support of Najib’s application for a judicial review against the government and six others, as Najib claims that there exists an addendum to the order issued by the thenking — Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah — to reduce his sentence and allow him to serve his remaining prison term under house arrest. “I take no position in so far as the merits of the ongoing dispute [are] concerned; but I merely wish to ensure that the factual record is properly reflected and recorded, so that all parties and in particular, the High Court, is properly appraised of all material facts,” said Tengku Zafrul, who is also the Minister of Investment, Trade and Industry. “This will ultimately allow for a just and fair decision to be made in the interest of all parties concerned,” he said in a statement. Zahid, in his affidavit, alleged that he had sighted the addendum order issued by the previous king, the 16th Yang Di-Pertuan Agong, and that it was Tengku Zafrul who informed him about the addendum in the pardon order, which is protected by the Official Secrets Act, during a visit to Zahid’s house on Jan 30 this year. “Upon querying further, he (Tengku Zafrul) showed me a copy of the addendum order from his phone, which showed a scan of the original copy. “The contents of the addendum order expressly stated that the applicant (Najib) be allowed to serve the reduced sentence Zafrul: There are factual errors in Zahid’s affidavit by Timothy Achariam theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com of his imprisonment under condition of ‘house arrest’ instead of the current prison confinement in Kajang Prison. I further sighted the addendum order [dated] Jan 29, which had the seal and signature of the 16th Yang di-Pertuan Agong. “I further confirm that the addendum order is genuine and in fact the royal prerogative order as the main order,” Zahid said in the affidavit, adding that he has no copy of the addendum. Najib filed his judicial review application on April 1. In his application, the former prime minister is also seeking a mandamus order to compel the production of the original copy of the main pardon order, along with the addendum order by the previous king. Najib, who was sentenced to serve 12 years in jail and fined RM210 million after he was found guilty of abuse of power, criminal breach of trust and money laundering in relation to RM42 million belonging to SRC International Sdn Bhd, has had his jail term halved by the Pardon’s Board that was chaired by the previous king earlier this year, while the fine was reduced to RM50 million. Following Tengku Zafrul’s statement, the Attorney General’s Chambers said it will bring the matter to the court’s attention in a brief one-paragraph statement. used,” the senior lawyer added. Earlier, the court allowed Najib’s application to bar the media from reporting Wednesday’s judicial review proceedings. Shafee added that prior to filing the judicial review application, his firm had written to the respondents — the home minister, the federal territory minister, the minister in the Prime Minister’s Department for law and institutional reform, the commissioner general of the Prisons Department, and the government. “I asked them the question — does the addendum exist, and why not enforce it? They did not reply. “So what happened to those [who] concealed [it]? [They are] certainly committing serious wrong. You cannot conceal. This was the Agong’s order. You have to obey. Following that, we filed this judicial review,” Shafee said. He revealed that High Court judge Datuk Amarjeet Singh had fixed June 5 for a decision on whether to grant leave (permission) to allow the merits of the judicial review to be heard. Read the full story Sam Fong/The Edge

thursday A P R IL 18, 2024 5 The E dge C E O m o rning brief trust who do you trust to tell the truth ? P r o v i d i n g y o u w i t h i n s i g h t s t o make better decisions P E N I NS U L AR MAL AYSIA RM7.00 SABAH & SAR AWAK RM8.00 ISSN 1675-1205 PP 8409/03/2013(031809) MCI (P) 051/11/2023 M A L AYS I A BUSINESS & INVESTMENT WEEKLY www.theedgemalaysia.com 1506 THE WEEK OF JANUARY 15 — JANUARY 21, 2024 THE STATE OF THE NATION 12 Challenges remain for China’s economy after disappointments in 2023 CORPORATE 20 JB needs LRT system to disperse traffi c coming in from Singapore via the RTS, says project proponent TONG’S PORTFOLIO 18 Malaysia’s 5G is now one of the world’s best, thanks to the unconventional SWN 1 Contrary to what many had anticipated, the new tax has a wider scope and broad defi nitions. Many are still grappling with its implications while much clarifi cation is needed on its application. COVER STORY I 61 to 63 COVER STORY 2 64 to 69 afi zi: Padu long overdue, not an verzealous data collection exercise 16 Edaran in the cross hairs B Y JOSE BARROCK 21 Investor Yu suffers hefty paper loss after y rapid fall of p p counters p B Y I NTAN FAR H A N A Z AINUL 16 Perplexing twists to p takeover offer for KUB B Y LEE WENG KHUEN CORPORATE CORPORATE CORPORATE Capital gains tax: at many had anticipated More than expected P E N I NS U L AR MAL AYSIA RM7.00 SABAH & SAR AWAK RM8.00 ISSN 1675-1205 PP 8409/03/2013(031809) MCI (P) 051/11/2023 M A L AYS I A BUSINESS & INVESTMENT WEEKLY www.theedgemalaysia.com 1512 THE WEEK OF FEBRUARY 26 — MARCH 3, 2024 ZAHID IZZANI/THE EDGE YNH Property Bhd’s RM1.1 billion investment in numerous property development joint ventures over the years has drawn much public scrutiny. Of particular interest is one involving a fi ve-acre parcel in Sri Hartamas. YNH justifi es the JVs and clarifi es why some of the land is under a Registrar’s caveat. COVER STORY 58 to 60 CORPORATE 10 Consolidation of TPG, Hong Leong Group and TE Asia Healthcare’s hospitals in the works, say sources BY JENNY NG AND VASA N T H A G A N E SA N NEWSBREAK CORPORATE 12 Five shortlisted for possible sale of Cement Industries BY I N TA N FAR H A N A Z AI N U L AND JOSE BARROCK NEWSBREAK CORPORATE 10 Khazanah, EPF and GIP forming consortium to run MAHB BY JOSE BARROCK NEWSBREAK CORPORATE 12 DNeX, HeiTech Padu, Theta Edge shortlisted for NIISe project BY JOSE BARROCK NEWSBREAK Th e curious case of YNH and its JVs THE STATE OF THE NATION 14 Watching the ringgit factor in stronger-thanexpected exports rebound TECH 28 Semiconductor veteran turned VC raising US$200 mil to back IPO-able chip fi rms TONG’S PORTFOLIO 18 Is residential property in Malaysia a good investment? Disclaimer: A copy of the Master Prospectus (MP) dated 19 December 2022 has been registered with the Securities Commission Malaysia (SC), who takes no responsibility for its contents. 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ARECA CAPITAL SDN BHD 200601021087 (740840-D) www.arecacapital.com 2 Th e yet-to-be-developed land in Sri Hartamas that is subject to a disposal to the Sunway Group P E N I NS U L AR MAL AYSIA RM7.00 SABAH & SAR AWAK RM8.00 ISSN 1675-1205 PP 8409/03/2013(031809) MCI (P) 051/11/2023 MA LAYSIA BUSINESS & INVESTMENT WEEKLY www.theedgemalaysia.com 1501 THE WEEK OF DECEMBER 4 — DECEMBER 10, 2023 CORPORATE 18 Good chance of EPF’s 2023 dividend beating last year’s 5.35% CORPORATE 20 Mavcom was shocked to see closure of MYAirline TONG’S PORTFOLIO 16 Finally, we are investing again — added six stocks with high, resilient dividend yields 123RF.COM CORPORATE 12 Highway concessionaires want to take charge of MLFF system implementation BY M SHAN M UG AM AND I N TA N FAR H A N A Z AINUL CORPORATE 12 Suria Cap to lease out Sapangar Bay Container Port to DP World BY JOSE BARROCK NEWSBREAK NEWSBREAK For distant goals and close friends. THE NEW CAYENNE. FURTHER TOGETHER. The sports car with room for family, friends and countless shared adventures. With space for up to five people, experience Porsche performance every day – both on- and off-road. Find out more. 12 TIME TO ACT, REAL ESTATE MATTERS 148-PAGE SPECIAL PULLOUT INSIDE FREE! with this issue of Th e Edge PUTRAJAYA Th e unity government spent its fi rst year fending off attempts to topple it, but its grip on Putrajaya appears secure now. As it enters its second year in power, will it walk the talk on the major reforms to restructure the economy so that Malaysia is not stuck in the middle-income trap, or will it be business as usual? COVER STORY 76 to 80 the edge | the best selling w e e k ly newsP a Pe r.

thursday A P R IL 18, 2024 6 The E dge C E O m o rning brief home KUALA LUMPUR (April 17): Workers in Malaysia can apply to their employers for flexible working arrangements based on time, days, and the location of work, according to Sections 60P and 60Q of the Employment Act 1955, said Human Resources Minister Steven Sim Chee Keong. Through a post on X (formerly known as Twitter), he explained that such requests should be submitted to employers for feedback within 60 days, and if rejected, employers must provide the reasons. “The Ministry of Human Resources will continuously review and improve our labour policies and laws to support the 3Ks, namely welfare, skills, and employee performance, and to enhance the country’s economic competitiveness,” he said. In the same post, Sim also attached a photo of the Employment Act 1955, highlighting Part XIIC concerning flexible working arrangements. According to Section 60P (1) of the Act, an employee has the right to request from their employer for a flexible working arrangement to vary the hours of work, days of work, or place of work in relation to his or her employment, subject to Part XII or anything contained in the contract of service. Employees can apply for flexible working arrangements, says HR minister PUTRAJAYA (April 17): The Cabinet on Wednesday decided to discontinue the construction of the Petaling Jaya Dispersal Link (PJD Link) highway project in the Petaling Jaya area, as the developer, PJD Link (M) Sdn Bhd, had failed to meet a number of conditions precedent. Communications Minister Fahmi Fadzil, who is also the spokesman for the unity government, said the decision also saw no extension of time after the conditions set failed to be met by the project concessionaire. PJD Link project discontinued as developer failed to meet conditions, says Fahmi Bernama Bernama “The Cabinet today (Wednesday) decided not to continue discussions with PJD Link. PJD Link has applied for an extension [of time] to meet a number of conditions precedent, but this has been rejected by the government, and the decision is not to continue. “As a result of that (failure to meet a number of conditions precedent), the project will not continue,” Fahmi said at a press conference here on Wednesday. PJD Link is the concessionaire for the proposed 25.4km two-lane dual carriageway (four-lane expressway), which would start after the New Klang Valley Expressway (NKVE) Toll Plaza at the Sprint Expressway, Damansara. It would end at the intersection of the Bukit Jalil Highway. The project aimed to improve traffic congestion and accommodate future vehicle growth in Kuala Lumpur and the Klang Valley. PJD Link signed a concession agreement with the Malaysian government on April 5, 2022. Fahmi said the Ministry of Works will issue a statement regarding the matter in the near future. In other developments, Fahmi said Prime Minister Datuk Seri Anwar Ibrahim had expressed his appreciation to the Ministry of Domestic Trade and Cost of Living (KPDN) for the success of enforcement activities to ensure sufficient supply of basic necessities and controlled prices during the Aidilfitri festival season. “KPDN has been active in terms of enforcement to ensure that prices of goods are under control, and that there are no problems related to supplies such as chicken, eggs and so on. “The response from the people so far has been positive,” Fahmi said, while describing the success as the first achieved by the ministry during the Aidilfitri festival season. Shahrin Yahya/The Edge Zahid Izzani/The Edge The Act also stated that for a flexible working arrangement under Section 60Q (1), the employee shall make an application under Section 60P in writing and in the form and manner as may be determined by the director general of labour. Sim said this in response to a post by a portal regarding workers in Singapore now being able to apply to work four days a week, more working days from home, and phased working hours starting from Dec 1 this year. This follows the Tripartite Guidelines on Flexible Work Arrangements announced by the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) in the city state recently. The TAFEP is an agency established by Singapore’s Ministry of Manpower, its National Trades Union Congress, and the Singapore National Employers Federation.

thursday A P R IL 18, 2024 7 The E dge C E O m o rning brief home Loke: HeiTech Padu’s MySikap contract value raised due to job merger; no link to Anwar’s former aide by Izzul Ikram theedgemalaysia.com PUTRAJAYA (April 17): Transport Minister Anthony Loke Siew Fook said the value of the MySikap contract awarded to HeiTech Padu Bhd rose to RM190.01 million due to a job merger, and refuted any connections between the contract award and the group’s new shareholder Datuk Wira Farhash Wafa Salvador Rizal Mubarak, a former aide to Prime Minister Datuk Seri Anwar Ibrahim. According to Loke, the maintenance and technical support contract had merged two contracts that were previously awarded separately via direct negotiations — one for MySikap (a driver and vehicle information system) and another for its accompanying mainframe (the server that stores MySikap data) — which resulted in a higher value for the contract. The Ministry of Transport (MOT) had, in 2014, decided that the MySikap and mainframe contracts should be made separate, Loke said. But last year, it decided to merge them into one, and to award the merged job via an open tender. The tender took place before Farhash became a shareholder of HeiTech Padu, Loke told a press conference on Wednesday. Three companies participated in the tender, and all three passed the technical and financial evaluation stage. Compared to the project’s internal ceiling estimate of RM207.32 million, HeiTech Padu offered to undertake the job for RM185.08 million (excluding service tax), while the other two bidders offered RM186.89 million and RM199.51 million respectively, Loke said. “On Nov 24, 2023, the MOT procurement board convened and certified HeiTech Padu as the best offer, as it had the most reasonable and lowest price that passed all evaluative stages,” Loke said. “Treasury approval was obtained on Feb 8, 2024 for a value of RM185 million (excluding service tax),” he added. Decision made before Farhash’s emergence in HeiTech Padu The tender was concluded prior to Farhash emerging as a substantial shareholder of the company in March this year, Loke stressed. “In February 2024, the Ministry of Finance (MOF) gave approval for the tender certificate, which means that this approval was not given yesterday. It was already made in February, and Farhash only bought a 15.9% stake in HeiTech Padu on March 16. “The tender decision was already made before Farhash bought shares in HeiTech Padu. He had nothing to do with it [prior to] his involvement in the company. He got to buy the shares in March. It’s your respective right to buy shares,” Loke said. Anwar and the Cabinet take seriously any claims that the contract was awarded to HeiTech Padu due to Farhash’s connection with Anwar, and welcome any party still not satisfied with the government’s explanation over the matter to lodge a report with the Malaysian Anti-Corruption Commission, so that a detailed investigation can be undertaken, Loke added. The minister also dismissed allegations of insider trading, saying Farhash does not serve the government in any capacity, and that the letter from the MOF to the MOT regarding the tender certificate’s approval was confidential and protected under the Official Secrets Act 1972. “To make that allegation is something that is not right,” he added. The clarification came a day after Loke explained that the higher contract value of RM190.01 million awarded to HeiTech Padu was also due to a longer contract duration of three years instead of one previously. On Wednesday, Loke further explained that the government decided to award a longer contract duration as shorter contract periods tend to cost more. “Normally, maintenance contracts are something that we give for long periods,” he added. Loke also noted that pending the merger of the contracts and the open tender, the Road Transport Department (JPJ) had granted HeiTech Padu one-year extensions for both the MySikap and mainframe contracts — from May 1, 2023 to April 30, 2024 — for an aggregate RM54.33 million. HeiTech Padu announced both extensions to Bursa Malaysia in July last year. The company announced that it had secured the RM190.01 million job, which works out to an average RM63.34 million a year, from the JPJ on Monday. It said the job involves “maintenance and technical support services for the JPJ’s information and communications technology infrastructure and MySikap system”. HeiTech Padu’s history with MySikap HeiTech Padu developed MySikap for the JPJ after securing a four-year contract to do so in July 2010 for RM282 million, including two “warranty years”. On completion of the system in 2013, the JPJ rolled it out in November that same year to replace the department’s Sikap system used since 1992. In September 2014, the JPJ contracted the company, on a direct negotiation basis, for a “mainframe capacity upgrade” for RM177 million over five years until September 2019. HeiTech Padu then received a MySikap maintenance contract in 2016 for RM79.77 million for two years — from November 2016 to December 2018. This was followed by another MySikap maintenance contract in 2021 for RM36.25 million for slightly over 12 months from Sept 6, 2021 to Sept 30, 2022. This contract received a RM10.49 million extension in 2022 for four months to Jan 31, 2023, followed by a one-year extension in May last year. As for the mainframe maintenance job, HeiTech Padu secured a RM126.02 million contract in 2020 for 29 months from May 1, 2020 to Sept 30, 2022, followed by an extension valued at RM13.23 million for four months to Jan 31, 2022, and a one-year extension in May 2023. Shares in HeiTech Padu ended two sen or 0.84% lower at RM2.37 on Wednesday, giving the company a market capitalisation of RM239.90 million. Read also: HeiTech Padu seeks to raise RM23 mil via private placement Shahrill Basri/The Edge

thursday A P R IL 18, 2024 8 The E dge C E O m o rning brief home PUTRAJAYA (April 17): The government will draft a new bill to enhance security at all entry points in the country, said the Unity Government spokesperson Fahmi Fadzil. “We expect that the Home Ministry will soon introduce a bill to establish a coordinating agency among several relevant agencies to control the country’s entry points…(this agency) will have legal authority to operate with sufficient power. “This matter was discussed in today’s Cabinet meeting,” he said at a media conference here on Wednesday, when asked if the Cabinet discussed a shooting incident that took place at Terminal 1 of the Kuala Fahmi: Govt to draft new bill to enhance security at all entry points (April 17): Malaysia will cut petrol subsidies this year as it seeks to narrow its fiscal deficit, according to the country’s economy minister. The government is on track to focus its handouts on helping the needy, Rafizi Ramli said on Tuesday. “We are sticking to it,” the minister said in an interview in the administrative capital of Putrajaya. The government needs to “manage the sequence” of subsidy cuts, with the risk of inflation picking up even before they are implemented, he added. Prime Minister Datuk Seri Anwar Ibrahim’s government needs to undo hefty subsidies and broaden its revenue base to boost investors’ confidence in the country, with the Malaysian ringgit trading near a 26- year low. Anwar, who rose to power in late 2022, has struggled with a drop in approval rating amid concerns over rising costs. Malaysia currently absorbs much of the price of fuel and cooking oil for its population, straining the Southeast Asian nation’s coffers. The government plans to narrow its budget deficit to 4.3% of gross domestic product this year, from 5% in 2023. The nation plans to unwind blanket subsidies for the RON95 fuel — Malaysia’s cheapest and most commonly used gasoline — which made up the bulk of the RM81 billion it spent on handouts last year. “In order to reach the fiscal target of 4.3%, a certain timeline has to be abided,” Rafizi said. “Otherwise the dollars and cents will be off.” Investors have been getting impatient with the slow rollout of promised reforms. The ringgit has declined about 4% this year and was trading on Tuesday near its weakest level since the Asian financial crisis of 1998. Despite the ringgit’s slide, Rafizi said that he is not too concerned about the currency’s Putrajaya to push ahead with long-awaited subsidy cuts in 2024 — Rafizi performance as it has not dampened interest from foreign investors and does not hinder the government’s ambitions. “As far as the economic ministry is concerned, we do not see ringgit fluctuations beginning to have a negative impact on our long-term restructuring,” Rafizi said. The minister said key to this effort is to make structural changes to the economy by creating one of the world’s “top startup ecosystems” in Malaysia. The government seeks to turn Kuala Lumpur into a preferred destination for global startups to tap into funding and also serve the larger Southeast Asian market, he said. “Malaysia should be much better as a vibrant scene for startups, for technology and digital sectors, given all our inherent advantages,” Rafizi said. The urgency to find new growth drivers is increasing. Economic expansion last year undershot official estimates. Data due Friday will probably show Malaysia’s exports extended declines for a second month in March after a pickup in January. Exports had fallen for 10 straight months through December, the worst streak since the global financial crisis of 2008-2009. Khazanah Nasional Bhd, the nation’s sovereign wealth fund, will front efforts to grow the digital and technology sector in Malaysia by creating a “super fund” along with other sovereign funds to invest in startups, which the government hopes will attract venture capital firms to the country. by Ram Anand Bloomberg Bernama Lumpur International Airport (KLIA) on Sunday (April 14), injuring a bodyguard to a woman. In the 1.30am incident, a man believed to be the husband of the woman fired two shots, with one hitting the bodyguard, who is currently being treated at a hospital. Fahmi, who is also Communications Minister, stressed that security aspects at all entry points in the country are always prioritised to curb illegal activities, including smuggling. “Security at the country’s entry points remains a priority, not only in terms of security from incidents like this (shooting at KLIA), but also important issues like smuggling,” he said. The Cabinet is leaving the shooting incident matter to the authorities to take follow-up actions, he added. The 38-year-old suspect is remanded for seven days, after being arrested at 3pm in Kota Bharu, Kelantan on Tuesday (April 16). The case is being investigated under Section 8 of the Firearms (Increased PenFahmi Fadzil alties) Act 1971. The Edge filepix by Low Yen Yeing

thursday A P R IL 18, 2024 9 The E dge C E O m o rning brief home BINTULU (April 17): Bintulu is expected to experience rapid development that will bring various types of infrastructure to the area in the next five years, said Sarawak Premier Tan Sri Abang Johari Tun Openg. He said that the state government wants to expand the Samalaju Industrial Park (SIP) to attract more investments into Sarawak, especially Bintulu. He added that various types of infrastructure would be provided, including increasing the electricity supply capacity to 1,500 megawatts in 2028, to help the expansion process of the industrial park. “Electricity will be increased up to 1,000 megawatts (MW) by generating a combined cycle gas turbine (CCGT) to be commissioned in 2028. “The first phase is 1,000MW. The second phase will also be commissioned in 2028, with an additional 500MW. This means that Bintulu will generate 1,500MW of electricity,” he said at the Bintulu Development Authority (BDA) Aidilfitri gathering here on Wednesday. Abang Johari also said that he wanted to try to produce electricity by using the kinetic energy produced by the sea waves, and this will be implemented at the 3.5-kilometre jetty in Samalaju. “I want to try everything, including extracting electricity from an elevated tank because it depends on the concept of gravity. Hence, we in Sarawak have water; we have waves. We use all these resources to generate our new economy,” he said. In another development, he said the federal government is expected to repeal the Bintulu Port Act after June this year. According to him, the repeal of the law allows the port to be handed back to Sarawak, after being operated by the federal government for 43 years. “I have plans for Bintulu Port but I can’t elaborate for now. Insya-Allah, once Bintulu Port is taken over, it will be the most important thing in the Asian region,” he said. Bintulu to experience rapid development in next five years — Sarawak premier KUALA LUMPUR (April 17): The International Monetary Fund (IMF) has revised the outlook for Malaysia’s real gross domestic product (GDP) by a notch to 4.4% this year from its earlier prediction of 4.3%. Malaysia’s economy expanded by 3.7% in 2023. In its latest World Economic Outlook (WEO) entitled “Steady but slow, resilience amid divergence”, IMF predicted GDP growth to remain at 4.4% in 2025. It projected Malaysia’s current account balance at 2.4% in 2024 and 2.7% in 2025. For global growth, the IMF estimated it to be at 3.2% for last year and to continue at the same pace in 2024 and 2025. “The forecast for 2024 is revised up by 0.1 percentage point from the January 2024 WEO update and by 0.3 percentage point IMF raises Malaysia’s 2024 GDP growth forecast to 4.4% Bernama Bernama Read also: Fiscal reforms strengthened foreign investors’ confidence in Malaysia, says MOF Sarawak Premier Tan Sri Abang Johari Tun Openg Zahid Izzani/the edge from the October 2023 WEO,” it said. The pace of expansion is low by historical standards, owing to both nearterm factors, such as still-high borrowing costs and withdrawal of fiscal support, and longer-term effects from the Covid-19 pandemic and Russia’s invasion of Ukraine; weak productivity growth, and increasing geoeconomic fragmentation. The fund said risks to the global outlook are now broadly balanced. On the downside, new price spikes stemming from geopolitical tensions, including those from the Ukraine war and the Middle East conflict could, along with persistent core inflation where labour markets are still tight, raise interest rate expectations and reduce asset prices, it said. Geo-economic fragmentation could intensify with higher barriers to the flow of goods, capital and people, implying a supply-side slowdown, it said. On the upside, looser-than-necessary fiscal policy and assumed projections could raise economic activity in the short term while risking costly policy adjustments later on. Inflation could fall faster than expected amid further gains in labour force participation, allowing central banks to bring easing plans forward. Artificial intelligence and stronger-than-anticipated structural reforms could spur productivity, it said. Global headline inflation is expected to fall to 5.9% in 2024 and 4.5% in 2025 from an annual average of 6.8% in 2023, with advanced economies returning to their inflation targets sooner than emerging market and developing economies, it said.

thursday A P R IL 18, 2024 10 The E dge C E O m o rning brief home news In brie f EPF ceases to be substantial shareholder of Affin Bank KUALA LUMPUR (April 17): The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Affin Bank Bhd after disposing of three million shares in the banking group. The EPF’s disposal of Affin Bank shares took place on April 12, according to a bourse filing on Wednesday. The filing did not specify the value of the transaction, nor did it state the remaining amount of shares held by the EPF. Affin Bank shares closed at RM2.54 on April 12. According to Affin Bank’s annual report for the financial year ended Dec 31, 2023 (FY2023), the EPF held a total of 121.91 million shares in the bank, equivalent to a 5.195% stake, as at Feb 29. It is worth noting that the EPF had been reducing its stake in Affin Bank from January to end-February, selling a total of 16.46 million shares during the period. There is significant interest surrounding the bank, as the Sarawak government is reportedly in discussions to increase its stake in Affin Bank through its investment arm, which could see it raising its stake to 30% from the current 4.8%. Currently, the Armed Forces Fund Board (LTAT) is the largest shareholder of Affin Bank, holding a 28.79% stake, while its wholly owned unit Boustead Holdings Bhd holds an additional 20.02%. — by Choy Nyen Yiau Chinese national Chen Hui ceases to be substantial shareholder of Excel Force KUALA LUMPUR (April 17): Excel Force MSC Bhd said Chinese national Chen Hui had ceased to be a substantial shareholder after he disposed of 30 million shares or a 4.9% stake in the company for RM10.2 million. According to a bourse filing on Wednesday, Chen sold the shares held indirectly through Hong Kong-based company Honest Winner Ltd via a direct business transaction on the same day. A check with Bloomberg showed that a block of 30 million Excel Force shares changed hands at 34 sen apiece, totalling RM10.2 million. Following this, Chen’s stake in the financial services business solutions provider fell to 3.4%, comprising 20.5 million shares. Chen first emerged as a substantial shareholder of Excel Force on Feb 29, after the group fully acquired Orca Capital Holdings Ltd (OCHL) for RM18.15 million in a share sale agreement. The acquisition was satisfied through the issuance of 50.5 million new ordinary shares in Excel Force at 33.5 sen apiece, totalling RM16.92 million, and the balance of RM1.23 million in cash. — by Hee En Qi Read the full story Reservoir Link’s 51%-owned unit bags RM22 mil subcontract job for solar farm in Kulim KUALA LUMPUR (April 17): Reservoir Link Energy Bhd’s 51%-owned subsidiary Founder Energy Sdn Bhd (FESB) has secured a RM22 million subcontract job for a 50-megawatt alternating current solar farm in Kulim, Kedah. In a bourse filing, the energy-related services provider said that its unit had accepted a letter of award from JS Solar Sdn Bhd (JSSB), which is principally involved in providing engineering, procurement, construction and commissioning (EPCC) services for solar systems throughout Malaysia. Under the subcontract, FESB will supply labour, hand tools, materials and the necessary machinery and equipment for the execution and completion of EPCC at the solar farm in Kulim, Kedah. The works should commence on March 18, 2024, and are scheduled to be completed on March 31, 2025. The subcontract is expected to positively contribute to Reservoir’s earnings and its subsidiaries for the financial year ending June 30, 2024 and throughout the contract period. Notably, the Kulim solar EPCC project worth RM100 million was awarded in January by NUR Renewables Sdn Bhd to a consortium consisting of JSSB and Samaiden Group Bhd’s wholly-owned Samaiden Sdn Bhd. NUR is the exclusive power utility firm for the Kulim Hi-Tech Park. — by Anis Hazim 0 1 2 3 LBS Bina’s dividend payout in the past four years Dividend (sen) Source: Bursa Malaysia FY 2020 FY 2021 FY 2022 FY 2023 2.70 1.45 1.85 2.45 Menang Corp to take up 20% stake in Indonesian healthcare JV KUALA LUMPUR (April 17): Property developer Menang Corp (M) Bhd said on Wednesday it had signed an agreement to acquire 20% of an Indonesian healthcare joint venture (JV) for RM4 million. The company also agreed to subscribe up to 30 million preference shares for RM30 million in the JV, Alpro Menang Ventures Sdn Bhd, Menang said in an exchange filing. The remaining 80% of the JV will be held by Alpro Alliance Sdn Bhd (ALA), which retails pharmaceutical products. “The investment presents an opportunity for the company and its subsidiaries to form a strategic partnership with ALA in venturing into the healthcare and wellness business in the thriving Indonesian market,” Menang said. Menang mainly develops properties in Seremban, Negeri Sembilan. The company is developing the remaining 460 acres of mixed development land in Seremban 3, according to its website. The company also has three concession projects to develop Universiti Teknologi Mara campuses. Under the shareholders’ agreement signed, Menang will subscribe to 20 million preference shares in the JV. It also undertakes to provide additional funds of up to RM10 million to the JV for the purpose of potential acquisitions. The board of the JV will comprise eight directors nominated by ALA, while Menang is entitled to nominate two members to the board. The investment will be fully funded by internally generated funds, Menang noted. — by Anis Hazim LBS Bina declares higher annual dividend of 2.7 sen KUALA LUMPUR (April 17): LBS Bina Group Bhd has declared total dividends of 2.7 sen per share for the financial year ended Dec 31, 2023 (FY2023), comprising a first interim dividend of 1.35 sen and a final dividend of 1.35 sen. The interim dividend will be paid on July 16, while the final dividend will be paid on Sept 2, the property developer’s filing on Wednesday showed. The 2.7 sen payout for FY2023 is higher than the 2.45 sen per share paid for FY2022. LBS Bina’s net profit rose 9.13% to RM140.27 million for FY2023, from RM128.54 million a year earlier, as revenue increased 6.07% to RM1.83 billion from RM1.72 billion, on the back of higher contributions from its property development business and better progress of construction activities. The group in January said that it aims to achieve a revenue of RM1.8 billion for FY2024, after missing its RM2 billion sales target for FY2023, as the group deferred the launches of three property projects. “The target will be supported by various developments with a gross development value totalling RM3.51 billion across strategic locations, including in the Klang Valley, Johor, Pahang and Perak,” LBS Bina said in its financial statement. — by Anis Hazim

thursday A P R IL 18, 2024 11 The E dge C E O m o rning brief home KUALA LUMPUR (April 17): Pipeand-valve maker Pantech Group Holdings Bhd is expected to report higher quarter-on-quarter net profit when it announces its results next week, said TA Securities. Core net profit is anticipated to be in the RM24 million-RM28 million range for the three months ended Feb 29, 2024 (4QFY2024), according to TA Securities, one of only two research houses covering the stock. That compares with RM30 million in 4QFY2023 and RM20 million in 3QFY2024. “We are sanguine on the outlook for Pantech,” said TA Securities in a preview note ahead of the earnings announcement expected on April 25. Stronger oil prices are expected to drive capital expenditure at upstream and increase demand for Pantech’s products, it noted. Philip Capital, the other analyst covering Pantech, projected core net profit at a similar range of RM23 million to RM28 million for 4QFY2024, citing higher export sales volume and average selling prices. Pantech shares have racked up an 11% gain so far this year, with both TA Securities and Philip Capital recommending a “buy” call on the stock. The stock rose two sen or 2% to RM1.02, valuing the company at RM832.84 million at 10.10am on Bursa Malaysia. Brent, the global benchmark for crude oil, has climbed above US$90 per barrel as Iran launched retaliatory strikes on Israel over the weekend. The Iranian strikes were in response to an airstrike on the Iranian consulate in Damascus, Syria on April 1, Pantech to post sequential earnings growth in 4Q, says TA Securities KUALA LUMPUR (April 17): Global oil fundamentals are not supporting Brent crude to rise further into the US$95-US$100 per barrel range, as Organisation of the Petroleum Exporting Countries Plus (Opec+) may increase production, given a significant amount of spare capacity to maintain the market share of the alliance of oil producing countries, according to AmInvestment Bank. “Though we do not discount the possibility of Brent crude oil prices trading within the US$95-US$100 per barrel range, we believe this will largely be based on news and sentiments,” the investment bank said in a report on Wednesday. AmInvestment also observed a muted reaction within oil markets, as participants view risks of sanctions on Iran as largely ineffective. “Oil markets remained dull, as Brent crude oil prices remained largely unchanged at US$90.40/barrel at opening trade on Monday (April 15), or up 0.3% versus [the] prior day’s close,” it said. The investment bank said this could be Oil fundamentals don’t support Brent crude’s climb to US$95- US$100, says AmInvestment by Luqman Amin & Chester Tay theedgemalaysia.com by luqmaN amin theedgemalaysia.com Read the full story attributed to Israel, which killed several military officers and some civilians. The oil and gas sector remains a key contributor for Pantech, consistently making up more than 50% of its revenue, TA Securities said. Demand for Pantech’s products will also be driven by downstream growth from government policies and plans, the research house said. Under the New Industrial Master Plan 2030, the government intends to move Malaysia up the value chain to specialty chemicals from basic chemicals, while the Chemical Industry Roadmap 2030 is expected to increase the sector’s gross value add to the overall economy to more than 4.5% by 2030 from 3.4%. Further, the Pengerang Integrated Petroleum Complex is expected to secure RM60 billion worth of investments in phase three between 2026 and 2031, including for the construction of bio-refineries and facilities producing nitrile-related products. Analyst recommendations for Pantech Group Holdings Bhd Target price Firm name Recommendation (RM) Phillip Capital Buy 1.35 TA Securities Buy 1.18 Source: Bloomberg Pantech Group Holdings Bhd 0 4 8 12 Mar 28, 2023 Apr 17, 2024 0.6 0.8 1.0 1.2 Vol (mil) RM/sen *RM1.02 71.6 sen *As at 10.10am on April 17, 2024 Source: Bloomberg “Pantech is the key beneficiary as the group is the market leader in the pipe, valve and fitting business in Malaysia,” TA Securities said. Pantech’s reported net profit fell 38.98% to RM21.15 million in 3QFY2024 on revenue of RM221.44 million, which the company blamed on softer sales for both its trading and manufacturing divisions. due to two factors — firstly, the run-up in Brent crude oil prices, which has risen by 17.3% year-to-date, following concerns over lower primary oil refining capacity levels in Russia, and the rollover of production cuts by Opec+ to the second quarter of this year (2Q2024), amounting to an estimated 1.7 million barrels (mbbl) per day. Secondly, AmInvestment noted the ineffectiveness of sanctions on Iran, which continues to export oil primarily to China, through the use of alternative oil trade routes, “dark fleet” tankers and the recently-minted status of petroyuan. “Despite the various primary and secondary sanctions on Iranian-produced oil, the country’s crude exports remained strong, with March averaging 1.61 million bpd (barrels per day) — the highest since May 2023, when they were 1.68 million bpd,” it added. the edge

thursday A P R IL 18, 2024 12 The E dge C E O m o rning brief home KUALA LUMPUR (April 17): Despite having doubts on a RM1.8 billion investment that SRC International Sdn Bhd was undertaking, Datuk Shahrol Azral Ibrahim Halmi, who was then a director of SRC, told the High Court here that he signed off on it without doing due diligence because then prime minister Datuk Seri Najib Razak had given his nod. The 54-year-old was testifying as a third party in SRC’s US$1.18 billion (RM5.64 billion) civil suit against Najib and the company’s former chief executive officer Nik Faisal Ariff Kamil, who is currently at large. Shahrol said that while he had his reservations about the investment, he signed off on it as he had seen instructions signed by Najib for the board to sign their approval for the investment. Shahrol said this under questioning from Najib’s lawyer, Harvinderjit Singh, who was questioning him on the manner in which the investment was passed without any due diligence having been carried out. Harvinderjit: Ultimately, the board of directors decided that once they see the investment [product], they will tell the board of advisers [helmed by Najib] on this matter? Shahrol: Yes. Harvinderjit: We went through two resolutions signed by the board. This is concerning RM1.5 billion to SRC British Virgin Islands (SRC BVI). [There was] also a RM300 million advance to Julius Baer in Hong Kong. The board signed off on this without meeting bankers on the nature of the investment? Shahrol: Yes. Harvinderjit: Surely, the board [should have decided] on the advance [RM1.5 billion to BVI] and what was the best advice for the company. [It was not right] to formulate and pass it without having met the bankers. Shahrol: We were shown signed instructions by the prime minister. That’s why we signed the directors’ circular resolution (DCR) to pass the funds. The funds originated from a RM4 billion loan SRC had taken from Retirement Fund Inc (KWAP), which was given in two tranches — one in the second half of 2011 and the other in the first half of 2012. On Nov 14, 2011, Shahrol, as part of the board of directors of SRC on the whole, had resolved to advance RM1.8 billion to SRC BVI, its foreign subsidiary incorporated in the British Virgin Islands for investment purposes, in which RM1.5 billion was to be transferred to Falcon Private Bank Ltd’s Hong Kong branch, and RM300 million to Bank Julius Baer & Co Ltd Hong Kong. These were to buy overseas companies in the energy and natural resources sector, namely PT ABM Investama and Bumi Resources Tbk PT in Indonesia, as well as Gobi Coal and Energy Ltd, and Erdenes-Tavan Tolgoi in Mongolia. Bank Negara Malaysia (BNM) had also granted permission to SRC to transfer RM1.8 billion from the first-tranche funds to SRC BVI, on condition that the sum was to be used for the specified purposes. The RM1.8 billion was to be deposited with a licensed local bank, and the sum was only to be transferred to SRC BVI after investment negotiations with the overseas companies were concluded. Due diligence not done because Najib had already given his approval In his opening remarks at the start of the trial, P Gananathan, a co-counsel for SRC, said that the company had disregarded multiple conditions set by BNM on the outflow of the monies. He said that due diligence was not carried out on the overseas companies prior to the purported investment activities being carried out, and that the purported investment activities were a departure from the nature of business and the objectives of SRC, which led to the money being siphoned off and misappropriated. by Timothy Achariam theedgemalaysia.com Shahrol: I signed off on RM1.8 bil SRC investment without due diligence because Najib approved the deal “The monies were transferred out to an overseas account before any investment negotiations were concluded,” he said. In the trial on Wednesday, Shahrol said that due diligence was not done as Najib had already given his approval in writing for the investment. “I took it that the prime minister had his own plans that I was not privy to, so I went along with the DCR to approve the investment,” he said. Harvinderjit: Surely, you are not suggesting that at that time, you thought that you as a director, the ultimate shareholder (Najib) was instructing you to sign? Shahrol: Yes. Harvinderjit: Let’s understand this. You had not satisfied yourself that the investment product from Julius Baer or Falcon Bank was viable? Shahrol: At that time, I wanted more information, but I didn’t think it was suspicious. Harvinderjit: So, in effect, if I could suggest, in your mind you have abrogated to manage the affairs [of SRC] because the shareholders’ resolution [where Najib signed off on the investment] was enough to formalise this as a director? Shahrol: I disagree with the word ‘abrogate’. I felt this was my instruction. I felt this was what the prime minister wanted as the finance minister and sole shareholder at that time, and this was what Nik Faisal presented to the board. This was what Najib wanted, and it seemed to be OK, so I signed [of on the investment]. Harvinderjit: And what was the basis for you to forgo your need for a query? Shahrol: It wasn’t only instructions. This was signed by the PM, who was also the finance minister and shareholder of 1MDB, so that carried a lot of weight. We tried to find as much info as we could, but when it came to execution, the PM [had] signed off [on the investment], so we had to do it. I felt I was under obligation from the instructions of the PM [to do so]. I would have preferred for information to be available, but I went ahead and signed it. Harvinderjit then suggested that Shahrol’s actions were a breach of duty as a director of the company, to which Shahrol disagreed. Read the full story Former SRC International Sdn Bhd director Datuk Shahrol Azral Ibrahim Halmi. sam fong / The Edge

thursday A P R IL 18, 2024 13 The E dge C E O m o rning brief world LONDON (April 17): Fear that interest rates in major economies will stay relatively high is creeping back and threatens a painful wake-up call for financial markets, big investors warn. With traders laser-focused on expected summer rate cuts, global stocks remain near record highs and demand for debt issued by the riskiest companies is firm. But asset managers and economists now expect only minimal monetary easing, especially from a US Federal Reserve (Fed) facing unexpectedly persistent inflation. Big investors are not rushing to change long term holdings, but in a sign of things to come stock market volatility is around a six-month peak as traders debate how high the US rate hurdle against which financial assets are valued will stay. Global stocks will suffer “a valuation drag from higher for longer rates,” said Ann Katrin-Petersen, a senior investment strategist at the BlackRock Investment Institute, the research arm of the world’s largest asset manager. Amundi, Europe’s largest asset manager, said in a note on Monday that US stocks will lag globally for the next decade. It expects the equity and debt of companies in developing nations such as highgrowth India and mineral-rich Chile and Indonesia to outperform. “Everyone is so focused on when rate cuts are coming,” BNY Mellon chief economist Shamik Dhar said. “The much bigger question is what is the average level we can then expect rates to cycle around.” Traders, who since 2009 have become used to low rates flattering asset prices, are set for “an adjustment in expectations, psychology and beliefs”, Dhar added. New regime The International Monetary Fund said on Tuesday that the Fed funds rate could fall more slowly than markets now anticipate. BlackRock’s Petersen forecasts US rates of close to 4% for the next five years and about 2% for the euro zone. “We have entered a new macro market regime and one of the cornerstones of that regime is structurally higher rates,” she said. World stocks are up about 4% this year, hitting record highs in March. And an index of global junk bonds issued by indebted firms is around its highest since 2021, bolstered by hopes the Fed will lower rates from a 23-year high of 5.25% to by Naomi Rovnick Reuters Painful high rates wake-up call threatens global markets Traders, who since 2009 have become used to low rates flattering asset prices, are set for “an adjustment in expectations, psychology and beliefs”. 5% — keeping global borrowing and investment conditions exuberant. But up for reassessment is the discount rate investors plug into company valuation models, which follows long-term US rate expectations. A one percentage point rise in this yardstick depresses the present value of companies’ future earnings by 10%, accountancy firm EY estimates. Stock prices, especially US ones, are too high, investors said. Wall Street’s S&P 500 index, which influences equities worldwide, is priced 32% above fair value based on long-term rate forecasts, says Vanguard, the world’s second largest money manager. “When you do the global return exercise, the 10-year exercise, future returns are [going to be] less than what we’ve had, mathematically,” said John O’ Toole, the head of multi-asset solutions at Amundi. Ten-year Treasury yields, at around 4.5%, already predict a higher discount rate. Risky assets are holding up partly because the cost of capital that investors plug into company valuation models reflects cheap loan rates agreed previously, Vanguard senior economist Qian Wang said. With US rates expected to settle around 3.5% and a wave of corporate refinancing coming in 2026, she added, “investors will be disappointed”. Trading the shift Ageing populations, a shrinking workforce and Western economies re-shoring production from China are expected to keep inflation and rates elevated. Escalating Middle East conflict has pushed oil near US$90 (RM431.15), as ongoing climate shocks threaten to keep commodity prices high. Markets are pricing fewer than two Fed rate cuts this year. The first European Central Bank cut is priced for June, but traders have reduced bets for how far it can go. BlackRock’s Petersen said the group was neutral on stocks, preferred inflation-linked debt and viewed long-term government bonds as vulnerable to volatile inflation. Tom Lemaigre, who manages £7.7 billion (US$9.58 billion or RM46.01 billion) worth of European equities at Janus Henderson, said he may add to positions in banks, which do well from high interest rates. He has also turned more positive on European industrial exporters that benefit from a strong dollar and the US expanding domestic manufacturing. The shift towards high long term rates becoming embedded in traders’ thinking is “yet to come”, Lemaigre added. Still, the closely-watched VIX, a gauge of US stock volatility, has marched up to a reading of about 19 after slumbering for at ultra-calm levels for months while the comparable bond index is moving higher, as unease grows. “If markets move from thinking there will be two [Fed] cuts, to one then to [predicting] a hike, it will be really hard for the equity markets to survive that,” said Richard Dias, a strategist at PGM Global in Montreal. The International Monetary Fund said on Tuesday that the Fed funds rate could fall more slowly than markets now anticipate. reuters

thursday A P R IL 18, 2024 14 The E dge C E O m o rning brief world US yields spike as hawkish Powell puts 5% in play IMF steps up its warning to US over spending and ballooning debt by Christopher Condon Bloomberg by Rita Nazareth Bloomberg (April 17): The International Monetary Fund levelled an unusually direct criticism at US policymakers Tuesday, saying the country’s recent standout performance among advanced economies was in part driven by an unsustainable fiscal policy. “The exceptional recent performance of the United States is certainly impressive and a major driver of global growth,” the IMF said in its annual World Economic Outlook. “But it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability.” 97% at the end of 2023, according to the Congressional Budget Office. Treasury Secretary Janet Yellen has so far sought to downplay the growing worries. Debt sustainability, she has said repeatedly, is best measured by the cost to service debt as a percentage of GDP, adjusted for inflation. Real net interest expenses will remain below 2% of GDP for the coming decade, according to White House projections. Yet that forecast is vulnerable, Yellen has conceded, should interest rates remain elevated. Washington’s overspending, the report said, risks reigniting inflation and undermining long-term fiscal and financial stability around the world by ratcheting up global funding costs. “Something will have to give,” the IMF warned. US deficit spending has been driven in recent years by Covid-related stimulus, aggressive investments in infrastructure and clean energy, and exploding interest costs. Debt held by the public is expected to reach US$45.7 trillion (RM218.9 trillion), or 114% of GDP by 2033, up from Washington’s overspending, the report said, risks reigniting inflation and undermining long-term fiscal and financial stability around the world by ratcheting up global funding costs.’’ ‘Something will have to give,’ the IMF warned. (April 17): The world’s biggest bond market was hammered anew, with the two-year yield briefly hitting 5% after Jerome Powell signalled policymakers are in no rush to cut interest rates. Treasury yields climbed to fresh 2024 highs as the Federal Reserve chief said it will likely take longer to have confidence on inflation — adding that it’s appropriate to give restrictive policy time to work. The dollar saw its best five-day gain since October 2022, while the slide in stocks from a record deepened. Powell’s remarks represented a shift in his message after a third straight month in which a key measure of inflation exceeded forecasts. He also signalled the US central bank will likely keep rates on hold for longer than originally planned, according to Jeffrey Roach at LPL Financial. “Powell’s comments make it clear the Fed is now looking past June,” said Krishna Guha at Evercore. “His remarks are consistent with ‘plan B’ as July for two cuts this year, but leave open the possibility that more sustained disappointment on inflation could deliver a more extended period of rates on hold.” The S&P 500 dropped to around 5,050. Bank of America Corp sank as charge-off for soured loans topped estimates, while Morgan Stanley climbed as traders delivered solid revenue. UnitedHealth Group Inc rallied after its results. US 10-year yields rose seven basis points to 4.67%. After starting the year by pricing in as many as six rate cuts in 2024, or 1.5 percentage points of easing, traders are now doubtful there will even be a half point of reductions. Market-implied expectations for Fed rate cuts — which have collapsed in the past two weeks — declined further after Powell’s comment on inflation. Around 40 basis points of easing remained priced in for the year. “If you were looking for bits of easing or dovish talk from Powell, you did not miss it — he didn’t give it,” said Andrew Brenner at NatAlliance Securities. To Jamie Cox at Harris Financial Group, the Fed has a “free pass” to sit on rates longer while the labor market remains strong, consumption is unaffected, and the typical consequences of hiking rates quickly aren’t apparent in the economy. “Markets need to focus on the fact that rates are sufficiently restrictive, instead of how many cuts are in the pipeline,” Cox added. The outlook for inflation has not deteriorated as much as the bond market seems to think,” according to Neil Dutta at Renaissance Macro Research. “If three months of poor inflation data gets them to do push back, what will three months of better inflation do?” Dutta said. “All Powell is doing is following the market, taking three months of bad inflation data and assuming it forward.” Read also: What if Fed rate hikes are actually sparking US economic boom? Treasury yields climbed to fresh 2024 highs as the Federal Reserve chief said it will likely take longer to have confidence on inflation — adding that it’s appropriate to give restrictive policy time to work. Reuters

thursday A P R IL 18, 2024 15 The E dge C E O m o rning brief world (April 17): UK Chancellor of the Exchequer Jeremy Hunt said the prospect of interest rate cuts later this year would lift the mood of voters, hinting that Prime Minister Rishi Sunak won’t call a general election until the autumn. “The feel-good factor as interest rates start to come down, as people start to feel higher real disposable incomes, will be stronger in people’s minds come the early autumn than it is now,” Hunt said on Tuesday in a Bloomberg TV interview. “People have been through a very bruising period.” Hunt’s remarks are likely to focus attention on the prospect of an election later in the year. Sunak has already said he’s working on the assumption a vote will be held in the second half of 2024 — though he can call one for as late as January 2025, and speculation persists in Westminster around the possibility of a summer election. The chancellor’s assessment of the UK economy came after Bank of England (BOE) governor Andrew Bailey suggested in an interview with the International Monetary Fund (IMF) that the UK might be able to lower interest rates before the US, saying there is more “demand-led inflation pressure” in America than Britain, where there is “strong evidence” of price pressures retreating. UK inflation is due to average 2.5% this year according to the IMF — above the BOE’s 2% target but in line with other European countries and lower than in the US. Given that progress on tackling inflation, markets are now almost fully pricing in a reduction from the UK’s current 5.25% rate in September. (April 17): UK inflation slowed less than expected last month as fuel prices crept higher, prompting traders to unwind bets on interest rate cuts. Consumer prices rose 3.2% in March compared with a year earlier, down from 3.4% in February, the Office for National Statistics (ONS) said on Wednesday. While it was the lowest since September 2021, it was above the 3.1% that the Bank of England (BOE) and private-sector economists had expected. The figures underscored skittishness about when the BOE will be able to ease off on the highest interest rates in 16 years. A surprise jump in price pressures in the US last week prompted Fed chair Jerome Powell to warn that rates there may stay (April 17): Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people. Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently. That change will also apply to individual taxpayers when they have gains over C$250,000 (RM867,352) in a year, though people will still be able to sell the homes they live in tax-free. In prepared remarks to lawmakers, Freeland said the job of Canada’s tax system is to combat “structural inequality,” adding that by increasing the tax rate on investment gains, she was merely “asking those who are benefiting from the winner-takes-all economy to pay a little bit more.” Prime Minister Justin Trudeau’s administration has been sinking in opinion polls, which show that he’s losing younger voters who are frustrated about the high cost of housing. The benchmark home price in Canada has gone up about 60% since he took office and apartment rents have also surged — forcing the government to begin rolling out programmes to try to speed construction and alleviate the cost crunch. Overall, Freeland’s new budget shows a government squeezed between those spending demands, higher borrowing costs and its commitment to keep the deficit — expected at C$39.8 billion this fiscal year — under control. Trudeau and Freeland are now turning to the richest Canadians and corporations to help foot the bill. higher for some time, reordering market expectations around the globe. “UK inflation continues to trend in the right direction, but at a slower pace than expected,” said Matthew Landon, global market strategist at JPMorgan Private Bank. “This print shows that fairly broadbased upside surprises likely edges us in the direction of later cuts.” Traders in the UK significantly pared bets on interest-rate cuts from the BOE, moving to favour just one quarter-point reduction this year. Swaps fully price a cut by November and see just over a 30% chance of a second move. That’s a sharp change from just a few weeks ago when two or three cuts were on the cards. UK inflation stronger than expected on higher fuel prices Canada hikes capital gains tax to raise billions for housing by Irina Anghel Bloomberg by Erik Hertzberg Bloomberg Read the full story Read the full story Bloomberg Bloomberg Hunt says rate cuts would lift UK mood, hints at autumn vote by Joe Mayes & Kailey Leinz Bloomberg

thursday A P R IL 18, 2024 16 The E dge C E O m o rning brief world (April 17): Global regulators proposed a package of measures to ensure hedge funds and other investors from outside the banking sector are better able to cope with margin and collateral calls in times of market stress. The Financial Stability Board (FSB) published draft recommendations on Wednesday for improving the liquidity preparedness of such participants in centrally and non-centrally cleared derivatives and securities markets, including repos. They focus on risk management and governance, stress-testing and collateral. The FSB said funds should conduct liquidity stress tests for a range of “extreme but plausible” scenarios caused by changes in margin calls. Collateral should be held in sufficient quantity after taking account of potential haircuts and be operationally ready for use during times of stress, it said. “The ability to robustly stress test operational capabilities regularly is incredibly important if we are to learn from the issues suffered by certain commodities traders in March 2022,” said Jo Burnham, who advises firms on margining at OpenGamma. “The times when flaws in these systems are exposed are invariably the times where you need them to hold up the most.” Regulators spent more than a decade after the 2008 credit crunch shoring up lenders’ financial strength, yet a series of shocks outside the banking sector have since put a spotlight on other risks. The FSB, which brings together authorities from around the world, cited turmoil at the outset of the pandemic, the collapse of family office Archegos, volatility in commodity markets after Russia’s invasion of Ukraine and stress in UK funds in 2022. The FSB said it wants to “reduce the excessive pro-cyclical behaviour” that insurers, pension funds, hedge funds and other investment funds as well as family offices might exhibit in response to margin and collateral calls. In a report, the watchdog also cited the need for financial intermediaries dealing with commodity traders to consider assessing their liquidity preparedness. Regulators want to better prepare funds for margin calls HONG KONG (April 17): Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific this week, sources with knowledge of the matter said, as weaker deal activities and sluggish markets in China and Hong Kong weigh on their business prospects. Morgan Stanley is cutting at least 50 investment banking jobs in the region starting this week, three sources with knowledge of the matter said, affecting around 13% of the Wall Street bank’s Asia investment banking workforce of 400. Layoffs at the investment banking business unit of HSBC, which makes the bulk of its revenues and profits in Asia, started on Tuesday and is expected to see the departure of around 30 dealmakers in the region this week, three separate sources said. All of the sources declined to be named as they were not authorised to speak to media. Morgan Stanley declined to comment on the job cuts. HSBC did not immediately respond to a Reuters query on Wednesday. The cuts are among the largest to the two banks’ China-focused investment banking teams and follow similar measures by other banks stung by a decline in deal-making activities in China amid a slowing economy. A new round of staff cuts that began in late 2023 on the Chinese mainland and Hong Kong, key regional investment banking hubs of western banks, is set to gather pace this year, bankers and recruiters have said. Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown The top listing destinations for Chinese companies are facing a drought in dealmaking and shrinking valuations. Hong Kong’s stock exchange saw 12 IPOs raise HK$4.7 billion (US$600.28 million) in the first quarter, a drop of 30% year on year and the worst since 2009, according to data from Deloitte. Money raised via China IPOs also plunged 82% from a year earlier to just US$2.4 billion during the same period, the smallest quarterly fundraising since the fourth quarter of 2018, preliminary LSEG data showed. The total value of merger and acquisition deals with China involvement shrank by 36%, according to LSEG data, pointing to smaller fees bankers earned from clients. In January, Bank of America laid off around 20 bankers in the region, following a flurry of investment bank downsizing by UBS, Citigroup and other boutique firms. Read also: Big banks led by Citi continue layoffs amid pressure to cut costs Reuters by Nicholas Comfort & Greg Ritchie Bloomberg The Financial Stability Board (FSB) on Wednesday published draft recommendations for improving the liquidity preparedness of such participants in centrally and non-centrally cleared derivatives and securities markets, including repos, to ensure hedge funds and other investors from outside the banking sector are better able to cope with margin and collateral calls in times of market stress. bloomberg

thursday A P R IL 18, 2024 17 The E dge C E O m o rning brief world LONDON (April 17): Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets. The resolution, the biggest such drive to date in terms of the size of the participants, is led by activist shareholder Follow Thism, and will be voted on in Shell’s annual general meeting (AGM) on May 21. In a notice ahead of the AGM, Shell recommended voting against the resolution, Shell urges investors to reject shareholder group’s climate demands (April 17): Tesla Inc asked shareholders to vote again on the same US$56 billion (RM268.35 billion) compensation package for chief executive officer Elon Musk that was voided by a Delaware court early this year. In a proxy filing issued on Wednesday, Tesla also said it will call a vote on moving the company’s state of incorporation to Texas from Delaware. The carmaker will convene its annual meeting on June 13. Tesla chair Robyn Denholm criticised the Delaware Chancery Court’s January decision, writing in the proxy that it amounted to second-guessing shareholders who had approved Musk’s performance-based award in 2018. Chief judge Kathaleen St J McCormick described the company’s directors as “supine servants of an overweening master”, and said they hadn’t looked out for the best interests of investors. “Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote. The shareholder who sued Tesla over the CEO’s compensation criticised it as excessive and opaque. Musk, who runs six companies, said early this year he preferred to work on artificial intelligence and robotics products elsewhere unless he owns a 25% stake in Tesla. He now owns about 13% of the company. (April 17): President Joe Biden is calling for higher tariffs on Chinese steel and aluminium, part of a series of steps to shore up the American steel sector and woo its workers in this year’s election. In a visit to Pittsburgh on Wednesday, Biden will propose new 25% tariffs on certain Chinese steel and aluminium products as part of an ongoing review, while the US also launches a formal probe into China’s shipbuilding industry. Biden will reiterate that United States Steel Corp, based in Pittsburgh, should remain American-owned. The steps target a relatively small segment of the US market, with imports of Chinese steel and aluminium totalling roughly US$1.7 billion (RM8.07 billion) in 2023. But US officials said the announcements were designed to head off an expected surge and safeguard the US market. “The president understands we must Tesla asks investors to approve Musk’s US$56 bil pay again Biden seeks higher tariffs on Chinese steel, aluminium to support US firms by Dana Hull & Anders Melin Bloomberg by Josh Wingrove & Joe Deaux Bloomberg by Ron Bousso Reuters bloomberg bloomberg saying it “is against both good governance and shareholders’ interests, and also has negative consequences for our customers”. The resolution, filed by a group of investors with around US$4 trillion (RM19.17 trillion) under management, urges Shell to align its medium-term carbon reduction targets with the Paris Climate Agreement, including emissions from fuels burnt by Shell’s consumers. Shell last month weakened a 2030 carbon reduction target and scrapped a 2035 carbon intensity reduction objective, citing expectations for strong gas demand and uncertainty in the energy transition. The company, however, reaffirmed a plan to cut emissions to net zero by 2050. Shell’s retreat followed a similar move by rival BP last year, as many governments around the world slowed down the roll-out of climate policies and delayed targets, amid soaring energy costs and supply concerns. Read also: Singapore, partners to raise US$5 bil to help Asia meet climate goals invest in American manufacturing, but we also have to protect those investments and those workers from unfair exports associated with China’s industrial overcapacity,” Lael Brainard, director of the National Economic Council, told reporters. The broadside comes as the administration continues its review of tariffs imposed on China by ex-president Donald Trump, which Biden has largely kept in place. Biden plans to speak to 200 union members at the headquarters of the United Steelworkers (USW), a trip heaped in symbolism as the union leads opposition to Nippon Steel Corp’s US$14.1 billion acquisition of US Steel. The US Steel Edgar Thomson Works steel mill in Braddock, Pennsylvania. US President Joe Biden will reiterate that United States Steel Corp, based in Pittsburgh, should remain American-owned.

thursday A P R IL 18, 2024 18 The E dge C E O m o rning brief world (April 17): Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud, according to three bank documents and new official information provided to Reuters by a person with access to the documents. “Without lending, SCB will collapse,” according to the new information provided to Reuters. “If the lending continues, the national treasury will gradually dry up.” Reuters is not identifying the source more specifically due to the sensitivity of the matter. The new information also described the situation as “unprecedented” for the massive volume of the cash injections, the complexity of the operation and the scale of existing and potential damage to Vietnam’s financial system. Reuters was unable to establish whether the conclusions about the impact on state coffers were broadly shared by other officials currently involved with monitoring SCB. Vietnam’s public debt was stable last year at 37% of gross domestic product, while the budget deficit widened slightly to 4.4% of GDP. Foreign reserves were around US$100 billion (RM479.2 billion) at the end of the year, according to the central bank. That is up from about US$90 billion at the end of October, according to the independent regional watchdog Asean+3 Macroeconomic and Research Office. As of the start of April, the Southeast Asian nation’s central bank had pumped US$24 billion in “special loans” into SCB, according to one of the bank documents seen by Reuters, which provides daily updates since March 29 on overall injections from the central bank. Lending has slowed slightly but averaged more than US$900 million a month in the past five months, according to that document, a second document with updates from March 15 to March 20, and a third document from November with monthly updates from October 2022 to October 2023. The central bank did not reply to requests for comment about the rescue effort. The finance ministry referred a question to the central bank. SCB initially told Reuters it would circulate the news agency’s request for comment, but did not respond to subsequent emails. An SCB official declined to comment when contacted by phone. Read also: Vietnam’s VinFast posts higher 1Q revenue as vehicle deliveries increase Vietnam mounts ‘unprecedented’ US$24 bil rescue for bank engulfed in giant fraud, documents show (April 17): Singapore’s Lawrence Wong will need to make fighting inflation his top priority after taking office as prime minister next month, according to most economists in a Bloomberg survey. Cost of living remains the most important concern for Singaporeans, with core inflation still elevated, nine of the 12 respondents said in the survey about the leadership transition scheduled for May 15. While Singapore’s central bank has kept its monetary policy settings tight, allowing the local dollar to appreciate and blunt imported inflation, the government too has put measures in place to buffer costs for households. Core inflation quickened to 3.6% in February, landing slightly above the 2.5-3.5% range forecast for 2024 by the Monetary Singapore’s new PM needs to make fighting inflation top priority by Cynthia Li Bloomberg by Francesco Guarascio Reuters Authority of Singapore (MAS). The MAS sees price gains staying elevated in the earlier part of the year, before moderating through the fourth quarter and falling in 2025 — by when elections are due to be held. The ruling People’s Action Party’s 2020 election performance was its worst in terms of parliamentary seats since the country’s founding, despite still remaining dominant. Forging friendly ties with the US and China, the world’s two biggest economies, and boosting trade were viewed as the next important priorities in that order, according to the survey results. Although a stronger Singapore dollar makes imports cheaper, it dents the export competitiveness of the city-state, given the value of outbound shipments exceeds the size of the island’s economy. Singapore’s non-oil domestic exports have fallen two of the three months for which data is available this year. The need to balance employment opportunities for local workers with foreigners figured as the fourth most important task for Wong and his team. All respondents expect stability and policy continuity, given the leadership change was well-telegraphed. A Bloomberg survey about the leadership transition found Lawrence Wong will need to make fighting inflation his top priority after taking office as prime minister on May 15. reuters bloomberg

thursday A P R IL 18, 2024 19 The E dge C E O m o rning brief world Telegram to hit one billion users within a year, founder says Apple CEO says it is considering a manufacturing facility in Indonesia by Stefanno Sulaiman & Ananda Teresia Reuters by Guy Faulconbridge & Lidia Kelly Reuters JAKARTA (April 17): Apple Inc will look into building a manufacturing facility in Indonesia, its CEO said on Wednesday after meeting President Joko Widodo, who hoped the tech giant would increase its local content by partnering with domestic firms. Apple chief executive Tim Cook arrived in Jakarta on Tuesday after visiting Vietnam. He met with Jokowi, as the president is popularly known, and will inaugurate its fourth developer academy on the island of Bali. “We talked about the president’s desire to see manufacturing in the country, and it is something that we will look at,” Cook told reporters after the meeting. Apple has no manufacturing facilities in Indonesia, but since 2018 it has been setting up app developer academies, which including the new academy have a total cost of 1.6 trillion rupiah (RM474.4 million). Indonesia’s industry minister, Agus Gumiwang Kartasasmita, who also attended the meeting, told reporters that if Apple decided to build manufacturing facility in Indonesia, it would have the capacity to produce for export. “We will discuss how Apple’s facility in Indonesia could become a global supply chain,” he said, adding that the government said that even if Apple didn’t build a factory, it could partner with Indonesian companies to obtain components. Apple has met Indonesia’s 35% local content requirement to sell its products by investing in developer academies, Agus said, but the government hoped that number could be pushed higher with a manufacturing facility. Apple has based much of its key manufacturing of iPads, AirPods and Apple Watches in Vietnam; suppliers for MacBooks are also investing in the country. Indonesia has a huge, tech-savvy population, making the Southeast Asian nation a key target market for tech-related investment. Read also: Indonesia amends import rules after business group complaints MOSCOW (April 17): The Telegram messaging app, one of the most popular social media platforms, will likely cross one billion active monthly users within a year as it is spreading like “forest fire”, its billionaire founder Pavel Durov said on Tuesday. Telegram, based in Dubai, was founded by Russian-born Durov, who left Russia in 2014 after he refused to comply with demands to shut down opposition communities on his VK social media platform, which he sold. “We’ll probably cross one billion monthly active users within a year now,” Durov, who fully owns Telegram, told US journalist Tucker Carlson according to a video interview posted on Carlson’s account on the X social media platform. “Telegram is spreading like forest fire.” Durov, who is estimated by Forbes to have a fortune of US$15.5 billion (RM74.3 billion), said some governments had sought to pressure him but the app, which has now 900 million active users, should remain a “neutral platform” and not a “player in geopolitics”. One of Telegram’s main rivals, Meta Platforms’ WhatsApp, has more than two billion monthly active users. The Financial Times reported in March that Telegram would likely aim for a US listing once the company had reached profitability. Telegram, which is particularly influmisleading — content from both sides about the war and the politics surrounding the conflict. Information wars Durov said he came up with the idea of an encrypted messaging app as a way to communicate while he was under pressure in Russia. His younger brother, Nikolai, designed the encryption. Durov said he left Russia because he could not accept orders from any government, and dismissed a question about claims that Telegram was controlled by Russia as a false rumour spread by his competitors worried about Telegram’s growth. “I would rather be free than to take orders from anyone,” Durov said about his exit from Russia and search for a home for his company which included stints in Berlin, London, Singapore and San Francisco. He said the bureaucracy, especially for hiring global talent, in those places was too onerous and that he was attacked on the street in San Francisco by men who tried to steal his phone. More alarming, he said, he received too much attention from US security agencies including from the Federal Bureau of Investigation (FBI). He said US agencies tried to hire one of his engineers to find a backdoor into the platform. The FBI did not reply to a request for comment out of US business hours. ential in the republics of the former Soviet Union, is ranked as one of the major social media platforms, after Facebook, YouTube, WhatsApp, Instagram, TikTok and Wechat. After Russia launched its full-scale invasion of Ukraine in 2022, Telegram has become the main source of unfiltered — and sometimes graphic and Reuters Reuters

thursday A P R IL 18, 2024 20 The E dge C E O m o rning brief world (April 17): Germany and China have signed a joint declaration to cooperate on autonomous and connected driving which Germany hopes will enable carmakers to transfer data from China to Germany, a contentious topic for foreign businesses in China. The two countries will work together to develop shared standards and rules for how to manage the data generated as companies develop autonomous driving, the statement said. The statement comes amid growing concern from the EU and US over the possible security risk of Chinese technology entering their markets and collecting data locally, with Washington opening a probe in February on possible national security risks from Chinese vehicle imports. Yet European business leaders — including Volkswagen’s China chief — have expressed frustration over restrictions by China on data transfer back to Europe, which is significantly more limited than what Europe allows companies to transfer to China. China has strengthened its oversight over data management within the country and most industries must apply for permission before data can be transferred abroad. Last year, authorities tightened data rules for the auto industry and proposed to ban smart vehicles in China from transferring data directly abroad, pushing them instead to use domestic cloud services. However, Chinese regulators have since indicated a softening on their stance as firms complained about a lack of clarity and how onerous and disruptive the laws could be to their businesses. The declaration will provide a space for further discussion on the topic, Germany’s statement said, highlighting that there was not yet consensus and advocating for “tangible improvements for German and EU companies in this area”. Self-driving cars collect masses of data both on passenger and driver behaviour, and the car’s surroundings via lidars and sensors. Cars are also collecting increasing amounts of data on drivers via links to their phones and other devices. Germany, China sign joint declaration on car data sharing BRUSSELS (April 17): The European Union is facing a final opportunity to take the steps required to allow it to compete effectively with the United States, China and other rivals, the author of a much-anticipated report for EU leaders said on Wednesday. Former Italian Prime Minister Enrico Letta is due to summarise his 147- page report to the leaders at a summit on Thursday and said they could not simply consign it to a drawer and hope for the best. “The stalling that is taking place is at such as level that we cannot afford to wait. It is relative to the United States mainly, but also compared with the other large economies,” he told a news conference with European Council President Charles Michel, who chairs summits. EU faces last chance to compete with rivals, says summit report author tres on the idea that geopolitical tensions and a rise of protectionism threaten Europe’s economic security and that scale is key in the push into new green and digital technologies. There is general consensus that the EU single market functions well for the exchange of goods, but less well for intangibles. Letta’s report highlights a need to remove barriers in the way of services. It also says the exclusion of finance, electronic communications and energy now serve as a “major brake” on growth and innovation. Letta said the greatest overall impact could come from steering the 33 trillion euros (US$35.12 trillion) of private savings to the real economy. Now about a third of it is held in current accounts. Letta said the 300 billion euros of family savings heading overseas, principally to the United States, highlighted the deficiencies of the EU’s fragmented markets. “The integration of the single market in financial markets could prove a game changer,” he said. “The major issue is how to mobilise the savings of Europeans and ensure... the transition goes ahead well and with the necessary finances.” The European Commission has said that additional investments of 620 billion euros per year are needed for the green and digital transitions. Letta’s report said that applying existing rules on goods and services could unlock up to 700 billion euros of efficiency gains by 2030. by Philip Blenkinsop Reuters Reuters The stalling that is taking place is at such as level that we cannot afford to wait. It is relative to the US mainly, but also compared with the other large economies.” “It means this is a last opportunity and last window that is open and we need to seize this opportunity,” he continued. Letta’s report is wide-ranging, but cenreuters

thursday A P R IL 18, 2024 21 The E dge C E O m o rning brief world (April 17): Myanmar’s detained former leader and Nobel laureate Aung San Suu Kyi has been moved from prison to house arrest, a spokesperson for the military government told media. Myanmar’s detained ex-leader Suu Kyi moved to house arrest JERUSALEM/CAIRO (April 17): Israel will make its own decisions about how to defend itself, Prime Minister Benjamin Netanyahu said on Wednesday, as Western countries pleaded for restraint in responding to a volley of attacks from Iran. The United States, European Union and G7 group of industrialised nations all announced plans to consider tighter sanctions on Iran, seen as aimed at mollifying Israel and persuading it to rein in its retaliation for the first ever direct Iranian strikes after decades of confrontation by proxy. Netanyahu met the German and British foreign ministers, who both travelled to Israel as part of a coordinated push to keep confrontation between Israel and Iran from escalating into a regional conflict fueled by the Gaza war. Netanyahu’s office said he thanked David Cameron and Annalena Baerbock for their support, while telling them: “I want to make it clear — we will make our own decisions, and the State of Israel will do everything necessary to defend itself.” Earlier, Cameron said it was now apparent Israel planned to retaliate for the Iranian missile and drone strikes, which Tehran launched on Saturday in response to a presumed Israeli airstrike that killed military officers at its embassy in Syria. Baerbock said escalation “would serve no one, not Israel’s security, not the many dozens of hostages still in the hands of Hamas, not the suffering population of Gaza, not the many people in Iran who are themselves suffering under the regime, and not the third countries in the region who simply want to live in peace.” Read the full story SYDNEY (April 17): Australia will boost defence spending by A$50.3 billion (US$32 billion) over the next decade and reshuffle its weapons programmes to emphasise missiles, drones and warships, as it looks to the possibility of a Pacific conflict between China and the US. The bulk of the new spending, part of a A$330 billion decade-long budget, will only kick in after five years, and ultimately take defence spending to 2.4% of gross domestic product (GDP) by 2034, from just over 2% at present day. Announced by Defence Minister Richard Marles on Wednesday, the new funding reflects new priorities, such as long-range missiles, that Australia believes are necessary in a world where a potential conflict between China and the United States could upend the region. “The optimistic assumptions that guidIsrael will defend itself, Netanyahu says, as West calls for restraint Missiles, drones and warships the priority as Australia plans US$32 bil defence boost by James Mackenzie & Nidal al-Mughrabi Reuters by Lewis Jackson Reuters Reuters “Since the weather is extremely hot, it is not only for Aung San Suu Kyi ... For all those who need necessary precautions, especially elderly prisoners, we are working to protect them from heatstroke,” junta spokesperson Major General Zaw Min Tun said in comments reported by four media outlets late on Tuesday (April 16). It was not immediately clear where Suu Kyi had been moved to. Zaw Min Tun did not respond to Reuters’ requests for comment. Suu Kyi was held under house arrest for a total of 15 years under a previous junta at a decrepit, colonial-style family residence on Yangon’s Inya Lake, where she famously gave impassioned speeches to crowds of supporters over the metal gates of the property. Suu Kyi, 78, has been detained by the Myanmar military since it overthrew her government in a 2021 coup. She faces 27 years in prison for crimes ranging from treason and bribery, to violations of the telecommunications law, charges she denies. In February, her son Kim Aris said she was being held in solitary confinement and that she was in good spirits “even if her health is not as good as it was in the past”. World leaders and pro-democracy activists have repeatedly called for her release. ed defence planning after the end of the Cold War are long gone,” Marles said in a speech at the national press club. “Our environment is characterised by the uncertainty and tensions of entrenched and increasing strategic competition between the United States and China.” reuters reuters Missiles seen flying across the night sky.

thursday A P R IL 18, 2024 22 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) Binapuri Holdings Bhd 91.1 0.005 0.085 0.00 286.8 Ingenieur Gudang Bhd 90.9 0 0.145 11.54 219.9 Alpha IVF Group Bhd 84.2 -0.005 0.330 - 1,603.8 My EG Services Bhd 70.1 0.005 0.775 -4.91 5,780.8 Av illion Bhd 53.5 -0.015 0.045 -10.00 51.0 Sapura Energy Bhd 48.7 -0.005 0.045 0.00 826.9 Velesto Energy Bhd 45.1 0.005 0.275 19.57 2259.3 Eversendai Corp Bhd 44.4 0.030 0.375 127.27 292.9 Malaysian Resources Corp Bhd 36.4 0.005 0.660 48.31 2,948.6 CIMB Group Holdings Bhd 32.2 0.050 6.530 12.84 69,707.6 Naim Holdings Bhd 29.9 0.195 1.080 32.52 540.8 SBH Marine Holdings Bhd 29.6 -0.005 0.270 - 239.8 Harvest Miracle Capital Bhd 29.6 -0.010 0.105 -12.50 128.7 Dagang NeXchange Bhd 27.8 0.005 0.405 1.25 1278.3 Tanco Holdings Bhd 27.6 0.060 0.840 42.37 1,752.0 UEM Sunrise Bhd 27.2 0.000 1.040 27.61 5,260.8 Sunway Bhd 25.2 0.070 3.350 62.62 18,567.2 Sime Darby Bhd 24.0 0.010 2.730 16.17 18,606.6 S P Setia Bhd 23.6 0.000 1.350 68.75 6,204.2 Southern Score Builders Bhd 23.3 0.01 0.395 83.72 897.7 Data as compiled on April 17, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Hong Seng Consolidated Bhd 0.015 50.00 3,561.6 -40.00 76.6 SC Estate Builder Bhd 0.015 50.00 320.0 -3.57 61.4 Techna-X Bhd 0.015 50.00 105.1 0.00 33.2 XOX Bhd 0.015 50.00 308.3 0.00 77.9 P.I.E Industrial Bhd 4.940 30.00 6,319.5 52.00 1,897.2 Naim Holdings Bhd 1.080 22.03 29,896.2 32.52 540.8 BSL Corp Bhd 0.030 20.00 1,600.2 -33.33 57.9 Destini Bhd 0.035 16.67 280.3 -41.67 58.2 Ta Win Holdings Bhd 0.035 16.67 1,576.3 -12.50 120.2 RGT Bhd 0.290 13.73 4,703.2 23.40 301.2 IFCA MSC Bhd 0.370 12.12 16,259.6 29.82 223.9 HB Global Ltd 0.195 11.43 13,292.3 116.67 152.5 Khee San Bhd 0.165 10.00 60.0 22.22 22.7 Rexit Bhd 1.140 9.62 842.0 31.79 197.5 EA Technique (M) Bhd 0.360 9.09 18,675.0 10.77 191.0 OCR Group Bhd 0.060 9.09 82.1 0.00 83.2 Trive Property Group Bhd 0.060 9.09 205.4 -25.00 75.8 Eversendai Corp Bhd 0.375 8.70 44,351.5 127.27 292.9 Theta Edge Bhd 1.660 8.50 8,637.7 142.34 195.8 Sentoria Group Bhd 0.065 8.33 3,618.0 27.78 39.9 Data as compiled on April 17, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Focus Dynamics Group Bhd 0.010 -33.33 343.7 -33.33 63.7 Av ilion Bhd 0.045 -25.00 53,499.90 -10.00 51.0 Metronic Global Bhd 0.015 -25.00 308.3 0.00 23.0 Sanichi Technology Bhd 0.015 -25.00 400.0 -40.00 21.0 Barakah Offshore Bhd 0.035 -12.50 31.0 0.00 35.1 ARB Bhd 0.040 -11.11 3,899.2 -38.32 50.0 Meridian Bhd 0.040 -11.11 141.2 -57.89 9.0 Sapura Energy Bhd 0.045 -10.00 48,719.2 0.00 826.9 Jadi Imaging Holdings Bhd 0.050 -9.09 30.0 -28.57 70.0 Harvest Miracle Capital Bhd 0.105 -8.70 29,578.2 -12.50 128.7 Master Tec Group Bhd 0.955 -7.28 6,416.7 - 974.1 SHH Resources Holdings Bhd 1.160 -7.20 19.9 -17.73 116.0 Digistar Corp Bhd 0.065 -7.14 136.4 8.33 30.5 Asdion Bhd 0.070 -6.67 1,092.0 -33.33 35.7 Bintai Kinden Corp Bhd 0.075 -6.25 1,009.0 -16.67 91.4 Quality Concrete Holdings 0.930 -6.06 0.2 -15.45 53.9 Pinehill Pacific Bhd 0.315 -5.97 1.0 -12.50 47.2 Handal Energy Bhd 0.080 -5.88 3,723.2 -33.30 29.8 Minox International Group 0.250 -5.66 - -9.09 90.0 Vsolar Group Bhd 0.090 -5.26 619.1 -48.15 17.7 Data as compiled on April 17, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Kuala Lumpur Kepong Bhd 22.600 -0.240 444.6 3.85 24,844.5 PPB Group Bhd 15.540 -0.240 619.6 7.32 22,107.20 Malaysia Airports Holdings 9.890 -0.170 3,836.8 34.38 16,502 Apollo Food Holdings Bhd 6.510 -0.150 29.6 13.02 520.8 KESM Industries Bhd 6.200 -0.150 35.1 -12.31 266.7 Sungei Bagan Rubber Co 4.750 -0.120 1.0 46.15 314.4 SHH Resources Holdings Bhd 1.160 -0.090 19.9 -17.73 116.0 Batu Kawan Bhd 19.920 -0.080 8.8 -3.30 7,829.80 Master Tec Group Bhd 0.995 -0.075 6,416.7 - 974.1 Press Metal Aluminium Holdings 5.260 -0.060 9,806.5 9.36 43,340.40 Quality Concrete Holdings 0.930 -0.060 0.2 -15.45 53.9 CelcomDigi Bhd 4.150 -0.050 2,095.8 1.72 48,685.80 D&O Green Technologhies Bhd 3.090 -0.050 1,446.7 -14.64 3,826.30 Guan Chong Bhd 2.490 -0.050 2,253.3 36.07 2,924.50 Hume Cement Industries Bhd 2.500 -0.050 430.5 11.11 1,570.20 IOI Corp Bhd 3.980 -0.050 3,332.5 1.27 24,690.70 Kluang Rubber Co (Malaya) 4.700 -0.050 2.0 29.83 292.2 Genting Plantations Bhd 6.010 -0.040 280.1 7.38 5,391.90 NPC Resources Bhd 1.700 -0.040 0.1 -5.56 193.3 Rhong Khen International 1.310 -0.040 22.0 6.50 255.4 Data as compiled on April 17, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Nestle (M) Bhd 123.000 1.380 188.8 4.59 28,843.5 PIE Industrial Bhd 4.940 1.140 6,319.5 52.00 1,897.2 Dutch Lady Milk Industries Bhd 32.320 0.760 168.1 39.55 2,068.5 Aj inomoto (M) Bhd 19.040 0.340 16.7 19.75 1,157.6 Heineken (M) Bhd 22.800 0.300 210.4 -5.55 6,887.8 Panasonic Manufacturing 19.040 0.300 19.1 5.78 1,156.6 Fraser & Neave Holdings Bhd 31.240 0.280 143.5 11.60 11,458.2 Naim Holdings Bhd 1.080 0.195 29,896.2 32.52 540.8 Greatech Technology Bhd 4.620 0.160 1,012.2 -3.75 5,794.4 Vstecs Bhd 2.560 0.140 1,018.2 93.94 912.8 Theta Edge Bhd 1.660 0.130 8,637.7 142.34 195.8 Telekom (M) Bhd 6.130 0.130 4,269.2 10.45 23,534.7 HCK Capital Bhd 2.250 0.120 220.6 5.14 1,224.4 LPI Capital Bhd 11.940 0.120 16.8 -0.17 4,756.7 Axiata Group Bhd 2.600 0.100 11,715.5 9.24 23,873.0 Frontken Corp Bhd 3.890 0.100 2,669.7 20.06 6,118.6 Kelington Group Bhd 2.570 0.100 2,470.5 18.43 1,709.9 Pentamaster Corp Bhd 4.340 0.100 667.5 -5.65 3,087.1 Rexit Bhd 1.140 0.100 842.0 31.79 197.5 IGB Bhd 2.520 0.090 10.4 14.55 3,395.0 Data as compiled on April 17, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 37,798.97 63.86 0.17 S&P 500 * 5,051.41 -10.41 -0.21 NASDAQ 100 * 17,713.66 6.83 0.04 FTSE 100 * 7,820.36 -145.17 -1.82 AUSTRALIA 7,605.60 -6.90 -0.09 CHINA 3,071.38 64.31 2.14 HONG KONG 16,251.84 2.87 0.02 INDIA 72,943.68 -456.10 -0.62 INDONESIA 7,130.84 -33.97 -0.47 JAPAN 37,961.80 -509.40 -1.32 KOREA 2,584.18 -25.45 -0.98 PHILIPPINES 6,450.04 45.07 0.70 SINGAPORE 3,154.69 9.93 0.32 TAIWAN 20,213.33 311.37 1.56 THAILAND 1,366.94 -29.44 -2.11 VIETNAM 1,193.01 -22.67 -1.86 Data as compiled on April 17, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 3,990-22.00 OIL US$ 88.83-1.19 RM/USD 4.7930 RM/SGD 3.5187 RM/AUD 3.0798 RM/GBP 5.9757 RM/EUR 5.1000

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 THURSDAY APR 18, 2024 SCAN ME No. 8503 PP 2644/12/2012 (031195) Local temperatures in March was between 26°C and 33°C, indicating persistent tropical heat prevalence in the region. – ADIB RAWI YAHYA/THESUN Terengganu to cane first woman khalwat offender Sentence on single mother, who was convicted of similar offence in 2018, to be carried out on May 6 if appeal not submitted within 14 days. Unsavoury truth about ‘pitcher plant lemang’ Expert warns of health risks as consumers could ingest remnants of dead insects or small animals and animal faeces. March world’s hottest month since 1850 Culmination of 10-month streak of relentless global heatwave saw Malaysia endure temperatures reaching high of 33°C last month: Expert Zafrul to file separate affidavit Report on hpage 4 Report on hpage 5 Report on hpage 2 Move aimed at ensuring record properly reflected to allow all parties to be apprised of material facts, says Investment, Trade and Industry minister. - Report on page 3

THURSDAY | APR 18, 2024 2 Zafrul to file affidavit to ‘correct factual errors’ Media block on judicial review application proceedings KUALA LUMPUR: The media is not allowed to cover the proceedings of a court case involving Datuk Seri Najib Abdul Razak’s application for leave to initiate a judicial review to challenge the existence of an addendum order. The addendum order, said to have been issued with the consent of the 16th Yang di-Pertuan Agong, allows the former prime minister to serve the remaining six years of his prison sentence under house arrest. Lawyer Tan Sri Muhammad Shafee Abdullah representing Najib, told High Court Judge Datuk Amarjeet Singh that the proceedings should be conducted in chambers as it involves sensitive issues. “All documents have been filed. Conducting it in chambers means it can be done physically in court but declared in chambers. “I have also been told and indicated to my learned friends (senior federal counsel Shamsul Bolhassan and Ahmad Hanir Hambaly) who are also receptive to the idea, given certain materials disclosed in the last affidavit are sensitive,” said Muhammad Shafee. Amarjeet then allowed the proceedings to be conducted in chambers with only lawyers representing Najib and the senior federal counsel representing the respondents being allowed to attend. “All other parties are not allowed to follow these proceedings, including the media,” the judge said. Najib, 70, filed the leave application for a judicial review at the High Court on April 1 through the legal firm Messrs Shafee & Co. – Bernama Aidilfitri Madani celebrations in seven states Najib is seeking to serve the remainder of his jail term under house arrest. – BERNAMAPIC KUALA LUMPUR: Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Aziz said he will apply to “correct certain factual errors” in a supporting affidavit for Datuk Seri Najib Abdul Razak to serve his remaining prison sentence at home. Tengku Zafrul was responding to news of the document from Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi, who cited Tengku Zafrul as affirming the existence of a supplementary order from the previous Yang di-Pertuan Agong for Najib to serve his sentence under house arrest. Zahid claimed Tengku Zafrul showed him a copy of the addendum order on his phone on Jan 30, which he personally photographed or scanned from an original copy that was shown to him by the former King, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah. oInvestment, Trade and Industry minister says move made to correct document by Zahid to ensure just and fair decision made in interest of all parties However, Tengku Zafrul said in a statement uploaded on Facebook that he would seek to file an affidavit to correct “factual errors” in Zahid’s affidavit to ensure a just and fair decision is made in the interest of all parties. “I will seek to write to the High Court to ask for permission or leave to file an affidavit to correct certain factual errors contained in the affidavit in question. “I take no position in so far as the merits of the ongoing dispute is concerned but I merely wish to ensure that the factual record is properly reflected and recorded so that all parties and in particular the High Court is properly apprised of all material facts.” Tengku Zafrul added that correction of the errors would ultimately lead to a fair decision for PUTRAJAYA: The Aidilfitri Madani 2024 celebrations with Prime Minister Datuk Seri Anwar Ibrahim will be held in seven states, beginning with Johor today. The event secretariat, in a statement yesterday, said the celebration would be held in Sabah (April 20), Malacca (April 22), Kelantan (May 2), Kedah (May 4), Penang (May 5) and Terengganu (May 9). It said the event in Sabah, which is a national-level celebration, would be hosted by the state government and the National Unity Ministry as the lead ministry. It will be held at the Sabah International Convention Centre in Kota Kinabalu from 10.30am to 3pm. In Johor, it will be held at Padang Begonia, Angsana Johor Bahru Mall, from 4pm to 7pm and will be hosted by the state government, with the Defence Ministry as the lead ministry. The statement said the main purpose of the event is to foster goodwill and unity among the community and enable leaders to meet the people. Anwar is scheduled to be present as the main guest at the celebrations, accompanied by the menteri besar or chief minister of the respective states. – Bernama More Community Mediation Centres planned KUALA LUMPUR: The government is targeting to open four more Community Mediation Centres (CMC) this year to complement the existing ones. National Unity Minister Datuk Aaron Ago Dagang said centres have been proposed in Putrajaya, Malacca, Perlis and Negeri Sembilan, through the National Unity and Integration Department. He said last year, four CMC were opened in Penang, Kuala Lumpur, Perak and Johor. He said in a post on X that there were four main objectives for setting up the new CMC. He added that these include mediation services to help resolve disputes and conflict at the community level, to provide mediation services on a pro bono basis, provide advisory and counselling services, and conduct activities and promotion programmes related to mediation. – Bernama Selangor Sultan visits Raja of Perlis SHAH ALAM: The Sultan of Selangor Sultan Sharafuddin Idris Shah paid a visit to the Raja of Perlis Tuanku Syed Sirajuddin Putra Jamalullail at Istana Arau on Tuesday. His Highness was accompanied by the Tengku Permaisuri of Selangor Tengku Permaisuri Norashikin, Bernama reported. According to a post on the Selangor Royal Office Facebook page, the visit was for His Highness to personally inquire about the health and well-being of Tuanku Syed Sirajuddin, as well as to foster ties among Malay rulers. The Selangor royal couple arrived at Istana Arau at about 11am and spent time with the Raja of Perlis and the Raja Permaisuri of Perlis Tengku Fauziah until late in the evening. They then accompanied the Raja of Perlis to the Royal Ward of Tuanku Fauziah Hospital before leaving. all parties, but did not reveal the alleged errors in the affidavit. In an immediate response, the Attorney-General’s Chambers said it will refer Tengku Zafrul’s statement to the court. Najib, 70, filed the leave application for a judicial review at the High Court last April. He named the home minister, commissioner-general of Prisons, attorney-general, Pardons Board for the Federal Territory of Kuala Lumpur, Labuan and Putrajaya, minister in the Prime Minister’s Department (Law and Institutional Reform), its Legal Affairs Division director-general and the government as the first to the seventh respondents. The former Pekan MP is seeking a mandamus order to compel either all or one of the respondents to respond and confirm the existence of the additional decree dated Jan 29. He is also seeking a mandamus order to state that if the additional decree exists, all or one of the respondents must enforce it immediately by transferring him from Kajang Prison to his residence in Kuala Lumpur for him to serve the remainder of his prison sentence under house arrest.

THURSDAY | APR 18, 2024 3 Bleaching happens when coral, which provides an important ecosystem for underwater life and protects coastal areas by reducing the strength of waves, gets stressed and turns white because the water it lives in is too hot. While coral may not die when it bleaches, they are under more stress and are subject to mortality. In 2005, the US lost half of its coral reefs in the Caribbean in one year due to a massive bleaching event. Azimah said the oceans cover 70% of the planet and help keep the climate liveable by absorbing 90% of the excess heat caused by carbon dioxide and methane gas emissions produced by the burning of coal, oil and natural gas. “This trajectory will not change until concentrations of greenhouse gasses in the atmosphere stop rising. The potential implications of a prolonged period of higher temperatures may cause heat stroke and dehydration to be more common.” Azimah said extended heat waves also hurt the environment and would lead to wildfires, droughts and ecosystem changes. “Heat waves can trigger significant changes in ecosystems, impacting plant and animal life and altering ecological processes. “Plants may experience heat stress, reduced growth rates, and increased susceptibility to pests and diseases, leading to changes in vegetation composition and distribution. “Similarly, animals may face challenges in finding food and water sources, and some species may be forced to migrate or adapt to new habitats to survive, affecting the balance of ecosystems and biodiversity,” she said. Azimah stressed the importance of reducing greenhouse gas emissions, especially those stemming from human activities such as industrial processes, vehicular emissions, and open burning. “The adoption of renewable energy sources in residential areas, such as rainwater harvesting systems, is among the crucial measures in addressing this issue. “The production of electric vehicles is one of the moves forward that has been implemented by the government to reduce carbon emissions. But more needs to be done,” she said. March officially named world’s hottest month PETALING JAYA: As temperatures soared to unprecedented heights last month, the EU Copernicus Climate Change Service officially recognised March as the world’s hottest month since 1850. “It was a culmination of a 10-month streak of relentless global heat waves, which also saw Malaysia enduring extreme heat with temperatures reaching a high of 33°C in March,” said East Coast Environmental Research Institute fellow and researcher Dr Azimah Ismail. “The average temperature in March remained between 26°C and 33°C, which indicates a persistent tropical heat prevalence in the region. The overall warm conditions were caused by high humidity levels.” Azimah said the current intermittent rains and monsoon transition phase, which started at the end of March and extends to May, will see Malaysia experiencing thunderstorms with heavy rain and strong winds. “The record-breaking March heat will influence weather patterns in the months ahead, particularly during the monsoon transition. So while the extreme heat may be over, we will now experience heavy rains, strong winds and flash floods,” she said. Azimah blamed greenhouse gas emissions and industrialisation for climate change, and warned that global leaders have to take the issue far more seriously before matters worsen. “Hotter seas will produce more moisture in the atmosphere, leading to increasingly erratic weather, including strong winds and heavy rain. It also increases the danger of mass coral bleaching events. “Last month, marine scientists warned that a mass bleaching was already unfolding in the southern hemisphere and could be the worst in the planet’s history,” she said. oRecord-breaking heat will influence Malaysia’s weather patterns, resulting in thunderstorms, flash floods: Expert PUTRAJAYA: Malaysia has expressed interest in hosting the Seatrade Cruise Asia 2026 to demonstrate its commitment to promote the cruise industry as a potential economic catalyst for the country, said the Transport Ministry. Its minister Anthony Loke, who is the first Malaysian transport minister to attend the annual Seatrade Cruise Global 2024 in Miami, Florida, had announced its interest at the four-day conference which started on April 8. “The minister has also conveyed Malaysia’s seriousness to become a major cruise destination at the conference,” the ministry said in a statement yesterday. Seatrade Cruise Global 2024 drew cruise professionals from 80 cruise line brands representing 120 countries. Loke also invited cruise ship operators attending the conference to leverage Malaysia’s cruise port infrastructure, including the Langkawi Cruise Terminal, Swettenham Pier Cruise Terminal in Penang, Port Klang Cruise Terminal, Malacca International Cruise Terminal, as well as several ports in Sabah and Sarawak. The ministry said the cruise industry can assist in the development of green supply chains in Malaysia, including shore power and green bunkering, in line with the target of achieving net-zero emissions under the International Maritime Organisation’s strategy on deduction of greenhouse gas emissions from ships. The ministry is also closely collaborating with the Tourism, Arts and Culture Ministry to position Malaysia as a selected homeport destination in the Asia-Pacific region. “This collaboration is established considering the rapid growth in cruise tourism demand in China and the emerging trend in India. “The cultural diversity of Malaysia and the Asean region can offer an attractive vacation experience to tourists from China and India,” the statement read. The ministry is optimistic that the rapid growth of cruise tourism will have a positive impact on the economy through retail, food and beverage, and hospitality sectors in the country, it added. – Bernama The placement of new contract of service teachers is based on three principles – service interest, vacant positions and subject requirements. – ADIB RAWI YAHYA/THESUN KOTA KINABALU: Sabah Science, Technology and Innovation Minister Datuk Dr Mohd Arifin Mohd Arif urged parents and families of Sabah students studying in the Middle East to remain calm amidst the rising conflict in the region. He said the Sabah government is in frequent contact with Wisma Putra and the Higher Education Ministry and they are monitoring the situation, especially in Egypt and Jordan, to obtain the latest information about the situation there. Mohd Arifin said he had also personally contacted Deputy Foreign Minister Datuk Mohamad Alamin. He was told that both ministries were ready for any situation, including bringing the students home. “There are 248 Sabah students studying in Egypt, 79 in Jordan and nine in Saudi Arabia at several universities taking up various courses. “Some have been given scholarships and bursaries from the Sabah government, Yayasan Sabah, the Sabah Islamic Religious Council and the Public Services Department, while others are self-funded,” he said in a statement. Mohd Ariffin also added that he and Yayasan Sabah were in constant contact with the guardians of Sabah students in Egypt, Jordan and Saudi Arabia about the students’ current situation in these countries. “We are also experienced in coordinating and monitoring, as well as bringing back Sabah residents during the political crisis in Egypt,” he said. – Bernama Schools get 6,000 contract teachers KUALA LUMPUR: A total of 6,034 new contract teachers have been placed in schools nationwide starting Monday, said the Education Ministry. In a statement, the ministry said 1,858 teachers have been placed n secondary schools, while the remaining 4,176 are in primary schools. “The placement of new contract of service (COS) teachers is based on three fundamental principles. “They are the service’s interest, vacant positions, and the school’s current option or subject requirements. “The ministry would like to express utmost appreciation to the Education Service Commission on the appointment of the new teachers to meet the current needs in schools nationwide,” the statement read. The ministry also said it would continue to work closely with the commission to address the issue of teacher shortage. It added that the appointment of new COS teachers is a reflection of the continued commitment of the Madani government to improving the quality of national education. – Bernama Keep calm, families of Sabah students told █ BY QIRANA NABILLA MOHD RASHIDI [email protected] M’sia keen to host next Seatrade Asia talks PETALING JAYA: In the sub-heading of our page 3 story yesterday titled “In-house initiative solves water problem at varsity”, we inadvertently abbreviated University Malaysia Kelantan as UKM instead of UMK. The error is regretted. Clarification

THURSDAY | APR 18, 2024 4 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Free education to curb student dropout among underprivileged ALOR SETAR: Food Bank Malaysia (Food Bank) has taken the initiative to provide free education classes to children of the asnaf group in Kampung Bakau Hijau, Bedong. Its chairman Mohd Azrul Mohd Razak said the initiative, known as the Bakau Hijau Class project, is aimed at ensuring poor local students do not drop out and end up not receiving a good and adequate education. He said education classes in this village are a continuation of efforts to provide free education to the village’s students that started in 1994. “A friend brought our team to the place in the hope of helping the students there to read and write as well as to gain knowledge that can benefit those who are mostly from underprivileged families. “The founder of this place, known as Toksu Romli, started giving free English classes to students in the village since 1994. The result of the Food Bank’s visit two years ago made us feel that education must continue here.” He said the Food Bank, in collaboration with Kelab Pendidikan dan Kebajikan Puncak Lembaga Bujang, has helped to bring back these classes. Mohd Azrul said his team is collaborating with residents of the village to reorganise the classes in order to continue the effort to provide free education there. He said so far between 30 and 40 children from primary and secondary schools have attended the classes, which last for three hours on Fridays and Saturdays. “Among the subjects taught are Bahasa Melayu, English, Mathematics and Science as well as reading and writing for primary school pupils,” he said. Mohd Azrul added the teaching staff comprised volunteers from various occupational backgrounds, including teachers and doctors. “Food Bank hopes that these classes and programmes can assist these children in changing their lives for the better through education.” – Bernama Water supply disruption caused by power outage KOTA BHARU: Air Kelantan Sdn Bhd (AKSB) has announced that the water supply disruption that occurred in Paloh 3, Gua Musang and its surrounding areas were due to a power outage at the Paloh water treatment plant in Gua Musang. The company said in a statement that the power outage of about 18 hours between April 6 and April 8, had a direct impact on the plant’s daily operations, with a total of 100 out of 371 consumer accounts in the area affected. A short-term solution of placing static tanks at affected areas will be implemented should the water supply disruption continue. “In the long term, the plant’s operations will be extended and a specific generator will be prepared for festive seasons,” it said. The company also shared that the water supply disruption in Gunong, Bachok, especially in Taman Putri Saadong and its surrounding areas, was periodic and affected by high demand for water during festive seasons in Kelantan. “The problem is caused by reduced water supply at the Chicha water treatment due to the influx of saltwater at Sungai Pengkalan Datu in Pasir Tumbuh, which exceeds the permitted level of 250 parts per million. “This causes a reduction in water intake from the Pasir Tumbuh radial well that supplies raw water to Chicha of up to 10 million litres a day (MLD) compared with the previous 15 MLD daily,” AKSB said, adding that a static tank has been placed in each of the four affected areas, namely Pasar Gunong, Taman Puteri Saadong, Taman Hamidah and Kampung Telaga Ara. – Bernama Health risks linked to lemang cooked in pitcher plant PETALING JAYA: With Hari Raya celebrations still in the air until the last day of Syawal on May 9, lemang can be seen sold along streets and at night markets. However, danger lurks if one opts to consume lemang cooked in the carnivorous pitcher plant (Nepenthes), which is becoming popular due to its uniqueness compared with the traditional lemang that is cooked in bamboo. Some even claim that pitcher plant lemang tastes far better and is more fragrant. Advertisements on social media platforms such as Facebook also make similar claims as they tout the dish for sale. But public health specialist Dr Ain Aliyya Azaharuddin warned that one could ingest harmful substances along with the lemang that is cooked in pitcher plants. “Being carnivorous, pitcher plants can accumulate, absorb and digest insects or small animals trapped inside it, including animal faeces. “If an individual fails to properly clean and wash the pitcher plants before using them to make lemang, they risk causing customers to experience stomachaches, nausea, vomiting or diarrhoea. “The residual organic matter inside pitcher plants can also serve as a breeding ground for bacteria and other microorganisms, given that small mammals use it as their toilet.” Ain Aliyya said microorganisms could also proliferate and contaminate the rice during the cooking process, increasing the risk of foodborne illnesses. She urged the public to opt for lemang cooked in bamboo as a safer option, adding that harvesting bamboo for lemang is more There are no health concerns on lemang cooked in bamboo. – SYED AZAHAR SYED OSMAN/THESUN oConsumers may experience stomachache, vomitting and diarrhoea from ingesting remnants of dead insects, small animals: Expert █ BY NUQMAN ADAM [email protected] Flood relief centres opened in two states SHAH ALAM: Two flood relief centres have been opened in Selangor to accommodate flood evacuees following heavy rain in the state on Tuesday, causing some areas in Sungai Buloh and Subang to be flooded. Selangor Fire and Rescue Department assistant director (operations) Ahmad Mukhlis Mokhtar said the centres are at Sekolah Kebangsaan (SK) Merbau Sempak and the Kuala Selangor District Council Hall Desa Coalfields, providing shelter for 374 evacuees from 88 families. The department also opened a control post at SK Merbau Sempak, he said in a notification via WhatsApp. Meanwhile, in Seremban, a centre was opened at the Permatang Pasir Community Hall in Port Dickson early yesterday following flash floods in the district. According to a statement issued by the Negeri Sembilan Disaster Management Committee of the Civil Defence Force, the centre accommodated 46 evacuees from two families. – Bernama Service centre to distribute flood aid KUALA LUMPUR: The Sungai Buloh parliamentary service centre has been ordered to deliver aid to ease the burden of those affected by flash floods in the constituency, said Sungai Buloh MP Datuk R. Ramanan. In a post on Facebook, the deputy entrepreneur development and cooperatives minister said he immediately visited the affected locations upon receiving information about the incident. He added that Kampung Melayu Subang and Kampung Kubu Gajah are among the areas affected by the floods since Tuesday. “So far, a temporary relief centre at Sekolah Kebangsaan Merbau Sempak has been opened, accommodating more than 100 evacuees. “I also contacted officers from the Social Welfare Department, National Disaster Management Agency, police and relevant agencies to ensure the evacuees are managed effectively,” he said. He also reminded Sungai Buloh residents to prioritise their safety and monitor their children, the elderly and persons with disabilities. – Bernama environmentally friendly compared with harvesting rare pitcher plants. Botanist Abdullah Razin Rofli agreed with her and added that the widespread harvesting of pitcher plants would cause their extinction. “Pitcher plants play vital roles in their ecosystems as they contribute to biodiversity and provide food for various organisms, including insects. “The loss of pitcher plants could effect other plant and animal species which rely on them for shelter or food. Their disappearance could lead to their extinction in the long term.” Abdullah Razin said pitcher plants that are used to cook food come from one of three species namely the flask pitcher plant (Nepenthes ampullaria), the common swamp pitcher plant (Nepenthes mirabilis) and the slender pitcher plant (Nepenthes gracilis). “Lemang cooked in pitcher plants is popular in Pahang due to its abundance in the region’s forests. So there are many pitcher plant suppliers in the state. “Efforts to cultivate and collect various species of pitcher plants are under way at the Kledang Saiong Forest Eco Park in Ipoh, which is among the world’s largest research centres dedicated to the plant, and attracts researchers from abroad.” Abdullah Razin said pitcher plants also supply nitrogen to maintain soil fertility and serve as a toilet for bats and squirrels. “When an area is not fully fertile, pitcher plants grow there and over decades they help make the soil more fertile, and suitable for other plant species to thrive. “Also, although lemang cooked in pitcher plants are tempting, small bats and squirrels tend to make these plants their home, while the plants derive essential nutrients from the mammal’s droppings. “This results in them having more nitrogen in their leaves compared with other plants.” Like Ain Aliyya, Abdullah Razin also advised the public to choose the lemang cooked in bamboo as it is safer and more eco-friendly.

THURSDAY | APR 18, 2024 5 Terengganu to cane first woman khalwat offender KUALA TERENGGANU: A single mother became the first woman “khalwat” (close proximity) offender in the state to be sentenced to caning by the Syariah High Court. Senior judge Rosdi Harun meted out the punishment on Nurfifi Amira Nawi, 37, who pleaded guilty to the offence. She was sentenced to six strokes and a RM4,000 fine, in default eight months’ jail. Nurfifi was charged under Section 31 (b) of the Syariah Criminal Offenses (Takzir) (Terengganu) (Amendment) Enactment 2022 with being with a 40-year-old man who was not her husband or mahram in a house in Kemaman at about 3.15pm on Jan 31. She had been convicted of a similar offence in 2018 and was fined. Based on the same enactment, an offender can be punished with up to six strokes of the cane, a maximum fine of RM5,000 or three years in prison for the second and subsequent offences. Rosdi ordered the caning on Nurfifi, who has a child, to be carried out on May 6 at the Marang Prison if she fails to submit an appeal within 14 days. – Bernama Man held over death of infant son KUALA LUMPUR: Police arrested a man suspected of murdering his six-month-old son, who was found unconscious in an apartment unit in Beranang, Selangor on Monday. Kajang district deputy police chief Supt Mohamad Nasir Drahman said the 25-year-old local man was arrested at the Kajang Hospital compound at 11.30pm the same day. “The suspect lodged a police report at 8.52am stating that the baby was found unconscious in a Baiduri Apartment unit in Bandar Tasik Kesuma. “An initial examination found no injuries on the victim’s body, but the results of the post-mortem confirmed there were head injuries that were not caused by an accident,” he said yesterday, adding that the suspect tested positive for syabu and was remanded until April 22 for further investigation. Mohamad Nasir said the case has been classified as murder and is being investigated under Section 302 of the Penal Code. He also urged those with information to contact police or investigating officer ASP S. Vekram at 019-473 7108. – Bernama Two robbery suspects sought by police SHAH ALAM: Police are on the lookout for two men suspected of being involved in an armed robbery at a grocery store in Kebun Baru, Telok Panglima Garang. Kuala Langat police chief Supt Ahmad Ridhwan Mohd Nor @ Salleh said information on the incident was received from the store owner at 3pm on Tuesday. “Investigations revealed one suspect entered the store with his face covered using a shirt while the other waited in a car. “The suspect, armed with a machete, fled with a drawer containing cash, two mosque donation boxes and the mobile phone of an employee.” Ahmad Ridhwan said the store owner suffered losses of around RM3,000. He also said the case was being investigated under sections 395 and 397 of the Penal Code, which carry a maximum penalty of 20 years in prison, a fine or caning. Anyone with information is urged to contact police or the Kuala Langat police headquarters operations room at 03-3187 2222. – Bernama No due diligence on RM1.8b loan to KWAP: Witness KUALA LUMPUR: The High Court was told yesterday that SRC International Sdn Bhd failed to perform due diligence on a RM1.8 billion loan to Retirement Fund Incorporated (KWAP) before transferring the amount offshore for purported investment activities. Its former director Datuk Shahrol Azral Ibrahim Halmi, 54, said no due diligence was carried out as the directors’ circular resolution was signed and approved by Datuk Seri Najib Abdul Razak, who was the prime minister and finance minister at the time. Shahrol was testifying as a third party in the company’s US$1.18 billion civil suit against Najib and its former CEO Nik Faisal Ariff Kamil. “I felt I was under obligation by instructions of the prime minister. I would have preferred for information to be available but I went ahead and signed it. “It was not only instructions. This was signed by the prime minister and former finance minister and shareholder of 1Malaysia Development Berhad, so that carried a lot of weight. “We tried to find as much information as we could but when it came to execution, the prime minister signed (it), so we had to do it. He thought it was a good idea and I trusted his judgement,” Shahrol said when queried by Najib’s counsel Harvinderjit Singh. The money was transferred to Falcon Private Bank Ltd in Switzerland and Julius Baer in Hong Kong to be used in the acquisition of two companies in Indonesia (PT ABM Investama and PT Bumi Resources TBk) and two companies in Mongolia (Gobi Coal and Energy Limited and Erdenes-Tavan Tolgoi). In the 2019 SRC criminal trial, its former chairman Tan Sri Ismee Ismail testified that Nik Faisal was ordered by Najib to transfer the money in a meeting on Sept 7, 2011. Under a new management, SRC filed the suit in May 2021, claiming Najib had committed breach of trust and power abuse, personally benefited from company funds and misappropriated the said funds. The company is also seeking a court declaration that Najib is responsible for company losses due to his breach of duties and trust, and for Najib to repay the RM42 million in losses that it suffered. – Bernama Sign language making inroads in modern parenting PETALING JAYA: Universiti Kebangsaan Malaysia Faculty of Education lecturer Assoc Prof Dr Hasnah Toran said early childhood education and parenting practices have taken a new direction by using sign language to communicate with newborns and toddlers. “The adoption of sign language by mothers reflects a broader cultural shift to more inclusive and child-centred parenting practices that now form the cornerstone of healthy attachment and development.” Hasnah said sign language has been successfully used with those who find difficulty learning verbal communication. “Apart from those with hearing impairments, individuals with developmental disabilities such as autism and mental retardation have learned to communicate through sign language. “However, by using sign language even with infants without disabilities, parents can forge deep connections and lay the groundwork for strong communication.” oPractice adopted in early childhood boosts verbal skills, neural connections and cognitive flexibility, says expert █ BY SIVANISVARRY MORHAN [email protected] Nuraqilah Muhammad Izzuan, 35, who has a two-year-old and five-year-old son, said: “When my eldest was diagnosed with autism, I was determined to connect with him. “Little did I know that signing with him would bridge the gap. To my surprise, it also facilitated my youngest son’s language development effortlessly when he was just a year old.” Nuraqilah said signing became her family’s second language and drew them closer. Despite initially worrying about juggling the needs of her children and potential speech delays for her younger son, she is relieved that he communicates effectively with everyone. On misconceptions on the use of sign language, Hasnah said there is concern among the public that the early adoption of sign language could potentially delay speech development. “Studies have consistently shown that introducing sign language does not hinder a child’s vocal development but increases his verbal skills and cognitive growth. “Moreover, research indicates a positive effect on language development, particularly up to around the age of four.” Hasnah said it is important to speak while signing, so children can watch the speaker’s mouth and connect it with the signs. She said eventually, the child would copy the signs, then start talking while signing, and finally just talk. The combination of speech and sign language stimulates the brain through multi-modal communication, which fosters neural connections and cognitive flexibility. “Sign language has been shown to reduce tantrums in toddlers by empowering them to express their needs more effectively.” By signing, Hasnah said infants become better equipped to process information, solve problems and navigate their environment. However, she cautioned against “hothousing”, which means teaching children at higher levels than their age. She also advised parents to balance learning with natural exploration. “While sign language can be a valuable tool for early childhood development, it should not be used to pressure children or prematurely accelerate their developmental milestones. “By providing children with a means of communication that transcends verbal language barriers, parents can mitigate frustration and promote their emotional health as well.” BEASTLY CATCH ... Fishermen and residents in Pulai, Malacca crowding around a 4.5m saltwater crocodile that was captured in Pantai Siring yesterday. – BERNAMAPIC

THURSDAY | APR 18, 2024 6 PUBLICATION DATE 3 May 2024 (Friday) BOOKING DEADLINE 26 April, 2024 (Friday) MATERIAL DEADLINE 29 April, 2024 (Monday) The Sun invites your esteemed organisation to subscribe to our latest education bulletin in response to the upcoming SPM results to be released. The Bulletin to be published on Friday May 3rd 2024 provides a variety of choices for SPM school leavers on the various pathways available, to pursue their studies. DON’T MISS THIS OPPORTUNITY, COME JOIN US! PUBLICATION DATE 3 May 2024 (Friday) BOOKING DEADLINE 26 April, 2024 (Friday) MATERIAL DEADLINE 29 April, 2024 (Monday) Contact theSun's Sales & Marketing team to book your advertising space. 03-7784 6688 [email protected] Malaysian Paper Journalist receives ‘Hero’ award for selfless acts oVeteran well known for altruistic nature and fostering social cohesion █ BY SIVANISVARRY MORHAN [email protected] KUCHING: Nowadays, helping a stranger in need without reason is rare but for veteran journalist Peter Wee, it is his second nature as he would rise to the occasion whenever he sees someone in trouble. Once, he saved a 16-year-old girl he found passed out on a pavement after getting high from sniffing glue. Another time, he saved a boy who was forced by his father to beg for “donations” in front of a bank. So, it comes as no surprise that Wee sprung into action when he spotted two girls playing precariously on an upper floor window ledge of a shoplot. “My heart raced at the thought of the danger facing them. They could have easily fallen off the ledge, so I had to do something.” As Wee recounted the incident, he express concern over individuals who would rather take videos to post on social media than rescue the girls. “When I spotted them on the ledge, I noticed most shops were closed and a few individuals who seemed more interested in taking videos than helping them. “I knocked on the door of the shop but their mother was fast asleep. I kept knocking until she woke up. “She then pleaded with me to save her daughters.” After rescuing them, he advised the mother to install safety bars on the windows, but he was disappointed that it had not been done when he returned to the shop some days later. He proceeded to inform the Social Welfare Department, and it sent an officer to visit the family to understand their situation and provide the parents with counselling. Wee’s selfless acts resonated with the people, reminding them of the importance of prioritising the safety and well-being of others. His act of saving the girls were recognised by the Kuala Lumpur and Selangor Chinese Chamber of Commerce and Industry, that selected him as a recipient of the MyHero 4.0 Award 2023 and named him an “Ambassador of Unity”. The award recognises people who exemplify dedication in serving others as heroes and heroines. A total of 18 Malaysian men and women received MyHero awards in 2014, 2016 and 2018. Wee, from Sibu in Sarawak, is well known for his dedication to helping those in need and fostering social cohesion through journalism. Throughout his career, he demonstrated willingness to reach out to the less fortunate without seeking recognition or reward. “While I am deeply touched, humbled and grateful for having been selected to receive the MyHero award, I believe true heroism lies in the everyday actions of individuals who strive to make a positive difference in the lives of others. “Anyone can be a hero by consistently ensuring a safer environment for all. “Despite receiving the award, I have not changed in any way and will continue to help others as long as I am physically able.” Wee showing his MyHero award and ‘Ambassador of Unity’ certificate. – PIC COURTESY OF PETER WEE

THURSDAY | APR 18, 2024 7 At least one dead in UAE flash floods DUBAI: Authorities and communities across the United Arab Emirates were clearing debris yesterday after a torrential downpour killed at least one person and caused damage to homes and businesses. The UAE witnessed a record rainfall with 254mm falling in Al Ain on Tuesday in less than 24 hours, according to its meteorology centre. That was the most since records began in 1949, before the country was established in 1971. Although heavy rains had eased by late Tuesday, disruptions were continuing yesterday with Emirates airline suspending check-in for passengers departing Dubai airport. Dubai International Airport, one of the world’s busiest, said it was facing significant disruptions after the heavy rains delayed or diverted flights and had impacted flight crews. Passengers departing Dubai were advised against heading to the airport and to check their flight status with their airline. “We are working hard to recover operations as quickly as possible in very challenging conditions,” the airport wrote on X. Emirates said passengers who were already in transit would continue to be processed but warned that delays to departures and arrivals should be expected. The Dubai airport website showed hours-long delays for some arrival and departure flights. Media reported that an elderly Emirati man in his 70s died on Tuesday when his vehicle was caught in flash floods in the Ras Al Khaimah emirate, in the country’s north. In neighbouring Oman, 19 people died, including schoolchildren after three consecutive days of heavy rain, according to Omani media, which published images of flooded communities. The Times of Oman reported that more rain was expected yesterday. In Dubai, the skies were clear but in some areas the roads were quiet after the government ordered its employees and all schools to work remotely for a second consecutive day. UAE media and social media posts showed significant damage from the torrential downpour in some parts of the country, including collapsed roads and homes inundated by water. Social media posts on Tuesday showed flooded roads and car parks with some vehicles completely submerged. Sheikh Zayed Road, a 12- lane highway through Dubai, was partially flooded, leaving people stuck in a kilometres-long traffic jam for hours. – Reuters China jets shadow US navy plane over Taiwan Strait BEIJING: China’s military said yesterday it sent fighter jets to monitor and warn a US Navy patrol aircraft that flew over the sensitive Taiwan Strait, a mission that took place just hours after a call between the Chinese and US defence chiefs. China claims sovereignty over democratically governed Taiwan, and says it has jurisdiction over the strait. Taiwan and the United States dispute that, saying the Taiwan Strait is an international waterway. The US Navy’s 7th Fleet said the P-8A Poseidon maritime patrol and reconnaissance plane, which is also used for anti-submarine missions, flew over the strait in international airspace. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations,” it said in a statement. “The aircraft’s transit of the Taiwan Strait demonstrates the United States’ commitment to a free and open IndoPacific.” China’s military described the flight as “public hype”, adding it had sent fighters to monitor and warn the US plane and “deal with it in accordance with the law and regulations”. “Troops in the theatre are always on high alert and will resolutely defend national sovereignty and security as well as regional peace and stability,” the Eastern Theatre Command of the People’s Liberation Army said in a statement. Taiwan’s Defence Ministry said that the US aircraft flew south through the strait and that Taiwanese forces had monitored the situation but observed nothing unusual. The last time the US Navy announced a Poseidon had flown through the strait, in December, China’s military said it had also sent fighter jets to monitor and warn the aircraft. The latest Poseidon mission came shortly after US Defence Secretary Lloyd Austin spoke with Chinese Defence Minister Dong Jun, the first engagement the two have had in more than a year as the two countries seek to restore military ties. Dong told Austin that the Taiwan issue is “core of China’s core interests and China’s core interests must absolutely not be harmed”. “The Chinese People’s Liberation Army will never let any Taiwan independence separatist activities and external connivance and support go unchecked,” Dong said. The United States is Taiwan’s most important backer and arms supplier despite the absence of formal diplomatic ties, and the issue is a constant irritant for Sino-US relations. US military ships and aircraft transit the narrow Taiwan Strait about once a month. – Reuters Suu Kyi moved to house arrest YANGON: Myanmar’s military government has moved jailed democracy icon Aung San Suu Kyi from prison to house arrest, a source said yesterday. The 78-year-old Nobel laureate is serving a 27-year sentence for a host of criminal convictions ranging from corruption to breaching public health rules. Suu Kyi has largely been hidden from view since the military detained her as they seized power in a 2021 coup, and she has reportedly suffered health problems. A military source speaking on condition of anonymity said Suu Kyi and former president Win Myint had been moved from prison to house arrest. The government also announced yesterday that 3,300 prisoners would be freed as part of a regular amnesty to mark the country’s new year festival. It was not immediately clear whether Suu Kyi’s move was temporary or represented an official reduction in her sentence. Government spokesman Zaw Min Tun said that a spell of hot weather had prompted authorities to take measures to protect vulnerable detainees. “Not only Daw Aung San Suu Kyi and U Win Myint but also some old prisoners were given necessary care because of very hot weather,” Zaw Min Tun said. Media reported that during her months-long trial, Suu Kyi had suffered dizzy spells, vomiting and at Relatives gather around a bus transporting prisoners being released from Insein prison for the Buddhist New Year in Yangon yesterday. – AFPPIC o‘Move to protect vulnerable detainees’ B R I E F SNORTH SULAWESI VOLCANO ERUPTS JAKARTA: At least 800 people in North Sulawesi province have been evacuated after multiple eruptions of the Ruang volcano, which for days has spewed lava and ash clouds. The volcano, located on Ruang island about 100km from the provincial capital Manado, has erupted more than three times since Tuesday. Authorities have raised the alert level to the second highest level following the increased activity, said Heruningtyas Desi Purnamasari, an official at Indonesia’s Centre for Volcanology and Geological Hazard Mitigation. The eruption of Mt Ruang were triggered by recent earthquakes on the island, with the mountain emitting dangerous and “explosive hot clouds” as high as 1.8km into the sky. “We must clear the island because we anticipate there could be more eruptions. No activity is allowed within four kilometres from the crater,” she said. Footage seen by Reuters showed flows of red lava streaming down the mountain, reflected in the waters below, and billowing clouds of grey ash above its crater. Ruang island is home to about 838 residents, most of whom have now been evacuated to the nearest island Tagulandang, said Heruningtyas. – Reuters AUSTRALIA UNVEILS NEW DEFENCE PLAN SYDNEY: Australia detailed its first National Defence Strategy yesterday, a document that signals greater regional focus in the face of “coercive tactics” and the rising risk of conflict in the Pacific. Defence Minister Richard Marles said: “Australia no longer has the luxury of a 10-year window of strategic warning time for conflict”. Instead of focusing on a balanced military that can do a range of tasks almost anywhere in the world, he said there would be a laser focus on protecting Australia’s interests in its immediate region. “We are a maritime trading island nation,” he said, adding that Australia must be able to prevent foes from strangling trade or preventing access to vital shipping lanes. “The invasion of Australia is an unlikely prospect, precisely because so much damage can be done to our country by an adversary without ever having to step foot on Australian soil.” At the centre of the strategy is developing a fleet of nuclear-powered submarines, tripling key missile capabilities and developing a large surface combatant fleet. “Having the most capable Navy in our history will be at the heart of our projection and our strategy of denial.” – AFP times had been unable to eat because of a tooth infection. Her son Kim Aris said in February that she was still being held at a specially constructed compound in the military-built capital Naypyidaw. The compound had no air conditioning in the searing heat and the concrete cells leaked during the monsoon, according to Australian economist Sean Turnell, a former advisor to Suu Kyi’s government who was detained there for months. Suu Kyi spent about 15 years under house arrest at her family’s colonial-era lakeside mansion in the commercial hub Yangon after she shot to fame during huge demonstrations against the thenmilitary government in 1988. Yesterday’s prisoner amnesty includes 13 Indonesians and 15 Sri Lankans who will be deported, the government said. Remaining prisoners will have their sentences cut by one-sixth, it said in a statement, except for those convicted of serious offences, including murder, terrorism and drug charges. Myanmar’s military ousted Suu Kyi’s civilian government in a lightning coup in February 2021, ending the country’s 10-year experiment with democracy after decades of army rule. The coup triggered a huge outpouring of public opposition, which the military attempted to crush with force, unleashing a spiralling conflict that has left more than 4,800 civilians dead. The army is now struggling to maintain its grip on the country in the face of resistance from civilian anti-junta fighters and longestablished ethnic minority armed groups. – AFP

THURSDAY | APR 18, 2024 8 READ OUR HERE /thesun Malaysian Paper Plan to extradite Assange moves forward LONDON: The United States has provided assurances requested by the High Court here to pave the way for WikiLeaks founder Julian Assange to be extradited from Britain, a spokesperson for his wife confirmed on Tuesday. Last month, the High Court ruled that, without certain US guarantees, Assange, 52, would be allowed to launch a new appeal against being extradited to face 18 charges, all bar one under the Espionage Act, over WikiLeaks’ release of confidential US military records and diplomatic cables. Those assurances – that in a US trial he could rely on the First Amendment right to free speech and that there was no prospect of new charges which could see the death penalty being imposed – have now been submitted, the team fighting his extradition confirmed. There will now be a court hearing on May 20. His lawyers have described US assurances given in previous cases as not “worth the paper they’re written on”. Assange’s wife Stella said the US guarantees did not satisfy their concerns, describing them as “blatant weasel words”. “The United States has issued a nonassurance in relation to the First Amendment, and a standard assurance in relation to the death penalty,” she said. “The diplomatic note does nothing to relieve our family’s extreme distress about his future ... his grim expectation of spending the rest of his life in isolation in US prison for publishing awardwinning journalism.” Last week, US President Joe Biden said he was considering a request from Australia to drop the prosecution, which Assange’s US lawyer described as “encouraging”. It was not clear what influence, if any, Biden could exert on a criminal case, but the Wall Street Journal reported that discussions are underway about a potential plea bargaining deal. Assange has spent more than 13 years in various legal battles in the English courts since he was first arrested in November 2010. The US authorities argue he is not being prosecuted for the publication of the leaked materials, but for the criminal act of conspiring with former US Army intelligence analyst Chelsea Manning to unlawfully obtain them. – Reuters B R I E F SUK CHILD SMOKING BAN PASSES FIRST HURDLE LONDON: Prime Minister Rishi Sunak’s plan to ban anyone aged 15 and under from buying cigarettes passed its first parliamentary vote on Tuesday. His plan to impose strict anti-smoking rules has angered some members of his Conservative Party, including former prime ministers Liz Truss and Boris Johnson, who say the state should not interfere in how people live their lives. The bill passed a vote in parliament with 383 in favour and 67 against, meaning it will progress to the next stage, where it can be subject to amendment. The Tobacco and Vapes Bill aims to prevent children born since 2009 from ever being able to legally buy tobacco, rather than criminalising the habit. – Reuters HEATHROW AIRPORT BORDER STAFF TO STRIKE LONDON: Hundreds of Border Force officers at Heathrow are set to go on strike this month over working conditions. Over 300 members of the Public and Commercial Services (PCS) union working in terminals 2, 3, 4 and 5 will walk out from April 29 to May 2. The dispute centres on plans to introduce new rosters the union says will see about “250 of them forced out of their jobs at passport control”. The union says changes will disproportionately hit those who are disabled or have caring responsibilities. Heathrow is owned by a consortium led by Spanish construction giant Ferrovial. – AFP China subsidising fentanyl crisis, says US panel WASHINGTON: China is directly subsidising production of illicit fentanyl precursors for sale abroad and fuelling the US opioid crisis, a US congressional committee said on Tuesday, releasing findings from an investigation it said unveiled Beijing’s incentives for the deadly chemicals. China continues to provide subsidies in the form of value-added tax rebates to its companies that make fentanyl analogues, precursors and other synthetic narcotics, so long as they sell them outside of China, the House of Representatives’ select committee on China said in a report. “The PRC (People’s Republic of China) scheduled all fentanyl analogues as controlled substances in 2019, meaning that it subsidises the export of drugs that are illegal oReport cites Beijing State Taxation Administration data under both US and PRC law,” the report said, adding that some of the substances “have no known legal use worldwide”. The report cited data from the Chinese government’s State Taxation Administration website, which listed certain chemicals for rebates up to 13%. It additionally subsidises two fentanyl precursors used by drug cartels – NPP and ANPP. According to the website, the subsidies remain in place as of April, the report said. China’s embassy in Washington said China was sincere in drug control cooperation with US authorities and had a campaign underway to control fentanyl and precursor chemicals and crack down on illegal smuggling, manufacturing, and trafficking activities. “It is very clear that there is no fentanyl problem in China, and the fentanyl crisis in the United States is not caused by the Chinese side, and blindly blaming China cannot solve the US problem,” embassy spokesperson Liu Pengyu said in an email. The US State Department did not respond to a request for comment. Mike Gallagher, the Republican chair of the bipartisan select committee, told a hearing on the issue that China’s incentives suggest Beijing wants more fentanyl entering the US. “It wants the chaos and devastation that has resulted from this epidemic,” Gallagher said. Fentanyl is a leading cause of drug overdoses in the United States. The US has said that China is the primary source of the precursor chemicals synthesised into fentanyl by drug cartels in Mexico. Mexico’s government also has asked China to do more to control shipments of fentanyl. China denies the allegation, and says the US government must do more to reduce domestic demand. The US and China launched a joint counter-narcotics working group in January, following an agreement between US President Joe Biden and Chinese leader Xi Jinping in November to work to curb fentanyl production and export. US officials have described the initial talks as substantive, but have said much more needs to be done to stem the flow of the chemicals. – Reuters Police explain ‘terrorist’ label in stabbing case SYDNEY: Police yesterday defended their decision to declare a 16-year-old’s alleged stabbing of a bishop in a church a “terrorist” act as community leaders fretted over its impact. Bishop Mar Mari Emmanuel was slashed on Monday during a live-streamed sermon in the Assyrian community’s church in Sydney. No one died but the bishop was stabbed in the head and chest and taken to hospital. The attacker was rapidly subdued and held within the Christ the Good Shepherd Church building in Wakely. A riot then erupted outside as hundreds of congregants and members of the community vented their fury, some of them throwing rocks and injuring police officers. The teenager was being treated in a Sydney hospital yesterday and may remain there for several more days, said New South Wales police commissioner Karen Webb. Webb, who has described the attack as religiously motivated extremism, said she made the “terrorist” designation hours after the attack, strictly in line with state law. The 2002 legislation says a terrorist act is one that harms a person, is motivated by a political, religious or ideological cause, and is aimed at intimidating the public. Webb said she was satisfied the attack met the legal criteria. “I made that declaration without hesitation.” But the police chief said she could understand people’s concerns. “We have got just as many questions about what was on the mind of the young person and that’s why an investigation is now important,” she told public broadcaster ABC. A “terrorist” declaration does not mean the teenager will be charged with terrorism, she said. As a result of the designation, a joint counter-terrorism task force opened an investigation, combining state and federal police forces and the intelligence service ASIO. The bishop, who has a large online following, has galvanised many with his criticism of vaccines and lockdowns. A community leader in Sydney said police may have “jumped the gun” with the terrorism designation. “I just don’t think it helps the situation,” said Gamel Kheir, secretary of the Lebanese Muslim Association. “Why are we so quick to jump to a definition of terrorism when religion is involved?” Dai Le, the member of parliament for the Fowler electorate that includes the church, said she was “shocked” by the terrorism declaration. “I think it is such a quick announcement. I don’t know if they had time to really assess the situation,” she said in a television interview on Tuesday. Le said she was concerned the declaration would “heighten the tension” already existing in the area’s multi-faith community. “This is just going to add to it.” – AFP HOUSING CHEER ... North Koreans celebrating on Tuesday to mark the completion of the second phase of a 10,000-unit housing development in Pyongyang. – AFPPIC

THURSDAY | APR 18, 2024 9 Security Council to vote on Palestinian membership More Iran sanctions in the pipeline WASHINGTON: The US and its allies planned fresh sanctions against Iran over its unprecedented attack on Israel, seeking to dissuade Israel from a major escalation as its war cabinet was set to meet for a third time yesterday to decide a response. While Saturday night’s attack caused no deaths and little damage thanks to the air defences and countermeasures of Israel and its allies, it has increased fears that violence rooted in the six-month-old Gaza war is spreading, with the risk of open war between long-time adversaries Iran and Israel. Israel’s military chief of staff Herzi Halevi had promised Iran’s launch of more than 300 missiles, cruise missiles and drones at Israeli territory “will be met with a response”, but gave no details. An Israeli government source said the war cabinet session scheduled for Tuesday had been put off, without elaborating. Hoping to steer Israel away from massive retaliation, the US and Europe flagged a toughening of economic and political sanctions against Iran. The US is planning to impose new sanctions targeting Iran’s missile and drone programme and expects its allies will be following suit, National Security Advisor Jake Sullivan said. Treasury Secretary Janet Yellen said the US would use sanctions, and work with allies, to keep disrupting Iran’s “destabilising activity”. She said all options to disrupt Iran’s “terrorist financing” were on the table, and she expected further sanctions to be announced. European Union foreign policy chief Josep Borrell, speaking in Brussels after an emergency video conference of EU foreign ministers, said some member states had asked for sanctions against Iran to be expanded and that the bloc’s diplomatic service would begin working on the proposal. Borrell said the proposal would expand a sanctions regime that seeks to curb the supply of Iranian drones to Russia so that it would also include the provision of missiles and could also cover deliveries to Iranian proxies. Israeli Foreign Minister Israel Katz said he was “leading a diplomatic attack”, writing to 32 countries to ask them to place sanctions on Iran’s missile programme and follow Washington in proscribing its dominant military force, the Revolutionary Guard Corps, as a terrorist group. – Reuters University cancels valedictorian’s speech, citing safety concerns B R I E F SUKRAINE DONORS PLEDGE MONEY FOR 500,000 SHELLS PRAGUE: The Czech prime minister said 20 countries had pledged enough to buy 500,000 artillery shells for Ukraine outside Europe. The Czech Republic is spearheading a fundraising drive to buy ammunition for the Ukrainian army. European Union nations had promised one million shells by the end of March but have fallen well short in deliveries as their production capacities are limited. The Czechs said in March they were able to collect a substantial amount of weaponry – some 800,000 shells in total – for Ukraine outside the continent. “I am glad about 20 countries joined our initiative – from Canada, Germany and the Netherlands to Poland,” said Czech Prime Minister Petr Fiala in Washington. “Thanks to them, we can now provide 500,000 rounds of artillery ammunition. We believe that more deliveries will follow.” He said Ukraine could get the first shells in June. The countries taking part also include the Baltic States, Belgium, Denmark, Finland, Iceland, Luxembourg, Norway, Portugal and Slovenia. – AFP ISRAEL HEAD MEETS BRITISH, GERMAN FOREIGN MINISTERS TEL AVIV: Israeli President Isaac Herzog held talks with the British and German foreign ministers yesterday calling on the international community to work “defiantly” against Iran. “The whole world must work decisively and defiantly against the threat by Iran which is seeking to undermine the stability of the region,” Herzog said. British Foreign Minister David Cameron and his German counterpart Annalena Baerbock are the first Western diplomats to visit Israel since Iran’s missile and drone attack last weekend. Cameron’s visit comes after British Prime Minister Rishi Sunak urged his Israeli counterpart Benjamin Netanyahu to allow “calm heads to prevail”, following the Iranian attack. In a call on Tuesday afternoon, Sunak stressed that “significant escalation was in no one’s interest and would only deepen insecurity in the Middle East”. – AFP NEW YORK: The UN Security Council will vote today on the Palestinians’ application to become a full UN member state, several diplomatic sources said. Amid Israel’s military offensive in Gaza, the Palestinians in early April revived a membership application first made to the world body in 2011, though the veto-wielding United States has repeatedly expressed opposition to the proposal. The General Assembly can admit a new member state with a two-thirds majority vote, but only after the Security Council gives its recommendation. Regional bloc the Arab Group issued a statement on Tuesday affirming its “unwavering support” for the application. “Membership in the United Nations is a crucial step in the right direction towards a just and lasting resolution of the Palestinian question in line with international law and relevant UN resolutions,” the statement said. Algeria, a non-permanent Security Council member, has drafted the resolution that “recommends” to the General Assembly “the State of Palestine be admitted to membership of the United Nations”. The vote today will coincide with a Security Council meeting scheduled several weeks ago to discuss the situation in Gaza, which ministers from several Arab countries are expected to attend. The Palestinians – who have had observer status at the United Nations since 2012 – have lobbied for years to gain full membership. “We are seeking admission. That is our natural and legal right,” said Riyad Mansour, the Palestinian ambassador to the UN, in April. According to the Palestinian side, 137 of the 193 UN member states already recognise a Palestinian state, raising hope that their request would be supported in the General Assembly. But the Palestinian push for membership faces a major hurdle, as the United States could use its veto power to block the Security Council recommendation. “We call on all members of the Security Council to vote in favour of the draft oUnited States likely to veto Algerian resolution resolution ... At the very least, we implore council members not to obstruct this critical initiative,” the Arab Group said. The United States has voiced its opposition to full Palestinian membership, saying it backed statehood but only after negotiations with Israel, while pointing to US laws that would require cuts to UN funding if such a move took place without a bilateral agreement. “That is something that should be done through direct negotiations through the parties, something we are pursuing at this time, and not at the United Nations,” State Department spokesman Matthew Miller told reporters in April. Israel’s UN Ambassador Gilad Erdan has strongly opposed the Palestinian membership bid, saying in mid-April the considerations were “already a victory for genocidal terror”. “The Security Council is deliberating granting the perpetrators and supporters of Oct 7 full membership in the UN,” he said. Hamas launched an attack against Israel on Oct 7, resulting in the deaths of 1,170 people in Israel, mostly civilians. Israel’s retaliatory offensive has killed over 33,000 people in Gaza. – AFP LOS ANGELES: The University of Southern California, citing safety concerns and passions around the latest Middle East conflict, has cancelled its valedictorian speech from a student who said she was being silenced for her views on human rights. University provost Andrew Guzman said the decision to scrub the traditional valedictorian address at next month’s graduation had “nothing to do with freedom of speech” and was aimed at protecting campus security. The valedictorian, biomedical engineering major Asna Tabassum, challenged the university’s rationale, questioning “whether the decision to revoke my invitation to speak is made solely on the basis of safety”. Guzman did not refer to Tabassum by name, or specify what about her speech, background or political views had raised concerns. Nor did it detail any particular threats. The provost referred more broadly to how “discussion relating to the selection of our valedictorian had taken on an alarming tenor” . “The intensity of feelings, fuelled by both social media and the conflict in the Middle East, has grown to include many voices outside of USC and has escalated to the point of creating substantial risks relating to security,” he said. As a consequence, “we have decided that our student valedictorian will not deliver a speech at commencement”, Guzman said, adding, “tradition must give way to safety”. Public safety officials and civil rights advocates have reported a rise in hate crimes in the United States, along with heightened tensions on college campuses related to the Israel-Gaza war. – Reuters AUSPICIOUS LIGHTS ... Yazidi women light lamps to mark an auspicious start to their New Year at Lalish temple in Shekhan, Duhok province, Iraq on Tuesday. – REUTERSPIC

10 THURSDAY | APR 18, 2024 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Paving the way to zero food waste FOOD waste should be viewed as a problem everyone needs to solve through a combination of innovation and action from individuals and industries in Malaysia. At the individual level, we may not fully appreciate the impact we can make, as one single action may not completely solve the issue. However, being mindful of our food consumption habits can address the challenge of food waste and contribute to the big picture. According to statistics from Solid Waste Management and Public Cleansing Corporation, Malaysians throw away about 39,078 tonnes of solid waste daily, and food makes up the largest component of domestic waste at 30.6%. The issue of food waste intensifies during various festive seasons in Malaysia. While our cultural festivities bring communities together on joyous occasions, we unfortunately also witness a surge in food wastage due to excessive preparation and consumer purchasing habits. Therefore, an understanding that every person is accountable and responsible for zero food waste in our daily lives is crucial. Attaining the goal of less demand and less food waste will allow us to make the right decisions in food purchasing and preparation. In addition, efforts should be made to promote food rescue initiatives, by redirecting surplus food to those in need rather than allowing it to go to waste. The establishment of neighbourhood food banks should be encouraged to bridge the food waste and food insecurity gaps. To address the problem of food waste, Taylor’s University’s Food Security and Nutrition Impact Lab is actively working on research and development projects, including the formation of Taylor’s Food Waste Management Hub. Our goal is to establish a just and resilient food system that benefits all Malaysians through collaboration with businesses and NGOs, including food banks and communities. In 2023, we implemented “NourishU” – an impact project to tackle the problem of food security and nutrition among Malaysian children, with a particular focus on the B40 community. In collaboration with the Food Aid Foundation, surplus food that would have been wasted was made into healthy meals. We conducted testing on the food processing methods to enhance the shelf-life of these foods, before distributing them to children in the selected communities. This holistic approach not only causes improvement in the nutritional intake of underprivileged children but also develops social responsibility among our university students to solve food waste issues. Turning to the food industry, food and beverage (F&B) businesses and manufacturers also have a significant role to play. Many small and mediumsized food enterprises (SMEs) hesitate to implement business policies and technologies that encourage food waste management. This is largely due to the fear and perception that such measures would be economically burdensome. While not all F&B businesses and SMEs would find it easy or affordable to use advanced technologies in waste management, it is crucial to recognise that the cost of doing nothing is far more than the costs associated with implementing waste reduction strategies. Numerous studies have revealed that many companies can experience substantial cost savings over time by setting waste reduction initiatives, which include minimising the overproduction of products as well as optimising inventory management. In addition, companies committed to sustainability can strengthen their brand and gain a competitive advantage with the growing number of environmentally conscious customers. One way that our government can help F&B businesses and SMEs implement cost-effective waste reduction strategies is by providing grants or subsidies. Also, building programmes that target the local community and working together with local organisations can help F&B businesses and SMEs find affordable resources, and provide the training that they need to deal with the issue of waste management. The issue of food waste is multifaceted, and we need to balance the promotion of inclusivity, economic concerns and personal responsibility. By applying innovative problemsolving techniques, encouraging stakeholder engagement, and building a collective action base, Malaysia can move towards a future in which food waste is minimised, resources are optimised and no one is denied access to a healthy diet. Let us work together towards creating a sustainable and resilient food system that will serve generations to come. The writer is the director of the Food Security and Nutrition (FoSN) Impact Lab at Taylor’s University. The FoSN Impact Lab aims to address the United Nations Sustainable Development Goals (SDG) of Responsible Consumption and Production (SDG 12), Zero Hunger (SDG 2) and Good Health and Well-being (SDG 3). Comments: [email protected] “We may not fully appreciate the impact we can make, as one single action may not completely solve the issue. However, being mindful of our food consumption habits can address the challenge of food waste and contribute to the big picture. We need to create a sustainable and resilient food system that will serve generations to come. – REUTERSPIC COMMENT by Assoc Prof Dr Chong Li Choo

11 THURSDAY | APR 18, 2024 The world demands a reformed UN OF all the institutions and agencies of the League of Nations to have survived the ghastly end of World War I in 1919, only the International Labour Organisation (ILO) can prove itself worthy of being retained. On issues verging on international peace and security, not excluding international humanitarian laws and genocide – one of which is in motion in Gaza – the United Nations Security Council (UNSC) is rendered hapless, although the world has witnessed others in Myanmar, Darfur, Rwanda and countless others before. Why? Whenever a binding resolution has to be passed by the UNSC, the veto power of its five permanent members is frequently employed to shield their allies, even in cases where these allies are engaged in acts of ethnic cleansing, aimed at either partially or entirely eradicating another population. The hot-button issue today is Gaza where ongoing conflicts have triggered countless terror-stricken campaigns. As things stand, the situation risks further escalation, such as Israel’s bombings targeting 1.7 million Gazans, all of whom are concentrated in Rafah. Since the verdict of the International Court of Justice (ICJ) on Jan 26, in which the judges voted by 14 to two, declaring Israel’s involvement in a plausible genocide and the US being complicitous, the situation has gone from bad to worse. It was none other than the former UN ambassador of the US during the Barack Obama administration who admitted what the world has long known and opposed that Gaza is facing a triple assault of a no-holds-barred arms assault from the Israeli Defense Forces (IDF), deliberate choking off of at least 500 food trucks that are needed to keep the victims fed and now mass starvation. Malaysia has spoken of the strategic and moral necessity of reforming the UNSC. Instead of allowing each of the five permanent members – China, France, Russia, the UK and the US – to wield their veto power to protect their allies that have gone rogue in murdering tens of thousands without even wanting to countenance a second ceasefire, a permanent alteration of this formula is necessary. Firstly, for a veto power to work more effectively to prevent an issue from degenerating into the worst spectre of a killing spree by one state against the other, at least three vetoes are needed by the five permanent members to block a UNSC resolution. Secondly, iti’s essential that the UN General Assembly, representing the 197 member states, also has the authority to approve decisions made by the UNSC with a simple majority vote. Without these urgent reforms, the world risks careening into further disasters, as the ongoing genocide, reminiscent of a blood feud between Tel Aviv and the Palestinians, persists unchecked. This relentless assault threatens to strip them of their identity and their rights to have their separate state, perpetuating crossgenerational scars. By accusing the UN Relief World Agency (UNRWA) in Gaza of unproven allegations of aiding and abetting the aggression of Oct 7, 2023, Israel has choked off the funds and logistical abilities of UNRWA to keep the besieged Gazans in Rafah from having any wide scale life support. The decision of Sweden, Finland, Denmark and Norway to restore the aid, having found no element of foul play, is unable to avert the onset of a complex humanitarian emergency. This crisis has been made more complicated by the incestuous relationship of the Israeli lobby, which has extended its reach beyond the US to other member states of the UNSC, with the exception of Russia and China. The world demands immediate reforms of the UNSC that extend to the UN General Assembly since the crisis in the Middle East has stoked tensions of a serious collapse of the international system. The proliferation of conflicts in Ukraine, essentially a proxy conflict involving the G7 and the European Union (EU), has led the 32 members of the North Atlantic Treaty Organisation (Nato) to utilise Ukraine as a red herring to gang up against Russia. The impact of this conflict alone since Feb 24, 2022, has increased the prices of food, fuel, fertiliser and animal fodder. The conflict in Gaza has drawn the Houthis in Yemen into the fray, prompting their involvement to disrupt maritime commerce from the Suez Canal through the Red Sea. Not surprisingly, the cost of the maritime insurance has shot up from 0.7% to 7%. Ships that want to lower their security premiums have also had to avoid the route completely. In turn, these vessels have had to circumnavigate half of the African coastline in the west and south, passing Cape Cod in South Africa, before making their way into the Indian Ocean, the Straits of Malacca and the south and east China Sea. The duration of such travels has been increased by two weeks. These complications have had the most severe disruption on the global supply chain between the East and West. While the EU can use the land corridor of Central Asia to reach China, this route would significantly increase the cost of goods by up to 300%. More importantly, the EU’s reluctance to engage with China to resolve various issues has hindered the expansion of their trade relations. The world is deprived of relying on China as a powerful locomotive to spur the postpandemic comeback or the economic rebound. Since 2021, Sino Asean trade has exceeded the size of the Sino-EU trade for the first time, a trajectory that has continued to remain stern and steady. However, when the immediate comes in the way of the urgent, the former should be adopted. The deadly statistics of the constant pounding of Gaza by Israel have led to all 36 hospitals being destroyed too. Water and fuel have also been choked off to intentionally leave the Gazans, Muslims and Christians alike, in a diabolical shape. With half of the 2.3 million population being between the ages of five and 14 at a time when they need their physical nourishment, malnutrition has also set in to stunt the cognitive development of the young Gazans. Two hundred and eighty-one journalists who have tried to write about the war have been killed by the IDF within the first three months of the conflict, making it the worst death toll on journalists since World War I and II combined. More than 100 UN personnel have also been killed, a threshold that has never been breached since the UN was first formed to ensure peace and security. In light of the immediate disaster that is unfolding across the board, Malaysia’s proposal deserves a hearing and systematic deliberations by all quarters of the world. It should not and must not be debated at the UN Reforms Day in September 2024. All would then be too little too late to redeem whatever is left of the UN. As things are, the rules-based order continues to function in sheer calumny. Despite claims made by the West, there is essentially no functioning order at all. The lack of the simplest rules and mores to prevent the international community from falling through the bottom will only lead to a world marked by total might against the rights of all to seek basic security and the right to a fair and meaningful existence. The writer is the founder of Emir Research, a think tank focused on strategic policy recommendations based on rigorous research. Commenst: [email protected] Without immediate reforms, the world will be careening towards more disasters which will continue unabated to leave cross-generational scars. – REUTERSPIC Pedal power to the rescue MALAYSIA faces severe traffic congestion, it is time to break the gridlock nationwide. Amid public transport challenges, bike sharing stands out as a sustainable solution. Malaysia is ranked the fourth-most congested country in Southeast Asia and ranks secondhighest in CO2 emissions. An average of six million cars enter the nation’s capital a day, resulting in approximately 135 minutes of commuting time on the road. Malaysia has various choices of public transport, but why do people refuse to take them? Not all housing areas have access to public transport. Numerous commuters will have to drive to the LRT station and find parking, which is time-consuming. The lack of punctuality and overcrowding on public transport dissuades people from utilising it, often resulting in tardiness for work. The absence of estimated time arrival boards and reliable schedules for bus services exacerbates the issue. Additionally, there are instances where individuals are unable to board buses due to long queues and an inadequate number of available buses. It is high time for the government to take action. Promoting cycling, as seen in China, should be considered as a viable solution to alleviate transportation issues. Bike sharing was first introduced in 2016 in Shanghai and Beijing, China’s capital and most populous cities. Shared bikes are gaining popularity in China due to their convenience as the bikes are equipped with GPS chips, enabling users to locate them through their smartphones. Users can unlock the bicycle by scanning the QR code and completing payment electronically, making it convenient and user-friendly. By November 2016, Shanghai had 1.5 million shared bikes, amounting to approximately one bike for every 16 residents. During the same period in 2017, Beijing had 15 operators collectively managing around 2.3 million shared bikes. At US$5.7 billion (RM27.2 billion) in 2022, China’s bike-sharing market is the largest in the world and has a 31.6% market share by year-end. Moreover, Malaysia has the opportunity to develop a thriving shared bike industry, leveraging China’s success for potential growth and market penetration. Major cities across China such as Guangzhou, Tianjin and Yichang have initiated cycling plans recently, inspired by the Chinese government’s push to use cycling as a way to reduce road congestion. Hence, bike sharing has already become the third largest mode of transport in China. Concurrently in Malaysia, the government should prioritise expanding cycling lanes to promote bike sharing nationwide, beginning with the densely populated Klang Valley. By targeting students and working adults as a start, bike sharing can alleviate the cost of fuel, parking and public transport for short trips. If bike sharing can be replicated as in China, this will significantly reduce pollution and traffic congestion in Malaysia. It is time to take the first step towards a better tomorrow. Together, we can mitigate the effects of traffic congestion and pave the way for an accessible and dynamic Malaysia. The writer is a student of Tunku Abdul Rahman University Management and Technology. Comments: [email protected] COMMENT by Dr Rais Hussin COMMENT by Eunice Goh “The lack of the simplest rules and mores to prevent the international community from falling through the bottom will only lead to a world marked by total might against the rights of all to seek basic security and the right to a fair and meaningful existence.

PROPERTY PROPERTY THURSDAY | APR 18, 2024 12 KUALA LANGAT: Property developer Gamuda Land and Samsung Malaysia Electronics, a leader in technology, are collaborating to redefine modern living by integrating cutting-edge artificial intelligence (AI) technology into homes, enhancing convenience, and significantly reducing carbon footprints. As part of the partnership, Gamuda Land and Samsung will partner to furnish Gamuda Cove’s The Camellia show unit with the comprehensive Samsung Bespoke AI ecosystem – a first in Malaysia. “As a township developer, we recognise the importance of creating townships that stand the test of time. We meticulously design our masterplan components with sustainability at the forefront. Our homes are thoughtfully prepared for the future, being solar-ready with pre-installed conduits for seamless installation of solar panels. “Recognising the significance of sustainable living, we are excited to collaborate with Samsung, a leader in the market for sustainable and smart home appliances, to further enhance the eco-friendly infrastructure already in place at Gamuda Cove,” remarked Gamuda Land CEO Chu Wai Lune. “We remain committed to pushing the boundaries of innovation in sustainable living, and this collaboration exemplifies our dedication to creating smarter, more efficient homes that align with the needs of modern consumers. By integrating AI technology into our smart home systems, we can provide better value to our homeowners. This is facilitated by the fact that Gamuda Cove is a 5G-ready township, which opens up new possibilities and opportunities for smart city planning. It enables us to remotely monitor, manage, and control devices, and to create new insights and actionable information from massive streams of real-time data,” added Chu. Meanwhile, Samsung Malaysia Electronics president Denny Kim said they are harnessing the power of AI to unlock new and impactful experiences that make life better and simpler for all. “We are pleased to collaborate with Gamuda Land to demonstrate the capabilities of our Bespoke AI appliances to homeowners, enabling them to enjoy the advantages of an intuitive and connected home environment,” he added. Samsung’s Bespoke AI Home offers future homeowners an opportunity to enhance their lifestyles by streamlining household chores and enabling them to prioritise personal activities. With AI-driven energy management, personalised recommendations based on user behaviour, and seamless integration with various smart devices such as refrigerators, washers, air conditioners, vacuums, and TVs, homeowners can enjoy heightened convenience and efficiency. The Bespoke lineup features intelligent functions like AI Energy Mode to optimise energy consumption, AI Wash for tailored laundry cycles, and AI Pro Cooking for remote monitoring of oven-cooked dishes. Continuously learning from users’ habits, Bespoke AI adapts appliance performance to provide customised services that cater to individual preferences and needs. “In envisioning Gamuda Cove, our aim was to create a township that can stand the test of time. At the core of smart cities lies the seamless integration of urban functions like digital infrastructure, mobility, environmental monitoring, safety and security, energy systems, sport & recreational, waste and sustainability management. This interconnectedness leverages data to enhance services, elevate living standards, and promote environmental sustainability,” said Chu. With AI, he added the possibilities are endless. For example, AI can power Smart Traffic Light systems, utilising Internet of Things (IoT) and data from sensors and cameras to optimise traffic signals. This not only reduces commute times but also enhances safety and cuts carbon emissions. By deploying IoT devices such as surveillance cameras, smart street lighting, and emergency response systems, neighborhoods can be made safer, improving community wellbeing. Additionally, AI can aid in the creation of smart parking systems, streamlining the search for available parking spots through realtime data from sensors and cameras. Moreover, AI-driven predictive maintenance systems can enhance the upkeep of mobility infrastructure such as roads, bridges, tunnels, and highways by analysing data to forecast maintenance needs, thereby preventing accidents and minimising downtime. Leveraging AI and 5G technology, Gamuda Land is exploring the integration of 5Gconnected smart grids into their townships. This initiative aims to boost energy efficiency, promising a substantial decrease in overall energy consumption for sustainable long-term development. oCompanies collaborate to spearhead sustainable living and development of smart townships Australia’s Exal launches SOL Estate in Kuching KUALA LUMPUR: Exal Group — a property developer from Western Australia — has officially unveiled its fabulous new Show Village for its residential development SOL Estate. The 31-acre spanning development notably represents the group’s first foray into the Malaysian market, marking a significant milestone for Exal. The event titled “A Blossoming SOL” took place at SOL Estate itself on Jalan Batu Kawa in Kuching on Feb 17, coinciding with Exal’s Chinese New Year celebrations. The Show Village comprises two show units: the doublestorey duplex and double-storey courtyard home, both open for public viewing as Exal prepares for its Phase 2 bookings for potential home buyers. Notably, the completed show unit is actually the first in Sarawak to obtain full GreenRE certification. “We’ve been absolutely thrilled with the interest and uptake for SOL Estate so far,” said Exal Malaysia managing director Albert Ko. “As a Kuching boy myself, it’s been heartwarming to see the enthusiasm the community has shown so far for this bespoke, tranquil, and sustainable living experience.” The event was attended by Padawan Municipal Council (MPP) chairman Tan Kai, RHB Bank Malaysia group managing director & CEO Mohd Rashid Mohammad, Sheraton Hotel Kuching owner Tan Sri Yee Ming Seng, and RHB Bank Sarawak’s Geraldine Kho. Exal worked alongside leading property solutions company The Makeover Guys as creative and brand consultants, as well as regionally renowned architecture firm DKO Architecture, and landscape specialist Landart to put the bespoke development together. “SOL Estate is the first of its kind in Sarawak to use such forward thinking design while championing inclusivity and fostering connections across generations. It is clear that Exal knows precisely what their target customers want and are willing to pay for,” remarked PropNex Sarawak agency leader Shirley Yeo. “When Albert approached me, I was impressed by his dedication to creating spaces that prioritise community well-being,“ adds Geraldine Kho, head of commercial banking at RHB Banking Group. “His emphasis on understanding the needs of residents, coupled with insightful market analysis like the “property clock”, has proven invaluable – clearly reflected in the overwhelming response to the project. Bringing a focus on Australian super luxe home designs and conceivable home comforts to this project has also proven to have been instrumental in its success.” From left: Gamuda Land COO Jess Teng, Chu, Denny Kim, and Samsung Malaysia Electronics digital appliances business director Josh Kim at the MoU signing ceremony. Mah Sing acquires land in Johor to develop M Tiara 2 KUALA LUMPUR: Mah Sing Group Bhd has acquired another 100.4 acres of freehold land in Mukim Pulai, Johor Bahru, for RM103.75 million. This acquisition comes after the purchase of a 75.7 acres land named as M Tiara in June 2023, which is approximately 400m away from the newly acquired land. The acquisition marks Mah Sing’s second land deal in 2024. To be named M Tiara 2, the land is planned for the development of double-storey linked homes, a serviced apartment and doublestorey shops with an estimated gross development value (GDV) of approximately RM1.45 billion. Armed with a robust balance sheet and ample liquidity with year-end cash, bank balances, and short-term investments of RM981.3 million and a low net gearing ratio of 0.08x as at Dec 31, 2023, the group will continue its acquisition of strategic lands in Klang Valley, Johor and Penang. Based on preliminary plans and subject to authorities’ approval, M Tiara 2 is envisioned to be a township comprising double-storey terrace and double-storey cluster homes with indicative built-ups of 22’/24’x70’ and 34’x70’/75’ respectively, and with indicative starting price from RM771,600. There will also be a serviced apartment with units indicatively priced from RM253,000. Registration of interest is targeted to commence in the first quarter of 2025. Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said, “We decided to acquire this land near M Tiara in under a year because it aligns with market demand. We have garnered over 5,000 registrants of interest in less than 10 months since the acquisition of M Tiara, which comprises 754 units of landed residential properties. This remarkable response has bolstered our confidence in swiftly meeting market demands.” “Beyond complementing M Tiara, M Tiara 2 represent an upgraded version of the development, offering larger and low density landed residential units, a serviced apartment, and shops to the market. These additions cater to a wider range of buyers such as home upgraders, Malaysian professionals working in Singapore, as well as foreign buyers,” said Leong. Grocery store Mercato is anchor tenant at Sunway d’Hill KUALA LUMPUR: Master community developer Sunway Property had recently entered into a lease agreement via its subsidiary Sunway PKNS Sdn Bhd with GCH Retail (Malaysia) Sdn Bhd. The signing will see the opening of a Mercato grocery store at the retail space of Sunway d’Hill, Kota Damansara measuring a total of 20,409 sq ft across 11 of the 29 retail lots available within the development which represents 38% of the total net floor area. Sunway Property CEO Chong Sau Min, said, “GCH Retail has consistently demonstrated a knack for identifying strategic locations to fuel its expansion. We’re happy with this new partnership and confident that it will be a win for both Mercato and Sunway d’Hill, as it will further elevate Sunway d’Hill’s attractiveness amongst homebuyers.” This follows Mercato’s recent store opening in January 2024 in the heart of downtown KL at The Exchange TRX. Mercato, known for its discerning selection of staples around the world, will provide fresh produce, artisanal meats, gourmet cheeses, and bakery delights. Sunway d’Hill is a mixed-use development situated on 6.46 acres of leasehold land in the mature township of Kota Damansara, adjacent to the Kota Damansara community forest reserve which is sited just 100m away, with a network of forest trails for trekking, hiking, and biking enthusiasts. There are 976 apartments in two towers. Gamuda, Samsung team up to inject AI tech into homes

THURSDAY | APR 18, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME Huawei Malaysia expects major industries to adopt its 5.5G tech KUALA LUMPUR: Huawei Technologies (Malaysia) Sdn Bhd (Huawei Malaysia) is envisioning the transformative potential of its 5G-Advanced (5.5G) technology and its forthcoming implementation among major industries in Malaysia. Huawei Malaysia CEO Simon Sun said the 5.5G technology is not targeted at individual consumers but provides greater connectivity capabilities that could benefit many crucial industries in the country such as the manufacturing sector. “The 5.5G technology, compared with 5G, is 10 times faster, supports 10 times more connections and has lower latency. We need to bring these cutting-edge digital facilities into the country, especially for the benefit of major industries to enhance operational efficiency as well as sustainability. “For example, previously in some factories, a lot of people or manpower were used to check quality. But now with 5.5G, high-definition artificial intelligence cameras can simultaneously analyse and give instructions to the production line. “It will be a game changer. Without this base foundation and good connectivity within the industries as an enabler, enhanced operational efficiency, which also leads to sustainability, will not happen,” he told Bernama. Sun elaborated that 5.5G unlocks numerous application possibilities, for example, its speed and low latency will deliver advanced, almost real-time capabilities for navigation systems in vehicles. “With 5.5G, we have millimetre-wave radar technology that can help us detect objects when we navigate our vehicles in really bad weather conditions such as foggy days, low light conditions or under heavy smoke,” he said. Recently, Huawei Malaysia and Maxis Bhd inked a memorandum of understanding to work on a 5G-Advanced acceleration programme. According to Sun, the collaboration with Maxis provides a commercial deliverable use case of the latest 5.5G technology advancements and not just a proof of concept from the lab. “What you see (in the collaboration) is what you will experience in the market,” he said. The collaboration would include several areas to drive commercialisation and adoption in Malaysia, spanning use cases, key technologies, technology evolution and the ecosystem. Both companies will explore initiatives to promote adoption and facilitate migration, showcasing the benefits of end-to-end 5.5G versatility, security and robustness via trial and testing and accelerating the technology acceptance. Sun said Huawei Malaysia will continue to actively pursue its green energy strategy, focusing on solar inverters technology, data centres as well as technology and components for the electric vehicle industry. Digitalisation necessary for retail industry to survive and thrive: Gobind KUALA LUMPUR: Digitalisation is no longer an option but a necessity for retail businesses to thrive in today’s world, with data analytics and personalisation the key tools for them, said Digital Minister Gobind Singh Deo. He said retailers can leverage customer data to drive targeted marketing campaigns, enhance product recommendations, and optimise pricing strategies. “Supply chain optimisation is equally important, where the implementation of digital solutions can improve inventory management, logistics, and demand forecasting,” he said in his speech at the Malaysian Retail Chain Association (MRCA) and Malaysia Digital Economy Corp (MDEC) 100 Go Digital fourth and final finale sessions held on Tuesday. “The retail industry has evolved rapidly in recent years. Undeniably, more and more purchases will be made online, especially through mobile phones. But there is still room for brick-and-mortar stores,” he pointed out. Gobind also urged industry players to engage constructively with the government, emphasising that there are some challenges and gaps that need to be addressed for businesses to harness the full benefits of digitalisation such as digital literacy, cybersecurity and Internet connectivity. The MRCA-MDEC 100 Go Digital Series serves as a platform for industry players to connect, exchange views, and collaborate. Its main goal is to enable Malaysian businesses to embrace digitalisation to improve efficiency and productivity, create new sources of growth, as well as increase revenue and savings in business costs. – Bernama RM329.5b investments last year highest since Mida set up KUALA LUMPUR: Malaysia attracted investments worth RM329.5 billion last year - the highest since the establishment of the Malaysian Investment Development Authority (Mida) in 1967, said its outgoing CEO, Datuk Arham Abdul Rahman (pic). Notably, Arham, who was appointed to lead the agency in April 2021, said it was indeed a remarkable success for the country in attracting foreign and domestic investments as well as achieving a favourable ranking in the US economic think tank Milken Institute’s Global Opportunity Index 2024 last month. “This success is a testament to our collective efforts. Not only Miti and Mida, but this is about the whole country and also the government’s approach and initiatives that involve other ministries and agencies,” he told Bernama in an interview here yesterday. Arham, 61, who has served Mida for 34 years and eight months, said they should not rest on their laurels in boosting efforts to promote Malaysia’s attractiveness as other neighbouring countries are also eyeing a piece of the investment cake. “Even though we have achieved a good record in terms of the investments secured, especially in 2023, my advice is that we should not be complacent because there is still a lot of work to be done,” he added. On accomplishing objectives of the New Industrial Master Plan 2030 (NIMP 2030), Arham said the profile of investments has moved towards higher value-added and innovation-focused activities. Malaysia is very focused on attracting quality investments. He said this is to ensure that Malaysians can benefit from the jobs created and to secure the economy’s future and resilience. “Malaysia is no longer dependent on low-skilled, labour-intensive investments but is focusing more on capital, knowledge and technologyintensive investments to create high-paying, high-quality jobs and contribute to s u s t a i n a b l e i n v e s t m e n t s aligned with netzero goals. “ Q u a l i t y i n v e s t m e n t s will spur the oOutgoing CEO says profile has moved towards higher value-added and innovation-focused activities IMF revises Malaysia’s 2024 GDP growth forecast higher to 4.4% KUALA LUMPUR: The International Monetary Fund (IMF) has revised the outlook for Malaysia’s real gross domestic product (GDP) growth by a notch to 4.4% this year from its earlier prediction of 4.3%. Malaysia’s economy expanded by 3.7% in 2023. In its latest World Economic Outlook (WEO) entitled “Steady but slow, resilience amid divergence”, IMF predicted Malaysia’s GDP growth to remain at 4.4% in 2025. It projected Malaysia’s current account balance at 2.4% in 2024 and 2.7% in 2025. For global growth, the IMF estimated it to be at 3.2% for last year and to continue at the same pace in 2024 and 2025. “The forecast for 2024 is revised up by 0.1 percentage point from the January 2024 WEO update and by 0.3 percentage point from the October 2023 WEO,” it said. The pace of expansion is low by historical standards, owing to both near-term factors, such as still-high borrowing costs and withdrawal of fiscal support, and longer-term effects from the Covid-19 pandemic and Russia’s invasion of Ukraine; weak productivity growth, and increasing geo-economic fragmentation. The fund said risks to the global outlook are now broadly balanced. On the downside, new price spikes stemming from geopolitical tensions, including those from the Ukraine war and the Middle East conflict could, along with persistent core inflation where labour markets are still tight, raise interest rate expectations and reduce asset prices, it said. Geo-economic fragmentation could intensify with higher barriers to the flow of goods, capital and people, implying a supplyside slowdown, it said. On the upside, looser-than-necessary fiscal policy and assumed projections could raise economic activity in the short term while risking costly policy adjustments later on. Inflation could fall faster than expected amid further gains in labour force participation, allowing central banks to bring easing plans forward. Artificial intelligence and stronger-thananticipated structural reforms could spur productivity, it said. Global headline inflation is expected to fall to 5.9% in 2024 and 4.5% in 2025 from an annual average of 6.8% in 2023, with advanced economies returning to their inflation targets sooner than emerging market and developing economies, it said. – Bernama domestic investment landscape through knowledge and technology transfer,” he added. Therefore, Arham said, Mida would continue to attract targeted strategic projects with incentives under the National Committee on Investment to develop local talent through internship programmes and to develop local vendors through the Vendor Development Programme. He highlighted that NIMP 2030 would guide Malaysia in attracting quality investments over the next six years, complementing broader national policies including the Mid-Term Review of the 12th Malaysia Plan and the Madani Economy Framework. He said Malaysia’s targeted approach to foreign investments has so far been very effective in maximising benefits while mitigating potential risks. “It allows us to strike a balance between openness to foreign capital and safeguarding national interests, ultimately contributing to sustainable and inclusive economic development,” he said.

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 15 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 6 month subscription (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 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. 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 Subscribe now for Monday-Friday copies of theSun newspaper only per copy KUALA LUMPUR: For fourth quarter (Q4’23), Main Market-bound Keyfield International Bhd recorded a 72.7% surge in profit after tax and minority interests (Patami) to RM22.1 million on the back of a 76.8% increase in revenue to RM119.5 million. These brings the total Patami and revenue for FY23 to RM105.5 million and RM430.5 million respectively, which were increases of 115.7% and 82.3% from the previous financial year (FY22). The increases in Patami and revenue in Q4’23 and FY23 were contributed by both own vessels as well as third party vessels. For full year ended Dec 31, 2023 (FY23), Keyfield recorded a total of 2,624 chartered days for its own vessels, representing a utilisation rate of 78.8% compared with 1,488 chartered days, representing a utilisation rate of 65.7% in FY22. Meanwhile, the number of chartered days for third party vessels increased to 1,772 in FY23 compared with 1,141 in FY22. The increase in number of chartered days was underpinned by robust demand for their vessels from customers. In Q4’23, Keyfield recorded a total of 665 chartered days for its own vessels, representing a utilisation rate of 72.3% as compared to 447 days in Q4’22, representing a utilisation rate of 69.4% as well as an increase in average daily charter rate (DCR) of 16.6%. The higher number of chartered days was mainly contributed by Keyfield Lestari, Blooming Wisdom and Keyfield Helms 1. Meanwhile, third party chartered days in Q4’23 was 540 days compared to 331 in Q4’22. Average DCR for third party vessels also increased by 6.2% in Q4’23 as compared to Q4’22. Based on Keyfield’s enlarged share capital of 800 million ordinary shares post IPO, the full year 2023 Patami gives an earnings per share (EPS) of 13.2 sen. At the IPO price of RM0.90, this translates into a price to earnings ratio (PER) of 6.8 times. Keyfield and its subsidiaries (Keyfield Group) are principally involved in the chartering of vessels, particularly accommodation work boats. Presently, Keyfield Group owns 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons. Keyfield is scheduled to be listed on the Main Market of Bursa Malaysia Securities Bhd on April 22. Keyfield’s FY23 revenue, earnings surge oGroup poised to do well after going public on April 22 PETALING JAYA: Malaysian Genomics Resource Centre Bhd (MGRC), a genomics and biopharmaceutical specialist, via their wholly owned subsidiary MGRC Healthcare Sdn Bhd has entered a strategic collaboration agreement (SCA) with De Cell Bhd to enhance the development and commercialisation of the pioneering Exogenetix programme, setting new standards in the field of cell-gene therapies. Under this new strategic alliance, MGRC Healthcare will leverage its vast biopharmaceutical expertise to provide technical and production support, thereby optimising the operational efficiency and market deployment of the Exogenetix programme. Concurrently, De Cell will take on the role of the exclusive marketing partner, overseeing all promotional and trademark activities to amplify the programme’s market presence and success. This collaboration underscores MGRC’s commitment to spearheading innovation and transforming healthcare outcomes through advanced biotechnologies. By combining MGRC Healthcare’s production capabilities with De Cell’s marketing acumen, this partnership is poised to significantly advance the reach and effectiveness of the Exogenetix programme. Malaysian Genomics executive chairman Azri Azerai said the partnership not only aligns with their strategic vision to deliver cutting-edge healthcare solutions but also reinforces their dedication to pushing the boundaries of medical science. Meanwhile, De Cell director Dr Lim Wooi Khai said the Exogenetix programme is a cornerstone of their strategy to bring innovative therapies to the market. Through this partnership, he added they are set to accelerate the development and delivery of nextgeneration cell-gene therapies, ultimately improving patient outcomes. Reservoir Link secures contract worth RM22m from JS Solar KUALA LUMPUR: Reservoir Link Energy Bhd, an energy-related services provider, via its subsidiary Founder Energy Sdn Bhd has received a letter of award from JS Solar Sdn Bhd. Under the terms of the contract, valued at RM22 million, Reservoir Link will be the subcontractor for the engineering, procurement, construction and commissioning of a 50MWac solar farm located in Kulim, Kedah. The group will also be responsible for the supply of labour and materials as well as the provision of other related machines and equipment required for the execution and completion of the solar farm. The contracting works are slated to be completed by March 31, 2025. Reservoir Link executive director Thien Chiet Chai said, “At Reservoir Link, we do not just build a sustainable future, we are actively collaborating with like-minded partners to pursue it. Having said that, we believe our partnership with JS Solar will take us another step closer towards realising our common goals. By joining forces with industry players and embracing both established and emerging energy sources, we are anticipating the rapid expansion of renewable technologies given the rising demand for alternative energy sources. This in turn will shape the trajectory of our group fuelled by a shared vision for a greener tomorrow embracing a more resilient and eco-friendlier Malaysia.” MGRC Healthcare, De Cell join hands to propel cell-gene therapy innovations

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 16 Japan Inc makes renewed US push TOKYO: Japanese firms are increasingly hitching their growth plans to the US, as concerns about Chinese demand and Beijing’s influence over supply chains prompt a noticeable pivot toward the world’s largest economy. Robot maker Yaskawa Electric, drinks company Asahi, chipmaker Renesas Electronics and automaker Honda are just a few of the companies that in recent months have either expressed interest in expanding in the US or announced plans to do so. While Japan remains tied to China through extensive trade and manufacturing operations, Tokyo has pledged with other members of the G7 nations to “derisk” but not “decouple” from the world’s second-largest economy. That trend of limiting supply-chain exposure to China was highlighted by Prime Minister Fumio Kishida’s trip last week to the US. Kishida, who visited North Carolina to tour a Toyota Motor electric vehicle (EV) battery facility now under construction, also emphasised cooperation on supply chains. After years of seeing China as a market of almost endless opportunities, Japanese companies are now taking a more cautious view, executives and analysts say. Almost half of Japanese firms operating in China did not invest there last year or reduced investment, a survey showed in January. Some of the caution is due to economic security risks – China last year detained a senior Astellas Pharma executive on suspicion of spying – while many companies cite pessimism about Chinese demand and a weakening economy. “The illusion about the Chinese economy, the Chinese market, is disappearing,” said Kunihiko Miyake, research director at the Canon Institute for Global Studies think tank. “I think Japan and the United States started to discover the merits of each other.” Miyake said he has been advising companies to bring home state-of-the-art technology from China. The share of Japanese firms planning to expand in China fell below 30% for the first time, an annual survey from the Japan External Trade Organisation showed in November. Only Hong Kong and Russia scored worse. Meanwhile, the share looking to expand in North America rose above 50%. Still, it remains to be seen how the tension around Nippon Steel’s bid for US Steel will impact the outlook. oIllusion about Chinese market disappearing, says think tank Seoul, Tokyo ready to respond to excessive FX volatility SEOUL: South Korea and Japan expressed serious concern about the recent depreciation of their currencies, and stood ready to take action against excessive exchange-rate volatility, South Korea’s Finance Ministry said in a statement released yesterday. In a meeting on Tuesday in Washington, South Korean Finance Minister Choi Sang-mok and his Japanese counterpart Shunichi Suzuki expressed their intention to take appropriate action against excessive movement, the ministry said in a statement. Receding expectation of near-term US interest rate cuts has pushed up the American dollar against many currencies including the won and yen. The Japanese government’s top spokesman Yoshimasa Hayashi declined to comment on specifics of currency policies, stressing rapid currency moves are undesirable and that it is important for exchange rates to move stably reflecting fundamentals. “The government will closely watch foreign exchange moves and take all possible measures,” Hayashi told reporters in a press conference. The Japanese currency stood at ¥154.60 to the dollar in Asia yesterday, having hit a 34-year low on Tuesday. Korea’s currency was at 1,386.8 won per dollar, edging away from a 17-month low of 1,400 hit on Tuesday. The finance leaders of South Korea, Japan and the United States are scheduled to hold their first trilateral meeting in Washington this week, on the sidelines of the International Monetary Fund and Group of 20 gatherings. Markets are on alert for the chance of yen-buying currency intervention by Japanese authorities, though analysts are divided on the likelihood of action as the dollar creeps near the psychologically important ¥155 level. “There could be intervention if the dollar exceeds ¥155 but the impact would be short-lived and limited,” said Toru Suehiro, chief economist at Daiwa Securities. Separately, Bank of Korea Governor Rhee Chang-yong said in an interview with CNBC in Washington that the central bank was ready to deploy measures to calm the market as the recent currency movements had been a little excessive. – Reuters Apple CEO meets Indonesian president to talk investments JAKARTA: Apple chief executive Tim Cook met Indonesia’s president yesterday, as the tech giant explores ways to invest in Southeast Asia’s biggest economy and diversify supply chains away from China. The visit comes as US President Joe Biden’s administration seeks to boost other Asian trade partners’ roles in the global tech supply chain to reduce American dependence on China. Cook travelled to the presidential palace in Jakarta to meet Joko Widodo, the outgoing leader more popularly known as Jokowi, who has promoted a burgeoning tech sector. “Indonesia is a very important market for us. We talked about the president’s desire to see manufacturing in the country, and it’s something that we will look at,” Cook told reporters. “I think the investment ability in Indonesia is endless. We believe in the country. “It was a dialogue about how much potential there is in the country and our commitment to the country.” The iPhone-maker announced on Tuesday it will expand its developer academies in Indonesia to four with a new facility on the resort island of Bali. Indonesia has a young, tech-savvy population with more than 100 million people under the age of 30, but statistics show the smartphone market is dominated by Google’s Android. Morgan Stanley, HSBC cut dozens of Asia jobs HONG KONG: Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific this week, sources with knowledge of the matter said, as weaker deal activities and sluggish markets in China and Hong Kong weigh on their business prospects. Morgan Stanley is cutting at least 50 investment banking jobs in the region starting this week, three sources with knowledge of the matter said, affecting around 13% of the Wall Street bank’s Asia investment banking workforce of 400. Layoffs at the investment banking business unit of HSBC , which makes the bulk of its revenues and profits in Asia, started on Tuesday and is expected to see the departure of around 30 dealmakers in the region this week, three separate sources said. All of the sources declined to be named as they were not authorised to speak to media. Morgan Stanley declined to comment on the job cuts. HSBC did not immediately respond to a Reuters query yesterday. The cuts are among the largest to the two banks’ China-focused investment banking teams and follow similar measures by other banks stung by a decline in deal-making activities in China amid a slowing economy. A new round of staff cuts that began late last year on the Chinese mainland and Hong Kong, key regional investment banking hubs of western banks, is set to gather pace this year, bankers and recruiters have said. In January, Bank of America laid off around 20 bankers in the region, following a flurry of investment bank downsizing by UBS, Citigroup and other boutique firms. – Reuters For Japan automakers, the importance of the US market has been amplified by their decline in China, where they have steadily ceded ground to EV giant BYD and other local players. “China has turned into very rough going for the Japanese automakers as sales have declined there a lot, particularly as consumers have been tilting towards ... electric vehicles made by local brands,” said Christopher Richter, senior Japan autos analyst at brokerage CLSA. “That heightens the importance of the US market,” he said, adding that historically, the United States has been the most profitable market for Japan’s car companies, exceeding even their home country. Toyota late last year said it would boost investment by US$8 billion (RM38 billion) at its EV battery plant in North Carolina, bringing the total investment to around US$13.9 billion. The plant, which is expected to begin operations in 2025 will be its first automotive battery plant globally. Honda this month said it would invest at least US$700 million in transforming its Ohio plants as it creates an EV hub in the state. The Honda investment showed how Japanese car companies were not just investing for next year but for “years down the line” said Anita Rajan, general director of Jama USA, a lobby group that represents the Japanese automakers. Privately, one senior executive at a Japanese automaker said he was amazed by the dynamism of the US economy. That, together with the difficulties in China, made him think the US market offered the better opportunity for growth, he said. Last year Japanese overseas acquisitions totalled ¥8.1 trillion (RM254 billion), the most since 2019 and roughly double from a year earlier, according to LSEG data. More than half of that was in the US. But the US is not without its complications. Nippon Steel’s US$15 billion bid for US Steel has riled politicians, with President Joe Biden saying the manufacturer must remain domestically owned and operated, while Donald Trump has pledged to block the deal if he becomes president again. And despite the many headwinds in China, Japan Inc remains heavily reliant on its neighbour, both as a manufacturing base and a market. Last year, mainland China was Japan’s largest source of imports, at US$174 billion, and its second-largest export market, at US$126 billion, according to IMF trade statistics. The United States was its top export market. While some companies may see the US market as a better long-term option, others do not have that option, said Miyake. “It’s what I call the Hotel California syndrome. “You can check out any time. “You can never leave.” – Reuters After arriving in Indonesia on Tuesday, the Apple CEO posted a picture of himself eating chicken satay. “Looking forward to meeting even more of Indonesia’s creative community and developers while I’m here,” he wrote. Minister of Communication and Informatics Budi Arie Setiadi last month said Cook’s visit could involve talks on new Apple investments in Indonesia, including a smartphone factory. “There are all possibilities, we’ll see what the approach is, because there are a lot of Apple users in Indonesia,” he said. Apple did not respond to an AFP request for comment about Cook’s plans in Indonesia. The company is yet to open an official store in Indonesia, forcing those who want its products to buy from resale platforms. – AFP Jokowi speaking with Cook at the Merdeka Palace in Jakarta. – AFPPIC/ INDONESIA’S PRESIDENTIAL PALACE

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 17 WASHINGTON: The International Monetary Fund (IMF) has raised its outlook for the global economy this year, while maintaining a gloomy forecast over the medium term, according to fresh data published on Tuesday. The IMF now expects the world economy to grow by 3.2% this year, up 0.1 percentage point from its previous forecast in January, and by a further 3.2% in 2025, according to the latest World Economic Outlook (WEO) report. Global headline inflation is expected to ease from 5.9% this year to 4.5% in 2025, supported by elevated interest rates in many countries. “The global economy continues to display remarkable resilience, with growth holding steady and inflation declining,” IMF chief economist Pierre-Olivier Gourinchas told reporters on Tuesday. “But many challenges still lie ahead.” “Most indicators continue to point to a soft landing,” he said, referring to attempts by many central bankers to bring inflation down to target without fueling unemployment or hampering economic growth. The WEO’s publication comes as global financial leaders gather in Washington this week for a series of semi-annual meetings hosted by the IMF and World Bank. Assistance for the world’s most indebted nations and climate change top the agenda for those meetings. The differences among the world’s advanced economies are stark. The IMF now expects growth in the United States to hit 2.7% this year – up 0.6 percentage points from the January forecast – marking an acceleration from the 2.5% growth recorded in 2023. Growth in the world’s largest economy is then expected to slow to 1.9% in 2025, slightly higher than previously expected. In contrast, the euro area is now expected to grow by just 0.8% in 2024 – down 0.1 percentage point from January and only slightly above last year’s tepid 0.4% expansion – before picking up to 1.5% in 2025. The outlook for the United Kingdom and Canada this year has also been revised lower, while Japan’s 2024 growth forecast was unchanged. The picture is also mixed for emerging market and developing economies. China, the world’s second-largest economy, is still expected to grow by 4.6% this year, and by 4.1% in 2025 – unchanged from January. The growth slowdown is largely down to the easing of a “post-pandemic boost to consumption and fiscal stimulus”, and ongoing weakness in the property sector, the WEO said. One of the bright spots this year is India, which the IMF now expects to grow by 6.8 % – up 0.3 points from January’s forecast – and by 6.5% in 2025. Although a full percentage point below India’s growth figure for 2023, the robust growth expected this year reflects the South Asian economy’s “continuing strength in domestic demand and a rising working-age population”, the IMF said. Russia’s growth prospects have been revised sharply higher once more, as it continues to defy expectations of a slump due to its costly ongoing war in Ukraine. The Russian economy is now expected to expand by 3.2% this year, and by 1.8% in 2025, well above January’s forecast. Such unexpected strength is down to four key factors, including Russia’s steady oil export volumes, strong corporate investment, “robustness” in private consumption, and impact from government spending, IMF Research Department deputy director Petya Koeva Brooks told reporters. This year’s forecast for Latin America is slightly higher at 2%, while the outlook for Sub-Saharan Africa remains unchanged at 3.8%. The outlook for 2024 growth in the Middle East and Central Asia is slightly lower, at 2.8%, down 0.1 percentage point. Despite the IMF’s more optimistic overall 2024 outlook, the WEO report still finds that medium-term growth is expected to remain “historically weak,” due largely to “persistent structural frictions preventing capital and labour from moving to productive firms”. It expects growth to hit 3.1% in 2029, well below its pre-pandemic forecast. The IMF report also found that “the pace of convergence toward higher living standards for middle- and lower-income countries has slowed, implying a persistence in global economic disparities”. – AFP IMF lifts growth forecast for global economy oBut its chief economist warns many challenges still lie ahead Gourinchas holding the World Economic Outlook report during a press briefing at IMF headquarters in Washington. – AFPPIC Stocks mixed as Fed, Middle East dampen sentiment HONG KONG: Asian markets were mixed yesterday as Federal Reserve chairman Jerome Powell’s indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling. While traders are nervously awaiting Israel’s next move after Iran’s missile and drone attack at the weekend, the lack of an immediate response has seen them focus on the US central bank’s monetary policy plans. A string of hotter-than-expected data on inflation and jobs in the first three months has forced investors to whittle down their bets on how many interest rate cuts the Fed will make this year. And Powell all but confirmed that borrowing costs will likely have to remain elevated longer than previously hoped. “The recent data have clearly not given us greater confidence and instead indicate that is likely to take longer than expected to achieve that confidence,” he warned on Tuesday in Washington. “Given the strength of the labour market and progress on inflation so far, it is appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.” The bank’s most recent “dot plot” guidance for rates suggested it will cut three times this year, with June eyed for the first. Traders had priced in as many as six cuts at the start of the year. But observers are now predicting just one or two at best – starting in July or September – with some even arguing that the next move could be a hike if inflation refuses to come back down to the Fed’s 2% target. Powell’s remarks chime with those of several officials at the Fed, who have urged caution on when to begin normalising rates. Richmond Fed chief Thomas Barkin said on Tuesday that the recent run of indicators had not supported the idea of a soft landing for the economy, while Fed vice-chairman Philip Jefferson saw inflation coming down but rates remaining elevated for now owing to price pressures. The S&P 500 and Nasdaq both fell in New York, though the Dow eked out a gain. Asia was mixed, with Tokyo, Hong Kong, Sydney, Seoul and Bangkok down but Shanghai, Singapore, Wellington, Taipei, Jakarta and Manila rising. “The hawkish tone from Powell didn’t come as much of a surprise, considering the persistent inflationary challenges, the robust state of the US economy, and the Fed’s commitment to data-driven decision-making,” said Stephen Innes of SPI Asset Management. “Anything short of reaffirming the ‘higher for longer’ would likely have raised even more questions about the Fed’s credibility.” – AFP NEW YORK: United Airlines reported a first-quarter loss on Tuesday due to the temporary grounding of some Boeing jets, as it announced plans to lease Airbus planes in light of delayed Boeing deliveries. The roughly three-week grounding of the 737 MAX 9 in January resulted in a US$200 million (RM958 million) hit to results, leading to a quarterly loss of US$124 million. Revenues rose 10% to US$12.5 billion. The major US carrier was impacted more than rivals by the MAX 9 grounding, which followed a January emergency landing of an Alaska Airlines flight after a panel on the fuselage blew out midair. Boeing is expected to pay compensation to airlines, but United’s press release did not mention such payments. United said it enjoyed a “strong” operational performance in the period, while adding that the demand environment remains “strong”. But pointing to “the 737 MAX 9 grounding and the FAA’s announced significant production capacity constraints,“ United now expects just 61 narrow-body aircraft in 2024, down from the January estimate of 101. United said it also had signed a letter of intent with two lessors to lease 35 new single-aisle Airbus A321neos in 2026 and 2027. Shares rose 4.7% in after-hours trading. – AFP WTO chief urges ‘cool head’ if Trump wins WASHINGTON: The head of the World Trade Organisation (WTO) on Tuesday called on Washington’s trade partners to “keep a cool head” if Donald Trump ends up back in the White House and makes good on his pledge of imposing a 10% import tariff. “I sincerely hope that, that will not happen,” director-general Ngozi Okonjo Iweala (pic) said in a speech at the Peterson Institute for International Economics, a Washington think tank. “And that if something happens, that other members will keep a cool head and not retaliate so we can preserve the world trading system.” However, she warned that if Trump moves ahead with the new tariffs, tit-for-tat measures from other nations could ensue, resulting in a “free-for-all, which would upend the stability and predictability of trade”. In an interview with CNBC last month, the 77-year-old Republican presidential nominee called himself “a big believer in tariffs”, adding that the likely rise in prices for American consumers from such a measure would be offset by tax cuts. “I fully believe in them economically when you’re being taken advantage of by other countries,” Trump said in the interview. “Beyond the economics, it gives you power in dealing with other countries.” Okonjo Iweala said if other nations were to follow suit, she would hope for mediation, as otherwise “everyone will lose”. “It’s a lose-lose situation. There is no winning. And I hope that will become obvious, so it doesn’t happen.” During his presidency, Trump imposed customs tariffs, particularly on imports from China, to try to force Beijing to make concessions – a policy which ultimately did not change the trade balance between the two economies. He also slapped tariffs on the European Union, which responded by overtaxing American products. President Joe Biden, Trump’s successor and rival in the November 2024 election, has calmed relations with European allies, but has maintained pressure on China. – AFP United reports loss on US$200m hit from Boeing grounding

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 18 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper UK inflation slows less than expected LONDON: Britain’s annual inflation rate fell less than expected last month, according to official data yesterday that could cloud the outlook for interest rate cuts. The Consumer Prices Index dropped to 3.2% in March, the lowest level since September 2021, the Office for National Statistics (ONS) said. Markets, however, had expected a rate of 3.1% in March. Inflation rose 3.4% in the 12 months to February, the ONS added in a statement. “Inflation eased slightly in March to its lowest annual rate for two-and-a-half years,” ONS chief economist Grant Fitzner said. “Once again, food prices were the main reason for the fall, with prices rising by less than we saw a year ago. “Similarly to last month, we saw a partial offset from rising fuel prices.” Finance Minister Jeremy Hunt described the latest drop as “welcome news”. But inflation remains well above the Bank of England’s 2% target, as millions of Britons wait to see when it will start cutting interest rates to ease a cost-of-living crisis. Capital Economics deputy chief UK economist Ruth Gregory said the smaller-than-expected fall “raises the risk that inflation will follow the trend in the US and soon stall”. “The chances of interest rates being cut for the first time in June are now a bit slimmer.” Other analysts said a June cut remained a strong possibility. “Today’s data are unlikely to move the needle for the Bank of England,” said Yael Selfin, chief economist at KPMG UK. “The overall outlook for inflation remains broadly positive, however there are several risks which could cause a setback. “Oil prices have rallied over the past month which has led to an increase in prices at the pump for consumers.” – AFP Quake-hit Dutch gas plant to close for good THE HAGUE: A controversial gas field in the north of the Netherlands that caused earthquakes for decades is to close permanently, a relief for many residents whose houses have suffered serious damage. The Dutch Senate finally passed a law on Tuesday closing the Groningen gas field on Oct 1 this year following years of political wrangling. “A ban on extracting gas from the Groningen field will come into force at the start of the gas year 2024-2025,” the Senate said in a statement. “In this way, the government wants to provide more clarity and security about the definitive end of the gas extraction,” the statement added. People living near the site, which opened in the early 1960s, have complained for more than 20 years of being terrorised by quakes attributed to drilling operations. The local population endured low-magnitude, near-surface quakes caused by vacuum pockets formed during gas extraction. These caused widespread damage to homes and other buildings. “All groups in the debate agreed a debt of honour should be repaid to the people of Groningen, first of all by speeding up the reinforcement of the buildings and the settlement of claims,” said the Senate. A residents’ campaign group, the Groningen Bodem Beweging, described the law as a “historic moment”, saying they were “happy and relieved” even if the decision was “bittersweet”. The government decided in 2018 to shut the gas field and extraction had been cut to almost zero in the past few years but experts have warned earthquakes could continue. In October, the Netherlands halted extraction but kept 11 wells open in case of a severe winter. – AFP ASML profit down amid China chip spat THE HAGUE: Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, yesterday reported a drop in net profit and orders amid a high-tech trade spat between China and the West. Net profit came in at €1.2 billion (RM6.2 billion) in the first quarter, compared to €2 billion the firm reported in the fourth quarter of last year. Bookings slumped to €3.6 billion, a sharp decline from the €9.2 billion reported in the fourth quarter. Company shares slumped more than 6% at the opening bell of the Amsterdam stock exchange, which was down 0.7% overall. ASML is one of the leading manufacturers of equipment to make state-of-the-art semiconductor chips, which power everything from mobile phones to cars. But the semiconductor industry has become a geopolitical battleground as the West seeks to restrict China’s access over fears the chips could be used for advanced weaponry. ASML announced this year that it had been blocked from exporting “a small number” of its advanced machines to China, amid reports of US pressure on the Dutch government. Chief executive Peter Wennink said the firm was still upbeat for the second half of 2024, which ASML has identified as a “transition” year before a stronger 2025. “Our outlook for the full year 2024 is unchanged, with the second half of the year expected to be stronger than the first half, in line with the industry’s continued recovery from the downturn,” he said in a statement. Overall sales in the first quarter came in at €5.3 billion, lower than the €7.2 billion from the fourth quarter but in the range the company had forecast. In its annual report published in January, the firm had forecast first-quarter sales of between €5 billion and €5.5 billion. For the second quarter, the firm said it expected total net sales between €5.7 billion and €6.2 billion. Chief financial officer Roger Dassen said investors should bear in mind that combined orders over the past two quarters amounted to €13 billion – “a pretty significant number”. He said orders were “typically quite lumpy”, meaning wide variations can occur from quarter to quarter. ASML employs 42,000 people worldwide, more than half of whom are based at the firm’s huge complex in Veldhoven, with a significant proportion coming from abroad. – AFP Overtourism sparks backlash in Spain MADRID: Anti-tourism movements are multiplying in Spain, the world’s second most visited country, prompting authorities to try and reconcile the interests of locals and the lucrative sector. Rallying under the slogan “The Canaries have a limit”, a collective of groups on the archipelago off northwest Africa are planning a slew of protests on Saturday. The Canaries are known for volcanic landscapes and year-round sunshine and attracts millions of visitors from all over the world. Groups there want authorities to halt work on two new hotels on Tenerife, the largest and most developed of the archipelago’s seven islands. They are also demanding that locals be given a greater say in the face of what they consider uncontrolled development which is harming the environment. Several members of the collective “Canaries Sold Out” also began an “indefinite” hunger strike last week to put pressure on the authorities. “Our islands are a treasure that must be defended,” the collective said. The Canaries received 16 million visitors last year, more than seven times its population of around 2.2 million people. This is an unsustainable level given the archipelago’s limited resources, Victor Martin, a spokesman for the collective told a recent press briefing, calling it a “suicidal growth model”. Similar anti-tourism movements have sprung up elsewhere in Spain and are active on social media. In the southern port of Malaga on the Costa del Sol, a centre of Spain’s decades-old soy y playa or “sun and beach” tourism model, stickers with unfriendly slogans such as “This used to be my home” and “Go home” have appeared on the walls and doors of tourist accommodations. In Barcelona and the Balearic Islands, activists have put up fake signs at the entrances to some popular beaches warning in English of the risk of “falling rocks” or “dangerous jellyfish”. Locals complain a rise in accommodation listings on short-term rental platforms such as Tents of anti-tourism activists on hunger strike in La Laguna on the Spanish Canary island of Tenerife. – AFPPIC oLocals complain of soaring rents, pollution and pressure on resources Airbnb have worsened a housing shortage and caused rents to soar, especially in town centres. The influx of tourists also adds to noise and environmental pollution and taxes resources such as water, they add. In the northeastern region of Catalonia, which declared a drought emergency in February, anger is growing over the pressure exerted on depleted water reserves by hotels on the Costa Brava. “Our concern is to continue to grow tourism in Spain so that it is sustainable and does not generate social revulsion,” Jose Luis Zoreda, vice-president of tourism association Exceltur, told a news conference on Tuesday when asked about the protest movements. The group said it expects Spain’s tourism sector will post record revenues of €202.65 billion (RM971 billion) this year. Before the Covid-19 pandemic brought the global travel industry to its knees in 2020, protest movements against overtourism had already emerged in Spain, especially in Barcelona. Now that pandemic travel restrictions have been lifted, tourism is back with a vengeance – Spain welcomed a record 85.1 million foreign visitors last year. In response, several Spanish cities have taken various measures to try to limit overcrowding. The northern seaside city of San Sebastian last month limited the size of tourist groups in the centre to 25 people and banned the use of loudspeakers during guided tours. The southern city of Seville is mulling charging non-residents a fee to enter its landmark Plaza de Espana while Barcelona had removed a bus route popular with tourists from Google Maps to try to make more room for locals. Housing Minister Isabel Rodriguez said over the weekend that “action needs to be taken to limit the number of tourist flats” but stressed the government is “aware of the importance of the tourist sector”, which accounts for 12.8% of Spain’s economic activity. – AFP

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) KLK 22.66 -0.24 4444 PPB 15.54 -0.24 6194 AIRPORT 9.89 -0.17 38367 APOLLO 6.51 -0.15 296 KESM 6.2 -0.15 351 ALLIANZ-PA 21.66 -0.14 1 SBAGAN 4.75 -0.13 7 SHH 1.16 -0.09 199 BKAWAN 19.92 -0.08 88 MTEC 0.955 -0.075 64,167 MY-MOMETF 1.085 -0.065 1 PMETAL 5.26 -0.06 98,065 QUALITY 0.93 -0.06 2 GOLDETF 3.6 -0.06 251 MHC 0.975 -0.055 1614 CDB 4.15 -0.05 20,958 D&O 3.09 -0.05 14,467 GCB 2.49 -0.05 22,533 HUMEIND 2.5 -0.05 4,305 IOICORP 3.98 -0.05 33,322 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME BPURI 911,222 0.085 0.005 6.25 INGENIEU 908,976 0.145 - - ALPHA 842,392 0.33 -0.005 -1.49 MYEG 701,376 0.775 0.005 0.65 AVI 534,999 0.045 -0.015 -25 SAPNRG 487,191 0.045 -0.005 -10 VELESTO 451,497 0.275 0.005 1.85 SENDAI 443,515 0.375 0.03 8.7 MRCB 364,198 0.66 0.005 0.76 CIMB 321,647 6.53 0.05 0.77 NAIM 298,962 1.08 0.195 22.03 SBH 295,786 0.27 -0.005 -1.82 HM 295,782 0.105 -0.01 -8.7 DNEX 278,062 0.405 0.005 1.25 TANCO 276,224 0.84 0.06 7.69 UEMS 271,761 1.04 - - SUNWAY 251,938 3.35 0.07 2.13 SIME 240,399 2.73 0.01 0.37 SPSETIA 236,032 1.35 - - SSB8 232,789 0.395 0.01 2.6 SUNBIZ presents a summary of the day’s trading activity on Bursa Malaysia and other markets in an easy to digest format. MARKET ROUND-UP: APRIL 17 [ Sources: Bursa Malaysia, Bernama, shareinvestor.com and websites DISCLAIMER: The data and reports are provided as a service to investors. Sun Media Corporation Sdn Bhd shall not be liable or responsible for any consequences resulting from usage of the information. INDEX CHANGE FBMEMAS 11,577.40 +62.40 FBMKLCI 1,540.42 +5.42 CONSUMER PRODUCTS 578.52 +1.48 INDUSTRIAL PRODUCTS 183.31 +1.23 CONSTRUCTION 217.39 +3.51 FINANCIAL SERVICES 17,107.40 +98.50 ENERGY 959.17 +9.23 TELECOMMUNICATIONS 588.96 +5.06 HEALTH CARE 1,957.75 +20.10 TRANSPORTATION 1,011.65 +6.34 PROPERTY 990.79 +7.47 PLANTATION 7,357.88 -41.00 FBMSHA 11,757.30 +60.80 FBMACE 4,925.37 +43.40 TECHNOLOGY 63.80 +0.73 TURNOVER: 3.452 bil VALUE: RM2.672 bil Top 20 Actives Top 20 Losers (By RM) Bursa Indices INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 37,798.97 +63.86 +0.17 S&P 500 (US) 5,051.41 -10.41 -0.21 NASDAQ (US) 15,865.25 -19.77 -0.12 NYSE (US) 17,413.98 -92.95 -0.53 EURO STOXX 50 (EUR) 4,950.40 +33.41 +0.68 FTSE 100 (UK) 7,860.20 +39.84 +0.51 DAX (GER) 17,870.70 +104.47 +0.59 NIKKEI 225 (JPN) 37,961.80 -509.40 -1.32 TOPIX (JPN) 2,663.15 -33.96 -1.26 HANG SENG INDEX (HK) 16,251.84 +2.87 +0.02 CSI 300 (CHN) 3,565.40 +54.29 +1.55 SH SE COM (CHN) 3,071.38 +64.31 +2.14 KOSPI INDEX (SK) 2,584.18 -25.45 -0.98 MSCI ASIA PACIFIC 173.49 -1.82 -1.04 ASX 200 (AUS) 7,605.59 -6.90 -0.09 ALL ORDINARIES INDX (AUS) 7,861.01 -1.31 -0.02 SENSEX INDEX (IND) 72,943.68 -456.10 -0.62 FBM KLCI 1,540.67 +5.67 +0.37 STRAITS TIMES INDEX (S’PORE) 3,161.76 +17.00 +0.54 WTI (US$/BBL.) 84.87 -0.49 -0.57 BRENT (US$/BBL.) 89.55 -0.47 -0.52 GOLD (COMEX) (US$/T OZ) 2,409.20 +1.40 +0.06 SILVER (COMEX) (US$/T OZ) 28.63 +0.25 +0.90 PLATINUM (US$/T OZ) 959.75 +0.55 +0.06 COPPER (COMEX) (US CENTS/LB.) 435.55 +2.40 +0.55 COPPER 3MO (LME) (US$/MT) 9,468.00 -108.00 -1.13 CORN (US CENTS/BU.) 442.50 -0.25 -0.06 WHEAT (US CENTS/BU.) 564.75 0.00 0.00 SOYBEAN OIL (CBOT) (US CENTS/LB.) 45.36 -0.12 -0.26 COCOA (ICE) (US$/MT) 9,915.00 +96.00 +0.98 RUBBER (S’PORE) (US CENTS/KG) 163.70 +0.60 +0.37 World Stocks/Commodities as at 5pm, April 17 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) FOCUS 0.01 -33.33 3,437 AVI 0.045 -25 534,999 MTRONIC 0.015 -25 3,083 SANICHI 0.015 -25 4,000 EVD-PA 0.05 -16.67 201 BARAKAH 0.035 -12.5 310 ARBB 0.04 -11.11 38,992 MERIDIAN 0.04 -11.11 1,412 SAPNRG 0.045 -10 487,191 JADI 0.05 -9.09 300 HM 0.105 -8.7 295,782 MINETEC-PA 0.055 -8.33 37564 MTEC 0.955 -7.28 64,167 SHH 1.16 -7.2 199 DIGISTA 0.065 -7.14 1,364 ASDION 0.07 -6.67 10920 BINTAI 0.075 -6.25 10090 QUALITY 0.93 -6.06 2 PINEPAC 0.315 -5.97 10 HANDAL 0.08 -5.88 37,232 Top 20 Losers (By %) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) NESTLE 123 1.38 1,888 PIE 4.94 1.14 63,194 DLADY 32.32 0.76 1,681 AJI 19.04 0.34 167 HEIM 22.8 0.3 2104 PANAMY 19.04 0.3 190 F&N 31.24 0.28 1,435 NAIM 1.08 0.195 298,962 GREATEC 4.62 0.16 10,122 VSTECS 2.56 0.14 10182 TM 6.13 0.13 42,691 THETA 1.66 0.13 86,377 HCK 2.25 0.12 2,206 LPI 11.94 0.12 168 AXIATA 2.6 0.1 117,154 FRONTKN 3.89 0.1 26,697 KGB 2.57 0.1 24,705 PENTA 4.34 0.1 6,674 REXIT 1.14 0.1 8,420 IGBB 2.52 0.09 104 Top 20 Gainers (By RM) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) HONGSENG 0.015 50 35,616 SCBUILD 0.015 50 3,200 TECHNAX 0.015 50 1,051 XOX 0.015 50 3,083 PIE 4.94 30 63194 TWL-LA 0.025 25 9550 NAIM 1.08 22.03 298,962 BSLCORP 0.03 20 16002 DESTINI 0.035 16.67 2,803 TAWIN 0.035 16.67 15763 RGTBHD 0.29 13.73 47032 IFCAMSC 0.37 12.12 162,596 HBGLOB 0.195 11.43 132,923 KHEESAN 0.165 10 600 REXIT 1.14 9.62 8,420 EATECH 0.36 9.09 186,750 OCR 0.06 9.09 821 TRIVE 0.06 9.09 2,054 SENDAI 0.375 8.7 443,515 THETA 1.66 8.5 86,377 Top 20 Gainers (By %) Bursa snaps losing streak as bargain hunting emerges BURSA Malaysia snapped four consecutive days of losses to end higher yesterday as bargain hunting emerged following the recent sell-off, said an analyst. At 5pm, the FBM KLCI rose 5.42 points, or 0.35%, to 1,540.42 from Tuesday’s close of 1,535. The benchmark index, which opened 0.05 of-a-point firmer at 1,535.05, moved between 1,532.95 and 1,541.88 throughout the trading session. On the broader market, gainers trounced decliners 717 to 318, while 469 counters were unchanged, 848 untraded, and 11 others suspended. Turnover slipped to 3.45 billion units worth RM2.67 billion from 4.93 billion units worth RM3.72 billion on Tuesday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said most key regional indices also rebounded following the recent sell-off, which saw Hong Kong’s Hang Seng Index inch up 0.02% to 16,251.84, China’s SSE Composite Index improved 2.14% to 3,071.38, and Singapore’s Straits Times Index rose 0.63% to 3,164.42. Nonetheless, gains are capped in certain markets on expectations the United States’ interest rates will stay high, he told Bernama. Among the heavyweights, Maybank added two sen to RM9.60, Public Bank and CIMB gained five sen to RM4.15 and RM6.53, respectively, Tenaga Nasional put on four sen to RM11.52, and Petronas Chemicals increased three sen to RM6.83. As for the actives, Bina Puri Holdings and MY E.G. Services edged up half-a-sen to 8.5 sen and 77.5 sen, respectively, while Alpha IVF eased half-a-sen to 33 sen, Avillion shed 1.5 sen to 4.5 sen, and Ingenieur Gudang was flat at 14.5 sen. 1,540.42pts April 17, 2024 Participation 19.36 42.82 37.82 100.00 Retail Institutions Foreign Bought RM m 514.31 1218.32 940.15 2672.78 Sold RM m 520.24 1070.78 1081.76 2672.78 Net RM m -5.93 147.54 -141.61 0.00 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R ITIES S D N. B H D. 197201001092 (12738-U) 17/4/2024

BIZ & FINANCE BIZ & FINANCE THURSDAY | APR 18, 2024 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [ Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information. AS an airport operator, it goes without saying that MAHB has little to fear from higher jet fuel prices. That said, we fear that pax traffic to and from the Middle East will impact its Malaysian and Turkish operations. MAHB has not released its 2023 airport statistics which details pax traffic from that region. Examining its 2019 (pre-pandemic) airport statistics, pax traffic to and from the Middle East accounted for 7% of international pax traffic at KLIA and 28% of international pax traffic at Istanbul Sabiha Gokcen. Under a worst case scenario where all pax traffic from the Middle East ceases, we estimate that our earnings will be cut by 26% on a full year basis and our DCF-TP will be cut to RM6.61 (-26%). To the best of our knowledge, none of CAPITALA’s 4 airlines fly to Middle East destinations. Thus, our main concern for CAPITALA is higher jet fuel prices. At press time, spot jet fuel prices have not deviated far from our forecast of US$105/bbl at US$104/bbl. Yet, we estimate that every US$1/bbl increase in jet fuel price will widen/trim our core net loss/profit estimate by RM50 million and trim our SOP-TP by 3 sen. That said, we gather that CAPITALA can pass on higher fuel cost to passengers given that MYAirline (Not Listed) has suspended operations in Oct 2023. AAX does fly to Jeddah, Saudi Arabia but we understand that this destination accounts for only 5-7% of its total available seat kilometres. Like CAPITALA, our main concern for AAX is higher jet fuel prices. We estimate that every US$1/bbl increase in jet fuel price will lower our core net profit estimates by RM14 million and lower our SOP-TP by 24 sen. POSITIVE with earnings estimates, calls and TPs are under review. THE group’s FY24 loans growth target of 6-7% (FY23: +9%) is fuelled by slower albeit sustainable demand in most fronts, with better support coming from recoveries in consumer spending and economic activity. Its global banking units seek to benefit from regional recoveries as well, predominantly in Indonesia’s high-growth status and rising corporate portfolios. Domestically, the group expects tailwinds to arise from more secondary mortgage transactions which we opine may lead to more market share as certain competitors may lose appetite to be aggressive in this space. Meanwhile, it is investing in more interface enhancements and feature to keep stickier the SME and business accounts. Coming out of FY23’s severe NIM compression of 27 bps from a tighter deposits landscape, the group believes that similar pressures could have mostly subsided. On the flipside, the group continues to expect NIM compression to occur in FY24,citing up to -5 bps. We believe that this could be tied to higher loans demand across the board in line with better economic prospects, as banks now have to compete more aggressively to retain financing market share. Post update, we maintain our FY24F/FY25F earnings. Overall, we remain undeterred by near-term headwinds as MAYBANK continues to present itself as a highly sustainable pick, granted also by its leading market share and brand equity. That said, concerns may be more apparent in 2HCY24 with the possible implementation of targeted fuel subsidies likely to spur inflation (with full effects likely cutting into FY25) and whether public infrastructure projects could roll out in a timely manner. We maintain our OUTPERFORM call and GGM-derived PBV TP of RM11.00. GROSS adex rose 19% YTD-February, primarily driven by the freeto-air or FTA television (+19% YoY), digital (+38% YoY), and radio segments (+24% YoY). MoM, adex fell 12% due to the shorter February month. While newspaper adex contracted further MoM, it picked up 3% YoY in February – the first positive YoY growth in 15 months. Stubbornly high inflation and the Government’s impending subsidy rationalisation exercise are key adex stumbling blocks, in our view, with negative implications on overall discretionary spending and consumer sentiment. Digital adex continues to be a key driver, making up 23% of overall adex YTD. This structural shift away from conventional media is primarily driven by the change in media consumption behaviour, with the strong affinity towards social media alongside growing demand for over–the-top or OTT applications including streaming video-on-demand or SVOD services. Additionally, the ease of entry for content creators has led to the rapid growth in digital media and the democratisation of content. We expect the robust growth trajectory to continue going forward with advertisers utilising artificial intelligence or AI technology and advanced data analytics to target different customer segments and demographics. The Feb-Mar 2024 reporting period proved to be another disappointing one, with continued earnings misses for media stocks under our coverage. Astro Malaysia’s Q4’24 (January) core earnings fell 17% QoQ (FY24: -41% YoY), as weaker discretionary spending led to higher subs churn. MPR’s earnings, on the other hand, were impacted by softer-than-expected adex. We cut our earnings forecasts for both companies post results, with TPs lowered. Maintain sector NEUTRAL. FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.8560 4.7220 4.7120 1 Australian Dollar 3.1330 3.0100 2.9940 1 Brunei Dollar 3.5600 3.4570 3.4490 1 Canadian Dollar 3.5120 3.4190 3.4070 1 Euro 5.1700 5.0030 4.9830 1 New Zealand Dollar 2.8770 2.7720 2.7560 1 Singapore Dollar 3.5600 3.4570 3.4490 1 Sterling Pound 6.0480 5.8580 5.8380 1 Swiss Franc 5.3110 5.1890 5.1740 100 UAE Dirham 133.9000 126.9900 126.7900 100 Bangladesh Taka 4.5120 4.2190 4.0190 100 Chinese Renminbi 67.6100 64.7700 N/A 100 Danish Krone 71.0200 65.3700 65.1700 100 Hongkong Dollar 62.7200 59.6200 59.4200 100 Indian Rupee 5.9100 5.5500 5.3500 100 Indonesian Rupiah 0.0311 0.0281 0.0231 100 Japanese Yen 3.1480 3.0480 3.0380 100 New Taiwan Dollar N/A N/A N/A 100 Norwegian Krone 45.4600 41.8300 41.6300 100 Pakistan Rupee 1.7800 1.6600 1.4600 100 Philippine Peso 8.6600 8.1600 7.9600 100 Qatar Riyal 134.7500 127.9200 127.7200 100 Saudi Riyal 131.0300 124.3900 124.1900 100 South Africa Rand 26.4500 23.8900 23.6900 100 Sri Lanka Rupee 1.6600 1.5300 1.3300 100 Swedish Krona 45.7700 41.6900 41.4900 100 Thai Baht 13.8300 12.2800 11.8800 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit ends firmer against US dollar in technical rebound THE ringgit closed firmer against the US dollar yesterday as it staged a technical rebound after three days of losses, said an analyst. At 6pm, the ringgit improved to 4.7910/7950 against the greenback from Tuesday’s closing of 4.7945/7970. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that the local currency gained some strength today, in tandem with a slight decline in the US Dollar Index (DXY) by 0.10% to 106.153 points. “Beyond the technical correction, the interest rate outlook in the US and the tension in the Middle East will be the barometer for market sentiments in the forex market,” he told Bernama. He said uncertainty surrounding the US interest rate outlook will continue to be dollar-positive. At the close, the ringgit traded mostly lower against a basket of major currencies. It eased against the euro to 5.0981/1024 from 5.0966/0992 at Tuesday’s close, fell slightly versus the British pound to 5.9720/9770 from 5.9701/9732 but went up vis-a-vis the Japanese yen to 3.0990/1018 from 3.1020/1038 yesterday. The local note traded mostly higher against Asean currencies. It gained on the Thai baht to 13.0194/13.0373 compared with 13.0858/13.0983 at Tuesday’s close, widened vis-a-vis the Indonesian rupiah to 295.3/295.7 from 296.3/296.6 and climbed up versus the Philippine peso to 8.37/8.39 from 8.41/8.42 previously. However, the ringgit eased against the Singapore dollar to 3.5171/5200 from 3.5135/5156 on Tuesday. Tune Talk ‘all-in’ on AWS to optimise network services PETALING JAYA: Tune Talk has announced it is “all-in” on Amazon Web Services (AWS), to optimise its network services and reimagine the end customer experience by embracing innovation with a cloud-first strategy. It aims to digitally disrupt the Malaysian telco market by introducing loyalty benefits and discounts, and remain competitive via unique 5G and artificial intelligence (AI)-powered offerings tailored for customers seeking value. The company said that its cloud-first move with AWS represents an alignment with its commitment to digital innovation. By migrating all of its IT workloads to AWS, it will leverage AWS’ infrastructure, scalability and advanced cloud services to deliver in-country network services with enhanced resiliency, security, efficiency and performance. Building on AWS cloud will enable Tune Talk to optimise operations, reduce costs and respond to the needs of its customer base of over one million subscribers with agility. According to its acting CEO and CFO Dajmarehan Zolkipli, leveraging AWS AI technology would help position Tune Talk to boost revenues and unlock new revenue streams with increased speed to market and to offer targeted lifestyle services on 5G to its customers. “By migrating all our workloads from on-premises to AWS, Tune Talk is not just moving data and voice, but adopting a techfocused business approach with an updated, more reliable network infrastructure powered by cloud technology,“ he added. Meanwhile, AWS Malaysia enterprise business head Azhar Abdullah said that telcos today are enabled by cloud to deliver differentiated solutions and experiences, make faster business decisions, and unlock new revenue opportunities. Media Neutral Malayan Banking Bhd Outperform. Target price: RM11.00 Aviation Positive Source: Maybank Investment Bank, Bloomberg Source: Kenanga Research Source: RHB Research, Nielsen Media Research April 17, 2024: RM9.60

LYFE LYFE THURSDAY | APR 18, 2024 22 @thesundaily FOLLOW ON TWITTER Malaysian Paper An inspirational journey CHAN KARWAI’s journey towards becoming a renowned artist was not paved with the conventional milestones of higher education. Hailing from Ipoh, Perak and raised by a single mother, Chan faced unique challenges from an early age. Despite societal pressures, she chose to limit her education to secondary school, prioritising her family’s well-being. “In a world where higher education is often a privilege, I made the conscious decision not to add to her burdens,” Chan reflected. From hobbyist to artist Chan’s passion for art started as a mere hobby, shared and celebrated on social media platforms. Over time, her talent caught the eyes of many, leading to collaborations with prestigious car brands and participation in auctions. “With time, I began receiving private messages inquiring about purchasing my pieces... I’ve evolved from a hobbyist to where I am today.” Initially, Chan’s art centred around the picturesque landscapes of Ipoh. However, as her journey evolved, her pieces began to reflect deeper, surreal themes. “My paintings evolved into surreal pieces that go into the depths of my innermost thoughts and beliefs – a reflection of the profound journey I have embarked upon,” she described her transformation. One of Chan’s most impactful series “Superheroes: Redefined” serves as a tribute to resilience and inner strength. Drawing from personal experiences of childhood bullying, this collection resonates with many. “This series of paintings has prompted some people to private message or text me, expressing how it helped them through difficult times,” Chan elaborated. Transitioning from the world of modelling to becoming a full-time artist was not without its challenges. Chan confessed that the most challenging thing for her is always doubting herself. “Modelling pays well, and I already have many commercial video shoots and commercial photography gigs.” However, her determination to pursue her passion for art prevailed. Inspirational painting Oil colours dominate Chan’s artistic palette, offering her a rich texture and blending experience. “My creative process begins with inspiration drawn from various sources. This method allows me to streamline the painting process while ensuring the final piece captures the Chan has followed her heart in making the transition from a lucrative career in modelling to becoming an artist. – ALL PICS COURTESY OF CHAN KARWAI oMalaysian artist navigates between modelling glamour and reflective art contemplation █ BY YASMIN ZULRAEZ Chan’s preferred medium is oil on canvas. essence of my initial inspiration.” Chan’s creative journey has its ebbs and flows. During periods of creative stagnation, she seeks inspiration through travel, museum visits and networking. “These endeavours serve as catalysts for generating fresh ideas and reigniting my artistic passion.” Chan’s collaboration with McLaren stands out as a defining moment in her career. “I had the extraordinary opportunity to paint on a physical car... the pinnacle of my artistic journey was reached when a painting from my Cupid series was featured in an auction at Phillips Auction under the auspices of the esteemed Singapore National Gallery,” she recalled. Chan leverages social media as a powerful tool to connect with her audience and showcase her artwork globally. “Social media provides a powerful platform to connect with people worldwide... It is essential to take the first step and start sharing our art.” While Chan considers herself a self-taught artist still on a learning curve, she offers valuable insights for budding artists. “Make full use of the internet and social media. We have the opportunity to pursue both avenues, working with galleries and showcasing our work online,” she advised. Passionate about female empowerment, Chan is currently exploring projects that resonate with this cause. She is also keen on collaborations that allow her to blend her artistic touch with automotive canvases. “Moreover, I’m continuously seeking inspiration to create artworks with deeper meaning, hoping to inspire and uplift my audience through my creations.” Chan’s journey from modelling to Motor sports features heavily in Chan’s work. becoming a respected artist is a Getting to paint on a McLaren is a career highlight for Chan. testament to her resilience, passion, and unwavering determination. Her art not only reflects her personal experiences but also serves as a source of inspiration and empowerment for many. As she continues to evolve and inspire, Chan’s story reminds us of the transformative power of pursuing one’s passion against all odds. Keep up with Chan through her social media accounts @karwaichan_ on Instagram and @karwaichan on TikTok.

LYFE LYFE THURSDAY | APR 18, 2024 24 Claudia Kim’s transformation previewed JTBC’S upcoming weekend drama The Atypical Family has teased new stills of Claudia Kim ahead of its premiere. Directed by Cho Hyun-tak and scripted by Joo Hwa-mi and Kang Eun-kyung, the series focuses into the lives of a supernatural family grappling with everyday struggles after losing their powers. Kim portrays Bok Dong-hee, a former runway model who undergoes a significant physical and emotional shift post-retirement, losing her ability to fly. The images highlight her journey, from exuding confidence with amazing abs on the runway to clutching a bag of snacks, symbolising her altered reality. Kim reflects on the character, describing Bok Dong-hee as someone who navigates inner conflicts with self-assurance, offering viewers a relatable yet aspirational figure. She also discusses the intricacies of her special makeup transformation, acknowledging its role in enhancing her character’s depth. The Atypical Family is set to premiere on May 4. Kim is a South Korean actress known for her roles in Avengers: Age of Ultron. – PIC FROM INSTAGRAM @CLAUDIASHKIM █ BY THASHINE SELVAKUMARAN New Amy Winehouse biopic showing in UK EVEN before its release, Back to Black has attracted backlash with criticism ranging from the casting to concerns it could exploit Amy Winehouse’s story. “Given the vulture-like efficiency with which her life was picked over, it’s nearimpossible to think of a sincere reason to make a movie about Amy – at least not one that isn’t motivated by greed,” wrote music editor Roisin O’Connor in The Independent. Amy, who died from alcohol poisoning aged just 27 in 2011, was a distinctive figure with her beehive hairdo, heavy black eye makeup, multiple tattoos and smoky voice. She shot to international fame with her Grammy Award-winning 2006 album Back to Black which included the track Rehab, charting her battle with addiction. Director Sam Taylor-Johnson’s biopic is the second big-screen telling of Amy’s story, coming nearly a decade after Asif Kapadia’s 2015 documentary Amy. That film won an Oscar but was publicly condemned by her family, in particular Amy’s father who claimed it tried to portray him as “money-grabbing” and “attention-seeking”. Quest for ‘truth’ After the film became the second-highest grossing documentary at the British box office, Mitch Winehouse said it dwelled too much on the negative and not enough on his daughter’s fun-loving side. He hinted the family could collaborate with another filmmaker in future to correct the record. Mitch and his former wife Janis attended this week’s premiere in London but TaylorJohnson said the family had not contributed to her film. “It was important to meet with them out of respect. But they didn’t have any involvement in terms of... like they couldn’t change things. They couldn’t dictate how I was to shoot,” she said. The filmmaker, whose 2009 feature Nowhere Boy dramatised John Lennon’s early years, said she had been after “the truth” of Amy’s life. “What I wanted as much as possible was the truth of Amy, and Amy’s relationship was that she loved her dad, whether we think he did right or wrong,” she said. Eddie Marsan, who plays Mitch, said he tried to avoid a “comfortable narrative” that there was “someone to blame” in some way for Winehouse’s death, such as her father or her ex-husband Blake Fielder-Civil. Burden of guilt To research the role, he said, he approached a friend who worked with both Amy and her father in the music industry who told him Mitch had been a “loving father but he was in an impossible situation”. “He had a daughter who was an addict, she was the most famous woman in the world, she was hounded by the paparazzi, she had unlimited resources and money. Every drug dealer in London wanted to give her drugs,” the friend told him. Back to Black also depicts Amy’s turbulent relationship with Fielder-Civil who has been blamed for introducing her to heroin and who inspired the album. He said in 2018 he would “always carry a burden of guilt” over his role in her decline. Marisa Abela who portrays the tragic singer said it would have been a mistake to “judge a character and a character’s decisions”. “If other people who watch the film decide she shouldn’t have loved a certain person, or shouldn’t have trusted someone, that’s fine. “The only villains in our story are addiction and the relentless paparazzi. I’m not telling people how to feel about it,” she said. Wayward genius Reviews have been mixed but some have pointed out that it is still likely to be a box office success due to Amy’s enduring star power. Describing a recent crop of music biopics as “far worse” than earlier efforts, Zach Schonfeld noted in the Guardian that “these movies remain profitable”. The Times’s Ed Potton said the film felt “a bit lightweight”. He praised Abela’s willingness to perform her own vocals but said the result was only as good as “you could reasonably hope”. Peter Hoskin in the Daily Mail said the film failed to capture the “wayward genius of the original artist”. “If they try to make you watch this movie, say: no, no, no,” he wrote. “Much better to put on Back to Black, the album, or the song, and remember what really made Amy a star,” he added. – ETX Studio The cast of Back to Black at the film’s London premiere. – AFPPIC oMovie of troubled British singer-songwriter opens to mixed reviews

LYFE LYFE THURSDAY | APR 18, 2024 25 breathtaking, serving as both action-packed set pieces and existential metaphors. Love, betrayal and sand At its core, Dune: Part Two is a tale of love, betrayal and sand. Lots and lots of sand. Paul and Chani’s romance blossoms amid the dunes, providing some muchneeded warmth in a world dominated by cold politics and even colder sandstorms. Their relationship is a refreshing break from the s c h e m i n g , politicking and backstabbing that Why do we like to listen to sad songs? MOST of us want to avoid feeling sad. And yet melancholy music is a favorite with many music lovers. A study published in the journal PLOS One examines this apparent paradox, and reveals that humans derive pleasure from listening to sad songs. Professor Emery Schubert, the author of this study, came to this conclusion after conducting an experiment with 50 participants. They were asked to select a sad song they liked and imagine what it would sound like if it were no longer melancholy. “We know that many people are quite apt when it comes to thought experiments, so it’s a reasonable approach to use and, at worst, it should produce no results,“ explains Schubert in a statement. It turned out that 82% of the volunteers said they would enjoy listening to their chosen song less if it were no longer sad, suggesting a marked preference for music evoking partially negative emotions. This may be explained by the fact that listening to sad music helps to regulate negative emotions and provides a form of consolation. “Experiencing a wide range of emotions in a more or less safe environment could help us learn how to deal with what we encounter in the world,” Schubert points out. Previous studies on the subject have put forward the hypothesis that individuals who enjoy sad music seek, above all, to be moved by what they hear. Schubert wanted to test this theory by conducting a similar experiment with a control group of 53 volunteers. It turned out that these individuals experienced more than one emotion when listening to sad music. “The findings of this study suggest that being moved and feeling sadness have overlapping meanings. In other words, being moved triggers sadness, and sadness triggers being moved,” says Schubert. In addition to the small panel of participants, this study has certain methodological limitations. But it does raise some interesting questions about the relationship we have with negative emotions when they are evoked in music. – ETX Studio Defying genre expectations oDune: Part Two makes audiences engage their grey matter DUNE: Part Two is not an average sci-fi sequel. It is a rollercoaster that leaves one contemplating the universe, fate and whether the stove is turned off before leaving home. Denis Villeneuve’s masterful direction combined with a screenplay that plays hopscotch with one’s expectations makes this film a unique experience. Sure, some might come in expecting a cool sci-fi movie, but instead, they are handed a mindbending journey that defies genre conventions. Sandworm steal spotlight One must mention the sandworms to discuss Dune: Part Two. Forget about supporting characters, these colossal creatures are the true stars of the film. Imagine if Moby Dick and a tornado had a baby, and it will get close to the majesty and terror of these sandd w e l l i n g behemoths. They are not just CGI monsters, they are complex characters with motivations (mostly hunger and territorial disputes) and emotional depth (again, mostly hunger). The s a n d w o r m sequences a r e █ BY YASMIN ZULRAEZ Gigantic sandworms travel beneath Arrakis’s surface and produce the planet’s treasured natural resource, called melange or spice. Dune: Part Two is in cinemas now. Ferguson (Jessica) walks on to preach the gospel of her son. 0Cast: Timothée Chalamet, Zendaya, Rebecca Ferguson, Austin Butler, Florence Pugh 0Director: Denis Villeneuve E-VALUE 8 ACTING 8 PLOT 8 Chalamet (left) and Zendaya playing the perfect on-screen couple. – PICS COURTESY OF WARNER BROS permeates the rest of the narrative. On the flip side, the betrayal comes fast and furious, with twists and turns that would make even the most seasoned soap opera writer green with envy. From secret lineage revelations to unexpected alliances, Dune: Part Two keeps everyone on their toes, guessing who will betray whom next. When one has got it all figured out, the film throws another sandworm-sized curveball. A worthy cast The ensemble cast of Dune: Part Two delivers stellar performances across the board. Timothée Chalamet continues to impress as Paul, effortlessly transitioning from wideeyed novice to seasoned leader. Zendaya’s Chani is a fierce and independent force to be reckoned with, while Rebecca Ferguson’s Jessica steals the show with her powerful portrayal of a mother torn between duty and love. Newcomers to the film include Christopher Walken, Austin Butler and Florence Pugh who bring fresh energy to the proceedings, adding depth and complexiity to the already rich group of characters. The veterans, Josh Brolin, Dave Bautista and Stellan Skarsgård reprise their roles with gusto and aplomb. Experience of a lifetime Dune: Part Two is a film that challenges, entertains and ultimately questioning everything about sci-fi cinema. This film is an experience that demands to be felt, pondered, and discussed long after the credits roll. So buckle up, and prepare to journey to a world where sandworms are the heroes, love is as unpredictable as a desert storm, and nothing is as it seems. Listening to sad music helps to regulate negative emotions and provides a form of consolation. – 123RFPIC

LYFE LYFE THURSDAY | APR 18, 2024 26 First Lukfook Joaillerie opens in M’sia oPart of jeweller’s vision to expand retail footprint in Southeast Asia HONG Kong’s Luk Fook Holdings (International) Limited has opened the first Lukfook Joaillerie in Malaysia at the Tun Razak Exchange (TRX). Featuring novel and elegant aesthetic space design, Lukfook Joaillerie provides a curated selection of sophisticated jewellery, including collectible diamond jewellery and award-winning jewellery masterpieces, to present a stunning visual feast for customers. TRX, which houses over 400 international brands, is a strategic location for LukFook to further enhance its brand influence. LukFook Group chairman and CEO Wong Wai Sheung said the group is committed to exploring markets with growth potential. “Southeast Asia, with its booming tourism industry, offers an array of potential long-term investment opportunities. The new shop will enable the group to expand its points of sale footprint and enhance brand awareness in the Southeast Asian market. “We are committed to crafting the finest jewellery for customers to further consolidate our reputation in the international market. Currently, we have more than 3,320 shops worldwide to help us realise the corporate vision of ‘Brand of Hong Kong, Sparkling the World’.” The group established its presence in the Southeast Asian market in 2010 and has always been optimistic about the development of the region. Luk Fook is involved in the sourcing, designing, wholesaling, trademark licensing and retailing of a variety of gold and platinum jewellery and gem-set jewellery products, with a presence in 11 countries and regions currently. With a goal to becoming a globally recognised and desired brand, the group commits to crafting the finest jewellery for customers to further establish its reputation in the international market. (From left) Lukfook Group deputy property director Darwin Cheung, The Exchange TRX general manager Trevor Hill, Lukfook Group senior business director Billy Cheung, Hong Kong actress Moon Lau, Lukfook Group executive director & COO Shirley Wong, Federation of Goldsmith & Jewellers Association of Malaysia deputy president Chan Kah Hui and Lukfook Jewellery Malaysia head Wendy Kan at the opening of Lukfook Joaillerie in TRX. Universe Ticket returns with season 2 UNIVERSE Ticket is a famous TV show where young talented individuals compete to be K-pop stars. With each season, it captivates audiences through its gruelling challenges and intense rivalries, culminating in the birth of new idol sensations. Following the successful debut of the girl group Unis, the show is poised for a comeback with its highly anticipated second season, known as Universe League, a malecentric adaptation of the series set to redefine the landscape of idol competitions. Universe League introduces a dynamic league structure where teams will engage in an all-out battle for supremacy, competing for the prestigious “Prism Cup” and the chance to debut as idols. Emulating the tactics of professional sports, contestants will undergo a draft process to assemble their teams, adding layers of strategy and intensity to the competition. Aspiring male idols born before 2011, regardless of nationality, are invited to seize their opportunity at stardom as Universe League opens its doors for auditions starting next Monday. With anticipation reaching fever pitch for the launch of its second season, the show is set to entertain viewers with an amazing show filled with raw talent, and highlight the relentless pursuit of dreams in the cut-throat world of K-pop. Universe League will seek out potential future male K-pop idols via competitions. – PIC FROM X @UNIVERSETICKET2 █ BY THASHINE SELVAKUMARAN Melancholy pop icons duet at Coachella The two iconic pop stars performed Ocean Eyes and Video Games. – PIC FROM YOUTUBE @COACHELLA SINGER-SONGWRITER Billie Eilish made a special appearance as guest at Coachella during Lana Del Rey’s headline performance last Friday. Emerging from backstage to the audience’s cheers, Eilish joined Del Rey on a gilded floating balcony overlooking the main stage. Eilish, who has often credited Del Rey as a significant influence on her music, performed her 2016 hit Ocean Eyes with Del Rey providing a dreamy assist. The duo also treated the audience to a rendition of Del Rey’s 2012 song Video Games, with the crowd enthusiastically serving as their backup choir. After their surprise performance, Del Rey praised her fellow musician, who recently won the Best Original Song Oscar with her brother and producer Finneas for their hit What Was I Made For? from the Barbie movie. “That’s the voice of our generation, the voice of your generation,” Del Rey exclaimed to the crowd. “I’m so grateful she’s standing next to me right now, singing my favourite song of hers.” Playfully embarrassed by the compliment, Eilish responded: “Get out of my face!” before they shared a laugh. Eilish then expressed her admiration for Del Rey, acknowledging her as one of her inspirations. This marks the first collaboration between the two renowned artists, and fans have eagerly anticipated such a musical partnership for quite some time. The unexpected duet contrasts with a video resurfaced in November, where Del Rey denied any imminent collaboration or performance with Eilish to a magazine. “I love her, I love her so much,” she expressed about the Bad Guy singer, even revealing that Eilish once had Del Rey as her phone lock screen cover. While Del Rey did not provide any hints or confirmations regarding a collaboration with Eilish at the moment, she did express openness to the idea. “I have no teases, no confirmations about collaborating with Eilish, but I feel like our careers feel like a collaboration. But it’d be fun to get in the studio with her and Finneas, for sure.” █ BY HAZIQUE ZAIRILL