CEOMorningBrief TUESDAY, OCTOBER 17, 2023 ISSUE 653/2023 theedgemalaysia.com XI’S US$1 TRIL ‘PROJECT OF THE CENTURY’ FACES UNCERTAIN FUTURE p21 HOME: Be consistent when managing GLCs, don’t go for listing ‘if not ready’, Johari Ghani tells govt p10 MACC takes two law firms to court over 1MDB settlement documents p11 Yinson unit to pilot new offshore carbon capture and storage technology on FPSO Agogo p12 WORLD: India, Indonesia risk biggest fallout from geopolitical shocks p18 TikTok fights back over €345 mil teen privacy fine in EU p20 BERNAMA MYAirline’s owner open to relinquishing entire stake, says director Azharuddin Report on Page 4. Report on Page 7. Najib and son have to pay RM1.7 bil tax arrears as Fed Court dismisses their final appeals
TUESDAY OCTOBER 17, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] HOME Putrajaya expects SST hike to bring in additional RM3 bil revenue in 2024 Miti to monitor impact of raised SST on Malaysian industries — Zafrul KUALA LUMPUR (Oct 16): The government expects to raise an additional revenue of RM3 billion through the increase in the sales and service tax (SST) to 8% next year, from 6% currently, according to Treasury secretary general Datuk Johan Mahmood Merican. “We clearly see that there is a need to broaden the tax base. In fact, even [for] an increase [from] 6% to 8%, it does not include food and beverages, telecommunications, [and] things that are more consumer-based,” said Johan on Monday during the 2024 Post-Budget Debate organised by the Malaysian Economic Association. Although there was no mention of the goods and services tax (GST) in the newly announced Budget 2024, Johan said the broad-based consumption tax is not off the table. “We are studying what is the best way to do this (implementing the GST). But, obviously, there are some areas that we need to improve, how do we ensure the efficiency of refunds and so on,” he told the audience here. KUALA LUMPUR (Oct 16): Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz has assured that there will be no changes in the prices of products in the industry sector when the sales and service tax (SST) is raised next year, but added that the ministry will continue to monitor the impact of the implementation on the sector. “For any form of fiscal policy involving tax, there will always be something that the companies would have to incorporate as part of their business plan going forward. “Whatever impact there is, that is why the prime minister excluded F&B (food and beverages sector) and also included the logistics sector. For the other sectors, we will see and monitor what transpires and what is the result of this decision,” Tengku Zafrul told reporters at the sidelines of the Roundtable Dialogue discussing the New Industrial Master Plan 2030 (NIMP 2030) hosted by the Malaysian Industrial Development Finance Bhd (MIDF). Tengku Zafrul said the government has a fiscal responsibility to increase its BY CHESTER TAY theedgemalaysia.com BY EMIR ZAINUL theedgemalaysia.com In regard to the scant details of rationalisation of fuel subsidies, particularly for RON95, Johan said this is because implementation details are still in the works, and the government intends to adjust the system in a gradual manner. “I think the logic of why the subsidies cannot be removed all at once is that if implemented all at once, it will affect families, the cost of living, and have an impact on businesses,” he said. “As with every year, the government always will ensure that there is sufficient revenue to cover operating expenditures, because by law, we are not allowed to borrow for operating expenditures,” he added. Johan also said Budget 2024’s focus on basic amenities like schools, roads and talent development to increase Malaysians’ competitiveness instead of megaprojects is because Prime Minister Datuk Seri Anwar Ibrahim does not want to leave a legacy of building large white elephant projects. “The prime minister has often said that he doesn’t want to be the prime minister that [is being] associated with tall skyscrapers. He wants to get the basics done,” he said. Last week, Anwar announced the RM393.8 billion Budget 2024, of which RM303.8 billion are estimated to be operating expenditures, and will be covered by the government’s projected revenue of RM307.6 billion. Anwar also targets to reduce the fiscal deficit to 4.3% of gross domestic product next year, part of Putrajaya’s efforts to narrow it to 3.2% by 2025. revenue, and that it is important for the industry to understand why Putrajaya is taking such a decision. During the tabling of Budget 2024 last Friday, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced that the government is planning to raise SST to 8%, from 6% at present, as part of its efforts to increase revenue. Aside from the higher rate, the scope of the SST will also be widened to include logistics services, brokerage and underwriting, as well as karaoke, while services like F&B and telecommunications are excluded. On NIMP 2030, Tengku Zafrul said Miti is working to get as many local industries as possible to participate in the national strategic direction in order for the companies to reap the benefits of the spillover effects. Read the full story Scan here for our coverage of the national budget Budget 2024 - find out what’s in it for you!
TUESDAY OCTOBER 17, 2023 3 THEEDGE CEO MORNING BRIEF
TUESDAY OCTOBER 17, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): Cashstrapped MYAirline Sdn Bhd has pledged to refund the 125,000 passengers who had purchased tickets with the low-cost airline prior to its flight suspension last Thursday, saying this will be done once it secures potential investors and gets new funding. Total refunds are estimated at RM22 million, based on ticket sales. “We acknowledge our error and understand the frustration experienced by our passengers [since the suspension]. We may have lost the trust of our passengers. We admit there was a lack of contingencies due to the 11th hour pullout from a potential investor,” MYAirline’s interim accountable executive and director Datuk Seri Azharuddin Abdul Rahman told a press conference on Monday — the first since the airline announced a suspension to its operations last Thursday. He declined to name the potential investor. Affected passengers, staff will be repaid once funding is secured, says MYAirline’s Azharuddin KUALA LUMPUR (Oct 16): Cashstrapped airline MYAirline Sdn Bhd’s major shareholder Datuk Allan Goh Hwan Hua is willing to relinquish all his shareholding in the low-cost carrier, said interim accountable executive and director Datuk Seri Azharuddin Abdul Rahman. “We are actively exploring strategic partnerships, having received several proposals. All these proposals are going through detailed evaluation and due diligence,” Azharuddin told a press conference on Monday — the first since the airline announced a suspension of its operations last Thursday. “The potential investors could be one or many. And depending on the deal, if they (potential investors) take a majority stake, then it is up to them what they want to do with the airline (such as maintain or change the low-cost carrier business model),” he said. Latest records as at Aug 30, 2023 from the Companies Commission of Malaysia found that MYAirline had three shareholders, namely Zillion Wealth Bhd (99.25%), Trillion Cove Holdings Bhd (0.625%) and former MYAirline chief executive officer (CEO) Rayner Teo Kheng Hock (0.125%). Both Zillion Wealth and Trillion Cove named Goh as its director. Asked for a timeline where it has to shut down the airline if negotiation fails, Azharuddin said: “We are not thinking about that. I am very positive that we will get back our licences.” “However, I cannot promise a timeline,” he added. The Civil Aviation Authority of Malaysia (CAAM) on Monday (Oct 16) suspendMYAirline’s owner open to relinquishing entire stake, says director Azharuddin ceived flak for granting MYAirline a twoyear extension to its AOC, only to see the airline halt its operations three days later. MYAirline’s one-year air service licence (ASL) from the Malaysian Aviation Commission (Mavcom) is up for renewal on Nov 14. MYAirline requires both the ASL and AOC in order to operate a scheduled passenger and cargo airline business. In the meantime, MYAirline has initiated a service recovery plan and business continuity plan under the leadership of Azharuddin and relevant department heads, with a focus on improvements and increased accountability. “A reprioritisation of objectives will also be done and announced once recapitalisation is completed,” Azharuddin said. “It is important to note that discussions with lessors are ongoing to retain our aircraft,” he added. MYAirline currently operates a fleet of nine Airbus A320s. “We will continuously provide timely updates to our staff and media as development unfolds.” Azharuddin, who is a member of MYAirline’s board of directors, said the board is still intact. Other board members are Goh, his son Sean Goh Tze Han, former Malaysia Airports Holdings Bhd chief operating officer Datuk Abd Hamid Mohd Ali, Teo and Trillion Cove director Jothi Prakash Murugan. MYAirline’s chief operating officer Stuart Cross, who had assumed the role of interim CEO on Oct 8 following the sudden departure of Teo from the airline citing health-related reasons, has resigned effective immediately. BY SYAFIQAH SALIM & KANG SIEW LI theedgemalaysia.com BY SYAFIQAH SALIM & KANG SIEW LI theedgemalaysia.com MYAirline interim accountable executive and director Datuk Seri Azharuddin Abdul Rahman LOW YEN YEING/THE EDGE “We also acknowledge our communication shortcomings with both the Malaysian Aviation Commission (Mavcom) and the Civil Aviation Authority of Malaysia (CAAM), specifically our failure to engage with the authorities and passengers in a timelier manner, before deciding to temporarily suspend our operations. “The abrupt action was taken out of a genuine concern for the safety of our passengers and employees on a flight that operated from Wednesday night to early Thursday morning. We had issued the suspension notice at 0530 hours on Thursday morning (Oct 12),” he said. “While we had promptly cancelled the morning wave flights on Thursday, we acknowledge that some passengers on later flights were already at the airport, and this was an oversight on our part,” Azharuddin added. All affected passengers are told to contact MYAirline at customercare@ myairline.my to initiate the refund process. It has also set up a hotline at 03-8966 2522, operational from 7am to 6pm daily, to facilitate the refund process and provide assistance as needed. “The refund process will depend on when we can close a deal with potential investors. Once we get the money, they [passengers] will get the refund,” Azharuddin said, adding that MYAirline has been proactively addressing the issue through a series of meetings and making ongoing efforts to rectify errors in all areas as the airline strives to restore normal operations. Asked if there is a timeframe before the affected passengers will get their refunds, he said: “That one I cannot promise.” CONTINUES ON PAGE 5 ed the air operator’s certificate (AOC) of MYAirline for a period of 90 days, pending further investigations by the technical aviation regulator. Earlier, CAAM had re-
TUESDAY OCTOBER 17, 2023 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): The Peninsular Malaysia Labour Department will meet with MyAirline Sdn Bhd’s management to discuss matters pertaining to the welfare of the airline staff, following the suspension of its operations recently. Human Resources Minister V Sivakumar said the meeting is aimed at preparing a report on the next course of action that the ministry should take regarding the welfare of the employees of the low-cost airline. “The department will be meeting with the company management today (Monday), and they will provide me with a report on the matter,” he told a press conference at the Parliament lobby on Monday. Sivakumar said the Social Security Organisation (Socso) had been instructed to go down to the field to assess the actual situation. On Sunday, the minister was reported to have said that more than 500 MyAirline employees are expected to receive the benefits of the Socso’s Employment Insurance System if their services are terminated. MyAirline suspended its operations from last Thursday until further notice due to significant financial pressures, pending shareholder restructuring and recapitalisation. Meanwhile, Sivakumar said there is no need for the government to enact a specific law to protect persons with disabilities from workplace discrimination. According to him, the existing laws are sufficient to deal with the issue, adding that the number of reported cases of workplace discrimination is insignificant. Sivakumar said that amendments to the Employment Act 1955, which came into force on Jan 1, had included the necessary provisions, namely Section 69F, which authorises the director general of the Department of Manpower to hear and decide on any discrimination-related issues. He said this in reply to a question from William Leong Jee Keen (Pakatan Harapan-Selayang) on whether the government had plans to formulate specific legislation to address the issue of workplace discrimination, particularly against the disabled, during the Dewan Rakyat sitting here on Monday. Sivakumar: Labour Department to meet MYAirline over staff’s welfare KUALA LUMPUR (Oct 16): The two-year extension of MYAirline Sdn Bhd’s air operator’s certificate (AOC) by the Civil Aviation Authority of Malaysia (CAAM) earlier this month was based on a technical audit that was conducted by the CAAM on the aviation outfit in May, said Deputy Transport Minister Datuk Hasbi Habibollah. An analysis was also conducted by the Malaysian Aviation Commission (Mavcom) as recently as Oct 3, during which MYAirline “did not show signs of financial issues that warranted the suspension of its operations”, Hasbi told a special chamber in the Dewan Rakyat on Monday. MYAirline has 14 days (until this Tuesday) to make a representation to the authorities on the suspension of its operations, for which it had failed to provide early notification to the regulators. This follows the show-cause letter issued by Mavcom last Friday to MYAirline. The shutdown of the local carrier is expected to affect 117,000 passengers, who have bought tickets for seven domestic and two international routes, according to Hasbi. “Based on analysis conducted by Mavcom on MYAirline’s operations and financials on Oct 3, the aviation company did not show signs of financial issues that warranted the suspension of its operations. “This can be seen from the minimal rescheduling of flights, and repayments to customers that were completed on time. Everything looked okay, everything was on time. MYAirline also had plans to expand its operations to 12 planes, from eight by end-2023,” Hasbi said. MYAirline also informed the government that it was finalising a share sale to new investors locally and internationally, but this has not been concluded until now, according to Hasbi. “After conducting a technical audit of the company from May 29 to June 1, the CAAM approved the AOC extension for MYAirline from October 2023 to September 2025. “The technical audit was done meticulously and based on international standards,” Hasbi said, adding that the audit was done to assess the airline’s capacity and efficiency in terms of commercial capabilities, operations, management and organisational systems, maintenance, safety, and cabin operations. Financial aspect was also included as part of the audit process, he added. Under existing regulations, passengers affected by flight cancellations must be refunded by the service provider within 30 days at the price purchased, including taxes and fees. MYAirline in its statements has committed to repaying its customers in stages. Hasbi said an earlier assessment conducted in October 2022 found that MYAirline met the net positive equity position requirement that could support operations for three to six months. The CAAM has suspended MYAirline’s AOC for 90 days effective from Monday, pending the outcome of further investigation. Read also: Malaysia’s civil aviation authority suspends MYAirline’s air operator cert for 90 days, pending probe May audit of MYAirline, October analysis by regulators did not show signs of financial issues — MOT BY ADAM AZIZ theedgemalaysia.com Bernama Likewise, Azharuddin said MYAirline’s staff will receive their prioritised statutory payments and September salaries once a new investor is secured and funding is obtained. MYAirline currently employs more than 900 people. He maintained that all employees remain under MYAirline employment. “All staff are still under MYAirline’s employment. No one has been placed under unpaid leave or terminated. We have met the Ministry of Human Resource to update them on this matter,” he added. Asked how much the airline needs to pay back all salaries and refunds to restart its flight operations, Azharuddin said: “Millions.” FROM PAGE 4 On who the potential investors MYAirline is speaking to are, he said: “I cannot tell you... because we have to be very careful after what has happened (the 11th hour withdrawal from an interested investor last week), to make sure that they genuinely come and invest. We don’t want people to talk and then pull out at the last minute again. We have to be very careful this time.” “Insya-Allah (God willing), we will issue all the refunds and pay our employees’ salaries this year,” Azharuddin said. Read also: Loke reminds MYAirline of its responsibilities to employees and passengers
TUESDAY OCTOBER 17, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): The government is in the process of streamlining the functions and roles of each of the country’s economic regions, as part of efforts to improve investment promotion activities and restructure investment promotion agencies (IPA). Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz said in Parliament on Monday that there is a need to restructure the country’s IPAs and this begins with the streamlining of the economic regions, in relation to investments and trade. “Mida (the Malaysian Investment Development Authority) as the main IPA will continue to promote the economic regions based on the strength of the industry ecosystem in each region, and we can study the strengths [of each state],” Zafrul told Dewan Rakyat. “In Terengganu, it is petrochemicals; E&E in Penang; rubber products in Kedah; hydro-economy in Sarawak; resources-based activities in Sabah and so on,” he said, adding that each region and state will have its own investment targets. He was responding to questions from Datuk Seri Jalaluddin Alias [BN-Jelebu] on how the ministry balances the amount of investments into the respective states. Malaysia has five economic corridors, namely the East Coast Economic Region (ECER) comprising Kelantan, Terengganu, Pahang, and Johor; the Northern Corridor Economic Region (NCER) made up by Perlis, Penang, Kedah and Perak; the Sabah Development Corridor (SDC); the Sarawak Corridor of Renewable Energy (SCORE); and Iskandar Malaysia in Johor. Aside from Mida, Malaysia reportedly has 30 other IPAs, including federal location-based agencies such as InvestKL, federal sector-based agencies and state location agencies. Prime Minister Datuk Seri Anwar Ibrahim in July said that the Cabinet has apZafrul: Putrajaya streamlining functions of Malaysia’s economic regions to boost investment promotion efforts BY ADAM AZIZ theedgemalaysia.com proved all Malaysian IPAs to come under the purview of Miti and Mida, amid competition among agencies to secure investments. Miti will come up with a plan for the streamlining of the IPAs, said Zafrul in July. In the Budget 2024 tabling on Friday, Anwar said Miti and Mida have been tasked with easing the process of foreign and domestic direct investments (FDI and DDI), from the stages of application to the realisation of investments. RM106 bil potential investments under negotiation Meanwhile, Zafrul in his reply to Jalaluddin’s question, said a total of 984 projects are currently at the negotiation stage under the supervision of Mida, with expected new investments totalling RM106.5 billion as at end-August. This comprised expected FDI of RM89.5 billion and DDI of RM15.8 billion, he said. “These investments comprise projects from the manufacturing sector with proposed investments of RM73.6 billion involving 53 proposed projects, as well as 931 project proposals in the services sector under Mida’s purview with expected investments of RM31.7 billion,” said Zafrul. Read the full story
tuesday OC T Ober 17, 2023 7 The E dge C E O m o rning brief home PUTRAJAYA (Oct 16): The Federal Court has dismissed appeals by Datuk Seri Najib Razak and Datuk Nazifuddin Najib against summary judgments compelling the former prime minister and his son to pay RM1.69 billion and RM37.64 million in tax arrears to the Inland Revenue Board (IRB). Reading out the unanimous decision by the apex court’s five-judge bench, judge Tan Sri Nallini Pathmanathan said they upheld the Court of Appeal (COA) and High Court’s decisions, which ruled that the pair must pay the amounts owed to the government. She said the duo were not treated unfairly and the judgments compelling them to pay the taxes do not contravene Article 8 of the Federal Constitution, which states that all persons are equal before the law and entitled to the equal protection of the law, and Article 5(1), which states that no person shall be deprived of his life or personal liberty save in accordance with law. The five-judge bench was led by COA president Tan Sri Abang Iskandar Abang Hashim, who was flanked by Nallini, Chief Judge of Malaya Datuk Mohamad Zabidin Mohd Diah and judges Datuk Abu Bakar Jais and Datuk Mary Lim Thiam Suan. On July 22, 2020, the High Court entered the summary judgement against Najib and Nazifuddin, requiring them to pay the said amounts. The decision was upheld by the COA on Oct 21, 2021, but it granted a stay of the summary judgement requiring them to pay the arrears, pending the appeal at the Federal Court here. The summary judgement that was awarded to the IRB in this case follows the court ruling that the defendants have no triable issues with regard to their defence, and if the matter were to proceed to a full trial, it would have the effect of delaying a judgement entered on the defendants. On Sept 9, 2021, a three-member COA bench led by judge Datuk Abdul Karim Abdul Jalil dismissed Najib and Nazifuddin’s appeals on the grounds there was no merit in the two appeals and no error in the judgement of the two High Court judges. The COA bench, which also included judges Datuk Vazeer Alam Mydin Meera and Datuk Supang Lian, was unanimous in the decision and ordered Najib and Nazifuddin to pay RM10,000 costs each. The amount owed by the father and son are from the years of assessment 2011 to 2017. ‘Pay first, dispute later’ method used internationally Nallini had dismissed the duo’s contention that Section 106(3) of the Income Tax Act 1967 (ITA) is invalid as it contravenes Article 121 of the Federal Constitution. Article 121 is in relation to the powers of the judiciary in Malaysia. Section 106 deals with the powers of the IRB to recover tax arrears and penalties from taxpayers. She said that the court’s powers under Section 106 of the ITA is to fulfil the purpose of recovery or collection only. “It is not undertaking a full judicial adjudicatory role,” she said. She also said that the “pay first, dispute later” method as examined by the bench from cases in South Africa, Ausby Timothy Achariam theedgemalaysia.com Najib and son have to pay RM1.7 bil tax arrears as Fed Court dismisses their final appeals tralia, Hong Kong and Ghana shows that it is used across the world. She surmised that Section 106(3) ITA is constitutional and cannot be said to encroach upon judicial powers, nor contravene Article 5(1) of the Federal Constitution in terms of the right to a fair trial or access to justice. Najib and son not discriminated against as tax collection is done for all citizens As for Article 8(1), Nallini said that Najib and Nazifuddin were not singled out for discriminatory treatment. She added that the collection of tax is done is the same manner for all citizens of the nation. “The appellants (Najib and son) have not been singled out for discriminatory treatment nor treated in a manner not provided for in the ITA. There is no evidential basis on record to support such a contention. “Accordingly, there is no basis for the contention that there has been a contravention of article 8 of the Federal Constitution.” She said that the ITA has the interest of the nation and its citizens as a whole in mind by collecting taxes efficiently and expeditiously. “Section 106(3) ITA has a rational relation to the collection of taxes efficiently and expeditiously in that it serves to ensure that for the purposes of enforcement section 106(3) ITA precludes matters which are deferred to the dispute resolution mode specified in the statute,” she said. The bench then dismissed the appeal with no order as to costs. Datuk Seri Najib Razak (left) and Datuk Nazifuddin Najib. photos by patrick goh & Low Yen Yeing/The Edge
tuesday OC T Ober 17, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 16): Johor Princess Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar, who together with German billionaire Andreas Heeschen and five others who were aiming for a management takeover of beleaguered KNM Group Bhd, has come out to denounce the results of the group’s extraordinary general meeting (EGM) on Monday. In a media statement, Tunku Kamairah said her group will be calling for an investigation over alleged “possible irregularities in the vote count” at the EGM, which was requisitioned by Heeschen, who had an 8.25% deemed interest in KNM as of Oct 10. “It became clear during the virtual voting of today’s (Monday) EGM that one resolution was not voted on with Heeschen’s 323 million shares, resulting in a vote count of 634.5 million. The other resolutions [which] then included Heeschen’s shares were surprisingly found to be precisely 323 million in difference,” alleged Tunku Kamariah. “The importance of that point is that it proves that the physical proxy form as given by Heeschen prior to the EGM was not recognised. This now leads to the questioning on whether other physical proxy forms were admitted and included into the total vote count,” added the daughter of the late Sultan Iskandar Sultan Ismail. According to KNM’s filing with Bursa Malaysia on Monday, the attempt to remove largest shareholder Tunku Datuk Yaacob Khyra was rejected, with 184 shareholders with a total of 1.043 billion shares, or 62.18% of the shares of the voting shareholders, voting against the resolution. A total of 158 shareholders who collectively owned 643.5 million shares, or 37.82% of the shares, voted in favour of the resolution to remove Tunku Yaacob as a director of the company. The second resolution which sought the appointment of Tunku Kamariah to replace Tunku Yaacob as a director of the group was also rejected by the voting shareholders at the EGM. Read the full story Johor princess says her group does not recognise outcome of KNM’s EGM KUALA LUMPUR (Oct 16): Following KNM Group Bhd’s extraordinary general meeting (EGM) on Monday, the group’s chairman, Tunku Datuk Yaacob Khyra, has won the majority support of shareholders to continue with his leadership and deliver on his turnaround strategy. In a statement, Tunku Yaacob thanked all shareholders for their confidence, trust and continued support. “The board is heartened by the support from shareholders, and wishes to inform them that the board remains fully committed to their efforts to ensure their targets of debt settlement within nine months through a partial IPO (initial public offering) of Borsig, which in turn will ensure a profitable and sustainable future for KNM Group, its shareholders and all stakeholders,” it said. It was a clear win for Tunku Yaacob, as 184 shareholders voted against the resolution, as opposed to 151 shareholders who voted for removing him as a director. The 184 shareholders who voted against the resolution represented 62.18% of the voted shares. Meanwhile, for the other camp in the shareholders’ tussle, Tunku Kamariah Aminah Maimunah Iskandariah received only 141 votes or 47.66% of voted shares to appoint her as the replacement for Tunku Yaacob. Similarly, German billionaire Andreas Heeschen received only 148 votes or 47.71% of voted shares to appoint him as the replacement for Tan Sri Dr Zulhasnan Rafique. Notably, he holds a 9.5% indirect stake in the group. To recap, on Aug 29, Andreas Heeschen, who is a majority shareholder of German-based firearms manufacturer Heckler & Koch, emerged as KNM’s substantial shareholder with a 7.91% stake, or 320 million shares. Out of the 320 million shares, about 200 million were via a transfer of title and interest to him under “the terms of governing agreement”. KNM’s share price closed at nine sen on Aug 29. Shareholders’ battle sees Yaacob Khyra remain as chairman following KNM’s EGM Subsequently, Heeschen, 63, with the support of eight other KNM shareholders, applied to hold an EGM to replace the directors. The shareholders are Azmi Osman, Tai Tean Seng, Kok Seng Ping, Jacqueline Lee Fei Fei, Chang Hui Kee, Sazini Abdullah, AZM Trading Venture Sdn Bhd and Gan SMT Sdn Bhd. Heeschen, who together with the parties acting in concert held a 10.69% stake back then, attempted to oust the entire board of nine directors, including Tunku Yaacob, who is the company’s largest shareholder and chairman. Tunku Yaacob holds a 9.5% indirect stake or 384.2 million shares held via Melewar Industrial Group Bhd. Besides Tunku Yaacob, the group also proposed to remove the rest of KNM’s board — namely directors Zulhasnan, Ravindrasingham Balasingham, Yee Hong Ho, Steve Ho Soo Woon, Thulasy Suppiah, Datuk Uwe Ahrens, James Beltran, and Datuk Naresh Mohan. Meanwhile, seven new directors were proposed, comprising Heeschen, the Johor princess, Flavio Porro, a former executive director of KNM, who exited the company in December last year, as well as former chairman of Magna Prima Bhd and Komarkcorp Bhd Datuk Abd Ghani Yusof, Edwin Silvester Das, who currently serves as Jiankun International Bhd’s chief executive officer, Datuk Zaidi Mat Isa @ Hashim, an executive director of SMTrack Bhd, and William H Van Vliet II, an executive director of CN Asia Corp Bhd. All of the proposed directors from the Heeschen-Tunku Kamariah group did not make it to be appointed to the board. Shares in KNM closed unchanged at 11.5 sen on Monday, giving the group a market capitalisation of RM465.29 million. by Sulhi Khalid theedgemalaysia.com by Kamarul Azhar theedgemalaysia.com Tunku Datuk Yaacob Khyra has won the majority support of shareholders in the extraordinary general meeting on Monday to continue as the chairman of KNM Group Bhd and deliver on his turnaround strategy. the edge file photo
TUESDAY OCTOBER 17, 2023 9 THEEDGE CEO MORNING BRIEF H O N O U R I N G M A L AY S I A’ S B E S T P E R F O R M E R S I N ESG EXCELLENCE Knowledge Partner (Funds Category) Main Partner Auditor Official Broadcast Partner Automotive Partner In Collaboration With
tuesday OC T Ober 17, 2023 10 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 16): The government should “go back to basics” and “set a standard” on how to approach government-linked companies (GLCs), either as strategic investments or investments to maximise returns, said former finance minister II Datuk Seri Johari Abdul Ghani. The lack of consistency in how GLCs are approached would reduce investor confidence, said Johari (BN-Titiwangsa), aside from affecting the performance of government-linked investment companies (GLICs) who have exposure towards the GLCs. This includes inconsistency in addressing Bumiputera ownership on companies and projects, which could hinder project progress; as well as the confusion as to how much exposure GLICs should have in companies, and how that exposure should be managed. Johari commented that Permodalan Nasional Bhd-linked (PNB) S P Setia Bhd was unable to dispose of a land parcel to a company as part of its master plan to undertake a mixed development, as the land sale was not approved by the government because the buyer is not Bumiputera. “But the land is not Bumiputera-owned,” said Johari, referring to S P Setia’s origin as a non-Bumiputera owned company prior to PNB’s stake raise in 2011. “This is a system that damages the position of the company which is controlled by the fund. But, when Boustead [Holdings Bhd] disposes of its hotel in Bukit Bintang, boleh pula [can],” Johari said on Boustead’s sale of Royale Chulan Bukit Bintang to Singapore-listed Hotel Royal Ltd for RM197 million in 2019. “This is not consistent, so investors are confused. It is not because I do not agree with [the intention to] take care of the land. But if it is for development, and there is a buyer that provides a strategic collaboration in the process, why not? At the end, the project was abandoned. It cannot be done,” Johari said. Let GLICs operate based on their mandate Johari also touched on the role of Malaysia’s largest government-linked investment funds and how some have diverted their operations to levels that no longer align with their original mandate He referred to social security funds like Employees Provident fund, Retirement Fund Inc (KWAP) and Lembaga Tabung Angkatan Tentera (LTAT), which “should be able to maximise returns, and be able to cut losses when needed”. He also touched on sovereign wealth funds like Khazanah Nasional Bhd which hold equity positions due to strategic reasons. And specific funds such as PNB and Lembaga Tabung Haji, tasked to collect and manage Bumiputera capital, and to serve as pilgrims’ savings fund respectively. “In other countries, investment funds do not invest more than 5-10% [in one company]. And they do not participate in management. If they lose, they cut, dispose,” he said. However, some of these funds instead went to acquire higher stakes to the point they own more than 50% in some companies. “Many of these companies, when they face issues, they go back to the government through these funds [which resulted in them] providing an even bigger capital. Because we do not understand the concept of investment funds.” “Those who manage these funds must be fully responsible from management to board of directors to ensure everything [they do] do not come back to the governby Adam Aziz theedgemalaysia.com Be consistent when managing GLCs, don’t go for listing ‘if not ready’, Johari Ghani tells govt ment, otherwise it means the government will also administrate business,” he added. Don’t list ‘if not ready’ Johari also responded to a comment by Syed Saddiq Syed Abdul Rahman [Muda-Muar] who questioned Boustead Plantations Bhd’s (BPlant) takeover offer by LTAT, which Syed Saddiq described as a bailout. BPlant’s privatisation is the latest involving a GLC that entered the spotlight, following the termination of a proposal for Kuala Lumpur Kepong Bhd (KLK) to come in as a majority partner to LTAT to revive the plantation group and raise funds for Boustead. Johari, in response, advised the administration not to bring GLCs public, if they are not ready to operate as a listed entity which faces public scrutiny and answerable to shareholders that seek maximized returns, rather than just serving strategic roles for the government. The government should decide whether a company is a strategic company for the government, or a profit-driven entity. “When a company is listed, it is invested by Malays, non-Malays and foreign funds. Certainly they expect the management to take care of the companies and make sure they do not make losses. If government-linked listed companies make losses, it cannot be sold. “I want to propose to the government, whichever company that the government finds strategic, don’t bring it to the stock market,” said Johari. “Like Felda, who listed FGV Holdings Bhd. The intention was good, but we did not have a management that could monitor FGV, and it made losses. Then when [Felda] wanted to privatise [FGV], it cannot take over [the entire] 100% stake. It is still listed, and the money has been paid. It’s neither here nor there,” he said. “If we are consistent with our approach, we consider the listed companies as those where we would like to maximise returns. If we are not ready for that, then we keep in any government agency,” he added. Read also: Cash transfers to intended recipients the best way to implement targeted subsidies, says Johari Ghani The lack of consistency in how GLCs are approached would reduce investor confidence, said former deputy finance minister II Datuk Seri Johari Abdul Ghani. the edge file photo
tuesday OC T Ober 17, 2023 11 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 16): The Malaysian Anti-Corruption Commission (MACC) has taken two law firms to court in order to compel them to produce documents linked to a settlement agreement between Goldman Sachs and AmBank in relation to the 1Malaysia Development Bhd (1MDB) scandal. The anti-graft body had filed two separate applications, one against lawyer Rosli Dahlan and his firm Rosli Dahlan Saravanan, and lawyer Chetan Jethwani and his firm Chetan Jethwani & Company and other respondents. In its application dated Oct 11, the MACC said that it was seeking the documents under the firms’ “custody, care and control” to aid in the agency’s investigations on allegations that Rosli and Chetan were involved in bribery and money laundering regarding Goldman’s US$3.9 billion (RM18.5 billion) and AmBank’s RM2.83 billion settlement with the Malaysian government over 1MDB. The MACC also said that, among others, the documents were needed to determine if the respondents had colluded with Goldman and others in reducing the compensation amount or “asset recovery” in the Goldman settlement and to identify the money flow and “layering” from Goldman’s account to accounts of the firms. The applications were accompanied with certificates of urgency. According to court documents seen by The Edge, the MACC said that it faced obstacles in obtaining the documents. This is after the respondents refused to provide any documents in relation to the investigations, insisting that a court order was needed under Section 46 of the MACC Act before searching or taking any documents from its premises. It was reported that the MACC had attempted to ‘raid’ the firms on Oct 6 in connection to the investigations. Both firms have issued statements saying that the authorities were not allowed to access any of their clients’ documents at their premises. They also stressed that the authorities’ conduct was in violation of legal professional privilege. The Malaysian Bar has also released a statement saying that the law does not allow the authorities access to “privileged materials and information”. In response to this, the prosecution in its application said that “privileged communication” under Section 46(2) of the by Tarani Palani theedgemalaysia.com MACC takes two law firms to court over 1MDB settlement documents MACC Act or Section 126(1) of the Evidence Act 1950 is not applicable in this case as the respondents and the firms were investigated by the MACC under Section 17(a) of the MACC Act 2009 and Section 4(1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). Chetan: MACC’s application and allegations false, without basis The application against Chetan and his firm came up for case management before High Court judge Datuk Muhammad Jamil Hussin on Monday (Oct 16). The application against Rosli and his firm comes up before High Court judge K Muniandy on Tuesday, according to the judiciary’s online cause list. Deputy public prosecutor Law Chin How requested for the case to be transferred to Muniandy’s court and said that the prosecution would make a formal application if needed. However, Chetan said that he would not be able to say much on the matter until he sees an application to justify the transfer. Muhammad Jamil then set Nov 9 to hear the transfer application. In his affidavit in reply, Chetan noted that the application and the allegations in the investigations were “wholly false and without basis”. “I state that the specific officers of the applicant have abused their powers to concoct the impression of wrongdoing purely to obtain an unfair advantage against my client and to smear and damage my reputation,” he said in his 169-page affidavit. Moreover, Chetan added that he was not involved “in any way” with any AmBank settlement and that he was not in any position to influence the bank’s negotiation with 1MDB. He wants the court to dismiss the application with an order restraining the MACC from seeking any documents from him or his firm on the basis that the anti-graft agency’s order issued during the ‘raid’ was unlawful and void. In his affidavit, Chetan also said it is impossible for there to be a ‘scheme’ to reduce the amount of compensation or asset recovery in the settlement as the process was transparent with the participation of top officials from various enforcement and government agencies. He added that the settlement sum was paid directly to the Malaysian government through CIMB Bank and MACC was aware of it. Rosli says yet to be served with papers Meanwhile, when contacted, Rosli said he had yet to be served with the papers as he is currently not in the country. In his message to the press, Rosli said his firm will be opposing the application, but will always cooperate with the authorities if they were made in accordance with the law. Last week, it was reported that Goldman Sachs was suing the Malaysian government in the London Court of International Arbitration for “violating its obligation to appropriately credit assets against the guarantee provided by Goldman” in its settlement agreement, and to recover other assets. The Attorney General’s Chambers in a statement on Thursday said the government denies all allegations contained in Goldman Sachs’ request for arbitration on the matter, saying it mischaracterises the conduct of the government. Responding to the suit, 1MDB task force chairman Datuk Seri Johari Abdul Ghani said that the legal action was “premature and without due consideration of necessary prerequisites”.
tuesday OC T Ober 17, 2023 12 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 16): Swift Haulage Bhd is keen to be the first logistics player to transition its fleet to renewable-powered trucks, as it commits to procure only electric prime movers or trucks powered from 2030 onwards. Notably, Swift is the country’s largest hauler and a leading integrated logistics service provider with a fleet of over 1,500 prime movers. The move was in conjunction with the official launch of Swift’s green logistics division at the Malaysia International Trade and Exhibition Centre (Mitec). The launch represents a significant step by Swift towards sustainable and environmentally conscious logistics solutions. The ceremony, graced by the presence of Minister of Transport Anthony Loke Siew Fook, also marked the handover of Malaysia’s first electric prime movers to Unilever Malaysia, a global leader in consumer goods. Simultaneously, Unilever Malaysia became Swift’s first client to embrace these electric vehicles, setting a new standard for sustainability and environmental responsibility in their supply chain. The event was co-hosted by AmBank Group, a key stakeholder providing crucial financing for the electric prime movers. Speaking at the launching ceremony, Loke commended Swift, Unilever Malaysia, and AmBank for their collaborative efforts to promote greener and more sustainable logistics practices in the country. “Swift has shown a remarkable spirit of innovation, leading the way in pioneering these eco-friendly vehicles. Their willpower and dedication to marking this transition a reality are remarkable. “Swift has successfully brought together all the necessary parties, from partners like Volvo, which provided the electric prime movers, to co-sponsors like AmBank Malaysia, which facilitated the financial support, and Unilever, a good leader in consumer goods,” said Loke. Swift Group chief executive officer Loo Yong Hui emphasised the company’s commitment to sustainability. “At Swift, sustainability is not just a buzzword. It’s a guiding principle. We firmly believe in the triple bottom line, where companies work for the people, planet and profitability. Today, we are taking a monumental step towards a more sustainable future by launching our green logistics division and delivering Malaysia’s first electric prime movers to Unilever Malaysia. “Our commitment to the environment is unwavering. By adopting electric prime movers, we will significantly reduce carbon emissions, noise pollution, and dependency on fossil fuels. We are proud to be pioneers in Malaysia’s logistics industry by introducing cutting-edge technology and electric vehicles that will redefine the way goods are transported,” said Loo. Loo noted that electric prime movers offer greater energy efficiency, lower maintenance costs and a quieter operation, contributing to a more sustainable and cost-effective logistics solution in the long run. “We hope that with the launch of our dedicated green logistics division, we will facilitate more companies in their quest for more sustainable and environmentally-conscious logistics solutions,” Loo added. Unilever Malaysia head of country Lenny Chuah said the company’s commitment to sustainability perfectly aligns with Swift’s vision for a greener and more sustainable future. Read the full story Swift Haulage commits to procuring exclusively electric prime movers, trucks from 2030 KUALA LUMPUR (Oct 16): An offshore production business unit of Yinson Holdings Bhd, together with its client Azule Energy, is going to pilot an offshore carbon capture and storage plant on the FPSO Agogo in Angola, which is a significant milestone for the company to realise its zero-emission FPSO concept that aims to reduce carbon footprint and pave the way for the decarbonisation of the offshore production industry. In a statement, the business unit Yinson Production Pte Ltd said the plant is the world’s first post-combustion carbon capture unit installed aboard an FPSO, which stands for floating, production, storage and offloading vessel. Construction on the plant is progressing well after the first steel cut took place last month, Yinson Production said. “It is designed at a pilot scale and will be used as a demonstration unit in an offshore floating environment to assess technical readiness and gain operational know-how. This marks an important step in implementing future scale-up of the CCS technology for YP’s Zero Emissions FPSO projects,” it said. Besides the CCS plant, FPSO Agogo will have other emission-lowering technologies such as electriciation, advanced automation and digitalisation, a combined-cycle power system, a seawater turbine generator, a hydrocarbon cargo tank blanketing scheme and an integrated closed flare system. Yinson Production and Azule entered into a firm contract for the provision, operation and maintenance of the FPSO vessel in late February this year for the Agogo Yinson unit to pilot new offshore carbon capture and storage technology on FPSO Agogo Integrated West Hub Development Project in Angola, making it Yinson Production’s first offshore production project in Angola as well as its eighth FPSO project in the West African region. “The combined innovations on board FPSO Agogo will significantly reduce its overall carbon emissions and improve operational efficiency, transforming it into an industry-leading project,” said Yinson Production. “As a top-tier FPSO contractor, Yinson Production’s goal is to explore and provide sustainable energy solutions and make recommendations to our clients that will significantly reduce greenhouse gas emissions from their operations. We are pleased that both Yinson Production and Azule are fully aligned in our commitment to implementing emission-reduction technologies such as the CCS plant onboard FPSO Agogo,” said Yinson Production’s chief executive officer Flemming Grønnegaard. Yinson’s shares were trading at RM2.46 apiece on Bursa Malaysia at Monday noon break, up two sen or 0.82% from last week’s close, for a market capitalisation of RM7.54 billion. by Lee Ming Hui theedgemalaysia.com by Justin Lim theedgemalaysia.com
TUESDAY OCTOBER 17, 2023 13 THEEDGE CEO MORNING BRIEF presents real estate matters Official Solar Partner Supported By are leading the Way in redefining sustainable living? Which property developers
TUESDAY OCTOBER 17, 2023 14 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): PMB Technology Bhd is disposing of a 56,656 sq m leasehold land in Klang for RM36.59 million. “The proposed disposal will enable the group to unlock capital resources from being tied up in long-term assets, and realise the property at a fair market value, while enhancing the group’s liquidity and KUALA LUMPUR (Oct 16): King’s Park, a 150-acre (60.7-hectare) integrated mixed-use development in Genting Highlands, is set to open Asia’s largest Hard Rock hotel called Hard Rock Genting Highlands in 2027. King’s Park Development Sdn Bhd in a statement on Saturday said the 45-storey Hard Rock Genting Highlands will feature 371 rooms and 630 suites, bringing the total to 1,001 rooms and suites, 200 sq m of retail space called the “Rock Shop”, as well as a heated swimming pool, several dining options, spa as well as a lounge and bar. It is part of the third phase of the King’s Park development. With a gross development value of RM10 billion, King’s Park will be developed in five phases, comprising residential, commercial and entertainment components. King’s Park Development, which is the master developer of the project, is a partnership between Yuk Tung Group and the Association for the Promotion of Higher Education in Malaysia (Aphem). Meanwhile, the agreement for the Hard Rock Genting Highlands development was signed on Saturday by Hard Rock International senior vice-president and head of global business development Todd Hricko, and HR Resort & Residences Sdn Bhd chairman Lim Kim Chai. HR Resort & Residences is the builder and owner of Hard Rock Genting Highlands hotel to open in King’s Park in 2027 PMB Tech sells land in Klang for RM36.6 mil KUALA LUMPUR (Oct 16): Health and wellness direct selling company DXN Holdings Bhd on Monday entered into a memorandum of understanding (MOU) with a unit of European Wellness Biomedical Group to explore collaboration opportunities in establishing wellness centres together. DXN said the MOU was signed with a British Virgin Islands unit called European Wellness Centers INC (EW), which is based in Hong Kong, and deemed to be the Asia-Pacific arm of European Wellness Biomedical Group. Both parties will also engage in research and development (R&D) with universities, including the Heidelberg University of Germany, the University of California of Irvine, and local universities, said DXN in a filing with Bursa Malaysia. DXN said the research will encompass areas such as stem cells, peptides, age reversal, immunology, and senescence cells, and will employ phyto and myco (mushroom) therapies. The R&D activities will be carried out at its property in Cyberjaya, and EW will provide wellness expertise, academic support, nutraceuticals, and training knowledge. “The parties will promote and engage in cross-selling of their respective products,” one of the MOU terms read. This is the third MOU DXN entered in less than a month. On Oct 9, the group inked an MOU with UOC Sdn Bhd — the owner of the University of Cyberjaya — to promote joint training and development activities “of mutual interest areas in accordance with the parties’ respective needs and objectives”. On Sept 20, DXN entered into an MOU with the Malaysia Holistic and Herbal Organisation (MHHO) “to establish collaboration and explore opportunities for development and support to the collaboration based on their respective fields of expertise and resources”. DXN said MHHO is “well known for their expertise in practising an integrative medicine system through the integration of traditional and modern medicine”. DXN inks third MOU in less than a month, share price stays below IPO price BY CHESTER TAY theedgemalaysia.com BY PRIYA DEVAN theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com Hard Rock Genting Highlands, while Hard Rock International is the operator. Witnesses of the signing ceremony included Hard Rock International senior vice-president and head of Asia-Pacific hotel business development Edward Chan, as well as King’s Park Development group chief executive officer and co-founder Datuk Jayandren Subramaniam, and executive vice-president Sean Chen. In the statement, Chen said, “This partnership marks a monumental milestone in the world of hospitality. Our focus is on creating an unforgettable adventure that fuses the best of high-end design with the freewheeling energy of rock ‘n’ roll. Here at King’s Park, the soon-to-be-open Hard Rock Genting Highlands in Malaysia will represent the pinnacle of high-energy fun, luxury, and elegance for solo travellers, groups of friends, and families alike.” Chen also shared that the upcoming Hard Rock Genting Highlands would generate a large number of jobs in fields such as room division, engineering, food and beverages, and other services, thanks to the Hard Rock brand. This course, he added, will spur economic growth, and significantly improve the quality of life in Pahang and the surrounding states. Representing Hard Rock International, Hricko said, “We take enormous delight in the fact that King’s Park will be home to another iconic property for Hard Rock, holding the distinction of the largest in Asia. This strengthens Hard Rock’s position and profile in the area. Our essence lies in developing the exact experiences people seek, and I wholeheartedly believe that King’s Park, with its abundant options, would irresistibly lure [people].” Besides the hotel, King’s Park will also see the development of theme parks, residential properties and medical facilities, among others. The entire development is expected to be completed in about 10 years. strengthening its financial position,” the group said in a filing with Bursa Malaysia. Following the disposal of the land to Ong Saut Mee, a Malaysian citizen, the group is expected to have a one-off net gain of RM25.75 million, said PMB Technology. The group has proposed to use the proceeds largely to finance its working capital. “Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the first quarter of calendar year 2024,” it added. Shares in PMB Technology ended two sen or 0.66% lower at RM2.99 on Monday, giving it a market capitalisation of RM4.86 billion.
TUESDAY OCTOBER 17, 2023 15 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): East West One Group (EWOG) has denied any involvement in money laundering and terrorism financing offences and stressed that it has always adhered to the legal framework and has been default-free since 2012. In a statement on Monday, EWOG highlighted that its singular default is the delay in payments to planters, an issue that it is committed to addressing. The statement came after the Companies Commission of Malaysia (SSM) issued a press release entitled “SSM investigates EWOG under AMLA (Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001)” on Oct 15. SSM had issued four compound notices for RM1 million to East West Horizon Plantation Bhd, its two directors and a manager for breaching Section 46(1) of the Interest Schemes Act 2016. “We fully acknowledge the concerns raised by SSM Malaysia and the receipt of the four compounds, which are all tied to the non-payment of the monthly net return (MNR) associated with the East West Horizon Planter’s Scheme (EWHP Scheme). “It’s important to highlight our unswerving commitment to uphold the highest standards of transparency. Throughout SSM’s investigation, EWOG has fully cooperated, making all necessary books and records available. “We pride ourselves on maintaining an open policy and always welcome and encourage inquiries to ensure clarity and trust,” said EWOG in the statement. The group added that it is currently appealing for a reclassification of the compound from Section 46(1) of the Interest Schemes Act 2016 to Section 75. Meanwhile, EWOG pointed out that it is actively working to overturn the recent injunction, which led to the halt of the “Planters’ Meeting” originally planned for Sept 27, 2023. EWOG also assured that it is dedicated to addressing any issues and persistently upholding ethical standards. “EWOG remains committed to its role as a responsible entity and pledges its full cooperation with all relevant bodies to ensure a transparent and accountable business environment,” it said. East West One Group denies involvement in money laundering following SSM probe KUALA LUMPUR (Oct 16): The Federal government had provided a total RM17.68 billion to 10 state governments as part of the water industry restructuring since the agreements were signed between the states and Putrajaya, said Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad. In a written reply to a question by Datuk Seri Tuan Ibrahim Tuan Man [PN — Kubang Kerian], Nik Nazmi said that the biggest funding went to Kedah, with RM3.13 billion, for the state to develop its water resources. This was followed by Negeri Sembilan (RM2.8 billion), Selangor (RM2.67 billion), Penang (RM1.9 billion), Pahang (RM1.72 billion), Kelantan (RM1.67 billion), Melaka (RM1.3 billion) and Perak (RM1.2 billion). The state with the smallest allocation is Perlis (RM329.9 million), followed by Johor (RM961.8 million). “The restructuring allows the state government to get access to funding in the form of grants for the purpose of developing water resources projects, such as dams, riverside water catchment, and barrages,” the minister said in a written parliamentary reply. The amount is based on funding by the KUALA LUMPUR (Oct 16): The local automotive industry registered a decline in new motor vehicles sales in September, as consumers adopted a wait-and-see attitude in anticipation of incentives under the Budget 2024 announcement. In a statement on Monday, the Malaysian Automotive Association (MAA) reported that the total industry volume declined 6.4% to 68,156 units in September, compared with 72,809 units in the preceding month. However, year-to-date vehicle registrations at 571,767 units as of September 2023 were still 11% higher, compared with 514,449 units for the corresponding period in 2022, the MAA said. “Total industry production recorded government for water projects to the states, from the time the migration agreement was finalised up until June 2023, he added. The only state which has not inked the agreement with the responsible body, Pengurusan Aset Air Bhd (PAAB), is Terengganu. It was reported in May 2022 that Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar said that the state will not enter into the restructuring agreement, and that its water assets remain state-owned. The restructuring was first mooted in 2003, which eventually made water supplies and services as shared responsibility between the state and federal governments, where ownership of the water infrastructure assets is taken over by PAAB, while the state water operators will lease the assets from PAAB and concentrate its capital expenditure resources solely on providing services and improving operational efficiency. Federal government provided RM17.7 bil to state governments under water industry restructuring — minister Monthly vehicle sales down 6.4% on anticipation of Budget incentives — MAA BY ADAM AZIZ theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com BY SULHI KHALID theedgemalaysia.com Kedah biggest beneficiary of water project funding from Putrajaya State RM bil Kedah 3.13 Negeri Sembilan 2.80 Selangor 2.67 Penang 1.90 Pahang 1.72 Kelantan 1.67 Melaka 1.30 Perak 1.20 State RM mil Johor 961.8 Perlis 329.9 Total RM17.682 bil Note: The amount is calculated from the finalisation of each migration agreement Source: NRECC How much federal govt funded states for water projects up until June 2023 in September 2023 (at 69,133 units) was slightly higher, compared with 67,912 units in August 2023,” it said. Meanwhile, the MAA forecast vehicle sales in October to be at the same level as in September.
TUESDAY OCTOBER 17, 2023 16 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 16): The government’s decision to defer by two months the implementation of electronic invoicing or e-invoicing for taxpayers with an annual turnover exceeding RM100 million does not appear to be much of a grace period to ensure compliance, according to KPMG. The audit firm’s lead tax partner Ng Wei Wei said the two-month deferment to Aug 1, 2024 from June 1, 2024 may prove too short due to the consideration of various factors, chief of which was the fact that there remained a lot of questions surrounding the new e-invoicing directive, notwithstanding the version 2.0 guideline recently issued by the Inland Revenue Board (IRB), to replace the previous guideline it provided. E-invoicing is an initiative introduced by the government during the tabling of Budget 2023 to enhance the efficiency of Malaysia’s tax administration by digitalisation. It allows for near real-time validation of transactions between a supplier and a buyer, which aims to replace the traditional paper or documents such as invoices, credit notes and debit notes. Many have expressed their woes on the tight implementation deadline, Ng said, including a need for more time to assess their business readiness to adopt e-invoicing as well as the eresources and costs involved. Hence, notwithstanding the dialogues held with the IRB and the issuance of the e-invoicing guidelines, Ng said it would be worthwhile to consider the following: i) Further guidance on e-invoicing requirements for specific industries for example insurance, banking and financial institutions, property developer, construction and e-commerce, due to the uniqueness of the nature of the taxpayer’s business; ii) the software development kit (SDK) based on the e-invoice guidelines, which is expected to be issued in the fourth quarter of 2023, has yet to be issued till this day; and iii)will there be consideration for tax incentives or government grant in assisting taxpapers in the implementation of e-invoicing? She is also concerned about whether or not there will be a consideration for tax incentives, tax deduction, and tax relief for government grants in assisting taxpayers in the implementation of e-invoicing. Due to the above, Ng said taxpayers would be wise to get a headstart on the issue by: brainstorming and assessing existing sales scenarios that may be subject to different e-invoicing requirements; initiating communication on the collection of data for required fields under e-invoicing; and managing internal stakeholders’ expectations on their changes in roles and responsibilities. They should also identify external stakeholders for compliance with the e-invoicing requirements by determining the scenarios for self-billed e-invoices; consider the timeline and data fields required for the consolidated e-invoice; and assess the system changes needed to accommodate the 72-hour timeframe for cancellation/rejection of an e-invoice. Ng further noted that the latest budget had announced that e-invoicing for taxpayers of other income categories will be enforced in phases, with comprehensive implementation targeted by July 1, 2025. “It remains to be clarified if the implementation target of July 1, 2025 is phased over a specific timeline for the different annual turnover thresholds as announced in the previous e-invoicing guideline, or if all taxpers are mandated for e-invoicing by July 1, 2025,” Ng added. KPMG: Twomonth deferment of e-invoicing implementation to August 2024 is not much of a grace period KUALA LUMPUR (Oct 16): The government needs to provide a “clear mechanism” on the implementation of capital gains tax (CGT) on profits from the disposal of unlisted shares to avoid double taxation, said KPMG Malaysia executive director and head of tax Soh Lian Seng. “More clarity is required as people are not sure how the mechanism is going to work. People will then tend to think that it is a difficult system. So my advice is let’s wait for the mechanism to be out. “Currently, we have the real property gains tax (RPGT). I’m hoping that the details of the CGT mechanism that will be issued, should not have any duplication in terms of these two taxes,” he told reporters after the Financial Planning Association of Malaysia’s (FPAM) media roundtable on Monday. Currently, Malaysia imposes RGPT on gains arising from the sale of real property, at a starting rate of 30%. Additionally, Soh noted that CGT may have a short-term impact on mergers and acquisitions (M&A) because it would increase tax costs. However, he hoped that CGT implementation would provide certain partial exemptions for major transactions that could incentivise M&A activities. “CGT may have a short-term impact in terms of M&A. Hopefully the mechanism that comes out may provide, perhaps, a Govt needs to provide clear capital gains tax mechanism to avoid double taxation, says KPMG certain partial exemption to some of the key potential transactions and with that, hopefully it will not deter any M&A initiatives,” he said. Last Friday, Prime Minister Datuk Seri Anwar Ibrahim in his Budget 2024 tabling said the government will enforce the implementation of CGT on net profit derived from the disposal of local companies’ unlisted shares based on a rate of 10% beginning March 1, 2024. Anwar, who is also finance minister, said the government will consider exemption of CGT on the disposal of shares related to certain activities such as approved initial public offerings (IPO), internal restructuring and venture capital companies subject to the stipulated conditions. The CGT was first announced by Anwar in the revised Budget 2023 in February this year. CGT is imposed in several countries in Southeast Asia, including Thailand (20%), Indonesia (22%), Vietnam (20%), Cambodia (20%) and Myanmar (10% for non-oil and gas sector). BY SYAFIQAH SALIM theedgemalaysia.com BY JUSTIN LIM theedgemalaysia.com HASIL.GOV.MY
TUESDAY OCTOBER 17, 2023 17 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): Treasury Secretary Janet Yellen said higher interest rates may persist, while insisting the US economy is “in a good place”. The interest on US debt, which stands at 98% of economic output, “remains manageable”, Yellen said on Monday in an interview with Sky News. “Higher interest rates may persist although that’s not clear,” she said. “Our fiscal situation is by no means unsolvable. We have to be attentive to it.” The Treasury secretary also said the US can “absolutely” afford to provide fresh aid to Israel as it battles with Hamas militants while continuing to offer significant assistance to Ukraine. “Americans can certainly afford to stand with Israel and to support Israel’s military needs,” she said. “And we also can and must support Ukraine in its struggle against Russia.” As the Israeli military prepares to invade Gaza to hunt down Hamas forces, Yellen said it’s too early to predict whether the conflict could tip the global economy into recession. Yellen says higher interest rates may persist in US GAZA/JERUSALEM (Oct 16): Israeli forces kept up their bombardment of Gaza on Monday after diplomatic efforts to arrange a ceasefire to allow foreign citizens to leave and aid to be brought into the besieged Palestinian enclave failed. Residents of Hamas-ruled Gaza said overnight air strikes were the heaviest yet as the conflict entered its 10th day with an Israeli ground offensive of the densely populated coastal strip believed to be imminent. Bombing carried on through the day, they said, and many buildings were flattened, trapping yet more people under the rubble. Israeli officials issued multiple warnings of Hamas rocket fire into Israel. Diplomatic efforts have been underway to get aid into the enclave, which has endured unrelenting Israeli bombing since Israeli strikes on Gaza intensify as humanitarian crisis deepens “We are continuing our fight against Hamas, this murderous organisation that carried this (the assaults) out.” Israel has imposed a full blockade and is preparing a ground invasion to enter Gaza and destroy Hamas, which has continued to fire rockets at Israel since its cross-border assault. On Monday, warning sirens sounded in several towns in southern Israel, the Israeli military said. Israeli troops and tanks are already massed on the border. Authorities in Gaza said at least 2,750 people had so far been killed by the Israeli strikes, a quarter of them children, and nearly 10,000 wounded. A further 1,000 people were missing and believed to be under rubble. With food, fuel and water running short, hundreds of tons of aid from several countries have been held up in Egypt pending a deal for its safe delivery to Gaza and the evacuation of some foreign passport holders through the Rafah border crossing. Earlier on Monday, Egyptian security sources said an agreement had been reached to open the crossing to allow aid into the enclave. But Israeli Prime Minister Benjamin Netanyahu’s office said: “There is currently no truce and humanitarian aid in Gaza in exchange for getting foreigners out.” BY NIDAL AL-MUGHRABI & DAN WILLIAMS Reuters BY KITTY DONALDSON & CHRISTOPHER CONDON Bloomberg “We’re looking at the economic implications of the hostilities here,” she said. “I think it’s too early to speculate on whether or not there will be significant consequences. I think importantly, it depends on whether the hostilities extend beyond Israel and Gaza, and that’s certainly an outcome we would like to avoid.” Yellen spoke in Luxembourg where she’s preparing to meet with EU officials to discuss aid to Ukraine and economic policy toward China. REUTERS BLOOMBERG Read the full story Treasury Secretary says too early to speculate on economic consequences from Israel conflict. the Oct 7 attack on Israel by Hamas militants that killed 1,300 people, the bloodiest single day in the state’s 75-year history. But Israel’s chief military spokesperson, Rear Admiral Daniel Hagari, said there was no Gaza ceasefire plan. Smoke rising in the air above Gaza following Israeli bombings, as seen from Israel’s border with the Gaza Strip, in southern Israel on Monday.
tuesday OC T Ober 17, 2023 18 The E dge C E O m o rning brief world (Oct 16): A triumvirate of high oil prices, a surging dollar and geopolitical instability are set to weigh on India and Indonesia among Asia’s emerging markets, while energy exporter Malaysia may prove a rare beneficiary. Economists are fretting over the fallout on developing Asia from a widening of the Israel-Hamas war, with policymakers struggling to assess the consequences for oil supply and the scope of the potential impact on growth. The jump in both the dollar and long-term Treasury yields exacerbate the risks for economies running high current-account deficits. Brent crude prices have jumped almost 20% in the past three months and Bloomberg Economics estimates they could soar to US$150 (RM711.30) a barrel, from about US$90 now, if the Middle East conflict widens to include Iran. The Islamic Republic supplies arms and cash to Hamas, which the US and European Union designate as a terrorist group, and backs the Hezbollah militia in Lebanon. The Israel-Hamas conflict comes on top of Russia’s protracted war on Ukraine and simmering superpower tensions between the US and China. The following charts show countries more exposed to a higherfor-longer dollar and oil price. “If higher oil prices persist for a prolonged period, we see India, Thailand, the Philippines, Indonesia more vulnerable to terms of trade deterioration,” said Lavanya Venkateswaran, a senior economist at Oversea-Chinese Banking Corp Ltd. “Moreover, as ‘twin deficit’ economies — current account and fiscal deficits — they may be more vulnerable to capital outflows.” Alicia Garcia Herrero at French investment bank Natixis SA said high external debt positions mean Sri Lanka and Pakistan are most at risk. Indonesia and India are also vulnerable “since they tend to run current-account deficits and need external financing for that”, she said. Compounding the problem, US Treasury yields have soared on concerns that higher oil prices will revive inflation pressures. That’s another headwind for nations running high budget deficits as they’ll likely struggle to raise funds in global markets, Garcia Herrero added. The chart above shows emerging Asian bonds have become less attractive for investors — the premiums a borrower pays to own Indian or Indonesian bonds against US debt, for example, have hit the lowest level since at least the 2008-09 global financial crisis. Strategists at HSBC Holdings plc say they prefer the Chinese renminbi and the by Swati Pandey Bloomberg India, Indonesia risk biggest fallout from geopolitical shocks Korean won among low-yielding Asian currencies. They highlight Beijing’s tight focus on fine-tuning fiscal policy and recent property market measures and the Bank of Korea’s consistent foreign exchange sales and the country’s potential inclusion in a global bond index next year. “The other low-yielding currencies not only do not have these supportive factors, they also have certain individual shortcomings,” the HSBC strategists wrote, pointing to election uncertainty for the Taiwanese dollar, deteriorating fiscal metrics for the Thai baht and overvaluation for the Singapore dollar. “Among higher-yielding currencies, we have a slight preference for the Philippine peso and the Indian rupee over the Indonesia rupiah,” they said. One country that stands to benefit from rising oil prices is Malaysia, in terms of both growth and the nation’s fiscal position, economists said. “We see increased export duties, petroleum income taxes, and dividends from the state-owned Petronas to be adding to the fiscal revenue,” said Bum Ki Son, Singapore-based regional economist at Barclays plc. “For Indonesia, we think the fiscal position is likely to deteriorate.” Economists see some positives for India despite the higher dollar and elevated oil prices. Natixis’ Garcia Herrero pointed to strong macroeconomic data that makes the country’s assets attractive despite the headwinds. “The fact that Indian data has been so strong — latest PMI was the best in Asia — does help India,” said Garcia Herrero. Read also: War adds risks to indebted, expensive and fractured world Malaysia stands to benefit from rising oil prices, in terms of both growth and the nation’s fiscal position, economists said. Bloomberg
TUESDAY OCTOBER 17, 2023 19 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): The tagline from Wall Street was that 2023 was the year of the bond. Instead, fund managers are coming to terms with one of the toughest years ever. Lacy Hunt, Hoisington Investment Management Co’s 81-year-old chief economist, who’s been analyzing markets, Federal Reserve policy and the economy for around a half-century, says it’s been the hardest of his entire career. At HSBC Holdings Plc, Steve Major says he was “wrong” to assume the US government’s growing supply of bonds didn’t matter. Earlier this month, Morgan Stanley finally joined Bank of America and moved to a neutral position on Treasuries. “It’s been a very, very humbling year,” Hunt said. A 13% year-to-date loss for the firm’s Wasatch-Hoisington US Treasury Fund comes on top of 2022’s 34% drop, data compiled by Bloomberg show. Treasuries declined on Monday as concerns eased that the Israel-Hamas war would escalate to engulf other countries in the Middle East. The yield on 10-year US notes rose five basis points to 4.66%. That’s nearly 80 basis points higher than where it started 2023. Last year’s steep losses were easier to explain to clients — everyone knows bond prices suffer when inflation is high and central banks are driving up interest rates. The expectation in 2023 was that the US economy would crater under the weight of the sharpest run of hikes in decades — bringing gains for bonds on the expectation of policy loosening to come. Instead, even as inflation slowed, jobs data and other key measures of the economy’s health remained strong, keeping the threat of faster price growth ever-present. Yields catapulted to highs not seen since 2007, putting the Treasury market on course for an unprecedented third year of annual losses. And without the Federal Reserve in the market buying bonds to hold down borrowing costs, the US’s massive deficits Time is running out for the ‘year of the bond’ as losses mount LONDON (Oct 16): Record debts, high interest rates, the costs of climate change, health and pension spending as populations age and fractious politics are stoking fears of a financial market crisis in big developed economies. A surge in government borrowing costs has put high debt in the spotlight, with investors demanding increased compensation to hold long-term bonds and policymakers urging caution on public finances. Over 80% of the US$10 trillion (RM47.36 trillion) rise in global debt in the first half to a record US$307 trillion came from developed economies, the Institute of International Finance says. The US, where brinkmanship around a debt limit brought it close to a default, Italy and Britain are of most concern, more than 20 prominent economists, former policymakers and big investors told Reuters. They do not expect a developed economy to struggle paying debt, but say governments must deliver credible fiscal plans, raise taxes and boost growth to keep finances manageable. Heightened geopolitical tensions add to costs. A fragile environment with higher rates and shrinking central bank support raises the risk of a policy misstep sparking a market rout, as shown by Britain’s 2022 “mini budget” crisis. As global debt worries mount, is another crisis brewing? BY YORUK BAHCELI, DHARA RANASINGHE & MARIA MARTINEZ Reuters BY ANCHALEE WORRACHATE & LIZ CAPO MCCORMICK Bloomberg — and the ballooning issuance needed to plug them — now matter in a way they didn’t before. Hoisington’s Hunt and his colleagues constantly discussed whether to conduct a wholesale alteration of their favorable view on long-term debt, as their assumption that slowing inflation would curb yields failed to materialize. They did trim their duration earlier in the year, but not sufficiently. “We thought that inflation would come down and it did,” Hunt said. “In fact, there has been no decline that large in inflation that has not been involved with a recession in its immediate aftermath in the past. So the fact that gross domestic product is still rising is unprecedented.” At the same time, it’s the expectation that a contraction will eventually happen that’s keeping Wall Street’s bruised bulls from retreating too far as they try to manage their so-called constrained funds that can invest solely in the Treasury market. “A hard landing is coming,” Hunt said. Read the full story Read the full story Read also: US stocks’ peak-rate party spoiled by a lousy Treasury sale Peter Praet, former chief economist at the European Central Bank (ECB), said that while debt still appears sustainable, the outlook is worrying given longer-term spending needs. “You can take many, many countries today, and you will see that we are not far away from a public finances crisis,” said Praet, who joined the ECB during 2011’s debt crisis. “If you have an accident, or a combination of events, then you go into an adverse non-linear dynamic sort of process. That is something which is a real possibility.” High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management’s chief economist, said. “Deficit and debt levels make us uncomfortable,” said Daniel Ivascyn, chief investment officer at bond giant PIMCO, which is a little bit reluctant to own a longer-term bond. Spending plans lacking credibility were seen as most likely to spark market turmoil. Longer term, “government debt trajectories pose the biggest threat to macroeconomic and financial stability”, said Claudio Borio, the head of the Bank for International Settlements monetary and economic department. The US, where brinkmanship around a debt limit brought it close to a default, Italy and Britain are of most concern. REUTERS
TUESDAY OCTOBER 17, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): Apple Inc’s new iPhone 15 is selling far worse in China than its predecessor, according to separate analyses, reflecting stubbornly weak consumption as well as the rise of rivals like Huawei Technologies Co. Sales of Apple’s flagship device are down 4.5% compared with the iPhone 14 over their first 17 days after release, market tracker Counterpoint Research estimated in previously unreported figures provided to Bloomberg News. Jefferies analysts led by Edison Lee reckoned sales of the iPhone 15 were down by an even sharper double-digit percentage from its predecessor after Huawei outsold Apple overall, powered by the surprising debut of the Mate 60 Pro. The twin reports mark a potential blow to Apple at a time it’s grappling with the weakest smartphone demand in a decade and a backlash from overheating models. If the initial estimates are accurate, they represent one of the iPhone’s worst debuts in China since around 2018, when local names like Oppo and Vivo began to captivate Asian consumers. Counterpoint blamed the iPhone’s slump in China mainly on an economy struggling to rebound from its Covid trough. And it stressed that in the US, the iPhone 15 likely posted a double-digit rise over 2022 in the first nine days of sales. But the iPhone’s debut in China came weeks after the launch of the Mate 60 Pro, celebrated as a triumph over US sanctions because of its advanced made-in-China processor. It also coincided with a government mandate to expand a ban on iPhone use to government agencies and state companies, underscoring Apple’s growing challenges there. “The US is hot right now with back-toback stellar weekends for the new iPhone,” said Counterpoint research director Jeff Fieldhack. “It’s a positive sign from the biggest iPhone market in the world. So definitely takes some of the sting off the China numbers.” Apple shares dipped as much as 1.7% in premarket trading. Analysts remain divided about the longer-term impact in China, the world’s largest smartphone arena. Many analysts argue Huawei’s rising prominence could erode Apple’s dominance of the higher end of the market. Counterpoint estimates the Chinese company could sell five to six million units of the Mate 60 Pro alone this year. Analysts estimate that could rise to double-digits in 2024. Huawei has now taken the top spot in the market from Apple, Jefferies wrote in a note on Monday. “The trend suggests iPhone would lose to Huawei in 2024,” Lee and colleagues wrote. “We believe weak demand in China would eventually lead to lower-than-expected global shipments of iPhone.” Apple’s iPhone 15 not selling better than expected in China (Oct 16): TikTok, the Chinese-owned video — sharing platform, is fighting back in the courts after regulators in Europe slapped it with a €345 million (RM1.73 billion) data privacy fine and a compliance order for failing to take care of the private data of its teenage users. The ByteDance Ltd unit said it’s filed an appeal in the European Union’s (EU) General Court against the penalty and is also challenging locally an order by its lead data regulator in Ireland to eliminate “deceptive or manipulative” practices that could undermine privacy. The TikTok fine followed intense scrutiny of child safeguarding practices at the company, which has more than one billion users worldwide and is best known for viral dance challenges. Last week, it was added to a growing list of leading social media players, along with Meta Platforms Inc and Elon Musk’s X, who got warning letters by the EU to take prompt action to stop the spread of disinformation. The Irish Data Protection Commission fined TikTok in September after concluding that the app failed to protect minors against unnecessary data processing and didn’t act in a transparent manner. The probe related to a five-month period from July 2020 to Dec 31, 2020, and found that TikTok’s data processing during that period was in violation of General Data TikTok fights back over €345 mil teen privacy fine in EU Protection Regulation (GDPR) rules concerning children between the ages of 13 and 17. Under the GDPR, the Irish data watchdog is in charge of all probes into TikTok, because the platform now has its EU base in Dublin. But, given the alleged infringement was EU-wide, the European Data Protection Board (EDPB) — a panel of European regulators responsible for enforcing the law — had to approve the final decision. TikTok confirmed the appeals, declining to comment further. The EDPB and the Irish data watchdog declined to comment. The EU panel, which consists of representatives from 30 European countries, raised concerns over the way TikTok “nudges” children into creating a public account, and making videos posted online public by default. BY STEPHANIE BODONI Bloomberg Bloomberg Sales of Apple’s iPhone 15 in China are down 4.5% compared with the iPhone 14 over their first 17 days after release, market tracker Counterpoint Research while Jefferies analysts led by Edison Lee reckoned sales of the iPhone 15 were down by an even sharper double-digit percentage from its predecessor. BLOOMBERG
TUESDAY OCTOBER 17, 2023 21 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): With the recent detentions and arrests of star investors and top bank executives, President Xi Jinping’s crackdown on corruption in China’s finance industry shows no signs of letting up after it kicked off two years ago. The country’s top procuratorate announced on Monday it has arrested Liu Liange, the former party chief and chairman of Bank of China Ltd, one of the most senior state bankers to be accused of wrongdoing in almost two decades. Wang Yawei, a star fund manager, was detained in August, Reuters reported last week. Li Xiaopeng, a former chairman and party secretary of China Everbright Group, was arrested last week and Wang Bin, the former head of its top life insurer China Life Insurance Co, was in September sentenced to death with a two-year reprieve. The wave of finance professionals and even regulators accused of wrongdoing is unprecedented after a clampdown that started in late 2021. At least 108 financial officials and executives have been probed or punished this year, according to Bloomberg calculations based on government statements. The most sever punishments in recent years were handed to Lai Xiaomin, the former chairman of China Huarong Asset Management Co, who was executed, and Hu Huaibang, the former chair of China’s biggest policy bank, who was handed life imprisonment. The corruption fight has been a signature issue for Xi since he took power a decade ago Xi’s crackdown on finance hits two-year mark with no let-up (Oct 16): When President Xi Jinping first assembled world leaders to map out his vision for expanding Chinese soft power via a web of infrastructure investment in 2017, he called the Belt and Road the “project of the century.” As the Chinese statesman opens the third Belt and Road Forum this week, the future of his brainchild looks uncertain. While the project has drawn US$1 trillion (RM4.7 trillion) in its first decade, according to estimates from think tank Green Finance & Development Center, the momentum has tapered off in recent years. China’s overall activity in BRI countries is down about 40% from its 2018 peak as the world’s second-biggest economy slows. Beijing faces accusations of being an irresponsible lender driving countries to default. Fractured ties with the US have made association with Xi’s pet project increasingly divisive — Italy, its sole Group of Seven member, is set to exit by the year’s end. One Chinese official considered the BRI dead, dealt twin blows by Covid and China’s economic problems. The official, who asked not to be identified discussing a sensitive topic, said the government hoped this summit to mark BRI’s 10th anniversary would reinvigorate the project. The US assesses that the BRI is in deep trouble, according to a senior American official who asked not to be identified to discuss private conversations. Beijing has less capital to lend and pressure is growing to recoup the outstanding money it loaned, the official said. Xi will have the chance to answer his critics when a host of Global South leaders arrive this week to pledge support for the program and test Beijing’s bandwidth for new deals — chief among them Russian President Vladimir Putin. Hungary’s Prime Minister Viktor Orban, Indonesian President Joko Widodo, Argentina’s President Alberto Fernandez and Thai Premier Srettha Thavisin are also attending. “Xi will invite his best friends and have all these people come together to celebrate,” said Alfred Wu, an associate professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy. “It’s a clear message that China is trying to have its own allies while challenging the US-led world order.” Xi’s US$1 tril ‘project of the century’ faces uncertain future Bloomberg Bloomberg and has brought down more than 1.5 million government officials. Oversight of the US$61 trillion (RM288.90 trillion) financial sector has also become more urgent as policymakers have enlisted the nation’s banks to help support the struggling economy. At a meeting chaired by Xi in September, China’s Politburo vowed to enhance anti-corruption efforts at state-owned enterprises and the financial industry, while urging them to better serve the economy. Authorities warned in late March that the crackdown is far from over, telling bankers in to rectify their mindsets, clean up their “hedonistic” lifestyles and stop copying Western ways. They have been ordered to draw lessons from the probes, step up self-discipline, and study Xi’s thoughts in an ideology push as the Communist Party tightens grip on the sector. Read also: China local governments are finding it no longer cheap to borrow Pandemic pullback The outbreak of Covid put the brakes on China’s infrastructure and trade initiative, as a global slowdown imperiled debtors’ ability to repay their loans. Zambia was the first African country to default during the pandemic in late 2020, putting China, the nation’s largest creditor, in the spotlight. As other nations including Ethiopia, Sri Lanka and Pakistan fell into debt crises, annual engagement under the BRI plummeted to US$63.7 billion in the first year of the global health crisis, according to a study by the Green Finance and Development Center at Shanghai-based Fudan University — down from a peak of more than US$120 billion in 2018. That pullback has been sustained by geopolitical tensions and domestic problems plaguing China’s economy, which show little sign of abating. “External shocks like the Ukraine war and, perhaps in the coming weeks the new war in the Middle East, are deepening debt and inflation burdens,” said Michael Kugelman, director of the South Asia Institute at the Wilson Center. China has responded by shifting to socalled “small but beautiful” projects that benefit people’s livelihoods. The staterun People’s Daily this month cited a water plant in Botswana upgraded by a Chinese firm and a technology partnership with a seed company in Costa Rica as examples. Read the full story BLOOMBERG
TUESDAY OCTOBER 17, 2023 22 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): Hong Kong’s BC Technology Group Ltd is exploring the sale of its crypto platform OSL, one of only two exchanges licensed under digital-asset rules the city introduced in June, people familiar with the matter said. BC Technology has gauged interest in OSL from possible buyers such as industry players and funds, and a HK$1 billion (US$128 million or RM605.77 million) valuation has been mooted, the people said, asking not to be identified discussing private information. OSL’s platform spans prime brokerage, exchange and custody services for crypto markets as well as a business providing infrastructure to financial institutions so that they can offer virtual-asset trading. BC Technology may decide to sell parts of OSL rather than the whole business, the people said. Deliberations are ongoing and there’s no guarantee they will result in a deal, the people said. “We are a highly transparent and regulated company,” a representative of BC Technology said in response to a Bloomberg News query. “We do not comment on market rumours and speculations.” Hong Kong rolled out a digital-asset rulebook on June 1 that aims to foster a hub for the sector and allows retail investors to trade larger tokens on licensed exchanges. But crypto demand remains weak after last year’s market rout and ensuing bankruptcies, while the city’s strict framework may entail higher costs. Hong Kong is also grappling with the fallout of the blow-up at the unlicensed JPEX exchange, a scandal that further tarnished the digital-asset industry. BC Technology’s net loss narrowed to HK$95 million in the six months ended June from over HK$300 million in the same period a year earlier, its interim report showed. OSL’s digital assets and blockchain platform business is the main income contributor for BC Technology, according to the report. The interim report also said digital-asset trading volume on OSL nearly halved to HK$112.6 billion in the first six months of 2023 from the same period a year ago. BC Technology’s market value has more than doubled to nearly HK$1.9 billion from a low in August this year. The shares are still down 80% from the record high hit in June 2021, during the pandemic-era bubble in all things crypto. OSL has withdrawn an application for a digital-asset licence in Singapore and plans a revised submission. Some Singapore clients are being migrated to the exchange in Hong Kong, a person familiar with the matter said. HashKey Exchange is the only other platform with a Hong Kong crypto permit. The exacting licensing process may become more challenging in the wake of JPEX, which authorities allege defrauded investors of HK$1.6 billion. Hong Kong crypto exchange OSL weighs sale at HK$1 bil valuation (Oct 16): Nomura Holdings Inc plans to offer a private buyout fund to rich investors in Japan as part of chief executive officer Kentaro Okuda’s strategy to expand beyond traditional asset markets. The firm’s flagship Nomura Securities Co will make the fund available from Monday for so-called specified investors, including wealthy individuals who are deemed to be more sophisticated than regular retail investors, Japan’s largest brokerage said. A third-party asset management firm will operate the fund that will place bets mainly on local unlisted firms. “We believe there’ll be around ¥13 trillion (US$87 billion or RM411.59 billion) worth of potential demand from Japanese individuals alone for private assets” in 2025, Hideharu Mihara, a senior managing director of the securities unit in charge of retail products, said at a briefing. Mihara declined to name the third-party asset manager or discuss the fund’s expected returns. Okuda has been seeking more stable streams of income, as he tries to arrest three years of falling profit. One of his key initiatives since becoming the CEO has been to expand into private markets to offer clients more opportunities to invest in assets such as unlisted companies, real estate and infrastructure. Prime Minister Fumio Kishida’s government is trying to persuade households to invest more of their ¥2,100 trillion in financial assets, more than half of which is in cash. Doing so would also help startups raise funds, according to the policy. (Oct 16): A top Indian developer is enticing Indians living abroad to buy luxury apartments as a way of investing into one of the world’s fastest growing economies. DLF Ltd has boosted its outreach to so-called non-resident Indians (NRIs), said Aakash Ohri, joint managing director and chief business officer. NRIs purchased 20% of all homes sold by DLF between April-September, up from 15% in the previous financial year, with most demand coming from the US, the UK, Singapore and the Gulf region, he added. “NRIs have always been our clients but if the NRI business was organic earlier, now it is a part of concerted efforts on how to better capture this growth story,” Ohri said during an interview last week at DLF’s luxurious golf course near New Delhi. “Now I have a dedicated team who are in constant touch with NRIs. I want to be the first person they call if they want to invest in India.” NRI savings in India rose to about US$189 billion (RM892.08 billion) in 2022, accounting for some 7% of the total domestic retail investments, according to Private Banker International. DLF and rivals including Macrotech Developers Ltd and Rustomjee Constructions Pvt are all trying to win a piece of the pie. DLF has started reserving inventories in all new launches for the Indian diaspora since last year to ensure they get to choose at the same time as local buyers, Ohri said. The Gurugram-based firm aims to launch luxury projects worth around 200 billion rupees (RM11.35 billion) in the year through March 2024 with sale bookings of 120 billion rupees. Earlier this year, DLF had sold 1,137 apartments costing almost a million dollars each in just three days. Asia’s third-largest economy is seeming increasingly attractive for wealthier investors amid slowing global growth, even as higher mortgage rates deter lower-cost home purchases. Nomura plans private buyout fund for rich investors in Japan Wealthy Indian diaspora wooed by DLF for luxury apartment sales BY TAKASHI NAKAMICHI & NAO SANO Bloomberg BY SHRUTI SRIVASTAVA Bloomberg BY ANNABELLE DROULERS, MANUEL BAIGORRI & ZHEPING HUANG Bloomberg
TUESDAY OCTOBER 17, 2023 23 THEEDGE CEO MORNING BRIEF WORLD GoTo dives 19% after founder’s surprise sale spooks investors Indonesia posts higher-thanexpected trade surplus Australia plans to require crypto exchanges to obtain licences to curb risks BY STEFANNO SULAIMAN & GAYATRI SUROYO Reuters BY ADAM HAIGH Bloomberg BY JEANNY YU Bloomberg JAKARTA (Oct 16): An unexpectedly large slump in imports led Indonesia to book a bigger-than-expected trade surplus in September, despite exports remaining weak, data from the statistics bureau showed on Monday. Southeast Asia’s largest economy reported a US$3.42 billion (RM16.20 billion) trade surplus last month, compared with a Reuters poll expecting a US$2.13 billion surplus. In the previous month, the resource-rich country had a US$3.12 billion surplus. The widening surplus should help cushion the drop in the rupiah exchange rate against a strong US dollar, and could reaffirm expectations the central bank would stand pat on rates this week, some analysts said. Indonesia has seen exports declining in recent months due to falling global commodity prices and weakening global trade, including for the nation’s top products such as palm oil, coal and nickel. However, imports have also been falling, resulting in the country’s trade surplus sometimes surprising markets on the upside. Imports were worth US$17.34 billion in September, a 12.45% drop from the same month a year earlier, which compared with the poll’s prediction of a 5.50% fall and August’s 14.77% drop. The biggest drivers of the decline in imports were falling overseas purchases of food industry waste, which Indonesia typically buys for animal feed, and machinery. September exports were down 16.17% year-on-year to US$20.76 billion, compared with a forecast in a Reuters poll of a 13.5% drop. Exports were down 21.21% in August. The value of mining product shipments plunged more than 40% annually. Radhika Rao, an economist at DBS Bank, said despite the higher-than-expected surplus, the global environment remained cloudy, with markets eyeing further US monetary tightening and fresh geopolitical risks from conflict in the Middle East. “Bank Indonesia is likely to stay on pause, highlighting the evolving global risks, even as domestic inflation and trade outruns are supportive,” she said, adding that policymakers might continue with currency intervention. The central bank is due to hold its monthly meeting on Wednesday and Thursday. It raised interest rates by a total of 225 basis points between August and January, and has since kept rates unchanged. (Oct 16): GoTo Group plummeted its most on record after one of its co-founders trimmed his stake in a share sale, spurring concerns about the business prospects of a Southeast Asian industry bellwether. Indonesia’s biggest tech firm plunged as much as 19.4% Monday after William Tanuwijaya disclosed he unloaded 332 million shares of the company late on Friday, reducing his slice of the company to 1.72% from 1.77%. GoTo trimmed losses and was down about 9% in late morning trade. The disclosure coincided with the completion of a private placement involving as many 17.05 billion new shares. Investors have pummeled GoTo this month after concerns mounted about the market environment in its main businesses of ride-hailing and e-commerce, dogged by stubbornly weak consumption and intensifying competition. GoTo has shed roughly US$1.5 billion (RM7.1 billion) of value over at least five losing sessions up to Monday morning. The shares are down more than 70% from their November high, after the company was hit by foreign fund outflows from its home country. Some investors regarded the private placement as a warning about an urgent need for capital, JPMorgan analysts wrote Monday. There’s also uncertainty over the regulatory environment in Indonesia, after the government outlawed e-commerce on social media, a move that dealt a blow to ByteDance Ltd’s TikTok but also raised questions about its approach to internet innovation. “There is some misperception that the Non Preemptive Right Issue is seen as a sign of weakness,” analysts including Henry Wibowo wrote in a brief research note, maintaining an overweight rating on GoTo. GoTo in August cut its 2023 loss projection after staunching some of the bleeding in the second quarter, taking it closer to a goal of getting into the black after an era of costly expansion. Patrick Walujo took over as chief executive in June and is now carrying out his predecessors’ campaign to shave losses by cutting jobs, curbing promotional spending and tightening expense controls. Like rivals Grab Holdings Ltd and Sea Ltd, the Indonesian firm is trying to generate cash after years of rapid growth. (Oct 16): Crypto exchanges in Australia will soon be required to hold a financial-services licence issued by the markets regulator as the country seeks to support the growth of digital assets while protecting consumers. A government proposal that builds on existing laws will mean digital-asset platforms that hold more than A$5 million (RM15.1 million), or A$1,500 for an individual, must get a permit from the Australian Securities and Investments Commission or ASIC, according to a Treasury department document Monday. Rules will also include custody and transaction standards that the government said are inspired by frameworks used in the UK, Canada and Singapore. A range of jurisdictions have stepped up efforts to regulate digital assets after a US$1.5 trillion crypto rout last year that exposed risky practices and triggered the collapse of high-profile trading venues. Chief among the wipeouts was the bankruptcy of Sam Bankman-Fried’s FTX exchange, with the fallen mogul now on trial in the US for allegedly overseeing a multibillion-dollar fraud. Read the full story Read also: Indonesia exempts local chiefs from presidential age limit Indonesia court rejects moves to change eligibility rules for president, VP candidates
TUESDAY OCTOBER 17, 2023 24 THEEDGE CEO MORNING BRIEF WORLD (Oct 16): The Competition and Consumer Commission of Singapore (CCCS) on Monday raised competition concerns about a plan by Southeast Asian ride-hailing company Grab to acquire Singapore’s third-largest taxi operator, Trans-cab. The commission said in a statement that it was unable to conclude at the end of its first phase of review of the proposed acquisition that the deal did not give rise to any competition concerns. “Third-party feedback received by CCCS suggests concerns on the effect of Grab’s ownership of the Trans-cab fleet on Trans-cab drivers’ usage of rival ridehail platforms, which may raise barriers to expansion and entry for Grab’s rival ride-hail platforms,” the commission said. The commission said it needed to review the impact on competition of the proposed acquisition in greater detail. Grab and Trans-cab may offer commitments to address any competition concerns raised, it said, adding that otherwise it would proceed to a more in-depth, secSingapore regulator raises concern on Grab plan to buy Trans-cab (Oct 16): Thailand will allow Russian citizens to visit for longer periods in a bid to boost tourism during peak travel season, a government minister said. Starting from November, Russian visitors may enter Thailand visa-free and remain in the country for a maximum of 90 days, up from the current 30 days, until the end of April 2024, Tourism Minister Sudawan Wangsuphakijkosol told reporters in Bangkok. (Oct 16): Singapore private home sales fell for the second straight month to their lowest level this year amid a lack of major new projects in the market. Purchases of new private apartments dropped to 217 units in September, according to figures released Monday by the Urban Redevelopment Authority. That’s the lowest level since December 2022 and down 45% from August. The renewed decline reflects a continued moderation in the citystate’s booming property market, which has so far avoided the significant slumps seen in major markets including its financial hub competitor Hong Kong. Soaring prices have prompted multiple curbs from authorities in the past few years, which is now dampening the market. “Growth in residential prices and volumes are easing into a more measured and sustainable trend,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a note last week. They expect home sales to grow just 15% this year, partly due to slower foreign demand. Singapore in April doubled taxes on property purchases for foreign buyers to 60% — the highest among major markets, prompting the first dropoff in home prices in three years. Still, that was reversed in the third quarter, with valuations rising 0.5% from the previous three months, as local buyers continued to prop up the market. Rising interest rates and an economic slowdown have deterred developers from offering more supply. There were no major residential project launches in September, and Singapore’s central bank said last week that it expects economic growth to come in at the lower half of a government forecast of 0.5%-1.5% this year. A total of 923,113 Russians visited Thailand in the year to August, ranked fifth behind visitors from Malaysia, China, South Korea and India, according to data from the Tourism and Sports Ministry. Some 1.5 million Russians travelled to Thailand in pre-pandemic 2019 and spent about US$3.3 billion (RM15.58 billion), making them the third-largest spenders, according to official data. Thailand is counting on foreign tourist arrivals to increase economic growth, though a recent shooting incident in a Bangkok shopping mall may have dented the country’s appeal to Chinese visitors, who may also enter without first applying for visas. About 590,000 Chinese travellers still had confirmed flight and hotel bookings to Thailand as of Oct 14, down from the 650,000 registered before the shooting, according to government spokesman Chai Wacharonke. Overall, Thailand is forecast to receive up to 30 million tourists this year, more than double the total in 2022. Thailand to allow Russians to stay up to 90 days without visas from November Singapore home sales reach lowest this year on lack of inventory BY PATHOM SANGWONGWANICH Bloomberg BY LOW DE WEI Bloomberg BY HIMANSHI AKHAND & YANTOULTRA NGUI Reuters ond phase of review after receiving relevant documents from the companies. A Grab spokesperson said both companies intended to abide by the pointto-point regulatory framework of Singapore’s Land Transport Authority, which promotes open competition and prohibits any form of anti-competitive behaviour, such as offering exclusive arrangements to drivers. “This means that Trans-cab drivers will continue to have the flexibility to earn through multiple ride-hailing platforms and pick up streethail rides,” the Grab spokesperson added. The Grab spokesperson said both Grab and Trans-cab were committed to ensuring the benefits of an acquisition to commuters and they would help raise the overall standards of the industry. “Digitalising Trans-cab’s fleet will improve driver productivity and taxi availability so that consumers can get a ride more easily,” the Grab spokesperson said. “This will also improve driver earnings.” Nasdaq-listed Grab announced in July that it aimed to acquire Trans-cab in a deal that would include a combined taxi and private-hire-vehicle fleet of more than 2,500 vehicles owned by Trans-Cab. The proposed acquisition comes as Singapore saw M&A activity fall 69% year-onyear in the first nine months of this year, according to LSEG data. That compares with a 28% fall in global M&A activity in the same period from a year ago, LSEG data shows. Read also: Singapore slaps prohibition orders against former insurance agents for cheating
TUESDAY OCTOBER 17, 2023 25 THEEDGE CEO MORNING BRIEF WORLD Baltic Exchange shipping updates A weekly round-up of tanker and dry bulk market (Oct 13, 2023) CAPESIZES Closing at US$27,591 the Capesize TC average maintained similar levels weekon-week, however large gains were seen on Monday when the spot rate climbed close to US$29,000, but neither Atlantic nor Pacific basin was lending much of the support by mid-week. The Brazil to Qingdao run declined from 26.378 last Friday to US$25.733, whilst the West Australia to Qingdao run declined about 70 cents weekon-week to mid US$10s. The North Atlantic tonnage list appeared tight with a healthy amount of fresh cargo lining up. Towards the end of the week, the transatlantic had shown the biggest improvement among all routes, settling at US$38,156. The sentiment in the Pacific was less robust overall. A transpacific round voyage paid US$22,782. PANAMAX After a promising opening to the week, activities in the Panamax market were slowly but surely became something of a grind as confidence eroded in both basins. The North Atlantic struggled for any momentum all week, South America saw a brief rally Monday/Tuesday with reports of an 81,000-dwt achieving US$18,000 delivery PMO for a trip via EC South America and other options to the Far East but petered off. Following various holidays last week, Asia returned with a bang particularly from Indonesia with a surge of fresh demand creating quite a stir, US$20,000 achieved for said run on a smaller LME type delivery Singapore, this had reverted to type by Friday with smaller LME types locking in at US$12,500 a few times. Aside from some Australian cape split coal stems evident, the longer round trips lacked any momentum. Period activity included an 82,000-dwt delivery China fixing at US$16,000 basis 4/6 months. ULTRAMAX/SUPRAMAX The week started with high expectations however as it progressed it became a two-sided affair. Whilst sentiment generally remained positive in the Atlantic, from Asia the initial strengthening slipped away. Limited fresh enquiry was seen from South Asia and limited support from the NoPac saw gains being eroded. Period activity remained sluggish, although a 56,000-dwt open Continent was fixed for three to six months trading at US$16,000. Most gains in the Atlantic came from the US Gulf and South America with demand remaining for fronthaul business. A 60,000-dwt fixing a trip from Texas to China in the mid to upper US$20,000s. Some described the Continent-Mediterranean region as positional although a 61,000-dwt was fixed from the Baltic to Turkey basis delivery Continent at US$23,000. From Asia, stronger numbers at the start, a 63,000-dwt open Gresik fixed via Indonesia redelivery South China at US$22,000. From the Indian Ocean the undercurrent remained stable, a 63,000- dwt fixing delivery SE India via South Africa redelivery Pakistan/WC India at US$15,000. HANDYSIZE The overall sentiment in the handy sector became positive but visible activity in Asia remained minimal. With improved demand in the South Atlantic, levels have improved across the region with a large handy rumoured to have been fixed from Recalada to West Coast South America in the low US$20,000’s and a 36,000-dwt fixing from Cuba via Barcarena to Corninto at US$16,500. A 39,000-dwt opening in Jorf Lasfar was fixed via Brake to the US Gulf with an intended cargo of lumber at US$14,000 as an example of the Continent’s firmness. In Asia, whilst the market was said to be more balanced, a 38,000- dwt was rumoured to have been placed on subjects for a trip via Australia back to Southeast Asia at around US$13,000 and a 33,000-dwt opening in Wakayama fixed via Australia to Japan at US$9,000. Charterers had remained active in the period market with a 28,000-dwt opening in Indonesia rumoured to have fixed for four to six months at US$9,800. CLEAN LR2 LR’s in the MEG have undoubtedly been busy this week. Freight levels have as a result risen consistently throughout the week. TC1 added 8.89 points leaving the index currently at WS149.72 with the Baltic TCE for the run firmly back up over the US$30,000/day. For a trip west on a TC20 we have seen the index rise US$175,000 to over the US$4,000,000 level with reports of US$4,100,000 currently on subjects in the market. West of Suez, Mediterranean/East LR2’s on TC15 reached a plateau this week after last week’s hop up, the index has floated around the US$3,200,000 mark. LR1 In the MEG, LR1’s followed suit of their large sisters. On a TC5 run 55kt CPP AG/Japan the index rose 12.81 points to WS169.06 and WS170 widely reported as on subjects in the market. For a voyage west on TC8, there has also been a hop up to the tune of US$213,000 to US$3,610,000. On the UK-Continent, the TC16 index remained resolute to continue along at the WS155 mark all week. MR Following last week’s significant improvement and despite demand continuing, MEG MR’s have taken a recorrect down this week. The TC17 index dipped 18.33 points to WS224.17. UK-Continent MR’s looked to be subjected to what was coming this week after early week market activity reported as sombre. TC2 has shed 23.25 points to WS159.5 and TC19 similarly lost 21.57 points to WS170.31. Read the full report
TUESDAY OCTOBER 17, 2023 26 THEEDGE CEO MORNING 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) CLASSITA HOLDINGS BHD 124.10 -0.010 0.060 -83.56 74.0 ASDION BHD 109.24 0.030 0.060 -36.84 26.8 COMPUGATES HOLDINGS BHD 66.96 0.005 0.015 50.00 82.5 WIDAD GROUP BHD 63.61 0.000 0.550 27.91 1703.0 KANGER INTERNATIONAL BHD 61.67 -0.005 0.110 175.00 71.5 KNM GROUP BHD 59.28 0.000 0.115 130.00 465.1 SARAWAK CONSOLIDATED 56.55 0.000 0.510 251.72 326.5 UEM SUNRISE BHD 55.44 -0.035 0.795 211.76 4021.5 ECONPILE HOLDINGS BHD 51.94 0.005 0.365 114.71 517.4 LAY HONG BHD 44.65 0.035 0.320 30.61 236.9 EKOVEST BHD 43.62 -0.025 0.515 51.47 1527.2 VELESTO ENERGY BHD 43.14 0.005 0.260 73.33 2136.1 MALAYSIAN RESOURCES CORP BHD 42.07 -0.020 0.460 55.93 2055.1 SAPURA ENERGY BHD 37.22 -0.005 0.050 42.86 799.0 AIMFLEX BHD 33.81 -0.020 0.190 26.67 279.8 META BRIGHT GROUP BHD 42.07 0.005 0.250 47.06 592.7 LEFORM BHD 26.05 0.000 0.215 4.17 318.4 BINA PURI HOLDINGS BHD 24.75 0.000 0.055 37.50 185.3 TANCO HOLDINGS BHD 24.45 0.000 0.570 70.15 1135.9 LEONG HUP INTERNATIONAL BHD 22.70 0.045 0.640 29.29 2336.0 Data as compiled on Oct 16, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) ASDION BHD 0.060 100.00 109,241.6 -36.84 26.8 AT SYSTEMATIZATION BHD 0.015 50.00 3,850.1 0.00 101.8 COMPUGATES HOLDINGS BHD 0.015 50.00 66,956.5 50.00 82.5 FOCUS DYNAMICS GROUP BHD 0.015 50.00 11,834.8 -25.00 95.6 TECHNA-X BHD 0.020 33.33 1,077.4 -20.00 44.3 G3 GLOBAL BHD 0.025 25.00 87.0 -16.67 94.3 TFP SOLUTIONS BHD 0.055 22.22 1709.9 -15.38 32.2 ZELAN BHD 0.040 14.29 285.2 -42.86 33.8 INDUSTRONICS BHD 0.045 12.50 879.8 -40.00 31.8 LAY HONG BHD 0.320 12.28 44,646.6 30.61 236.9 HARVEST MIRACLE CAPITAL BHD 0.140 12.00 5,689.9 16.67 171.5 ASIA POLY HOLDINGS BHD 0.100 11.11 2,428.7 -9.09 95.9 MINETECH RESOURCES BHD 0.050 11.11 471.5 -9.09 76.5 PERMAJU INDUSTRIES BHD 0.050 11.11 305 11.11 97.3 AVILLION BHD 0.055 10.00 12,317.3 -31.25 62.3 SINMAH CAPITAL BHD 0.110 10.00 623.1 0.00 43.2 CYBERJAYA EDUCATION GROUP BHD 0.010 9.52 3,567.3 64.29 184.3 ASIA MEDIA GROUP BHD 0.120 9.09 340.0 -20.00 28.7 CSH ALLIANCE BHD 0.060 9.09 128.0 50.00 82.9 FAST ENERGY HOLDINGS BHD 0.120 9.09 766.2 -7.69 25.8 Data as compiled on Oct 16, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) FINTEC GLOBAL BHD 0.005 -50.00 6,043.2 -50.00 29.6 KEY ALLIANCE GROUP BHD 0.005 -50.00 745.1 0.00 18.4 PEGASUS HEIGHTS BHD 0.005 -50.00 3382 -50.00 54.1 JOE HOLDING BHD 0.010 -33.33 2072.9 -50.00 30.6 METRONIC GLOBAL BHD 0.015 -25.00 451.2 -25.00 23 XOX BHD 0.015 -25.00 2841.7 0.00 75.8 NEXGRAM HOLDINGS BHD 0.020 -20.00 1,008.0 -71.43 13.0 TWL HOLDINGS BHD 0.025 -16.67 6,282.8 -28.57 120.8 CLASSITA HOLDINGS BHD 0.060 -14.29 124,099.2 -83.56 74.0 FITTERS DIVERSIFIED BHD 0.035 -12.50 1,120.7 -50.00 81.9 MERIDIAN BHD 0.105 -12.50 648.0 -12.50 23.7 TSR CAPITAL BHD 0.265 -11.67 475.4 32.50 46.2 SPRING ART HOLDINGS BHD 0.190 -11.63 2,573.4 5.56 79.0 TA WIN HOLDINGS BHD 0.040 -11.11 6,849.1 -27.27 137.4 AHMAD ZAKI RESOURCES BHD 0.220 -10.20 12,706.3 33.33 131.2 GREENYIELD BHD 0.180 -10.00 1.2 -10.00 97.6 AIMFLEX BHD 0.190 -9.52 33,805.8 26.67 279.8 CITRA NUSA HOLDINGS BHD 0.050 -9.09 15.0 -23.08 36 KUMPULAN JETSON BHD 0.200 -9.09 8494.7 -6.98 53.6 SAPURA ENERGY BHD 0.050 -9.09 37,219.4 42.86 799.0 Data as compiled on Oct 16, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 123.300 -0.600 108.9 -11.93 28,913.9 PPB GROUP BHD 14.520 -0.320 556.4 -16.74 20,656.1 KUALA LUMPUR KEPONG BHD 21.520 -0.280 448.6 -3.76 23,207.9 AEON CREDIT SERVICE M BHD 11.660 -0.180 249.8 -7.31 2,976.9 SOUTHERN ACIDS MALAYSIA BHD 3.270 -0.130 12.4 -10.41 447.8 SHANGRI-LA HOTELS MALAYSIA 2.090 -0.110 1,198.1 -39.42 919.6 CELCOMDIGI BHD 4.280 -0.100 1,809.0 7.00 50,210.9 HONG LEONG FINANCIAL GROUP 17.120 -0.100 406.9 -7.96 19,606.6 AIRASIA X BHD 2.330 -0.080 4,067.9 308.77 1,041.7 PANASONIC MANUFACTURING 18.120 -0.080 21.1 -20.87 1,100.7 TEO SENG CAPITAL BHD 1.260 -0.080 4,832.4 69.13 369.6 BANK ISLAM MALAYSIA BHD 2.200 -0.070 1,354.4 -19.41 4,986.2 HUME CEMENT INDUSTRIES BHD 1.710 -0.070 128.5 81.91 874.3 MALPAC HOLDINGS BHD 0.980 -0.070 11.0 -4.85 73.5 TENAGA NASIONAL BHD 9.950 -0.070 5,002.0 3.32 57,584.0 UWC BHD 3.630 -0.070 566.4 -9.70 3,999.1 AUTOCOUNT DOTCOM BHD* 0.655 -0.065 22,078.80 0.00 360.6 AXIATA GROUP BHD 2.380 -0.060 2973.2 -22.98 21846.2 GAMUDA BHD 4.540 -0.060 8,195.7 21.07 12,246.1 HONG LEONG CAPITAL BHD 5.230 -0.060 2603.3 -16.72 1291.3 Data as compiled on Oct 16, 2023 *Newly-listed this year Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HEINEKEN MALAYSIA BHD 25.400 0.380 206.8 0.79 7673.3 RAPID SYNERGY BHD 25.880 0.260 322.7 62.16 2766.5 HAP SENG CONSOLIDATED BHD 5.280 0.150 2,672 -17.50 13145.5 PETRONAS CHEMICALS GROUP BHD 7.480 0.130 5,987.9 -13.02 59840 CARLSBERG BREWERY MALAYSIA 20.200 0.120 143.1 -11.71 6176.1 TIME DOTCOM BHD 5.290 0.080 3623.700 23.6 9769.8 JENTAYU SUSTAINABLES BHD 1.060 0.050 19,979.8 46.21 445.4 PRESS METAL ALUMINIUM HOLDINGS 4.920 0.050 2,831.7 0.82 40538.9 LEONG HUP INTERNATIONAL BHD 0.640 0.045 22,698.1 29.29 2336 APOLLO FOOD HOLDINGS BHD 5.510 0.040 402.9 42.75 440.8 EITA RESOURCES BHD 0.755 0.040 1,984.9 -2.58 196.4 GAS MALAYSIA BHD 3.120 0.040 913.7 -4.29 4006.1 HARTALEGA HOLDINGS BHD 2.110 0.040 3,511.8 24.12 7204.1 JF TECHNOLOGY BHD 1.130 0.040 2,341.2 39.51 1047.6 OPPSTAR BHD* 1.560 0.040 1,841.1 0.00 992.5 SMIS CORP BHD 0.820 0.040 53.0 3.14 34.6 LAY HONG BHD 0.320 0.035 44,646.6 30.61 236.9 ASDION BHD 0.060 0.030 109241.6 -36.84 26.8 FARM FRESH BHD 1.220 0.030 1119.2 -24.22 2283.7 KIM LOONG RESOURCES BHD 1.930 0.030 354.4 6.57 1874.7 Data as compiled on Oct 16, 2023 *Newly-listed this year Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,670.29 39.15 0.12 S&P 500 * 4,327.78 -21.83 -0.50 NASDAQ 100 * 14,995.12 -188.98 -1.24 FTSE 100 * 7,599.60 29.90 0.39 AUSTRALIA 7,026.55 -24.48 -0.35 CHINA 3,073.81 -14.29 -0.46 HONG KONG 17,640.36 -173.09 -0.97 INDIA 66,166.93 -115.81 -0.17 INDONESIA 6,896.29 -30.49 -0.44 JAPAN 31,659.03 -656.96 -2.03 KOREA 2,436.24 -19.91 -0.81 PHILIPPINES 6,198.83 -67.51 -1.08 SINGAPORE 3,163.89 -21.90 -0.69 TAIWAN 16,652.24 -130.33 -0.78 THAILAND 1,427.11 -23.64 -1.63 VIETNAM 1,141.42 -13.31 -1.15 Data as compiled on Oct 16, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,554.00-11.00 OIL US$ 87.18-0.47 RM/USD 4.7177 RM/SGD 3.4616 RM/AUD 3.0299 RM/GBP 5.7954 RM/EUR 5.0060
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said the government will continue providing subsidies to the people in Budget 2024. However, he emphasised that subsidies need to be targeted to avoid leakage and to ensure they only benefit deserving groups. Anwar, who is also finance minister, said this was because at present, the super-rich and 3.5 million foreigners in the country were also enjoying the benefits of government subsidies. “The government has been providing RM81 billion in subsidies, the highest in the world. Although I was often criticised for the statement promising that “the day we come to power, the following day fuel prices will drop”, it is a different context because at the time, the oil price in Saudi Arabia was 50 sen, and now it’s RM2.85 there while here, it’s RM2.05. “The subsidies for fuel, chicken and electricity are also enjoyed by 3.5 million foreigners and 10% of the super-rich, and this does not include those smuggled out. “Hence, proper planning needs to be done to prevent leakage,” he said at the monthly assembly with staff of the Prime Minister’s Department yesterday. Citing the diesel subsidy as an example, Anwar said there is a need for a policy to address subsidy leakage because the government found that the number of vehicles has not shown an increase as significant as the increase in diesel consumption. “This means that diesel is being taken out (smuggled) ... that’s why we are improving the policies on diesel subsidy.” Anwar also said the early incentive payment of RM2,000 for civil servants in Grade 56 and below as announced in Budget 2024 is a form of recognition for the services of civil servants. He said the incentive payment is pending review of the Public Service Remuneration System (SSPA), and signalled that the oAssistance to be targeted to avoid leakage and ensure only deserving groups benefit: Anwar Subsidies continue INSIDE TELLING IT AS IT IS ON TUESDAY OCTOBER 17, 2023 No. 8373 PP 2644/12/2012 (031195) www.thesundaily.my Anwar said the 114-page Budget 2024 was the result of teamwork. – BERNAMAPIC government is paying serious attention to the wage rate of the 1.6 million civil servants in the country, Bernama reported. “It is not reasonable to expect better performance and higher productivity, but no increase in the wage rate. “If we look at a study by the Statistics Department, there is an increase in productivity, but the increase in wages is moderate. There is no encouragement,” said Anwar. He hoped employers in the private sector would make a similar move, taking into account the current economic factors. On the review of SSPA, he said he wanted it to be completed before the middle of next year so that the outcome could be shared during the tabling of Budget 2025. Budget 2024 provisions to enhance potency of EPF schemes PETALING JAYA: The Employees Provident Fund (EPF) has hailed Budget 2024, saying it prominently addresses some of the concerns it had raised on the long-term financial well-being of Malaysians, and specifically lauding four key points involving EPF savings. Increase of government matching incentive for i-Saraan programme EPF said it welcomes the government’s initiative to extend the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year. Additionally, the i-Saraan programme has also been enhanced to allow eligible Malaysians in the informal sector, including housewives and those with no fixed income under the age of 60 to have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year. This incentive is set to benefit more than 350,000 current and new i-Saraan participants. Expanding i-Sayang programme to husbands Beginning next year, the i-Sayang programme will be expanded to include husbands, and working wives will also have the option to allocate 2% of their monthly EPF contributions (employee’s portion) to the husband’s EPF account. The i-Sayang programme, launched in March 2023, allows husbands to voluntarily allocate 2% of their monthly EPF contributions (employee’s portion) to the EPF account of the wife. Since its launch, about 34,000 husbands have registered and participated in i-Sayang, involving a cumulative savings of RM14.7 million. Extension of i-Suri programme with matching contributions and maximum incentive amount for housewives Acknowledging the contribution of housewives to family development and nation-building, the government seeks to enhance incentives for the i-Suri Programme, in which a matching incentive will be provided for every ringgit contributed to EPF by housewives under the age of 60 registered in the e-Kasih database. Additionally, participants of the i-Suri programme will receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year. Turn to — page 2 Turn to — page 2 Prostitution scourge on social media 5 page SST hike will create fair economy: Expert 3 page
2 theSUN ON TUESDAY | OCTOBER 17, 2023 NEWS WITHOUT BORDERS /thesuntelegram FOLLOW ON TELEGRAM SCAN ME PEOPLE’S WELFARE 0 RM2,000 as initial incentive payment to all civil servants on Grade 56 and below. 0 RM1,000 in incentives for pensioners, including veterans without pensions. 0 RM55 million for electricity subsidies of up to RM40 a month for low-income households. 0 RM100 million to support NGOs and civil society organisations. 0 RM2.47 billion to implement people’s housing projects. 0 My50 Unlimited Travel Pass will be continued for 180,000 Klang Valley commuters. 0 RM500 rewards for youths engaged in volunteer work with a body recognised by the government. 0 RM30 million set aside to assist overseas job fraud and online scam victims. 0 Price ceiling for eggs and chicken to be lifted. 0 RM500 million in loans to develop Waqf land. 0 RM11.8 billion for 33 high-priority flood mitigation projects. 0 RM2,400 rebate for purchase of electric motorcycles, targeted at Malaysians with an annual income of RM120,000 and below. 0 New flexible EPF account to be introduced. 0 RM2.4 billion for the welfare department to benefit 450,000 people. 0 RM50 million for social security scheme for housewives under e-Kasih. 0 RM400 million to support food security programmes. 0 RM200 million to continue the Payung Rahmah programme. 0 RM10 billion for the Rahmah cash aid programme. This will benefit 60% of Malaysian adults. 0 RM100/month for one year to 200,000 Rahmah aid recipients. 0 RM1.2 billion in various aids for the disabled. 0 RM333 million for Orang Asli. This allocation includes entrepreneurship and replanting programmes. TAXES 0 Government to introduce a 5-10% luxury tax. It will not apply to foreign tourists. 0 SST to be raised from 6% to 8%. This will not apply to the F&B and telco industries. 0 Capital Gains tax to be enforced at a rate of 10% from March 1, 2024. 0 E-invoicing to be made mandatory for taxpayers with income exceeding RM100 million from Aug 1, 2024. UPGRADES AND IMPROVEMENTS 0 RM2.8 billion to repair federal roads and bridges. 0 RM5.8 billion for Sarawak, RM6.6 billion for Sabah. 0 RM38 million to upgrade courts and train more judges. 0 RM18 million to implement legal reforms. 0 RM2.4 billion for the construction and maintenance of government quarters. 0 RM150 million to maintain and repair public toilets. 0 RM50 million set aside for areas with high accident rates. 0 RM100 million to maintain street lights on federal roads. 0 RM10 million to upgrade 10,000 food stalls and warung. 0 RM1.1 billion to tackle water woes in Kelantan, Sabah and Labuan 0 RM12 million for the National Sports Council to support the training of athletes. 0 RM70 million to improve the palm oil industry in Malaysia. 0 RM4.7 billion for the LRT3 project. 0 RM5 million to increase the number of K9 dogs in the Police, Customs and Fire Department. 0 RM200 million to The Ecological Fiscal Transfer for Biodiversity Conservation. 0 RM563 million to improve slopes across the country. 0 RM2.4 billion for Felda and Risda. ARTS, TOURISM AND CULTURE 0 Visit Malaysia Year in 2026. 0 RM350 million to promote tourism activities in Malaysia. 0 RM80 million to preserve heritage buildings and sites that have the potential to be recognised by Unesco. 0 Entertainment tax cuts to 10% for international artistes and other entertainment events such as movie screenings, sports events and games. 0 RM160 million for the creative industry in Malaysia. 0 Local artistes will not be subject to entertainment duties. 0 RM60 million to promote local creative works. 0 RM90 million for the Film in Malaysia Incentive to encourage the production of films that meet global standards. 0 RM10 million for MyCreative. 0 Special income tax of 0-10% for international film production companies, foreign actors and film crews that choose to film in Malaysia. BUSINESS 0 New Industrial Master Plan 2030 aims to gain investments of up to RM95 billion, with a median salary of RM4,510 by 2030. 0 GLCs and GLICs will prepare a fund of up to RM1.5 billion for startups. 0 The halal certification process is to be shortened from 51 days to 30 days. 0 RM44 billion to support micro-SMEs. 0 RM30 million in incentives for companies to train locals. 0 RM10 million to support the expansion of franchises. 0 TNB, Gentari and Tesla Malaysia have committed RM170 million in investments to install EV charging stations. EDUCATION 0 RM58.7 billion for the Education Ministry. 0 RM1.9 billion to upgrade schools. 0 Entrance fees for public varsities are capped at RM1,500. 0 RM100 million for students who dropped out of school amid the pandemic. 0 RM250 million to expand WiFi access at all public universities. 0 10% to 15% discount on PTPTN loans. 0 RM82 million to build 26 new preschools. HEALTH 0 RM41.2 billion for the Health Ministry. 0 Sugar tax increased from 40 sen per litre to 50 sen per litre. Budget 2024 highlights EPF will introduce a Flexible Account that can be accessed by members at any time. – SUNPIC Live-stream ban in Parliament KUALA LUMPUR: MPs will not be allowed to live-stream their speeches in Parliament using their own electronic devices such as mobile phones, said Dewan Rakyat Speaker Tan Sri Johari Abdul. He said Standing Order 35 (1) clearly states that MPs who wish to speak shall rise in their place and, if called upon, address their observations to the Chair or Speaker who is presiding over the sitting. “I hereby order that MPs in the Dewan Rakyat are no longer allowed to set up devices to do live streaming,” he said yesterday. Johari said the Dewan Rakyat sitting could be watched through Parliament’s official YouTube account and other media channels such as Radio Televisyen Malaysia. Responding to an interjection from Datuk Ronald Kiandee Johari (PN-Beluran), who disagreed with the directive, Johari said the action was taken after observing that some lawmakers were losing focus on the Parliament session while interacting with the audience via live-stream. – Bernama Anwar, when tabling Budget 2024 in the Dewan Rakyat on Friday, announced the early incentive payment of RM2,000 for all civil servants in Grade 56 and below, including contract appointees. Despite the financial constraints, he said the Budget also focused on education, health and basic infrastructure for the people. “If we are bound too much by financial constraints, this will make the people miserable. For me, when it comes to education, the health of the people in general, that cannot be sacrificed.” Anwar said the government is looking into measures that can be improved in Budget 2024. “Whatever is within our means, we will do it to the best, whatever is needed to be improved, we will improve,” he added. He said the 114-page Budget 2024 was the result of teamwork. “This Budget was tabled by the Finance Ministry, but it is a team effort with the deputy prime ministers leading several cabinet committees. “The chief secretary to the government leads the public service machinery. All ministries and departments were also required to provide inputs.” Anwar also praised the staff of all ministries who had enabled all agendas planned by the government to be implemented successfully. He attributed the success to the commitment, dedication, determination and sincerity of the civil servants in carrying out the tasks entrusted to them. In line with the ageing population and the increasingly informal work landscape in Malaysia, EPF said it continues to review its scheme to ensure members can meet their life cycle needs without affecting their savings for retirement. To help members balance short, medium and long-term needs, EPF members’ accounts will be restructured to further strengthen their retirement savings for their old-age wellbeing. At the same time, EPF will also introduce a Flexible Account that can be accessed by members at any time. “Budget 2024 reflects an important step forward in prioritising the financial security and prosperity of Malaysia’s ageing population,” EPF CEO Datuk Seri Amir Hamzah Azizan said yesterday. “With a concerted effort to strengthen our resources and retirement allocations, this budget highlights the unity government’s commitment to ensuring the dignity and comfort of its citizens. “The old-age well-being of the rakyat remains one of the government’s priorities, due to the low level of protection under the formal pension and retirement schemes for Malaysians.” He pointed out that currently, only 60% of the labour force is covered under formal retirement schemes, namely the EPF scheme for private workers and the civil service pension scheme for government employees. Amir Hamzah added that Budget 2024 would help to address the low level of savings among EPF members and ensure they can retire comfortably and meaningfully in their old age. “It is important that the current situation is addressed by bridging the savings and coverage gap that exists in the pension and retirement system in Malaysia. “As a retirement fund, EPF supports and will work with the government in realising the aspirations of Malaysia Madani to ensure that the retirement life of Malaysians is secured.” From front page From front page Doing best within our means: Anwar EPF prioritising retirees’ financial security
3 NEWS WITHOUT BORDERS theSUN ON TUESDAY | OCTOBER 17, 2023 PETALING JAYA: A Sales and Service Tax (SST) rate of 8% will create a more equitable and sustainable economy, said Monash University economics professor Niaz Asadullah when commenting on Budget 2024. Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, who presented the budget last Friday, said the government plans to raise SST from 6% to 8% but not for food, beverages and telecommunications. Anwar also said the government will expand the scope of taxable services to include logistics, brokerage, underwriting and karaoke services. Niaz said the government aims to promote social justice and fiscal discipline while adjusting the tax system to generate higher revenue growth and alleviate the burden on lower-income groups. “The selective hike in SST and the expansion of its coverage are seen as necessary adjustments within the government’s ongoing tax reform agenda. It will boost the national economy after the major decline caused by the Covid-19 pandemic. “However, while the manufacturing sales tax (imposed on taxable goods manufactured locally) is currently at 10%, the government intends to shift it to the SST rate, which remains reasonable and comparable to Singaporean businesses. “Therefore, it is unlikely that the newly targeted industries would be affected significantly,” he said, adding that when considering the increase in the SST rate to 8%, the main drawback was its narrow tax base. “Most states have a narrow-based sales tax that applies to fewer goods, not services. It also has exemptions for items like food, housing and medicine. “However, as the government is not ready to reintroduce the Goods and Services Tax (GST), the increase in SST is seen as part of a long-term strategy to gradually broaden the tax base. Subramaniyam Munisamy, a 16-year logistics veteran operating in Shah Alam, said the recent announcement on increasing SST has undeniably presented some tough challenges for his business. “However, we are determined to navigate through these hard times with resilience and innovative solutions. “I will continue to adapt the logistic business model and provide uninterrupted services to my clients efficiently and cost-effectively,” he said. While the higher tax rate may increase levy costs, Subramaniyam said it is a necessary step by the government to broaden the tax base. He added that the government’s move will contribute to the overall economic stability and growth of the country. To this, Niaz said the impact on consumer behaviour and spending patterns among the logistics, brokerage, underwriting and karaoke services, for instance, is another important aspect to consider. “The economic implications of imposing an 8% SST rate on these businesses are yet to be ascertained. As with any tax increase, these businesses may be burdened. “However, it is likely that the impact on these industries will be minor compared with the broader targeted sectors.” On the continuation of the 6% SST rate for essential services like food, beverages and telecommunications, Niaz said it is expected to have a positive effect. He said in light of the high cost of living, the decision will provide relief to lower and middleincome families (B40 and M40), enabling them to allocate their resources more effectively. “The decision not to increase the SST rate for telecommunications can be viewed as a strategy to support the government’s digital transformation goals. “By incentivising digital inclusion and broadband accessibility, the government aims to bridge the digital divide and promote greater digitisation and automation across industries,” he said. RM788m for early schooling aid PUTRAJAYA: The Education Ministry said a total of RM788.13 million has been allocated for early schooling aid under Budget 2024. It said the payment of RM150 per recipient will benefit more than 5.25 million students. “The aid will be disbursed from January in cash or credited into their bank accounts. This is to ease the burden of parents or guardians in preparing for their children’s school needs,” the ministry said in a statement yesterday. The public is advised to refer to https://belanjawan.mof.gov.my/ms/to get accurate information on Budget 2024. – Bernama ‘SST hike will create fair economy’ oMove needed to broaden tax base, but would not burden targeted industries: Expert MyAirline operating licence suspended KUALA LUMPUR: The operating licence of MYAirline Sdn Bhd (MYAirline) will be suspended, according to Transport Minister Anthony Loke. He said he was made to understand that the low-cost airline still exists but has temporarily ceased operations while seeking investors. “That’s their commercial issue, and the authorities will temporarily suspend their licence,” he told reporters after witnessing the handover of Malaysia’s first electric terminal lorry to Unilever Malaysia at the Malaysia International Trade and Exhibition Centre yesterday. On Oct 12, MYAirline announced in a statement it had suspended its operations, adding that the decision was made due to financial constraints. Loke said the current priority is to ensure that consumer rights are protected, that all passengers are duly compensated for the inconvenience, and the welfare of the airline’s 500 employees is addressed. “The company is reminded that they have two responsibilities in this aspect, which are the customers and the employees. These must be taken care of first.” Meanwhile, Human Resources Minister V. Sivakumar said over 500 MyAirlines employees who were terminated can expect to receive Employment Insurance System benefits under the Social Security Organisation. He said the workers will receive a Job Search Allowance if their contribution records meet the eligibility requirements. “These workers will receive income replacement for a period of three to six months while looking for a new job,” he said in a statement. – Bernama RM340,000 sponsorship for beauty pageant PETALING JAYA: Hyatt Place Kuala Lumpur will spend RM340,000 to sponsor the Miss CosmoWorld 2023 international beauty pageant. Victor Lye, CEO of Mygres Ceramiche, which owns the hotel, said it will host the contest finalists during the event from Nov 15 to Dec 4. “As the official partner, our hotel will provide contestants with spacious rooms, sumptuous meals and access to hotel facilities for training and relaxation. “There will also be several pageant events, including the talent show and press conferences being held at the hotel.” Lye said the pageant would help to boost tourism and shopping in Kuala Lumpur and Selangor to its pre-pandemic numbers. “Everyone knows Malaysia just recovered from the effects of the Covid-19 pandemic, and this event would help promote the country in the region. “Hyatt Place Kuala Lumpur is the first hotel under the ‘Hyatt Place’ brand in Malaysia, and the first internationally branded hotel in Bukit Jalil.” Miss CosmoWorld founder Carrie Lee said this year’s pageant is the seventh edition and aims to promote tourism, culture and heritage through its ambassadors. “The pageant will feature about 30 international contestants who will compete for the coveted crown and a cash prize of US$100,000 (RM474,000). “The contestants will be trained at Hyatt Place and we are confident the hotel will provide an exceptional experience to our finalists and make them feel at home. “The training will result in a contestant who can represent the best of women empowerment and intelligence,” she said. The sponsorship signing agreement was witnessed by Tourism Malaysia DirectorGeneral Datuk Dr Ammar Abd Ghapar and Seputeh MP Teresa Kok. EV regulations to be reviewed KUALA LUMPUR: The Transport Ministry has instructed the Road Transport Department to review the standard operation procedure and regulations related to electric vehicles (EV) to ensure the sector can be developed sustainably in the country. Transport Minister Anthony Loke said this is due to the possibility that some regulations are being seen as less suitable to be applied to EV. “Therefore, we need to make changes if there are any procedures that are not applicable or relevant for EV. This is because EV, especially heavy vehicles, is something that is new and most of the regulations were for diesel commerical vehicles. So, we need to make some form of change in terms of regulations,” he said at the launch of the Swift Green Logistics division and handover of the first Malaysian electric prime mover to Unilever Malaysia at the Malaysia International Trade and Exhibition Centre yesterday. – Bernama █ BYSIVANISVARRY MORHAN [email protected] Lye and Lee with contestants during the sponsorship signing ceremony. – AMIRUL SYAFIQ /THESUN █ BYALLEN WONG [email protected]
4 theSUN ON TUESDAY | OCTOBER 17, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON INSTAGRAM SCAN ME 1,000 join breast cancer fun run KLANG: Stadium Sultan Suleiman in Klang was awash in pink on Sunday as participants and spectators wore theme coloured attire for the Pinky Fun Run, held to promote Breast Cancer Awareness Month. It was flagged off by Her Royal Highness Tengku Permaisuri Selangor, Tengku Permaisuri Hajah Norashikin, who also took part in the run. Held in conjunction with the Klang Municipal Council Car Free Day, the event saw about 1,000 runners taking part in the 8km, 5km and 3km run along Jalan Istana in the vicinity of the stadium . The run was organised by the Bukit Kuda Health Clinic advisory panel, with technical coordination by Puncak Ventures SRA Sdn Bhd. Bukit Kuda Health Clinic advisory panel chairman Abd Rahim Shaharudin said the event served as a platform for creating breast cancer awareness. He added that the event also emphasised that early detection could significantly improve the prognosis of breast cancer and survival rates. He said it was important for individuals to be aware of the risks, and the importance of early detection and prevention of breast cancer. “While it is very rare, men can also get breast cancer,” he said. Council president Noraini Roslan said the event is a symbol of unity, strength and a commitment to raising awareness about early breast cancer detection. On the Car Free Day, Noraini said it was first introduced on June 19 last year. █ BYRAVEEN AINGARAN [email protected] No M’sian involvement in Gaza KUALA LUMPUR: The Armed Forces have denied involvement of Malaysian military personnel in Palestine, following a video on TikTok. The Armed Forces headquarters said in a statement that the video was an old recording of a group of its personnel assigned to Lebanon, adding that the 96-second clip was posted through @adamjohan64. “The Armed Forces has examined the content and found it to be an old video of members assigned to the United Nations Interim Force under the Malaysian Battalion 850-10 to Lebanon in 2022. “The public is urged not to spread any false information as it could result in speculation. “Any individual found spreading fake news can be prosecuted under Section 233 of the Communications and Multimedia Act 1998,” it added. – Bernama Identifying vertigo triggers in children KUALA LUMPUR: People with vertigo feel as though they are spinning or moving, or that the world is twirling around them. It can occur as a result of a condition affecting the inner ear or certain parts of the brain that disrupt the body’s balance. Symptoms of vertigo include headache, nausea, vomiting, sweating, ringing in the ears, problems focusing and loss of balance which may cause falls. Although it is usually associated with adults, children are also at risk of experiencing it. International Islamic University Malaysia otorhinolaryngologist Asst Prof Dr Norazwani Azwal said vertigo can occur in children as young as two years old. She said vertigo in children is caused by several conditions, two of which are vestibular migraine and benign paroxysmal positional vertigo (BPPV). “We need to identify what triggers the vetibular migraine attacks and then we will help patients avoid them,” she said, adding that vestibular migraine can occur daily or once a week depending on the cause of the triggers. She said triggers could be linked to the children’s diet. “For example, parents should avoid giving cheese to their child if he is allergic to it to avoid any triggers,” she told Bernama. BPPV is caused by the displacement of small calcium crystals within the inner ear. An episode of BPPV may last only several seconds and often occurs when a person changes his or her position while lying on the bed. Norazwani said children with oParents need to be aware of causes and recognise symptoms to facilitate prompt treatment, says expert vertigo should be treated promptly, with the mode of treatment subject to the cause of the attack. The children should also get enough rest. “It is easy to identify symptoms in young children if they are able to tell their parents that they are feeling nauseous or dizzy. For young children who are unable to express themselves, parents can detect symptoms if their child is walking unsteadily, staggering or have abnormal eye movements.” Children who have family members with a history of migraine are more likely to develop vertigo caused by vestibular migraine or BPPV. Malaysian National Society of Audiologists president Assoc Prof Dr Nor Haniza Abdul Wahat said even though vertigo is not common in children, parents and caregivers still need to be vigilant about the symptoms. She warned that today’s children are at risk of developing “digital vertigo” caused by prolonged use of gadgets. It has been reported that too much screen time could cause them to experience dizzy spells and nausea, similar to symptoms of vertigo. SUPER HERO FANS ... Two boys striking a pose yesterday with street performer Nasmeruddin Zulkifli at Dataran Menara Condong in Teluk Intan, Perak. – BERNAMAPIC RM157m for Sabah road repairs KUALA LUMPUR: A total of RM157.8 million has been allocated to repair damaged roads in Sabah this year, the Dewan Rakyat was told yesterday. Works Minister Datuk Seri Alexander Nanta Linggi said a number of badly damaged federal roads in Sabah have been repaired this year as a result of the increased allocation compared with last year. “In 2022, the cost of maintaining federal roads (in Sabah) was RM114.19 million. “However, the allocation (set aside this year) was not enough to cover the cost of repairing damaged federal roads throughout Sabah,” he said during a question and answer session. He was replying to Datuk Shahelmey Yahya (BN-Putatan) on the government’s efforts to address the problem of road and street light maintenance on federal roads in Sabah. Nanta said the 1,289.14km of federal roads in Sabah undergo routine maintenance on a monthly basis at an estimated cost of RM4 million per month to ensure the safety of oad users. Nanta also said a total of RM3.07 million has been allocated for the maintenance and repair of street lights on federal roads in Sabah. – Bernama
5 NEWS WITHOUT BORDERS theSUN ON TUESDAY | OCTOBER 17, 2023 Court axes Najib’s appeal over RM1.69b tax arrears PUTRAJAYA: Former prime minister Datuk Seri Najib Abdul Razak and his son Datuk Mohd Nazifuddin Najib have to pay income tax arrears totalling RM1.69 billion and RM37.6 million respectively to the Inland Revenue Board. A five-member Federal Court bench led by Court of Appeal president Tan Sri Abang Iskandar Abang Hashim made the decision yesterday in dismissing the duo’s appeal against the summary judgments entered against them over income tax arrears. Federal Court Judge Tan Sri Nallini Pathmanathan said the board is levying tax on the appellants in the same manner it does for all citizens, adding that Najib and Mohd Nazifuddin can still bring their case for reassessment before the Special Commissioners of Income Tax (SCIT). “However, it is equally clear from a perusal of the Income Tax Act 1967 as a whole that it is not a final determination of the sum due and owing by the taxpayer because Section 99 (1) of the Act remains untouched and enables the taxpayer to proceed with his grievances through SCIT and the entire hierarchy of the courts.” The others in the panel comprise Chief Judge of Malaya Datuk Mohamad Zabidin Mohd Diah and Federal Court judges Datuk Mary Lim Thiam Suan and Datuk Abu Bakar Jais. Two separate High Courts had allowed the board’s applications to enter summary judgments to recover tax arrears of RM1.69 billion from Najib and RM37.6 million from Mohd Nazifuddin for the period between 2011 and 2017. A summary judgment is obtained when the court decides on a case through written submissions without a full trial and calling witnesses. Najib and Mohd Nazifuddin lost their appeals in the Court of Appeal in September 2021 to set aside the summary judgments. On May 10 last year, the Federal Court granted them leave to pursue their appeals at the Federal Court. – Bernama Immigration officers acquitted of migrant smuggling charge JOHOR BAHRU: The High Court yesterday acquitted and discharged two Johor Immigration senior officers on a charge of smuggling eight migrants into the country three years ago. Judicial Commissioner Noor Hayati Mat ordered senior officer Haris Fadzilah Abu Bakar, 51, and assistant director Noryati Abu Bakar, 53, to be freed after finding that the prosecution failed to prove a prima facie case against them. She said the procedure for the removal of Indonesian migrants executed by the duo was in accordance with Immigration procedures. “I have examined the testimonies of all the witnesses and found that the prosecution failed to prove the accused had knowledge that the entry of the migrants was illegal. “Therefore, both are acquitted and discharged without calling for their defence.” Haris Fadzilah, Noryati and three others were jointly charged with smuggling migrants at Lot 21 in Jalan Feri, Pasir Gudang Port at noon on June 15, 2020. They were charged under Section 26A of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007, which provides imprisonment of up to 15 years, a fine, or both. The three others, construction worker M. Amir Nasir, 64, ferry ticket agent Tengku Jajang Sagita Tengku Ridzuan, 57, and Pasir Gudang Ferry Terminal security guard Razali Mohamad, 58, are serving a jail term of between two and four years after they pleaded guilty to the charge. – Bernama Haris Fadzilah and Noryati at the Johor Bahru High Court yesterday. – BERNAMAPIC Prostitution scourge on social media PETALING JAYA: Prostitution has entered the digital age, as the Malaysian Communication and Multimedia Commission (MCMC) has blocked 385 websites offering sex services between 2020 and Aug 31 this year. Its spokesman said it received 445 complaints relating to online prostitution and sex services offered on social media platforms. “We have referred the complaints to police for further action as prostitution and sex services are under their jurisdiction,” he said, adding that MCMC will provide technical assistance on the matter. “In line with provisions under Section 372 of the Penal Code, we blocked 385 websites found engaging oPublic urged to report offers of sex services popping up on TikTok, Instagram and X █ BY RAIS ZULFAHMI [email protected] Ex-Miros DG charged with falsifying papers SHAH ALAM: A former Malaysian Institute of Road Safety Research (Miros) director-general was charged in the Sessions Court yesterday with four counts of falsifying documents relating to collision test vehicles. Datuk Dr Khairil Anwar Abu Kassim, 47, pleaded not guilty to the charges before Judge Awang Kerisnada Awang Mahmud. He was charged with falsifying quotation documents from several companies for the supply of 16 cars from Thailand to the Miros Crash Test Laboratory in Ayer Keroh, Malacca with the intention of using them as genuine papers. The offence was allegedly committed in Taman Kajang Sentral on July 24, 2017. The charges, framed under Section 468 of the Penal Code, provide imprisonment of up to seven years and a fine. Khairil Anwar was allowed bail of RM50,000 in one surety, ordered to surrender his passport to the court and to report to the Putrajaya Malaysian Anti-Corruption Commission office on the first working day of every month. The court set Nov 21 for mention. – Bernama Cops seize syabu worth RM1.4m KUCHING: A 17-year-old female student was among five locals arrested following the discovery of 42.2kg of syabu valued at RM1.4 million in a hotel room here on Oct 12. Sarawak police commissioner Datuk Mohd Azman Ahmad Sapri said yesterday the drugs, smuggled in Chinese tea packages, were obtained from accomplices in Peninsular Malaysia. The suspects, comprising three men and two women aged between 17 and 22, are from Kuching. A remand order was obtained for the period of Oct 13 to Oct 20 to facilitate investigations under Section 39B of the Dangerous Drugs Act 1952. “Two individuals posing as couriers smuggled the drugs from Kuala Lumpur to Kuching on a flight. The drugs are believed to be for markets in Kuching, Miri and Bintulu.” – Bernama in vice based on information and official requests from police. “Dealing with illegal content such as pornography is not just the responsibility of law enforcement agencies. “The public should practise discretion and avoid viewing or displaying harmful content.” He said MCMC has carried out empowerment initiatives through its Click Wisely programme, which focuses on the joint role of all parties. “We emphasised the importance of self-regulation to protect against online harm. Our initiatives help build a high level of resistance to the potential risks of the internet and new media.” The spokesman added that collaboration and coordination with social media platform providers such as Facebook, Instagram and X were already in place. “Obscene content is considered inappropriate based on community standards. Any reported pornographic or sexual content should be removed according to guidelines.” He said social media users should also report such content directly to the authorities. “Reports can be made to the official MCMC portal or website. Cooperation from the public is very important in helping the authorities overcome this problem.” Netizen Riswan Putra Suwandi said it is fairly common to get offers or have advertisements related to sex services pop up while scrolling through social media. “The only difference is the method of delivering the advertisement. I find it very annoying because they keep popping up despite being blocked.” He added that the promotion of sex services is very common on Instagram and TikTok. On Instagram, they usually appear in the public comment section. “The advertisers will also follow our account to continue promoting their activities. “On TikTok, there will be short videos of less than 10 seconds. To attract potential customers, the advertisers frequently share screenshots of chats in which individuals express their satisfaction with the services offered. “I usually ignore such content but sometimes, I will report the post using the report button.” Social media user Muhammad Nawaliq Haziq Mohd Nasir said he has come across some accounts promoting such services on Telegram and X. “I usually find them in groups or channels on Telegram because I’ve been invited a few times to join a group where sex services are promoted. “I normally block the invitations or messages, but I think it is better to report such accounts or groups to prevent them from spreading to younger generations.”
6 theSUN ON TUESDAY | OCTOBER 17, 2023 NEWS WITHOUT BORDERS One million in Gaza flee heavy bombing GAZA CITY: More than one million people have fled their homes in Gaza in scenes of chaos and despair as Israel bombarded the Hamas-ruled territory and continued massing troops yesterday in preparation for a full-blown ground invasion. Israel declared war on the group a day after waves of its fighters broke through the heavily fortified border on Oct 7, shooting, stabbing and burning to death more than 1,400 people, most of them civilians. After it suffered the deadliest attack in its history, Israel unleashed oIsrael military confirms 199 hostages abducted by Hamas a relentless bombing campaign of the Gaza Strip that has flattened neighbourhoods and killed at least 2,670 people, mainly civilians. The Israeli military yesterday raised the figure to 199 people confirmed to have been abducted by Hamas to the Gaza Strip in the fighters’ cross-border attacks, which sparked a devastating war. “We have updated the families of 199 hostages,” military spokesman Daniel Hagari told a media briefing, revising up an earlier figure of 155 captives. Boy in US stabbed 26 times in ‘act of hate’ WASHINGTON: US President Joe Biden condemned the killing of a six-year-old boy as a “horrific act of hate” on Sunday, after authorities charged the assailant with murder and hate crimes for an attack allegedly linked to the war between Israel and Hamas. The child was stabbed 26 times by his landlord on Saturday and later died in hospital, while his 32-year-old mother was also wounded but expected to survive, the Will County sheriff’s office in Illinois said in a statement. “Detectives were able to determine that both victims in this brutal attack were targeted by the suspect due to them being Muslim and the ongoing Middle Eastern conflict involving Hamas and the Israelis,” the sheriff’s office said, adding the killing took place 64km west of Chicago. “This horrific act of hate has no place in America, and stands against our fundamental values,” said Biden, calling for Americans to “come together and reject Islamaphobia and all forms of bigotry and hatred.” Authorities said the woman managed to call 911 as she fought off the landlord, named by the sheriff’s office as 71-year-old Joseph Czuba. “Deputies located two victims inside the residence in a bedroom. Both victims had multiple stab wounds to their chest, torso and upper extremities,” the sheriff’s statement said. A serrated military-style knife with a seven-inch blade was pulled from the boy’s abdomen during the autopsy, the statement said. When police arrived, they found Czuba sitting on the ground near the driveway of the residence. “He knocked on the door and attempted to choke her, and said ‘you Muslims’ must die,” Council on American-Islamic Relations Chicago office head Ahmed Rehab told reporters, citing text messages sent by the woman to the murdered boy’s father from her hospital bed. – AFP Israelis and foreigners are among those abducted in the Hamas assault on Oct 7. “The efforts on the hostages are a top national priority,” Hagari said. “The army and Israel are working around the clock to bring them back.” Following an Israeli order to move to the south of the Gaza Strip, people have fled their homes in the north of the enclave to seek shelter wherever they can, including on the streets and in UN-run schools. Palestinians carrying whatever belongings they can, in bags and suitcases, or packed onto three-wheeled motorbikes, battered cars, vans and even donkey carts have become a common sight. “No electricity, no water, no internet. I feel like I’m losing my France mourns murdered teacher, Macron urges ‘ruthless’ response PARIS: France held a minute of silence yesterday for a teacher killed in what the government has described as a terror attack, with President Emmanuel Macron calling for a “ruthless” approach towards extremists. The knife attack on Friday in the northern city of Arras, almost three years to the day after a similar killing outside Paris, has shocked teachers and members of the wider public, triggered a massive security response and prompted France to increase its attack alert level. Tensions were stoked yesterday when the same Arras school was evacuated, with a source familiar with the case telling AFP a bomb threat had been made by phone. Macron has told ministers to “embody a state that is ruthless towards all those who harbour hate and terrorist ideologies”, a senior aide told reporters, ahead of a new national security meeting. He later wrote that schools would remain a “bulwark” against extremism and “a sanctuary for our pupils and everyone who works there” in a post on X social platform. The killing of the teacher by a former pupil has sharpened nervousness in France, which has large Muslim and Jewish populations and has been on the alert for violence since Hamas’s attack on Israel. Classes paused for a minute of silence yesterday to remember teacher Dominique Bernard, 57. He was stabbed to death at the school in Arras in an attack that also wounded three others. – AFP humanity,” said Mona Abdel Hamid, 55, who fled Gaza City to Rafah in the south of the enclave, and is having to stay with strangers. A bereaved and infuriated Israel has massed forces outside the long-blockaded enclave of 2.4 million in preparation for what the army has said would be a land, air and sea attack involving a “significant ground operation”. Hamas backer Iran and Lebanon’s Hezbollah, which is also supported by Tehran, have warned that an invasion of Gaza would be met with a response. “No one can guarantee the control of the situation and the non-expansion of the conflicts” if Israel sends its soldiers into Gaza, said Iran’s Foreign Minister Hossein Amir-Abdollahian. Fire along the Israeli-Lebanese border has intensified in the last week, prompting Israel to shutter the area to civilians. On Sunday, a rocket hit the UN peacekeeping base in southern Lebanon, while Hezbollah attacks killed one person in Israel. At least 11 people have been killed in Lebanon and at least two in Israel in the past week. – AFP B R I E F SHARDLINER TO PUSH BID FOR SPEAKERSHIP WASHINGTON: Hardline Republican Jim Jordan is set to take his sputtering bid for speaker to the floor of the US House of Representatives this week, hoping to bulldoze opposition from dozens within his own party by applying pressure in a series of public votes. With more than 50 Republicans opposed to Jordan, the show of dysfunction stands out for being driven by Republican infighting rather than Congress’ more customary partisan squabbles. House Republicans are expected to meet behind closed doors and plan a floor vote for speaker at noon EST tomorrow. “We want to go to the floor as soon as possible,” Jordan said. – Reuters POLAND OPPOSITION TIPPED TO WIN POLLS WARSAW: Poland’s liberal opposition yesterday celebrated exit polls showing it had won a parliamentary majority in elections on Sunday which saw the highest turnout since the fall of Communism. The surprise result would put an end to eight years of rule by the populist Law and Justice (PiS) party during which relations with the European Union and Ukraine have fallen to new lows. The opposition, led by former EU chief Donald Tusk, had billed the parliamentary elections as the “last chance” to save democracy. “Democracy has won,” he declared on Sunday, saying a “grim” era had ended. – AFP Qatar reunites Ukrainian children with families DOHA: Four Ukrainian minors who were separated from their families after Russia’s invasion are to be reunited with relatives following intervention by Qatar. The four, aged two to 17, have been staying at the Qatari embassy in Moscow while Qatar mediated between Russian and Ukrainian authorities, a diplomat briefed on the process said yesterday. They include one child whose mother has been detained in Russia, and another who lost contact with his mother as he was in a Russian hospital when the war broke out. “Both Ukrainian and Russian officials have been cooperative in ensuring the safety and security of the children and their departure to Ukraine,” said the diplomat on condition of anonymity. “The minors, during their period of separation from their families in Russia, were provided with the relevant care and treatment by the Russian government.” All four are travelling to Ukraine via third countries including Qatar, Estonia, Poland and Lithuania. “The return of Ukrainian children to their families today marks a positive step and a gesture of goodwill between Ukrainian and Russian governments,” said Qatar Minister of State for International Cooperation Lolwah Al Khater. “We understand that today’s breakthrough is only a first step, but we are encouraged by the commitment and openness shown by both sides throughout the process, which we sincerely hope will lead to more initiatives aimed at de-escalating tensions and building trust between the two parties.” – AFP Palestinians searching for victims under the rubble of a house destroyed in Israeli strikes in the city of Khan Younis yesterday. – REUTERSPIC
7 NEWS WITHOUT BORDERS theSUN ON TUESDAY | OCTOBER 17, 2023 Thailand sleepwalking towards ageing crisis BANGKOK: Unless she lines up in the hot sun for a free meal, ketchup on bread is the only food Thai widow Noi can afford on her small government pension. Her payout of US$0.82 (RM3.88) a day makes cooking at home near impossible. “If it’s too wet to come, I eat 7-Eleven bread with ketchup,” the 73-year-old told AFP at a Bangkok Community Help Foundation meal delivery tent that feeds 500 of the city’s homeless and poor daily. Thailand is one of the world’s fastest ageing societies, according to the World Health Organisation – but its economy is ill-prepared. Research from major Thai lender Kasikorn Bank estimates that by 2029 the kingdom will oLow incomes and limited savings mean many will endure extreme poverty Russia joins China in banning Japan seafood imports MOSCOW: Russia yesterday followed its ally China in suspending all Japanese seafood imports over Tokyo’s release of wastewater from the crippled Fukushima nuclear plant. Japan has been sharply critical of Russia’s invasion of Ukraine, while Tokyo’s relations with Beijing – which has deepened ties with Moscow – have worsened. Rosselkhoznadzor, Russia’s body responsible for regulating agriculture products, said it was “joining China’s provisional restrictive measures on the import of fish and seafood products from Japan as of Oct 16, 2023” as a “precautionary measure”. It said the restrictions would remain in place “until the necessary exhaustive information to confirm the safety of seafood produce ... is forthcoming”. The Japanese government, which has called China’s ban political and unscientific, was yet to comment on Russia’s move. In 2011, three reactors at the Fukushima-Daiichi nuclear facility in northeastern Japan went into meltdown following a massive earthquake and tsunami that killed around 18,000 people. Twelve years on in August, Japan began discharging of treated contaminated water from the stricken plant into the Pacific Ocean. China in response banned all Japanese seafood imports over the “irresponsible” release, accusing Japan of treating the sea like a “sewer”. Japan insists the operation is safe, a view backed by the International Atomic Energy Agency. A team from the UN nuclear watchdog – including a Chinese scientist – is due to take water and fish samples from near the site this week. Beijing said Tokyo has not proved the authenticity and accuracy of the nuclear wastewater data, nor that the ocean discharge is harmless to the environment and human health. Before the ban, China was Japan’s biggest market for fish, accounting for more than US$500 million (RM2.4 billion) worth of exports last year. Russia is less important to Japan, accounting for ¥260 million (RM8 million) worth of marine product exports last year. – AFP Aussie indigenous leaders call for ‘week of silence’ CANBERRA: Australia’s indigenous leaders have called for a week of silence and reflection after a referendum to recognise the country’s First Peoples was rejected. The referendum sought to tackle disadvantages faced by Australia’s indigenous people by enshrining a new advocacy committee in the constitution. Citizens were required to vote either “yes” or “no” to whether they agreed to amend the constitution to recognise Australia’s Aboriginal and Torres Strait Island people with an indigenous advisory body called “Voice to Parliament”. A national majority and majorities in at least four states were needed for the referendum to pass. But over 60% of Australians voted “no” in the landmark referendum with all six states rejecting the proposal. “This is a bitter irony. That people who have only been on this continent for 235 years would refuse to recognise those whose home this land has been for 60,000 and more years is beyond reason,” the indigenous leaders said in a statement. “Much will be asked of the role of racism and prejudice against indigenous people in this result. “The only thing we ask is that each and every Australian who voted in this election reflect hard on this question.” The Aboriginal and Torres Strait Island people make up about 4% of Australia’s 26 million population and have inhabited the country for about 60,000 years, but they are not mentioned in the constitution. They are also the country’s most disadvantaged people, who die eight years younger on average than the wider population and suffer from diseases that have been eradicated from many wealthy countries. – The Independent B R I E F SCHINA SAYS PHILIPPINES VIOLATED ITS SOVEREIGNTY BEIJING: The Philippines has seriously violated Chinese sovereignty, China’s Foreign Ministry said yesterday. The comment came after Manila said a Chinese navy ship shadowed and attempted to cut off a Philippine navy vessel conducting a resupply mission near Thitu island in the South China Sea. “The Philippine side illegally occupied the islands and seriously violated China’s sovereignty,” Foreign Ministry spokesman Mao Ning told a regular news conference. – Reuters BEIJING PREPARES FOR BELT AND ROAD SUMMIT BEIJING: China yesterday began welcoming representatives of 130 countries for a conference that will be overshadowed by the Israel-Hamas war. At the top of the invitation list to China’s Belt and Road Initiative (BRI) forum is Russia’s President Vladimir Putin, on his first trip to a major global power since the Ukraine invasion threw his regime into international isolation. Leaders have begun to pour into the Chinese capital for a gala event marking a decade of the BRI, a key project of President Xi Jinping to extend China’s global reach. – AFP join a list of super-ageing societies where more than 20% of the population are older than 65. But Thailand has not reached the same level of wealth as some other ageing societies such as Japan and Germany. “We’ve become old before we’ve become rich,” said Kasikorn Bank chief economist Burin Adulwattana. “We’re not ready.” Currently, Thailand is home to more than 12 million over-60s – 18% of the population. Low incomes, limited savings and inadequate government pensions will mean many endure extreme poverty, while fewer taxpayers and a healthcare spending bill expected to triple will be a huge fiscal burden. “It’s definitely a ticking time bomb,” said Kirida Bhaopichitr from the Thailand Development Research Institute. Poverty among older adults is already widespread, with 34% of Thai seniors living below the poverty line – surviving on less than US$830 a year, according to Kasikorn. To retire well in Bangkok, at least US$100,000 in savings is needed, Burin said, but many Thais are retiring with less than US$1,300. In August, the outgoing government announced it was restricting a previously universal pension of between US$16 and US$27 a month to low-income earners, cutting off six million people. There is a cultural expectation in Thailand that adult children will look after their parents as they age. But Burin said this is unsustainable in the long term as the economy grapples with a smaller workforce, lower growth and consumer spending. A future government may be required to lift the value-added tax from 7% to 10% as well as consider taxing wealth and inheritance, the economist said. While men work until about 65, Thai women start dropping out of the workforce around 50 to care for ageing parents and in-laws, researcher Kirida noted, adding that there needs to be an increase in affordable elderly daycare centres. – AFP India to start monitoring high-risk glacial lakes NEW DELHI: India aims to install the first part of an early warning system at some high-risk glacial lakes in the Himalayas next year, a senior official said yesterday, as the country responds to deadly floods this month that killed 60 people. There are 56 at-risk glacial lakes in India and the urgency to monitor them was stepped up after Lhonak Lake in the eastern Himalayas burst its banks two weeks ago and caused widespread damage in Sikkim, a small mountainous state wedged between China, Nepal and Bhutan. Reuters was first to report that India was working on a pilot project with Swiss experts to set up the country’s first early warning systems at Lhonak Lake, and also at nearby Shako Cho lake. If the systems had been installed, they could have given 90 minutes warning before floods engulfed homes and structures. “We will try some monitoring systems at lakes that are at risk,” said Krishna S. Vatsa, a member of India’s National Disaster Management Authority. The agency is coordinating with Indian and international institutes for the project. State governments will provide recommendations on which of the 56 at-risk glacial lakes in India need to be prioritised for setting up the monitoring systems, Vatsa said. Vatsa said authorities will aim to set up some of these systems by next year to monitor the weather and environment at the lakes as a first component of an early warning system. The full system would be installed later based on the outcome of monitoring. – Reuters SHOWING GRATITUDE ... Participants parading with a fruit gunungan during an earth alms ceremony in the Indonesian city of Surabaya. The tradition is held to show gratitude for the abundant sustenance of God and also serves as a tourist attraction. – AFPPIC
8 theSUN ON TUESDAY | OCTOBER 17, 2023 SPEAK UP Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Supporting women in the workplace MENOPAUSE, a natural phase in a woman’s life, is a topic of e m e r g i n g importance, especially in the context of diversity, equity and inclusion (DEI) in the workplace. This issue was brought to light at a recent DEI conference focused on women in the construction industry held in London, where over 500 participants from around the world gathered to discuss the challenges and triumphs of women working in a maledominated field. To underscore the significance of this issue, the conference looked at some pertinent facts and figures regarding women and menopause. We must know that over the years, scientific and technological advances have significantly increased life expectancy in humans. In 1000 BC, the average life expectancy for women was only 28 years, but today it has extended to the eighth decade of life. Worldwide, the life expectancy for newborn girls averages around 78 years old. Reportedly, the average age of menopause is said to hover at about 47. Given that women are expected to live well into their late 70s, they spend a significant portion of their lives in the postmenopausal phase. Menopause is a complex biological and psychological phase, and the concept of quality of life becomes highly relevant, if not questionable, during this transition. Quality of life is defined as an individual’s perception of their overall well-being, influenced by various factors, including physical health, psychological state, social relationships and environment Numerous studies have shown that the physical, psychological, social and sexual changes associated with menopause can have a negative impact on women’s quality of life. About 96% of women are known to experience menopause-related symptoms, affecting their physical and psychological well-being and social interactions. This impact is particularly pronounced in women in the perimenopausal and early post-menopausal stages when women are still gainfully employed. Through several researches done, it is clear that menopause has a significant impact on women and how their lives change, which would have a direct impact on women in the age group at work. Does it then, make sense, for organisations to include menopause as a diversity consideration? As women continue to make up a significant portion of the global workforce, understanding and addressing the challenges associated with menopause is vital for retaining and supporting female employees. In developed countries, failure to address the specific needs of menopausal women has led to legal and ethical concerns related to discrimination and equal treatment in the workplace. Developing countries should pay serious attention to this relatively new phenomenon which will become relevant sooner rather than later. Supporting women through the menopausal transition can enhance employee well-being and job satisfaction, which in turn, contributes to talent retention and organisational success. Addressing menopauserelated issues can particularly reduce absenteeism due to health concerns and improve overall productivity. True diversity and inclusion go beyond gender and should encompass all aspects of employees’ experiences, including life stages such as menopause. Menopausal women represent an often-under-utilised workforce demographic that possesses a wealth of experience and expertise. Understanding the specific needs of menopausal and post-menopausal women, and offering them the necessary support can yield significant benefits for organisations. In our nation, the hush that surrounds the topic of menopause has created a conspicuous void for meaningful discourse on the topic. In this context, menopause is often considered a topic of embarrassment in developing countries due to a complex interplay of cultural norms, limited education and awareness, deeply entrenched gender roles, social stigma and a lack of healthcare resources. In many of these societies, traditional customs discourage open discussions about reproductive health and ageing, leading to misconceptions and misunderstandings about menopause. Gender roles often dictate that menopause signifies a woman’s transition into old age and a loss of fertility, which can result in feelings of inadequacy or diminished value. The social stigma attached to discussing menopause openly can prevent women from seeking help and information, while economic instability and limited healthcare access exacerbate the challenges associated with this life stage. Religion and the lack of research and advocacy also contribute to the silence around menopause in developing countries. To address this issue, efforts should focus on promoting education and awareness, challenging traditional gender roles, and improving access to healthcare and support services, to destigmatise menopause and improve the well-being of women experiencing this natural phase of life. Regrettably in our country, women have found themselves the target of peculiar jests by our politicians and it becomes even more difficult to initiate discussions on this topic. To usher in a brighter future, organisations can extend a helping hand by crafting adaptable work solutions, bestowing valuable educational tools, launching supportive employee programmes and fostering an atmosphere of candid dialogue. The thing is, it is essential to acknowledge that menopause affects not only women but can also have implications for men, and this inclusivity is a crucial aspect of understanding its impact in the workplace. The adoption of a menopauseembracing ethos in the workplace not only celebrates the worth of menopausal women but also promises to enhance the well-being and performance of the entire organisation. Comments: [email protected] “In many of these societies, traditional customs discourage open discussions about reproductive health and ageing, leading to misconceptions and misunderstandings about menopause. Ensuring home ownership for all WE commend the government’s decision to introduce various housing initiatives in the recent Budget 2024 announcement, to ensure homeownership remains affordable and attainable to all. With the government putting forward RM2.47 billion for public housing projects in 2024, we are delighted to see that the focus on targeted initiatives for the underprivileged to alleviate homeownership costs aligns with what PropertyGuru had highlighted in our Budget 2024 wish list. Notably, we applaud the announcement of RM546 million allocated for the continued development of 36 people housing programmes, including a new project in Kluang, Johor. The increase in the supply of affordable homes will be key in stabilising the existing property market. We also support the government’s initiative to allocate RM460 million to provide assistance to approximately 65,000 underprivileged rural citizens for the development of new homes or the repair of dilapidated units, along with RM100 million set aside for the maintenance of low and medium-cost public and private stratified housing across the country. These targeted initiatives will greatly improve the quality of life for underprivileged Malaysians, ensuring comfort and safety in their own homes. Recently, our PropertyGuru Malaysia Property Market Report for the third quarter of 2023, highlighted that there is a mismatch between consumer demand and property prices, with continued resistance from potential homebuyers towards higher asking prices. Thus, we welcome the government’s decision to impose a 4% stamp duty on any housing transactions by non-Malaysians or private foreign organisations, excluding permanent residents as a measure to control property prices in the local market. Paired with the initiative to increase allocations for the existing Housing Credit Scheme to RM10 billion, which benefits 40,000 Malaysians, this could encourage potential homebuyers to take the first step to fulfilling their homeownership dreams. It is also reassuring that the government is taking into account all stakeholders in the property market, by establishing a grant totalling RM1 billion to encourage developers to revive abandoned housing projects which were identified by the Local Government Development Ministry. This initiative will benefit consumers who previously invested in such developments. On that note, we hope that the government will work closely with participating developers to ensure new housing projects meet potential buyers’ diverse preferences and needs as we have seen through the PropertyGuru Consumer Sentiment Study for the second half of 2023, 38% of the respondents voiced the need for more attractive home choices within the affordable housing segment. Overall, Budget 2024 has shown the government’s commitment to supporting the rakyat and empowering the economy to thrive. Thus, we reaffirm our commitment to collaborating with the government to cultivate a vibrant and inclusive property market through data-driven insights. Sheldon Fernandez is PropertyGuru Malaysia (PropertyGuru.com.my and iProperty.com.my) country manager. Comment: [email protected] COMMENT by Sheldon Fernandez
9 SPEAK UP theSUN ON TUESDAY | OCTOBER 17, 2023 National Service shouldn’t be superficial RECENTLY, Defence Minister Datuk Seri Mohamad Hasan said the National Service Training Programme (NSTP), known as Program Latihan Khidmat Negara, would be revived and conducted in two phases, one while participants are in school and the other after the SPM exams. The first NSTP was a three-month programme that kicked off in 2003 and was compulsory for selected teenagers aged 18 and above. Annual intakes were between 85,000 and 95,000 trainees, with an average expenditure of RM500 million per year. It was temporarily halted in 2015 due to costcutting measures and resumed in 2016 under NSTP 2.0, with about 20,000 trainees per year but was abolished in 2018 together with the National Civics Bureau programme over concerns of racial indoctrination and other reasons. Phase two of NSTP 3.0 would focus predominantly on military training and scaled down to 25,000 trainees and 45 days so as not to exceed RM100 million a year in expenditure. It will be conducted at 13 army reserve camps and one police training camp, with trainers from the army and police. No doubt, such training is essential for all uniformed personnel as they will be working in teams. Among soldiers, it is crucial to develop military camaraderie to provide cohesiveness among individual members to ensure permanent units function effectively as collective entities. But for school leavers who will be going their separate ways after national service training, it would be interesting to know how many of those who underwent such training are keeping in touch with one another. Will the percentage be higher or lower than in school or between classmates? Nonetheless, what is the main purpose of NSTP? Is it to instil patriotism? If so, how is patriotism defined? Phase one of NSTP would focus on teaching nationalism through the revamping of the uniformed unit co-curriculum in secondary schools. If so, what is nationalism? Certainly, nationalism is well and good if citizens place national interest above all else and feel proud of our country and all our people. But nationalism turns ugly when the uncouth, lacking in values, disparages other nations and nationals just to hate or feel superior over others. Undoubtedly, those singing the national anthem, especially in flag-raising ceremonies are likely to be gushed with patriotic emotions. Those proudly flying the Jalur Gemilang, notably during the national day celebrations, have often been portrayed as patriots by the media. If so, are feelings alone or the number of national flags used to decorate buildings or fences accurate measures of patriotism? Patriotism is much more than just emotions or demonstrating we are ready to serve or defend our country against enemies. If we do not even make the effort to identify or ignore existential threats to our country, patriotic exercises carried out are all show and have no substance. Our threats can come from within and without, such as corruption, deception and cyber warfare. These cannot be fought using martial arts or ancient weapons, as they require integrity and knowledge through mastery of science, technology, engineering, mathematics and English. But too many of our people are continuously being fed and believing misinformation and propaganda. For example, blind supporters believe their political leaders are defending their race and religion by denigrating other races, which is against all religions, including their own. Patriotism demands real hard work and effort. It requires concrete and positive actions for the good of our country and benefit our citizens. Everyone can work towards nation-building and defence, including civilians and uniformed personnel during peacetimes and in wars. All of us can contribute by studying or working hard, being productive and not being wasteful, living a healthy lifestyle and not becoming a burden to others or the government’s healthcare, paying the necessary taxes and not evading them, and contributing to charity and society. Winning in major international sporting competitions may raise nationalistic feelings to frenzy heights, but they should not be equated with patriotism as such fervours are also exhibited by local football fans in support of foreign clubs, such as those in the English Premier League. Hence, the success of NSTP starts with the powers that be. If their understanding of patriotism is shallow, then the national service training is confined to superficial exercises and not much different from students seeking only academic qualifications in local colleges and universities. Certificates, diplomas and degrees are awarded to those who learned by rote and assignments completed through copy and paste, or just outright plagiarism. With poor understanding, graduates are unable to describe well in their own words what they have learned and failed in job interviews. This has resulted in the large number of unemployed and underemployed graduates we have today. Most are unable to speak or write English proficiently, which is essential to interacting with colleagues, customers and suppliers, especially in firms competing for international business. Whenever I attended seminars or workshops, I would prepare a list of questions in advance and participate actively during training. But most of the trainees sent by their companies to attend training are not keen to learn, shying away from asking questions or making comments. So, instead of making it compulsory for those selected to attend NSTP 3.0, it would be better to make it on a voluntary basis. If responses exceed the quota of 25,000 trainees, then selection can be made from those who have applied, making training more meaningful and productive. Comments: [email protected] AJAY BANGA was anointed World Bank president for promoting financial inclusion. Thanks to its success and interest rate hikes, more poor people are drowning in debt as consumer prices rise. Meritocratic leadership? Since the International Monetary Fund (IMF) and World Bank were set up by the United Nations Conference at Bretton Woods in 1944, the US president’s nominee has been automatically appointed Bank president. By convention then, the bank president is a US citizen, while the IMF head is European. The official IMF historian noted US authorities believed “the Bank would have to be headed by a US citizen in order to win the confidence of the banking community and that it would be impracticable to appoint US citizens to head both the Bank and the Fund.” Banga went to the World Bank in Washington DC from the business world. He had spent his entire career in transnational corporations, moving from Nestle in India to Citigroup’s microfinance division and then Mastercard. In 2020, he became chair of the International Chamber of Commerce, founded in 1919. For over a decade, he was chief executive officer (CEO) of Mastercard, which he denies is a credit card company. He gave shareholders a cumulative total return of 1,581% – almost five times the S&P 500 market average. By 2020, it was the 21st most valuable corporation in the world, having risen from 256th when he took over. Like most US appointees to head the Bank, Banga had no experience or earlier interest in development finance. Now, he is obliged to pursue US interests and agendas. He has already announced he will rely on the private sector for funds and ideas. South African laboratory Long the world’s most unequal society, South Africa (SA) became a laboratory for financial experimentation in the 1990s, from commercial microcredit to mass collateralisation of welfare payments. Leading microcredit authority Milford Bateman has shown how the SA microcredit business enriched a small white elite while economically dividing and undermining poor urban and rural black communities. In the 1990s, male senior managers of SA financial institutions abused “seniority” for their own private short-term financial gains to defraud customers, shareholders, governments and the general public. Usurious debt promotion Bateman, Patrick Bond, Lena Lavinas and Erin Torkelson have shown how Banga’s SA “financial inclusion” initiative involved “predatory financing”. As CEO, he mobilised MasterCard to promote and profit from it. Over a decade ago, Banga pioneered a major fintech (financial technology) partnership with Net1, a data services firm in SA. Later, in 2016, the World Bank Group’s International Finance Corporation (IFC) bought 22%, its single largest share. The IFC bought into Net1 to extend “tested” financial services to the poor. Although Net1 was already known to be very problematic, the IFC was keen to promote private fintech platforms regardless of their consequences for the poor. Of SA’s 60 million people, over 40% receive small monthly grants for unemployment relief, child support, retirement pensions and disability. With Mastercard’s “cashless” electronic payment services appreciated for convenience and efficiency, Banga admitted, “If these guys use their card, I’m going to make money.” Once card expenses exceed grant income, Net1 charges “service fees”, including a usurious 5% monthly interest rate. By 2015 to 2017, it was earning more from financial inclusion than from distributing government grants. Thus, Net1’s shadow banking system remained unregulated. Net1 lost its contract after bad publicity about its actual impact on the SA poor. Later, it was found to be sabotaging the stateowned post office asked to take over. Long underfunded and struggling to manage, the SAPO may soon lose the contract to another private fintech provider. Welfare payments as debt collateral While its digital payment services delivered monthly payments to all welfare recipients, these transfer streams effectively guaranteed credit extension. Thus, despite usurious credit terms, it faced little risk of default. This de-risking strategy turned government welfare benefit payment commitments into debt collateral. Thus, regular cash transfers monetising poverty relief and mitigating deprivation also served to service usurious debt. Despite dubious evidence, World Bank staff claimed billions would escape poverty through greater access to digitalised microfinance services – small loans, savings opportunities, money transfer payments and technology, debit orders, etc – run by “profit-seeking” fintech platforms. Much better access to such services had been enabled over a decade earlier by endorsing and celebrating microfinance and increasingly widespread credit/debit card access. But even ex-cheerleaders now agree microfinance has not reduced poverty. Previously celebrated early fintech platforms have become quite problematic and are now widely seen as exploitive of users. Even the Paypal CEO admits financial inclusion is essentially a buzzword for incorporating more into the financial system. Innovation for exploitation Two ostensible development programmes – cash transfers and financial inclusion – were very profitably integrated by Banga in SA. The public-private partnership between the government cash transfer programme and the private fintech payment-cum-credit services has become a usurious techno-financial monopoly. Cash transfers and other services are increasingly delivered using financial inclusion technologies. With such technologies disbursing cash transfers, government-funded poverty relief programmes have been used to expand such credit facilities. This link has enabled offering credit to cash tra Torkelson has shown, Net1’s involvement in the SA cash transfer programme enabled a financial monopoly based on proprietary technology. Government-funded cash transfers have thus provided security for more borrowing by the poor, virtually eliminating risk for the creditor. As all risk is borne by the borrowers, technologies bundling cash transfer payments with easy credit facilities ensure they cannot default. Such bundling ensured the poor could not default while encouraging recipients to borrow. By making the monthly government grants serve as collateral for credit, the programmes have ensured nearly risk-free profit for usurious creditors while deepening the indebtedness of the poor. – IPS COMMENT by Jomo Kwame Sundaram COMMENT by YS Chan Patriotism is more than just demonstrating we are ready to serve or defend our country. – REUTERSPIC Debt-pushing as financial inclusion
10 HEALTH & WELLNESS theSun LYFE ON TUESDAY | OCTOBER 17, 2023 Light exposure may have a ‘powerful influence’ on mental health SCROLLING on your phone or watching television late into the night could be harmful to your mental health, according to a study by Australian researchers. More broadly, increased exposure to light at night might increase the risk of mental health conditions ranging from anxiety to bipolar disorder. Conversely, significant daytime light exposure may be beneficial in terms of mental health. For several years, science has been tackling the issue of mental health head-on, attempting to shed light on new means and accessible strategies to alleviate the growing number of individuals affected by these disorders. The World Health Organisation (WHO) reports that nearly a billion people were living with a mental disorder in 2019, just before the Covid-19 pandemic. Moreover, the WHO reports that depression and anxiety went up by more than 25% in the first year of the pandemic alone. This is an observation that the global health authority is not taking lightly, urging decision-makers to take action infavourr of people’s mental health. According to the latest scientific research on the subject, it appears that certain simple and accessible practices could have a significant influence on people’s mental health. For example, a new study has examined the role of light exposure, both during the day and at night. A team led by researchers from the Monash School of Psychological Sciences and the Turner Institute for Brain and Mental Health, Australia, examined data from 86,772 participants from the UK Biobank, focusing on their exposure to light, their sleep, their physical activity and their mental health. Published in the journal Nature Mental Health, the research reports that the risk of depression increased by 30% in people with high exposure to light at night. Conversely, this risk decreased by 20% for those exposed to large amounts of light during the day. All of which highlights the “powerful influence” of daytime and nighttime light exposure on subjects’ mental health. In a news release, the researchers explain that similar patterns of results were seen for other behaviours such as self-harm, psychosis, bipolar disorder, generalised anxiety disorder and post-traumatic stress disorder, although without providing precise figures. “Once people understand that Exposure to light during the night may be detrimental to mental health, according to a study by researchers in Australia. Plastics health risk S O little research is currently available that regulators should shift from the assumption that plastics are safe to insisting on rigorous testing before products are approved for use, researchers said. The call came as a new database mapping existing scientific studies was unveiled by the Minderoo Foundation, an Australian nonprofit. The Plastic Health Map attempts to collate all research on the issue since the 1960s, when plastic production and pollution began ramping up. “While as authors we fully expected gaps in research, the extent of those gaps shocked us,” said Minderoo Foundation’s head of plastics and human health Sarah Dunlop. “We call for a paradigm shift in chemical regulation whereby new plastic chemicals are rigorously tested for safety before being introduced in consumer products,” Dunlop and co-researchers said in a study published alongside the new database. There should also be “ongoing post-introduction biomonitoring of their levels in humans and health effects throughout individuals’ life span”, they added in the research published in the journal Environment International. The database created by the project collects peer-reviewed primary human studies published between 1960 and 2022 that focused on the health effects of exposure to plastic chemicals and particles. It looked for work that measured or detected plastics in human biosamples rather than in animal or laboratory models. It found a range of black holes in knowledge, including little research on populations in poorer countries, where weak waste management and fewer non-plastic alternatives increase exposure. And not a single study was found on the effect of micro and nanoplastics on human health — a field that has gained increasing urgency as the tiny particles have been found throughout the human body. There was also little work on “substitution” chemicals, which have replaced formulas already known to cause harm, the role of paternal plastic exposure on infants, or the Researchers advise regulators to require rigorous preapproval testing for plastics due to limited available research. o‘Paradigm shift’ needed on risks posed to human health by plastics their light exposure patterns have a powerful influence on their mental health, they can take some simple steps to optimise their wellbeing. It is about getting bright light in the day and darkness at night,” explains study lead author and associate professor Sean Cain of Monash School of Psychological Sciences. “Humans today challenge our biological systems, spending around 90% of the day indoors under electric lighting, which is too dim during the day and too bright at night compared to natural light and dark cycles. It is confusing our bodies and making us ill. - ETX STUDIO health impacts on older adults. Plastic production is on course to triple Of the 1,500 chemicals considered, just 30% had been studied at all for their effect on human health, the researchers said. The mapping exercise had some limitations, the researchers acknowledged, including searching just two major portals and excluding research on plastics in medical settings, like IV lines. It also focused on a select number of chemicals, based largely on which plastics people are most likely to encounter in daily life. The database was launched ahead of fresh negotiations on a global plastic pollution deal in Nairobi next month. A draft deal published last month will guide discussions, but it contains a range of pathways, from more to less ambitious and campaigners fear a weak final treaty full of loopholes could emerge. There have been calls for reductions in the production of socalled virgin plastic, as well as a possible plastic tax. That is strongly opposed by industry, as well as some major plastic-producing nations, which have focused on more reuse and recycling, even though less than 10% of the world’s plastic is recycled. On current trends, annual production of fossil-fuel-based plastics will nearly triple by 2060 to 1.2 billion metric tonnes, while waste will exceed one billion metric tonnes. Negotiations will continue in Canada in April next year, with the goal of reaching a final deal in South Korea in late 2024. - ETX STUDIO
KLCI 1,438.96 STI 3,163.89 HANG SENG 17,640.36 SCI 3,073.81 NIKKEI 31,659.03 656.96 TSEC 16,652.24 KOSPI 2,436.24 S&P/ASX200 7,026.50 TUESDAY OCTOBER 17, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES October 16, 2023 STOCK VOL CLSG (sen) +/– (sen) CLASSITA 12,409,900 6.0 -1.0 ASDION 10,924,100 6.0 +3.0 COMPUGT 66,956,500 1.0 +0.5 WIDAD 63,615,200 55.0 UNCH KANGER 61,671,500 11.0 -0.5 EXCHANGERATES OCTOBER 16, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.8000 4.6660 4.6560 1 AUSTRALIAN DOLLAR 3.0470 2.9270 2.9110 1 BRUNEI DOLLAR 3.5060 3.4050 3.3970 1 CANADIAN DOLLAR 3.5150 3.4220 3.4100 1 EURO 5.0600 4.8970 4.8770 1 NEW ZEALAND DOLLAR 2.8470 2.7440 2.7280 1 SINGAPORE DOLLAR 3.5060 3.4050 3.3970 1 STERLING POUND 5.8450 5.6630 5.6430 1 SWISS FRANC 5.3150 5.1960 5.1810 100 UAE DIRHAM 132.3100 125.5000 125.3000 100 BANGLADESH TAKA 4.4390 4.1500 3.9500 100 CHINESE RENMINBI 66.2000 63.4100 N/A 100 HONGKONG DOLLAR 62.0500 58.9800 58.7800 100 INDIAN RUPEE 5.8700 5.5000 5.3000 100 INDONESIAN RUPIAH 0.0317 0.0287 0.0237 100 JAPANESE YEN 3.2170 3.1160 3.1060 100 NEW TAIWAN DOLLAR 16.0000 N/A N/A 100 PAKISTAN RUPEE 1.8000 1.6600 1.4600 100 PHILIPPINE PESO 8.5800 8.0900 7.8900 100 QATAR RIYAL 133.1500 126.4000 126.2000 100 SAUDI RIYAL 129.5200 122.9500 122.7500 100 THAI BAHT 13.8500 12.2900 11.8900 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 16, 2023 INDICES CHANGE FBMEMAS 10,659.00 -35.88 FBMKLCI 1,438.96 -5.18 CONSUMER PRODUCTS 550.54 -2.93 INDUSTRIAL PRODUCTS 175.34 +0.90 CONSTRUCTION 187.67 -1.88 FINANCIAL SERVICES 16,227.90 -36.25 ENERGY 882.46 +5.10 TELECOMMUNICATIONS 575.84 -0.74 HEALTH CARE 1,681.31 +2.71 TRANSPORTATION 925.37 -1.14 PROPERTY 864.09 -11.64 PLANTATION 6,826.16 -36.57 FBMSHA 10,878.60 -46.80 FBMACE 5,117.19 -27.76 TECHNOLOGY 62.31 -0.25 TURNOVER VALUE 3.089 BIL RM1.923 BIL 5 TOP GAINERS October 16, 2023 STOCK VOL CLSG (RM) +/– RM HEIM 206,800 25.40 +0.38 RAPID 322,700 25.88 +0.26 HAPSENG 2,671,700 5.28 +0.15 PCHEM 5,987,800 7.48 +0.13 CARLSBG 143,100 20.20 +0.12 5 TOP LOSERS October 16, 2023 STOCK VOL CLSG (RM) +/– RM NESTLE 108,800 123.30 -0.60 PPB 556,200 14.52 -0.32 KLK 448,600 21.52 -0.28 AEONCR 249,800 11.66 -0.18 SAB 12,400 3.27 -0.13 5.18 21.90 173.09 14.29 130.33 19.91 24.50 Sustainable, environmentally-friendly vehicles to transform logistics sector: Minister KUALA LUMPUR: The adoption of sustainable and environmentally-friendly vehicles such as electric prime movers are set to transform the logistics sector, creating a new market for logistic solutions. Transport Minister Anthony Loke said currently, many multinational companies are very concerned about environmental, social and corporate governance (ESG). “As such, we must be able to offer services that can help them lower their carbon footprint so that our country will be more competitive and able to attract more investments,” he told reporters at the launch of Malaysia’s and Asia’s first electric prime mover yesterday by Swift Haulage Bhd (Swift). Loke said Swift, the country’s largest haulier and leading integrated logistics service provider is the first logistics player to adopt electric prime movers, setting a new standard for sustainability and environmental responsibility in their supply chain. “This is not just a technological advancement but a testament to Swift’s unwavering dedication to making a positive impact on our environment,” he said. Loke also commended Swift’s commitment to only purchasing electric vehicle trucks from 2030 onwards, marking a clear and ambitious step toward a more sustainable future. At the event, Swift launched its Green Logistics division and delivered the first electric prime movers to Unilever Malaysia. The vehicles were built by Volvo, a company renowned for its innovation and commitment to eco-friendly transportation solutions. – Bernama Tengku Zafrul confident of stronger FDI pipeline in 2024 KUALA LUMPUR: The government is optimistic about the country’s investment outlook for the upcoming year, particularly in foreign direct investment (FDI), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. In the first six months of the year, he said total investment was about RM132 billion and that is already around 60% of the government target for the year. “So it is slightly above target, and we hope that this momentum can continue. But I am more confident about the prospects for next year, given what is in the pipeline. In terms of FDI, I’m very optimistic that next year will be a stronger year for Malaysia,” he told reporters at the Malaysian Industrial Development Finance Bhd (MIDF) Roundtable Dialogue yesterday to discuss the New Industrial Master Plan 2030 (NIMP 2030): Curating Malaysia’s Sustainable Investments and Growth. He stated that currently, out of the RM132 billion worth of investment, nearly half of it is Domestic Direct Investment (DDI). “There is a correlation between FDI and DDI, and it is a positive correlation. An increase in FDI always correlates positively with the increase of DDI because of spillover. That’s why it is important for the local ecosystem to support FDI,” he added. Tengku Zafrul outlined three reasons for attracting FDI into the nation – job creation, spillover effects as well as enhancing economic complexity. “Why do we want to attract FDI? There are three main reasons. One is of course it creates jobs. Secondly, we want to ensure that it creates spillover to our industries … be it construction sector or supplier, etc. “And the third and final reason is also to ensure that we increase our economic complexity so that we become a trading nation, we are an export nation ... our tradeto-GDP ratio last year was 160%. Therefore, Zafrul says that currently, out of the RM132b worth of investment, nearly half of it comes from Domestic Direct Investment. – BERNAMAPIX oMinister cites three reasons for attracting foreign direct investment into the country █ BYHAYATUN RAZAK [email protected] we are an open economy. So we want to make sure that when we bring in these investors, we can support our country as a nation that exports, as a trading nation,” he said. The government has proposed a disbursement of RM200 million for the implementation of programmes and initiatives planned under NIMP 2030 next year, as announced by Prime Minister Datuk Seri Anwar Ibrahim when he presented the Budget 2024 last Friday. Tengku Zafrul commented that the RM200 million budget for NIMP 2030 will benefit industries aligning with the four key missions, including the advancement of the country’s economic complexity. “So for industries that are moving up the value chain and require support will qualify for this ... but this is from the government side. There’s also support from the private side, especially (and hopefully), from both financial institutions and the capital market,” he added. NIMP four missions are to advance economic complexity, to tech up for a digitally vibrant nation, to push for net-zero carbon emission, and to safeguard economic security and inclusivity. Tengku Zafrul also said that Malaysia is leveraging its semiconductor capabilities to advance in the electric vehicle (EV) sector. He highlighted that Malaysia boasts 30% of the global market share in semiconductor manufacturing. “When I talk about EV, it’s not about the charger, the motorcycle. Why are we attractive? And why many EV companies are coming here? It’s because of our semiconductor ecosystem. We have 30% of the global market share. In fact, we even have an agreement with the US on the supply of semiconductor, because we supply 25% of the US semiconductors,” he said in a Q&A session. Notably, he added, companies like Tesla are setting up operations in the country due to the strong semiconductor supply chain. “Why did Tesla come here? It’s not because we have a big market (with a population of 33 million). But it’s because many of the procurement…equipment of EV cars…the supply chain is from here. So the reason why we talk about EV is because we have a developed E&E sector,” he said. He added that the objective isn’t to compete in terms of the number of vehicles produced, but rather to ensure the entire EV ecosystem is thriving. “We have over 4,000 companies as you know in the semiconductor industry. It is huge, it is big, in Malaysia, it’s not like in the 1970s. So this is our competitive advantage. That is the reason why we talk about EV,” he said. Participation 27.9 37.6 34.5 100.0 Retail Institutions Foreign Bought RM m 529.9 834.9 559.1 1923.9 Sold RM m 542.9 613.2 767.8 1923.9 Net RM m -13.0 221.7 -208.7 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 16/10/2023
12 theSUN ON TUESDAY | OCTOBER 17, 2023 SUNBIZ /theSunMedia FOLLOW ON YOUTUBE SCAN ME REDtone, Informed Solutions to boost digitalisation agenda KUALA LUMPUR: REDtone Digital Bhd (REDtone) and UK’s Informed Solutions have partnered to offer digital transformation platforms and solutions powered by artificial intelligence (AI) to supercharge Malaysia’s digitalisation agenda. Offered for the first time in Asia, these offerings, which are powering the UK and Australian governments’ digital transformations, aim to achieve a two-pronged objective – boost the Malaysian government’s agenda to build an enabling ecosystem to increase the nation’s competitiveness, and empower the locals. REDtone CEO Lau Bik Soon said, “Our partnership is timely in From left: Finegan, Lau, Bigar, and Informed Solutions chairman John Alderson. oPartnership with UK tech firm is timely in light of govt’s focus to build robust public sector ecosystem and rollout of 5G infrastructure, says Malaysian telco’s CEO light of the government’s focus to build a more robust and integrated public sector ecosystem, roll-out of 5G infrastructure, as well as the push to advance inclusiveness.” He also said the AI-powered digital solutions can supercharge the country’s transition towards an integrated public sector ecosystem. He added that this will foster a greater level of collaboration and synergy, which will enhance transparency, optimise resources and effectiveness. In turn, he said these will strengthen Malaysia’s proposition as a key investment destination, while delivering citizencentric services across the entire public sector. “In addition, with the AI derived data and insights, government agencies will be able to develop new as well as innovative services and products. We can also accelerate the agencies’ digital transformation by empowering public servants to level up their technical expertise in the areas of data, AI, and cybersecurity,” he added. MyDIGITAL Corporation CEO Fabian Bigar said, “The successful digital development of the Malaysian economy will rely on local innovators and service providers collaborating with organisations that are able to share world class innovation and digital service implementation expertise, whilst upskilling local workforces so that Malaysia’s digital development is sustainable. This partnership is a great example of mutual benefit to both organisations and the communities they serve.” Informed Solutions’ CEO Seth Finegan said, “We are excited to partner with REDtone. Our partnership allows us to offer world class digital services to local communities, opening-up opportunities for sustainable growth and development. “We are proud to be amongst the strategic digital suppliers to the UK government. Our current programmes are responsible for accelerating and de-risking many of the most significant, nationalscale digital transformations and data science, worth over £20 billion (RM115 billion) to the UK economy that the government is running to transform the healthcare, policing and emergency services, environment and land management, transport, energy transition, and citizen engagement sectors”. Informed’s digital services won the World Information Technology Services Alliance 2023 global award for sustainable growth and a runner-up award in the healthcare category. The company is also a two-time winner of active Queen’s Awards (UK) for innovation. Maxis, Digital Penang to develop digital, tech ecosystem for MSMEs GEORGE TOWN: Integrated telco Maxis Bhd and Digital Penang have signed a memorandum of understanding (MoU) to develop the digital and technology ecosystem space in Penang’s micro, small, and medium enterprise (MSME) segment. The collaboration is to support the Penang state government’s vision to become a family-focused, green, and smart state by 2030. Digital Penang will play the pivotal role of fostering connections within Maxis and the Creative Digital District Community, facilitating MSMEs in their digital transformation journey, and empowering entrepreneurs through training initiatives. Digital Penang is owned by the Penang state government and tasked to promote digital efforts in the state. Maxis will leverage on its digital solutions, 5G Mobile, and fibre connectivity services to support MSMEs in Penang to increase digital adoption, Maxis said in a statement yesterday. In addition, Maxis will also provide opportunities for business owners to upskill or reskill through its community programme eKelas Usahawan. The free digital marketing programme equips entrepreneurs and small businesses, especially those from the B40 segment with basic digital tools and skills to establish a greater digital presence. “This partnership with Maxis is a milestone in our journey towards transforming Penang into a digital technology hub,” said Penang Infrastructure, Transport and Digital Development exco Zairil Khir Johari who is also a director of Digital Penang. “Our partnership with Digital Penang is a significant milestone that underscores our dedication to fostering MSME growth in Penang, enabling them to thrive in the digital era while remaining competitive,” said Maxis chief enterprise business officer Prateek Pashine. Sales of new vehicles in September down from previous month PETALING JAYA: The local automotive industry recorded a decline in new motor vehicles sales for September 2023. At 68,156 units, the total industry volume (TIV) was 6.4% lower than in the previous month (72,809 units). The lower TIV in September can be attributed to consumers adopting a waitand-see attitude in anticipation of incentives under Budget 2024, which was tabled on Oct 13. However, the overall total vehicle registration for YTD September 2023 (at 571,767 units) is still 11% higher compared with 514,449 units for similar corresponding period in 2022. The total industry production recorded in September 2023 (at 69,133 units) was slightly higher compared with 67,912 units in August 2023. KPMG urges govt to provide clear mechanism for Capital Gains Tax KUALA LUMPUR: The government needs to come out with a clear mechanism on how the Capital Gains Tax (CGT) works to avoid double taxation, said KPMG Malaysia. Its head of tax Soh Lian Seng said currently, Malaysia collects tax on profits made from selling shares in real property companies under the Real Property Gains Tax Act 1976. “Perhaps, clarification is required when people are not sure how the mechanism going to work. People will then tend to think that it is a difficult system. So my advice is let us wait for the mechanism to be out. “It is important for businesses to wait for clear guidelines and legislation, and trust that a reasonable transition period as well as potential exemptions are essential for a successful implementation,” he said at the Financial Planning Association of Malaysia’s post-Budget 2024 media roundtable yesterday. Meanwhile, Soh opined that the CGT will have a short-term impact on the merger and acquisition (M&A) deals, given the lack of understanding of how the mechanism works. He hoped that the mechanism may provide a certain partial exemption to some of the key potential transactions. “With that, hopefully, it will not deter whatever M&A initiatives they have. If you ask me at the moment, I will say yes, (and) with the clear legislation and guidelines, hopefully it can be resolved,” he said. The CGT was announced in Budget 2024 by Prime Minister Datuk Seri Anwar Ibrahim. He said the government will enforce the imposition of 10% CGT on shares in unlisted companies effective March 1, 2024 with certain exemptions for share disposals related to the initial public offering activities, internal restructuring, and venture capital companies. – Bernama CelcomDigi partners TimedotCom to offer better internet connectivity PETALING JAYA: CelcomDigi Bhd (CelcomDigi) and Time dotCom Bhd (Time) have collaborated to provide more home fibre connectivity options and enable convergence for Celcom and Digi subscribers. Under the collaboration, CelcomDigi will leverage on Time’s fibre broadband infrastructure to extend CelcomDigi fibre offerings, especially to those residing in condominiums and apartments. CelcomDigi customers can enjoy great benefits such as high-speed broadband of up to 1Gbps, high upload speeds with Time’s symmetric downlink and uplink speed offering and faster fibre installation, CelcomDigi and Time said in a joint statement yesterday. “The collaboration with Time is a strong start for CelcomDigi to expand its connectivity footprint for more Malaysians to enjoy a seamless and consistent internet experience in and outside the home. Our customers can now have affordable convergence solutions for their Internet and lifestyle needs. There will be more future initiatives that will benefit Malaysians from our strategic partnership with Time,” CelcomDigi deputy CEO Albern Murty said. Meanwhile, Time executive director Datuk Zainal Amanshah said they have made access to Time’s gig-speed network available to internet service providers for some time now and they are happy to support in delivering fast, consistent internet connectivity to CelcomDigi customers. “We believe gig-speed internet should be made available to as many Malaysians as possible and we continue to expand our coverage across Malaysia to that end,” he added.
13 SUNBIZ theSUN ON TUESDAY | OCTOBER 17, 2023 MARC: Malaysia’s GDP to grow 4-5% in 2024, led by manufacturing KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) expects Malaysia’s 2024 real gross domestic product (GDP) to grow between 4% and 5%, with the manufacturing sector as the key driver. The rating agency said the manufacturing sector is projected to expand by 4.2% in 2024 (2023: 1.4%). Concurrent with the government’s recent introduction of industrial and economic blueprints, including the Chemical Industry Roadmap 2030, the National Energy Transition Roadmap and the New Industrial Master Plan 2030, Budget 2024 aims to further develop the high-growth and high-value (HGHV) areas of the manufacturing sector amid concerns over premature deindustrialisation, MARC said in a statement yesterday. Initiatives such as a tiered reinvestment tax allowance, a visa liberalisation plan for investors, industry recognition for technical and vocational education and training and the development of a new high-tech industrial area for electrical and electronic products will facilitate the HGHV aspiration. “Over time, it is crucial that the multiple plans remain focused and achievable, to ensure expectations are met. The government’s overarching plans provide valuable direction for the economy but should also aim to reduce coordination and administrative complexities for both the public and private sectors,” MARC said. Concurrent with its development goals, MARC said Malaysia remains committed to boosting real productivity by expanding automation tax incentives, encouraging the substitution of foreign labour with technology, fostering entrepreneurship, advancing human capital in catalytic fields and investing in infrastructure. This commitment extends to RM11.8 billion allocated to flood mitigation projects, as well as various transportation upgrades and specific allocations for tourism in preparation for Visit Malaysia 2026, MARC said. “Contingent on the execution of development blueprints and committed fiscal policy improvements in due time, Budget 2024 is a progressive step towards achieving quality GDP growth in Malaysia and driving further socioeconomic development amid a challenging period,” it said. On Friday, Prime Minister Datuk Seri Anwar Ibrahim tabled Budget 2024, the largest on record with an allocation of RM393.8 billion (Budget 2023: RM388.1 billion), albeit slightly lower than the spending amount for 2023 estimated at RM397.1 billion. – Bernama Maybank, BNP Paribas roll out MAMG Green Tigers Fund PETALING JAYA: Maybank Asset Management (MAM), fully owned by Maybank Asset Management Group (MAMG), in collaboration with BNP Paribas Asset Management, expanded its environmental, social and governance (ESG) product offerings with the launch of the MAMG Green Tigers Fund, a Sustainable and Responsible Investment (SRI) fund under the Securities Commission Malaysia’s guidelines. The MAMG Green Tigers Fund is a feeder fund that aims to achieve capital growth by investing in the BNP Paribas Funds Green Tigers. BNP Paribas Funds Green Tigers seeks sustainable returns over the longer term by investing in fastgrowing and innovative Asia-Pacific companies providing disruptive environmental solutions. MAM CEO Ahmed Muzni Mohamed said, “We had a great collaboration with BNP Paribas Asset Management last year with the launch of MAMG Global Environment Fund, and we are happy to add the MAMG Green Tigers Fund to our suite of ESG/Sustainable and Responsible Investment funds.” This fund, he added, comes at a critical but opportune moment in Asia as rapid urbanisation, constrained resources, supportive government sustainability policies oGroups’ asset management units offer new Sustainable and Responsible Investment product and demand for industrial efficiencies are driving support for sustained investment in the Asian environmental market. With MAMG Green Tigers Fund, he said, local investors can gain exposure to six environment market-themed equities, generate sustainable and reliable returns while adhering to ESG regulations. Furthermore, the fund is aligned with the UN Sustainable Development Goals, which are clean water and sanitation; affordable and clean energy; industry, innovation and infrastructure; sustainable cities and communities; and responsible consumption and production. BNP Paribas Asset Management Malaysia CEO Daniel Choong said the future is being shaped by powerful long-term trends and half of the world’s gross domestic product is dependent on precious natural resources, and this is exacerbated by the consumption rate which is 1.75 times faster than Earth’s ability to regenerate itself. “Moreover, global population growth and rising income have resulted in an urgent need to restore damaged ecosystems. These challenges bring out significant investment opportunities in Asia-Pacific environmental thematic markets,” he added. The financial sector, Choong said, has a critical role to play in creating a positive environmental impact and it is proud to have jointly launched MAMG Green Tigers Fund with Maybank Asset Management. “This fund aims to take advantage of resources targeted at long-term growth through investments in AsiaPacific companies that are focused on designing cutting-edge solutions within the environmental markets including renewable energy, circular economy, and sustainable food and agriculture. “We are glad to bring our innovative thematic solutions to a reputable player like Maybank Asset Management, while meeting investor requirements for financial returns combined with a positive environmental impact,” he said. MAMG Green Tigers Fund seeks to gain exposure to the full spectrum of opportunities within Asian equities, focusing predominantly on fastgrowing and disruptive companies providing environmental solutions, via BNP Paribas Funds Green Tigers. The MAMG fund, which will invest a minimum of 90% of its net asset value in BNP Paribas Funds Green Tiger, is suitable for investors who seek potential medium- to long-term capital appreciation and are willing to tolerate the associated risks. The base currency of the fund is in US dollar and is offered in five currency classes – USD Class, MYR Class, MYR-Hedged Class, AUDHedged Class and SGD-Hedged Class. The minimum investment amount is US$1,000 for USD Class, RM1,000 for MYR and MYR-Hedged Class, A$1,000 for AUD-Hedged Class and S$1,000 for SGD-Hedged Class. B R I E F SYINSON PRODUCTION SHOWCASES OFFSHORE CCS PLANT ON BOARD FPSO PETALING JAYA: Yinson Production Pte Ltd (YP), together with client Azule Energy (Azule), is piloting an offshore carbon capture and storage (CCS) plant on FPSO Agogo in Angola. This is a significant milestone towards the realisation of Yinson Production’s Zero Emissions FPSO Concept that aims to reduce carbon footprint and pave the way for decarbonisation of the offshore production industry. The plant is the world’s first post-combustion carbon capture unit installed on board an FPSO. It is designed at a pilot scale and will be used as a demonstration unit in an offshore floating environment to assess technical readiness and gain operational know-how. AIRASIA SUPERAPP SCORES A HAT-TRICK AT WORLD TRAVEL TECH AWARDS PETALING JAYA: Airasia Superapp emerged as Asia’s Best Travel Booking App at the World Travel Tech Awards 2023 recently. At the ceremony, airasia Superapp clinched another two awards – World’s Best Low-Cost Airline App and World’s Best Low-Cost Airline Website, for the second consecutive year, AirAsia said in a media statement yesterday. The World Travel Tech Awards, the sister event of the World Travel Award, is held annually and serves to recognise, reward and celebrate excellence in travel technology. This recognition comes on the heels of AirAsia’s recent win as Asia’s Leading Online Travel Agency at the World Travel Awards 2023. ENERGY INDUSTRY VETERAN MOHAMMAD SUHAIMI APPOINTED MHB CHAIRMAN KUALA LUMPUR: Marine and heavy engineering solutions provider Malaysia Marine and Heavy Engineering Bhd (MHB) has appointed energy industry veteran Mohammad Suhaimi Mohd Yasin as its chairman. In a statement to Bursa Malaysia yesterday, MHB said Mohammad Suhaimi, 63, worked for Petroliam Nasional Bhd and its related companies for more than 30 years, and retired as its Project Procurement Management Department, Technology and Engineering Division, senior general manager. He is currently a director of energy shipping line MISC Bhd and an adviser to SC Tubular Solutions Sdn Bhd. He graduated with a BSC (Accounting) from Indiana State University and a Masters in Business Administration from St. Louis University. GTR to deploy EV tractors for ground-handling operations PETALING JAYA: Ground Team Red (GTR), the ground-handling joint venture between SATS Ltd and AirAsia, is taking a significant step towards sustainability and innovation by trialling two Hangcha Aviation Tractor Model QSD320-XD3-MAI electric vehicles that have been leased for ground-handling operations. This transformative move underscores GTR’s commitment to reducing its environmental footprint, enhancing efficiency and embracing environmentallyfriendly practices. The two new EV tractors are being tested at the Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) as part of its long-term plans in reducing carbon emission by not being heavily dependent on the current fleet of diesel-powered tractors to run its operations, on top of optimising operational costs. GTR CEO Musdalifa Abdullah said: “We are excited to introduce EVs to our operations at KLIA Terminal 2 following a successful trial run that began in August. This marks a major step forward in our commitment to sustainability and innovation in the aviation industry. Beyond our commitment to sustainability, today represents a strategic choice that we believe will yield significant operational savings for GTR. We anticipate that the energy efficiency and lower maintenance costs of EVs will not only reduce our environmental impact but also positively impact our bottom line.” GTR conducted a comprehensive first phase trial run of EV tractors at KLIA Terminal 2 from August until mid-September with the T137-V3 Electric Baggage Tractor model. The successful implementation of the EV tractors during the trial period demonstrated the feasibility and benefits of transitioning to electric vehicles for ground-handling services. During the first trial, GTR noted that the EV tractors could power its ground-handling operations for seven hours on a single charge, and saved about 58% of overall operational cost. The company anticipates expanding the fleet of EVs if data gathered from the current usage demonstrates more positive outcomes. GTR plans to deploy EVs across various aspects of its operations, including baggage handling, transport and maintenance services. From right: Transport Ministry secretary-general Datuk Jana Santhiran Muniayan, Musdalifa and GRT chairman Riad Asmat with the two new Hangcha Aviation tractors that will be on trial by GTR Ground Handling.
14 theSUN ON TUESDAY | OCTOBER 17, 2023 SUNBIZ Regulator raises concern over Grab plan to acquire Trans-cab SINGAPORE: The Competition and Consumer Commission of Singapore (CCCS) yesterday raised competition concerns about a plan by Southeast Asian ride-hailing company Grab to acquire Singapore’s third-largest taxi oSingapore commission says it needs to review proposed takeover’s impact on competition in greater detail operator, Trans-cab. The commission said in a statement that it was unable to conclude at the end of its first phase of review of the proposed acquisition that the deal did not give China ramps up liquidity support to banking system SHANGHAI: China’s central bank ramped up liquidity support to the banking system as it rolled over medium-term policy loans yesterday, but kept the interest rate unchanged amid concerns about the risk of more sharp yuan declines. The People’s Bank of China (PBOC) is walking a tightrope between keeping liquidity ample to aid a struggling economy and stabilising the yuan amid expectations of “higher for longer” US rates. The PBOC said in a statement it conducted medium-term lending facility (MLF) operations worth 789 billion yuan (RM511 billion) to keep liquidity in the banking system adequate. With 500 billion yuan worth of MLF loans maturing, the PBOC is pumping 289 billion yuan of fresh liquidity into the banking system, the biggest such net injection in nearly three years. Meanwhile, it held the rate on the one-year policy loans unchanged at 2.50%, in line with a Reuters poll last week. Yesterday’s operations shows “the PBOC hopes to provide liquidity to ease stress in the market,” said Stone Zhou, director of Global Markets at UOB China. This month, a slew of Chinese local governments, including Liaoning and Chongqing, are rushing to issue special refinancing bonds to repay outstanding liabilities, as Beijing steps up efforts to reduce growing debt risks that remain a worry for investors. Analysts expect issuance of such bonds to hit at least 1 trillion yuan this year. The PBOC has cut the MLF rate – a guide to China’s benchmark lending rates – twice this year to lower borrowing costs in an economy hit by weak consumption and a deepening property crisis. But further monetary easing could widen China’s yield gap with the United States, putting fresh downward pressure on the yuan, which has lost roughly 5.5% against the dollar this year. In another development, China’s economy is expected to have seen moderate growth in the third quarter, according to an AFP survey ahead of data this week, while experts warn that there were still significant hurdles for its recovery. Analysts polled by AFP saw an average 4.3 % on-year growth in gross domestic product in JulySeptember, falling short of more ambitious projections of a sustained recovery. Beijing has set a goal of around 5% growth for 2023 – one of its lowest targets in years following decades of breakneck expansion. Experts say China is on track to reach its modest goal for the year, with AFP’s survey of analysts forecasting annual growth of 4.92%. – Reuters, AFP rise to any competition concerns. “Third-party feedback received by CCCS suggests concerns on the effect of Grab’s ownership of the Trans-cab fleet on Trans-cab drivers’ usage of rival ride-hail platforms, which may raise barriers to expansion and entry for Grab’s rival ride-hail platforms,” the commission said. The commission said it needed to review the impact on competition of the proposed acquisition in greater detail. Indonesian courier startup J&T Express to raise HK$3.9b in IPO SYDNEY: Indonesian courier services startup J&T Global Express said yesterday it planned to raise up to HK$3.92 billion (RM2.36 billion) in Hong Kong’s second-largest initial public offering (IPO) in 2023. The company, which mainly operates in southeast Asia and China, will issue 326.5 million shares priced at HK$12 each, according to the company’s regulatory filings. J&T will have a market capitalisation at HK$105.75 billion, according to its prospectus, which is in line with the valuation achieved during its most recent private fundraising round in May. The IPO valuation is well below the US$20 billion (RM94.7 billion) that J&T was valued at in a 2021 funding round. J&T had originally hoped to raise US$1 billion in the IPO but downgraded the targeted amount following talks with investors and pessimistic market sentiment, Reuters reported on Friday. Launched in Indonesia in 2015 by two former executives at Chinese electronics firm OPPO, J&T quickly became the largest e-commerce delivery service in Southeast Asia. The company bought Alibababacked Best Inc’s express delivery business in China in 2021 in a deal valued at about US$1.1 billion and that launched an aggressive China expansion. The startup, now headquartered in Shanghai, is one of the top five courier services in China. It also operates in Latin America and the Middle East since 2021. J&T’s IPO is the second largest share sale in Hong Kong in 2023, after Chinese spirits maker ZJLD Group raised US$675.2 million in April. – Reuters Grab and Trans-cab may offer commitments to address any competition concerns raised, it said, adding that otherwise it would proceed to a more in-depth, second phase of review after receiving relevant documents from the companies. A Grab spokesperson said both companies intended to abide by the point-to-point regulatory framework of Singapore’s Land Transport Authority, which promotes open competition and prohibits any form of anti-competitive behaviour, such as offering exclusive arrangements to drivers. “This means that Trans-cab drivers will continue to have the flexibility to earn through multiple ride-hailing platforms and pick up streethail rides,” the Grab spokesperson added. The Grab spokesperson said both Grab and Trans-cab were committed to ensuring the benefits of an acquisition to commuters and they would help raise the overall standards of the industry. “Digitalising Trans-cab’s fleet will improve driver productivity and taxi availability so that consumers can get a ride more easily,” the Grab spokesperson said. “This will also improve driver earnings.” Nasdaq-listed Grab announced in July that it aimed to acquire Transcab in a deal that would include a combined taxi and private-hirevehicle fleet of more than 2,500 vehicles owned by Trans-Cab. The proposed acquisition comes as Singapore saw M&A activity fall 69% year-on-year in the first nine months of this year, according to LSEG data. That compares with a 28% fall in global M&A activity in the same period from a year ago, LSEG data shows. – Reuters B R I E F SAUSTRALIA OUTLINES PLAN TO REGULATE CRYPTO EXCHANGES SYDNEY: Australia plans to protect people from cryptocurrency collapses by forcing the platforms to get a financial services licence, the government said yesterday. Any crypto exchange or digital asset platform with more than A$5 million (RM15 million) in aggregate assets would have to comply, the Treasury said in a proposal paper. The government invited feedback on its proposal by Dec 1, with further consultation due in 2024. – AFP JAKARTA TO SEEK BEIJING’S HELP ON RENEWABLES JAKARTA: Indonesia will seek China’s help for renewable energy and infrastructure projects when President Joko Widodo attends the upcoming Belt and Road Forum in Beijing, a cabinet minister said. Any partnership with China would be parallel with the Just Energy Transition Partnership (JETP) – a US$20 billion (RM94.7 billion) deal Indonesia has with a US-led group of countries to help decarbonise its energy sector, acting Chief Investment Minister Erick Thohir said in a Reuters interview on the weekend. JETP discussions have not been proceeding smoothly. – Reuters Grab says the ride-hailing company and Trans-cab are committed to ensuring the benefits of an acquisition to commuters and they will help raise the overall standards of the industry. – REUTERSPIC Liontown to raise funds after Albemarle dumps A$6.6b bid MELBOURNE: Australian lithium developer Liontown Resources yesterday entered a trading halt to raise funding for its flagship Kathleen Valley lithium project after US-based miner Albemarle abandoned a A$6.6 billion (RM19.7 billion) buyout bid. Albemarle withdrew its indicative proposal amid “growing complexities”, the companies confirmed in separate statements that came days after Hancock Prospecting, an iron ore miner controlled by Australia’s richest person, Gina Rinehart, raised its stake to 19.9% of Liontown. That shareholding would likely have been enough to block the Albemarle bid of A$3 a share. Liontown said it had halted trade to finalise funding for Kathleen Valley in Western Australia, which is due to start producing lithium in the middle of next year. Kathleen Valley is widely regarded as one of the world’s top five lithium projects, and Liontown has already signed deals to supply Ford Motor, Tesla and electric vehicle battery maker LG Energy. Liontown said last month it was well advanced in discussions with lenders to obtain at least A$450 million to cover initial costs as it raised its capital cost estimate by 6% to A$951 million but kept its first production target. The funding package being hammered out over the next few days is expected to include an equity raising, said a person with knowledge of the matter. Broker Wilsons said it expects an equity raise of A$225 million by year-end to plug the funding gap, but the funding type is not a material issue given Liontown’s A$6 billion market capitalisation and near-term cash flows of more than A$500 million from 2025. Liontown and Hancock declined to comment. – Reuters
16 ENTERTAINMENT theSun LYFE ON TUESDAY | OCTOBER 17, 2023 @thesundaily FOLLOW ON TWITTER SCAN ME FANS of Allu Arjun have a reason to cheer. A wax statue of the star from the South is going to be made by Madame Tussauds. The star recently went to Dubai for over 200 measurements. A photo of the Pushpa actor with an eyeball matching his own eye colour is on the internet. It is believed that the star who became an overnight success all over India after the success of Pushpa: The Rise in 2021 will be showcased in Madame Tussauds in Dubai. Allu has said that he had never expected that he would see a wax statue of himself at Madame Tussauds when visited as a child. – BY S. TAMARAI CHELVI Actress Chung-hwa to get married ALMOST like clockwork, Jada Pinkett-Smith has once again put herself in the spotlight. In an interview with Today to promote her upcoming book, Worthy, Smith revealed that she and her husband Will Smith have been separated since 2016 and are “living separately,” despite putting on a facade that they were a unified couple. “Why did it fracture? That’s a lot of things, and I think by the time we got to 2016, we were just exhausted with trying,” she said during the interview. “I think we were both stuck in our fantasy of what we thought the other person should be.” The actress also admitted that it was kept a secret as Will and she were “not ready yet” and “still trying to figure out between the two of us how to be in partnership”. At one point, Smith said she considered a legal divorce but could not go through with it. “I made a promise that there would never be a reason for us to get a divorce. We will work through whatever,” she said. “I just haven’t been able to break that promise.” The revelation added another degree of complexity to the Oscars incident last year, when Will slapped comedian Chris Rock on stage after the latter made a harmless joke about Smith’s shaved head. On top of it all, there is also the other angle, where Smith admitted in 2020 that she and singer August Alsina — her son, Jaden Smith’s friend — had an “entanglement”. Arjun to get wax statue GET ready to celebrate the upcoming nuptial of actress Cha Chung Hwa. The talented actress, known for her roles in popular dramas like Crash Landing on You and Mr Queen, is about to embark on a new journey as she prepares to tie the knot with her younger businessman fiance. In an exclusive report by TV Daily, it was revealed that the couple will exchange their vows on Oct 27 in a private ceremony in Seoul. What sets this wedding apart is the unique story behind their relationship. Cha Chung Hwa and her fiance were acquaintances for an extended period before deciding to take their relationship to the next level, and they have chosen to keep their special day private due to the groom’s noncelebrity status. IOK Company, Cha Chung Hwa’s agency, has also shared the joyous news with fans, emphasising the importance of privacy to respect the groom’s non-celebrity status. They kindly request the understanding of fans, as they are unable to provide detailed information about the groom. – BY THASHINE SELVAKUMARAN Arjun to get his own image immotalised – PHOTO TAKEN FROM ALLU ARJUN INSTAGRAM FOR devoted K-pop enthusiasts and loyal Le Sserafim followers, the group is set to deliver an exciting surprise with their upcoming digital single. Yesterday, Source Music, the esteemed entertainment company linked with the group, officially unveiled an eagerly awaited announcement. Le Sserafim is making its grand return with the electrifying digital single titled Perfect Night. Mark your calendars for Oct 27 at 1pm KST, as that’s when the magic happens. Source Music tantalisingly assures that Perfect Night will convey a vibrant message — the idea that even on an imperfect day, one can find happiness when surrounded by cherished company. As fans eagerly anticipate this remarkable release, the group has already ignited their curiosity with a sneak peek, offering a glimpse of what lies ahead. The teaser, intriguingly titled Tonight, I Don’t Care What’s Wrong or Right, made its debut on Oct 11, leaving fans brimming with anticipation and a burning desire to know more. Although Source Music has not spilled all the beans about the teaser just yet, expect to uncover more details now that the release date for Perfect Night has been officially confirmed. – BY THASHINE SELVAKUMARAN Smiths’ marriage over oFamous couple have been separated for seven years It ended when Will found out about Jada’s affair. – RED TABLE TALK Le Sserafim’s exciting return The actress has been part of several award-winning television series. – INSTAGRAM/@KDRAMASTARS_1 Yuna will also perform in Tokyo, Japan. Yuna brings her Asia Tour to Kuching █ BY MARK MATHEN VICTOR RENOWNED singer-songwriter Yuna is set to perform in Kuching, Sarawak, on Oct 27 as a part of her Yuna Asia tour. Organised by RK LiveAsia and Icon Entertainment, the concert is scheduled to take place at Hikmah Exchange, signifying her shift in Malaysian concert focus from the Klang Valley to Sarawak’s capital. According to a statement released by the organisers, Yuna takes her music to every corner of the world and Kuching folk will have a rocking good time and will receive an extraordinary response, thanks to the powerful image and hold Yuna has on the local music scene. “This is Yuna, as a special woman with a big heart who takes her works of art to every corner of the world, we believe Kuching will witness an incredible performance by her,” the concert organisers said in a statement. The “Yuna Asia Tour” stop in Kuching will undoubtedly provide Yuna and her fans, who miss seeing her perform in Malaysia, with unforgettable moments. After several successful years in the music industry, the Kedah-born artist has had numerous highlights in her career, including musical collaborations with notable figures like Usher and Jay Park. The concert coincides with the release of Yuna’s fifth album, Y5. The 37-year-old singer assures her fans of an entertaining performance featuring her popular hits in English and Malay, such as Hello, Dan Sebenarnya, Rescue, Terukir Di Bintang, and her latest single, Masih Sunyi. The Yuna Asia tour will also take place in Tokyo, Japan, on Monday and in Singapore on Wednesday. Tickets for the concert have been available since Oct 2, with prices starting at RM250. For further details about the “Yuna Asia Tour,” visit ticket2u.com. – BY HAZIQUE ZAIRILL The new single is scheduled for release on Oct 27. – TWITTER/@SSERAPICS
17 ENTERTAINMENT theSun LYFE ON TUESDAY | OCTOBER 17, 2023 With his fists balled up, the crooner quickly jumped out of his chair and confronted the young man, saying, “My man, get the f**k away from me. Yo, what are you doing? What are you doing? This is a bad look. Don’t make me do this.” The man can be heard quietly replying, “I got you, man. I want to help you out here,” before the security guard rushed in from behind and grabbed the fan and dragged him off the stage. Machine Gun Kelly (MGK), whose real name is Colson Baker, took his seat again, with the moderator asking him if he was all right. “I’m sorry, I try to live in the dichotomy more on this side than the other guy,” the musician said. “I left that guy in the past. I’m really sorry. I do apologise for my primal reaction.” The musician/entrepreneur then attempted to continue his talk titled “Music, Food, and Fashion: Machine Gun Kelly’s Playbook for Building an Empire,” but he was visibly agitated. “My energy is scattered right now, I empathise with and feel for the guy,” he shared. “I definitely am an empath.” The Grammy-nominated rocker attempted to maintain a sense of humour despite his anxiety over the situation. In reference to the conversation he and Stoller had about presenting business opportunities, he stated, “Perhaps the man had a great idea.” The Emo Girl singer said, “My advice for people who have an idea that they want to present to creators or people they believe can be a vessel for their idea is to pick a good time and place.” “This was a bad time,” he c o n t i n u e d , drawing laughter from the crowd. POP star Billie Eilish recently spoke about her 2019 hit on Jimmy Kimmel Live. During the Tuesday night episode the show’s host asked if there was a song that made her “uncomfortable” now. “Objectively, Bad Guy is like the stupidest song in the world, but it’s really good,” she told Kimmel. “It’s just like you have to understand, you have to have humour in it. Like, on that song I’m trolling. That song is supposed to be goofy, but it’s just funny because it’s dumb. It’s literally, like, ‘Duh.’ Like, what does that mean?” she said. The Happier Than Ever singer also discussed her thoughts on artists who are “very hateful towards their own music,” explaining that it is “really frustrating because why are you doing this then?” “I feel like we both are, like, fans of what we make,” she said of her work with Finneas. “I love my own music and it definitely just changes and morphs with me and becomes whatever. I still cringe, but I appreciate it, though.” █ BY HAZIQUE ZAIRILL Final series of The Crown to air later this year The US streaming behemoth announced news of the series release dates with a montage of clips showing the actresses who have played the late Queen Elizabeth II paired with their scripted lines on their views of the role. “It is not a choice. It is a duty,” her character says, with Netflix reiterating that line on X, formerly Twitter, alongside the release dates and the video. The coming season is expected to look at the 1997 Paris car accident, which led to the deaths of Princess Diana, Dodi Fayed, the son of late business tycoon Mohamed Al Fayed and their driver, Henri Paul. The couple was seen getting to know each other in season five. It is also expected to show the premiership of Tony Blair and the early relationship between Prince William and Kate Middleton. The previous season of The Crown covered the early and mid-1990s, a turbulent period for the royal family that included the divorce of now-King Charles III and Princess Diana. It prompted a backlash among some in Britain, with one scene depicting the heir-to-thethrone attempting to draw former prime minister John Major into a conspiracy to force the abdication of his mother. Critics have said the series is “full of lies”. Its makers have rejected the criticism, insisting that it has always been presented as a drama based on historical events. - ETX STUDIO Machine Gun Kelly confronts stage invader AMERICAN rapper and rockstar Machine Gun Kelly faced a terrifying situation when a fan unexpectedly stormed the stage at the 2023 Forbes 30 Under 30 conference in Cleveland, his hometown, on Tuesday. The artist, known for the song Bloody Valentine, quickly reacted to protect himself after an unidentified conference participant managed to bypass security and get onto the stage, as captured in a video shared on Instagram. In the viral video, the fan slowly approached the singer who was seated for his interview with Forbes representative Kristin Stoller. █ BYHAZIQUE ZAIRILL THE much-anticipated final season of the global hit series The Crown will be released in two parts later this year, streaming giant Netflix announced on Monday. The first instalment of the wildly successful historical drama’s sixth season will be available to stream on Nov 16, while the second and final part will be released four weeks later, on Dec 14. The Crown, which first aired on Netflix in late 2016, is a fictionalised version of the British royal family but broadly based around real historical events. It has amassed a loyal audience around the world, won dozens of top awards, including 21 Emmys and stoked controversy in Britain over claims of untrue depictions of the royals. Eilish also discussed her hit single from the Barbie soundtrack, What Was I Made For, and how she and her 26-year-old brother “kind of thrive” when they are “frank”. “When we are being given a prompt, that is when we make my favourite thing,” she said. “I feel like it’s pretty hard for me to describe my exact kind of feeling. I feel like that kind of goes for life in general. It’s hard to know how you feel in the moment. It’s much easier to, like, look back and go, ‘Damn, that’s how I was feeling,’ and I feel like I do that a lot.” “With music, I find it really hard to sit and write how I’m feeling, just from my own perspective and my own experience. I just have this feeling of, ‘Ah, boring. Nobody cares. Everyone’s heard that before,’” she continued, prior to stating that this song “was an assignment, but it turned out to be how I felt.” Colson Baker aka MGK. The first instalment of The Crown season six will be available to stream on Nov 16. Ellish broke through the music scene with Eilish calls hit song her song Bad Guy. Bad Guy stupid oSinger opens up on Jimmy Kimmel Live
18 ENTERTAINMENT theSun LYFE ON TUESDAY | OCTOBER 17, 2023 READ OUR HERE /thesundaily SCAN ME Wrestling family’s exploits to hit big screen THE first trailer for A24’s The Iron Claw has been released, bringing the story of the legendary Von Erich wrestling family to the big screen. Written and directed by Sean Durkin, the film will chronicle the Von Erich brothers’ rise to fame in the competitive world of professional wrestling. Of the six Von Erich brothers, five pursued professional wrestling and racked up a number of impressive titles. Mindhunter star Holt McCallany plays Fritz, the patriarch and father of the family, while Maura Tierney plays his wife and mother to their children. The Von Erich boys are played by Zac Efron as the oldest brother Kevin, Harris Dickinson as David, Jeremy Allen White as Kerry, and Stanley Simons as Mike. The casting for the two other brothers is currently unknown; Jack may not appear in the film as he died at the age of six, while it is unknown if the youngest, Chris, will even be in the film. Each of the boys, sans Jack, is pressured to follow in their father’s imposing footsteps as a wrestler. The “Von Erich” moniker came from Fritz’s stage name, when he first wrestled as a fictional Nazi “heel” (heels are wrestlers that play villainous stage personas). It was Fritz that created the family’s signature move, “the Iron Claw”, where a wrestler grips his opponent’s face and squeezes with all five fingers. Each of the Von Erich brothers Four of the Von Erich brothers will be in the movie. - A24 █ BY MARK MATHEN VICTOR Barbie going to museum THE Barbie movie has proved to be a marketing masterstroke, grossing over US$1 billion (RM4.7 billion) worldwide — enough to make Mattel want to continue riding the wave of hype surrounding its famous doll. With this in mind, the American toy manufacturer has teamed up with London’s Design Museum to mount a major exhibition all about Barbie. The exhibition will open its doors to visitors on July 5, 2024, to coincide with the 65th anniversary of the famous doll. It will retrace the history of Barbie — an icon for young and old alike — from the toy’s launch in 1959. Three years earlier, Ruth Handler had returned from a trip to Switzerland with the Bild Lilli fashion doll, manufactured since 1955 by the German company O and M Hausser. With the help of her husband, Elliot Handler, she was inspired to create a figurine that could be dressed up like Bild Lilli. And so Barbie was born. The retrospective at London’s Design Museum will look back at the history of this iconic toy from a design perspective, showing how Barbie has made her mark on fashion, architecture, furniture and even automobiles. To this end, the show will draw on Mattel’s extensive archives and will showcase “dozens of rare and unique items,” according to the exhibition press release. Loans and acquisitions will complete the lineup for this celebration of Barbiemania. A legendary but controversial toy The recent success of Greta Gerwig’s movie and its accompanying soundtrack shows that Barbie has not aged a day. And that is despite the controversies she has stirred up over the years. In 1995, Saudi Arabia banned the sale of the doll on the grounds that it did not comply with Islamic religious dress codes. Barbie has also often been criticised for her standardised and somewhat unrealistic The Barbie exhibition at London’s Design Museum will open in 2024 to coincide with the 65th anniversary of the famous doll. oAfter taking the global box office by storm John Carpenter knows real answer DURING its initial release 41 years ago, John Carpenter’s The Thing was hated by almost everyone who watched it. The film featured a remote American research station in Antarctica coming under siege from an alien organism as it slowly infected, absorbed and mimicked the American research team based at the station. The Thing’s gruesome special effects, body horror and nihilistic tone were the exact opposite of the cheery, hopeful films being in theatres during its release in 1982, like Steven Spielberg’s ET the Extra-Terrestrial. It then ends with a massive cliffhanger, leaving audiences to ruminate in the silent ambiguity of which of the two survivors, RJ MacReady (Kurt Russell) or Childs (Keith David), is infected with the alien organism. After its initial bad reception, the film quickly gained a cult following and is often cited as one of the greatest science fiction horror films of all time, and the discussion on the ending has seen all kinds of theories hurled about. One of the most popular theories comes from the film’s cinematographer, Dean Cundey. He suggested that throughout the film, a specific light gleam can be seen in the eyes of whichever body is currently being inhabited by the alien. A light gleam can be seen in Child’s eyes in the final scene, which would mean he’s infected The movie ended with two survivors who froze to death. - UNIVERSAL PICTURES █ BY MARK MATHEN VICTOR measurements. In 1994, Finnish researchers even concluded that if Barbie were a real woman, she would not be able to menstruate because of her slim figure. These claims prompted Mattel to change the proportions of its starlet and even launch a new, more inclusive Barbie range in 2016. Despite the controversy, London’s Design Museum director and CEO Tim Marlow, said that few toys have become as iconic as Barbie. “Barbie is one of the most recognisable brands on the planet and as we’ve seen recently, her story evolves with each new generation. I am delighted that we can announce that we’re planning to mark Barbie’s 65th birthday with a major exhibition. We look forward to displaying a whole range of eye-catching objects, some familiar but many never seen before, to showcase the evolution of design across the decades of Barbie’s world,” he said in a statement. It is a safe bet that visitors will flock to this major retrospective and maybe even walk away with one of the many merchandise items that the Design Museum is sure to have on sale in its boutique. Indeed, Barbie sales have risen in many countries, including France and the US, following the theatrical release of Greta Gerwig’s movie. Proof, if proof were needed, that Barbiemania shows no sign of waning. - ETX STUDIO with “the Thing” under Cundey’s theory. In a recent interview with ComicBook.com, Carpenter trashed the theory. “He has no clue,” Carpenter said about Cundey’s explanation of the ending. “Yes, I know. I know who’s ‘the Thing’ and who’s not at the very end.” According to Carpenter, he is the only person who knows the real answer and he has no intention of telling anyone. Carpenter’s The Thing received a prequel film in 2011 starring Mary Elizabeth Winstead and Joel Edgerton, and the ending of the prequel ties directly into the opening of the 1982 film. found fame as they pursued pro wrestling, but their lives were then marked by a series of terrible tragedies, sparking rumours that the family was afflicted by the so-called “Von Erich curse.” Despite the ongoing SAG-AFTRA strike, The Iron Claw has been cleared for an interim agreement, allowing its actors to publicly promote the film. The Iron Claw will hit theatres on Dec 22.
19 LIFESTYLE theSun LYFE ON TUESDAY | OCTOBER 17, 2023 Neon music returns THE Neon Music Festival graced the shores of Sunway Lagoon Surf Beach on Oct 6 with a dazzling display of music, lights and artistic flair. This electrifying event featured an impressive lineup of both international and local performers, promising an unforgettable night for all attendees. HiFive Entertainment was elated to announce the highly anticipated return of the Neon Music Festival, which took place in Malaysia after a lengthy hiatus. As one of the foremost event organisers in the region, HiFive was dedicated to bringing the community together through unforgettable experiences that melded music, food, and art. Renowned for its vibrant atmosphere and diverse lineup of talented musicians and artists, it has been absent from the Malaysian entertainment scene for quite some time. HiFive recognised the significance of reviving this beloved event to rekindle connections with the community and celebrate the potency of music and creativity. International stars illuminate the stage The festival had that amazing international flair, headlined by none other than the renowned Timmy Trumpet. Known for his infectious energy and iconic trumpet performances, Trumpet had the crowd roaring with excitement from the very beginning. His blend of EDM and live instrumentals created an euphoric atmosphere that had festival-goers dancing the night away. Joining Trumpet were the exceptional talents of Ben Nicky and Wukong. Nicky, a trance and hard dance maestro, delivered a heartpounding set that sent reverberations of energy through the crowd. Meanwhile, Wukong, known for his distinctive blend of bass-heavy oFestival comeback of the year █ BYYASMIN ZULRAEZ Every moment was worth hyping up for. Wukong in his element. The crowd that amassed that night. Eric Clapton and Kurt Cobain guitars up for auction TWO iconic guitars, one belonging to Eric Clapton and the other to Kurt Cobain, are set to be auctioned in the US next month, each with an estimated value of up to US$2 million (RM9 million). Julien’s Auctions in Nashville is organising the sale, featuring Clapton’s Gibson SG, famously known as “The Fool,” which he began using during Cream’s inaugural US tour. This guitar is renowned for its custom-painted psychedelic finish, making it a highly recognisable icon and a symbol of the “Summer of Love” in 1967 — a pivotal moment in counter-cultural history. Clapton’s Fool guitar, known for its unique sound, was given to Clapton by The Beatles’ George Eric Clapton’s Fool guitar (left) and Kurt Cobain’s Sky Stand one guitar at Julien’s “Played, worn, torn rock’n’roll iconic guitars and memorabilia” media preview in Gardena, California. – AFPPIX. █ BYHAZIQUE ZAIRILL McCartney, John Lennon, Janis Joplin, Pete Townshend, Johnny Cash, Albert King, Dolly Parton and Eddie Van Halen, among numerous others. The auction is scheduled to occur from Nov 16 to 18, both live at Hard Rock Cafe Nashville in Music City and online at julienslive.com. A portion of the proceeds from the sale of the two guitars will be donated to the mental health charity Kicking the Stigma. Harrison after his guitar was stolen. It is valued between US$1 million (RM4.7 million) and US$2 million (RM9 million). Another item hitting the auction block next month is the left-handed Fender Mustang electric guitar, known for being played by Nirvana’s frontman Cobain during the finale of the band’s 1993-1994 In Utero tour. The blue Skystang I was among the models Cobain acquired for the tour and notably featured in the band’s final performance in Munich in 1994, as stated by the auction house. This iconic piece is estimated to be valued between US$1 million (RM4.7 million) and US$2 million (RM9 million). Martin Nolan, executive director of Julien’s said, “The left-handed Fender guitar, finished in blue, holds immense significance as the most extensively documented and recognisable among all the instruments Kurt Cobain played on stage.” Additionally, the auction encompasses Cobain’s cardigan, jeans and a pack of cigarettes. “The jeans you can see, we have photographs photo matched of Kurt performing with these jeans. So the last time that Kurt went to rehab, he left these items behind, including a pack of cigarettes — that is also in the auction,” Nolan added. Julien’s has curated an impressive collection of over 1,000 historic items, once owned and used by an illustrious roster of music legends. This includes notable figures such as Kurt Cobain and Nirvana, Eric Clapton, Elvis Presley, Prince, The Beatles, Paul Malaysia has to offer, with an array of local stars taking to the stage. Chukiess and Whackboi brought their infectious energy, captivating the audience with their signature brand of progressive and big-room house music. The crowd sang along with every beat, creating an electric connection between artists and fans. SonaOne, a household name in the Malaysian music scene, showcased his lyrical prowess and captivating stage presence. His performance was a testament to the power of homegrown talent and the crowd’s enthusiasm for his set was palpable. Boris Foong, Saixse and DJ’s Playground rounded out the local lineup, each bringing their own unique style and flair to the stage. From trance to house to bass music, these local heroes demonstrated the incredible diversity of musical talent in Malaysia. An immersive experience for all senses Music has a unique ability to unite people and provide a sense of joy and connection. HiFive had been dedicated to organising the best events that brought the community together, and their festivals served as much-needed celebrations of life, diversity and creativity. But the Neon Music Festival was not just about the music - it was a multi-sensory experience. The stage design was a visual masterpiece, with vibrant neon lights, stunning visuals and innovative art installations that transformed the beach into a surreal world of colour and creativity. Attendees were not just spectators - they were immersed in a breathtaking visual and auditory journey. Community and inclusivity One of HiFive’s key values is inclusivity and this was evident throughout the festival. The diverse lineup catered to a wide range of musical tastes, ensuring that there was something for everyone. The sense of unity and connection among festival-goers was palpable, reminding us all of the power of music to bring people together. Safety and security In light of recent challenges, HiFive took the safety and well-being of attendees seriously. Stringent health and safety measures were in place, and local authorities’ guidelines were strictly adhered to. This ensured that everyone could enjoy the festival with peace of mind. The Neon Music Festival was a triumphant return that will be etched into the memories of all who attended. From the international headliners who lit up the stage to the homegrown talent that showcased Malaysia’s musical prowess, this festival was a testament to the unifying power of music and the boundless creativity of the human spirit. As we look forward to the next edition, it is clear that the Neon Music Festival has cemented its place as a must-attend event on Malaysia’s music calendar. beats, added a unique and electrifying touch to the international lineup. Local heroes shine bright The Neon Music Festival also celebrated the rich talent that
20 EDUCATION theSun LYFE ON TUESDAY | OCTOBER 17, 2023 MSU Career and Lifelong Education Fair THE MSU Career and Lifelong Education Fair 2023 (MSUcef2023), a biannual event hosted by the Continuing and Extended Education Centre (CEdEC) of Management and Science University (MSU), brought together hundreds of industry partners and recruiters offering over two thousand career opportunities to both students and the public. The transition from the academic world into the professional would depend on the strength of one’s soft skills. While an academic transcript serves as evidence of years of dedication, it alone falls short in ensuring long-term success in any occupation. The building of a robust talent pipeline relies on the cultivation of a diverse skill set and the creation of valuable professional networking, opening doors to a diversity of career prospects. Therefore, career fairs prove to be the key enabler in broadening the horizons of individuals as they work towards forging a promising future. MSUcef2023 saw the active participation of organisations in varied industries, including renowned names such as Habib Group, Getting Malaysia Berhad, Jiwa Perangsang Sdn Bhd (Geno Hotel), Bangi Resort Hotel, Jaguar Supreme, H&H Optical Sdn Bhd, Bio-Jourdeness Cosmetic Co (MY) Sdn Bhd, Jsot Solution Sdn Bhd, Vertenz International Sdn Bhd, My Wishes Integrated Services, Human Resource Development Corporation (HRD CORP), Focus Point Vision Care Group Sdn Bhd, Klinik Menara Sdn Bhd, Marriot International, Marriot Bonvoy Hotels, IOI Resort, Longi Malaysia Sdn Bhd, Starway Professional Educare, Lexis Hotel & Resort Sdn Bhd, Mega Fortis Sdn Bhd, Hospitality 360 Sdn Bhd, Pertubuhan MSU believes engagement with industries is vital for employment of new graduates. Keselamatan Sosial (Perkeso), Ormond Group, Public Bank, Hong Leong Bank, BJC Foods (Malaysia) Sdn Bhd, Rakyat Trustee Berhad, Nims Adeliciousz Sdn Bhd, Ola Beleza Sdn Bhd (Natura Beauty), Uda Ancasa Sdn Bhd (Ancasa Hotels & Resorts), SRKK Group of Companies, Thinq Wealth Consultancy & Services, Agensi Khairul Ariffin, Abacus Wealth Planning Sdn Bhd, Zeneration, Vision Quest All Stars Resources, Nera (Malaysia) Sdn Bhd, Media Selangor Sdn Bhd, EQ Kuala Lumpur, Prudential BSN Takaful, MSU Medical Centre, CEdEC and MSU. In addition to the diverse array of booths, visitors had the opportunity to attend talks by MSU industry partners, Innotex System Corporation Sdn Bhd chief operating officer Rashidy Md Amin, Lapasar.com co-founder and CEO Thinesh Kumar and Asoganand Azrol Mohamad of Imtiyaz Consultancy Sdn Bhd. The talks are designed to impart valuable career insights, while providing updates on the latest developments within various job fields, ensuring that participants have a deeper understanding of their potential career paths. MSU president Prof Tan Sri Dr Mohd Shukri Ab Yajid was joined at the launch of MSUcef2023 by Federation of Malaysian Manufacturers Selangor and KL chairman Mag Ng Foong Yuon, MSU Administration and Human Capital senior vice-president Datuk Sharifah Huda Engku Muda, MSU Industry Linkages and Entrepreneurship senior vice-president Prof Dr Abdul Jalil Ghazali and CEdEC director Siti Amzidalina Ghazali. In addressing industry partners, students and participants, Mohd Shukri said: “Industry-embedded programmes have been central to MSU’s mission of producing skilled workers and leaders in a variety of fields, so the university’s MSUcef2023 will focus on fostering partnerships between the university and industries. “MSU’s University Industry Advisory Panel plays a pivotal role in ensuring that education remains upto-date and in sync with the latest industry progress. In employing teaching techniques that mirror the industry’s cutting-edge advancements and best practices, it also works diligently to reinforce the collaborative ties between the university and industry.” MSU’s commitment to industryembedded programmes can be seen in its active involvement in the “Pelan Jana Semula Ekonomi” (Penjana) initiative by the Ministry of Higher Education. The Penjana programme aims to enhance graduate employability and address unemployment challenges resulting from the Covid-19 pandemic. MSU has proactively provided upskilling and reskilling opportunities in key areas such as Industry 4.0, Green Technology and Renewable Energy, Financial Technology, Smart Construction, Smart Farming, the Aerospace Industry, Blockchain Technology, Micro-Credentials, Accreditation of Prior Experiential Learning and Future Technologies. This collective effort underscores MSU’s dedication to bridging the gap between education and industry needs. At the same time, thirteen new Memoranda of Understanding were successfully executed, cementing partnerships with Big Pharmacy, Commerced Dot Com Sdn Bhd, Puncak Tegap Sdn Bhd, Rakyat Trustee Berhad, Innotex System Corporation Sdn Bhd, Plaza Premium Group, The Association of Malaysian Spas, Hibiscus Grand Lexis, Royale Chulan Damansara, Allianz Malaysia Berhad, Sunway Multicare Pharmacy, Alpro Pharmacy and Air Adventure Flying Club. These collaborations mark a significant milestone in the university’s journey toward innovation and progress.
21 * SPORTS theSUN ON TUESDAY | OCTOBER 17, 2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF ENVIRO-LIFT SERVICES SDN BHD Registration No.: 199901016224 (491124-T) (In Members’ Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the members of the Company will be held at 22-1, Jalan Opera A U2/A, Taman TTDI Jaya, Seksyen U2, 40150 Shah Alam, Selangor on 20th day of November, 2023 at 10.00 a.m. for the following purpose: 1. To receive and adopt the final account of the liquidator showing the manner in which the winding-up has been conducted and the cash balance of the Company disposed off. 2. To consider and if thought fit, pass the following resolution as Ordinary Resolution: “That the books, accounts and documents of the Company and of the liquidator be destroyed 3 months after the Company has been dissolved.” By virtue of section 334(1) of the Companies Act 2016, a member of the company is entitled to appoint another person as his proxy to exercise all or any of his rights to attend, participate, speaks and vote at a meeting of members of the company. ……………………. Yap Seng Puay Liquidator Kuala Lumpur Dated: 17 October 2023 322 Notices $'9(57,6,1* 0$5.(7,1* (;(&87,9( &/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPH WRJHWKHU ZLWKDSKRWRRI\RX YLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN 302 Jobs IN THE HIGH COURT OF MALAYA AT SHAH ALAM WINDING-UP PETITION NO. : BA28NCC-511-09/2023 In the matter of Section 465 (1) (e) & 466 of the Companies Act 2016 And In the matter of TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) Between JASA BITARA SDN. BHD. (Company No. 397473-W) …PETITIONER And TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) ...RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above named Company by the High Court was on 15th September 2023 presented by Jasa Bitara Sdn. Bhd. of Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong, 42000 Port Klang, Selangor Darul Ehsan that the said Petition is directed to be heard before the High Court sitting at Shah Alam at 9.00 o’clock in the forenoon, on the 14th December 2023 and any Creditors or contributory of the said Company is desiring to support or oppose the making of an Order on the said Petition may appear at the time of Hearing by himself or his Counsel for that purpose; and a copy of the Petition will be furnished to any Creditors or contributory of the said Company requiring the same by undersigned on payment of the regulated charge for the same. The Petitioner’s address is Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong , 42000 Port Klang, Selangor Darul Ehsan. The Petitioner’s Solicitors is Messrs Sandosh Anandan and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. ……….……t.t…………….. Messrs Sandosh Anandan Note:- Any person who intends to appear on the Hearing of the said Petition must serve on or send by post to the above named Messrs Sandosh Anandan notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named no later than twelve (12) noon on the 13th day of December 2023 (the day before the day appointed for the Hearing of Petition). This ADVERTISEMENT OF PETITION is filed by Messrs Sandosh Anandan Solicitors for the Petitioner above named and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel. No. 03-78065819 / 03-78046078. No. Fax 03-78807409 Ref: SA/L/JASA BITARA/RNB TOTAL/1852/2022/SA 322 Notices IN THE HIGH COURT OF ALOR SETAR IN THE STATE OF KEDAH DARUL AMAN, MALAYSIA COMPANIES WINDING-UP NO.: KA-28NCC-28-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions o f the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of UC Hardware & Timber (Langkawi) Sdn. Bhd. [Company No.: 200801029542 (830871-X)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] PETITIONER AND UC HARDWARE & TIMBER (LANGKAWI) SDN. BHD. (COMPANY NO.: 200801029542 (830871-X)) RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Alor Setar was on the 19th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Alor Setar on Tuesday, the 19th day of December 2023 at 9:00 o’clock in the forenoon and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 10th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 18th day of December 2023. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocates & Solicitor on behalf of Petitioner at No. 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (T: 03 8922 1485) (email: [email protected]) (Ref. No.:WS/PUNB/UCH&T/590(L)/sk IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) (IN MEMBERS’ VOLUNTARY WINDING-UP) At a Meeting of Members of INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) duly convened at SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur on 12 October 2023 the following Special Resolution was duly passed :- “THAT the Company be wound up voluntarily pursuant to Section 439 (1)(b) of the Companies Act, 2016 and that MS TEOH KOK JONG (LS 04719 / PC No. 201908001451) of SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur be and is hereby appointed as Liquidator for the purpose of such winding up with all powers given by Section 456 of the Companies Act, 2016.” Dated this 17 October 2023 NG KHAI CHOON Director IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) (IN MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company, which is being voluntarily wound up, are required on or before 17 November 2023 to send their names and addresses with particulars of their debts or claims and of any security held by them, and the names, addresses of their solicitors (if any) to the undersigned the liquidator at SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, and if so required by notice in writing from the said liquidator, by their Solicitors or personally to come and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefits of any distribution made before such debts are proved. Dated this 17 October 2023 TEOH KOK JONG Liquidator 322 Notices LAND FOR SALE 5 Vacant Lands and 1 Vacant Land both located at Jln. Kampung Besar, Bukit Mertajam. For sale at RM28-RM33 per sqft. Total approx. 15acres in 2 difierent sites. Interested, contact Chris 012-5559398 / MayFang 012-4553727 IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE STATE OF WILAYAH PERSEKUTUAN KUALA LUMPUR (COMMERCIAL DIVISION) COMPANIES WINDING-UP NO.: WA-28NCC-176-02/2023 In the Matter of Section 465(1)(e) and (h) and Section 466(1)(a) of the Companies Act 2016 AND In the Matter of Jiwa Rakyat Sdn. Bhd. (Registration No. 200101011076 (546832-M)) AND In the Matter of the Companies (Winding-Up) Rules 1972 BETWEEN R&A TRADING (K.L.) SDN. BHD. (REGISTRATION NO.: 197501003674 (25481-M)) … PETITIONER AND JIWA RAKYAT SDN. BHD. (REGISTRATION NO.: 200101011076 (546832-M)) … RESPONDENT NOTICE OF WINDING-UP ORDER IN the matter of Jiwa Rakyat Sdn. Bhd. (Registration No. 200101011076 (546832- M)). Winding-up Order made on 27th September, 2023. Name and Address of liquidator appointed by this Honourable Court: Official Receiver of Malaysia Malaysia Department of Insolvency (Liquidation Department) Kuala Lumpur Branch 22, 23, 24 & 25, Menara TH Perdana, 1001 Jalan Sultan Ismail, 50250 Wilayah Persekutuan, Kuala Lumpur. Dated this 17 day of October 2023 signed ……...……………… Messrs. Atma Singh Veriah & Co. Solicitors for the Petitioner This NOTICE OF WINDING-UP ORDER is issued by Messrs. Atma Singh Veriah & Co., Solicitors for the Petitioner, with an address for service at No. 54, Jalan SS21/1, Damansara Utama, 47400 Petaling Jaya, Selangor Darul Ehsan. Reference:ASV/kas/7125/2022 Telephone:03-7726 3464 E-Mail:[email protected] NOTICE OF REDUCTION OF SHARE CAPITAL IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF FIRST BELTING (M) SDN. BHD. 198801006001 (173358-X) NOTICE IS HEREBY GIVEN pursuant to Section 117 (1) of the Companies Act 2016 that the members of FIRST BELTING (M) SDN. BHD. have passed a Special resolution on 11 October 2023 to reduce the issued and paid up share capital from RM8,000,000.00 divided into 8,000,000 ordinary shares to RM2,400,000.00 divided into 2,400,000 ordinary shares by effecting a capital repayment of RM5,600,000.00 in cash distributed to the shareholders of the Company. Yap Siew Cheng Company Secretary LS0000354 SSM PC No. 202008003038 Date: 17 October 2023 204 Land for Sale 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF ENVIRO-LIFT SERVICES SDN BHD Registration No.: 199901016224 (491124-T) (In Members’ Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the members of the Company will be held at 22-1, Jalan Opera A U2/A, Taman TTDI Jaya, Seksyen U2, 40150 Shah Alam, Selangor on 20th day of November, 2023 at 10.00 a.m. for the following purpose: 1. To receive and adopt the final account of the liquidator showing the manner in which the winding-up has been conducted and the cash balance of the Company disposed off. 2. To consider and if thought fit, pass the following resolution as Ordinary Resolution: “That the books, accounts and documents of the Company and of the liquidator be destroyed 3 months after the Company has been dissolved.” By virtue of section 334(1) of the Companies Act 2016, a member of the company is entitled to appoint another person as his proxy to exercise all or any of his rights to attend, participate, speaks and vote at a meeting of members of the company. ……………………. Yap Seng Puay Liquidator Kuala Lumpur Dated: 17 October 2023 322 Notices $'9(57,6,1* 0$5.(7,1* (;(&87,9( &/$66,),('6 ,6+,5,1* ,I\RXIHHO\RXKDYHZKDWLWWDNHVWRMRLQXVLQWKH LQWHUHVWLQJPHGLDLQGXVWU\VHQG\RXUUHVXPH WRJHWKHU ZLWKDSKRWRRI\RX YLDHPDLOWRKU#WKHVXQGDLO\FRP <RXFDQFDOOXVDWflflfl WKH6XQLVSXEOLVKHGE\6XQ0HGLD&RUSRUDWLRQ6GQ%KG /RW/HYHO-DODQ3HWDOLQJ-D\D6HODQJRU 5(48,5(0(176ffl 0LQLPXPGLSORPDLQPDUNHWLQJRURWKHU UHODWHGILHOGV )UHVKJUDGXDWHVDUHHQFRXUDJHGWRDSSO\ *RRGLQWHUSHUVRQDOSUHVHQWDWLRQSUREOHPVROYLQJ FRPPXQLFDWLRQDQGRUJDQLVDWLRQDOVNLOOV 6HOIPRWLYDWHGDEOHWRZRUNLQGHSHQGHQWO\DVZHOO DVLQDWHDP $WWUDFWLYHFRPPLVVLRQDZDLWVIRUDFKLHYHUV GD\ZRUNZHHN 302 Jobs IN THE HIGH COURT OF MALAYA AT SHAH ALAM WINDING-UP PETITION NO. : BA28NCC-511-09/2023 In the matter of Section 465 (1) (e) & 466 of the Companies Act 2016 And In the matter of TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) Between JASA BITARA SDN. BHD. (Company No. 397473-W) …PETITIONER And TEGUH TOTAL LOGISTIC SDN. BHD. (formerly known as RNB TOTAL LOGISTIC SDN. BHD.) (Company No. 200301002790 [605210-K) ...RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above named Company by the High Court was on 15th September 2023 presented by Jasa Bitara Sdn. Bhd. of Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong, 42000 Port Klang, Selangor Darul Ehsan that the said Petition is directed to be heard before the High Court sitting at Shah Alam at 9.00 o’clock in the forenoon, on the 14th December 2023 and any Creditors or contributory of the said Company is desiring to support or oppose the making of an Order on the said Petition may appear at the time of Hearing by himself or his Counsel for that purpose; and a copy of the Petition will be furnished to any Creditors or contributory of the said Company requiring the same by undersigned on payment of the regulated charge for the same. The Petitioner’s address is Lot 8995, Lebuh Kg. Nelayan, Kampung Telok Gong , 42000 Port Klang, Selangor Darul Ehsan. The Petitioner’s Solicitors is Messrs Sandosh Anandan and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. ……….……t.t…………….. Messrs Sandosh Anandan Note:- Any person who intends to appear on the Hearing of the said Petition must serve on or send by post to the above named Messrs Sandosh Anandan notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named no later than twelve (12) noon on the 13th day of December 2023 (the day before the day appointed for the Hearing of Petition). This ADVERTISEMENT OF PETITION is filed by Messrs Sandosh Anandan Solicitors for the Petitioner above named and having an address for service at Unit A502, Block A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel. No. 03-78065819 / 03-78046078. No. Fax 03-78807409 Ref: SA/L/JASA BITARA/RNB TOTAL/1852/2022/SA 322 Notices IN THE HIGH COURT OF ALOR SETAR IN THE STATE OF KEDAH DARUL AMAN, MALAYSIA COMPANIES WINDING-UP NO.: KA-28NCC-28-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions o f the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of UC Hardware & Timber (Langkawi) Sdn. Bhd. [Company No.: 200801029542 (830871-X)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] PETITIONER AND UC HARDWARE & TIMBER (LANGKAWI) SDN. BHD. (COMPANY NO.: 200801029542 (830871-X)) RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Alor Setar was on the 19th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Alor Setar on Tuesday, the 19th day of December 2023 at 9:00 o’clock in the forenoon and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 10th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 18th day of December 2023. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocates & Solicitor on behalf of Petitioner at No. 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (T: 03 8922 1485) (email: [email protected]) (Ref. No.:WS/PUNB/UCH&T/590(L)/sk IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) (IN MEMBERS’ VOLUNTARY WINDING-UP) At a Meeting of Members of INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) duly convened at SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur on 12 October 2023 the following Special Resolution was duly passed :- “THAT the Company be wound up voluntarily pursuant to Section 439 (1)(b) of the Companies Act, 2016 and that MS TEOH KOK JONG (LS 04719 / PC No. 201908001451) of SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur be and is hereby appointed as Liquidator for the purpose of such winding up with all powers given by Section 456 of the Companies Act, 2016.” Dated this 17 October 2023 NG KHAI CHOON Director IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERNATIONAL BEARINGS (KUANTAN) SDN BHD (200101029136) (564894-H) (IN MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company, which is being voluntarily wound up, are required on or before 17 November 2023 to send their names and addresses with particulars of their debts or claims and of any security held by them, and the names, addresses of their solicitors (if any) to the undersigned the liquidator at SO-26-02, Menara 1, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, and if so required by notice in writing from the said liquidator, by their Solicitors or personally to come and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefits of any distribution made before such debts are proved. Dated this 17 October 2023 TEOH KOK JONG Liquidator 322 Notices LAND FOR SALE 5 Vacant Lands and 1 Vacant Land both located at Jln. Kampung Besar, Bukit Mertajam. For sale at RM28-RM33 per sqft. Total approx. 15acres in 2 difierent sites. Interested, contact Chris 012-5559398 / MayFang 012-4553727 IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE STATE OF WILAYAH PERSEKUTUAN KUALA LUMPUR (COMMERCIAL DIVISION) COMPANIES WINDING-UP NO.: WA-28NCC-176-02/2023 In the Matter of Section 465(1)(e) and (h) and Section 466(1)(a) of the Companies Act 2016 AND In the Matter of Jiwa Rakyat Sdn. Bhd. (Registration No. 200101011076 (546832-M)) AND In the Matter of the Companies (Winding-Up) Rules 1972 BETWEEN R&A TRADING (K.L.) SDN. BHD. (REGISTRATION NO.: 197501003674 (25481-M)) … PETITIONER AND JIWA RAKYAT SDN. BHD. (REGISTRATION NO.: 200101011076 (546832-M)) … RESPONDENT NOTICE OF WINDING-UP ORDER IN the matter of Jiwa Rakyat Sdn. Bhd. (Registration No. 200101011076 (546832- M)). Winding-up Order made on 27th September, 2023. Name and Address of liquidator appointed by this Honourable Court: Official Receiver of Malaysia Malaysia Department of Insolvency (Liquidation Department) Kuala Lumpur Branch 22, 23, 24 & 25, Menara TH Perdana, 1001 Jalan Sultan Ismail, 50250 Wilayah Persekutuan, Kuala Lumpur. Dated this 17 day of October 2023 signed ……...……………… Messrs. Atma Singh Veriah & Co. Solicitors for the Petitioner This NOTICE OF WINDING-UP ORDER is issued by Messrs. Atma Singh Veriah & Co., Solicitors for the Petitioner, with an address for service at No. 54, Jalan SS21/1, Damansara Utama, 47400 Petaling Jaya, Selangor Darul Ehsan. Reference:ASV/kas/7125/2022 Telephone:03-7726 3464 E-Mail:[email protected] NOTICE OF REDUCTION OF SHARE CAPITAL IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF FIRST BELTING (M) SDN. BHD. 198801006001 (173358-X) NOTICE IS HEREBY GIVEN pursuant to Section 117 (1) of the Companies Act 2016 that the members of FIRST BELTING (M) SDN. BHD. have passed a Special resolution on 11 October 2023 to reduce the issued and paid up share capital from RM8,000,000.00 divided into 8,000,000 ordinary shares to RM2,400,000.00 divided into 2,400,000 ordinary shares by effecting a capital repayment of RM5,600,000.00 in cash distributed to the shareholders of the Company. Yap Siew Cheng Company Secretary LS0000354 SSM PC No. 202008003038 Date: 17 October 2023 204 Land for Sale 322 Notices 322 Notices State of play How much longer can respect be maintained at Mercedes after clash? THE post-race video on Mercedes’ social media channels was exquisitely timed. It captured Lewis Hamilton walking over to George Russell in the Silver Arrows motorhome in Qatar: an apology, an embrace. “Sorry about that, it wasn’t your fault,” said the seven-time world champion. No fallout. No outrage. The message was clear: let it be known that the collision which derailed both drivers’ race on Sunday night is unequivocally brushed under the carpet. Incidents like this happens. It is, after all, racing. However, the reality is that this one has been brewing for some time. The initial rumblings on team radio tell a better story. Russell, sandwiched in-between Max Verstappen and Hamilton at turn one, bellowing: “Come on, what the he**! That is two races in a row.” Somewhat remarkably, he recovered from dead last to finish fourth. Hamilton, though later taking full responsibility, insisted he was “taken out by his teammate.” The 38-year-old was left beached in the gravel, his race run after a matter of seconds. All in all, it marks the end of quite a tumultuous month for Mercedes in Asia. Because what has largely characterised Hamilton and Russell’s relationship since the latter joined from Williams at the start of 2022 is respect. Two British drivers, 13 years apart. Hamilton: one of the greatest of all time. Russell: the next big thing. Both have grown equally frustrated at Mercedes in the past 18 months. A period defined by a car with a misdirected philosophy. But despite all the issues, respect had been maintained. But the touch paper has most certainly been lit. It started in Singapore, when Russell’s eagerness to taste victory resulted in a last lap mistake and shunt into the wall. Hamilton was on his tail then and profiteered to finish on the podium. A week later, in Japan, it intensified. The pair scrapped on numerous occasions, both on track in feisty moves and off track with different strategies and approaches. Russell, upon resisting an initial team order to let Hamilton pass, was told in no uncertain terms: “This is an instruction, George.” Hamilton was also unsatisfied with his team’s tactics in Suzuka, told to stay within DRS range to Russell behind to help his teammate defend from Carlos Sainz. So contrary to what both may believe, the first turn collision in Qatar had been in the offing for Hamilton and Russell. And while both may well want to leave the Middle East with a mantra of forgive and forget, it points to a deeper tale emerging within the team. It all makes for an intriguing subplot to play out in the remaining five races of the season as we cross over to the Americas. The state of play in the Mercedes garage is bubbling up, to a point where something may well have to give. – The Independent █ KIERAN JACKSON PIT LANE Vettel discusses comeback SEBASTIAN VETTEL has played down the idea that he could return to F1, after retiring from the sport at the end of last season. Rumours have continued to swirl linking the ex-Red Bull man with a comeback, but he has now poured cold water on that speculation. “You can never completely rule out something like that, but at a certain point it’s just over,” Vettel said. “My age is not the problem and it was completely my choice to draw the line. But I didn’t draw that line and then lift it again a year later. I consider myself lucky that I can now spend time with my family and my children. That’s my priority right now,” he added. “In recent years I have now been able to discover the bigger world. Formula 1, no matter how big it is, is therefore becoming smaller in comparison.” All eyes on Hamilton LEWIS HAMILTON could be given another penalty by the FIA after his investigation was ‘revisited’ by the governing body. Having already been fined at the Qatar Grand Prix for walking across the track, the FIA are taking another look at the incident. In the rare position of reopening an investigation, there is the possibility that he could be punished once again – despite Hamilton already receiving a fine. Trouble in paradise RED BULL chief Christian Horner reportedly wants Helmut Marko axed from the team. That’s according to Brazilian outlet Globo, who claim that political tensions are high and Horner has been attempting to get rid of Marko for some time. The relationship has reportedly soured of late with Horner having to clarify Marko’s role after the latter made xenophobic and false comments about their own driver, Sergio Perez. A meeting this week will decide the future of Marko, who for the first time in decades has seen his position seriously questioned. Mercedes’ Lewis Hamilton (left) and George Russell. – AFPPIX
22 theSUN ON TUESDAY | OCTOBER 17, 2023 SPORTS /thesundaily FOLLOW ON FACEBOOK SCAN ME Despair for England Batting collapse sees Three Lions implode in front of frenzied crowd in Delhi AFGHANISTAN pulled off a stunning 69-run win over defending champions England at the World Cup on Sunday, their second ever win in the tournament lifting them off the bottom of the group standings. Afghanistan came into the match having lost 16 of their last 17 World Cup games, their only victory coming against Scotland in 2015. Put into bat, Afghanistan posted 284 after a blistering knock of 80 from opener Rahmanullah Gurbaz and a half-century from Ikram Alikhil. England crumbled to 215 all out in reply with Harry Brook the only batter to adapt to the conditions with a fighting 66 as spinners Mujeeb Ur Rahman and Rashid Khan took three wickets each. Mujeeb picked up the key wickets of Joe Root and Brook to set up a famous win and he picked up the player of the match award. “Very proud moment to be here in the World Cup and beating the champions, it’s a great achievement for the whole region. I’m so happy with this performance,” Mujeeb said. “As spinners it’s hard to bowl in the powerplay, but I’ve been working in the nets to be as consistent as possible… We knew dew would be a factor.” Afghanistan got off to a flying start with a 114-run opening stand between Gurbaz and Zadran who scored at eight an over in the first powerplay. Gurbaz brought up his fifty rapidly, but they lost wickets as leg-spinner Adil Rashid (3-42) dismissed Zadran and had Rahmat Shah stumped in his next over. Gurbaz looked well set for a World Cup century having smashed eight fours and four sixes, but the 21-year-old was run out by substitute David Willey at midwicket when skipper Hashmatullah Shahidi called him for a risky run. Gurbaz was livid as he trudged off, smashing his bat on the boundary rope on his way back to the pavilion. Alikhil and Rashid Khan steadied the ship with a 43-run stand, but the latter was dismissed when he looked to clear the long on boundary in Rashid’s final over. Root – who took four catches – timed his dive to perfection to take a stunning catch in the deep. Alikhil departed for 58 and Mujeeb made 28 off 16 balls. “I told the boys that 280-290 was enough on this track as it would assist the spinners,” Afghanistan captain Hashmatullah Shahidi said. England lost early wickets, Fazalhaq Farooqi trapping Jonny Bairstow lbw and Mujeeb dismissing Root with a quicker ball that kept low and crashed into the stumps. Dawid Malan made a patient 32 but fell to Mohammad Nabi, giving Zadran a simple catch in the covers, and skipper Jos Buttler was bowled by a peach of a delivery from Naveen-ul-Haq to leave England reeling at 91-4. Brook stood firm, however, bringing up his half-century in 45 balls with confident strokes, but he was caught behind off to Mujeeb to spark wild celebrations before Rashid cleaned up the tail. England are fifth in the group standings with one win from three matches, one place ahead of Afghanistan. – Reuters AFGHANISTAN coach Jonathan Trott hopes Sunday’s World Cup win over England will “encourage boys and girls” to take up cricket even though the country’s Taliban rulers ban women from playing sport. The 69-run victory will be regarded as one of the biggest shocks in the history of the tournament as Afghanistan ended a 14-match World Cup losing streak. “It’s not just cricket that the guys are playing for,” said Trott, who recognised the significance of a win for a nation reeling from recent earthquakes and the Taliban’s fractious international relations. “The guys are very knowledgeable of the things and the hardship that some people are going through because of the natural disaster and for various other reasons. “And so, if this can give a smile to people’s faces but also encourage boys and girls to pick up a cricket bat or a cricket ball and get playing cricket wherever they are in Afghanistan, then that’s the sort of the goal that’s been achieved. “This win is significant, certainly in the manner and by the margin as well,” added Trott. “There’s a lot of confidence that will hopefully come from this, it’ll have a knock-on effect to all the other games, but not only in this World Cup, but for the future as well.” Trott knows all about World Cup shocks. In 2011, he was part of the England team humbled by Ireland in Bengaluru despite him scoring 92. “That’s the beauty of the World Cup, isn’t it? That’s what cricket’s about, it pushes and pulls you so much emotionally as a player and as a coach. But we can compete with anybody in the world.” Next up for Afghanistan are New Zealand who have three wins from three games including seeing off England in the tournament opener. – AFP ENGLAND captain Jos Buttler said the defending champions must show their resolve and believe they can turn their faltering World Cup campaign around after a shock 69-run defeat by Afghanistan on Sunday. A first loss to Afghanistan in any format left England with only one win from their first three matches in the tournament and with little room for error in their remaining six group games. “It’s a big setback obviously. Before the tournament starts you have a different idea of how the first three games would pan out,” said Buttler. “We’ve got to show a lot of character, a lot of resilience within the team and most of all a lot of belief. “There was a lot of excellent players in there and we haven’t played well enough today but we must keep that belief.” He added: “It’s not been the way we wanted to start the competition, but this is the situation we find ourselves in and we’re going to have to play some of our best cricket moving forward.” England lost wickets regularly – spinners Mujeeb Ur Rahman and Rashid Khan took three apiece – and their flickering hopes were all but extinguished when Brook departed to leave his team 169-8. “I’m really disappointed. We’ve come here wanting to put in a really good performance. We got outplayed today. Afghanistan were fully deserving in their victory,” said Buttler. England play in-form South Africa next on Saturday in Mumbai. They also still have to face tournament favourites and hosts India, Pakistan and five-time champions Australia. – AFP Buttler urges defending champions to keep faith Springboks extend southern dominance, Farrell silences critics DEFENDING champions South Africa edged hosts France 29-28 in a thrilling seven-try encounter on Sunday to reach next weekend’s Rugby World Cup semifinals. The Springboks kept their hopes of a record fourth title alive thanks to fly-half Handre Pollard’s second half points, setting up a last-four meeting with England back in Paris on Saturday. In-form France were knocked out at the quarterfinals despite leading at the break in a huge disappointment for the expectant home support. “I just thought we really wanted it. I must give credit to the guys who came off the bench. They came and made a good defence,” South African captain Siya Kolisi said. “It was a hard game. We knew how tough it was going to be with the French team at home and honestly I just want to say well done to them for what they have achieved and how hard they worked.” France flyhalf Matthieu Jalibert called the game “a beautiful match between two really good teams”. “We could have taken some chances in the second-half but you has to congratulate the Springboks for resisting our attacks. “There is a feeling of a lot of disappointment and frustration. It is sad and very disappointing for us… it is hard to accept going out.” In the other quarterfinal, Owen Farrell was the official man of the match but not an England fan leaving the Marseille Velodrome is likely to have looked beyond Ben Earl for the outstanding player in England’s 30-24 World Cup victory over Fiji on Sunday. The No. 8 was a bundle of energy and aggression and produced two lungbursting runs in the final five minutes to earn Farrell the opportunity to kick a drop goal and penalty and win the match after Fiji had fought back to level. Earl’s influence was underlined by the fact that coach Steve Borthwick kept him on for the duration, shifting him to the flank after the introduction of Billy Vunipola. “That is one of the best days of my career, I’ve not had a feeling like that at the end of the game, just huge relief,” Earl said. “It looked a bit shaky at one point there didn’t it but I think the experience shone through in the end. I was pleased to contribute and I can’t wait for next week now. “After we played Fiji at Twickenham we got told we wouldn’t get out the group, but now we are in the semifinal, one of the best four teams in the competition. It is anyone’s game now.” – AFP/Reuters Zverev exits Japan Open after ‘horrible’ first round ALEXANDER ZVEREV said he “played horrible” after crashing out in the first round of the Japan Open yesterday, losing to world No. 60 Jordan Thompson. Germany’s Zverev, ranked ninth in the world, lost 6-3, 6-4 in Tokyo, one week after falling at the first hurdle at the Shanghai Masters. Zverev, who won the Chengdu Open in China last month, said there was “nothing that I did well” after having his serve broken three times by Thompson. “Today, I played horrible,” said Zverev. “He played quite good, he served quite good but it’s just a very, very bad match for me. I don’t know what to say.” Zverev had said that illness contributed to his loss to Roman Safiullin in Shanghai, but Thompson had “made it tricky” for him. “I lost today so the feeling generally is not very great right now,“ he said. Straight sets win for Pegula US top seed Jessica Pegula won the WTA Korean Open in Seoul on Sunday with a straight-sets win over China’s Yuan Yue. The 29-year-old, whose mother was born in Seoul, eased through 6-2, 6-3 for the fourth title of her career and second this season after Montreal in August. World No. 4 Pegula also reached the finals in Doha and Tokyo this year. “My mom is Korean and she was adopted from here so it’s really special to be able to win here,” Pegula said. “In the last few years, as my ranking has gone up, I’ve definitely felt so much more support from the fans, a lot more than I expected coming back here from five years ago. So it’s really special.” Pegula, who reached a career-high world No. 3 last year, has never managed to get past the quarterfinals in the four Grand Slams. Hurkacz wins Shanghai thriller BIG-SERVING Hubert Hurkacz survived a thrilling final set tie break to fight off fifth seed Andrey Rublev 6-3, 3-6, 7-6 (10-8) and win the Shanghai Masters on Sunday. It was the 16th-seeded Pole’s second Masters triumph, to go with the one he won in Miami in 2021, and a seventh ATP title in all. Both players squandered match points in a thrilling conclusion on a warm evening in front of the watching Roger Federer. Hurkacz sealed the first set in 31 minutes. It was the first set that Rublev had dropped in Shanghai. A rejuvenated Rublev kept the 26-year-old Hurkacz at bay to send them into a deciding third set. Serving at 4-5 in a gripping third set, Rublev saved a championship point – having been booed by the crowd moments earlier. That propelled the duo into a tie break before Hurkacz finally prevailed. Trott wants Afghanistan ‘boys and girls’ to play cricket TRAMLINES Afghanistan’s Rahmanullah Gurbaz plays a shot during the Cricket World Cup match against England. – AFPPIX
23 * SPORTS theSUN ON TUESDAY | OCTOBER 17, 2023 I TALY return to the scene of their Euro 2020 triumph at Wembley on Tuesday to face an England side enhanced by the emergence of Jude Bellingham as one of the world’s best players. Bellingham was an unused substitute when the Azzurri broke English hearts on home soil just over two years ago, winning a penalty shootout to extend the T h r e e L i o n s’ wait for major tournament glory. The 20-year-old Bellingham is now central to Gareth Southgate’s plans as England look to seal qualification for Euro 2024 with revenge over the Italians. Bellingham announced himself on the international stage with a series of eye-catching performances at last year’s World Cup. Despite more pain in Qatar as they exited in the quarterfinals to France, a frightening array of talent available to Southgate makes England among the favourites for next year’s Euro. Bellingham is the star attraction after scoring 10 goals in his first 10 games for Real Madrid since a €103 million (RM514m) move from Borussia Dortmund. The former Birmingham midfielder has earned comparisons with Madrid greats Alfredo di Stefano and Z i n e d i n e Zidane for his blistering start in the Spanish capital. E n g l a n d f u l l b a c k K i e r a n T r i p p i e r knows the scrutiny that comes with playing in Madrid from his time with Atletico and b e l i e v e s B e l l i n g h a m can now be the difference in delivering a m a j o r tournament for his country. “He can be the difference. At such a young age, with the maturity, the quality and the aggression he’s got, he’s frightening,” said Newcastle’s Trippier. “It’s not a surprise at all, the standards that he’s set in Madrid. “You can see he’s playing with freedom and the players around him are going to make him even better. The scary thing is he’s only 20 years old.” Bellingham is also far from England’s only weapon as they aim to conquer Europe in Germany next year. Bukayo Saka missed the decisive spot-kick in the Euro 2020 final but has bounced back to lead Arsenal’s renaissance and become undroppable at international level. Jack Grealish, Declan Rice and Harry Kane have also all moved clubs for more than €100m (RM499m) over the past two years. Grealish, Phil Foden, Kyle Walker and John Stones were treble winners with Manchester City last season, while James Maddison has flourished since his summer move to Tottenham. “We lost in the Euros final but the most important thing is we’re progressing and doing very well,” added Trippier. “We’ve got goals from all over the pitch. Jude, Maddison, Bukayo, Phil are still young but can all change games in certain moments.” Kane remains the most reliable source of goals and became his country’s all-time leading scorer as England won in Italy for the first time since 1961 in March. That result and four points from a possible six against Ukraine have put Southgate’s men in pole position to qualify. By contrast, Italy followed up their Euro success by failing to qualify for a second consecutive World Cup and still have work to do to reach Germany. Defeat in London would leave Luciano Spalletti’s men level on points with Ukraine and facing a decisive showdown with the war-torn nation next month to qualify. – AFP Bellingham ‘the difference’ … as England plot Italy revenge SCOTLAND have qualified for Euro 2024 with two games to spare after Spain defeated Norway in Oslo. Steve Clarke’s side are now assured of one of the two automatic qualification spots in Group A and will play at just their second men’s major international tournament since 1998 in Germany next summer. Norway had to beat Spain to keep their automatic qualification hopes alive, but Gavi’s second half strike earned La Roja all three points. Spain are also now through, while Norway will have to advance via the playoffs if Erling Haaland and Martin Odegaard are to feature at next summer’s tournament. Spain’s victory in Oslo now means Scotland do not need to get anything out of their final two fixtures in November – away to Georgia and at home against Norway – in what could have been a tricky double header. They are now level on points with Spain in the race to finish as group winners, however, which could determine seeding when the Euro 2024 draw is in December. “I would like to congratulate the players for their efforts in qualifying for back-to-back tournaments,” Clarke said in a statement released by the SFA. “I’m not sure they will fully realise the significance of their achievement yet but to qualify for successive Euros after more than 20 years is phenomenal and testament to their hard work. “I would also like to thank my backroom team for their support and, of course, the fans who have packed Hampden Park to capacity and made it a place to be feared once again. “They have played a key part in our success, both home and away, and they can now look forward to making their plans for Germany – although I suspect many had done so before tonight. “I said after Euro 2020 that we wanted to be serial qualifiers again and reaching successive Euros finals shows the progress we’ve made. We will raise a glass tonight to celebrate but then it’s back to work tomorrow in preparation for our friendly against France. Then we turn our attention to Georgia and Norway next month and finishing with as many points as we can.” Scotland will now look to reach the knockout stages of the Euros following what was a disappointing return to a major tournament last time out. – The Independent Scotland qualify for Euro 2024 after Spain win █ JAMIE BRAIDWOOD EURO 2024 (qualifiers) Group A: Georgia 4 Cyprus 0, Norway 0 Spain 1. P W D L F A PTS Spain 6 5 0 1 19 3 15 Scotland 6 5 0 1 12 3 15 Norway 7 3 1 3 11 9 10 Georgia 7 6 2 1 3 9 7 Cyprus 7 0 0 7 2 25 0 Group D: Turkey 4 Latvia 0, Wales 2 Croatia 1. P W D L F A PTS Turkey 7 5 1 1 13 6 16 Wales 6 3 1 2 8 8 10 Croatia 6 3 1 2 10 4 10 Armenia 6 2 1 3 8 9 7 Latvia 7 1 0 6 5 17 3 Group E: Poland 1 Moldova 1, Czech Republic 1 Faroe Islands 0. P W D L F A PTS Albania 6 4 1 1 11 3 13 Czech Rep 6 3 2 1 8 5 11 Poland 7 3 1 3 9 9 10 Moldova 6 2 3 1 6 6 9 F. Islands 7 0 1 6 2 13 1 Group I: Switzerland 3 Belarus 3, Romania 4 Andorra 0. P W D L F A PTS Romania 8 4 4 0 13 4 16 Switzerland 7 4 3 0 20 8 15 Israel 6 3 2 1 7 7 11 Kosovo 7 1 4 2 8 8 7 Belarus 8 1 3 4 7 14 6 Andorra 8 0 2 6 3 17 2 QUALIFIED Spain’s coach delighted with progress SPAIN have shown “exceptional” growth in recent months, coach Luis de la Fuente said after his side’s 1-0 win over Norway yesterday secured qualification for Euro 2024 in Germany. “I’m happy because I think the team has grown in an exceptional way. There is a feeling of a united team, a cohesive team, a team for the future, which is what excites us the most,” De la Fuente told reporters. “Learning is constant. You learn a lot from the not so good situations and from good ones too. But we were sure, we haven’t gone too far off script. By that, I mean we’ve corrected what needed changing and we understood what had to change.” Defender Dani Carvajal said it was “never easy” to qualify for the Euros, adding: “Especially this time, after that defeat in Scotland, because we also had a new coach and suddenly many people from the outside started doubting us but we managed to recover from that and step up.” Wales reawaken Euro 2024 hopes WALES breathed new life into their chances of qualifying for Euro 2024 as Harry Wilson’s double earned a famous 2-1 win over Croatia in Cardiff yesterday. Rob Page’s men move above the World Cup semifinalists into second place in Group D of qualifying with Croatia now at risk of missing a major tournament for the first time since the 2010 World Cup. Page’s position was in doubt after a disastrous start to Wales’ qualifying campaign. A 4-2 home defeat to Armenia and 2-0 loss at group leaders Turkey in June looked to have all but ended their hopes of reaching a third consecutive European Championship. “Actions speak louder than words,” said Page as he hit back at his critics. “I’m sick and tired of having to keep coming on and talk about my future. Let’s just talk about the lads and the performances they have put in. I get emotional because I’m so proud of them and they deserve all the plaudits they are going to get. We can’t wait to meet up for the next game.” Turkey’s 4-0 win over Latvia sealed their qualification leaving Wales and Croatia to fight it out for the second automatic place in Germany next year. ENGLAND midfielder Jordan Henderson has reaffirmed his dedication to playing for his country after captaining the side in a 1-0 friendly win over Australia on Saturday despite his disappointment at being booed by home fans when substituted. Henderson was named skipper with Harry Kane rested and the 33-year-old, who has joined Saudi Arabian club AlEttifaq, played for 62 minutes before being taken off at Wembley. Henderson moved to the Saudi Pro League from Liverpool on a three-year deal in July. The switch to Saudi Arabia, where homosexuality is illegal, made headlines as Henderson has long been a vocal supporter of the LGBT community. “It’s not nice, your own fans, if they were booing. But listen, people have got their own opinions,” Henderson told Sky Sports. “…it won’t change who I am and what I do for this team and for my country. I give absolutely everything every time. “I still want to play for England for as long as I possibly can and give everything for the team, for my country.” Henderson acknowledged the reactions to his move to Al-Ettifaq, saying: “I look at it from a different point of view, obviously. But I can understand it and I’ve got to take that on the chin. “I’m playing football in a different country in Saudi where I want to try to improve the game on the pitch, but also things off the pitch as well.” But what does improving things off the pitch mean, in practice? “The whole league. The football. I’m not a politician. I’m not going to get into politics. All I’ve ever done is concentrate on my football and try to help people that have asked for my help. “When I’m going out there, I’m just playing football trying to improve the league, trying to improve my own team and trying to win football games.” – Reuters Henderson remains committed to England despite boos RESULTS & STANDINGS SIDENETTING Bellingham