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CEOMorningBrief THURSDAY, JUNE 13, 2024 ISSUE 779/2024 theedgemalaysia.com US CONSUMER PRICES UNCHANGED IN MAY AS INFLATION PRESSURES ABATE p15 WWW.SUENJEWELLERS.COM Registration no. 1117920-W EXCLUSIVELY AVAILABLE AT Report on Page 2. Bersatu sacks seven elected representatives HOME: Amir Hamzah: Priority now diesel, govt to decide on RON95’s subsidy rationalisation later p3 Singapore open to new ideas including HSR proposals — Lawrence Wong p4 Tech stocks led by MPI advance as S&P 500, Nasdaq hit record highs p7 Desmond Lim trims Malton stake after share price rallied to 30-month high p7 WORLD: EU to slap tariffs of up to 48% on EV imports from China p16 Report on Page 3. BNM considering more measures to prop up ringgit, says deputy governor BLOOMBERG

THURSDAY JUNE 13, 2024 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe 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] Bersatu sacks seven elected representatives CAAM extends temporary suspension of SAS’ air operator certificate KUALA LUMPUR (June 12): Parti Pribumi Bersatu Malaysia (Bersatu) said on Wednesday that it has terminated the membership of seven of its elected representatives. The party issued notices on Wednesday to six of its elected representatives who violated Clause 10.4 of its constitution, Bersatu Secretary-General Datuk Seri Hamzah Zainudin said in a statement. Labuan MP Datuk Suhaili Abdul Rahman was terminated for breaching Clause 10.2.6, he said. Hamzah stressed that the process was conducted in line with the party’s constitution and national legislation, as provided for under Article 49(A) of the federal constitution or under state government laws. Clause 10.4 stipulates that any Bersatu Member of Parliament (MP) or State Assemblyman who defies a party directive issued by the supreme council, in accordance with Clause 10.5, will be immediately stripped of their membership. Clause 10.2.6 meanwhile says that a party member will have his or her membership revoked if he or she brings any party matters or those concerning party membership to court. HOME BY CHOY NYEN YIAU theedgemalaysia.com Bernama Six Bersatu MPs have openly pledged support to Prime Minister Datuk Seri Anwar: Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal (Bukit Gantang), Zahari Kechik (Jeli), Mohd Azizi Abu Naim (Gua Musang), Datuk Iskandar Dzulkarnain Abdul Khalid (Kuala Kangsar), Datuk Zulkafperi Hanafi (Tanjong Karang) and Suhaili. Selat Klang assemblyman Datuk Abdul Rashid Asari declared his support for Selangor Menteri Besar Datuk Seri Amirudin Shari earlier in March. Mohd Azizi is also the Nenggiri state assemblyman in Kelantan. Bersatu had reportedly issued a notice to all its MPs and assemblymen requiring them to declare loyalty to the party. All six Bersatu MPs and one state assemblyman allegedly failed to respond. Last week, Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi said the status of the six Bersatu MPs would be determined by the Speaker of the Dewan Rakyat. Read also: Muhyiddin: Seven Bersatu men to be issued termination notices soon KUALA LUMPUR (June 12): The Civil Aviation Authority of Malaysia (CAAM) has extended the temporary suspension of Systematic Aviation Services Sdn Bhd’s (SAS) air operator certificate (AOC) for 52 days, effective from June 10 until the end of SAS’ AOC validity on July 31, 2024. The temporary suspension is pursuant to regulation 193(3) of the Civil Aviation Regulations 2016. CAAM chief executive officer Datuk Captain Norazman Mahmud said during the suspension period, SAS is expected to diligently work towards compliance with all regulatory requirements and the timeline to obtain the appropriate approval from the Malaysian Aviation Commission (MAVCOM) in order to resume operations safely. In a statement on Wednesday, he said that as the technical regulator of the Malaysian aviation industry, CAAM oversees the technical aspects of air operators to ensure that all safety and security standards are met. It conducts detailed safety audits to assess the capability and competency of air operators in the areas of commercial air transport, operations, and airworthiness. “Among the key aspects that are assessed for an AOC issuance and renewal are the air operator’s capability to conduct safe operations in accordance with the provisions of the operations specification,” said Norazman. Previously, it was reported that CAAM had confirmed the threemonth suspension of SAS' AOC after the MAVCOM had not renewed SAS’ air service permit.

THURSDAY JUNE 13, 2024 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (June 12): The government will only decide on subsidy rationalisation for RON95 petrol after the process for diesel has been completed, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. “For now, we are focusing on diesel first,” Amir Hamzah told reporters on Wednesday at Bank Negara Malaysia’s (BNM) Sasana Symposium 2024. “Once it’s stable, we will see what else we need to do,” Amir said when asked to comment on a research firm’s view that the government should implement the RON95 petrol subsidy rationalisation to achieve the RM4.1 billion target savings in the second half of 2024. On Tuesday (June 11), Maybank Investment Bank (Maybank IB) wrote in a note that if the government wanted to achieve the RM4.1 billion savings, the targeted RON95 petrol subsidy should start on July 1, with the retail price of RON95 raised by 32 sen per litre or 15.6%. This comes after the government enforced the new retail price for diesel in Peninsular Malaysia at RM3.35 per litre (up RM1.20 from previously) effective Monday (June 10). The retail price Amir Hamzah: Priority now diesel, govt to decide on RON95’s subsidy rationalisation later KUALA LUMPUR (June 12): Malaysia’s central bank is considering further measures to prop up the ringgit, according to deputy governor Adnan Zaylani. “Going forward, we are still looking at what are the various other measures that we can undertake to ensure that the ringgit remains stable and supported,” Adnan said at Bank Negara Malaysia’s (BNM) Sasana Symposium 2024. In the meantime, Adnan reiterated that BNM is actively engaging with the corporates to bring back foreign currency funds and convert them to ringgit. “I think we have already spoken to a number of corporates who have foreign currency balances, that they are encouraged to repatriate and convert their foreign currency balances, and we are happy to give them approval,” he said. BNM will approve corporates’ reinvestment abroad when the time comes, noted Adnan. “If they need to invest abroad — they can come to us to get the approval. So this is a couple of things that we are doing to ensure that the ringgit remains stable and supported,” he added. Meanwhile, Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar said at the same conference that exports in the local currency are still low compared to other currencies. About 60% to 70% of export proceeds are in ringgit which is “pretty low compared to many other countries,” Wahid said. “Many exporters still like to keep their export proceeds in foreign currency.” BNM considering more measures to prop up ringgit, says deputy governor BY ANIS HAZIM & LUQMAN AMIN theedgemalaysia.com BY LUQMAN AMIN & ANIS HAZIM theedgemalaysia.com Read also: Main Market ESG ratings by year-end; Ace Market by 2025 — Wahid Omar of diesel fuel for Sabah, Sarawak and Labuan remains at RM2.15 per litre. BNM welcomes diesel subsidy rationalisation Bank Negara Malaysia (BNM), meanwhile, welcomed the rationalisation of the diesel subsidy, according to central bank governor Datuk Shaik Abdul Rasheed Abdul Ghaffour. Abdul Rasheed said the move is seen as a positive step towards more equitable, sustainable policies, while building fiscal policy space. “We cannot, nor should we assume that this window [of opportunity for reforms] will not soon close upon us. We need to come together to make reforms a reality for Malaysia,” he said in his welcoming address. YTD change (%) Source: Bloomberg USD vs major Asian currencies: Ringgit still depreciated 2.6% against US dollar YTD despite recent appreciation -12 -6 0 6 Hong Kong dollar Myanmar kyat Indian rupee Cambodia riel Chinese renminbi Singapore dollar Brunei dollar Malaysian ringgit Vietnamese dong Laotian kip Taiwanese dollar Indonesian rupiah Japanese yen Thai baht Bangladesh taka South Korean won Philippine peso -10.3597 -6.9374 -6.9154 -6.3948 -5.6359 -5.5108 -5.1986 -5.1774 -4.6142 -2.6117 -2.3446 -2.3446 -2.1175 -0.6633 -0.3994 -0.1217 0.0076 The ringgit fell on February 20 to its 26-year low of 4.800 against the US dollar, last seen in 1998 during the peak of the Asian financial crisis. The ringgit, however, has appreciated significantly in recent months. BNM has been talking to government-linked investment companies, government-linked companies, and even corporates and exporters to repatriate and convert their foreign incomes. The central bank has also engaged them about their investments abroad and foreign currency balances. On May 20, Adnan said BNM has been working to pilot a fast-track pre-approval framework for corporates that bring back foreign currency funds and convert them to ringgit, enabling them to reinvest abroad when the time comes. The pilot was considered as many corporates found it more expedient not to bring foreign currency balances back to avoid the approval process for reinvesting abroad, Adnan said back then.

THURSDAY JUNE 13, 2024 4 THEEDGE CEO MORNING BRIEF HOME PUTRAJAYA (June 12): Malaysia and Singapore agreed to accelerate resolutions on outstanding issues such as the water agreement and maritime boundary delimitation, said Prime Minister Datuk Seri Anwar Ibrahim. He said issues related to the water agreement are complex, but they should be resolved amicably and should not deter both countries from exploring new avenues. “There is no question that water... is quite established that we need to sell water to Singapore. Similarly FIR (Flight Information Region), there is no question that this is required by Changi (airport). The issue is to get details to resolve. The faster it could be done, the better for the country,” he said at a joint press conference with his Singaporean counterpart Lawrence Wong here on Wednesday. Anwar said the same approach should be taken for issues related to maritime boundary delimitation between both countries. “If you ask me...I assured Prime Minister Lawrence that certainly insist our staff work at a faster pace. It would be wonderful if could resolve before the bilateral meeting towards the end of the year,” he said. Resolving outstanding issues between the two neighbours said Anwar, could take some time, but nevertheless, there is firm commitment by both sides to resolve it. “The issue is...to my mind is clear, we need to resolve it, there is no way we can get out of it. It is something that as a good neighbour we have to get this (done). “...and I am a bit ambitious, I want this to be showcased to the region and world how good neighbours should behave and interact,” said the Prime Minister. MalaysiaSingapore agree to accelerate resolution of outstanding issues — Anwar PUTRAJAYA (June 12): Singapore is open to new ideas including proposals on the Kuala Lumpur-Singapore High Speed Rail (HSR) project at the upcoming 11th Malaysia-Singapore Leaders’ Retreat, said Singapore Prime Minister Lawrence Wong. The new Prime Minister said that during the retreat, Singapore would take stock of the progress of the ongoing discussions between the two countries. “And of course, along the way, there may be new ideas that come up, and we are open to hearing from Malaysia if there are proposals for the HSR project. “Whatever the new ideas are, we will keep an open mind and we will discuss it in the right spirit of taking our relationship (further),” he told a joint press conference with Prime Minister Datuk Seri Anwar Ibrahim here on Wednesday. Wong was responding to a question on whether the HSR project will be among the focus of the two countries to be discussed during the upcoming retreat. The annual Leaders’ Retreat, which is the key platform for the two Prime Ministers to discuss bilateral issues and explore new areas of cooperation, will be hosted by Malaysia later this year. The HSR project aims to slash travel time between Malaysia’s capital, Kuala Lumpur, and Singapore from around four hours by road to just 90 minutes by rail. Originally scheduled to open in 2026 but cancelled in January 2021, the project was revived last year with the Malaysian government evaluating fresh concept proposals. On Jan 1, 2021, Malaysia and Singapore jointly announced the termination of the HSR project, as there was no agreement reached on the changes proposed by Malaysia and the fact that the agreement had expired on Dec 31, 2020. However, on Nov 29, 2021, former Singapore Prime Minister Lee Hsien Loong was reported as saying that the republic was open to any new proposal from Malaysia on the project, although both countries had earlier agreed to terminate the project. Previously, Malaysia and Singapore had inked bilateral agreements for the HSR project on Dec 13, 2016, with the completion of the 350-kilometre railway line scheduled for 2026. Meanwhile, Wong also said both countries are also pursuing “promising projects” together, which include the Johor-Singapore Special Economic Zone (JS-SEZ) as well as the Rapid Transit System (RTS) Link. “The projects we have, including the RTS Link, are major game changers that can leverage the complementarities between Malaysia and Singapore. “Both (projects) will increase cross border flow of people, goods and investments and will bring our countries close together and ultimately, benefit both Malaysians and Singaporeans,” he added. Regarding the JS-SEZ, Wong said both countries have all the ingredients to make the economic zone “a very successful” one. Meanwhile, commenting on the current state of Singapore and Malaysia’s bilateral relations, Wong said both countries “are in good shape” and progressing very well. “And there is potential for us to do even more together going forward,” he added. Singapore open to new ideas including HSR proposals — Lawrence Wong Bernama Bernama Read also: Malaysia explores Singapore’s potential contribution of English Read the full story teachers Malaysian Prime Minister Datuk Seri Anwar Ibrahim seen during a four-eye meeting with his Singaporean counterpart Lawrence Wong (left) to discuss ways to further strengthen bilateral relations. BERNAMA

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THURSDAY JUNE 13, 2024 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (June 12): The Employees Provident Fund (EPF) said its overall investment assets as at March 2024 grew to RM1.19 trillion, of which overseas investments account for 38% of the total assets. The EPF’s overseas investments, which were mainly in equities, continued to outperform and add value to the EPF’s overall return as they generated RM9.88 billion in income, representing 51% of the total distributable income recorded. In a statement on Wednesday, the EPF said total distributable income in the first quarter ended March 31, 2024 rose 33.1% year-on-year to RM19.20 billion, from RM14.42 billion a year earlier. The fund said the distributable income does not include mark-to-market (MTM) gains of securities that have not been realised. EPF chief executive officer Ahmad Zulqarnain Onn said the performance of global markets in the first quarter of 2024 was marked by resilient global growth, notably in advanced economies. “The FBM KLCI index has increased by 10% year-to-date, reflecting increased confidence in the growth and impact of various new economic and industry policies. “Internationally, the US economy continued to grow, lowering expectations for the US Federal Reserve rate cuts during the year, and major stock indices showcased strong rallies during the first quarter, led by a run-up in financial, healthcare and technology stocks,” he said. “While first quarter results have been strong, financial markets remain subject to a number of risks that have been prevalent, namely ‘high for longer’ interest rates, geoBY SURIN MURUGIAH theedgemalaysia.com EPF’s investment assets as at March 2024 grew to RM1.19 tril political and conflict risks, and changes in policies resulting from a large number of elections being held in a number of large economies this year,” he said. The EPF said that income from equities increased to RM13.15 billion during the quarter, from RM8.69 billion a year earlier. The fund said the asset class remained the top income contributor at 68% of total distributable income. It said the increase in income is attributed to the fund managers’ proactive strategy in realising capital gains during the market rally, taking advantage of the favourable conditions before the uncertain environment anticipated in the coming quarters. Fixed income instruments continue to be the anchor for the EPF, providing a steady stream of income and mitigating the impact from short-term market volatility. This asset class, predominantly Malaysian Government Securities (MGS), contributed 27% or RM5.14 billion to the total distributable income for 1Q2024. Real estate and infrastructure registered an income of RM220 million in 1Q2024, while money market instruments generated RM690 million, in line with the return expectations set for these asset classes. EPF raises expectations for global growth, flags key risks Ahmad Zulqarnain said the EPF is keeping an optimistic outlook for the domestic economy, which he said started 2024 on a firm footing, recording an acceleration in growth to 4.2% in 1Q2024. He said the country’s labour market remains healthy, with employment and the labour force participation rate continuing to rise. He added that Malaysia is expected to continue recording solid growth in 2024, supported by continued strength in domestic demand and a recovery in exports. “Bank Negara Malaysia forecasts that Malaysia’s economy will grow at a rate of between 4% and 5% this year and that inflation will stay moderate, averaging between 2% and 3.5%. “The outlook for global growth this year has become more positive. “However, risks remain high due to uncertainty surrounding the impact of monetary policy tightening on growth and financial market stability, China’s property market crisis, as well as geopolitical tensions that could push commodity prices higher and threaten global economic growth,” he said. Meanwhile, Ahmad Zulqarnain said that increase in the number of Malaysians opting to save with the EPF, as well as current members making voluntary contributions, signify the country’s continued economic growth momentum, elevated by sound Malaysia Madani policies. He added that the EPF will continue to enhance its capabilities to meet the evolving needs and expectations of members and employers, as well as build up its portfolio performance, guided by its long-term Strategic Asset Allocation (SAA). EPF 1Q2024 results Portfolio Asset % of total investment asset Distributable income (RM bil) As % of income Equities 43 13.15 68 Fixed income instruments* 46 5.14 27 Money market instruments 5 0.69 4 Real estate and infrastructure 6 0.22 1 Total 100 19.20 100 * Contributions from Malaysian Government Securities & Equivalent, Loans and Bonds Source: EPF Source: EPF EPF: Total contributions received RM billion (cumulative three months) 0 10 20 30 1Q 2019 1Q 2020 1Q 2021 1Q 2022 1Q 2023 1Q 2024 19.17 20.32 19.28 21.55 25.83 29.13

THURSDAY JUNE 13, 2024 7 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (June 12): Tycoon Tan Sri Desmond Lim Siew Choon has trimmed his stake in Malton Bhd (KL:MALTON), a day after the counter charted a new 30-month high. A bourse filing on Wednesday showed that Lim sold 2.75% of his stake — comprising 14.5 million shares — held indirectly through Malton Corp Sdn Bhd, on the open market. The block of shares was sold in two tranches: 14 million shares on Monday (June 10) and 500,000 shares on Tuesday (June 11), according to the filing. A back-of-the-envelope calculation suggests that the total sale would amount to Desmond Lim trims Malton stake after share price rallied to 30-month high KUALA LUMPUR (June 13): Technology-linked stocks on Bursa Malaysia climbed on Wednesday, riding on the overnight rally over at Wall Street, where the S&P 500 and Nasdaq closed at record highs. Among the gainers were Malaysian Pacific Industries Bhd (KL:MPI), Inari Amertron Bhd (KL:INARI), KESM Industries Bhd (KL:KESM), Unisem (M) Bhd (KL:UNISEM) and Frontken Corp Bhd (KL:FRONTKN). Stocks that hit multi-year highs include MPI, Vitrox Corp Bhd (KL:VITROX), Unisem and Frontken. The Technology Index of Bursa Malaysia rose as much as 3.48% or 4.48 points to 81.3 points in early trades. At the market close, the index pared some gains to close at 79.22 points, still up 2.06% or 1.6 points. The index, which tracks 48 stocks in the sector, have been on a tear year to date (YTD), climbing 24.97% or 15.83 points to 79.22 on Wednesday (June 12), from 63.39 on Dec 29, 2023. The index outperformed the FBM KLCI, which recorded a YTD gain of 10.61% or 154.29 points to 1,608.95, from 1,454.66 during the same period. MPI was the top gainer on Wednesday, rising RM1.38 or 3.58% to close the day at RM39.90 — its highest since January 2022 — valuing the company at RM8.37 billion. Next up was Inari, which gained 32 sen or 9.2% to RM3.80, also its highest in over two years since January 2022, giving it a market capitalisation of RM14.31 billion. Frontken gained 14 sen or 3.15% to RM4.58 for a market value of RM7.24 billion. Unisem rose nine sen or 2.16% to RM4.26, valuing it at RM6.87 billion. Both Frontken and Unisem’s share prices were at their highest since 2021. KESM also climbed 27 sen or 4.32% to RM6.52, translating into a market capitalisation of RM280.45 million. Vitrox and Greatech Technology Bhd (KL:GREATEC), which rallied in early trades, closed the day lower after giving up their gains. Vitrox rose RM1.05 or 21.65% to its record high of RM5.90, before retracing all gains to settle at RM4.50, down 35 sen or 7.22%, valuing the group at RM8.51 billion. Still, Vitrox’s closing price remained its highest closing price since January 2022. Greatech, meanwhile, gained 19 sen or 3.61% to an intraday high of RM5.46, but settled three sen or 0.57% lower at RM5.24, achieving a market value of RM6.57 billion. On a YTD basis, MPI led the gains with a 41.49% increase, followed by Frontken with 41.36%, Unisem with 28.7%, Inari with 26.25%, Vitrox with 23.46%, and Greatech with 9.17% gain. Read the full story Read also: Inari climbs to highest in over two years amid Wall Street tech rally KUALA LUMPUR (June 12): Soaring Success Sdn Bhd, a company linked to the Loh family, has emerged as the largest shareholder in Oriental Holdings Bhd (KL:ORIENT), while some family members have ceased to have deemed interest. The group’s filing with Bursa Malaysia on June 11 (Tuesday) shows that a total of 227.91 million shares, representing a 36.74% stake, were transferred from Pacific Carnival Sdn Bhd to Soaring Success as part of an internal restructuring of the Loh family’s private companies. This shake-up has raised eyebrows, as certain Loh family members have ceased to have deemed interest following the capital distribution by Pacific Carnival to Soaring Success Soaring Success is owned by Loh Kar Bee Holdings Sdn Bhd, which is controlled by Loh Kar Bee, son of the late Tan Sri Loh Boon Siew, according to Soaring Success’ latest filing registered with the Companies Commission of Malaysia, which is based on data from its date of incorporation on Nov, 21, 2023. Read the full story Tech stocks led by MPI advance as S&P 500, Nasdaq hit record highs Loh family transfers Oriental Holdings’ stake to another vehicle BY JUSTIN LIM & SURIN MURUGIAH theedgemalaysia.com BY SYAFIQAH SALIM theedgemalaysia.com BY HEE EN QI theedgemalaysia.com RM7.54 million, based on the closing prices of the two trading days. At Wednesday’s close, Malton was down 3.5 sen or 6.8% to 48 sen, valuing the group at RM253.5 million. The move came one trading day after Malton charted a new 30-month high last Friday (June 7) when it closed at 52.5 sen, last breached on Oct 20, 2021, representing a surge of 38.2% since the start of the year. After the share sale, Lim holds a 4.3% direct stake and 36.62% indirect stake through Malton Corp. Read the full story THE EDGE FILE PHOTO

thursday june 13, 2024 8 The E dge C E O m o rning brief home KUALA LUMPUR (June 12): Frozen seafood processor Ocean Fresh Bhd began taking orders for its initial public offering (IPO) exercise that aims to raise up to RM14.01 million ahead of its listing on the ACE Market of Bursa Malaysia. The IPO is priced at 28 sen per share, according to its prospectus unveiled on Wednesday. At that price, Ocean Fresh would be worth RM58.84 million upon listing and valued at 6.45 times its 2023’s earnings. That compares to the consumer sector’s current double-digit valuations on Bursa Malaysia. Under the IPO, Ocean Fresh is marketing 10.51 million shares to the Malaysian public. The company will also offer 1.71 million new ordinary shares for eligible persons and 37.83 million shares to select investors through private placement. All in all, the IPO involves 50.05 million new ordinary shares, representing 23.8% of the enlarged share capital. Application for the IPO will close on June 20, and Ocean Fresh is slated to be listed on the ACE Market on July 4. ACE Marketbound Ocean Fresh to raise RM14 mil from IPO KUALA LUMPUR (June 12): Johor Plantations Group Bhd’s (KL:JPG) initial public offer (IPO) on the Main Market of Bursa Malaysia is expected to raise a total of RM735 million, of which approximately RM345.2 million will be raised via an offer for sale of 411 million existing shares held by its sole shareholder Kulim (Malaysia) Bhd. Kulim, which was previously listed on Bursa Malaysia from 1975 to 2016, is now a wholly owned subsidiary of Johor Corp (JCorp). Upon listing on July 9, Kulim will retain a 65% stake in JPG, while the IPO would offer investors up to 35% of JPG’s enlarged share capital. Of the RM735 million raised from the IPO, approximately RM389.8 million will be raised via a public issue of 464 million new ordinary shares in JPG. The public issue portion of the IPO has been opened for public application on Wednesday and will be closed on June 24. Based on the enlarged issued share capital of 2.5 billion shares and the IPO price, which has been set at 84 sen per share, the expected KUALA LUMPUR (June 12): Information technology (IT) services firm Go Hub Capital Bhd on Wednesday launched its initial public offering (IPO) that will raise RM37.5 million for its listing on the ACE Market. The IPO, priced at 35 sen per share, comprises only public issuance of 107.18 million new shares, according to its official prospectus posted to Bursa Malaysia. There is no separate offer-for-sale of existing shares tranche. Applications for the IPO will close on June 20 and listing has been scheduled for July 3. “Our listing is in line with our growth plans and strategies to scale up our operations, expand our solutions offerings and expand our reach overseas,” Tan Cherng Thong, executive director and chief executive officer of Go Hub, said in a statement. Go Hub is mainly involved in providing enterprise IT services that caters primarily to the transportation sector. The company develops customised software systems and provides integration of hardware and software systems in the bus and rail segments. The company also develops transportation IT software, such as the terminal operating system and the bus operating system, aimed at enhancing the operational efficiency of public transportation infrastructures. Under the IPO, Go Hub is offering 20 million shares to the Malaysian public and 12 million shares to eligible persons. The remaining 75.18 million IPO shares will be privately placed to institutional and selected investors. market capitalisation upon listing would be RM2.1 billion, anticipated to be the largest IPO listing on Bursa Malaysia year to date. This values JPG at approximately 12.6 times its financial year ended Dec 31, 2023 (FY2023) net profit of RM167.31 million. At 84 sen per share, JPG will be trading at about 12.5 times price-to-earnings ratio, based on its FY2023 earnings per share of 6.7 sen, according to its prospectus. At its prospectus launch here on Wednesday, JPG shared that 50.5% of the total proceeds to be raised from the public issue, or RM196.83 million, have been earmarked for capital expenditure, including the construction of an integrated sustainable palm oil complex and replanting activities. Meanwhile, 43%, or RM167.44 million, will be channelled towards the repayment of bank borrowings and 1.7%, or RM6.74 million, will be for working capital, while the remaining RM18.75 million will be utilised for listing related expenses. “With these plans in motion, we are confident that JPG will not only grow its business operations but also offer better returns to our shareholders,” its managing director Mohd Faris Adli Shukery said during his speech at the prospectus launch. The board plans to distribute a dividend of at least 50% of its net profits for each financial year, according to the prospectus. Johor Plantation’s Main Market IPO to raise RM735 mil, RM345.2 mil to go to JCorp Go Hub to raise RM37.5 mil on ACE Market IPO by Emir Zainul theedgemalaysia.com by Jason Ng theedgemalaysia.com by Hee En Qi theedgemalaysia.com Read the full story Read the full story Read the full story Read also: JPG sees 10-20% topline contribution from new venture Read also: Ocean Fresh to expand storage facility

thursday june 13, 2024 9 The E dge C E O m o rning brief home KUALA LUMPUR (June 12): Boustead Heavy Industries Corp Bhd (KL:BHIC) said it has secured a RM1.1 billion contract from the Ministry of Defence to provide in-service support 2 performance for the Royal Malaysian Navy’s prime minister class submarines. A formal contract between the the government and BHIC’s wholly owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), will be executed at a later date, said BHIC in a filing with Bursa Malaysia on Wednesday. The Armed Forces Fund Board (LTAT) owns 64.99% of BHIC via Boustead Holdings Bhd. LTAT fully owns Boustead following a privatisation exercise last year. Loss-making BHIC said the contract will BHIC secures RM1.1 bil contract for navy submarine service support KUALA LUMPUR (June 12): Türkiye’s shipbuilding company Savunma Teknolojileri Mühendislik (STM) said it has been commissioned to build three corvettes for the Royal Malaysian Navy (RMN). The corvettes will be constructed in Türkiye as part of the second batch of Malaysia’s Littoral Mission Ship (LMSB2) project. STM has tailored the design of these vessels to meet RMN’s specific requirements, the company said in a statement. STM said it will handle the ship design, project management, procurement of materials and systems, integration design and assembly, testing, and integrated logistic support (ILS) activities. Additionally, it will prepare the necessary design and ILS documentation for the project. STM will also collaborate with various Turkish defence sector entities for essential equipment including the combat management system, the gun fire control system, fire control radar and 3D search radar, the statement read. The signing ceremony for the LMSB2 project, held in Ankara, Türkiye on June 10, was attended by Defence Minister Mohamed Khaled Nordin, Prof Dr Haluk Görgün from Turkiye’s Secretary of Defence Industries, STM chairman Prof Dr Ihsan Kaya, and STM general manager Özgür Güleryüz. Meanwhile, Mohamed Khaled was quoted as saying that the project will take about three and a half years to complete with Malaysia slated to take delivery of all three ships by the end of 2027. “With the acquisition of this second batch of three LMS, it is hoped that it will help us reach the 18 ships needed for RMN. So, the approach of handing over the LOA (letter of award) to Turkiye depends on their ability to complete it within the set time; if it cannot be completed, it will affect all plans,” Bernama quoted him as saying. KUALA LUMPUR (June 12): Shares of Bermaz Auto Bhd (KL:BAUTO) on Wednesday charted a new all-time high since its listing more than a decade ago, thanks to stronger than expected results. Bermaz Auto, which primarily assembles Mazda-branded vehicles, climbed as much as 2.4% or six sen to an intraday high of RM2.60, but it pared all the gains to close at RM2.53, down one sen or 0.39%. At RM2.53, the company’s market capitalisation stood at RM2.96 billion. Trading volume totalled 7.56 million shares on Bursa Malaysia. Net profit for the financial year ended April 30, 2024 (FY2024) announced on Tuesday came in 106% of consensus forecast as analysts remained broadly bullish on Bermaz Auto, betting on introduction of new models as well as new marque under XPeng to offset potentially weaker sales ahead. Bermaz Auto’s sales volumes will soften in FY2025 in line with expected cyclical downturn, though “we think its car sales Turkiye’s STM to build three corvettes for Royal Malaysian Navy Bermaz Auto charts new all-time high by Syafiqah Salim theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com by Syafiqah Salim theedgemalaysia.com Read also: Malaysia-Türkiye agree to elevate defence ties — Mohamed Khaled Read also: Synergy House climbs to new record high Talam Transform among top active counters after demise of major shareholder Read the full story positively impact its earnings for the financial year ending Dec 31, 2024 (FY2024). The group reported a net loss of RM6.67 million for the first quarter of FY2024 after posting a net loss of RM6.5 million for the same period of the previous year, due to higher operating costs and lower contributions from joint venture companies amid lower customer demand. However, revenue for the quarter rose to RM19.15 million from RM6.36 million previously, attributed to positive variations in the milestones achieved for submarine contracts. Last month, BHIC sold its 20.77% stake in the troubled Boustead Naval Shipyard Sdn Bhd (BNS) — now Lumut Naval Shipyard Sdn Bhd — to the Ministry of Finance (MOF) for RM1, giving MOF full control of BNS. Previously, MOF, through Ocean Sunshine Bhd, held a 79.23% stake in BNS. Initially, the disposal was set for completion by Oct 3, 2023, but it was extended by nearly seven months and finalised in May. This stake sale is part of the government’s strategy to assume full control of the RM9.13 billion littoral combat ship project, which BNS failed to deliver on time and at the initially budgeted cost. Additionally, it aims to settle the repayment of RM383.94 million or any other amounts BNS owes to BHIC. will remain relatively resilient”, said RHB Investment Bank. The house is betting on the CX-30, CX-3, and CX-5 models, as well as the upcoming Sportage and XPeng G6 models, supporting sales. Bermaz Auto Bhd 0 10 20 May 22, 2023 June 12, 2024 1.8 2.0 2.2 2.4 2.6 2.8 Vol (mil) RM *RM2.53 RM2.16 *As at market close on June 12, 2024 Source: Bloomberg

thursday june 13, 2024 10 The E dge C E O m o rning brief home news In brie f New Zealand pharma firm to invest RM300 mil in Negeri Sembilan SEREMBAN (June 12): Negeri Sembilan’s Halal Malaysia Industrial Park (Halmas) has received an encouraging response, including a recent request from a New Zealand pharmaceutical company expected to invest RM300 million in the state, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun. “Halal Park in this state is one of the most highly sought-after. I just returned from New Zealand, where a pharmaceutical company is committed to investing and obtaining a halal certificate,” he told reporters after chairing the state government’s Exco meeting. Aminuddin said the state’s Halmas has attracted several major investors, including Mahsuri Food Sdn Bhd, Ajinomoto (M) Bhd from Japan, Sunshine Bread (M) Sdn Bhd from Singapore, Coca-Cola Bottlers (M) Sdn Bhd and Kellogg’s Malaysia (United States), particularly in Bandar Enstek, Nilai. — Bernama Read the full story Read also: Bursa Malaysia to close for Hari Raya Aidiladha Petra Energy gets LOA from Petronas for Banang Late Life Asset PSC Kluang MP appointed TalentCorp chairman YNH Property appoints UHY for independent review of JV, turnkey contracts KUALA LUMPUR (June 12): Property developer YNH Property Bhd (KL:YNHPROP) has appointed UHY as a special independent reviewer to assess certain joint venture (JV) and turnkey contracts entered into by its unit, Kar Sin Bhd. The independent assessment was initiated after its former statutory auditor, Baker Tilly Monteiro Heng PLT, issued a qualified opinion on a sum totalling RM1.1 billion paid in respect of JV and turnkey contracts entered into between JV parties or landowners for property development work, said YNH Property in a bourse filing on Wednesday. UHY will conduct the independent assessment by obtaining background understanding of the JVs’ transactions, performing background searches on relevant parties, and reviewing the transactions, according to YNH Property. — by Justin Lim Read the full story Iqzan Holding secures RM143 mil project KUALA LUMPUR (June 12): Iqzan Holding Bhd (KL:IQZAN) has secured a construction project worth approximately RM143 million via its subsidiary, Kacon Construction Sdn Bhd (KCSB). In a filing with Bursa Malaysia on Wednesday, the company said that the project entails the construction of a 24-storey office building on Jalan Tun HS Lee here. “The project is expected to positively contribute to the earnings of the Iqzan group for financial years (FY) 2025, FY2026 and FY2027,” it said. — Bernama MAHB fulfils one of four pre-conditions for privatisation deal KUALA LUMPUR (June 12): Malaysia Airports Holdings Bhd (MAHB) said it was notified on Wednesday that one of the four pre-conditions for the RM10.79 billion proposal to privatise the airports operator has been fulfilled. MAHB said the joint offerors in the takeover offer informed the group that the General Authority for Competition of Saudi Arabia (GAC) has issued a certificate on Tuesday, confirming that the deal does not require notification to the competition authority. Accordingly, MAHB said this pre-condition related to GAC has been fulfilled. The GAC certificate is one of the four preconditions required for the privatisation deal. The other approvals are required from Malaysian Aviation Commission (Mavcom), Turkish Competition Authority and Egyptian Competition Authority. — by Chester Tay Read the full story Suhaimi Yusuf/The Edge Ecoscience secures RM61.8 mil contract for palm oil plant construction KUALA LUMPUR (June 12): Ecoscience International Bhd (KL:EIB), an integrated palm oil milling services provider, has secured a RM61.8 million contract for the construction of a crude palm oil (CPO) pretreatment plant and a plant, machinery, and equipment (PME) plant in Port Dickson. In a bourse filing on Tuesday, Ecoscience announced that its wholly owned subsidiary Ecoscience Manufacturing & Engineering Sdn Bhd (EMESB) has accepted a letter of award from Oiltek Sdn Bhd to undertake the engineering, procurement, construction, and commissioning of civil and structural works for a CPO pretreatment plant and a PME plant, along with auxiliary buildings at Port Dickson Refinery. — Bernama Read the full story Domestic tourism expenditure surges 25% in 1Q 2024 KUALA LUMPUR (June 12): Domestic tourism expenditure in the first quarter of 2024 (1Q 2024) soared 25.3% year-on-year to RM24.1 billion, said the Department of Statistics Malaysia (DoSM). The department said the number of domestic visitors in Malaysia experienced a significant surge to record 58.6 million visitors in the period, up 19% compared with the same quarter last year. “For a quarter-on-quarter comparison, domestic visitors increased 6.5% compared with the fourth quarter of 2023,” it said in a statement on Wednesday. Meanwhile, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the domestic tourism performance in Malaysia saw a sharp upturn in 2023 with a total spending of RM84.9 billion compared with RM64.1 billion in 2022. — Bernama Read the full story

THURSDAY JUNE 13, 2024 11 THEEDGE CEO MORNING BRIEF 2024 Honouring Malaysia’s Best PerforMing Mid-CaP CoMPanies to Be revealed soon Presented by

thursday june 13, 2024 12 The E dge C E O m o rning brief home PUTRAJAYA (June 12): Diesel smuggling has been reduced, particularly in the border areas of the peninsula, said Communications Minister Fahmi Fadzil. He said observations conducted by enforcement personnel found that diesel purchasing activities have dropped at several petrol stations in Rantau Panjang, Kelantan and Wang Kelian in Perlis. “Smuggling activities (of diesel) have been successfully curbed due to the implementation of targeted subsidy,” he told reporters at a media conference after the Cabinet meeting here on Wednesday. Diesel smuggling activities reduced at peninsula Malaysia’s borders — Fahmi KUALA LUMPUR (June 12): The Attorney General’s Chambers (AGC) will be objecting to former finance minister Tun Daim Zainuddin and his family’s leave application to challenge the seizure of their assets and freezing of their various bank accounts in relation to Malaysian Anti-Corruption Commission’s (MACC) investigation into their finances. Senior federal counsel (SFC) Shamsul Bolhassan informed the court on Wednesday. The leave hearing has now been set for August 8 before High Court judge Datuk Ahmad Kamal Shahid. During Wednesday’s brief proceedings, SFC Ahmad Hanir bin Hambaly @ Arwi also appeared for the AGC while Daim and his family were represented by Nizamuddin Hamid. When contacted, Nizamuddin also confirmed that the court has granted a protective order, where sensitive accounts information will not be made available to the public. Daim and his family had filed a fresh legal challenge on June 6 seeking court orders to nullify seizure of their assets and unfreeze their accounts. They are also seeking general and exemplary damages. Prime Minister Datuk Seri Anwar Ibrahim and MACC chief Tan Seri Azam Baki, along with two other MACC officers, have also been named as respondents in the latest suit filed by Daim and his family on Tuesday. In her supporting affidavit, Daim’s wife Toh Puan Na’imah Abdul Khalid claimed that since no charges pertaining to money laundering have been preferred to date, the seizure order under Section 44 (5) of the Anti-Money Laundering (AMLA Act) lapses after 90 days from the date of the order. Earlier this year, both Daim and his wife had been charged, not under AMLA, but under Section 36(2) of the MACC Act with failure to abide by a notice to declare their assets, where the former finance minister was alleged of failing to declare 71 assets, while his wife purportedly failed to declare 12 assets. Besides Daim and Na’imah, other plaintiffs in this action include their four children, Asnida, Md Wira Dani, Muhammed Amir Zainuddin and Muhammed Amin Zainuddin, along with 18 companies. The companies are AAD Equity Sdn Bhd, Yayasan Haji Zainuddin, Ilham Baru Sdn Bhd, Anchor Point Sdn Bhd, Kangkung Catering Sdn Bhd, Adrihaniz Sdn Bhd, Syarikat Malur Sdn Bhd, Amiraz Sdn Bhd, Ridana Sdn Bhd, Daan Sdn Bhd, Maya Seni Holdings Sdn Bhd, Magical Zone Sdn Bhd, Permatang Maju (M) Sdn Bhd, Brainstorms Sdn Bhd, Arida Farms Sdn Bhd, Gajah3 Resource Centre Sdn Bhd, Ilham Tower Sdn Bhd, and Selidik Jaya Sdn Bhd. Daim and his family’s first judicial review application was dismissed by the High Court on the grounds that they failed to establish that the investigation carried out by the graft-busters was done in bad faith. Judge Wan Ahmad Farid Wan Salleh also said that the mere suspicion of mala fide was not sufficient grounds to mount a legal action. AGC to oppose Daim’s bid to challenge asset seizure, frozen accounts by Tarani Palani theedgemalaysia.com Bernama The Edge file photo Diesel price at all retail petrol stations in peninsular Malaysia has been set at RM3.35 per litre beginning June 10, which is the unsubsidised market price based on the Automatic Pricing Mechanism formula for the month of May. Finance Minister II Datuk Seri Amir Hamzah Azizan, when announcing the policy on June 9, said the price setting and implementation of the targeted diesel subsidy will save the country RM4 billion annually and strengthen its financial position for the long term. Read the full story Read also: Hot spell damages 8,900 hectares of paddy fields, RM58 mil in losses in Kelantan — authority

THURSDAY JUNE 13, 2024 13 THEEDGE CEO MORNING BRIEF NOW OPEN FOR SUBMISSIONS >>> • Entry forms can be downloaded for free from theedgemalaysia.com and edgeprop.my. • For enquiries, please contact us at 603-7721 8198 or [email protected] SUBMISSION DEADLINE All entries must reach The Edge Communications Sdn Bhd at Level 3, Menara KLK, No. 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, by 5PM, FRIDAY, JUNE 28, 2024 The Edge Malaysia Top Property Developers Awards, the anchor awards of The Edge Malaysia Property Excellence Awards, was established in 2003 to rank Malaysia’s best property players based on their quantitative and qualitative attributes. The Edge Malaysia-PAM Green Excellence Award is an exercise to recognise property developments that demonstrate sustainable design that is innovative and outstanding while contributing positively to the community. The Edge Malaysia Affordable Urban Housing Excellence Award is an exercise to recognise outstanding affordable housing projects for the urban middleincome group undertaken wholly by private sector property developers in Malaysia. The Edge Malaysia-PEPS Value Creation Excellence Award is an exercise to measure the capital appreciation of properties between the property developers’ selling price and the subsequent resale price in secondary transactions. The Edge Malaysia Outstanding Overseas Project Award is an exercise to recognise impressive projects undertaken wholly by Malaysian private sector property developers in other countries. Official Solar Partner Supported By REAL ESTATE MATTERS Presented by

thursday june 13, 2024 14 The E dge C E O m o rning brief home by Timothy Achariam theedgemalaysia.com Tun Dr Mahathir Mohamad on Wednesday hit out at Datuk Seri Azalina Othman Said, Datuk Seri Ismail Sabri Yaakob and former attorney general Tan Sri Apandi Ali for criticisms they levelled at him over Malaysia’s withdrawal of a review in the Batu Puteh case. Mahathir says cabinet decided to withdraw review on Batu Puteh PUTRAJAYA (June 12): Former prime minister Tun Dr Mahathir Mohamad has hit out at Datuk Seri Azalina Othman Said, Datuk Seri Ismail Sabri Yaakob and former attorney general Tan Sri Apandi Ali for criticisms they levelled at him over Malaysia's withdrawal of a review in the Batu Puteh case. At a press conference at the Perdana Leadership Foundation here on Wednesday, Mahathir said that Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina’s comments that he had handled the Batu Puteh case in secret without consulting the cabinet was “nonsense”. “Azalina said in parliament I made this decision alone. That’s nonsense. I was seeking interpretations and findings of the International Court of Justice and going through them,” he said. “What Azalina said it’s absolute nonsense. I read letters by Queen's Counsel’s and everything. And even then I didn’t make decision until I put it before [the] cabinet. Azalina knows nothing. She’s talking without knowledge,” he said. He said that he did not make the decision to withdraw an application to review the International Court of Justice (ICJ) award of Batu Puteh's sovereignty to Singapore. He said that at that time in 2018, he did not make the decision himself but said that it was the cabinet which had decided to withdraw after he had presented it to them. “I didn’t make a decision. I merely expressed my opinion. I brought it to [the] cabinet, the cabinet did not oppose or reject the idea that we should not go ahead with our move. “They didn’t oppose it but they agreed and it was minuted that they agreed not to go ahead with the review,” he said. Mahathir said that shortly after the formation of the new government following the 14th general election (GE14) where he was elected prime minister, this matter was brought to him for instructions. Mahathir said that upon his reading of the ICJ case and advice from Queen’s Council’s and international lawyers including Dr Brendan Plant, representing the international consultants on the matter, they opined that the case was weak from a Malaysian standpoint. “I took time and I read all the papers and they [lawyers and consultants] said our case is weak. I didn’t make the decision myself,” he said. “Before I was given a briefing, Brendan Plant came to see me and explained the standing and he said the case is weak. There’s no silver bullet to ensure victory,” he said. He further said that he had the briefing with AG staff, local lawyers, representatives from the Foreign Affairs Ministry and Brendan Plant. “We discussed these facts and findings, but at no point did anybody contradict that the case was weak and that we shouldn’t go ahead,” he said adding that this briefing was done before he had presented it to the cabinet. Mahathir says Apandi has no credibility and refuted Ismail Sabri’s claims of negligence Mahathir then hit out at former prime minister Ismail Sabri, saying that he had read the ICJ papers regarding Pulau Batu Puteh as he “understood English”, taking a jab at the former’s supposedly weaker command of English. According to Mahathir, Ismail Sabri had accused him of being negligent in this matter. Mahathir also said that Apandi had no credibility and was untrustworthy during his tenure as AG. Mahathir said that Apandi was the one who cleared former prime minister Datuk Seri Najib Razak of any wrongdoing in the 1Malaysia Development Bhd (1MDB) saga. “We now know Najib was tried and found guilty. People like Apandi... Najib appointed Apandi. It’s clear he was appointed because he was an Umno lawyer and he was going to help Najib get away with his crime,” he said. “Why would I trust him? If he was respectable I’d ask him about his opinion on the matter. Apandi has no credibility. I’m supposed to ask him? Why? In 2008, the ICJ decided that Batu Puteh belonged to Singapore, Middle Rocks to Malaysia and South Ledge to the island state in the territorial waters in which it is located. In June 2017, Malaysia applied to the ICJ to request an interpretation of the judgment. In 2018, the Pakatan Harapan government, under the leadership of Dr Mahathir, withdrew an application to overturn the ICJ’s ruling awarding legal jurisdiction of Batu Puteh otherwise known as Pedra Branca to Singapore. Apandi claimed that he was not consulted on the Pulau Batu Puteh issue. Mahathir: Middle Rocks can be better than Pedra Branca In the press conference Mahathir said that Malaysia had gotten the better island in Middle Rocks as the land can be reclaimed and the island can become bigger. “Middle Rocks is ours, that can be developed much more. Middle Rocks is gained by us from the ICJ decision, I don’t see why people are complaining. ICJ has done a good job for us,” he said. Mahathir held the presser after he had attended the the Royal Commission of Inquiry (RCI) regarding issues surrounding the sovereignty of Pulau Batu Puteh, Middle Rocks, and South Ledge. Mahathir said he had been subpoenaed to testify before the RCI regarding the sovereignty issue. Before he attended the RCI, the High Court in Kuala Lumpur had dismissed Mahathir’s application for a judicial review seeking open proceedings for the RCI instead of in-chambers. His application to remove three members of the commission, including chairman Tun Md Raus Sharif was also denied as well as a stay of proceedings of the RCI. However, the judge allowed Mahathir’s application for leave (permission) to challenge the RCI’s decision to disallow him or his lawyers from being present throughout the proceedings. Read also: Dr M’s bid for open RCI proceedings dismissed Shahrin Yahya/ The Edge

thursday june 13, 2024 15 The E dge C E O m o rning brief world WASHINGTON (June 12): US consumer prices were unexpectedly unchanged in May as cheaper gasoline offset higher costs for rental housing, but inflation likely remains too high for the Federal Reserve (Fed) to start cutting interest rates before September against the backdrop of a persistently strong labour market. The report from the Labor Department on Wednesday also showed underlying inflation pressures abated last month. It prompted financial markets to boost the probability that the US central bank would cut rates in September as well as in December, which had been diminished by news last week that job growth accelerated in May. Fed officials later on Wednesday are expected to leave the central bank’s benchmark overnight interest rate unchanged in the current 5.25%-5.50% range, where it has been since July. “We don’t know if the Fed has engineered a soft landing yet, but the economy is slowing and price pressures are sure to follow,” said Christopher Rupkey, chief economist at FWDBONDS. “Inflation has turned the corner, and the first quarter blow-up is looking like it was an anomaly.” The unchanged reading in the consumer price index (CPI) last month followed a 0.3% increase in April, the Labor Department’s Bureau of Labor Statistics reported. It was the softest reading since July 2022. The CPI has been trending lower since posting solid readings in February and March. Economists polled by Reuters had forecast the CPI would edge up 0.1% in May. Price pressures could continue moderating as maby Lucia Mutikani Reuters reuters US consumer prices unchanged in May as inflation pressures abate jor retailers, including Target, slash prices on goods ranging from food to diapers as they seek to lure inflation-weary consumers. Higher inflation has soured Americans’ perceptions of the economy, which has continued to expand despite the Fed’s aggressive monetary policy tightening in 2022 and 2023, thanks to labour market resilience. Inflation has eroded US President Joe Biden’s popularity and could be among the factors that will determine the outcome of the Nov 5 presidential election. Last month, gasoline prices dropped 3.6% after increasing 2.8% in April. Food prices edged up 0.1% after being unchanged in April. Prices at the supermarket were unchanged amid a 1.3% drop in milk. There were also decreases in the prices of non-alcoholic beverages. Prices of fruits and vegetables were unchanged. But the cost of rent increased 0.4%, matching April’s rise. In the 12 months Inflation has turned the corner, and the first quarter blow-up is looking like it was an anomaly.” through May, the CPI advanced 3.3% after increasing 3.4% in April. Though the annual increase in consumer prices has slowed from a peak of 9.1% in June 2022, inflation continues to run above the Fed’s 2% target. Rents stabilising The Fed has raised its policy rate by 525 basis points since March 2022. Following the CPI data, short-term interest rate futures implied about a 70% chance of a rate cut by September, compared with about a 54% probability earlier. Traders also added to bets on a second rate cut by December. Some economists are leaning towards a rate cut in December, but others are not sure the Fed will start its easing cycle this year. US stocks opened higher. The dollar slipped against a basket of currencies. US Treasury yields fell. Excluding the volatile food and energy components, the CPI climbed 0.2% in May. That was the smallest advance since last October and followed a 0.3% rise in April. Owners’ equivalent rent (OER), a measure of the amount homeowners would pay to rent or would earn from renting their property, gained 0.4% for a third straight month. Market rents have been trending lower, and that is expected to show in the CPI data this year. “With most of the slowing in market rents yet to feed through to the CPI, and if the residual seasonality analysis is correct, then core inflation is poised to decelerate sharply in the second half of the year,” said Conrad DeQuadros, senior economic adviser at Brean Capital.

thursday june 13, 2024 16 The E dge C E O m o rning brief world (June 12): The European Union (EU) will impose additional tariffs on electric cars shipped from China starting next month, taking levies to as much as 48% in a move that further escalates trade tensions and adds to the cost of buying an electric vehicle (EV). The bloc formally notified carmakers including BYD, Geely and MG owner SAIC of the charges on battery-electric cars due to be implemented around July 4, the European Commission said, following an investigation of subsidies that started last year. China’s EV manufacturers have been pushing more aggressively into Europe amid a domestic price war and years of building a lead in the technology. The individual duties vary depending on the level of cooperation with the probe, the EU said, and will hit SAIC Motor Corp hardest. The state-owned company owns the British brand MG, whose mass-market models like the MG4 are among those leading the charge into Europe. SAIC’s tariffs are set to increase by 38.1% on top of the existing duty of 10%. “The EU ignored the facts and WTO rules, ignored repeated strong objections from China, and ignored the appeals and dissuasions of many EU member states’ governments and industries,” China’s Ministry of Commerce said in a statement. Beijing will “take all necessary measures to firmly safeguard the legitimate rights and interests of Chinese companies”. Aside from SAIC’s top rate, BYD will have to pay an additional 17.4% levy, and Geely — which owns Volvo Car AB — faces an extra 20% charge. While the probe targeted Chinese-owned EVs, Western carmakers including Tesla, BMW and Renault that produce in China and ship to the EU also face higher costs. Those cooperating with the probe are set for extra charges of 21% based on a weighted average. The measures are “a speeding ticket aimed to slow China”, said Bill Russo, founder and chief executive officer of Shanghai-based advisory firm Automobility. “This is Chinese companies being ahead of the game — let’s slow them down and let’s encourage them to maybe mitigate the tariffs with localisation.” Almost one-fifth of battery EVs sold in the EU in 2023 were made in China, according to lobby group Transport & Environment. That figure is set to rise to 25% this year, T&E said. China has threatened retaliation across agriculture, aviation and cars with large engines. Beijing has already launched an investigation into some types of European liquor. “Our goal is to restore the level-playing field and ensure that the European market remains open to electric vehicles producers from China, provided that they play by globally agreed trade rules,” Valdis Dombrovskis, the European Commission’s vice president in charge of trade, said on Wednesday. Shares of Chinese EV makers declined in Hong Kong. Geely and Xpeng Inc fell by more than 5%, while sector leader BYD lost as much as 3.9%. The measures come as the EU walks a tightrope in trying to protect the region’s car industry with millions of well-paid jobs while also pursuing a green agenda focused on removing CO2 from transportation. The EU’s EV ambitions, with an effective by Albertina Torsoli & Alberto Nardelli Bloomberg EU to slap tariffs of up to 48% on EV imports from China The individual duties vary depending on the level of cooperation with a probe of subsidies that started last year, the bloc says. combustion-engine sales ban for new cars by 2035, have run into trouble in recent months after markets like Germany withdrew subsidies for consumers. The tariffs will likely cut imports from China by a quarter, amounting to a value of roughly US$4 billion (RM18.87 billion), according to Moritz Schularick, president of Germany’s Kiel Institute for the World Economy. While the decision was justified in light of local government aid, “the expected increase in electric vehicle prices will make the climate transition more expensive”, Schularik said. “Finding the right balance between fair competition and promoting green technologies remains a key challenge.” German Chancellor Olaf Scholz has warned against restricting automotive trade with China, saying earlier this month that “we do not close our markets to foreign companies, because we do not want that for our companies either”. German automakers including Volkswagen and BMW would be hit hardest in a trade spat, as they collectively sold 4.6 million cars there in 2022. Read also: China ready to defend interests as EU tariffs on EVs loom China’s Nio says commitment to Europe EV market ‘unwavering’ despite tariff increase Visitors checking out a BYD Seal electric car at the IAA Mobility auto show in Munich, Germany. bloomberg

thursday june 13, 2024 17 The E dge C E O m o rning brief world (June 12): Mortgage applications for home purchases in the US rose for the first time in five weeks as mortgage rates eased closer to 7%. The Mortgage Bankers Association’s index of mortgage applications to buy a home increased 8.6% in the week ended June 7 to 143.7, the highest level since May 3, according to Mortgage Bankers Association (MBA) data released on Wednesday. The data are prone to big swings around holidays, and the latest reporting week followed Memorial Day. The group’s refinancing gauge soared 28.4%, the largest weekly advance since January 2023. The contract rate on a 30-year fixed mortgage decreased five basis points (bps) to 7.02%, according to MBA data released on Wednesday. The rate on a 15-year mortgage slid 15bps to 6.6%. Mortgage rates risk staying elevated until Federal Reserve policymakers, who wrap up a two-day meeting on WednesUS home-purchase applications rise for first time in five weeks (June 12): Britain’s economic recovery ground to a halt in the run-up to the general election, a setback for Prime Minister Rishi Sunak, who has campaigned on evidence the economy is turning the corner. Gross domestic product was flat in April compared to the previous month, a slowdown from 0.4% growth in March, the Office for National Statistics (ONS) said on Wednesday. Economists had expected a 0.1% drop in output. A rebound from last year’s recession appears to be losing momentum after the highest interest rates in 16 years continued to weigh down the finances of both businesses and consumers. “The UK remains fragile on its route to a sustained economic recovery,” said Hailey Low, associate economist at the National Institute of Economic and Social Research. “The broader perspective remains an economy grappling with stagnation.” UK economy stalls in setback for Sunak by Tom Rees & Irina Anghel Bloomberg by Vince Golle Bloomberg The Labour opposition sought to capitalise on the weaker growth figures that undercut Sunak’s claims that the economy is improving. “Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth,” said Rachel Reeves, Labour shadow Chancellor. “These figures expose the damage done after fourteen years of Conservative chaos.” Conservative ministers have repeatedly touted first-quarter growth figures showing Single-family homes in Aldie, Virginia. Data from the Mortgage Bankers Association released on Wednesday showed mortgage applications to buy a home increased 8.6% in the week ended June 7. day afternoon, are convinced inflation is on a sustainable path towards their target. Investors largely expect Fed officials will wait until later this year before reducing their benchmark rate. MBA’s overall index of applications, which includes those for home purchases and refinancing, jumped 15.6% last week. That was the biggest advance since early 2023. The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US. the UK matching the fastest expansion in the Group of Seven nations. The opening sentences of the Conservative manifesto released Tuesday boasted that “growth has returned” following last year’s slump. Chancellor of the Exchequer Jeremy Hunt pointed to figures for the trailing three months showing growth of 0.7%. “There is more to do, but the economy is turning a corner and inflation is back down to normal,” Hunt said in a statement. “This election is choice. Under the Conservatives, we can keep the economy growing with our clear plan to cut taxes on work, homes and pensions. Or we can risk all that progress with Labour’s £2,094 (RM12,608) of tax rises on every working family.” Wet weather contributed to a drop in retail sales and construction output, while manufacturing also fell more sharply than expected. A 1.4% drop in manufacturing output was driven by weakness in pharmaceutical products and the production of food, drinks and tobacco. Services turned in 0.2% growth in the month, which was stronger than the expectation for a small drop. That was driven by computer programming, consulting and publishing. There were also gains in arts, entertainment and recreation. The ONS said that output in consumer-facing services slipped by 0.7% in April with wet weather hitting the retail sector. Rainfall was 155% of the long-term average in April, according to the Met Office. bloomberg reuters Many households are still being squeezed, with wages in real terms having only recovered to levels seen in 2008.

thursday june 13, 2024 18 The E dge C E O m o rning brief world (June 12): Economic growth in conflict-torn Myanmar will be around 1% for the 2024-2025 fiscal year, the World Bank said on Wednesday, as escalating violence, labour shortages and a depreciating currency make it harder to do business. In December, the World Bank had projected that Myanmar’s economy would grow by around 2% during the period, after an estimated gross domestic product (GDP) growth of 1% in the fiscal year that ended in March 2024. “The downward revision in projected growth for FY2024/2025 is largely due to the persistence of high inflation and constraints on access to labour, foreign exchange and electricity, all of which are likely to have larger impacts on activity than was previously expected,” the World Bank said in a report. The Southeast Asian country of about 55 million people has been in political and economic turmoil since a 2021 coup, when the military ousted an elected civilian government, ending a decade of tentative democratic and economic reform. Faced with a widening armed resistance against its rule, Myanmar’s junta earlier this year announced a conscription plan to replenish its depleted military manpower. “The announcement of mandated conscription in February 2024 has intensified migration to rural areas and abroad, leading to increased reports of labour shortages in some industries,” the World Bank said. The junta has also lost access to some key land borders with China and Thailand, leading to a sharp drop in overland trade. “Excluding natural gas, exports through land borders declined by 44%,” the World Bank said. “Imports via land borders declined by half, accounting for 71% of the decline in overall imports.” Overall, merchandise exports fell by 13% and imports dropped by 20% in the six months to March 2024, compared to the same period a year earlier, according to the World Bank. World Bank cuts Myanmar’s growth forecast to 1% as conflict worsens BANGKOK (June 12): Thailand’s central bank left its key interest rate unchanged for a fourth straight meeting on Wednesday, as widely expected, despite public calls by the government to reduce borrowing costs to help revive Southeast Asia’s second-largest economy. The Bank of Thailand’s (BOT) monetary policy committee voted 6-1 to hold the oneday repurchase rate at 2.50%. One member voted for a 25 basis point rate cut. “The majority of the Committee deems that the current policy interest rate is consistent with the economy converging to its potential, as well as conducive to safeguarding macro-financial stability,” the BOT said in a statement. All but three of 27 economists in a Reuters poll had expected the BOT to keep the rate unchanged on Wednesday. The three economists had predicted a quarter-point cut. Earlier on Wednesday, Prime Minister Srettha Thavisin said he was hoping for a rate cut at the rate meeting, repeating his call for lower rates to help revive the economy, which has lagged regional peers as it confront high household debt and interest Thai central bank holds key rate, despite government calls for cut rates as well as sluggish exports. However, Finance Minister Pichai Chunhavajira has said he was more worried about people’s access to credit than interest rates. He said the government is aiming for at least 3% growth this year. The BOT raised its key rate by 200 basis points to 2.50% over eight meetings between August 2022 and September 2023, taking it by Orathai Sriring, Kitiphong Thaichareon, Thanadech Staporncharnchai & Chayut Setboonsarng Reuters Reuters to the highest level in more than a decade, and has held steady since then. The economy expanded 1.9% last year, with average annual growth at 1.73% over the past decade. The central bank maintained its forecasts for 2.6% GDP growth in 2024 and for 3.0% growth in 2025. Headline consumer inflation in May returned to the BOT’s target range of 1% to 3% for the first time in a year. The BOT maintained its headline inflation forecast for 2024 at 0.6%, and slightly lowered its core inflation forecast to 0.5% from 0.6% seen earlier. The next rate review is on August 21. reuters reuters

thursday june 13, 2024 19 The E dge C E O m o rning brief world (June 12): Billionaire entrepreneur Elon Musk on Tuesday moved to dismiss his lawsuit accusing ChatGPT maker OpenAI and its CEO Sam Altman of abandoning the startup’s original mission of developing artificial intelligence for the benefit of humanity and not for profit. Attorneys for Musk asked the California state court to dismiss the lawsuit, originally filed in February, without giving a reason for the move, according to a filing in San Francisco Superior Court. A Superior Court judge there was prepared to hear OpenAI’s bid to dismiss the lawsuit at a hearing scheduled for Wednesday. OpenAI and an attorney for Musk did not immediately respond to requests for comment. Musk dismissed his case without prejudice, which means he could refile it at another time. The lawsuit marked a culmination of Musk’s long-simmering opposition to OpenAI, a startup he co-founded and that has since become the face of generative AI through billions of dollars in funding from Microsoft . Musk last July founded his own artificial intelligence startup, xAI, which raised US$6 billion (RM28.3 billion) in series B funding in May to reach a post-money valuation of US$24 billion. The lawsuit said Altman and OpenAI co-founder Greg Brockman approached Musk to make an open source, non-profit company, but the startup established in 2015 is now focused on making money. OpenAI “set the founding agreement aflame” last year when it released its most powerful language model GPT-4, the lawsuit said. Musk in the lawsuit asked a judge to force OpenAI to make its research and technology available to the public and to prevent the startup from using its assets, including GPT-4, for the financial benefit of Microsoft and others. OpenAI had argued in a court filing that the lawsuit was based on incoherent claims, describing it as a contrived attempt by Musk to advance his own AI interests. “Seeing the remarkable technological advances OpenAI has achieved, Musk now wants that success for himself,” OpenAI’s attorneys said. Musk in a filing in April said OpenAI was trying to “advance arguments that are based on disputed facts” that are beyond the scope of the lawsuit. Read also: Tesla shareholder sues Musk to return billions in alleged unlawful profits Elon Musk withdraws lawsuit against OpenAI BENGALURU (June 12): Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence (AI) technology. Its shares rose more than 2% to US$211.75 (RM998.97), giving it a market valuation of US$3.25 trillion. Microsoft’s market capitalisation stood at US$3.24 trillion, falling behind Apple for the first time in five months. Apple shares had surged to an all-time high in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales. At Apple’s annual developer conference on Monday, executives, including chief executive officer Tim Cook, touted how voice assistant Siri would be able to interact with messages, emails, calendar as well as third-party apps. The tech giant has trailed rivals such as Microsoft and Google-owner Alphabet in the red-hot field of AI, a reason why its shares underperformed this year compared to its peers. Apple’s shares are up about 10% so far in 2024, while Microsoft has added about 16% and Alphabet nearly 28%. Some of the concerns over its weak share performance eased after Apple beat market expectations for quarterly results and forecast in May, and unveiled a record US$110 billion buyback plan. AI chip leader Nvidia, which briefly overtook Apple’s market value last week, is up a whopping 144% this year. Nvidia last had a market value of US$3.06 trillion. Tesla is the only other ‘Magnificent Seven’ stock that has fared worse than Apple this year, with a more than 30% slide. Apple overtakes Microsoft to return as world’s most valuable company by Sruthi Shankar Reuters by Mike Scarcella Reuters reuters reuters

thursday june 13, 2024 20 The E dge C E O m o rning brief world (June 12): Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency (IEA) said. World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles and improved fuel efficiency, the Paris-based policy adviser said in its annual medium-term outlook. Meanwhile, oil production capacity continues to surge. Led by the US, it will be a “staggering” eight million barrels a day higher than demand by the end of the decade, leaving the biggest buffer of spare output since the depths of the Covid-19 lockdowns. “As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China’s economy shifts, growth in global oil demand is slowing down,” said Fatih Birol, the IEA’s executive director. “Rising oil supplies could potentially weigh on prices through the end of the decade.” International oil prices have traded near US$80 a barrel this year as robust demand, conflict in the Middle East and supply restraint by Opec+ are countered by a flood of new output from the Americas and concerns over China’s economic growth. World oil consumption will continue to expand for several years, adding about four million barrels a day by the end of the decade amid economic expansion in India and China, and growing use by the aviation and petrochemical industries, the IEA said. But use of the commodity will continue its “decades-long decline” in developed economies, sinking from last year’s 46 million barrels a day to 43 million a day by 2030 — the lowest level since 1991. Even Chinese demand will plateau by the end of the decade at about 18 million barrels a day, according to the report. “Oil companies may want to make sure their business strategies and plans are prepared,” Birol said. Majors such as BP plc and Shell plc have tempered plans to diversify from hydrocarbons into renewable energy, while others like Exxon Mobil Corp remain solidly focused on oil and gas. by Grant Smith Bloomberg Major oil surplus seen this decade as demand hits peak, IEA says Patchy record In the past, some of the IEA’s predictions have gone astray. A decade ago, the agency repeatedly warned of a looming oil supply “crunch” that never materialised as America’s shale boom shattered expectations. In 2022 it forecast an immediate collapse in Russian output that also didn’t occur, and in recent months has revised demand projections for 2024 both down and up. In a separate monthly report also released on Wednesday, the agency lowered consumption projections for this year by 100,000 barrels a day to 960,000 barrels a day. “Flagging oil demand growth and inventory builds” point to a “comfortably-supplied market”, it said. One risk to the IEA’s forecast is if the transition to clean energy is slower than expected. In a separate report on Wednesday, BloombergNEF slashed its sales estimates for electric vehicles and warned that the auto industry is falling off the track toward decarbonisation. US Republican leaders criticised the IEA’s projections in a letter in March, claiming its forecasts have been clouded by pressures to fulfil climate change goals. The IEA has said that investment in new oil and gas projects would need to stop in order to comply with the target of net zero carbon emissions by 2050. Growth in new oil supplies outside the Organization of Petroleum Exporting Countries and its partners will overtake demand as soon as next year, according to the report. Producers across the Americas led by the US will add about 4.8 million barrels a day of capacity this decade, eclipsing the growth in consumption. The US will account for 2.1 million barrels of the expansion, with the remainder provided by Argentina, Brazil, Canada and Guyana. Even more could come on stream if tentative projects are approved. About 45% of the global capacity expansion will come from natural gas liquids and condensates. This tide of new oil stands to erode the market share of the Opec+ alliance led by Saudi Arabia and Russia. Last weekend, the 22-nation group announced a plan for reviving halted supplies later this year, but has signalled that the hike could be postponed. Earlier this year, the Saudis paused plans for a major expansion in its production capacity. As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China’s economy shifts, growth in global oil demand is slowing down. Rising oil supplies could potentially weigh on prices through the end of the decade.”

thursday june 13, 2024 21 The E dge C E O m o rning brief world TOKYO (June 12): Japan’s wholesale inflation jumped in May at the fastest annual pace in nine months, data showed on Wednesday, a sign the weak yen was adding upward pressure on prices by pushing up the cost of raw material imports. The data complicates the Bank of Japan’s decision on how soon to raise interest rates, as price rises driven by cost pressures could cool consumption and dampen the chances of achieving the kind of demand-driven inflation it wants to see before further phasing out stimulus, analysts say. “Consumer inflation may not slow much as wholesale price rises re-accelerate, and energy prices are seen rising sharply towards this summer” as government subsidies to curb utility bills end in June, said Takeshi Minami, chief economist at Norinchukin Research. “But the BOJ will need to wait for wages to rise and help consumption recover” before raising rates again, he added. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 2.4% in May from a year earlier, BOJ data showed, exceeded a median market forecast for a 2.0% gain. It followed a 1.1% gain in April, accelerating for a fourth straight month, with the increase driven by higher prices for utilities, petroleum and chemical goods as well as nonferrous metals, the data showed. An index measuring the yen-based import goods prices rose 6.9% in May from a year earlier, accelerating from a 6.6% gain in April, a sign the yen’s recent declines were pushing up the cost of raw material imports. The data will likely be among factors the BOJ board will scrutinise when it meets for a two-day policy meeting ending on Friday. The central bank is widely expected to keep unchanged its short-term interest rate target at a 0% to 0.1% range. Japan’s May wholesale inflation jumps, complicates BOJ rate hike path BEIJING (June 12): China’s consumer inflation held steady in May while producer price declines eased, but the underlying trend suggests Beijing would need to do more to prop up feeble domestic demand and an uneven economic recovery. Weak consumption in China has kept a lid on consumer prices since 2023 despite many rounds of support measures as confidence remains low in the face of a protracted property sector crisis. The consumer price index (CPI) rose 0.3% in May from a year earlier, matching a gain in April, data from the National Bureau of Statistics (NBS) showed on Wednesday, below a 0.4% increase forecast in a Reuters poll. CPI edged down 0.1% from the month before, against a 0.1% rise in April and compared with economists forecasts for zero growth. “I think the deflationary pressure has not faded yet,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. “The CPI inflation is slightly negative in m-o-m terms. The improvement in PPI is largely driven by commodity prices such as copper and gold, which is not a reflection of China’s domestic demand,” he said. Asian shares were subdued, while China’s blue chips were down in early trade following the data. Producer prices, which were stuck in deflation since September 2022, fell at a slower 1.4% pace in May after contracting 2.5% in April, and compared with a forecast 1.5% decline. China’s inflation steady, maintains pressure for more stimulus to boost demand by Liangping Gao & Ryan Woo Reuters by Leika Kihara Reuters “For investors, the key question is whether China’s PPI inflation could turn positive in the second half of this year, given the recent rise in commodity prices, particularly copper,” said Zhou Hao, chief economist at Guotai Junan International. “Overall, today’s inflation report suggests that a moderate reflation is still ongoing, while a low infaltion is likely to remain the base case,” Zhou added. China’s economy has struggled to motor on despite the end of stringent Covid curbs in late 2022, mainly due to the ripple effects of a prolonged property sector crisis on investor, business and consumer confidence. Read also: China Evergrande chairman’s seized Hong Kong mansion sold for US$57 mil reuters Bloomberg

thursday june 13, 2024 22 The E dge C E O m o rning brief world (June 12): Finance Minister Bruno Le Maire warned that France would be plunged into a debt crisis similar to one sparked in the UK two years ago if far-right leader Marine Le Pen were to win legislative elections slated for the end of the month and implement her economic programme. He said at an event in his former constituency in northern France that policies the National Rally party has in the past supported — such as cutting sales taxes and reducing the retirement age — would cost hundreds of billions of euros. “A debt crisis is possible in France, a Liz Truss scenario is possible,” he said, referring to the former UK prime minister whose short term in office sparked a selloff in government bonds. Le Maire, who has served throughout Emmanuel Macron’s seven years in office, said policies the National Rally party has in the past supported, such as cutting sales taxes and reducing the retirement age, would cost hundreds of billions of euros. They have not yet detailed proposals for this election. The minister’s comments follow Macron’s decision to dissolve the National Assembly and call snap parliamentary elections in France after his party was trounced by Le Pen’s National Rally in EU-wide voting on Sunday. French equities posted their biggest two-day decline in a year as banking stocks fell along with the country’s bonds amid the turmoil. France’s benchmark CAC 40 Index ended Wednesday’s session 1.3% lower, bringing the total decline over the past two days to 2.7%. Read the full story French minister warns of Truss-like debt crisis ‘if Le Pen wins’ GENEVA/JERUSALEM/CAIRO (June 12): A UN inquiry found on Wednesday that both Israel and Hamas had committed war crimes in the early stages of the war in Gaza, and that Israel’s actions also constituted crimes against humanity because of the immense civilian losses. The findings were from two parallel reports by the UN Commission of Inquiry (COI), one focusing on the Oct 7 attacks and another on Israel’s response. Israel, which did not cooperate with the commission, dismissed the findings as the result of anti-Israeli bias. Hamas did not immediately respond to a request for comment. The war began on Oct 7 when militants led by Hamas, the Islamist group ruling Gaza, killed 1,200 Israelis and took more than 250 hostage, according to Israeli tallies. Israel’s military retaliation has caused the deaths of more than 37,000 Palestinians, according to Gaza’s health ministry, displaced most of Gaza’s population of 2.3 million, caused widespread hunger, and devastated housing and infrastructure. Negotiators from the US, Egypt and Qatar have been trying for months to mediate a ceasefire and free the hostages, more than 100 of whom are believed to remain captive in Gaza. Izzat al-Rishq, a member of Hamas’ political bureau, said its formal response to a US ceasefire proposal outlined by US President Joe Biden on May 31 was “responsible, serious and positive” and “opens up a wide pathway” for an accord. But an Israeli official said on Tuesday, on condition of anonymity, that Israel had received the answer via the mediators and that Hamas “changed all of the main and most meaningful parameters” and “rejected the proposal for a hostage release”. The proposal outlined by Biden envisages a ceasefire and phased release of Israeli hostages in Gaza in exchange for Palestinians jailed in Israel, ultimately leading to a permanent end to the war. Major powers are intensifying efforts to halt the conflict in part to prevent it from spiralling into a wider regional war, with a dangerous flashpoint being the sharply escalating hostilities on the Lebanese-Israeli border. Lebanon’s Hezbollah militia, backed by Iran, fired barrages of rockets at Israel on Wednesday in retaliation for an Israeli strike that killed a senior Hezbollah field commander. Israel said it had in turn responded with air strikes on the launch sites, fuelling growing concern of a bigger confrontation. UN says Israel and Hamas committed war crimes; Gaza truce plan in balance by Emma Farge, Maayan Lubell & Nidal al-Mughrabi Reuters by Frank Connelly, James Regan & William Horobin Bloomberg

thursday june 13, 2024 23 The E dge C E O m o rning brief world (June 12): President Joe Biden’s administration is widening sanctions on the sale of semiconductor chips and other goods to Russia, targeting third-party sellers in China and elsewhere as it looks to further choke off Vladimir Putin’s war machine in Ukraine. The Biden administration on Wednesday will announce changes that broaden the scope of existing export controls and restrictions to target US-branded goods even if they’re not made domestically, according to people familiar with the move who requested anonymity to detail the plans before the announcement. Chips, in particular, are a key target of the changes. Russia is still managing to source chips from third-party countries for use in missiles and other inputs critical to the battlefield, according to the people, despite a push to curb Moscow’s access to technologies supporting its war effort. The US will widen the categories of restricted items by publishing broader product codes and also identify, by address, Hong Kong entities it alleges are funneling goods to Moscow, the people said. National Security Council spokesman John Kirby confirmed new measures were coming while declining to discuss specifics. “We’re going to continue to drive up costs for the Russian war machine, and this week we will announce an impactful set of new sanctions and export control actions,” Kirby told reporters Tuesday. The actions will target entities and networks helping Russia procure goods for use in war, tighten rules for “financial facilitators” and curb key sectors, Kirby said. The Commerce Department, which oversees export controls, declined to comment. The move comes as Biden prepares to join Group of Seven leaders for a summit in Italy, where one of their top concerns will be securing new ways to bolster aid to Ukraine and further constrain Russia. Biden will meet Thursday with Ukrainian President Volodymyr Zelenskiy. Russia’s war, now in its third year, has seen a renewed offensive and intensified aerial bombardment of Ukrainian cities as Moscow seeks to capitalize on a months-long delay in US aid that hampered Ukraine’s defenses. Third-party sellers One of the biggest changes in the expanded sanctions relates to how the US enforces requirements that require an export license for manufacturers or third-party sellers to sell chips and other goods to Russian military entities, according to the people familiar with the moves. US regulators aim to curb sales of chips made abroad, and sold abroad, if they’re US-branded or if they’re made based on US technology or with USlinked equipment, and thus subject to sanctions. Previously, enforcement has focused more on US-origin goods. The US will identify third-party sellers and warn them that they are restricted from sending US-branded chips to Russia, one of the people said. The resellers are often based in China. The US will also publish addresses — without a known company name — on its list of sanctioned entities for the first time, according to the people. That includes eight addresses in Hong Kong that the American government says are linked to reshipments of chips to Russia. Resellers can apply for a license for sale if it’s for a legitimate, non-military purpose, the people said. Companies violating sanctions could be subject to criminal penalties or restrictions on their own inputs, one of the people said. The Biden administration will also by Josh Wingrove Bloomberg US to widen sanctions to curb chip sales to Russia’s war machine detail so-called temporary denial orders related to firms they accuse of flouting restrictions and selling goods, particularly related to Russia’s aviation sector, one of the people said. And the US is expanding restrictions on enterprise software used in Russia, which would have the practical effect of halting updates for that software. Technology access The move to expand enforcement to cover chips made abroad is the latest step in a long-running push by the US and European Union to curb Russia’s access to technologies used for its war effort. Despite multiple rounds of trade restrictions, Russia has in part circumvented restrictions by importing what it needs through third countries or networks of intermediaries. Last year, Russia imported more than US$1 billion (RM4.72 billion) of advanced chips. Some of those shipments were built by subsidiaries and subcontractors of US and European firms and moved by resellers and intermediaries. The European Union is currently discussing proposals demanding companies enhance checks and making them responsible for the actions of firms they control. Several member states are pushing to water down these proposals, however, over concerns they place too heavy a burden on companies and are difficult to enforce. The Biden administration is expanding the use of secondary sanctions on Russia with an eye towards curtailing the sale of semiconductor chips and other goods to Russia, targeting third-party sellers in China and elsewhere.

thursday june 13, 2024 24 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) Dagang NeXchange Bhd 364.090 0.020 0.50 23.75 1,718.6 Harvest Miracle Capital Bhd 240.310 -0.005 0.10 -16.67 123.0 SNS Network Technology Bhd 235.660 0.120 0.88 272.34 1,411.2 JAKS Resources Bhd 154.570 -0.010 0.18 -2.70 459.1 JCY International Bhd 131.050 -0.015 0.78 254.55 1,656.8 Sapura Energy Bhd 100.630 -0.005 0.04 -11.11 735.0 AT Systematization Bhd 89.940 0.020 0.23 -23.33 52.0 Talam Transform Bhd 85.350 0.000 0.02 33.33 85.9 Jati Tinggi Group Bhd 83.700 -0.015 0.62 129.63 242.9 Sin-Kung Logistics Bhd 72.830 0.000 0.17 - 198.0 Inari Amertron Bhd 64.960 0.32 3.80 26.25 14,313.4 Alpha IVF Group Bhd 62.300 0.00 0.31 - 1506.6 Cloudpoint Technology Bhd 60.100 0.04 0.81 48.62 430.6 PUC Bhd 59.390 -0.01 0.055 37.50 135.73 My EG Services Bhd 56.990 0.02 1.09 33.74 8130.37 ATA IMS Bhd 54.890 0.03 0.335 9.84 402.96 Ekovest Bhd 51.950 -0.01 0.475 -3.06 1408.57 Key Asic Bhd 51.77 0.01 0.065 8.33 90.87 KGW Group Bhd 50.15 0.01 0.255 27.5 123.11 Datasonic Group Bhd 49.42 -0.02 0.55 29.41 1534.01 Data as compiled on June 12, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Key Alliance Group Bhd 0.010 100.00 1157.80 0.00 36.8 Divfex Bhd 0.155 24.00 29573.00 24.00 115.6 Grand Central Enterprises Bhd 0.440 22.22 0.10 25.71 86.7 CME Group Bhd 0.030 20.00 2325.60 0.00 31.4 Hextar Capital Bhd 0.570 20.00 21864.90 -6.56 254.8 Priceworth International Bhd 0.120 20.00 11799.80 -14.29 192.4 Destini Bhd 0.330 17.860 2706.10 -45.00 54.9 Privasia Technology Bhd 0.135 17.39 28421.90 12.50 91.2 SNS Network Technology Bhd 0.875 15.89 235661.10 272.34 1411.2 Barakah Offshore Petroleum 0.040 14.29 1476.10 14.29 40.1 PGF Capital Bhd 2.240 13.13 1742.60 63.50 406.0 Y&G Corp Bhd 0.780 11.43 20 -7.14 170.41 Dufu Technology Corp Bhd 2.650 10.42 16978.8 39.47 1408.81 Nova MSC Bhd 0.160 10.34 40773.3 45.45 198.51 AT Systematization Bhd 0.230 9.52 89941.6 -23.33 52.03 Sarawak Cable Bhd 0.175 9.38 14774.1 -53.33 69.82 Synergy House Sdn Bhd 1.760 9.32 2510.3 149.65 880 Kumpulan Jetson Bhd 0.295 9.26 36722.6 7.27 79.05 Inari Amertron Bhd 3.8 9.20 64957 26.25 14313.38 AppAsia Bhd 0.12 9.09 10935.9 26.32 134.54 Data as compiled on June 12, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) MQ Technology Bhd 0.010 -33.33 19,670.4 -60.00 16.4 XOX BHD 0.010 -33.33 6,645.8 -33.33 51.9 BCM Alliance Bhd 0.015 -25.00 6,612.8 -25.00 30.5 Master Tec Group Bhd 1.150 -22.30 39,029.8 - 1173.0 Nexgram Holdings Bhd 0.020 -20.00 445.4 -55.56 17.8 Permaju Industries Bhd 0.040 -20.00 5,681.7 -20.00 78.0 G3 Global Bhd 0.025 -16.67 798.7 0.00 94.3 PDZ Holdings Bhd 0.050 -16.67 5,773.5 0.00 29.42 Reach Energy Bhd 0.025 -16.67 205.0 -37.50 53.22 TWL Holdings Bhd 0.025 -16.67 4,038.0 -16.67 143.8 Fast Energy Holdings Bhd 0.075 -11.77 3,146.3 -37.87 16.2 Sapura Energy Bhd 0.040 -11.11 100,631.6 -11.11 735.0 Pineapple Resources Bhd 0.800 -10.11 110.0 0.63 38.8 Fitters Diversified Bhd 0.045 -10.00 705.0 -10.00 105.4 Siab Holdings Bhd 0.135 -10.00 8,322.5 8.78 83.4 Sealink International Bhd 0.290 -9.38 35,441.8 70.59 145.0 Mclean Technologies Bhd 0.295 -9.23 3,873.9 78.79 58.2 Green Ocean Corp Bhd 0.150 -9.09 5,337.7 -33.33 31.7 Oversea Enterprise Bhd 0.050 -9.09 2,160.2 -16.67 113.4 WMG Holdings Bhd 0.450 -9.09 1,862.6 350.00 200.1 Data as compiled on June 12, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) ViTrox Corp Bhd 4.500 -0.350 15430.7 23.46 8,513.3 Master Tec Group Bhd 1.150 -0.330 39029.8 - 1,173.0 Panasonic Manufacturing 20.180 -0.220 45.2 12.11 1,225.9 Sam Engineering & Equipment 6.570 -0.170 2058.3 64.59 4,447.8 Crescendo Corp Bhd 3.680 -0.160 1770.3 64.50 1,028.3 Petronas Gas Bhd 18.120 -0.160 656.7 4.14 35,854.6 BM GreenTech Bhd 1.610 -0.130 2859.4 77.90 830.8 Harbour-Link Group Bhd 1.570 -0.130 6713.7 38.94 625.8 Paragon Union Bhd 3.570 -0.120 60.2 27.96 299.3 Arka Bhd 2.080 -5.020 56.3 22.35 135.4 MISC Bhd 8.510 -0.110 4034.9 16.74 37,986.5 Spritzer Bhd 2.650 -0.110 420.7 44.81 846.2 Hengyuan Refining Co Bhd 2.840 -0.100 471.9 -7.49 852.0 Guan Chong Bhd 3.930 -0.090 1,347.6 114.75 4,615.8 MSM Malaysia Holdings Bhd 2.300 -0.090 2017.2 42.86 1616.85 Syarikat Takaful Malaysia 3.81 -0.090 811.0 2.97 3,190.1 Engtex Group Bhd 1.07 -0.080 6,497.5 41.72 472.6 Hong Leong Bank Bhd 19.30 -0.080 282.6 2.12 41,837.0 Hong Leong Capital Bhd 4.49 -0.080 116.9 -1.32 1,058.7 Lysaght Galvanized Steel Bhd 2.90 -0.080 9.7 30.63 120.6 Data as compiled on June 12, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Malaysian Pacific Industries 39.900 1.380 704.90 41.49 7,937.3 Nestle Malaysia Bhd 124.500 0.500 83.30 5.87 29,195.3 Kuala Lumpur Kepong Bhd 20.960 0.380 1571.90 -3.94 22,980.7 Allianz Malaysia Bhd 22.220 0.340 14.90 20.50 3,954.5 Inari Amertron Bhd 3.800 0.320 64957.00 26.25 14,313.4 KESM Industries Bhd 6.520 0.270 365.70 -7.78 280.5 PGF Capital Bhd 2.240 0.260 1742.60 63.50 406.0 Dufu Technology Corp Bhd 2.650 0.250 16978.80 39.47 1,408.8 United Plantations BHD 24.500 0.200 300.70 39.82 10,162.2 D&O Green Technologies Bhd 3.900 0.190 3968.5 7.73 4,831.9 Far East Holdings Bhd 3.690 0.190 20.1 2.50 2,191.3 Pentamaster Corp Bhd 5.180 0.170 4651.60 12.61 3,684.6 Synergy House Sdn Bhd 1.760 0.150 2510.3 149.65 880.0 Frontken Corp Bhd 4.580 0.140 10,914.7 41.36 7,203.9 Kelington Group Bhd 3.630 0.140 3,441.5 67.28 2,436.9 Bursa Malaysia Bhd 8.750 0.120 2,180.3 26.63 7,081.37 SNS Network Technology Bhd 0.875 0.120 235,661.1 272.34 1,411.2 Telekom Malaysia Bhd 6.700 0.110 27,642.1 20.72 25,712.62 Aurelius Technologies Bhd 3.680 0.107 1,509.2 41.54 1,450.2 KLCCP Stapled Group 7.55 0.1 8.7 6.49 13630.26 Data as compiled on June 12, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 38,747.42 -120.62 -0.31 S&P 500 * 5,375.32 14.53 0.27 NASDAQ 100 * 19,210.19 135.52 0.71 FTSE 100 * 8,147.81 63.42 0.78 AUSTRALIA 7,715.51 -39.87 -0.51 CHINA 3,037.47 9.42 0.31 HONG KONG 17,937.84 -238.50 -1.31 INDIA 76,731.43 274.84 0.36 INDONESIA 6,850.10 -5.59 -0.08 JAPAN 38,876.71 -258.08 -0.66 KOREA 2,728.17 22.85 0.84 PHILIPPINES 6,410.07 -48.57 -0.75 SINGAPORE 3,311.43 2.22 0.07 TAIWAN 22,048.96 256.84 1.18 THAILAND 1,318.33 2.23 0.17 VIETNAM 1,300.19 15.78 1.23 Data as compiled on June 12, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 3,97039.00 OIL US$ 82.670.75 RM/USD 4.7178 RM/SGD 3.4896 RM/AUD 3.1206 RM/GBP 6.0173 RM/EUR 5.0712

Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 THURSDAY JUNE 13, 2024 SCAN ME No. 8543 PP 2644/12/2012 (031195) Revelation that products on a popular e-commerce platform contain harmful chemicals prompts expert to urge authorities to take immediate action and for Malaysians to be careful when making such purchases. Historical moment for workers as they can now be assured of higher standard of workplace safety and health, says Malaysian Employers Federation president. Report on — page 4 Duo facing offences involving 58kg drugs and may receive death penalty or life imprisonment with no less than 15 strokes of the cane under Section 39B(1) of Dangerous Drugs Act 1952. Report on — page 5 Amir Hamzah said the government wants implementation of the targeted diesel subsidy to run smoothly and will constantly monitor the activities of companies in the logistics sector. – AMIRUL SYAFIQ/THESUN Report on — page 2 No excuse No excuseto hike to hike logistics rates ogistics rates Finance Minister II Datuk Seri Amir Hamzah Azizan says there is no reason for firms to raise prices following implementation of Subsidised Diesel Control System as current interim cash reimbursement mechanism ensures they are not affected. Call to step up checks on unsafe children items sold online Malaysia ratification of ILO Convention 155 lauded Two Singaporeans charged with drug trafficking Report on — page 3

THURSDAY | JUNE 13, 2024 2 ‘No reason for prices in logistics sector to be raised’ PUTRAJAYA: There is no reason for the logistics sector to raise prices that will burden the people following the implementation of the Subsidised Diesel Control System 2.0, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said the government is actively ensuring that the targeted diesel subsidy scheme achieves its objectives, as certain logistics vehicles continue to obtain subsidised diesel at RM2.15 per litre. “The government wants the targeted diesel subsidy implementation to run smoothly and will constantly monitor the logistics sector’s activities because, with the system’s implementation, there is no reason for logistics businesses to raise prices that burden the people. oSome still getting fuel at RM2.15 per litre while interim mechanism has been introduced for owners of vehicles approved under Subsidised Diesel Control System: Minister Anwar, S’pore PM meet to boost ties PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim met his Singapore counterpart Lawrence Wong yesterday to discuss ways to further strengthen bilateral ties. Wong arrived on Tuesday for a two-day working visit at the invitation of Anwar. This is his inaugural visit after being sworn in as prime minister on May 15. Wong, accompanied by his wife Loo Tze Lui, was received by Anwar at the Seri Perdana Complex at 1pm before the two leaders proceeded to a meeting. Higher Education Minister Datuk Seri Dr Zambry Abd Kadir and Deputy Foreign Minister Datuk Mohamad Alamin were also present. Wong’s visit underscores Malaysia and Singapore’s shared commitment to bolstering the long-standing relations and as preparation for the Annual Leaders’ Retreat to be hosted by Malaysia at the end of the year. In 2023, Malaysia and Singapore were each other’s second-largest global trading partners. Singapore was also Malaysia’s largest trading partner among Asean countries, with total trade valued at RM363.13 billion. – Bernama Anwar and Wong arriving at Seri Perdana in Putrajaya yesterday. – BERNAMAPIC M’sia reaffirms steadfast support for Palestine PUTRAJAYA: Foreign Minister Datuk Seri Mohamad Hasan reaffirmed Malaysia’s steadfast support for the Palestinian cause during a high-level conference titled “Call for Action: Urgent Humanitarian Response for Gaza”. He underlined the necessity for an effective and permanent ceasefire for a successful humanitarian response. Speaking at the conference held in Jordan on Tuesday, Mohamad said the genocide in Gaza has hindered the much-needed humanitarian aid for Palestinians. “The brutal reality on the ground is that there is still no guarantee for safe, secure and unhindered delivery of aid.” He added that Israeli airstrikes had not only hit Malaysia’s aid convoy but also demolished a distribution centre, resulting in the deaths of volunteers and the destruction of life-saving consignments. Mohamad said these barbaric attacks did not and will not deter Malaysia from its humanitarian commitments. “We can all agree that it would be impossible for any immediate humanitarian response to materialise, in the absence of a permanent and effective ceasefire and political solution.” He called on states and stakeholders alike to support the sincere undertaking towards a truce, including the United States’ three-phase proposal. “As a matter of principle, Malaysia has always been a strong advocate for peace and stability. We will stand in solidarity with any genuine effort that promotes peaceful settlement of conflict,” he said, in welcoming the adoption of UN Security Council Resolution 2735 on the three-phase proposal by the US. He said a successful humanitarian response for Gaza is conditional on three elements, namely addressing the root causes of the conflict, imposing accountability on Israel through a reparative approach and reinforcement of the UN humanitarian mandate. Mohamad said Palestine’s inherent right as a full member of the UN must be realised. “As the occupying power, Israel must be held accountable through reparative approach in rebuilding Gaza and for the immense violations inflicted upon the Palestinians. We must reinforce the UN’s role in carrying out its humanitarian mandate. “The UN Relief and Works Agency for Palestine Refugees must be empowered, supported and protected to enable delivery of humanitarian assistance, immediate recovery of social infrastructure.” – Bernama Calls to improve subsidy system being studied PUTRAJAYA: The Domestic Trade and Cost of Living Ministry is studying the basis of applications and appeals from several parties regarding improvements to the Subsidised Diesel Control System, said its minister Datuk Armizan Mohd Ali. He said certain parties have directly submitted applications to the ministry to consider adding several types of goods vehicles to the list eligible for diesel subsidies under the system. “Other suggestions submitted include increasing the existing basic quota under the Subsidised Diesel Control System 1.0 for types of public transport vehicles such as school and express buses. “The ministry is reviewing all of this, and it will be promptly submitted for consideration to the Diesel Subsidy Approval Committee, which includes the Domestic Trade and Cost of Living Ministry, Finance Ministry, Transport Ministry, Road Transport Department, Land Public Transport Agency and Royal Malaysian Customs Department,” he said in a statement. – Bernama ‘Nation must take cues from World Bank report’ KUALA LUMPUR: The “Business Ready” (B-Ready) report by the World Bank is an indicator that the country should prioritise introducing several new approaches and methods, said Prime Minister Datuk Seri Anwar Ibrahim. He said this included closer synergy between industry and Technical and Vocational Education and Training (TVET) programmes. Anwar said trust should be given to industry players to determine the types of training needed, as they had a better understanding of the requirements compared with conventional education systems. “This is among the efforts we are trying to highlight to expedite approvals and processes, while also committing to make necessary adjustments where needed. “The country will not progress if it remains in a comfort zone and is easily satisfied with every success,” he said in his keynote address at the 2024 Industry Excellence Awards on Tuesday. B-Ready is the World Bank’s new flagship report that benchmarks the business environment and investment climate in most economies worldwide. The report assesses the regulatory framework and public services directed at firms, and the efficiency with which regulatory framework and public services are combined in practice. Meanwhile, Anwar noted that TVET today is no longer as formal as it used to be, and industries are welcome to take over one or two TVET programmes if they wish to. “Petronas and Proton-Geely are examples. This makes the synergy between industry and TVET programmes even closer.” Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz was also present at the event organised by the Investment, Trade and Industry Ministry. It recognises Malaysian companies that demonstrate excellence in management practices, product and service quality and continuous value addition to stakeholders. There are 13 categories contested, with three main awards – the Manufacturing Sector Excellence Award, the Services Sector Excellence Award and the Open Category Excellence Award. – Bernama “The repayment in cash is a temporary measure by the government to continue to help logistics service providers so that they are not affected by changes in the retail price of diesel,” he said in a statement. Amir Hamzah said the government has developed an interim mechanism involving reimbursement in cash to owners of logistics vehicles that have been approved under the Subsidised Diesel Control System but have not yet received their fleet cards. He said this mechanism is a temporary facility to reimburse the difference between the new retail price of diesel at RM3.35 per litre and the targeted subsidy price of RM2.15 per litre, Bernama reported. He added that owners of approved logistics vehicles who have not yet received their fleet cards could apply for reimbursement starting July 1 through the Budi Madani portal at https://budimadani.gov.my. He said the applicants should retain the diesel purchase receipts for audit purposes. He added that to be eligible for the refund, logistics vehicle owners must apply and obtain approval from the Domestic Trade and Cost of Living Ministry by June 30. He said this interim repayment mechanism aims to cover the applicants’ additional expenses incurred until receiving a fleet card or for up to a maximum of two months, whichever is earlier. Amir Hamzah urged all owners of logistics vehicles that have received approval to immediately apply for a fleet card as soon as possible through https://mysubsidi.kpdn.gov.my.

THURSDAY | JUNE 13, 2024 3 RM12m to repair religious schools JOHOR BAHRU: The Johor government will ensure work to repair 88 religious schools with a total allocation of RM12 million would be completed by the end of this year. State Islamic Religious Affairs Committee chairman Mohd Fared Mohd Khalid said the allocation was from various parties, including RM2 million from the Johor Islamic Corporation. With a majority of them involving rural schools, Mohd Fared said repair works on the damage, which had reached a critical level, included the infrastructure and wiring as well as changing roofs and ceilings. “The Johor State Islamic Religious Department documented (the schools in need of repairs) last year and we are a little delayed due to financial issues (but) money has started to come in. “The schools have been identified and they (the repairs) must be completed this year. We cannot wait for fear the defects may get worse,” he said after officiating at the Amar Jariah Aid Distribution 2024 at Maktab Sultan Abu Bakar here on Tuesday. He said the state government will also ensure that maintenance is carried out periodically or as scheduled in the future to prevent severe damage. – Bernama Govt to table carbon trading Bill: DPM KUCHING: The government plans to table a Bill on carbon trading by the end of this year, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said the Federal Cabinet decided to table the Bill this year, following a directive from Prime Minister Datuk Seri Anwar Ibrahim. “At the national level, (we are) looking at 2025 (to table), but in Cabinet, the prime minister has instructed me, and I’ve chaired the meeting and, Insya-Allah, by the end of the year the Bill can be presented (at Dewan Rakyat),” he said at the Asia Pacific Green Hydrogen Conference and Exhibition 2024, here yesterday. He was commenting on a recent suggestion by Sarawak Premier Tan Sri Abang Johari Abang Openg for the central government to improve existing legislation regarding the energy business, to include matters related to carbon trading. “I agree that Sarawak is quite advanced in terms of laws (on carbon trading), that the state government has approved it in the State Legislative Assembly. Now the challenge is at the national level,” Fadillah said. He added that the Bill will include not only the laws and regulations on carbon trading, but also tax schemes and other related matters. – Bernama Hire Armed Forces veterans, firms urged IPOH: Private firms have been called upon to provide employment opportunities for qualified Armed Forces veterans. Commander of the Second Infantry Brigade Headquarters Brig-Gen Datuk Asri Shukor said private companies will not lose out by hiring them as the new generation of veterans have high levels of experience and expertise in various fields, from food manufacturing to aerospace. “Those who retired are aged between 33 and 42 and, at such a young age, they still have much to contribute to employers,” he said at the Ex-Servicemen Affairs Corporation certificate presentation to 125 veterans here on Tuesday. Asri said in addition to providing employment opportunities, it is also the best platform for private companies to assist the government, adding that it also serves as the highest form of appreciation for the sacrifices made by the army. – Bernama Call to widen checks on unsafe children products PETALING JAYA: Universiti Kebangsaan Malaysia public health medicine specialist Assoc Prof Dr Mohd Hasni Jaafar called on authorities to widen checks on toxic substances found in children’s products. He was commenting on a Consumers Association of Penang (CAP) statement that called on authorities to investigate products sold on a popular Chinese online platform. President Mohideen Abdul Kader said CAP was making the call in response to recent findings by the Seoul City government, which revealed that children’s products sold through the platform contained high levels of toxic chemicals. “According to news reports there, the Seoul government conducted safety inspections since last month, following growing concerns about products sold by Chinese e-commerce platforms.” Mohideen said the latest information showed that seven out of eight tested oItems from China sold online such as toys, shoes and pencil casings found to contain high levels of hazardous substances that pose health risks █ BY SIVANISVARRY MORHAN [email protected] products from an online platform contained formaldehyde and phthalates exceeding safety limits. One pair of children’s shoes contained phthalates exceeding the permitted limit by 428 times. He said phthalates, commonly used as plasticisers, belong to a group of endocrinedisrupting chemicals. Exposure to high amounts of it is detrimental to the reproductive, neurological, and developmental systems of humans, with children being even more vulnerable. When absorbed through the skin, formaldehyde can result in severe systemic toxicity, leading to metabolic acidosis, tissue and organ damage, and coma. Mohideen said the popular Chinese online platform is said to be one of the biggest fashion stores globally, and known for its low prices and trendiness. “A Time magazine article in 2023 even dubbed it as the world’s most popular fashion brand. “Its explosive growth triggered authorities in South Korea and the European Union to look closer into its business practices and safety standards.” Mohd Hasni said the toxic ingredients in Chinese-made toys are a well-known issue. “Certain toys from China often contain heavy metals like cadmium and lead, which are used to make colours more vibrant, especially reds and yellows, and designed to attract children’s attention. “This problem extends beyond toys to items such as pencil casings, dolls, and toy cars, all of which are likely to contain high levels of these hazardous substances,” he said. Mohd Hasni said even cheap batteries sold at night markets are known to leak easily, posing risks of direct skin contact and absorption of toxins by children. “Since popular online shopping platforms have been found to sell products containing high levels of harmful substances, it is crucial for the authorities to take immediate action. “CAP is right in raising the matter. The authorities must take proactive measures to ensure the safety of these products and protect consumers, particularly children.” Mohd Hasni emphasised the importance of Malaysians being aware of what they purchase online. “Lower-priced items often come with lower quality. Ensuring that products are free from toxic chemicals will help protect consumers.” Bersatu gives six rogue reps the axe KUALA LUMPUR: Notice of immediate termination of party membership was served on six elected Bersatu representatives yesterday for alleged non-compliance with Clause 10.4 of the party’s constitution. Bersatu secretary-general Datuk Seri Hamzah Zainudin in a statement yesterday said the action was taken in line with the party’s Supreme Leadership Council’s directive at its meeting on June 6, which was later brought to the attention of the Perikatan Nasional (PN) Supreme Council which met on Tuesday. He said the membership of Labuan MP Datuk Dr Suhaili Abdul Rahman, on the other hand, was terminated immediately in accordance with Clause 10.2.6 of the party constitution, following the notice served on him on May 17. “All these processes have been carried out in full compliance with the party constitution and national legislation as provided under Article 49 (A) of the Federal Constitution and/or under the relevant state government laws,” he said. Prior to this, the six representative were reported to have ceased to be members of the party after failing to respond to a notice to confirm their loyalty. Apart from Suhaili, the five others were Bukit Gantang MP Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal, Jeli MP Zahari Kechik, Gua Musang MP Mohd Azizi Abu Naim, Kuala Kangsar MP Datuk Iskandar Dzulkarnain Abdul Khalid, Tanjong Karang MP Datuk Dr Zulkafperi Hanafi and Selat Klang asssemblyman Datuk Abdul Rashid Asari. – Bernama YOUNG ‘PILGRIMS’ ... Children performing the tawaf ritual during a haj simulation programme sponsored by the Malaysian Islamic Kindergarten Association at the Sultan Salahuddin Abdul Aziz Shah Mosque in Shah Alam yesterday. – BERNAMAPIC

THURSDAY | JUNE 13, 2024 4 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper oMove underscores Malaysia’s commitment to aligning occupational safety and health practices with global standards, says MEF president PETALING JAYA: The Malaysian Employers Federation (MEF) has congratulated Human Resources Minister Steven Sim on his presence in Geneva, Switzerland to ratify the International Labour Organisation (ILO) Convention 155. Its president Datuk Dr Syed Hussain Syed Husman (pic) said the convention mandates the adoption of a coherent national occupational safety and health (OSH) policy. “It outlines actions to be taken by the government and employers to enhance workplace safety and health. “The fact that Sim handed over the country’s ratification of the convention to ILO director-general Gilbert F. Houngbo is a historical moment for Malaysian workers as they can now be assured of a higher standard of workplace safety and health.” Speaking to theSun from Geneva, where he is attending the conference, Syed Hussain said the ratification also underscores Malaysia’s █ BY JOSHUA PURUSHOTMAN [email protected] Selangor health dept launches probe into food poisoning cases SHAH ALAM: The Selangor Health Department is conducting an investigation to identify new cases related to a food poisoning incident involving 30 primary schools at the Gombak district-level “Program Kemahiran Amal Islami” on Saturday. Its director Dr Ummi Kalthom Shamsudin urged anyone affected or involved in the incident who are experiencing symptoms related to food poisoning, to promptly seek treatment at a healthcare facility. “The health department confirms receiving reports on the incident, which resulted in two deaths out of the 247 exposed individuals, with 82 of them reported to experience symptoms related to food poisoning. “Those involved include administrators, teachers, school staff and family members, aged between 19 months and 58 years, with the main symptoms being diarrhoea, stomachache, fever, vomiting and nausea.” Ummi Kalthom said fried vermicelli and sunny-side-up eggs served to teachers and programme administrators by an external food handler are suspected to be the cause of the food poisoning, adding that the appearance and taste of the food had apparently “changed”. She said a total of 28 individuals have received outpatient treatment and no individuals have been admitted. She also said food samples from the day of the incident were sent to the National Public Health Laboratory in Sungai Buloh to identify the cause. She advised programme organisers and the public to be cautious in selecting premises and food suppliers. Ummi Kalthom reminded food handlers to always prioritise food and beverage hygiene and safety to prevent cases of food poisoning. Earlier, police confirmed receiving two reports of deaths, involving a 17-year-old boy and a two-year-old girl, suspected to be due to food poisoning originating from a religious school in Gombak. District police chief ACP Noor Ariffin Mohamad Nasir said the teenager had consumed food brought back by his mother after attending a religious event at the school on Saturday. He said the two-year-old girl had consumed food brought by her father, a security guard at the school on Saturday, adding that she had fever, diarrhoea and was vomiting at around 10.40am on Monday. – Bernama Traders seek help over mussel ban losses JASIN: More than 30 mussel farmers and producers around the waters of Kuala Sebatu are appealing to the Malacca government to take immediate action in assisting them after the enforcement of a ban on the sale and consumption of bivalves since last April. Mussel farmer Hamzah Abu Bakar, 42, said producers in the area had suffered almost 100% losses since the ban, adding that he lost his main source of income as he could no longer market mussels, which was his primary livelihood. “I have not been able to harvest or sell mussels and had stop farming them since the ban. The situation has forced me to return to my previous job of fishing, which yields unpredictable results. If the state government and the Fisheries Department do not help, the situation will worsen.” Jasin Area Fishermen’s Association board chairman Mohd Sah Hashim also expressed concern about the declining income of its members as they had suffered losses amounting to hundreds of thousands of ringgit. He said in the Kuala Sebatu area alone, there were 33 farms operating, either under the association or privately, with a capacity of 500 mussel bunches per farm. “In the past, we sold around 100kg of mussels a week and if we had less, we sourced it from local fishermen. However, in the last few months, we had to do other work and can only earn around RM800 to RM1,000,” he said, adding that the problem, caused by harmful algae detected in the waters off Port Dickson in Negeri Sembilan, led to many farmed mussels dying. “Since we cannot harvest them, the mussels die when they reach maturity, causing significant losses for farmers who previously sold them for RM7 to RM8 per kg.” Meanwhile, State Fisheries Department director Saufi Affandi Talib said they were still conducting weekly sampling. “The levels of the harmful plankton species, Prorocentrum Alexandrium, are still high and bivalves such as mussels, clams and cockles are unsafe to eat. Therefore, the ban on harvesting, distributing, selling and consuming these species remains in effect.” – Bernama commitment to aligning its OSH practices with global standards. He said it reflects the collaboration between the government, employers, unions and international bodies to prioritise the well-being of the workforce. Syed Hussain said MEF has always advocated that employers prioritise the safety and health of workers and raised awareness about the statutory duty of employers under the Occupational Safety and Health Act (Osha) to provide a safe and healthy workplace. He said ratifying the convention is timely and coincides with significant amendments to Osha which, effective June 1, expanded its applicability to all workplaces in the country. “Our obligations under Osha, including the need to implement a workplace safety and health policy under Section 16, will now apply to all workplaces, including public services and statutory authorities.” Syed Hussain said Osha 1994 established the legal framework for Malaysia, with its objectives including securing the safety, health and welfare of workers against risks arising from workplace activities. It also covered promoting an environment that adapted to the physiological and psychological needs of workers and providing a regulatory framework to maintain or improve safety and health standards. He said the OSH (Amendment) Act 2022, which received royal assent on March 4 the same year and came into force on June 1 this year, has introduced substantial changes. “The scope of the Act has now expanded to reinforce the philosophy of self-regulation, in which those working with and creating risks share responsibility for safety and health management.” Syed Hussain urged all OSH practitioners to familiarise themselves with the latest amendments to the OSH Act, which emphasises self-regulation. He said the Act was first introduced in 1967 as the Factories and Machinery Act and later evolved into Osha 1994, which indicates a long history of improving workplace safety through government and self-regulation mechanisms. Syed Hussain said in conjunction with these developments, MEF organised a conference attended by some 200 OSH practitioners to facilitate discussions with various representatives. They included those from the Department of Occupational Safety and Health, Social Security Organisation, ILO specialists, union leaders and safety professionals, who discussed how OSH self-regulation aligns with the new legislative framework. “As the apex employer organisation in Malaysia, MEF is dedicated to promoting the rights and interests of employers and contributing to national responses to global standards outlined in the 1998 ILO Declaration on Fundamental Rights at Work. “Hence, we believe OSH is crucial for business sustainability. “Neglecting it can negatively impact overall business performance since it is not just a legal requirement but a shared responsibility between employers and employees.” Ratification of ILO convention lauded

THURSDAY | JUNE 13, 2024 5 KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has clarified that the detention of two lawyers in relation to an investigation into the misappropriation of funds by a Joint Management Body (JMC) is warranted and being carried out under the MACC Act 2009. During a press conference organised by Lawyers for Liberty (LFL) concerning the investigation, MACC refuted LFL allegations that there was indication of enforcement interference or intention to obstruct the right to legal representation. MACC said it received complaints from residents in Damansara at the end of May alleging that management and maintenance funds collected by the JMC are believed to have been misappropriated. “Initial investigations found grounds to suspect that such misconduct had occurred based on reports related to legal fees by the JMC, which were not fully disclosed. “MACC initiated an operation on June 4 that resulted in the arrest and remand of the suspects for investigation purposes, primarily focusing on offences under the MACC Act 2009 and breach of trust rather than gathering information. “As an enforcement agency, MACC is empowered by Section 31 of the Act, which authorises investigation, search and confiscation. Based on reasonable suspicion of an offence under the Act, an MACC officer may enter any premises, search, seize relevant items and detain individuals. “MACC views the accusations made by the party under investigation as baseless and seemingly intended to disrupt the ongoing investigation. “As the nation’s leading anti-corruption enforcement agency, MACC remains steadfast in its commitment to uphold the integrity of investigations and will not yield to any attempts to obstruct or interfere with the legal process.” – Bernama AGC to oppose bid by Daim and family to unfreeze assets KUALA LUMPUR: The AttorneyGeneral’s Chambers (AGC) will object to a judicial review application filed by former finance minister Tun Daim Zainuddin and his family, who are seeking to set aside a freeze on their bank accounts by the Malaysian Anti-Corruption Commission (MACC). Senior federal counsel (SFC) Shamsul Bolhassan informed the court of the matter during proceedings before High Court Judge Datuk Wan Ahmad Farid Wan Salleh yesterday. SFC Ahmad Hanir Hambaly was also present for the AGC while Daim and his family were represented by Nizamuddin Hamid. The application will be heard on Aug 8 before Judge Datuk Ahmad Kamal Md Shahid. Nizamuddin confirmed the court has issued a protection order that prohibits sensitive information about the bank accounts from being disclosed to the public. On June 6, Daim and his family filed an application seeking an order to revoke the seizure of their assets under Section 50 of the Anti-Money oApplicants seek to set aside MACC seizure of bank accounts and declaration to nullify all actions by four listed respondents Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The applicants include Daim, his wife Toh Puan Na’imah Abdul Khalid and their four children Asnida, Wira Dani, Muhammed Amir and Muhammed Amin. Eighteen companies are also named as applicants, namely Aad Equity Sdn Bhd, Yayasan Haji Zainuddin, Ilham Baru Sdn Bhd, Anchor Point Sdn Bhd, Kangkung Catering Sdn Bhd, Adrihaniz Sdn Bhd, Syarikat Maluri Sdn Bhd, Amiraz Sdn Bhd, Ridana Sdn Bhd, Daan Sdn Bhd, Maya Seni Holdings Sdn Bhd, Magical Zone Sdn Bhd, Permatang Maju (M) Sdn Bhd, Brainstorms Sdn Bhd, Arida Farms Sdn Bhd, Gajah3 Resource Centre Sdn Bhd, Ilham Tower Sdn Bhd and Selidik Jaya Sdn Bhd. Four killed after car crashes into stalled trailer BATU PAHAT: Four people were killed after a vehicle they were travelling in rammed into the rear of a stalled trailer at Km123.8 of the North-South Expressway (PLUS) near Pagoh-Yong Peng on Tuesday night. District acting police chief Supt Shahrulanuar Mushaddat Abdullah said the crash occured at 9.15pm when the trailer, which was heading from Semenyih in Selangor to Kulai in Johor, broke down in the middle of the road. He said while the 47-year-old driver was seeking assistance to move his vehicle, a car driven by a 26-year-old man with three Vietnamese women passengers, aged between 19 and 32, rammed into it. “The car driver and two passengers sustained severe head injuries and were pronounced dead at the scene. “Another passenger died at the Sultanah Nora Ismail Hospital. The trailer driver was unharmed.” – Bernama All applicants named MACC Money Laundering and Asset Forfeiture Division assistant superintendent Haris Fadhila Sukaime, MACC Anti-Money Laundering Prevention Division director Datuk Mohamad Zamri Zainul Abidin, MACC chief commissioner Tan Sri Azam Baki, MACC, Prime Minister Datuk Seri Anwar Ibrahim and the government as first to sixth respondents. They are also seeking a declaration that all actions and decisions taken by the first to fourth respondents are invalid and void, Bernama reported. On March 4, an initial judicial review application filed by Daim and his family regarding an MACC investigation on them was struck by the High Court on the grounds that the applicants failed to prove malicious intent by the MACC officers conducting the investigation. Singaporeans charged with trafficking 58kg of drugs JOHOR BAHRU: Two Singaporean men were charged in the Magistrate’s Court here yesterday with trafficking 58.6kg of MDMA on May 29. The charges against Tan Xiao Wei, 49, and Ee Choong Kiat, 36, were read in Mandarin before Magistrate R. Salini. No plea was recorded as the case falls under High Court jurisdiction. They were jointly accused of trafficking the drugs in Jalan Anjung 8/1 at Taman Horizon Hills, Iskandar Puteri at 10.30pm. Tan faced four additional charges of trafficking and two counts of possessing other drugs weighing 13.8kg at a condominium in Jalan Mutiara 7 at 6.35pm. Ee was also charged with one count each of trafficking and possessing 100.4g of MDMA and ketamine at an apartment in Persiaran Bumi Hijau, Taman Molek at 3.40pm. The charges for trafficking were framed under Section 39B(1) of the Dangerous Drugs Act 1952, which carries the death penalty or life imprisonment with no less than 15 strokes of the cane. The charges for possession were framed under Section 12(2) of the Dangerous Drugs Act 1952, which carries a fine not exceeding RM100,000, up to five years’ jail, or both. The court set Aug 14 for case remention for submission of the chemist’s report. DPP Nur Ameerah Allaudeen appeared for the prosecution while Nur Afiqah Hambali represented both accused. – Bernama Sabah Customs seize RM2.74m of illegal beer KOTA KINABALU: The Sabah Customs Department has confiscated six containers of beer worth more than RM2.74 million believed to have been smuggled in from neighbouring countries through the Sepanggar Port on May 10. State Zone Customs assistant director-general Datuk Mohd Nasir Deraman said the seizure was made at 9am when a team inspected 20 containers at the port because they suspected goods were being smuggled in using the containers. “The inspection revealed that six containers held beer of various brands totalling 149,825 litres. “The estimated value of the price is RM484,788 and the estimated duty and tax involved amounts to RM2,254,476,” he said at a press conference here yesterday. He said the modus operandi of the smuggling syndicate is to falsify information by declaring the goods as other items, such as lamps, keys and fishing nets. Mohd Nasir added that the investigation was focused on a shipping agent because the goods declared in the container were different and did not comply with outlined rules. He said the case is being investigated under sections 52 and 135 (1) (a) of the Customs Act 1967. – Bernama The wreckage of the car driven by a 26-year-old man after crashing into the rear of a trailer that broke down in the middle of the road. – BERNAMAPIC Arrest of lawyers justified in embezzlement case: MACC

THURSDAY | JUNE 13, 2024 6 Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge 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) Whatsapp No: +6018-292 9936 Post: P.O. 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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 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free *Special ofier for June 2024 only Exhibition in honour of 50th anniversary of M’sia-China ties KUALA LUMPUR: In just three years, a group of artists successfully brought to life a diorama of the atmosphere and daily life of 15th-century Malacca with such intricate details that it leaves viewers in awe. The 13m long artwork depicts the golden age of the Malacca Sultanate and features more than 700 miniatures of a multicultural society, complete with detailed traditional clothing and cultural attire. It also includes replicas of palaces, houses and transport systems using animals such as elephants and oxen. Even more fascinating, the diorama includes several replica ships, similar to those used by traders from China and Malacca, showcasing the trading relationship between the Malacca Sultanate and China that began in the 15th century, during the height of Malacca’s prominence as the most important port in the region. Upon close examination, the static diorama reveals countless stories and narratives, engaging the mind to imagine the true essence of that era, Bernama reported. WCO Art and Culture Gallery founder Foo Loke Kee said the diorama is one of the artworks featured in the Malaysia-China Diplomatic Relations Miniature Exhibition, held in conjunction with the 50th anniversary of diplomatic relations between the two countries. He said producing the diorama required extensive references and research, combined with the expertise, talent and creativity of fine and miniature artists from various backgrounds and ethnicities. “The craftsmen come from diverse backgrounds and possess unique skills. Malay and Chinese artisans worked together on this project. The palace, houses and ships were crafted by carpenter Mohd Zain Abd Aziz, the miniature figures by Foo and Awang at the main display area of the exhibition at Galeri Seni dan Budaya WCO in Selangor. – BERNAMAPIC oMain diorama display of trade during Malacca Sultanate features 700 miniatures that include ships, palaces and transport systems Helen Chua and other miniatures by Lai Pui Sun. “This diorama also highlights the trading activities between merchants from China and Malacca, providing an illustration of the economic relationship established with the Great Wall nation since the 15th century,” he said. The exhibition, which started on May 31 and ends on June 30, is being held at the Galeri Seni dan Budaya WCO in Persiaran You City, Selangor. Admission is free. Foo said there are four ship replicas – a 15th-century Galleass, the Baochuan (treasure ship), a Chinese Junk and a Chinese Tongkang – adding that the models illustrate maritime activities and trade with China in the waters and the Straits of Malacca. Member of the Senate Datuk Seri Dr Awang Seriyan said the miniature exhibition symbolises the close relationship between Malaysia and China over five decades, adding that it not only showcases the history of cooperation and achievements of the two countries but also highlights to the public the importance of this diplomatic relationship. “This exhibition portrays significant moments in bilateral relations, economy, trade and cultural exchanges that have taken place with China since the 15th century. “We also hope this exhibition would serve as a medium to strengthen the understanding and friendship between the people of the two countries, especially as we celebrate the 50th anniversary of diplomatic relations between our nations,” he said. He also expressed hope the government would build a dedicated facility to house miniature artworks, offering them as a tourism product that could generate revenue.

THURSDAY | JUNE 13, 2024 7 HK uses new security law against exiled activists HONG KONG: The city-state’s Security Bureau said yesterday it would use powers in a new national security law against six self-exiled activists residing in Britain, including cancelling their passports, after they fled the China-ruled city. The six are Nathan Law, Christopher Mung Siu-tat, Finn Lau, Simon Cheng, Johnny Fok Ka-chi and Tony Choi Ming-da. City authorities put them on a wanted list last year. “These lawless wanted criminals are hiding in the United Kingdom and continue to blatantly engage in activities that endanger national security,” the bureau said in a statement. “They continue to collude with external forces to protect their evil deeds. We therefore have taken such oMove includes cancelling passports Thai courts to hear politically sensitive cases next week BANGKOK: Thai courts will convene to hear three politically charged cases next week, including one that could lead to the prime minister’s dismissal, increasing the prospect of more government instability. The Constitutional Court said in a statement yesterday it would hear a case against Prime Minister Srettha Thavisin on June 18. It stems from a complaint by 40 military appointed senators in May, who alleged that he breached the constitution by making a Cabinet appointment. The court also said it would hold a hearing next Tuesday in a case brought by the election commission that is seeking to disband the Move Forward Party. The party was the surprise winner of last year’s general election, but failed to form a government after it was blocked by the conservativeroyalist establishment. The court has yet to set a date for the verdicts in both cases. In the third case, former premier Thaksin Shinawatra – who returned to Thailand last August after 15 years of self-imposed exile – is scheduled to be formally indicted in a criminal court on Tuesday for allegedly insulting the royalty and a computer crime. The court cases have ramped up political uncertainty in Southeast Asia’s second-largest economy and roiled its markets. Srettha, Thaksin and the Move Forward Party deny any wrongdoing. A government spokesperson declined to comment on the court proceedings. Thailand’s politics has been defined for decades by a struggle between the powerful conservative, royalist camp and their rivals, which initially centred around Thaksin and his political parties but now also includes Move Forward. A real estate tycoon, Srettha entered politics with the Thaksinbacked Pheu Thai party and has struggled to implement election promises, including firing up the country’s laggard economy and a cash handout scheme for 50 million Thais. Deputy Prime Minister Phumtham Wechayachai told reporters on Tuesday that Srettha continues to work in “full capacity”. “There is no problem at all,” he said. The Move Forward party is also under scrutiny from the same court that is considering Srettha’s case for a campaign to reform the country’s royal insult, or lese-majeste, law. The law, which protects the monarchy from insult and defamation, carries a punishment of up to 15 years jail for each perceived offence. It has been applied to prosecute over 270 people since 2020, according to a legal aid group. Move Forward won massive youth support with its lively progressive agenda that was amplified by a sophisticated social media campaign, brushing aside military-backed parties in the 2023 polls and securing 30% of the seats in the lower house. If it is found in breach of the constitution, the party could be dissolved and its executives banned from politics for a decade. In January, the Constitutional Court ruled in an earlier case that Move Forward’s plan to amend lese-majeste laws was a hidden effort to undermine the monarchy. The court ordered the party to stop its campaign, which Move Forward did. – Reuters Gunman killed, seven wounded in Kashmir clashes SRINAGAR: A gunman was killed and seven security personnel were wounded in clashes in Indianadministered Kashmir, police said yesterday. The first incident occurred on Tuesday night in Hiranagar, a village near the frontier with Pakistan which, like India, claims the Himalayan region in full. Security forces rushed to the border village and killed a man in the gunfight. Police said he had crossed over from Pakistan. “This appears to be a fresh infiltration in which one terrorist was killed and the search for one more is ongoing,” said Anand Jain, a senior police officer. Hours later, gunmen lobbed grenades and fired at a checkpoint in the remote Doda area 100km to the north, leaving six soldiers and a police officer wounded. Six of the wounded were transported to hospital for treatment, said police senior superintendent Javaid Iqbal. “A search operation is on in the forest area,” he said. The incidents came days after a gunman opened fire on a bus full of pilgrims returning from a Hindu shrine in the southern Kashmir district of Reasi, leaving nine dead and dozens wounded. Survivors at a hospital said the attacker continued firing on the bus for several minutes after it tumbled down into a ravine. Army special forces and police have launched a manhunt in a vast forested area and released a sketch of the attacker, announcing a reward of US$24,000 (RM113,194) for information. – AFP HAPPY DAYS ... Female giant panda Xiang Xiang, born in Japan on June 12, 2017, celebrating her seventh birthday at the China Conservation and Research Centre for the Giant Panda in Ya’an, China yesterday. – AFPPIC B R I E F SCHINA HIT BY SEARING HEAT BEIJING: Temperatures are hitting record highs in parts of north and central China this week while a severe drought in the east is also threatening crops, as regions brace for another summer of extreme weather. China is facing several days of scorching heat, with temperatures set to reach 42° C in northern Hebei province, the state weather forecaster said. The National Meteorological Centre (NMC) also warned of the impact of soaring temperatures on energy supplies, crop production and people’s health. China has experienced unusually warm weather for much of the year, with average temperatures from March to May at their highest since records began in 1961, according to official data. More than 20 weather stations in northern Hebei and eastern Shandong provinces logged record high seasonal temperatures during the first 10 days of June, NMC said earlier this week. – Reuters NORTH KOREA’S KIM HAILS RUSSIA TIES SEOUL: North Korean leader Kim Jong Un yesterday hailed his country’s ties with Russia, saying the two nations were “invincible comrades-in-arms”, amid reports President Vladimir Putin will visit Pyongyang. South Korea’s Yonhap news agency reported the visit could take place “as early as next week”, as part of a tour that would also include Vietnam. Ties between North Korea and Russia have “developed into an unbreakable relationship of comrades-in-arms”, Kim wrote in a message to Putin carried in the Korean Central News Agency yesterday. Their “meaningful” ties will “further consolidate the eternal milestone” in the new era, Kim said. Yonhap said satellite images showed possible signs of a “large structure” being installed in Pyongyang’s Kim Il Sung Square. Such activity has previously been observed when North Korea was preparing for large-scale events such as military parades or visits by high-ranking foreign figures. – AFP measures to give them a strong blow,” it said, noting that the moves involved exercising powers in a new set of national security laws known as Article 23, which were enacted in March. Hong Kong authorities have outlawed more than a dozen overseas activists based in the United States, Britain and other countries. A bounty of HK$1 million (RM603,833) for information on the activists was also offered. The new measures for the six in Britain prohibits providing them with funds and cancels their business dealings in Hong Kong. The new security Bill includes punishments for offences including treason, sabotage and sedition. Security chief Chris Tang called the measures against the activists “a necessary action”. Tang said all six have been harboured in Britain and continue to collude with external forces to engage in activities that endanger the national security of Hong Kong and China. He also criticised British politicians, organisations and media outlets for “deliberately discrediting” the Hong Kong government. When asked whether cancelling the activists’ passports violated their rights of freedom of movement guaranteed in the International Covenant on Civil and Political Rights, Tang said “there are exceptions because of national security grounds, and this is not just applicable to Hong Kong but applied to all civilised society”. The Article 23 laws come on top of a sweeping China-imposed national security law in 2020 that has been used to jail pro-democracy activists, as well as shutter liberal media outlets and civil society groups. Crimes such as subversion, collusion with external forces, sedition, theft of state secrets and espionage now carry jail terms of several years to life. The United States, Britain and Australia, where some of these activists are based, have criticised the national security laws as a tool to silence dissent. Hong Kong and Chinese authorities, however, say the laws are necessary and have restored stability since mass pro-democracy protests in 2019. Hong Kong returned from British to Chinese rule in 1997 with the promise that its freedoms, including freedom of speech, would be protected under a “one country, two systems” formula. Critics of the 2020 law say those freedoms have eroded. Law said on Facebook that he had given up his Hong Kong passport when applying for asylum in the United Kingdom in 2020 and that the latest measures were “redundant”. Lau said he has neither applied for nor owned a Hong Kong passport, while calling the moves “an explicit act of transnational repression”. – Reuters

THURSDAY | JUNE 13, 2024 8 @thesundaily FOLLOW ON Malaysian Paper INSTAGRAM Celine Dion resolves to perform again NEW YORK: Celine Dion is determined to return to singing onstage despite suffering from a rare neurological condition – “even if I have to crawl”, she said in a candid new interview. In the sit-down with US network NBC, Dion, 56, said that although she has been suffering from Stiff Person Syndrome – which causes stiff muscles in the torso, arms and legs, and can trigger severe spasms – she will do everything in her power to perform again. “I’m going to go back onstage, even if I have to crawl. Even if I have to talk with my hands, I will. I will,” Dion said. The interview came out ahead of the release of her documentary I Am: Celine Dion, which is set for release on June 25. “I am Celine Dion, because today my voice will be heard for the first time, not just because I have to, or because I need to. It’s because I want to and I miss it,” said the Grammy-winning singer behind hits including My Heart Will Go On. Dion first disclosed in December 2022 that she had been diagnosed with Stiff Person Syndrome, an autoimmune disorder. There is no cure for Stiff Person Syndrome, which is progressive, but treatment can help control symptoms. According to the US National Institutes of Health, the condition affects twice as many women as men. “It’s like somebody is strangling you,” she said, saying the pain can course through her entire body, and that the spasms have at times caused broken ribs. Dion was forced to cancel a string of shows scheduled for 2023 and 2024, saying she was not strong enough to tour. She made a surprise appearance earlier this year at the Grammy Awards, presenting the Album of the Year award to Taylor Swift. Dion has sold more than 250 million albums during her decades-long career. – AFP B R I E F SSOUTH AFRICA PARTY SEEKS TO BLOCK PARLIAMENT JOHANNESBURG: Former South African president Jacob Zuma’s uMkhonto we Sizwe (MK) party has applied to the country’s top court to block the newly elected parliament from sitting this week on the grounds that the May 29 vote was marred by fraud. The National Assembly is due to convene tomorrow for lawmakers to swear the oath of office and elect their speaker, deputy speaker and the country’s president. The African National Congress, which has been in power since the end of apartheid in 1994, lost its majority but remains the biggest party, and is now negotiating with other parties with diametrically opposed policy aspirations. MK came a surprisingly strong third, winning 14.6% of the vote which translates into 58 seats in the 400-seat chamber, but despite its success it has alleged voterigging took place. – Reuters EX-POP SINGER TO PAY SEX ABUSE VICTIM £500,000 LONDON: Former British pop singer Gary Glitter was ordered to pay a woman he sexually abused as a child more than £500,000 (RM3 million) in damages. The 80- year-old, whose real name is Paul Gadd, shot to fame in the 1970s as a “glam-rock” star before he was repeatedly convicted and jailed for child sex crimes. Gadd was sentenced to 16 years in prison in 2015 after being found guilty of indecently assaulting three girls in the 1970s. One victim, who said she was 12 when Gadd raped her, sued the singer at London’s High Court for damages. Judge Amanda Tipples on Tuesday awarded the woman £508,800 in damages after a hearing in March at which Gadd was not present or represented by lawyers. The damages awarded to the woman, who is now 60 years old and cannot be named, included £381,000 for loss of earnings. – Reuters ‘No sitting Canadian MPs committed treason’ OTTAWA: No sitting MPs knowingly betrayed Canada but a former lawmaker shared secrets with foreign intelligence, an opposition leader said on Tuesday after reviewing a sensitive report that accused lawmakers of treason. Legislators passed a motion to expand a public inquiry into foreign interference in Canada’s 2019 and 2021 elections to scrutinise the treason claim too. The inquiry led by Justice Marie-Josee Hogue was launched last September following leaks that claimed other countries sought to subvert Canada’s democratic process. A heavily redacted version of a national security committee report released last week further rocked Ottawa with allegations that some lawmakers had secretly worked with foreign governments. “There is no list of MPs who have shown disloyalty to Canada,” said Green Party coleader Elizabeth May at a news conference, after being granted a security clearance to access the report. “Having read the full unredacted National Security Intelligence Committee of Parliamentarians report for myself, I can say I have no worries about anyone in the house.” There were some MPs cited in the report – “fewer than a handful” – she added, that were possibly “unwitting” participants in foreign interference schemes. She said none of them “could be described as setting out to knowingly betray Canada in favour of a foreign government”. She did highlight, however, a “worrying case” involving an unnamed former MP who was accused of having proactively shared privileged information with a foreign intelligence officer during a trip abroad. “That person should be fully investigated and prosecuted,” she said. May is the first opposition leader to have been granted a security clearance to read the unredacted version of the report. Last month, a Foreign Interference Commission concluded in its first progress report that foreign interference had occurred in the 2019 and 2021 elections. She highlighted two mechanisms of interference – disinformation and financial support – which included bribery, blackmail, cyberattacks and spreading false messages through social media and mass media. But this did not impact the outcome of those elections, she said. Her final report is expected in December. – AFP Biden’s son convicted on all charges in gun case WILMINGTON: A jury found Hunter Biden guilty on Tuesday of federal gun charges in a historic first criminal prosecution of the child of a sitting US president. The 54-year-old son of President Joe Biden was convicted on all three of the felony counts stemming from his 2018 purchase of a handgun while addicted to crack cocaine. The verdict comes as his father is seeking reelection, and the Democratic president changed his schedule to fly to Wilmington, Delaware, the family hometown where the trial was held. Hunter Biden was waiting on the tarmac when Marine One landed at Delaware Air National Guard Base and he was given a warm hug by his 81-year-old father before they left in a motorcade. The president expressed his “love and oSentencing expected in next few months support” for his son in a statement released immediately after the conviction. “I am the president, but I am also a dad,” Biden said. “So many families who have had loved ones battle addiction understand the feeling of pride seeing someone you love come out the other side and be so strong and resilient in recovery. “I will accept the outcome of this case and will continue to respect the judicial process as Hunter considers an appeal.” The 12-member jury deliberated for about three hours over two days before reaching a verdict. Hunter Biden did not take the stand during the one-week trial, which First Lady Jill Biden attended several days. He could face up to 25 years in prison, although as a first-time offender jail time is unlikely. A date was not set for sentencing but it is expected to take place in the next few months. Special counsel David Weiss, who brought the case against Hunter Biden, said: “No one in this country is above the law. Everyone must be accountable for their actions, even this defendant.” Weiss said the case was “not just about addiction”. “This case was about the illegal choices the defendant made while in the throes of addiction, his choice to lie on a government form when he bought a gun, and the choice to then possess that gun,” Weiss said. The trial outcome comes less than two weeks after the conviction on business fraud charges of Donald Trump, Joe Biden’s likely Republican opponent in the November presidential election. The proceedings, along with another case in which Hunter Biden faces tax evasion charges in California, have complicated Democrats’ efforts to keep the election focus on Trump, the first former president convicted of a crime. In addition to being a political distraction, Hunter Biden’s legal woes have reopened painful emotional wounds for the family from his time as a drug addict. – AFP BACK TO CIVILIAN LIFE ... K-pop megastar Jin from BTS leaving a military base in Yeoncheon yesterday after completing South Korea’s mandatory national service. – REUTERSPIC

THURSDAY | JUNE 13, 2024 9 Israel, Sudan rivals added to blacklist for killing children NEW YORK: UN Secretary-General Antonio Guterres on Tuesday named and shamed Israel’s armed forces, Palestinian groups and Sudan’s warring parties for killing and maiming children in 2023, adding them to an annual global list of offenders for violations against children. In a report to the UN Security Council Guterres called out the armed forces of Israel and Sudan for attacking schools and hospitals and Hamas and Islamic Jihad for abducting children. The paramilitary Rapid Support Forces, who have been fighting the Sudanese armed forces since April last year, was also named for recruiting and using children, committing rape and other sexual violence and attacking schools and hospitals. The report, compiled by Guterres’ envoy for children and armed conflict Virginia Gamba, covers six grave violations – killing and maiming, sexual violence, abduction, recruitment and use, denial of aid and attacks of schools and hospitals. The list attached to the report aims to shame parties to conflicts in the hope of pushing them to implement measures to protect children. It only reports on violations verified by the United Nations. “In 2023, violence against children in armed conflict reached exreme levels, with a shocking 21% increase in grave violations,” the report read. “The number of instances of killing and maiming increased by a staggering 35%.” “The highest numbers of grave violations were verified in Israel and the Occupied Palestinian Territory, the Democratic Republic of Congo, Myanmar, Somalia, Nigeria and Sudan,” found the report, describing verification as “extremely challenging”. Russia’s armed forces and affiliated groups stayed on the list, after being added last year, for attacking schools and hospitals. Russia’s UN mission did not immediately respond to a request for comment. Israel’s UN envoy Gilad Erdan said he had been notified that Israel’s military had been added to the list, describing the decision as “shameful”. – Reuters B R I E F SU.S. THANKS PRABOWO FOR ASSISTANCE SWEIMEH: US Secretary of State Antony Blinken thanked Indonesia’s incoming president, Prabowo Subianto, for offering assistance in Gaza at an aid conference in Jordan. Prabowo said Indonesia was ready to send medical teams, a field hospital and a hospital ship. He also said Indonesia would evacuate 1,000 people for medical treatment, as well as children who have lost their parents or suffer other trauma, and help them return to Gaza after the war is over. “Although we are willing to contribute to all these efforts, the final solution is a two-state solution,” he said. “Only with Palestine and Israel living side by side in security and safety can we resolve this problem.” He pledged to send peacekeeping forces if a UN-backed ceasefire is in place. – AFP TWO INDIAN NATIONALS KILLED IN UKRAINE NEW DELHI: Two Indian nationals recruited by the Russian army were recently killed in the war between Russia and Ukraine. The Indian embassy in Moscow has pressed Russian authorities for prompt repatriation of the remains. The Indian Foreign Ministry urged the Russian ambassador in New Delhi and authorities in Moscow to return all Indian nationals with the Russian army. India demanded that there be a verified stop to further recruitment of its nationals by the Russian army, urging Indian nationals to exercise caution when seeking employment in Russia. Indian police in May arrested four people linked to a network of human traffickers on suspicion of luring young men to Russia. – Reuters Gaza killings crime against humanity, says UN inquiry GENEVA: Both Israel and Hamas committed war crimes in the early stages of the Gaza war, a UN inquiry found yesterday, saying that Israel’s actions also constituted crimes against humanity. The findings were from two parallel reports, one focusing on the Oct 7 attacks and another on Israel’s military response, published by the UN Commission of Inquiry (COI), which has an unusually broad mandate to collect evidence and identify perpetrators of international crimes committed in Israel and the occupied Palestinian territories. Israel does not cooperate with the commission, which it says has an anti-Israel bias. The COI says Israel obstructs its work and prevented investigators from accessing Israel and the occupied Palestinian territories. Israel’s diplomatic mission to the UN in Geneva rejected the findings. Hamas did not immediately respond to a request for comment. By Israel’s count more than 1,200 people were killed and 250 taken hostage in the Oct 7 oBoth sides to blame, parallel reports find cross-border attacks that sparked a military retaliation in Gaza that has since killed over 37,000 people, by Palestinian tallies. The reports, which cover the conflict through to end-December, found that both sides committed war crimes including torture; murder or wilful killing; outrages upon personal dignity; and cruel treatment. Israel also committed additional war crimes including starvation as a method of warfare, it said, saying Israel not only failed to provide essential supplies like food, water, shelter and medicine to Gazans but “acted to prevent their supply by anyone else”. Some of the war crimes such as murder also constituted crimes against humanity by Israel, the COI statement said, using a term reserved for the most serious international crimes knowingly committed as part of a widespread or systematic attack against civilians. “The immense numbers of civilian casualties in Gaza and widespread destruction of civilian objects and infrastructure were the inevitable result of a strategy undertaken with intent to cause maximum damage, disregarding the principles of distinction, proportionality and adequate precautions,” the COI statement said. Sometimes, the evidence gathered by such Fighting rages as mediators study Hamas reply GAZA: Deadly fighting rocked Gaza yesterday as US top diplomat Antony Blinken on a Middle East tour pushed for an elusive truce and hostage release deal to end the war raging since Oct 7. US Secretary of State Blinken arrived in Qatar to promote a ceasefire deal outlined by President Joe Biden on May 31. US, Qatari and Egyptian mediators were studying a reply Hamas issued late Tuesday, but there was no news of a breakthrough as Hamas has insisted on a complete end to the war, a demand rejected by Israel. Hamas and their allies Islamic Jihad said that their response calls for “a complete halt to the aggression on Gaza”. Hamas proposed amendments including a ceasefire timeline and the complete withdrawal of Israeli troops from Gaza, said a source familiar with the talks. As the Gaza war has raged for more than eight months, claiming a spiralling civilian death toll in the besieged territory, deadly violence has also flared along Israel’s northern border with Lebanon. An Israeli strike on Tuesday killed Hezbollah commander Taleb Sami Abdallah, also known as Abu Taleb and described by a Lebanese military source as the group’s “most important” fighter killed in the war so far. Air raid sirens blared across northern Israel yesterday as three waves of about 160 rockets and missiles filled the sky. Several were intercepted by Israeli air defences while others struck inside northern Israel sparking fires, the military said, reporting no casualties. Israel’s military also kept its bombardment and ground operations inside Gaza, where a pre-dawn air strike killed seven people in a family house in Gaza City. Further south, a child was killed and several wounded in an Israeli bombardment targeting a house in Rafah. Air strikes and shelling also hit the city of Khan Younis. The Israeli military said that “over the past day the troops eliminated terrorist cells” in Rafah, and that the air force struck “over 30 terror targets throughout the Gaza Strip”. The devastating war has sparked a global outcry and demands for Israel to end it, with the UN Security Council and major world and Arab powers voicing support for the proposed ceasefire. “The horror must stop,” UN chief Antonio Guterres told an aid conference in Jordan on Tuesday. – AFP Palestinians collect water near buildings destroyed in the Israeli bombardment of Khan Younis on Monday. – AFPPIC UN-mandated bodies has formed the basis for war crimes prosecutions and could be drawn on by the International Criminal Court. The COI’s findings are based on interviews with victims and witnesses, hundreds of submissions, satellite imagery, medical reports and verified open-source information. Among the findings in the 59-page report on the Oct 7 attacks, the commission verified four incidents of mass killings in public shelters which it said suggests gunmen had “standing operational instructions”. It also identified “a pattern of sexual violence” by Palestinian armed groups but could not independently verify reports of rape. The longer 126-page Gaza report said Israel’s use of weapons such as MK84 guided bombs with a large destructive capacity in urban areas were incompatible with international humanitarian law “as they cannot adequately or accurately discriminate between the intended military targets and civilian objects”. It also said Palestinian men and boys were subject to the crime against humanity of gender persecution, citing cases where victims were forced to strip naked in public in moves “intended to inflict severe humiliation”. The findings will be discussed by the UN Human Rights Council in Geneva next week. – Reuters

10 THURSDAY | JUNE 13, 2024 READ OUR HERE /thesun Malaysian Paper Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Recognising achievements, dedication of journalists J OURNALISTS are the pillars of information, providing the public with accurate, timely and relevant news. We must always remember the significance of journalistic integrity, the impact of language and the persistent challenges faced by the media worldwide, including misinformation, press freedom and the dangers journalists encounter in conflict zones. Language is the bedrock of journalism, and its power cannot be understated. In our multicultural and multilingual country, journalists must navigate and utilise the rich tapestry of languages to convey news accurately and inclusively. As a civil servant, I see firsthand how crucial it is for journalists to master language, enabling them to report with clarity, nuance and sensitivity. This ensures that diverse voices and perspectives are represented, fostering understanding and unity within our society. One of the most pressing challenges in today’s media landscape is the proliferation of misinformation. Fake news and misleading information can spread rapidly, causing confusion and eroding public trust. Journalists play a crucial role in combatting misinformation by adhering to rigorous standards of verification and fact-checking. By using precise, clear and accurate language, journalists can dispel rumours and provide context that helps the public understand complex issues. Additionally, multilingual reporting can bridge information gaps, ensuring non-dominant language speakers can access reliable information. It is important to acknowledge the efforts of journalists who strive to maintain the integrity of information and to emphasise the importance of media literacy among the public to discern credible sources from dubious ones. Freedom of the press is the cornerstone of a democratic society, allowing journalists to report without fear of censorship or retribution. In Malaysia, strides have been made to uphold this freedom, with the government playing a crucial role in fostering an environment that supports media independence. accountability, facilitating public communication, highlighting public concerns, supporting crisis management and encouraging civic participation. Furthermore, journalists act as intermediaries between the government and the public. Through their reporting, they help disseminate government policies, programmes and initiatives, ensuring the public is well-informed and can engage with these policies effectively. Journalists also bring to light the issues and concerns of the public, providing a platform for voices that may otherwise go unheard. This feedback is invaluable for the government to understand and address the needs and aspirations of the people. During crises, such as natural disasters or health emergencies like the Covid-19 pandemic, journalists played a critical role in relaying important information swiftly and accurately. Their work helped to manage public expectations. They also provided essential updates that saved lives. By covering electoral processes, political debates and civic issues, journalists encourage public participation in the democratic process. They help to educate voters and ensure that elections are conducted fairly and transparently. Malaysia’s National Journalist Day, or Hawana, is celebrated on May 29 to honour the invaluable contributions of journalists to our society. It is a day for reflection and commitment, recognising their achievements, acknowledging the challenges they have faced and honouring those who have made sacrifices. It is also a time to reaffirm our dedication to the principles of free and fair journalism, the fight against misinformation and the protection of journalists everywhere. The writer is a training consultant at the Communication and Language Studies Centre at the National Institute of Public Administration. Comments: [email protected] “By informing the public, holding power to account and fostering informed discourse, journalists contribute to the development of a more just and equitable society. The conflict in Gaza has seen numerous journalists lose their lives while trying to bring truth to light. – REUTERSPIC COMMENT by Nur Farah Idayu Saadon However, challenges remain, and the government and society must work together to ensure journalists can operate freely and safely. Maintaining transparency and accountability is vital. We must continuously reaffirm our commitment to protecting press freedom. This includes supporting government initiatives and policies that safeguard journalists and creating an environment where they can work without intimidation or harm. As we appreciate the contributions of journalists, we must also remember those who have paid the ultimate price in the line of duty. The conflict in the Middle East has seen numerous journalists lose their lives while trying to bring the truth to light. These journalists exemplify courage and dedication, often working in unsafe conditions to report on critical issues. Their sacrifice highlights the inherent risks of the profession and the importance of safeguarding those who undertake it. The international community must recognise and condemn the targeting of journalists in conflict zones. Measures should be taken to ensure their protection, and hold those responsible for their harm accountable. We should honour the memory of these brave individuals and call for stronger protections for journalists worldwide. Journalism is not just about reporting the news, it is about shaping the future. By informing the public, holding power to account and fostering informed discourse, journalists contribute to the development of a more just and equitable society. The essential role of journalism in our democracy cannot be overstated. Journalists have significantly contributed to the government by promoting transparency and

11 THURSDAY | JUNE 13, 2024 Woo senior citizens to travel with discounts I AM in my late 60’s and I am blessed to be still able to travel independently within the country. My wife abhors travelling so I pack my bags and do my own “Cuti-Cuti Malaysia”. I drive to certain places in my old faithful-Gen2 or travel by the Electric Train Service, and sometimes I fly. Being a senior citizen, the ETS offers a 50% discount on tickets, which is a treat for travel buffs in my age group. Hopefully, KTMB (Keretapi Tanah Melayu Berhad) will offer senior citizens a better deal for their business-class seats. At present, KTMB gives a 20% discount on business class tickets for senior citizens. Local airline providers do not offer any discounts for senior citizens on flight tickets be they local or international. I hope the local airlines will offer discounts for senior citizens to local destinations during off-peak seasons. This will encourage more seniors to travel within the country, especially to Sarawak, Sabah and Labuan, boosting the economy. Most tourist attractions in the country offer discounts on their entrance tickets for seniors. Some tourist spots do not have such discounts, and these should be streamlined. Recently, I visited the Sekinchan Rice Mill gallery in Selangor and there was no senior citizen ticket concession. I had to fork out RM15 for the ticket. Being listed under the Tourism Board, the Sekinchan Rice Mill should have senior citizen concessions. Last month, I took a ferry to Pulau Ketam, off Port Kelang, and was charged RM20 for a return fare. The ferry operator had never heard of a senior citizen concession. I have noticed that some tourist spots offer exclusive lanes for senior citizens. For example, the Penang Funicular Train has a special lane allowing seniors to board first. This thoughtful consideration greatly benefits seniors. Sightseeing and touring popular tourist spots often involve hotel accommodations, which are fundamental to the tourism industry. Unfortunately, hotels typically do not offer concession rates for seniors. Since this constitutes the bulk of travel expenses, many senior citizens choose not to travel. During my time in the civil service, some hotels used to offer concession rates for government servants, which were cheaper than the rack rates. I am not sure if this still applies to government servants today. Hopefully, hotels and resorts will offer concession rates for seniors during off-peak seasons. This will encourage more seniors to travel within the country and make “Cuti-Cuti Malaysia” truly meaningful for all age groups. These days, I only see the young and vibrant travelling to holiday destinations because they have the energy, resources and passion. Entrance tickets to tourist spots often offer discounts for senior citizens. Now, we need to extend concessions to the aspects of “getting there” and “staying there” as well. Samuel Yesuiah Seremban Penang LRT study thoroughly analysed OVER the years, the Penang State Government has reviewed various old and new public transport systems, including the Light Rail Transit (LRT), Bus Rapid Transit (BRT), Autonomous Rail Rapid Transit (ART) and on-ground trams. After assessing costs, infrastructure, commuter habits, system features, models from other cities and expert analysis, the government opted for an elevated system as the backbone of Penang’s public transport network, supported by feeder buses. Despite the state government’s repeated explanations for its decision, there is still a chorus of pseudoexperts who are adamant with their debunked opinions. Let me reiterate five reasons why the state government is all aboard the elevated LRT system. Moves more passengers in shorter time In contrast to on-ground modes of public transport such as buses, trams and ART which contend with traffic congestion, the elevated transit operates seamlessly above the fray, unimpeded by road bottlenecks. Buses, trams or ART moving on dedicated lanes can still be slowed down by traffic lights, accidents and congestion. These systems lack the key advantage of the LRT: a segregated track that bypasses traffic entirely. Adding extra carriages to trams or ART to increase its ridership capacity will heighten the difficulty of manoeuvring through congested roads. Elevated transit does not have this problem. It is common knowledge that segregated mode is superior in terms of its efficiency compared with road-sharing systems. That is why University Sains Malaysia’s professor in Transport Studies, Datuk Dr Ahmad Farhan Mohd Sadullah said: “Segregated systems like rail will be more reliable and can provide the closest level of service to private modes.” Low accident risk The elevated system offers a safer operating environment compared with their on-ground counterparts. On-ground systems such as BRT and tram have high accident risks. Despite designated lanes, TransJakarta, the longest BRT network in Southeast Asia, has seen a notable increase in road incidents from 2015 to 2018. During this period, data shows a significant surge in BRT-related accidents and fatalities, with a 134% increase in accidents and a staggering 233% rise in deaths. The worldfamous TransMilenio BRT system in Bogota, Colombia has an average of six accidents reported every day. Similarly, on-ground tram-related incidents in Australia have surged from 2013-2017, with notable increases in collisions involving pedestrians (85%), infrastructure (175%) and road vehicles (17%). This surge has resulted in 192 injuries, 40 damaged structures and 4,445 vehicle crashes. Future growth Critics argue that the LRT’s projected ridership is unrealistic and the current population of Penang does not justify the need for the system. However, they overlook the fact that the LRT proposal is not just about meeting current demand but planning for the next 50 years. These pseudo-experts point out that the Kuala Lumpur LRT is not meeting ridership expectations but Emir Research and government studies reveal it is overcrowded during rush hour. This has led to additional carriage purchases and a reduction in waiting times to three minutes to meet the increasing peak-hour ridership demand. Similar undercapacity during rush hour should be avoided for Penang LRT. Penang’s population has surged by almost 130% over the last five decades, from 776,124 in 1970 to 1.77 million in 2023. While expecting a similar growth rate in the next 50 years may be optimistic, neglecting to prepare for future expansion can jeopardise the state’s liveability. While pseudo-experts focus only on the present, the LRT project is aimed at addressing contemporary and future commuting needs – investing for current and subsequent generations. ART’s systemic problems The ART, also known as a trackless tram, operates much like a regular bus system on the road, facing common issues such as traffic congestion and high accident risks. The average operating speed of onground ART is below 27kph. The elevated LRT in Kuala Lumpur runs at 40kph. Despite ART’s modern technology, it does not overcome the longstanding traffic problems encountered by BRT or tram systems. Dr David Levinson, professor of transport at the University of Sydney, believes calling the ART a “trackless tram” is silly as it is essentially an advanced bus operating in a dedicated bus lane. For ART to be effective, it requires elevated roads separate from regular traffic. If we were to construct new roads specifically for ART, why not opt for conventional articulated buses instead? They can be more costeffective, akin to enhancing the existing Sunway BRT system. Besides that, research conducted by the Australasian Rail Association highlighted that ART is an “unproven technology” and has “significant risks” as the system is locked to a single supplier and can be difficult for future maintenance. ART’s impact on roads Pseudo-experts advocating for the ART seem to think that the vehicle can be deployed on existing roads, praising its flexibility. Research on actual ART’s track reveals that the system exerts a substantially greater load impact on roads, up to 221 times higher than usual. This has led to road deformation (rutting), requiring ART’s corridor to be built with specialised semi-flexible pavement. However, this pavement type also causes cracking. Simply put, the ART can cause critical damage to regular roads, thereby requiring specialised pavement construction prior to its implementation and ongoing maintenance thereafter. Pseudo-experts suggesting easy deployment of the ART on the Penang Bridge or from Komtar to the Penang International Airport are ignorant of the extensive road work and maintenance needed for the system. The closure of one lane for surfacing work, along with the temporary diversion of the ART’s dedicated track, necessitates the closure of two lanes, leading to increased traffic congestion. Imagine closing two lanes on each side of the Penang Bridge during rush hour to resurface the ART track. Besides, on roads with only two lanes, how can we resurface and divert the ART track without barring other vehicles from using the road? That is why cities adopting the ART such as Kuching are expanding their roads, and Johor is planning to construct new elevated roads for the system. In conclusion, the decision to implement an elevated transit system as the backbone of the public transport network in Penang follows a thorough evaluation of various systems. The deliberation process has considered factors such as efficiency, safety, future planning and analysis of each transport system’s advantages and disadvantages. Therefore, MRT Corporation is now exploring suitable low-medium elevated systems to be built in Penang. Joshua Woo Sze Zeng is the State Assemblyman for Pulau Tikus in Penang and a director at the Penang Infrastructure Corporation. He holds a Master’s in Sustainable Development Management from the Jeffrey Sachs Centre on Sustainable Development at Sunway University. His thesis analysed cost forecasting methods for megaprojects, including London’s Crossrail, the UK’s HS2 High-Speed Rail, and Denmark’s rail signalling programme. Comments: [email protected] COMMENT by Joshua Woo Sze Zeng LETTERS [email protected] Elevated transits operate seamlessly above the fray, unimpeded by road bottlenecks. – BERNAMAPIC

PROPERTY PROPERTY THURSDAY | JUNE 13, 2024 12 SkyWorld, Alliance Bank to enhance home-buying process KUALA LUMPUR: SkyWorld Development Bhd in partnership with Alliance Bank Malaysia Bhd announced an enhanced homeownership experience through Alliance Home Complete, a strategic product that offers up to RM150,000 in additional financing to homebuyers. This product is available to Alliance Bank Home Loan customers, designed to facilitate an easier path to homeownership and expand their financial options to customise their homes. With the additional financing, SkyWorld’s homeowners can now realise their dream homes with Solution+, an enhanced e-commerce platform, developed and built by SkyWorld. This service enables SkyWorld’s homeowners to customise their homes to suit their individual tastes, offering a wide array of options from a curated selection of vendors. Solution+ features essential services such as interior design, renovations, furniture, home appliances, telco subscriptions, and moving and rental services, streamlining the process of turning a new house into a personalised home. This initiative is specifically tailored to support homeowners in covering expenses associated with furnishing or renovating their newly acquired homes. Lee Chee Seng, CEO of SkyWorld Development Bhd, stated, “For many first time homeowners, the process of setting up a new home can be daunting, and knowing where to start is often the hardest part. That’s why our collaboration with Alliance Bank is so vital.” Gan Pai Li, group chief consumer banking officer of Alliance Bank said, “Our collaboration with like-minded partners such as SkyWorld Development Bhd underscores our commitment to empower homeowners by delivering innovative financial solutions tailored to their dynamic needs.” Sime Darby Property’s Elmina Ridge 1 first stage fully taken up PETALING JAYA: Sime Darby Property has launched the first stage of Elmina Ridge 1 to a stellar 100% take-up rate, showcasing its ability to draw residents to its wellness-inspired and urban biodiverse township of the City of Elmina. Stage 1 of Elmina Ridge 1 comprises 122 units with a GDV of RM201.7 million. Tucked serenely adjacent to the sprawling 2,700-acre Bukit Cherakah Forest Reserve, Elmina Ridge is one of the most exclusive and premium precincts within the City of Elmina. Covering an expansive 572 acres, this exclusive precinct features a nature-infused and familycentric environment, a combination that offers the ideal escape from the city’s hustle and bustle. This low-density precinct comes with 6.5 units per acre amidst 220 acres of verdant green spaces, and 83 acres of serene lake parks, and surrounded by nature’s blessings with natural hilly terrains and tropical green. Elmina Ridge 1 offers 228 units consisting of superlink, cluster and semi-detached homes with a total GDV of RM373 million. The Superlink homes boast 4 bedrooms with en-suite bathrooms and a built-up area ranging from 2,265 sq ft to 2,697 sq ft, priced from RM1.2 million. The Cluster homes, with 4+1 bedrooms and 4 bathrooms, have a built-up area of 2,732 sq ft and start from RM1.5 million. The semi-D homes come with 4+1 bedrooms, 5 bathrooms and a spacious family area on the first floor, offering a built-up area of 3,237 sq ft, and is priced from RM2 million. Sime Darby Property chief operating officer (Township Development) Appollo Leong said this project is the first biophilic-concept home in the City of Elmina. It is designed with dedicated indoor planting areas, skylight panels, and large window openings to integrate nature and natural lighting into the home, creating a harmonious blend of modern comforts and ecofriendly living. Paramount achieves RM17m profit before tax in Q1 PETALING JAYA: Paramount Corporation Bhd (Paramount) reported a profit before tax (PBT) of RM17 million (Q1’23: RM23.3 million) on the back of RM172.6 million in revenue (Q1’23: RM194.6 million) for the first quarter of 2024. Its profit attributable to shareholders was RM7.7 million (Q1’23: RM11.6 million). The lower financial performance recorded in the first quarter of the year as compared to the same period last year was mainly due to lower work progress and sales achieved by the property division. The lower progress was aggravated by the festive holidays that were followed closely by the start of the fasting month in the first quarter while the lower sales was in line with fewer properties available for sale partly due to the deferment in launches and delays in obtaining approvals from the authorities. Paramount targets to launch seven projects (including new phases of existing projects) in 2024 with a projected gross development value (GDV) of RM2.4 billion, of which RM81 million was launched in Q1’24. “Response is encouraging from the recently launched The Ashwood in May 2024, a luxury high rise residential development at the prestigious U-Thant enclave in Kuala Lumpur. With an expected GDV of RM781 million and our largest launch of the year, The Ashwood offers 354 units of condominiums, duplexes, and low-rise villas on 3.59 acres of freehold land,” said Chew. Together with The Ashwood launch, Paramount expects to launch a total GDV of RM1.6 billion by the first half of 2024. “We are optimistic that the good sales traction will continue as these new launches are within our existing project locations, all of which have recorded commendable take-up rate,” added Chew. The group’s unbilled sales as at March 31 stood at RM1.2 billion, and would provide some visibility on the group’s cashflow in the near term. Property division In Q1’24, the property division posted a PBT of RM23 million (Q1’23: RM29.3 million) on the back of RM161.8 million in revenue (Q1’23: RM185.8 million). The top three revenue contributors were Utropolis Batu Kawan development in Penang, Sejati Lakeside 2 development in Selangor, and Bukit Banyan development in Kedah. The property division sold properties with a GDV of RM101 million (Q1’23: RM292 million) in the first quarter of 2024. The Co-labs Coworking division recorded a revenue of RM3.8 million for Q1’24, 31% higher than the corresponding period last year of RM2.9 million. This was mainly attributable to higher revenue from the two existing spaces, Naza Tower and Tropicana Gardens, as well as the Ken TTDI space, which opened in November 2023. Despite the higher revenue, the coworking division recorded loss before tax of RM0.5 million in Q1’24 compared to PBT of RM0.1 million recorded in Q1’23. This was primarily due to the losses recorded by the two new spaces, The Five, which was opened in January 2024 and Ken TTDI. ForestHill Residences prioritises sustainable living KUALA LUMPUR: ForestHill Residences under Ehsan Bina Group has announced strategic partnerships with Maybank Islamic Bhd, Daikin Malaysia, and Teka Group to accelerate sustainable living initiatives in Malaysia. These collaborations showcase the developer’s commitment to innovative financing, energy-efficient technologies, and eco-friendly home designs. Through these collaborations, ForestHill aims to make sustainable homeownership more accessible and redefine modern living with a focus on environmental responsibility. ForestHill’s collaboration with Maybank Islamic Bhd heralds a groundbreaking initiative to make sustainable homeownership accessible to all, revolutionising traditional financing models. Furthermore, alliances with Daikin Malaysia and Teka Group underscore the developer’s unwavering dedication to eco-friendly practices, ensuring that every aspect of the living experience aligns with sustainability principles. The developer will offer an innovative home financing solution, along with state-ofthe-art air conditioning and home appliances. Ehsan Bina, known for its commitment to green initiatives, signed a MoU with Maybank Islamic Bhd to introduce Maybank Islamic’s HouzKEY, a unique financing option. Under the HouzKEY programme, Malaysian purchasers at the ForestHill Residences in Damansara Perdana will benefit from 100% financing and there will be no installment needed during the construction phase. This initiative requires no downpayment and guarantees lower monthly payments upon completion, along with attractive rewards for homebuyers. Ehsan Bina chief financial officer Jamie Lai said the partnership paves the way for firsttime homebuyers and those looking to upgrade to easily acquire a home without the burden of initial high costs. Representing Maybank Islamic HouzKEY, From left: Song, Foresthill Damansara Land Sdn Bhd executive director Adelynn Lai, Jamie Lai, Ahmad Shareza and Fong. oCollaborations showcase developer Ehsan Bina’s commitment to innovative financing, energy-efficient technologies and eco-friendly home designs Ahmad Shareza Abdul Rahman, head of Maybank Ventures said, “This is very much aligned with the key intent of HouzKEY that is to cater to aspiring homeowners to own their first home without the worry of huge financial commitment upfront. We look forward to working with Ehsan Bina to assist Malaysian first home buyers and upgraders to chart their homeownership journey at ForestHill Residences”. Additionally, ForestHill also formed partnerships with two other companies – Daikin Malaysia and Teka Group – to provide sustainable home fittings and furnishings for its ongoing and upcoming projects. Through these partnerships, ForestHill hopes to spread a wider awareness among its residents on the importance of embracing water and energy-saving technologies, utilise green materials and promote clean air through eco-friendly practices. Meanwhile, Daikin Malaysia Sales & Service Sdn Bhd managing director Lawrence Song said: “Our partnership with ForestHill is driven by a shared commitment to elevate energy efficiency standards.” Ehsan Bina also revealed an exclusive deal with Teka Group, where Teka’s managing director Stan Fong highlighted the benefits for homeowners. “Our collaboration ensures that every homebuyer enjoys premium kitchen appliances, enhancing their living experience.

THURSDAY | JUNE 13, 2024 Editorial T: 03-7784 6688 F: 03-7785 2625 E: [email protected] Advertising T: 03-7784 8888 E: [email protected] SCAN ME EPF records distributable income of RM19.2b in Q1 PETALING JAYA: The Employees Provident Fund (EPF) recorded total distributable income of RM19.20 billion for the first quarter ended March 31, 2024 (Q1’24), an increase of 33.1% from the RM14.42 billion recorded in the corresponding quarter in 2023. The distributable income does not include mark-to-market gains of securities that have not been realised. EPF CEO Ahmad Zulqarnain Onn said, “The performance of global markets in the first quarter of 2024 was marked by resilient global growth, notably in advanced economies. The FBM KLCI has increased by 10% year-to-date, reflecting increased confidence in the growth and impact of various new economic and industry policies. Internationally, the US economy continued to grow, lowering expectation for Fed rate cuts during the year, and major stock indices showcased strong rallies during the first quarter, led by a run-up in financial, healthcare, and technology stocks.” He added that while the first quarter results have been strong, financial markets remain subject to a number of risks that have been prevalent, namely “high for longer” interest rates, geopolitical and conflict risks, and changes in policies resulting from a large number of elections being held in a number of large economies this year. During the quarter under review, income from equities increased to RM13.15 billion, compared to RM8.69 billion recorded in Q1’23. The asset class remained the top income contributor at 68% of total distributable income. The increase in income is attributed to the fund managers’ proactive strategy in realising capital gains during the oResults for first three months strong but financial markets remain subject to risks that have been prevalent, says CEO market rally, taking advantage of the favourable conditions before the uncertain environment anticipated in the coming quarters. Fixed Income instruments continue to be the anchor for EPF, providing a steady stream of income and mitigating the impact of shortterm market volatility. This asset class, predominantly M a l a y s i a n G o v e r n m e n t S e c u r i t i e s , contributed 27% or RM5.14 billion to the total distributable income for Q1’24. Real estate and infrastructure registered an income of RM0.22 billion in Q1’24, while money market instruments generated RM0.69 billion, in line with the return expectations set for these asset classes. EPF’s overall investment assets as at March 2024 grew to RM1.19 trillion, of which overseas investments account for 38% of the total assets. The pension fund’s overseas investments, which were mainly in equities, continued to outperform and add value to its overall return as they generated RM9.88 billion in income, representing 51% of the total distributable income. Meanwhile, EPF’s domestic investments account for 62% of total assets and are mainly invested in fixed income instruments, continued to provide long-term income stability through interests and profits. A total of RM16.56 billion out of the RM19.2 billion total distributable income was generated for conventional accounts and RM2.64 billion for syariah accounts. Ahmad Zulqarnain said EPF is keeping an optimistic outlook for the domestic economy, which started 2024 on a firm footing, recording an acceleration in growth to 4.2% in Q1’24. The quarter under review also witnessed EPF maintaining an active-to-inactive member ratio of 53:47, consistent with the same period in the previous year, with 8.6 million active members from a total membership of 16.1 million. KUALA LUMPUR: The government wants to stabilise the rationalisation of diesel subsidies first before considering further reforms, Finance Minister II Amir Hamzah Azizan said, stressing that this approach is to ensure careful and measured adjustment. “For now, we are focusing on diesel subsidies. Once we have stabilised diesel, we will consider others. The government’s current focus is on diesel subsidies,” he told reporters at BNM Sasana Symposium 2024 here yesterday. He said the government’s current effort is to enhance public understanding of why subsidy rationalisation is being implemented. “And to encourage eligible individuals to apply for our Budi system, where we provide cash transfers through Budi Individu, and Budi Agri Commodity for eligible citizens,” he added. Last Sunday, Amir Hamzah announced the rationalisation of diesel subsidies, starting with an increase of 3.35 sen per litre at petrol stations. The goal of the rationalisation is to reduce leakage, where many subsidies have been benefiting neighbouring countries and sectors that do not qualify. “By aligning the market price with the price at petrol stations, there is no incentive for people to shift from one sector to another, thus reducing sectoral leakage. Initial observations indicate that the increased price has led to a reduction in the volume of diesel crossing borders. Conversations with oil companies confirm that volumes at border stations have decreased,” he explained. Amir Hamzah said the government believes that targeting subsidies can reduce leakage and is crucial to support sectors affected by price increases. “The SKDS scheme allows public land transport to buy diesel at subsidised prices. Public transportation, including express buses, school buses, ambulances, and hearses, still receive diesel subsidies. The government has also extended these subsidies to logistics companies, helping to control the impact on goods prices,” he said. Earlier, in his keynote speech, Amir Hamzah said the Malaysian economy is projected to grow between 4% and 5% in 2024, supported by export recovery and resilient domestic demand. He said trade recovery will be underpinned by the global technology upcycle and further recovery in tourism activity. “Household spending would be underpinned by improving income and employment. Investment activity will be driven by further progress of multi-year investment projects by both the public and private sectors.” Amir Hamzah (left) and Abdul Rasheed officiating at Sasana Symposium 2024. – BANK NEGARA PIC █ BY HAYATUN RAZAK [email protected] Over 6,000 small, micro firms have gained from iTEKAD KUALA LUMPUR: More than 6,000 small and micro businesses have benefited from iTEKAD, a social finance programme launched during the Covid-19 pandemic’s peak, where they are experiencing a 90% increase in monthly sales, according to Bank Negara Malaysia (BNM). “iTEKAD is a human example of how the public and private sector can come together to make a meaningful, lasting impact in the lives and livelihoods of Malaysians,” governor Abdul Rasheed Ghaffour said in his welcoming address at BNM Sasana Symposium 2024 yesterday. He stated that last year’s symposium, its very first, underscored the urgency of structural reforms to build a stronger Malaysia. “Building on that, the focus this year is on how we should advance these critical reforms – how we can make reforms a reality,” he said. The case for reforms is clear, he added, with the economic environment constantly changing, and as it spots risks and weaknesses, policies must evolve to match. “Reforms, from fiscal responsibility to improved social safety nets and enhanced climate resilience, are crucial to our country’s sustainable growth, and to the welfare of the rakyat.” Drawing on lessons learnt over the years and emerging challenges, he said policymakers now have a clearer view of the path towards a more competitive and inclusive Malaysia. “The current period of relative macroeconomic stability provides us with a unique window of opportunity to pursue meaningful reforms and build a brighter future,” said Abdul Rasheed. For instance, he said, the shift from blanket subsidies, including for diesel, towards support that is better targeted to those in need should be welcomed as a positive step towards more equitable, sustainable policies while building fiscal policy space. “We cannot, nor should we, assume that this window will not soon close upon us. We need to come together to make reforms a reality for Malaysia,” he added. However, as the country implements the critical reforms needed, there are questions that it must address, said Abdul Rasheed. “First, how can we make the best of emerging global trends, harnessing them for the benefit of Malaysia? Second, how do we ensure that the necessary reforms yield sustainable, long-term gains while still addressing short-term issues? Third, how can we build and promote more sustainable, socially conscious and fair finance for households and businesses?” - by HAYATUN RAZAK Diesel first, others later: Amir Hamzah ESG ratings for Main Market companies by end of this year KUALA LUMPUR: All Main Market companies will be rated for environmental, social and governance (ESG) by the end of this year, with ACE Market companies scheduled for assessment by June 2025, said Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar. Currently, about 1,000 companies are listed. “The idea is to ensure that companies listed on Bursa Malaysia are worthy of investment. We aim for every company to fully embrace sustainability,“ he said during the “Ringgit, Bonds, and Equity Markets” panel session at Bank Negara Malaysia Sasana Symposium 2024. Abdul Wahid noted that the exchange began its journey in 2014, collaborating with FTSE Russell to develop the FTSE4Good Bursa Malaysia Index with 24 counters. “Today, we have 107 counters that make up the FTSE4Good Bursa Malaysia Index, but in my view, that seems small. So, what we have done is adopt a blanket approach where every single listed company will be rated for sustainability using the FTSE Russell methodology. “Thereafter, we will publish it so that every single investor will now have the ability to check the ESG rating of all listed companies,” he said. – Bernama

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 14 to continue doing business in the country. To this end, both countries have agreed to support each other in enhancing the semiconductor business and undertaking projects in the digital economy, he said. Katsuhiko said Tokyo was preparing some government funding and pushing Japanese companies, which could contribute to strengthening the resilience of the supply chain in Malaysia and, in the process, overcome global supply chain restrictions. KLBC’s Fad’l Mohamed lamented the proliferation of non-tariff barriers (NTB) coming through and regulations against economies across the region. When Malaysia is the Asean chair, NTB, which he described as “low hanging fruit”, is something the grouping could work on to lower or eliminate to push economic and financial integration, said Fad’l, who is also the managing director of RHB Bank wholesale banking. Nevertheless, he lauded efforts in the regional sustainable finance space where “there has been a lot of effort put in, in terms of finding levels of harmonisation.” “There’s a sustainable finance working group out there within Asean that has developed clear taxonomies standards among member countries,” he said, adding that seamless payments systems across countries in Asean were a clear case in point of financial integration. Fad’l added that an advantage for Malaysia in assuming the chairmanship is that “we’re not starting from ground zero; we can actually leverage on some of the (economic) efforts put within the Asean working groups, particularly on the financial side.” – Bernama ‘Urgent need for Asean high-level commission’ KUALA LUMPUR: Asean Business Club (ABC) president Tan Sri Munir Majid (pic) said an Asean high-level commission is urgently needed to make effective decisions that will enable the 10 member states to fully achieve economic integration. He said the commission, which could be permanent or ad hoc, should enable regional leaders to make binding decisions, at least on socio-economic and emergency matters, so that the grouping can move forward. This, Munir said, could be among the major tasks ahead for Malaysia when it takes over the chairmanship of Asean in 2025, more so with Asean still lacking an effective and binding decision-making coordinating body despite being formed in 1967. He lamented that during the Covid-19 pandemic, there was no coordination between leaders in purchasing vaccines as a group, leading to countries buying them separately and many lacking vaccines. “We made a proposal in 2020 for the setting up of an Asean high-level commission to make emergency decisions during the height of the crisis, but the leaders don’t meet when a crisis hits,” he said when moderating a discussion on the expectations of Malaysia’s upcoming chairmanship of Asean organised by the ABC. Other panellists at the discussion were Japan’s ambassador to Malaysia Takahashi Katsuhiko, Kuala Lumpur Business Club (KLBC) deputy president Datuk Fad’l Mohamed and ambassador to Malaysia Edgard Kagan. Kagan amplified these remarks, saying such a high-level decision-making body speaking for Asean was vital, for instance, if the grouping was serious about gaining membership in the Group of 20 (G20) countries. An influential and powerful group, the G20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development, and Indonesia is a member of the grouping. Like how the EU was aggressive in wanting to be admitted into G20, Kagan said Asean should achieve a consensus and similarly clearly make its collective voice known to join up. He said Washington was confident that over the next 30 years, India and Asean will play the economic role “as the largest single drivers of global growth” China has played in the last three years. “And if the US wants to be effective in the region, we need to be engaged and effective with Asean,” he said. Katsuhiko said Japan will work with Malaysia’s chairmanship to pursue greater geopolitical cooperation, digitalisation and climate change because “Asean cannot do everything alone” to achieve Asean economic integration. He also said that a survey shows more than 80% of Japanese companies in Malaysia want oThis will enable regional leaders to make effective decisions on socio-economic and emergency matters, says business club president M’sian corporates hold US$190b in foreign currency liquid assets abroad KUALA LUMPUR: The Malaysian corporate sector holds US$190 billion (RM895 billion) in foreign currency liquid assets located abroad, which is indicative of the country’s robust international investment position, said Bank Negara Malaysia (BNM) deputy governor Datuk Marzunisham Omar. He said the corporate sector comprises financial institutions, government-linked investment companies and governmentlinked companies that have investments abroad and generate income from their foreign investments. “We are not asking them to liquidate their assets, but BNM is encouraging them to bring back the realised profits and convert them into ringgit,” he told reporters on the sidelines of the BNM-organised Sasana Symposium 2024 yesterday. Marzunisham was one of the panellists at a session themed “Weathering Global Challenges: Buffers Against External Vulnerabilities”. During the session earlier, he said Malaysia has maintained a current account surplus for the past five years, which includes the holding of foreign assets by corporate and financial institutions. “They can use this (foreign holding) to meet their financial obligations and this will significantly reduce the need to come to the central bank for foreign currency.” Turning to international reserves of BNM, the deputy governor said Malaysia’s reserves remain resilient due to the level of external debt to the gross domestic product being manageable. “One-third of the external debt is in the form of ringgit and we are not exposed to foreign currency fluctuation, with less than 3% of government debt in foreign currencies and almost 96% of government debt is in ringgit,” Marzunisham noted. Asean+3 Macroeconomic Research Office group head and principal economist Dr Runchana Ponsaparn said Asean economies are well prepared financially, particularly in terms of international reserves. “We have a low public debt and at the same time, our banking system has already built a significant buffer in terms of capital and liquidity. Despite being hit by Covid-19 or even the trade tensions between the United States and China, Asean remains resilient as we have a buffer, even though it is becoming thinner,” she said during the session. – Bernama ICDM: Local boards must step up their game with business risks rising globally KUALA LUMPUR: Company boards must take stock of their effectiveness and ability to work as partners to senior management to effectively lead businesses into the future while upholding corporate governance excellence, said Institute of Corporate Directors Malaysia (ICDM) president and CEO Michele Kythe Lim yesterday. She said the rapidly shifting environment and consumer expectations, compounded by climate change and technological risks, geopolitical volatility, heightened regulatory requirements and scrutiny, continue to challenge boards, directors and senior management of companies. “As the national institute of directors for Malaysia, ICDM ensures the facilitation of hardhitting conversations and engagements on risks and challenges facing companies today and to prepare them to be good partners to senior management, when boards, directors and senior management are aligned, with mutual trust, they can successfully deal with challenges, perform better as a company, respond to greater regulations, cost and complexity in the coming years,” Lim said at a media briefing yesterday titled “Step Up or Step Out: Leading and Embracing Proactive Governance in an Era of Change” hosted by ICDM. She said the institute’s focus is to continue upholding he benchmark of corporate governance standards and be the holistic platform to professionalise and support the board and director’s ecosystem. “Acknowledging the world’s ongoing evolution, technology and climate change have massively disrupted the status quo, and leaders need the foresight to recognise the need for self-development, deliberately direct their learning, that they are informed and knowledgeable, while able to be good partners to senior management,” said Lim. The institute has been advocating transformative change for governance excellence, with the initiative that includes the institute’s advocacy for external board effectiveness reviews every three years for large companies as per the practice recommended under the Malaysian Code on Corporate Governance 2021. ICDM has seen an increasing demand for its Board and Directors Effectiveness Evaluation, an assessment framework for a balanced view of the board’s performance, indicating a heightened cognisance among corporate leadership to heed the call to improve board effectiveness in exercising their oversight role. Lim said ICDM is deliberate in its emphasis on addressing key threats faced by boards, therefore boards must adopt sustainable business practices and recognise that the business choices they make have an impact not only on companies but also on the communities and the environment in which they operate. Substantial overseas inflows into Malaysian debt market in May: Kenanga IB KUALA LUMPUR: A combination of robust Malaysian macroeconomic data and weakness in key US indicators drew investors to redirect their funds into the Malaysian debt market in May. In a research note yesterday, Kenanga Investment Bank (Kenanga IB) said total foreign debt holdings rose to RM 271.9 billion in May compared with RM266.4 billion in April, with their share of total outstanding debt increasing to 13.2% versus 13% in April, a five-month high. Notably, it said that on May 7 and 8, investors net bought RM2.3 billion in bonds following the release of weak US jobs report and ISM services figures. “Besides this, on May 17, lower-thanexpected US inflation figures and weak retail sales led to single-day inflows of RM900 million. Also contributing to these inflows were strong domestic industrial production Index data, alongside waning US consumer sentiment.” Kenanga IB said the substantial inflows in May were driven by funds flowing into Malaysian Government Securities, Government Investment Issues and Malaysian Islamic Treasury Bills. – Bernama █ BYAIMIE SHAZRIE [email protected] Lim emphasised on the importance of effective leadership.

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 15 Education remains an important pillar of Malaysian society; it equips students with the skills needed to become productive and useful members of society. We invite you to showcase the best of education and the difference your institution has brought to the education landscape. Education matters so join us in 2024! Contact us now for special deals on digital, video and print advertising. Malaysian Paper 03-7784 6688 [email protected] Total trade hits RM2.6 trillion in 2023 PUTRAJAYA: The Department of Statistics Malaysia (DoSM) yesterday disclosed that Malaysia’s total trade in 2023 amounted to RM2.6 trillion with exports of RM1.4 trillion and imports worth RM1.2 trillion. Penang, Selangor, Johor, W.P. Kuala Lumpur and Sarawak contributed 80.9% of total trade in 2023. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said exports valued at RM1.4 trillion in 2023, dropped 8% as compared to the previous year. He added lower exports were recorded in most states such as Johor (-RM31.9 billion), Selangor (-RM21.2 billion), Sarawak (-RM20.3 billion), Penang (-RM20.2 billion), Sabah (- RM17.8 billion), W.P. Labuan (-RM7.5 billion), Perak (-RM5.1 billion), oPenang, Selangor, Johor, Kuala Lumpur and Sarawak the main contributors to growth last year Pahang (-RM3 billion), Malacca (- RM2.4 billion), Terengganu (-RM1.7 billion) and Perlis (-RM134.1 million). However, he said exports increased in Kedah (+RM6.2 billion), W.P. Kuala Lumpur (+RM418.7 million), Negri Sembilan (+RM369.4 million) and Kelantan (+RM354.6 million). Penang remained as the top exporter with a share of 31.4%, followed by Johor (20.3%), Selangor (17.7%), Sarawak (7.8%) and W.P. Kuala Lumpur (4.6%). Strong expansion of exports was underpinned by electronic integrated circuits products mainly in Penang and Selangor. Meanwhile, refined petroleum products were the main contributors of exports in Johor while liquefied natural gas was the main contributor of exports in Sarawak. Mohd Uzir said imports in 2023 registered a decrease of 6.4% or RM82.3 billion as compared to the previous year. The decrease in imports was led by lower imports by most states namely Penang (-RM43.8 billion), Johor (- RM13.9 billion), Selangor (-RM9.9 billion), Kedah (-RM7.8 billion), Negri Sembilan (-RM4.5 billion), Sarawak (- RM3.3 billion), Perak (-RM2.7 billion), W.P. Labuan (-RM1.3 billion), Malacca (-RM923.3 million) and Perlis (-RM132.8 million). However, imports increased in W.P. Kuala Lumpur (+RM5.1 billion), Pahang (+RM1.9 billion), Terengganu (+RM1 billion), Kelantan (+RM246.3 million) and Sabah (+RM209.3 million). Selangor remained the largest contributor of imports with a share of 26.6%, followed by Johor (22.4%), Penang (20.7%), W.P. Kuala Lumpur (7.6%) and Kedah (5.4%). Higher imports recorded in Selangor and Johor were contributed by refined petroleum products. In addition, electronic integrated circuits were the main contributors to imports in Penang and Kedah. Meanwhile, telecommunication equipment, parts and accessories were the main import commodity in W.P. Kuala Lumpur. Johor Plantations IPO expected to raise RM735m KUALA LUMPUR: Johor Plantations Group Bhd (JPG) is scheduled to be listed on the Main Market of Bursa Malaysia on July 9. The IPO exercise is expected to raise RM735 million, of which about RM389.8 million will be raised via a public issue of 464 million new ordinary shares, while approximately RM345.2 million will be raised via an offer for sale of 411 million existing shares at the IPO price of RM0.84 per share. Some 50.5% of the total proceeds to be raised from the public issue have been earmarked for the construction of an integrated sustainable palm oil complex and replanting activities. Meanwhile, 43% will be channelled towards the repayment of bank borrowings and 1.7% for working capital, while the remaining proceeds will be utilised for listingrelated expenses. Based on the enlarged issued share capital of 2.5 billion shares and an IPO price of RM0.84 per share, the expected market capitalisation is RM2.1 billion upon listing, which is anticipated to be the largest IPO listing on Bursa Malaysia year-to-date. Cornerstone investors include Abrdn Islamic Malaysia Sdn Bhd, Abrdn Malaysia Sdn Bhd, AHAM Asset Management Bhd, AIIMAN Asset Management Sdn Bhd, Areca Capital Sdn Bhd, Fortress Capital Asset Management (M) Sdn Bhd, and the Retirement Fund Inc (KWAP), collectively holding approximately 37.2% of the total 875 million IPO shares. JPG managing director Mohd Faris Adli Shukery said, “Through the years, JPG has evolved from modest beginnings to having a significant presence in the palm oil industry. As JPG continues to meet stakeholder needs, we have several initiatives in the pipeline designed to increase our competitiveness, focusing on increasing our CPO production and expanding through downstream ventures.” “We intend to diversify to meet our future growth aspirations by becoming a fully integrated palm oil producer through our venture into the downstream segment, which focuses on speciality oils and fats,” he said. JPG released its IPO prospectus yesterday and the application will close at 5pm on June 24. Petronas awards Banang field PSC to Petra Energy PETALING JAYA: Petra Energy Bhd’s wholly owned subsidiary Petra Energy Development Sdn Bhd (PEDSB) was awarded the Banang Late Life Asset (LLA) Production Sharing Contract (PSC) by Petroliam Nasional Bhd (Petronas) through Malaysia Petroleum Management, as the custodian of national hydrocarbon resources in Malaysia. The Banang LLA PSC grants PEDSB Operatorship of the Banang Field with 100% participating interest effective June 1. The 10-year LLA PSC provides PEDSB with the right to develop and produce petroleum resources from the Banang field, offshore Peninsular Malaysia. The Banang field is located approximately 70km from Kuala Terengganu, off the east coast of Peninsular Malaysia. PEDSB is in a good position to undertake this PSC, having first commenced work at the Banang oilfield in 2012, under a successful Risk Sharing Contract arrangement as a partner in Coastal Energy Sdn Bhd for the Kapal Banang Meranti cluster. This later transitioned to a Technical Services Agreement in June 2020 with PEDSB operating the Banang oilfield on behalf of Petronas. The award of the Banang Late Life Asset PSC augments PEDBS’s operatorship portfolio as PEDSB is also the operator of Block SK433, onshore Miri Sarawak with Petroleum Sarawak which the company was awarded in July 2021. Petra executive director and group CEO Datuk Anthony Bujang said “This award is a testament to Petra’s track record and unwavering commitment to move up the value chain as an operator. With our experience at the Banang field, we are well-equipped to ensure operations are conducted safely and efficiently.” Ocean Fresh issues 50m shares at 28 sen each KUALA LUMPUR: Ocean Fresh Bhd aims to raise RM14.01 million through its initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia on July 4. Ocean Fresh is principally involved in the processing and trading of frozen seafood products and the provision of frozen seafood processing services to its customers in Malaysia, Turkey, China, Thailand, Vietnam and Japan. The group’s IPO exercise consists of issuing 50.05 million new ordinary shares at an issue price of 28 sen per share. Based on the enlarged share capital of 210.15 million shares, Ocean Fresh is expected to have a market capitalisation of RM58.84 million upon successful listing. The group plans to use 57.09% or RM8 million of the total proceeds as capital expenditure for a new cold storage facility in Kuantan, Pahang. Executive director Kee Wan Chum said the new storage facility, which includes six cold rooms and a loading bay, will be located next to its current processing facilities and is expected to increase its storage capacity from 1,700 tonnes to 4,700 tonnes. She said the group also plans to continue growing their sales through collaboration with local wholesalers in China to tap into their network of customers. The group is expected to finalise the appointment of a wholesaler to distribute their products in China by the third quarter of 2024. – Bernama

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 16 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Thai central bank holds key rate BANGKOK: Thailand’s central bank left its key interest rate unchanged for a fourth straight meeting yesterday, as widely expected, despite public calls by the government to reduce borrowing costs to help revive Southeast Asia’s second-largest economy. The Bank of Thailand (BOT) monetary policy committee voted 6-1 to hold the one-day repurchase rate at 2.50%. One member voted for a 25 basis point rate cut. “The majority of the committee deems that the current policy interest rate is consistent with the economy converging to its potential, as well as conducive to safeguarding macro-financial stability,” the BOT said in a statement. All but three of 27 economists in a Reuters poll had expected the BOT to keep the rate unchanged yesterday. The three economists had predicted a quarter-point cut. Earlier yesterday, Prime Minister Srettha Thavisin said he was hoping for a rate cut at the rate meeting, repeating his call for lower rates to help revive the economy, which has lagged regional peers as it confronts high household debt and interest rates as well as sluggish exports. However, Finance Minister Pichai Chunhavajira has said he was more worried about people’s access to credit than interest rates. He said the government is aiming for at least 3% growth this year. The BOT raised its key rate by 200 basis points to 2.50% over eight meetings between August 2022 and September last year, taking it to the highest level in more than a decade, and has held steady since then. The economy expanded 1.9% last year, with average annual growth at 1.73% over the past decade. The central bank maintained its forecasts for 2.6% GDP growth in 2024 and for 3% growth in 2025. Headline consumer inflation in May returned to the BOT’s target range of 1% to 3% for the first time in a year. The BOT maintained its headline inflation forecast for 2024 at 0.6%, and slightly lowered its core inflation forecast to 0.5% from 0.6% seen earlier. The next rate review is on Aug 21. – Reuters Workers sewing clothing at Chinrada Garment Company in the northern Thai province of Chiang Mai. – AFPPIC oDecision comes despite public calls by government to reduce borrowing costs Japan enacts law ensuring access to third-party apps TOKYO: Japan yesterday enacted legislation to ensure tech giants like Google and Apple give access to third-party smartphone apps and payment systems on their platforms or risk major fines. Similar to the European Union’s new Digital Markets Act (DMA), the law mandates that they act fairly and make operating systems, browsers and search engines available for all. Behaviour that is deemed anti-competitive will see operators fined 20% of their revenue in Japan for each offending service, rising to 30% if they do not stop. “The European Union has already taken early steps and implemented new regulations,” a Japan Fair Trade Commission statement said. “For the digital markets of Japan, the United States and Europe to align their efforts and demand fair competition from digital platform operators, a new legal framework is needed in the Japanese market.” Parliament’s upper house approved the law with no amendments yesterday. Ahead of the vote by lawmakers, Shinji Morimoto, chairman of the upper house committee on economy and industry, said the Bill “prohibits acts that may restrict competition related to specified software”. He did not directly name tech companies such as Google or Apple – sometimes described as a “duopoly” in the smartphone app world. In April, government spokesman Yoshimasa Hayashi said Japan would “improve the competitive environment” for software such as app stores to “realise consumer choice, while also ensuring security”. Kyodo News reported that the law is expected to take effect by the end of next year. The European Union said the DMA will lead to fairer competition, but Apple has criticised the new law, saying it risks endangering users’ privacy and security. The DMA targets the world’s biggest tech companies such as Apple and also other firms including Meta and Microsoft, all of which must adhere to a list of obligations. The European Commission in March launched its first probe into Apple under the DMA. – AFP Strikes force mill shutdown at Australia’s largest sugar maker CANBERRA: Australia’s largest sugar producer temporarily halted operations yesterday at a mill that began processing cane two days ago, after unions agitating for better pay said workers would lay down tools. The mill in the Burdekin region is the only one of eight run in Australia by Wilmar Sugar and Renewables that has begun its cane crushing season, with the others due to begin operating by the end of next week. The start of processing at all eight mills was delayed by the pay dispute, which poses an increasing threat to Australian sugar production and exports as it could shorten the crushing season and cause cane to be left unharvested. The cane-crushing season on Australia’s hot and humid northeast coast begins in June and runs to around November. “The only sugar mill operating in the Burdekin, Inkerman Mill, has been forced to shut down overnight after union delegates advised that workers plan to stop work at that site, and at least two other sites, for one hour at midday today,” Wilmar said in a statement. The company later said it aimed to resume crushing as soon as possible and would start two more Burdekin region mills, Invicta and Kalamia, today despite the threat of continuing industrial action. Wilmar operations manager Mike McLeod said the company had stopped the mill – a process that takes about 12 hours – for operational and safety reasons because it was unclear whether workers would stop work again, something a union representative said was not true. Cane growers said they had been blindsided and disappointed when told the mill would shut without processing cane that was already being harvested. Wilmar was “only using this as an opportunity to apply leverage against the unions”, the local wing of the CANEGROWERS industry group wrote in an e-mail to members. Wilmar Sugar and Renewables produces over two million metric tonnes of sugar a year, more than half of Australia’s total production. It is owned by Singapore’s Wilmar International. Unions want an 18% pay increase over three years. A company offer of 14.25% over 3.5 years and an A$1,500 (RM4,700) sign-on bonus was rejected by workers at a vote this week, leading to a resumption of short-term work stoppages and bans. – Reuters Near-finished condo blocking Mount Fuji vista to be demolished TOKYO: A property developer has decided to demolish a near-complete 10-storey condominium in Tokyo after pushback from neighbours who said it blocked a view of Mount Fuji. In a statement on Tuesday, Sekisui House said it had “voluntarily decided to discontinue the project”. “There is no denying that the current situation has an enormous impact on the landscape. We have decided to prioritise the view from the road.” The recently built apartments are in part of western Tokyo famous for its picturesque views of Japan’s highest mountain, which appears to soar into the sky from the end of the road named Fujimi or “Fuji Viewing” street. But the tall new block spoils this effect because it obstructs half of the majestic active volcano. Construction went ahead despite protests by residents proud of the street’s scenery, and tenants had been due to move into the condo in Tokyo’s Kunitachi district next month. Then – in a shock move – Sekisui House recently put up a notice saying the complex would be demolished. There was nothing illegal about the construction process, Sekisui House said on Tuesday, but “our consideration of long-distance views of Mount Fuji has been insufficient”. – AFP

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 17 NEW YORK: US pharmaceutical and cosmetics giant Johnson & Johnson has agreed to pay US$700 million (RM3.3 billion) to settle allegations it misled customers about the safety of its talcum-based powder products, New York’s attorney-general announced on Tuesday. In its settlement with 42 states and the District of Columbia, Johnson & Johnson did not admit wrongdoing, even though it withdrew the product from the North American market in 2020. The New Jersey-based company announced a settlement in principle in January after facing thousands of lawsuits over talcum powder containing traces of asbestos blamed for causing ovarian cancer. “No amount of money can undo the pain caused by Johnson & Johnson’s talc-laced products, but today families can rest assured that the company is being held accountable for the harm it caused,” New York attorney-general Letitia James said. The state of New York will receive US$44 million of the settlement amount, which must be paid in four installments over three years. In a statement to AFP, Johnson & Johnson worldwide vice-president of litigation Erik Haas said the company “continues to pursue several paths to achieve a comprehensive and final resolution of the talc litigation”. The process “includes the finalisation of a previously announced agreement that the company reached with a consortium of 43 Guyana seeks ‘information’ after US sanctions gold trader GEORGETOWN: Guyana said on Tuesday it would seek “additional information” after the United States froze the assets of one of the South American country’s richest men. The US Treasury Department earlier announced it had sanctioned gold trader Nazar Mohamed, his son, their company and Guyanese government official Mae Thomas “for their roles in public corruption in Guyana”. The US agency accuses Nazar and his son of evading taxes and defrauding the Guyanese government, as well as bribing customs officials to falsify documents and facilitate illegal shipments. Between 2019 and 2023, their company Mohamed’s Enterprise “omitted more than 10,000kg of gold from import and export declarations and avoided paying more than US$50 million (RM235 million) in duty taxes to the government of Guyana”, the office said in a statement. The corruption, it alleges, was enabled by Guyanese officials such as Thomas. For its part, the government in Georgetown said it “will be requesting additional information on the matters highlighted, with a view to aiding local law enforcement agencies”. It added that Thomas, who was a permanent secretary of the Ministry of Labour, “has been sent on leave with immediate effect”. Nazar, who is also a local government official for Guyana’s ruling party, declined to comment. Tiny Guyana has the world’s biggest reserves of crude oil per capita, but the vast majority of the mineral-rich country’s 800,000 people live in poverty. “Today’s action underscores our commitment to holding accountable those who seek to exploit Guyana’s underdeveloped gold sector for personal gain,” US Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson said. – AFP UAE courting US, not China, on AI DUBAI: The United Arab Emirates is in “complete alignment” with the US on developing artificial intelligence, the oil-rich country’s AI minister told AFP on Tuesday, confirming a shift away from China. Minister of State for Artificial Intelligence Omar Al Olama was speaking after a state-linked Emirati AI firm secured a major investment from Microsoft, reportedly divesting Chinese interests as part of the deal. “The honest truth is in the AI space today, I think we need to be selective of whom we work with,” he said when asked about the UAE’s dealings with Chinese AI firms. “There is going to be a lot of discussions between the UAE and the US of what they are comfortable that we do with other players around the world and what they aren’t comfortable (with). “But on the AI front, I think there is going to be complete alignment between the UAE and the US.” Abu Dhabi-based G42, chaired by the president’s brother and national security oMinister says country ‘needs to be selective of whom to work with’ adviser Sheikh Tahnoon bin Zayed Al Nahyan, won a US$1.5 billion (RM7 billion) strategic investment from Microsoft in April. According to the New York Times and Bloomberg, the deal followed talks between the US and UAE governments where G42 agreed to drop Chinese partnerships in favour of American technology. AI has become a major battleground between the two powers as the United States moves to retain its leading position in the transformative field and to stop Beijing accessing sensitive data. Omar, 34, who became the world’s first AI minister in 2017, said the UAE – which is striving to pivot its economy away from oil – was “very bullish” on artificial intelligence. “AI is probably the top priority for the UAE in terms of our investments, in terms of our focus.” Last month, G42, powered by the world’s biggest supercomputer, unveiled Falcon 2, an open-source generative model that seeks to rival American products such as OpenAI’s ChatGPT. G42 subsidiary Inception and Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence have also produced Jais, billed as the world’s highest quality Arabic large-language model. Omar was confident the models would overcome any potential regulatory hurdles Bottles of Johnson & Johnson baby powder line a drugstore shelf in New York in 2015. – REUTERSPIC from the European Union, which has introduced a new AI law and has strict standards for data collection, including from government and healthcare sources. “I think for Europe, for the bloc as a whole, you’re going to see that the UAE is a partner that is willing to have a conversation to see how we can be an enabler for European companies to come to the UAE and operate. “But the EU AI law is very new. “We still are going through it, understanding it, and seeing what needs to be done there.” Industry and government officials met at the AI Retreat on Tuesday, a brainstorming event at Dubai’s ellipse-shaped and Arabic-inscribed Museum of the Future. In a keynote, Omar said the UAE wanted to be a “global player” with companies that “take the world by storm”. Addressing questions about a possible gap in talent in the UAE, he remained upbeat. “If you look at the progress that was made over the last five years and the snowballing of the talent that has moved into the UAE, I’m not worried that we’ll be able to bridge that gap very quickly.” The UAE, which wields some of the world’s biggest sovereign wealth assets, is also intent on developing a semiconductor industry to profit from rising demand for AI chips. “There are definitely discussions and we are open to partnering with the right partners wherever they come from, whether it’s in Europe or the US,” Omar said. In response to reports that America is slowing exports of AI chips to countries in the region, he said “we would love to not be put in a bucket with other countries in this domain”. “I am hopeful and I do believe that we are going to come up with a solution that is going to meet the requirements of all parties,” the minister added. – AFP Musk drops lawsuit against OpenAI and Altman SAN FRANCISCO: Elon Musk (pic) on Tuesday dropped his lawsuit against OpenAI and its co-founders Sam Altman and Greg Brockman for betraying the startup’s founding mission. In a California court, Musk had accused the AI firm he helped set up in 2015 of breaching a commitment to creating artificial intelligence that benefits society when it became a for-profit enterprise backed by Microsoft. A filing by an attorney representing Musk asked the court to dismiss the entire case, without offering a reason. Neither Musk nor OpenAI had responded to requests for comment at time of publication. The tycoon, who left OpenAI in 2018, argued in his original complaint that the ChatGPT maker was always intended as a non-profit entity. But he said recent boardroom changes meant OpenAI was now effectively a subsidiary of software giant Microsoft. Musk has made similar accusations in the past and both OpenAI and Microsoft have denied them. OpenAI captured the public’s imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and essays and even succeed in exams. The firm has also developed image and video generating tools that are seen as the leaders in their field. Microsoft, a major investor in OpenAI since 2019, poured billions more into the firm last year. And the giant firm stepped in when OpenAI’s board fired CEO Altman in November last year, hiring him and offering to house any staff members who were unhappy with his ousting. The OpenAI board reversed course as dissent soared in the company, reinstating Altman and replacing several board members. OpenAI started life as a non-profit dedicated to developing “artificial general intelligence” (AGI), a vague term loosely defined as a kind of AI that would far outstrip human capabilities on all measures of intelligence. The idea was for OpenAI to guarantee that such technology would be safe for humanity. But Musk’s legal case said this founding principle had been “turned on its head”. “To this day, OpenAI Inc’s website continues to profess that its charter is to ensure that AGI ‘benefits all of humanity’,” the filing stated. “In reality, however, OpenAI Inc has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft.” Since leaving OpenAI, Musk has joined the chorus of critics warning that superintelligence could spell the end for humanity. He also launched his own AI firm, xAI, last year and said he wanted to raise US$1 billion (RM4.7 billion) from investors. Musk expressed anger with OpenAI on Monday, lashing out at its partnership with Apple. “Apple has no clue what’s actually going on once they hand your data over to OpenAI. “They’re selling you down the river,” Musk said in a post on X, which he also owns. – AFP Johnson & Johnson reaches US$700m talc case settlement state attorneys-generals to resolve their talc claims”. In April last year, the group proposed an US$8.9 billion agreement that would “equitably and efficiently resolve all claims arising from cosmetic talc litigation”. Johnson & Johnson said the money would be paid to the tens of thousands of claimants over 25 years through a subsidiary, LTL Management LLC, which was set up to address the claims and has filed for bankruptcy protection. However, a bankruptcy judge rejected the arrangement. “We will continue to address the claims of those who do not want to participate in our contemplated consensual bankruptcy resolution through litigation or settlement,” Haas added in his statement on Tuesday. A summary of studies published in 2020 and covering 250,000 women in the US did not find a statistical link between the use of talc on the genitals and the risk of ovarian cancer. – AFP

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 18 Ghana to delay more cocoa deliveries ACCRA: The world’s second largest cocoa producer Ghana is looking to delay delivery of up to 350,000 tonnes of beans to next season due to poor crops, five sources told Reuters in a further worsening of the outlook for the global chocolate industry. Chocolate makers around the world are raising prices for consumers after cocoa more than doubled in value this year alone following a third year of poor harvests in Ghana and Ivory Coast, responsible for 60% of global production. The market had previously estimated Ghana would roll forward some 250,000 metric tonnes of cocoa, equivalent to about half its current crop. A worker carrying a bag of sun-dried cocoa beans at a warehouse in the Ghanaian town of Kwabeng. – REUTERSPIC oChocolate makers around the world raise prices as they struggle to find beans UK economy stagnates heading into general election LONDON: Britain’s economy stagnated in April after emerging from recession in the first quarter of the year, official data showed on Wednesday ahead of the country’s general election next month. The zero growth in April followed an expansion of 0.4% in March, according to the Office for National Statistics. Britain votes on July 4 in an election widely expected to be won by the main opposition Labour party, a victory that would end 14 years of rule by the Conservatives, currently led by Prime Minister Rishi Sunak. “The stagnation in GDP in April doesn’t mean the economic recovery has been extinguished, but it’s hardly great news for the prime minister three weeks ahead of the election,” noted Paul Dales, chief UK economist at Capital Economics research group. A breakdown of April’s output data showed services grew 0.2%, while production slid 0.9% and construction shed 1.4%. Britain had emerged from a short-lived recession with growth in the first quarter of this year. The UK economy contracted slightly for two quarters in a row in the second half of 2023, meeting the technical definition of a recession that was caused by elevated inflation that has prolonged a cost-of-living crisis. Looking to close the gap on Labour, led by Keir Starmer, Sunak on Tuesday promised voters tax cuts and lower immigration as he launched his party’s manifesto. Sunak said his government would pay for lower taxes by cracking down on welfare payments to working-age recipients. It came as official data on Tuesday revealed a rise in British unemployment amid elevated earnings growth. Inflation data is due next week along with a regular Bank of England meeting where the central bank is expected to keep its main interest rate at a 16-year high. – AFP Google to test AI phone theft features in Brazil RIO DE JANEIRO: Google said on Tuesday it has chosen Brazil, a country where nearly two cellphones are pilfered every minute, to test a new artificial intelligence system to automatically block stolen Android smartphones. Brazilian users, the tech giant said in a blog, will now have access to features such as a private space to hide apps with sensitive data behind a separate PIN, and automatic screen blocking if the AI detects sudden movement indicating theft. Another new feature is the ability to block access to device data remotely, without the need for a password, simply by using the phone number. “Brazilian user feedback inspired these anti-theft features, and the country will be the first to test them out,” said Google. The pilot version will be available in Brazil from next month, before rolling out more broadly later this year to billions of devices. Google’s main mobile competitor, Apple, launched an anti-theft system for its iOS devices in January. According to the most recent data from the Brazil Forum on Public Safety, an NGO, the country recorded nearly a million mobile phone thefts in 2022, or 1.9 every minute. This was an increase of 16.6% from 2021, with the problem particularly dire in major cities such as Sao Paulo and Rio de Janeiro. – AFP Cocobod, Ghana’s cocoa regulator, said the country was looking to roll over “some volumes, but not in those (350,000 tonnes) quantities”. The country’s cocoa crop has been ravaged by adverse weather, bean disease and illegal gold mining, which often displaces cocoa farms. Ghanian farmers are also smuggling more beans to neighbouring countries to sell them at higher prices than the state purchasing price, further eroding what little crop is available for delivery in Ghana. Five sources with knowledge of the matter said Ghana pre-sold some 785,000 tonnes worth of beans for the current 2023/24 (OctoberSeptember) season, but will likely only be able to deliver some 435,000 tonnes. Ghana regularly sells one year forward about 80% of its crop – which usually totals 750,000- 850,000 tonnes. However, its crop fell to around 670,000 tonnes last season and is not expected to exceed 500,000 tonnes this season. Traders and the industry fear it might not rebound significantly next season either. The International Cocoa Organisation expects global cocoa production will fall 10.9% to 4.45 million tonnes this season. This means processors and chocolate firms will have to draw on cocoa stocks to fully cover their needs. The price rally is derailing a long-established mechanism for cocoa trade. Authorities in Ghana use the average of their forward sales to set the minimum price at which traders can purchase cocoa from farmers the following season. With some 350,000 tonnes of forward sold beans missing from this season’s crop, Ghana is struggling with forward sales for next season, traders said. Two sources said the country has sold forward just 100,000 tonnes. Sources said the 100,000 tonnes, like the 350,000 tonnes being rolled into next season, were sold at less than a half of current world cocoa prices, meaning Cocobod will struggle to increase farmer prices next season based on these sales. Cocobod said forward sales were progressing as usual but declined to disclose volumes or prices. Failure to raise prices will likely tempt farmers to further ramp up bean smuggling, grow other crops or sell more of their farms to gold miners, said the sources. – Reuters

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 2024 19 STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) VITROX 4.5 -0.35 154300 MTEC 1.15 -0.33 390298 PANAMY 20.18 -0.22 452 HSI-CVY 0.3 -0.195 300 SAM 6.57 -0.17 20,583 CRESNDO 3.68 -0.16 17,703 PETGAS 18.12 -0.16 6,566 BMGREEN 1.61 -0.13 28,594 HARBOUR 1.57 -0.13 67,134 PARAGON 3.57 -0.12 602 GENM-C2V 0.035 -0.115 35113 ARKA 2.08 -0.11 563 MISC 8.51 -0.11 40,348 SPRITZER 2.65 -0.11 4,207 GENTINGC3C 0.1 -0.1 900 HENGYUAN 2.84 -0.1 4,719 GCB 3.93 -0.09 13,476 MSM 2.3 -0.09 20,171 TAKAFUL 3.81 -0.09 8,109 ENGTEX 1.07 -0.08 64,975 STOCKS CLOSING (RM) +/-(RM) +/-(%) VOLUME DNEX 0.495 0.02 4.21 3,640,854 HM 0.1 -0.005 -4.76 2,403,147 SNS 0.875 0.12 15.89 2,356,611 JAKS 0.18 -0.01 -5.26 1,545,721 JCY 0.78 -0.015 -1.89 1,310,548 HSI-CV7 0.09 -0.025 -21.74 1,214,504 HSI-HU8 0.14 0.02 16.67 1,088,443 SAPNRG 0.04 -0.005 -11.11 1,006,315 AT 0.23 0.02 9.52 899,357 TALAMT 0.02 - - 853,531 JTGROUP 0.62 -0.015 -2.36 836,997 SINKUNG 0.165 - - 728,339 SYSTECH-WA 0.145 0.015 11.54 668,054 INARI 3.8 0.32 9.2 649,562 ALPHA 0.31 - - 623,044 CLOUDPT 0.81 0.04 5.19 600,960 PUC 0.055 -0.005 -8.33 593,901 MYEG 1.09 0.02 1.87 569,909 ATAIMS 0.335 0.025 8.06 548,903 EKOVEST 0.475 -0.01 -2.06 519,496 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: JUNE 12 [ 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 12,382.66 +9.37 FBMKLCI 1,608.95 -2.54 CONSUMER PRODUCTS 593.04 -1.19 INDUSTRIAL PRODUCTS 199.13 -0.61 CONSTRUCTION 263.35 +0.69 FINANCIAL SERVICES 17,553.68 -37.70 ENERGY 979.30 -11.44 TELECOMMUNICATIONS 625.36 +3.27 HEALTH CARE 2,171.69 -3.80 TRANSPORTATION 1,110.33 -19.14 PROPERTY 1,137.50 -1.33 PLANTATION 7,064.15 +13.39 FBMSHA 12,753.84 +38.22 FBMACE 5,735.66 -13.27 TECHNOLOGY 79.22 +1.60 TURNOVER: 7.591 bil VALUE: RM5.277 bil Top 20 Actives Top 20 Losers (By RM) Bursa Indices INDEX CLOSING DAILY DAILY CHANGE CHANGE (%) DJIA (US) 38,747.42 -120.62 -0.31 S&P 500 (US) 5,375.32 +14.53 +0.27 NASDAQ (US) 17,343.55 +151.02 +0.88 NYSE (US) 17,919.12 -118.41 -0.66 EURO STOXX 50 (EUR) 4,986.11 +21.02 +0.42 FTSE 100 (UK) 8,211.30 +63.49 +0.78 DAX (GER) 18,459.34 +89.40 +0.49 NIKKEI 225 (JPN) 38,876.71 -258.08 -0.66 TOPIX (JPN) 2,756.44 -20.36 -0.73 HANG SENG INDEX (HK) 17,937.84 -238.50 -1.31 CSI 300 (CHN) 3,544.12 +1.24 +0.04 SH SE COM (CHN) 3,037.47 +9.42 +0.00 KOSPI INDEX (SK) 2,728.17 +22.85 +0.84 MSCI ASIA PACIFIC 180.22 +0.23 +0.13 ASX 200 (AUS) 7,715.51 -39.86 -0.01 ALL ORDINARIES INDX (AUS) 7,963.08 -42.81 -0.53 SENSEX INDEX (IND) 76,700.50 +243.91 +0.32 FBM KLCI 1,608.95 -2.54 -0.16 STRAITS TIMES INDEX (S’PORE) 3,310.29 +1.08 +0.03 WTI (US$/BBL.) 78.69 +0.79 +1.01 BRENT (US$/BBL.) 82.65 +0.73 +0.89 GOLD (COMEX) (US$/T OZ) 2,330.30 +3.70 +0.16 SILVER (COMEX) (US$/T OZ) 29.46 +0.22 +0.77 PLATINUM (US$/T OZ) 953.12 -4.40 -0.46 COPPER (COMEX) (US CENTS/LB.) 450.65 +1.25 +0.28 COPPER 3MO (LME) (US$/MT) 9,759.00 -140.00 -1.41 CORN (US CENTS/BU.) 452.00 +2.50 +0.56 WHEAT (US CENTS/BU.) 619.25 -7.25 -1.16 SOYBEAN OIL (CBOT) (US CENTS/LB.) 44.06 +0.39 +0.89 COCOA (ICE) (US$/MT) 9,570.00 +316.00 +0.03 RUBBER (S’PORE) (US CENTS/KG) 181.70 +2.90 +0.02 World Stocks/Commodities as at 5pm, June 12 STOCKS CLOSING (RM) +/- (%) VOLUME (’00) GENM-C2V 0.035 -76.67 35,113 HSI-CVQ 0.005 -66.67 15,000 AAX-C23 0.005 -50 100 BSLCORP-WB 0.005 -50 9,512 EDUSPEC-WB 0.005 -50 7,544 GENTINGC3C 0.1 -50 900 MTRONIC-WB 0.005 -50 3,500 NETEASE-C3 0.005 -50 200 VIZIONE-WE 0.005 -50 18,960 WCEHB-CE 0.005 -50 311 YINSON-C34 0.005 -50 10,000 SUPERMX-C4E 0.085 -43.33 366 GEELY-C26 0.015 -40 356 HSI-CVY 0.3 -39.39 300 GENTINGC2X 0.025 -37.5 1,000 HSI-CT4 0.025 -37.5 293202 HSI-CVZ 0.025 -37.5 4867 CYPARK-CC 0.02 -33.33 17250 HSI-CX1 0.09 -33.33 850 HSI-HUW 0.02 -33.33 700 Top 20 Losers (By %) STOCKS CLOSING (RM) +/- (RM) VOLUME (’00) MPI 39.9 1.38 7,049 NESTLE 124.5 0.5 833 KLK 20.96 0.38 15,716 ALLIANZ 22.22 0.34 149 INARI 3.8 0.32 649,562 KESM 6.52 0.27 3,657 PGF 2.24 0.26 17,426 DIN045801028 102.75 - - DUFU 2.65 0.25 169788 PGF-PA 1.3 0.25 288 UTDPLT 24.5 0.2 3,006 D&O 3.9 0.19 39,685 FAREAST 3.69 0.19 201 PENTA 5.18 0.17 46,514 SYNERGY 1.76 0.15 25,103 FRONTKN 4.58 0.14 109,146 KGB 3.63 0.14 34,414 BURSA 8.75 0.12 21,799 SNS 0.875 0.12 2,356,611 TM 6.7 0.11 276,411 Top 20 Gainers (By RM) STOCKS CLOSING (RM) +/- (%) VOLUME (’00) INARI-C2I 0.12 100 43,099 KGROUP 0.01 100 11,578 MAYU-WC 0 100 1192 SCOPE-WB 0 100 91,983 D&O-C6 0.095 72.73 6,380 INARI-C2K 0 72.22 47,240 EG-CA 0 70 1805 PIE-CN 0 70 100 INARI-C2O 0 62.07 25,934 INARI-C2J 0 57.89 101,368 CTOS-C7 0 57.14 9,679 DUFU-CS 0 52.38 32050 MFLOUR-CE 0 50 100 PENTA-C39 0 50 33,143 UNISEM-C35 0 50 1,630 INARI-C2P 0 47.37 39,061 DESTINI-WB 0 45.45 80320 INARI-C2M 0.13 44.44 108,567 GTRONIC-C30 0 40 45350 INARI-C2H 0 40 11202 Top 20 Gainers (By %) Bursa slips in cautious trade ahead of Fed meeting BURSA Malaysia ended marginally lower yesterday on cautious sentiment ahead of the US Federal Reserve’s (Fed) decision on interest rates and inflation data. At 5pm, the FBM KLCI slid 2.54 points to its intraday low of 1,608.95 compared with 1,611,49 at Tuesday’s close. The FBM KLCI opened 5.14 points higher at 1,616.63 and hit an intraday high of 1,618.99 in the early morning session. On the broader market, decliners outpaced gainers 758 to 550, while 468 counters were unchanged, 625 untraded, and nine others suspended. Turnover expanded to 7.59 billion units worth RM5.28 billion from Tuesday’s 6.98 billion units worth RM5.12 billion. A dealer said the local market performance mirrored the global markets as investors focused on the outcome of the Federal Open Market Committee meeting and the US Consumer Price Index (CPI) to be released late yesterday. He said the market expects the Fed to keep rates unchanged as inflation has proven to be sticky so far this year. Back home, investors also took profit from the earlier session rally. Heavyweights Press Metal led laggards, falling eight sen to RM5.83, MISC was down 11 sen to RM8.51, Public Bank eased two sen to RM4.06, and CelcomDigi and IHH lost three sen to RM3.78 and RM6.22 respectively. As for the active counters, DNeX gained two sen to 49.5 sen, SNS Network added 12 sen to 87.5 sen, AT Systematization rose two sen to 23 sen, Harvest Miracle and Sapura Energy eased half-a-sen to 10 sen and 4.0 sen respectively, and JAKS Resources lost one sen to 18 sen. – Bernama 1,608.95pts June 12, 2024 Participation 26.95 46.14 26.91 100.00 Retail Institutions Foreign Bought RM m 1437.35 2461.85 1378.71 5277.90 Sold RM m 1408.21 2408.29 1461.41 5277.90 Net RM m 29.14 53.56 -82.70 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 I T I E S S D N. B H D. 197201001092 (12738-U) 12/6/2024

BIZ & FINANCE BIZ & FINANCE THURSDAY | JUNE 13, 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. BAUTO’s FY24 core net profit beat our forecast and the consensus estimate by 16% and 7%, respectively. The key variance against our forecast came from stronger-than-expected margins as it significantly dialled back discounts. It declared a fourth interim NDPS of 4.75 sen and special NDPS of 7 sen in Q4’24, bringing full-year NDPS to 26 sen, which beat our expectation as well. YoY, its FY24 revenue rose 11% driven by robust demand for Mazda vehicles (+21% to 20,977 units), partially offset by lower sales of Kia vehicles (-16% to 1,851 units) and Peugeot vehicles (- 50% to 947 units) as the Stellantis group assumed full control over the local Peugeot franchise. In terms of geographical breakdown, higher sales of 21,192 units (+8%) and 2,583 units (+54%) were recorded in both Malaysia and the Philippines, respectively, as economies reopened. Its core net profit rose by a steeper 16% due to: (i) a higher blended margin with a product mix skewed towards more highmargin models, and (ii) cheaper costs of imported units on the MYR’s strength against the JPY. Its associates, represented largely by contract vehicle assembler Mazda Malaysia Sdn Bhd, recorded higher profits driven by higher production as the economy reopened. QoQ, its Q4’24 revenue rose 5% as it dialled back on discounts coupled with strong Kia vehicle sales (+56%), partially offset by lower vehicle sales of Mazda (-1%) and Peugeot (-9%). Its core net profit rose by a steeper 28% on: (i) higher margins as it dialled back on discounts as mentioned, and (ii) stronger contribution from its associates, represented largely by contract vehicle assembler Mazda Malaysia Sdn Bhd. We lift our TP by 7% to RM2.45 (from RM2.30) but maintain our MARKET PERFORM call. LAST month, Google announced its commitment to invest US$2 billion in Malaysia. The Google DC at Elmina Business Park (EBP) will power the tech giant’s popular digital services, such as Search, Maps and Workspace. When operational, Malaysia will join the 11 countries in which Google has built and now operates DCs. Note that, in the Asia-Pacific, countries and areas where Google Cloud operates include India, Singapore, Jakarta, Hong Kong, Taiwan, Japan, Australia and Seoul. So far, Google has only announced its DC and Google Cloud region, which are worth about RM2 billion (or RM1.74 billion, based on the contract value secured by Gamuda (GAM MK, BUY, TP: RM7.08)). We think there could be further investments for subsequent phases (which may be what the remaining RM7.5 billion is for) in EBP at a later stage. While the initial Google DC is estimated to have a capacity of 80MW, the entire 49-acre site earmarked for Google at EBP could accommodate 200-250MW, based on our estimate. The DC investment is expected to boost SDPR’s total AUM significantly from RM4.4 billion currently (includes a concession arrangement for Bandar Universiti Pagoh). By FY26, we think its AUM may be worth RM6-7 billion, which could generate a total recurring income of RM120-130 million at the operating level. We raise our FY26 earnings forecast by about 3% to reflect the initial contribution from Google DC, as the facility may only be completed in 2H26. SDPR is well-positioned to capture the prevailing investment wave, driven by global tech giants, in the Southeast Asia region. The company currently has five industrial park projects with a remaining total land area of >2,000 acres. Maintain BUY, TP rises to RM2.00 from RM1.54. SYNERGY’s strategic pivot to becoming an ecommerce vendor on third-party platforms since 2019 – amidst US-China geopolitical tensions – has proven timely. Leveraging its exceptional performance and robust rapport with one of the US’ largest online home retailer (the “Retailer”), Synergy has now secured its status as the first Malaysian authorised service partner on the Retailer’s e-commerce platform, cementing its position as a trusted industry leader. As an authorised service partner, Synergy will primarily support local Malaysian manufacturers and vendors, ensuring a smooth integration into the Retailer’s global e-commerce system. It will collaborate with the Retailer to co-host online and offline events aimed at on-boarding new vendors of various home furnishing products and raising awareness about the latter’s ecommerce ecosystem. Once vendors are successfully on-boarded, Synergy will work closely with them, offering various services that include offering strategic advice on product selection, connections to other service providers, advertising and promotional support, and troubleshooting issues related to operating on the platform. Synergy has advanced from being a Malaysian cross-border ecommerce furniture seller and a “furniture developer,“ to becoming the first Malaysian authorised on-boarding service partner for the world’s leading e-commerce home retailer. This move up in the value chain further solidifies its position in the global furniture industry. Growth prospects should be exponential, as it will generate recurring income streams by hosting and supporting various vendors in the future. BUY, RM2.01 TP. FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.7855 4.6495 4.6395 1 Australian Dollar 3.1820 3.0550 3.0390 1 Brunei Dollar 3.5380 3.4340 3.4260 1 Canadian Dollar 3.4780 3.3840 3.3720 1 Euro 5.1500 4.9820 4.9620 1 New Zealand Dollar 2.9530 2.8450 2.8290 1 Singapore Dollar 3.5380 3.4340 3.4260 1 Sterling Pound 6.1070 5.9150 5.8950 1 Swiss Franc 5.3170 5.1920 5.1770 100 UAE Dirham 131.9100 125.0500 124.8500 100 Bangladesh Taka 4.1610 3.8730 3.6730 100 Chinese Renminbi 66.4600 63.6500 N/A 100 Danish Krone 70.7700 65.1100 64.9100 100 Hongkong Dollar 61.9700 58.8700 58.6800 100 Indian Rupee 5.8200 5.4700 5.2700 100 Indonesian Rupiah 0.0304 0.0275 0.0225 100 Japanese Yen 3.0530 2.9540 2.9440 100 New Taiwan Dollar 15.8000 N/A N/A 100 Norwegian Krone 45.9500 42.2700 42.0700 100 Pakistan Rupee 1.7500 1.6400 1.4400 100 Philippine Peso 8.2800 7.8000 7.6000 100 Qatar Riyal 132.7900 126.0600 125.8600 100 Saudi Riyal 129.1000 122.5600 122.3600 100 South Africa Rand 26.7500 24.1600 23.9600 100 Sri Lanka Rupee 1.6200 1.4900 1.2900 100 Swedish Krona 47.0800 42.8600 42.6600 100 Thai Baht 13.6200 12.0800 11.6800 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit ends higher against dollar as markets await Fed call THE ringgit had strengthened against the US dollar at the close yesterday as markets await the Federal Open Market Committee (FOMC) decision, said an analyst. At 6pm, the ringgit rose to 4.7160/7185 versus the greenback from Tuesday’s close of 4.7175/7205. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) continues to hover above 105 points as the US Federal Reserve (Fed) maintains a restrictive stance following the strong US Nonfarm Payrolls data last Friday. “However, the jury is still out and the latest macroeconomic projection will be the crucial factor that will set the tone for the rate cut anticipation. “For now, September is expected to be the month where the Fed will commence the monetary easing based on consensus estimates,” he told Bernama. At the close, the ringgit was traded mostly lower against a basket of major currencies. The local unit strengthened versus the Japanese yen to 2.9977/9995 from Tuesday’s close of 3.0000/0021, but slid against the euro to 5.0711/0738 from 5.0708/0741 yesterday, and depreciated vis-a-vis the British pound to 6.0157/0189 from 6.0073/0111 previously. Against its Asean peers, the local note appreciated vis-a-vis the Indonesian rupiah to 289.3/289.7 from 289.5/289.9 at Tuesday’s close. However, it had eased against the Singapore dollar to 3.4879/4900 from 3.4862/4887 yesterday, fell versus the Thai baht to 12.8529/8643 from 12.8364/8491 and was lower against the Philippines’ peso at 8.04/8.05 from 8.03/8.04 previously. Petronas arm, Iceotope in tie-up on sustainable thermal solutions PETALING JAYA: Petronas Lubricants International (PLI) is collaborating with Iceotope, a global leader in precision liquid cooling solutions, to jointly develop thermal management solutions for data centres, edge computing facilities, and blockchain operations to enhance efficiency whilst reducing carbon emissions and water usage. Leveraging both expertise and experience in thermal management, this partnership will drive research and development as well as innovation to deliver new liquid cooling technologies tailored to meet the sector’s emerging needs, in line with the ongoing advancements of the global digital infrastructure. PLI managing director and group CEO Hezlinn Idris said the collaboration is because they share a common ground in liquid cooling technologies expertise. Through this partnership, he added they will be able to offer a significant impact by enabling improved performance for the data infrastructure sector without adversely affecting the environment. Iceotope CEO David Craig said, “Today, power consumption and environmental impact are top priorities for data centre operators. Precision Liquid Cooling represents a revolutionary shift, empowering organisations to deploy IT infrastructure without compromising performance or sustainability.” Building upon the partnership with Iceotope, Petronas Lubricants International introduces Petronas Iona Tera, a liquid coolant specifically designed for data centres which increasingly rely on liquid cooling to maintain optimal temperatures. Petronas Iona was initially developed for electric vehicles, targeting three critical areas – the engine, gearbox, battery, and bearings. Synergy House Bhd Buy. Target price: RM2.01 Sime Darby Property Bhd Buy. Target price: RM2.00 Bermaz Auto Bhd Market Perform. Target price: RM2.45 Source: Kenanga Research Source: RHB Research Source: RHB Research June 12, 2024: RM2.53 June 12, 2024: RM1.39 June 12, 2024: RM1.76

LYFE LYFE THURSDAY | JUNE 13, 2024 22 Tiles that transform spaces TILE maker Feruni recently collaborated with designer Lisette Scheers of fashion house Nala Designs on a collection that unifies tiling innovation and craftmanship with artisanal hand-drawn illustrations to create a wall surface design for interior spaces. The Mandi Bunga collection is a feast for the eyes with its captivating floral-inspired patterns featuring subtle three-dimensional textures. Scheers, a Kuala Lumpur-based Dutch designer and founder of Nala Designs, loves art and the Malaysian heritage – two elements that has become the defining aesthetic of her lifestyle brand. Pattern royalty Known as the “Queen of Patterns”, Scheers specialises in pattern design, where each hand-illustrated creations draw inspiration from the diversity of Asian culture and heritage that translates to various medium like fabrics, wallpaper, clothing, accessories and homeware. “I draw every single element of my designs by hand while the computer is merely a tool to construct the pattern,” Scheers revealed. She adopted the same approach for the Mandi Bunga collection, where she desconstructed the flowers, drew all parts individually, and reconstructed them again. “I wanted to make the flowers carry some graphic elements to spark the imagination.” The design process for the Mandi Bunga collection began with a visit to a fruit orchard to discover flowers of fruit trees that are primarily indigenous to Malaysia and Southeast Asia. Scheers envisioned the Mandi Hand-drawn illustrations, colours and tiling technologies that create a masterpiece. oUnique Malaysian designs from Feruni highlight fine craftmanship A tapestry of Malaysian flora brought to life on tiles. Bunga collection as a versatile and timeless tile pattern that delivers a touch of beauty in any application. She hoped the collection would deliver happiness to those who experience it, just like her experience in bringing her ideas to fruition. “Whenever I design something, I put my heart and soul into it. I hope that when people look at the Mandi Bunga designs, they will feel the same energy from it. “If you stand under a fruit tree, the flowers drop and you’ll have this beautiful floral carpet. For me, whether the tiles is on the wall or on the floor, the collection makes you feel like you’re surrounded by flowers in your space,” she explained. Mandi Bunga collection The Mandi Bunga collection takes inspiration from Malaysian flowering trees, showcasing 15 types of indigenous fruits from the country, such as rambutan, durian, mangosteen, starfruit, longan and custard apple, among others. Mandi bunga translates to floral bath, a traditional ritual in the Malay culture to cleanse and promote general well-being. Similarly, the design of this collection is created to spark happiness and inspiration with varied floral patterns in a space. Scheers believes that flowering trees hold a special meaning – to bring beauty to the land. The Mandi Bunga collection recreates this natural scenery on wall surfaces and surrounds the space in a beautiful setting. The collection features four variations in an exquisite blend of colours derived from the fruit flowers to complement the organic handdrawn patterns. From the romantic blush of durian flowers to the bold hues of jacaranda blooms to the soft pastels of water apple flowers, this collection is a masterpiece of colours. The collection is realised on a One of four variations in an exquisite blend of colours derived from the fruit flowers. Vibrant floral patterns with craftsmanship denoting the creative synergy between Feruni and Nala Designs. Malaysian fruit flowers featured in the Mandi Bunga collection. (From left) Ngei and Scheers Scheers specialises in pattern design. large format porcelain surface as a medium for this pictorial language and applies the innovative thirdfiring production process to bring to life the exquisite hand-drawn floral patterns, the tactile properties and the three-dimensional effects of the tile surface. Pushing boundaries Feruni’s collaboration with Scheers is part of “The Art and The Artist” – a collaborative platform by Feruni with artist from different creative disciplines to create art and beauty that inspires, as the tile maker challenges itself to push the boundaries of creativity. Besides Scheers, Feruni has also teamed up with Valhalla Garage to suit up a Porsche 911 with an armour of tiles. This project, called The Art 911, was carried out by Studio Feruni using a spread of tiles to cover the Porsche 911. These partnerships with designers come as Feruni refreshes its brand, concurrently revealing its largest collection of 175 tile designs. As part of the rebranding, Feruni’s new vision is to be the world’s most disruptive tile maker and designer that transforms living and working spaces, in line with the brand’s new tagline “Where Every Tile Is A Work of Art”. Feruni CEO Datuk Ngei Chee Chau said its journey has been guided by its determination to do things differently and bring about transformation in Malaysia’s tile industry. Feruni’s ethos is simple, which is to bring art, beauty and inspiration into everything it does.

LYFE LYFE THURSDAY | JUNE 13, 2024 23 Playful interior design for that unique touch I NJECTING personality into a home is key to creating a space that feels warm, inviting, and reflective of its inhabitants. For families with kids, incorporating elements of their favourite cartoons into the home can bring joy and playfulness to everyday life. From bedding to kitchenware to wall art, there is a plethora of cartoon-themed products that can step up the ambience of your home while delighting the little ones. Here are some of the most charming and imaginative options available. Bedroom bliss The bedroom is a sanctuary for rest and relaxation, but it can also be a playground for the imagination. Start with cartoon-themed bedding featuring beloved characters like Mickey Mouse, SpongeBob SquarePants, or Elsa and Anna from Frozen. Pair it with coordinating curtains, rugs and throw pillows to create a cohesive look that transports your child straight into their favourite cartoon world. Consider adding a themed night light or wall decals for an extra touch of playfulness. Playful bath time Bath time becomes an adventure with cartoon-themed bath towels, shower curtains, and accessories. Whether it is a hooded towel adorned with Dora the Explorer or a shower curtain featuring the cast of Tom and Jerry, these items make daily routines more fun and engaging for kids. Complete the look with matching toothbrush holders, soap dispensers and bath mats to transform the bathroom into a cheerful oasis. Kitchen creativity Meal times are a chance for families to come together and bond, and what better way to enhance the experience than with cartoon-themed dinnerware? Plates, bowls and cups featuring Cartoonthemed products boost creativity and imaginative play in children. oCartoon-themed products for families █ BY THASHINE SELVAKUMARAN Shared love for characters enhances family time and creates joyful memories. – ALL PICS BY PINTEREST Cartoonthemed items add colour and fun, uplifting the mood of the entire household. Engaging themes make routines like bedtime and meals more appealing for kids. Playful decor reflects children’s interests, making their rooms more personal and comforting. characters like Winnie the Pooh, Peppa Pig, or the Teenage Mutant Ninja Turtles add an element of excitement to every meal. For aspiring chefs, there are also cartoon-themed aprons, oven mitts and utensils that make cooking together a delight. Cartoon walls Blank walls are a canvas waiting to be adorned with colourful cartoon artwork. Whether it is framed prints, canvas paintings or wall decals, there are endless options for adding character to your child’s bedroom or playroom. Opt for timeless classics like Looney Tunes or favourites like Pokémon to create a sense of nostalgia for parents while sparking joy for kids. For a personal touch, consider creating a gallery wall featuring your child’s own artwork alongside their favourite cartoon characters. Cosy comfort Nothing says comfort like snuggling up with a plush throw blanket featuring beloved cartoon characters. From classic Disney princesses to modern favourites like the characters from Trolls, there is a wide variety of options to suit every taste. Complete the cosy vibe with themed throw pillows and stuffed animals for an extra dose of cuddly charm. Outdoor adventures Extend the cartoon magic beyond the confines of your home with outdoor accessories featuring iconic characters. From picnic blankets to garden flags to patio furniture, there are plenty of ways to infuse your outdoor space with whimsical items. Consider hosting a themed outdoor movie night with a projector and screen featuring your child’s favourite cartoons for an unforgettable evening under the stars. Toy storage solutions Keep clutter at bay and encourage tidiness with cartoon-themed toy storage solutions. From colourful bins and baskets featuring characters from Paw Patrol or Toy Story to themed toy chests and organisers, there are plenty of options to suit your child’s interests and your home’s decor. Not only do these storage solutions make clean-up time more fun, but they also add a playful element to the room’s aesthetic, turning organisation into a game. Educational fun Transform learning into an adventure with educational toys and games inspired by cartoons. Whether it is alphabet blocks featuring Sesame Street characters or math puzzles adorned with beloved superheroes, these educational products combine entertainment with learning, making it easier for kids to engage with and retain new concepts. Plus, the familiar characters provide a sense of comfort and familiarity, making learning feel like playtime. Incorporating cartoon-themed products into your home is a delightful way to foster creativity, imagination, and a sense of wonder in your children. These whimsical touches bring joy to everyday life and create lasting memories for the whole family. So why not add a touch of magic to your home today? After all, as Walt Disney once said: “Laughter is timeless, imagination has no age, and dreams are forever.”

LYFE LYFE THURSDAY | JUNE 13, 2024 24 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Four Star sets stage for sweet dreams in Malaysia SINGAPORE’S mattress brand Four Star Industries has opened its first showroom in Malaysia. The brand introduced three mattress series, each designed to redefine comfort and elevate sleep quality: 1. Detense – Arcticsilk Advanze Aire Flex With Advanze Aire Flex technology, this series offers adaptive support and spinal alignment, ensuring a restorative sleep experience. 2. Chiro series As one of the Bronze Corporate Members of the World Federation of Chiropractors, this series prioritises ergonomic design and targeted support to alleviate common sleep-related discomforts and promote overall wellness. 3. Essential series Newly upgraded Essential Series provides back and neck support and help you sleep comfortably, maintaining the body’s natural curve throughout the night. Additionally, Four Star Industries is offering customisable bed sizes, ensuring that each individual can find the perfect fit for their sleep needs. Since 1968, Four Star has been Singapore’s household mattress brand, offering luxury mattresses to over 30 hotels there. Following the opening of its new showroom in Petaling Jaya, it plans to open six to eight more outlets in Malaysia in the next two years. Available in king, queen, super single, single and customisable sizes, the perfect night’s rest is always within reach. For the golden girls DIRECTED by Mark Waters, Mother of the Bride is a delightful jump through romance and familial chaos that caters to both the young and the young at heart. With a starstudded cast including Brooke Shields, Miranda Cosgrove and Benjamin Bratt, this romantic comedy delivers a story that is as heartwarming as it is humorous. The film masterfully navigates the complexities of love at different stages of life, making it a must-watch for anyone who believes in second chances and happily-ever-afters. Plot thickens in Thailand The narrative centres around Emma, played by Cosgrove, who returns from London with a bombshell that she is getting married in a month at a resort in Phuket, Thailand. This news jolts her mother Lana (Shields), who has been her rock since Emma’s father passed away. Adding to the whirlwind, Emma’s fiancé RJ (Sean Teale) is the son of Lana’s ex-flame Will (Bratt). The setup is a recipe for comedic disaster and romantic rediscovery. What sets Mother of the Bride apart is its focus on mature romance. Lana and Will, both well into their middle years, find themselves thrust back into each other’s lives, reigniting a spark that had long been extinguished. Shields and Bratt share a charming chemistry, bringing depth to their characters’ complicated history. Their interactions are peppered with awkward encounters and heartfelt moments, most This romantic comedy delivers a story that is as heartwarming as it is humorous. – PICS COURTESY OF NETFLIX oFeel-good family fun with a heartwarming message █ BY YASMIN ZULRAEZ The mother-daughter duo are excited for the wedding. notably when Lana, in a hilarious twist of fate, accidentally sees Will in his birthday suit. The film’s appeal lies in its portrayal of family dynamics and the inevitable clashes that occur when different generations collide. Lana’s struggle to accept Emma’s whirlwind romance mirrors her unresolved feelings towards Will. The story deftly balances its comedic elements with poignant reflections on motherhood, love and personal growth. Comedy of errors The ensemble cast provides ample laughs, from Rachael Harris as Lana’s candid best friend Janice, to Michael McDonald and Wilson Cruz as the bickering duo Clay and Scott. Their misadventures, including an ill-fated game of pickleball and a forbidden skinny-dipping excursion, inject a healthy dose of humour into the film. Meanwhile, the glamorous wedding planning, hijacked by the overbearing Discovery brand manager Camala (Tasneem Roc), offers a satirical take on modern nuptials. The film mocks the commercialism of weddings, with Lana battling to keep her daughter’s big day personal amid the corporate show. A message of hope At its core, Mother of the Bride is proof of the enduring nature of love and the possibility of finding happiness later in life. The film reinforces the idea that it is never too late to mend broken relationships and start anew. Lana’s journey from heartbreak to acceptance, culminating in a romantic proposal from Will, is a heartwarming reminder that true love can come at any age. Mother of the Bride is a feel-good family movie that will resonate with viewers of all ages. Its humour, heart and hopeful message make it perfect for a cosy night with loved ones. The film encourages audiences to embrace life’s unexpected twists and cherish the moments of joy and connection that come their way. Whether laughing at the comedic mishaps or tearing up at the tender reconciliations, viewers are sure to leave with a smile on their faces and warmth in their hearts. Mother of the Bride is currently streaming on Netflix. 0 DIRECTOR: Mark Waters 0 CAST: Brooke Shields, Miranda Cosgrove, Benjamin Bratt, Chad Michael Murray E-VALUE 6 ACTING 6 PLOT 6